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v3.23.1

Securities | 12 Months Ended
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Dec. 31, 2022
Debt Securities, Available-for-Sale [Abstract] |
Securities | NOTE 2. Securities Amortized costs and fair values of securities available for sale at December 31, 2022 and 2021 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
|  | December 31, 2022 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 9,993 |  |  | $ | — |  |  | $ | (858 | ) |  | $ | 9,135 |
Mortgage-backed securities |  |  | 153,289 |  |  |  | — |  |  |  | (24,136 | ) |  |  | 129,153 |
Obligations of states and political subdivisions |  |  | 7,027 |  |  |  | 2 |  |  |  | (422 | ) |  |  | 6,607 |
Subordinated debt |  |  | 4,750 |  |  |  | — |  |  |  | (489 | ) |  |  | 4,261 |
|  | $ | 175,059 |  |  | $ | 2 |  |  | $ | (25,905 | ) |  | $ | 149,156 |
|  | December 31, 2021 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 14,541 |  |  | $ | 417 |  |  | $ | (37 | ) |  | $ | 14,921 |
U.S. treasury notes |  |  | 2,003 |  |  |  | — |  |  |  | — |  |  |  | 2,003 |
Mortgage-backed securities |  |  | 152,391 |  |  |  | 753 |  |  |  | (2,132 | ) |  |  | 151,012 |
Obligations of states and political subdivisions |  |  | 21,104 |  |  |  | 773 |  |  |  | — |  |  |  | 21,877 |
Subordinated debt |  |  | 2,500 |  |  |  | 11 |  |  |  | (3 | ) |  |  | 2,508 |
|  | $ | 192,539 |  |  | $ | 1,954 |  |  | $ | (2,172 | ) |  | $ | 192,321 |
Carrying amounts of restricted securities at December 31, 2022 and 2021 were as follows:
|  | December 31, 2022 |  |  | December 31, 2021 |
|  | (in thousands) |
Federal Reserve Bank Stock |  | $ | 944 |  |  | $ | 344 |
Federal Home Loan Bank Stock |  |  | 8,149 |  |  |  | 565 |
Community Bankers’ Bank Stock |  |  | 140 |  |  |  | 140 |
|  | $ | 9,233 |  |  | $ | 1,049 |
The amortized cost and fair value of securities available for sale at December 31, 2022, by contractual maturity, are shown below. Maturities may differ from contractual maturities primarily (others could be called) in mortgage-backed securities because the mortgages underlying the securities may be called or repaid without any penalties.
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Due in one year or less |  | $ | 837 |  |  | $ | 833 |
Due after one year through five years |  |  | 4,958 |  |  |  | 4,635 |
Due after five years through ten years |  |  | 24,091 |  |  |  | 21,772 |
Due after ten years |  |  | 145,173 |  |  |  | 121,916 |
|  | $ | 175,059 |  |  | $ | 149,156 |
During the twelve months ended December 31, 2022, the Company sold $15.4 million in available for sale securities with gross gains of $6 thousand and gross losses of $743. During the twelve months ended December 31, 2021, the Company sold $15.9 million in available for sale securities with gross gains of $143 thousand and gross losses of $119. The fair value and gross unrealized losses for securities available for sale, totaled by the length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 were as follows:
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | December 31, 2022 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 6,140 |  |  | $ | 543 |  |  | $ | 2,994 |  |  | $ | 315 |  |  | $ | 9,134 |  |  | $ | 858 |
Mortgage-backed securities |  |  | 31,771 |  |  |  | 4,052 |  |  |  | 97,382 |  |  |  | 20,084 |  |  |  | 129,153 |  |  |  | 24,136 |
Obligations of states and political subdivisions |  |  | 6,065 |  |  |  | 422 |  |  |  | — |  |  |  | — |  |  |  | 6,065 |  |  |  | 422 |
Subordinated debt |  |  | 2,431 |  |  |  | 319 |  |  |  | 1,080 |  |  |  | 170 |  |  |  | 3,511 |  |  |  | 489 |
|  | $ | 46,407 |  |  | $ | 5,336 |  |  | $ | 101,456 |  |  | $ | 20,569 |  |  | $ | 147,863 |  |  | $ | 25,905 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | December 31, 2021 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 2,616 |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,616 |  |  | $ | 37 |
Mortgage-backed securities |  | $ | 101,080 |  |  | $ | 1,214 |  |  | $ | 29,555 |  |  | $ | 918 |  |  | $ | 130,635 |  |  | $ | 2,132 |
Subordinated debt |  |  | 247 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 247 |  |  |  | 3 |
|  | $ | 103,943 |  |  | $ | 1,254 |  |  | $ | 29,555 |  |  | $ | 918 |  |  | $ | 133,498 |  |  | $ | 2,172 |
Gross unrealized losses on available for sale securities included one hundred four (104) and forty one (41) debt securities at December 31, 2022 and December 31, 2021, respectively. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. The Company’s mortgage-backed securities are issued by U.S. government agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent and ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The fair value of a security reflects its liquidity as compared to similar instruments, current market rates on similar instruments, and the creditworthiness of the issuer. Absent any change in the liquidity of a security or the creditworthiness of the issuer, prices will decline as market rates rise and vice-versa. The primary cause of the unrealized losses at December 31, 2022 and December 31, 2021 was changes in market interest rates. Since the losses can be primarily attributed to changes in market interest rates and not expected cash flows or an issuer’s financial condition, the unrealized losses are deemed to be temporary and management does not intend to sell and it is unlikely that management will be required to sell the securities prior to their anticipated recovery. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. Securities having a carrying value of $13.3 million at December 31, 2022 were pledged as security for trust accounts.

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