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Note 6 - Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments Debt And Equity Securities [Abstract]  
Available-For-Sale Securities

The amortized cost and estimated fair values of investment securities available-for-sale at September 30, 2019 and December 31, 2018 were as follows:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

unrealized

 

 

unrealized

 

 

 

 

 

 

 

Fair

 

 

holding

 

 

holding

 

 

Amortized

 

September 30, 2019

 

value

 

 

gains

 

 

losses

 

 

cost

 

U.S. Treasury

 

$

5,281

 

 

$

—

 

 

$

—

 

 

$

5,281

 

U.S. Government agency

 

 

68,349

 

 

 

11

 

 

 

(166

)

 

 

68,504

 

State and municipal

 

 

51,104

 

 

 

952

 

 

 

(16

)

 

 

50,168

 

U.S. Government agencies and sponsored enterprises (GSEs):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

140,553

 

 

 

519

 

 

 

(727

)

 

 

140,761

 

Collateralized mortgage obligations (CMOs)

 

 

87,652

 

 

 

446

 

 

 

(452

)

 

 

87,658

 

Pooled trust preferred

 

 

78

 

 

 

—

 

 

 

(8

)

 

 

86

 

Corporate debt

 

 

8,140

 

 

 

128

 

 

 

(2

)

 

 

8,014

 

Total investment debt securities available-for-sale

 

$

361,157

 

 

$

2,056

 

 

$

(1,371

)

 

$

360,472

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

unrealized

 

 

unrealized

 

 

 

 

 

 

 

Fair

 

 

holding

 

 

holding

 

 

Amortized

 

December 31, 2018

 

value

 

 

gains

 

 

losses

 

 

cost

 

U.S. Government agency

 

$

68,409

 

 

$

—

 

 

$

(2,072

)

 

$

70,481

 

State and municipal

 

 

66,313

 

 

 

195

 

 

 

(464

)

 

 

66,582

 

U.S. Government agencies and sponsored enterprises (GSEs):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

125,913

 

 

 

79

 

 

 

(4,251

)

 

 

130,085

 

Collateralized mortgage obligations (CMOs)

 

 

75,491

 

 

 

87

 

 

 

(2,549

)

 

 

77,953

 

Pooled trust preferred

 

 

116

 

 

 

—

 

 

 

(6

)

 

 

122

 

Corporate debt

 

 

7,979

 

 

 

33

 

 

 

(80

)

 

 

8,026

 

Total investment debt securities available-for-sale

 

$

344,221

 

 

$

394

 

 

$

(9,422

)

 

$

353,249

 
Investment Securities by Contractual Maturity The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at September 30, 2019 are shown in the following table.

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

Fair value

 

 

Amortized cost

 

Due in one year or less

 

$

16,843

 

 

$

16,852

 

Due after one year through five years

 

 

285,518

 

 

 

285,896

 

Due after five years through ten years

 

 

35,097

 

 

 

34,598

 

Due after ten years

 

 

23,699

 

 

 

23,126

 

Total investment debt securities available-for-sale

 

$

361,157

 

 

$

360,472

 

 
Realized Gain (Loss) on Investments The following table presents information related to the Company’s gains and losses on the sales of securities available-for-sale, and losses recognized for the other-than-temporary impairment (“OTTI”) of these investments.

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Gross realized gains

 

$

28

 

 

$

—

 

 

$

64

 

 

$

25

 

Gross realized losses

 

 

(25

)

 

 

—

 

 

 

(100

)

 

 

(22

)

Other-than-temporary impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total net gains (losses) on AFS securities

 

$

3

 

 

$

—

 

 

$

(36

)

 

$

3

 

 
Debt Securities in a Continuous Unrealized Loss Position

The following table indicates the length of time individual debt securities have been in a continuous unrealized loss position at September 30, 2019 and December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

No. of

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

September 30, 2019

 

securities

 

 

value

 

 

losses

 

 

value

 

 

losses

 

 

value

 

 

losses

 

U.S. Treasury

 

 

1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

U.S. Government agency

 

 

36

 

 

 

23,450

 

 

 

(60

)

 

 

22,393

 

 

 

(106

)

 

 

45,843

 

 

 

(166

)

State and municipal

 

 

4

 

 

 

1,383

 

 

 

(11

)

 

 

516

 

 

 

(5

)

 

 

1,899

 

 

 

(16

)

U.S. Government agencies and sponsored enterprises (GSEs):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

80

 

 

 

34,962

 

 

 

(111

)

 

 

62,989

 

 

 

(616

)

 

 

97,951

 

 

 

(727

)

Collateralized mortgage obligations (CMOs)

 

 

57

 

 

 

12,709

 

 

 

(44

)

 

 

30,862

 

 

 

(408

)

 

 

43,571

 

 

 

(452

)

Pooled trust preferred

 

 

1

 

 

 

—

 

 

 

—

 

 

 

78

 

 

 

(8

)

 

 

78

 

 

 

(8

)

Corporate debt

 

 

3

 

 

 

2,004

 

 

 

(2

)

 

 

1,004

 

 

 

—

 

 

 

3,008

 

 

 

(2

)

Total

 

 

182

 

 

$

74,508

 

 

$

(228

)

 

$

117,842

 

 

$

(1,143

)

 

$

192,350

 

 

$

(1,371

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

No. of

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

December 31, 2018

 

securities

 

 

value

 

 

losses

 

 

value

 

 

losses

 

 

value

 

 

losses

 

U.S. Government agency

 

 

51

 

 

$

—

 

 

$

—

 

 

$

68,409

 

 

$

(2,072

)

 

$

68,409

 

 

$

(2,072

)

State and municipal

 

 

81

 

 

 

21,657

 

 

 

(204

)

 

 

10,558

 

 

 

(260

)

 

 

32,215

 

 

 

(464

)

U.S. Government agencies and sponsored enterprises (GSEs):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

111

 

 

 

12,561

 

 

 

(91

)

 

 

108,802

 

 

 

(4,160

)

 

 

121,363

 

 

 

(4,251

)

Collateralized mortgage obligations (CMOs)

 

 

73

 

 

 

433

 

 

 

(1

)

 

 

62,467

 

 

 

(2,548

)

 

 

62,900

 

 

 

(2,549

)

Pooled trust preferred

 

 

1

 

 

 

—

 

 

 

—

 

 

 

116

 

 

 

(6

)

 

 

116

 

 

 

(6

)

Corporate debt

 

 

4

 

 

 

—

 

 

 

—

 

 

 

3,947

 

 

 

(80

)

 

 

3,947

 

 

 

(80

)

Total

 

 

321

 

 

$

34,651

 

 

$

(296

)

 

$

254,299

 

 

$

(9,126

)

 

$

288,950

 

 

$

(9,422

)

 
Summary of Unrealized and Realized Gains and Losses Recognized in Net Income on Equity Securities The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2019 and 2018:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net gains recognized during the period on equity securities

 

$

665

 

 

$

912

 

 

$

1,865

 

 

$

837

 

Less:  Net gains recognized during the period on equity securities sold during the period

 

 

970

 

 

 

181

 

 

 

1,599

 

 

 

311

 

Net unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date

 

$

(305

)

 

$

731

 

 

$

266

 

 

$

526