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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 September 30, 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: 001-40999

 

Finward Bancorp

(Exact name of registrant as specified in its charter)

 

Indiana

35-1927981

(State or other jurisdiction of incorporation

or organization)

(I.R.S. Employer Identification Number)

  

9204 Columbia Avenue

Munster, Indiana

46321

(Address of principal executive offices)

(ZIP code)

                                                                        

Registrant's telephone number, including area code: (219) 836‑4400

 

 

N/A

 
 

(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 each exchange on which registered

Common stock, no par value

FNWD

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, 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 ☒

 

There were 4,313,819 shares of the registrant’s Common Stock, without par value, outstanding at November 14, 2024.

 

 
 

 

 

Finward Bancorp

Index

 

 

Page

Number

PART I. Financial Information

  
   

Item 1. Unaudited Financial Statements and Notes

1
   

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

32
   

Item 3. Quantitative and Qualitative Disclosures about Market Risk

51
   

Item 4. Controls and Procedures

51
   

PART II. Other Information

52
   

SIGNATURES

53
   

EXHIBITS

  

31.1 Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

  

31.2 Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

  

32.1 Section 1350 Certifications

  

101 XBRL Interactive Data File

  

 

 
 

 

 

Finward Bancorp

Consolidated Balance Sheet

 

  

(unaudited)

     
  

September 30,

  

December 31,

 

(Dollars in thousands)

 

2024

  

2023

 
         

ASSETS

        
         

Cash and non-interest bearing deposits in other financial institutions

 $23,071  $17,942 

Interest bearing deposits in other financial institutions

  48,025   67,647 

Federal funds sold

  553   419 
         

Total cash and cash equivalents

  71,649   86,008 
         

Securities available-for-sale

  350,027   371,374 

Loans held-for-sale

  2,567   340 

Loans receivable, net of deferred fees and costs

  1,508,242   1,512,595 

Less: Allowance for credit losses

  (18,516)  (18,768)

Net loans receivable

  1,489,726   1,493,827 

Federal Home Loan Bank stock

  6,547   6,547 

Accrued interest receivable

  7,442   8,045 

Premises and equipment

  47,912   38,436 

Foreclosed real estate

  -   71 

Cash value of bank owned life insurance

  33,312   32,702 

Goodwill

  22,395   22,395 

Other intangible assets

  2,203   3,272 

Other assets

  40,882   45,262 
         

Total assets

 $2,074,662  $2,108,279 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        
         

Deposits:

        

Non-interest bearing

 $285,157  $295,594 

Interest bearing

  1,463,653   1,517,827 

Total

  1,748,810   1,813,421 

Repurchase agreements

  43,038   38,124 

Borrowed funds

  85,000   80,000 

Accrued expenses and other liabilities

  38,259   29,389 
         

Total liabilities

  1,915,107   1,960,934 
         

Commitments and contingencies

          
         

Stockholders' Equity:

        

Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding

  -   - 

Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: September 30, 2024 - 4,313,940 December 31, 2023 - 4,298,773

  -   - 

Additional paid-in capital

  69,916   69,555 

Accumulated other comprehensive loss

  (48,241)  (51,613)

Retained earnings

  137,880   129,403 
         

Total stockholders' equity

  159,555   147,345 
         

Total liabilities and stockholders' equity

 $2,074,662  $2,108,279 
 

See accompanying notes to consolidated financial statements.

 

1
 

 

 

Finward Bancorp

Consolidated Statements of Income

(unaudited)

 

(Dollars in thousands, except per share data)

  

Quarter Ended September 30,

    

Nine Months Ended September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Interest income:

                                

Loans receivable

   $ 19,660     $ 19,161     $ 57,713     $ 55,481  

Securities

     2,138       2,246       6,524       6,852  

Other interest earning assets

     674       371       2,346       1,194  
                                 

Total interest income

     22,472       21,778       66,583       63,527  
                                 

Interest expense:

                                

