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Note 4 - Debt Securities | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4. Debt Securities The amortized cost of securities available-for-sale and their approximate fair values are summarized below (in thousands):
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasuries |  | $ | 11,725 |  |  | $ | 328 |  |  | $ | - |  |  | $ | 12,053 |
U.S. government agencies |  |  | 106,337 |  |  |  | 4,875 |  |  |  | (13 | ) |  |  | 111,199 |
U.S. government mortgage-backed securities |  |  | 146,889 |  |  |  | 3,337 |  |  |  | (31 | ) |  |  | 150,195 |
State and political subdivisions |  |  | 243,438 |  |  |  | 8,182 |  |  |  | (36 | ) |  |  | 251,584 |
Corporate bonds |  |  | 67,247 |  |  |  | 4,722 |  |  |  | (1 | ) |  |  | 71,968 |
Total |  | $ | 575,636 |  |  | $ | 21,444 |  |  | $ | (81 | ) |  | $ | 596,999 |
|  |  |  |  |  | Gross |  |  | Gross |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasuries |  | $ | 9,392 |  |  | $ | 64 |  |  | $ | (4 | ) |  | $ | 9,452 |
U.S. government agencies |  |  | 124,913 |  |  |  | 1,609 |  |  |  | (89 | ) |  |  | 126,433 |
U.S. government mortgage-backed securities |  |  | 80,295 |  |  |  | 867 |  |  |  | (34 | ) |  |  | 81,128 |
State and political subdivisions |  |  | 193,745 |  |  |  | 1,852 |  |  |  | (295 | ) |  |  | 195,302 |
Corporate bonds |  |  | 66,012 |  |  |  | 1,542 |  |  |  | (26 | ) |  |  | 67,528 |
Total |  | $ | 474,357 |  |  | $ | 5,934 |  |  | $ | (448 | ) |  | $ | 479,843 |
The amortized cost and fair value of debt securities available-for-sale as of December 31, 2020, are shown below by expected maturity. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands).
|  | Amortized |  |  | Estimated |
|  | Cost |  |  | Fair Value |
Due in one year or less |  | $ | 44,983 |  |  | $ | 45,329 |
Due after one year through five years |  |  | 242,363 |  |  |  | 251,324 |
Due after five years through ten years |  |  | 237,913 |  |  |  | 247,562 |
Due after ten years |  |  | 50,377 |  |  |  | 52,784 |
Total |  | $ | 575,636 |  |  | $ | 596,999 |
At December 31, 2020 and 2019, securities with a carrying value of approximately $201,979,000 and $180,063,000, respectively, were pledged as collateral on public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law. Securities sold under agreements to repurchase are held by the Company’s safekeeping agent. The proceeds, gains, and losses from securities available-for-sale are summarized below (in thousands):
|  | 2020 |  |  | 2019 |
Proceeds from sales of securities available-for-sale |  | $ | 5,463 |  |  | $ | 8,211 |
Gross realized gains on securities available-for-sale |  |  | 430 |  |  |  | 37 |
Gross realized losses on securities available-for-sale |  |  | - |  |  |  | 20 |
No other-than-temporary impairments were recognized as a component of income for the years ended December 31, 2020 and 2019. Gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2020 and 2019, are summarized as follows (in thousands):
2020: |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Estimated |  |  | Gross |  |  | Estimated |  |  | Gross |  |  | Estimated |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies |  | $ | 6,016 |  |  | $ | (7 | ) |  | $ | 896 |  |  | $ | (6 | ) |  | $ | 6,912 |  |  | $ | (13 | )
U.S. government mortgage-backed securities |  |  | 5,097 |  |  |  | (31 | ) |  |  | - |  |  |  | - |  |  |  | 5,097 |  |  |  | (31 | )
State and political subdivisions |  |  | 7,875 |  |  |  | (34 | ) |  |  | 180 |  |  |  | (2 | ) |  |  | 8,055 |  |  |  | (36 | )
Corporate bonds |  |  | 534 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | 534 |  |  |  | (1 | )
Total |  | $ | 19,522 |  |  | $ | (73 | ) |  | $ | 1,076 |  |  | $ | (8 | ) |  | $ | 20,598 |  |  | $ | (81 | )
2019: |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Estimated |  |  | Gross |  |  | Estimated |  |  | Gross |  |  | Estimated |  |  | Gross |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasuries |  | $ | 3,023 |  |  | $ | (4 | ) |  | $ | - |  |  | $ | - |  |  | $ | 3,023 |  |  | $ | (4 | )
U.S. government agencies |  |  | 23,827 |  |  |  | (85 | ) |  |  | 2,520 |  |  |  | (4 | ) |  |  | 26,347 |  |  |  | (89 | )
U.S. government mortgage-backed securities |  |  | 14,885 |  |  |  | (28 | ) |  |  | 1,934 |  |  |  | (6 | ) |  |  | 16,819 |  |  |  | (34 | )
State and political subdivisions |  |  | 17,512 |  |  |  | (125 | ) |  |  | 5,954 |  |  |  | (170 | ) |  |  | 23,466 |  |  |  | (295 | )
Corporate bonds |  |  | 4,129 |  |  |  | (26 | ) |  |  | - |  |  |  | - |  |  |  | 4,129 |  |  |  | (26 | )
Total |  | $ | 63,376 |  |  | $ | (268 | ) |  | $ | 10,408 |  |  | $ | (180 | ) |  | $ | 73,784 |  |  | $ | (448 | )
At December 31, 2020, debt securities have unrealized losses of $81,000. These unrealized losses are generally due to changes in interest rates or general market conditions. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. Management concluded that the unrealized losses on debt securities were temporary. Due to potential changes in conditions, it is at least reasonably possible that changes in fair values and management’s assessments will occur in the near term and that such changes could materially affect the amounts reported in the Company’s financial statements.

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