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Note 2 - Investments | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Investment [Text Block] | NOTE 2 – INVESTMENTS The following tables present the amortized costs, unrealized gains, unrealized losses, estimated fair values of securities available-for-sale and held-to-maturity, and the ACL on securities available-for-sale and held-to-maturity at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  |  |  |
SECURITIES AVAILABLE-FOR-SALE |  | Cost |  |  | Gains |  |  | Losses |  |  | Values |  |  | ACL |
U.S. agency securities |  | $ | 20,260 |  |  | $ | 31 |  |  | $ | (2,303 | ) |  | $ | 17,988 |  |  | $ | — |
Corporate securities |  |  | 16,000 |  |  |  | 7 |  |  |  | (556 | ) |  |  | 15,451 |  |  |  | — |
Municipal bonds |  |  | 81,925 |  |  |  | 5 |  |  |  | (11,225 | ) |  |  | 70,705 |  |  |  | — |
Mortgage-backed securities |  |  | 205,937 |  |  |  | 865 |  |  |  | (9,580 | ) |  |  | 197,222 |  |  |  | — |
Asset-backed securities |  |  | 11,030 |  |  |  | — |  |  |  | (701 | ) |  |  | 10,329 |  |  |  | — |
Total securities available-for-sale |  |  | 335,152 |  |  |  | 908 |  |  |  | (24,365 | ) |  |  | 311,695 |  |  |  | — |
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | 29,336 |  |  |  | 404 |  |  |  | (82 | ) |  |  | 29,658 |  |  |  | 220 |
Municipal bonds |  |  | 2,270 |  |  |  | 214 |  |  |  | — |  |  |  | 2,484 |  |  |  | — |
Total securities held-to-maturity |  |  | 31,606 |  |  |  | 618 |  |  |  | (82 | ) |  |  | 32,142 |  |  |  | 220 |
Total securities |  | $ | 366,758 |  |  | $ | 1,526 |  |  | $ | (24,447 | ) |  | $ | 343,837 |  |  | $ | 220 |
|  | December 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  |  |  |
SECURITIES AVAILABLE-FOR-SALE |  | Cost |  |  | Gains |  |  | Losses |  |  | Values |  |  | ACL |
U.S. agency securities |  | $ | 20,247 |  |  | $ | 45 |  |  | $ | (3,154 | ) |  | $ | 17,138 |  |  | $ | — |
Corporate securities |  |  | 16,000 |  |  |  | 8 |  |  |  | (882 | ) |  |  | 15,126 |  |  |  | — |
Municipal bonds |  |  | 82,774 |  |  |  | — |  |  |  | (12,430 | ) |  |  | 70,344 |  |  |  | — |
Mortgage-backed securities |  |  | 178,740 |  |  |  | 415 |  |  |  | (11,969 | ) |  |  | 167,186 |  |  |  | — |
Asset-backed securities |  |  | 12,511 |  |  |  | 3 |  |  |  | (1,133 | ) |  |  | 11,381 |  |  |  | — |
Total securities available-for-sale |  |  | 310,272 |  |  |  | 471 |  |  |  | (29,568 | ) |  |  | 281,175 |  |  |  | — |
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | 8,500 |  |  |  | — |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | 45 |
Total securities held-to-maturity |  |  | 8,500 |  |  |  | — |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | 45 |
Total securities |  | $ | 318,772 |  |  | $ | 471 |  |  | $ | (29,924 | ) |  | $ | 289,319 |  |  | $ | 45 |
The following tables present the activity in the ACL on securities held-to-maturity by major security type for the three and nine months ended September 30, 2025 and 2024:
SECURITIES HELD-TO-MATURITY |  | For the Three Months Ended September 30, |
Corporate Securities |  | 2025 |  |  | 2024 |
Beginning ACL balance |  | $ | 220 |  |  | $ | 45 |
Provision for credit losses |  |  | — |  |  |  | — |
Total ending ACL balance |  | $ | 220 |  |  | $ | 45 |
SECURITIES HELD-TO-MATURITY |  | For the Nine Months Ended September 30, |
Corporate Securities |  | 2025 |  |  | 2024 |
Beginning ACL balance |  | $ | 45 |  |  | $ | 45 |
Provision for credit losses |  |  | 175 |  |  |  | — |
Total ending ACL balance |  | $ | 220 |  |  | $ | 45 |
