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Note 6 - Investment and Equity Securities | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
6. | INVESTMENT AND EQUITY SECURITIES
The amortized cost and fair values of investment securities available for sale are as follows:
|  | December 31, 2024 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(Dollar amounts in thousands) |  | Cost (a) |  |  | Gains |  |  | Losses |  |  | Value |
Subordinated debt |  | $ | 34,300 |  |  | $ | 67 |  |  | $ | (1,898 | ) |  | $ | 32,469 |
Obligations of states and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  |  | 147,767 |  |  |  | 4 |  |  |  | (22,805 | ) |  |  | 124,966 |
Mortgage-backed securities in government-sponsored entities |  |  | 9,144 |  |  |  | 1 |  |  |  | (778 | ) |  |  | 8,367 |
Total |  | $ | 191,211 |  |  | $ | 72 |  |  | $ | (25,481 | ) |  | $ | 165,802 |
(a) | Accrued interest of $1.5 million is excluded from amortized cost and presented in "accrued interest receivable and other assets" on the Consolidated Balance Sheet.
|  | December 31, 2023 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
(Dollar amounts in thousands) |  | Cost (a) |  |  | Gains |  |  | Losses |  |  | Value |
Subordinated debt |  | $ | 34,300 |  |  | $ | 70 |  |  | $ | (2,451 | ) |  | $ | 31,919 |
Obligations of states and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  |  | 149,881 |  |  |  | 153 |  |  |  | (17,492 | ) |  |  | 132,542 |
Mortgage-backed securities in government-sponsored entities |  |  | 6,965 |  |  |  | - |  |  |  | (647 | ) |  |  | 6,318 |
Total |  | $ | 191,146 |  |  | $ | 223 |  |  | $ | (20,590 | ) |  | $ | 170,779 |
(a) | Accrued interest of $1.6 million is excluded from amortized cost and presented in "accrued interest receivable and other assets" on the Consolidated Balance Sheet.
The amortized cost and fair value of investment securities at December 31, 2024, 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.
|  | Amortized |  |  | Fair |
(Dollar amounts in thousands) |  | Cost |  |  | Value |
Due in one year or less |  | $ | 590 |  |  | $ | 590 |
Due after one year through five years |  |  | 6,177 |  |  |  | 5,991 |
Due after five years through ten years |  |  | 57,369 |  |  |  | 54,247 |
Due after ten years |  |  | 127,075 |  |  |  | 104,974 |
Total |  | $ | 191,211 |  |  | $ | 165,802 |
There were no investment securities sold during the years ended December 31, 2024 and 2023. Investment securities with an approximate carrying value of $112.1 million and $118.8 million on December 31, 2024, and 2023, respectively, were pledged to secure deposits and for other purposes as required by law. The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
|  | December 31, 2024 |
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(Dollar amounts in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Subordinated debt |  | $ | 10,632 |  |  | $ | (368 | ) |  | $ | 20,770 |  |  | $ | (1,530 | ) |  | $ | 31,402 |  |  | $ | (1,898 | )
Obligations of states and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  |  | 15,456 |  |  |  | (487 | ) |  |  | 102,484 |  |  |  | (22,318 | ) |  |  | 117,940 |  |  |  | (22,805 | )
Mortgage-backed securities in government-sponsored entities |  |  | 1,986 |  |  |  | (49 | ) |  |  | 5,118 |  |  |  | (729 | ) |  |  | 7,104 |  |  |  | (778 | )
Total |  | $ | 28,074 |  |  | $ | (904 | ) |  | $ | 128,372 |  |  | $ | (24,577 | ) |  | $ | 156,446 |  |  | $ | (25,481 | )
|  | December 31, 2023 |
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |  |  |  |  |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
(Dollar amounts in thousands) |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Subordinated debt |  | $ | 994 |  |  | $ | (6 | ) |  | $ | 29,356 |  |  | $ | (2,445 | ) |  | $ | 30,350 |  |  | $ | (2,451 | )
Obligations of states and political subdivisions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  |  | 1,386 |  |  |  | (10 | ) |  |  | 106,078 |  |  |  | (17,482 | ) |  |  | 107,464 |  |  |  | (17,492 | )
Mortgage-backed securities in government-sponsored entities |  |  | 195 |  |  |  | (1 | ) |  |  | 6,122 |  |  |  | (646 | ) |  |  | 6,317 |  |  |  | (647 | )
Total |  | $ | 2,575 |  |  | $ | (17 | ) |  | $ | 141,556 |  |  | $ | (20,573 | ) |  | $ | 144,131 |  |  | $ | (20,590 | )
Every quarter, the Company evaluates investment securities with unrealized losses to determine if the decline in fair value has resulted from credit losses or other factors. There were 39 securities in an unrealized loss position for less than twelve months and 163 securities in an unrealized loss position for twelve months or greater on December 31, 2024. Unrealized losses on investment securities available for sale have not been recognized into income because we do not intend to sell and it is more likely than not that we will not be required to sell any of the securities in an unrealized loss position before recovery of their amortized cost. The unrealized losses on investment securities were attributable to changes in interest rates and not related to the credit quality of these issuers. As of December 31, 2024 and 2023, no ACL was required on investment securities available for sale. Other investments, which primarily represents equity securities, totaled $855,000 and $955,000 at December 31, 2024 and 2023, respectively. The Company recognized a net loss on other investments of $9,000 and $161,000 for the years ended December 31, 2024 and 2023, respectively. Other investments sold during 2024 resulted in the recognition of gains totaling $71,000. No other investments were sold during 2023.

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