Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

(3) Securities

The amortized cost and fair market value of available-for-sale securities and the related gross unrealized gains and losses recognized were as follows:


June 30, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	66,357	$	18	$	(5,231	)	$	61,144
Obligations of states and political subdivisions		358,564		922		(29,331	)		330,155
Mortgage-backed securities in government sponsored entities		256,457		11		(30,469	)		225,999
Total debt securities	$	681,378	$	951	$	(65,031	)	$	617,298


December 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	66,495	$	20	$	(5,486	)	$	61,029
Obligations of states and political subdivisions		350,104		784		(33,640	)		317,248
Mortgage-backed securities in government sponsored entities		265,752		15		(28,642	)		237,125
Total debt securities	$	682,351	$	819	$	(67,768	)	$	615,402

The amortized cost and fair value of securities at June 30, 2023, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.


Available for sale	Amortized Cost		Fair Value
Due in one year or less	$	6,174	$	6,064
Due after one year through five years		73,270		67,318
Due after five years through ten years		40,195		37,579
Due after ten years		305,282		280,338
Mortgage-backed securities		256,457		225,999
Total securities available-for-sale	$	681,378	$	617,298

At June 30, 2023 and June 30, 2022 there were no proceeds from sales of securities available-for-sale, gross realized gains and gross realized losses.

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $235,076 and $218,344 as of June 30, 2023 and December 31, 2022, respectively.

The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2023 and December 31, 2022:


June 30, 2023	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	20,331	$	(837	)	$	40,429	$	(4,394	)	$	60,760	$	(5,231	)
Obligations of states and political subdivisions		88,343		(1,003	)		153,102		(28,328	)		241,445		(29,331	)
Mortgage-backed securities in gov’t sponsored entities		88,195		(3,650	)		136,710		(26,819	)		224,905		(30,469	)
Total temporarily impaired	$	196,869	$	(5,490	)	$	330,241	$	(59,541	)	$	527,110	$	(65,031	)


December 31, 2022	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	21,042	$	(880	)	$	39,567	$	(4,606	)	$	60,609	$	(5,486	)
Obligations of states and political subdivisions		169,594		(13,016	)		73,967		(20,624	)		243,561		(33,640	)
Mortgage-backed securities in gov’t sponsored entities		111,639		(4,713	)		124,622		(23,929	)		236,261		(28,642	)
Total temporarily impaired	$	302,275	$	(18,609	)	$	238,156	$	(49,159	)	$	540,431	$	(67,768	)

At June 30, 2023, there were a total of 478 securities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.

The following table presents the net gains and losses on equity investments recognized in earnings for the three- and six-months ended June 30, 2023 and 2022 and the portion of unrealized gains and losses for the period that relates to equity investments held at June 30, 2023 and 2022:


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Net gains (losses) recognized on equity securities during the period	$	(170	)	$	39	$	(238	)	$	89
Less: Net losses realized on the sale of equity securities during the period		—			—		—			—
Unrealized gains (losses) recognized on equity securities held at reporting date	$	(170	)	$	39	$	(238	)	$	89