Deposits

     8,946       7,066       26,350       17,258  

Repurchase agreements

     435       441       1,204       892  

Borrowed funds

     1,085       1,138       3,189       3,537  
                                 

Total interest expense

     10,466       8,645       30,743       21,687  
                                 

Net interest income

     12,006       13,133       35,840       41,840  

Provision for credit losses

     -       244       76       1,246  
                                 

Net interest income after provision for credit losses

     12,006       12,889       35,764       40,594  
                                 

Noninterest income:

                                

Fees and service charges

     1,463       1,374       3,873       4,517  

Wealth management operations

     731       572       2,127       1,812  

Gain on sale of loans held-for-sale, net

     338       192       810       729  

Loss on sale of securities, net

     -       -       (531 )     (48 )

Increase in cash value of bank owned life insurance

     205       193       610       573  

Gain (loss) on sale of real estate

     -       2       11,873       (13 )

Other

     130       64       154       441  
                                 

Total noninterest income

     2,867       2,397       18,916       8,011  
                                 

Noninterest expense:

                                

Compensation and benefits

     6,963       6,729       21,109       21,365  

Occupancy and equipment

     2,181       1,618       6,205       4,898  

Data processing

     1,165       1,085       3,470       3,465  

Marketing

     209       235       579       649  

Federal deposit insurance premiums

     435       474       1,333       1,511  

Professional and Outside Services

     1,251       1,077       4,064       2,858  

Technology

     602       444       1,734       1,280  

Other

     1,668       1,831       5,401       5,689  
                                 

Total noninterest expense

     14,474       13,493       43,895       41,715  
                                 

Income before income tax expense

     399       1,793       10,785       6,890  

Income tax expense (benefit)

     (207 )     (398 )     756       21  
                                 

Net income

   $ 606     $ 2,191     $ 10,029     $ 6,869  
                                 

Earnings per common share:

                                

Basic

   $ 0.14     $ 0.52     $ 2.35     $ 1.60  

Diluted

   $ 0.14     $ 0.51     $ 2.35     $ 1.60  
                                 

Dividends declared per common share

   $ 0.12     $ 0.31     $ 0.36     $ 0.93  

 

See accompanying notes to consolidated financial statements.

 

2
 

 

 

Finward Bancorp

Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

 

(Dollars in thousands)

  

Quarter Ended September 30,

    

Nine months Ended September 30,

  
   

2024

    

2023

    

2024

    

2023

  
                                 

Net income

   $ 606     $ 2,191     $ 10,029     $ 6,869  
                                 

Net change in net unrealized gains and losses on securities available-for-sale:

                                

Unrealized gain (loss) arising during the period

     13,957       (24,552 )     3,907       (19,198 )

Less: reclassification adjustment for losses included in net income

     -       -       531       48  

Net securities gain (loss) during the period

     13,957       (24,552 )     4,438       (19,150 )

Tax effect

     (3,259 )     5,889       (1,066 )     4,602  

Other comprehensive income (loss), net of tax

     10,698       (18,663 )     3,372       (14,548 )

Comprehensive income (loss) net of tax

   $ 11,304     $ (16,472 )   $ 13,401     $ (7,679 )

 

See accompanying notes to consolidated financial statements.

 

3
 

 

 

Finward Bancorp

Consolidated Statements of Changes in Stockholder's Equity

(unaudited)

 

          

Accumulated

         
      

Additional

  

Other

         
  

Common

  

Paid-in

  

Comprehensive

  

Retained

  

Total

 

(Dollars in thousands, except per share data)

 

Stock

  

Capital

  

(Loss)/Income

  

Earnings

  

Equity

 
                     

Balance at June 30, 2023

 $-  $69,384  $(60,185) $127,551  $136,750 
                     

Net income

  -   -   -   2,191   2,191 

Other comprehensive loss, net of tax

  -   -   (18,663)  -   (18,663)

Stock-based compensation expense

  -   98   -   -   98 

Cash dividends, $0.31 per share

  -   -   -   (1,333)  (1,333)
                     

Balance at September 30, 2023

 $-  $69,482  $(78,848) $128,409  $119,043 
                     

Balance at January 1, 2023

 $-  $69,032  $(64,300) $131,661  $136,393 
                     

Impact of adoption of ASU No. 2016-13

  -   -   -   (6,118)  (6,118)

Net income

  -   -   -   6,869   6,869 

Other comprehensive loss, net of tax

  -   -   (14,548)  -   (14,548)

Net surrender value of 5,684 restricted stock awards

  -   (196)  -   -   (196)

Stock-based compensation expense

  -   646   -   -   646 

Cash dividends, $0.93 per share

  -   -   -   (4,003)  (4,003)
                     

Balance at September 30, 2023

 $-  $69,482  $(78,848) $128,409  $119,043 
                     
                     

Balance at June 30, 2024

 $-  $69,778  $(58,939) $137,792  $148,631 
                     

Net income

  -   -   -   606   606 

Other comprehensive income, net of tax

  -   -   10,698   -   10,698 

Stock-based compensation expense

  -   138   -   -   138 

Cash dividends, $0.12 per share

  -   -   -   (518)  (518)
                     

Balance at September 30, 2024

 $-  $69,916  $(48,241) $137,880  $159,555 
                     

Balance at January 1, 2024

 $-  $69,555  $(51,613) $129,403  $147,345 
                     

Net income

  -   -   -   10,029   10,029 

Other comprehensive income, net of tax

  -   -   3,372   -   3,372 

Net surrender value of 3,364 restricted stock awards

  -   (82)  -   -   (82)

Stock-based compensation expense

  -   443   -   -   443 

Cash dividends, $0.36 per share

  -   -   -   (1,552)  (1,552)
                     

Balance at September 30, 2024

 $-  $69,916  $(48,241) $137,880  $159,555 

 

See accompanying notes to consolidated financial statements.

 

4
 

 

 

Finward Bancorp

Consolidated Statements of Cash Flows

(unaudited)

 

(Dollars in thousands)

  

Nine months ended September 30,

  
   

2024

    

2023

  

CASH FLOWS FROM OPERATING ACTIVITIES:

                

Net income

   $ 10,029     $ 6,869  

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

                

Origination of loans for sale

     (22,536 )     (30,374 )

Sale of loans originated for sale

     21,051       30,568  

Depreciation and amortization, net of accretion

     5,532       5,076  

Stock based compensation expense

     443       646  

Cash payments for lease liabilities

     (965 )     -  

Loss on sale of securities, net

     531       48  

Gain on sale of loans held-for-sale, net

     (744 )     (717 )

Gain on sale of real estate

     (11,873 )     -  

Gain on sale of foreclosed real estate

     (1 )     -  

Increase of cash value of bank owned life insurance

     (610 )     (573 )

Gain on derivatives

     (66 )     (12 )

Provision for credit losses

     76       1,246  

Change in:

                

Interest receivable

     603       (443 )

Interest payable

     (2,294 )     2,699  

Other assets

     3,134       (2,430 )

Accrued expenses and other liabilities

     (3,310 )     9,769  

Total adjustments

     (11,029 )     15,503  

Net cash provided by (used in) operating activities

     (1,000 )     22,372  
                 

CASH FLOWS FROM INVESTING ACTIVITIES:

                

Proceeds from maturities of certificates of deposit in other financial institutions

     -       2,456  

Proceeds from maturities and pay downs of securities available-for-sale

     9,486       10,950  

Proceeds from sales of securities available-for-sale

     14,698       476  

Purchase of securities available-for-sale

     -       (123 )

Net change in loans receivable

     3,891       (12,612 )

Purchase of premises and equipment

     (2,852 )     (784 )

Proceeds from sale of premises and equipment

     17,677       -  

Proceeds from sale of foreclosed real estate

     72       -  

Net cash provided by investing activities

     42,972       363  
                 

CASH FLOWS FROM FINANCING ACTIVITIES:

                

Change in deposits

     (64,611 )     9,020  

Proceeds from borrowed funds

     150,000       150,000  

Repayment of borrowed funds

     (145,000 )     (170,000 )

