10-Q 1 ef20026292_10q.htm 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)

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: 000-12896

OLD POINT FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Virginia
 
54-1265373
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

101 East Queen Street, Hampton, Virginia 23669
(Address of principal executive offices) (Zip Code)

(757) 728-1200
(Registrants telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

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, $5.00 par value per share
OPOF
The NASDAQ Stock Market LLC

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

The number of shares outstanding of the registrant’s common stock, ($5.00 par value per share) as of May 9, 2024 was 5,075,596 shares.
 


OLD POINT FINANCIAL CORPORATION
FORM 10-Q
INDEX
 
ITEM
 
PAGE
     
 
PART I - FINANCIAL INFORMATION
 
     
Item 1.
 1
     
   1
     
   2
     
   3
     
   4
     
   5
     
   6
     
Item 2.
 25
     
Item 3.
 41
     
Item 4.
 41
     
 
PART II - OTHER INFORMATION
 
     
Item 1.
 42
     
Item 1A.
 42
     
Item 2.
 42
     
Item 3.
 42
     
Item 4.
 42
     
Item 5.
 42
     
Item 6.
 43
     
   44
 

GLOSSARY OF ACRONYMS AND DEFINED TERMS

2023 Form 10-K
Annual Report on Form 10-K for the year ended December 31, 2023
ACL
Allowance for Credit Losses
ACLL
Allowance for Credit Losses on Loans, a component of ACL
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
Bank
The Old Point National Bank of Phoebus
CECL
Current Expected Credit Losses
CET1
Common Equity Tier 1
Company
Old Point Financial Corporation and its subsidiaries
CBB
Community Bankers Bank
CBLR
Community Bank Leverage Ratio Framework
EGRRCPA
Economic Growth, Regulatory Relief, and Consumer Protection Act
EPS
Earnings per share
ESPP
Employee Stock Purchase Plan
Exchange Act
Securities Exchange Act of 1934, as amended
FASB
Financial Accounting Standards Board
FDIC
Federal Deposit Insurance Corporation
FHLB
Federal Home Loan Bank
FRB
Federal Reserve Bank
GAAP
Generally Accepted Accounting Principles
Incentive Stock Plan
Old Point Financial Corporation 2016 Incentive Stock Plan
IRLC
Interest Rate Lock Commitments
NIM
Net Interest Margin
Notes
The Company’s 3.50% fixed-to-floating rate subordinated notes due 2031
OAEM
Other Assets Especially Mentioned
OREO
Other Real Estate Owned
ROE
Return on Average Equity
SEC
U.S. Securities and Exchange Commission
SOFR
Secured overnight financing rate
TDR
Troubled Debt Restructuring
Wealth
Old Point Trust & Financial Services N.A.

PART I – FINANCIAL INFORMATION
Item 1.
Financial Statements.
 
Old Point Financial Corporation and Subsidiaries
Consolidated Balance Sheets

   
March 31,
   
December 31,
 
(dollars in thousands, except per share amounts)
 
2024
   
2023
 
Assets
  (unaudited)        
             
Cash and due from banks
 
$
16,427
   
$
14,731
 
Interest-bearing due from banks
   
75,584
     
63,539
 
Federal funds sold
   
1,300
     
489
 
Cash and cash equivalents
   
93,311
     
78,759
 
Securities available-for-sale, at fair value
   
199,798
     
204,278
 
Restricted securities, at cost
   
5,239
     
5,176
 
Loans held for sale
   
-
     
470
 
Loans, net
   
1,055,955
     
1,068,046
 
Premises and equipment, net
   
30,178
     
29,913
 
Premises and equipment, held for sale
   
344
     
344
 
Bank-owned life insurance
   
35,353
     
35,088
 
Goodwill
   
1,650
     
1,650
 
Core deposit intangible, net
   
176
     
187
 
Other assets
   
23,485
     
22,471
 
Total assets
 
$
1,445,489
   
$
1,446,382
 
                 
Liabilities & Stockholders Equity
               
                 
Deposits:
               
Noninterest-bearing deposits
 
$
355,140
   
$
331,992
 
Savings deposits
   
632,696
     
655,694
 
Time deposits
   
240,433
     
242,711
 
Total deposits
   
1,228,269
     
1,230,397
 
Overnight repurchase agreements
   
1,684
     
2,383
 
Federal Home Loan Bank advances
   
69,450
     
69,450
 
Subordinated notes
   
29,701
     
29,668
 
Accrued expenses and other liabilities
   
8,755
     
7,706
 
Total liabilities
   
1,337,859
     
1,339,604
 
                 
Stockholders equity:
               
Common stock, $5 par value, 10,000,000 shares authorized; 5,040,391 and 5,040,095 shares outstanding (includes 51,169 and 53,660 of nonvested restricted stock, respectively)
   
24,946
     
24,932
 
Additional paid-in capital
   
17,193
     
17,099
 
Retained earnings
   
83,289
     
82,277
 
Accumulated other comprehensive loss, net
   
(17,798
)
   
(17,530
)
Total stockholders equity
   
107,630
     
106,778
 
Total liabilities and stockholders equity
 
$
1,445,489
   
$
1,446,382
 

See accompanying notes to consolidated financial statements.
 
1

Old Point Financial Corporation and Subsidiaries
Consolidated Statements of Income

    Three Months Ended  
   
March 31,
 
(unaudited, dollars in thousands, except per share amounts)
 
2024
   
2023
 
Interest and dividend income:
           
Loans, including fees
 
$
14,544
   
$
13,041
 
Due from banks
   
799
     
64
 
Federal funds sold
   
9
     
6
 
Securities:
               
Taxable
   
1,798
     
1,764
 
Tax-exempt
   
139
     
212
 
Dividends and interest on all other securities
   
94
     
66
 
Total interest and dividend income
   
17,383
     
15,153
 
                 
Interest expense:
               
Checking and savings deposits
   
2,597
     
854
 
Time deposits
   
2,172
     
537
 
Federal funds purchased, securities sold under agreements to repurchase and other borrowings
   
1
     
37
 
Federal Home Loan Bank advances
    778       295  
Long-term borrowings     295       617  
Total interest expense
   
5,843
     
2,340
 
Net interest income
   
11,540
     
12,813
 
Provision for credit losses
   
80
     
376
 
Net interest income after provision for credit losses
   
11,460
     
12,437
 
                 
Noninterest income:
               
Fiduciary and asset management fees
   
1,192
     
1,116
 
Service charges on deposit accounts
   
758
     
753
 
Other service charges, commissions and fees
   
883
     
1,109
 
Bank-owned life insurance income
   
265
     
254
 
Mortgage banking income
   
16
     
95
 
Gain on sale of repossessed assets
    22       -  
Other operating income
   
86
     
94
 
Total noninterest income
   
3,222
     
3,421
 
                 
Noninterest expense:
               
Salaries and employee benefits
   
7,831
     
7,363
 
Occupancy and equipment
   
1,173
     
1,195
 
Data processing
   
1,315
     
1,179
 
Customer development
   
55
     
113
 
Professional services
   
585
     
673
 
Employee professional development
   
211
     
234
 
Other taxes
   
261
     
213
 
ATM and other losses
   
231
     
255
 
Other operating expenses
   
1,041
     
943
 
Total noninterest expense
   
12,703
     
12,168
 
Income before income taxes
   
1,979
     
3,690
 
Income tax expense
   
262
     
607
 
Net income
 
$
1,717
   
$
3,083
 
                 
Basic Earnings per Share:
               
Weighted average shares outstanding
   
5,039,819
     
4,999,887
 
Net income per share of common stock
 
$
0.34
   
$
0.62
 
                 
Diluted Earnings per Share:
               
Weighted average shares outstanding
   
5,039,876
     
5,000,020
 
Net income per share of common stock
 
$
0.34
   
$
0.62
 

See accompanying notes to consolidated financial statements.

2

Old Point Financial Corporation
Consolidated Statements of Comprehensive Income

    Three Months Ended  
   
March 31,
 
(unaudited, dollars in thousands)
 
2024
   
2023
 
             
Net income
 
$
1,717
   
$
3,083
 
Other comprehensive income (loss), net of tax
               
Net unrealized gain (loss) on available-for-sale securities
   
(268
)
   
2,332
 
Other comprehensive income (loss), net of tax
   
(268
)
   
2,332
 
Comprehensive income
 
$
1,449
   
$
5,415
 

See accompanying notes to consolidated financial statements.

