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Note 2 - Securities Available for Sale | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 — Securities Available for Sale The amortized cost and fair values of the Company’s investment in securities available for sale follow:
|  | September 30, 2025 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  |  |  |
|  | cost |  |  | gains |  |  | losses |  |  | Fair value |
|  | (In Thousands) |
Mortgage-backed securities |  | $ | 11,603 |  |  | $ | 4 |  |  | $ | (1,302 | ) |  | $ | 10,305 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprise issued |  |  | 162,194 |  |  |  | 455 |  |  |  | (14,643 | ) |  |  | 148,006 |
Private-label issued |  |  | 6,248 |  |  |  | - |  |  |  | (541 | ) |  |  | 5,707 |
Mortgage-related securities |  |  | 180,045 |  |  |  | 459 |  |  |  | (16,486 | ) |  |  | 164,018 |
Municipal securities |  |  | 53,394 |  |  |  | 985 |  |  |  | (794 | ) |  |  | 53,585 |
Other debt securities |  |  | 10,000 |  |  |  | - |  |  |  | (1,200 | ) |  |  | 8,800 |
Debt securities |  |  | 63,394 |  |  |  | 985 |  |  |  | (1,994 | ) |  |  | 62,385 |
Total |  | $ | 243,439 |  |  | $ | 1,444 |  |  | $ | (18,480 | ) |  | $ | 226,403 |
|  | December 31, 2024 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  |  |  |
|  | cost |  |  | gains |  |  | losses |  |  | Fair value |
|  | (In Thousands) |
Mortgage-backed securities |  | $ | 11,285 |  |  | $ | - |  |  | $ | (1,674 | ) |  | $ | 9,611 |
Collateralized mortgage obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprise issued |  |  | 151,200 |  |  |  | 77 |  |  |  | (19,541 | ) |  |  | 131,736 |
Private-label issued |  |  | 7,122 |  |  |  | - |  |  |  | (722 | ) |  |  | 6,400 |
Mortgage related securities |  |  | 169,607 |  |  |  | 77 |  |  |  | (21,937 | ) |  |  | 147,747 |
Government sponsored enterprise bonds |  |  | 2,500 |  |  |  | - |  |  |  | (60 | ) |  |  | 2,440 |
Municipal securities |  |  | 48,023 |  |  |  | 383 |  |  |  | (1,330 | ) |  |  | 47,076 |
Other debt securities |  |  | 12,500 |  |  |  | - |  |  |  | (1,214 | ) |  |  | 11,286 |
Debt securities |  |  | 63,023 |  |  |  | 383 |  |  |  | (2,604 | ) |  |  | 60,802 |
Total |  | $ | 232,630 |  |  | $ | 460 |  |  | $ | (24,541 | ) |  | $ | 208,549 |
The Company’s mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. At September 30, 2025, $72,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities. At December 31, 2024, $114,000 of the Company's mortgage related securities were pledged as collateral to secure mortgage banking related activities. The amortized cost and fair values of investment securities by contractual maturity at September 30, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In Thousands) |
Debt and other securities |  |  |  |  |  |  |  |
Due within one year |  | $ | 2,284 |  |  | $ | 2,287 |
Due after one year through five years |  |  | 15,097 |  |  |  | 14,072 |
Due after five years through ten years |  |  | 18,805 |  |  |  | 18,647 |
Due after ten years |  |  | 27,208 |  |  |  | 27,379 |
Mortgage-related securities |  |  | 180,045 |  |  |  | 164,018 |
Total |  | $ | 243,439 |  |  | $ | 226,403 |
Gross unrealized losses on securities available for sale and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:
|  | September 30, 2025 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | value |  |  | loss |  |  | value |  |  | loss |  |  | value |  |  | loss |
|  | (In Thousands) |
Mortgage-backed securities |  | $ | - |  |  | $ | - |  |  | $ | 8,720 |  |  | $ | 1,302 |  |  | $ | 8,720 |  |  | $ | 1,302 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprise issued |  |  | 1,589 |  |  |  | 12 |  |  |  | 93,614 |  |  |  | 14,631 |  |  |  | 95,203 |  |  |  | 14,643 |
Private-label issued |  |  | - |  |  |  | - |  |  |  | 4,822 |  |  |  | 541 |  |  |  | 4,822 |  |  |  | 541 |
Municipal securities |  |  | 3,880 |  |  |  | 32 |  |  |  | 6,856 |  |  |  | 762 |  |  |  | 10,736 |  |  |  | 794 |
Other debt securities |  |  | - |  |  |  | - |  |  |  | 8,800 |  |  |  | 1,200 |  |  |  | 8,800 |  |  |  | 1,200 |
Total |  | $ | 5,469 |  |  | $ | 44 |  |  | $ | 122,812 |  |  | $ | 18,436 |  |  | $ | 128,281 |  |  | $ | 18,480 |
|  | December 31, 2024 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | value |  |  | loss |  |  | value |  |  | loss |  |  | value |  |  | loss |
|  | (In Thousands) |
Mortgage-backed securities |  | $ | 346 |  |  | $ | 9 |  |  | $ | 9,193 |  |  | $ | 1,665 |  |  | $ | 9,539 |  |  | $ | 1,674 |
Collateralized mortgage obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprise issued |  |  | 21,145 |  |  |  | 330 |  |  |  | 95,587 |  |  |  | 19,211 |  |  |  | 116,732 |  |  |  | 19,541 |
Private-label issued |  |  | - |  |  |  | - |  |  |  | 5,445 |  |  |  | 722 |  |  |  | 5,445 |  |  |  | 722 |
Government sponsored enterprise bonds |  |  | - |  |  |  | - |  |  |  | 2,440 |  |  |  | 60 |  |  |  | 2,440 |  |  |  | 60 |
Municipal securities |  |  | 20,005 |  |  |  | 334 |  |  |  | 5,063 |  |  |  | 996 |  |  |  | 25,068 |  |  |  | 1,330 |
Other debt securities |  |  | - |  |  |  | - |  |  |  | 11,286 |  |  |  | 1,214 |  |  |  | 11,286 |  |  |  | 1,214 |
Total |  | $ | 41,496 |  |  | $ | 673 |  |  | $ | 129,014 |  |  | $ | 23,868 |  |  | $ | 170,510 |  |  | $ | 24,541 |
The Company reviews the investment securities portfolio on a quarterly basis to monitor securities in unrealized loss positions, which were comprised of 140 individual securities, to determine whether the impairment is due to credit-related factors or noncredit-related factors. In making this evaluation, management considers the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. As of September 30, 2025 and December 31, 2024, no allowance for credit losses on securities was recognized. The Company does not consider its securities with unrealized losses to be attributable to credit-related factors, as the unrealized losses in each category 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. Furthermore, the Company does not have the intent to sell any of these securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. During the three and nine months ended September 30, 2025 and September 30, 2024, there were no sales of securities.

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