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Note 3 - Investment Securities

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3. INVESTMENT SECURITIES 

Details of investment securities available-for-sale and

held-to-maturity as of

December

 

31,

2016

and

2015

were as follows:

		Available-for-Sale
		December 31, 2016
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	99,922			$	490			$	(2,003	)		$	98,409
Commercial			71,761				56				(1,287	)			70,530
Obligations of states and political subdivisions			9,759				390				(7	)			10,142
Obligations of U.S. government-sponsored agencies			2,000				—				(7	)			1,993
Corporate notes			756				—				—				756
U.S. Treasury securities			80				—				—				80
Total		$	184,278			$	936			$	(3,304	)		$	181,910

		Held-to-Maturity
		December 31, 2016
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	14,684			$	5			$	(148	)		$	14,541
Obligations of U.S. government-sponsored agencies			9,129				13				(222	)			8,920
Obligations of states and political subdivisions			2,091				2				(46	)			2,047
Total		$	25,904			$	20			$	(416	)		$	25,508

		Available-for-Sale
		December 31, 2015
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	135,104			$	998			$	(608	)		$	135,494
Commercial			45,961				164				(616	)			45,509
Obligations of states and political subdivisions			14,071				931				(4	)			14,998
Obligations of U.S. government-sponsored agencies			1,999				—				(17	)			1,982
Corporate notes			780				—				—				780
U.S. Treasury securities			80				—				—				80
Total		$	197,995			$	2,093			$	(1,245	)		$	198,843

		Held-to-Maturity
		December 31, 2015
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(Dol lars in Thousands)
Mortgage-backed securities:
Commercial		$	16,321			$	33			$	(170	)		$	16,184
Obligations of U.S. government-sponsored agencies			13,766				19				(71	)			13,714
Obligations of states and political subdivisions			2,272				18				(4	)			2,286
Total		$	32,359			$	70			$	(245	)		$	32,184

The scheduled maturities of investment securities available-for-sale and held-to-maturity as of

December

31,

2016

are presented in the following table:

		Available-for-Sale								Held-to-Maturity
		Amortized Cost				Estimated Fair Value				Amortized Cost				Estimated Fair Value
		(Dollars in Thousands)
Maturing within one year		$	1,921			$	1,929			$	—			$	—
Maturing after one to five years			4,654				4,705				1,986				1,995
Maturing after five to ten years			83,901				82,804				3,335				3,268
Maturing after ten years			93,802				92,472				20,583				20,245
Total		$	184,278			$	181,910			$	25,904			$	25,508

For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average

contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments.

The following table reflects gross unrealized losses and fair valu

e, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of

December

31,

2016

and

2015.

		Available-for-Sale
		December 31, 2016
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	85,741			$	(1,976	)		$	1,904			$	(27	)
Commercial			54,475				(946	)			10,721				(341	)
Obligations of U.S. government-sponsored agencies			1,993				(7	)			—				—
Obligations of states and political subdivisions			434				(7	)			—				—
U.S. Treasury securities			80				—				—				—
Total		$	142,723			$	(2,936	)		$	12,625			$	(368	)

		Held-to-Maturity
		December 31, 2016
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	12,776			$	(148	)		$	—			$	—
Obligations of U.S. government-sponsored agencies			7,957				(222	)			—				—
Obligations of states and political subdivisions			1,628				(46	)			—				—
Total		$	22,361			$	(416	)		$	—			$	—

		Available-for-Sale
		December 31, 2015
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Residential		$	83,403			$	(458	)		$	9,061			$	(150	)
Commercial			24,337				(272	)			8,918				(344	)
Obligations of U.S. government-sponsored agencies			1,982				(17	)			—				—
Corporate notes			779				—				—				—
Obligations of states and political subdivisions			707				(4	)			—				—
Total		$	111,208			$	(751	)		$	17,979			$	(494	)

		Held-to-Maturity
		December 31, 2015
		Less than 12 Months								12 Months or More
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
		(Dollars in Thousands)
Mortgage-backed securities:
Commercial		$	14,143			$	(170	)		$	—			$	—
Obligations of U.S. government-sponsored agencies			11,163				(44	)			1,560				(27	)
Obligations of states and political subdivisions			572				(4	)			—				—
Total		$	25,878			$	(218	)		$	1,560			$	(27	)

Management evaluates securities for other-than-temporary impairment no less frequently than quarterly and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (i) the length of

time and the extent to which fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) whether the Company intends to sell securities, and (iv) whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases.

As of

December

31,

2016,

13

debt securities had been in a loss position for more than

12

months, and

130

debt securities had been in a loss position for less than

12

months. As

of

December

31,

2015,

13

debt securities had been in a loss position for more than

12

months, and

102

debt securities had been in a loss position for less than

12

months. As of both

December

31,

2016

and

2015,

the losses for all securities were considered to be a direct result of the effect that the prevailing interest rate environment had on the value of debt securities and were not related to the creditworthiness of the issuers. Further, the Company has the current intent and ability to retain its investments in the issuers for a period of time that management believes to be sufficient to allow for any anticipated recovery in fair value. Therefore, the Company did

not

recognize any other-than-temporary impairments as of

December

31,

2016

and

2015.

Investmen

t securities available-for-sale with a carrying value of

$87.7

million and

$61.3

million as of

December

31,

2016

and

December

31,

2015,

respectively, were pledged to secure public deposits and for other purposes.

Gains realized on sales of securities avail

able-for-sale were approximately

$0.6

million and

$0.4

million in

2016

and

2015,

respectively. There were

no

losses on sales of securities during

2016

and

2015.

X

- References

No definition available.

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563

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