Management measures expected credit losses on held-to-maturity debt securities on an individual basis. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The increase in provision during the periods was attributable to increased securities balances. Accrued interest receivable totaled $609,000 and $116,000 on held-to-maturity debt securities and $1.7 million and $1.2 million on available-for-sale debt securities as of September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on securities is reported in “Accrued interest receivable” on the Consolidated Balance Sheets and is excluded from the calculation of the ACL. The Company monitors the credit quality of debt securities held-to-maturity quarterly using credit rating, material event notices, and changes in market value. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
|  | September 30, |  |  | December 31, |
Corporate securities |  | 2025 |  |  | 2024 |
BBB/BBB- |  | $ | 29,336 |  |  | $ | 8,500 |
Municipal bonds |  |  |  |  |  |  |  |
AA |  |  | 2,270 |  |  |  | — |
Total |  | $ | 31,606 |  |  | $ | 8,500 |
At September 30, 2025 and December 31, 2024, there were no debt securities held-to-maturity that were classified as either nonaccrual or 90 days or more past due and still accruing interest. The following table presents, as of September 30, 2025, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law:
|  | September 30, 2025 |
Purpose or beneficiary |  | Carrying Value |  |  | Amortized Cost |  |  | Fair Value |
State and local government public deposits |  | $ | 22,377 |  |  | $ | 25,939 |  |  | $ | 22,377 |
Investment securities that were in an unrealized loss position at the dates indicated are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.
|  | September 30, 2025 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
SECURITIES AVAILABLE-FOR-SALE |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. agency securities |  | $ | — |  |  | $ | — |  |  | $ | 15,957 |  |  | $ | (2,303 | ) |  | $ | 15,957 |  |  | $ | (2,303 | )
Corporate securities |  |  | 5,997 |  |  |  | (3 | ) |  |  | 5,447 |  |  |  | (553 | ) |  |  | 11,444 |  |  |  | (556 | )
Municipal bonds |  |  | 487 |  |  |  | — |  |  |  | 69,387 |  |  |  | (11,225 | ) |  |  | 69,874 |  |  |  | (11,225 | )
Mortgage-backed securities |  |  | 50,987 |  |  |  | (508 | ) |  |  | 62,610 |  |  |  | (9,072 | ) |  |  | 113,597 |  |  |  | (9,580 | )
Asset-backed securities |  |  | 3,713 |  |  |  | (18 | ) |  |  | 6,616 |  |  |  | (683 | ) |  |  | 10,329 |  |  |  | (701 | )
Total securities available-for-sale |  |  | 61,184 |  |  |  | (529 | ) |  |  | 160,017 |  |  |  | (23,836 | ) |  |  | 221,201 |  |  |  | (24,365 | )
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | 5,594 |  |  |  | (22 | ) |  |  | 940 |  |  |  | (60 | ) |  |  | 6,534 |  |  |  | (82 | )
Total securities held-to-maturity |  |  | 5,594 |  |  |  | (22 | ) |  |  | 940 |  |  |  | (60 | ) |  |  | 6,534 |  |  |  | (82 | )
Total securities |  | $ | 66,778 |  |  | $ | (551 | ) |  | $ | 160,957 |  |  | $ | (23,896 | ) |  | $ | 227,735 |  |  | $ | (24,447 | )
|  | December 31, 2024 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
SECURITIES AVAILABLE-FOR-SALE |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. agency securities |  | $ | — |  |  | $ | — |  |  | $ | 15,093 |  |  | $ | (3,154 | ) |  | $ | 15,093 |  |  | $ | (3,154 | )
Corporate securities |  |  | 6,781 |  |  |  | (219 | ) |  |  | 5,337 |  |  |  | (663 | ) |  |  | 12,118 |  |  |  | (882 | )
Municipal bonds |  |  | 1,677 |  |  |  | (10 | ) |  |  | 68,667 |  |  |  | (12,420 | ) |  |  | 70,344 |  |  |  | (12,430 | )
Mortgage-backed securities |  |  | 31,093 |  |  |  | (241 | ) |  |  | 63,934 |  |  |  | (11,728 | ) |  |  | 95,027 |  |  |  | (11,969 | )
