XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.19.1

Note 4 - Securities | 3 Months Ended
--- | ---
Mar. 31, 2019
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
4. | Securities
The Company did not hold any trading securities at March 31, 2019 and December 31, 2018. 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 March 31, 2019:
|  | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
|  | (In thousands)
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipals |  | $ | 22,532 |  |  | $ | 22,276 |  |  | $ | – |  |  | $ | 256 |
Total other securities |  |  | 22,532 |  |  |  | 22,276 |  |  |  | – |  |  |  | 256 |
FNMA |  |  | 7,949 |  |  |  | 7,726 |  |  |  | – |  |  |  | 223 |
Total mortgage-backed securities |  |  | 7,949 |  |  |  | 7,726 |  |  |  | – |  |  |  | 223 |
Total |  | $ | 30,481 |  |  | $ | 30,002 |  |  | $ | – |  |  | $ | 479 |
The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2018:
|  | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
|  | (In thousands)
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipals |  | $ | 24,065 |  |  | $ | 22,508 |  |  | $ | – |  |  | $ | 1,557 |
Total other securities |  |  | 24,065 |  |  |  | 22,508 |  |  |  | – |  |  |  | 1,557 |
FNMA |  |  | 7,953 |  |  |  | 7,366 |  |  |  | – |  |  |  | 587 |
Total mortgage-backed securities |  |  | 7,953 |  |  |  | 7,366 |  |  |  | – |  |  |  | 587 |
Total |  | $ | 32,018 |  |  | $ | 29,874 |  |  | $ | – |  |  | $ | 2,144 |
The following table summarizes the Company’s portfolio of securities available for sale at March 31, 2019:
|  | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
|  | (In thousands)
Corporate |  | $ | 130,000 |  |  | $ | 121,382 |  |  | $ | – |  |  | $ | 8,618 |
Municipals |  |  | 32,772 |  |  |  | 33,061 |  |  |  | 289 |  |  |  | – |
Mutual funds |  |  | 11,802 |  |  |  | 11,802 |  |  |  | – |  |  |  | – |
Collateralized loan obligations |  |  | 100,311 |  |  |  | 99,305 |  |  |  | 10 |  |  |  | 1,016 |
Other |  |  | 1,289 |  |  |  | 1,289 |  |  |  | – |  |  |  | – |
Total other securities |  |  | 276,174 |  |  |  | 266,839 |  |  |  | 299 |  |  |  | 9,634 |
REMIC and CMO |  |  | 400,522 |  |  |  | 396,890 |  |  |  | 1,719 |  |  |  | 5,351 |
GNMA |  |  | 766 |  |  |  | 810 |  |  |  | 44 |  |  |  | – |
FNMA |  |  | 95,360 |  |  |  | 94,197 |  |  |  | 302 |  |  |  | 1,465 |
FHLMC |  |  | 87,736 |  |  |  | 87,288 |  |  |  | 413 |  |  |  | 861 |
Total mortgage-backed securities |  |  | 584,384 |  |  |  | 579,185 |  |  |  | 2,478 |  |  |  | 7,677 |
Total securities available for sale |  | $ | 860,558 |  |  | $ | 846,024 |  |  | $ | 2,777 |  |  | $ | 17,311 |
The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2018:
|  | Amortized Cost |  | Fair Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses
|  | (In thousands)
Corporate |  | $ | 130,000 |  |  | $ | 118,535 |  |  | $ | – |  |  | $ | 11,465 |
Municipals |  |  | 46,231 |  |  |  | 46,574 |  |  |  | 343 |  |  |  | – |
Mutual funds |  |  | 11,586 |  |  |  | 11,586 |  |  |  | – |  |  |  | – |
Collateralized loan obligations |  |  | 88,396 |  |  |  | 86,751 |  |  |  | – |  |  |  | 1,645 |
Other |  |  | 1,256 |  |  |  | 1,256 |  |  |  | – |  |  |  | – |
Total other securities |  |  | 277,469 |  |  |  | 264,702 |  |  |  | 343 |  |  |  | 13,110 |
REMIC and CMO |  |  | 382,632 |  |  |  | 376,340 |  |  |  | 885 |  |  |  | 7,177 |
GNMA |  |  | 785 |  |  |  | 826 |  |  |  | 41 |  |  |  | – |
FNMA |  |  | 94,069 |  |  |  | 91,693 |  |  |  | 72 |  |  |  | 2,448 |
