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Note 6 - Debt and Equity Securities
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

6. Debt and Equity Securities


The Company’s investments in equity securities that have readily determinable fair values and all investments in debt securities are classified in one of the following three categories and accounted for accordingly: (1) trading securities, (2) securities available for sale and (3) securities held-to-maturity.


The Company did not hold any trading securities at December 31, 2015 and 2014 or securities held-to-maturity at December 31, 2014. Securities available for sale are recorded at fair value. Securities held-to-maturity are recorded at amortized cost.


The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2015:


    Amortized
Cost		   Fair Value   Gross
Unrealized
Gains		   Gross
Unrealized
Losses
    (In thousands)
Securites held-to-maturity:                                
Municipals   $ 6,180     $ 6,180     $ -     $ -  
                                 
Total   $ 6,180     $ 6,180     $ -     $ -  

During the year ended December 31, 2015, the Company transferred municipal bonds with an amortized cost and fair value of $4.5 million from available for sale to held-to-maturity. The transferred securities had a weighted average term to maturity of approximately seven months at the time of transfer.


The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2015:


    Amortized
Cost		   Fair Value   Gross
Unrealized
Gains		   Gross
Unrealized
Losses
    (In thousands)
Corporate   $ 115,976     $ 111,674     $ 134     $ 4,436  
Municipals     127,696       131,583       3,887       -  
Mutual funds     21,290       21,290       -       -  
Collateralized loan obligations     53,225       52,898       -       327  
Other     7,214       7,212       -       2  
Total other securities     325,401       324,657       4,021       4,765  
REMIC and CMO     469,987       469,936       3,096       3,147  
GNMA     11,635       11,798       302       139  
FNMA     170,327       170,057       1,492       1,762  
FHLMC     16,961       16,949       87       99  
Total mortgage-backed securities     668,910       668,740       4,977       5,147  
Total securities available for sale   $ 994,311     $ 993,397     $ 8,998     $ 9,912  

Mortgage-backed securities shown in the table above includes one private issue collateralized mortgage obligations (“CMO”) that is collateralized by commercial real estate mortgages with an amortized cost and market value of $7.7 million at December 31, 2015.


The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2014:


    Amortized
Cost		   Fair Value   Gross
Unrealized
Gains		   Gross
Unrealized
Losses
    (In thousands)
Corporate   $ 90,719     $ 91,273     $ 1,268     $ 714  
Municipals     145,864       148,896       3,093       61  
Mutual funds     21,118       21,118       -       -  
Other     7,098       7,090       -       8  
Total other securities     264,799       268,377       4,361       783  
REMIC and CMO     504,207       505,768       6,188       4,627  
GNMA     13,862       14,159       421       124  
FNMA     169,956       170,367       2,128       1,717  
FHLMC     14,505       14,639       142       8  
Total mortgage-backed securities     702,530       704,933       8,879       6,476  
Total securities available for sale   $ 967,329     $ 973,310     $ 13,240     $ 7,259  

Mortgage-backed securities shown in the table above include three private issue CMO that are collateralized by commercial real estate mortgages with an amortized cost and market value of $12.4 million at December 31, 2014.


The following table details the amortized cost and fair value of the Company’s securities classified as held-to-maturity at December 31, 2015, by contractual maturity.


    Amortized
Cost		   Fair Value
    (In thousands)
         
Due in one year or less   $ 6,140     $ 6,140  
Due after one year through five years     40       40  
                 
Total securities held-to-maturity   $ 6,180     $ 6,180  

The amortized cost and fair value of the Company’s securities, classified as available for sale at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


    Amortized
Cost		   Fair Value
    (In thousands)
         
Due in one year or less   $ 5,976     $ 6,011  
Due after one year through five years     -       -  
Due after five years through ten years     76,791       75,406  
Due after ten years     221,344       221,950  
                 
Total other securities     304,111       303,367  
Mutual funds     21,290       21,290  
Mortgage-backed securities     668,910       668,740  
                 
Total securities available for sale   $ 994,311     $ 993,397  

The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015.


    Total   Less than 12 months   12 months or more
    Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses
    (In thousands)
Corporate   $ 85,563     $ 4,436     $ 76,218     $ 3,782     $ 9,345     $ 654  
Collateralized loan obligations     52,898       327       52,898       327       -       -  
Other     298       2       -       -       298       2  
Total other securities     138,759       4,765       129,116       4,109       9,643       656  
                                                 
REMIC and CMO     238,132       3,147       182,010       1,642       56,122       1,505  
GNMA     6,977       139       6,977       139       -       -  
FNMA     102,225       1,762       75,769       1,043       26,456       719  
FHLMC     14,715       99       14,715       99       -       -  
Total mortgage-backed  securities     362,049       5,147       279,471       2,923       82,578       2,224  
Total securities available for sale   $ 500,808     $ 9,912     $ 408,587     $ 7,032     $ 92,221     $ 2,880  

The following table shows the Company’s available for sale securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2014.


    Total   Less than 12 months   12 months or more
    Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses
    (In thousands)
Corporate   $ 39,287     $ 714     $ 9,573     $ 428     $ 29,714     $ 286  
Municipals     8,810       61       3,546       11       5,264       50  
Other     292       8       -       -       292       8  
Total other securities     48,389       783       13,119       439       35,270       344  
                                                 
REMIC and CMO     216,190       4,627       77,382       399       138,808       4,228  
GNMA     8,358       124       -       -       8,358       124  
FNMA     95,148       1,717       -       -       95,148       1,717  
FHLMC     6,773       8       6,773       8       -       -  
Total mortgage-backed  securities     326,469       6,476       84,155       407       242,314       6,069  
Total securities available for sale   $ 374,858     $ 7,259     $ 97,274     $ 846     $ 277,584     $ 6,413  

OTTI losses on impaired securities must be fully recognized in earnings if an investor has the intent to sell the debt security or if it is more likely than not that the investor will be required to sell the debt security before recovery of its amortized cost. However, even if an investor does not expect to sell a debt security, the investor must evaluate the expected cash flows to be received and determine if a credit loss has occurred. In the event that a credit loss has occurred, only the amount of impairment associated with the credit loss is recognized in earnings in the Consolidated Statements of Income. Amounts relating to factors other than credit losses are recorded in accumulated other comprehensive income (“AOCI”) within Stockholders’ Equity.


The Company reviewed each investment that had an unrealized loss at December 31, 2015 and 2014. An unrealized loss exists when the current fair value of an investment is less than its amortized cost basis. Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in AOCI, net of tax.


Corporate Securities:


The unrealized losses in Corporate securities at December 31, 2015 and 2014, consist of losses on 12 and five Corporate securities, respectively. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2015 and 2014.


Collateralized Loan Obligation Securities:


The unrealized losses in Collateralized Loan Obligation (“CLO”) securities at December 31, 2015, consist of losses on seven securities. The unrealized losses in CLO securities were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2015.


Municipal Securities:


The unrealized losses in Municipal securities at December 31, 2014, consist of losses on three municipal securities. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2014.


Other Securities:


The unrealized losses in Other securities at December 31, 2015 and 2014, consist of a loss on one single issuer trust preferred security. The unrealized loss on this security was caused by market interest volatility, a significant widening of credit spreads across markets for these securities and illiquidity and uncertainty in the financial markets. This security is currently rated below investment grade. It is not anticipated that this security would be settled at a price that is less than the amortized cost of the Company’s investment. This security is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell this security and it is more likely than not the Company will not be required to sell this security before recovery of the security’s amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the security. Therefore, the Company did not consider this investment to be other-than-temporarily impaired at December 31, 2015 and 2014.


During the year ended December 31, 2014, three pooled trust preferred securities for which OTTI charges were recorded in previous periods, were sold for proceeds totaling $11.1 million, recording a net loss on sale of $2.3 million.


REMIC and CMO:


The unrealized losses in Real Estate Mortgage Investment Conduit (“REMIC”) and Collateralized Mortgage Obligation (“CMO”) securities at December 31, 2015 and 2014 consist of six and seven issues, respectively, from the Federal Home Loan Mortgage Corporation (“FHLMC”), 12 and 14 issues, respectively, from the Federal National Mortgage Association (“FNMA”), and 15 and eight issues, respectively, from Government National Mortgage Association (“GNMA”). Additionally, at December 31, 2014 unrealized losses include one private issue.


The unrealized losses on the REMIC and CMO securities issued by FHLMC, FNMA, and GNMA and the private issuer were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms, and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements, and contractual and regulatory obligations, none of which the Company believes would cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2015 and 2014.


GNMA:


The unrealized losses in GNMA mortgage-backed securities at December 31, 2015 and 2014 consist of a loss on one security. The unrealized loss was caused by movements in interest rates. It is not anticipated that this security would be settled at a price that is less than the amortized cost of the Company’s investment. This security is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell this security and it is more likely than not the Company will not be required to sell the security before recovery of the security’s amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes would cause the sale of the security. Therefore, the Company did not consider this security to be other-than-temporarily impaired at December 31, 2015 and 2014.


FNMA:


The unrealized losses in FNMA mortgage-backed securities at December 31, 2015 and 2014 consist of losses on 20 and 13 securities, respectively. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes will cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2015 and 2014.


FHMLC:


The unrealized losses in FHMLC mortgage-backed securities at December 31, 2015 and 2014 consist of losses on three and one securities, respectively. The unrealized losses were caused by movements in interest rates. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. The Company does not have the intent to sell these securities and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. This conclusion is based upon considering the Company’s cash and working capital requirements and contractual and regulatory obligations, none of which the Company believes will cause the sale of the securities. Therefore, the Company did not consider these investments to be other-than-temporarily impaired at December 31, 2015 and 2014.


Credit related impairment for mortgage-backed securities are determined for each security by estimating losses based on the following set of assumptions: (1) delinquency and foreclosure levels; (2) projected losses at various loss severity levels; and (3) credit enhancement and coverage. Based on these reviews, no OTTI charge was recorded during the years ended December 31, 2015 and 2014. The Company recorded credit related OTTI charges totaling $1.4 million on four private issue CMOs during the year ended December 31, 2013.


The private issue CMOs which incurred the above credit related OTTI charges were sold during the year ended December 31, 2013 for proceeds of $18.3 million realizing a loss on sale of $1.7 million.


The following table represents the activity related to the credit loss component recognized in earnings on debt securities held by the Company for which a portion of OTTI was recognized in AOCI for the periods indicated:


    For the years ended December 31,
    2015   2014   2013
    (In thousands)
Beginning balance   $ -     $ 3,738     $ 6,178  
                         
Recognition of actual losses     -       -       (842 )
OTTI charges due to credit loss recorded in earnings     -       -       1,419  
Securities sold during the period     -       (3,738 )     (3,017 )
                         
Ending balance   $ -     $ -     $ 3,738  

The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated:


    For the years ended
December 31,
    2015   2014   2013
    (In thousands)
Gross gains from the sale of securities   $ 2,899     $ 5,247     $ 5,222  
Gross losses from the sale of securities     (2,732 )     (2,372 )     (2,201 )
                         
Net gains from the sale of securities   $ 167     $ 2,875     $ 3,021  

Included in “Other assets” within our Consolidated Statements of Financial Condition are amounts held in a rabbi trust for certain non-qualified deferred compensation plans totaling $14.8 million and $14.0 million at December 31, 2015 and 2014, respectively.