Asset-backed securities |  |  | 3,638 |  |  |  | (41 | ) |  |  | 7,190 |  |  |  | (1,092 | ) |  |  | 10,828 |  |  |  | (1,133 | )
Total securities available-for-sale |  |  | 43,189 |  |  |  | (511 | ) |  |  | 160,221 |  |  |  | (29,057 | ) |  |  | 203,410 |  |  |  | (29,568 | )
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | — |  |  |  | — |  |  |  | 8,144 |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | (356 | )
Total securities held-to-maturity |  |  | — |  |  |  | — |  |  |  | 8,144 |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | (356 | )
Total securities |  | $ | 43,189 |  |  | $ | (511 | ) |  | $ | 168,365 |  |  | $ | (29,413 | ) |  | $ | 211,554 |  |  | $ | (29,924 | )
There were five held-to-maturity debt securities in an unrealized loss position of less than one year and one held-to-maturity debt securities in an unrealized loss position of more than one year at September 30, 2025, compared to no held-to-maturity debt securities in an unrealized loss position of less than one year and seven held-to-maturity debt securities in an unrealized loss position of more than one year at December 31, 2024. There were 20 available-for-sale securities in an unrealized loss position of less than one year, and 121 available-for-sale securities in an unrealized loss position of more than one year at September 30, 2025, compared to 22 available-for-sale securities in an unrealized loss position of less than one year and 121 available-for-sale securities in an unrealized loss position of more than one year at December 31, 2024. The unrealized losses associated with these securities are believed to be caused by changing market conditions and considered to be temporary, and the Company does not intend and is not likely to be required to sell these securities prior to maturity. Management monitors the published credit ratings of the issuers of the debt securities for material ratings or outlook changes. Substantially all the Company’s municipal bond portfolio is comprised of obligations of states and political subdivisions located within the Company’s geographic footprint that are monitored through quarterly or annual financial review utilizing published credit ratings. All the municipal bond securities are investment grade. All of the available-for-sale mortgage-backed securities and asset-backed securities in an unrealized loss position are issued or guaranteed by government-sponsored enterprises, and the available-for-sale corporate securities are all investment grade and monitored for rating or outlook changes. Based on the Company’s evaluation of these securities, no credit impairment was recorded for the nine months ended September 30, 2025, or for the year ended December 31, 2024. The contractual maturities of securities available-for-sale and held-to-maturity at the dates indicated are listed below. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay the obligations; therefore, these securities are classified separately with no specific maturity date.
|  | September 30, 2025 |  |  | December 31, 2024 |
SECURITIES AVAILABLE-FOR-SALE |  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
U.S. agency securities |  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Due after one year through five years |  | $ | 4,972 |  |  | $ | 4,762 |  |  | $ | 4,962 |  |  | $ | 4,575 |
Due after five years through ten years |  |  | 15,288 |  |  |  | 13,226 |  |  |  | 10,975 |  |  |  | 9,193 |
Due after ten years |  |  | — |  |  |  | — |  |  |  | 4,310 |  |  |  | 3,370 |
Subtotal |  |  | 20,260 |  |  |  | 17,988 |  |  |  | 20,247 |  |  |  | 17,138 |
Corporate securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due after one year through five years |  |  | 14,000 |  |  |  | 13,934 |  |  |  | 11,000 |  |  |  | 10,766 |
