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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-38087

 

GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

 

Texas

001-38087

75-1656431

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

16475 Dallas Parkway, Suite 600

Addison, Texas

 

75001

(Address of Principal Executive Offices)

 

(Zip Code)

 

(888) 572 - 9881

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

GNTY

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

 

As of May 1, 2024, there were 11,517,060 outstanding shares of the registrant’s common stock, par value $1.00 per share.


 

GUARANTY BANCSHARES, INC.

 

 

 

PART I — FINANCIAL INFORMATION

 

Page

 

 

 

 

 

Item 1.

 

Financial Statements – (Unaudited)

 

1

 

 

Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

 

1

 

 

Consolidated Statements of Earnings for the Three Months Ended March 31, 2024 and 2023

 

2

 

 

Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023

 

3

 

 

Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023

 

4

 

 

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

 

5

 

 

Notes to Consolidated Financial Statements

 

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

35

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

58

Item 4.

 

Controls and Procedures

 

58

 

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

59

Item 1A.

 

Risk Factors

 

59

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

59

Item 3.

 

Defaults Upon Senior Securities

 

59

Item 4.

 

Mine Safety Disclosures

 

59

Item 5.

 

Other Information

 

60

Item 6.

 

Exhibits

 

60

 

 

 

 

 

SIGNATURES

 

61

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GUARANTY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

(Unaudited)

 

 

(Audited)

 

 

March 31,
2024

 

 

December 31,
2023

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

43,872

 

 

$

47,744

 

Federal funds sold

 

 

24,300

 

 

 

36,575

 

Interest-bearing deposits

 

 

4,921

 

 

 

5,205

 

Total cash and cash equivalents

 

 

73,093

 

 

 

89,524

 

Securities available for sale

 

 

228,787

 

 

 

196,195

 

Securities held to maturity

 

 

363,963

 

 

 

404,208

 

Loans held for sale

 

 

874

 

 

 

976

 

Loans, net of allowance for credit losses of $30,560 and $30,920, respectively

 

 

2,234,012

 

 

 

2,290,881

 

Accrued interest receivable

 

 

11,747

 

 

 

13,143

 

Premises and equipment, net

 

 

56,921

 

 

 

57,018

 

Other real estate owned

 

 

14,900

 

 

 

 

Cash surrender value of life insurance

 

 

42,119

 

 

 

42,348

 

Core deposit intangible, net

 

 

1,312

 

 

 

1,418

 

Goodwill

 

 

32,160

 

 

 

32,160

 

Other assets

 

 

67,550

 

 

 

56,920

 

Total assets

 

$

3,127,438

 

 

$

3,184,791

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

828,861

 

 

$

852,957

 

Interest-bearing

 

 

1,798,983

 

 

 

1,780,289

 

Total deposits

 

 

2,627,844

 

 

 

2,633,246

 

Securities sold under agreements to repurchase

 

 

39,058

 

 

 

25,172

 

Accrued interest and other liabilities

 

 

33,807

 

 

 

32,242

 

Line of credit

 

 

 

 

 

4,500

 

Federal Home Loan Bank advances

 

 

75,000

 

 

 

140,000

 

Subordinated debt, net

 

 

45,819

 

 

 

45,785

 

Total liabilities

 

 

2,821,528

 

 

 

2,880,945

 

Commitments and contingencies (see Note 10)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Preferred stock, $5.00 par value, 15,000,000 shares authorized, no shares issued

 

 

 

 

 

 

Common stock, $1.00 par value, 50,000,000 shares authorized, 14,247,795 and 14,242,328 shares issued, and 11,534,960 and 11,540,644 shares outstanding, respectively

 

 

14,248

 

 

 

14,242

 

Additional paid-in capital

 

 

229,187

 

 

 

228,986

 

Retained earnings

 

 

160,797

 

 

 

156,878

 

Treasury stock, 2,712,835 and 2,701,684 shares, respectively, at cost

 

 

(71,819

)

 

 

(71,484

)

Accumulated other comprehensive loss

 

 

(27,042

)

 

 

(25,322

)

Equity attributable to Guaranty Bancshares, Inc.

 

 

305,371

 

 

 

303,300

 

Noncontrolling interest

 

 

539

 

 

 

546

 

Total equity

 

 

305,910

 

 

 

303,846

 

Total liabilities and equity

 

$

3,127,438

 

 

$

3,184,791

 

 

See accompanying notes to consolidated financial statements.

