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Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Available for Sale 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

 
Fair Value of Securities by Contractual Maturity

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

 
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category

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

)
Schedule of Net Gains and Losses on Equity Investments Recognized in Earnings and Portion of Unrealized Gains and Losses for Period that Relates to Equity Investments

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