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Note 2 - Investment Securities
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
(2) Investment Securities
 
Investment securities as of March 31, 2016 and December 31, 2015 are summarized as follows:
 
March 31, 2016
                        
 
 
Amortized Cost
 
 
Gross Unrealized Gains
 
 
Gross Unrealized Losses
 
 
Fair Value
 
Securities Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. Government Agencies
                                
Mortgage-Backed
 
$
305,385
 
 
$
1,058
 
 
$
(2,633
)
 
$
303,810
 
State, County & Municipal
 
 
4,975
 
 
 
74
 
 
 
(19
)
 
 
5,030
 
 
 
$
310,360
 
 
$
1,132
 
 
$
(2,652
)
 
$
308,840
 
 
December 31, 2015
                        
 
 
Amortized Cost
 
 
Gross Unrealized Gains
 
 
Gross Unrealized Losses
 
 
Fair Value
 
Securities Available for Sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U. S. Government Agencies
                                
Mortgage-Backed
   $ 297,779     $ 63     $ (6,792 )   $ 291,050  
State, County & Municipal
     5,089       30       (20 )     5,099  
    $ 302,868     $ 93     $ (6,812 )   $ 296,149  
 
The amortized cost and fair value of investment securities as of March 31, 2016, by contractual maturity, are shown hereafter. Expected maturities may differ from contractual maturities for certain investments because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. This is often the case with mortgage-backed securities, which are disclosed separately in the table below.
 
 
 
Securities
 
 
 
Available for Sale
 
 
 
Amortized Cost
 
 
Fair Value
 
                 
Due In One Year or Less
 
$
330
 
 
$
331
 
Due After One Year Through Five Years
 
 
1,480
 
 
 
1,473
 
Due After Five Years Through Ten Years
 
 
1,671
 
 
 
1,717
 
Due After Ten Years
 
 
1,494
 
 
 
1,509
 
 
 
$
4,975
 
 
$
5,030
 
                 
Mortgage-Backed Securities
 
 
305,385
 
 
 
303,810
 
 
 
$
310,360
 
 
$
308,840
 
 
Proceeds from the sale of investments available for sale during the first three months of 2016 totaled $11,800 compared to $25,173 for the first three months of 2015. The sale of investments available for sale during the first three months of 2016 resulted in gross realized gains of $9 and losses of $7.
 
Investment securities having a carry value approximating $132,675 and $133,754 as of March 31, 2016 and December 31, 2015, respectively, were pledged to secure public deposits and for other purposes.
 
 
 
 
Information pertaining to securities with gross unrealized losses at March 31, 2016 and December 31, 2015 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:
 
 
 
Less Than 12 Months
 
 
12 Months or Greater
 
 
Total
 
                                                 
 
 
 
 
 
 
Gross
 
 
 
 
 
 
Gross
 
 
 
 
 
 
Gross
 
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
Fair
 
 
Unrealized
 
 
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
 
Value
 
 
Losses
 
                                                 
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government Agencies
                                                
Mortgage-Backed
 
$
37,615
 
 
$
(202
)
 
$
126,577
 
 
$
(2,431
)
 
$
164,192
 
 
$
(2,633
)
State, County and Municipal
 
 
701
 
 
 
(12
)
 
 
249
 
 
 
(7
)
 
 
950
 
 
 
(19
)
 
 
$
38,316
 
 
$
(214
)
 
$
126,826
 
 
$
(2,438
)
 
$
165,142
 
 
$
(2,652
)
                                                 
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government Agencies
                                                
Mortgage-Backed
   $ 139,765     $ (1,270 )   $ 139,720     $ (5,522 )   $ 279,485     $ (6,792 )
State, County and Municipal
     1,035       (20 )     -       -       1,035       (20 )
    $ 140,800     $ (1,290 )   $ 139,720     $ (5,522 )   $ 280,520     $ (6,812 )
 
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, 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 recovery in fair value.
 
At March 31, 2016, the debt securities with unrealized losses have depreciated 1.58 percent from the Company’s amortized cost basis. These securities are guaranteed by either the U.S. Government, other governments or U.S. corporations. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer’s financial condition. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. As management has the ability to hold debt securities until maturity, or for the foreseeable future if classified as available-for-sale, no declines are deemed to be other than temporary.