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Note 2 - INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 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)
September 30, 2025:
Securities HTM:
Municipal securities		$	924,179		$	(254)		$	17,002		$	(119,656)		$	821,271
Corporate securities			29,149			(8)			3,583			—			32,724
Other securities			1,050			(1)			—			—			1,049
		$	954,378		$	(263)		$	20,585		$	(119,656)		$	855,044

Securities AFS:
U.S. treasuries and govt. sponsored agency securities		$	16,076		$	—		$	2		$	(1,870)		$	14,208
Residential mortgage-backed and related securities			60,800			—			245			(3,937)			57,108
Municipal securities			203,826			—			31			(42,367)			161,490
Asset-backed securities			4,822			—			96			—			4,918
Corporate securities			34,688			—			109			(1,172)			33,625
		$	320,212		$	—		$	483		$	(49,346)		$	271,349


					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

Schedule of 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)
September 30, 2025:
Securities HTM:
Municipal securities		$	176,393		$	(59,388)		$	291,912		$	(60,268)		$	468,305		$	(119,656)

Securities AFS:
U.S. treasuries and govt. sponsored agency securities		$	—		$	—		$	13,607		$	(1,870)		$	13,607		$	(1,870)
Residential mortgage-backed and related securities			4,560			(51)			33,832			(3,886)			38,392			(3,937)
Municipal securities			1,421			(19)			157,552			(42,348)			158,973			(42,367)
Corporate securities			480			(1)			24,679			(1,171)			25,159			(1,172)
		$	6,461		$	(71)		$	229,670		$	(49,275)		$	236,131		$	(49,346)


		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
		September 30, 2025															September 30, 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		$	—
Provision			—			—			—			—			—			—			—			—			—
Balance, ending		$	254		$	8		$	1		$	263		$	—		$	202		$	1		$	203		$	—




		Nine Months Ended
		September 30, 2025															September 30, 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 for credit loss expense			—			—			—			—			—			—			—			—			(445)
Balance, ending		$	254			8		$	1		$	263		$	—		$	202		$	1		$	203		$	—

Schedule of realized gain (loss) on investments


					Three Months Ended						Nine Months Ended
					September 30, 2025			September 30, 2024			September 30, 2025			September 30, 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		$	484		$	483
Due after one year through five years			27,449			25,855
Due after five years			926,445			828,706
		$	954,378		$	855,044
Securities AFS:
Due in one year or less		$	380		$	378
Due after one year through five years			19,710			19,153
Due after five years			234,500			189,792
			254,590			209,323
Residential mortgage-backed and related securities			60,800			57,108
Asset-backed securities			4,822			4,918
		$	320,212		$	271,349

Schedule of investment in callable securities


		Amortized Cost			Fair Value

		(dollars in thousands)
Securities HTM:
Municipal securities		$	250,094		$	32,724
Corporate securities			29,149			244,198
		$	279,243		$	276,922

Securities AFS:
Municipal securities		$	203,682		$	161,355
Corporate securities			33,721			32,648
		$	237,403		$	194,003

Schedule of fair value of investment securities pledged



		September 30, 2025			December 31, 2024

		(dollars in thousands)
Derivatives:
U.S. govt. sponsored agency securities		$	11,188		$	6,222
Residential mortgage-backed and related securities			24,078			18,132
Municipal securities			143,057			151,107
			178,323			175,461
Public deposits:
U.S. govt. sponsored agency securities			1,331			1,481
Residential mortgage-backed and related securities			2,151			2,022
			3,482			3,503
Short-term borrowings:
U.S. govt. sponsored agency securities			—			693
Residential mortgage-backed and related securities			—			8,564
			—			9,257
Other borrowings:
Municipal securities*			183,360			—
			183,360			—
Total investments pledged:
U.S. govt. sponsored agency securities			12,519			8,396
Residential mortgage-backed and related securities			26,229			28,718
Municipal securities			326,417			151,107
		$	365,165		$	188,221

* Municipal securities with an amortized cost of $200.3 million were pledged on secured borrowings as of September 30, 2025.