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Note 2 - Investment Securities
 9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]
2.
Investment Securities
 
Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. Investment securities at
September 30, 2017
and
December 31, 2016
are summarized as follows:
 
(In thousands)   Amortized
Cost		   Gross
Unrealized
Gains		   Gross
Unrealized
Losses		   Fair
Value
                 
September 30, 2017                                
Securities available for sale:                                
Agency mortgage-backed securities   $
119,472
     $
30
     $
1,353
     $
118,149
  
Agency CMO    
15,390
      
4
      
200
      
15,194
  
Other debt securities:                                
Agency notes and bonds    
70,934
      
1
      
498
      
70,437
  
Municipal obligations    
71,748
      
1,529
      
331
      
72,946
  
Subtotal - debt securities    
277,544
      
1,564
      
2,382
      
276,726
  
                                 
Mutual funds    
211
      
0
      
0
      
211
  
                                 
Total securities available for sale   $
277,755
     $
1,564
     $
2,382
     $
276,937
  
                                 
Securities held to maturity:                                
Agency mortgage-backed securities   $
1
     $
0
     $
0
     $
1
  
                                 
Total securities held to maturity   $
1
     $
0
     $
0
     $
1
  
                                 
December 31, 2016                                
Securities available for sale:                                
Agency mortgage-backed securities   $
110,493
     $
93
     $
2,349
     $
108,237
  
Agency CMO    
16,293
      
23
      
288
      
16,028
  
Other debt securities:                                
Agency notes and bonds    
69,407
      
14
      
759
      
68,662
  
Municipal obligations    
63,189
      
783
      
1,129
      
62,843
  
Subtotal - debt securities    
259,382
      
913
      
4,525
      
255,770
  
                                 
Mutual funds    
74
      
0
      
0
      
74
  
                                 
Total securities available for sale   $
259,456
     $
913
     $
4,525
     $
255,844
  
                                 
Securities held to maturity:                                
Agency mortgage-backed securities   $
2
     $
0
     $
0
     $
2
  
                                 
Total securities held to maturity   $
2
     $
0
     $
0
     $
2
  
 
Agency notes and bonds, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency, and the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Bank (“FHLB”), which are government-sponsored enterprises.
 
The amortized cost and fair value of debt securities as of
September 30, 2017,
by contractual maturity, are shown below. Expected maturities of mortgage-backed securities and CMO
may
differ from contractual maturities because the mortgages underlying the obligations
may
be prepaid without penalty.
 
    Securities Available for Sale   Securities Held to Maturity
    Amortized
Cost		   Fair
Value		   Amortized
Cost		   Fair
Value
(In thousands)                
                 
Due in one year or less   $
4,145
     $
4,148
     $
0
     $
0
  
Due after one year through five years    
77,109
      
76,737
      
0
      
0
  
Due after five years through ten years    
27,808
      
27,991
      
 
      
 
  
Due after ten years    
33,620
      
34,507
      
0
      
0
  
     
142,682
      
143,383
      
0
      
0
  
Mortgage-backed securities and CMO    
134,862
      
133,343
      
1
      
1
  
                                 
    $
277,544
     $
276,726
     $
1
     $
1
  
 
Information pertaining to investment securities available for sale with gross unrealized losses at
September 30, 2017,
aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. At
September 30, 2017,
the Company did
not
have any securities held to maturity with an unrealized loss.
 
    Number of
Investment
Positions		   Fair
Value		   Gross
Unrealized
Losses
(Dollars in thousands)            
             
Continuous loss position less than twelve months:                        
Agency mortgage-backed securities    
58
     $
69,281
     $
603
  
Agency CMO    
8
      
6,137
      
54
  
Agency notes and bonds    
10
      
22,547
      
90
  
Muncipal obligations    
16
      
8,991
      
88
  
                         
Total less than twelve months    
92
      
106,956
      
835
  
                         
Continuous loss position more than twelve months:                        
Agency mortgage-backed securities    
23
      
37,452
      
750
  
Agency CMO    
11
      
7,870
      
146
  
Agency notes and bonds    
12
      
46,092
      
408
  
Muncipal obligations    
21
      
10,726
      
243
  
                         
Total more than twelve months    
67
      
102,140
      
1,547
  
                         
Total securities available for sale    
159
     $
209,096
     $
2,382
  
 
Information pertaining to investment securities available for sale with gross unrealized losses at
December 31, 2016,
aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. At
December 31, 2016,
the Company did
not
have any securities held to maturity with an unrealized loss.
 
    Number of
Investment
Positions		   Fair
Value		   Gross
Unrealized
Losses
(Dollars in thousands)            
             
Continuous loss position less than twelve months:                        
Agency mortgage-backed securities    
78
     $
101,838
     $
2,336
  
Agency CMO    
13
      
11,767
      
239
  
Agency notes and bonds    
20
      
59,126
      
759
  
Muncipal obligations    
54
      
28,414
      
1,129
  
                         
Total less than twelve months    
165
      
201,145
      
4,463
  
                         
Continuous loss position more than twelve months:                        
Agency mortgage-backed securities    
1
      
531
      
13
  
Agency CMO    
5
      
2,502
      
49
  
                         
Total more than twelve months    
6
      
3,033
      
62
  
                         
Total securities available for sale    
171
     $
204,178
     $
4,525
  
 
Management evaluates securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (
1
) the length of time and the extent to which the fair value has been less than cost, (
2
) the financial condition and near-term prospects of the issuer, and (
3
) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recover in fair value.
 
At
September 30, 2017,
the U.S. government agency debt securities, including agency notes and bonds, mortgage-backed securities and CMO, and municipal obligations in a loss position had depreciated approximately
1.1%
from the amortized cost basis. All of the U.S. government agency securities and municipal obligations are issued by U.S. government agencies, government-sponsored enterprises and municipal governments, or are secured by
first
mortgage loans and municipal project revenues. These unrealized losses related principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As the Company has the ability to hold the debt securities until maturity, or the foreseeable future if classified as available for sale,
no
declines are deemed to be other-than-temporary.
 
While management does
not
anticipate any credit-related impairment losses at
September 30, 2017,
additional deterioration in market and economic conditions
may
have an adverse impact on credit quality in the future.
 
During the
three
months ended
September 30, 2017,
the Company realized gross losses on sales of available for sale municipal securities of
$7,000.
During the
nine
months ended
September 30, 2017,
the Company realized gross gains on sales of available for sale agency mortgage backed securities and CMO’s of
$58,000
and
$3,000,
respectively, and gross losses on  sales of available for sale municipal securities of
$7,000.
During the
nine
months ended
September 30, 2016,
the Company realized gross gains on sales of available for sale municipal securities of
$176,000.
During the
three
months ended
September 30, 2016,
the Company did
not
have any security sales.
 
Certain available for sale debt securities were pledged to secure public fund deposits at
September 30, 2017
and
December 31, 2016.