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Section 1: 10-Q (10-Q)

cfbi-10q_20190630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period

Commission File No. 001-38074

 

Community First Bancshares, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Federal

 

82-1147778

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3175 Highway 278

Covington, Georgia

 

30014

(Address of Principal Executive Offices)

 

(Zip Code)

 

(770) 786-7088

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share         CFBIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.  YES     NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  YES      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.   See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer

 

 

  

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

 

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES      NO  

 

 

 

 

 

 

 

 

 

 

 

As of August 8, 2019, 7,557,848 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding.

 

 

 

 

 


 

Community First Bancshares, Inc.

Form 10-Q

Table of Contents

 

 

 

 

 

Page

PART I.  FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements

 

2

 

 

 

 

 

 

 

Consolidated Balance Sheets at June 30, 2019 (unaudited) and December 31, 2018 (unaudited)

 

2

 

 

 

 

 

 

 

Consolidated Statements of Income for the Three Months and Six Months Ended June 30, 2019 and 2018 (unaudited)

 

3

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the Three Months and Six Months Ended June 30, 2019 and 2018 (unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)

 

5

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (unaudited)

 

6

 

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

 

7

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

18

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

31

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

32

 

 

 

 

 

PART II.  OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

33

 

 

 

 

 

Item 1A.

 

Risk Factors

 

33

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

33

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

33

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

33

 

 

 

 

 

Item 5.

 

Other Information

 

33

 

 

 

 

 

Item 6.

 

Exhibits

 

33

 

 

 

 

 

 

 

SIGNATURES

 

34

 

 

1


 

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Balance Sheets

 

 

 

 

June 30, 2019 (unaudited)

 

 

December 31, 2018

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

Cash and due from banks, including reserve requirement of $2,040 and $1,834 at

June 30, 2019 and December 31, 2018, respectively

 

$

4,642

 

 

 

3,817

 

Interest-earning deposits in other depository institutions

 

 

15,075

 

 

 

33,212

 

Cash and cash equivalents

 

 

19,717

 

 

 

37,029

 

Investment securities held-to-maturity (estimated fair values of $999 and $993)

 

 

1,000

 

 

 

1,000

 

Investment securities available-for-sale

 

 

20,813

 

 

 

21,145

 

Federal Home Loan Bank stock

 

 

278

 

 

 

580

 

Loans, net

 

 

243,632

 

 

 

227,424

 

Other real estate owned

 

 

-

 

 

 

508

 

Premises and equipment, net

 

 

8,778

 

 

 

8,896

 

Bank owned life insurance

 

 

7,356

 

 

 

7,251

 

Accrued interest receivable and other assets

 

 

3,514

 

 

 

3,862

 

Total assets

 

$

305,088

 

 

 

307,695

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Savings accounts

 

$

24,496

 

 

 

24,511

 

Interest-bearing checking

 

 

50,161

 

 

 

53,752

 

Market rate checking

 

 

26,738

 

 

 

24,936

 

Non-interest bearing checking

 

 

28,668

 

 

 

28,472

 

Certificate of deposits

 

 

93,020

 

 

 

87,510

 

Total deposits

 

 

223,083

 

 

 

219,181

 

Federal Home Loan Bank advances

 

 

 

 

 

7,570

 

Accrued interest payable and other liabilities

 

 

5,250

 

 

 

4,546

 

Total liabilities

 

 

228,333

 

 

 

231,297

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock (par value $0.01 per share, 19,000,000 shares authorized, 7,671,224

   issued and 7,557,848 outstanding at June 30, 2019 and 7,538,250 issued and

   7,478,992 outstanding at December 31, 2018)

 

 

77

 

 

 

75

 

Preferred stock (1,000,000 shares authorized, no shares outstanding)

 

 

 

 

 

 

Additional paid in capital

 

 

33,148

 

 

 

33,078

 

Treasury stock, 113,376 shares at June 30, 2019, and 59,258 shares at

   December 31, 2018, at cost

 

 

(1,268

)

 

 

(668

)

Unearned ESOP shares

 

 

(2,630

)

 

 

(2,689

)

Retained earnings

 

 

47,278

 

 

 

47,043

 

Accumulated other comprehensive income (loss)

 

 

150

 

 

 

(441

)

Total stockholders' equity

 

 

76,755

 

 

 

76,398

 

Total liabilities and stockholders' equity

 

$

305,088

 

 

 

307,695

 

 

See accompanying notes to unaudited consolidated financial statements.

