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Note 3 - Securities

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 - SECURITIES

The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is as follows:

		*Amortized Cost*				*Gross Unrealized Gains*				*Gross Unrealized Losses*				*Fair Value*
Available-for-Sale Securities
June 30, 2021
Certificates of deposit		$	10,905			$	—			$	—			$	10,905
Municipal securities			401				3				—				404
Mortgage-backed securities - residential			5,458				248				—				5,706
Collateralized mortgage obligations - residential			1,863				5				—				1,868
		$	18,627			$	256			$	—			$	18,883
December 31, 2020
Certificates of deposit		$	15,117			$	—			$	—			$	15,117
Municipal securities			402				7				—				409
Mortgage-backed securities - residential			5,826				282				—				6,108
Collateralized mortgage obligations - residential			2,193				3				(1	)			2,195
		$	23,538			$	292			$	(1	)		$	23,829

Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities and agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support.

The amortized cost and fair values of securities available-for-sale by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. 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, 2021*
		*Amortized Cost*				*Fair Value*
Due in one year or less		$	11,306			$	11,309
Mortgage-backed securities - residential			5,458				5,706
Collateralized mortgage obligations - residential			1,863				1,868
		$	18,627			$	18,883

Investment securities available-for-sale with carrying value of $1.2 million at June 30, 2021 and December 31, 2020, were pledged as collateral on customer repurchase agreements and for other purposes as required or permitted by law.

Securities available-for-sale with unrealized losses not recognized in income are as follows:

			*Less than 12 Months*												*12 Months or More*												*Total*
		*Count*				*Fair Value*				*Unrealized Loss*				*Count*				*Fair Value*				*Unrealized Loss*				*Count*				*Fair Value*				*Unrealized Loss*

December 31, 2020
Collateralized mortgage obligations - residential			—			$	—			$	—				3			$	1,588			$	(1	)			3			$	1,588			$	(1	)

The Company evaluates marketable investment securities with significant declines in fair value on a quarterly basis to determine whether they should be considered other-than-temporarily impaired under current accounting guidance, which generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the securities must assess whether the impairment is other-than-temporary.

There were no unrealized loss positions at June 30, 2021. Certain collateralized mortgage obligations that the Company holds in its investment portfolio were in an unrealized loss position at December 31, 2020, but the unrealized loss was not considered significant under the Company’s impairment testing methodology. In addition, the Company does not intend to sell these securities, and it is likely that the Company will not be required to sell these securities before their anticipated recovery occurs.