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Note 2 - INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2022
Notes Tables |
Amortized cost and fair value of investment securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair | ​
​ |  | Cost* |  | Gains |  | (Losses) |  | Value |
​ | ​ | (dollars in thousands)
March 31, 2022: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Securities HTM: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 475,773 | ​ | $ | 10,649 | ​ | $ | (3,095) | ​ | $ | 483,327 | ​
Other securities | ​ |  | 1,050 | ​ |  | — | ​ |  | — | ​ |  | 1,050 | ​
​ | ​ | $ | 476,823 | ​ | $ | 10,649 | ​ | $ | (3,095) | ​ | $ | 484,377 | ​
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Securities AFS: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
U.S. treasuries and govt. sponsored agency securities | ​ | $ | 22,655 | ​ | $ | 37 | ​ | $ | (1,312) | ​ | $ | 21,380 | ​
Residential mortgage-backed and related securities | ​ |  | 88,935 | ​ |  | 207 | ​ |  | (2,762) | ​ |  | 86,380 | ​
Municipal securities | ​ |  | 209,052 | ​ |  | 701 | ​ |  | (18,280) | ​ |  | 191,473 | ​
Asset-backed securities | ​ | ​ | 22,859 | ​ | ​ | 449 | ​ | ​ | (76) | ​ | ​ | 23,232 | ​
Other securities | ​ |  | 24,519 | ​ |  | 142 | ​ |  | (440) | ​ |  | 24,221 | ​
​ | ​ | $ | 368,020 | ​ | $ | 1,536 | ​ | $ | (22,870) | ​ | $ | 346,686 | ​
​ * HTM securities shown on the balance sheet of $476.6 million represents amortized cost of $476.8 million, net of allowance for credit losses of $198 thousand as of March 31, 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
​ |  | Cost* |  | Gains |  | (Losses) | ​ | Value
​ | ​ | (dollars in thousands)
December 31, 2021: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​
Securities HTM: |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​
Municipal securities | ​ | $ | 471,533 | ​ | $ | 49,715 | ​ | $ | — | ​ | $ | 521,248
Other securities | ​ |  | 1,050 | ​ |  | — | ​ |  | (1) | ​ |  | 1,049
​ | ​ | $ | 472,583 | ​ | $ | 49,715 | ​ | $ | (1) | ​ | $ | 522,297
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Securities AFS: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. govt. sponsored agency securities | ​ | $ | 23,370 | ​ | $ | 254 | ​ | $ | (296) | ​ | $ | 23,328
Residential mortgage-backed and related securities | ​ |  | 92,431 | ​ |  | 2,672 | ​ |  | (780) | ​ |  | 94,323
Municipal securities | ​ |  | 163,253 | ​ |  | 5,228 | ​ |  | (215) | ​ |  | 168,266
Asset-backed securities | ​ | ​ | 26,372 | ​ | ​ | 752 | ​ | ​ | — | ​ | ​ | 27,124
Other securities | ​ |  | 24,568 | ​ |  | 251 | ​ |  | (30) | ​ |  | 24,789
​ | ​ | $ | 329,994 | ​ | $ | 9,157 | ​ | $ | (1,321) | ​ | $ | 337,830
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
* HTM securities shown on the balance sheet of $472.4 million represents amortized cost of $472.6 million, net of allowance for credit losses of $198 thousand as of December 31, 2021.
