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Note 3 - Securities
 12 Months Ended
Dec. 31, 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:

 

Available-for-Sale Securities

 

Amortized Cost

  

Gross Unrealized Gains

  

Gross Unrealized Losses

  

Fair Value

 

December 31, 2021

                

U.S. Treasury Notes

 $76,621  $8  $(76) $76,553 

Certificates of deposit

  2,728   —   —   2,728 

Mortgage-backed securities - residential

  4,660   173   —   4,833 

Collateralized mortgage obligations - residential

  1,576   4   —   1,580 
  $85,585  $185  $(76) $85,694 

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 at December 31, 2021 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.

 

  

December 31, 2021

 
  Amortized Cost  

Fair Value

 

Due in one year or less

 $2,728  $2,728 

Due after one year through five years

  76,621   76,553 
   79,349   79,281 

Mortgage-backed securities - residential

  4,660   4,833 

Collateralized mortgage obligations - residential

  1,576   1,580 
  $85,585  $85,694 

 

An investment security available-for-sale with a carrying amount of $1.2 million at December 31, 2020 was pledged as collateral on customer repurchase agreements and for other purposes as required or permitted by law; there were no investment securities pledged at  December 31, 2021.

 

Securities available-for-sale with unrealized losses at December 31, 2021 and 2020 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, 2021

                                    

U.S. Treasury Notes

  53  $62,246  $(76)  —  $—  $—   53  $62,246  $(76)
                                     

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.

 

Certain U.S. Treasury Notes that the Company holds in its investment portfolio were in an unrealized loss position at December 31, 2021, 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 not likely that the Company will be required to sell the securities before their anticipated recovery occurs.