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Note 3 - Securities

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Securities:

The following table summarizes the amortized cost and fair value of the available-for-sale securities portfolio at September 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss). No allowance for credit losses have been recognized for the securities portfolio at September 30, 2025 or December 31, 2024.

						Gross				Gross
		Amortized				Unrealized				Unrealized
(In Thousands of Dollars)		Cost				Gains				Losses				Fair Value
September 30, 2025
U.S. Treasury and U.S. government sponsored entities		$	105,155			$	34			$	(10,237	)		$	94,952
State and political subdivisions			590,327				1,916				(96,449	)			495,794
Corporate bonds			16,674				167				(370	)			16,471
Mortgage-backed securities			622,160				677				(87,078	)			535,759
Collateralized mortgage obligations			160,784				1,336				(5,468	)			156,652
Small Business Administration			2,303				0				(165	)			2,138
Totals		$	1,497,403			$	4,130			$	(199,767	)		$	1,301,766

						Gross				Gross
		Amortized				Unrealized				Unrealized
(In Thousands of Dollars)		Cost				Gains				Losses				Fair Value
December 31, 2024
U.S. Treasury and U.S. government sponsored entities		$	132,292			$	0			$	(17,185	)		$	115,107
State and political subdivisions			609,950				1,294				(106,364	)			504,880
Corporate bonds			17,849				172				(573	)			17,448
Mortgage-backed securities			605,350				34				(112,517	)			492,867
Collateralized mortgage obligations			142,525				85				(8,834	)			133,776
Small Business Administration			2,715				0				(240	)			2,475
Totals		$	1,510,681			$	1,585			$	(245,713	)		$	1,266,553

The proceeds from sales of available-for-sale securities and the associated gains and losses are as follows:

		*Three Months Ended*								*Nine Months Ended*
		*September 30,*								*September 30,*
(In Thousands of Dollars)		*2025*				*2024*				*2025*				*2024*
Proceeds		$	28,750			$	4,109			$	52,651			$	48,865
Gross gains			0				0				0				17
Gross losses			(960	)			(421	)			(2,294	)			(2,697	)

The amortized cost and fair value of the debt securities portfolio are shown in the table below by expected maturity. Expected maturities may differ from contractual maturities if issuers have the right to call or prepay obligations with or without call, or prepayment penalties. Securities not due at a single maturity date are shown separately.

		*September 30, 2025*
(In Thousands of Dollars)		Amortized Cost				Fair Value
Maturity
Within one year		$	3,704			$	3,693
One to five years			52,132				48,284
Five to ten years			166,010				153,720
Beyond ten years			490,310				401,520
Mortgage-backed, collateralized mortgage obligations and Small Business Administration securities			785,247				694,549
Total		$	1,497,403			$	1,301,766

The following table summarizes the investment securities with unrealized losses for which an allowance for credit losses has not been recorded at September 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position.

		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In Thousands of Dollars)		Value				Loss				Value				Loss				Value				Loss
September 30, 2025

U.S. Treasury and U.S. government sponsored entities		$	1,060			$	(3	)		$	92,690			$	(10,234	)		$	93,750			$	(10,237	)
State and political subdivisions			21,246				(1,249	)			420,822				(95,200	)			442,068				(96,449	)
Corporate bonds			4,247				(38	)			8,029				(332	)			12,276				(370	)
Mortgage-backed securities			862				(23	)			444,752				(87,055	)			445,614				(87,078	)
Collateralized mortgage obligations			42,985				(301	)			50,675				(5,167	)			93,660				(5,468	)
Small Business Administration			0				0				2,138				(165	)			2,138				(165	)
Total		$	70,400			$	(1,614	)		$	1,019,106			$	(198,153	)		$	1,089,506			$	(199,767	)

		Less than 12 Months								12 Months or Longer								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In Thousands of Dollars)		Value				Loss				Value				Loss				Value				Loss
December 31, 2024

U.S. Treasury and U.S. government sponsored entities		$	4,592			$	(320	)		$	110,515			$	(16,865	)		$	115,107			$	(17,185	)
State and political subdivisions			66,436				(4,946	)			400,911				(101,418	)			467,347				(106,364	)
Corporate bonds			4,303				(146	)			8,568				(427	)			12,871				(573	)
Mortgage-backed securities			30,143				(365	)			460,172				(112,152	)			490,315				(112,517	)
Collateralized mortgage obligations			65,046				(2,210	)			51,405				(6,624	)			116,451				(8,834	)
Small Business Administration			0				0				2,475				(240	)			2,475				(240	)
Total		$	170,520			$	(7,987	)		$	1,034,046			$	(237,726	)		$	1,204,566			$	(245,713	)

As of September 30, 2025, the Company’s security portfolio consisted of 905 securities, 744 of which were in an unrealized loss position. The treasury, agency, mortgage-backed securities, collateralized mortgage obligations and small business administration securities that the Company owns are all issued by government sponsored entities and therefore contain no potential for credit loss. The Company does not consider any of its available-for-sale securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in noncredit related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. The vast majority of the Company's state and political subdivisions holdings are of high credit quality and are rated AA or higher. In addition, management has both the ability and intent to hold the securities for a period of time sufficient to allow for the recovery in fair value. As of September 30, 2025, the Company has not recorded an allowance for credit losses on available for sale (“AFS”) securities.

At December 31, 2024, the Company’s security portfolio consisted of 946 securities, 842 of which were in an unrealized loss position. The treasury, agency, mortgage-backed securities, collateralized mortgage obligations and small business administration securities that the Company owns are all issued by government sponsored entities and therefore contain no potential for credit loss. At December 31, 2024, the Company did not consider any of its available-for-sale securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in noncredit related factors such as changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration. The vast majority of the Company's state and political subdivisions holdings are of high credit quality and are rated AA or higher. In addition, management had both the ability and intent to hold the securities for a period of time sufficient to allow for the recovery in fair value. At December 31, 2024, the Company had not recorded an allowance for credit losses on available for sale (“AFS”) securities.

Equity Securities

The Company also holds equity securities which include $16.4 million in Small Business Investment Company (“SBIC”) partnership investments as well as $368,000 in local and regional bank holdings and other miscellaneous equity funds at September 30, 2025. At December 31, 2024, the Company held $14.5 million in SBIC investments and $277,000 in local and regional bank holdings and other miscellaneous equity funds. These investments are held at modified cost and any changes in the modified costs are recognized in income in both 2025 and 2024.