NOTE 3 – SECURITIES

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at September 30, 2018 and December 31, 2017 and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income (loss):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2018 (unaudited)
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	10,975	$	-	$	171	$	10,804
Mortgage-backed securities - residential		184		3		-		187
Collateralized mortgage obligations		72		1		-		73
Total	$	11,231	$	4	$	171	$	11,064


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2017
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	11,499	$	-	$	82	$	11,417
Mortgage-backed securities - residential		236		8		-		244
Collateralized mortgage obligations		110		2		-		112
Total	$	11,845	$	10	$	82	$	11,773

There was no other-than-temporary impairment recognized in accumulated other comprehensive income (loss) for securities available for sale at September 30, 2018 or September 30, 2017.

There were no sales of securities for the three and nine months ended September 30, 2018 and 2017.

The amortized cost and fair value of debt securities at September 30, 2018 and December 31, 2017 are shown in the table below by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.



	September 30, 2018					December 31, 2017
	(unaudited)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	3,498	$	3,476	$	3,002	$	2,993
Due from one to five years		7,477		7,328		8,497		8,424
Mortgage-backed securities - residential		184		187		236		244
Collateralized mortgage obligations		72		73		110		112
Total	$	11,231	$	11,064	$	11,845	$	11,773

Fair value of securities pledged was as follows:


	September 30, 2018		December 31, 2017
	(unaudited)
Pledged as collateral for:
FHLB advances	$	4,540	$	4,641
Public deposits		1,988		2,018
Interest-rate swaps		113		145
Total	$	6,641	$	6,804

At September 30, 2018 and December 31, 2017, there were no holdings of securities of any one issuer, other than U.S. government-sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.

The following table summarizes securities with unrealized losses at September 30, 2018 and December 31, 2017, aggregated by major security type and length of time in a continuous unrealized loss position.



September 30, 2018 (unaudited)	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	4,893		82	$	5,911	$	89	$	10,804	$	171
Total temporarily impaired	$	4,893	$	82	$	5,911	$	89	$	10,804	$	171




December 31, 2017	Less than 12 Months				12 Months or More				Total
Description of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Issued by U.S. government-sponsored entities and agencies:
U.S. Treasury	$	6,947	$	51	$	4,470	$	31	$	11,417	$	82
Total temporarily impaired	$	6,947	$	51	$	4,470	$	31	$	11,417	$	82

The unrealized losses in U.S. Treasuries at September 30, 2018 and December 31, 2017 are related to multiple securities. Because the decline in fair value is attributable to changes in market conditions, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell these securities before their anticipated recovery, the Company did not consider these securities to be other-than-temporarily impaired at September 30, 2018 and December 31, 2017.