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.

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

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: 001-37661

Graphic

(Exact name of registrant as specified in its charter)

Tennessee

 

62-1173944

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

5401 Kingston Pike, Suite 600 Knoxville, Tennessee

 

37919

(Address of principal executive offices)

 

(Zip Code)

 

 

 

865-437-5700

 

Not Applicable

(Registrant’s telephone number, including area code)

 

(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(s)

Name of Exchange on which Registered

Common Stock, par value $1.00

SMBK

The 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 during the preceding 12 months (or for such 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 and 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 market 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 03, 2024, there were 17,062,704 shares of common stock, $1.00 par value per share, issued and outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (Unaudited)

3

Consolidated Balance Sheets at March 31, 2024 and December 31, 2023

3

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

4

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

5

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

6

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

7

Notes to Consolidated Financial Statements

8

Item 2.

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

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50

Item 4.

Controls and Procedures

50

PART II – OTHER INFORMATION

51

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

52

Item 5.

Other Information

52

Item 6.

Exhibits

53

2

PART I –FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except for share data)

    

(Unaudited)

    

    

March 31, 

    

December 31, 

2024

2023*

ASSETS:

 

  

 

  

Cash and due from banks

$

48,329

$

61,586

Interest-bearing deposits with banks

 

343,778

 

233,237

Federal funds sold

 

85,834

 

57,448

Total cash and cash equivalents

 

477,941

 

352,271

Securities available-for-sale, at fair value

 

474,347

 

408,410

Securities held-to-maturity, at amortized cost

180,169

281,236

Other investments

 

13,718

 

13,662

Loans held for sale

 

4,861

 

4,418

Loans and leases

 

3,477,555

 

3,444,462

Less: Allowance for credit losses

 

(34,203)

 

(35,066)

Loans and leases, net

 

3,443,352

 

3,409,396

Premises and equipment, net

 

92,694

 

92,963

Other real estate owned

 

696

 

517

Goodwill and other intangibles, net

 

106,537

 

107,148

Bank owned life insurance

 

83,957

 

83,434

Other assets

 

76,418

 

75,932

Total assets

$

4,954,690

$

4,829,387

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing demand

$

907,254

$

898,044

Interest-bearing demand

 

996,298

 

1,006,915

Money market and savings

 

1,952,410

 

1,812,427

Time deposits

 

538,159

 

550,468

Total deposits

 

4,394,121

 

4,267,854

Borrowings

 

9,849

 

13,078

Subordinated debt

 

42,120

 

42,099

Other liabilities

 

41,804

 

46,470

Total liabilities

 

4,487,894

 

4,369,501

Shareholders' equity:

 

  

 

  

Preferred stock, $1 par value; 2,000,000 shares authorized; No shares issued and outstanding

 

 

Common stock, $1 par value; 40,000,000 shares authorized; 17,056,704 and 16,988,879 shares issued and outstanding, respectively

 

17,057

 

16,989

Additional paid-in capital

 

296,061

 

295,699

Retained earnings

 

181,103

 

173,105

Accumulated other comprehensive income (loss)

 

(27,425)

 

(25,907)

Total shareholders' equity

 

466,796

 

459,886

Total liabilities and shareholders' equity

$

4,954,690

$

4,829,387

* Derived from audited financial statements.

The accompanying notes are an integral part of the consolidated financial statements.

3

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except share and per share data)

Three Months Ended

March 31, 

    

2024

    

2023

Interest income:

 

  

 

  

Loans and leases, including fees

$

50,020

$

44,728

Securities:

 

 

  

Taxable

 

4,548

 

3,651

Tax-exempt

 

352

 

353

Federal funds sold and other earning assets

 

4,863

 

4,446

Total interest income

 

59,783

 

53,178

Interest expense:

 

  

 

  

Deposits

 

27,035

 

16,346

Borrowings

 

128

 

224

Subordinated debt

 

899

 

626

Total interest expense

 

28,062

 

17,196

Net interest income

 

31,721

 

35,982

Provision for credit losses

 

(440)

 

550

Net interest income after provision for credit losses

 

32,161

 

35,432

Noninterest income:

 

  

 

  

Service charges on deposit accounts

1,612

1,445

Mortgage banking

 

280

 

172

Investment services

 

1,380

 

1,005

Insurance commissions

1,103

1,259

Interchange and debit card transaction fees, net

1,253

1,383

Other

 

2,752

 

1,661

Total noninterest income

 

8,380

 

6,925

Noninterest expense:

 

  

 

  

Salaries and employee benefits

 

16,639

 

16,742

Occupancy and equipment

 

3,396

 

3,208

FDIC insurance

 

915

 

541

Other real estate and loan related expense

 

584

 

572

Advertising and marketing

 

302

 

355

Data processing and technology

 

2,465

 

2,163

Professional services

 

924

 

807

Amortization of intangibles

 

612

 

659

Other

 

2,716

 

2,482

Total noninterest expense

 

28,553

 

27,529

Income before income tax expense

 

11,988

 

14,828

Income tax expense

 

2,630

 

3,328

Net income

$

9,358

$

11,500

Earnings per common share:

 

  

 

  

Basic

$

0.56

$

0.69

Diluted

$

0.55

$

0.68

Weighted average common shares outstanding:

 

  

 

  

Basic

 

16,849,735

 

16,791,406

Diluted

 

16,925,408

 

16,896,494

The accompanying notes are an integral part of the consolidated financial statements.

4

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(Dollars in thousands)

   

Three Months Ended

March 31, 

2024

2023

Net income

$

9,358

$

11,500

Other comprehensive income (loss):

 

  

 

  

Investment securities:

Unrealized holding gains (losses) on securities available-for-sale

 

(3,107)

 

8,276

Tax effect

 

803

 

(2,138)

Amortization of unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity

35

40

Tax effect

(9)

(10)

Unrealized gains (losses) on securities available-for-sale, net of tax

 

(2,278)

 

6,168

Fair value hedging activities:

Unrealized gains (losses) on fair value municipal security hedges

 

420

 

Tax effect

 

(108)

 

Reclassification adjustment for realized losses (gains) included in net income

106

Tax effect

(27)

Unrealized gains (losses) on fair value hedged instruments arising during the period, net of tax

 

391

 

Cash flow hedging activities:

Unrealized gains (losses) on cash flow hedges

460

722

Tax effect

(119)

(186)

Reclassification adjustment for realized losses (gains) included in net income

38

Tax effect

(10)

Unrealized gains (losses) on cash flow hedge instruments arising during the period, net of tax

369

536

Total other comprehensive income (loss)

 

(1,518)

 

6,704

Comprehensive income

$

7,840

$

18,204

The accompanying notes are an integral part of the consolidated financial statements.

5

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY – (Unaudited)

For the Three Months Ended March 31, 2024 and 2023

(Dollars in thousands, except for share data)

    

    

    

    

    

Accumulated

    

Other

Common Stock

 

Additional

 

Retained

 

Comprehensive

 

Shares

Amount

Paid-in Capital

Earnings

 

Income (Loss)

Total

Balance, December 31, 2022

 

16,900,805

$

16,901

$

294,330

$

156,545

$

(35,324)

$

432,452

Cumulative effect adjustment for adoption of ASU 2016-13, net of tax

(6,606)

(6,606)

Balance, January 1, 2023, adjusted

16,900,805

16,901

294,330

149,939

(35,324)

425,846

Net income

 

 

 

 

11,500

 

 

11,500

Other comprehensive income

 

 

 

 

 

6,704

 

6,704

Common stock issued pursuant to:

 

 

  

 

  

 

  

 

  

 

Stock options exercised

 

15,705

 

15

 

150

 

 

 

165

Restricted stock, net of forfeitures

87,582

88

(88)

Stock compensation expense

 

 

 

538

 

 

 

538

Common stock dividend ($0.08 per share)

(1,354)

(1,354)

Balance, March 31, 2023

 

17,004,092

$

17,004

$

294,930

$

160,085

$

(28,620)

$

443,399

Balance, December 31, 2023

16,988,879

$

16,989

$

295,699

$

173,105

$

(25,907)

$

459,886

Net income

 

 

 

 

9,358

 

 

9,358

Other comprehensive loss

 

 

 

 

 

(1,518)

 

(1,518)

Common stock issued pursuant to:

 

  

 

  

 

  

 

  

 

  

 

Stock options exercised

 

4,500

 

4

 

39

 

 

 

43

Restricted stock, net of forfeitures

 

68,757

 

69

 

(69)

 

 

 

Restricted stock withheld for taxes

(5,432)

(5)

(126)

(131)

Stock compensation expense

 

 

 

518

 

 

 

518

Common stock dividend ($0.08 per share)

 

 

 

 

(1,360)

 

 

(1,360)

Balance, March 31, 2024

 

17,056,704

$

17,057

$

296,061

$

181,103

$

(27,425)

$

466,796

The accompanying notes are an integral part of the consolidated financial statements.

