Note 3 - Securities

3 Months Ended

Mar. 31, 2020

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, 2020

and

December 31, 2019

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

Securities Available for Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2020
U.S. Government sponsored entity securities	$	15,621	$	395	$	----		$	16,016
Agency mortgage-backed securities, residential		92,965		3,212		(2	)		96,175
Total securities	$	108,586	$	3,607	$	(2	)	$	112,191
December 31, 201 9
U.S. Government sponsored entity securities	$	16,579	$	163	$	(6	)	$	16,736
Agency mortgage-backed securities, residential		88,071		807		(296	)		88,582
Total securities	$	104,650	$	970	$	(302	)	$	105,318

Securities Held to Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Estimated Fair Value
March 31, 2020
Obligations of states and political subdivisions	$	11,806	$	308	$	(1	)	$	12,113
Agency mortgage-backed securities, residential		2		----		----			2
Total securities	$	11,808	$	308	$	(1	)	$	12,115
December 31, 201 9
Obligations of states and political subdivisions	$	12,031	$	372	$	(1	)	$	12,402
Agency mortgage-backed securities, residential		2		----		----			2
Total securities	$	12,033	$	372	$	(1	)	$	12,404

The amortized cost and estimated fair value of debt securities at

March 31, 2020,

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	$	7,289	$	7,404	$	639	$	641
Due in over one to five years		8,332		8,612		6,802		7,014
Due in over five to ten years		----		----		4,365		4,458
Agency mortgage-backed securities, residential		92,965		96,175		2		2
Total debt securities	$	108,586	$	112,191	$	11,808	$	12,115

The following table summarizes securities with unrealized losses at

March 31, 2020

and

December 31, 2019,

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

March 3 1 , 20 20	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
Agency mortgage-backed securities, residential	$	----	$	----	$	198	$	(2	)	$	198	$	(2	)
Total available for sale	$	----	$	----	$	198	$	(2	)	$	198	$	(2	)

	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	$	204	$	(1	)	$	----	$	----	$	204	$	(1	)
Total held to maturity	$	204	$	(1	)	$	----	$	----	$	204	$	(1	)

December 31, 201 9	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	$	----	$	----		$	1,999	$	(6	)	$	1,999	$	(6	)
Agency mortgage-backed securities, residential		15,041		(84	)		21,344		(212	)		36,385		(296	)
Total available for sale	$	15,041	$	(84	)	$	23,343	$	(218	)	$	38,384	$	(302	)

	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	$	204	$	(1	)	$	----	$	----	$	204	$	(1	)
Total held to maturity	$	204	$	(1	)	$	----	$	----	$	204	$	(1	)

There were

no

sales of investment securities during the

three

months ended

March 31, 2020

or

2019.

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, 2020,

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, 2020

and

December 31, 2019

represents an other-than-temporary impairment.