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Securities
3 Months Ended
Mar. 31, 2025
Investments debt and equity securities [Abstract]  
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure Text Block
NOTE 3: SECURITIES
At March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024,
 
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, 2025
Agency obligations (a)
$
26,867
26,052
52,919
6,343
$
59,262
Agency MBS (a)
1
19,998
16,181
136,407
172,587
24,700
197,287
State and political subdivisions
1,625
7,763
7,574
16,962
2,836
19,798
Total available-for-sale
$
1
48,490
49,996
143,981
242,468
33,879
$
276,347
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
Agency obligations (a)
$
26,655
25,756
52,411
7,734
$
60,145
Agency MBS (a)
10
19,863
14,904
138,899
173,676
28,901
202,577
State and political subdivisions
966
8,244
7,715
16,925
2,901
19,826
Total available-for-sale
$
10
47,484
48,904
146,614
243,012
39,536
$
282,548
(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) borrowers of
 
the loans included 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 $
229.5
 
million and $
222.3
 
at March 31, 2025 and December 31, 2024, 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 include
 
non-marketable equity investments.
 
The
carrying amounts of non-marketable equity investments were $
1.4
 
million at March 31, 2025 and December 31, 2024,
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, 2025
 
and December 31, 2024, 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, 2025:
Agency obligations
 
$
52,919
6,343
$
52,919
6,343
Agency MBS
2
172,585
24,700
172,587
24,700
State and political subdivisions
1,772
42
14,840
2,794
16,612
2,836
Total
 
$
1,774
42
240,344
33,837
$
242,118
33,879
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024:
Agency obligations
 
$
52,411
7,734
$
52,411
7,734
Agency MBS
7
173,669
28,901
173,676
28,901
State and political subdivisions
1,798
17
14,776
2,884
16,574
2,901
Total
 
$
1,805
17
240,856
39,519
$
242,661
39,536
For the securities in the previous table, the Company assesses whether or not
 
it intends to sell the security, or more
 
likely
than not will be required to sell the security,
 
before recovery of its amortized cost basis which would require a write-down
to fair value through net income.
 
Because the Company currently does not intend to sell those securities that have an
unrealized loss at March 31, 2025, and it is not more-likely-than-not that the
 
Company will be required to sell the securities
before recovery of their amortized cost bases, which may be maturity,
 
the Company has determined that no write-down is
necessary.
 
In addition, the Company evaluates whether any portion of the decline in fair value of
 
securities is the result of
credit deterioration, which would require the recognition of an allowance for credit
 
losses.
 
Such evaluations consider the
extent to which the amortized cost of the security exceeds its fair value, changes in credit
 
ratings and any other known
adverse conditions related to the specific security.
 
The unrealized losses associated with securities at March 31, 2025 are
driven by changes in interest rates and are not due to the credit quality of the securities,
 
and accordingly, no allowance
 
for
credit losses is considered necessary related to securities at March 31, 2025.
 
These securities will continue to be monitored
as a part of the Company’s ongoing
 
evaluation of credit quality.
 
Management evaluates the financial performance of the
issuers on a quarterly basis to determine if it is probable that the issuers can make
 
all contractual principal and interest
payments.
Realized Gains and Losses
 
The Company had no realized gains or losses on sale of securities during the quarter
 
ended March 31, 2025 and 2024,
respectively.