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Note 2 - Investment Securities
 6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]
2.
       Investment Securities
 
Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at
June 30, 2018
and
December 31, 2017
are summarized as follows:
 
 
 
(In thousands)
  
Amortized
Cost
   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		    
Fair
Value
                 
June 30, 2018                                
Securities available for sale:                                
Agency mortgage-backed securities   $
105,294
     $
1
     $
4,754
     $
100,541
  
Agency CMO    
23,168
      
5
      
511
      
22,662
  
Other debt securities:                                
Agency notes and bonds    
70,477
      
-
      
1,481
      
68,996
  
Municipal obligations    
59,693
      
489
      
943
      
59,239
  
                                 
Total securities available for sale   $
258,632
     $
495
     $
7,689
     $
251,438
  
                                 
December 31, 2017                                
Securities available for sale:                                
Agency mortgage-backed securities   $
114,902
     $
-
     $
2,253
     $
112,649
  
Agency CMO    
15,660
      
1
      
338
      
15,323
  
Other debt securities:                                
Agency notes and bonds    
70,013
      
-
      
985
      
69,028
  
Municipal obligations    
73,303
      
1,274
      
405
      
74,172
  
                                 
Total securities available for sale   $
273,878
     $
1,275
     $
3,981
     $
271,172
  
                                 
Securities held to maturity:                                
Agency mortgage-backed securities   $
1
     $
-
     $
-
     $
1
  
                                 
Total securities held to maturity   $
1
     $
-
     $
-
     $
1
  
 
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
June 30, 2018,
by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO
may
differ from contractual maturities because the mortgages underlying the obligations
may
be prepaid without penalty.
 
      Securities Available for Sale  
      Amortized
Cost		   Fair
Value		  
  (In thousands)          
             
  Due in one year or less   $
22,320
     $
22,167
    
  Due after one year through five years    
58,207
      
56,861
    
  Due after five years through ten years    
30,999
      
30,505
    
  Due after ten years    
18,644
      
18,702
    
       
130,170
      
128,235
    
  Mortgage-backed securities and CMO    
128,462
      
123,203
    
                     
      $
258,632
     $
251,438
    
 
 
Information pertaining to investment securities available for sale with gross unrealized losses at
June 30, 2018,
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 mortgage-backed securities    
32
     $
22,976
     $
791
  
Agency CMO    
11
      
6,688
      
106
  
Agency notes and bonds    
4
      
9,579
      
90
  
Muncipal obligations    
31
      
15,296
      
287
  
                         
Total less than twelve months    
78
      
54,539
      
1,274
  
                         
Continuous loss position more than twelve months:                        
Agency mortgage-backed securities    
67
      
77,551
      
3,963
  
Agency CMO    
18
      
10,628
      
405
  
Agency notes and bonds    
20
      
59,416
      
1,391
  
Muncipal obligations    
31
      
15,746
      
656
  
                         
Total more than twelve months    
136
      
163,341
      
6,415
  
                         
Total securities available for sale    
214
     $
217,880
     $
7,689
  
 
Information pertaining to investment securities available for sale with gross unrealized losses at
December 31, 2017,
aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. At
December 31, 2017,
the Company did
not
have any securities held to maturity with an unrealized loss.
 
    Number of
Investment
Positions		   Fair
Value		   Gross
Unrealized
Losses
(Dollars in thousands)            
             
Continuous loss position less than twelve months:                        
Agency mortgage-backed securities    
37
     $
37,570
     $
400
  
Agency CMO    
6
      
3,036
      
38
  
Agency notes and bonds    
4
      
11,119
      
69
  
Muncipal obligations    
20
      
10,955
      
83
  
                         
Total less than twelve months    
67
      
62,680
      
590
  
                         
Continuous loss position more than twelve months:                        
Agency mortgage-backed securities    
60
      
74,960
      
1,853
  
Agency CMO    
18
      
11,801
      
300
  
Agency notes and bonds    
19
      
57,909
      
916
  
Muncipal obligations    
29
      
14,667
      
322
  
                         
Total more than twelve months    
126
      
159,337
      
3,391
  
                         
Total securities available for sale    
193
     $
222,017
     $
3,981
  
 
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 recover in fair value.
 
At
June 30, 2018,
the 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
3.4%
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.
 
While management does
not
anticipate any credit-related impairment losses at
June 30, 2018,
additional deterioration in market and economic conditions
may
have an adverse impact on credit quality in the future.
 
During the
three
months ended
June 30, 2018,
the Company realized gross gains of
$211,000
and gross losses of
$307,000
on sales of available for sale municipal securities. During the
six
months ended
June 30, 2018,
the Company realized gross gains of
$218,000
and gross losses of
$307,000
on sales of available for sale municipal securities and gross losses of
$6,000
on sales of U.S. government agency mortgage-backed CMO’s. During the
three
and
six
months ended
June 30, 2017,
the Company realized gross gains on sales of available for sale agency mortgage backed securities and CMO’s of
$58,000
and
$3,000,
respectively.
 
Certain available for sale debt securities were pledged to secure public fund deposits at
June 30, 2018
and
December 31, 2017.