SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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| SECURITIES |
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| Schedule of available for sale securities |
The following is a summary of available for sale securities: | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | | | Cost | | Gains | | Losses | | Fair Value | | March 31, 2025 | | | | | | | | | | | | | | Obligations of U.S. Government sponsored agencies | | $ | 34,973 | | $ | — | | $ | (2,609) | | $ | 32,364 | | Obligations of states and political subdivisions | | | 62,640 | | | 34 | | | (6,584) | | | 56,090 | | Mortgage-backed securities | | | 62,365 | | | 5 | | | (1,586) | | | 60,784 | | Corporate notes | | | 15,670 | | | — | | | (1,165) | | | 14,505 | | Total available for sale securities | | $ | 175,648 | | $ | 39 | | $ | (11,944) | | $ | 163,743 | | | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | | | U.S. Treasury securities | | $ | 99,656 | | $ | — | | $ | — | | $ | 99,656 | | Obligations of U.S. Government sponsored agencies | | | 27,766 | | | 1 | | | (3,026) | | | 24,741 | | Obligations of states and political subdivisions | | | 62,992 | | | 3 | | | (6,638) | | | 56,357 | | Mortgage-backed securities | | | 29,826 | | | 3 | | | (1,836) | | | 27,993 | | Corporate notes | | | 15,669 | | | — | | | (1,355) | | | 14,314 | | Total available for sale securities | | $ | 235,909 | | $ | 7 | | $ | (12,855) | | $ | 223,061 | |
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| Schedule of held to maturity securities |
The following is a summary of held to maturity securities: | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Estimated | | | Cost | | Gains | | Losses | | Fair Value | March 31, 2025 | | | | | | | | | | | | | U.S. Treasury securities | | $ | 107,046 | | $ | 762 | | $ | (826) | | $ | 106,982 | Obligations of states and political subdivisions | | | 3,195 | | | — | | | — | | | 3,195 | Total held to maturity securities | | $ | 110,241 | | $ | 762 | | $ | (826) | | $ | 110,177 | | | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | | U.S. Treasury securities | | $ | 107,561 | | $ | 224 | | $ | (1,556) | | $ | 106,229 | Obligations of states and political subdivisions | | | 3,195 | | | — | | | — | | | 3,195 | Total held to maturity securities | | $ | 110,756 | | $ | 224 | | $ | (1,556) | | $ | 109,424 |
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| Schedule of fair value and gross unrealized losses of securities |
The following table shows the fair value and gross unrealized losses of securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | Greater Than 12 Months | | Total | | | | | | | | | | | | | | | | | | | | Number | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | of | | Value | | Losses | | Value | | Losses | | Value | | Losses | | Securities | | | | | | | | | | | | | | | | | | | | | March 31, 2025 - Available for Sale | | | | | | | | | | | | | | | | | | | | Obligations of U.S. Government sponsored agencies | $ | 10,543 | | $ | (34) | | $ | 21,321 | | $ | (2,575) | | $ | 31,864 | | $ | (2,609) | | 26 | Obligations of states and political subdivisions | | 5,294 | | | (82) | | | 44,982 | | | (6,502) | | | 50,276 | | | (6,584) | | 65 | Mortgage-backed securities | | 27,472 | | | (203) | | | 23,247 | | | (1,383) | | | 50,719 | | | (1,586) | | 103 | Corporate notes | | — | | | — | | | 13,354 | | | (1,165) | | | 13,354 | | | (1,165) | | 9 | Totals | $ | 43,309 | | $ | (319) | | $ | 102,904 | | $ | (11,625) | | $ | 146,213 | | $ | (11,944) | | 203 | | | | | | | | | | | | | | | | | | | | | March 31, 2025 - Held to Maturity | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | $ | 47,297 | | $ | (471) | | $ | 23,631 | | $ | (355) | | $ | 70,928 | | $ | (826) | | 44 | | | | | | | | | | | | | | | | | | | | | December 31, 2024 - Available for Sale | | | | | | | | | | | | | | | | | | | | Obligations of U.S. Government sponsored agencies | $ | 1,177 | | $ | (23) | | $ | 22,069 | | $ | (3,003) | | $ | 23,246 | | $ | (3,026) | | 24 | Obligations of states and political subdivisions | | 10,380 | | | (129) | | | 44,686 | | | (6,509) | | | 55,066 | | | (6,638) | | 77 | Mortgage-backed securities | | 3,913 | | | (140) | | | 23,863 | | | (1,696) | | | 27,776 | | | (1,836) | | 100 | Corporate notes | | — | | | — | | | 13,168 | | | (1,355) | | | 13,168 | | | (1,355) | | 9 | Totals | $ | 15,470 | | $ | (292) | | $ | 103,786 | | $ | (12,563) | | $ | 119,256 | | $ | (12,855) | | 210 | | | | | | | | | | | | | | | | | | | | | December 31, 2024 - Held to Maturity | | | | | | | | | | | | | | | | | | | | U.S. Treasury securities | $ | 46,456 | | $ | (1,045) | | $ | 31,322 | | $ | (511) | | $ | 77,778 | | $ | (1,556) | | 48 |
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| Schedule of amortized cost and estimated fair value of securities by contract maturity |
The following is a summary of amortized cost and estimated fair value of securities by contractual maturity as of March 31, 2025. Contractual maturities will differ from expected maturities for mortgage-backed securities because borrowers may have the right to call or prepay obligations without penalties. | | | | | | | | | | | | | | | Available for Sale | | Held to Maturity | | | Amortized | | Estimated | | Amortized | | Estimated | | | Cost | | Fair Value | | Cost | | Fair Value | Due in one year or less | | $ | 1,329 | | $ | 1,324 | | $ | 25,089 | | $ | 24,940 | Due after one year through 5 years | | | 28,259 | | | 27,881 | | | 38,731 | | | 38,572 | Due after 5 years through 10 years | | | 45,512 | | | 41,131 | | | 46,421 | | | 46,665 | Due after 10 years | | | 38,183 | | | 32,623 | | | — | | | — | Subtotal | | | 113,283 | | | 102,959 | | | 110,241 | | | 110,177 | Mortgage-backed securities | | | 62,365 | | | 60,784 | | | — | | | — | Total | | $ | 175,648 | | $ | 163,743 | | $ | 110,241 | | $ | 110,177 |
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