Note 6 - Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 were as follows:

	Fair		Gross unrealized holding		Gross unrealized holding			Gross unrealized fair value hedge		Amortized
March 31, 2024	value		gains		losses			gains (1)		cost
U.S. Treasury	$	5,455	$	—	$	(1	)	$	—	$	5,456
U.S. Government agency		73,529		—		(11,423	)		—		84,952
State and municipal		89,554		—		(19,816	)		1,299		108,071
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		220,271		—		(40,093	)		3,146		257,218
Collateralized mortgage obligations (CMOs)		86,564		—		(16,893	)		—		103,457
Corporate debt and money market funds		6,223		10		(497	)		—		6,710
Total investment debt securities available-for-sale	$	481,596	$	10	$	(88,723	)	$	4,445	$	565,864

			Gross		Gross			Gross
			unrealized		unrealized			unrealized
	Fair		holding		holding			fair value hedge			Amortized
December 31, 2023	value		gains		losses			losses (1)			cost
U.S. Treasury	$	6,451	$	3	$	—		$	—		$	6,448
U.S. Government agency		74,122		—		(10,828	)		—			84,950
State and municipal		89,189		—		(18,714	)		(445	)		108,348
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		224,238		—		(37,831	)		(1,304	)		263,373
Collateralized mortgage obligations (CMOs)		89,973		—		(16,383	)		—			106,356
Corporate debt and money market funds		6,209		2		(496	)		—			6,703
Total investment debt securities available-for-sale	$	490,182	$	5	$	(84,252	)	$	(1,749	)	$	576,178
(1) See Note 12

Investment Securities by Contractual Maturity

The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at March 31, 2024 is shown in the following table.

March 31, 2024	Fair value		Amortized cost
Due in one year or less	$	7,567	$	7,606
Due after one year through five years		58,360		65,933
Due after five years through ten years		39,424		44,892
Due after ten years		69,410		86,758
		174,761		205,189
Residential mortgage-backed securities		220,271		257,218
Collateralized mortgage obligations		86,564		103,457
Total	$	481,596	$	565,864

Realized Gain (Loss) on Investments

The following table presents information related to the Company’s gains and losses on the sales and calls of securities available-for-sale, and losses recognized for the impairment of these investments.

	For the Three Months Ended March 31,
	2024		2023
Gross realized gains	$	—	$	—
Gross realized losses		—		(257	)
Impairment		—		—
Total net gains (losses) on AFS securities	$	—	$	(257	)

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 as of March 31, 2024 and December 31, 2023:

			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2024	securities		value		losses			value		losses			value		losses
U.S. Treasury		6	$	2,970	$	(1	)	$	—	$	—		$	2,970	$	(1	)
U.S. Government agency		39		—		—			73,529		(11,423	)		73,529		(11,423	)
State and municipal		190		—		—			87,967		(19,816	)		87,967		(19,816	)
U.S. Government agencies and sponsored enterprises (GSEs):				—		—
Mortgage-backed		164		—		—			217,140		(40,093	)		217,140		(40,093	)
Collateralized mortgage obligations (CMOs)		125		—		—			86,564		(16,893	)		86,564		(16,893	)
Corporate debt and money market funds		4		—		—			6,089		(497	)		6,089		(497	)
Total		528	$	2,970	$	(1	)	$	471,289	$	(88,722	)	$	474,259	$	(88,723	)

			Less than 12 months				12 months or longer					Total
	No. of		Fair		Unrealized		Fair		Unrealized			Fair		Unrealized
December 31, 2023	securities		value		losses		value		losses			value		losses
U.S. Treasury		1	$	494	$	—	$	—	$	—		$	494	$	—
U.S. Government agency		39		—		—		74,122		(10,828	)		74,122		(10,828	)
State and municipal		191		380		—		89,238		(18,714	)		89,618		(18,714	)
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		165		1		—		225,500		(37,831	)		225,501		(37,831	)
Collateralized mortgage obligations (CMOs)		126		—		—		89,973		(16,383	)		89,973		(16,383	)
Corporate debt and money markets		4		—		—		6,101		(496	)		6,101		(496	)
Total		526	$	875	$	—	$	484,934	$	(84,252	)	$	485,809	$	(84,252	)

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 months ended March 31, 2024 and 2023:

	For the Three Months Ended March 31,
	2024			2023
Net (loss) gains recognized during the period on equity securities	$	347		$	(151	)
Less: Net (losses) gains recognized during the period on equity securities sold during the period		377			(208	)
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	(30	)	$	57