2


 

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

3,549

 

 

 

3,330

 

 

$

6,793

 

 

 

6,467

 

Investment securities, including dividends

 

 

128

 

 

 

150

 

 

 

270

 

 

 

304

 

Interest-earning deposits

 

 

123

 

 

 

90

 

 

 

300

 

 

 

166

 

Total interest income

 

 

3,800

 

 

 

3,570

 

 

 

7,363

 

 

 

6,937

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

546

 

 

 

365

 

 

 

1,057

 

 

 

681

 

Borrowings

 

 

 

 

 

37

 

 

 

24

 

 

 

74

 

Total interest expense

 

 

546

 

 

 

402

 

 

 

1,081

 

 

 

755

 

Net interest income before provision for loan losses

 

 

3,254

 

 

 

3,168

 

 

 

6,282

 

 

 

6,182

 

Provision for loan losses

 

 

 

 

 

300

 

 

 

 

 

 

300

 

Net interest income after provision for loan losses

 

 

3,254

 

 

 

2,868

 

 

 

6,282

 

 

 

5,882

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

187

 

 

 

175

 

 

 

360

 

 

 

342

 

Small Business Administration (SBA) loan fees

 

 

2

 

 

 

485

 

 

 

7

 

 

 

654

 

Other

 

 

150

 

 

 

134

 

 

 

328

 

 

 

254

 

Total non-interest income

 

 

339

 

 

 

794

 

 

 

695

 

 

 

1,250

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

1,861

 

 

 

1,647

 

 

 

3,659

 

 

 

3,382

 

Deferred compensation

 

 

51

 

 

 

51

 

 

 

103

 

 

 

103

 

Occupancy

 

 

477

 

 

 

428

 

 

 

956

 

 

 

841

 

Advertising

 

 

35

 

 

 

55

 

 

 

67

 

 

 

82

 

Data processing

 

 

350

 

 

 

216

 

 

 

612

 

 

 

450

 

Other real estate owned

 

 

15

 

 

 

53

 

 

 

17

 

 

 

61

 

Net gain on sale of other real estate owned

 

 

(62

)

 

 

(4

)

 

 

(96

)

 

 

(24

)

Legal and accounting

 

 

259

 

 

 

223

 

 

 

533

 

 

 

487

 

Organizational dues and subscriptions

 

 

73

 

 

 

82

 

 

 

153

 

 

 

155

 

Director compensation

 

 

50

 

 

 

53

 

 

 

96

 

 

 

108

 

Federal deposit insurance premiums

 

 

16

 

 

 

16

 

 

 

32

 

 

 

32

 

Other

 

 

337

 

 

 

256

 

 

 

616

 

 

 

481

 

Total non-interest expenses

 

 

3,462

 

 

 

3,076

 

 

 

6,748

 

 

 

6,158

 

Income before income taxes

 

 

131

 

 

 

586

 

 

 

229

 

 

 

974

 

Income tax expense (benefit)

 

 

13

 

 

 

(32

)

 

 

(6

)

 

 

23

 

Net income

 

$

118

 

 

 

618

 

 

$

235

 

 

 

951

 

Basic and diluted earnings per share

 

$

0.02

 

 

$

0.08

 

 

$

0.03

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

3


 

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Statements of Comprehensive Income

(unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Net income

 

$

118

 

 

$

618

 

 

$

235

 

 

$

951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on available for sale securities, net of taxes of $77,  $(1), $208 and $(135)

 

 

218

 

 

 

(2

)

 

 

591

 

 

 

(383

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

218

 

 

 

(2

)

 

 

591

 

 

 

(383

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

$

336

 

 

$

616

 

 

$

826

 

 

$

568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

4


 

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Statements of Changes in Stockholders’ Equity

(unaudited)

 

 

 

Three and Six Months Ended June 30, 2018 and June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common

 

 

Paid In

 

 

Treasury

 

 

Unearned

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Stock

 

 

Capital

 

 

Stock

 

 

ESOP Shares

 

 

Earnings

 

 

Income (Loss)

 

 

Total

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

Beginning balance December 31, 2017

 

$

75

 

 

$

33,063

 

 

$

 

 

$

(2,807

)

 

$

45,485

 

 

$

(152

)

 

$

75,664

 

ESOP loan payment and

   release of ESOP shares

 

 

 

 

 

4

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

33

 

Change in unrealized loss

   on investment securities

   available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(381

)

 

 

(381

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

333

 

 

 

 

 

 

333

 

Ending balance March 31, 2018

 

$

75

 

 

$

33,067

 

 

$

 

 

$

(2,778

)

 

$

45,818

 

 

$

(533

)

 

$

75,649

 

ESOP loan payment and

   release of ESOP shares

 

 

 

 

 

3

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

33

 

Change in unrealized loss

   on investment securities

   available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

618

 

 

 

 

 

 

618

 

Ending balance June 30, 2018

 

$

75

 

 

$

33,070

 

 

$

 

 

$

(2,748

)

 

$

46,436

 

 

$

(535

)

 

$

76,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance December 31, 2018

 

$

75

 

 

$

33,078

 

 

$

(668

)

 

$

(2,689

)

 

$

47,043

 

 

$

(441

)

 

$

76,398

 

ESOP loan payment and

   release of ESOP shares

 

 

 

 

 

1

 

 

 

 

 

 

30

 

 

 

 

 

 

 

 

 

31

 

Issuance of restricted stock

   awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

(600

)

 

 

 

 

 

 

 

 

 

 

 

(600

)

Change in unrealized gain

   on investment securities

   available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

373

 

 

 

373

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117

 

 

 

 

 

 

117

 

Ending balance March 31, 2019

 

$

75

 

 

$

33,079

 

 

$

(1,268

)

 

$

(2,659

)

 

$

47,160

 

 

$

(68

)

 

$

76,319

 

ESOP loan payment and

   release of ESOP shares

 

 

 

 

 

2

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

31

 

Issuance of restricted stock

   awards

 

 

2

 

 

 

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

Stock based compensation

   expense

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain

   on investment securities

   available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

218

 

 

 

218

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

118

 

 

 

 

 

 

118

 

Ending balance June 30, 2019

 

$

77

 

 

$

33,148

 

 

$

(1,268

)

 

$

(2,630

)

 

$

47,278

 

 

$

150

 

 

$

76,755

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

 

5


 

COMMUNITY FIRST BANCSHARES, INC.

