XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Securities | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2024 Agency obligations (a) $ — 17,309 35,407 — 52,716 — 8,501 $ 61,217 Agency MBS (a) 59 19,849 14,808 149,225 183,941 — 30,314 214,255 State and political subdivisions — 568 9,037 8,097 17,702 1 2,961 20,662 Total available-for-sale $ 59 37,726 59,252 157,322 254,359 1 41,776 $ 296,134 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 $ 202.5 million and $ 211.8 at June 30, 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 June 30, 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 June 30, 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 June 30, 2024: Agency obligations $ — — 52,716 8,501 $ 52,716 8,501 Agency MBS 10 — 183,931 30,314 183,941 30,314 State and political subdivisions 1,817 38 14,163 2,923 15,980 2,961 Total $ 1,827 38 250,810 41,738 $ 252,637 41,776 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 as 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 held as of June 30, 2024 in the table immediately above, 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 as to full and timely payment 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 obligations at June 30, 2024. Agency MBS Investments in agency mortgage-backed securities (“MBS”) are MBS 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 on their respective MBS 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 June 30, 2024. State and Political Subdivisions Investments in state and political subdivisions are securities issued by various municipalities in the United States. The majority of these securities were rated AA or higher, with no securities rated below investment grade at June 30, 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 June 30, 2024. Realized Gains and Losses The Company had no realized gains or losses on sale of securities during the quarters and six months ended June 30, 2024 and 2023, respectively.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration