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Securities | 12 Months Ended
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Dec. 31, 2022
Securities [Abstract] |
Securities | Note B - Securities The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at December 31, 2022 and 2021, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 57,698 |  |  | $ | — |  |  | $ | (2,906 | ) |  | $ | 54,792 |
U.S. Government sponsored entity securities |  |  | 8,845 |  |  |  | — |  |  |  | (862 | ) |  |  | 7,983 |
Agency mortgage-backed securities, residential |  |  | 136,282 |  |  |  | — |  |  |  | (14,983 | ) |  |  | 121,299 |
Total securities |  | $ | 202,825 |  |  | $ | — |  |  | $ | (18,751 | ) |  | $ | 184,074 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government securities |  | $ | 20,182 |  |  | $ | — |  |  | $ | (39 | ) |  | $ | 20,143 |
U.S. Government sponsored entity securities |  |  | 25,980 |  |  |  | 109 |  |  |  | (173 | ) |  |  | 25,916 |
Agency mortgage-backed securities, residential |  |  | 129,942 |  |  |  | 1,476 |  |  |  | (477 | ) |  |  | 130,941 |
Total securities |  | $ | 176,104 |  |  | $ | 1,585 |  |  | $ | (689 | ) |  | $ | 177,000 |
|  | Amortized Cost |  |  | Gross Unrecognized Gains |  |  | Gross Unrecognized Losses |  |  | Estimated Fair Value |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 9,225 |  |  | $ | 32 |  |  | $ | (798 | ) |  | $ | 8,459 |
Agency mortgage-backed securities, residential |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Total securities |  | $ | 9,226 |  |  | $ | 32 |  |  | $ | (798 | ) |  | $ | 8,460 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 10,292 |  |  | $ | 200 |  |  | $ | (44 | ) |  | $ | 10,448 |
Agency mortgage-backed securities, residential |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Total securities |  | $ | 10,294 |  |  | $ | 200 |  |  | $ | (44 | ) |  | $ | 10,450 |
At year-end 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. At year-end 2021, there were holdings of $18,500 in securities issued by the Federal Farm Credit Bank that exceeded 10% of shareholders’ equity. During 2022, proceeds from the sales of debt securities totaled $10,963 with gross losses of $1,537 recognized. During 2021, proceeds from the sales of debt securities totaled $47,666 with gross losses of $1,066 recognized. Securities with a carrying value of approximately $126,318 at December 31, 2022 and $123,742 at December 31, 2021 were pledged to secure public deposits and repurchase agreements and for other purposes as required or permitted by law. Unrealized losses on the Company’s debt securities have not been recognized into income because the issuers’ securities were of high credit quality as of December 31, 2022, and management does not intend to sell, and it is likely that management will not be required to sell, the securities prior to their anticipated recovery. Management does not believe any individual unrealized loss at December 31, 2022 and 2021 represents an OTTI. The amortized cost and estimated fair value of debt securities at December 31, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay the debt obligations prior to their contractual maturities. Securities not due at a single maturity are shown separately.
|  | Available for Sale |  |  | Held to Maturity |
Debt Securities: |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
Due in one year or less |  | $ | 7,019 |  |  | $ | 6,921 |  |  | $ | 789 |  |  | $ | 787 |
Due in one to five years |  |  | 54,524 |  |  |  | 51,540 |  |  |  | 3,903 |  |  |  | 3,735 |
Due in five to ten years |  |  | 5,000 |  |  |  | 4,314 |  |  |  | 2,263 |  |  |  | 1,976 |
Due after ten years |  |  | — |  |  |  | — |  |  |  | 2,270 |  |  |  | 1,961 |
Agency mortgage-backed securities, residential |  |  | 136,282 |  |  |  | 121,299 |  |  |  | 1 |  |  |  | 1 |
Total debt securities |  | $ | 202,825 |  |  | $ | 184,074 |  |  | $ | 9,226 |  |  | $ | 8,460 |
The following table summarizes securities with unrealized losses at December 31, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position:
December 31, 2022 |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
Securities Available for Sale |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Government securities |  | $ | 36,460 |  |  | $ | (977 | ) |  | $ | 18,332 |  |  | $ | (1,929 | ) |  | $ | 54,792 |  |  | $ | (2,906 | )
U.S. Government sponsored entity securities |  |  | 2,786 |  |  |  | (60 | ) |  |  | 5,197 |  |  |  | (802 | ) |  |  | 7,983 |  |  |  | (862 | )
Agency mortgage-backed securities, residential |  |  | 71,510 |  |  |  | (7,178 | ) |  |  | 49,789 |  |  |  | (7,805 | ) |  |  | 121,299 |  |  |  | (14,983 | )
Total available for sale |  | $ | 110,756 |  |  | $ | (8,215 | ) |  | $ | 73,318 |  |  | $ | (10,536 | ) |  | $ | 184,074 |  |  | $ | (18,751 | )
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
Securities Held to Maturity |  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |
Obligations of states and political subdivisions |  | $ | 4,084 |  |  | $ | (366 | ) |  | $ | 2,218 |  |  | $ | (432 | ) |  | $ | 6,302 |  |  | $ | (798 | )
Total held to maturity |  | $ | 4,084 |  |  | $ | (366 | ) |  | $ | 2,218 |  |  | $ | (432 | ) |  | $ | 6,302 |  |  | $ | (798 | )
December 31, 2021 |  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
Securities Available for Sale |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. Government securities |  | $ | 20,143 |  |  | $ | (39 | ) |  | $ | — |  |  | $ | — |  |  | $ | 20,143 |  |  | $ | (39 | )
U.S. Government sponsored entity securities |  |  | 18,307 |  |  |  | (173 | ) |  |  | — |  |  |  | — |  |  |  | 18,307 |  |  |  | (173 | )
Agency mortgage-backed securities, residential |  |  | 64,560 |  |  |  | (477 | ) |  |  | — |  |  |  | — |  |  |  | 64,560 |  |  |  | (477 | )
Total available for sale |  | $ | 103,010 |  |  | $ | (689 | ) |  | $ | — |  |  | $ | — |  |  | $ | 103,010 |  |  | $ | (689 | )
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
Securities Held to Maturity |  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |  |  | Fair Value |  |  | Unrecognized Loss |
Obligations of states and political subdivisions |  | $ | 2,617 |  |  | $ | (38 | ) |  | $ | 130 |  |  | $ | (6 | ) |  | $ | 2,747 |  |  | $ | (44 | )
Total held to maturity |  | $ | 2,617 |  |  | $ | (38 | ) |  | $ | 130 |  |  | $ | (6 | ) |  | $ | 2,747 |  |  | $ | (44 | )

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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