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Note 3 - Investment Securities | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ( 3 ) Investment Securities Investment securities as of June 30, 2019 and December 31, 2018 are summarized as follows:
June 30, 2019 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government Agencies Mortgage-Backed |  | $ | 403,165 |  |  | $ | 3,406 |  |  | $ | (3,163 | ) |  | $ | 403,408 |
State, County & Municipal |  |  | 3,511 |  |  |  | 63 |  |  |  | - |  |  |  | 3,574 |
Corporate Bonds |  |  | 2,870 |  |  |  | - |  |  |  | (13 | ) |  |  | 2,857 |
|  | $ | 409,546 |  |  | $ | 3,469 |  |  | $ | (3,176 | ) |  | $ | 409,839 |
December 31, 2018 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Securities Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government Agencies Mortgage-Backed |  | $ | 356,498 |  |  | $ | 303 |  |  | $ | (10,596 | ) |  | $ | 346,205 |
State, County & Municipal |  |  | 4,008 |  |  |  | 18 |  |  |  | (37 | ) |  |  | 3,989 |
Corporate Bonds |  |  | 2,927 |  |  |  | - |  |  |  | (55 | ) |  |  | 2,872 |
|  | $ | 363,433 |  |  | $ | 321 |  |  | $ | (10,688 | ) |  | $ | 353,066 |
The amortized cost and fair value of investment securities as of June 30, 2019, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below.
|  | Securities |
|  | Available for Sale |
|  | Amortized Cost |  |  | Fair Value |
Due In One Year or Less |  | $ | - |  |  | $ | - |
Due After One Year Through Five Years |  |  | 4,142 |  |  |  | 4,147 |
Due After Five Years Through Ten Years |  |  | 1,135 |  |  |  | 1,167 |
Due After Ten Years |  |  | 1,104 |  |  |  | 1,117 |
|  | $ | 6,381 |  |  | $ | 6,431 |
Mortgage-Backed Securities |  |  | 403,165 |  |  |  | 403,408 |
|  | $ | 409,546 |  |  | $ | 409,839 |
Proceeds from the sale of investments available for sale totaled $56,920 and $11,268 for the first six months of 2019 and 2018, respectively. The sale of investments available for sale during the first six months of 2019 resulted in gross realized gains $117 and losses of $52. The sale of investments available for sale during the first six months of 2018 resulted in gross realized gains of $116 and losses of $0. Proceeds from the sale of investments held to maturity totaled $1,766 for the first six months of 2019. The sale of investments held to maturity during the first six months of 2019 resulted in gross realized gains of $0 and losses of $0. The Bank did not sell any investments held to maturity during the first six months of 2018. Therefore, the Bank did not have any proceeds, gains or losses during the first six months of 2018. Investment securities having a carrying value approximating $169,821 and $178,978 as of June 30, 2019 and December 31, 2018, respectively, were pledged to secure public deposits and for other purposes. Information pertaining to securities with gross unrealized losses at June 30, 2019 and December 31, 2018 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Government Agencies Mortgage-Backed |  | $ | 9,891 |  |  | $ | (19 | ) |  | $ | 182,244 |  |  | $ | (3,144 | ) |  | $ | 192,135 |  |  | $ | (3,163 | )
State, County and Municipal |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Corporate Bonds |  |  | 2,015 |  |  |  | (6 | ) |  |  | 842 |  |  |  | (7 | ) |  |  | 2,857 |  |  |  | (13 | )
|  | $ | 11,906 |  |  | $ | (25 | ) |  | $ | 183,086 |  |  | $ | (3,151 | ) |  | $ | 194,992 |  |  | $ | (3,176 | )
December 31. 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies Mortgage-Backed |  | $ | 39,083 |  |  | $ | (504 | ) |  | $ | 255,747 |  |  | $ | (10,092 | ) |  | $ | 294,830 |  |  | $ | (10,596 | )
State, County and Municipal |  |  | 612 |  |  |  | (3 | ) |  |  | 1,882 |  |  |  | (34 | ) |  |  | 2,494 |  |  |  | (37 | )
Corporate Bonds |  |  | 2,009 |  |  |  | (21 | ) |  |  | 863 |  |  |  | (34 | ) |  |  | 2,872 |  |  |  | (55 | )
|  | $ | 41,704 |  |  | $ | (528 | ) |  | $ | 258,492 |  |  | $ | (10,160 | ) |  | $ | 300,196 |  |  | $ | (10,688 | )
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to ( 1 ) the length of time and the extent to which the fair value has been less than cost, ( 2 ) the financial condition and near-term prospects of the issuer and ( 3 ) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At June 30, 2019, 103 securities have unrealized losses which have depreciated 1.60 percent from the Company’s amortized cost basis. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary.

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