Due after five years through ten years |  |  | 2,000 |  |  |  | 1,517 |  |  |  | 3,000 |  |  |  | 2,918 |
Due after ten years |  |  | — |  |  |  | — |  |  |  | 2,000 |  |  |  | 1,442 |
Subtotal |  |  | 16,000 |  |  |  | 15,451 |  |  |  | 16,000 |  |  |  | 15,126 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due after one year through five years |  |  | 2,147 |  |  |  | 2,150 |  |  |  | 2,186 |  |  |  | 2,168 |
Due after five years through ten years |  |  | 4,121 |  |  |  | 3,785 |  |  |  | 4,158 |  |  |  | 3,728 |
Due after ten years |  |  | 75,657 |  |  |  | 64,770 |  |  |  | 76,430 |  |  |  | 64,448 |
Subtotal |  |  | 81,925 |  |  |  | 70,705 |  |  |  | 82,774 |  |  |  | 70,344 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association (“FNMA”) |  |  | 86,824 |  |  |  | 79,479 |  |  |  | 90,771 |  |  |  | 80,677 |
Federal Home Loan Mortgage Corporation (“FHLMC”) |  |  | 46,537 |  |  |  | 45,823 |  |  |  | 48,765 |  |  |  | 47,773 |
Government National Mortgage Association (“GNMA”) |  |  | 72,576 |  |  |  | 71,920 |  |  |  | 39,204 |  |  |  | 38,736 |
Subtotal |  |  | 205,937 |  |  |  | 197,222 |  |  |  | 178,740 |  |  |  | 167,186 |
Asset-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  |  | 130 |  |  |  | 129 |  |  |  | 203 |  |  |  | 200 |
Due after one year through five years |  |  | 744 |  |  |  | 728 |  |  |  | 1,073 |  |  |  | 1,037 |
Due after five years through ten years |  |  | 2,599 |  |  |  | 2,446 |  |  |  | 2,867 |  |  |  | 2,648 |
Due after ten years |  |  | 7,557 |  |  |  | 7,026 |  |  |  | 8,368 |  |  |  | 7,496 |
Subtotal |  |  | 11,030 |  |  |  | 10,329 |  |  |  | 12,511 |  |  |  | 11,381 |
Total securities available-for-sale |  |  | 335,152 |  |  |  | 311,695 |  |  |  | 310,272 |  |  |  | 281,175 |
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due after one year through five years |  |  | 3,500 |  |  |  | 3,488 |  |  |  | — |  |  |  | — |
Due after five years through ten years |  |  | 25,836 |  |  |  | 26,170 |  |  |  | 8,500 |  |  |  | 8,144 |
Subtotal |  |  | 29,336 |  |  |  | 29,658 |  |  |  | 8,500 |  |  |  | 8,144 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due after five years through ten years |  |  | 2,270 |  |  |  | 2,484 |  |  |  | — |  |  |  | — |
Subtotal |  |  | 2,270 |  |  |  | 2,484 |  |  |  | — |  |  |  | — |
Total securities held-to-maturity |  |  | 31,606 |  |  |  | 32,142 |  |  |  | 8,500 |  |  |  | 8,144 |
Total securities |  | $ | 366,758 |  |  | $ | 343,837 |  |  | $ | 318,772 |  |  | $ | 289,319 |
The proceeds and resulting gains and losses from sales of securities available-for-sale for the three and nine months ended September 30, 2025 and 2024:
|  | For the Three Months Ended September 30, 2025 |
|  |  |  |  |  | Gross |  |  | Gross |
|  | Proceeds |  |  | Gains |  |  | (Losses) |
Securities available-for-sale |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | For the Three Months Ended September 30, 2024 |
|  |  |  |  |  | Gross |  |  | Gross |
|  | Proceeds |  |  | Gains |  |  | (Losses) |
Securities available-for-sale |  | $ | 3,448 |  |  | $ | 11 |  |  | $ | — |
|  | For the Nine Months Ended September 30, 2025 |
|  |  |  |  |  | Gross |  |  | Gross |
|  | Proceeds |  |  | Gains |  |  | (Losses) |
Securities available-for-sale |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | For the Nine Months Ended September 30, 2024 |
|  |  |  |  |  | Gross |  |  | Gross |
|  | Proceeds |  |  | Gains |  |  | (Losses) |
Securities available-for-sale |  | $ | 101,907 |  |  | $ | 215 |  |  | $ | (8,051 | )

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