Note 2 - INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

INVESTMENT SECURITIES

Schedule of amortized cost and fair value of HTM and AFS investment securities

			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
	Cost		(Losses)		Gains		(Losses)		Value
	(dollars in thousands)
June 30, 2024:
Securities HTM:
Municipal securities	$	719,778	$	(202)	$	24,827	$	(48,989)	$	695,414
Other securities		1,050		(1)		—		(16)		1,033
	$	720,828	$	(203)	$	24,827	$	(49,005)	$	696,447
Securities AFS:
U.S. govt. sponsored agency securities	$	22,717	$	—	$	11	$	(2,627)	$	20,101
Residential mortgage-backed and related securities		60,950		—		1		(6,243)		54,708
Municipal securities		205,340		—		—		(40,072)		165,268
Asset-backed securities		12,516		—		205		—		12,721
Other securities		40,715		—		12		(3,313)		37,414
	$	342,238	$	—	$	229	$	(52,255)	$	290,212

			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
	Cost		(Losses)		Gains		(Losses)		Value
	(dollars in thousands)
December 31, 2023:
Securities HTM:
Municipal securities	$	682,657	$	(202)	$	33,385	$	(36,639)	$	679,201
Other securities		1,050		(1)		44		(15)		1,078
	$	683,707	$	(203)	$	33,429	$	(36,654)	$	680,279
Securities AFS:
U.S. govt. sponsored agency securities	$	17,399	$	—	$	12	$	(2,438)	$	14,973
Residential mortgage-backed and related securities		65,168		—		—		(5,972)		59,196
Municipal securities		206,566		—		11		(35,590)		170,987
Asset-backed securities		15,261		—		167		(5)		15,423
Other securities		44,239		(989)		—		(4,174)		39,076
	$	348,633	$	(989)	$	190	$	(48,179)	$	299,655

Securities have been in a continuous unrealized loss position

	Less than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(dollars in thousands)
June 30, 2024:
Securities HTM:
Municipal securities	$	101,617	$	(3,262)	$	267,081	$	(45,727)	$	368,698	$	(48,989)
Other securities		500		(1)		534		(15)		1,034		(16)
	$	102,117	$	(3,263)	$	267,615	$	(45,742)	$	369,732	$	(49,005)
Securities AFS:
U.S. govt. sponsored agency securities	$	5,760	$	(4)	$	13,507	$	(2,623)	$	19,267	$	(2,627)
Residential mortgage-backed and related securities		74		(1)		54,502		(6,242)		54,576		(6,243)
Municipal securities		809		(1)		164,459		(40,071)		165,268		(40,072)
Asset-backed securities		—		—		—		—		—		—
Other securities		2,674		(327)		33,770		(2,986)		36,444		(3,313)
	$	9,317	$	(333)	$	266,238	$	(51,922)	$	275,555	$	(52,255)

	Less than 12 Months				12 Months or More				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(dollars in thousands)
December 31, 2023:
Securities HTM:
Municipal securities	$	1,320	$	(11)	$	289,891	$	(36,628)	$	291,211	$	(36,639)
Other securities		535		(15)		—		—		535		(15)
	$	1,855	$	(26)	$	289,891	$	(36,628)	$	291,746	$	(36,654)
Securities AFS:
U.S. govt. sponsored agency securities	$	—	$	—	$	14,018	$	(2,438)	$	14,018	$	(2,438)
Residential mortgage-backed and related securities		—		—		59,118		(5,972)		59,118		(5,972)
Municipal securities		283		(2)		169,876		(35,588)		170,159		(35,590)
Asset-backed securities		—		—		3,804		(5)		3,804		(5)
Other securities		3,805		(393)		35,271		(3,781)		39,076		(4,174)
	$	4,088	$	(395)	$	282,087	$	(47,784)	$	286,175	$	(48,179)

Schedule of activity in allowance for credit losses for HTM and AFS securities by major security

	Three Months Ended												Six Months Ended
	June 30, 2024								June 30, 2023				June 30, 2024								June 30, 2023
	Securities HTM						Securities AFS		Securities HTM		Securities AFS		Securities HTM							Securities AFS	Securities HTM		Securities AFS
	Municipal		Other				Corporate		Municipal		Corporate		Municipal		Other					Corporate	Municipal		Other
	securities		securities		Total		securities		securities		securities		securities		Securities		Total			securities	securities		securities
	(dollars in thousands)
Allowance for credit losses:
Beginning balance	$	202	$	1	$	203	$	—	$	180	$	989	$	202	$	1	$	203	$	989	$	180	$	—
Reduction due to sales		—		—		—		—		—		—		—		—		—		(544)		—		—
Provision for credit loss expense		—		—		—		—		—		—		—		—		—		(445)		—		989
Balance, ending	$	202	$	1	$	203	$	—	$	180	$	989	$	202	$	1	$	203	$	—	$	180	$	989

Schedule of realized gain (loss) on investments

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Proceeds from sales of securities	$	—	$	1,940	$	445	$	30,568
Gross gains from sales of securities		—		12		—		56
Gross losses from sales of securities		—		—		—		(507)

Schedule of investments classified by maturity date

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Due in one year or less	$	1,912	$	1,893
Due after one year through five years		21,605		22,436
Due after five years		697,311		672,118
	$	720,828	$	696,447
Securities AFS:
Due in one year or less	$	6,298	$	6,293
Due after one year through five years		19,044		17,849
Due after five years		243,430		198,641
		268,772		222,783
Residential mortgage-backed and related securities		60,950		54,708
Asset-backed securities		12,516		12,721
	$	342,238	$	290,212

Schedule of investment in callable securities

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Municipal securities	$	249,059	$	246,233
Securities AFS:
Municipal securities		204,660		164,606
Other securities		39,757		36,444
	$	244,417	$	201,050