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Note 3 - Securities

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3 - SECURITIES

The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available-for-Sale Securities
September 30, 2023
Certificates of deposit		$	2,725			$	—			$	—			$	2,725
Municipal securities			240				—				(11	)			229
U.S. Treasury Notes			128,326				—				(5,231	)			123,095
U.S. government-sponsored agencies			28,000				—				(137	)			27,863
Mortgage-backed securities - residential			3,622				23				(165	)			3,480
Collateralized mortgage obligations - residential			1,059				—				(26	)			1,033
		$	163,972			$	23			$	(5,570	)		$	158,425
December 31, 2022
Certificates of deposit		$	2,233			$	—			$	—			$	2,233
Municipal securities			240				—				(15	)			225
U.S. Treasury Notes			170,906				—				(7,803	)			163,103
U.S. government-sponsored agencies			40,000				—				(301	)			39,699
Mortgage-backed securities - residential			3,997				27				(143	)			3,881
Collateralized mortgage obligations - residential			1,223				—				(26	)			1,197
		$	218,599			$	27			$	(8,288	)		$	210,338

Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities and agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support.

The amortized cost and fair values of securities available-for-sale by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

		September 30, 2023
		Amortized Cost				Fair Value
Due in one year or less		$	87,637			$	86,118
Due after one year through five years			71,654				67,794
			159,291				153,912
Mortgage-backed securities - residential			3,622				3,480
Collateralized mortgage obligations - residential			1,059				1,033
		$	163,972			$	158,425

Securities available-for-sale with unrealized losses not recognized in income are as follows:

		Less than 12 Months												12 Months or More												Total
		Count				Fair Value				Unrealized Loss				Count				Fair Value				Unrealized Loss				Count				Fair Value				Unrealized Loss
September 30, 2023
Municipal securities			—			$	—			$	—				1			$	229			$	(11	)			1			$	229			$	(11	)
U.S. Treasury Notes			—				—				—				181				123,095				(5,231	)			181				123,095				(5,231	)
U.S. government-sponsored agencies			3				12,922				(78	)			3				14,941				(59	)			6				27,863				(137	)
Mortgage-backed securities - residential			2				111				(3	)			16				2,652				(162	)			18				2,763				(165	)
Collateralized mortgage obligations - residential			—				—				—				7				1,033				(26	)			7				1,033				(26	)
			5			$	13,033			$	(81	)			208			$	141,950			$	(5,489	)			213			$	154,983			$	(5,570	)
December 31, 2022
Municipal securities			1			$	225			$	(15	)			—			$	—			$	—				1			$	225			$	(15	)
U.S. Treasury Notes			147				104,439				(4,104	)			53				58,664				(3,699	)			200				163,103				(7,803	)
U.S. government-sponsored agencies			9				39,699				(301	)			—				—				—				9				39,699				(301	)
Mortgage-backed securities - residential			18				3,016				(143	)			—				—				—				18				3,016				(143	)
Collateralized mortgage obligations - residential			5				1,009				(18	)			1				171				(8	)			6				1,180				(26	)
			180			$	148,388			$	(4,581	)			54			$	58,835			$	(3,707	)			234			$	207,223			$	(8,288	)

The Company evaluates marketable investment securities with significant declines in fair value on a quarterly basis to determine whether they should be considered impaired under current accounting guidance, which generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the securities must assess whether the security is impaired.

U.S. Treasury Notes, U.S. government-sponsored agencies and certain other available-for-sale securities reflected in the above table that the Company holds in its investment portfolio were in an unrealized loss position at September 30, 2023, but the unrealized loss was not recognized into income because the U.S. Treasury Notes are backed by the full faith and credit of the United States and the other issuers were high credit quality, it is not likely that the Company will be required to sell these securities before their anticipated recovery occurs and the decline in fair value was due to changes in interest rates and other market conditions. The fair values are expected to recover as maturity dates of these securities approach.

We reviewed the available-for-sale securities in an unrealized loss position within the guidelines of ASC 326 and determined that no credit loss is required to be recognized.

The proceeds from sales of securities and the associated losses were as follows:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2023				2022				2023				2022
Proceeds		$	—			$	—			$	42,631			$	—
Gross gains			—				—				—				—
Gross losses			—				—				(454	)			—

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The entire disclosure for investments in certain debt and equity securities.

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