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Note 3 - INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2022
Notes Tables |
Amortized cost and fair value of investment securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair | ​
​ |  | Cost* |  | Gains |  | (Losses) |  | Value |
​ | ​ | (dollars in thousands)
June 30, 2022: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Securities HTM: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Municipal securities | ​ | $ | 507,653 | ​ | $ | 5,359 | ​ | $ | (16,108) | ​ | $ | 496,904 | ​
Other securities | ​ |  | 1,050 | ​ |  | — | ​ |  | — | ​ |  | 1,050 | ​
​ | ​ | $ | 508,703 | ​ | $ | 5,359 | ​ | $ | (16,108) | ​ | $ | 497,954 | ​
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Securities AFS: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
U.S. treasuries and govt. sponsored agency securities | ​ | $ | 22,424 | ​ | $ | 22 | ​ | $ | (1,998) | ​ | $ | 20,448 | ​
Residential mortgage-backed and related securities | ​ |  | 86,000 | ​ |  | 42 | ​ |  | (4,795) | ​ |  | 81,247 | ​
Municipal securities | ​ |  | 241,074 | ​ |  | 122 | ​ |  | (38,211) | ​ |  | 202,985 | ​
Asset-backed securities | ​ | ​ | 20,056 | ​ | ​ | 112 | ​ | ​ | (212) | ​ | ​ | 19,956 | ​
Other securities | ​ |  | 47,768 | ​ |  | 93 | ​ |  | (1,084) | ​ |  | 46,777 | ​
​ | ​ | $ | 417,322 | ​ | $ | 391 | ​ | $ | (46,300) | ​ | $ | 371,413 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ * HTM securities shown on the balance sheet of $508.5 million represents amortized cost of $508.7 million, net of allowance for credit losses of $198 thousand as of June 30, 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)
June 30, 2022: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities HTM: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 68,468 | ​ | $ | (7,786) | ​ | $ | 95,070 | ​ | $ | (8,322) | ​ | $ | 163,538 | ​ | $ | (16,108)
​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Securities AFS: | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. treasuries and govt. sponsored agency securities | ​ | $ | 16,574 | ​ | $ | (1,359) | ​ | $ | 2,482 | ​ | $ | (639) | ​ | $ | 19,056 | ​ | $ | (1,998)
Residential mortgage-backed and related securities | ​ |  | 59,731 | ​ |  | (2,073) | ​ |  | 18,215 | ​ |  | (2,722) | ​ |  | 77,946 | ​ |  | (4,795)
Municipal securities | ​ |  | 185,244 | ​ |  | (37,071) | ​ |  | 3,828 | ​ |  | (1,140) | ​ |  | 189,072 | ​ |  | (38,211)
Asset-backed securities | ​ | ​ | 10,722 | ​ | ​ | (212) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,722 | ​ | ​ | (212)
Other securities | ​ |  | 32,950 | ​ |  | (1,084) | ​ |  | — | ​ |  | — | ​ |  | 32,950 | ​ |  | (1,084)
​ | ​ | $ | 305,221 | ​ | $ | (41,799) | ​ | $ | 24,525 | ​ | $ | (4,501) | ​ | $ | 329,746 | ​ | $ | (46,300)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 June 30, 2022 | ​ | Three Months Ended June 30, 2021 | ​ | Six Months Ended June 30, 2022 | ​ | Six Months Ended June 30, 2021 | ​
​ | ​ | Municipal | ​ | Other | ​ | ​ | ​ | Municipal | ​ | Other | ​ | ​ | ​ | Municipal | ​ | Other | ​ | ​ | ​ | Municipal | ​ | Other | ​ | ​ | ​
​ |  | securities |  | securities |  | Total | ​ | securities |  | securities |  | Total | ​ | securities |  | securities |  | Total | ​ | securities |  | securities |  | Total | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | $ | 198 | ​ | $ | — | ​ | $ | 198 | ​ | $ | 173 | ​ | $ | 1 | ​ | $ | 174 | ​ | $ | 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 | ​ | $ | 198 | ​ | $ | — | ​ | $ | 198 | ​ | $ | 173 | ​ | $ | 1 | ​ | $ | 174 | ​
Realized gain (loss) on investments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Three Months Ended |  | Six Months Ended |
​ | ​ | ​ | ​ | ​ | June 30, 2022 | ​ | June 30, 2021 | ​ | June 30, 2022 | ​ | June 30, 2021 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from sales of securities | ​ | ​ | ​ | ​ | $ | 111,375 | ​ | $ | 4,334 | ​ | $ | 111,375 | ​ | $ | 23,874 | ​
Gross gains from sales of securities | ​ | ​ | ​ | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Gross losses from sales of securities | ​ | ​ | ​ | ​ |  | — | ​ |  | (88) | ​ |  | — | ​ |  | (88) | ​
Investments classified by maturity date | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
​ | ​ | (dollars in thousands)
Securities HTM: |  | ​ |  |  | ​ |
Due in one year or less | ​ | $ | 2,968 | ​ | $ | 2,974
Due after one year through five years | ​ |  | 16,632 | ​ |  | 16,589
Due after five years | ​ |  | 489,103 | ​ |  | 478,391
​ | ​ | $ | 508,703 | ​ | $ | 497,954
Securities AFS: | ​ |  |  | ​ |  |
Due in one year or less | ​ | $ | 6,773 | ​ | $ | 6,772
Due after one year through five years | ​ |  | 4,129 | ​ |  | 4,162
Due after five years | ​ |  | 300,364 | ​ |  | 259,276
​ | ​ | ​ | 311,266 | ​ | ​ | 270,210
Residential mortgage-backed and related securities | ​ | ​ | 86,000 | ​ | ​ | 81,247
Asset-backed securities | ​ |  | 20,056 | ​ |  | 19,956
​ | ​ | $ | 417,322 | ​ | $ | 371,413
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of investment in callable securities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortized Cost |  | Fair Value
​ | ​ | (dollars in thousands)
Securities HTM: |  | ​ |  |  | ​ |
Municipal securities | ​ | $ | 309,349 | ​ | $ | 305,321
​ | ​ |  |  | ​ |  |
Securities AFS: | ​ |  |  | ​ |  |
Municipal securities | ​ | ​ | 236,628 | ​ | ​ | 198,515
Other securities | ​ |  | 46,347 | ​ |  | 45,405
​ | ​ | $ | 282,975 | ​ | $ | 243,920
​ | ​ | ​ | ​ | ​ | ​ | ​

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