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Note 4 - Investment Securities Available-for-Sale | 12 Months Ended
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Dec. 31, 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 The amortized cost and estimated fair values of investments available-for-sale at December 31, 2014 and 2013 are as follows:
December 31, 2014 |  |  |  |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Estimated Fair |
(dollars in thousands) |  | Amortized Cost |  |  | Gains |  |  | Losses |  |  | Value |
U. S. Government agency securities |  | $ | 29,434 |  |  | $ | 500 |  |  | $ | 40 |  |  | $ | 29,894 |
Residential mortgage backed securities |  |  | 241,120 |  |  |  | 1,716 |  |  |  | 2,516 |  |  |  | 240,320 |
Municipal bonds |  |  | 106,983 |  |  |  | 4,850 |  |  |  | 121 |  |  |  | 111,712 |
Other equity investments |  |  | 396 |  |  |  | 21 |  |  |  | - |  |  |  | 417 |
|  | $ | 377,933 |  |  | $ | 7,087 |  |  | $ | 2,677 |  |  | $ | 382,343 |
December 31, 2013 (dollars in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair 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 |
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 4.0 years. The gross unrealized gain on other equity investments represents common stock of one local banking company owned by the Company, and traded on a broker “bulletin board” exchange. The estimated fair value is determined by broker quoted prices. 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 December 31, 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 at maturity. In addition, at December 31, 2014, the Company held $22.6 million in equity securities in a combination of Federal Reserve Bank (“FRB”) and Federal Home Loan Bank (“FHLB”) stocks, which are held for regulatory purposes and are not marketable. 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 as of December 31, 2014 and 2013 are as follows:
December 31, 2014 |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(dollars in thousands) |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |
U. S. Government agency securities |  | $ | 2,001 |  |  | $ | 7 |  |  | $ | 1,750 |  |  | $ | 33 |  |  | $ | 3,751 |  |  | $ | 40 |
Residential mortgage backed securities |  |  | 49,644 |  |  |  | 221 |  |  |  | 86,028 |  |  |  | 2,295 |  |  |  | 135,672 |  |  |  | 2,516 |
Municipal bonds |  |  | 4,974 |  |  |  | 14 |  |  |  | 10,915 |  |  |  | 107 |  |  |  | 15,889 |  |  |  | 121 |
|  | $ | 56,619 |  |  | $ | 242 |  |  | $ | 98,693 |  |  | $ | 2,435 |  |  | $ | 155,312 |  |  | $ | 2,677 |
December 31, 2013 |  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
(dollars in thousands) |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized Losses |  |  | Estimated Fair Value |  |  | Unrealized 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 amortized cost and estimated fair values of investments available-for-sale at December 31, 2014 and 2013 by contractual maturity are shown 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.
|  | December 31, 2014 |  |  | December 31, 2013 |
(dollars in thousands) |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
U. S. Government agency securities maturing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less |  | $ | 2,998 |  |  | $ | 3,051 |  |  | $ | 19,025 |  |  | $ | 19,133 |
After one year through five years |  |  | 19,947 |  |  |  | 20,276 |  |  |  | 27,615 |  |  |  | 28,202 |
Five years through ten years |  |  | 6,489 |  |  |  | 6,567 |  |  |  | - |  |  |  | - |
Residential mortgage backed securities |  |  | 241,120 |  |  |  | 240,320 |  |  |  | 234,206 |  |  |  | 228,674 |
Municipal bonds maturing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less |  |  | 2,410 |  |  |  | 2,438 |  |  |  | - |  |  |  | - |
After one year through five years |  |  | 47,038 |  |  |  | 49,607 |  |  |  | 25,718 |  |  |  | 26,008 |
Five years through ten years |  |  | 54,983 |  |  |  | 56,927 |  |  |  | 76,705 |  |  |  | 75,732 |
After ten years |  |  | 2,552 |  |  |  | 2,740 |  |  |  | - |  |  |  | - |
Other equity investments |  |  | 396 |  |  |  | 417 |  |  |  | 396 |  |  |  | 384 |
|  | $ | 377,933 |  |  | $ | 382,343 |  |  | $ | 383,665 |  |  | $ | 378,133 |
In 2014, gross realized gains on sales of investment securities were $298 thousand and gross realized losses on sales of investment securities were $276 thousand. In 2013, gross realized gains on sales of investment securities were $237 thousand and gross realized losses on sales of investment securities were $218 thousand. In 2012, gross realized gains on sales of investment securities were $941 thousand and gross realized losses on sales of investment securities were $251 thousand. Proceeds from sales and calls of investment securities in 2014 were $49.91 million, in 2013 were $22.1 million, and in 2012 were $77.1 million. At December 31, 2014, $257.2 million (fair value) of securities were pledged as collateral for certain government deposits, securities sold under agreement to repurchase, and other related purposes. The outstanding balance of no single issuer, except for U.S. Government and U.S. Government agency securities, exceeded ten percent of shareholders’ equity at December 31, 2014 or 2013.

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