Note 3 - Investment Securities (Tables)

12 Months Ended

Dec. 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)
December 31, 2022:
Securities HTM:
Municipal securities	$	586,272	$	5,292	$	(56,978)	$	534,586
Other securities		1,050		—		—		1,050
	$	587,322	$	5,292	$	(56,978)	$	535,636
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	19,745	$	19	$	(2,783)	$	16,981
Residential mortgage-backed and related securities		73,438		—		(7,223)		66,215
Municipal securities		239,812		66		(46,700)		193,178
Asset-backed securities		18,885		48		(205)		18,728
Other securities		48,631		27		(2,800)		45,858
	$	400,511	$	160	$	(59,711)	$	340,960

* HTM securities shown on the balance sheet of $587.1 million represent amortized cost of $587.3 million, net of allowance for credit losses of $180 thousand as of December 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 represent 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)
December 31, 2022:
Securities HTM:
Municipal securities	$	347,651	$	(56,978)	$	—	$	—	$	347,651	$	(56,978)
	$	347,651	$	(56,978)	$	—	$	—	$	347,651	$	(56,978)
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	5,138	$	(326)	$	10,591	$	(2,457)	$	15,729	$	(2,783)
Residential mortgage-backed and related securities		48,469		(3,327)		17,690		(3,896)		66,159		(7,223)
Municipal securities		178,172		(42,661)		9,809		(4,039)		187,981		(46,700)
Asset-backed securities		13,684		(205)		—		—		13,684		(205)
Other securities		35,206		(2,404)		4,122		(396)		39,328		(2,800)
	$	280,669	$	(48,923)	$	42,212	$	(10,788)	$	322,881	$	(59,711)

	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

	Year Ended December 31, 2022						Year Ended December 31, 2021
	Municipal		Other				Municipal		Other
	securities		securities		Total		securities		securities		Total
	(dollars in thousands)
Allowance for credit losses:
Beginning balance	$	198	$	—	$	198	$	—	$	—	$	—
Impact of adopting ASU 2016-13		—		—		—		182		1		183
Provision for credit loss expense		(18)		—		(18)		16		(1)		15
Balance, ending	$	180	$	—	$	180	$	198	$	—	$	198

Realized gain (loss) on investments

	2022		2021		2020
	(dollars in thousands)
Proceeds from sales of securities	$	111,375	$	23,874	$	38,562
Gross gains from sales of securities		—		—		2,553
Gross losses from sales of securities		—		(88)		(69)

Investments classified by maturity date

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Due in one year or less	$	2,902	$	2,895
Due after one year through five years		18,998		19,359
Due after five years		565,422		513,382
	$	587,322	$	535,636
Securities AFS:
Due in one year or less	$	4,522	$	4,510
Due after one year through five years		4,159		4,135
Due after five years		299,507		247,372
		308,188		256,017
Residential mortgage-backed and related securities		73,438		66,215
Asset-backed securities		18,885		18,728
	$	400,511	$	340,960

Schedule of investment in callable securities

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Municipal securities	$	330,576	$	296,851
Securities AFS:
Municipal securities		235,334		188,707
Other securities		47,681		44,923
	$	283,015	$	233,630