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Note 5 - Debt Securities (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Marketable Securities [Table Text Block]

		*September 30, 2022*
		*Amortized*				*Unrealized*								*Estimated*
Dollars in thousands		*Cost*				*Gains*				*Losses*				*Fair Value*
Debt Securities Available for Sale
Taxable debt securities
U.S. Government sponsored agencies and corporations		$	21,874			$	91			$	306			$	21,659
Residential mortgage-backed securities:
Government-sponsored agencies			55,924				84				4,004				52,004
Nongovernment-sponsored entities			51,342				2				2,664				48,680
State and political subdivisions
General obligations			82,029				3				19,151				62,881
Sales tax revenues			6,896				—				1,766				5,130
Various tax revenues			10,707				—				2,462				8,245
Utility revenues			5,302				—				1,293				4,009
Other revenues			16,856				—				3,120				13,736
Corporate debt securities			32,658				—				1,547				31,111
Asset-backed securities			22,696				—				295				22,401
Total taxable debt securities			306,284				180				36,608				269,856
Tax-exempt debt securities
State and political subdivisions
General obligations			90,512				—				9,624				80,888
Water and sewer revenues			15,142				—				1,682				13,460
Lease revenues			6,326				—				659				5,667
Various tax revenues			7,885				—				1,445				6,440
Other revenues			9,227				—				1,573				7,654
Total tax-exempt debt securities			129,092				—				14,983				114,109
Total debt securities available for sale		$	435,376			$	180			$	51,591			$	383,965

		*December 31, 2021*
		*Amortized*				*Unrealized*								*Estimated*
Dollars in thousands		*Cost*				*Gains*				*Losses*				*Fair Value*
Debt Securities Available for Sale
Taxable debt securities
U.S. Government sponsored agencies and corporations		$	36,820			$	169			$	360			$	36,629
Residential mortgage-backed securities:
Government-sponsored agencies			61,646				1,153				588				62,211
Nongovernment-sponsored entities			26,839				26				279				26,586
State and political subdivisions
General obligations			78,627				377				1,323				77,681
Water and sewer revenues			9,839				294				—				10,133
Lease revenues			6,401				215				26				6,590
Income tax revenues			6,487				250				3				6,734
Sales tax revenues			6,909				19				99				6,829
Various tax revenues			13,031				218				203				13,046
Utility revenues			7,153				137				130				7,160
Other revenues			9,291				331				9				9,613
Corporate debt securities			30,524				78				324				30,278
Asset-backed securities			24,873				97				87				24,883
Total taxable debt securities			318,440				3,364				3,431				318,373
Tax-exempt debt securities
State and political subdivisions
General obligations			47,583				1,526				270				48,839
Water and sewer revenues			10,618				375				15				10,978
Lease revenues			7,974				553				31				8,496
Other revenues			14,028				405				16				14,417
Total tax-exempt debt securities			80,203				2,859				332				82,730
Total debt securities available for sale		$	398,643			$	6,223			$	3,763			$	401,103

Summary of Volume of State and Political Subdivision Securities Held in Portfolio [Table Text Block]

		*September 30, 2022*
		*Amortized*				*Unrealized*								*Estimated*
Dollars in thousands		*Cost*				*Gains*				*Losses*				*Fair Value*

California		$	47,597			$	—			$	10,650			$	36,947
Texas			35,726				—				5,621				30,105
Washington			20,736				—				2,286				18,450
Michigan			21,440				—				3,099				18,341
Oregon			15,766				—				3,997				11,769

Investments Classified by Contractual Maturity Date [Table Text Block]

		*Amortized*				*Estimated*
Dollars in thousands		*Cost*				*Fair Value*
Due in one year or less		$	34,660			$	33,530
Due from one to five years			80,286				76,508
Due from five to ten years			62,393				57,655
Due after ten years			258,037				216,272
Total		$	435,376			$	383,965

Schedule of Realized Gain (Loss) [Table Text Block]

		*Proceeds from*												*Gross realized*
						*Calls and*				*Principal*
Dollars in thousands		*Sales*				*Maturities*				*Payments*				*Gains*				*Losses*
For the Nine Months Ended
September 30,
2022		$	61,471			$	1,795			$	29,023			$	218			$	902

2021		$	15,704			$	6,455			$	22,925			$	628			$	94

Schedule of Unrealized Loss on Investments [Table Text Block]

		*September 30, 2022*
						*Less than 12 months*								*12 months or more*								*Total*
		*# of securities*				*Estimated*				*Unrealized*				*Estimated*				*Unrealized*				*Estimated*				*Unrealized*
Dollars in thousands		*in loss position*				*Fair Value*				*Loss*				*Fair Value*				*Loss*				*Fair Value*				*Loss*
Taxable debt securities
U.S. Government sponsored agencies and corporations			26			$	5,744			$	100			$	10,544			$	206			$	16,288			$	306
Residential mortgage-backed securities:
Government-sponsored agencies			58				26,975				1,929				14,902				2,075				41,877				4,004
Nongovernment-sponsored entities			20				28,811				1,596				8,882				1,068				37,693				2,664
State and political subdivisions:
General obligations			56				18,116				3,420				43,770				15,731				61,886				19,151
Sales tax revenues			4				1,842				498				3,289				1,268				5,131				1,766
Various tax revenues			7				3,253				704				4,992				1,758				8,245				2,462
Utility revenues			3				1,542				459				2,466				834				4,008				1,293
Other revenues			16				12,588				2,792				1,148				328				13,736				3,120
Corporate debt securities			20				11,579				773				10,071				774				21,650				1,547
Asset-backed securities			15				21,781				283				620				12				22,401				295
Tax-exempt debt securities
State and political subdivisions:
General obligations			58				59,699				4,542				21,189				5,082				80,888				9,624
Water and sewer revenues			14				12,298				1,457				682				225				12,980				1,682
Lease revenues			3				3,762				138				1,874				521				5,636				659
Various tax revenues			4				6,312				1,417				128				28				6,440				1,445
Other revenues			7				6,475				1,324				1,034				249				7,509				1,573
Total			311			$	220,777			$	21,432			$	125,591			$	30,159			$	346,368			$	51,591

