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Note 3 - Investment Securities | 6 Months Ended
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Jun. 30, 2026
Notes to Financial Statements |
Investment in Debt and Equity Securities and Other Trading Assets [Text Block] | 3. INVESTMENT SECURITIES The amortized cost, unrealized gains and losses, estimated fair values, and allowance for credit losses (ACL) of investments in debt and other securities at June 30, 2026 are summarized as follows:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |  |  |  |  |
(in thousands) |  | cost |  |  | gains |  |  | losses |  |  | fair value |  |  | ACL |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 88,411 |  |  | $ | 56 |  |  | $ | (818 | ) |  | $ | 87,649 |  |  | $ | — |
Securities of U.S. government agencies and corporations |  |  | 91,691 |  |  |  | 132 |  |  |  | (2,222 | ) |  |  | 89,601 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 76,755 |  |  |  | 266 |  |  |  | (3,113 | ) |  |  | 73,908 |  |  |  | — |
Collateralized mortgage obligations |  |  | 108,602 |  |  |  | 26 |  |  |  | (12,568 | ) |  |  | 96,060 |  |  |  | — |
Mortgage-backed securities |  |  | 281,928 |  |  |  | 277 |  |  |  | (10,492 | ) |  |  | 271,713 |  |  |  | — |
Total debt securities |  | $ | 647,387 |  |  | $ | 757 |  |  | $ | (29,213 | ) |  | $ | 618,931 |  |  | $ | — |
The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2025 are summarized as follows:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |  |  |  |  |
(in thousands) |  | cost |  |  | gains |  |  | losses |  |  | fair value |  |  | ACL |
Investment securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 87,578 |  |  | $ | 420 |  |  | $ | (442 | ) |  | $ | 87,556 |  |  | $ | — |
Securities of U.S. government agencies and corporations |  |  | 86,831 |  |  |  | 462 |  |  |  | (1,949 | ) |  |  | 85,344 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 77,796 |  |  |  | 448 |  |  |  | (3,241 | ) |  |  | 75,003 |  |  |  | — |
Collateralized mortgage obligations |  |  | 103,364 |  |  |  | 155 |  |  |  | (11,235 | ) |  |  | 92,284 |  |  |  | — |
Mortgage-backed securities |  |  | 283,963 |  |  |  | 1,640 |  |  |  | (8,547 | ) |  |  | 277,056 |  |  |  | — |
Total debt securities |  | $ | 639,532 |  |  | $ | 3,125 |  |  | $ | (25,414 | ) |  | $ | 617,243 |  |  | $ | — |
The Company generated $4,873,000 and $23,948,000 in proceeds from sales of available-for-sale securities for the three-month periods ended June 30, 2026 and 2025, respectively. The Company generated $4,873,000 and $27,315,000 in proceeds from sales of available-for-sale securities for the six-month periods ended June 30, 2026 and 2025, respectively. Gross realized gains on sales of available-for-sale securities were $0 and $93,000 for the three-month periods ended June 30, 2026 and 2025, respectively. Gross realized gains on sales of available-for-sale securities were $0 and $93,000 for the six-month periods ended June 30, 2026 and 2025, respectively. Gross realized losses on sales or calls of available-for-sale securities were $112,000 and $129,000 for the three-month periods ended June 30, 2026 and 2025, respectively. Gross realized losses on sales of available-for-sale securities were $112,000 and $182,000 for the six-month periods ended June 30, 2026 and 2025, respectively. The amortized cost and estimated fair value of debt and other securities at June 30, 2026, by contractual maturity, are shown in the following table:
|  | Amortized |  |  | Estimated |
(in thousands) |  | cost |  |  | fair value |
Maturity in years: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 49,973 |  |  | $ | 49,741 |
Due after one year through five years |  |  | 119,618 |  |  |  | 117,202 |
Due after five years through ten years |  |  | 43,478 |  |  |  | 41,780 |
Due after ten years |  |  | 43,788 |  |  |  | 42,435 |
Subtotal |  |  | 256,857 |  |  |  | 251,158 |
Mortgage-backed securities & collateralized mortgage obligations |  |  | 390,530 |  |  |  | 367,773 |
Total |  | $ | 647,387 |  |  | $ | 618,931 |
