Note 2 - INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Amortized cost and fair value of investment securities

			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
	Cost		(Losses)		Gains		(Losses)		Value
	(dollars in thousands)
June 30, 2023:
Securities HTM:
Municipal securities	$	575,698	$	(180)	$	11,351	$	(49,054)	$	537,815
Other securities		1,050		—		—		(21)		1,029
	$	576,748	$	(180)	$	11,351	$	(49,075)	$	538,844
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	21,602	$	—	$	14	$	(2,674)	$	18,942
Residential mortgage-backed and related securities		68,025		—		—		(7,068)		60,957
Municipal securities		208,038		—		1		(40,129)		167,910
Asset-backed securities		17,363		—		126		(96)		17,393
Other securities		46,579		(989)		6		(4,478)		41,118
	$	361,607	$	(989)	$	147	$	(54,445)	$	306,320

			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
	Cost		(Losses)		Gains		(Losses)		Value
	(dollars in thousands)
December 31, 2022:
Securities HTM:
Municipal securities	$	586,272	$	(180)	$	5,292	$	(56,798)	$	534,586
Other securities		1,050		—		—		—		1,050
	$	587,322	$	(180)	$	5,292	$	(56,798)	$	535,636
Securities AFS:
U.S. 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

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, 2023:
Securities HTM:
Municipal securities	$	219,789	$	(29,758)	$	136,224	$	(19,296)	$	356,013	$	(49,054)
Other securities		529		(21)		—		—		529		(21)
	$	220,318	$	(29,779)	$	136,224	$	(19,296)	$	356,542	$	(49,075)
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	3,866	$	(5)	$	14,056	$	(2,669)	$	17,922	$	(2,674)
Residential mortgage-backed and related securities		4,377		(212)		56,581		(6,856)		60,958		(7,068)
Municipal securities		1,910		(59)		164,631		(40,070)		166,541		(40,129)
Asset-backed securities		—		—		10,848		(96)		10,848		(96)
Other securities		7,854		(590)		28,019		(3,888)		35,873		(4,478)
	$	18,007	$	(866)	$	274,135	$	(53,579)	$	292,142	$	(54,445)

	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	$	(56,798)	$	—	$	—	$	347,651	$	(56,798)
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)

Activity in allowance for credit losses

	Three Months Ended						Six Months Ended
	June 30, 2023				June 30, 2022		June 30, 2023				June 30, 2022
	Securities HTM		Securities AFS		Securities HTM		Securities HTM			Securities AFS	Securities HTM
	Municipal		Corporate		Municipal		Municipal			Corporate	Municipal
	securities		securities		securities		securities			securities	securities
	(dollars in thousands)
Allowance for credit losses:
Beginning balance	$	180	$	989	$	198	$	180	$	—	$	198
Provision for credit loss expense		—		—		—		—		989		—
Balance, ending	$	180	$	989	$	198	$	180	$	989	$	198

Realized gain (loss) on investments

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Proceeds from sales of securities	$	1,940	$	111,375	$	30,568	$	111,375
Gross gains from sales of securities		12		—		56		—
Gross losses from sales of securities		—		—		(507)		—

Investments classified by maturity date

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Due in one year or less	$	2,845	$	2,813
Due after one year through five years		26,584		28,126
Due after five years		547,319		507,905
	$	576,748	$	538,844
Securities AFS:
Due in one year or less	$	5,376	$	5,362
Due after one year through five years		8,607		8,275
Due after five years		262,236		214,333
		276,219		227,970
Residential mortgage-backed and related securities		68,025		60,957
Asset-backed securities		17,363		17,393
	$	361,607	$	306,320

Schedule of investment in callable securities

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Municipal securities	$	210,513	$	192,465
Securities AFS:
Municipal securities		206,213		166,107
Other securities		45,626		40,158
	$	251,839	$	206,265