Note 2 - INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 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)
September 30, 2023:
Securities HTM:
Municipal securities	$	614,245	$	(180)	$	2,448	$	(92,718)	$	523,795
Other securities		1,050		—		—		(26)		1,024
	$	615,295	$	(180)	$	2,448	$	(92,744)	$	524,819
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	19,130	$	—	$	13	$	(3,141)	$	16,002
Residential mortgage-backed and related securities		66,433		—		—		(8,487)		57,946
Municipal securities		207,318		—		—		(57,546)		149,772
Asset-backed securities		16,226		—		144		(44)		16,326
Other securities		46,531		(989)		2		(4,311)		41,233
	$	355,638	$	(989)	$	159	$	(73,529)	$	281,279

			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)
September 30, 2023:
Securities HTM:
Municipal securities	$	235,313	$	(20,751)	$	237,690	$	(71,967)	$	473,003	$	(92,718)
Other securities		523		(26)		—		—		523		(26)
	$	235,836	$	(20,777)	$	237,690	$	(71,967)	$	473,526	$	(92,744)
Securities AFS:
U.S. treasuries and govt. sponsored agency securities	$	1,649	$	(1)	$	13,377	$	(3,140)	$	15,026	$	(3,141)
Residential mortgage-backed and related securities		77		(1)		57,869		(8,486)		57,946		(8,487)
Municipal securities		1,067		(38)		148,159		(57,508)		149,226		(57,546)
Asset-backed securities		—		—		10,521		(44)		10,521		(44)
Other securities		3,823		(427)		34,190		(3,884)		38,013		(4,311)
	$	6,616	$	(467)	$	264,116	$	(73,062)	$	270,732	$	(73,529)

	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						Nine Months Ended
	September 30, 2023				September 30, 2022		September 30, 2023				September 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

	Nine Months Ended
	September 30, 2023		September 30, 2022
Proceeds from sales of securities	$	30,568	$	111,375
Gross gains from sales of securities		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	$	1,907	$	1,882
Due after one year through five years		27,159		27,700
Due after five years		586,229		495,237
	$	615,295	$	524,819
Securities AFS:
Due in one year or less	$	3,160	$	3,146
Due after one year through five years		14,338		12,239
Due after five years		255,481		191,622
		272,979		207,007
Residential mortgage-backed and related securities		66,433		57,946
Asset-backed securities		16,226		16,326
	$	355,638	$	281,279

Schedule of investment in callable securities

	Amortized Cost		Fair Value
	(dollars in thousands)
Securities HTM:
Municipal securities	$	230,493	$	194,222
Securities AFS:
Municipal securities		205,747		148,235
Other securities		45,577		40,277
	$	251,324	$	188,512