Note 6 - Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 were as follows:

	Fair		Gross unrealized holding		Gross unrealized holding			Gross unrealized fair value hedge			Amortized
June 30, 2025	value		gains		losses			gains (1)			cost
U.S. Treasury	$	19,468	$	—	$	(2	)	$	—		$	19,470
U.S. Government agency		69,407		—		(6,557	)		—			75,964
State and municipal		83,927		—		(20,478	)		(618	)		105,023
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		190,057		—		(30,518	)		(1,188	)		221,763
Collateralized mortgage obligations (CMOs)		158,631		9		(13,442	)		—			172,064
Corporate debt and money market funds		22,772		70		(181	)		—			22,883
Total investment debt securities available-for-sale	$	544,262	$	79	$	(71,178	)	$	(1,806	)	$	617,167

			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 June 30, 2025 is shown in the following table.

June 30, 2025	Fair value		Amortized cost
Due in one year or less	$	19,775	$	19,752
Due after one year through five years		65,665		70,460
Due after five years through ten years		46,511		52,706
Due after ten years		63,623		80,422
		195,574		223,340
Residential mortgage-backed securities		190,057		221,763
Collateralized mortgage obligations		158,631		172,064
Total	$	544,262	$	617,167

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,
	2025		2024			2025		2024
Gross realized gains	$	—	$	—		$	—	$	—
Gross realized losses		—		(1,096	)		—		(1,096	)
Impairment		—		—			—		—
Total net gains (losses) on AFS securities	$	—	$	(1,096	)	$	—	$	(1,096	)

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, 2025 and December 31, 2024:

			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
June 30, 2025	securities		value		losses			value		losses			value		losses
U.S. Treasury		6	$	13,990	$	(2	)	$	—	$	—		$	13,990	$	(2	)
U.S. Government agency		35		—		—			69,407		(6,557	)		69,407		(6,557	)
State and municipal		187		—		—			84,278		(20,478	)		84,278		(20,478	)
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		152		—		—			191,140		(30,518	)		191,140		(30,518	)
Collateralized mortgage obligations (CMOs)		154		77,572		(681	)		75,571		(12,761	)		153,143		(13,442	)
Corporate debt and money market funds		3		1,982		(18	)		4,338		(163	)		6,320		(181	)
Total		537	$	93,544	$	(701	)	$	424,734	$	(70,477	)	$	518,278	$	(71,178	)

			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 and six months ended June 30, 2025 and 2024:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Net gains (losses) recognized during the period on equity securities	$	—	$	1,016	$	—	$	1,363
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	$	—	$	1,016	$	—	$	986