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Securities | 3 Months Ended
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Mar. 31, 2024
Investments debt and equity securities [Abstract] |
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure Text Block | NOTE 4: SECURITIES At March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 Agency obligations (a) $ — 14,416 38,335 — 52,751 — 8,554 $ 61,305 Agency MBS (a) 57 15,533 20,254 154,380 190,224 — 30,229 220,453 State and political subdivisions — 569 9,067 8,159 17,795 — 2,898 20,693 Total available-for-sale $ 57 30,518 67,656 162,539 260,770 — 41,681 $ 302,451 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 (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 incuded in Agency MBS generally have the right to prepay such loan in whole or in part at any time. Securities with aggregate fair values of $ 204.8 million and $ 211.8 at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase, Federal Home Loan Bank of Atlanta (“FHLB of Atlanta”) advances, and for other purposes required or permitted by law. Included in other assets on the accompanying consolidated balance sheets include non-marketable equity investments. The carrying amounts of non-marketable equity investments were $ 1.4 million at March 31, 2024 and December 31, 2023, respectively. Non-marketable equity investments include FHLB of Atlanta stock, Federal Reserve Bank of Atlanta (“FRB”) stock, and stock in a privately held financial institution. Gross Unrealized Losses and Fair Value The fair values and gross unrealized losses on securities at March 31, 2024 and December 31, 2023, respectively, segregated by those securities that have been in an unrealized loss position for less than 12 months and 12 months or longer, 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 March 31, 2024: Agency obligations $ — — 52,751 8,554 $ 52,751 8,554 Agency MBS 15 — 190,209 30,229 190,224 30,229 State and political subdivisions 1,459 6 15,010 2,892 16,469 2,898 Total $ 1,474 6 257,970 41,675 $ 259,444 41,681 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 For the securities in the previous table, the Company considers the severity of the unrealized loss as well the Company’s intent to hold the securities to maturity or the recovery of the cost basis. Unrealized losses have not been recognized into income as the decline in fair value is largely due to changes in interest rates and other market conditions. For the securities in the previous table as of March 31, 2024, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their recovery. Agency Obligations Investments in agency obligations are guaranteed of full and timely payments by the issuing agency. Based on management's analysis and judgement, there were no credit losses attributable to the Company’s investments in agency obligations at March 31, 2024. Agency MBS Investments in agency mortgage backed securities (“MBS”) are issued by Ginnie Mae, Fannie Mae, and Freddie Mac. Each of these agencies provide a guarantee of full and timely payments of principal and interest by the issuing agency. Based on management's analysis and judgement, there were no credit losses attributable to the Company’s investments in agency MBS at March 31, 2024. State and Political Subdivisions Investments in state and political subdivisions are securities issued by various municipalities in the United States. The majority of the portfolio was rated AA or higher, with no securities rated below investment grade at March 31, 2024. Based on management's analysis and judgement, there were no credit losses attributable to the Company’s investments in state and political subdivisions at March 31, 2024. Realized Gains and Losses The Company had no realized gains or losses on sale of securities during the quarters ended March 31, 2024 and 2023, respectively.

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