Note 6 - Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Debt Securities Available-for-sale |
The amortized cost and estimated fair values of investment securities available-for-sale at June 30, 2025 and December 31, 2024 were as follows:
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Fair |
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|
Gross unrealized holding |
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|
Gross unrealized holding |
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|
Gross unrealized fair value hedge |
|
|
Amortized |
|
June 30, 2025 |
|
value |
|
|
gains |
|
|
losses |
|
|
gains (1) |
|
|
cost |
|
U.S. Treasury |
|
$ |
19,468 |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
19,470 |
|
U.S. Government agency |
|
|
69,407 |
|
|
|
— |
|
|
|
(6,557 |
) |
|
|
— |
|
|
|
75,964 |
|
State and municipal |
|
|
83,927 |
|
|
|
— |
|
|
|
(20,478 |
) |
|
|
(618 |
) |
|
|
105,023 |
|
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
190,057 |
|
|
|
— |
|
|
|
(30,518 |
) |
|
|
(1,188 |
) |
|
|
221,763 |
|
Collateralized mortgage obligations (CMOs) |
|
|
158,631 |
|
|
|
9 |
|
|
|
(13,442 |
) |
|
|
— |
|
|
|
172,064 |
|
Corporate debt and money market funds |
|
|
22,772 |
|
|
|
70 |
|
|
|
(181 |
) |
|
|
— |
|
|
|
22,883 |
|
Total investment debt securities available-for-sale |
|
$ |
544,262 |
|
|
$ |
79 |
|
|
$ |
(71,178 |
) |
|
$ |
(1,806 |
) |
|
$ |
617,167 |
|
|
|
|
|
|
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|
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|
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Gross |
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|
Gross |
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|
Gross |
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|
|
|
|
|
|
|
|
unrealized |
|
|
unrealized |
|
|
unrealized |
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|
|
|
|
|
Fair |
|
|
holding |
|
|
holding |
|
|
fair value hedge |
|
|
Amortized |
|
December 31, 2024 |
|
value |
|
|
gains |
|
|
losses |
|
|
losses (1) |
|
|
cost |
|
U.S. Treasury |
|
$ |
18,010 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,004 |
|
U.S. Government agency |
|
|
66,908 |
|
|
|
— |
|
|
|
(9,051 |
) |
|
|
— |
|
|
|
75,959 |
|
State and municipal |
|
|
86,352 |
|
|
|
— |
|
|
|
(20,631 |
) |
|
|
1,566 |
|
|
|
105,417 |
|
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
198,510 |
|
|
|
— |
|
|
|
(38,902 |
) |
|
|
3,264 |
|
|
|
234,148 |
|
Collateralized mortgage obligations (CMOs) |
|
|
161,646 |
|
|
|
31 |
|
|
|
(15,821 |
) |
|
|
— |
|
|
|
177,436 |
|
Corporate debt and money market funds |
|
|
15,133 |
|
|
|
10 |
|
|
|
(304 |
) |
|
|
— |
|
|
|
15,427 |
|
Total investment debt securities available-for-sale |
|
$ |
546,559 |
|
|
$ |
47 |
|
|
$ |
(84,709 |
) |
|
$ |
4,830 |
|
|
$ |
626,391 |
|
|
|
|
|
|
|
|
|
|
|
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|
(1) See Note 12 |
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|
| Investment Securities by Contractual Maturity |
The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at June 30, 2025 is shown in the following table.
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|
June 30, 2025 |
|
Fair value |
|
|
Amortized cost |
|
Due in one year or less |
|
$ |
19,775 |
|
|
$ |
19,752 |
|
Due after one year through five years |
|
|
65,665 |
|
|
|
70,460 |
|
Due after five years through ten years |
|
|
46,511 |
|
|
|
52,706 |
|
Due after ten years |
|
|
63,623 |
|
|
|
80,422 |
|
|
|
|
195,574 |
|
|
|
223,340 |
|
Residential mortgage-backed securities |
|
|
190,057 |
|
|
|
221,763 |
|
Collateralized mortgage obligations |
|
|
158,631 |
|
|
|
172,064 |
|
Total |
|
$ |
544,262 |
|
|
$ |
617,167 |
|
|
|
|
| Realized Gain (Loss) on Investments |
The following table presents information related to the Company’s gains and losses on the sales and calls of securities available-for-sale, and losses recognized for the impairment of these investments.
