Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Derivatives

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Note 7 - Derivatives
6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
NOTE
7
- DERIVATIVES
 
The Company has entered into agreements with secondary market investors to deliver loans on a “best efforts delivery” basis. When a rate is committed to a borrower, it is based on the best price that day and locked with the investor for the customer for a
30
-day period. In the event the loan is
not
delivered to the investor, the Company has
no
risk or exposure with the investor. The interest rate lock commitments related to loans that are originated for later sale are classified as derivatives. The fair values of the Company’s agreements with investors and rate lock commitments to customers as of
June 30, 2017
and
December 31, 2016
were
not
material.