Note 2 - Investment Securities

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 2. Investment Securities

(in thousands)

The amortized cost and estimated fair value of securities available-for-sale and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive (loss) income at December 31, 2023 and 2022 were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
2023	Cost		Gains		Losses		Fair Value
Securities available-for-sale
Mortgage-backed securities	$	94,255	$	-	$	9,883	$	84,372
State, County, Municipals		118,815		2		25,839		92,978
Other securities		500		-		55		445
Total	$	213,570	$	2	$	35,777	$	177,795

			Gross		Gross
	Amortized		Unrealized		Unrealized
2022	Cost		Gains		Losses		Fair Value
Securities available-for-sale
Mortgage-backed securities	$	107,055	$	-	$	10,083	$	96,972
State, County, Municipals		134,906		-		30,993		103,913
Other securities		500		-		63		437
Total	$	242,461	$	-	$	41,139	$	201,322

The amortized cost and estimated fair value of securities HTM and the corresponding amounts of gross unrealized gains and losses at December 31, 2023 were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
2023	Cost		Gains		Losses		Fair Value
Securities held-to-maturity
Obligations of U.S. Government agencies	$	4,065	$	-	$	375	$	3,690
Mortgage-backed securities		290,803		-		29,011		261,792
State, County, Municipals		92,931		33		3,028		89,936
Total	$	387,799	$	33	$	32,414	$	355,418

The amortized cost and estimated fair value of securities HTM and the corresponding amounts of gross unrealized gains and losses at December 31, 2022 were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized
2022	Cost		Gains		Losses		Fair Value
Securities held-to-maturity
Obligations of U.S. Government agencies	$	4,002	$	-	$	367	$	3,635
Mortgage-backed securities		309,748		-		24,654		285,094
State, County, Municipals		92,840		-		6,277		86,563
Total	$	406,590	$	-	$	31,298	$	375,292

The following tables show the gross unrealized losses and fair value of the Company’s investments classified as AFS and HTM investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022.

A summary of unrealized loss information for AFS and HTM securities, categorized by security type follows:

December 31, 2023
Available-for-sale	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
Description of Securities	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Mortgage backed securities	$	3,330	$	28	$	78,553	$	9,855	$	81,883	$	9,883
State, County, Municipal		1,282		5		91,197		25,834		92,479		25,839
Other securities		-		-		445		55		445		55
Total	$	4,612	$	33	$	170,195	$	35,744	$	174,807	$	35,777

Held-to-maturity	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
Description of Securities	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Obligations of U.S. Government agencies	$	-	$	-	$	3,690	$	375	$	3,690	$	375
Mortgage backed securities		-		-		261,791		29,011		261,791		29,011
State, County, Municipal		-		-		86,390		3,028		86,390		3,028
Total	$	-	$	-	$	351,871	$	32,414	$	351,871	$	32,414

December 31, 2022
Available-for-sale	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
Description of Securities	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Mortgage backed securities	$	70,652	$	3,838	$	26,320	$	6,245	$	96,972	$	10,083
State, County, Municipal		45,200		9,027		58,713		21,966		103,913		30,993
Other securities		-		-		437		63		437		63
Total	$	115,852	$	12,865	$	85,470	$	28,274	$	201,322	$	41,139

Held-to-maturity	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
Description of Securities	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Obligations of U.S. Government agencies	$	-	$	-	$	3,635	$	367	$	3,635	$	367
Mortgage backed securities		17,882		1,333		267,212		23,321		285,094		24,654
State, County, Municipal		15,059		781		71,504		5,496		86,563		6,277
Total	$	32,941	$	2,114	$	342,351	$	29,184	$	375,292	$	31,298

The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. The Company does not intend to sell any of the securities in an unrealized loss position, and it is more likely than not that the Company will not be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity.

The amortized cost and estimated fair value of securities at December 31, 2023, by contractual maturity and investment type, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
December 31, 2023
Due in one year or less	$	500	$	445	$	-	$	-
Due after one year through five years		2,880		2,797		-		-
Due after five years through ten years		5,547		5,284		-		-
Due after ten years		110,388		84,897		96,996		93,626
Residential mortgage backed securities		81,820		72,305		232,902		211,313
Commercial mortgage backed securities		12,435		12,067		57,901		50,479
Total	$	213,570	$	177,795	$	387,799	$	355,418

	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
December 31, 2022
Due in one year or less	$	721	$	657	$	-	$	-
Due after one year through five years		3,152		3,042		-		-
Due after five years through ten years		5,275		4,853		-		-
Due after ten years		126,258		95,798		96,842		90,198
Residential mortgage backed securities		94,226		84,481		250,615		230,771
Commercial mortgage backed securities		12,829		12,491		59,133		54,323
Total	$	242,461	$	201,322	$	406,590	$	375,292

Investment securities with carrying amounts of $532,768 and $462,954 at December 31, 2023 and December 31, 2022, respectively, were pledged as collateral for public deposits and securities sold under agreement to repurchase.

Gross realized gains and losses are included in net (losses) gains on sales of securities in the Consolidated Statements of Income. Total gross realized gains and gross realized losses from the sale of investment securities for each of the years ended December 31 were:

	2023			2022		2021
Gross realized gains	$	-		$	-	$	4,257
Gross realized losses		(1,986	)		-		(2,879	)
Net realized (losses) gains	$	(1,986	)	$	-	$	1,378