Securities

6 Months Ended

Jun. 30, 2024

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, 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 total of 508 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, 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	)