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INVESTMENTS AVAILABLE FOR SALE
 6 Months Ended
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.