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Note 2 - Investment Securities | 3 Months Ended
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Mar. 31, 2017
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2. Investment Securities The following tables present the amortized cost and fair value of available-for-sale securities, including gross unrealized gains and losses, as of the dates indicated:
|  | March 31, 2017 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 1,312 |  |  | $ | 8 |  |  | $ | - |  |  | $ | 1,320 |
Municipal securities |  |  | 106,853 |  |  |  | 2,425 |  |  |  | (427 | ) |  |  | 108,851 |
Single issue trust preferred securities |  |  | 22,112 |  |  |  | - |  |  |  | (1,836 | ) |  |  | 20,276 |
Mortgage-backed Agency securities |  |  | 28,572 |  |  |  | 75 |  |  |  | (482 | ) |  |  | 28,165 |
Equity securities |  |  | 55 |  |  |  | 18 |  |  |  | - |  |  |  | 73 |
Total securities available for sale |  | $ | 158,904 |  |  | $ | 2,526 |  |  | $ | (2,745 | ) |  | $ | 158,685 |
|  | December 31, 2016 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 1,342 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 1,345 |
Municipal securities |  |  | 111,659 |  |  |  | 2,258 |  |  |  | (586 | ) |  |  | 113,331 |
Single issue trust preferred securities |  |  | 22,104 |  |  |  | - |  |  |  | (2,165 | ) |  |  | 19,939 |
Mortgage-backed Agency securities |  |  | 31,290 |  |  |  | 66 |  |  |  | (465 | ) |  |  | 30,891 |
Equity securities |  |  | 55 |  |  |  | 18 |  |  |  | - |  |  |  | 73 |
Total securities available for sale |  | $ | 166,450 |  |  | $ | 2,345 |  |  | $ | (3,216 | ) |  | $ | 165,579 |
The following tables present the amortized cost and fair value of held-to-maturity securities, including gross unrealized gains and losses, as of the dates indicated:
|  | March 31, 2017 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 36,725 |  |  | $ | 82 |  |  | $ | - |  |  | $ | 36,807 |
Corporate securities |  |  | 10,367 |  |  |  | 22 |  |  |  | - |  |  |  | 10,389 |
Total securities held to maturity |  | $ | 47,092 |  |  | $ | 104 |  |  | $ | - |  |  | $ | 47,196 |
|  | December 31, 2016 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 36,741 |  |  | $ | 124 |  |  | $ | - |  |  | $ | 36,865 |
Corporate securities |  |  | 10,392 |  |  |  | 11 |  |  |  | (2 | ) |  |  | 10,401 |
Total securities held to maturity |  | $ | 47,133 |  |  | $ | 135 |  |  | $ | (2 | ) |  | $ | 47,266 |
The following table presents the amortized cost and aggregate fair value of available-for-sale securities and held-to-maturity securities, by contractual maturity, as of the date indicated. Actual maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
|  | March 31, 2017 |
|  | Amortized |  |  |  |  |
(Amounts in thousands) |  | Cost |  |  | Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |
Due within one year |  | $ | 650 |  |  | $ | 653 |
Due after one year but within five years |  |  | 2,787 |  |  |  | 2,862 |
Due after five years but within ten years |  |  | 107,291 |  |  |  | 107,929 |
Due after ten years |  |  | 19,549 |  |  |  | 19,003 |
|  |  | 130,277 |  |  |  | 130,447 |
Mortgage-backed securities |  |  | 28,572 |  |  |  | 28,165 |
Equity securities |  |  | 55 |  |  |  | 73 |
Total securities available for sale |  | $ | 158,904 |  |  | $ | 158,685 |
Held-to-maturity securities |  |  |  |  |  |  |  |
Due within one year |  | $ | 21,844 |  |  | $ | 21,844 |
Due after one year but within five years |  |  | 25,248 |  |  |  | 25,352 |
Due after five years but within ten years |  |  | - |  |  |  | - |
Due after ten years |  |  | - |  |  |  | - |
Total securities held to maturity |  | $ | 47,092 |  |  | $ | 47,196 |
