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Note 2 - INVESTMENT SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

INVESTMENT SECURITIES

Schedule of amortized cost and fair value of HTM and AFS investment securities


					Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
		Cost			(Losses)			Gains			(Losses)			Value

		(dollars in thousands)
June 30, 2024:
Securities HTM:
Municipal securities		$	719,778		$	(202)		$	24,827		$	(48,989)		$	695,414
Other securities			1,050			(1)			—			(16)			1,033
		$	720,828		$	(203)		$	24,827		$	(49,005)		$	696,447

Securities AFS:
U.S. govt. sponsored agency securities		$	22,717		$	—		$	11		$	(2,627)		$	20,101
Residential mortgage-backed and related securities			60,950			—			1			(6,243)			54,708
Municipal securities			205,340			—			—			(40,072)			165,268
Asset-backed securities			12,516			—			205			—			12,721
Other securities			40,715			—			12			(3,313)			37,414
		$	342,238		$	—		$	229		$	(52,255)		$	290,212


					Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
		Cost			(Losses)			Gains			(Losses)			Value

		(dollars in thousands)
December 31, 2023:
Securities HTM:
Municipal securities		$	682,657		$	(202)		$	33,385		$	(36,639)		$	679,201
Other securities			1,050			(1)			44			(15)			1,078
		$	683,707		$	(203)		$	33,429		$	(36,654)		$	680,279

Securities AFS:
U.S. govt. sponsored agency securities		$	17,399		$	—		$	12		$	(2,438)		$	14,973
Residential mortgage-backed and related securities			65,168			—			—			(5,972)			59,196
Municipal securities			206,566			—			11			(35,590)			170,987
Asset-backed securities			15,261			—			167			(5)			15,423
Other securities			44,239			(989)			—			(4,174)			39,076
		$	348,633		$	(989)		$	190		$	(48,179)		$	299,655

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, 2024:
Securities HTM:
Municipal securities		$	101,617		$	(3,262)		$	267,081		$	(45,727)		$	368,698		$	(48,989)
Other securities			500			(1)			534			(15)			1,034			(16)
		$	102,117		$	(3,263)		$	267,615		$	(45,742)		$	369,732		$	(49,005)

Securities AFS:
U.S. govt. sponsored agency securities		$	5,760		$	(4)		$	13,507		$	(2,623)		$	19,267		$	(2,627)
Residential mortgage-backed and related securities			74			(1)			54,502			(6,242)			54,576			(6,243)
Municipal securities			809			(1)			164,459			(40,071)			165,268			(40,072)
Asset-backed securities			—			—			—			—			—			—
Other securities			2,674			(327)			33,770			(2,986)			36,444			(3,313)
		$	9,317		$	(333)		$	266,238		$	(51,922)		$	275,555		$	(52,255)


		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, 2023:
Securities HTM:
Municipal securities		$	1,320		$	(11)		$	289,891		$	(36,628)		$	291,211		$	(36,639)
Other securities			535			(15)			—			—			535			(15)
		$	1,855		$	(26)		$	289,891		$	(36,628)		$	291,746		$	(36,654)

Securities AFS:
U.S. govt. sponsored agency securities		$	—		$	—		$	14,018		$	(2,438)		$	14,018		$	(2,438)
Residential mortgage-backed and related securities			—			—			59,118			(5,972)			59,118			(5,972)
Municipal securities			283			(2)			169,876			(35,588)			170,159			(35,590)
Asset-backed securities			—			—			3,804			(5)			3,804			(5)
Other securities			3,805			(393)			35,271			(3,781)			39,076			(4,174)
		$	4,088		$	(395)		$	282,087		$	(47,784)		$	286,175		$	(48,179)

Schedule of activity in allowance for credit losses for HTM and AFS securities by major security


		Three Months Ended																		Six Months Ended
		June 30, 2024												June 30, 2023						June 30, 2024												June 30, 2023
		Securities HTM									Securities AFS			Securities HTM			Securities AFS			Securities HTM										Securities AFS		Securities HTM			Securities AFS
		Municipal			Other						Corporate			Municipal			Corporate			Municipal			Other							Corporate		Municipal			Other
		securities			securities			Total			securities			securities			securities			securities			Securities			Total				securities		securities			securities

		(dollars in thousands)
Allowance for credit losses:
Beginning balance		$	202		$	1		$	203		$	—		$	180		$	989		$	202		$	1		$	203		$	989		$	180		$	—
Reduction due to sales			—			—			—			—			—			—			—			—			—			(544)			—			—
Provision for credit loss expense			—			—			—			—			—			—			—			—			—			(445)			—			989
Balance, ending		$	202		$	1		$	203		$	—		$	180		$	989		$	202		$	1		$	203		$	—		$	180		$	989

Schedule of realized gain (loss) on investments


					Three Months Ended						Six Months Ended
					June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023

Proceeds from sales of securities					$	—		$	1,940		$	445		$	30,568
Gross gains from sales of securities						—			12			—			56
Gross losses from sales of securities						—			—			—			(507)

Schedule of investments classified by maturity date


		Amortized Cost			Fair Value

		(dollars in thousands)
Securities HTM:
Due in one year or less		$	1,912		$	1,893
Due after one year through five years			21,605			22,436
Due after five years			697,311			672,118
		$	720,828		$	696,447
Securities AFS:
Due in one year or less		$	6,298		$	6,293
Due after one year through five years			19,044			17,849
Due after five years			243,430			198,641
			268,772			222,783
Residential mortgage-backed and related securities			60,950			54,708
Asset-backed securities			12,516			12,721
		$	342,238		$	290,212

Schedule of investment in callable securities


		Amortized Cost			Fair Value

		(dollars in thousands)
Securities HTM:
Municipal securities		$	249,059		$	246,233

Securities AFS:
Municipal securities			204,660			164,606
Other securities			39,757			36,444
		$	244,417		$	201,050