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Note 3 - Securities

3 Months Ended

Mar. 31, 2024

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 loss is as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Available-for-Sale Securities
March 31, 2024
Municipal securities		$	929			$	3			$	(6	)		$	926
U.S. Treasury Notes			95,524				—				(2,815	)			92,709
U.S. government-sponsored agencies			141,851				20				(195	)			141,676
Mortgage-backed securities - residential			3,342				26				(102	)			3,266
Collateralized mortgage obligations - residential			990				—				(18	)			972
		$	242,636			$	49			$	(3,136	)		$	239,549
December 31, 2023
Municipal securities		$	930			$	12			$	(8	)		$	934
U.S. Treasury Notes			115,920				—				(3,412	)			112,508
U.S. government-sponsored agencies			35,446				7				(62	)			35,391
Mortgage-backed securities - residential			3,431				27				(91	)			3,367
Collateralized mortgage obligations - residential			1,023				—				(20	)			1,003
		$	156,750			$	46			$	(3,593	)		$	153,203

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.

		March 31, 2024
		Amortized Cost				Fair Value
Due in one year or less		$	98,215			$	96,968
Due after one year through five years			140,089				138,343
			238,304				235,311
Mortgage-backed securities - residential			3,342				3,266
Collateralized mortgage obligations - residential			990				972
		$	242,636			$	239,549

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
March 31, 2024
Municipal securities			—			$	—			$	—				1			$	219			$	(6	)			1			$	219			$	(6	)
U.S. Treasury Notes			—				—				—				132				92,709				(2,815	)			132				92,709				(2,815	)
U.S. government-sponsored agencies			10				84,816				(179	)			3				12,984				(16	)			13				97,800				(195	)
Mortgage-backed securities - residential			—				—				—				14				2,425				(102	)			14				2,425				(102	)
Collateralized mortgage obligations - residential			—				—				—				5				972				(18	)			5				972				(18	)
			10			$	84,816			$	(179	)			155			$	109,309			$	(2,957	)			165			$	194,125			$	(3,136	)
December 31, 2023
Municipal securities			—			$	—			$	—				1			$	217			$	(8	)			1			$	217			$	(8	)
U.S. Treasury Notes			—				—				—				170				112,508				(3,412	)			170				112,508				(3,412	)
U.S. government-sponsored agencies			2				8,987				(13	)			4				17,951				(49	)			6				26,938				(62	)
Mortgage-backed securities - residential			—				—				—				17				2,627				(91	)			17				2,627				(91	)
Collateralized mortgage obligations - residential			—				—				—				6				1,003				(20	)			6				1,003				(20	)
			2			$	8,987			$	(13	)			198			$	134,306			$	(3,580	)			200			$	143,293			$	(3,593	)

U.S. Treasury Notes, U.S. government-sponsored agencies and the 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 March 31, 2024, 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 Accounting Standards Codification (“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
		March 31,
		2024				2023
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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-Topic 940
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-Name Regulation S-K (SK)
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-Section 1403
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-Publisher SEC

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