Note 3 - Trading Account Assets

12 Months Ended

Dec. 31, 2014

Trading Securities [Member]

Note 3 - Trading Account Assets [Line Items]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3. Trading AccountAssets

The following table summarizes the components of trading account assets at the dates indicated (in thousands).

	December 31,
	2014		2013
Municipal bonds	$	4,116	$	3,771
Insured bank deposits		1,397		1,347
Total trading account assets	$	5,513	$	5,118

The following table summarizes net realized gains and the change in fair value relative to trading account assets included in the Consolidated Statements of Income for the periods indicated (in thousands).

	For the years ended December 31,
	2014		2013
Realized gains, net	$	480	$	139
Unrealized gains, net due to changes in fair value relative to assets held at end of period		21		31
Total trading account income, net	$	501	$	170

The Company may withdraw from the trading account the assets related to its original $5.0 million investment subject to 30-days’ written notice. In January 2015, the Company invested an additional $4.5 million in the trading account, which is restricted from withdrawal until January 2016.

Ratings

The following tables summarize Moody’s and Standard and Poor’s ratings of municipal bond trading account assets, based on fair value, at December 31, 2014.

	Moody's Ratings
Aaa		21	%
Aa1 - Aa3		60
A1 - A3		14
Not rated		5
Total		100	%

	Standard and Poor's Ratings
AAA		26	%
AA+ - AA-		52
A+ - A-		14
Not Rated		8
Total		100	%

All municipal bond trading account assets were rated by either Moody’s or Standard and Poor’s at December 31, 2014.

Available-for-sale Securities [Member]

Note 3 - Trading Account Assets [Line Items]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

4. Investment Securities Available for Sale

The following tables summarize the amortized cost, gross unrealized gains and losses included in accumulated other comprehensive loss and fair value of investment securities available for sale at the dates indicated (in thousands).

	December 31, 2014
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. agency	$	3,930	$	35	$	-		$	3,965
State and municipal		6,665		84		(17	)		6,732
Collateralized mortgage obligations (federal agencies)		89,311		13		(1,550	)		87,774
Other mortgage-backed (federal agencies)		78,532		411		(440	)		78,503
SBA loan-backed (federal agency)		34,394		210		(67	)		34,537
Total investment securities available for sale	$	212,832	$	753	$	(2,074	)	$	211,511

	December 31, 2013
	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
State and municipal	$	7,393	$	138	$	(71	)	$	7,460
Collateralized mortgage obligations (federal agencies)		97,303		30		(4,201	)		93,132
Other mortgage-backed (federal agencies)		76,852		95		(927	)		76,020
SBA loan-backed (federal agency)		37,655		258		(142	)		37,771
Total investment securities available for sale	$	219,203	$	521	$	(5,341	)	$	214,383

The following tables summarize securities in each category of investment securities available for sale that were in an unrealized loss position at the dates indicated (dollars in thousands).

	December 31, 2014
	Less than 12 months						12 months or longer						Total
	#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses
State and municipal		3	$	1,641	$	7		1	$	1,062	$	10		4	$	2,703	$	17
Collateralized mortgage obligations (federal agencies)		11		32,532		192		10		52,924		1,358		21		85,456		1,550
Other mortgage-backed (federal agencies)		10		14,889		119		10		18,979		321		20		33,868		440
SBA loan-backed (federal agency)		3		3,122		10		6		14,850		57		9		17,972		67
Total		27	$	52,184	$	328		27	$	87,815	$	1,746		54	$	139,999	$	2,074

	December 31, 2013
	Less than 12 months						12 months or longer						Total
	#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses		#		Fair value		Gross unrealized losses
State and municipal		1	$	1,010	$	71		-	$	-	$	-		1	$	1,010	$	71
Collateralized mortgage obligations (federal agencies)		14		62,251		2,863		9		29,123		1,338		23		91,374		4,201
Other mortgage-backed (federal agencies)		20		64,428		774		1		1,517		153		21		65,945		927
SBA loan-backed (federal agency)		4		14,468		73		3		5,306		69		7		19,774		142
Total		39	$	142,157	$	3,781		13	$	35,946	$	1,560		52	$	178,103	$	5,341

Other-Than-Temporary Impairment

Based on the Company’s other-than-temporary impairment analysis at December 31, 2014, the Company concluded that gross unrealized losses detailed in the preceding table were due to changes in market interest rates and were not other-than-temporarily impaired as of that date.

Ratings

Except for state and municipal securities, all of the Company’s available for sale securities are backed by United States (“U.S.”) agencies and are rated Aaa and AA+ by Moody’s and Standard and Poor’s rating services, respectively. The following table summarizes ratings of the Company’s state and municipal investment securities available for sale, based on fair value, at December 31, 2014.

	Moody's Ratings
Aaa		7	%
Aa1 - Aa3		56
A1 - A2		4
Not rated		33
Total		100	%

	Standard and Poor's Ratings
AAA		17	%
AA+ - AA-		41
Not Rated		42
Total		100	%

All state and municipal securities were rated by either Moody’s or Standard and Poor’s at December 31, 2014.

Maturities

The following table summarizes the amortized cost and fair value of investment securities available for sale at December 31, 2014 by contractual maturity and estimated principal repayment distribution (in thousands). U.S. agency and state and municipal securities are organized based on contractual maturity. Principal amounts on collateralized mortgage obligations, other mortgage-backed securities and SBA loan-backed securities are not due at a single maturity date and are subject to early repayment based on prepayment activity of underlying loans. Therefore, collateralized mortgage obligations, other mortgage-backed securities and SBA loan-backed securities are organized based on estimated cash flows using current prepayment assumptions.

	Amortized cost		Fair value
Due in one year or less	$	-	$	-
Due after one year through five years		2,015		2,017
Due after five years through ten years		1,915		1,948
Due after ten years		-		-
U.S. agency		3,930		3,965
Due in one year or less		1,898		1,917
Due after one year through five years		2,050		2,115
Due after five years through ten years		2,717		2,700
Due after ten years		-		-
State and municipal		6,665		6,732
Due in one year or less		407		407
Due after one year through five years		11,227		11,041
Due after five years through ten years		77,677		76,326
Due after ten years		-		-
Collateralized mortgage obligations (federal agencies)		89,311		87,774
Due in one year or less		-		-
Due after one year through five years		42,042		42,112
Due after five years through ten years		19,191		19,158
Due after ten years		17,299		17,233
Other mortgage-backed (federal agencies)		78,532		78,503
Due in one year or less		-		-
Due after one year through five years		15,116		15,133
Due after five years through ten years		11,219		11,216
Due after ten years		8,059		8,188
SBA loan-backed (federal agency)		34,394		34,537
Due in one year or less		2,305		2,324
Due after one year through five years		72,450		72,418
Due after five years through ten years		112,719		111,348
Due after ten years		25,358		25,421
Total investment securities available for sale	$	212,832	$	211,511

Pledged

Investment securities were pledged as collateral for the following purposes at the dates indicated (in thousands).

	December 31,
	2014		2013
Municipal and other secured deposits	$	84,255	$	75,718
Retail repurchase agreements		36,629		25,626
Federal Reserve line of credit		1,352		1,459
Correspondent bank lines of credit		10,959		16,788
Total investment securities available for sale pledged	$	133,195	$	119,591

Realized Gains and Losses

The following table summarizes the gross realized gains and losses from sales of investment securities available for sale for the periods indicated (in thousands).

	For the years ended December 31,
	2014			2013			2012
Realized gains	$	165		$	471		$	10,499
Realized losses		(40	)		(161	)		(5	)
Total investment securities gains, net	$	125		$	310		$	10,494