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Note 4 - Investment Securities
 9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
4.
INVESTMENT SECURITIES
 
Details of investment securities available-for-sale and held-to-maturity as of
September
30,
2018
and
December 31, 2017
were as follows:
 
   
Available-for-Sale
  
   
September 30
, 2018
  
   
 
 
 
  
Gross
    
Gross
    
Estimated
  
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
  
   
Cost
    
Gains
    
Losses
    
Value
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:
                                
Residential
   $
76,064
     $
144
     $
(1,897
)
   $
74,311
  
Commercial
    
59,796
      
11
      
(2,091
)
    
57,716
  
Obligations of states and political subdivisions
    
5,160
      
36
      
(45
)
    
5,151
  
U.S. Treasury securities
    
80
      
—
      
—
      
80
  
Total
   $
141,100
     $
191
     $
(4,033
)
   $
137,258
  
 
   
Held-to-Maturity
  
   
September 30
, 2018
  
   
 
 
 
  
Gross
    
Gross
    
Estimated
  
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
  
   
Cost
    
Gains
    
Losses
    
Value
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:
                                
Commercial
   $
12,357
     $
—
     $
(408
)
   $
11,949
  
Obligations of U.S. government-sponsored agencies
    
8,126
      
—
      
(323
)
    
7,803
  
Obligations of states and political subdivisions
    
1,755
      
—
      
(28
)
    
1,727
  
Total
   $
22,238
     $
—
     $
(759
)
   $
21,479
  
 
   
Available-for-Sale
  
   
December 31, 2017
  
   
 
 
 
  
Gross
    
Gross
    
Estimated
  
   
Amortized
    
Unrealized
    
Unrealized
    
Fair
  
   
Cost
    
Gains
    
Losses
    
Value
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:
                                
Residential
   $
83,360
     $
286
     $
(860
)
   $
82,786
  
Commercial
    
67,281
      
27
      
(1,234
)
    
66,074
  
Obligations of states and political subdivisions
    
4,752
      
182
      
(3
)
    
4,931
  
U.S. Treasury securities
    
80
      
—
      
—
      
80
  
Total
   $
155,473
     $
495
     $
(2,097
)
   $
153,871
  
 
   
Held-to-Maturity
  
   
December 31, 2017
  
   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair
Value
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:
                                
Commercial
   $
15,065
     $
1
     $
(186
)
   $
14,880
  
Obligations of U.S. government-sponsored agencies
    
9,326
      
7
      
(144
)
    
9,189
  
Obligations of states and political subdivisions
    
1,888
      
5
      
(13
)
    
1,880
  
Total
   $
26,279
     $
13
     $
(343
)
   $
25,949
  
 
The scheduled maturities of investment securities available-for-sale and held-to-maturity as of
September 30
,
2018
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
   $
1,351
     $
1,351
     $
—
     $
—
  
Maturing after one to five years
    
38,063
      
37,271
      
1,116
      
1,106
  
Maturing after five to ten years
    
59,244
      
57,214
      
7,564
      
7,327
  
Maturing after ten years
    
42,442
      
41,422
      
13,558
      
13,046
  
Total
   $
141,100
     $
137,258
     $
22,238
     $
21,479
  
 
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 value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of
September
30,
2018
and
December 31, 2017.
 
   
Available-for-Sale
  
   
September 30
, 2018
  
   
Less than 12 Months
    
12 Months or More
  
   
Fair
Value
    
Unrealized
Losses
    
Fair
Value
    
Unrealized
Losses
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:
                                
Residential
   $
28,238
     $
(591
)
   $
39,667
     $
(1,305
)
Commercial
    
9,681
      
(252
)
    
47,607
      
(1,839
)
Obligations of states and political subdivisions    
1,645
      
(22
 )    
1,487
      
(24
 )
U.S. Treasury securities
    
80
      
—
      
—
      
—
  
Total
   $
39,644
     $
(865
)
   $
88,761
     $
(3,168
)
 
   
Held-to-Maturity
  
   
September 30
, 2018
  
   
Less than 12 Months
    
12 Months or More
  
   
Fair
Value
    
Unrealized
Losses
    
Fair
Value
    
Unrealized
Losses
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:                                
Commercial
   $
3,797
     $
(111
 )   $
8,152
     $
(297
 )
Obligations of U.S. government-sponsored agencies    
660
      
(14
 )    
7,143
      
(310
 )
Obligations of states and political subdivisions
    
1,209
      
(21
)
    
518
      
(6
 )
Total
   $
5,666
     $
(146
)
   $
15,813
     $
(613
)
 
   
Available-for-Sale
  
   
December 31, 2017
  
   
Less than 12 Months
    
12 Months or More
  
   
Fair
Value
    
Unrealized
Losses
    
Fair
Value
    
Unrealized
Losses
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:
                                
Residential
   $
47,007
     $
(467
)
   $
21,122
     $
(393
)
Commercial
    
18,554
      
(180
)
    
46,312
      
(1,054
)
Obligations of states and political subdivisions
    
428
      
(3
 )    
—
      
—
  
U.S. Treasury securities
    
80
      
—
      
—
      
—
  
Total
   $
66,069
     $
(650
)
   $
67,434
     $
(1,447
)
 
   
Held-to-Maturity
  
   
December 31, 2017
  
   
Less than 12 Months
    
12 Months or More
  
   
Fair
Value
    
Unrealized
Losses
    
Fair
Value
    
Unrealized
Losses
  
   
(Dollars in Thousands)
  
Mortgage-backed securities:
                                
Commercial
   $
7,895
     $
(63
)
   $
6,675
     $
(123
 )
Obligations of U.S. government-sponsored agencies
    
865
      
(2
)
    
7,388
      
(142
)
Obligations of states and political subdivisions
    
571
      
(3
)
    
531
      
(10
 )
Total
   $
9,331
     $
(68
)
   $
14,594
     $
(275
)
 
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
September
30,
2018,
123
debt securities had been in a loss position for more than
12
months, and
56
debt securities had been in a loss position for less than
12
months. As of
December 31, 2017,
72
debt securities had been in a loss position for more than
12
months, and
83
debt securities had been in a loss position for less than
12
months. As of both
September 30, 2018
and
December 31, 2017,
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
September 30, 
2018
or
December 31, 2017.
 
Investment securities with a carrying value of
$55.9
million and
$86.8
million as of
September 30, 
2018
and
December 31, 2017,
respectively, were pledged to secure public deposits and for other purposes.