The following tables present the fair values and unrealized losses for available-for-sale securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the dates indicated:
|  | March 31, 2017 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 20,153 |  |  | $ | (375 | ) |  | $ | 721 |  |  | $ | (52 | ) |  | $ | 20,874 |  |  | $ | (427 | )
Single issue trust preferred securities |  |  | - |  |  |  | - |  |  |  | 20,276 |  |  |  | (1,836 | ) |  |  | 20,276 |  |  |  | (1,836 | )
Mortgage-backed Agency securities |  |  | 13,648 |  |  |  | (191 | ) |  |  | 10,283 |  |  |  | (291 | ) |  |  | 23,931 |  |  |  | (482 | )
Total |  | $ | 33,801 |  |  | $ | (566 | ) |  | $ | 31,280 |  |  | $ | (2,179 | ) |  | $ | 65,081 |  |  | $ | (2,745 | )
|  | December 31, 2016 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  | $ | 24,252 |  |  | $ | (527 | ) |  | $ | 715 |  |  | $ | (59 | ) |  | $ | 24,967 |  |  | $ | (586 | )
Single issue trust preferred securities |  |  | - |  |  |  | - |  |  |  | 19,939 |  |  |  | (2,165 | ) |  |  | 19,939 |  |  |  | (2,165 | )
Mortgage-backed Agency securities |  |  | 12,834 |  |  |  | (166 | ) |  |  | 11,851 |  |  |  | (299 | ) |  |  | 24,685 |  |  |  | (465 | )
Total |  | $ | 37,086 |  |  | $ | (693 | ) |  | $ | 32,505 |  |  | $ | (2,523 | ) |  | $ | 69,591 |  |  | $ | (3,216 | )
There were no unrealized losses for held-to-maturity securities as of March 31, 2017. The following table presents the fair values and unrealized losses for held-to-maturity securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer as of the date indicated:
|  | December 31, 2016 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  | $ | 3,533 |  |  | $ | (2 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,533 |  |  | $ | (2 | )
Total |  | $ | 3,533 |  |  | $ | (2 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,533 |  |  | $ | (2 | )
There were 73 individual securities in an unrealized loss position as of March 31, 2017, and their combined depreciation in value represented 1.33% of the investment securities portfolio. There were 82 individual securities in an unrealized loss position as of December 31, 2016, and their combined depreciation in value represented 1.51% of the investment securities portfolio. The Company reviews its investment portfolio quarterly for indications of other-than-temporary impairment (“OTTI”). The initial indicator of OTTI for both debt and equity securities is a decline in fair value below book value and the severity and duration of the decline. For debt securities, the credit-related OTTI is recognized as a charge to noninterest income and the noncredit-related OTTI is recognized in other comprehensive income (“OCI”). During the three months ended March 31, 2017 and 2016, the Company incurred no OTTI charges on debt securities. Temporary impairment on debt securities is primarily related to changes in benchmark interest rates, changes in pricing in the credit markets, and other current economic factors. For equity securities, the OTTI is recognized as a charge to noninterest income. During the three months ended March 31, 2017 and 2016, the Company incurred no OTTI charges related to equity securities. The carrying amount of securities pledged for various purposes totaled $133.79 million as of March 31, 2017, and $139.75 million as of December 31, 2016. The following table presents gross realized gains and losses from the sale of available-for-sale securities for the periods indicated:
|  | Three Months Ended |
|  | March 31, |
|  | 2017 |  |  | 2016 |
(Amounts in thousands) |  |  |  |  |  |  |  |
Gross realized gains |  | $ | - |  |  | $ | 132 |
Gross realized losses |  |  | - |  |  |  | (131 | )
Net gain on sale of securities |  | $ | - |  |  | $ | 1 |

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