Note 2 - Available-for-sale Securities
 3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
NOTE
2
– AVAILABLE-FOR-SALE SECURITIES
 
Available-for-sale securities have been classified in the consolidated balance sheets according to management’s intent at
March 31, 2018
and
December 31, 2017.
The carrying amount of such securities and their approximate fair values were as follows:
 
   
 
    
Gross
    
Gross
          
   
Amortized
    
Unrealized
    
Unrealized
      
 
  
   
Cost
    
Gains
    
Losses
    
Fair Value
  
                                 
March 31, 2018
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Available-for-sale securities
                                
Mortgage-backed securities
  
$
23,238,466
   
$
6,317
   
$
(589,070
)
  
$
22,655,713
 
U.S. Government agencies
  
 
1,851,214
   
 
-
   
 
(70,878
)
  
 
1,780,336
 
Municipal obligations
  
 
1,661,224
   
 
761
   
 
(2,374
)
  
 
1,659,611
 
                                 
   
$
26,750,904
   
$
7,078
   
$
(662,322
)
  
$
26,095,660
 
                                 
December 31, 2017
                                
Available-for-sale securities
                                
Mortgage-backed securities
   $
21,028,794
     $
12,757
     $
(272,959
 )   $
20,768,592
  
U.S. Government agencies
    
2,006,786
      
44
      
(49,047
 )    
1,957,783
  
Municipal obligations
    
1,672,277
      
2,584
      
(1,355
 )    
1,673,506
  
                                 
    $
24,707,857
     $
15,385
     $
(323,361
 )   $
24,399,881
  
 
There were
no
sales of available-for-sale securities during the
three
months ended
March 31, 2018
or
2017.
 
Amortized cost and fair value of securities by contractual maturity as of
March 31, 2018
and
December 31, 2017
are shown below. For purposes of the maturity table, mortgage-backed securities, which are
not
due at a single maturity date, have been allocated over maturity groupings based on the actual contractual maturities of underlying collateral. Expected maturities
may
differ from contractual maturities because borrowers
may
call or prepay obligations.
 
The scheduled maturities of available-for-sale securities at
March 31, 2018
and
December 31, 2017
were as follows:
 
   
March 31, 2018
  
   
Amortized
    
Fair
  
   
Cost
    
Value
  
                 
Due in one year or less
  
 
1,246,805
   
 
1,247,484
 
Due after one to five years
  
 
23,707,371
   
 
23,120,803
 
Due after five to ten years
  
 
1,796,728
   
 
1,727,373
 
Due after ten years
  
 
-
   
 
-
 
                 
Totals
  
$
26,750,904
   
$
26,095,660
 
 
 
At
March 31, 2018
and
December 31, 2017,
there were
no
holdings of securities of any
one
issuer, other than the U.S. Government and its agencies, in an amount greater than
10%
of stockholders’ equity.
 
At
March 31, 2018
and
December 31, 2017,
mortgage-backed securities included collateralized mortgage obligations of
$10.8
million and
$10.0
million, respectively, which are backed by single-family mortgage loans. The Company does
not
hold any securities backed by commercial real estate loans.
 
Gross Unrealized Losses and Fair Value
– The following tables show the gross unrealized losses and fair values of securities by length of time that individual securities in each category have been in a continuous loss position.
 
   
March 31, 2018
  
   
Less Than 12 Months
    
12 Months or More
    
Total
  
           
Gross
            
Gross
            
Gross
  
Description of
    
 
    
Unrealized
      
 
    
Unrealized
      
 
    
Unrealized
  
Securities
  
Fair Value
    
Losses
    
Fair Value
    
Losses
    
Fair Value
    
Losses
  
                                                 
Available-for-sale securities:
                                                
Mortgage-backed securities
  
$
12,464,292
   
$
(227,176
)
  
$
9,657,488
   
$
(361,894
)
  
$
22,121,780
   
$
(589,070
)
U.S. Government agencies
  
 
360,605
   
 
(5,948
)
  
 
1,419,731
   
 
(64,930
)
  
 
1,780,336
   
 
(70,878
)
Municipal obligations
  
 
663,256
   
 
(2,374
)
  
 
-
   
 
-
   
 
663,256
   
 
(2,374
)
                                                 
Total temporarily impaired securities
  
$
13,488,153
   
$
(235,498
)
  
$
11,077,219
   
$
(426,824
)
  
$
24,565,372
   
$
(662,322
)
 
 
   
December 31, 2017
  
   
Less Than 12 Months
    
12 Months or More
    
Total
  
           
Gross
            
Gross
            
Gross
  
Description of
    
 
    
Unrealized
      
 
    
Unrealized
      
 
    
Unrealized
  
Securities
  
Fair Value
    
Losses
    
Fair Value
    
Losses
    
Fair Value
    
Losses
  
                                                 
Available-for-sale securities:
                                                
Mortgage-backed securities
   $
3,468,607
     $
(39,099
 )   $
9,763,879
     $
(233,860
 )   $
13,232,486
     $
(272,959
 )
U.S. Government agencies
    
-
      
-
      
1,548,481
      
(49,047
 )    
1,548,481
      
(49,047
 )
Municipal obligations
    
416,600
      
(1,355
 )    
-
      
-
      
416,600
      
(1,355
 )
                                                 
Total temporarily impaired securities
   $
3,885,207
     $
(40,454
 )   $
11,312,360
     $
(282,907
 )   $
15,197,567
     $
(323,361
 )
 
 
At
March 31, 2018
and
December 31, 2017,
all of the government agencies and mortgage-backed securities held by the Company were issued by U.S. Government-sponsored entities and agencies, primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, 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 the securities before their anticipated recovery, the Company does
not
consider these securities to be other-than-temporarily impaired at
March 31, 2018.
 
Loans and securities with a carrying value of approximately
$117.6
million at
March 31, 2018
were pledged to secure FHLB advances. In addition, securities with a carrying value of approximately
$4.5
million at
March 31, 2018
were pledged to secure public deposits.