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Note 2 - INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

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)
March 31, 2025:
Securities HTM:
Municipal securities		$	845,226		$	(254)		$	15,157		$	(102,476)		$	757,653
Corporate securities			28,018			(8)			4,395			—			32,405
Other securities			1,050			(1)			—			(3)			1,046
		$	874,294		$	(263)		$	19,552		$	(102,479)		$	791,104

Securities AFS:
U.S. treasuries and govt. sponsored agency securities		$	19,641		$	—		$	7		$	(2,161)		$	17,487
Residential mortgage-backed and related securities			47,841			—			3			(4,650)			43,194
Municipal securities			203,776			—			—			(45,017)			158,759
Asset-backed securities			7,644			—			121			(1)			7,764
Corporate securities			38,868			—			12			(1,843)			37,037
		$	317,770		$	—		$	143		$	(53,672)		$	264,241


					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

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, 2025:
Securities HTM:
Municipal securities		$	116,260		$	(35,513)		$	392,935		$	(66,963)		$	509,195		$	(102,476)
Other securities			500			(1)			547			(2)			1,047			(3)
		$	116,760		$	(35,514)		$	393,482		$	(66,965)		$	510,242		$	(102,479)

Securities AFS:
U.S. treasuries and govt. sponsored agency securities		$	3,346		$	(1)		$	13,551		$	(2,160)		$	16,897		$	(2,161)
Residential mortgage-backed and related securities			1,261			(9)			41,752			(4,641)			43,013			(4,650)
Municipal securities			789			(10)			157,969			(45,007)			158,759			(45,017)
Asset-backed securities			2,730			(1)			—			—			2,730			(1)
Corporate securities			—			—			33,841			(1,843)			33,841			(1,843)
		$	8,126		$	(21)		$	247,113		$	(53,651)		$	255,240		$	(53,672)


		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. 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)

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



			Three Months Ended March 31, 2025															Three Months Ended March 31, 2024
			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			$	254		$	8		$	1		$	263		$	—		$	202		$	1		$	203		$	989
Reduction due to sales				—			—			—			—			—			—			—			—			(544)
Provision				—			—			—			—			—			—			—			—			(445)
Balance, ending			$	254		$	8		$	1		$	263		$	—		$	202		$	1		$	203		$	—

Schedule of realized gain (loss) on investments


					Three Months Ended
					March 31, 2025			March 31, 2024

						(dollars in thousands)

Proceeds from sales of securities					$	—		$	445
Gross gains from sales of securities						—			—
Gross losses from sales of securities						—			—

Schedule of investments classified by maturity date


		Amortized Cost			Fair Value

		(dollars in thousands)
Securities HTM:
Due in one year or less		$	1,230		$	1,227
Due after one year through five years			29,343			26,735
Due after five years			843,721			763,142
		$	874,294		$	791,104
Securities AFS:
Due in one year or less		$	3,279		$	3,277
Due after one year through five years			20,105			19,370
Due after five years			238,901			190,636
			262,285			213,283
Residential mortgage-backed and related securities			47,841			43,194
Asset-backed securities			7,644			7,764
		$	317,770		$	264,241

Schedule of investment in callable securities


		Amortized Cost			Fair Value

		(dollars in thousands)
Securities HTM:
Municipal securities			281,875			266,459
Corporate securities			28,018			32,404
		$	309,893		$	298,863

Securities AFS:
Municipal securities			203,630			158,627
Corporate securities			37,905			36,068
		$	241,535		$	194,695