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, factors such as prepayments and interest rates may affect the yield on the carrying value of mortgage-related securities. An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of June 30, 2026, follows:
(in thousands) |  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  |  |  |  |  | Unrealized |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | losses |  |  | Fair Value |  |  | losses |  |  | Fair Value |  |  | losses |
U.S. Treasury securities |  |  | 46,465 |  |  | $ | (390 | ) |  | $ | 20,940 |  |  | $ | (428 | ) |  | $ | 67,405 |  |  | $ | (818 | )
Securities of U.S. government agencies and corporations |  |  | 27,817 |  |  |  | (430 | ) |  |  | 39,369 |  |  |  | (1,792 | ) |  |  | 67,186 |  |  |  | (2,222 | )
Obligations of states and political subdivisions |  |  | 16,859 |  |  |  | (182 | ) |  |  | 35,461 |  |  |  | (2,931 | ) |  |  | 52,320 |  |  |  | (3,113 | )
Collateralized mortgage obligations |  |  | 33,380 |  |  |  | (501 | ) |  |  | 52,532 |  |  |  | (12,067 | ) |  |  | 85,912 |  |  |  | (12,568 | )
Mortgage-backed securities |  |  | 124,893 |  |  |  | (1,645 | ) |  |  | 107,097 |  |  |  | (8,847 | ) |  |  | 231,990 |  |  |  | (10,492 | )
Total |  | $ | 249,414 |  |  | $ | (3,148 | ) |  | $ | 255,399 |  |  | $ | (26,065 | ) |  | $ | 504,813 |  |  | $ | (29,213 | )
One hundred and sixty-six securities, all considered investment grade, which had an aggregate fair value of $249,414,000 and a total unrealized loss of $3,148,000, have been in an unrealized loss position for less than twelve months as of June 30, 2026. Three hundred and fifteen securities, all considered investment grade, which had an aggregate fair value of $255,399,000 and a total unrealized loss of $26,065,000, have been in an unrealized loss position for more than twelve months as of June 30, 2026. The unrealized losses on the Company's investment securities were caused by market conditions for these types of investments, particularly changes in risk-free interest rates. The decline in fair value is attributable to changes in interest rates and not credit quality, and the Company does not intend to sell the securities. The Company has concluded it is not more likely than not that the Company will be required to sell these securities prior to recovery of their anticipated cost basis. Therefore, as of June 30, 2026, the Company had not recorded an allowance for credit losses on these securities and the unrecognized or unrealized losses on these securities have not been recognized into income. The fair value of investment securities could decline in the future if the general economy deteriorates, inflation and interest rates increase, credit ratings decline, the issuer's financial condition deteriorates, or the liquidity for securities declines. As a result, an allowance for credit loss may occur in the future. An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2025, follows:
(in thousands) |  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  |  |  |  |  | Unrealized |  |  |  |  |  |  | Unrealized |  |  |  |  |  |  | Unrealized |
|  | Fair Value |  |  | losses |  |  | Fair Value |  |  | losses |  |  | Fair Value |  |  | losses |
U.S. Treasury Securities |  | $ | 7,664 |  |  | $ | (7 | ) |  | $ | 25,834 |  |  | $ | (435 | ) |  | $ | 33,498 |  |  | $ | (442 | )
Securities of U.S. government agencies and corporations |  |  | 14,168 |  |  |  | (46 | ) |  |  | 41,820 |  |  |  | (1,903 | ) |  |  | 55,988 |  |  |  | (1,949 | )
Obligations of states and political subdivisions |  |  | 1,144 |  |  |  | (1 | ) |  |  | 47,845 |  |  |  | (3,240 | ) |  |  | 48,989 |  |  |  | (3,241 | )
Collateralized Mortgage obligations |  |  | 13,402 |  |  |  | (51 | ) |  |  | 58,408 |  |  |  | (11,184 | ) |  |  | 71,810 |  |  |  | (11,235 | )
Mortgage-backed securities |  |  | 21,385 |  |  |  | (33 | ) |  |  | 127,245 |  |  |  | (8,514 | ) |  |  | 148,630 |  |  |  | (8,547 | )
Total |  | $ | 57,763 |  |  | $ | (138 | ) |  | $ | 301,152 |  |  | $ | (25,276 | ) |  | $ | 358,915 |  |  | $ | (25,414 | )
Investment securities carried at $90,604,000 and $95,479,000 at June 30, 2026 and December 31, 2025, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.

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