XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.21.1

Note 3 - Securities | 3 Months Ended
--- | ---
Mar. 31, 2021
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3 - Securities The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
|  | (Dollars in thousands) |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Cost |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Basis |  |  | Gains |  |  | Losses |  |  | Value |
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities |  |  | 12,881 |  |  |  | - |  |  |  | (264 | ) |  |  | 12,617 |
U.S. treasury securities |  |  | 402 |  |  |  | - |  |  |  | - |  |  |  | 402 |
Collateralized mortgage obligations and residential mortgage-backed securities |  |  | 188,823 |  |  |  | 2,205 |  |  |  | (2,906 | ) |  |  | 188,122 |
Municipal securities |  |  | 213,556 |  |  |  | 8,212 |  |  |  | (985 | ) |  |  | 220,783 |
Collateralized debt obligations |  |  | 2,177 |  |  |  | - |  |  |  | (1,233 | ) |  |  | 944 |
Total securities available-for-sale |  | $ | 417,839 |  |  | $ | 10,417 |  |  | $ | (5,388 | ) |  | $ | 422,868 |
|  | (Dollars in thousands) |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
|  | Cost |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Basis |  |  | Gains |  |  | Losses |  |  | Value |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 52,941 |  |  | $ | - |  |  | $ | - |  |  | $ | 52,941 |
U.S. government sponsored entities |  |  | 7,881 |  |  |  | 3 |  |  |  | (24 | ) |  |  | 7,860 |
Collateralized mortgage obligations and residential mortgage-backed securities |  |  | 151,355 |  |  |  | 3,417 |  |  |  | (36 | ) |  |  | 154,736 |
Municipal securities |  |  | 183,103 |  |  |  | 11,102 |  |  |  | (2 | ) |  |  | 194,203 |
Collateralized debt obligations |  |  | 2,182 |  |  |  | - |  |  |  | (1,253 | ) |  |  | 929 |
Total securities available-for-sale |  | $ | 397,462 |  |  | $ | 14,522 |  |  | $ | (1,315 | ) |  | $ | 410,669 |
The estimated fair value of available-for-sale debt securities at March 31, 2021, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.
|  | (Dollars in thousands) |
|  | Available-for-sale |
|  | Estimated |  |  |  |  |
|  | Fair |  |  | Tax-Equivalent |
March 31, 2021 |  | Value |  |  | Yield (%) |
Due in one year or less |  | $ | 202 |  |  |  | 1.13 |
Due from one to five years |  |  | 3,787 |  |  |  | 4.44 |
Due from five to ten years |  |  | 29,327 |  |  |  | 2.48 |
Due over ten years |  |  | 201,430 |  |  |  | 3.18 |
Collateralized mortgage obligations and residential mortgage-backed securities |  |  | 188,122 |  |  |  | 1.80 |
Total |  | $ | 422,868 |  |  |  | 2.53 |
Sales of available-for-sale securities were as follows for the three months ended:
|  | (Dollars in thousands) |
|  | March 31, |  |  | March 31, |
|  | 2021 |  |  | 2020 |
Proceeds |  | $ | 6,904 |  |  | $ | 17,886 |
Gross gains |  |  | 417 |  |  |  | 513 |
Gross losses |  |  | - |  |  |  | (3 | )
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
|  | (Dollars in thousands) |
|  | Unrealized gain/(loss) |
Ending balance, December 31, 2020 |  | $ | 10,441 |
Current period change |  |  | (6,461 | )
Ending balance, March 31, 2021 |  | $ | 3,980 |
Securities with market values of approximately $47.7 million and $52.4 million were pledged as of March 31, 2021, and December 31, 2020, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law. Securities with gross unrealized losses at March 31, 2021, and December 31, 2020, not recognized in income are as follows:
|  | (Dollars in thousands) |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities |  | $ | 12,617 |  |  | $ | (264 | ) |  | $ | - |  |  | $ | - |  |  | $ | 12,617 |  |  | $ | (264 | )
Collateralized mortgage obligations and residential mortgage-backed securities |  |  | 112,550 |  |  |  | (2,906 | ) |  |  | - |  |  |  | - |  |  |  | 112,550 |  |  |  | (2,906 | )
Municipal securities |  |  | 56,360 |  |  |  | (985 | ) |  |  | - |  |  |  | - |  |  |  | 56,360 |  |  |  | (985 | )
Collateralized debt obligations |  |  | - |  |  |  | - |  |  |  | 944 |  |  |  | (1,233 | ) |  |  | 944 |  |  |  | (1,233 | )
Total temporarily impaired |  | $ | 181,527 |  |  | $ | (4,155 | ) |  | $ | 944 |  |  | $ | (1,233 | ) |  | $ | 182,471 |  |  | $ | (5,388 | )
Number of securities |  |  |  |  |  |  | 126 |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 128 |
|  | (Dollars in thousands) |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |  |  | Estimated |  |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities |  | $ | 4,975 |  |  | $ | (24 | ) |  | $ | - |  |  | $ | - |  |  | $ | 4,975 |  |  | $ | (24 | )
Collateralized mortgage obligations and residential mortgage-backed securities |  |  | 11,953 |  |  |  | (36 | ) |  |  | - |  |  |  | - |  |  |  | 11,953 |  |  |  | (36 | )
Municipal securities |  |  | 1,864 |  |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | 1,864 |  |  |  | (2 | )
Collateralized debt obligations |  |  | - |  |  |  | - |  |  |  | 929 |  |  |  | (1,253 | ) |  |  | 929 |  |  |  | (1,253 | )
Total temporarily impaired |  | $ | 18,792 |  |  | $ | (62 | ) |  | $ | 929 |  |  | $ | (1,253 | ) |  | $ | 19,721 |  |  | $ | (1,315 | )
Number of securities |  |  |  |  |  |  | 8 |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 10 |
Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold those securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration