XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Debt Securities | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Securities [Abstract] |
Debt Securities |
Note 5: | Debt Securities
The following table summarizes the amortized cost and fair value of debt securities available-for-sale at December 31, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale as of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | 64 |  |  | $ | - |  |  | $ | - |  |  | $ | 64 |
Mortgage-backed securities(1)(2) |  |  | 33,704 |  |  |  | - |  |  |  | (3,508 | ) |  |  | 30,196 |
State and political subdivisions |  |  | 21,156 |  |  |  | - |  |  |  | (1,430 | ) |  |  | 19,726 |
U.S. Treasuries |  |  | 6,021 |  |  |  | - |  |  |  | (695 | ) |  |  | 5,326 |
Corporate debt securities |  |  | 5,500 |  |  |  | - |  |  |  | (871 | ) |  |  | 4,629 |
Total available-for-sale |  |  | 66,445 |  |  |  | - |  |  |  | (6,504 | ) |  |  | 59,941 |
Total debt securities |  |  | 66,445 |  |  |  | - |  |  |  | (6,504 | ) |  |  | 59,941 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale as of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | 138 |  |  | $ | - |  |  | $ | (3 | ) |  | $ | 135 |
Mortgage-backed securities(1)(2) |  |  | 38,465 |  |  |  | - |  |  |  | (3,963 | ) |  |  | 34,502 |
State and political subdivisions |  |  | 27,368 |  |  |  | - |  |  |  | (1,512 | ) |  |  | 25,856 |
U.S. Treasuries |  |  | 106,030 |  |  |  | - |  |  |  | (1,373 | ) |  |  | 104,657 |
Corporate debt securities |  |  | 5,500 |  |  |  | - |  |  |  | (1,163 | ) |  |  | 4,337 |
Total available-for-sale |  |  | 177,501 |  |  |  | - |  |  |  | (8,014 | ) |  |  | 169,487 |
Total debt securities |  |  | 177,501 |  |  |  | - |  |  |  | (8,014 | ) |  |  | 169,487 |
(1) | All of our mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities.
(2) | Included in amortized cost of mortgage-backed securities is $21.97 million and $24.80 million of residential mortgage-backed securities and $11.73 million and $13.67 million of commercial mortgage-backed securities as of December 31, 2024 and December 31, 2023, respectively.
The amortized cost and estimated fair value of investment securities at December 31, 2024 and December 31, 2023, by contractual maturity, are shown below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties.
(in thousands) |  | Amortized Cost |  |  | Fair Value |
Available-for-sale as of December 31, 2024 |  |  |  |  |  |
Due in one year or less |  | $ | 2,061 |  |  | $ | 2,028 |
Due after one year through five years |  |  | 16,345 |  |  |  | 15,315 |
Due after five years through ten years |  |  | 14,335 |  |  |  | 12,402 |
Due after ten years |  |  | - |  |  |  | - |
Mortgage-backed securities |  |  | 33,704 |  |  |  | 30,196 |
Total available-for-sale |  |  | 66,445 |  |  |  | 59,941 |
(in thousands) |  | Amortized Cost |  |  | Fair Value |
Available-for-sale as of December 31, 2023 |  |  |  |  |  |
Due in one year or less |  | $ | 105,944 |  |  | $ | 105,186 |
Due after one year through five years |  |  | 15,654 |  |  |  | 14,675 |
Due after five years through ten years |  |  | 17,276 |  |  |  | 14,980 |
Due after ten years |  |  | 162 |  |  |  | 144 |
Mortgage-backed securities |  |  | 38,465 |  |  |  | 34,502 |
Total available-for-sale |  |  | 177,501 |  |  |  | 169,487 |
As of December 31, 2024, there were no holdings of securities in an amount greater than 10% of stockholders equity. As of December 31, 2023, there was one holding of securities of issuers in an amount greater than 10% of stockholders equity, a U.S. Treasury note with a fair value of $99.3 million. The following table presents a summary of realized gains and losses from the sale, prepayment and call of debt securities for the year ended December 31, 2024 and December 31, 2023.
| Year Ended December 31, |
| 2024 |  | 2023 |
(in thousands) |  |  |  |
Proceeds from sales, maturities, prepayments and calls |  | $ | 195,692 |  |  | $ | 7,422 |
Gross realized losses on sales, prepayments and calls |  | $ | (6 | ) |  | $ | (16 | )
Total realized (losses), net |  | $ | (6 | ) |  | $ | (16 | )
The following table details book value of pledged securities as of December 31, 2024 and December 31, 2023:
|  | Year Ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Book value of pledged securities |  | $ | 19,071 |  |  | $ | 121,283 |
The following table details gross unrealized losses and fair values of investment securities aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2024 and December 31, 2023. As of December 31, 2024, the Company had the ability and intent to hold the debt securities classified as available-for-sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased and acquired. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. Management has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statement of comprehensive income.
| Less than Twelve Months |  | Twelve Months or Longer |  | Total |
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale as of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | - |  |  | $ | - |  |  | $ | 64 |  |  | $ | - |  |  | $ | 64 |  |  | $ | - |
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 30,196 |  |  |  | (3,508 | ) |  |  | 30,196 |  |  |  | (3,508 | )
State and political subdivisions(1) |  |  | 499 |  |  |  | - |  |  |  | 19,227 |  |  |  | (1,430 | ) |  |  | 19,726 |  |  |  | (1,430 | )
U.S. Treasuries |  |  | - |  |  |  | - |  |  |  | 5,326 |  |  |  | (695 | ) |  |  | 5,326 |  |  |  | (695 | )
Corporate debt securities(2) |  |  | - |  |  |  | - |  |  |  | 4,629 |  |  |  | (871 | ) |  |  | 4,629 |  |  |  | (871 | )
Total available-for-sale |  | $ | 499 |  |  | $ | - |  |  | $ | 59,442 |  |  | $ | (6,504 | ) |  | $ | 59,941 |  |  | $ | (6,504 | )
| Less than Twelve Months |  | Twelve Months or Longer |  | Total |
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale as of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal agencies |  | $ | - |  |  | $ | - |  |  | $ | 135 |  |  | $ | (3 | ) |  | $ | 135 |  |  | $ | (3 | )
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | 34,502 |  |  | $ | (3,963 | ) |  |  | 34,502 |  |  |  | (3,963 | )
State and political subdivisions(1) |  |  | 1,160 |  |  |  | (5 | ) |  |  | 24,696 |  |  | $ | (1,507 | ) |  |  | 25,856 |  |  |  | (1,512 | )
U.S. Treasuries |  |  | - |  |  |  | - |  |  |  | 104,657 |  |  | $ | (1,373 | ) |  |  | 104,657 |  |  |  | (1,373 | )
Corporate debt securities(2) |  |  | - |  |  |  | (195 | ) |  |  | 4,337 |  |  | $ | (968 | ) |  |  | 4,337 |  |  |  | (1,163 | )
Total available-for-sale |  | $ | 1,160 |  |  | $ | (200 | ) |  | $ | 168,327 |  |  | $ | (7,814 | ) |  | $ | 169,487 |  |  | $ | (8,014 | )
(1) | Of our state and political subdivision securities, $17.83 million and $22.84 million are rated BBB+ or better and $1.90 million and $3.02 million are not rated as of December 31, 2024 and December 31, 2023, respectively.
(2) | Our corporate debt securities are not rated.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration