Note C - Securities

12 Months Ended

Dec. 31, 2018

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, 2018

and

2017

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, 2018
U.S. Government sponsored entity securities	$	16,837	$	8	$	(215	)	$	16,630
Agency mortgage-backed securities, residential		88,030		92		(2,588	)		85,534
Total securities	$	104,867	$	100	$	(2,803	)	$	102,164
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

	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Estimated Fair Value
Securities Held to Maturity
December 31, 2018
Obligations of states and political subdivisions	$	15,813	$	502	$	(84	)	$	16,231
Agency mortgage-backed securities, residential		3		----		----			3
Total securities	$	15,816	$	502	$	(84	)	$	16,234
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

At year-end

2018

and

2017,

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

2018,

2017

and

2016.

Securities with a carrying value of approximately

$79,443

at

December 31, 2018

and

$70,078

at

December 31, 2017

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, 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

December 31, 2018

and

2017

represents an other-than-temporary impairment.

The amortized cost and estimated fair value of debt securities at

December 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	$	----	$	----	$	926	$	931
Due in one to five years		16,837		16,630		6,884		7,052
Due in five to ten years		----		----		8,003		8,248
Due after ten years		----		----		----		----
Agency mortgage-backed securities, residential		88,030		85,534		3		3
Total debt securities	$	104,867	$	102,164	$	15,816	$	16,234

The following table summarizes securities with unrealized losses at

December 31, 2018

and

December 31, 2017,

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

December 31, 201 8	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	$	1,981	$	(1	)	$	8,679	$	(214	)	$	10,660	$	(215	)
Agency mortgage-backed securities, residential		8,564		(43	)		62,619		(2,545	)		71,183		(2,588	)
Total available for sale	$	10,545	$	(44	)	$	71,298	$	(2,759	)	$	81,843	$	(2,803	)

	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	$	484	$	(3	)	$	1,312	$	(81	)	$	1,796	$	(84	)
Total held to maturity	$	484	$	(3	)	$	1,312	$	(81	)	$	1,796	$	(84	)

December 31, 201 7	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	$	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
Securities Held to Maturity	Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss
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	)