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Securities | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities | (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:
March 31, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 72,013 |  |  | $ | 467 |  |  | $ | (4,438 | ) |  | $ | 68,042 |
Obligations of states and political subdivisions |  |  | 358,809 |  |  |  | 1,294 |  |  |  | (26,652 | ) |  |  | 333,451 |
Mortgage-backed securities in government sponsored entities |  |  | 237,942 |  |  |  | 14 |  |  |  | (33,200 | ) |  |  | 204,756 |
Total debt securities |  | $ | 668,764 |  |  | $ | 1,775 |  |  | $ | (64,290 | ) |  | $ | 606,249 |
December 31, 2023 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
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-backed securities in government sponsored entities |  |  | 242,022 |  |  |  | 19 |  |  |  | (30,026 | ) |  |  | 212,015 |
Total debt securities |  | $ | 672,892 |  |  | $ | 3,059 |  |  | $ | (57,679 | ) |  | $ | 618,272 |
The amortized cost and fair value of securities at March 31, 2024, 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 |  | $ | 5,279 |  |  | $ | 5,246 |
Due after one year through five years |  |  | 82,371 |  |  |  | 76,227 |
Due after five years through ten years |  |  | 44,592 |  |  |  | 43,602 |
Due after ten years |  |  | 298,580 |  |  |  | 276,418 |
Mortgage-backed securities |  |  | 237,942 |  |  |  | 204,756 |
Total securities available-for-sale |  | $ | 668,764 |  |  | $ | 606,249 |
There were no proceeds from sales of securities available-for-sale, gross unrealized gains or gross realized losses as of March 31, 2024 or March 31, 2023. Securities are pledged by the Company from time to time to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $203,714 and $211,616 as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023:
March 31, 2024 |  | 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 |  | $ | 2,102 |  |  | $ | (5 | ) |  | $ | 56,010 |  |  | $ | (4,433 | ) |  | $ | 58,112 |  |  | $ | (4,438 | )
Obligations of states and political subdivisions |  |  | 48,073 |  |  |  | (323 | ) |  |  | 171,551 |  |  |  | (26,329 | ) |  |  | 219,624 |  |  |  | (26,652 | )
Mortgage-backed securities in gov’t sponsored entities |  |  | 746 |  |  |  | (12 | ) |  |  | 201,675 |  |  |  | (33,188 | ) |  |  | 202,421 |  |  |  | (33,200 | )
Total temporarily impaired |  | $ | 50,921 |  |  | $ | (340 | ) |  | $ | 429,236 |  |  | $ | (63,950 | ) |  | $ | 480,157 |  |  | $ | (64,290 | )
December 31, 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 | )
At March 31, 2024, there were a tot al of 446 securities in t he 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 months ended March 31, 2024 and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2024 and 2023:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Net losses recognized on equity securities during the period |  | $ | (141 | ) |  | $ | (68 | )
Less: Net losses realized on the sale of equity securities during the period |  |  | — |  |  |  | — |
Unrealized losses recognized on equity securities held at reporting date |  | $ | (141 | ) |  | $ | (68 | )

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