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Note 3 - Securities
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
3.
Securities
 
Equity Securities
 
The Corporation held equity securities with fair values of
$14,000
and
$19,000
 at
June 30, 2020
and 
December 31, 2019
, respectively. Beginning
January 1, 2018,
with the adoption of ASU
2016
-
01,
changes in the fair value of these securities are included in other income on the consolidated statements of net income as opposed to accumulated other comprehensive loss on the consolidated balance sheets. During the
three
and
six
months ended
June 30, 2020
 the Corporation recognized a gain of
$5,000
and a loss of 
$5,000,
r
espectivel
y, on equity securities held at
June 30, 2020
, compared to a gain of
$0
and
$10,000,
respectively, for the same period in 
2019
. During the
three
and
six
months ended
June 30, 2020
 and 
2019
, the Corporation did
not
sell any equity securities.
 
Debt Securities - Available-for-Sale
 
The following table summarizes the Corporation's debt securities as of
June 30, 2020
and 
December 31, 2019
:
 
(Dollar amounts in thousands)
  
Amortized Cost
  
Gross Unrealized Gains
  
Gross Unrealized Losses
  
Fair Value
June 30, 2020:
      
 
      
 
      
 
      
 
U.S. government sponsored entities and agencies
   $
1,000
 
   $
22
 
   $
—
 
   $
1,022
 
U.S. agency mortgage-backed securities: residential
    
18,614
 
    
556
 
    
(25
)
    
19,145
 
U.S. agency collateralized mortgage obligations: residential
    
20,278
 
    
372
 
    
(19
)
    
20,631
 
State and political subdivisions
    
37,046
 
    
1,071
 
    
(55
)
    
38,062
 
Corporate debt securities
    
12,441
 
    
343
 
    
(257
)
    
12,527
 
Total securities available-for-sale
   $
89,379
 
   $
2,364
 
   $
(356
)
   $
91,387
 
                                 
December 31, 2019:
      
 
      
 
      
 
      
 
U.S. government sponsored entities and agencies
   $
7,069
 
   $
14
 
   $
(6
)
   $
7,077
 
U.S. agency mortgage-backed securities: residential
    
40,868
 
    
291
 
    
(84
)
    
41,075
 
U.S. agency collateralized mortgage obligations: residential
    
33,001
 
    
71
 
    
(235
)
    
32,837
 
State and political subdivisions
    
27,848
 
    
217
 
    
(269
)
    
27,796
 
Corporate debt securities
    
11,459
 
    
93
 
    
(230
)
    
11,322
 
Total securities available-for-sale
   $
120,245
 
   $
686
 
   $
(824
)
   $
120,107
 
 
The following table summarizes scheduled maturities of the Corporation's debt securities as of
June 30, 2020
. Expected maturities
may
differ from contractual maturities because issuers
may
have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are
not
due at a single maturity and are shown separately.
 
(Dollar amounts in thousands)
  
Available-for-sale
   
Amortized Cost
  
Fair Value
Due in one year or less
   $
756
 
   $
766
 
Due after one year through five years
    
2,027
 
    
2,069
 
Due after five years through ten years
    
16,380
 
    
16,589
 
Due after ten years
    
31,324
 
    
32,187
 
Mortgage-backed securities: residential
    
18,614
 
    
19,145
 
Collateralized mortgage obligations: residential
    
20,278
 
    
20,631
 
Total securities available-for-sale
   $
89,379
 
   $
91,387
 
 
Information pertaining to debt securities with gross unrealized losses at
June 30, 2020
and
December 31, 2019
, aggregated by investment category and length of time that individual securities have been in a continuous loss position are included in the table below:
 
(Dollar amounts in thousands)
  
Less than 12 Months
  
12 Months or More
  
Total
   
Fair Value
  
Unrealized Loss
  
Fair Value
  
Unrealized Loss
  
Fair Value
  
Unrealized Loss
June 30, 2020:
      
 
      
 
      
 
      
 
      
 
      