Net surrender value of restricted stock awards

     (82 )     (196 )

Change in repurchase agreements

     4,914       32,807  

Dividends paid

     (1,552 )     (4,000 )

Net cash provided by (used in) financing activities

     (56,331 )     17,631  

Net change in cash and cash equivalents

     (14,359 )     40,366  

Cash and cash equivalents at beginning of period

     86,008       31,282  

Cash and cash equivalents at end of period

   $ 71,649     $ 71,648  
                 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

                

Cash paid during the period for:

                

Interest

   $ 33,038     $ 18,987  

Income taxes

     385       335  

Noncash activities:

                

Transfers from loans to foreclosed real estate

     -       64  

Dividends declared not paid

     518       1,333  

Transfer of premises and equipment to other real estate

     -       64  

Initial recognition of ASU 2016-13

     -       8,266  

Right-of-use asset obtained in exchange for lease liability

     16,140       -  

 

See accompanying notes to consolidated financial statements.

 

5
 

 

Finward Bancorp

Notes to Condensed Consolidated Financial Statements

(unaudited)

 

 

Note 1 - Basis of Presentation

 

Organization and Description of Business

 

The consolidated financial statements include the accounts of Finward Bancorp (the “Bancorp” or “FNWD”) and Peoples Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC; NWIN Funding, Incorporated, and Columbia Development Company, LLC. The Bancorp has no other business activity other than being a holding company for the Bank and the Bancorp’s earnings are primarily dependent upon the earnings of the Bank. The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by U.S. generally accepted accounting principles for complete presentation of consolidated financial statements. In the opinion of management, the consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets of the Bancorp as of September 30, 2024, and December 31, 2023, and the consolidated statements of income, comprehensive income (loss), and changes in stockholders’ equity for the three and nine months ended September 30, 2024, and 2023, and consolidated statements of cash flows for the nine months ended September 30, 2024, and 2023. The income reported for the nine months ended September 30, 2024, is not necessarily indicative of the results to be expected for the full year.

 

The Notes to the Consolidated Financial Statements appearing in Finward Bancorp’s Annual Report on Form 10-K (2023 Annual Report), which include descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. The Consolidated Balance Sheet at December 31, 2023, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.

 
 

Note 2 - Use of Estimates

 

Preparing financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for credit losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term.

 

6
 
 
 

Note 3 – Accounting Pronouncements Recently Adopted or Issued

 

In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. This guidance is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. The Bancorp adopted ASU 2022-03 effective January 1, 2024 without material effect on its accounting and disclosures.

 

In March 2023, the FASB issued Accounting Standards (ASU) No. 2023-02 “Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting 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. This guidance is effective for public business entities for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023. The Bancorp adopted ASU 2023-02 effective January 1, 2024 without material effect on its accounting and disclosures.

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires all public entities to provide enhanced disclosures about significant segment expenses. The amendments in this ASU are to be applied retrospectively and are effective for our annual financial statements starting in fiscal 2024 and interim periods starting in fiscal 2025, with early adoption permitted. We are currently evaluating the impact of this accounting standard, but do not expect it to have a material impact on our consolidated financial statements.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid and to improve the effectiveness of income tax disclosures. This accounting standards update will be effective for us for fiscal year 2025, with early adoption permitted. We are currently evaluating the impact of this accounting standard, but do not expect it to have a material impact on our consolidated financial statements.

 

In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of FASB Accounting Standards Codification (FASB ASC) 718, Compensation—Stock Compensation. This accounting standards update will be effective for us for fiscal year 2025, with early adoption permitted. We are currently evaluating the impact of this accounting standard, but do not expect it to have a material impact on our consolidated financial statements.

 

In March 2024, the FASB issued ASU 2024-02, Codification Improvements-Amendments to Remove References to the Concepts Statements, which removes references to various FASB Concepts Statements. Note that this ASU finalizes amendments proposed in Section A of the 2019 proposed ASU, Codification Improvements, issued in November 2019. Amendments are effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of this accounting standard, but we do not expect it to have a material impact on our consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this accounting standard, but we do not expect it to have a material impact on our consolidated financial statements.