Consolidated Statements of Cash Flows

(unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

235

 

 

 

951

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

 

 

 

300

 

Depreciation and amortization

 

 

435

 

 

 

457

 

Stock-based compensation expense

 

 

70

 

 

 

 

Deferred income tax

 

 

(17

)

 

 

181

 

ESOP expense

 

 

61

 

 

 

66

 

Net gain on sale of other real estate owned

 

 

(96

)

 

 

(24

)

Increase in cash surrender value of life insurance

 

 

(105

)

 

 

(117

)

Change in:

 

 

 

 

 

 

 

 

Accrued interest receivable and other assets

 

 

157

 

 

 

543

 

Accrued interest payable and other liabilities

 

 

704

 

 

 

64

 

Net cash provided by operating activities

 

 

1,444

 

 

 

2,421

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of premises and equipment

 

 

(220

)

 

 

(744

)

Proceeds from paydowns of investment securities available-for-sale

 

 

1,034

 

 

 

1,039

 

Purchases of other investments

 

 

 

 

 

(43

)

Proceeds from sales of other investments

 

 

302

 

 

 

 

Net change in loans

 

 

(16,208

)

 

 

(7,901

)

Proceeds from sales of other real estate owned

 

 

604

 

 

 

137

 

Net cash used in investing activities

 

 

(14,488

)

 

 

(7,512

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net change in demand and savings deposits

 

 

3,902

 

 

 

6,316

 

Purchase of treasury stock

 

 

(600

)

 

 

 

Repayment of FHLB advances

 

 

(7,570

)

 

 

 

Net cash (used in) provided by financing activities

 

 

(4,268

)

 

 

6,316

 

Net change in cash and cash equivalents

 

 

(17,312

)

 

 

1,225

 

Cash and cash equivalents at beginning of period

 

 

37,029

 

 

 

25,098

 

Cash and cash equivalents at end of period

 

$

19,717

 

 

 

26,323

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

1,101

 

 

 

779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

6


 

COMMUNITY FIRST BANCSHARES, INC.

Notes to Unaudited Consolidated Financial Statements

 

(1)

Basis of Presentation

Community First Bancshares, Inc. (the “Company”) is a savings and loan holding company headquartered in Covington, Georgia. The Company has one operating subsidiary, Newton Federal Bank (the “Bank”), conducting banking activities primarily in Newton County, Georgia and surrounding counties. The main emphasis of the Bank is providing mortgage loans in its primary lending area.  It offers such customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, mortgage, commercial and consumer loans, money transfers and a variety of other banking services.  In October 2018, we opened an indirect automobile loan division, Community First Auto.

The accompanying unaudited consolidated financial statements and notes thereto contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the financial position of the Company as of June 30, 2019 and the results of its operations and its cash flows for the periods presented. The interim consolidated financial information should be read in conjunction with the annual financial statements and the notes thereto included in the Company’s September 30, 2018 Form 10-K. The results of operations for the quarter ended June 30, 2019, are not necessarily indicative of the results to be expected for a full year or for any other period.

On October 25, 2018, both the Company and the Bank changed their fiscal year end from September 30 to December 31.  This change will bring the Company and the Bank in line with industry standards and will improve accounting and reporting efficiencies by making the fiscal year-end and the calendar year-end the same.  As a result of the change in fiscal year, the Company filed a Transition Report on Form 10-Q covering the transition period from October 1, 2018 to December 31, 2018.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income.

Summary of Significant Accounting Policies – The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Company’s financial statements for the year ended September 30, 2018 included in the Company’s Form 10-K.

Net income per share is calculated for the period that the Company’s shares of common stock were outstanding which includes the current quarter and the same quarter in the previous year.  The net income for the current period was $118,000 and the weighted average common shares outstanding were 7,525,700.  The net income for the current year to date period was $235,000 and the weighted average common shares outstanding were 7,489,020. 

Recent Accounting Pronouncements

There have been no pronouncements issued during the quarter that would have a material impact on the Company's financial statements.

(2)

Investment Securities

Investment Securities Held-to-Maturity

Investment securities held-to-maturity at June 30, 2019 and December 31, 2018 are as follows: (in thousands)

 

March 31, 2019

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. Government sponsored enterprises

 

$

1,000

 

 

 

 

 

 

(1

)

 

 

999

 

December 31, 2018