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Note 5 - Debt Securities | 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] |
5. | Debt Securities
The amortized cost of securities available-for-sale and their approximate fair values as of September 30, 2025 and December 31, 2024 are summarized below (in thousands):
2025: |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
U.S. government treasuries |  | $ | 156,916 |  |  | $ | 363 |  |  | $ | (4,410 | ) |  | $ | 152,869 |
U.S. government agencies |  |  | 92,688 |  |  |  | 117 |  |  |  | (2,872 | ) |  |  | 89,933 |
U.S. government mortgage-backed securities |  |  | 118,927 |  |  |  | 191 |  |  |  | (8,636 | ) |  |  | 110,482 |
State and political subdivisions |  |  | 247,081 |  |  |  | 258 |  |  |  | (11,054 | ) |  |  | 236,285 |
Corporate bonds |  |  | 63,606 |  |  |  | 114 |  |  |  | (2,629 | ) |  |  | 61,091 |
|  | $ | 679,218 |  |  | $ | 1,043 |  |  | $ | (29,601 | ) |  | $ | 650,660 |
2024: |  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
U.S. government treasuries |  | $ | 176,483 |  |  | $ | 8 |  |  | $ | (8,776 | ) |  | $ | 167,715 |
U.S. government agencies |  |  | 88,625 |  |  |  | 2 |  |  |  | (5,194 | ) |  |  | 83,433 |
U.S. government mortgage-backed securities |  |  | 103,964 |  |  |  | 6 |  |  |  | (12,920 | ) |  |  | 91,050 |
State and political subdivisions |  |  | 266,118 |  |  |  | 35 |  |  |  | (20,591 | ) |  |  | 245,562 |
Corporate bonds |  |  | 65,338 |  |  |  | 7 |  |  |  | (4,592 | ) |  |  | 60,753 |
|  | $ | 700,528 |  |  | $ | 58 |  |  | $ | (52,073 | ) |  | $ | 648,513 |
The amortized cost and fair value of debt securities available-for-sale as of September 30, 2025, are shown below by expected maturity. Expected maturity will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands).
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Due in one year or less |  | $ | 92,716 |  |  | $ | 91,586 |
Due after one year through five years |  |  | 370,875 |  |  |  | 357,222 |
Due after five years through ten years |  |  | 94,597 |  |  |  | 89,267 |
Due after ten years |  |  | 2,103 |  |  |  | 2,103 |
|  | $ | 560,291 |  |  | $ | 540,178 |
U.S. government mortgage-backed securities |  |  | 118,927 |  |  |  | 110,482 |
Total |  | $ | 679,218 |  |  | $ | 650,660 |
The Company's investment portfolio had an expected duration of 3.0 years as of September 30, 2025. Securities with a carrying value of $296.2 million and $292.8 million at September 30, 2025 and December 31, 2024, respectively, were pledged on public deposits, securities sold under agreements to repurchase, other borrowings and for other purposes as required or permitted by law. The proceeds and losses on securities available-for-sale for the three and nine months ended September 30, 2025 and 2024 are summarized below (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Proceeds from sales of securities available-for-sale |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 2,049 |
Gross realized gains on securities available-for-sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Gross realized losses on securities available-for-sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (165 | )
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Estimated |  |  | Unrealized |  |  | No. of |  |  | Estimated |  |  | Unrealized |  |  | No. of |  |  | Estimated |  |  | Unrealized |
2025: |  | Fair Value |  |  | Losses |  |  | Securities |  |  | Fair Value |  |  | Losses |  |  | Securities |  |  | Fair Value |  |  | Losses |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasuries |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 117,197 |  |  | $ | (4,410 | ) |  |  | 68 |  |  | $ | 117,197 |  |  | $ | (4,410 | )
U.S. government agencies |  |  | 13,331 |  |  |  | (90 | ) |  |  | 8 |  |  |  | 65,022 |  |  |  | (2,782 | ) |  |  | 56 |  |  |  | 78,353 |  |  |  | (2,872 | )
U.S. government mortgage-backed securities |  |  | 10,919 |  |  |  | (59 | ) |  |  | 9 |  |  |  | 79,653 |  |  |  | (8,577 | ) |  |  | 147 |  |  |  | 90,572 |  |  |  | (8,636 | )