6

SMARTFINANCIAL, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

    

Three Months Ended March 31, 

2024

2023

Cash flows from operating activities:

 

  

 

  

Net income

$

9,358

$

11,500

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

 

 

  

Depreciation and amortization

 

2,460

 

2,614

Amortization of intangible assets

612

659

Provision for credit losses

 

(440)

 

550

Stock compensation expense

 

518

 

538

Deferred income tax expense

 

1,439

 

3,475

Increase in cash surrender value of bank owned life insurance

 

(523)

 

(469)

Net gains from mortgage banking

 

(250)

 

(172)

Origination of loans held for sale

 

(10,825)

 

(10,319)

Proceeds from sales of loans held for sale

 

10,632

 

8,919

Net (gain) loss from sale/disposal of fixed assets

(1,373)

8

Net change in:

 

  

 

  

Accrued interest receivable

 

(64)

 

(217)

Accrued interest payable

 

(781)

 

106

Other assets

 

(1,616)

 

1,674

Other liabilities

 

(2,071)

 

(7,512)

Net cash provided by operating activities

 

7,076

 

11,354

Cash flows from investing activities:

 

  

 

  

Available-for-sale:

Proceeds from maturities, calls and paydowns

 

11,394

 

7,554

Purchases

(81,009)

(76,606)

Held-to-maturity:

Proceeds from maturities, calls and paydowns

100,527

628

Proceeds from sales of other investments

1,480

Purchases of other investments

 

(205)

 

(9)

Net increase in loans and leases

 

(34,057)

 

(28,943)

Proceeds from sale of fixed assets

3,248

623

Purchases of premises and equipment

 

(2,914)

 

(1,561)

Net cash used in investing activities

 

(3,016)

 

(96,834)

Cash flows from financing activities:

 

  

 

  

Net increase in deposits

 

126,287

 

152,493

Net decrease in securities sold under agreements to repurchase

 

(1,229)

 

(729)

Repayment of borrowings

(2,000)

(24,585)

Cash dividends paid

 

(1,360)

 

(1,354)

Issuance of common stock

 

43

 

165

Restricted shares withheld for taxes

(131)

Net cash provided by financing activities

 

121,610

 

125,990

Net change in cash and cash equivalents

 

125,670

 

40,510

Cash and cash equivalents, beginning of period

 

352,271

 

266,424

Cash and cash equivalents, end of period

$

477,941

$

306,934

Supplemental disclosures of cash flow information:

 

  

 

  

Cash paid during the period for interest

$

28,843

$

17,091

Net cash paid during the period for income taxes

 

5

 

19

Noncash investing and financing activities:

 

 

Recognition of operating lease assets in exchange for lease liabilities

99

Acquisition of real estate through foreclosure

 

179

 

272

The accompanying notes are an integral part of the consolidated financial statements.

7

Table of Contents

SMARTFINANCIAL, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1. Presentation of Financial Information

Nature of Business:

SmartFinancial, Inc. (the "Company," “SmartFinancial,” “we,” “our” or “us”) is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, SmartBank (the "Bank"). The Company provides a variety of financial services to individuals and corporate customers through its offices in East and Middle Tennessee, Alabama, and Florida. The Bank’s primary deposit products are noninterest-bearing and interest-bearing demand deposits, savings and money market deposits, and time deposits. Its primary lending products are commercial, residential, and consumer loans.

Basis of Presentation and Accounting Estimates:

The accounting and financial reporting policies of the Company and its wholly owned subsidiary conform to U.S. generally accepted accounting principles (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements for the Company and its wholly owned subsidiary have not been audited. All material intercompany balances and transactions have been eliminated.

In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of foreclosed assets and deferred taxes, the fair value of financial instruments, goodwill, and the fair value of assets acquired, and liabilities assumed in acquisitions. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in the Company’s annual report on Form 10-K for the year ended December 31, 2023.

Recently Issued and Adopted Accounting Pronouncements:

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities.  The guidance is effective for public companies for fiscal years beginning after December 15, 2023. All other entities have an extra year to adopt; early adoption is permitted.  ASU 2022-03 did not have an impact on the Company’s Consolidated Financial Statements.

In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842): Common Control Arrangements.” ASU 2023-01 requires entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. ASU 2023-01 also provides certain practical expedients applicable to private companies and not-for-profit organizations. The guidance is effective for fiscal years beginning after December 15, 2023. ASU 2023-01 did not have an impact on the Company’s Consolidated Financial Statements.

In March 2023, the FASB issued ASU No. 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. The guidance is effective for fiscal years beginning after December 15, 2023. ASU 2023-02 did not have an impact on the Company’s Consolidated Financial Statements.

