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Note 2 - Investment Securities (Tables)

12 Months Ended

Dec. 31, 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)
December 31, 2024:
Securities HTM:
Municipal securities		$	806,992		$	(254)		$	23,292		$	(63,164)		$	766,866
Corporate securities			28,018			(8)			4,665			—			32,675
Other securities			1,050			(1)			—			(7)			1,042
		$	836,060		$	(263)		$	27,957		$	(63,171)		$	800,583

Securities AFS:
U.S. treasuries and govt. sponsored agency securities		$	23,113		$	—		$	7		$	(2,529)		$	20,591
Residential mortgage-backed and related securities			55,641			—			3			(5,602)			50,042
Municipal securities			204,664			—			—			(40,089)			164,575
Asset-backed securities			9,053			—			171			—			9,224
Corporate securities			38,866			—			4			(2,193)			36,677
		$	331,337		$	—		$	185		$	(50,413)		$	281,109

* HTM securities shown on the balance sheet of $835.8 million represent amortized cost of $836.1 million, net of allowance for credit losses of $263 thousand as of December 31, 2024.


					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
Corporate securities			44,239			(989)			—			(4,174)			39,076
		$	348,633		$	(989)		$	190		$	(48,179)		$	299,655

* HTM securities shown on the balance sheet of $683.5 million represent amortized cost of $683.7 million, net of allowance for credit losses of $203 thousand as of December 31, 2023.

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)
December 31, 2024:
Securities HTM:
Municipal securities		$	162,914		$	(14,382)		$	253,818		$	(48,782)		$	416,732		$	(63,164)
Other securities			500			—			543			(7)			1,043			(7)
		$	163,414		$	(14,382)		$	254,361		$	(48,789)		$	417,775		$	(63,171)

Securities AFS:
U.S. treasuries and govt. sponsored agency securities		$	6,522		$	(2)		$	13,369		$	(2,527)		$	19,891		$	(2,529)
Residential mortgage-backed and related securities			1,337			(24)			48,520			(5,578)			49,857			(5,602)
Municipal securities			798			(6)			163,777			(40,083)			164,575			(40,089)
Corporate securities			—			—			35,712			(2,193)			35,712			(2,193)
		$	8,657		$	(32)		$	261,378		$	(50,381)		$	270,035		$	(50,413)


		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)
Corporate 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



			Year Ended December 31, 2024															Year Ended December 31, 2023
			Securities HTM												Securities AFS			Securities HTM									Securities AFS
			Municipal			Corporate			Other						Corporate			Municipal			Other						Corporate
			securities			securities			securities			Total			securities			securities			securities				Total		securities

			(dollars in thousands)
Allowance for credit losses:
Beginning balance			$	202		$	—		$	1		$	203		$	989		$	180		$	—		$	180		$	—
Reduction due to sales				—			—			—			—			(544)			—			—			—			—
Provision for credit losses				52			8			—			60			(445)			22			1			23			989
Balance, ending			$	254		$	8		$	1		$	263		$	—		$	202		$	1		$	203		$	989

Schedule of realized gain (loss) on investments


						2024			2023			2022

						(dollars in thousands)


Proceeds from sales of securities						$	445		$	30,568		$	111,375
Gross gains from sales of securities							—			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		$	1,662		$	1,658
Due after one year through five years			35,992			36,621
Due after five years			798,406			762,304
		$	836,060		$	800,583
Securities AFS:
Due in one year or less		$	6,804		$	6,802
Due after one year through five years			19,170			18,253
Due after five years			240,669			196,788
			266,643			221,843
Residential mortgage-backed and related securities			55,641			50,042
Asset-backed securities			9,053			9,224
		$	331,337		$	281,109

Schedule of investment in callable securities


		Amortized Cost			Fair Value

		(dollars in thousands)
Securities HTM:
Municipal securities			285,136			276,359
Corporate securities			28,018			32,675
		$	313,154		$	309,034

Securities AFS:
Municipal securities			204,238			164,163
Corporate securities			37,904			35,712
		$	242,142		$	199,875