Note B - Securities

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

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

NOTE B – SECURITIES:

The amortized cost and fair value of securities at December 31, 2022 and 2021 are as follows (in thousands):

			Gross		Gross
			Unrealized		Unrealized
December 31, 2022	Amortized Cost		Gains		Losses			Fair Value
Available for sale securities:
U.S. Treasuries	$	118,782	$		$	(10,414	)	$	108,368
Mortgage-backed securities		61,280		36		(4,877	)		56,439
Collateralized mortgage obligations		115,436				(8,059	)		107,377
States and political subdivisions		102,428		2		(24,446	)		77,984
Total available for sale securities	$	397,926	$	38	$	(47,796	)	$	350,168
Held to maturity securities:
U.S. Treasuries	$	94,339	$		$	(1,288	)	$	93,051
States and political subdivisions		100,878		52		(13,931	)		86,999
Total held to maturity securities	$	195,217	$	52	$	(15,219	)	$	180,050

			Gross		Gross
			Unrealized		Unrealized
December 31, 2021	Amortized Cost		Gains		Losses			Fair Value
Available for sale securities:
U.S. Treasuries	$	73,889	$		$	(735	)	$	73,154
Mortgage-backed securities		71,187		1,236		(441	)		71,982
Collateralized mortgage obligations		130,181		841		(1,035	)		129,987
States and political subdivisions		103,704		293		(2,317	)		101,680
Total available for sale securities	$	378,961	$	2,370	$	(4,528	)	$	376,803
Held to maturity securities:
States and political subdivisions	$	110,208	$	1,760	$	(628	)	$	111,340
Total held to maturity securities	$	110,208	$	1,760	$	(628	)	$	111,340

The amortized cost and fair value of debt securities at December 31, 2022, (in thousands) by contractual maturity, 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.

	Amortized Cost		Fair Value
Available for sale securities:
Due in one year or less	$	25,294	$	25,136
Due after one year through five years		29,675		27,822
Due after five years through ten years		101,612		85,596
Due after ten years		64,629		47,798
Mortgage-backed securities		61,280		56,439
Collateralized mortgage obligations		115,436		107,377
Total	$	397,926	$	350,168
Held to maturity securities:
Due in one year or less	$	66,001	$	65,828
Due after one year through five years		48,774		47,053
Due after five years through ten years		41,688		36,578
Due after ten years		38,754		30,591
Total	$	195,217	$	180,050

Available for sale and held to maturity securities with gross unrealized losses at December 31, 2022 and 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands):

	Less Than Twelve Months				Over Twelve Months				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
December 31, 2022:
U.S. Treasuries	$	132,113	$	2,158	$	64,533	$	9,544	$	196,646	$	11,702
Mortgage-backed securities		25,234		1,755		21,850		3,122		47,084		4,877
Collateralized mortgage obligations		48,188		1,610		59,189		6,449		107,377		8,059
States and political subdivisions		50,025		7,581		110,881		30,796		160,906		38,377
Total	$	255,560	$	13,104	$	256,453	$	49,911	$	512,013	$	63,015
December 31, 2021:
U.S. Treasuries	$	73,154	$	735	$		$		$	73,154	$	735
Mortgage-backed securities		26,288		441						26,288		441
Collateralized mortgage obligations		66,369		1,035						66,369		1,035
States and political subdivisions		102,413		2,577		7,470		368		109,883		2,945
Total	$	268,224	$	4,788	$	7,470	$	368	$	275,694	$	5,156

At December 31, 2022, 33 of the 34 Treasuries, 44 of the 48 mortgage-backed securities, 34 of the 34 collateralized mortgage obligations and 177 of the 196 securities issued by states and political subdivisions contained unrealized losses.

Management evaluates securities for other-than-temporary impairment on a monthly basis. In performing this evaluation, the length of time and the extent to which the fair value has been less than cost, the fact that the Company’s securities are primarily issued by U.S. Treasury and U.S. Government agencies and the cause of the decline in value are considered. In addition, the Company does not intend to sell and it is not more likely than not that we will be required to sell these securities before maturity. While some available for sale securities have been sold for liquidity purposes or for gains, the Company has traditionally held its securities, including those classified as available for sale, until maturity. As a result of this evaluation, the Company has determined that the declines summarized in the tables above are not deemed to be other-than temporary.

There were no sales of available for sale debt securities during 2022 or 2021. Proceeds from sales of available for sale securities were $29,457,362 during 2020. Available for sale debt securities were sold for realized gains of $539,023 during 2020.

Securities with a fair value of $398,673,043 and $229,092,900 at December 31, 2022 and 2021, respectively, were pledged to secure public deposits, federal funds purchased and other balances required by law.