Note 3 - Securities

3 Months Ended

Mar. 31, 2018

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

March 31, 2018

and

December 31, 2017

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
March 31, 2018
U.S. Government sponsored entity securities	$	15,531	$	8	$	(236	)	$	15,303
Agency mortgage-backed securities, residential		92,822		149		(2,817	)		90,154
Total securities	$	108,353	$	157	$	(3,053	)	$	105,457
December 31, 201 7
U.S. Government sponsored entity securities	$	13,622	$	----	$	(149	)	$	13,473
Agency mortgage-backed securities, residential		88,833		300		(1,481	)		87,652
Total securities	$	102,455	$	300	$	(1,630	)	$	101,125

Securities Held to Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Estimated Fair Value
March 31, 2018
Obligations of states and political subdivisions	$	17,350	$	558	$	(102	)	$	17,806
Agency mortgage-backed securities, residential		3		----		----			3
Total securities	$	17,353	$	558	$	(102	)	$	17,809
December 31, 201 7
Obligations of states and political subdivisions	$	17,577	$	533	$	(35	)	$	18,075
Agency mortgage-backed securities, residential		4		----		----			4
Total securities	$	17,581	$	533	$	(35	)	$	18,079

The amortized cost and estimated fair value of debt securities at

March 31 2018,

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	$	4,600	$	4,597	$	1,206	$	1,213
Due in over one to five years		10,931		10,706		6,748		6,955
Due in over five to ten years		----		----		7,137		7,456
Due after ten years		----		----		2,259		2,182
Agency mortgage-backed securities, residential		92,822		90,154		3		3
Total debt securities	$	108,353	$	105,457	$	17,353	$	17,809

The following table summarizes securities with unrealized losses at

March 31, 2018

and

December 31, 2017,

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

March 31, 2018	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	$	3,882	$	(126	)	$	9,434	$	(110	)	$	13,316	$	(236	)
Agency mortgage-backed securities, residential		50,766		(1,212	)		30,110		(1,605	)		80,876		(2,817	)
Total available for sale	$	54,648	$	(1,338	)	$	39,544	$	(1,715	)	$	94,192	$	(3,053	)

	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	$	1,792	$	(7	)	$	1,437	$	(95	)	$	3,229	$	(102	)
Total held to maturity	$	1,792	$	(7	)	$	1,437	$	(95	)	$	3,229	$	(102	)

December 31, 201 7	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	$	6,910	$	(97	)	$	6,563	$	(52	)	$	13,473	$	(149	)
Agency mortgage-backed securities, residential		37,421		(434	)		31,763		(1,047	)		69,184		(1,481	)
Total available for sale	$	44,331	$	(531	)	$	38,326	$ (1,099)_			$	82,657	$	(1,630	)

	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	$	362	$	(2	)	$	1,502	$	(33	)	$	1,864	$	(35	)
Total held to maturity	$	362	$	(2	)	$	1,502	$	(33	)	$	1,864	$	(35	)

There were

no

sales of investment securities during the

three

months ended

March 31, 2018

and

2017.

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

March 31, 2018,

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

March 31, 2018

and

December 31, 2017

represents an other-than-temporary impairment.