Note 6 - Investment Securities (Tables)
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3 Months Ended |
Mar. 31, 2026 |
|---|
| 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 March 31, 2026 and December 31, 2025 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 |
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|
Amortized |
|
March 31, 2026 |
|
value |
|
|
gains |
|
|
losses |
|
|
gains (1) |
|
|
cost |
|
U.S. Treasury |
|
$ |
19,435 |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
19,437 |
|
U.S. Government agency |
|
|
70,786 |
|
|
|
— |
|
|
|
(5,185 |
) |
|
|
— |
|
|
|
75,971 |
|
State and municipal |
|
|
87,249 |
|
|
|
— |
|
|
|
(17,086 |
) |
|
|
(82 |
) |
|
|
104,417 |
|
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
177,676 |
|
|
|
— |
|
|
|
(25,553 |
) |
|
|
(57 |
) |
|
|
203,286 |
|
Collateralized mortgage obligations (CMOs) |
|
|
145,102 |
|
|
|
146 |
|
|
|
(11,469 |
) |
|
|
— |
|
|
|
156,425 |
|
Corporate debt and money market funds |
|
|
27,759 |
|
|
|
185 |
|
|
|
(830 |
) |
|
|
— |
|
|
|
28,404 |
|
Total investment debt securities available-for-sale |
|
$ |
528,007 |
|
|
$ |
331 |
|
|
$ |
(60,125 |
) |
|
$ |
(139 |
) |
|
$ |
587,940 |
|
(1) See Note 12
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Gross |
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|
Gross |
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|
Gross |
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unrealized |
|
|
unrealized |
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|
unrealized |
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Fair |
|
|
holding |
|
|
holding |
|
|
fair value hedge |
|
|
Amortized |
|
December 31, 2025 |
|
value |
|
|
gains |
|
|
losses |
|
|
losses (1) |
|
|
cost |
|
U.S. Treasury |
|
$ |
21,583 |
|
|
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,577 |
|
U.S. Government agency |
|
|
70,850 |
|
|
|
— |
|
|
|
(5,118 |
) |
|
|
— |
|
|
|
75,968 |
|
State and municipal |
|
|
88,787 |
|
|
|
— |
|
|
|
(15,326 |
) |
|
|
(583 |
) |
|
|
104,696 |
|
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
182,208 |
|
|
|
— |
|
|
|
(25,767 |
) |
|
|
(1,109 |
) |
|
|
209,084 |
|
Collateralized mortgage obligations (CMOs) |
|
|
149,203 |
|
|
|
19 |
|
|
|
(11,170 |
) |
|
|
— |
|
|
|
160,354 |
|
Corporate debt and money market funds |
|
|
30,199 |
|
|
|
314 |
|
|
|
(483 |
) |
|
|
— |
|
|
|
30,368 |
|
Total investment debt securities available-for-sale |
|
$ |
542,830 |
|
|
$ |
339 |
|
|
$ |
(57,864 |
) |
|
$ |
(1,692 |
) |
|
$ |
602,047 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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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 March 31, 2026 is shown in the following table.
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|
March 31, 2026 |
|
Fair value |
|
|
Amortized cost |
|
Due in one year or less |
|
$ |
24,850 |
|
|
$ |
24,921 |
|
Due after one year through five years |
|
|
76,933 |
|
|
|
82,577 |
|
Due after five years through ten years |
|
|
50,836 |
|
|
|
55,335 |
|
Due after ten years |
|
|
52,610 |
|
|
|
65,396 |
|
|
|
|
205,229 |
|
|
|
228,229 |
|
Residential mortgage-backed securities |
|
|
177,676 |
|
|
|
203,286 |
|
Collateralized mortgage obligations |
|
|
145,102 |
|
|
|
156,425 |
|
Total |
|
$ |
528,007 |
|
|
$ |
587,940 |
|
|
|
|
| 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 March 31, |
|
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|
2026 |
|
|
2025 |
|
Gross realized gains |
|
$ |
— |
|
|
$ |
— |
|
Gross realized losses |
|
|
— |
|
|
|
— |
|
Impairment |
|
|
— |
|
|
|
— |
|
Total net gains (losses) on AFS securities |
|
$ |
— |
|
|
$ |
— |
|
|
| 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 March 31, 2026 and December 31, 2025:
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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 |
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Unrealized |
|
|
Fair |
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|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
March 31, 2026 |
|
securities |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
U.S. Treasury |
|
|
1 |
|
|
$ |
3,000 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,000 |
|
|
$ |
(2 |
) |
U.S. Government agency |
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
70,786 |
|
|
|
(5,185 |
) |
|
|
70,786 |
|
|
|
(5,185 |
) |
State and municipal |
|
|
188 |
|
|
|
1,580 |
|
|
|
(47 |
) |
|
|
85,674 |
|
|
|
(17,039 |
) |
|
|
87,254 |
|
|
|
(17,086 |
) |
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
150 |
|
|
|
— |
|
|
|
— |
|
|
|
177,590 |
|
|
|
(25,553 |
) |
|
|
177,590 |
|
|
|
(25,553 |
) |
Collateralized mortgage obligations (CMOs) |
|
|
154 |
|
|
|
56,793 |
|
|
|
(106 |
) |
|
|
88,260 |
|
|
|
(11,363 |
) |
|
|
145,053 |
|
|
|
(11,469 |
) |
Corporate debt and money market funds |
|
|
14 |
|
|
|
25,919 |
|
|
|
(758 |
) |
|
|
1,477 |
|
|
|
(72 |
) |
|
|
27,396 |
|
|
|
(830 |
) |
Total |
|
|
542 |
|
|
$ |
87,292 |
|
|
$ |
(913 |
) |
|
$ |
423,787 |
|
|
$ |
(59,212 |
) |
|
$ |
511,079 |
|
|
$ |
(60,125 |
) |
|
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Less than 12 months |
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|
12 months or longer |
|
|
Total |
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|
|
No. of |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
December 31, 2025 |
|
securities |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
U.S. Treasury |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
U.S. Government agency |
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
70,850 |
|
|
|
(5,118 |
) |
|
|
70,850 |
|
|
|
(5,118 |
) |
State and municipal |
|
|
187 |
|
|
|
- |
|
|
|
— |
|
|
|
89,085 |
|
|
|
(15,326 |
) |
|
|
89,085 |
|
|
|
(15,326 |
) |
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
151 |
|
|
|
- |
|
|
|
— |
|
|
|
183,138 |
|
|
|
(25,767 |
) |
|
|
183,138 |
|
|
|
(25,767 |
) |
Collateralized mortgage obligations (CMOs) |
|
|
149 |
|
|
|
22,618 |
|
|
|
(91 |
) |
|
|
111,962 |
|
|
|
(11,079 |
) |
|
|
134,580 |
|
|
|
(11,170 |
) |
Corporate debt and money markets |
|
|
6 |
|
|
|
9,232 |
|
|
|
(404 |
) |
|
|
1,421 |
|
|
|
(79 |
) |
|
|
10,653 |
|
|
|
(483 |
) |
Total |
|
|
528 |
|
|
$ |
31,850 |
|
|
$ |
(495 |
) |
|
$ |
456,456 |
|
|
$ |
(57,369 |
) |
|
$ |
488,306 |
|
|
$ |
(57,864 |
) |
|