FHLMC |  |  | 90,377 |  |  |  | 89,094 |  |  |  | 113 |  |  |  | 1,396 |
Total mortgage-backed securities |  |  | 567,863 |  |  |  | 557,953 |  |  |  | 1,111 |  |  |  | 11,021 |
Total securities available for sale |  | $ | 845,332 |  |  | $ | 822,655 |  |  | $ | 1,454 |  |  | $ | 24,131 |
We did not hold any private issue CMO’s that are collateralized by commercial real estate mortgages at March 31, 2019 and December 31, 2018. The corporate securities held by the Company at March 31, 2019 and December 31, 2018 are issued by U.S. banking institutions. The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at March 31, 2019, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Securities held-to-maturity: |  | Amortized Cost |  | Fair Value
|  | (In thousands)
Due in one year or less |  | $ | 1,180 |  |  | $ | 1,180 |
Due after ten years |  |  | 21,352 |  |  |  | 21,096 |
Total other securities |  |  | 22,532 |  |  |  | 22,276 |
Mortgage-backed securities |  |  | 7,949 |  |  |  | 7,726 |
Total |  | $ | 30,481 |  |  | $ | 30,002 |
Securities available for sale: |  | Amortized Cost |  | Fair Value
|  | (In thousands)
Due after one year through five years |  | $ | 10,000 |  |  | $ | 9,587 |
Due after five years through ten years |  |  | 131,963 |  |  |  | 123,717 |
Due after ten years |  |  | 122,409 |  |  |  | 121,733 |
Total other securities |  |  | 264,372 |  |  |  | 255,037 |
Mutual funds |  |  | 11,802 |  |  |  | 11,802 |
Mortgage-backed securities |  |  | 584,384 |  |  |  | 579,185 |
Total |  | $ | 860,558 |  |  | $ | 846,024 |
The following tables show the Company’s 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 the dates indicated:
|  | At March 31, 2019
|  |  |  | Total |  | Less than 12 months |  | 12 months or more
|  | Count |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  |  |  | (Dollars in thousands)
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipals |  |  | 1 |  |  | $ | 21,096 |  |  | $ | 256 |  |  | $ | – |  |  | $ | – |  |  | $ | 21,096 |  |  | $ | 256 |
Total other securities |  |  | 1 |  |  |  | 21,096 |  |  |  | 256 |  |  |  | – |  |  |  | – |  |  |  | 21,096 |  |  |  | 256 |
FNMA |  |  | 1 |  |  |  | 7,726 |  |  |  | 223 |  |  |  | – |  |  |  | – |  |  |  | 7,726 |  |  |  | 223 |
Total mortgage-backed securities |  |  | 1 |  |  |  | 7,726 |  |  |  | 223 |  |  |  | – |  |  |  | – |  |  |  | 7,726 |  |  |  | 223 |
Total |  |  | 2 |  |  | $ | 28,822 |  |  | $ | 479 |  |  | $ | – |  |  | $ | – |  |  | $ | 28,822 |  |  | $ | 479 |
Available for sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  |  | 16 |  |  | $ | 121,382 |  |  | $ | 8,618 |  |  | $ | 19,419 |  |  | $ | 581 |  |  | $ | 101,963 |  |  | $ | 8,037 |
CLO |  |  | 11 |  |  |  | 85,896 |  |  |  | 1,016 |  |  |  | 85,896 |  |  |  | 1,016 |  |  |  | – |  |  |  | – |
Total other securities |  |  | 27 |  |  |  | 207,278 |  |  |  | 9,634 |  |  |  | 105,315 |  |  |  | 1,597 |  |  |  | 101,963 |  |  |  | 8,037 |
REMIC and CMO |  |  | 36 |  |  |  | 215,761 |  |  |  | 5,351 |  |  |  | 20,259 |  |  |  | 79 |  |  |  | 195,502 |  |  |  | 5,272 |
FNMA |  |  | 12 |  |  |  | 77,992 |  |  |  | 1,465 |  |  |  | – |  |  |  | – |  |  |  | 77,992 |  |  |  | 1,465 |
FHLMC |  |  | 3 |  |  |  | 50,602 |  |  |  | 861 |  |  |  | 9,657 |  |  |  | 97 |  |  |  | 40,945 |  |  |  | 764 |
Total mortgage-backed securities |  |  | 51 |  |  |  | 344,355 |  |  |  | 7,677 |  |  |  | 29,916 |  |  |  | 176 |  |  |  | 314,439 |  |  |  | 7,501 |
Total |  |  | 78 |  |  | $ | 551,633 |  |  | $ | 17,311 |  |  | $ | 135,231 |  |  | $ | 1,773 |  |  | $ | 416,402 |  |  | $ | 15,538 |
|  | At December 31, 2018
|  |  |  | Total |  | Less than 12 months |  | 12 months or more
|  | Count |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (Dollars in thousands)
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipals |  |  | 1 |  |  | $ | 19,940 |  |  | $ | 1,557 |  |  | $ | – |  |  | $ | – |  |  | $ | 19,940 |  |  | $ | 1,557 |
Total other securities |  |  | 1 |  |  |  | 19,940 |  |  |  | 1,557 |  |  |  | – |  |  |  | – |  |  |  | 19,940 |  |  |  | 1,557 |
FNMA |  |  | 1 |  |  |  | 7,366 |  |  |  | 587 |  |  |  | – |  |  |  | – |  |  |  | 7,366 |  |  |  | 587 |
Total mortgage-backed securities |  |  | 1 |  |  |  | 7,366 |  |  |  | 587 |  |  |  | – |  |  |  | – |  |  |  | 7,366 |  |  |  | 587 |
Total securities held-to-maturity |  |  | 2 |  |  | $ | 27,306 |  |  | $ | 2,144 |  |  | $ | – |  |  | $ | – |  |  | $ | 27,306 |  |  | $ | 2,144 |
Available for sale securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  |  | 16 |  |  | $ | 118,535 |  |  | $ | 11,465 |  |  | $ | 19,113 |  |  | $ | 888 |  |  | $ | 99,422 |  |  | $ | 10,577 |
Municipals |  |  | 3 |  |  |  | 4,220 |  |  |  | – |  |  |  | 4,220 |  |  |  | – |  |  |  | – |  |  |  | – |
CLO |  |  | 11 |  |  |  | 86,752 |  |  |  | 1,645 |  |  |  | 86,752 |  |  |  | 1,645 |  |  |  | – |  |  |  | – |
Total other securities |  |  | 30 |  |  |  | 209,507 |  |  |  | 13,110 |  |  |  | 110,085 |  |  |  | 2,533 |  |  |  | 99,422 |  |  |  | 10,577 |
REMIC and CMO |  |  | 39 |  |  |  | 243,756 |  |  |  | 7,177 |  |  |  | 17,308 |  |  |  | 200 |  |  |  | 226,448 |  |  |  | 6,977 |
GNMA |  |  | 1 |  |  |  | 51 |  |  |  | – |  |  |  | 51 |  |  |  | – |  |  |  | – |  |  |  | – |
FNMA |  |  | 14 |  |  |  | 85,046 |  |  |  | 2,448 |  |  |  | 6,372 |  |  |  | 17 |  |  |  | 78,674 |  |  |  | 2,431 |
FHLMC |  |  | 3 |  |  |  | 51,288 |  |  |  | 1,396 |  |  |  | 10,116 |  |  |  | 95 |  |  |  | 41,172 |  |  |  | 1,301 |
Total mortgage-backed securities |  |  | 57 |  |  |  | 380,141 |  |  |  | 11,021 |  |  |  | 33,847 |  |  |  | 312 |  |  |  | 346,294 |  |  |  | 10,709 |
Total securities available for sale |  |  | 87 |  |  | $ | 589,648 |  |  | $ | 24,131 |  |  | $ | 143,932 |  |  | $ | 2,845 |  |  | $ | 445,716 |  |  | $ | 21,286 |
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 in an unrealized loss position, 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 loss (“AOCL”) within Stockholders’ Equity. Unrealized losses on available for sale securities, that are deemed to be temporary, are recorded in AOCL, net of tax. The Company reviewed each investment that had an unrealized loss at March 31, 2019 and December 31, 2018. The unrealized losses in held-to-maturity municipal securities at March 31, 2019 and December 31, 2018 were caused by illiquidity in the market and movements in interest rates. The unrealized losses in held-to-maturity FNMA securities at March 31, 2019 and December 31, 2018 were caused by movements in interest rates. The unrealized losses in securities available for sale at March 31, 2019 and December 31, 2018 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 March 31, 2019 and December 31, 2018. Realized gains and losses on the sales of securities are determined using the specific identification method. The Company did not sell any securities during the three months ended March 31, 2019 and 2018.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration