Note 4 – Securities Available For Sale

At March 31, 2020 and December 31, 2019, respectively, the amortized cost and approximate fair values of securities available-for-sale were as follows:



			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value

	(In Thousands)
March 31, 2020:
Municipal bonds	$	24,366	$	891	$	(13)	$	25,244
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial		514		-		(2)		512
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential		59,480		2,624		-		62,104
Total	$	84,360	$	3,515	$	(15)	$	87,860

December 31, 2019:
Municipal bonds	$	25,586	$	863	$	(5)	$	26,444
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential		63,546		877		(38)		64,385
Total	$	89,132	$	1,740	$	(43)	$	90,829

The amortized cost and fair value of securities as of March 31, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without any penalties.



		Amortized		Fair
		Cost		Value

	(In Thousands)
Due in one year or less	$	830	$	831
Due after one year through five years		2,363		2,373
Due after five years through ten years		5,523		5,639
Due after ten years		15,650		16,401
		24,366		25,244
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - commercial		514		512
U.S. Government Sponsored Enterprise (GSE) - Mortgage-backed securities - residential		59,480		62,104
Total	$	84,360	$	87,860

There were no sales of securities for the three months ended March 31, 2020 and 2019.

Securities with a carrying value of $77.8 million and $74.0 million at March 31, 2020 and December 31, 2019, respectively, were subject to agreements to repurchase, pledged to secure public deposits, or pledged for other purposes required or permitted by law.

The following table shows the Company’s investments’ 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 at March 31, 2020 and December 31, 2019, respectively:



		Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

March 31, 2020:	(In Thousands)
Municipal bonds	$	1,096	$	(13)	$	-	$	-	$	1,096	$	(13)
U.S. Government Sponsored Enterprise
(GSE) - Mortgage -backed securities -
commercial		512		(2)		-		-		512		(2)
Total Temporarily Impaired Securities	$	1,608	$	(15)	$	-	$	-	$	1,608	$	(15)
		.
December 31, 2019:
Municipal bonds	$	1,295	$	(5)	$	-	$	-	$	1,295	$	(5)
U.S. Government Sponsored Enterprise
(GSE) - Mortgage -backed securities -
residential		4,701		(1)		8,528		(37)		13,229		(38)
Total Temporarily Impaired Securities	$	5,996	$	(6)	$	8,528	$	(37)	$	14,524	$	(43)

The Company had three (3) securities in an unrealized loss position at March 31, 2020 and five (5) securities in an unrealized loss position at December 31, 2019. The unrealized losses are due to market interest rate fluctuations. As of March 31, 2020, the Company either has the intent and ability to hold the securities until maturity or market price recovery, or believes that it is more likely than not that it will not be required to sell such securities. Management believes that the unrealized loss only represents temporary impairment of the securities.