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Note 4 - Investment Securities Available-for-sale | 6 Months Ended
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Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
Note 4. | Investment Securities Available-for-Sale
Amortized cost and estimated fair value of securities available-for-sale are summarized as follows:
|  |  |  |  |  | Gross |  |  |  | Gross |  |  | Estimated |
June 30, 2014 |  | Amortized |  |  | Unrealized |  |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  |  | Losses |  |  | Value |
U. S. Government agency securities |  | $ | 43,772 |  |  | $ | 715 |  |  |  | $ | 99 |  |  | $ | 44,388 |
Residential mortgage backed securities |  |  | 222,289 |  |  |  | 1,715 |  |  |  |  | 3,101 |  |  |  | 220,903 |
Municipal bonds |  |  | 109,471 |  |  |  | 4,347 |  |  |  |  | 506 |  |  |  | 113,312 |
Other equity investments |  |  | 396 |  |  |  | - |  |  |  |  | 9 |  |  |  | 387 |
|  | $ | 375,928 |  |  | $ | 6,777 |  |  |  | $ | 3,715 |  |  | $ | 378,990 |
|  |  |  |  |  | Gross |  |  |  | Gross |  |  | Estimated |
December 31, 2013 |  | Amortized |  |  | Unrealized |  |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  |  | Losses |  |  | Value |
U. S. Government agency securities |  | $ | 46,640 |  |  | $ | 843 |  |  |  | $ | 148 |  |  | $ | 47,335 |
Residential mortgage backed securities |  |  | 234,206 |  |  |  | 1,143 |  |  |  |  | 6,675 |  |  |  | 228,674 |
Municipal bonds |  |  | 102,423 |  |  |  | 2,017 |  |  |  |  | 2,700 |  |  |  | 101,740 |
Other equity investments |  |  | 396 |  |  |  | - |  |  |  |  | 12 |  |  |  | 384 |
|  | $ | 383,665 |  |  | $ | 4,003 |  |  |  | $ | 9,535 |  |  | $ | 378,133 |
Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in a continuous unrealized loss position are as follows:
|  | Less than |  |  | 12 Months |  |  |  |  |  |  |  |  |
|  | 12 Months |  |  | or Greater |  |  | Total |
|  | Estimated |  |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |
June 30, 2014 |  | Fair |  |  | Unrealized |  |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(dollars in thousands) |  | Value |  |  | Losses |  |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U. S. Government agency securities |  | $ | 2,015 |  |  | $ | 5 |  |  |  | $ | 4,774 |  |  | $ | 94 |  |  | $ | 6,789 |  |  | $ | 99 |
Residential mortgage backed securities |  |  | 25,330 |  |  |  | 125 |  |  |  |  | 100,557 |  |  |  | 2,976 |  |  |  | 125,887 |  |  |  | 3,101 |
Municipal bonds |  |  | 7,304 |  |  |  | 42 |  |  |  |  | 20,044 |  |  |  | 464 |  |  |  | 27,348 |  |  |  | 506 |
Other equity investments |  |  | 169 |  |  |  | 9 |  |  |  |  | - |  |  |  | - |  |  |  | 169 |  |  |  | 9 |
|  | $ | 34,818 |  |  | $ | 181 |  |  |  | $ | 125,375 |  |  | $ | 3,534 |  |  | $ | 160,193 |  |  | $ | 3,715 |
|  | Less than |  |  |  | 12 Months |  |  |  |  |  |  |  |  |
|  | 12 Months |  |  |  | or Greater |  |  | Total |
|  | Estimated |  |  |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |
December 31, 2013 |  | Fair |  |  |  | Unrealized |  |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(dollars in thousands) |  | Value |  |  |  | Losses |  |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U. S. Government agency securities |  | $ | 4,782 |  |  |  | $ | 148 |  |  |  | $ | - |  |  | $ | - |  |  | $ | 4,782 |  |  | $ | 148 |
Residential mortgage backed securities |  |  | 155,475 |  |  |  |  | 5,992 |  |  |  |  | 15,658 |  |  |  | 683 |  |  |  | 171,133 |  |  |  | 6,675 |
Municipal bonds |  |  | 50,450 |  |  |  |  | 2,512 |  |  |  |  | 3,196 |  |  |  | 188 |  |  |  | 53,646 |  |  |  | 2,700 |
Other equity investments |  |  | - |  |  |  |  | - |  |  |  |  | 165 |  |  |  | 12 |  |  |  | 165 |  |  |  | 12 |
|  | $ | 210,707 |  |  |  | $ | 8,652 |  |  |  | $ | 19,019 |  |  | $ | 883 |  |  | $ | 229,726 |  |  | $ | 9,535 |
The unrealized losses that exist are generally the result of changes in market interest rates and interest spread relationships since original purchases. The weighted average duration of debt securities, which comprise 99.9% of total investment securities, is relatively short at 4.1 years. If quoted prices are not available, fair value is measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. The Company does not believe that the investment securities that were in an unrealized loss position as of June 30, 2014 represent an other-than-temporary impairment for the reasons noted. The Company does not intend to sell the investments and it is more likely than not that the Company will not have to sell the securities before recovery of its amortized cost basis, which may be maturity. In addition, at June 30, 2014, the Company held $10.6 million in equity securities in a combination of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stocks, which are required to be held for regulatory purposes and are not marketable. The amortized cost and estimated fair value of investments available-for-sale by contractual maturity are shown in the table below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2014 |  |  | December 31, 2013 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
(dollars in thousands) |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
U. S. Government agency securities maturing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less |  | $ | 8,003 |  |  | $ | 8,014 |  |  | $ | 19,025 |  |  | $ | 19,133 |
After one year through five years |  |  | 29,290 |  |  |  | 29,811 |  |  |  | 27,615 |  |  |  | 28,202 |
Five years through ten years |  |  | 6,479 |  |  |  | 6,563 |  |  |  | - |  |  |  | - |
Residential mortgage backed securities |  |  | 222,289 |  |  |  | 220,903 |  |  |  | 234,206 |  |  |  | 228,674 |
Municipal bonds maturing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
After one year through five years |  |  | 39,300 |  |  |  | 40,933 |  |  |  | 25,718 |  |  |  | 26,008 |
Five years through ten years |  |  | 66,561 |  |  |  | 68,577 |  |  |  | 76,705 |  |  |  | 75,732 |
Ten years through fifteen years |  |  | 3,610 |  |  |  | 3,802 |  |  |  | - |  |  |  | - |
Other equity investments |  |  | 396 |  |  |  | 387 |  |  |  | 396 |  |  |  | 384 |
|  | $ | 375,928 |  |  | $ | 378,990 |  |  | $ | 383,665 |  |  | $ | 378,133 |
The carrying value of securities pledged as collateral for certain government deposits, securities sold under agreements to repurchase, and certain lines of credit with correspondent banks at June 30, 2014 was $263.5 million. As of June 30, 2014 and December 31, 2013, there were no holdings of securities of any one issuer, other than the U.S. Government and U.S. Government agency securities that exceeded ten percent of shareholders’ equity.

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