Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The amortized cost, gross unrealized gains and losses, and fair values of available-for-sale and held-to-maturity debt securities by type follows as of December 31,:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
2022
Available-for-sale:
U.S. treasury	$	62,010	$	—	$	(5,361)	$	56,649
U.S. agency	2,881		—		(47)		2,834
Obligations of states and political subdivisions	29,897		—		(4,998)		24,899
Mortgage backed - residential	129,955		6		(13,826)		116,135
Collateralized mortgage obligations	225,559		—		(21,294)		204,265
Mortgage backed - commercial	130,997		—		(13,661)		117,336
Other debt	16,774		—		(1,919)		14,855
Total available-for-sale	$	598,073	$	6	$	(61,106)	$	536,973
Held-to-maturity:


Obligations of states and political subdivisions	$	25,378	$	5	$	(4,891)	$	20,492
Mortgage backed - residential	8,705		4		(511)		8,198
Collateralized mortgage obligations	4,818		—		(290)		4,528


Total held-to-maturity	$	38,901	$	9	$	(5,692)	$	33,218
2021
Available-for-sale:
U.S. treasury	35,400		—		(215)		35,185
U.S. agency	$	6,019	$	—	$	(100)	$	5,919
Obligations of states and political subdivisions	3,979		—		(190)		3,789
Mortgage backed - residential	138,297		2,018		(1,638)		138,677
Collateralized mortgage obligations	236,282		1,441		(1,939)		235,784
Mortgage backed - commercial	150,322		3,424		(599)		153,147

Total available-for-sale	$	570,299	$	6,883	$	(4,681)	$	572,501
Held-to-maturity:


Obligations of states and political subdivisions	716		25		—		741
Mortgage backed - residential	10,750		390		—		11,140
Collateralized mortgage obligations	6,541		177		—		6,718


Total held-to-maturity	$	18,007	$	592	$	—	$	18,599

As of December 31, 2022 and 2021, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

Certain debt securities that have gross unrealized losses and have been in a continuous unrealized loss position for more than one year follows as of December 31,:


	Less than 12 months				12 months or longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Number of Securities
2022
Available-for-sale:
U.S. treasury	$	25,702	$	(967)	$	30,947	$	(4,394)	$	56,649	$	(5,361)	10
U.S. agency	—		—		2,834		(47)		2,834		(47)		7
Obligations of states and political subdivisions	21,676		(3,784)		2,753		(1,214)		24,429		(4,998)		18
Mortgage backed - residential	51,921		(2,939)		63,691		(10,887)		115,612		(13,826)		87
Collateralized mortgage obligations	111,360		(4,631)		92,905		(16,663)		204,265		(21,294)		66
Mortgage backed - commercial	70,710		(6,475)		46,626		(7,186)		117,336		(13,661)		22
Other debt	14,855		(1,919)		—		—		14,855		(1,919)		9
Total available-for-sale	$	296,224	$	(20,715)	$	239,756	$	(40,391)	$	535,980	$	(61,106)	219
Held-to-maturity:


Obligations of states and political subdivisions	$	20,153	$	(4,891)	$	—	$	—	$	20,153	$	(4,891)	8
Mortgage backed - residential	7,993		(511)		—		—		7,993		(511)		10
Collateralized mortgage obligations	4,127		(275)		401		(15)		4,528		(290)		5


Total held-to-maturity	$	32,273	$	(5,677)	$	401	$	(15)	$	32,674	$	(5,692)	23


	Less than 12 months				12 months or longer				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Number of Securities
2021
Available-for-sale:
U.S. treasury	$	35,185	$	(215)	$	—	$	—	$	35,185	$	(215)	4
U.S. agency	—		—		5,919		(100)		5,919		(100)		7
Obligations of states and political subdivisions	3,232		(190)		—		—		3,232		(190)		2
Mortgage backed - residential	51,616		(530)		25,246		(1,108)		76,862		(1,638)		17
Collateralized mortgage obligations	115,877		(1,938)		193		(1)		116,070		(1,939)		16
Mortgage backed - commercial	32,872		(581)		24,170		(18)		57,042		(599)		5

Total available-for-sale	$	238,782	$	(3,454)	$	55,528	$	(1,227)	$	294,310	$	(4,681)	51

There were no held-to-maturity securities in an unrealized loss position as of December 31, 2021.

Estimated fair value is less than amortized cost primarily because of general economic conditions unrelated to the specific issuer. At December 31, 2022 and 2021, management does not believe these securities are other than temporarily impaired for the following reasons: no significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the issuer; no significant adverse change in the regulatory, economic, or technological environment of the

issuer; and no significant adverse change in the general market condition of either the geographic area or the industry in which the issuer operates. Management has the ability and intends to hold these securities and it is likely that management will not be required to sell the securities prior to maturity or until such time as the full amount of investment principal will be returned.

The amortized cost and fair value of our debt securities by contractual maturity as of December 31, 2022 are summarized in the following table. Maturities are based on the final contractual payment dates and do not reflect the impact of prepayments or earlier redemptions that may occur.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due within 1 year	$	3,528	$	3,452
Due after 1 year through 5 years	44,335		42,615
Due after 5 years through 10 years	172,918		154,260
Due after 10 years	377,292		336,646
Total available-for-sale	$	598,073	$	536,973
Held-to-maturity:

Due after 1 year through 5 years	$	1,154	$	1,117
Due after 5 years through 10 years	822		800
Due after 10 years	36,925		31,301
Total held-to-maturity	$	38,901	$	33,218

Securities with a carrying value of $428,721 and $465,665 were pledged to secure public deposits, securities sold under agreements to repurchase and borrowed funds at December 31, 2022 and 2021, respectively.

The proceeds from sales and calls of securities for the year ended December 31, 2022 was $81,016. For the year ended December 31, 2022 there were no gross investment gains or losses resulting from the sale of securities. There were no proceeds from sales and calls of securities for the year ended December 31, 2021. For the year ended December 31, 2020, we recognized gross investment gains of $446 and gross investment losses of $293, resulting from the sale of securities.