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Available-for-Sale Securities | 12 Months Ended
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Dec. 31, 2019
Securities [Abstract] |
Available-for-Sale Securities | Note 3: Available-for-Sale Securities The amortized cost and appropriate fair values, together with gross unrealized gains and losses, of available-for-sale securities are as follows:
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  |  |
($ in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 12,023 |  |  | $ | 181 |  |  | $ | (2 | ) |  | $ | 12,202 |
Mortgage-backed securities |  |  | 77,892 |  |  |  | 492 |  |  |  | (202 | ) |  |  | 78,182 |
State and political subdivisions |  |  | 10,199 |  |  |  | 366 |  |  |  | (1 | ) |  |  | 10,564 |
Totals |  | $ | 100,114 |  |  | $ | 1,039 |  |  | $ | (205 | ) |  | $ | 100,948 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and Government agencies |  | $ | 18,597 |  |  | $ | 187 |  |  | $ | (114 | ) |  | $ | 18,670 |
Mortgage-backed securities |  |  | 61,868 |  |  |  | 114 |  |  |  | (1,039 | ) |  |  | 60,943 |
State and political subdivisions |  |  | 11,203 |  |  |  | 180 |  |  |  | (27 | ) |  |  | 11,356 |
Totals |  | $ | 91,668 |  |  | $ | 481 |  |  | $ | (1,180 | ) |  | $ | 90,969 |
The amortized cost and fair value of securities available-for-sale at December 31, 2019, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized |  |  | Fair |
($ in thousands) |  | Cost |  |  | Value |
Within one year |  | $ | 3,566 |  |  | $ | 3,571 |
Due after one year through five years |  |  | 7,209 |  |  |  | 7,340 |
Due after five years through ten years |  |  | 5,783 |  |  |  | 5,954 |
Due after ten years |  |  | 5,664 |  |  |  | 5,901 |
|  |  | 22,222 |  |  |  | 22,766 |
Mortgage-backed securities |  |  | 77,892 |  |  |  | 78,182 |
Totals |  | $ | 100,114 |  |  | $ | 100,948 |
The fair value of securities pledged as collateral, to secure public deposits and for other purposes, was $34.8 million at December 31, 2019, and $30.7 million at December 31, 2018. Securities delivered for repurchase agreements (not included above) were $19.5 million at December 31, 2019 and $17.9 million at December 31, 2018. Gross gains of $0.2 million was a reclassification from accumulated other comprehensive income and is included in the net gain on sales of securities for 2019. Gross gains of $0.07 million was a reclassification from accumulated other comprehensive income and is included in the net gain on sales of securities for 2018. The related tax expense for net security gains for 2019 was $0.04 million and for 2018 was $0.01 million and was a reclassification from accumulated other comprehensive income and is included in the income tax expense line in the income statement. Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2019 and 2018, was $38.8 million and $59.0 million, respectively, which was approximately 38 percent and 65 percent, respectively, of the Company’s available-for-sale investment portfolio. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. The following tables present securities with unrealized losses at December 31, 2019 and 2018:
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
($ in thousands) December 31, 2019 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury and Government agencies |  | $ | 872 |  |  | $ | (1 | ) |  | $ | 2,598 |  |  | $ | (1 | ) |  | $ | 3,470 |  |  | $ | (2 | )
Mortgage-backed securities |  |  | 30,692 |  |  |  | (157 | ) |  |  | 4,264 |  |  |  | (45 | ) |  |  | 34,956 |  |  |  | (202 | )
State and political subdivisions |  |  | 339 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | 339 |  |  |  | (1 | )
Totals |  | $ | 31,903 |  |  | $ | (159 | ) |  | $ | 6,862 |  |  | $ | (46 | ) |  | $ | 38,765 |  |  | $ | (205 | )
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
December 31, 2018 |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury and Government agencies |  | $ | 1,417 |  |  | $ | (8 | ) |  | $ | 7,870 |  |  | $ | (106 | ) |  | $ | 9,287 |  |  | $ | (114 | )
Mortgage-backed securities |  |  | 10,613 |  |  |  | (54 | ) |  |  | 37,495 |  |  |  | (985 | ) |  |  | 48,108 |  |  |  | (1,039 | )
State and political subdivisions |  |  | 417 |  |  |  | (6 | ) |  |  | 1,159 |  |  |  | (21 | ) |  |  | 1,576 |  |  |  | (27 | )
Totals |  | $ | 12,447 |  |  | $ | (68 | ) |  | $ | 46,524 |  |  | $ | (1,112 | ) |  | $ | 58,971 |  |  | $ | (1,180 | )
The unrealized loss on the securities portfolio decreased by $0.98 million as of December 31, 2019, from the prior year. Management reviews these securities on a quarterly basis and has determined that no impairment exists. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concern warrants such evaluation. When the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income.

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