XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 4 - Investment Securities Available-for-sale | 12 Months Ended
--- | ---
Dec. 31, 2015
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, 2015 and 2014 are as follows:
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
December 31, 2015 |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U. S. agency securities |  | $ | 56,775 |  |  | $ | 477 |  |  | $ | 277 |  |  | $ | 56,975 |
Residential mortgage backed securities |  |  | 299,709 |  |  |  | 692 |  |  |  | 3,160 |  |  |  | 297,241 |
Municipal bonds |  |  | 114,253 |  |  |  | 4,131 |  |  |  | 3 |  |  |  | 118,381 |
Corporate bonds |  |  | 15,090 |  |  |  | - |  |  |  | 152 |  |  |  | 14,938 |
Other equity investments |  |  | 307 |  |  |  | 27 |  |  |  | - |  |  |  | 334 |
|  | $ | 486,134 |  |  | $ | 5,327 |  |  | $ | 3,592 |  |  | $ | 487,869 |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
December 31, 2014 |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(dollars in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
U. S. 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 |
In addition, at December 31, 2015 and December 31, 2014, the Company held $16.9 million and $22.6 million in equity securities in a combination of Federal Reserve Bank and Federal Home Loan Bank (“FHLB”) stocks, which are required to be held for regulatory purposes and which are not marketable, and therefore are carried at cost. 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 3.9 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 December 31, 2015 represent an other-than-temporary impairment. 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. 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, 2015 and 2014 are as follows:
|  | Less than |  |  | 12 Months |  |  |  |  |  |  |  |  |
|  | 12 Months |  |  | or Greater |  |  | Total |
|  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |
December 31, 2015 |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(dollars in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U. S. Government agency securities |  | $ | 32,927 |  |  | $ | 277 |  |  | $ | - |  |  | $ | - |  |  | $ | 32,927 |  |  | $ | 277 |
Residential mortgage backed securities |  |  | 157,871 |  |  |  | 1,438 |  |  |  | 58,954 |  |  |  | 1,722 |  |  |  | 216,825 |  |  |  | 3,160 |
Municipal bonds |  |  | 1,559 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 1,559 |  |  |  | 3 |
Corporate bonds |  |  | 14,938 |  |  |  | 152 |  |  |  | - |  |  |  | - |  |  |  | 14,938 |  |  |  | 152 |
|  | $ | 207,295 |  |  | $ | 1,870 |  |  | $ | 58,954 |  |  | $ | 1,722 |  |  | $ | 266,249 |  |  | $ | 3,592 |
|  | Less than |  |  | 12 Months |  |  |  |  |  |  |  |  |
|  | 12 Months |  |  | or Greater |  |  | Total |
|  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |
December 31, 2014 |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(dollars in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
U. S. 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 |
The amortized cost and estimated fair values of investments available-for-sale at December 31, 2015 and 2014 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.
|  | December 31, 2015 |  |  | December 31, 2014 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
(dollars in thousands) |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
U. S. agency securities maturing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less |  | $ | 31,436 |  |  | $ | 31,361 |  |  | $ | 2,998 |  |  | $ | 3,051 |
After one year through five years |  |  | 18,826 |  |  |  | 19,047 |  |  |  | 19,947 |  |  |  | 20,276 |
Five years through ten years |  |  | 6,513 |  |  |  | 6,567 |  |  |  | 6,489 |  |  |  | 6,567 |
Residential mortgage backed securities |  |  | 299,709 |  |  |  | 297,241 |  |  |  | 241,120 |  |  |  | 240,320 |
Municipal bonds maturing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less |  |  | 4,450 |  |  |  | 4,478 |  |  |  | 2,410 |  |  |  | 2,438 |
After one year through five years |  |  | 41,213 |  |  |  | 43,720 |  |  |  | 47,038 |  |  |  | 49,607 |
Five years through ten years |  |  | 66,001 |  |  |  | 67,398 |  |  |  | 54,983 |  |  |  | 56,927 |
After ten years |  |  | 2,589 |  |  |  | 2,785 |  |  |  | 2,552 |  |  |  | 2,740 |
Corporate bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
After one year through five years |  |  | 15,090 |  |  |  | 14,938 |  |  |  | - |  |  |  | - |
Other equity investments |  |  | 307 |  |  |  | 334 |  |  |  | 396 |  |  |  | 417 |
|  | $ | 486,134 |  |  | $ | 487,869 |  |  | $ | 377,933 |  |  | $ | 382,343 |
In 2015, gross realized gains on sales of investment securities were $2.7 million and gross realized losses on sales of investment securities were $475 thousand. 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. Proceeds from sales and calls of investment securities for 2015, 2014 and 2013 were $111.7 million, $49.9 million, and $22.1 million, respectively. 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 December 31, 2015 was $416.5 million, which is well in excess of required amounts in order to operationally provide significant reserve amounts for new business. As of December 31, 2015 and December 31, 2014, there were no holdings of securities of any one issuer, other than the U.S. Government and U.S. agency securities, which exceeded ten percent of shareholders’ equity.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration