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Securities
12 Months Ended
Dec. 31, 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 December 31, 2024 and 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 December 31, 2024 and 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
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
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 included in Agency
 
MBS generally have the right to prepay
such loans in whole or in part at any time.
Securities with aggregate fair values of $
222.3
 
million and $
211.8
 
million at December 31, 2024 and 2023, 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 are nonmarketable
 
equity investments.
 
The
carrying amounts of nonmarketable equity investments were $
1.4
 
million at both December 31, 2024 and 2023,
respectively.
 
Nonmarketable equity investments include FHLB-Atlanta stock, Federal
 
Reserve Bank stock, and stock in a
privately held financial institution.
Fair Value
 
and Gross Unrealized Losses
The fair values and gross unrealized losses on securities at December
 
31, 2024 and 2023, respectively,
 
segregated by those
securities that have been in an unrealized loss position for less than 12 months and
 
12 months or more 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
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 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.
 
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
 
in the
 
previous table,
 
as of December
 
31, 2024,
 
management does
 
not intend to
 
sell and
 
it is
likely that management will not be required to sell the securities prior to their anticipated
 
recovery.
 
 
Agency Obligations
 
Investments
 
in
 
agency
 
obligations
 
are
 
guaranteed
 
of
 
full
 
and
 
timely
 
payments
 
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 December 31, 2024.
 
Agency MBS
Investments in
 
agency MBS
 
are 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 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 December 31, 2024.
 
State and Political Subdivisions
 
Investments
 
in
 
state
 
and
 
political
 
subdivisions
 
are
 
securities
 
issued
 
by
 
various municipalities
 
in
 
the
 
United
 
States.
 
The
majority
 
of
 
the
 
portfolio was
 
rated
 
AA
 
or
 
higher,
 
with
 
no
 
securities
 
rated
 
below
 
investment
 
grade
 
at
 
December
 
31,
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 December 31, 2024.
Realized Gains and Losses
The following table presents the gross realized gains and losses on sales related to securities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31
(Dollars in thousands)
2024
2023
Gross realized gains
$
1
Gross realized losses
(6,296)
Realized losses, net
$
(6,295)