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Note 2 - Investment Securities

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Investment in Debt and Equity Securities and Other Trading Assets [Text Block]

NOTE 2. INVESTMENT SECURITIES

The amortized cost and fair values of securities, together with unrealized gains and losses, were as follows:

		March 31, 2026
						Gross				Gross
		Amortized				Unrealized				Unrealized								Fair
		Cost				Gains				Losses				ACL				Value
		(In Thousands)
Available-for-sale:
U.S. government and agency obligations		$	4,023			$	61			$	(116	)		$	-			$	3,968
U.S. treasury obligations			47,675				-				(3,749	)			-				43,926
Municipal obligations			126,641				1				(10,826	)			-				115,816
Corporate obligations			2,000				-				(30	)			-				1,970
Mortgage-backed securities			26,684				157				(1,064	)			-				25,777
Collateralized mortgage obligations			81,569				37				(4,707	)			-				76,899
Asset-backed securities			6,487				45				(1	)			-				6,531
Total		$	295,079			$	301			$	(20,493	)		$	-			$	274,887

		December 31, 2025
						Gross				Gross
		Amortized				Unrealized				Unrealized								Fair
		Cost				Gains				Losses				ACL				Value
		(In Thousands)
Available-for-sale:
U.S. government and agency obligations		$	4,179			$	62			$	(86	)		$	-			$	4,155
U.S. treasury obligations			47,665				-				(3,357	)			-				44,308
Municipal obligations			127,469				53				(9,198	)			-				118,324
Corporate obligations			2,000				-				(29	)			-				1,971
Mortgage-backed securities			27,222				180				(908	)			-				26,494
Collateralized mortgage obligations			83,907				49				(4,295	)			-				79,661
Asset-backed securities			6,720				60				(1	)			-				6,779
Total		$	299,162			$	404			$	(17,874	)		$	-			$	281,692

There was no sales activity for available-for-sale securities during the three months ended March 31, 2026 or 2025.

The amortized cost and fair value of securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		March 31, 2026
		Amortized				Fair
		Cost				Value
		(In Thousands)
Due in one year or less		$	1,186			$	1,184
Due from one to five years			52,910				49,717
Due from five to ten years			68,858				61,270
Due after ten years			63,872				60,040
			186,826				172,211
Mortgage-backed securities			26,684				25,777
Collateralized mortgage obligations			81,569				76,899
Total		$	295,079			$	274,887

As of March 31, 2026 and December 31, 2025, securities with a fair value of $19,694,000 and $19,976,000, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

The Company’s investment securities that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve or more months were as follows:

		March 31, 2026
		Less than 12 Months								12 Months or Longer
						Gross								Gross
		Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses
		(In Thousands)
U.S. government and agency obligations		$	-			$	-			$	1,811			$	(116	)
U.S. treasury obligations			-				-				43,926				(3,749	)
Municipal obligations			17,226				(541	)			97,723				(10,285	)
Corporate obligations			-				-				1,970				(30	)
Mortgage-backed securities and collateralized mortgage obligations			11,492				(97	)			70,783				(5,674	)
Asset-backed securities			1,356				-				147				(1	)
Total		$	30,074			$	(638	)		$	216,360			$	(19,855	)

		December 31, 2025
		Less than 12 months								12 months or Longer
						Gross								Gross
		Fair				Unrealized				Fair				Unrealized
		Value				Losses				Value				Losses
		(In Thousands)
U.S. government and agency obligations		$	-			$	-			$	1,848			$	(86	)
U.S. treasury obligations			-				-				44,308				(3,357	)
Municipal obligations			4,250				(101	)			107,365				(9,097	)
Corporate obligations			-				-				1,971				(29	)
Mortgage-backed securities and collateralized mortgage obligations			5,961				(42	)			73,924				(5,161	)
Asset-backed securities			-				-				164				(1	)
Total		$	10,211			$	(143	)		$	229,580			$	(17,731	)

As of March 31, 2026 and December 31, 2025, 252 and 241 securities, respectively, were in unrealized loss positions. Based on analysis of available-for-sale debt securities with unrealized losses as of March 31, 2026, the Company determined the decline in value was unrelated to credit losses and was primarily caused by changes in interest rates and market spreads subsequent to the initial purchase of the securities. Management does not intend to sell and the Company is not likely to be required to sell these securities prior to maturity. As a result, no ACL was recorded on available-for-sale securities at March 31, 2026 and December 31, 2025. As part of this determination, consideration was given to the extent to which fair value was less than amortized cost, rating downgrades by a rating agency and other factors.