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Note 4 - Securities

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

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

Note 4 - Securities

The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

		(Dollars in thousands)
						Gross				Gross				Estimated
		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
June 30, 2022
U.S. government sponsored entities		$	8,883			$	-			$	(949	)		$	7,934
U.S. treasury securities			594				-				-				594
Collateralized mortgage obligations and residential mortgage-backed securities			171,286				2				(21,227	)			150,061
Municipal securities			290,675				20				(49,848	)			240,847
Collateralized debt obligations			2,173				-				(1,143	)			1,030
Total securities available-for-sale		$	473,611			$	22			$	(73,167	)		$	400,466

		(Dollars in thousands)
						Gross				Gross				Estimated
		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
December 31, 2021
U.S. government sponsored entities		$	8,883			$	-			$	(214	)		$	8,669
U.S. treasury securities			400				-				-				400
Collateralized mortgage obligations and residential mortgage-backed securities			187,279				961				(3,539	)			184,701
Municipal securities			322,750				9,904				(527	)			332,127
Collateralized debt obligations			2,173				-				(1,181	)			992
Total securities available-for-sale		$	521,485			$	10,865			$	(5,461	)		$	526,889

The cost basis and estimated fair value of available-for-sale debt securities at June 30, 2022, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.

		(Dollars in thousands)
		Available-for-sale
						Estimated
		Cost				Fair
June 30, 2022		Basis				Value
Due in one year or less		$	494			$	495
Due from one to five years			1,954				1,956
Due from five to ten years			26,832				24,869
Due over ten years			273,045				223,085

Collateralized mortgage obligations and residential mortgage-backed securities			171,286				150,061
Total		$	473,611			$	400,466

Sales of available-for-sale securities were as follows for the three months ended:

		(Dollars in thousands)
		June 30,				June 30,
		2022				2021

Proceeds		$	27,539			$	12,386
Gross gains			295				289
Gross losses			(37	)			(20	)

Sales of available-for-sale securities were as follows for the six months ended:

		(Dollars in thousands)
		June 30,				June 30,
		2022				2021

Proceeds		$	43,775			$	19,290
Gross gains			692				706
Gross losses			(53	)			(20	)

Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:

		(Dollars in thousands)
		Unrealized gain/(loss)
Ending balance, December 31, 2021		$	4,276
Current period change			(62,057	)
Ending balance, June 30, 2022		$	(57,781	)

Securities with market values of approximately $236.7 million and $39.5 million were pledged as of June 30, 2022 and December 31, 2021, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.

Securities with gross unrealized losses at June 30, 2022, and December 31, 2021 not recognized in income are as follows:

		(Dollars in thousands)
		Less than 12 months								12 months or longer								Total
		Estimated								Estimated								Estimated								Percentage of
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized				Total Portfolio
		Value				Losses				Value				Losses				Value				Losses				in Loss Position
June 30, 2022
U.S. government sponsored entities		$	-			$	-			$	7,934			$	(949	)		$	7,934			$	(949	)			100.0	%
Collateralized mortgage obligations and residential mortgage-backed securities			91,051				(11,037	)			58,348				(10,190	)			149,399				(21,227	)			99.6	%
Municipal securities			230,567				(48,029	)			6,170				(1,819	)			236,737				(49,848	)			98.3	%
Collateralized debt obligations			-				-				1,030				(1,143	)			1,030				(1,143	)			100.0	%
Total temporarily impaired		$	321,618			$	(59,066	)		$	73,482			$	(14,101	)		$	395,100			$	(73,167	)			98.7	%
Number of securities							415								41								456

		(Dollars in thousands)
		Less than 12 months								12 months or longer								Total
		Estimated								Estimated								Estimated								Percentage of
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized				Total Portfolio
		Value				Losses				Value				Losses				Value				Losses				in Loss Position
December 31, 2021
U.S. government sponsored entities		$	8,669			$	(214	)		$	-			$	-			$	8,669			$	(214	)			100.0	%
Collateralized mortgage obligations and residential mortgage-backed securities			126,373				(3,175	)			8,109				(364	)			134,482				(3,539	)			72.8	%
Municipal securities			70,309				(527	)			-				-				70,309				(527	)			21.2	%
Collateralized debt obligations			-				-				992				(1,181	)			992				(1,181	)			100.0	%
Total temporarily impaired		$	205,351			$	(3,916	)		$	9,101			$	(1,545	)		$	214,452			$	(5,461	)			40.7	%
Number of securities							133								5								138

Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold those securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity.