XML 28 R13.htm IDEA: XBRL DOCUMENT
v3.25.1

Note 3 - Investments | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Investment [Text Block] | NOTE 3 – INVESTMENTS The following tables present the amortized costs, unrealized gains, unrealized losses, estimated fair values of securities available-for-sale and held-to-maturity, and the ACL on securities available-for-sale and held-to-maturity, at the dates indicated:
|  | December 31, 2024 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  |  |  |
SECURITIES AVAILABLE-FOR-SALE |  | Cost |  |  | Gains |  |  | Losses |  |  | Values |  |  | ACL |
U.S. agency securities |  | $ | 20,247 |  |  | $ | 45 |  |  | $ | (3,154 | ) |  | $ | 17,138 |  |  | $ | — |
Corporate securities |  |  | 16,000 |  |  |  | 8 |  |  |  | (882 | ) |  |  | 15,126 |  |  |  | — |
Municipal bonds |  |  | 82,774 |  |  |  | — |  |  |  | (12,430 | ) |  |  | 70,344 |  |  |  | — |
Mortgage-backed securities |  |  | 178,740 |  |  |  | 415 |  |  |  | (11,969 | ) |  |  | 167,186 |  |  |  | — |
Asset-backed securities |  |  | 12,511 |  |  |  | 3 |  |  |  | (1,133 | ) |  |  | 11,381 |  |  |  | — |
Total securities available-for-sale |  |  | 310,272 |  |  |  | 471 |  |  |  | (29,568 | ) |  |  | 281,175 |  |  |  | — |
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | 8,500 |  |  |  | — |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | 45 |
Total securities held-to-maturity |  |  | 8,500 |  |  |  | — |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | 45 |
Total securities |  | $ | 318,772 |  |  | $ | 471 |  |  | $ | (29,924 | ) |  | $ | 289,319 |  |  | $ | 45 |
|  | December 31, 2023 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |  |  |  |  |
SECURITIES AVAILABLE-FOR-SALE |  | Cost |  |  | Gains |  |  | Losses |  |  | Values |  |  | ACL |
U.S. agency securities |  | $ | 21,151 |  |  | $ | 46 |  |  | $ | (3,179 | ) |  | $ | 18,018 |  |  | $ | — |
Corporate securities |  |  | 13,000 |  |  |  | 613 |  |  |  | (741 | ) |  |  | 12,872 |  |  |  | — |
Municipal bonds |  |  | 138,803 |  |  |  | 42 |  |  |  | (19,398 | ) |  |  | 119,447 |  |  |  | — |
Mortgage-backed securities |  |  | 112,855 |  |  |  | 238 |  |  |  | (11,845 | ) |  |  | 101,248 |  |  |  | — |
Asset-backed securities |  |  | 42,886 |  |  |  | — |  |  |  | (1,538 | ) |  |  | 41,348 |  |  |  | — |
Total securities available-for-sale |  |  | 328,695 |  |  |  | 939 |  |  |  | (36,701 | ) |  |  | 292,933 |  |  |  | — |
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | 8,500 |  |  |  | — |  |  |  | (834 | ) |  |  | 7,666 |  |  |  | 45 |
Total securities held-to-maturity |  |  | 8,500 |  |  |  | — |  |  |  | (834 | ) |  |  | 7,666 |  |  |  | 45 |
Total securities |  | $ | 337,195 |  |  | $ | 939 |  |  | $ | (37,535 | ) |  | $ | 300,599 |  |  | $ | 45 |
The following table presents the activity in the ACL on securities held-to-maturity by major security type for the years indicated:
SECURITIES HELD-TO-MATURITY |  | For the Year Ended December 31, |
Corporate Securities |  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning ACL balance |  | $ | 45 |  |  | $ | 31 |  |  | $ | — |
Impact of adopting ASU 2016-13 |  |  | — |  |  |  | — |  |  |  | 72 |
Provision for (recapture of) credit losses |  |  | — |  |  |  | 14 |  |  |  | (41 | )
Total ending ACL balance |  | $ | 45 |  |  | $ | 45 |  |  | $ | 31 |
Management measures expected credit losses on held-to-maturity debt securities on an individual basis. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Accrued interest receivable on held-to-maturity debt securities totaled $116,000 as of both December 31, 2024 and 2023, and was $1.2 million and $1.5 million on available-for-sale debt securities as of December 31, 2024 and 2023, respectively. The Company monitors the credit quality of debt securities held-to-maturity quarterly using credit rating, material event notices, and changes in market value. The following table summarizes the amortized cost of debt securities held-to-maturity at the dates indicated, aggregated by credit quality indicator:
|  | December 31, |
Corporate securities |  | 2024 |  |  | 2023 |
BBB/BBB- |  | $ | 8,500 |  |  | $ | 7,000 |
BB+ |  |  | — |  |  |  | 1,500 |
Total |  | $ | 8,500 |  |  | $ | 8,500 |
At December 31, 2024 and 2023, there were no debt securities held-to-maturity that were classified as either nonaccrual or 90 days or more past due and still accruing interest. The following table presents, as of December 31, 2024, investment securities which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law:
|  | December 31, 2024 |
Purpose or beneficiary |  | Carrying Value |  |  | Amortized Cost |  |  | Fair Value |
State and local government public deposits |  | $ | 34,384 |  |  | $ | 40,343 |  |  | $ | 34,384 |
Investment securities that were in an unrealized loss position at the dates indicated are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.
|  | December 31, 2024 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
SECURITIES AVAILABLE-FOR-SALE |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. agency securities |  | $ | — |  |  | $ | — |  |  | $ | 15,093 |  |  | $ | (3,154 | ) |  | $ | 15,093 |  |  | $ | (3,154 | )
Corporate securities |  |  | 6,781 |  |  |  | (219 | ) |  |  | 5,337 |  |  |  | (663 | ) |  |  | 12,118 |  |  |  | (882 | )
Municipal bonds |  |  | 1,677 |  |  |  | (10 | ) |  |  | 68,667 |  |  |  | (12,420 | ) |  |  | 70,344 |  |  |  | (12,430 | )
Mortgage-backed securities |  |  | 31,093 |  |  |  | (241 | ) |  |  | 63,934 |  |  |  | (11,728 | ) |  |  | 95,027 |  |  |  | (11,969 | )
Asset-backed securities |  |  | 3,638 |  |  |  | (41 | ) |  |  | 7,190 |  |  |  | (1,092 | ) |  |  | 10,828 |  |  |  | (1,133 | )
Total securities available-for-sale |  |  | 43,189 |  |  |  | (511 | ) |  |  | 160,221 |  |  |  | (29,057 | ) |  |  | 203,410 |  |  |  | (29,568 | )
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | — |  |  |  | — |  |  |  | 8,144 |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | (356 | )
Total securities held-to-maturity |  |  | — |  |  |  | — |  |  |  | 8,144 |  |  |  | (356 | ) |  |  | 8,144 |  |  |  | (356 | )
Total securities |  | $ | 43,189 |  |  | $ | (511 | ) |  | $ | 168,365 |  |  | $ | (29,413 | ) |  | $ | 211,554 |  |  | $ | (29,924 | )
|  | December 31, 2023 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
SECURITIES AVAILABLE-FOR-SALE |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. agency securities |  | $ | — |  |  | $ | — |  |  | $ | 15,972 |  |  | $ | (3,179 | ) |  | $ | 15,972 |  |  | $ | (3,179 | )
Corporate securities |  |  | 959 |  |  |  | (41 | ) |  |  | 4,300 |  |  |  | (700 | ) |  |  | 5,259 |  |  |  | (741 | )
Municipal bonds |  |  | 3,922 |  |  |  | (23 | ) |  |  | 113,577 |  |  |  | (19,375 | ) |  |  | 117,499 |  |  |  | (19,398 | )
Mortgage-backed securities |  |  | 20,662 |  |  |  | (113 | ) |  |  | 67,376 |  |  |  | (11,732 | ) |  |  | 88,038 |  |  |  | (11,845 | )
Asset-backed securities |  |  | 33,211 |  |  |  | (460 | ) |  |  | 8,137 |  |  |  | (1,078 | ) |  |  | 41,348 |  |  |  | (1,538 | )
Total securities available-for-sale |  |  | 58,754 |  |  |  | (637 | ) |  |  | 209,362 |  |  |  | (36,064 | ) |  |  | 268,116 |  |  |  | (36,701 | )
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | — |  |  |  | — |  |  |  | 7,666 |  |  |  | (834 | ) |  |  | 7,666 |  |  |  | (834 | )
Total securities held-to-maturity |  |  | — |  |  |  | — |  |  |  | 7,666 |  |  |  | (834 | ) |  |  | 7,666 |  |  |  | (834 | )
Total securities |  | $ | 58,754 |  |  | $ | (637 | ) |  | $ | 217,028 |  |  | $ | (36,898 | ) |  | $ | 275,782 |  |  | $ | (37,535 | )
There were no held-to-maturity debt securities in an unrealized loss position of less than one year and seven held-to-maturity debt securities in an unrealized loss position of more than one year at both December 31, 2024 and 2023. There were 22 available-for-sale securities in an unrealized loss position of less than one year and 121 available-for-sale securities in an unrealized loss position of more than one year at December 31, 2024, compared to 30 available-for-sale securities in an unrealized loss position of less than one year and 180 available-for-sale securities in an unrealized position of more than one year at December 31, 2023. The unrealized losses associated with these securities are believed to be caused by changing market conditions and considered to be temporary and the Company does not intend, and is not likely to be required, to sell these securities prior to maturity. Management monitors the published credit ratings of the issuers of the debt securities for material ratings or outlook changes. Substantially all the Company’s municipal bond portfolio is comprised of obligations of states and political subdivisions located within the Company’s geographic footprint that are monitored through quarterly or annual financial review utilizing published credit ratings. All the municipal bond securities are investment grade. All of the available-for-sale mortgage-backed securities and asset-backed securities in an unrealized loss position are issued or guaranteed by government-sponsored enterprises, and the available-for-sale corporate securities are all investment grade and monitored for rating or outlook changes. Based on the Company’s evaluation of these securities, no credit impairment was recorded for the years ended December 31, 2024, 2023 and 2022. The contractual maturities of securities available-for-sale and held-to-maturity at the dates indicated are listed below. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay the obligations; therefore, these securities are classified separately with no specific maturity date.
