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Note 2 - Securities

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

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

Note 2: Securities

The amortized cost and estimated fair value of debt securities at June 30, 2022 and December 31, 2021, by contractual maturity, are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties, therefore, these securities have been included in the below table based on average remaining life.

														Mortgage-backed				Collateralized
		*U.S. Treasury Notes*				*U.S. government*				*Municipal*				*residential*				*mortgage*				*Total available-for-*
June 30, 2022						*agency obligations*				*obligations*				*obligations*				*obligations*				*sale*
		(Dollars in thousands)
1 year or less		$	4,990			$	—			$	871			$	—			$	423			$	6,284
1 to 5 years			2,440				8,771				4,955				29,242				22,659				68,067
5 to 10 years			—				9,290				3,022				11,174				8,673				32,159
After 10 years			—				—				11,382				—				3,355				14,737
Fair value			7,430				18,061				20,230				40,416				35,110				121,247
Gross unrealized gains			—				—				19				—				—				19
Gross unrealized losses			(48	)			(1,098	)			(2,646	)			(3,993	)			(3,221	)			(11,006	)
Amortized cost		$	7,478			$	19,159			$	22,857			$	44,409			$	38,331			$	132,234

										*Mortgage-backed*				*Collateralized*
		*U.S. government*				*Municipal*				*residential*				*mortgage*				*Total available-for-*
December 31, 2021		*agency obligations*				*obligations*				*obligations*				*obligations*				*sale*
		(Dollars in thousands)
1 year or less		$	—			$	1,631			$	356			$	1,064			$	3,051
1 to 5 years			5,587				3,941				29,375				16,097				55,000
5 to 10 years			4,466				2,244				12,417				11,976				31,103
After 10 years			—				10,184				—				1,612				11,796
Fair value			10,053				18,000				42,148				30,749				100,950
Gross unrealized gains			73				423				259				279				1,034
Gross unrealized losses			(78	)			(14	)			(612	)			(443	)			(1,147	)
Amortized cost		$	10,058			$	17,591			$	42,501			$	30,913			$	101,063

As of June 30, 2022, and December 31, 2021, no securities were pledged to secure public deposits or for other purposes as required or permitted by law.

Information pertaining to securities with gross unrealized losses at June 30, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:

		*Less than 12 Months*								*12 Months or Longer*								*Total*
		(Dollars in thousands)
		*Fair*				*Unrealized*				*Fair*				*Unrealized*				*Fair*				*Unrealized*
		*Value*				*Losses*				*Value*				*Losses*				*Value*				*Losses*
June 30, 2022
U.S. Treasury Notes		$	7,430			$	(48	)		$	—			$	—			$	7,430			$	(48	)
U.S. government agency obligations			16,993				(1,085	)			1,068				(13	)			18,061			$	(1,098	)
Municipal obligations			14,949				(2,626	)			231				(20	)			15,180				(2,646	)
Mortgage-backed residential obligations			26,310				(2,115	)			14,106				(1,878	)			40,416				(3,993	)
Collateralized mortgage obligations			23,822				(1,705	)			11,288				(1,516	)			35,110				(3,221	)
Total		$	89,504			$	(7,579	)		$	26,693			$	(3,427	)		$	116,197			$	(11,006	)
December 31, 2021
U.S. government agency obligations		$	4,020			$	(62	)		$	1,105			$	(16	)		$	5,125			$	(78	)
Municipal obligations			2,399				(8	)			247				(6	)			2,646				(14	)
Mortgage-backed residential obligations			26,540				(535	)			2,781				(77	)			29,321				(612	)
Collateralized mortgage obligations			16,715				(338	)			4,386				(105	)			21,101				(443	)
Total		$	49,674			$	(943	)		$	8,519			$	(204	)		$	58,193			$	(1,147	)

At June 30, 2022 and December 31, 2021, certain investment securities were in unrealized loss positions. Some investment securities have declined in value but do not presently represent realized losses. Unrealized losses on investment securities have not been recognized into income because the issuers’ bonds are of high credit quality, the Bank has the intent and ability to hold the securities for the foreseeable future, and the declines in fair value are primarily due to market volatility. The fair values are expected to recover as the bonds approach their maturity dates.

There were no sales of securities available-for-sale during the three and six months ended June 30, 2022 and 2021.