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Securities | 9 Months Ended
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Sep. 30, 2024
Debt Securities, Available-for-Sale [Abstract] |
Securities | NOTE 4. Securities Amortized costs and fair values of securities available for sale at September 30, 2024 and December 31, 2023 were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized (Losses) |  |  | Fair Value |
|  | September 30, 2024 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 8,199 |  |  | $ | — |  |  | $ | (347 | ) |  | $ | 7,852 |
Mortgage-backed securities |  |  | 130,457 |  |  |  | — |  |  |  | (16,918 | ) |  |  | 113,539 |
Obligations of states and political subdivisions |  |  | 4,921 |  |  |  | — |  |  |  | (200 | ) |  |  | 4,721 |
Subordinated debt |  |  | 4,750 |  |  |  | — |  |  |  | (811 | ) |  |  | 3,939 |
|  | $ | 148,327 |  |  | $ | — |  |  | $ | (18,276 | ) |  | $ | 130,051 |
|  | December 31, 2023 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | 9,258 |  |  | $ | — |  |  | $ | (667 | ) |  | $ | 8,591 |
Mortgage-backed securities |  |  | 140,052 |  |  |  | — |  |  |  | (21,230 | ) |  |  | 118,822 |
Obligations of states and political subdivisions |  |  | 6,191 |  |  |  | 1 |  |  |  | (261 | ) |  |  | 5,931 |
Subordinated debt |  |  | 4,750 |  |  |  | — |  |  |  | (651 | ) |  |  | 4,099 |
|  | $ | 160,251 |  |  | $ | 1 |  |  | $ | (22,809 | ) |  | $ | 137,443 |
The Company has elected to exclude accrued interest receivable, totaling $356 thousand at September 30, 2024, from the amortized cost basis of securities. The deferred tax asset on the securities portfolio at September 30, 2024 and December 31, 2023 was $3.8 million and $4.8 million, respectively, and is included in Other Assets in the Consolidated Balance Sheets. The amortized cost and estimated fair value of securities at September 30, 2024, by the earlier of contractual maturity or expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 10,692 |  |  |  | 10,374 |
Due after five years through ten years |  |  | 12,804 |  |  |  | 11,379 |
Due after ten years |  |  | 124,831 |  |  |  | 108,298 |
|  | $ | 148,327 |  |  | $ | 130,051 |
There were no sales of available for sale securities during the nine months ended September 30, 2024 or 2023. 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 gross unrealized loss position, at September 30, 2024 and December 31, 2023 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 |
|  | September 30, 2024 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | — |  |  | $ | — |  |  | $ | 7,852 |  |  | $ | 347 |  |  | $ | 7,852 |  |  | $ | 347 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 113,539 |  |  |  | 16,918 |  |  |  | 113,539 |  |  |  | 16,918 |
Obligations of states and political subdivisions |  |  | 500 |  |  |  | — |  |  |  | 4,221 |  |  |  | 200 |  |  |  | 4,721 |  |  |  | 200 |
Subordinated debt |  |  | — |  |  |  | — |  |  |  | 3,439 |  |  |  | 811 |  |  |  | 3,439 |  |  |  | 811 |
|  | $ | 500 |  |  | $ | — |  |  | $ | 129,051 |  |  | $ | 18,276 |  |  | $ | 129,551 |  |  | $ | 18,276 |
|  | 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, 2023 |
|  | (in thousands) |
Obligations of U.S. government corporations and agencies |  | $ | — |  |  | $ | — |  |  | $ | 8,591 |  |  | $ | 667 |  |  | $ | 8,591 |  |  | $ | 667 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | 118,822 |  |  |  | 21,230 |  |  |  | 118,822 |  |  |  | 21,230 |
Obligations of states and political subdivisions |  |  | — |  |  |  | — |  |  |  | 5,430 |  |  |  | 261 |  |  |  | 5,430 |  |  |  | 261 |
Subordinated debt |  |  | 221 |  |  |  | 29 |  |  |  | 3,378 |  |  |  | 622 |  |  |  | 3,599 |  |  |  | 651 |
|  | $ | 221 |  |  | $ | 29 |  |  | $ | 136,221 |  |  | $ | 22,780 |  |  | $ | 136,442 |  |  | $ | 22,809 |
The reference point for determining when securities are in an unrealized loss position is month end. As such, it is possible that a security's market value exceeded its amortized cost on other days during the past twelve-month period. There were 101 debt securities with a fair value below the amortized cost basis, totaling $129.6 million of aggregate fair value as of September 30, 2024. The Company concluded that a credit loss does not exist in its securities portfolio at September 30, 2024 based on the fact that (1) changes in fair value were caused by non-credit-related factors, primarily fluctuations in interest rates, (2) securities with unrealized losses had generally high credit quality, (3) the Company intends to hold these investments in debt securities to maturity and it is more-likely-than-not that the Company will not be required to sell these investments before a recovery of its investment, and (4) issuers have continued to make timely payments of principal and interest. Additionally, the Company’s mortgage-backed securities and obligations of U.S. government corporations and agencies are entirely issued by either U.S. government agencies or U.S. government-sponsored enterprises. Collectively, these entities provide a guarantee, which is either explicitly or implicitly supported by the full faith and credit of the U.S. government, that investors in such mortgage-backed securities will receive timely principal and interest payments. Securities having carrying v alues of $8.3 mi llion and $110.2 million at September 30, 2024 were pledged as security for trust accounts and for borrowing capacity at the Federal Reserve Bank discount window, respectively. The composition of restricted investments at September 30, 2024 and December 31, 2023 was as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (in thousands) |
Federal Reserve Bank Stock |  | $ | 344 |  |  | $ | 344 |
Federal Home Loan Bank Stock |  |  | 9,483 |  |  |  | 9,084 |
Community Bankers’ Bank Stock |  |  | 140 |  |  |  | 140 |
|  | $ | 9,967 |  |  | $ | 9,568 |

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