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Securities
12 Months Ended
Dec. 31, 2023
Investments debt and equity securities [Abstract]  
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure Text Block
NOTE 4: SECURITIES
At December 31, 2023 and 2022, respectively,
 
all securities within the scope of ASC 320,
Investments – Debt and Equity
Securities
were classified as available-for-sale.
 
The fair value and amortized cost for securities available-for-sale by
contractual maturity at December 31, 2023 and 2022, respectively,
 
are presented below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 year
1 to 5
5 to 10
After 10
Fair
Gross Unrealized
 
Amortized
(Dollars in thousands)
or less
years
years
years
Value
Gains
Losses
Cost
December 31, 2023
Agency obligations (a)
$
331
10,339
43,209
53,879
8,195
$
62,074
Agency MBS (a)
32
15,109
22,090
161,058
198,289
27,838
226,127
State and political subdivisions
9,691
9,051
18,742
1
2,731
21,472
Total available-for-sale
$
363
25,448
74,990
170,109
270,910
1
38,764
$
309,673
December 31, 2022
Agency obligations (a)
$
4,935
50,746
69,936
125,617
15,826
$
141,443
Agency MBS (a)
7,130
27,153
183,877
218,160
33,146
251,306
State and political subdivisions
300
642
15,130
45,455
61,527
11
5,681
67,197
Total available-for-sale
$
5,235
58,518
112,219
229,332
405,304
11
54,653
$
459,946
(a) Includes securities issued by U.S. government agencies or government sponsored
 
entities.
 
Expected lives of
these securities may differ from contractual maturities because (i)
 
issuers may have the right to call or repay such securities
obligations with or without prepayment penalties and (ii) loans included in Agency MBS
 
generally have the right to prepay
such loans in whole or in part at any time.
Securities with aggregate fair values of $
211.8
 
million and $
208.3
 
million at December 31, 2023 and 2022, respectively,
were pledged to secure public deposits, securities sold under agreements to repurchase,
 
FHLB advances, and for other
purposes required or permitted by law.
 
Included in other assets on the accompanying consolidated balance sheets are nonmarketable
 
equity investments.
 
The
carrying amounts of nonmarketable equity investments were $
1.4
 
million and $
1.2
 
million at December 31, 2023 and 2022,
respectively.
 
Nonmarketable equity investments include FHLB-Atlanta
 
stock, Federal Reserve Bank stock, and stock in a
privately held financial institution.
Fair Value
 
and Gross Unrealized Losses
The fair values and gross unrealized losses on securities at December 31,
 
2023 and 2022, respectively, segregated
 
by those
securities that have been in an unrealized loss position for less than 12 months and 12
 
months or more are presented below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less than 12 Months
12 Months or Longer
Total
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in thousands)
Value
Losses
Value
Losses
Value
Losses
December 31, 2023:
Agency obligations
 
$
53,879
8,195
53,879
$
8,195
Agency MBS
66
1
198,223
27,837
198,289
27,838
State and political subdivisions
793
2
14,408
2,729
15,201
2,731
Total
 
$
859
3
266,510
38,761
267,369
$
38,764
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2022:
Agency obligations
 
$
55,931
4,161
69,687
11,665
125,618
$
15,826
Agency MBS
70,293
5,842
147,867
27,304
218,160
33,146
State and political subdivisions
44,777
2,176
13,043
3,505
57,820
5,681
Total
 
$
171,001
12,179
230,597
42,474
401,598
$
54,653
Realized Gains and Losses
The following table presents the gross realized gains and losses on sales related to securities.
 
 
 
 
 
 
 
 
(Dollars in thousands)
2023
2022
Gross realized gains
$
1
48
Gross realized losses
(6,296)
(36)
Realized gains, net
$
(6,295)
12