1.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

Interest income

 

 

 

 

 

 

Loans, including fees

 

$

35,491

 

 

$

32,157

 

Securities

 

 

 

 

 

 

Taxable

 

 

3,219

 

 

 

2,814

 

Nontaxable

 

 

1,165

 

 

 

1,304

 

Nonmarketable equity securities

 

 

248

 

 

 

419

 

Federal funds sold and interest-bearing deposits

 

 

629

 

 

 

450

 

Total interest income

 

 

40,752

 

 

 

37,144

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

Deposits

 

 

14,459

 

 

 

7,655

 

FHLB advances and federal funds purchased

 

 

1,920

 

 

 

3,774

 

Subordinated debt

 

 

517

 

 

 

540

 

Other borrowed money

 

 

269

 

 

 

13

 

Total interest expense

 

 

17,165

 

 

 

11,982

 

 

 

 

 

 

 

Net interest income

 

 

23,587

 

 

 

25,162

 

Reversal of provision for credit losses

 

 

(250

)

 

 

 

Net interest income after reversal of provision for credit losses

 

 

23,837

 

 

 

25,162

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

Service charges

 

 

1,069

 

 

 

1,077

 

Net realized gain on sales of securities available for sale

 

 

 

 

 

93

 

Net realized gain on sale of loans

 

 

272

 

 

 

314

 

Merchant and debit card fees

 

 

1,706

 

 

 

1,674

 

Other income

 

 

2,211

 

 

 

1,747

 

Total noninterest income

 

 

5,258

 

 

 

4,905

 

 

 

 

 

 

 

Noninterest expense

 

 

 

 

 

 

Employee compensation and benefits

 

 

12,437

 

 

 

12,264

 

Occupancy expenses

 

 

2,747

 

 

 

2,830

 

Other expenses

 

 

5,508

 

 

 

4,873

 

Total noninterest expense

 

 

20,692

 

 

 

19,967

 

 

 

 

 

 

 

Income before income taxes

 

 

8,403

 

 

 

10,100

 

Income tax provision

 

 

1,722

 

 

 

1,823

 

Net earnings

 

$

6,681

 

 

$

8,277

 

Net loss attributable to noncontrolling interest

 

 

7

 

 

 

4

 

Net earnings attributable to Guaranty Bancshares, Inc.

 

$

6,688

 

 

$

8,281

 

Basic earnings per share

 

$

0.58

 

 

$

0.69

 

Diluted earnings per share

 

$

0.58

 

 

$

0.69

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

2.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

Net earnings

 

$

6,681

 

 

$

8,277

 

Other comprehensive loss:

 

 

 

 

 

 

Unrealized losses on securities:

 

 

 

 

 

 

Unrealized holding losses arising during the period, net of tax

 

 

(1,553

)

 

 

(37

)

Reclassification adjustment for net gains included in net earnings, net of tax

 

 

 

 

 

(73

)

Change in net unrealized loss on available for sale securities transferred to held to maturity, net of tax

 

 

(167

)

 

 

(340

)

Unrealized losses on securities, net of tax

 

 

(1,720

)

 

 

(450

)

 

 

 

 

 

 

Total other comprehensive loss

 

 

(1,720

)

 

 

(450

)

 

 

 

 

 

 

Comprehensive income

 

 

4,961

 

 

 

7,827

 

Less comprehensive loss attributable to noncontrolling interest

 

 

7

 

 

 

4

 

Comprehensive income attributable to Guaranty Bancshares, Inc.

 

$

4,968

 

 

$

7,831

 

 

 

See accompanying notes to consolidated financial statements.

3.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Attributable to Guaranty Bancshares, Inc.

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling Interest

 

 

Total
Equity

 

For the Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2023

 

$

 

 

$

14,242

 

 

$

228,986

 

 

$

156,878

 

 

$

(71,484

)

 

$

(25,322

)

 

$

546

 

 

$

303,846

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

6,688

 

 

 

 

 

 

 

 

 

(7

)

 

 

6,681

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,720

)

 

 

 

 

 

(1,720

)

Exercise of stock options

 

 

 

 

 

3

 

 

 

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(335

)

 

 

 

 

 

 

 

 

(335

)

Restricted stock grants

 

 

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

138

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.24 per share

 

 

 

 

 

 

 

 

 

 

 

(2,769

)

 

 

 

 

 

 

 

 

 

 

 

(2,769

)

Total equity at March 31, 2024

 

$

 

 

$

14,248

 

 

$

229,187

 

 

$

160,797

 

 

$

(71,819

)

 

$

(27,042

)

 

$

539

 

 

$

305,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to Guaranty Bancshares, Inc.

