XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.25.2

Securities | 6 Months Ended
--- | ---
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | NOTE 3 SECURITIES Mortgage-backed securities, as shown in the following tables, are all government sponsored enterprises. The amortized cost and fair value of securities, with gross unrealized gains and losses at June 30, 2025 and December 31, 2024, are as follows:
|  | (In Thousands) |
|  | June 30, 2025 |
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 99,030 |  |  | $ | 28 |  |  | $ | (3,668 | ) |  | $ | 95,390 |
U.S. Government agencies |  |  | 144,382 |  |  |  | 20 |  |  |  | (6,736 | ) |  |  | 137,666 |
Mortgage-backed securities |  |  | 147,570 |  |  |  | 39 |  |  |  | (10,656 | ) |  |  | 136,953 |
State and local governments |  |  | 64,435 |  |  |  | 28 |  |  |  | (3,370 | ) |  |  | 61,093 |
Total available-for-sale securities |  | $ | 455,417 |  |  | $ | 115 |  |  | $ | (24,430 | ) |  | $ | 431,102 |
|  | (In Thousands) |
|  | December 31, 2024 |
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 111,397 |  |  | $ | 17 |  |  | $ | (5,415 | ) |  | $ | 105,999 |
U.S. Government agencies |  |  | 144,660 |  |  |  | - |  |  |  | (9,494 | ) |  |  | 135,166 |
Mortgage-backed securities |  |  | 133,268 |  |  |  | 17 |  |  |  | (12,654 | ) |  |  | 120,631 |
State and local governments |  |  | 69,159 |  |  |  | 28 |  |  |  | (4,427 | ) |  |  | 64,760 |
Total available-for-sale securities |  | $ | 458,484 |  |  | $ | 62 |  |  | $ | (31,990 | ) |  | $ | 426,556 |
Investment securities will at times depreciate to an unrealized loss position. The Company utilizes the following criteria to assess whether the unrealized loss requires an allowance for credit losses on investment securities. With the exception of the fourth factor, no one item by itself will necessarily signal that an allowance for credit losses on investment securities should be established. 1. The fair value of the security has significantly declined from book value. 2. A downgrade has occurred that lowered the credit rating to below investment grade (below Baa3 by Moody and BBB – by Standard and Poors.) 3. Dividends have been reduced or eliminated or scheduled interest payments have not been made. 4. Management does not possess both the intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. This situation would require an immediate write down to fair value. If the unrealized loss is determined to be the result of credit quality factors, the present value of the cash flows expected to be collected is compared to the amortized cost basis. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Adjustments to the allowance are recorded in the Company's consolidated statement of income as a component of the provision for credit losses. The Company did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributable to changes in interest rates, not credit quality. Information pertaining to securities with gross unrealized losses at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:
|  | (In Thousands) |
|  | June 30, 2025 |
|  | Less Than Twelve Months |  |  | Twelve Months & Over |  |  | Total |
|  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |
|  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |
U.S. Treasury |  | $ | (133 | ) |  | $ | 27,970 |  |  | $ | (3,535 | ) |  | $ | 63,088 |  |  | $ | (3,668 | ) |  | $ | 91,058 |
U.S. Government agencies |  |  | (19 | ) |  |  | 7,726 |  |  |  | (6,717 | ) |  |  | 126,054 |  |  |  | (6,736 | ) |  |  | 133,780 |
Mortgage-backed securities |  |  | (683 | ) |  |  | 63,251 |  |  |  | (9,973 | ) |  |  | 63,996 |  |  |  | (10,656 | ) |  |  | 127,247 |
State and local governments |  |  | (107 | ) |  |  | 5,753 |  |  |  | (3,263 | ) |  |  | 51,195 |  |  |  | (3,370 | ) |  |  | 56,948 |
Total available-for-sale securities |  | $ | (942 | ) |  | $ | 104,700 |  |  | $ | (23,488 | ) |  | $ | 304,333 |  |  | $ | (24,430 | ) |  | $ | 409,033 |
|  | (In Thousands) |
|  | December 31, 2024 |
|  | Less Than Twelve Months |  |  | Twelve Months & Over |  |  | Total |
|  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |
|  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |
U.S. Treasury |  | $ | (467 | ) |  | $ | 31,533 |  |  | $ | (4,948 | ) |  | $ | 62,151 |  |  | $ | (5,415 | ) |  | $ | 93,684 |
U.S. Government agencies |  |  | - |  |  |  | - |  |  |  | (9,494 | ) |  |  | 131,335 |  |  |  | (9,494 | ) |  |  | 131,335 |
Mortgage-backed securities |  |  | (668 | ) |  |  | 51,236 |  |  |  | (11,986 | ) |  |  | 66,877 |  |  |  | (12,654 | ) |  |  | 118,113 |
State and local governments |  |  | (224 | ) |  |  | 8,631 |  |  |  | (4,203 | ) |  |  | 53,091 |  |  |  | (4,427 | ) |  |  | 61,722 |
Total available-for-sale securities |  | $ | (1,359 | ) |  | $ | 91,400 |  |  | $ | (30,631 | ) |  | $ | 313,454 |  |  | $ | (31,990 | ) |  | $ | 404,854 |
Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, values have only been impacted by changes in interest rates since the securities were purchased, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date. There were no gross realized gains or losses for the three and six months ended June 30, 2025 and June 30, 2024. Net realized gains (losses) on sales and related tax expense (benefit) is a reclassification out of accumulated other comprehensive income (loss). The net realized gains (losses) are included in net gain (loss) on sale of available-for-sale securities and the related tax expense (benefit) is included in income taxes in the condensed consolidated statements of income and comprehensive income. The amortized cost and fair value of debt securities at June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | (In Thousands) |
|  | Amortized |  |  |  |
|  | Cost |  |  | Fair Value |
One year or less |  | $ | 63,149 |  |  | $ | 62,185 |
After one year through five years |  |  | 224,876 |  |  |  | 212,978 |
After five years through ten years |  |  | 19,822 |  |  |  | 18,986 |
After ten years |  |  | - |  |  |  | - |
Total |  | $ | 307,847 |  |  | $ | 294,149 |
Mortgage-backed securities |  |  | 147,570 |  |  |  | 136,953 |
Total |  | $ | 455,417 |  |  | $ | 431,102 |
Investments with a carrying value of $239.1 million and $221.9 million at June 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits and securities sold under repurchase agreements. Investments with a carrying value of $29.0 million and $29.9 million were pledged to the Federal Reserve's Discount Window to provide additional borrowing capacity at June 30, 2025 and December 31, 2024, respectively. Other securities include Federal Home Loan Bank of Cincinnati and Indianapolis stock in the amount of $14.0 million as of June 30, 2025 and $14.4 million as of December 31, 2024.

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