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Note 2 - Investment Securities | 9 Months Ended
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Sep. 30, 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:
|  | September 30, 2017 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 36,973 |  |  | $ | - |  |  | $ | (9 | ) |  | $ | 36,964 |
U.S. Agency securities |  |  | 1,254 |  |  |  | 21 |  |  |  | - |  |  |  | 1,275 |
Municipal securities |  |  | 102,347 |  |  |  | 2,648 |  |  |  | (88 | ) |  |  | 104,907 |
Single issue trust preferred securities |  |  | 9,363 |  |  |  | - |  |  |  | (401 | ) |  |  | 8,962 |
Mortgage-backed Agency securities |  |  | 22,518 |  |  |  | 72 |  |  |  | (347 | ) |  |  | 22,243 |
Equity securities |  |  | 55 |  |  |  | 18 |  |  |  | - |  |  |  | 73 |
Total securities available for sale |  | $ | 172,510 |  |  | $ | 2,759 |  |  | $ | (845 | ) |  | $ | 174,424 |
|  | 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:
|  | September 30, 2017 |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 17,949 |  |  | $ | 31 |  |  | $ | - |  |  | $ | 17,980 |
Corporate securities |  |  | 7,233 |  |  |  | 13 |  |  |  | - |  |  |  | 7,246 |
Total securities held to maturity |  | $ | 25,182 |  |  | $ | 44 |  |  | $ | - |  |  | $ | 25,226 |
|  | 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 |
T he 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.
|  | September 30, 2017 |
|  | Amortized |  |  |  |  |
(Amounts in thousands) |  | Cost |  |  | Fair Value |
Available-for-sale securities |  |  |  |  |  |  |  |
Due within one year |  | $ | 37,288 |  |  | $ | 37,279 |
Due after one year but within five years |  |  | 5,617 |  |  |  | 5,734 |
Due after five years but within ten years |  |  | 96,693 |  |  |  | 98,602 |
Due after ten years |  |  | 10,339 |  |  |  | 10,493 |
|  |  | 149,937 |  |  |  | 152,108 |
Mortgage-backed securities |  |  | 22,518 |  |  |  | 22,243 |
Equity securities |  |  | 55 |  |  |  | 73 |
Total securities available for sale |  | $ | 172,510 |  |  | $ | 174,424 |
Held-to-maturity securities |  |  |  |  |  |  |  |
Due within one year |  | $ | - |  |  | $ | - |
Due after one year but within five years |  |  | 25,182 |  |  |  | 25,226 |
Due after five years but within ten years |  |  | - |  |  |  | - |
Due after ten years |  |  | - |  |  |  | - |
Total securities held to maturity |  | $ | 25,182 |  |  | $ | 25,226 |
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:
|  | September 30, 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 36,963 |  |  | $ | (9 | ) |  | $ | - |  |  | $ | - |  |  | $ | 36,963 |  |  | $ | (9 | )
Municipal securities |  |  | 9,421 |  |  |  | (52 | ) |  |  | 1,427 |  |  |  | (36 | ) |  |  | 10,848 |  |  |  | (88 | )
Single issue trust preferred securities |  |  | - |  |  |  | - |  |  |  | 8,962 |  |  |  | (401 | ) |  |  | 8,962 |  |  |  | (401 | )
Mortgage-backed Agency securities |  |  | 7,898 |  |  |  | (59 | ) |  |  | 8,281 |  |  |  | (288 | ) |  |  | 16,179 |  |  |  | (347 | )
Total |  | $ | 54,282 |  |  | $ | (120 | ) |  | $ | 18,670 |  |  | $ | (725 | ) |  | $ | 72,952 |  |  | $ | (845 | )
|  | 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 September 30, 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 | )
T here were 45 individual securities in an unrealized loss position as of September 30, 2017, and their combined depreciation in value represented 0.42% 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 and nine months ended September 30, 2017, the Company incurred no OTTI charges on debt securities. During the three and nine months ended September 30, 2016, the Company incurred OTTI charges on debt securities owned of $4.64 million related to the Company’s change in intent to hold certain securities to recovery. The intent was changed to sell specific trust preferred securities in the Company’s investment portfolio primarily to reduce credit concentrations with two issuers. 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 and nine months ended September 30, 2017, the Company incurred no OTTI charges related to equity securities. During the three months ended September 30, 2016, the Company incurred no OTTI charges related to equity holdings. During the nine months ended September 30, 2016, the Company incurred OTTI charges related to certain equity holdings of $11 thousand. The following table presents gross realized gains and losses from the sale of available-for-sale securities for the periods indicated:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | - |  |  | $ | 203 |  |  | $ | - |  |  | $ | 344 |
Gross realized losses |  |  | - |  |  |  | (178 | ) |  |  | (657 | ) |  |  | (397 | )
Net gain (loss) on sale of securities |  | $ | - |  |  | $ | 25 |  |  | $ | (657 | ) |  | $ | (53 | )
The carrying amount of securities pledged for various purposes totaled $99.69 million as of September 30, 2017, and $139.75 million as of December 31, 2016.

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