 

 

 

 

 

 

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Treasury
Stock

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Noncontrolling Interest

 

 

Total
Equity

 

For the Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

$

 

 

$

14,209

 

 

$

227,727

 

 

$

137,565

 

 

$

(60,257

)

 

$

(24,260

)

 

$

574

 

 

$

295,558

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

8,281

 

 

 

 

 

 

 

 

 

(4

)

 

 

8,277

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(450

)

 

 

 

 

 

(450

)

Exercise of stock options

 

 

 

 

 

8

 

 

 

217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(744

)

 

 

 

 

 

 

 

 

(744

)

Restricted stock grants

 

 

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148

 

Cash dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common - $0.23 per share

 

 

 

 

 

 

 

 

 

 

 

(2,744

)

 

 

 

 

 

 

 

 

 

 

 

(2,744

)

Total equity at March 31, 2023

 

$

 

 

$

14,218

 

 

$

228,091

 

 

$

143,102

 

 

$

(61,001

)

 

$

(24,710

)

 

$

570

 

 

$

300,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

4.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

 

For the Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities

 

 

 

 

 

 

Net earnings

 

$

6,681

 

 

$

8,277

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

1,025

 

 

 

1,018

 

Amortization

 

 

177

 

 

 

194

 

Deferred taxes

 

 

 

 

 

(1,157

)

Premium amortization, net of discount accretion

 

 

435

 

 

 

760

 

Net realized gain on sales of securities available for sale

 

 

 

 

 

(93

)

Gain on sale of loans

 

 

(272

)

 

 

(314

)

Reversal of provision for credit losses

 

 

(250

)

 

 

 

Origination of loans held for sale

 

 

(7,798

)

 

 

(10,488

)

Proceeds from loans held for sale

 

 

8,172

 

 

 

12,698

 

Net gain on sale of premises, equipment, other real estate owned and other assets

 

 

(11

)

 

 

 

Stock based compensation

 

 

138

 

 

 

148

 

Net change in accrued interest receivable and other assets

 

 

(8,627

)

 

 

(930

)

Net change in accrued interest payable and other liabilities

 

 

1,450

 

 

 

1,599

 

Net cash provided by operating activities

 

$

1,120

 

 

$

11,712

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

Purchases

 

$

(439,214

)

 

$

 

Proceeds from sales

 

 

 

 

 

7,239

 

Proceeds from maturities and principal repayments

 

 

404,493

 

 

 

7,396

 

Securities held to maturity:

 

 

 

 

 

 

Proceeds from maturities and principal repayments

 

 

39,806

 

 

 

32,305

 

Net repayments of loans

 

 

42,173

 

 

 

5

 

Purchases of premises and equipment

 

 

(997

)

 

 

(2,184

)

Proceeds from sale of premises, equipment, other real estate owned and other assets

 

 

124

 

 

 

 

Net cash provided by investing activities

 

$

46,385

 

 

$

44,761

 

 

See accompanying notes to consolidated financial statements.

5.


 

GUARANTY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

 

For the Three Months Ended
March 31,

 

 

2024

 

 

2023

 

Cash flows from financing activities

 

 

 

 

 

 

Net change in deposits

 

$

(5,402

)

 

$

(57,786

)

Net change in securities sold under agreements to repurchase

 

 

13,886

 

 

 

6,117

 

Proceeds from FHLB advances

 

 

590,000

 

 

 

1,585,000

 

Repayment of FHLB advances

 

 

(655,000

)

 

 

(1,535,000

)

Repayment of line of credit

 

 

(4,500

)

 

 

 

Purchase of treasury stock

 

 

(335

)

 

 

(744

)

Exercise of stock options

 

 

69

 

 

 

225

 

Cash dividends paid

 

 

(2,654

)

 

 

(2,627

)

Net cash used in financing activities

 

$

(63,936

)

 

$

(4,815

)

Net change in cash and cash equivalents

 

 

(16,431

)

 

 

51,658

 

Cash and cash equivalents at beginning of period

 

 

89,524

 

 

 

106,467

 

Cash and cash equivalents at end of period

 

$

73,093

 

 

$

158,125

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

Interest paid

 

$

16,849

 

 

$

10,467

 

 

 

 

 

 

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

 

Cash dividends accrued

 

$

2,769

 

 

$

2,744

 

Lease right of use assets obtained in exchange for lease liabilities

 

 

 

 

 

568

 

Transfer of loans to other real estate owned and repossessed assets

 

 

14,946

 

 

 

 

 

See accompanying notes to consolidated financial statements.

