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Note 3 - Securities

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

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 estimated fair value of the available for sale and held to maturity securities portfolios at September 30, 2015 and December 31, 2014 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income for available for sale securities and gross unrecognized gains and losses for held to maturity securities:

Securities Available for Sale		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
September 30, 2015
U.S. Government sponsored entity securities		$	9,013			$	2			$	(17	)		$	8,998
Agency mortgage-backed securities, residential			77,629				1,463				(199	)			78,893
Total securities		$	86,642			$	1,465			$	(216	)		$	87,891
December 31, 2014
U.S. Government sponsored entity securities		$	9,019			$	2			$	(104	)		$	8,917
Agency mortgage-backed securities, residential			74,762				1,693				(136	)			76,319
Total securities		$	83,781			$	1,695			$	(240	)		$	85,236

Securities Held to Maturity		Amortized Cost				Gross Unrecognized Gains				Gross Unrecognized Losses				Estimated Fair Value
September 30, 2015
Obligations of states and political subdivisions		$	21,426			$	909			$	(232	)		$	22,103
Agency mortgage-backed securities, residential			7				----				----				7
Total securities		$	21,433			$	909			$	(232	)		$	22,110
December 31, 2014
Obligations of states and political subdivisions		$	22,811			$	939			$	(189	)		$	23,561
Agency mortgage-backed securities, residential			9				----				----				9
Total securities		$	22,820			$	939			$	(189	)		$	23,570

The amortized cost and estimated fair value of the securities portfolio at September 30, 2015, 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		$	1,001			$	1,003			$	620			$	631
Due in over one to five years			8,012				7,995				6,214				6,563
Due in over five to ten years			----				----				11,239				11,654
Due after ten years			----				----				3,353				3,255
Agency mortgage-backed securities, residential			77,629				78,893				7				7
Total debt securities		$	86,642			$	87,891			$	21,433			$	22,110

The following table summarizes the investment securities with unrealized losses at September 30, 2015 and December 31, 2014 by aggregated major security type and length of time in a continuous unrealized loss position:

		Less Than 12 Months								12 Months or More								Total
September 30, 2015		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Securities Available for Sale
U.S. Government sponsored entity securities		$	3,996			$	(9	)		$	3,999			$	(8	)		$	7,995			$	(17	)
Agency mortgage-backed securities, residential			16,252				(158	)			3,786				(41	)			20,038				(199	)
Total available for sale		$	20,248			$	(167	)		$	7,785			$	(49	)		$	28,033			$	(216	)

		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		$	1,011			$	(87	)		$	1,511			$	(145	)		$	2,522			$	(232	)
Total held to maturity		$	1,011			$	(87	)		$	1,511			$	(145	)		$	2,522			$	(232	)

		Less Than 12 Months								12 Months or More								Total
December 31, 2014		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Securities Available for Sale
U.S. Government sponsored entity securities		$	----			$	----			$	7,911			$	(104	)		$	7,911			$	(104	)
Agency mortgage-backed securities, residential			11,232				(20	)			8,397				(116	)			19,629				(136	)
Total available for sale		$	11,232			$	(20	)		$	16,308			$	(220	)		$	27,540			$	(240	)

		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		$	1,171			$	(9	)		$	2,916			$	(180	)		$	4,087			$	(189	)
Total held to maturity		$	1,171			$	(9	)		$	2,919			$	(180	)		$	4,087			$	(189	)

During the nine months ended September 30, 2015, the Company had proceeds of $10,550 pertaining to securities sales on available for sale securities with gross gains recognized of $28 and $163 during the three and nine months ended September 30, 2015, respectively. There were no sales during the three and nine months ended September 30, 2014.

Unrealized losses on the Company's debt securities have not been recognized into income because the issuers' securities are of high credit quality at September 30, 2015, 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 September 30, 2015 and December 31, 2014 represents an other-than-temporary impairment.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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