 
U.S. agency mortgage-backed securities: residential
   $
3,213
 
   $
(25
)
   $
—
 
   $
—
 
   $
3,213
 
   $
(25
)
U.S. agency collateralized mortgage obligations: residential
   $
4,244
 
    
(11
)
    
1,166
 
    
(8
)
    
5,410
 
    
(19
)
State and political subdivisions
   $
2,699
 
    
(55
)
    
—
 
    
—
 
    
2,699
 
    
(55
)
Corporate debt securities
   $
4,020
 
    
(230
)
    
473
 
    
(27
)
    
4,493
 
    
(257
)
Total
   $
14,176
 
   $
(321
)
   $
1,639
 
   $
(35
)
   $
15,815
 
   $
(356
)
                                                 
December 31, 2019:
      
 
      
 
      
 
      
 
      
 
      
 
U.S. government sponsored entities and agencies
   $
—
 
   $
—
 
   $
2,032
 
   $
(6
)
   $
2,032
 
   $
(6
)
U.S. agency mortgage-backed securities: residential
    
14,578
 
    
(76
)
    
2,325
 
    
(8
)
    
16,903
 
    
(84
)
U.S. agency collateralized mortgage obligations: residential
    
12,319
 
    
(32
)
    
11,621
 
    
(203
)
    
23,940
 
    
(235
)
State and political subdivisions
    
15,636
 
    
(269
)
    
—
 
    
—
 
    
15,636
 
    
(269
)
Corporate debt securities
    
4,031
 
    
(229
)
    
499
 
    
(1
)
    
4,530
 
    
(230
)
Total
   $
46,564
 
   $
(606
)
   $
16,477
 
   $
(218
)
   $
63,041
 
   $
(824
)
 
Gains and losses on sales of securities for the
three
and
six
months ended
June 30, 2020
 were as follows:
 
(Dollar amounts in thousands)
  
For the three months ended June 30,
  
For the six months ended June 30,
   
2020
  
2019
  
2020
  
2019
Proceeds
   $
31,785
 
   $
8,907
 
   $
40,011
 
   $
12,882
 
Gains
    
558
 
    
29
 
    
640
 
    
35
 
Losses
    
(1
)
    
(30
)
    
(5
)
    
(34
)
Tax provision related to gains (losses)
    
117
 
    
—
 
    
133
 
    
—
 
 
Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic, market or other conditions warrant such evaluation. Consideration is given to: (
1
) the length of time and the extent to which the fair value has been less than cost, (
2
) the financial condition and near-term prospects of the issuer, (
3
) whether the market decline was affected by macroeconomic conditions and (
4
) whether the Corporation has the intent to sell the security or more likely than
not
will be required to sell the security before recovery of its amortized cost basis. If the Corporation intends to sell an impaired security, or if it is more likely than
not
the Corporation will be required to sell the security before its anticipated recovery, the Corporation records an other-than-temporary loss in an amount equal to the entire difference between fair value and amortized cost. Otherwise, only the credit portion of the estimated loss on debt securities is recognized in earnings, with the other portion of the loss recognized in other comprehensive income.
 
There were
19
 debt securities in an unrealized loss position as of 
June 30, 2020
,
two
of which were in an unrealized loss position for more than
12
months. Of these
19
 securities,
10
 were corporate securities,
four
were collateralized mortgage obligations (issued by U.S. government sponsored entities),
three
were mortgage-backed securities and 
two
were state and political subdivision securities. The unrealized losses associated with these securities were
not
due to the deterioration in the credit quality of the issuer that would likely result in the non-collection of contractual principal and interest, but rather have been caused by a rise in interest rates from the time the securities were purchased. Based on that evaluation and other general considerations, and given that the Corporation's current intention is
not
to sell any impaired securities and it is more likely than
not
it will
not
be required to sell these securities before the recovery of their amortized cost basis, the Corporation does
not
consider these debt securities with unrealized losses as of 
June 30, 2020
to be other-than-temporarily impaired.