Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Securities

v3.8.0.1
Note 4 - Securities
 9 Months Ended
Sep. 30, 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
September 30, 2017
and
December 31, 2016
are summarized as follows:
 
    Amortized
Cost
   Gross
Unrealized
Gain
   Gross
Unrealized
Loss		   Market
Value
September 30, 2017   (In Thousands)
Securities Available for Sale                                
U.S. Treasury and government sponsored agencies   $
56,518
     $
335
     $
(75
 )   $
56,778
  
Mortgage-backed securities    
243,465
      
1,457
      
(1,179
 )    
243,743
  
State and municipal securities    
133,729
      
1,201
      
(126
 )    
134,804
  
Total    
433,712
      
2,993
      
(1,380
 )    
435,325
  
Securities Held to Maturity                                
Mortgage-backed securities    
31,165
      
393
      
(179
 )    
31,379
  
State and municipal securities    
5,726
      
300
      
-
      
6,026
  
Corporate debt    
50,508
      
1,416
      
-
      
51,924
  
Total   $
87,399
     $
2,109
     $
(179
 )   $
89,329
  
                                 
December 31, 2016                                
Securities Available for Sale                                
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
  
Securities Held to Maturity                                
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
September 30, 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.
 
    September 30, 2017   December 31, 2016
    Amortized
Cost		   Fair Value   Amortized
Cost		   Fair Value
    (In thousands)
Debt securities available for sale                                
Due within one year   $
25,961
     $
26,035
     $
28,270
     $
28,400
  
Due from one to five years    
151,842
      
153,099
      
152,347
      
153,003
  
Due from five to ten years    
12,054
      
12,058
      
13,870
      
13,782
  
Due after ten years    
390
      
390
      
-
      
-
  
Mortgage-backed securities    
243,465
      
243,743
      
228,843
      
227,190
  
    $
433,712
     $
435,325
     $
423,330
     $
422,375
  
                                 
Debt securities held to maturity                                
Due from one to five years   $
3,250
     $
3,280
     $
250
     $
250
  
Due from five to ten years    
48,997
      
50,450
      
34,251
      
34,617
  
Due after ten years    
3,987
      
4,220
      
8,899
      
9,195
  
Mortgage-backed securities    
31,165
      
31,379
      
19,164
      
19,240
  
    $
87,399
     $
89,329
     $
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
September 30, 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
September 30, 2017,
52
of the Company’s
807
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
September 30, 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
Unrealized
Losses
   Fair Value   Gross
Unrealized
Losses
   Fair Value   Gross
Unrealized
Losses		   Fair Value
    (In Thousands)
September 30, 2017                                                
U.S. Treasury and government sponsored agencies   $
(75
 )   $
9,670
     $
-
     $
-
     $
(75
 )   $
9,670
  
Mortgage-backed securities    
(596
 )    
77,553
      
(762
 )    
43,721
      
(1,358
 )    
121,274
  
State and municipal securities    
(76
 )    
22,069
      
(50
 )    
7,041
      
(126
 )    
29,110
  
Total   $
(747
 )   $
109,292
     $
(812
 )   $
50,762
     $
(1,559
 )   $
160,054
  
                                                 
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