Note 3 - Securities

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Investment in Debt and Equity Securities and Other Trading Assets [Text Block]

Securities:

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at June 30, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). No allowance for credit losses have been recognized for the securities portfolio at June 30, 2026 or December 31, 2025.

						Gross				Gross
		Amortized				Unrealized				Unrealized
(In Thousands of Dollars)		Cost				Gains				Losses				Fair Value
June 30, 2026
U.S. Treasury and U.S. government sponsored entities		$	104,704			$	19			$	(10,213	)		$	94,510
State and political subdivisions			714,596				2,962				(87,139	)			630,419
Corporate bonds			27,820				246				(471	)			27,595
Mortgage-backed securities			631,434				196				(83,977	)			547,653
Collateralized mortgage obligations			178,792				301				(7,361	)			171,732
Small Business Administration			1,925				0				(136	)			1,789
Totals		$	1,659,271			$	3,724			$	(189,297	)		$	1,473,698

						Gross				Gross
		Amortized				Unrealized				Unrealized
(In Thousands of Dollars)		Cost				Gains				Losses				Fair Value
December 31, 2025
U.S. Treasury and U.S. government sponsored entities		$	104,737			$	45			$	(9,487	)		$	95,295
State and political subdivisions			589,236				2,632				(88,171	)			503,697
Corporate bonds			13,171				163				(289	)			13,045
Mortgage-backed securities			629,376				731				(82,973	)			547,134
Collateralized mortgage obligations			186,494				1,461				(5,739	)			182,216
Small Business Administration			2,210				0				(140	)			2,070
Totals		$	1,525,224			$	5,032			$	(186,799	)		$	1,343,457

The proceeds from sales of available-for-sale securities and the associated gains and losses are as follows:

		*Three Months Ended*								*Six Months Ended*
		*June 30,*								*June 30,*
(In Thousands of Dollars)		*2026*				*2025*				*2026*				*2025*
Proceeds		$	0			$	0			$	0			$	23,901
Gross gains			0				0				0				0
Gross losses			0				0				0				(1,334	)

The amortized cost and fair value of the debt securities portfolio are shown in the table below by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call, or prepayment penalties. Securities not due at a single maturity date are shown separately.

		*June 30, 2026*
(In Thousands of Dollars)		Amortized Cost				Fair Value
Maturity
Within one year		$	1,286			$	1,298
One to five years			106,550				99,140
Five to ten years			183,181				170,404
Beyond ten years			556,103				481,682
Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities			812,151				721,174
Total		$	1,659,271			$	1,473,698

The following table summarizes the investment securities with unrealized losses for which an allowance for credit losses has not been recorded at June 30, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position.

		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In Thousands of Dollars)		Value				Loss				Value				Loss				Value				Loss
June 30, 2026

U.S. Treasury and U.S. government sponsored entities		$	1,166			$	(9	)		$	92,442			$	(10,204	)		$	93,608			$	(10,213	)
State and political subdivisions			95,438				(3,433	)			406,107				(83,706	)			501,545				(87,139	)
Corporate bonds			14,899				(244	)			5,345				(227	)			20,244				(471	)
Mortgage-backed securities			102,486				(1,716	)			407,276				(82,261	)			509,762				(83,977	)
Collateralized mortgage obligations			68,206				(1,649	)			71,540				(5,712	)			139,746				(7,361	)
Small Business Administration			0				0				1,789				(136	)			1,789				(136	)
Total		$	282,195			$	(7,051	)		$	984,499			$	(182,246	)		$	1,266,694			$	(189,297	)

		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In Thousands of Dollars)		Value				Loss				Value				Loss				Value				Loss
December 31, 2025

U.S. Treasury and U.S. government sponsored entities		$	100			$	0			$	93,211			$	(9,487	)		$	93,311			$	(9,487	)
State and political subdivisions			6,302				(1,360	)			432,053				(86,811	)			438,355				(88,171	)
Corporate bonds			2,962				(44	)			6,293				(245	)			9,255				(289	)
Mortgage-backed securities			48,965				(313	)			437,859				(82,660	)			486,824				(82,973	)
Collateralized mortgage obligations			50,887				(621	)			69,006				(5,118	)			119,893				(5,739	)
Small Business Administration			0				0				2,070				(140	)			2,070				(140	)
Total		$	109,216			$	(2,338	)		$	1,040,492			$	(184,461	)		$	1,149,708			$	(186,799	)

As of June 30, 2026, the Company’s security portfolio consisted of 1,069 securities, 829 of which were in an unrealized loss position. The treasury, agency, mortgage-backed securities, collateralized mortgage obligations and small business administration securities that the Company owns are all issued by government sponsored entities and therefore contain no potential for credit loss. The Company does not consider any of its available-for-sale securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in noncredit related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. The vast majority of the Company's state and political subdivisions holdings are of high credit quality and are rated AA or higher. In addition, management has both the ability and intent to hold the securities for a period of time sufficient to allow for the recovery in fair value. As of June 30, 2026, the Company has not recorded an allowance for credit losses on available for sale (“AFS”) securities.

At December 31, 2025, the Company’s security portfolio consisted of 899 securities, 716 of which were in an unrealized loss position. The treasury, agency, mortgage-backed securities, collateralized mortgage obligations and small business administration securities that the Company owns are all issued by government sponsored entities and therefore contain no potential for credit loss. At December 31, 2025, the Company did not consider any of its available-for-sale securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in noncredit related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. The vast majority of the Company's state and political subdivisions holdings are of high credit quality and are rated AA or higher. In addition, management had both the ability and intent to hold the securities for a period of time sufficient to allow for the recovery in fair value. At December 31, 2025, the Company had not recorded an allowance for credit losses on AFS securities.

Equity Securities

The Company also holds equity securities which include $15.9 million in Small Business Investment Company (“SBIC”) partnership investments as well as $901,000 in local and regional bank holdings and other miscellaneous equity funds at June 30, 2026. At December 31, 2025, the Company held $15.5 million in SBIC investments and $370,000 in local and regional bank holdings and other miscellaneous equity funds. These investments are held at modified cost and any changes in the modified costs are recognized in income in both 2026 and 2025.