Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Securities

v3.10.0.1
Note 4 - 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]
NOTE
4
- SECURITIES
 
The amortized cost and fair value of available-for-sale and held-to-maturity securities at
September 30, 2018
and
December 31, 2017
are summarized as follows:
 
        Gross   Gross    
   
Amortized
  
Unrealized
  
Unrealized
  
Market
   
Cost
  
Gain
  
Loss
  
Value
September 30, 2018  
(In Thousands)
Securities Available for Sale                
U.S. Treasury and government sponsored agencies   $
75,477
 
   $
2
 
   $
(1,201
)
   $
74,278
 
Mortgage-backed securities    
308,439
 
    
407
 
    
(10,022
)
    
298,824
 
State and municipal securities    
113,613
 
    
234
 
    
(1,149
)
    
112,698
 
Corporate debt    
92,916
 
    
257
 
    
(952
)
    
92,221
 
Total    
590,445
 
    
900
 
    
(13,324
)
    
578,021
 
Securities Held to Maturity                                
State and municipal securities    
250
 
    
-
 
    
-
 
    
250
 
Total   $
250
 
   $
-
 
   $
-
 
   $
250
 
                                 
December 31, 2017                                
Securities Available for Sale                                
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
 
Securities Held to Maturity                                
State and municipal securities    
250
 
    
-
 
    
-
 
    
250
 
Total   $
250
 
   $
-
 
   $
-
 
   $
250
 
 
The amortized cost and fair value of debt securities as of
September 30, 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.
 
    September 30, 2018   December 31, 2017
    Amortized
Cost		   Fair Value   Amortized
Cost		   Fair Value
    (In thousands)
Debt securities available for sale                                
Due within one year   $
49,809
     $
49,722
     $
22,122
     $
22,172
  
Due from one to five years    
213,202
      
210,472
      
160,773
      
160,563
  
Due from five to ten years    
17,141
      
17,106
      
73,362
      
74,684
  
Due after ten years    
1,854
      
1,897
      
3,947
      
4,163
  
Mortgage-backed securities    
308,439
      
298,824
      
278,177
      
276,498
  
    $
590,445
     $
578,021
     $
538,381
     $
538,080
  
Debt securities held to maturity                                
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
September 30, 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
September 30, 2018,
197
of the Company’s
758
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, 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)
September 30, 2018                        
U.S. Treasury and government sponsored agencies   $
(736
 )   $
62,833
     $
(465
 )   $
11,311
     $
(1,201
 )   $
74,144
  
Mortgage-backed securities    
(3,566
 )    
141,107
      
(6,456
 )    
144,336
      
(10,022
 )    
285,443
  
State and municipal securities    
(613
 )    
69,646
      
(536
 )    
20,506
      
(1,149
 )    
90,152
  
Corporate debt    
(952
 )    
65,456
      
-
      
-
      
(952
 )    
65,456
  
Total   $
(5,867
 )   $
339,042
     $
(7,457
 )   $
176,153
     $
(13,324
 )   $
515,195
  
                                                 
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