3

Old Point Financial Corporation and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity

                            Accumulated        
    Shares of           Additional           Other        
    Common     Common     Paid-in     Retained     Comprehensive        
(unaudited dollars in thousands, except per share amounts)
 
Stock
   
Stock
   
Capital
   
Earnings
   
Income (Loss)
   
Total
 
Balance at December 31, 2023
   
4,986,435
   
$
24,932
   
$
17,099
   
$
82,277
   
$
(17,530
)
 
$
106,778
 
Net income
   
-
     
-
     
-
     
1,717
     
-
     
1,717
 
Other comprehensive loss, net of tax
   
-
     
-
     
-
     
-
     
(268
)
   
(268
)
Employee Stock Purchase Plan share issuance
   
2,026
     
10
     
23
     
-
     
-
     
33
 
Restricted stock vested
    761       4       (4 )     -       -       -  
Share-based compensation expense
   
-
     
-
     
75
     
-
     
-
     
75
 
Cash dividends ($0.14 per share)
   
-
     
-
     
-
     
(705
)
   
-
     
(705
)
Balance at March 31, 2024
   
4,989,222
   
$
24,946
   
$
17,193
   
$
83,289
   
$
(17,798
)
 
$
107,630
 
 
                                               
Balance at December 31, 2022
   
4,952,094
    $ 24,761     $ 16,593     $ 78,147     $ (20,767 )   $ 98,734  
Net income
    -       -       -       3,083       -       3,083  
Other comprehensive income, net of tax
    -       -       -       -       2,332       2,332  
Impact of adoption of new accounting pronouncement     -       -       -       (991 )     -       (991 )
Employee Stock Purchase Plan share issuance
    1,248       6       27       -       -       33  
Share-based compensation expense
    -       -       107       -       -       107  
Cash dividends ($0.14 per share)
    -       -       -       (700 )     -       (700 )
Balance at March 31, 2023
    4,953,342     $ 24,767     $ 16,727     $ 79,539     $ (18,435 )   $ 102,598  

See accompanying notes to consolidated financial statements.

4

Old Point Financial Corporation and Subsidiaries
Consolidated Statements of Cash Flows

   
Three Months Ended March 31,
 
(unaudited, dollars in thousands)
 
2024
   
2023
 
Operating activities:
           
Net income
 
$
1,717
   
$
3,083
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
534
     
534
 
Amortization of right of use lease asset
   
91
     
101
 
Accretion related to acquisition, net
   
11
     
11
 
Amortization of subordinated debt issuance costs
    33
      32
 
Provision for credit losses
   
80
     
376
 
Net amortization of securities
   
154
     
186
 
Decrease in loans held for sale, net    
470
     
96
 
Net gain on write-down/sale of repossessed assets
    (22 )     -  
Income from bank owned life insurance
   
(265
)
   
(254
)
Stock compensation expense
   
75
     
107
 
(Increase) decrease in other assets    
(147
)
   
621
 
Increase (decrease) in accrued expenses and other liabilities
   
1,047
     
(1,392
)
Net cash provided by operating activities
   
3,778
     
3,501
 
                 
Investing activities:
               
Purchases of available-for-sale securities
   
(1,230
)
   
(1,145
)
Purchase of restricted securities, net    
(63
)
   
(1,045
)
Proceeds from maturities and paydowns of available-for-sale securities
   
570
     
-
 
Proceeds from sales of available-for-sale securities
   
450
     
1,300
 
Paydowns on available-for-sale securities
   
4,197
     
4,216
 
Net decrease (increase) in loans held for investment
   
11,148
     
(54,359
)
Purchases of premises and equipment     (799 )     (130 )
Net cash provided by (used in) investing activities
   
14,273
     
(51,163
)
                 
Financing activities:
               
Increase (decrease) in noninterest-bearing deposits
   
23,148
     
(13,422
)
(Decrease) increase in savings deposits
   
(22,998
)
   
44,956
 
(Decrease) increase in time deposits
   
(2,278
)
   
