Note 6 - Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 were as follows:

	Fair		Gross unrealized holding		Gross unrealized holding			Gross unrealized fair value hedge		Amortized
June 30, 2024	value		gains		losses			gains (1)		cost
U.S. Treasury	$	6,449	$	—	$	(1	)	$	—	$	6,450
U.S. Government agency		65,633		—		(10,322	)		—		75,955
State and municipal		86,693		—		(20,809	)		1,761		105,741
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		211,783		—		(39,741	)		4,254		247,270
Collateralized mortgage obligations (CMOs)		83,480		—		(16,868	)		—		100,348
Corporate debt and money market funds		6,380		13		(360	)		—		6,727
Total investment debt securities available-for-sale	$	460,418	$	13	$	(88,101	)	$	6,015	$	542,491

			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 June 30, 2024 is shown in the following table.

June 30, 2024	Fair value		Amortized cost
Due in one year or less	$	8,601	$	8,619
Due after one year through five years		50,606		57,284
Due after five years through ten years		39,675		44,804
Due after ten years		66,273		84,166
		165,155		194,873
Residential mortgage-backed securities		211,783		247,270
Collateralized mortgage obligations		83,480		100,348
Total	$	460,418	$	542,491

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 June 30,					For the Six Months Ended June 30,
	2024			2023		2024			2023
Gross realized gains	$	—		$	—	$	—		$	—
Gross realized losses		(1,096	)		—		(1,096	)		(257	)
Impairment		—			—		—			—
Total net gains (losses) on AFS securities	$	(1,096	)	$	—	$	(1,096	)	$	(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 June 30, 2024 and December 31, 2023:

			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
June 30, 2024	securities		value		losses			value		losses			value		losses
U.S. Treasury		11	$	5,460	$	(1	)	$	—	$	—		$	5,460	$	(1	)
U.S. Government agency		35		—		—			65,633		(10,322	)		65,633		(10,322	)
State and municipal		187		289		—			84,636		(20,809	)		84,925		(20,809	)
U.S. Government agencies and sponsored enterprises (GSEs):				—		—
Mortgage-backed		153		—		—			207,501		(39,741	)		207,501		(39,741	)
Collateralized mortgage obligations (CMOs)		125		—		—			83,480		(16,868	)		83,480		(16,868	)
Corporate debt and money market funds		4		—		—			6,215		(360	)		6,215		(360	)
Total		515	$	5,749	$	(1	)	$	447,465	$	(88,100	)	$	453,214	$	(88,101	)

			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 and six months ended June 30, 2024 and 2023:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2024		2023			2024		2023
Net gains (losses) recognized during the period on equity securities	$	1,016	$	(54	)	$	1,363	$	(205	)
Less: Net gains recognized during the period on equity securities sold during the period		—		519			377		311
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	1,016	$	(573	)	$	986	$	(516	)