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)
March 31, 2022: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities HTM: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 87,662 | ​ | $ | (3,095) | ​ | $ | — | ​ | $ | — | ​ | $ | 87,662 | ​ | $ | (3,095)
​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Securities AFS: | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasuries and govt. sponsored agency securities | ​ | $ | 13,725 | ​ | $ | (850) | ​ | $ | 2,675 | ​ | $ | (462) | ​ | $ | 16,400 | ​ | $ | (1,312)
Residential mortgage-backed and related securities | ​ |  | 40,124 | ​ |  | (869) | ​ |  | 18,455 | ​ |  | (1,893) | ​ |  | 58,579 | ​ |  | (2,762)
Municipal securities | ​ |  | 139,706 | ​ |  | (17,719) | ​ |  | 4,914 | ​ |  | (561) | ​ |  | 144,620 | ​ |  | (18,280)
Asset-backed securities | ​ | ​ | 10,853 | ​ | ​ | (76) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,853 | ​ | ​ | (76)
Other securities | ​ |  | 13,267 | ​ |  | (440) | ​ |  | — | ​ |  | — | ​ |  | 13,267 | ​ |  | (440)
​ | ​ | $ | 217,675 | ​ | $ | (19,954) | ​ | $ | 26,044 | ​ | $ | (2,916) | ​ | $ | 243,719 | ​ | $ | (22,870)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2021: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities HTM: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Other securities | ​ | $ | 1,049 | ​ | $ | (1) | ​ | $ | — | ​ | $ | — | ​ | $ | 1,049 | ​ | $ | (1)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities AFS: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasuries and govt. sponsored agency securities | ​ | $ | 9,802 | ​ | $ | (156) | ​ | $ | 3,035 | ​ | $ | (140) | ​ | $ | 12,837 | ​ | $ | (296)
Residential mortgage-backed and related securities | ​ |  | 5,363 | ​ |  | (67) | ​ |  | 19,406 | ​ |  | (713) | ​ |  | 24,769 | ​ |  | (780)
Municipal securities | ​ |  | 13,287 | ​ |  | (211) | ​ |  | 1,001 | ​ |  | (4) | ​ |  | 14,288 | ​ |  | (215)
Other securities | ​ | ​ | 4,528 | ​ | ​ | (30) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,528 | ​ | ​ | (30)
​ | ​ | $ | 32,980 | ​ | $ | (464) | ​ | $ | 23,442 | ​ | $ | (857) | ​ | $ | 56,422 | ​ | $ | (1,321)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Activity in allowance for credit losses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended March 31, 2022 | ​ | Three Months Ended March 31, 2021 | ​
​ | ​ | ​ | Municipal | ​ | Other | ​ | ​ | ​ | Municipal | ​ | Other | ​ | ​ | ​
​ |  | ​ | securities |  | securities |  | Total | ​ | securities |  | securities |  | Total | ​
​ |  | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | ​ | $ | 198 | ​ | $ | — | ​ | $ | 198 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​
Impact of adopting ASU 2016-13 | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 182 | ​ | ​ | 1 | ​ | ​ | 183 | ​
Provision for credit loss expense | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9) | ​ | ​ | — | ​ | ​ | (9) | ​
Balance, ending | ​ | ​ | $ | 198 | ​ | $ | — | ​ | $ | 198 | ​ | $ | 173 | ​ | $ | 1 | ​ | $ | 174 | ​
Investments classified by maturity date | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
​ | ​ | (dollars in thousands)
Securities HTM: |  | ​ |  |  | ​ |
Due in one year or less | ​ | $ | 3,666 | ​ | $ | 3,672
Due after one year through five years | ​ |  | 20,506 | ​ |  | 20,571
Due after five years | ​ |  | 452,651 | ​ |  | 460,134
​ | ​ | $ | 476,823 | ​ | $ | 484,377
Securities AFS: | ​ |  |  | ​ |  |
Due in one year or less | ​ | $ | 5,259 | ​ | $ | 5,282
Due after one year through five years | ​ |  | 5,809 | ​ |  | 5,878
Due after five years | ​ |  | 245,158 | ​ |  | 225,914
​ | ​ | ​ | 256,226 | ​ | ​ | 237,074
Residential mortgage-backed and related securities | ​ | ​ | 88,935 | ​ | ​ | 86,380
Asset-backed securities | ​ |  | 22,859 | ​ |  | 23,232
​ | ​ | $ | 368,020 | ​ | $ | 346,686
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of investment in callable securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
​ | ​ | (dollars in thousands)
Securities HTM: |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 281,122 | ​ | $ | 281,819
​ | ​ |  |  | ​ |  |
Securities AFS: | ​ |  |  | ​ |  |
Municipal securities | ​ | ​ | 204,976 | ​ | ​ | 187,341
Other securities | ​ |  | 24,519 | ​ |  | 24,220
​ | ​ | $ | 229,495 | ​ | $ | 211,561
​ | ​ | ​ | ​ | ​ | ​ | ​

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