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SECURITIES
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
The amortized cost and fair value of securities at March 31, 2024 and December 31, 2023 are summarized as follows:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
March 31, 2024
Securities Available for Sale
U.S. Treasury securities$9,710 $— $(1,022)$8,688 
U.S. Government Sponsored Enterprises (GSEs)2,364 26 (209)2,181 
State and municipal securities45,051 14 (4,579)40,486 
Corporate debt securities12,515 — (1,184)11,331 
Asset based securities17,952 119 (456)17,615 
Mortgage-backed GSE residential/multifamily and non-GSE101,140 163 (4,225)97,078 
Total securities available for sale$188,732 $322 $(11,675)$177,379 
Securities Held to Maturity
State and municipal securities19,627 — (3,529)16,098 
Total securities held to maturity$19,627 $— $(3,529)$16,098 
Total securities$208,359 $322 $(15,204)$193,477 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
December 31, 2023
Securities Available for Sale
U.S. Treasury securities$9,721 $— $(949)$8,772 
U.S. Government Sponsored Enterprises (GSEs)2,446 37 (215)2,268 
State and municipal securities45,220 21 (4,172)41,069 
Corporate debt securities12,517 — (1,258)11,259 
Asset based securities19,112 54 (479)18,687 
Mortgage-backed GSE residential/multifamily and non-GSE101,306 164 (4,525)96,945 
Total securities available for sale$190,322 $276 $(11,598)$179,000 
Securities Held to Maturity
State and municipal securities19,632 — (3,399)16,233 
Total securities held to maturity$19,632 $— $(3,399)$16,233 
Total securities$209,954 $276 $(14,997)$195,233 
Securities with a carrying value of $28,884 and $27,477 at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and for other purposes as required or permitted by law.
The amortized cost and fair value of securities available for sale and securities held to maturity as of March 31, 2024 and December 31, 2023 by contractual maturity are shown below. Actual maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or repaid with or without penalty. Therefore, these securities are not included by maturity in the following summary:
March 31, 2024December 31, 2023
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Securities Available for Sale
Due in less than one year$2,478 $2,417 $482$476
Due from one year to five years10,569 9,640 11,67110,855
Due after five to ten years21,693 19,524 22,53720,439
Due after ten years52,852 48,720 54,32650,285
Mortgage-backed securities101,140 97,078 101,30696,945
Total securities available for sale$188,732 $177,379 $190,322 $179,000 
Securities Held to Maturity
Due in less than one year$— $— $—$—
Due from one year to five years— — ——
Due after five to ten years10,279 8,500 7,7436,483
Due after ten years9,348 7,598 11,8899,750
Mortgage-backed securities— — ——
Total securities held to maturity$19,627 $16,098 $19,632 $16,233 
Total securities$208,359 $193,477 $209,954 $195,233 
Gains and losses on sales and change in value of securities available for sale and other equity securities held at fair value for the three months ended March 31, 2024 and March 31, 2023 consist of the following:
For the Three Months Ended
March 31, 2024
March 31, 2023
Gross gains$— $662 
Gross losses(12)(148)
Net realized gain (loss)$(12)$514 
Restricted equity securities as of March 31, 2024 and December 31, 2023 consist of the following:
March 31, 2024

December 31, 2023
Federal Home Loan Bank stock$4,183 $4,759 
First National Banker’s Bankshares, Inc. stock675 675 
Pacific Coast Banker’s Bank stock250 250 
Total restricted equity securities$5,108 $5,684 
The following table shows the gross unrealized losses and fair value of securities, aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023.
Less Than Twelve MonthsOver Twelve Months
Gross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueTotal
Unrealized
Losses
March 31, 2024
Securities Available for Sale
U.S. Treasury securities$— $— $(1,022)$8,688 $(1,022)
U.S. Government Sponsored Enterprises (GSEs)— — (209)1,396 (209)
State and municipal securities— — (4,579)40,222 (4,579)
Corporate debt securities— — (1,184)11,331 (1,184)
Asset based securities(3)910 (453)4,884 (456)
Mortgage-backed GSE residential/multifamily and non-GSE(160)21,052 (4,065)57,766 (4,225)
Total securities available for sale$(163)$21,962 $(11,512)$124,287 $(11,675)
Securities Held to Maturity
State and municipal securities— — (3,529)16,098 (3,529)
Total securities held to maturity$— $— $(3,529)$16,098 $(3,529)
Total securities$(163)$21,962 $(15,041)$140,385 $(15,204)
Less Than Twelve MonthsOver Twelve Months
Gross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueTotal
Unrealized
Losses
December 31, 2023
Securities Available for Sale
U.S. Treasury securities$— $— $(949)$8,772 $(949)
U.S. Government Sponsored Enterprises (GSEs)— — (215)1,451 (215)
State and municipal securities— — (4,172)40,663 (4,172)
Corporate debt securities— — (1,258)11,259 (1,258)
Asset based securities(11)1,102 (468)6,904 (479)
Mortgage-backed GSE residential/multifamily and non-GSE(268)24,708 (4,257)56,083 (4,525)
      Total securities available for sale$(279)$25,810 $(11,319)$125,132 $(11,598)
Securities Held to Maturity
State and municipal securities— — (3,399)16,233 (3,399)
Total securities held to maturity$— $— $(3,399)$16,233 $(3,399)
Total securities$(279)$25,810 $(14,718)$141,365 $(14,997)
The unrealized losses on 226 securities at March 31, 2024 were caused by interest rate changes. Because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before recovery of the amortized cost bases, at maturity, the Company does not consider these securities to be credit impaired at March 31, 2024.
At March 31, 2024, no allowance for credit losses has been recognized on available for sale debt securities in an unrealized loss position as the Company does not believe any of the debt securities are credit impaired. This is based on the Company’s analysis of the risk characteristics, including credit ratings, and other qualitative factors related to available for sale debt securities. The issuers of these debt securities continue to make timely principal and interest payments under the contractual terms of the securities. The Company does not intend to sell these debt securities and it is more likely than not that the Company will not be required to sell the debt securities before recovery of their amortized cost, which may be at maturity. The unrealized losses are due to increases in market interest rates over the yields available at the time the debt securities were purchased. Management measures expected credit losses on held to maturity securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to securities issued by states and political subdivisions, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, and (iv) internal forecasts. Historical loss rates associated with securities having similar grades as those in our portfolio have generally not been significant. Furthermore, as of March 31, 2024, there were no past due principal or interest payments associated with these securities. Based upon (i) the issuer’s strong bond ratings and (ii) a zero historical loss rate, no allowance for credit losses has been recorded for held to maturity state and municipal securities as such amount is not material at March 31, 2024. All debt securities in an unrealized loss position as of March 31, 2024 continue to perform as scheduled and the Company does not believe there is a possible credit loss or that an allowance for credit loss on these debt securities is necessary.