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Securities | 6 Months Ended
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Jun. 30, 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:
June 30, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
U.S. Treasury securities and obligations of U.S. government agencies |  | $ | 72,126 |  |  | $ | 503 |  |  | $ | (4,222 | ) |  | $ | 68,407 |
Obligations of states and political subdivisions |  |  | 357,924 |  |  |  | 707 |  |  |  | (27,878 | ) |  |  | 330,753 |
Mortgage-backed securities in government sponsored entities |  |  | 242,946 |  |  |  | 53 |  |  |  | (32,394 | ) |  |  | 210,605 |
Total debt securities |  | $ | 672,996 |  |  | $ | 1,263 |  |  | $ | (64,494 | ) |  | $ | 609,765 |
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 June 30, 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 |  | $ | 6,397 |  |  | $ | 6,364 |
Due after one year through five years |  |  | 81,415 |  |  |  | 75,493 |
Due after five years through ten years |  |  | 47,886 |  |  |  | 46,479 |
Due after ten years |  |  | 294,352 |  |  |  | 270,824 |
Mortgage-backed securities |  |  | 242,946 |  |  |  | 210,605 |
Total securities available-for-sale |  | $ | 672,996 |  |  | $ | 609,765 |
There were no proceeds from sales of securities available-for-sale, gross realized gains or gross realized losses as of June 30, 2024 or June 30, 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 $210,834 and $211,616 as of June 30, 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 June 30, 2024 and December 31, 2023:
June 30, 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 |  | $ | 2,980 |  |  | $ | 8 |  |  | $ | 56,087 |  |  | $ | 4,214 |  |  | $ | 59,067 |  |  | $ | 4,222 |
Obligations of states and political subdivisions |  |  | 93,938 |  |  |  | 908 |  |  |  | 173,801 |  |  |  | 26,970 |  |  |  | 267,739 |  |  |  | 27,878 |
Mortgage-backed securities in gov’t sponsored entities |  |  | 325 |  |  |  | 3 |  |  |  | 198,342 |  |  |  | 32,391 |  |  |  | 198,667 |  |  |  | 32,394 |
Total temporarily impaired |  | $ | 97,243 |  |  | $ | 919 |  |  | $ | 428,230 |  |  | $ | 63,575 |  |  | $ | 525,473 |  |  | $ | 64,494 |
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 June 30, 2024, there were a tot al of 508 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- and six-months ended June 30, 2024 and 2023 and the portion of unrealized gains and losses for the period that relates to equity investments held at June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net gains (losses) recognized on equity securities during the period |  | $ | 74 |  |  | $ | (170 | ) |  | $ | (67 | ) |  | $ | (238 | )
Less: Net gains (losses) realized on the sale of equity securities during the period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Unrealized gains (losses) recognized on equity securities held at reporting date |  | $ | 74 |  |  | $ | (170 | ) |  | $ | (67 | ) |  | $ | (238 | )

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