Note 6 - Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments Debt And Equity Securities [Abstract]

The amortized cost and estimated fair values of investment securities available-for-sale at June 30, 2022 and December 31, 2021 were as follows:

			Gross		Gross
			unrealized		unrealized
	Fair		holding		holding			Amortized
June 30, 2022	value		gains		losses			cost
U.S. Treasury	$	893	$	—	$	(2	)	$	895
U.S. Government agency		91,090		—		(10,847	)		101,937
State and municipal		108,495		28		(21,058	)		129,525
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		285,320		7		(34,127	)		319,440
Collateralized mortgage obligations (CMOs)		117,277		2		(11,669	)		128,944
Corporate debt		6,492		30		(201	)		6,663
Total investment debt securities available-for-sale	$	609,567	$	67	$	(77,904	)	$	687,404

			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 June 30, 2022 are shown in the following table.


June 30, 2022	Fair value		Amortized cost
Due in one year or less	$	4,276	$	4,272
Due after one year through five years		104,990		111,121
Due after five years through ten years		413,817		465,054
Due after ten years		86,484		106,957
Total investment debt securities available-for-sale	$	609,567	$	687,404

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 June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Gross realized gains	$	3	$	2	$	4	$	5
Gross realized losses		—		—		—		—
Other-than-temporary impairment		—		—		—		—
Total net gains (losses) on AFS securities	$	3	$	2	$	4	$	5

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, 2022 and December 31, 2021:


			Less than 12 months					12 months or longer					Total
	No. of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
June 30, 2022	securities		value		losses			value		losses			value		losses
U.S. Treasury		2	$	594	$	(2	)	$	—	$	—		$	594	$	(2	)
U.S. Government agency		46		34,585		(3,360	)		56,506		(7,487	)		91,091		(10,847	)
State and municipal		222		80,827		(14,370	)		20,337		(6,688	)		101,164		(21,058	)
U.S. Government agencies and sponsored enterprises (GSEs):
Mortgage-backed		190		242,311		(27,518	)		42,163		(6,609	)		284,474		(34,127	)
Collateralized mortgage obligations (CMOs)		126		104,970		(9,863	)		12,105		(1,806	)		117,075		(11,669	)
Corporate debt		3		3,407		(194	)		55		(7	)		3,462		(201	)
Total		589	$	466,694	$	(55,307	)	$	131,166	$	(22,597	)	$	597,860	$	(77,904	)


			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 and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,

	2022			2021		2022			2021
Net (loss) gains recognized during the period on equity securities	$	(992	)	$	871	$	(965	)	$	2,306
Less: Net gains recognized during the period on equity securities sold during the period		454			292		489			631
Net unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date	$	(1,446	)	$	579	$	(1,454	)	$	1,675