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INVESTMENTS AVAILABLE FOR SALE | 6 Months Ended
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Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS AVAILABLE FOR SALE | NOTE 4 – INVESTMENTS AVAILABLE FOR SALE The amortized cost and estimated fair values of securities available-for-sale at June 30, 2018 and December 31, 2017 are as follows:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 16,298 |  |  | $ | 132 |  |  | $ | (349 | ) |  | $ | 16,081 |
Mortgage-backed securities |  |  | 22,361 |  |  |  | 101 |  |  |  | (310 | ) |  |  | 22,152 |
Collateralized mortgage obligations |  |  | 1,018 |  |  |  | - |  |  |  | (11 | ) |  |  | 1,007 |
Corporate bonds |  |  | 5,480 |  |  |  | - |  |  |  | (4 | ) |  |  | 5,476 |
U.S. Government Agencies |  |  | 4,736 |  |  |  | 5 |  |  |  | (18 | ) |  |  | 4,723 |
SBA securities |  |  | 5,042 |  |  |  | 38 |  |  |  | (87 | ) |  |  | 4,993 |
|  | $ | 54,936 |  |  | $ | 276 |  |  | $ | (779 | ) |  | $ | 54,433 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gains |  |  | losses |  |  | fair value |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 15,910 |  |  | $ | 182 |  |  | $ | (45 | ) |  | $ | 16,047 |
Mortgage-backed securities |  |  | 9,621 |  |  |  | 143 |  |  |  | (24 | ) |  |  | 9,740 |
Collateralized mortgage obligations |  |  | 1,758 |  |  |  | 1 |  |  |  | (9 | ) |  |  | 1,750 |
Corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. Government Agencies |  |  | 6,984 |  |  |  | - |  |  |  | (13 | ) |  |  | 6,971 |
SBA securities |  |  | 5,929 |  |  |  | 78 |  |  |  | (10 | ) |  |  | 5,997 |
|  | $ | 40,202 |  |  | $ | 404 |  |  | $ | (101 | ) |  | $ | 40,505 |
The gross unrealized losses of the available-for-sale investment securities portfolio are summarized according to the duration of the loss period as of June 30, 2018 as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |
|  | Fair Value |  |  | Loss |  |  | Fair Value |  |  | Loss |  |  | Fair Value |  |  | Loss |
Municipal securities |  | $ | 11,990 |  |  | $ | (340 | ) |  | $ | 262 |  |  | $ | (9 | ) |  | $ | 12,252 |  |  | $ | (349 | )
Mortgage-backed securities |  |  | 17,456 |  |  |  | (304 | ) |  |  | 649 |  |  |  | (6 | ) |  |  | 18,105 |  |  |  | (310 | )
Collateralized mortgage obligations |  |  | 990 |  |  |  | (11 | ) |  |  | - |  |  |  | - |  |  |  | 990 |  |  |  | (11 | )
Corporate Bonds |  |  | 3,471 |  |  |  | (4 | ) |  |  | - |  |  |  | - |  |  |  | 3,471 |  |  |  | (4 | )
U.S. Government Agencies |  |  | 4,724 |  |  |  | (18 | ) |  |  | - |  |  |  | - |  |  |  | 4,724 |  |  |  | (18 | )
SBA securities |  |  | 1,348 |  |  |  | (81 | ) |  |  | 890 |  |  |  | (6 | ) |  |  | 2,238 |  |  |  | (87 | )
Total |  | $ | 39,979 |  |  | $ | (758 | ) |  | $ | 1,801 |  |  | $ | (21 | ) |  | $ | 41,780 |  |  | $ | (779 | )
The gross unrealized losses of the available-for-sale investment securities portfolio are summarized according to the duration of the loss period as December 31, 2017 as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |  |  | Estimated |  |  | Unrealized |
|  | Fair Value |  |  | Loss |  |  | Fair Value |  |  | Loss |  |  | Fair Value |  |  | Loss |
Municipal securities |  | $ | 4,011 |  |  | $ | (39 | ) |  | $ | 267 |  |  | $ | (6 | ) |  | $ | 4,278 |  |  | $ | (45 | )
Mortgage-backed securities |  |  | 4,075 |  |  |  | (24 | ) |  |  | - |  |  |  | - |  |  |  | 4,075 |  |  |  | (24 | )
Collateralized mortgage obligations |  |  | 1,201 |  |  |  | (9 | ) |  |  | - |  |  |  | - |  |  |  | 1,201 |  |  |  | (9 | )
Corporate Bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
U.S. Government Agencies |  |  | 6,981 |  |  |  | (13 | ) |  |  | - |  |  |  | - |  |  |  | 6,981 |  |  |  | (13 | )
SBA securities |  |  | 1,245 |  |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | 1,245 |  |  |  | (10 | )
Total |  | $ | 17,513 |  |  | $ | (95 | ) |  | $ | 267 |  |  | $ | (6 | ) |  | $ | 17,780 |  |  | $ | (101 | )
At June 30, 2018, there were ten securities in an unrealized loss position for greater than twelve consecutive months. At the same time, there were 58 securities in an unrealized loss position for less than twelve consecutive months. At December 31, 2017, there was one security in an unrealized loss position for greater than twelve consecutive months, and there were 45 securities in an unrealized loss position for less than twelve consecutive months. Management periodically evaluates each security in an unrealized loss position to determine if the impairment is temporary or other-than-temporary. The unrealized losses are due solely to interest rate changes and the Company does not intend to sell nor expects it will be required to sell investment securities identified with unrealized losses prior to the earliest of forecasted recovery or the maturity of the underlying investment security. Management has determined that no investment security was other-than-temporarily impaired at June 30, 2018 and December 31, 2017. The amortized cost and estimated fair value of available-for-sale securities as of June 30, 2018 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2018 |  |  | December 31, 2017 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 5,778 |  |  | $ | 5,763 |  |  | $ | 5,248 |  |  | $ | 5,243 |
Due after one through five years |  |  | 8,935 |  |  |  | 8,638 |  |  |  | 4,987 |  |  |  | 4,959 |
Due after five years through ten years |  |  | 15,079 |  |  |  | 14,963 |  |  |  | 14,619 |  |  |  | 14,737 |
Due after ten years |  |  | 25,144 |  |  |  | 25,069 |  |  |  | 15,348 |  |  |  | 15,566 |
Total |  | $ | 54,936 |  |  | $ | 54,433 |  |  | $ | 40,202 |  |  | $ | 40,505 |
For the six months ended June 30, 2018, pretax recognized gains of $3,000 were recorded and no losses were recorded. No realized gains or losses were recorded for the six months ended June 30, 2017.

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