8

Table of Contents

SMARTFINANCIAL, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Recently Issued Not Yet Effective Accounting Pronouncements:

During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements for the year ended December 31, 2023, as filed in its Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"). The following is a summary of recent authoritative pronouncements issued but not yet effective that could impact the accounting, reporting, and/or disclosure of financial information by the Company.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands segment disclosure requirements for public entities to require disclosure of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.  The Company is accessing ASU 2023-07, and its adoption is not expected to have a significant impact on our Consolidated Financial Statements.

In December 2023, FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires public business entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. The guidance is effective for us for fiscal years beginning after December 15, 2024, though early adoption is permitted. The Company is accessing ASU 2023-09, and its adoption is not expected to have a significant impact on our Consolidated Financial Statements.

Note 2. Earnings Per Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and dilutive common share equivalents using the treasury stock method. Dilutive common share equivalents include common shares issuable upon exercise of outstanding stock options and restricted stock. The effect from the stock options and restricted stock on incremental shares from the assumed conversions for net income per share-basic and net income per share-diluted are presented below. There were no antidilutive shares for the three months ended March 31, 2024, and March 31, 2023, respectively.

The following is a summary of the basic and diluted earnings per share computation (dollars in thousands, except share and per share data):

Three Months Ended

March 31, 

    

2024

    

2023

Basic earnings per share computation:

 

  

 

  

Net income available to common shareholders

$

9,358

$

11,500

Average common shares outstanding – basic

 

16,849,735

 

16,791,406

Basic earnings per share

$

0.56

$

0.69

Diluted earnings per share computation:

 

  

 

  

Net income available to common shareholders

$

9,358

$

11,500

Average common shares outstanding – basic

 

16,849,735

 

16,791,406

Incremental shares from assumed conversions:

 

  

 

  

Stock options and restricted stock

 

75,673

 

105,088

Average common shares outstanding - diluted

 

16,925,408

 

16,896,494

Diluted earnings per common share

$

0.55

$

0.68

9

Table of Contents

SMARTFINANCIAL, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 3. Securities

Available-for-Sale Securities (“AFS”), which include any security for which the Company has no immediate plan to sell, but which may be sold in the future, are carried at fair value. Realized gains and losses, based on specifically identified amortized cost of the individual security, are included in other income. Unrealized gains and losses are recorded, net of related income tax effects, in accumulated other comprehensive income (loss). Premiums and discounts are amortized and accreted, respectively, to interest income using the constant effective yield method over the estimated life of the security. Prepayments are anticipated for mortgage-backed and Small Business Administration (“SBA”) securities. Premiums on callable securities are amortized to their earliest call date.

Held-to-Maturity Securities (“HTM”), which include any security for which the Company has both the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant effective yield method over the security’s estimated life. Prepayments are anticipated for mortgage-backed and SBA securities. Premiums on callable securities are amortized to their earliest call date.

The amortized cost, gross unrealized gains and losses and fair value of securities AFS and HTM are summarized as follows (in thousands):

March 31, 2024

    

    

Gross

    

Gross

    

Amortized

Unrealized

Unrealized

Fair

Available-for-sale:

Cost

Gains

Losses

Value

U.S. Treasury

$

84,065

$

$

(8,790)

$

75,275

U.S. Government-sponsored enterprises (GSEs)

48,393

725

(169)

48,949

Municipal securities

 

18,407

 

98

 

(487)

 

18,018

Other debt securities

 

39,321

 

164

 

(3,546)

 

35,939

Mortgage-backed securities (GSEs)

 

319,389

 

699

 

(23,922)

 

296,166

Total

$

509,575

$

1,686

$

(36,914)

$

474,347

March 31, 2024

    

    

Gross

    

Gross

    

Amortized

Unrealized

Unrealized

Fair

Held-to-maturity:

Cost

Gains

Losses

Value

U.S. Treasury

$

50,030

$

$

(227)

$

49,803

U.S. Government-sponsored enterprises (GSEs)

 

49,032

 

 

(7,897)

 

41,135

Municipal securities

 

52,423

 

 

(6,582)

 

45,841

Mortgage-backed securities (GSEs)

 

28,684

 

 

(4,250)

 

24,434

Total

$

180,169

$

$

(18,956)

$

161,213

December 31, 2023

    

    

Gross

    

Gross

    

Amortized

Unrealized

Unrealized

Fair

Available-for-sale:

Cost

Gains

Losses

Value

U.S. Treasury

$

84,307

$

$

(8,274)

$

76,033

U.S. Government-sponsored enterprises (GSEs)

46,983

1,256

(146)

48,093

Municipal securities

 

18,616

 

135

 

(475)

 

18,276

Other debt securities

 

36,863

 

93

 

(3,887)

 

33,069

Mortgage-backed securities (GSEs)

 

254,288

 

588