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MARKETABLE SECURITIES (Tables)
12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity Securities

The following tables summarize the amortized cost and fair value of available for sale and held to maturity securities as of December 31, 2024 and 2023 and the corresponding amounts of gross unrealized gains and losses:

December 31, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

44,015

 

 

$

 

 

$

340

 

 

$

43,675

 

Corporate bonds

 

 

27,805

 

 

 

 

 

 

1,822

 

 

 

25,983

 

Municipal securities

 

 

2,318

 

 

 

75

 

 

 

 

 

 

2,393

 

Mortgage-backed securities

 

 

265,369

 

 

 

487

 

 

 

17,122

 

 

 

248,734

 

Collateralized mortgage obligations

 

 

21,554

 

 

 

33

 

 

 

2,068

 

 

 

19,519

 

Total available for sale

 

$

361,061

 

 

$

595

 

 

$

21,352

 

 

$

340,304

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

9,449

 

 

$

 

 

$

948

 

 

$

8,501

 

Treasury securities

 

 

29,871

 

 

 

 

 

 

165

 

 

 

29,706

 

Municipal securities

 

 

152,626

 

 

 

289

 

 

 

7,020

 

 

 

145,895

 

Mortgage-backed securities

 

 

109,281

 

 

 

 

 

 

16,015

 

 

 

93,266

 

Collateralized mortgage obligations

 

 

33,505

 

 

 

 

 

 

7,628

 

 

 

25,877

 

Total held to maturity

 

$

334,732

 

 

$

289

 

 

$

31,776

 

 

$

303,245

 

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

29,882

 

 

$

 

 

$

3,077

 

 

$

26,805

 

Municipal securities

 

 

2,322

 

 

 

182

 

 

 

 

 

 

2,504

 

Mortgage-backed securities

 

 

164,419

 

 

 

1,014

 

 

 

15,621

 

 

 

149,812

 

Collateralized mortgage obligations

 

 

18,757

 

 

 

19

 

 

 

1,702

 

 

 

17,074

 

Total available for sale

 

$

215,380

 

 

$

1,215

 

 

$

20,400

 

 

$

196,195

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

9,292

 

 

$

 

 

$

1,066

 

 

$

8,226

 

Treasury securities

 

 

69,432

 

 

 

 

 

 

1,038

 

 

 

68,394

 

Municipal securities

 

 

168,175

 

 

 

923

 

 

 

6,123

 

 

 

162,975

 

Mortgage-backed securities

 

 

119,872

 

 

 

 

 

 

15,105

 

 

 

104,767

 

Collateralized mortgage obligations

 

 

37,437

 

 

 

 

 

 

7,276

 

 

 

30,161

 

Total held to maturity

 

$

404,208

 

 

$

923

 

 

$

30,608

 

 

$

374,523

 

Schedule of Securities with Gross Unrealized Losses

Information pertaining to available for sale securities with gross unrealized losses as of December 31, 2024 and 2023, for which no allowance for credit losses has been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is detailed in the following tables:

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

December 31, 2024

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

(340

)

 

$

43,675

 

 

$

 

 

$

 

 

$

(340

)

 

$

43,675

 

Corporate bonds

 

 

 

 

 

 

 

 

(1,822

)

 

 

25,983

 

 

 

(1,822

)

 

 

25,983

 

Mortgage-backed securities

 

 

(1,689

)

 

 

99,924

 

 

 

(15,433

)

 

 

101,274

 

 

 

(17,122

)

 

 

201,198

 

Collateralized mortgage obligations

 

 

(385

)

 

 

6,538

 

 

 

(1,683

)

 

 

10,884

 

 

 

(2,068

)

 

 

17,422

 

Total available for sale

 

$

(2,414

)

 

$

150,137

 

 

$

(18,938

)

 

$

138,141

 

 

$

(21,352

)

 

$

288,278

 

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

December 31, 2023

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

 

 

$

 

 

$

(3,077

)

 

$

26,805

 

 

$

(3,077

)

 

$

26,805

 

Mortgage-backed securities

 

 

(742

)

 

 

13,308

 

 

 

(14,879

)

 

 

101,889

 

 

 

(15,621

)

 

 

115,197

 

Collateralized mortgage obligations

 

 

 

 

 

 

 

 

(1,702

)

 

 

13,976

 

 

 

(1,702

)

 

 

13,976

 

Total available for sale

 

$

(742

)

 

$

13,308

 

 

$

(19,658

)

 

$

142,670

 

 

$

(20,400

)

 

$

155,978

 

Schedule of Proceeds from Sales of Available for Sale Securities and Associated Gains and Losses

Proceeds from the sales of available for sale securities and the associated gains and losses for the years ended December 31, 2024, 2023 and 2022 are listed below.

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

Proceeds from sales

 

$

 

 

$

21,268

 

 

$

26,130

 

Gross gains

 

 

 

 

 

184

 

 

 

234

 

Gross losses

 

 

 

 

 

(413

)

 

 

(62

)

Investments Classified by Contractual Maturity Date

The contractual maturities at December 31, 2024 of available for sale and held to maturity securities at carrying value and estimated fair value are shown below. The Company invests in securities that may have expected maturities that differ from their contractual maturities. These differences arise because borrowers and/or issuers may have the right to call or prepay their obligation with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

 

 

Available for Sale

 

 

Held to Maturity

 

December 31, 2024

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Estimated
Fair
Value

 

Due within one year

 

$

25,052

 

 

$

24,960

 

 

$

34,609

 

 

$

34,439

 

Due after one year through five years

 

 

26,486

 

 

 

26,138

 

 

 

40,991

 

 

 

39,377

 

Due after five years through ten years

 

 

22,600

 

 

 

20,953

 

 

 

85,968

 

 

 

82,625

 

Due after ten years

 

 

 

 

 

 

 

 

30,378

 

 

 

27,661

 

Mortgage-backed securities

 

 

265,369

 

 

 

248,734

 

 

 

109,281

 

 

 

93,266

 

Collateralized mortgage obligations

 

 

21,554

 

 

 

19,519

 

 

 

33,505

 

 

 

25,877

 

Total securities

 

$

361,061

 

 

$

340,304

 

 

$

334,732

 

 

$

303,245