Note C - Securities

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note

C

- Securities

The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at

December

31,

2016

and

2015

and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Securities Available for Sale
December 31, 2016
U.S. Government sponsored entity securities	$	10,624	$	----	$	(80	)	$	10,544
Agency mortgage-backed securities, residential		87,367		495		(1,916	)		85,946
Total securities	$	97,991	$	495	$	(1,996	)	$	96,490
December 31, 2015
U.S. Government sponsored entity securities	$	9,011	$	----	$	(46	)	$	8,965
Agency mortgage-backed securities, residential		82,178		981		(473	)		82,686
Total securities	$	91,189	$	981	$	(519	)	$	91,651

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Estimated Fair Value
Securities Held to Maturity
December 31, 2016
Obligations of states and political subdivisions	$	18,661	$	654	$	(148	)	$	19,167
Agency mortgage-backed securities, residential		4		----		----			4
Total securities	$	18,665	$	654	$	(148	)	$	19,171
December 31, 2015
Obligations of states and political subdivisions	$	19,898	$	892	$	(5	)	$	20,785
Agency mortgage-backed securities, residential		5		----		----			5
Total securities	$	19,903	$	892	$	(5	)	$	20,790

At year-end

2016

and

2015,

there were no holdings of securities of any

one

issuer, other than the U.S. Government and its agencies, in an amount greater than

10%

of shareholders’ equity.

There were

no

sales of debt securities during

2016

and

2014.

During

2015,

proceeds from the sales of debt securities totaled

$10,550

with gross gains of

$163

recognized.

Securities with a carrying value of approximately

$72,397

at

December

31,

2016

and

$59,267

at

December

31,

2015

were pledged to secure public deposits and repurchase agreements and for other purposes as required or permitted by law.

Unrealized losses on the Company’s debt securities have not been recognized into income because the issuers’ securities are of high credit quality as of

December

31,

2016,

and management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery.  Management does not believe any individual unrealized loss at

December

31,

2016

and

2015

represents an other-than-temporary impairment.

The amortized cost and estimated fair value of debt securities at

December

31,

2016,

by contractual maturity, are shown below. Actual maturities

may

differ from contractual maturities because certain issuers

may

have the right to call or prepay the debt obligations prior to their contractual maturities. Securities not due at a single maturity are shown separately. 

	Available for Sale				Held to Maturity
Debt Securities:	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due in one year or less	$	4,001	$	3,999	$	272	$	275
Due in one to five years		6,623		6,545		7,061		7,342
Due in five to ten years		----		----		8,690		9,029
Due after ten years		----		----		2,638		2,521
Agency mortgage-backed securities, residential		87,367		85,946		4		4
Total debt securities	$	97,991	$	96,490	$	18,665	$	19,171

The following table summarizes securities with unrealized losses at

December

31,

2016

and

December

31,

2015,

aggregated by major security type and length of time in a continuous unrealized loss position:

December 31, 201 6	Less than 12 Months					12 Months or More				Total
Securities Available for Sale	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. Government sponsored entity securities	$	10,544	$	(80	)	$	----	$	----	$	10,544	$	(80	)
Agency mortgage-backed securities, residential		64,043		(1,916	)		----		----		64,043		(1,916	)
Total available for sale	$	74,587	$	(1,996	)	$	----	$	----	$	74,587	$	(1,996	)

	Less than 12 Months					12 Months or More				Total
Securities Held to Maturity	Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss		Fair Value		Unrecognized Loss
Obligations of states and political subdivisions	$	3,813	$	(148	)	$	----	$	----	$	3,813	$	(148	)
Total held to maturity	$	3,813	$	(148	)	$	----	$	----	$	3,813	$	(148	)

December 31, 201 5	Less than 12 Months					12 Months or More					Total
Securities Available for Sale	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Government sponsored entity securities	$	7,964	$	(46	)	$	----	$	----		$	7,964	$	(46	)
Agency mortgage-backed securities, residential		42,112		(407	)		3,645		(66	)		45,757		(473	)
Total available for sale	$	50,076	$	(453	)	$	3,645	$	(66	)	$	53,721	$	(519	)

	Less than 12 Months					12 Months or More				Total
Securities Held to Maturity	Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss		Fair Value		Unrecognized Loss
Obligations of states and political subdivisions	$	995	$	(5	)	$	----	$	----	$	995	$	(5	)
Total held to maturity	$	995	$	(5	)	$	----	$	----	$	995	$	(5	)