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Note 3 - Available-for-sale Securities | 12 Months Ended
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Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
Note 3. | Available-for-Sale Securities
The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of available-for-sale securities at December 31, 2015 and 2014 are as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
(in thousands) |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency bonds |  | $ | 5,000 |  |  | $ | - |  |  | $ | (46 | ) |  | $ | 4,954 |
U. S. Government agency mortgage - backed securities |  |  | 13,625 |  |  |  | - |  |  |  | (212 | ) |  |  | 13,413 |
Corporate bonds |  |  | 9,000 |  |  |  | 71 |  |  |  | (61 | ) |  |  | 9,010 |
Subordinated notes |  |  | 2,000 |  |  |  | - |  |  |  | - |  |  |  | 2,000 |
|  | $ | 29,625 |  |  | $ | 71 |  |  | $ | (319 | ) |  | $ | 29,377 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency bonds |  | $ | 7,500 |  |  | $ | - |  |  | $ | (91 | ) |  | $ | 7,409 |
U. S. Government agency mortgage-backed securities |  |  | 17,635 |  |  |  | - |  |  |  | (298 | ) |  |  | 17,337 |
Corporate bonds |  |  | 9,000 |  |  |  | - |  |  |  | (64 | ) |  |  | 8,936 |
|  | $ | 34,135 |  |  | $ | - |  |  | $ | (453 | ) |  | $ | 33,682 |
The following table presents the Company’s available for sale securities’ gross unrealized losses and fair value, aggregated by the length of time the individual securities have been in a continuous loss position, at December 31, 2015 and 2014:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
(in thousands) |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Loss |  |  | Value |  |  | Loss |  |  | Value |  |  | Loss |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency bonds |  | $ | 4,954 |  |  | $ | (46 | ) |  | $ | - |  |  | $ | - |  |  | $ | 4,954 |  |  | $ | (46 | )
U. S. Government agency mortgage - backed securities |  |  | 2,863 |  |  |  | (42 | ) |  |  | 10,550 |  |  |  | (170 | ) |  |  | 13,413 |  |  |  | (212 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 5,939 |  |  |  | (61 | ) |  |  | 5,939 |  |  |  | (61 | )
Totals |  | $ | 7,817 |  |  | $ | (88 | ) |  | $ | 16,489 |  |  | $ | (231 | ) |  | $ | 24,306 |  |  | $ | (319 | )
2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government agency bonds |  | $ | - |  |  | $ | - |  |  | $ | 7,409 |  |  | $ | (91 | ) |  | $ | 7,409 |  |  | $ | (91 | )
U. S. Government agency mortgage - backed securities |  |  | - |  |  |  | - |  |  |  | 17,337 |  |  |  | (298 | ) |  |  | 17,337 |  |  |  | (298 | )
Corporate bonds |  |  | - |  |  |  | - |  |  |  | 8,936 |  |  |  | (64 | ) |  |  | 8,936 |  |  |  | (64 | )
Totals |  | $ | - |  |  | $ | - |  |  | $ | 33,682 |  |  | $ | (453 | ) |  | $ | 33,682 |  |  | $ | (453 | )
At December 31, 2015, nine out of eleven available-for-sale securities had unrealized losses with an aggregate depreciation of 1.3% from the amortized cost. At December 31, 2014, all eleven securities had unrealized losses with an aggregate depreciation of 1.3% from the amortized cost. The Company performs a quarterly analysis of those securities that are in an unrealized loss position to determine if those losses qualify as other-than-temporary impairments. This analysis considers the following criteria in its determination: the ability of the issuer to meet its obligations when the loss position is due to a deterioration in credit quality, management’s plans and ability to maintain its investment in the security, the length of time and the amount by which the security has been in a loss position, the interest rate environment, the general economic environment and prospects for improvement or deterioration. Management believes that none of the unrealized losses on available-for-sale securities noted above are other than temporary due to the fact that they relate to market interest rate changes on U.S. Government agency debt, corporate debt and mortgage-backed securities issued by U.S. Government agencies. Management considers the issuers of the securities to be financially sound, the corporate bonds are investment grade and the Company expects to receive all contractual principal and interest related to these investments. Because the Company does not intend to sell the investments, and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider those investments to be other-than-temporarily impaired at December 31, 2015. At December 31, 2015 and December 31, 2014, securities of $5.5 million and $7.4 million respectively, were pledged with the Federal Reserve Bank of New York primarily to secure municipal deposits. The amortized cost and fair value of available-for-sale debt securities at December 31, 2015 by contractual maturity are presented below. Actual maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary.
(in thousands) |  | Amortized Cost |  |  | Fair Value |
Maturity: |  |  |  |  |  |  |  |
Corporate bonds 5 to 10 years |  | $ | 9,000 |  |  | $ | 9,010 |
U.S. Government agency bonds 5 to 10 years |  |  | 5,000 |  |  |  | 4,954 |
U.S. Government agency mortgage-backed securities |  |  | 13,625 |  |  |  | 13,413 |
Subordinated notes 5 to 10 years |  |  | 2,000 |  |  |  | 2,000 |
Total |  | $ | 29,625 |  |  | $ | 29,377 |

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