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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2018
INVESTMENT SECURITIES [Abstract] |
INVESTMENT SECURITIES | NOTE 4. INVESTMENT SECURITIES The following table provides information on the amortized cost and estimated fair values of investment securities. ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  | Gross |  | Gross |  | Estimated
﻿ |  | Amortized |  | Unrealized |  | Unrealized |  | Fair
﻿(Dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value
﻿Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Government agencies |  | $ | 34,285 |  | $ | 2 |  | $ | 651 |  | $ | 33,636
﻿Mortgage-backed |  |  | 124,162 |  |  | 115 |  |  | 3,481 |  |  | 120,796
﻿Total |  |  | 158,447 |  |  | 117 |  |  | 4,132 |  |  | 154,432
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Government agencies |  | $ | 45,806 |  | $ | 23 |  | $ | 497 |  | $ | 45,332
﻿Mortgage-backed |  |  | 152,198 |  |  | 157 |  |  | 1,390 |  |  | 150,965
﻿Equity |  |  | 666 |  |  | - |  |  | 8 |  |  | 658
﻿Total |  | $ | 198,670 |  | $ | 180 |  | $ | 1,895 |  | $ | 196,955
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿The Company adopted ASU 2016-01 effective January 1, 2018 and equity securities with an aggregate fair value of $1.3 million at
﻿December 31, 2018 are presented separately on the balance sheet. A cumulative effect adjustment of $(6) thousand was recorded to retained
﻿earnings from accumulated other comprehensive loss upon adoption. The fair value adjustment recorded through earnings totaled $(5) thousand
﻿for the year ended December 31, 2018.
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Government agencies |  | $ | 1,642 |  | $ | - |  | $ | 25 |  | $ | 1,617
﻿States and political subdivisions |  |  | 1,401 |  |  | 14 |  |  | - |  |  | 1,415
﻿Other Debt Securities (1) |  |  | 3,000 |  |  | - |  |  | 32 |  |  | 2,968
﻿Total |  | $ | 6,043 |  | $ | 14 |  | $ | 57 |  | $ | 6,000
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Government agencies |  | $ | 1,844 |  | $ | 21 |  | $ | - |  | $ | 1,865
﻿States and political subdivisions |  |  | 1,403 |  |  | 47 |  |  | - |  |  | 1,450
﻿Other Debt Securities (1) |  |  | 3,000 |  |  | 76 |  |  | - |  |  | 3,076
﻿Total |  | $ | 6,247 |  | $ | 144 |  | $ | - |  | $ | 6,391
﻿
| (1) |  | On December 15, 2016, the Company bought $3.0 million in ten-year subordinated notes from a local regional bank with a fixed rate of 6.5% for the first five years and a floating rate for the remaining five years. After the first five years the note is callable by the issuer. The Company intends to hold to maturity of December 30, 2026 if the notes are not called.
﻿ The following table provides information about gross unrealized losses and fair value by length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2018. ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Less than |  | More than |  |  |  |  |  |
﻿ |  | 12 Months |  | 12 Months |  | Total
﻿ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
﻿(Dollars in thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
﻿December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Government agencies |  | $ | 1,079 |  | $ | 10 |  | $ | 32,362 |  | $ | 641 |  | $ | 33,441 |  | $ | 651
﻿Mortgage-backed |  |  | 13,981 |  |  | 261 |  |  | 99,904 |  |  | 3,220 |  |  | 113,885 |  |  | 3,481
﻿Total |  | $ | 15,060 |  | $ | 271 |  | $ | 132,266 |  | $ | 3,861 |  | $ | 147,326 |  | $ | 4,132
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Government agencies |  |  | - |  |  | - |  |  | 1,617 |  |  | 25 |  |  | 1,617 |  |  | 25
﻿Other debt securities |  |  | 2,968 |  |  | 32 |  |  | - |  |  | - |  |  | 2,968 |  |  | 32
﻿Total |  | $ | 2,968 |  | $ | 32 |  | $ | 1,617 |  | $ | 25 |  | $ | 4,585 |  | $ | 57
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Less than |  | More than |  |  |  |  |  |
﻿ |  | 12 Months |  | 12 Months |  | Total
﻿ |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
﻿(Dollars in thousands) |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
﻿December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿U.S. Government agencies |  | $ | 37,550 |  | $ | 453 |  | $ | 5,956 |  | $ | 44 |  | $ | 43,506 |  | $ | 497
﻿Mortgage-backed |  |  | 96,622 |  |  | 700 |  |  | 28,215 |  |  | 690 |  |  | 124,837 |  |  | 1,390
﻿Equity securities |  |  | - |  |  | - |  |  | 666 |  |  | 8 |  |  | 666 |  |  | 8
﻿Total |  | $ | 134,172 |  | $ | 1,153 |  | $ | 34,837 |  | $ | 742 |  | $ | 169,009 |  | $ | 1,895
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ All of the securities with unrealized losses in the portfolio have modest duration risk, low credit risk, and minimal losses when compared to total amortized cost. The unrealized losses on debt securities that exist are the result of market changes in interest rates since original purchase and are not related to credit concerns. Because the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost bases, which may be at maturity for debt securities, the Company considers the unrealized losses to be temporary. There were eighty-two available-for-sale securities in an unrealized loss position at December 31, 2018, of which 74 were mortgage-backed and 8 were U.S. Government agencies. Two held-to-maturity securities were in an unrealized loss position at December 31, 2018, one mortgage-backed and one other debt security. ﻿ The following table provides information on the amortized cost and estimated fair values of investment securities by maturity date at December 31, 2018. ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Available for sale |  | Held to maturity
﻿ |  | Amortized |  |  |  | Amortized |  |
﻿(Dollars in thousands) |  | Cost |  | Fair Value |  | Cost |  | Fair Value
﻿Due in one year or less |  | $ | 5,992 |  | $ | 5,919 |  | $ | 500 |  | $ | 505
﻿Due after one year through five years |  |  | 29,332 |  |  | 28,721 |  |  | 400 |  |  | 406
﻿Due after five years through ten years |  |  | 62,893 |  |  | 61,292 |  |  | 3,501 |  |  | 3,472
﻿Due after ten years |  |  | 60,230 |  |  | 58,500 |  |  | 1,642 |  |  | 1,617
﻿Total |  | $ | 158,447 |  | $ | 154,432 |  | $ | 6,043 |  | $ | 6,000
The maturity dates for debt securities are determined using contractual maturity dates. The following table sets forth the amortized cost and estimated fair values of securities which have been pledged as collateral for obligations to federal, state and local government agencies, and other purposes as required or permitted by law, or sold under agreements to repurchase. All pledged securities are in the available-for-sale investment portfolio. ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | December 31, 2018 |  | December 31, 2017
﻿ |  | Amortized |  |  |  | Amortized |  |
﻿(Dollars in thousands) |  | Cost |  | Fair Value |  | Cost |  | Fair Value
﻿Pledged available-for-sale securities |  | $ | 99,729 |  | $ | 97,170 |  | $ | 131,035 |  | $ | 129,880
There were no obligations of states or political subdivisions with carrying values, as to any issuer, exceeding 10% of stockholders’ equity at December 31, 2018 or 2017. Proceeds from sales of investment securities were $0 for the years ended December 31, 2018 and 2017, respectively. Gross gains from sales and calls of investment securities were $0 and $5 thousand for the years ended December 31, 2018 and 2017, respectively. There were no gross losses in 2018 and 2017.

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