State and political subdivisions |  |  | 2,274 |  |  |  | (117 | ) |  |  | 6 |  |  |  | 204,049 |  |  |  | (10,937 | ) |  |  | 389 |  |  |  | 206,323 |  |  |  | (11,054 | )
Corporate bonds |  |  | 1,500 |  |  |  | (7 | ) |  |  | 2 |  |  |  | 52,036 |  |  |  | (2,622 | ) |  |  | 63 |  |  |  | 53,536 |  |  |  | (2,629 | )
|  | $ | 28,024 |  |  | $ | (273 | ) |  |  | 25 |  |  | $ | 517,957 |  |  | $ | (29,328 | ) |  |  | 723 |  |  | $ | 545,981 |  |  | $ | (29,601 | )
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Estimated |  |  | Unrealized |  |  | No. of |  |  | Estimated |  |  | Unrealized |  |  | No. of |  |  | Estimated |  |  | Unrealized |
2024: |  | Fair Value |  |  | Losses |  |  | Securities |  |  | Fair Value |  |  | Losses |  |  | Securities |  |  | Fair Value |  |  | Losses |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasuries |  | $ | 5,466 |  |  | $ | (43 | ) |  |  | 2 |  |  | $ | 159,321 |  |  | $ | (8,733 | ) |  |  | 94 |  |  | $ | 164,787 |  |  | $ | (8,776 | )
U.S. government agencies |  |  | 3,953 |  |  |  | (34 | ) |  |  | 2 |  |  |  | 77,166 |  |  |  | (5,160 | ) |  |  | 70 |  |  |  | 81,119 |  |  |  | (5,194 | )
U.S. government mortgage-backed securities |  |  | 3,740 |  |  |  | (64 | ) |  |  | 5 |  |  |  | 86,870 |  |  |  | (12,856 | ) |  |  | 154 |  |  |  | 90,610 |  |  |  | (12,920 | )
State and political subdivisions |  |  | 13,944 |  |  |  | (253 | ) |  |  | 25 |  |  |  | 226,201 |  |  |  | (20,338 | ) |  |  | 440 |  |  |  | 240,145 |  |  |  | (20,591 | )
Corporate bonds |  |  | 3,153 |  |  |  | (27 | ) |  |  | 4 |  |  |  | 56,604 |  |  |  | (4,565 | ) |  |  | 74 |  |  |  | 59,757 |  |  |  | (4,592 | )
|  | $ | 30,256 |  |  | $ | (421 | ) |  |  | 38 |  |  | $ | 606,162 |  |  | $ | (51,652 | ) |  |  | 832 |  |  | $ | 636,418 |  |  | $ | (52,073 | )
Gross unrealized losses on debt securities totaled $29.6 million as of September 30, 2025. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, state or political subdivision, or corporations. Management then determines whether downgrades by bond rating agencies have occurred, and reviews industry analysts’ reports. The Company’s procedures for evaluating investments in states, municipalities and political subdivisions include but are not limited to reviewing the offering statement and the most current available financial information, comparing yields to yields of bonds of similar credit quality, confirming capacity to repay, assessing operating and financial performance, evaluating the stability of tax revenues, considering debt profiles and local demographics, and for revenue bonds, assessing the source and strength of revenue structures for municipal authorities. These procedures, as applicable, are utilized for all municipal purchases and are utilized in whole or in part for monitoring the portfolio of municipal holdings. The Company does not utilize third party credit rating agencies as a primary component of determining if the municipal issuer has an adequate capacity to meet the financial commitments under the security for the projected life of the investment, and, therefore, does not compare internal assessments to those of the credit rating agencies. Credit rating downgrades are utilized as an additional indicator of credit weakness and as a reference point for historical default rates. As of September 30, 2025 and December 31, 2024, the Company determined that no individual securities in an unrealized loss position represented credit losses that would require an allowance for credit losses. The Company concluded that the unrealized losses were primarily attributable to increases in market interest rates since these securities were purchased and other market conditions. Furthermore, the Company does not have the intent to sell any of these AFS debt 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. Accrued interest receivable on AFS debt securities totaled $3.6 million and $2.9 million as of September 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses.

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