Note 2 - INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Amortized cost and fair value of investment securities

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost*		Gains		(Losses)		Value
	(dollars in thousands)
March 31, 2022:
Securities HTM:
Municipal securities	$	475,773	$	10,649	$	(3,095)	$	483,327
Other securities		1,050		—		—		1,050
	$	476,823	$	10,649	$	(3,095)	$	484,377
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	22,655	$	37	$	(1,312)	$	21,380
Residential mortgage-backed and related securities		88,935		207		(2,762)		86,380
Municipal securities		209,052		701		(18,280)		191,473
Asset-backed securities		22,859		449		(76)		23,232
Other securities		24,519		142		(440)		24,221
	$	368,020	$	1,536	$	(22,870)	$	346,686

*     HTM securities shown on the balance sheet of $476.6 million represents amortized cost of $476.8 million, net of allowance for credit losses of $198 thousand as of March 31, 2022.

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost*		Gains		(Losses)		Value
	(dollars in thousands)
December 31, 2021:
Securities HTM:
Municipal securities	$	471,533	$	49,715	$	—	$	521,248
Other securities		1,050		—		(1)		1,049
	$	472,583	$	49,715	$	(1)	$	522,297
Securities AFS:
U.S. govt. sponsored agency securities	$	23,370	$	254	$	(296)	$	23,328
Residential mortgage-backed and related securities		92,431		2,672		(780)		94,323
Municipal securities		163,253		5,228		(215)		168,266
Asset-backed securities		26,372		752		—		27,124
Other securities		24,568		251		(30)		24,789
	$	329,994	$	9,157	$	(1,321)	$	337,830

*     HTM securities shown on the balance sheet of $472.4 million represents amortized cost of $472.6 million, net of allowance for credit losses of $198 thousand as of December 31, 2021.

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)
March 31, 2022:
Securities HTM:
Municipal securities	$	87,662	$	(3,095)	$	—	$	—	$	87,662	$	(3,095)
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	13,725	$	(850)	$	2,675	$	(462)	$	16,400	$	(1,312)
Residential mortgage-backed and related securities		40,124		(869)		18,455		(1,893)		58,579		(2,762)
Municipal securities		139,706		(17,719)		4,914		(561)		144,620		(18,280)
Asset-backed securities		10,853		(76)		—		—		10,853		(76)
Other securities		13,267		(440)		—		—		13,267		(440)
	$	217,675	$	(19,954)	$	26,044	$	(2,916)	$	243,719	$	(22,870)

	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, 2021:
Securities HTM:
Other securities	$	1,049	$	(1)	$	—	$	—	$	1,049	$	(1)
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	9,802	$	(156)	$	3,035	$	(140)	$	12,837	$	(296)
Residential mortgage-backed and related securities		5,363		(67)		19,406		(713)		24,769		(780)
Municipal securities		13,287		(211)		1,001		(4)		14,288		(215)
Other securities		4,528		(30)		—		—		4,528		(30)
	$	32,980	$	(464)	$	23,442	$	(857)	$	56,422	$	(1,321)

Activity in allowance for credit losses

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Municipal		Other				Municipal		Other
	securities		securities		Total		securities		securities		Total
Allowance for credit losses:
Beginning balance	$	198	$	—	$	198	$	—	$	—	$	—
Impact of adopting ASU 2016-13		—		—		—		182		1		183
Provision for credit loss expense		—		—		—		(9)		—		(9)
Balance, ending	$	198	$	—	$	198	$	173	$	1	$	174

Investments classified by maturity date

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Due in one year or less	$	3,666	$	3,672
Due after one year through five years		20,506		20,571
Due after five years		452,651		460,134
	$	476,823	$	484,377
Securities AFS:
Due in one year or less	$	5,259	$	5,282
Due after one year through five years		5,809		5,878
Due after five years		245,158		225,914
		256,226		237,074
Residential mortgage-backed and related securities		88,935		86,380
Asset-backed securities		22,859		23,232
	$	368,020	$	346,686

Schedule of investment in callable securities

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Municipal securities	$	281,122	$	281,819
Securities AFS:
Municipal securities		204,976		187,341
Other securities		24,519		24,220
	$	229,495	$	211,561