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Note 2 - Securities | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2 - Securities The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at September 30, 2024 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Allowance for Credit Losses |
|  | (In thousands) |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 93,573 |  |  | $ | — |  |  | $ | (12,210 | ) |  | $ | 81,363 |  |  | $ | — |
U.S. government agency issued asset-backed securities (ABS agency) |  |  | 13,312 |  |  |  | 16 |  |  |  | (32 | ) |  |  | 13,296 |  |  |  | — |
Corporate issued asset-backed securities (ABS corporate) |  |  | 16,364 |  |  |  | 48 |  |  |  | (21 | ) |  |  | 16,391 |  |  |  | — |
Corporate issued debt securities (Corporate debt) |  |  | 58,131 |  |  |  | — |  |  |  | (4,073 | ) |  |  | 54,058 |  |  |  | — |
U.S. Small Business Administration securities (SBA) |  |  | 9,268 |  |  |  | 56 |  |  |  | (7 | ) |  |  | 9,317 |  |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency issued mortgage-backed securities (MBS agency) |  |  | 88,822 |  |  |  | 167 |  |  |  | (10,440 | ) |  |  | 78,549 |  |  |  | — |
Non-agency issued mortgage-backed securities (MBS non-agency) |  |  | 61,541 |  |  |  | — |  |  |  | (3,655 | ) |  |  | 57,886 |  |  |  | — |
Total securities available for sale |  | $ | 341,011 |  |  | $ | 287 |  |  | $ | (30,438 | ) |  | $ | 310,860 |  |  | $ | — |
The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2023, are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Allowance for Credit Losses |
|  | (In thousands) |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 102,998 |  |  | $ | — |  |  | $ | (15,237 | ) |  | $ | 87,761 |  |  | $ | — |
ABS agency |  |  | 11,847 |  |  |  | — |  |  |  | (65 | ) |  |  | 11,782 |  |  |  | — |
ABS corporate |  |  | 5,370 |  |  |  | — |  |  |  | (84 | ) |  |  | 5,286 |  |  |  | — |
Corporate debt |  |  | 56,515 |  |  |  | — |  |  |  | (5,061 | ) |  |  | 51,454 |  |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS agency |  |  | 75,665 |  |  |  | — |  |  |  | (12,418 | ) |  |  | 63,247 |  |  |  | — |
MBS non-agency |  |  | 81,555 |  |  |  | — |  |  |  | (5,462 | ) |  |  | 76,093 |  |  |  | — |
Total securities available for sale |  | $ | 333,950 |  |  | $ | — |  |  | $ | (38,327 | ) |  | $ | 295,623 |  |  | $ | — |
There were no securities classified as held-to-maturity at September 30, 2024 and December 31, 2023. There was no allowance for credit losses on investment securities recorded at September 30, 2024 and December 31, 2023, based on analysis performed by the Company. Accrued interest receivable on available-for-sale debt securities totaled $2.4 million and $1.9 million as of September 30, 2024 and December 31, 2023, 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 allowance for credit losses on investment securities. The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of September 30, 2024:
|  | Less Than Twelve Months |  |  | Twelve Months or Longer |  |  | Total |
|  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | — |  |  | $ | (12,210 | ) |  | $ | 81,363 |  |  | $ | (12,210 | ) |  | $ | 81,363 |
ABS agency |  |  | (32 | ) |  |  | 9,520 |  |  |  | — |  |  |  | — |  |  |  | (32 | ) |  |  | 9,520 |
ABS corporate |  |  | (21 | ) |  |  | 4,815 |  |  |  | — |  |  |  | — |  |  |  | (21 | ) |  |  | 4,815 |
Corporate debt |  |  | (50 | ) |  |  | 1,640 |  |  |  | (4,023 | ) |  |  | 52,418 |  |  |  | (4,073 | ) |  |  | 54,058 |
SBA |  |  | (7 | ) |  |  | 983 |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | 983 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS agency |  |  | (119 | ) |  |  | 7,242 |  |  |  | (10,321 | ) |  |  | 51,487 |  |  |  | (10,440 | ) |  |  | 58,729 |
MBS non-agency |  |  | — |  |  |  | — |  |  |  | (3,655 | ) |  |  | 56,845 |  |  |  | (3,655 | ) |  |  | 56,845 |
Total available-for-sale in a loss position |  | $ | (229 | ) |  | $ | 24,200 |  |  | $ | (30,209 | ) |  | $ | 242,113 |  |  | $ | (30,438 | ) |  | $ | 266,313 |
The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2023:
|  | Less Than Twelve Months |  |  | Twelve Months or Longer |  |  | Total |
|  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | — |  |  | $ | — |  |  | $ | (15,237 | ) |  | $ | 87,461 |  |  | $ | (15,237 | ) |  | $ | 87,461 |
