XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Securities | 6 Months Ended
--- | ---
Jun. 30, 2020
Securities [Abstract] |
Securities | Note 6 - Securities The following tables summarize the Bank’s holdings for both securities held-to-maturity and securities available-for-sale as of June 30, 2020 and December 31, 2019 (amounts in thousands):
﻿ |  |  |  |
﻿ |  | June 30, 2020 |
﻿ | Amortized | Gross Unrealized | Fair Value
﻿ | Costs | Gains | (Losses) |
Held-to-Maturity |  |  |  |
﻿US agency obligations | $3,679 | $604 | $ - | $4,283
﻿ |  |  |  |
Available-for-Sale |  |  |  |
﻿US Treasuries | 2,000 | 38 | - | 2,038
﻿US agency obligations | 24,488 | 1,614 | - | 26,102
﻿Mortgage-backed securities | 9,119 | 305 | - | 9,424
﻿Municipals | 12,752 | 497 | (2) | 13,247
﻿ Corporates | 4,078 | 193 | (10) | 4,261
﻿ | $52,437 | $2,647 | $(12) | $55,072
﻿ |  |  |  |
﻿ |  | December 31, 2019 |
﻿ | Amortized | Gross Unrealized | Fair Value
﻿ | Costs | Gains | (Losses) |
Held-to-Maturity |  |  |  |
﻿US agency obligations | $3,688 | $173 | $ - | $3,861
﻿ |  |  |  |
Available-for-Sale |  |  |  |
﻿US Treasuries | 1,966 | - | (2) | 1,964
﻿US agency obligations | 32,163 | 278 | (333) | 32,108
﻿Mortgage-backed securities | 10,328 | 42 | (106) | 10,264
﻿Municipals | 11,118 | 117 | (13) | 11,222
﻿Corporates | 4,086 | 32 | (21) | 4,097
﻿ | $59,661 | $469 | $(475) | $59,655
Note 6 – 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 June 30, 2020 and December 31, 2019 (amounts in thousands):
﻿ |  |  |  |  |  |  |
﻿ | Less than 12 months | More than 12 months |  | Total
﻿ | Fair | Unrealized | Fair | Unrealized | Fair |  | Unrealized
June 30, 2020 | Value | Losses | Value | Losses | Value |  | Losses
Description of securities |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |
﻿ US agency obligations | $ - | $ - | $ - | $ - | $ - |  | $ -
﻿ |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |
﻿ US Treasuries | - | - | - | - | - |  | -
﻿ US agency obligations | - | - | - | - | - |  | -
﻿ Mortgage-backed securities | - | - | - | - | - |  | -
﻿ Municipals | 674 | 2 | - | - | 674 |  | 2
﻿ Corporates | - | - | 1,047 | 10 | 1,047 |  | 10
﻿Total | $674 | $2 | $1,047 | $10 | $1,721 |  | $12
﻿ |  |  |  |  |  |  |
﻿ | Less than 12 months | More than 12 months |  | Total
﻿ | Fair | Unrealized | Fair | Unrealized | Fair |  | Unrealized
﻿December 31, 2019 | Value | Losses | Value | Losses | Value |  | Losses
﻿Description of securities |  |  |  |  |  |  |
Held-to-maturity |  |  |  |  |  |  |
﻿ US agency obligations | $ - | $ - | $ - | $ - | $ - |  | $ -
﻿ |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |
﻿ US Treasuries | - | - | 1,964 | 2 | 1,964 |  | 2
﻿ US agency obligations | 12,395 | 218 | 12,048 | 115 | 24,443 |  | 333
﻿ Mortgage-backed securities | - | - | 6,609 | 106 | 6,609 |  | 106
﻿ Municipals | - | - | 2,736 | 13 | 2,736 |  | 13
﻿ Corporates | - | - | 1,042 | 21 | 1,042 |  | 21
﻿Total | $12,395 | $218 | $24,399 | $257 | $36,794 |  | $475
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 ﻿ Note 6 – Securities (continued) 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). At June 30, 2020, the Company did not consider the unrealized losses as other-than-temporary losses due to the nature of the securities involved. As of June 30, 2020, the Bank owned two securities in an unrealized loss position that were being evaluated for other than temporary impairment. One of these securities was S&P rated AA and one was rated BBB+. As of June 30, 2020, one of these securities was a municipal issue and one was an investment in a domestic corporate issued security. 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 sales of available-for-sale securities were $213 and $644 during the three and six months ended June 30, 2020 as compared to $0 during the same periods in 2019. There were no gross losses on sales of available-for-sale securities during the three and six month periods ended June 30, 2020 and 2019. There were no sales of held-to-maturity securities during the three and six month periods ended June 30, 2020 and 2019.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration