| Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
NOTE 2 – SECURITIES
The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):
| |
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and federal agency securities |
|
$ |
245,896 |
|
|
$ |
— |
|
|
$ |
(10,815 |
) |
|
$ |
235,081 |
|
| Agency MBS and CMOs |
|
|
120,328 |
|
|
|
35 |
|
|
|
(13,331 |
) |
|
|
107,032 |
|
| Tax-exempt state and municipal bonds |
|
|
30,800 |
|
|
|
— |
|
|
|
(519 |
) |
|
|
30,281 |
|
| Taxable state and municipal bonds |
|
|
112,976 |
|
|
|
53 |
|
|
|
(5,528 |
) |
|
|
107,501 |
|
| Corporate bonds and other debt securities |
|
|
11,555 |
|
|
|
— |
|
|
|
(236 |
) |
|
|
11,319 |
|
| |
|
$ |
521,555 |
|
|
$ |
88 |
|
|
$ |
(30,429 |
) |
|
$ |
491,214 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury |
|
$ |
221,211 |
|
|
$ |
— |
|
|
$ |
(7,945 |
) |
|
$ |
213,266 |
|
| Tax-exempt state and municipal bonds |
|
|
79,540 |
|
|
|
230 |
|
|
|
(1,385 |
) |
|
|
78,385 |
|
| |
|
$ |
300,751 |
|
|
$ |
230 |
|
|
$ |
(9,330 |
) |
|
$ |
291,651 |
|
| |
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
| |
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
| |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
|
| December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and federal agency securities |
|
$ |
256,234 |
|
|
$ |
25 |
|
|
$ |
(10,767 |
) |
|
$ |
245,492 |
|
| Agency MBS and CMOs |
|
|
123,767 |
|
|
|
173 |
|
|
|
(12,604 |
) |
|
|
111,336 |
|
| Tax-exempt state and municipal bonds |
|
|
30,850 |
|
|
|
31 |
|
|
|
(284 |
) |
|
|
30,597 |
|
| Taxable state and municipal bonds |
|
|
115,516 |
|
|
|
105 |
|
|
|
(5,545 |
) |
|
|
110,076 |
|
| Corporate bonds and other debt securities |
|
|
11,527 |
|
|
|
3 |
|
|
|
(233 |
) |
|
|
11,297 |
|
| |
|
$ |
537,894 |
|
|
$ |
337 |
|
|
$ |
(29,433 |
) |
|
$ |
508,798 |
|
| Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury |
|
$ |
251,229 |
|
|
$ |
— |
|
|
$ |
(8,520 |
) |
|
$ |
242,709 |
|
| Tax-exempt state and municipal bonds |
|
|
80,294 |
|
|
|
284 |
|
|
|
(1,189 |
) |
|
|
79,389 |
|
| |
|
$ |
331,523 |
|
|
$ |
284 |
|
|
$ |
(9,709 |
) |
|
$ |
322,098 |
|
There were no sales of securities in the three month periods ended March 31, 2024 and 2023.
NOTE 2 – SECURITIES (Continued)
Contractual maturities of debt securities at March 31, 2024 were as follows (dollars in thousands):
| |
|
Held–to-Maturity Securities |
|
|
Available-for-Sale Securities |
|
| |
|
Amortized |
|
|
Fair |
|
|
Amortized |
|
|
Fair |
|
| |
|
Cost |
|
|
Value |
|
|
Cost |
|
|
Value |
|
| Due in one year or less |
|
$ |
133,656 |
|
|
$ |
132,252 |
|
|
$ |
141,534 |
|
|
$ |
140,076 |
|
| Due from one to five years |
|
|
155,020 |
|
|
|
147,346 |
|
|
|
253,495 |
|
|
|
238,070 |
|
| Due from five to ten years |
|
|
12,075 |
|
|
|
12,053 |
|
|
|
6,198 |
|
|
|
6,036 |
|
| Due after ten years |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Agency MBS and CMOs |
|
|
— |
|
|
|
— |
|
|
|
120,328 |
|
|
|
107,032 |
|
| |
|
$ |
300,751 |
|
|
$ |
291,651 |
|
|
$ |
521,555 |
|
|
$ |
491,214 |
|
Securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (dollars in thousands):
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| March 31, 2024 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
| Available for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and federal agency securities |
|
$ |
28,390 |
|
|
$ |
(53 |
) |
|
$ |
206,691 |
|
|
$ |
(10,761 |
) |
|
$ |
235,081 |
|
|
$ |
(10,814 |
) |
| Agency MBS and CMOs |
|
|
15,544 |
|
|
|
(150 |
) |
|
|
84,892 |
|
|
|
(13,181 |
) |
|
|
100,436 |
|
|
|
(13,331 |
) |
| Tax-exempt state and municipal bonds |
|
|
11,316 |
|
|
|
(98 |
) |
|
|
18,965 |
|
|
|
(423 |
) |
|
|
30,281 |
|
|
|
(521 |
) |
| Taxable state and municipal bonds |
|
|
8,442 |
|
|
|
(29 |
) |
|
|
92,753 |
|
|
|
(5,499 |
) |
|
|
101,195 |
|
|
|
(5,528 |
) |
| Corporate bonds and other debt securities |
|
|
471 |
|
|
|
(3 |
) |
|
|
10,848 |
|
|
|
(232 |
) |
|
|
11,319 |
|
|
|
(235 |
) |
| |
|
$ |
64,163 |
|
|
$ |
(333 |
) |
|
$ |
414,149 |
|
|
$ |
(30,096 |
) |
|
$ |
478,312 |
|
|
$ |
(30,429 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Held to Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
213,266 |
|
|
$ |
(7,945 |
) |
|
$ |
213,266 |
|
|
$ |
(7,945 |
) |
| Tax-exempt state and municipal bonds |
|
|
20,118 |
|
|
|
(53 |
) |
|
|
48,402 |
|
|
|
(1,332 |
) |
|
|
68,520 |
|
|
|
(1,385 |
) |
| |
|
$ |
20,118 |
|
|
$ |
(53 |
) |
|
$ |
261,668 |
|
|
$ |
(9,277 |
) |
|
$ |
281,786 |
|
|
$ |
(9,330 |
) |
NOTE 2 – SECURITIES (Continued)
| |
|
Less than 12 Months |
|
|
12 Months or More |
|
|
Total |
|
| |
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
| December 31, 2023 |
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
|
Value |
|
|
Loss |
|
| Available for Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury and federal agency securities |
|
$ |
15,615 |
|
|
$ |
(41 |
) |
|
$ |
215,712 |
|
|
$ |
(10,726 |
) |
|
$ |
231,327 |
|
|
$ |
(10,767 |
) |
| Agency MBS and CMOs |
|
|
8,574 |
|
|
|
(52 |
) |
|
|
83,893 |
|
|
|
(12,552 |
) |
|
|
92,467 |
|
|
|
(12,604 |
) |
| Tax-exempt state and municipal bonds |
|
|
8,472 |
|
|
|
(50 |
) |
|
|
13,296 |
|
|
|
(234 |
) |
|
|
21,768 |
|
|
|
(284 |
) |
| Taxable state and municipal bonds |
|
|
4,667 |
|
|
|
(18 |
) |
|
|
93,900 |
|
|
|
(5,527 |
) |
|
|
98,567 |
|
|
|
(5,545 |
) |
| Corporate bonds and other debt securities |
|
|
— |
|
|
|
— |
|
|
|
10,822 |
|
|
|
(233 |
) |
|
|
10,822 |
|
|
|
(233 |
) |
| |
|
$ |
37,328 |
|
|
$ |
(161 |
) |
|
$ |
417,623 |
|
|
$ |
(29,272 |
) |
|
$ |
454,951 |
|
|
$ |
(29,433 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Held to Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Treasury |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
242,709 |
|
|
$ |
(8,520 |
) |
|
$ |
242,709 |
|
|
$ |
(8,520 |
) |
| Tax-exempt state and municipal bonds |
|
|
673 |
|
|
|
(2 |
) |
|
|
45,513 |
|
|
|
(1,187 |
) |
|
|
46,186 |
|
|
|
(1,189 |
) |
| |
|
$ |
673 |
|
|
$ |
(2 |
) |
|
$ |
288,222 |
|
|
$ |
(9,707 |
) |
|
$ |
288,895 |
|
|
$ |
(9,709 |
) |
Management evaluates securities in an unrealized loss position at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In analyzing an issuer's financial condition, Management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and the results of reviews of the issuer's financial condition.
At March 31, 2024, 423 securities available for sale with fair values totaling $478.3 million had unrealized losses totaling $30.4 million. At December 31, 2023, 402 securities available for sale with fair values totaling $455.0 million had unrealized losses totaling $29.4 million. For securities available for sale with unrealized losses, management considered the financial condition of the issuer and the Company's intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value. At March 31, 2024, 75 securities held to maturity with fair values totaling $281.8 million had unrealized losses totaling $9.3 million. At December 31, 2023, 58 securities held to maturity with fair values totaling $288.9 million had unrealized losses totaling $9.7 million. Management has the intent and ability to hold the securities classified as held to maturity until they mature, at which time the Company will receive full value for the securities. Management determined that the unrealized losses for each period and each investment were attributable to changes in interest rates and not due to credit quality. All of the Company's municipal and corporate securities were rated AA or higher at March 31, 2024 and December 31, 2023. As such, no allowance for credit losses on securities available for sale or held to maturity has been established as of March 31, 2024 and December 31, 2023.
Securities with a carrying value of approximately $3.7 million were pledged as security for public deposits, letters of credit and for other purposes required or permitted by law at both March 31, 2024 and December 31, 2023.
The Company also has an investment in a fund that invests in projects qualifying for Community Reinvestment Act credit which is carried at a fair value of $1.3 million and is reported in other assets at March 31, 2024 and December 31, 2023, respectively.
|