ABS agency |  |  | (65 | ) |  |  | 11,782 |  |  |  | — |  |  |  | — |  |  |  | (65 | ) |  |  | 11,782 |
ABS corporate |  |  | (84 | ) |  |  | 3,771 |  |  |  | — |  |  |  | — |  |  |  | (84 | ) |  |  | 3,771 |
Corporate debt |  |  | — |  |  |  | — |  |  |  | (5,061 | ) |  |  | 51,454 |  |  |  | (5,061 | ) |  |  | 51,454 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS agency |  |  | (27 | ) |  |  | 3,941 |  |  |  | (12,391 | ) |  |  | 59,305 |  |  |  | (12,418 | ) |  |  | 63,246 |
MBS non-agency |  |  | — |  |  |  | — |  |  |  | (5,462 | ) |  |  | 76,086 |  |  |  | (5,462 | ) |  |  | 76,086 |
Total available-for-sale in a loss position |  | $ | (176 | ) |  | $ | 19,494 |  |  | $ | (38,151 | ) |  | $ | 274,306 |  |  | $ | (38,327 | ) |  | $ | 293,800 |
There were 10 available-for-sale securities with unrealized losses of less than one year, and 145 available-for-sale securities with an unrealized loss of more than one year at September 30, 2024. There were 6 available-for-sale securities with unrealized losses of less than one year, and 156 available-for-sale securities with an unrealized loss of more than one year at December 31, 2023. Management believes that the unrealized losses on our investment securities relate principally to the general change in interest rates, market liquidity and demand, and market volatility that has occurred since the initial purchase, and such unrecognized losses or gains will continue to vary with general interest rate level and market fluctuations in the future. We do not believe the unrealized losses on our securities are related to a deterioration in credit quality. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. The Company believes that it is unlikely that we would be required to sell these investments prior to a market price recovery or maturity. Based on the Company’s evaluation of these securities, no credit impairment was recorded at September 30, 2024, or December 31, 2023. The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately.
|  | September 30, 2024 |
|  | Available-for-Sale |
|  | Amortized Cost |  |  | Estimated Fair Value |
|  | (In thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Due within one year |  | $ | 19,249 |  |  | $ | 19,091 |
Due after one through five years |  |  | 4,264 |  |  |  | 4,226 |
Due after five through ten years |  |  | 8,141 |  |  |  | 7,782 |
Due after ten years |  |  | 118,709 |  |  |  | 105,336 |
Total mortgage-backed securities |  |  | 150,363 |  |  |  | 136,435 |
All other investment securities: |  |  |  |  |  |  |  |
Due within one year |  |  | 1,000 |  |  |  | 815 |
Due after one through five years |  |  | 20,574 |  |  |  | 19,857 |
Due after five through ten years |  |  | 53,073 |  |  |  | 48,893 |
Due after ten years |  |  | 116,001 |  |  |  | 104,860 |
Total all other investment securities |  |  | 190,648 |  |  |  | 174,425 |
Total investment securities |  | $ | 341,011 |  |  | $ | 310,860 |
|  | December 31, 2023 |
|  | Available-for-Sale |
|  | Amortized Cost |  |  | Estimated Fair Value |
|  | (In thousands) |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Due within one year |  | $ | 25,279 |  |  | $ | 25,017 |
Due after one through five years |  |  | 16,622 |  |  |  | 16,029 |
Due after five through ten years |  |  | 8,874 |  |  |  | 8,197 |
Due after ten years |  |  | 106,445 |  |  |  | 90,097 |
Total mortgage-backed securities |  |  | 157,220 |  |  |  | 139,340 |
All other investment securities: |  |  |  |  |  |  |  |
Due within one year |  |  | 300 |  |  |  | 300 |
Due after one through five years |  |  | 18,187 |  |  |  | 17,384 |
Due after five through ten years |  |  | 57,328 |  |  |  | 50,768 |
Due after ten years |  |  | 100,915 |  |  |  | 87,831 |
Total all other investment securities |  |  | 176,730 |  |  |  | 156,283 |
Total investment securities |  | $ | 333,950 |  |  | $ | 295,623 |
Sales of available-for-sale securities were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In thousands) |
Proceeds from sales |  | $ | — |  |  | $ | — |  |  | $ | 21,048 |  |  | $ | — |
Gross realized gains |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross realized losses |  |  | — |  |  |  | — |  |  |  | (2,117 | ) |  |  | — |

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