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Note 2: Investments in Securities | 12 Months Ended
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Dec. 31, 2015
Notes |
Note 2: Investments in Securities | Note 2: Investments in Securities The amortized cost and fair values of securities classified as available-for-sale were as follows:
| December 31, 2015
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
(In Thousands) |  |  |  |  |  |  |
U.S. government agencies | $20,000 |  | $-- |  | $219 |  | $19,781
Mortgage-backed securities | 159,777 |  | 2,038 |  | 601 |  | 161,214
States and political subdivisions | 72,951 |  | 5,081 |  | 1 |  | 78,031
Other securities | 847 |  | 2,983 |  | -- |  | 3,830
| $253,575 |  | $10,102 |  | $821 |  | $262,856
| December 31, 2014
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
(In Thousands) |  |  |  |  |  |  |
U.S. government agencies | $20,000 |  | $-- |  | $486 |  | $19,514
Mortgage-backed securities | 254,294 |  | 4,325 |  | 821 |  | 257,798
States and political subdivisions | 79,237 |  | 5,810 |  | 7 |  | 85,040
Other securities | 847 |  | 2,307 |  | -- |  | 3,154
| $354,378 |  | $12,442 |  | $1,314 |  | $365,506
At December 31, 2015, the Company’s mortgage-backed securities portfolio consisted of GNMA securities totaling $101.6 million, FNMA securities totaling $17.6 million and FHLMC securities totaling $42.0 million. At December 31, 2015, $143.1 million of the Company’s mortgage-backed securities had variable rates of interest and $18.1 million had fixed rates of interest. The amortized cost and fair value of available-for-sale securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Amortized |  | Fair
| Cost |  | Value
(In Thousands) |  |  |
After one through five years | $619 |  | $649
After five through ten years | 3,566 |  | 3,715
After ten years | 88,766 |  | 93,448
Securities not due on a single maturity date | 159,777 |  | 161,214
Equity securities | 847 |  | 3,830
| $253,575 |  | $262,856
The amortized cost and fair values of securities classified as held to maturity were as follows:
| December 31, 2015
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
(In Thousands) |  |  |  |  |  |  |
States and political |  |  |  |  |  |  |
subdivisions | $353 |  | $31 |  | $-- |  | $384
| December 31, 2014
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
(In Thousands) |  |  |  |  |  |  |
States and political |  |  |  |  |  |  |
subdivisions | $450 |  | $49 |  | $-- |  | $499
The held-to-maturity securities at December 31, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Amortized |  | Fair
| Cost |  | Value
(In Thousands) |  |  |
After one through five years | $353 |  | $384
The amortized cost and fair values of securities pledged as collateral was as follows at December 31, 2015 and 2014:
| 2015 |  | 2014
| Amortized |  | Fair |  | Amortized |  | Fair
| Cost |  | Value |  | Cost |  | Value
(In Thousands) |  |  |  |  |  |  |
Public deposits | $60,355 |  | $62,288 |  | $130,760 |  | $133,940
Collateralized borrowing |  |  |  |  |  |  |
accounts | 131,813 |  | 131,950 |  | 160,130 |  | 161,145
Other | 5,149 |  | 5,330 |  | 3,965 |  | 4,053
| $197,317 |  | $199,568 |  | $294,855 |  | $299,138
Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2015 and 2014, was approximately $76.0 million and $106.0 million, respectively, which is approximately 28.9% and 29.0% of the Company’s available-for-sale and held-to-maturity investment portfolio, respectively. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary. The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2015 and 2014:
| 2015
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
Description of Securities | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
(In Thousands) |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $20,000 |  | $(219) |  | $-- |  | $-- |  | $20,000 |  | $(219)
Mortgage-backed securities | 45,494 |  | (348) |  | 9,635 |  | (253) |  | 55,129 |  | (601)
States and political subdivisions | -- |  | -- |  | 910 |  | (1) |  | 910 |  | (1)
| $65,494 |  | $(567) |  | $10,545 |  | $(254) |  | $76,039 |  | $(821)
| 2014
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
Description of Securities | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
(In Thousands) |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | $-- |  | $-- |  | $20,000 |  | $(486) |  | $20,000 |  | $(486)
Mortgage-backed securities | 40,042 |  | (328) |  | 45,056 |  | (493) |  | 85,098 |  | (821)
States and political subdivisions | -- |  | -- |  | 925 |  | (7) |  | 925 |  | (7)
| $40,042 |  | $(328) |  | $65,981 |  | $(986) |  | $106,023 |  | $(1,314)
Other-than-Temporary Impairment Upon acquisition of a security, the Company decides whether it is within the scope of the accounting guidance for beneficial interests in securitized financial assets or will be evaluated for impairment under the accounting guidance for investments in debt and equity securities. The accounting guidance for beneficial interests in securitized financial assets provides incremental impairment guidance for a subset of the debt securities within the scope of the guidance for investments in debt and equity securities. For securities where the security is a beneficial interest in securitized financial assets, the Company uses the beneficial interests in securitized financial asset impairment model. For securities where the security is not a beneficial interest in securitized financial assets, the Company uses the debt and equity securities impairment model. The Company does not currently have securities within the scope of this guidance for beneficial interests in securitized financial assets. The Company routinely conducts periodic reviews to identify and evaluate each investment security to determine whether an other-than-temporary impairment has occurred. The Company considers the length of time a security has been in an unrealized loss position, the relative amount of the unrealized loss compared to the carrying value of the security, the type of security and other factors. If certain criteria are met, the Company performs additional review and evaluation using observable market values or various inputs in economic models to determine if an unrealized loss is other than temporary. The Company uses quoted market prices for marketable equity securities and uses broker pricing quotes based on observable inputs for equity investments that are not traded on a stock exchange. For nonagency collateralized mortgage obligations, to determine if the unrealized loss is other than temporary, the Company projects total estimated defaults of the underlying assets (mortgages) and multiplies that calculated amount by an estimate of realizable value upon sale in the marketplace (severity) in order to determine the projected collateral loss. The Company also evaluates any current credit enhancement underlying these securities to determine the impact on cash flows. If the Company determines that a given security position will be subject to a write-down or loss, the Company records the expected credit loss as a charge to earnings. During 2015, 2014 and 2013, no securities were determined to have impairment that had become other than temporary. Credit Losses Recognized on Investments There were no debt securities that have experienced fair value deterioration due to credit losses, as well as due to other market factors, but are not otherwise other-than-temporarily impaired.

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