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Note 6 - Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]  
Debt Securities Available-for-sale

The amortized cost and estimated fair values of investment securities available-for-sale at September 30, 2020 and December 31, 2019 were as follows:

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

unrealized

 

 

unrealized

 

 

 

 

 

 

 

Fair

 

 

holding

 

 

holding

 

 

Amortized

 

September 30, 2020

 

value

 

 

gains

 

 

losses

 

 

cost

 

U.S. Government agency

 

$

81,533

 

 

$

82

 

 

$

(152

)

 

$

81,603

 

State and municipal

 

 

77,016

 

 

 

1,824

 

 

 

(140

)

 

 

75,332

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

176,982

 

 

 

3,232

 

 

 

(112

)

 

 

173,862

 

Collateralized mortgage obligations (CMOs)

 

 

101,843

 

 

 

2,043

 

 

 

(9

)

 

 

99,809

 

Pooled trust preferred

 

 

68

 

 

 

—

 

 

 

(16

)

 

 

84

 

Corporate debt

 

 

7,174

 

 

 

26

 

 

 

(25

)

 

 

7,173

 

Total investment debt securities available-for-sale

 

$

444,616

 

 

$

7,207

 

 

$

(454

)

 

$

437,863

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

 

 

 

 

 

unrealized

 

 

unrealized

 

 

 

 

 

 

 

Fair

 

 

holding

 

 

holding

 

 

Amortized

 

December 31, 2019

 

value

 

 

gains

 

 

losses

 

 

cost

 

U.S. Government agency

 

$

69,298

 

 

$

8

 

 

$

(213

)

 

$

69,503

 

State and municipal

 

 

50,781

 

 

 

860

 

 

 

(19

)

 

 

49,940

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

134,829

 

 

 

371

 

 

 

(504

)

 

 

134,962

 

Collateralized mortgage obligations (CMOs)

 

 

86,610

 

 

 

260

 

 

 

(535

)

 

 

86,885

 

Pooled trust preferred

 

 

79

 

 

 

—

 

 

 

(6

)

 

 

85

 

Corporate debt

 

 

8,113

 

 

 

103

 

 

 

—

 

 

 

8,010

 

Total investment debt securities available-for-sale

 

$

349,710

 

 

$

1,602

 

 

$

(1,277

)

 

$

349,385

 
Investment Securities by Contractual Maturity The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at September 30, 2020 are shown in the following table.

 

 

 

 

 

 

 

 

 

 

September 30, 2020

 

Fair value

 

 

Amortized cost

 

Due in one year or less

 

$

13,589

 

 

$

13,443

 

Due after one year through five years

 

 

273,528

 

 

 

268,416

 

Due after five years through ten years

 

 

104,683

 

 

 

104,154

 

Due after ten years

 

 

52,816

 

 

 

51,850

 

Total investment debt securities available-for-sale

 

$

444,616

 

 

$

437,863

 

 
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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gross realized gains

 

$

15

 

 

$

28

 

 

$

21

 

 

$

64

 

Gross realized losses

 

 

—

 

 

 

(25

)

 

 

(5

)

 

 

(100

)

Other-than-temporary impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total net gains (losses) on AFS securities

 

$

15

 

 

$

3

 

 

$

16

 

 

$

(36

)

 

 
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, 2020 and December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

No. of

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

September 30, 2020

 

securities

 

 

value

 

 

losses

 

 

value

 

 

losses

 

 

value

 

 

losses

 

U.S. Government agency

 

 

17

 

 

$

32,451

 

 

$

(152

)

 

$

—

 

 

$

—

 

 

$

32,451

 

 

$

(152

)

State and municipal

 

 

24

 

 

 

13,828

 

 

 

(140

)

 

 

—

 

 

 

—

 

 

 

13,828

 

 

 

(140

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

10

 

 

 

32,864

 

 

 

(112

)

 

 

—

 

 

 

—

 

 

 

32,864

 

 

 

(112

)

Collateralized mortgage obligations (CMOs)

 

 

4

 

 

 

5,361

 

 

 

(9

)

 

 

—

 

 

 

—

 

 

 

5,361

 

 

 

(9

)

Pooled trust preferred

 

 

1

 

 

 

—

 

 

 

—

 

 

 

68

 

 

 

(16

)

 

 

68

 

 

 

(16

)

Corporate debt

 

 

1

 

 

 

2,975

 

 

 

(25

)

 

 

—

 

 

 

—

 

 

 

2,975

 

 

 

(25

)

Total

 

 

57

 

 

$

87,479

 

 

$

(438

)

 

$

68

 

 

$

(16

)

 

$

87,547

 

 

$

(454

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 months

 

 

12 months or longer

 

 

Total

 

 

 

No. of

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

 

Fair

 

 

Unrealized

 

December 31, 2019

 

securities

 

 

value

 

 

losses

 

 

value

 

 

losses

 

 

value

 

 

losses

 

U.S. Government agency

 

 

36

 

 

$

28,857

 

 

$

(141

)

 

$

20,427

 

 

$

(72

)

 

$

49,284

 

 

$

(213

)

State and municipal

 

 

7

 

 

 

2,431

 

 

 

(14

)

 

 

515

 

 

 

(5

)

 

 

2,946

 

 

 

(19

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed

 

 

66

 

 

 

28,482

 

 

 

(50

)

 

 

52,398

 

 

 

(454

)

 

 

80,880

 

 

 

(504

)

Collateralized mortgage obligations (CMOs)

 

 

64

 

 

 

24,412

 

 

 

(82

)

 

 

27,625

 

 

 

(453

)

 

 

52,037

 

 

 

(535

)

Pooled trust preferred

 

 

1

 

 

 

—

 

 

 

—

 

 

 

79

 

 

 

(6

)

 

 

79

 

 

 

(6

)

Corporate debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

174

 

 

$

84,182

 

 

$

(287

)

 

$

101,044

 

 

$

(990

)

 

$

185,226

 

 

$

(1,277

)

 
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, 2020 and 2019:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net gains (loss) recognized during the period on equity securities

 

$

810

 

 

$

665

 

 

$

(796

)

 

$

1,865

 

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

 

 

183

 

 

 

970

 

 

 

351

 

 

 

1,599

 

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

 

$

627

 

 

$

(305

)

 

$

(1,147

)

 

$

266