		*December 31, 2021*
						*Less than 12 months*								*12 months or more*								*Total*
		*# of securities*				*Estimated*				*Unrealized*				*Estimated*				*Unrealized*				*Estimated*				*Unrealized*
Dollars in thousands		*in loss position*				*Fair Value*				*Loss*				*Fair Value*				*Loss*				*Fair Value*				*Loss*
Taxable debt securities
U.S. Government sponsored agencies and corporations			41			$	6,630			$	23			$	21,061			$	337			$	27,691			$	360
Residential mortgage-backed securities:
Government-sponsored agencies			19				19,828				376				6,886				212				26,714				588
Nongovernment-sponsored entities			6				4,345				61				7,591				218				11,936				279
State and political subdivisions:
General obligations			41				62,543				1,286				1,055				37				63,598				1,323
Lease revenues			2				1,564				14				494				12				2,058				26
Income tax revenues			1				721				3				—				—				721				3
Sales tax revenues			2				6,052				99				—				—				6,052				99
Various tax revenues			5				8,389				203				—				—				8,389				203
Utility revenues			3				5,175				130				—				—				5,175				130
Other revenues			1				744				9				—				—				744				9
Corporate debt securities			10				10,534				314				990				10				11,524				324
Asset-backed securities			8				10,522				86				751				1				11,273				87
Tax-exempt debt securities
State and political subdivisions:
General obligations			13				25,555				261				853				9				26,408				270
Water and sewer revenues			1				904				15				—				—				904				15
Lease revenues			1				2,396				31				—				—				2,396				31
Other revenues			3				3,558				15				156				1				3,714				16
Total			157			$	169,460			$	2,926			$	39,837			$	837			$	209,297			$	3,763

Debt Securities, Held-to-Maturity [Table Text Block]

		*September 30, 2022*
		*Amortized*				*Unrealized*								*Estimated*
Dollars in thousands		*Cost*				*Gains*				*Losses*				*Fair Value*
Debt Securities Held to Maturity
Tax-exempt debt securities
State and political subdivisions:
General obligations		$	70,755			$	—			$	8,607			$	62,148
Water and sewer revenues			8,053				—				836				7,217
Lease revenues			4,254				—				698				3,556
Sales tax revenues			4,532				—				809				3,723
Various tax revenues			5,532				—				1,217				4,315
Other revenues			3,514				—				388				3,126
Total debt securities held to maturity		$	96,640			$	—			$	12,555			$	84,085

		December 31, 2021
		Amortized				Unrealized								Estimated
Dollars in thousands		Cost				Gains				Losses				Fair Value
Debt Securities Held to Maturity
Tax-exempt debt securities
State and political subdivisions:
General obligations		$	71,807			$	2,583			$	—			$	74,390
Water and sewer revenues			8,192				210				—				8,402
Lease revenues			4,316				74				—				4,390
Sales tax revenues			4,582				106				—				4,688
Other revenues			9,163				214				5				9,372
Total debt securities held to maturity		$	98,060			$	3,187			$	5			$	101,242

Summary of Volume of State and Political Subdivision Securities Held to Maturity [Table Text Block]

		*September 30, 2022*
		*Amortized*				*Unrealized*								*Estimated*
Dollars in thousands		*Cost*				*Gains*				*Losses*				*Fair Value*
Texas		$	15,176			$	—			$	1,713			$	13,463
California			9,718				—				980				8,738
Pennsylvania			8,519				—				1,017				7,502
Florida			7,498				—				1,183				6,315
Michigan			6,937				—				1,003				5,934

Debt Securities Held to Maturity by Credit Rating [Table Text Block]

		*September 30, 2022*
Dollars in thousands		*AAA*				AA				A				*BBB*				*Below Investment Grade*
Tax-exempt state and political subdivisions		$	12,905			$	76,324			$	7,411			$	—			$	—

		December 31, 2021
Dollars in thousands		AAA				AA				A				BBB				Below Investment Grade
Tax-exempt state and political subdivisions		$	15,450			$	75,119			$	7,491			$	—			$	—

Held to Maturity Investments Classified by Contractual Maturity Date [Table Text Block]

		*Amortized*				*Estimated*
Dollars in thousands		*Cost*				*Fair Value*
Due in one year or less		$	—			$	—
Due from one to five years			—				—
Due from five to ten years			2,826				2,527
Due after ten years			93,814				81,558
Total		$	96,640			$	84,085