Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Securities

v3.7.0.1
Note 4 - Securities
 3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
NOTE
4
- SECURITIES
 
The amortized cost and fair value of available-for-sale and held-to-maturity securities at
March
31,
2017
and
December
31,
2016
are summarized as follows:
 
 
Amortized
Cost
 
Gross
Unrealized
Gain
 
Gross
Unrealized
Loss
 
Fair Value
March 31, 2017
 
(In Thousands)
Available for sale debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government sponsored agencies
 
$
57,732
 
 
$
408
 
 
$
(106
)
 
$
58,034
 
Mortgage-backed securities
 
 
254,225
 
 
 
1,315
 
 
 
(2,155
)
 
 
253,385
 
State and municipal securities
 
 
136,431
 
 
 
1,372
 
 
 
(268
)
 
 
137,535
 
Corporate debt
 
 
4,996
 
 
 
6
 
 
 
-
 
 
 
5,002
 
Total
 
$
453,384
 
 
$
3,101
 
 
$
(2,529
)
 
$
453,956
 
Held to maturity debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
$
28,658
 
 
$
312
 
 
$
(269
)
 
$
28,701
 
State and municipal securities
 
 
5,889
 
 
 
308
 
 
 
(6
)
 
 
6,191
 
Corporate debt
 
 
37,510
 
 
 
794
 
 
 
(16
)
 
 
38,288
 
Total
 
$
72,057
 
 
$
1,414
 
 
$
(291
)
 
$
73,180
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for sale debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government sponsored agencies
 
$
45,998
 
 
$
382
 
 
$
(126
)
 
$
46,254
 
Mortgage-backed securities
 
 
228,843
 
 
 
1,515
 
 
 
(3,168
)
 
 
227,190
 
State and municipal securities
 
 
139,504
 
 
 
1,120
 
 
 
(694
)
 
 
139,930
 
Corporate debt
 
 
8,985
 
 
 
16
 
 
 
-
 
 
 
9,001
 
Total
 
$
423,330
 
 
$
3,033
 
 
$
(3,988
)
 
$
422,375
 
Held to maturity debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
$
19,164
 
 
$
321
 
 
$
(245
)
 
$
19,240
 
State and municipal securities
 
 
5,888
 
 
 
315
 
 
 
(12
)
 
 
6,191
 
Corporate debt
 
 
37,512
 
 
 
374
 
 
 
(15
)
 
 
37,871
 
Total
 
$
62,564
 
 
$
1,010
 
 
$
(272
)
 
$
63,302
 
 
The amortized cost and fair value of debt securities as of
March
31,
2017
by contractual maturity are shown below. Actual maturities
may
differ from contractual maturities of mortgage-backed securities since the mortgages underlying the securities
may
be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories along with the other categories of debt securities.
 
 
March 31, 2017
 
December 31, 2016
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
(In thousands)
Available for sale debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Due within one year
 
$
19,508
 
 
$
19,587
 
 
$
28,270
 
 
$
28,400
 
Due from one to five years
 
 
154,295
 
 
 
155,590
 
 
 
152,347
 
 
 
153,003
 
Due from five to ten years
 
 
25,356
 
 
 
25,394
 
 
 
13,870
 
 
 
13,782
 
Mortgage-backed securities
 
 
254,225
 
 
 
253,385
 
 
 
228,843
 
 
 
227,190
 
 
 
$
453,384
 
 
$
453,956
 
 
$
423,330
 
 
$
422,375
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Held to maturity debt securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Due from one to five years
 
$
250
 
 
$
250
 
 
$
250
 
 
$
250
 
Due from five to ten years
 
 
34,248
 
 
 
34,879
 
 
 
34,251
 
 
 
34,617
 
Due after ten years
 
 
8,901
 
 
 
9,350
 
 
 
8,899
 
 
 
9,195
 
Mortgage-backed securities
 
 
28,658
 
 
 
28,701
 
 
 
19,164
 
 
 
19,240
 
 
 
$
72,057
 
 
$
73,180
 
 
$
62,564
 
 
$
63,302
 
 
All mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation.
 
The following table identifies, as of
March
31,
2017
and
December
31,
2016,
the Company’s investment securities that have been in a continuous unrealized loss position for less than
12
months and those that have been in a continuous unrealized loss position for
12
or more months. At
March
31,
2017,
seven
of the Company’s
802
debt securities had been in an unrealized loss position for
12
or more months. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost, which
may
be maturity; accordingly, the Company does not consider these securities to be other-than-temporarily impaired at
March
31,
2017.
Further, the Company believes any deterioration in value of its current investment securities is attributable to changes in market interest rates and not credit quality of the issuer.
 
    Less Than Twelve Months   Twelve Months or More   Total
    Gross       Gross       Gross    
    Unrealized       Unrealized       Unrealized    
    Losses   Fair Value   Losses   Fair Value   Losses   Fair Value
    (In Thousands)
March 31, 2017:                                                
U.S. Treasury and government sponsored agencies   $
(106
 )   $
7,902
     $
-
     $
-
     $
(106
 )   $
7,902
  
Mortgage-backed securities    
(2,424
 )    
188,130
      
-
      
-
      
(2,424
 )    
188,130
  
State and municipal securities    
(263
 )    
36,644
      
(11
 )    
1,412
      
(274
 )    
38,056
  
Corporate debt    
(16
 )    
3,030
      
-
      
-
      
(16
 )    
3,030
  
Total   $
(2,809
 )   $
235,706
     $
(11
 )   $
1,412
     $
(2,820
 )   $
237,118
  
                                                 
December 31, 2016:                                                
U.S. Treasury and government sponsored agencies   $
(126
 )   $
10,865
     $
-
     $
-
     $
(126
 )   $
10,865
  
Mortgage-backed securities    
(3,413
 )    
174,225
      
-
      
-
      
(3,413
 )    
174,225
  
State and municipal securities    
(698
 )    
64,502
      
(8
 )    
1,021
      
(706
 )    
65,523
  
Corporate debt    
(15
 )    
3,034
      
-
      
-
      
(15
 )    
3,034
  
Total   $
(4,252
 )   $
252,626
     $
(8
 )   $
1,021
     $
(4,260
 )   $
253,647