 

7
 
 
 

Note 4 - Securities

 

The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:

 

  

(Dollars in thousands)

 
      

Gross

  

Gross

  

Estimated

 
  

Cost

  

Unrealized

  

Unrealized

  

Fair

 
  

Basis

  

Gains

  

Losses

  

Value

 

September 30, 2024

                

U.S. government sponsored entities

 $8,884  $-  $(716) $8,168 

Collateralized mortgage obligations and residential mortgage-backed securities

  138,909   -   (22,362)  116,547 

Municipal securities

  263,540   -   (39,668)  223,872 

Collateralized debt obligations

  2,159   -   (719)  1,440 

Total securities available-for-sale

 $413,492  $-  $(63,465) $350,027 

 

  

(Dollars in thousands)

 
      

Gross

  

Gross

  

Estimated

 
  

Cost

  

Unrealized

  

Unrealized

  

Fair

 
  

Basis

  

Gains

  

Losses

  

Value

 

December 31, 2023

                

U.S. government sponsored entities

 $8,884  $-  $(1,001) $7,883 

Collateralized mortgage obligations and residential mortgage-backed securities

  149,410   -   (25,946)  123,464 

Municipal securities

  278,813   60   (40,203)  238,670 

Collateralized debt obligations

  2,170   -   (813)  1,357 

Total securities available-for-sale

 $439,277  $60  $(67,963) $371,374 

 

The cost basis and estimated fair value of available-for-sale debt securities at September 30, 2024, by contractual maturity, were as follows. Securities not due at a single maturity date, primarily collateralized mortgage obligations and residential mortgage-backed securities, are shown separately.

 

  

(Dollars in thousands)

 
  

Available-for-sale

 
      

Estimated

 
  

Cost

  

Fair

 

September 30, 2024

 

Basis

  

Value

 

Due in one year or less

 $250  $250 

Due from one to five years

  10,904   10,017 

Due from five to ten years

  26,534   24,185 

Due over ten years

  236,895   199,028 
         

Collateralized mortgage obligations and residential mortgage-backed securities

  138,909   116,547 

Total

 $413,492  $350,027 

 

Sales of available-for-sale securities were as follows for the quarter ended:

 

  

(Dollars in thousands)

 
  

September 30,

  

September 30,

 
  

2024

  

2023

 
         

Proceeds

 $-  $124 

Gross gains

  -   - 

Gross losses

  -   - 

 

8
 
 

Sales of available-for-sale securities were as follows for the nine months ended:

 

  

(Dollars in thousands)

 
  

September 30,

  

September 30,

 
  

2024

  

2023

 
         

Proceeds

 $14,698  $476 

Gross gains

  -   - 

Gross losses

  (531)  (48)

 

Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows:

 

  

(Dollars in thousands)

 
  

Unrealized
loss

 

Ending balance, June 30, 2023

 $(60,185)

Period change

  (18,663)

Ending balance, September 30, 2023

 $(78,848)

 

  

(Dollars in thousands)

 
  

Unrealized
gain (loss)

 

Ending balance, June 30, 2024

 $(58,939)

Current period change

  10,698 

Ending balance, September 30, 2024

 $(48,241)

 

  

(Dollars in thousands)

 
  

Unrealized
loss

 

Ending balance, December 31, 2022

 $(64,300)

Period change

  (14,548)

Ending balance, September 30, 2023

 $(78,848)

 

  

(Dollars in thousands)

 
  

Unrealized
gain (loss)

 

Ending balance, December 31, 2023

 $(51,613)

Current period change

  3,372 

Ending balance, September 30, 2024

 $(48,241)

 

Securities with market values of approximately $342.3 million and $324.1 million were pledged as of September 30, 2024 and December 31, 2023, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law.

 

9
 
 

Securities with unrealized losses at September 30, 2024, and December 31, 2023 not recognized in income are as follows:

 

  

(Dollars in thousands)