XML 57 R10.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Note 3 - Investment Securities | 9 Months Ended
--- | ---
Sep. 30, 2015
Disclosure Text Block Supplement [Abstract] |
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block] |
3. |  | Investment Securities
Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at September 30, 2015 and December 31, 2014 are summarized as follows:
(In thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
September 30, 2015 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 34,495 |  |  | $ | 281 |  |  | $ | 48 |  |  | $ | 34,728 |
Agency CMO |  |  | 10,341 |  |  |  | 61 |  |  |  | 57 |  |  |  | 10,345 |
Other debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency notes and bonds |  |  | 16,751 |  |  |  | 43 |  |  |  | 2 |  |  |  | 16,792 |
Municipal obligations |  |  | 31,825 |  |  |  | 994 |  |  |  | 79 |  |  |  | 32,740 |
Subtotal - debt securities |  |  | 93,412 |  |  |  | 1,379 |  |  |  | 186 |  |  |  | 94,605 |
Mutual Funds |  |  | 605 |  |  |  | 0 |  |  |  | - |  |  |  | 605 |
Total Securities available for sale |  | $ | 94,017 |  |  | $ | 1,379 |  |  | $ | 186 |  |  | $ | 95,210 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 5 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5 |
Total securities held to maturity |  | $ | 5 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 5 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 32,135 |  |  | $ | 240 |  |  | $ | 79 |  |  | $ | 32,296 |
Agency CMO |  |  | 14,461 |  |  |  | 74 |  |  |  | 150 |  |  |  | 14,385 |
Other debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency notes and bonds |  |  | 18,136 |  |  |  | 32 |  |  |  | 48 |  |  |  | 18,120 |
Municipal obligations |  |  | 32,178 |  |  |  | 1,242 |  |  |  | 78 |  |  |  | 33,342 |
Subtotal - debt securities |  |  | 96,910 |  |  |  | 1,588 |  |  |  | 355 |  |  |  | 98,143 |
Mutual Funds |  |  | 2,083 |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,083 |
Total Securities available for sale |  | $ | 98,993 |  |  | $ | 1,588 |  |  | $ | 355 |  |  | $ | 100,226 |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 6 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6 |
Total securities held to maturity |  | $ | 6 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 6 |
Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (CMO) include securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal Home Loan Bank (FHLB), which are government-sponsored enterprises. The amortized cost and fair value of debt securities as of September 30, 2015, by contractual maturity, are shown below. Expected maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.
|  | Securities Available for Sale |  | Securities Held to Maturity
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
(In thousands) |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 1,513 |  |  | $ | 1,516 |  |  | $ | 0 |  |  | $ | 0 |
Due after one year through five years |  |  | 18,298 |  |  |  | 18,434 |  |  |  | 0 |  |  |  | 0 |
Due after five years through ten years |  |  | 15,809 |  |  |  | 16,195 |  |  |  |  |  |  |  |  |
Due after ten years |  |  | 12,956 |  |  |  | 13,387 |  |  |  | 0 |  |  |  | 0 |
|  |  | 48,576 |  |  |  | 49,532 |  |  |  | 0 |  |  |  | 0 |
Mortgage-backed securities and CMO |  |  | 44,836 |  |  |  | 45,073 |  |  |  | 5 |  |  |  | 5 |
|  | $ | 93,412 |  |  | $ | 94,605 |  |  | $ | 5 |  |  | $ | 5 |
Information pertaining to investment securities available for sale with gross unrealized losses at September 30, 2015, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows:
|  | Number of Investment Positions |  | Fair Value |  | Gross Unrealized Losses
(Dollars in thousands) |  |  |  |  |  |
Continuous loss position less than twelve months: |  |  |  |  |  |  |  |  |  |  |  |
Agency notes and bonds |  |  | 2 |  |  | $ | 1,398 |  |  | $ | 2 |
Agency mortgage-backed securities |  |  | 10 |  |  |  | 7,284 |  |  |  | 22 |
Municipal obligations |  |  | 8 |  |  |  | 3,021 |  |  |  | 31 |
Total less than twelve months |  |  | 20 |  |  |  | 11,703 |  |  |  | 55 |
Continuous loss position more than twelve months: |  |  |  |  |  |  |  |  |  |  |  |
Agency CMO |  |  | 9 |  |  |  | 6,249 |  |  |  | 57 |
Agency mortgage-backed securities |  |  | 4 |  |  |  | 4,294 |  |  |  | 26 |
Municipal obligations |  |  | 5 |  |  |  | 2,336 |  |  |  | 48 |
Total more than twelve months |  |  | 18 |  |  |  | 12,879 |  |  |  | 131 |
Total securities available for sale |  |  | 38 |  |  | $ | 24,582 |  |  | $ | 186 |
Management evaluates securities for other-than-temporary impairment at least quarterly, 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 September 30, 2015, the 38 U.S. government agency debt securities, including agency notes and bonds, mortgage-backed securities and CMO, and municipal obligations in a loss position, had depreciated approximately 0.8% from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by first mortgage loans and municipal project revenues. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale, no declines are deemed to be other-than-temporary. During the three and nine months ended September 30, 2015, the Company did not have any security sales. During the nine months ended September 30, 2014, the Company realized gross gains on sales of available for sale municipal securities and U.S. government agency mortgage-backed securities of $66,000 and $5,000, respectively and a loss of $17,000 on the sale of mutual funds. During the three months ended September 30, 2014, the Company realized gross gains on sales of available for sale municipal securities and U.S. government agency mortgage-backed securities of $12,000 and $5,000, respectively and a loss of $17,000 on the sale of mutual funds. In June 2014, the Company acquired an additional 31,750 shares of common stock in another financial institution, in addition to the 100,000 shares acquired in December 2013, representing approximately 9% of the outstanding common stock of the entity, for a total investment of $711,000. The investment is accounted for using the cost method of accounting and is included in other assets in the consolidated balance sheet.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockSupplementAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References No definition available. + Details
Name: | us-gaap_InvestmentsInDebtAndEquityInstrumentsCashAndCashEquivalentsUnrealizedAndRealizedGainsLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration