Note 2 - Securities

The amortized cost and fair values of our available-for-sale (“AFS”) securities portfolio were as follows:


	March 31, 2020
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(dollars in thousands)
U.S. government agency notes	$	5,020	$	11	$	—	$	5,031
Corporate obligations		2,000		—		—		2,000
Mortgage-backed securities		11,679		172		40		11,811
	$	18,699	$	183	$	40	$	18,842


	December 31, 2019
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
	(dollars in thousands)
U.S. government agency notes	$	5,017	$	2	$	—	$	5,019
Mortgage-backed securities		7,951		—		64		7,887
	$	12,968	$	2	$	64	$	12,906

The amortized cost and fair values of our HTM securities portfolio were as follows:


	March 31, 2020
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(dollars in thousands)
U.S. Treasury securities	$	996	$	19	$	—	$	1,015
U.S. government agency notes		2,985		156		—		3,141
Mortgage-backed securities		18,756		548		3		19,301
	$	22,737	$	723	$	3	$	23,457


	December 31, 2019
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(dollars in thousands)
U.S. Treasury securities	$	994	$	14	$	—	$	1,008
U.S. government agency notes		4,986		100		5		5,081
Mortgage-backed securities		19,980		114		25		20,069
	$	25,960	$	228	$	30	$	26,158

Gross unrealized losses and fair value by length of time that the individual AFS securities have been in an unrealized loss position at the dates indicated are presented in the following tables:


	March 31, 2020
	Less than 12 months					12 months or more					Total
	# of	Fair		Unrealized		# of	Fair		Unrealized		# of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
	(dollars in thousands)
Mortgage-backed securities	2	$	2,121	$	40	—	$	—	$	—	2	$	2,121	$	40
	2	$	2,121	$	40	—	$	—	$	—	2	$	2,121	$	40


	December 31, 2019
	Less than 12 months					12 months or more					Total
	# of	Fair		Unrealized		# of	Fair		Unrealized		# of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
	(dollars in thousands)
Mortgage-backed securities	7	$	7,887	$	64	—	$	—	$	—	7	$	7,887	$	64
	7	$	7,887	$	64	—	$	—	$	—	7	$	7,887	$	64

Gross unrealized losses and fair value by length of time that the individual HTM securities have been in an unrealized loss position at the dates indicated are presented in the following tables:


	March 31, 2020
	Less than 12 months					12 months or more					Total
	# of	Fair		Unrealized		# of	Fair		Unrealized		# of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
	(dollars in thousands)
Mortgage-backed securities	1	$	148	$	3	—	$	—	$	—	1	$	148	$	3
	1	$	148	$	3	—	$	—	$	—	1	$	148	$	3


	December 31, 2019
	Less than 12 months					12 months or more					Total
	# of	Fair		Unrealized		# of	Fair		Unrealized		# of	Fair		Unrealized
	Securities	Value		Losses		Securities	Value		Losses		Securities	Value		Losses
	(dollars in thousands)
U.S. government agency notes	—	$	—	$	—	3	$	3,003	$	5	3		3,003		5
Mortgage-backed securities	2		2,544		17	2		1,238		8	4		3,782		25
	2	$	2,544	$	17	5	$	4,241	$	13	7	$	6,785	$	30

All of the securities that are currently in a gross unrealized loss position are so due to declines in fair values resulting from changes in interest rates or increased liquidity spreads since the time they were purchased. We have the intent and ability to hold these debt securities to maturity (including the AFS securities) and do not intend to sell, nor do we believe it will be more likely than not that we will be required to sell, any impaired securities prior to a recovery of amortized cost. We expect these securities will be repaid in full, with no losses realized. As such, management considers any impairment to be temporary.

Contractual maturities of debt securities at March 31, 2020 are shown below. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	AFS Securities				HTM Securities
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(dollars in thousands)
Due in one year or less	$	3,005	$	3,016	$	2,000	$	2,024
Due after one through five years		—		—		1,981		2,132
Due after five years through ten years		4,015		4,015		—		—
Mortgage-backed securities		11,679		11,811		18,756		19,301
	$	18,699	$	18,842	$	22,737	$	23,457

We did not sell any securities during the three months ended March 31, 2020 or 2019.

There were no securities pledged as collateral as of March 31, 2020 or December 31, 2019.