12,062
 
Decrease in federal funds purchased, repurchase agreements and other borrowings, net
   
(699
)
   
(11,848
)
Increase in Federal Home Loan Bank advances     34,200       145,500  
Repayment of Federal Home Loan Bank advances     (34,200 )     (119,100 )
Proceeds from Employee Stock Purchase Plan issuance
   
33
     
33
 
Cash dividends paid on common stock
   
(705
)
   
(700
)
Net cash (used in) provided by financing activities
   
(3,499
)
   
57,481
 
                 
Net increase in cash and cash equivalents
   
14,552
     
9,819
 
Cash and cash equivalents at beginning of period
   
78,759
     
19,250
 
Cash and cash equivalents at end of period
 
$
93,311
   
$
29,069
 
                 
Supplemental disclosures of cash flow information
               
Cash payments for:
               
Interest
 
$
6,007
   
$
2,417
 
                 
Supplemental schedule of noncash transactions
               
Unrealized gain (loss) on securities available-for-sale
 
$
(339
)
 
$
2,952
 
Loans transferred to repossessed assets
  $ 865     $ -  
Impact of adoption of ASC 326
 
$
-
   
$
991
 

See accompanying notes to consolidated financial statements.

5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 
Note 1. Description of Business and Summary of Significant Accounting Policies

The Company
Headquartered in Hampton, Virginia, Old Point Financial Corporation (NASDAQ: OPOF) (the Company) is a holding company that conducts substantially all of its operations through two wholly-owned subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (Wealth). The Bank serves individual and commercial customers, the majority of which are in the Hampton Roads region of Virginia. As of March 31, 2024, the Bank had 14 branch offices. The Bank offers a full range of deposit and loan products to its retail and commercial customers, including mortgage loan products offered through Old Point Mortgage. A full array of insurance products is also offered through Old Point Insurance, LLC in partnership with Morgan Marrow Company. Wealth offers a full range of services for individuals and businesses. Products and services include retirement planning, estate planning, financial planning, estate and trust administration, retirement plan administration, tax services and investment management services.

Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company, and its wholly-owned subsidiaries, the Bank and Wealth. All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation
The accompanying unaudited Consolidated Financial Statements of the Company and its subsidiaries have been prepared in accordance with U.S. GAAP for interim financial information. In the opinion of management, the accompanying unaudited Consolidated Financial Statements contain all adjustments and reclassifications of a normal and recurring nature considered necessary to present fairly the related statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for the three months ended March 31, 2024 and 2023. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year.

These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K. Certain previously reported amounts have been reclassified to conform to current period presentation, none of which were material in nature.

Estimates
In preparing Consolidated Financial Statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Balance Sheets and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the ACL and evaluation of goodwill for impairment. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made.

Reclassification
Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. None of these reclassifications are considered material and did not affect net income or total equity.

Recent Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” Subsequently, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. This guidance provides temporary, optional expedients and exceptions to ease the potential burden in accounting for modifications of loan contracts, borrowings, and other transactions related to reference rate reform associated with the LIBOR transition if certain criteria are met. The amendments are effective as of March 12, 2020 through December 31, 2024 and can be adopted at an instrument level. These modifications have not had and are not expected to have a material impact on the consolidated financial statements.

In November 2023, FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures.” The amendments in ASU 2023-07 require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, require other segment items by reportable segment to be disclosed and a description of their composition, and require disclosure of the title and position of the chief operating decision maker and an explanation of how they use the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments apply to all public entities that are required to report segment information in accordance with Topic 280, “Segment Reporting,” and are effective for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024.  Early adoption is permitted. The amendments are to be applied retrospectively to all prior periods presented. The Company does not expect the adoption of ASU 2023-07 to have a material effect on its consolidated financial statements.

6

In November 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures.” The amendments in ASU 2023-09 require that a public entity disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, the amount of income taxes paid disaggregated by federal, state and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments also require that entities disclose income from continuing operations before income tax expense disaggregated between domestic and foreign, as well as income tax expense from continuing operations disaggregated by federal, state, and foreign. The amendments apply to all public entities that are subject to Topic 740, “Income Taxes,” and are effective for annual periods beginning after December 15, 2024.  Early adoption is permitted. The amendments are to be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material effect on its consolidated financial statements.

