XML 25 R12.htm IDEA: XBRL DOCUMENT

Note 2 - Securities

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

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

NOTE 2 – Securities

The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive loss were as follows

		(Dollars in thousands)
						Gross				Gross				Estimated
		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
December 31, 2024
US government sponsored entities		$	8,884			$	-			$	(823	)		$	8,061
Collateralized mortgage obligations and residential mortgage-backed securities			135,974				-				(26,649	)			109,325
Municipal securities			262,954				-				(48,205	)			214,749
Collateralized debt obligations			2,156				-				(737	)			1,419
Total securities available-for-sale		$	409,968			$	-			$	(76,414	)		$	333,554

		(Dollars in thousands)
						Gross				Gross				Estimated
		Cost				Unrealized				Unrealized				Fair
		Basis				Gains				Losses				Value
December 31, 2023
US government sponsored entities		$	8,884			$	-			$	(1,001	)		$	7,883
Collateralized mortgage obligations and residential mortgage-backed securities			149,410				-				(25,946	)			123,464
Municipal securities			278,813				60				(40,203	)			238,670
Collateralized debt obligations			2,170				-				(813	)			1,357
Total securities available-for-sale		$	439,277			$	60			$	(67,963	)		$	371,374

The cost basis, estimated fair value of available-for-sale securities, and carrying amount, if different, at December 31, 2024, by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

		(Dollars in thousands)
		Available-for-sale
						Estimated
		Cost				Fair
December 31, 2024		Basis				Value
Due in one year or less		$	-			$	-
Due from one to five years			11,953				10,801
Due from five to ten years			32,560				28,835
Due over ten years			229,481				184,593
Collateralized mortgage obligations and residential mortgage-backed securities			135,974				109,325
Total		$	409,968			$	333,554

Sales of available-for-sale securities were as follows:

		(Dollars in thousands)
		December 31,				December 31,
		2024				2023

Proceeds		$	14,697			$	476
Gross gains			-				-
Gross losses			(531	)			(48	)

The tax benefits related to these net realized losses were approximately $127 thousand for 2024. The tax benefits related to these net realized losses were approximately $11 thousand for 2023.

Accumulated other comprehensive loss balances, net of tax, related to available-for-sale securities, were as follows:

		(Dollars in thousands)
		Unrealized loss
Ending balance, December 31, 2023		$	(51,613	)
Current period change			(6,471	)
Ending balance, December 31, 2024		$	(58,084	)

		(Dollars in thousands)
		Unrealized gain (loss)
Ending balance, December 31, 2022		$	(64,300	)
Period change			12,687
Ending balance, December 31, 2023		$	(51,613	)

Securities with carrying values of approximately $326.5 million and $324.1 million were pledged as of December 31, 2024 and 2023, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.

Securities with unrealized losses at December 31, 2024, and 2023, not recognized in income are as follows:

		(Dollars in thousands)
		Less than 12 months								12 months or longer								Total
		Estimated								Estimated								Estimated								Percentage of
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized				Total Portfolio
		Value				Losses				Value				Losses				Value				Losses				in Loss Position
December 31, 2024
US government sponsored entities		$	-			$	-			$	8,061			$	(823	)		$	8,061			$	(823	)			100.0	%
Collateralized mortgage obligations and residential mortgage-backed securities			-				-				109,325				(26,649	)			109,325				(26,649	)			100.0
Municipal securities			3,310				(156	)			211,439				(48,049	)			214,749				(48,205	)			100.0
Collateralized debt obligations			-				-				1,419				(737	)			1,419				(737	)			100.0
Total securities balance		$	3,310			$	(156	)		$	330,244			$	(76,258	)		$	333,554			$	(76,414	)			100.0	%
Number of securities							4								409								413

		(Dollars in thousands)
		Less than 12 months								12 months or longer								Total
		Estimated								Estimated								Estimated								Percentage of
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized				Total Portfolio
		Value				Losses				Value				Losses				Value				Losses				in Loss Position
December 31, 2023
US government sponsored entities		$	-			$	-			$	7,883			$	(1,001	)		$	7,883			$	(1,001	)			100.0	%
Collateralized mortgage obligations and residential mortgage-backed securities			-				-				123,464				(25,946	)			123,464				(25,946	)			100.0
Municipal securities			-				-				229,595				(40,203	)			229,595				(40,203	)			96.2
Collateralized debt obligations			-				-				1,357				(813	)			1,357				(813	)			100.0
Total securities balance		$	-			$	-			$	362,299			$	(67,963	)		$	362,299			$	(67,963	)			97.6	%
Number of securities							-								434								434

Unrealized losses on securities have not been recognized into income because the securities are of high credit quality or have undisrupted cash flows. Management has the intent and ability to hold those securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in securities markets. The fair values are expected to recover as the securities approach maturity.