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Note 2 - Debt Securities | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 . Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities, including gross unrealized gains and losses, as of the dates indicated:
|  | September 30, 2019 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 1,019 |  |  | $ | - |  |  | $ | (3 | ) |  | $ | 1,016 |
Municipal securities |  |  | 78,510 |  |  |  | 1,038 |  |  |  | - |  |  |  | 79,548 |
Mortgage-backed Agency securities |  |  | 34,748 |  |  |  | 353 |  |  |  | (128 | ) |  |  | 34,973 |
Total |  | $ | 114,277 |  |  | $ | 1,391 |  |  | $ | (131 | ) |  | $ | 115,537 |
|  | December 31, 2018 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 1,108 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 1,113 |
U.S. Treasury securities |  |  | 19,970 |  |  |  | - |  |  |  | (10 | ) |  |  | 19,960 |
Municipal securities |  |  | 96,886 |  |  |  | 912 |  |  |  | (509 | ) |  |  | 97,289 |
Mortgage-backed Agency securities |  |  | 35,513 |  |  |  | 14 |  |  |  | (773 | ) |  |  | 34,754 |
Total |  | $ | 153,477 |  |  | $ | 931 |  |  | $ | (1,292 | ) |  | $ | 153,116 |
The debt securities held in the held-to-maturity portfolio at December 31, 2018, matured during the first quarter of 2019. The funds were used to repay the Company’s remaining wholesale repurchase agreement of $25 million. The following table presents the amortized cost and fair value of held-to-maturity debt securities, including gross unrealized gains and losses, at year-end:
|  | December 31, 2018 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 17,887 |  |  | $ | - |  |  | $ | (20 | ) |  | $ | 17,867 |
Corporate securities |  |  | 7,126 |  |  |  | - |  |  |  | (3 | ) |  |  | 7,123 |
Total |  | $ | 25,013 |  |  | $ | - |  |  | $ | (23 | ) |  | $ | 24,990 |
The following table presents the amortized cost and aggregate fair value of available-for-sale debt securities by contractual maturity, as of the date indicated. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
|  | September 30, 2019 |
|  | Amortized |  |  |  |  |
(Amounts in thousands) |  | Cost |  |  | Fair Value |
Available-for-sale debt securities |  |  |  |  |  |  |  |
Due within one year |  | $ | - |  |  | $ | - |
Due after one year but within five years |  |  | 24,555 |  |  |  | 24,825 |
Due after five years but within ten years |  |  | 54,974 |  |  |  | 55,739 |
Due after ten years |  |  | - |  |  |  | - |
|  |  | 79,529 |  |  |  | 80,564 |
Mortgage-backed securities |  |  | 34,748 |  |  |  | 34,973 |
Total debt securities available for sale |  | $ | 114,277 |  |  | $ | 115,537 |
The following tables present the fair values and unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the dates indicated:
|  | September 30, 2019 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 1,006 |  |  | $ | (3 | ) |  | $ | - |  |  | $ | - |  |  | $ | 1,006 |  |  | $ | (3 | )
Municipal securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Mortgage-backed Agency securities |  |  | 1,154 |  |  |  | (6 | ) |  |  | 9,035 |  |  |  | (122 | ) |  |  | 10,189 |  |  |  | (128 | )
Total |  | $ | 2,160 |  |  | $ | (9 | ) |  | $ | 9,035 |  |  | $ | (122 | ) |  | $ | 11,195 |  |  | $ | (131 | )
|  | December 31, 2018 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 19,960 |  |  | $ | (10 | ) |  | $ | - |  |  | $ | - |  |  | $ | 19,960 |  |  | $ | (10 | )
Municipal securities |  |  | 7,116 |  |  |  | (62 | ) |  |  | 18,081 |  |  |  | (447 | ) |  |  | 25,197 |  |  |  | (509 | )
Mortgage-backed Agency securities |  |  | 15,762 |  |  |  | (99 | ) |  |  | 15,344 |  |  |  | (674 | ) |  |  | 31,106 |  |  |  | (773 | )
Total |  | $ | 42,838 |  |  | $ | (171 | ) |  | $ | 33,425 |  |  | $ | (1,121 | ) |  | $ | 76,263 |  |  | $ | (1,292 | )
The following table presents the fair values and unrealized losses for held-to-maturity debt securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the dates indicated:
|  | December 31, 2018 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | - |  |  | $ | - |  |  | $ | 17,867 |  |  | $ | (20 | ) |  | $ | 17,867 |  |  | $ | (20 | )
Corporate securities |  |  | - |  |  |  | - |  |  |  | 7,123 |  |  |  | (3 | ) |  |  | 7,123 |  |  |  | (3 | )
Total |  | $ | - |  |  | $ | - |  |  | $ | 24,990 |  |  | $ | (23 | ) |  | $ | 24,990 |  |  | $ | (23 | )
There were 14 individual debt securities in an unrealized loss position as of September 30, 2019, and their combined depreciation in value represented 0.11% of the debt securities portfolio. There were 90 individual debt securities in an unrealized loss position as of December 31, 2018, and their combined depreciation in value represented 0.74% of the debt securities portfolio. The Company reviews its investment portfolio quarterly for indications of other-than-temporary impairment (“OTTI”). The initial indicator of OTTI for debt securities is a decline in fair value below book value and the severity and duration of the decline. The credit-related OTTI is recognized as a charge to noninterest income and the noncredit-related OTTI is recognized in other comprehensive income (“OCI”). During the three and nine months ended September 30, 2019 and 2018, the Company incurred no OTTI charges on debt securities. Temporary impairment on debt securities is primarily related to changes in benchmark interest rates, changes in pricing in the credit markets, and other current economic factors. The following table presents gross realized gains and losses from the sale of available-for-sale debt securities for the periods indicated:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | - |  |  | $ | - |  |  | $ | 67 |  |  | $ | - |
Gross realized losses |  |  | - |  |  |  | (618 | ) |  |  | (110 | ) |  |  | (618 | )
Net loss on sale of securities |  | $ | - |  |  | $ | (618 | ) |  | $ | (43 | ) |  | $ | (618 | )
The carrying amount of securities pledged for various purposes totaled $25.36 million as of September 30, 2019, and $38.25 million as of December 31, 2018.

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