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Securities (Tables)
 6 Months Ended
Jun. 30, 2024
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, 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

 
Fair Value of Securities by Contractual Maturity

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

 
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, 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

)
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, 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

)