Investment Securities

12 Months Ended

Dec. 31, 2016

Investment Securities [Abstract]

Investment Securities

Note 2 - Investment Securities

The amortized cost and fair value of investment securities held to maturity are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in thousands)
December 31, 2016:
US Treasury securities	$	12,998	$	167	$	-	$	13,165
US Agency securities		20,027		133		54		20,106
US Government sponsored mortgage-backed securities		29,732		52		228		29,556
Total	$	62,757	$	352	$	282	$	62,827
December 31, 2015:
US Treasury securities	$	21,057	$	276	$	8	$	21,325
US Agency securities		20,011		139		76		20,074
US Government sponsored mortgage-backed securities		35,065		41		195		34,911
Total	$	76,133	$	456	$	279	$	76,310

There were no investment securities pledged as collateral for the years ended December 31, 2016 and 2015.

The following table shows fair value and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2016. Included in the table are five Agency securities and eleven Mortgage-backed securities in a gross unrealized loss position at December 31, 2016.  There were four US Treasury securities, thirteen Agency securities and twelve Mortgage-backed securities in a gross unrealized loss position at December 31, 2015. Management believes that the unrealized losses in 2016 and 2015 were the result of interest rate levels differing from those existing at the time of purchase of the securities and actual and estimated prepayment speeds.  The Bank does not consider any of these securities to be other than temporarily impaired at December 31, 2016 or December 31, 2015, because the unrealized losses were related primarily to changes in market interest rates and widening of sector spreads and were not necessarily related to the credit quality of the issuers of the securities.

	Less than 12 months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2016:	(dollars in thousands)
US Treasury securities	$	-	$	-	$	-	$	-	$	-	$	-
US Agency securities		5,002		54		-		-		5,002		54
US Government sponsored mortgage-backed securities		23,457		228		-		-		23,457		228
Total	$	28,459	$	282	$	-	$	-	$	28,459	$	282
December 31, 2015:
US Treasury securities	$	3,992	$	8	$	-	$	-	$	3,992	$	8
US Agency securities		12,958		76		-		-		12,958		76
US Government sponsored mortgage-backed securities		31,091		195		-		-		31,091		195
Total	$	48,041	$	279	$	-	$	-	$	48,041	$	279

The amortized cost and estimated fair value of debt securities as of December 31, 2016, by contractual maturity, are shown in the following table.  Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Held to Maturity (dollars in thousands)
	Amortized Cost		Estimated Fair Value
Due in one year or less	$	9,003	$	9,031
Due from one year to five years		22,061		22,194
Due from five years to ten years		1,961		2,046
US Government sponsored mortgage-backed securities		29,732		29,556
	$	62,757	$	62,827