XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Note 2: Investments in Securities | 12 Months Ended
--- | ---
Dec. 31, 2018
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, 2018
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
Agency mortgage-backed securities | $ 154,557 |  | $ 1,272 |  | $ 2,571 |  | $ 153,258
Agency collateralized mortgage obligations | 39,024 |  | 250 |  | 14 |  | 39,260
States and political subdivisions | 50,022 |  | 1,428 |  | — |  | 51,450
| $ 243,603 |  | $ 2,950 |  | $ 2,585 |  | $ 243,968
| December 31, 2017
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
Agency mortgage-backed securities | $ 123,300 |  | $ 871 |  | $ 1,638 |  | $ 122,533
States and political subdivisions | 53,930 |  | 2,716 |  | — |  | 56,646
| $ 177,230 |  | $ 3,587 |  | $ 1,638 |  | $ 179,179
At December 31, 2018, the Company’s agency mortgage-backed securities portfolio consisted of FHLMC securities totaling $37.2 million, FNMA securities totaling $92.1 million and GNMA securities totaling $23.9 million. At December 31, 2018, agency collateralized mortgage obligations consisted of GNMA securities totaling $39.3 million, all of which are commercial multi-family fixed rate securities. At December 31, 2018, $108.5 million of the Company’s agency mortgage-backed securities had fixed rates of interest and $84.0 million had variable rates of interest. Of the total FNMA securities at December 31, 2018, $56.3 million are commercial multi-family fixed rate securities. The amortized cost and fair value of available-for-sale securities at December 31, 2018, 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 | $ 849 |  | $ 919
After five through ten years | 9,959 |  | 10,139
After ten years | 39,214 |  | 40,392
Securities not due on a single maturity date | 193,581 |  | 192,518
| $ 243,603 |  | $ 243,968
The amortized cost and fair values of securities classified as held to maturity were as follows. There were no securities classified as held to maturity at December 31, 2018:
| December 31, 2017
|  |  | Gross |  | Gross |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
States and political |  |  |  |  |  |  |
subdivisions | $ 130 |  | $ 1 |  | $ — |  | $ 131
The amortized cost and fair values of securities pledged as collateral was as follows at December 31, 2018 and 2017:
| 2018 |  | 2017
| Amortized |  | Fair |  | Amortized |  | Fair
| Cost |  | Value |  | Cost |  | Value
| (In Thousands)
Public deposits | $ 9,482 |  | $ 9,802 |  | $ 10,958 |  | $ 11,490
Collateralized borrowing |  |  |  |  |  |  |
accounts | 148,050 |  | 146,337 |  | 120,622 |  | 119,776
Other | 763 |  | 761 |  | 1,579 |  | 1,601
| $ 158,295 |  | $ 156,900 |  | $ 133,159 |  | $ 132,867
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, 2018 and 2017, was approximately $95.7 million and $89.7 million, respectively, which is approximately 39.2% and 50.0% 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, 2018 and 2017:
|  | 2018
|  | 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)
Agency mortgage-backed securities |  | $ 11,255 |  | $ (82) |  | $ 74,186 |  | $ (2,489) |  | $ 85,441 |  | $ (2,571)
Agency collateralized mortgage obligations |  | 9,725 |  | (14) |  | — |  | — |  | 9,725 |  | (14)
States and political subdivisions |  | 511 |  | — |  | — |  | — |  | 511 |  | —
|  | $ 21,491 |  | $ (96) |  | $ 74,186 |  | $ (2,489) |  | $ 95,677 |  | $ (2,585)
|  | 2017
|  | 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)
Agency mortgage-backed securities |  | $ 33,862 |  | $ (384) |  | $ 55,845 |  | $ (1,254) |  | $ 89,707 |  | $ (1,638)
States and political subdivisions |  | — |  | — |  | — |  | — |  | — |  | —
|  | $ 33,862 |  | $ (384) |  | $ 55,845 |  | $ (1,254) |  | $ 89,707 |  | $ (1,638)
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 2018, 2017 and 2016, no securities were determined to have impairment that had become other than temporary. Credit Losses Recognized on Investments During 2018, 2017 and 2016, 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.

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