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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.

- Definition

The entire disclosure for investments in certain debt and equity securities.

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