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Investment Securities
 12 Months Ended
Dec. 31, 2019
Investment Securities  
Investment Securities

Note 3 - Investment Securities -

The amortized cost and fair values of investment securities available-for-sale were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

December 31, 2019:

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

    

Cost

    

Gains

    

(Losses)

    

Value

Mortgage-Backed Securities:

 

 

  

 

 

  

 

 

  

 

 

  

FHLMC

 

$

2,664

 

$

 —

 

$

(19)

 

$

2,645

SBA 7a Pools

 

 

2,678

 

 

 5

 

 

(8)

 

 

2,675

Total Investment Securities Available-for-Sale

 

$

5,342

 

$

 5

 

$

(27)

 

$

5,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

December 31, 2018:

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

    

Cost

    

Gains

    

(Losses)

    

Value

Mortgage-Backed Securities:

 

 

  

 

 

  

 

 

  

 

 

  

FHLMC

 

$

3,139

 

$

 —

 

$

(117)

 

$

3,022

FNMA

 

 

232

 

 

 —

 

 

(2)

 

 

230

GNMA

 

 

612

 

 

 8

 

 

 —

 

 

620

SBA 7a Pools

 

 

1,920

 

 

 —

 

 

(11)

 

 

1,909

Total Investment Securities Available-for-Sale

 

$

5,903

 

$

 8

 

$

(130)

 

$

5,781

 

All investment securities held on December 31, 2019 and 2018, were government-sponsored mortgage-backed or SBA pool securities.

The amortized cost and fair values of the investment securities available-for-sale at December 31, 2019, by contractual maturity, are shown below.  For mortgage-backed securities and SBA 7a pools, expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

 

 

 

 

 

 

 

 

Available-for-Sale

December 31, 2019

 

Amortized

 

Fair

(in thousands)

    

Cost

    

Value

Amounts Maturing:

 

 

  

 

 

  

After One Year through Five Years

 

$

123

 

$

123

After Five Years through Ten Years

 

 

1,716

 

 

1,708

After Ten Years

 

 

3,503

 

 

3,489

 

 

$

5,342

 

$

5,320

 

No investment securities were pledged to secure advances from the FHLB as of December 31, 2019 and 2018.

Proceeds from sales and calls of available-for-sale investment securities were approximately $683,000 for the year ended December 31, 2019 and $1,076,000 for the year ended December 31, 2018, resulting in approximately $6,000 realized gains for the year ended December 31, 2019 and $55,000 realized losses for the year ended December 31, 2018.

Gross unrealized losses in investment securities at December 31, 2019 and 2018, existing for continuous periods of less than 12 months and for continuous periods of 12 months or more, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Less Than 12 Months

 

12 Months or More

 

Totals

Security

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

Description

    

Fair Value

    

(Losses)

    

Fair Value

    

(Losses)

    

Fair Value

    

(Losses)

Mortgage-Backed

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

FHLMC

 

$

655

 

$

(4)

 

$

1,990

 

$

(15)

 

$

2,645

 

$

(19)

SBA 7a Pools

 

 

 —

 

 

 —

 

 

1,692

 

 

(8)

 

 

1,692

 

 

(8)

 

 

$

655

 

$

(4)

 

$

3,682

 

$

(23)

 

$

4,337

 

$

(27)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Less Than 12 Months

 

12 Months or More

 

Totals

Security

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

Description

    

Fair Value

    

(Losses)

    

Fair Value

    

(Losses)

    

Fair Value

    

(Losses)

Mortgage-Backed

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

FHLMC

 

$

 —

 

$

 —

 

$

3,022

 

$

(117)

 

$

3,022

 

$

(117)

FNMA

 

 

230

 

 

(2)

 

 

 —

 

 

 —

 

 

230

 

 

(2)

SBA 7a Pools

 

 

1,909

 

 

(11)

 

 

 —

 

 

 —

 

 

1,909

 

 

(11)

 

 

$

2,139

 

$

(13)

 

$

3,022

 

$

(117)

 

$

5,161

 

$

(130)

 

Management evaluates securities for other-than temporary impairment on a periodic and regular basis, as well as when economic or market concerns warrant such evaluation as described in Note 1 to these financial statements. No declines at December 31, 2019 and 2018, were deemed to be other-than-temporary.

In analyzing an issuer’s financial condition, management considers whether the federal government or its agencies issued the securities, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial statements.