XML 32 R16.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Securities | 12 Months Ended
--- | ---
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities | NOTE 3 - SECURITIES The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 100,378 |  |  | $ | 303 |  |  | $ | (3,294 | ) |  | $ | 97,387 |
Obligations of states and political subdivisions |  |  | 351,635 |  |  |  | 482 |  |  |  | (26,998 | ) |  |  | 325,119 |
Mortgage-back securities in government sponsored entities |  |  | 258,045 |  |  |  | 97 |  |  |  | (32,581 | ) |  |  | 225,561 |
Total debt securities |  | $ | 710,058 |  |  | $ | 882 |  |  | $ | (62,873 | ) |  | $ | 648,067 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 71,418 |  |  | $ | 315 |  |  | $ | (4,075 | ) |  | $ | 67,658 |
Obligations of states and political subdivisions |  |  | 359,452 |  |  |  | 2,725 |  |  |  | (23,578 | ) |  |  | 338,599 |
Mortgage-back securities in government sponsored entities |  |  | 242,022 |  |  |  | 19 |  |  |  | (30,026 | ) |  |  | 212,015 |
Total debt securities |  | $ | 672,892 |  |  | $ | 3,059 |  |  | $ | (57,679 | ) |  | $ | 618,272 |
The amortized cost and fair value of securities at year-end 2024 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.
|  | Available for sale |
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 39,927 |  |  | $ | 39,777 |
Due from one to five years |  |  | 84,249 |  |  |  | 79,134 |
Due from five to ten years |  |  | 42,796 |  |  |  | 42,100 |
Due after ten years |  |  | 285,041 |  |  |  | 261,495 |
Mortgage-backed securities in government sponsored entities |  |  | 258,045 |  |  |  | 225,561 |
Total securities available for sale |  | $ | 710,058 |  |  | $ | 648,067 |
Securities with a carrying value of $206,600 and $211,616 were pledged as of December 31, 2024 and 2023, respectively, to secure public deposits, other deposits and liabilities as required or permitted by law. Proceeds from sales of securities, gross realized gains and gross realized losses were as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Sale proceeds |  | $ | 2,994 |  |  | $ | — |  |  | $ | 57,332 |
Gross realized gains |  |  | 33 |  |  |  | — |  |  |  | — |
Gross realized losses |  |  | — |  |  |  | — |  |  |  | — |
Gains from securities called or settled by the issuer |  |  | — |  |  |  | — |  |  |  | 10 |
Debt securities with unrealized losses at year-end 2024 and 2023 not recognized in income were as follows:
2024 |  | 12 Months or less |  |  | More than 12 months |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 32,388 |  |  | $ | (51 | ) |  | $ | 55,000 |  |  | $ | (3,243 | ) |  | $ | 87,388 |  |  | $ | (3,294 | )
Obligations of states and political subdivisions |  |  | 98,965 |  |  |  | (806 | ) |  |  | 173,668 |  |  |  | (26,192 | ) |  |  | 272,633 |  |  |  | (26,998 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 28,322 |  |  |  | (329 | ) |  |  | 186,173 |  |  |  | (32,252 | ) |  |  | 214,495 |  |  |  | (32,581 | )
Total |  | $ | 159,675 |  |  | $ | (1,186 | ) |  | $ | 414,841 |  |  | $ | (61,687 | ) |  | $ | 574,516 |  |  | $ | (62,873 | )
2023 |  | 12 Months or less |  |  | More than 12 months |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 224 |  |  | $ | (1 | ) |  | $ | 56,760 |  |  | $ | (4,074 | ) |  | $ | 56,984 |  |  | $ | (4,075 | )
Obligations of states and political subdivisions |  |  | 19,168 |  |  |  | (78 | ) |  |  | 162,291 |  |  |  | (23,500 | ) |  |  | 181,459 |  |  |  | (23,578 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 20,112 |  |  |  | (522 | ) |  |  | 189,319 |  |  |  | (29,504 | ) |  |  | 209,431 |  |  |  | (30,026 | )
Total |  | $ | 39,504 |  |  | $ | (601 | ) |  | $ | 408,370 |  |  | $ | (57,078 | ) |  | $ | 447,874 |  |  | $ | (57,679 | )
Each quarter, we perform an analysis to determine if any of the unrealized losses on securities available-for-sale are comprised of credit losses as compared to unrealized losses due to market interest rate adjustments. Our assessment includes a review of the unrealized loss for each security issuance held; the financial condition and near-term prospects of the issuer, including external credit ratings and recent downgrades; and our ability and intent to hold the security for a period of time sufficient for a recovery in value. We also consider the extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The portfolio continues to consist of a mix of fixed and floating-rate, high quality securities, largely rated AA (or better), displaying an overall effective duration of approximately 3.0 years. No credit losses were determined to be present as of December 31, 2024, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the year ended December 31, 2024. At December 31, 2024, the Company owned 508 debt securities with estimated fair values totaling $574,516 and unrealized losses aggregating $62,873. Securities with a fair value of $301,883, representing $35,875 of the unrealized losses, consisted of bonds issued or guaranteed by agencies of the U.S. federal government, while the remaining $272,633 debt securities, representing $26,998 in unrealized losses, consisted of bonds issued by state municipalities. The unrealized losses on these securities have not been recognized into income because the issuers’ bonds are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to changes in market interest rates. The Company also considers sector specific credit rating changes in its analysis. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery. As of December 31, 2024, all securities were paying as agreed. The following table presents the net gains and losses on equity investments recognized in earnings at year-end 2024 and 2023, and the portion of unrealized gains and losses for the period that relates to equity investments held at year-end 2024 and 2023:
|  | 2024 |  |  | 2023 |
Net gains (losses) recognized on equity securities during the year |  | $ | 252 |  |  | $ | (21 | )
Less: Net gains realized on the sale of equity securities during the period |  |  | — |  |  |  | — |
Unrealized gains (losses) recognized in equity securities held at December 31 |  | $ | 252 |  |  | $ | (21 | )

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