6.


GUARANTY BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per share amounts)

 

 

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations: Guaranty Bancshares, Inc. (“Guaranty”) is a bank holding company headquartered in Mount Pleasant, Texas that provides, through its wholly-owned subsidiary, Guaranty Bank & Trust, N.A. (the “Bank”), a broad array of financial products and services to individuals and corporate customers, primarily in its markets of East Texas, Dallas/Fort Worth, Greater Houston and Central Texas. The terms “the Company,” “we,” “us” and “our” mean Guaranty and its subsidiaries, when appropriate. The Company’s main sources of income are derived from granting loans throughout its markets and investing in securities issued or guaranteed by the U.S. Treasury, U.S. government agencies and state and political subdivisions. The Company’s primary lending products are real estate, commercial and consumer loans. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ abilities to honor contracts is dependent on the economy of the State of Texas and primarily the economies of East Texas, Dallas/Fort Worth, Greater Houston and Central Texas. The Company primarily funds its lending activities with deposit operations. The Company’s primary deposit products are checking accounts, money market accounts and certificates of deposit.

Principles of Consolidation: The consolidated financial statements in this Quarterly Report on Form 10-Q (this “Report”) include the accounts of Guaranty, the Bank and indirect subsidiaries that are wholly-owned or controlled. Subsidiaries that are less than wholly owned are fully consolidated if they are controlled by Guaranty or one of its subsidiaries, and the portion of any subsidiary not owned by Guaranty is reported as noncontrolling interest. All significant intercompany balances and transactions have been eliminated in consolidation. The Bank has eight wholly-owned or controlled non-bank subsidiaries, Guaranty Company, Inc., G B COM, INC., 2800 South Texas Avenue LLC, Pin Oak Realty Holdings, Inc., Pin Oak Asset Management, LLC, Guaranty Bank & Trust Political Action Committee, White Oak Aviation, LLC and Caliber Guaranty Private Account, LLC, the entity which has a noncontrolling interest. The accounting and financial reporting policies followed by the Company conform, in all material respects, to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices within the financial services industry.

Basis of Presentation: The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements, and notes thereto, for the year ended December 31, 2023, included in Guaranty’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 14, 2024. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

All dollar amounts referenced and discussed in the notes to the consolidated financial statements in this report are presented in thousands, unless noted otherwise.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

 

(Continued)

7.


GUARANTY BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per share amounts)

 

 

 

NOTE 2 - MARKETABLE SECURITIES

The following tables summarize the amortized cost and fair value of available for sale and held to maturity securities as of March 31, 2024 and December 31, 2023 and the corresponding amounts of gross unrealized gains and losses:

March 31, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

29,861

 

 

$

 

 

$

2,801

 

 

$

27,060

 

Municipal securities

 

 

2,321

 

 

 

152

 

 

 

 

 

 

2,473

 

Mortgage-backed securities

 

 

199,776

 

 

 

601

 

 

 

17,237

 

 

 

183,140

 

Collateralized mortgage obligations

 

 

17,980

 

 

 

5

 

 

 

1,871

 

 

 

16,114

 

Total available for sale

 

$

249,938

 

 

$

758

 

 

$

21,909

 

 

$

228,787

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies

 

$

9,331

 

 

$

 

 

$

1,127

 

 

$

8,204

 

Treasury securities

 

 

39,557

 

 

 

 

 

 

725

 

 

 

38,832

 

Municipal securities

 

 

161,031

 

 

 

625

 

 

 

6,604

 

 

 

155,052

 

Mortgage-backed securities

 

 

117,454

 

 

 

 

 

 

16,875

 

 

 

100,579

 

Collateralized mortgage obligations

 

 

36,590

 

 

 

 

 

 

7,777

 

 

 

28,813

 

Total held to maturity

 

$

363,963

 

 

$

625

 

 

$

33,108

 

 

$

331,480

 

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Available for sale: