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Securities | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Securities | NOTE 3 - SECURITIES The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 71,418 |  |  | $ | 315 |  |  | $ | (4,075 | ) |  | $ | 67,658 |
Obligations of states and political subdivisions |  |  | 359,452 |  |  |  | 2,725 |  |  |  | (23,578 | ) |  |  | 338,599 |
Mortgage-back securities in government sponsored entities |  |  | 242,022 |  |  |  | 19 |  |  |  | (30,026 | ) |  |  | 212,015 |
Total debt securities |  | $ | 672,892 |  |  | $ | 3,059 |  |  | $ | (57,679 | ) |  | $ | 618,272 |
NOTE 3 – SECURITIES (Continued)
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
2022 |  |  |  |  |  |  |  |  |  |  |  |
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-back 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 year end 2023 by contractual maturity were as follows. 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 |  | $ | 2,652 |  |  | $ | 2,652 |
Due from one to five years |  |  | 78,395 |  |  |  | 73,198 |
Due from five to ten years |  |  | 38,867 |  |  |  | 37,397 |
Due after ten years |  |  | 310,956 |  |  |  | 293,010 |
Mortgage-backed securities in government sponsored entities |  |  | 242,022 |  |  |  | 212,015 |
Total securities available for sale |  | $ | 672,892 |  |  | $ | 618,272 |
Securities with a carrying value of $211,616 and $218,344 were pledged as of December 31, 2023 and 2022, respectively, to secure public deposits, other deposits and liabilities as required or permitted by law. Proceeds from sales of securities, gross realized gains and gross realized losses were as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Sale proceeds |  | $ | — |  |  | $ | 57,332 |  |  | $ | 1,810 |
Gross realized gains |  |  | — |  |  |  | — |  |  |  | 1,785 |
Gross realized losses |  |  | — |  |  |  | — |  |  |  | — |
Gains from securities called or settled by the issuer |  |  | — |  |  |  | 10 |  |  |  | 1 |
Debt securities with unrealized losses at year end 2023 and 2022 not recognized in income were as follows:
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 |  | $ | 224 |  |  | $ | (1 | ) |  | $ | 56,760 |  |  | $ | (4,074 | ) |  | $ | 56,984 |  |  | $ | (4,075 | )
Obligations of states and political subdivisions |  |  | 19,168 |  |  |  | (78 | ) |  |  | 162,291 |  |  |  | (23,500 | ) |  |  | 181,459 |  |  |  | (23,578 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 20,112 |  |  |  | (522 | ) |  |  | 189,319 |  |  |  | (29,504 | ) |  |  | 209,431 |  |  |  | (30,026 | )
Total temporarily impaired |  | $ | 39,504 |  |  | $ | (601 | ) |  | $ | 408,370 |  |  | $ | (57,078 | ) |  | $ | 447,874 |  |  | $ | (57,679 | )
NOTE 3 – SECURITIES (Continued)
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 | )
For AFS securities in an unrealized loss position, we first assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. AFS securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has assessed each available for sale security position for credit impairment. Factors considered in determining whether a loss is temporary include: • The length of time and the extent to which fair value has been below cost; • The severity of impairment; • The cause of the impairment and the financial condition and near-term prospects of the issuer; • If the Company intends to sell the investment; • If it’s more-likely-than-not the Company will be required to sell the investment before recovering its amortized cost basis; and • If the Company does not expect to recover the investment’s entire amortized cost basis (even if the Company does not intend to sell the investment). The Company’s review for impairment generally entails: • Identification and evaluation of investments that have indications of impairment; • Analysis of individual investments that have fair values less than amortized cost, including consideration of length of time each investment has been in unrealized loss position and the expected recovery period; • Evaluation of factors or triggers that could cause individual investments to qualify as having other-than-temporary impairment; and • Documentation of these analyses, as required by policy. At December 31, 2023, the Company owned 394 securities that were considered temporarily impaired. The unrealized losses on these securities have not been recognized into income because the issuers’ bonds are of high NOTE 3 – SECURITIES (Continued) 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 changes in market interest rates. The Company also considers sector specific credit rating changes in its analysis. 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 at year-end 2023 and 2022, and the portion of unrealized gains and losses for the period that relates to equity investments held at year-end 2023 and 2022:
|  | 2023 |  |  | 2022 |
Net gains (losses) recognized on equity securities during the year |  | $ | (21 | ) |  | $ | 118 |
Less: Net gains realized on the sale of equity securities during the period |  |  | — |  |  |  | — |
Unrealized gains (losses) recognized in equity securities held at December 31 |  | $ | (21 | ) |  | $ | 118 |

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