Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Securities

v3.8.0.1
Note 4 - Securities
 3 Months Ended
Mar. 31, 2018
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, 2018
and
December 31, 2017
are summarized as follows:
 
    Amortized Cost   Gross Unrealized Gain   Gross Unrealized Loss   Fair Value
March 31, 2018  
(In Thousands)
Available for sale debt securities                                
U.S. Treasury and government sponsored agencies   $
58,025
     $
5
     $
(777
 )   $
57,252
 
Mortgage-backed securities    
294,582
      
609
      
(6,874
 )    
288,318
 
State and municipal securities    
123,123
      
522
      
(856
 )    
122,789
 
Corporate debt    
91,409
      
1,376
      
(509
 )    
92,276
 
Total   $
567,139
     $
2,512
     $
(9,016
 )   $
560,635
 
Held to maturity debt securities                                
State and municipal securities   $
250
     $
-
     $
-
     $
250
 
Total   $
250
     $
-
     $
-
     $
250
 
                                 
December 31, 2017                                
Available for sale debt securities                                
U.S. Treasury and government sponsored agencies   $
55,567
     $
38
     $
(249
 )   $
55,356
 
Mortgage-backed securities    
278,177
      
1,006
      
(2,685
 )    
276,498
 
State and municipal securities    
134,641
      
761
      
(553
 )    
134,849
 
Corporate debt    
69,996
      
1,416
      
(35
 )    
71,377
 
Total   $
538,381
     $
3,221
     $
(3,522
 )   $
538,080
 
Held to maturity debt securities                                
State and municipal securities   $
250
     $
-
     $
-
     $
250
 
Total   $
250
     $
-
     $
-
     $
250
 
 
The amortized cost and fair value of debt securities as of
March 31, 2018
and
December 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, 2018   December 31, 2017
    Amortized
Cost		   Fair
Value		   Amortized
Cost		   Fair
Value
    (In thousands)
Available for sale debt securities                                
Due within one year   $
45,864
     $
45,909
     $
22,122
     $
22,172
  
Due from one to five years    
194,445
      
193,930
      
160,773
      
160,563
  
Due from five to ten years    
29,371
      
29,472
      
73,362
      
74,684
  
Due after ten years    
2,877
      
3,006
      
3,947
      
4,163
  
Mortgage-backed securities    
294,582
      
288,318
      
278,177
      
276,498
  
    $
567,139
     $
560,635
     $
538,381
     $
538,080
  
                                 
Held to maturity debt securities                                
Due from one to five years   $
250
     $
250
     $
250
     $
250
  
    $
250
     $
250
     $
250
     $
250
  
 
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, 2018
and
December 31, 2017,
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, 2018,
73
of the Company’s
797
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, 2018.
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, 2018:                                                
U.S. Treasury and government sponsored agencies   $
(635
 )   $
54,191
     $
(142
 )   $
2,881
     $
(777
 )   $
57,072
  
Mortgage-backed securities    
(4,046
 )    
200,071
      
(2,828
 )    
71,042
      
(6,874
 )    
271,113
  
State and municipal securities    
(716
 )    
64,676
      
(140
 )    
6,642
      
(856
 )    
71,318
  
Corporate debt    
(509
 )    
26,389
      
-
      
-
      
(509
 )    
26,389
  
Total   $
(5,906
 )   $
345,327
     $
(3,110
 )   $
80,565
     $
(9,016
 )   $
425,892
  
                                                 
December 31, 2017:                                                
U.S. Treasury and government sponsored agencies   $
(151
 )   $
33,401
     $
(98
 )   $
2,926
     $
(249
 )   $
36,327
  
Mortgage-backed securities    
(986
 )    
140,432
      
(1,699
 )    
75,903
      
(2,685
 )    
216,335
  
State and municipal securities    
(450
 )    
66,637
      
(103
 )    
6,648
      
(553
 )    
73,285
  
Corporate debt    
(35
 )    
6,955
      
-
      
-
      
(35
 )    
6,955
  
Total   $
(1,622
 )   $
247,425
     $
(1,900
 )   $
85,477
     $
(3,522
 )   $
332,902