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SECURITIES

3 Months Ended

Mar. 31, 2024

SECURITIES

SECURITIES

NOTE 4 – SECURITIES

The following is a summary of available for sale securities:


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			Losses			Fair Value
March 31, 2024
Obligations of U.S. Government sponsored agencies		$	30,389		$	—		$	(3,344)		$	27,045
Obligations of states and political subdivisions			63,576			16			(6,026)			57,566
Mortgage-backed securities			36,733			1			(1,959)			34,775
Corporate notes			20,662			—			(1,628)			19,034
Total available for sale securities		$	151,360		$	17		$	(12,957)		$	138,420

December 31, 2023
Obligations of U.S. Government sponsored agencies		$	31,453		$	4		$	(3,163)		$	28,294
Obligations of states and political subdivisions			63,929			77			(5,760)			58,246
Mortgage-backed securities			37,789			5			(1,664)			36,130
Corporate notes			20,657			—			(1,619)			19,038
Certificates of deposit			490			—			(1)			489
Total available for sale securities		$	154,318		$	86		$	(12,207)		$	142,197

The following is a summary of held to maturity securities:


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			Losses			Fair Value
March 31, 2024
U.S. Treasury securities		$	107,871		$	671		$	(1,536)		$	107,006
Obligations of states and political subdivisions			3,861			—			—			3,861
Total held to maturity securities		$	111,732		$	671		$	(1,536)		$	110,867

December 31, 2023
U.S. Treasury securities		$	99,173		$	1,372		$	(1,070)		$	99,475
Obligations of states and political subdivisions			4,151			—			—			4,151
Total held to maturity securities		$	103,324		$	1,372		$	(1,070)		$	103,626

The following table shows the fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


	Less Than 12 Months						Greater Than 12 Months						Total
																			Number
	Fair			Unrealized			Fair			Unrealized			Fair			Unrealized			of
	Value			Losses			Value			Losses			Value			Losses			Securities

March 31, 2024 - Available for Sale
Obligations of U.S. Government sponsored agencies	$	8,519		$	(272)		$	18,526		$	(3,072)		$	27,045		$	(3,344)		27
Obligations of states and political subdivisions		8,919			(96)			43,014			(5,930)			51,933			(6,026)		70
Mortgage-backed securities		7,116			(202)			27,532			(1,757)			34,648			(1,959)		107
Corporate notes		4,962			(35)			12,940			(1,593)			17,902			(1,628)		10
Totals	$	29,516		$	(605)		$	102,012		$	(12,352)		$	131,528		$	(12,957)		214

March 31, 2024 - Held to Maturity
U.S. Treasury securities	$	49,015		$	(527)		$	30,465		$	(1,009)		$	79,480		$	(1,536)		51

December 31, 2023 - Available for Sale
Obligations of U.S. Government sponsored agencies	$	6,519		$	(173)		$	19,519		$	(2,990)		$	26,038		$	(3,163)		24
Obligations of states and political subdivisions		6,806			(71)			40,959			(5,689)			47,765			(5,760)		65
Mortgage-backed securities		5,751			(95)			28,693			(1,569)			34,444			(1,664)		104
Corporate notes		4,926			(68)			12,487			(1,551)			17,413			(1,619)		9
Certificate of deposits		—			—			489			(1)			489			(1)		2
Totals	$	24,002		$	(407)		$	102,147		$	(11,800)		$	126,149		$	(12,207)		204

December 31, 2023 - Held to Maturity
U.S. Treasury securities	$	31,785		$	(99)		$	35,362		$	(971)		$	67,147		$	(1,070)		49
Obligations of states and political subdivisions		—			—			220			—			220			—		1
Totals	$	31,785		$	(99)		$	35,582		$	(971)		$	67,367		$	(1,070)		50

As of March 31, 2024, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as the Company does not believe any of the debt securities are credit impaired. This is based on the Company’s analysis of the risk characteristics, including credit ratings, and other qualitative factors related to these securities. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As of March 31, 2024, the Company did not intend to sell these securities and it was more likely than not that the Company would not be required to sell the debt securities before recovery of their amortized cost, which may be at maturity. The unrealized losses have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase, not credit deterioration.

Furthermore, based on its analysis the Company has determined that held to maturity securities have zero expected credit losses. U.S. Treasury securities have the full faith and credit backing of the United States Government.

The following is a summary of amortized cost and estimated fair value of securities by contractual maturity as of March 31, 2024. Contractual maturities will differ from expected maturities for mortgage-backed securities because borrowers may have the right to call or prepay obligations without penalties.


		Available for Sale						Held to Maturity
		Amortized			Estimated			Amortized			Estimated
		Cost			Fair Value			Cost			Fair Value
Due in one year or less		$	7,300		$	7,260		$	21,171			20,949
Due after one year through 5 years			16,975			16,651			54,677			53,663
Due after 5 years through 10 years			39,030			35,338			35,884			36,255
Due after 10 years			51,322			44,396			—			—
Subtotal			114,627			103,645			111,732			110,867
Mortgage-backed securities			36,733			34,775			—			—
Total		$	151,360		$	138,420		$	111,732		$	110,867

As of March 31, 2024 and December 31, 2023, the carrying values of securities pledged to secure public deposits, securities sold under repurchase agreements, and for other purposes required or permitted by law were approximately $203.8 million and $204.8 million, respectively.

Sales of securities available for sale produced $10.2 million in proceeds with immaterial gross losses for three months ended March 31, 2024. Sales of securities available for sale produced $34.2 million in proceeds, $0.1 million in gross gains and $0.2 million in gross losses for the three months ended March 31, 2023.