Note 6 - Investment Securities (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 were as follows:

	Fair		Gross unrealized holding		Gross unrealized holding			Gross unrealized fair value hedge		Amortized
March 31, 2025	value		gains		losses			gains (1)		cost
U.S. Treasury	$	20,441	$	1	$	—		$	—	$	20,440
U.S. Government agency		68,431		—		(7,531	)		—		75,962
State and municipal		84,430		—		(20,890	)		151		105,169
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		195,291		—		(33,070	)		168		228,193
Collateralized mortgage obligations (CMOs)		161,863		36		(14,392	)		—		176,219
Corporate debt and money market funds		16,682		3		(175	)		—		16,854
Total investment debt securities available-for-sale	$	547,138	$	40	$	(76,058	)	$	319	$	622,837

			Gross		Gross			Gross
			unrealized		unrealized			unrealized
	Fair		holding		holding			fair value hedge		Amortized
December 31, 2024	value		gains		losses			losses (1)		cost
U.S. Treasury	$	18,010	$	6	$	—		$	—	$	18,004
U.S. Government agency		66,908		—		(9,051	)		—		75,959
State and municipal		86,352		—		(20,631	)		1,566		105,417
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		198,510		—		(38,902	)		3,264		234,148
Collateralized mortgage obligations (CMOs)		161,646		31		(15,821	)		—		177,436
Corporate debt and money market funds		15,133		10		(304	)		—		15,427
Total investment debt securities available-for-sale	$	546,559	$	47	$	(84,709	)	$	4,830	$	626,391
(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, 2025 is shown in the following table.

March 31, 2025	Fair value		Amortized cost
Due in one year or less	$	20,697	$	20,694
Due after one year through five years		63,176		68,456
Due after five years through ten years		48,332		54,725
Due after ten years		57,778		74,550
		189,983		218,425
Residential mortgage-backed securities		195,292		228,193
Collateralized mortgage obligations		161,863		176,219
Total	$	547,138	$	622,837

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,
	2025		2024
Gross realized gains	$	—	$	—
Gross realized losses		—		—
Impairment		—		—
Total net gains (losses) on AFS securities	$	—	$	—

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, 2025 and December 31, 2024:

			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2025	securities		value		losses			value		losses			value		losses
U.S. Treasury		4	$	8,975	$	—		$	—	$	—		$	8,975	$	—
U.S. Government agency		35		—		—			68,431		(7,531	)		68,431		(7,531	)
State and municipal		187		—		—			84,039		(20,890	)		84,039		(20,890	)
U.S. Government agencies and sponsored enterprises (GSEs):				—		—
Mortgage-backed		152		—		—			195,051		(33,070	)		195,051		(33,070	)
Collateralized mortgage obligations (CMOs)		151		71,903		(559	)		77,562		(13,833	)		149,465		(14,392	)
Corporate debt and money market funds		3		1,974		(26	)		4,351		(149	)		6,325		(175	)
Total		532	$	82,852	$	(585	)	$	429,434	$	(75,473	)	$	512,286	$	(76,058	)

			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2024	securities		value		losses			value		losses			value		losses
U.S. Treasury		—	$	—	$	—		$	—	$	—		$	—	$	—
U.S. Government agency		35		—		—			75,959		(9,051	)		75,959		(9,051	)
State and municipal		188		288		(2	)		84,471		(20,629	)		84,759		(20,631	)
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		153		1		—			234,073		(38,902	)		234,074		(38,902	)
Collateralized mortgage obligations (CMOs)		154		83,026		(262	)		78,569		(15,559	)		161,595		(15,821	)
Corporate debt and money markets		7		10,672		(28	)		4,275		(276	)		14,947		(304	)
Total		537	$	93,987	$	(292	)	$	477,347	$	(84,417	)	$	571,334	$	(84,709	)

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, 2025 and 2024:

	For the Three Months Ended March 31,
	2025		2024
Net gains (losses) recognized during the period on equity securities	$	—	$	347
Less: Net gains recognized during the period on equity securities sold during the period		—		377
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	—	$	(30	)