Note 3 - INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2022

Notes Tables

Amortized cost and fair value of investment securities

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost*		Gains		(Losses)		Value
	(dollars in thousands)
June 30, 2022:
Securities HTM:
Municipal securities	$	507,653	$	5,359	$	(16,108)	$	496,904
Other securities		1,050		—		—		1,050
	$	508,703	$	5,359	$	(16,108)	$	497,954
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	22,424	$	22	$	(1,998)	$	20,448
Residential mortgage-backed and related securities		86,000		42		(4,795)		81,247
Municipal securities		241,074		122		(38,211)		202,985
Asset-backed securities		20,056		112		(212)		19,956
Other securities		47,768		93		(1,084)		46,777
	$	417,322	$	391	$	(46,300)	$	371,413

*     HTM securities shown on the balance sheet of $508.5 million represents amortized cost of $508.7 million, net of allowance for credit losses of $198 thousand as of June 30, 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)
June 30, 2022:
Securities HTM:
Municipal securities	$	68,468	$	(7,786)	$	95,070	$	(8,322)	$	163,538	$	(16,108)
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	16,574	$	(1,359)	$	2,482	$	(639)	$	19,056	$	(1,998)
Residential mortgage-backed and related securities		59,731		(2,073)		18,215		(2,722)		77,946		(4,795)
Municipal securities		185,244		(37,071)		3,828		(1,140)		189,072		(38,211)
Asset-backed securities		10,722		(212)		—		—		10,722		(212)
Other securities		32,950		(1,084)		—		—		32,950		(1,084)
	$	305,221	$	(41,799)	$	24,525	$	(4,501)	$	329,746	$	(46,300)

	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 June 30, 2022						Three Months Ended June 30, 2021						Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
	Municipal		Other				Municipal		Other				Municipal		Other				Municipal		Other
	securities		securities		Total		securities		securities		Total		securities		securities		Total		securities		securities		Total
Allowance for credit losses:
Beginning balance	$	198	$	—	$	198	$	173	$	1	$	174	$	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	$	198	$	—	$	198	$	173	$	1	$	174

Realized gain (loss) on investments

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Proceeds from sales of securities	$	111,375	$	4,334	$	111,375	$	23,874
Gross gains from sales of securities		—		—		—		—
Gross losses from sales of securities		—		(88)		—		(88)

Investments classified by maturity date

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Due in one year or less	$	2,968	$	2,974
Due after one year through five years		16,632		16,589
Due after five years		489,103		478,391
	$	508,703	$	497,954
Securities AFS:
Due in one year or less	$	6,773	$	6,772
Due after one year through five years		4,129		4,162
Due after five years		300,364		259,276
		311,266		270,210
Residential mortgage-backed and related securities		86,000		81,247
Asset-backed securities		20,056		19,956
	$	417,322	$	371,413

Schedule of investment in callable securities

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Municipal securities	$	309,349	$	305,321
Securities AFS:
Municipal securities		236,628		198,515
Other securities		46,347		45,405
	$	282,975	$	243,920