| Securities Available for Sale |
Note 4. Securities Available for Sale
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|
March 31, 2015 |
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| |
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Gross |
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|
Gross |
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|
|
|
| |
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Amortized |
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Unrealized |
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|
Unrealized |
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|
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| |
|
Cost |
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Gains |
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|
Losses |
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Fair Value |
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| |
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|
|
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|
|
|
|
|
|
|
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| Residential mortgage-backed agencies |
|
$ |
21,686 |
|
|
$ |
113 |
|
|
$ |
(68 |
) |
|
$ |
21,731 |
|
| SBA pools |
|
|
1,739 |
|
|
|
6 |
|
|
|
(3 |
) |
|
|
1,742 |
|
| Obligations of states and political subdivisions |
|
|
8,810 |
|
|
|
245 |
|
|
|
(15 |
) |
|
|
9,040 |
|
| Government-sponsored enterprise equity |
|
|
40 |
|
|
|
83 |
|
|
|
- |
|
|
|
123 |
|
| |
|
$ |
32,275 |
|
|
$ |
447 |
|
|
$ |
(86 |
) |
|
$ |
32,636 |
|
| |
|
December 31, 2014 |
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Gross |
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|
Gross |
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Amortized |
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Unrealized |
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|
Unrealized |
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Cost |
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Gains |
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|
Losses |
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Fair Value |
|
| Residential mortgage-backed agencies |
|
$ |
22,677 |
|
|
$ |
60 |
|
|
$ |
(191 |
) |
|
$ |
22,545 |
|
| SBA pools |
|
|
1,835 |
|
|
|
6 |
|
|
|
(9 |
) |
|
|
1,832 |
|
| Obligations of states and political subdivisions |
|
|
9,474 |
|
|
|
250 |
|
|
|
(26 |
) |
|
|
9,698 |
|
| Government-sponsored enterprise equity |
|
|
40 |
|
|
|
62 |
|
|
|
- |
|
|
|
102 |
|
| |
|
$ |
34,026 |
|
|
$ |
378 |
|
|
$ |
(226 |
) |
|
$ |
34,177 |
|
Contractual maturities: The amortized cost and fair value of securities available for sale as of March 31, 2015, by contractual maturity are shown below. Maturities may differ from contractual maturities in residential mortgage-backed securities and Small Business Administration (SBA) pools because the mortgages underlying the securities may be called or repaid without any penalties. In addition, government-sponsored enterprise equity securities have no maturity. Therefore, these securities are not included in the maturity categories in the following maturity summary.
| |
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March 31, 2015 |
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Amortized Cost |
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|
Fair Value |
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| |
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| Due in one year or less |
|
$ |
842 |
|
|
$ |
846 |
|
| Due in one to five years |
|
|
3,643 |
|
|
|
3,705 |
|
| Due after five through 10 years |
|
|
2,703 |
|
|
|
2,787 |
|
| Due after 10 years |
|
|
1,622 |
|
|
|
1,702 |
|
| |
|
|
8,810 |
|
|
|
9,040 |
|
| |
|
|
|
|
|
|
|
|
| Residential mortgage-backed agencies |
|
|
21,686 |
|
|
|
21,731 |
|
| SBA pools |
|
|
1,739 |
|
|
|
1,742 |
|
| Government-sponsored enterprise equity |
|
|
40 |
|
|
|
123 |
|
| |
|
$ |
32,275 |
|
|
$ |
32,636 |
|
Pledged securities: Securities with a carrying value of $21,538 and $20,961 at March 31, 2015 and December 31, 2014, respectively, were pledged to secure borrowed funds and for other purposes as required or permitted by law.
Changes in other comprehensive income—unrealized gains on securities available for sale:
| |
|
Three Months Ended March 31, |
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2015 |
|
|
2014 |
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| |
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|
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| Balance, beginning |
|
$ |
93 |
|
|
$ |
(264 |
) |
| Unrealized gains (losses) during the year |
|
|
208 |
|
|
|
431 |
|
| Deferred tax effect relating to unrealized gain |
|
|
(85 |
) |
|
|
(177 |
) |
| Balance, ending |
|
$ |
216 |
|
|
$ |
(10 |
) |
Temporarily impaired securities:
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|
March 31, 2015 |
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|
|
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Continuous Unrealized |
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|
|
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|
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|
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Continuous Unrealized |
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Losses Existing |
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|
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Losses Existing |
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Greater Than 12 |
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|
|
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12 Months or Less |
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|
Months |
|
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Total |
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| |
|
Fair |
|
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Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential mortgage-backed agencies |
|
$ |
2,190 |
|
|
$ |
8 |
|
|
$ |
8,501 |
|
|
$ |
60 |
|
|
$ |
10,691 |
|
|
$ |
68 |
|
| SBA pools |
|
|
- |
|
|
|
- |
|
|
|
1,073 |
|
|
|
3 |
|
|
|
1,073 |
|
|
|
3 |
|
| Obligations of states and political subdivisions |
|
|
1,224 |
|
|
|
3 |
|
|
|
927 |
|
|
|
12 |
|
|
|
2,151 |
|
|
|
15 |
|
| |
|
$ |
3,414 |
|
|
$ |
11 |
|
|
$ |
10,501 |
|
|
$ |
75 |
|
|
$ |
13,915 |
|
|
$ |
86 |
|
| |
|
December 31, 2014 |
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|
Continuous Unrealized |
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|
Continuous Unrealized |
|
|
|
|
|
|
|
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Losses Existing |
|
|
Losses Existing |
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|
|
|
|
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12 Months or Less |
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Greater Than 12 Months |
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Total |
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| |
|
Fair |
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Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential mortgage-backed agencies |
|
$ |
5,679 |
|
|
$ |
20 |
|
|
$ |
10,566 |
|
|
$ |
171 |
|
|
$ |
16,245 |
|
|
$ |
191 |
|
| SBA pools |
|
|
- |
|
|
|
- |
|
|
|
1,250 |
|
|
|
9 |
|
|
|
1,250 |
|
|
|
9 |
|
| Obligations of states and political subdivisions |
|
|
1,495 |
|
|
|
6 |
|
|
|
1,180 |
|
|
|
20 |
|
|
|
2,675 |
|
|
|
26 |
|
| |
|
$ |
7,174 |
|
|
$ |
26 |
|
|
$ |
12,996 |
|
|
$ |
200 |
|
|
$ |
20,170 |
|
|
$ |
226 |
|
There were 25 and 37 securities in unrealized loss positions as of March 31, 2015 and December 31, 2014, respectively.
Unrealized losses are deemed to be temporary. Most of these underlying securities consist of mortgage-backed securities. Market fluctuations are caused primarily by changes in interest rates and prepayments of underlying mortgages. Volatility in economic conditions influences the prices of these securities. There were no sales of available-for-sale securities during the three months ended March 31, 2015 and 2014.
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