Note 2 - INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 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)
September 30, 2024:
Securities HTM:
Municipal securities	$	794,649	$	(202)	$	34,994	$	(38,831)	$	790,610
Other securities		1,050		(1)		—		—		1,049
	$	795,699	$	(203)	$	34,994	$	(38,831)	$	791,659
Securities AFS:
U.S. govt. sponsored agency securities	$	20,622	$	—	$	13	$	(2,014)	$	18,621
Residential mortgage-backed and related securities		57,924		—		5		(4,442)		53,487
Municipal securities		204,879		—		5		(33,722)		171,162
Asset-backed securities		10,326		—		129		—		10,455
Other securities		40,715		—		5		(2,580)		38,140
	$	334,466	$	—	$	157	$	(42,758)	$	291,865

			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)
September 30, 2024:
Securities HTM:
Municipal securities	$	59,350	$	(2,530)	$	274,330	$	(36,301)	$	333,680	$	(38,831)
Securities AFS:
U.S. govt. sponsored agency securities	$	—	$	—	$	13,943	$	(2,014)	$	13,943	$	(2,014)
Residential mortgage-backed and related securities		74		(1)		51,840		(4,441)		51,914		(4,442)
Municipal securities		—		—		170,349		(33,722)		170,349		(33,722)
Asset-backed securities		—		—		—		—		—		—
Other securities		—		—		37,175		(2,580)		37,175		(2,580)
	$	74	$	(1)	$	273,307	$	(42,757)	$	273,381	$	(42,758)

	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												Nine Months Ended
	September 30, 2024								September 30, 2023				September 30, 2024								September 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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
		(dollars in thousands)
Proceeds from sales of securities	$	—	$	—	$	—	$	30,568
Gross gains from sales of securities		—		—		—		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	$	1,857	$	1,850
Due after one year through five years		34,099		35,817
Due after five years		759,743		753,992
	$	795,699	$	791,659
Securities AFS:
Due in one year or less	$	4,148	$	4,150
Due after one year through five years		19,034		18,099
Due after five years		243,034		205,674
		266,216		227,923
Residential mortgage-backed and related securities		57,924		53,487
Asset-backed securities		10,326		10,455
	$	334,466	$	291,865

Schedule of investment in callable securities

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Municipal securities	$	298,861	$	301,521
Securities AFS:
Municipal securities		204,450		170,745
Other securities		39,755		37,175
	$	244,205	$	207,920