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Note 2 - 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 - Securities

The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at  March 31, 2026 are summarized as follows:

(dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value				Allowance for Credit Losses
Available for Sale
Municipal bonds		$	91,924			$	—			$	(12,359	)		$	79,565			$	—
U.S. government agency issued asset-backed securities (ABS agency)			11,665				3				(36	)			11,632				—
Corporate issued asset-backed securities (ABS corporate)			7,670				9				(3	)			7,676				—
Corporate issued debt securities (Corporate debt)			38,525				320				(1,453	)			37,392				—
U.S. Small Business Administration securities (SBA)			5,810				22				(12	)			5,820				—
Mortgage-backed securities:
U.S. government agency issued mortgage-backed securities (MBS agency)			108,375				255				(10,662	)			97,968				—
Non-agency issued mortgage-backed securities (MBS non-agency)			35,738				1				(2,807	)			32,932				—
Total securities available for sale		$	299,707			$	610			$	(27,332	)		$	272,985			$	—

The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale at December 31, 2025, are summarized as follows:

(dollars in thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value				Allowance for Credit Losses
Available for Sale
Municipal bonds		$	92,148			$	—			$	(11,896	)		$	80,252			$	—
ABS agency			11,927				28				(12	)			11,943				—
ABS corporate			7,963				2				(4	)			7,961				—
Corporate debt			39,772				251				(1,222	)			38,801				—
SBA			6,293				18				(18	)			6,293				—
Mortgage-backed securities:
MBS agency			101,618				379				(10,341	)			91,656				—
MBS non-agency			36,128				4				(2,728	)			33,404				—
Total securities available for sale		$	295,849			$	682			$	(26,221	)		$	270,310			$	—

There were no securities classified as held-to-maturity at  March 31, 2026 and December 31, 2025. The Bank signed a modification agreement on a $2.0 million investment in subordinated debt in March 2026 that deferred the March 2026 interest payment to June 2026. There was no allowance for credit losses on investment securities recorded at  March 31, 2026 and December 31, 2025, including the modified subordinated debt, based on analysis performed by the Company.

Accrued interest receivable on available-for-sale debt securities totaled $1.8 million and $1.5 million as of  March 31, 2026 and December 31, 2025, 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 March 31, 2026:

		Less Than Twelve Months								Twelve Months or Longer								Total
(dollars in thousands)		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
Available for Sale
Municipal bonds		$	—			$	—			$	(12,359	)		$	79,565			$	(12,359	)		$	79,565
ABS agency			(24	)			2,556				(12	)			6,222				(36	)			8,778
ABS corporate			—				—				(3	)			1,666				(3	)			1,666
Corporate debt			(2	)			1,498				(1,451	)			24,077				(1,453	)			25,575
SBA			(3	)			639				(9	)			1,929				(12	)			2,568
Mortgage-backed securities:
MBS agency			(72	)			12,793				(10,590	)			55,300				(10,662	)			68,093
MBS non-agency			—				—				(2,807	)			30,685				(2,807	)			30,685
Total available-for-sale in a loss position		$	(101	)		$	17,486			$	(27,231	)		$	199,444			$	(27,332	)		$	216,930

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, 2025:

		Less Than Twelve Months								Twelve Months or Longer								Total
(dollars in thousands)		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
Available for Sale
Municipal bonds		$	—			$	—			$	(11,896	)		$	80,252			$	(11,896	)		$	80,252
ABS agency			—				—				(12	)			4,116				(12	)			4,116
ABS corporate			—				—				(4	)			958				(4	)			958
Corporate debt			(8	)			993				(1,214	)			27,570				(1,222	)			28,563
SBA			(5	)			643				(13	)			2,380				(18	)			3,023
Mortgage-backed securities:
MBS agency			(31	)			3,871				(10,310	)			57,375				(10,341	)			61,246
MBS non-agency			—				—				(2,728	)			31,154				(2,728	)			31,154
Total available-for-sale in a loss position		$	(44	)		$	5,507			$	(26,177	)		$	203,805			$	(26,221	)		$	209,312

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 does not intend, and 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 March 31, 2026, or December 31, 2025.

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.

		March 31, 2026								December 31, 2025
(dollars in thousands)		Amortized Cost				Estimated Fair Value				Amortized Cost				Estimated Fair Value
Available for Sale
Mortgage-backed securities:
Due within one year		$	6,603			$	6,583			$	4,602			$	4,603
Due after one through five years			3,107				3,049				6,912				6,856
Due after five through ten years			7,157				6,936				7,215				7,012
Due after ten years			127,246				114,332				119,017				106,589
Total mortgage-backed securities			144,113				130,900				137,746				125,060
All other investment securities:
Due within one year			1,000				971				1,000				959
Due after one through five years			23,058				22,324				24,082				23,620
Due after five through ten years			44,894				41,019				45,356				41,453
Due after ten years			86,642				77,771				87,665				79,218
Total all other investment securities			155,594				142,085				158,103				145,250
Total investment securities		$	299,707			$	272,985			$	295,849			$	270,310

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The entire disclosure for investment in debt and equity securities and other assets at fair value and held for trading.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

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-Name Regulation S-K (SK)
-Number 229
-Section 1403
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-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/320/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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