Other accounting standards that have been adopted by the Company or issued by the FASB or other standards-setting bodies have not or are not currently expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Note 2. Securities

The Company’s debt securities all of which are classified as available for sale, are summarized as follows:

   
March 31, 2024
 
           Gross    
Gross
       
     Amortized      Unrealized      Unrealized      Fair  
(dollars in thousands)
 
Cost
   
Gains
   
(Losses)
   
Value
 
U.S. Treasury securities
 
$
4,060
   
$
-
   
$
(216
)
 
$
3,844
 
Obligations of U.S. Government agencies
   
40,097
     
259
     
(490
)
   
39,866
 
Obligations of state and political subdivisions
   
58,020
     
10
     
(7,972
)
   
50,058
 
Mortgage-backed securities
   
89,823
     
17
     
(10,712
)
   
79,128
 
Money market investments
   
2,827
     
-
     
-
     
2,827
 
Corporate bonds and other securities
   
27,500
     
-
     
(3,425
)
   
24,075
 
   
$
222,327
   
$
286
   
$
(22,815
)
 
$
199,798
 

   
December 31, 2023
 
           Gross      Gross        
 
Amortized
     Unrealized      Unrealized      Fair  
(dollars in thousands)
 
Cost
   
Gains
   
(Losses)
   
Value
 
U.S. Treasury securities
 
$
4,068
   
$
-
   
$
(211
)
 
$
3,857
 
Obligations of U.S. Government agencies
   
43,233
     
167
     
(665
)
   
42,735
 
Obligations of state and political subdivisions
   
58,292
     
13
     
(7,708
)
   
50,597
 
Mortgage-backed securities
   
91,328
     
84
     
(10,105
)
   
81,307
 
Money market investments
   
2,047
     
-
     
-
     
2,047
 
Corporate bonds and other securities
   
27,500
     
-
     
(3,765
)
   
23,735
 
   
$
226,468
   
$
264
   
$
(22,454
)
 
$
204,278
 

7

The amortized cost and fair value of securities at March 31, 2024 and December 31, 2023, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.

   
March 31, 2024
 
    Amortized     Fair  
(dollars in thousands)
 
Cost
   
Value
 
Due in one year or less
 
$
4,227
   
$
4,195
 
Due after one year through five years
   
20,528
     
18,941
 
Due after five through ten years
   
54,655
     
47,257
 
Due after ten years
   
142,917
     
129,405
 
   
$
222,327
   
$
199,798
 

   
December 31, 2023
 
    Amortized     Fair  
(dollars in thousands)
 
Cost
   
Value
 
Due in one year or less
 
$
3,617
   
$
3,588
 
Due after one year through five years
   
12,962
     
12,178
 
Due after five through ten years
   
63,248
     
54,806
 
Due after ten years
   
146,641
     
133,706
 
   
$
226,468
   
$
204,278
 

The Company did not record any gains or losses on the sale of investment securities during the three months ended March 31, 2024 and 2023, respectively.

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an ACL has not been recorded as of 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 as of the dates indicated:

   
March 31, 2024
       

 
Less than 12 months
   
12 months or more
   
Total
       

  Gross    
    Gross          
Gross
          Number
 

  Unrealized     Fair     Unrealized     Fair     Unrealized     Fair     of
 
(dollars in thousands)
  Losses     Value     Losses     Value     Losses     Value     Securities
 
U.S. Treasury securities
  $ -     $ -     $ 216     $ 3,844     $ 216     $ 3,844       1  
Obligations of U.S. Government agencies
   
43
     
8,009
     
447
     
18,975
     
490
     
26,984
      39  
Obligations of state and political subdivisions
   
-
     
-
     
7,972
     
49,060
     
7,972
     
49,060
      42  
Mortgage-backed securities
   
169
     
4,281
     
10,543
     
70,182
     
10,712
     
74,463
      39  
Corporate bonds and other securities
   
-
     
-
     
3,425
     
23,075
     
3,425
     
23,075
      23  
Total securities available-for-sale
 
$
212
   
$
12,290
   
$
22,603
 <