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Securities | 9 Months Ended
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Sep. 30, 2017
Securities [Abstract] |
Securities | ﻿ Note 7 - Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of September 30, 2017 and December 31, 2016 (amounts in thousands):
﻿ |  |  |  |
﻿ |  | September 30, 2017 |
﻿ | Amortized | Gross Unrealized | Fair Value
﻿ | Costs | Gains | (Losses) |
Held-to-Maturity |  |  |  |
﻿US agency obligations | $3,282 | $21 | $(40) | $3,263
﻿ |  |  |  |
Available-for-Sale |  |  |  |
﻿US Treasuries | 1,955 | - | (81) | 1,874
﻿US agency obligations | 18,252 | 6 | (797) | 17,461
﻿Mortgage-backed securities | 14,263 | 2 | (227) | 14,038
﻿Municipals | 12,591 | 32 | (325) | 12,298
﻿ Corporates | 4,121 | - | (128) | 3,993
﻿ | $51,182 | $40 | $(1,558) | $49,664
﻿ |  |  |  |
﻿ |  | December 31, 2016 |
﻿ | Amortized | Gross Unrealized | Fair Value
﻿ | Costs | Gains | (Losses) |
Held-to-Maturity |  |  |  |
﻿US agency obligations | $3,299 | $65 | $(91) | $3,273
﻿ |  |  |  |
Available-for-Sale |  |  |  |
﻿US Treasuries | 1,952 | - | (119) | 1,833
﻿US agency obligations | 14,332 | 5 | (1,224) | 13,113
﻿Mortgage-backed securities | 12,358 | - | (353) | 12,005
﻿Municipals | 10,426 | 55 | (534) | 9,947
﻿Corporates | 4,132 | - | (254) | 3,878
﻿ | $43,200 | $60 | $(2,484) | $40,776
Note 7 – Securities (continued) The following tables show the gross unrealized losses and fair value of the Bank’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2017 and December 31, 2016 (amounts in thousands):
﻿ |  |  |  |  |  |
﻿ | Less than 12 months | More than 12 months | Total
﻿ | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
September 30, 2017 | Value | Losses | Value | Losses | Value | Losses
Description of securities |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |
﻿ US agency obligations | $1,237 | $40 | $ - | $ - | $1,237 | $40
﻿ |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |
﻿ US Treasuries | 1,874 | 81 | - | - | 1,874 | 81
﻿ US agency obligations | 4,935 | 88 | 12,520 | 709 | 17,455 | 797
﻿ Mortgage-backed securities | 10,468 | 195 | 2,654 | 32 | 13,122 | 227
﻿ Municipals | 5,461 | 67 | 3,742 | 258 | 9,203 | 325
﻿ Corporates | 1,978 | 53 | 2,015 | 75 | 3,993 | 128
﻿Total | $25,953 | $524 | $20,931 | $1,074 | $46,884 | $1,598
﻿ |  |  |  |  |  |
﻿ | Less than 12 months | More than 12 months | Total
﻿ | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized
﻿December 31, 2016 | Value | Losses | Value | Losses | Value | Losses
﻿Description of securities |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |
﻿ US agency obligations | $1,193 | $91 | $ - | $ - | $1,193 | $91
﻿ |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |
﻿ US Treasuries | 1,833 | 119 | - | - | 1,833 | 119
﻿ US agency obligations | 13,109 | 1,224 | - | - | 13,109 | 1,224
﻿ Mortgage-backed securities | 11,331 | 353 | - | - | 11,331 | 353
﻿ Municipals | 7,170 | 534 | - | - | 7,170 | 534
﻿ Corporates | 3,878 | 254 | - | - | 3,878 | 254
﻿Total | $38,514 | $2,575 | $ - | $ - | $38,514 | $2,575
﻿ Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and may do so more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent of Financial, if any, to sell the security; (4) whether Financial more likely than not will be required to sell the security before recovering its cost; and (5) whether Financial does not expect to recover the security’s entire amortized cost basis (even if Financial does not intend to sell the security). Note 7 – Securities (continued) At September 30, 2017, the Company did not consider the unrealized losses as other-than-temporary losses due to the nature of the securities involved. As of September 30, 2017, the Bank owned 47 securities in an unrealized loss position that were being evaluated for other than temporary impairment. Eleven of these securities were S&P rated AAA, 33 were rated AA and three were rated A. As of September 30, 2017, 27 of these securities were direct obligations of the U.S. government or government sponsored entities, 15 were municipal issues, and five were investments in domestic corporate issued securities. Based on the analysis performed by management as mandated by the Bank’s investment policy, management believes the default risk to be minimal. Because management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to change in interest rates and other market conditions, no declines currently are deemed to be other-than-temporary. ﻿ Gross gains on available-for-sale securities were $51 and $113 during the three and nine month periods ended September 30, 2017 compared to $209 and $437 for the same respective periods in 2016. There were no losses on sales of available-for-sale securities and no sales of held-to-maturity securities during the three and nine month periods ended September 30, 2017 and 2016.

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