Note 3 - Securities

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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

NOTE

3

– SECURITIES

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

June 30, 2017

and

December 31, 2016

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

Securities Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
June 30 , 201 7
U.S. Government sponsored entity securities	$	13,689	$	----	$	(47	)	$	13,642
Agency mortgage-backed securities, residential		89,044		718		(707	)		89,055
Total securities	$	102,733	$	718	$	(754	)	$	102,697
December 31, 201 6
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

Securities Held to Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Estimated Fair Value
June 30 , 201 7
Obligations of states and political subdivisions	$	18,601	$	741	$	(16	)	$	19,326
Agency mortgage-backed securities, residential		4		----		----			4
Total securities	$	18,605	$	741	$	(16	)	$	19,330
December 31, 201 6
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

The amortized cost and estimated fair value of debt securities at

June 30, 2017,

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	$	4,602	$	4,591	$	89	$	89
Due in over one to five years		6,027		5,999		6,839		7,101
Due in over five to ten years		3,060		3,052		8,415		8,862
Due after ten years		----		----		3,258		3,274
Agency mortgage-backed securities, residential		89,044		89,055		4		4
Total debt securities	$	102,733	$	102,697	$	18,605	$	19,330

The following table summarizes securities with unrealized losses at

June 30, 2017

and

December 31, 2016,

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

June 30, 2017	Less Than 12 Months					12 Months or More				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities Available for Sale
U.S. Government sponsored entity securities	$	13,642	$	(47	)	$	----	$	----	$	13,642	$	(47	)
Agency mortgage-backed securities, residential		46,195		(707	)		----		----		46,195		(707	)
Total available for sale	$	59,837	$	(754	)	$	----	$	----	$	59,837	$	(754	)

	Less Than 12 Months					12 Months or More				Total
	Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss		Fair Value		Unrecognized Loss
Securities Held to Maturity
Obligations of states and political subdivisions	$	1,524	$	(16	)	$	----	$	----	$	1,524	$	(16	)
Total held to maturity	$	1,524	$	(16	)	$	----	$	----	$	1,524	$	(16	)

December 31, 2016	Less Than 12 Months					12 Months or More				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities Available for Sale
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
	Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss		Fair Value		Unrecognized Loss
Securities Held to Maturity
Obligations of states and political subdivisions	$	3,813	$	(148	)	$	----	$	----	$	3,813	$	(148	)
Total held to maturity	$	3,813	$	(148	)	$	----	$	----	$	3,813	$	(148	)

There were

no

sales of investment securities during the

three

and

six

months ended

June 30, 2017

and

2016.

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

June 30, 2017,

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

June 30, 2017

and

December 31, 2016

represents an other-than-temporary impairment.