Note 3 - 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 3 - SECURITIES

The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-Sale Securities
June 30, 2022
Certificates of deposit	$	248	$	—	$	—		$	248
Municipal securities		400		—		(13	)		387
U.S. Treasury Notes		157,573		197		(5,193	)		152,577
Mortgage-backed securities - residential		4,362		53		(33	)		4,382
Collateralized mortgage obligations - residential		1,366		—		(9	)		1,357
	$	163,949	$	250	$	(5,248	)	$	158,951
December 31, 2021
Certificates of deposit	$	2,728	$	—	$	—		$	2,728
U.S. Treasury Notes		76,621		8		(76	)		76,553
Mortgage-backed securities - residential		4,660		173		—			4,833
Collateralized mortgage obligations - residential		1,576		4		—			1,580
	$	85,585	$	185	$	(76	)	$	85,694

Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities and agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support.

The amortized cost and fair values of securities available-for-sale by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	June 30, 2022
	Amortized Cost		Fair Value
Due in one year or less	$	408	$	407
Due after one year through five years		157,813		152,805
		158,221		153,212
Mortgage-backed securities - residential		4,362		4,382
Collateralized mortgage obligations - residential		1,366		1,357
	$	163,949	$	158,951

Securities available-for-sale with unrealized losses not recognized in income are as follows:

	Less than 12 Months							12 Months or More							Total
	Count		Fair Value		Unrealized Loss			Count		Fair Value		Unrealized Loss			Count		Fair Value		Unrealized Loss
June 30, 2022
Municipal securities		2	$	387	$	(13	)		—	$	—	$	—			2	$	387	$	(13	)
U.S. Treasury Notes		187		123,930		(5,193	)		—		—		—			187		123,930		(5,193	)
Mortgage-backed securities - residential		15		2,746		(33	)		—		—		—			15		2,746		(33	)
Collateralized mortgage obligations - residential		5		1,126		(7	)		1		197		(2	)		6		1,323		(9	)
		209	$	128,189	$	(5,246	)		1	$	197	$	(2	)		210	$	128,386	$	(5,248	)
December 31, 2021
U.S. Treasury Notes		53	$	62,246	$	(76	)		—	$	—	$	—			53	$	62,246	$	(76	)

The Company evaluates marketable investment securities with significant declines in fair value on a quarterly basis to determine whether they should be considered other-than-temporarily impaired under current accounting guidance, which generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the securities must assess whether the impairment is other-than-temporary.

U.S. Treasury Notes and certain other available-for-sale securities that the Company holds in its investment portfolio were in an unrealized loss position at June 30, 2022, but the unrealized loss was not recognized into income because the U.S. Treasury Notes are backed by the full faith and credit of the United States and the other issuers were high credit quality, the Company does not intend to sell these securities, and it is not likely that the Company will be required to sell these securities before their anticipated recovery and the decline in fair value was due to changes in interest rates and other market conditions. The fair values are expected to recover as maturities approach.