Note 7 - Investment Securities (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 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 |
|
|
Amortized |
|
June 30, 2026 |
|
value |
|
|
gains |
|
|
losses |
|
|
gains (1) |
|
|
cost |
|
U.S. Treasury |
|
$ |
17,990 |
|
|
$ |
— |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
17,992 |
|
U.S. Government agency |
|
|
70,762 |
|
|
|
— |
|
|
|
(5,211 |
) |
|
|
— |
|
|
|
75,973 |
|
State and municipal |
|
|
89,597 |
|
|
|
— |
|
|
|
(15,500 |
) |
|
|
841 |
|
|
|
104,256 |
|
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
172,676 |
|
|
|
— |
|
|
|
(26,132 |
) |
|
|
1,659 |
|
|
|
197,149 |
|
Collateralized mortgage obligations (CMOs) |
|
|
136,756 |
|
|
|
162 |
|
|
|
(11,503 |
) |
|
|
— |
|
|
|
148,097 |
|
Corporate debt and money market funds |
|
|
29,197 |
|
|
|
337 |
|
|
|
(451 |
) |
|
|
— |
|
|
|
29,311 |
|
Total investment debt securities available-for-sale |
|
$ |
516,978 |
|
|
$ |
499 |
|
|
$ |
(58,799 |
) |
|
$ |
2,500 |
|
|
$ |
572,778 |
|
(1) See Note 13
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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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|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Note 13 |
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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, 2026 is shown in the following table.
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|
June 30, 2026 |
|
Fair value |
|
|
Amortized cost |
|
Due in one year or less |
|
$ |
25,461 |
|
|
$ |
25,505 |
|
Due after one year through five years |
|
|
74,206 |
|
|
|
79,459 |
|
Due after five years through ten years |
|
|
54,284 |
|
|
|
57,286 |
|
Due after ten years |
|
|
53,595 |
|
|
|
65,282 |
|
|
|
|
207,546 |
|
|
|
227,532 |
|
Residential mortgage-backed securities |
|
|
172,676 |
|
|
|
197,149 |
|
Collateralized mortgage obligations |
|
|
136,756 |
|
|
|
148,097 |
|
Total |
|
$ |
516,978 |
|
|
$ |
572,778 |
|
|
|
|
| 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, |
|
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|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Gross realized gains |
|
$ |
109 |
|
|
$ |
— |
|
|
$ |
109 |
|
|
$ |
— |
|
Gross realized losses |
|
|
(13 |
) |
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total net gains (losses) on AFS securities |
|
$ |
96 |
|
|
$ |
— |
|
|
$ |
96 |
|
|
$ |
— |
|
|
| 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, 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 |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
June 30, 2026 |
|
securities |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
U.S. Treasury |
|
|
1 |
|
|
$ |
3,000 |
|
|
$ |
(2 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,000 |
|
|
$ |
(2 |
) |
U.S. Government agency |
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
70,762 |
|
|
|
(5,211 |
) |
|
|
70,762 |
|
|
|
(5,211 |
) |
State and municipal |
|
|
188 |
|
|
|
1,508 |
|
|
|
(19 |
) |
|
|
87,172 |
|
|
|
(15,481 |
) |
|
|
88,680 |
|
|
|
(15,500 |
) |
U.S. Government agencies and sponsored enterprises (GSEs): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
|
|
153 |
|
|
|
34 |
|
|
|
— |
|
|
|
170,838 |
|
|
|
(26,132 |
) |
|
|
170,872 |
|
|
|
(26,132 |
) |
Collateralized mortgage obligations (CMOs) |
|
|
150 |
|
|
|
58,651 |
|
|
|
(281 |
) |
|
|
78,104 |
|
|
|
(11,222 |
) |
|
|
136,755 |
|
|
|
(11,503 |
) |
Corporate debt and money market funds |
|
|
26 |
|
|
|
26,053 |
|
|
|
(447 |
) |
|
|
2,652 |
|
|
|
(4 |
) |
|
|
28,705 |
|
|
|
(451 |
) |
Total |
|
|
553 |
|
|
$ |
89,246 |
|
|
$ |
(749 |
) |
|
$ |
409,528 |
|
|
$ |
(58,050 |
) |
|
$ |
498,774 |
|
|
$ |
(58,799 |
) |
|
|
|
|
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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, 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 |
) |
|