|  | December 31, 2024 |  |  | December 31, 2023 |
SECURITIES AVAILABLE-FOR-SALE |  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
U.S. agency securities |  | Cost |  |  | Value |  |  | Cost |  |  | Value |
Due within one year |  | $ | — |  |  | $ | — |  |  | $ | 922 |  |  | $ | 914 |
Due after one year through five years |  |  | 4,962 |  |  |  | 4,575 |  |  |  | 3,947 |  |  |  | 3,544 |
Due after five years through ten years |  |  | 10,975 |  |  |  | 9,193 |  |  |  | 11,972 |  |  |  | 10,139 |
Due after ten years |  |  | 4,310 |  |  |  | 3,370 |  |  |  | 4,310 |  |  |  | 3,421 |
Subtotal |  |  | 20,247 |  |  |  | 17,138 |  |  |  | 21,151 |  |  |  | 18,018 |
Corporate securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | 1,004 |
Due after one year through five years |  |  | 11,000 |  |  |  | 10,766 |  |  |  | 6,000 |  |  |  | 6,609 |
Due after five years through ten years |  |  | 3,000 |  |  |  | 2,918 |  |  |  | 4,000 |  |  |  | 3,839 |
Due after ten years |  |  | 2,000 |  |  |  | 1,442 |  |  |  | 2,000 |  |  |  | 1,420 |
Subtotal |  |  | 16,000 |  |  |  | 15,126 |  |  |  | 13,000 |  |  |  | 12,872 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  |  | — |  |  |  | — |  |  |  | 1,013 |  |  |  | 1,003 |
Due after one year through five years |  |  | 2,186 |  |  |  | 2,168 |  |  |  | 757 |  |  |  | 751 |
Due after five years through ten years |  |  | 4,158 |  |  |  | 3,728 |  |  |  | 7,603 |  |  |  | 7,101 |
Due after ten years |  |  | 76,430 |  |  |  | 64,448 |  |  |  | 129,430 |  |  |  | 110,592 |
Subtotal |  |  | 82,774 |  |  |  | 70,344 |  |  |  | 138,803 |  |  |  | 119,447 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal National Mortgage Association (“FNMA”) |  |  | 90,771 |  |  |  | 80,677 |  |  |  | 76,369 |  |  |  | 66,275 |
Federal Home Loan Mortgage Corporation (“FHLMC”) |  |  | 48,765 |  |  |  | 47,773 |  |  |  | 32,311 |  |  |  | 31,376 |
Government National Mortgage Association (“GNMA”) |  |  | 39,204 |  |  |  | 38,736 |  |  |  | 4,175 |  |  |  | 3,597 |
Subtotal |  |  | 178,740 |  |  |  | 167,186 |  |  |  | 112,855 |  |  |  | 101,248 |
Asset-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  |  | 203 |  |  |  | 200 |  |  |  | 198 |  |  |  | 196 |
Due after one year through five years |  |  | 1,073 |  |  |  | 1,037 |  |  |  | 1,860 |  |  |  | 1,824 |
Due after five years through ten years |  |  | 2,867 |  |  |  | 2,648 |  |  |  | 21,420 |  |  |  | 20,929 |
Due after ten years |  |  | 8,368 |  |  |  | 7,496 |  |  |  | 19,408 |  |  |  | 18,399 |
Subtotal |  |  | 12,511 |  |  |  | 11,381 |  |  |  | 42,886 |  |  |  | 41,348 |
Total securities available-for-sale |  |  | 310,272 |  |  |  | 281,175 |  |  |  | 328,695 |  |  |  | 292,933 |
SECURITIES HELD-TO-MATURITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due after five years through ten years |  |  | 8,500 |  |  |  | 8,144 |  |  |  | 8,500 |  |  |  | 7,666 |
Total securities held-to-maturity |  |  | 8,500 |  |  |  | 8,144 |  |  |  | 8,500 |  |  |  | 7,666 |
Total securities |  | $ | 318,772 |  |  | $ | 289,319 |  |  | $ | 337,195 |  |  | $ | 300,599 |
The proceeds and resulting gains and losses from sales of securities available-for-sale for the period:
|  | For the Year Ended |
|  | December 31, 2024 |
|  |  |  |  |  | Gross |  |  | Gross |
|  | Proceeds |  |  | Gains |  |  | (Losses) |
Securities available-for-sale |  | $ | 101,907 |  |  | $ | 215 |  |  | $ | (8,051 | )
There were no sales proceeds, or gains or losses from the sale of securities available-for-sale for the years ended December 31, 2023 and December 31, 2022.

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

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration