| Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
Note 4 - Securities
The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:
| |
|
(Dollars in thousands) |
|
| |
|
|
|
|
|
Gross |
|
|
Gross |
|
|
Estimated |
|
| |
|
Cost |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Basis |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market fund |
|
$ |
26,789 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
26,789 |
|
| U.S. government sponsored entities |
|
|
4,998 |
|
|
|
- |
|
|
|
(9 |
) |
|
|
4,989 |
|
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
|
125,122 |
|
|
|
3,864 |
|
|
|
(23 |
) |
|
|
128,963 |
|
| Municipal securities |
|
|
153,780 |
|
|
|
9,075 |
|
|
|
(294 |
) |
|
|
162,561 |
|
| Collateralized debt obligations |
|
|
2,186 |
|
|
|
- |
|
|
|
(1,307 |
) |
|
|
879 |
|
| Total securities available-for-sale |
|
$ |
312,875 |
|
|
$ |
12,939 |
|
|
$ |
(1,633 |
) |
|
$ |
324,181 |
|
| |
|
(Dollars in thousands) |
|
| |
|
|
|
|
|
Gross |
|
|
Gross |
|
|
Estimated |
|
| |
|
Cost |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Basis |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market fund |
|
$ |
9,670 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
9,670 |
|
| U.S. government sponsored entities |
|
|
12,994 |
|
|
|
64 |
|
|
|
- |
|
|
|
13,058 |
|
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
|
149,339 |
|
|
|
1,745 |
|
|
|
(96 |
) |
|
|
150,988 |
|
| Municipal securities |
|
|
97,628 |
|
|
|
4,844 |
|
|
|
(45 |
) |
|
|
102,427 |
|
| Collateralized debt obligations |
|
|
2,202 |
|
|
|
- |
|
|
|
(1,126 |
) |
|
|
1,076 |
|
| Total securities available-for-sale |
|
$ |
271,833 |
|
|
$ |
6,653 |
|
|
$ |
(1,267 |
) |
|
$ |
277,219 |
|
The estimated fair value of available-for-sale debt securities at September 30, 2020, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.
| |
|
(Dollars in thousands) |
|
| |
|
Available-for-sale |
|
| |
|
Estimated |
|
|
|
|
|
| |
|
Fair |
|
|
Tax-Equivalent |
|
| September 30, 2020 |
|
Value |
|
|
Yield (%) |
|
| Due in one year or less |
|
$ |
26,789 |
|
|
|
0.04 |
|
| Due from one to five years |
|
|
2,980 |
|
|
|
3.94 |
|
| Due from five to ten years |
|
|
18,305 |
|
|
|
2.76 |
|
| Due over ten years |
|
|
147,144 |
|
|
|
3.37 |
|
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
|
128,963 |
|
|
|
2.11 |
|
| Total |
|
$ |
324,181 |
|
|
|
2.56 |
|
Sales of available-for-sale securities were as follows for the nine months ended:
| |
|
(Dollars in thousands) |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
|
|
| Proceeds |
|
$ |
39,242 |
|
|
$ |
35,859 |
|
| Gross gains |
|
|
1,433 |
|
|
|
838 |
|
| Gross losses |
|
|
(59 |
) |
|
|
(84 |
) |
Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:
| |
|
(Dollars in thousands) |
|
| |
|
Unrealized
gain/(loss) |
|
| Ending balance, December 31, 2019 |
|
$ |
4,261 |
|
| Current period change |
|
|
4,677 |
|
| Ending balance, September 30, 2020 |
|
$ |
8,938 |
|
Securities with carrying values of approximately $117.8 million and $65.5 million were pledged as of September 30, 2020 and December 31, 2019, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.
Securities with gross unrealized losses at September 30, 2020, and December 31, 2019 not recognized in income are as follows:
| |
|
(Dollars in thousands) |
|
| |
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
| |
|
Estimated |
|
|
|
|
|
|
Estimated |
|
|
|
|
|
|
Estimated |
|
|
|
|
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| |
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
| Money market fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
|
6,096 |
|
|
|
(23 |
) |
|
|
- |
|
|
|
- |
|
|
|
6,096 |
|
|
|
(23 |
) |
| U.S. government sponsored entities |
|
|
4,989 |
|
|
|
(9 |
) |
|
|
- |
|
|
|
- |
|
|
|
4,989 |
|
|
|
(9 |
) |
| Municipal securities |
|
|
17,338 |
|
|
|
(294 |
) |
|
|
- |
|
|
|
- |
|
|
|
17,338 |
|
|
|
(294 |
) |
| Collateralized debt obligations |
|
|
- |
|
|
|
- |
|
|
|
879 |
|
|
|
(1,307 |
) |
|
|
879 |
|
|
|
(1,307 |
) |
| Total temporarily impaired |
|
$ |
28,423 |
|
|
$ |
(326 |
) |
|
$ |
879 |
|
|
$ |
(1,307 |
) |
|
$ |
29,302 |
|
|
$ |
(1,633 |
) |
| Number of securities |
|
|
|
|
|
|
32 |
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
34 |
|
| |
|
(Dollars in thousands) |
|
| |
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
| |
|
Estimated |
|
|
|
|
|
|
Estimated |
|
|
|
|
|
|
Estimated |
|
|
|
|
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| |
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
| December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. government sponsored entities |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Collateralized mortgage obligations and residential mortgage-backed securities |
|
|
8,859 |
|
|
|
(31 |
) |
|
|
15,065 |
|
|
|
(65 |
) |
|
|
23,924 |
|
|
|
(96 |
) |
| Municipal securities |
|
|
4,367 |
|
|
|
(45 |
) |
|
|
- |
|
|
|
- |
|
|
|
4,367 |
|
|
|
(45 |
) |
| Collateralized debt obligations |
|
|
- |
|
|
|
- |
|
|
|
1,076 |
|
|
|
(1,126 |
) |
|
|
1,076 |
|
|
|
(1,126 |
) |
| Total temporarily impaired |
|
$ |
13,226 |
|
|
$ |
(76 |
) |
|
$ |
16,141 |
|
|
$ |
(1,191 |
) |
|
$ |
29,367 |
|
|
$ |
(1,267 |
) |
| Number of securities |
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
28 |
|
Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold those securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity.
|