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Available-for-Sale Securities

12 Months Ended

Dec. 31, 2024

Available-for-Sale Securities [Abstract]

Note 3: Available-for-Sale Securities

The amortized cost and appropriate fair values, together with gross unrealized gains and losses, of available-for-sale securities at December 31, 2024 and December 31, 2023 were as follows:

			Gross		Gross
($ in thousands)	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
December 31, 2024
U.S. Treasury and Government agencies	$	8,120	$	-	$	(731	)	$	7,389
Mortgage-backed securities		203,646		4		(34,030	)		169,620
State and political subdivisions		10,893		-		(1,486	)		9,407
Other corporate securities		17,200		-		(2,029	)		15,171
Totals	$	239,859	$	4	$	(38,276	)	$	201,587

			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
December 31, 2023
U.S. Treasury and Government agencies	$	7,339	$	1	$	(823	)	$	6,517
Mortgage-backed securities		221,717		3		(32,853	)		188,867
State and political subdivisions		11,212		8		(1,322	)		9,898
Other corporate securities		17,200		-		(2,774	)		14,426
Totals	$	257,468	$	12	$	(37,772	)	$	219,708

The amortized cost and fair value of securities available-for-sale at December 31, 2024, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized		Fair
($ in thousands)	Cost		Value
Within one year	$	2,140	$	2,140
Due after one year through five years		1,125		1,093
Due after five years through ten years		26,023		23,049
Due after ten years		6,925		5,685
		36,213		31,967
Mortgage-backed securities		203,646		169,620
Totals	$	239,859	$	201,587

The fair value of securities pledged as collateral, to secure public deposits and for other purposes, was $115.5 million at December 31, 2024, and $89.7 million at December 31, 2023. Securities delivered for repurchase agreements (not included above) were $17.3 million at December 31, 2024 and $19.7 million at December 31, 2023.

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. There were 138 securities and 139 securities reported with amounts less than their historical value at December 31, 2024 and 2023, respectively. Total fair value of these investments was $201.3 million and $217.0 million at December 31, 2024 and 2023, respectively, which was approximately 99 percent and 99 percent, respectively, of the Company’s available-for-sale investment portfolio.

The following tables present securities with unrealized losses at December 31, 2024 and 2023:

($ in thousands)			Less than 12 Months					12 Months or Longer					Total
	Number of Securities		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2024
U.S. Treasury and Government agencies		11	$	1,929	$	-		$	5,460	$	(731	)	$	7,389	$	(731	)
Mortgage-backed securities		92		-	$	-			169,286		(34,030	)		169,286		(34,030	)
State and political subdivisions		21		1,319	$	(21	)		8,088		(1,465	)		9,407		(1,486	)
Other corporate securities		14		385	$	(115	)		14,786		(1,914	)		15,171		(2,029	)
Totals		138	$	3,633	$	(136	)	$	197,620	$	(38,140	)	$	201,253	$	(38,276	)

			Less than 12 Months				12 Months or Longer					Total
	Number of Securities		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2023
U.S. Treasury and Government agencies		8	$	-	$	-	$	6,022	$	(823	)	$	6,022	$	(823	)
Mortgage-backed securities		98		-		-		188,508		(32,853	)		188,508		(32,853	)
State and political subdivisions		20		-		-		8,541		(1,322	)		8,541		(1,322	)
Other corporate securities		13		-		-		13,926		(2,774	)		13,926		(2,774	)
Totals		139	$	-	$	-	$	216,997	$	(37,772	)	$	216,997	$	(37,772	)

Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. Management reviews these securities on a quarterly basis and evaluates if any security has a fair value less than its amortized cost. Once these securities are identified, management determines whether a decline in fair value resulted from a credit loss or other factors. In making the assessment, the Company may consider various factors including the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment indicates that a credit loss exists, a provision is recorded to the ACL.