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Note 4 - Investment Securities

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

4. INVESTMENT SECURITIES

Details of investment securities available-for-sale and held-to-maturity as of

June 30, 2019

and

December 31, 2018

were as follows:

		Available-for-Sale
		June 30 , 2019
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	64,271			$	330			$	(334	)		$	64,267
Commercial			49,306				46				(603	)			48,749
Obligations of states and political subdivisions			4,754				111				—				4,865
U.S. Treasury securities			79				1				—				80
Total		$	118,410			$	488			$	(937	)		$	117,961

		Held-to-Maturity
		June 30 , 2019
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	10,483			$	—			$	(86	)		$	10,397
Obligations of U.S. government-sponsored agencies			6,548				—				(40	)			6,508
Obligations of states and political subdivisions			1,657				13				(1	)			1,669
Total		$	18,688			$	13			$	(127	)		$	18,574

		Available-for-Sale
		December 31, 2018
						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	73,859			$	113			$	(1,517	)		$	72,455
Commercial			56,101				10				(1,822	)			54,289
Obligations of states and political subdivisions			5,617				51				(4	)			5,664
U.S. Treasury securities			79				—				—				79
Total		$	135,656			$	174			$	(3,343	)		$	132,487

		Held-to-Maturity
		December 31, 2018
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	11,716			$	—			$	(349	)		$	11,367
Obligations of U.S. government-sponsored agencies			8,026				—				(244	)			7,782
Obligations of states and political subdivisions			1,720				—				(17	)			1,703
Total		$	21,462			$	—			$	(610	)		$	20,852

The scheduled maturities of investment securities available-for-sale and held-to-maturity as of

June 30

,

2019

are presented in the following table:

		Available-for-Sale								Held-to-Maturity
		Amortized Cost				Estimated Fair Value				Amortized Cost				Estimated Fair Value
		(Dollars in Thousands)
Maturing within one year		$	259			$	261			$	122			$	122
Maturing after one to five years			34,821				34,766				3,397				3,400
Maturing after five to ten years			47,803				47,686				6,176				6,113
Maturing after ten years			35,527				35,248				8,993				8,939
Total		$	118,410			$	117,961			$	18,688			$	18,574

For purposes of the maturity table, mortgage-backed securities, which are

not

due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments.

The following table reflects gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of

June 30, 2019

and

December 31, 2018.

		Available-for-Sale
		June 30 , 2019
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	180			$	—			$	40,760			$	(334	)
Commercial			2				—				41,114				(603	)
U.S. Treasury securities			80				—				—				—
Total		$	262			$	—			$	81,874			$	(937	)

		Held-to-Maturity
		June 30 , 2019
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	—			$	—			$	10,397			$	(86	)
Obligations of U.S. government-sponsored agencies			—				—				6,386				(40	)
Obligations of states and political subdivisions			—				—				508				(1	)
Total		$	—			$	—			$	17,291			$	(127	)

		Available-for-Sale
		December 31, 2018
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	9,417			$	(87	)		$	53,507			$	(1,430	)
Commercial			461				(3	)			53,430				(1,819	)
Obligations of states and political subdivisions			879				(2	)			420				(2	)
U.S. Treasury securities			79				—				—				—
Total		$	10,836			$	(92	)		$	107,357			$	(3,251	)

		Held-to-Maturity
		December 31, 2018
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	—			$	—			$	11,367			$	(349	)
Obligations of U.S. government-sponsored agencies			—				—				7,782				(244	)
Obligations of states and political subdivisions			770				—				933				(17	)
Total		$	770			$	—			$	20,082			$	(610	)

Management evaluates securities for other-than-temporary impairment

no

less frequently than quarterly and more frequently when economic or market concerns warrant such evaluation. Consideration is given to: (i) the length of time and the extent to which fair value has been less than cost; (ii) the financial condition and near-term prospects of the issuer; (iii) whether the Company intends to sell the securities; and (iv) whether it is more likely than

not

that the Company will be required to sell the securities before recovery of their amortized cost bases.

As of

June 30, 2019,

137

debt securities had been in a loss position for more than

12

months, and

5

debt securities had been in a loss position for less than

12

months. As of

December 31, 2018,

153

debt securities had been in a loss position for more than

12

months, and

21

debt securities had been in a loss position for less than

12

months. As of both

June 30, 2019

and

December 31, 2018,

the losses for all securities were considered to be a direct result of the effect that the prevailing interest rate environment had on the value of debt securities and were

not

related to the creditworthiness of the issuers. Most of the securities in an unrealized loss position are residential or commercial mortgage-backed securities that are either direct obligations of the U.S. government or government-sponsored entities and, accordingly, have little associated credit risk. Further, the Company has the current intent and ability to retain its investments in the issuers for a period of time that management believes to be sufficient to allow for any anticipated recovery in fair value. Therefore, the Company did

not

recognize any other-than-temporary impairments as of

June 30, 2019

or

December 31, 2018.

Investment securities with a carrying value of

$57.3

million and

$46.7

million as of

June 30, 2019

and

December 31, 2018,

respectively, were pledged to secure public deposits and for other purposes.

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- 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

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