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For the Three Months Ended June 30, |
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|
For the Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Gross realized gains |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Gross realized losses |
|
|
— |
|
|
|
(1,096 |
) |
|
|
— |
|
|
|
(1,096 |
) |
Impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total net gains (losses) on AFS securities |
|
$ |
— |
|
|
$ |
(1,096 |
) |
|
$ |
— |
|
|
$ |
(1,096 |
) |
|
| Debt Securities in a Continuous Unrealized Loss Position |
The following table indicates the length of time individual debt securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024:
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Less than 12 months |
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12 months or longer |
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Total |
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No. of |
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|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
June 30, 2025 |
|
securities |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
U.S. Treasury |
|
|
6 |
|
|
$ |
13,990 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,990 |
|
|
$ |
(2 |
) |
U.S. Government agency |
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
69,407 |
|
|
|
(6,557 |
) |
|
|
69,407 |
|
|
|
(6,557 |
) |
State and municipal |
|
|
187 |
|
|
|
— |
|
|
|
— |
|
|
|
84,278 |
|
|
|
(20,478 |
) |
|
|
84,278 |
|
|
|
(20,478 |
) |
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
152 |
|
|
|
— |
|
|
|
— |
|
|
|
191,140 |
|
|
|
(30,518 |
) |
|
|
191,140 |
|
|
|
(30,518 |
) |
Collateralized mortgage obligations (CMOs) |
|
|
154 |
|
|
|
77,572 |
|
|
|
(681 |
) |
|
|
75,571 |
|
|
|
(12,761 |
) |
|
|
153,143 |
|
|
|
(13,442 |
) |
Corporate debt and money market funds |
|
|
3 |
|
|
|
1,982 |
|
|
|
(18 |
) |
|
|
4,338 |
|
|
|
(163 |
) |
|
|
6,320 |
|
|
|
(181 |
) |
Total |
|
|
537 |
|
|
$ |
93,544 |
|
|
$ |
(701 |
) |
|
$ |
424,734 |
|
|
$ |
(70,477 |
) |
|
$ |
518,278 |
|
|
$ |
(71,178 |
) |
|
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|
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|
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|
|
|
|
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|
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|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
|
|
No. of |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
December 31, 2024 |
|
securities |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
U.S. Treasury |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. Government agency |
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
75,959 |
|
|
|
(9,051 |
) |
|
|
75,959 |
|
|
|
(9,051 |
) |
State and municipal |
|
|
188 |
|
|
|
288 |
|
|
|
(2 |
) |
|
|
84,471 |
|
|
|
(20,629 |
) |
|
|
84,759 |
|
|
|
(20,631 |
) |
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
153 |
|
|
|
1 |
|
|
|
— |
|
|
|
234,073 |
|
|
|
(38,902 |
) |
|
|
234,074 |
|
|
|
(38,902 |
) |
Collateralized mortgage obligations (CMOs) |
|
|
154 |
|
|
|
83,026 |
|
|
|
(262 |
) |
|
|
78,569 |
|
|
|
(15,559 |
) |
|
|
161,595 |
|
|
|
(15,821 |
) |
Corporate debt and money markets |
|
|
7 |
|
|
|
10,672 |
|
|
|
(28 |
) |
|
|
4,275 |
|
|
|
(276 |
) |
|
|
14,947 |
|
|
|
(304 |
) |
Total |
|
|
537 |
|
|
$ |
93,987 |
|
|
$ |
(292 |
) |
|
$ |
477,347 |
|
|
$ |
(84,417 |
) |
|
$ |
571,334 |
|
|
$ |
(84,709 |
) |
|
| Summary of Unrealized and Realized Gains and Losses Recognized in Net Income on Equity Securities |
The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2025 and 2024:
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|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net gains (losses) recognized during the period on equity securities |
|
$ |
— |
|
|
$ |
1,016 |
|
|
$ |
— |
|
|
$ |
1,363 |
|
Less: Net gains recognized during the period on equity securities sold during the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
377 |
|
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date |
|
$ |
— |
|
|
$ |
1,016 |
|
|
$ |
— |
|
|
$ |
986 |
|
|