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Note 3 - Securities

9 Months Ended

Sep. 30, 2022

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
September 30, 2022
Certificates of deposit		$	1,488			$	—			$	—			$	1,488
Municipal securities			400				—				(17	)			383
U.S. Treasury Notes			170,550				—				(8,285	)			162,265
U.S. government-sponsored agencies			30,000				—				(250	)			29,750
Mortgage-backed securities - residential			4,246				37				(102	)			4,181
Collateralized mortgage obligations - residential			1,287				—				(15	)			1,272
		$	207,971			$	37			$	(8,669	)		$	199,339
December 31, 2021
Certificates of deposit		$	2,728			$	—			$	—			$	2,728
U.S. Treasury Notes			76,621				8				(76	)			76,553
Mortgage-backed securities - residential			4,660				173				—				4,833
Collateralized mortgage obligations - residential			1,576				4				—				1,580
		$	85,585			$	185			$	(76	)		$	85,694

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.

		*September 30, 2022*
		*Amortized Cost*				*Fair Value*
Due in one year or less		$	31,282			$	30,943
Due after one year through five years			171,156				162,943
			202,438				193,886
Mortgage-backed securities - residential			4,246				4,181
Collateralized mortgage obligations - residential			1,287				1,272
		$	207,971			$	199,339

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*

September 30, 2022
Municipal securities			2			$	383			$	(17	)			—			$	—			$	—				2			$	383			$	(17	)
U.S. Treasury Notes			200				162,265				(8,285	)			—				—				—				200				162,265				(8,285	)
U.S. government-sponsored agencies			6				26,750				(250	)			—				—				—				6				26,750				(250	)
Mortgage-backed securities - residential			18				3,223				(102	)			—				—				—				18				3,223				(102	)
Collateralized mortgage obligations - residential			5				1,065				(11	)			1				182				(4	)			6				1,247				(15	)
			231			$	193,686			$	(8,665	)			1			$	182			$	(4	)			232			$	193,868			$	(8,669	)

December 31, 2021
U.S. Treasury Notes			53			$	62,246			$	(76	)			—			$	—			$	—				53			$	62,246			$	(76	)

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.

U.S. Treasury Notes, U.S. government-sponsored agencies and certain other available-for-sale securities that the Company holds in its investment portfolio were in an unrealized loss position at September 30, 2022, but the unrealized loss was not recognized into income because the U.S. Treasury Notes are backed by the full faith and credit of the United States and the other issuers were high credit quality, the Company does not intend to sell these securities, it is not likely that the Company will be required to sell these securities before their anticipated recovery occurs and the decline in fair value was due to changes in interest rates and other market conditions. The fair values are expected to recover as maturities approach.