Note 6 - Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

The amortized cost and estimated fair values of investment securities available-for-sale at March 31, 2022 and December 31, 2021 were as follows:

			Gross		Gross
			unrealized		unrealized
	Fair		holding		holding			Amortized
March 31, 2022	value		gains		losses			cost
U.S. Treasury	$	894	$	—	$	—		$	894
U.S. Government agency		94,063		—		(7,872	)		101,935
State and municipal		119,510		139		(12,427	)		131,798
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		308,225		59		(22,699	)		330,865
Collateralized mortgage obligations (CMOs)		127,534		8		(8,198	)		135,724
Corporate debt		6,620		66		(141	)		6,695
Total investment debt securities available-for-sale	$	656,846	$	272	$	(51,337	)	$	707,911

			Gross		Gross
			unrealized		unrealized
	Fair		holding		holding			Amortized
December 31, 2021	value		gains		losses			cost
U.S. Government agency	$	97,499	$	2	$	(2,435	)	$	99,932
State and municipal		131,035		1,716		(1,053	)		130,372
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		329,938		1,273		(3,158	)		331,823
Collateralized mortgage obligations (CMOs)		127,012		398		(1,648	)		128,262
Corporate debt		6,876		179		(8	)		6,705
Total investment debt securities available-for-sale	$	692,360	$	3,568	$	(8,302	)	$	697,094

Investment Securities by Contractual Maturity

The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at March 31, 2022 are shown in the following table.


March 31, 2022	Fair value		Amortized cost
Due in one year or less	$	5,277	$	5,260
Due after one year through five years		140,407		146,514
Due after five years through ten years		417,401		450,278
Due after ten years		93,761		105,859
Total investment debt securities available-for-sale	$	656,846	$	707,911

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 other-than-temporary impairment (“OTTI”) of these investments.

	For the Three Months Ended March 31,
	2022		2021
Gross realized gains	$	1	$	3
Gross realized losses		—		—
Other-than-temporary impairment		—		—
Total net gains (losses) on AFS securities	$	1	$	3

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, 2022 and December 31, 2021:


			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
March 31, 2022	securities		value		losses			value		losses			value		losses
U.S. Treasury		—	$	—	$	—		$	—	$	—		$	—	$	—
U.S. Government agency		46		35,508		(2,434	)		58,554		(5,438	)		94,062		(7,872	)
State and municipal		190		75,613		(8,712	)		19,860		(3,715	)		95,473		(12,427	)
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		178		256,078		(18,096	)		45,724		(4,603	)		301,802		(22,699	)
Collateralized mortgage obligations (CMOs)		120		115,320		(7,950	)		2,495		(248	)		117,815		(8,198	)
Corporate debt		3		3,479		(133	)		76		(8	)		3,555		(141	)
Total		537	$	485,998	$	(37,325	)	$	126,709	$	(14,012	)	$	612,707	$	(51,337	)


			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2021	securities		value		losses			value		losses			value		losses
U.S. Government agency		44	$	62,530	$	(1,407	)	$	32,968	$	(1,028	)	$	95,498	$	(2,435	)
State and municipal		103		55,982		(953	)		3,742		(100	)		59,724		(1,053	)
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		72		253,141		(2,915	)		7,370		(243	)		260,511		(3,158	)
Collateralized mortgage obligations (CMOs)		46		92,217		(1,648	)		—		—			92,217		(1,648	)
Corporate debt		1		—		—			75		(8	)		75		(8	)
Total		266	$	463,870	$	(6,923	)	$	44,155	$	(1,379	)	$	508,025	$	(8,302	)

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, 2022 and 2021:

	For the Three Months Ended March 31,

	2022			2021
Net gains (loss) recognized during the period on equity securities	$	27		$	1,435
Less: Net gains recognized during the period on equity securities sold during the period		35			339
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	(8	)	$	1,096