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Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses | The amortized cost and fair value of securities, with gross unrealized gains and losses at September 30, 2023 and December 31, 2022, are as follows:
|  | (In Thousands) |
|  | September 30, 2023 |
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 91,356 |  |  | $ | - |  |  | $ | (9,378 | ) |  | $ | 81,978 |
U.S. Government agencies |  |  | 140,993 |  |  |  | - |  |  |  | (17,231 | ) |  |  | 123,762 |
Mortgage-backed securities |  |  | 92,356 |  |  |  | - |  |  |  | (15,876 | ) |  |  | 76,480 |
State and local governments |  |  | 73,536 |  |  |  | 3 |  |  |  | (7,504 | ) |  |  | 66,035 |
Total available-for-sale securities |  | $ | 398,241 |  |  | $ | 3 |  |  | $ | (49,989 | ) |  | $ | 348,255 |
|  | (In Thousands) |
|  | December 31, 2022 |
|  | Amortized |  |  | Gross Unrealized |  |  | Gross Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 104,507 |  |  | $ | - |  |  | $ | (9,829 | ) |  | $ | 94,678 |
U.S. Government agencies |  |  | 156,817 |  |  |  | - |  |  |  | (17,050 | ) |  |  | 139,767 |
Mortgage-backed securities |  |  | 101,068 |  |  |  | - |  |  |  | (14,141 | ) |  |  | 86,927 |
State and local governments |  |  | 76,794 |  |  |  | 69 |  |  |  | (7,446 | ) |  |  | 69,417 |
Total available-for-sale securities |  | $ | 439,186 |  |  | $ | 69 |  |  | $ | (48,466 | ) |  | $ | 390,789 |
Gross Unrealized Losses, Aggregated by Investment Category and Length of Time | Information pertaining to securities with gross unrealized losses at September 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:
|  | (In Thousands) |
|  | September 30, 2023 |
|  | Less Than Twelve Months |  |  | Twelve Months & Over |  |  | Total |
|  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |
|  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |
U.S. Treasury |  | $ | - |  |  | $ | - |  |  | $ | (9,378 | ) |  | $ | 81,978 |  |  | $ | (9,378 | ) |  | $ | 81,978 |
U.S. Government agencies |  |  | - |  |  |  | - |  |  |  | (17,231 | ) |  |  | 123,762 |  |  |  | (17,231 | ) |  |  | 123,762 |
Mortgage-backed securities |  |  | - |  |  |  | - |  |  |  | (15,876 | ) |  |  | 76,480 |  |  |  | (15,876 | ) |  |  | 76,480 |
State and local governments |  |  | (148 | ) |  |  | 5,677 |  |  |  | (7,356 | ) |  |  | 59,105 |  |  |  | (7,504 | ) |  |  | 64,782 |
Total available-for-sale securities |  | $ | (148 | ) |  | $ | 5,677 |  |  | $ | (49,841 | ) |  | $ | 341,325 |  |  | $ | (49,989 | ) |  | $ | 347,002 |
|  | (In Thousands) |
|  | December 31, 2022 |
|  | Less Than Twelve Months |  |  | Twelve Months & Over |  |  | Total |
|  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |  |  | Gross Unrealized |  |  | Fair |
|  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |
U.S. Treasury |  | $ | (207 | ) |  | $ | 9,121 |  |  | $ | (9,622 | ) |  | $ | 85,557 |  |  | $ | (9,829 | ) |  | $ | 94,678 |
U.S. Government agencies |  |  | (1,081 | ) |  |  | 24,560 |  |  |  | (15,969 | ) |  |  | 114,906 |  |  |  | (17,050 | ) |  |  | 139,466 |
Mortgage-backed securities |  |  | (2,454 | ) |  |  | 26,905 |  |  |  | (11,687 | ) |  |  | 60,022 |  |  |  | (14,141 | ) |  |  | 86,927 |
State and local governments |  |  | (3,223 | ) |  |  | 38,771 |  |  |  | (4,223 | ) |  |  | 25,610 |  |  |  | (7,446 | ) |  |  | 64,381 |
Total available-for-sale securities |  | $ | (6,965 | ) |  | $ | 99,357 |  |  | $ | (41,501 | ) |  | $ | 286,095 |  |  | $ | (48,466 | ) |  | $ | 385,452 |
Gross Realized Gains and Losses | Below are the gross realized gains and losses for the three and nine months ended September 30, 2023 and September 30, 2022.
|  | Three Months |  |  | Nine Months |
|  | (In Thousands) |  |  | (In Thousands) |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Gross realized gains |  | $ | - |  |  | $ | - |  |  | $ | 12 |  |  | $ | - |
Gross realized losses |  |  | - |  |  |  | - |  |  |  | (903 | ) |  |  | - |
Net realized losses |  | $ | - |  |  | $ | - |  |  | $ | (891 | ) |  | $ | - |
Tax benefit related to net realized losses |  | $ | - |  |  | $ | - |  |  | $ | (187 | ) |  | $ | - |
Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity | The amortized cost and fair value of debt securities at September 30, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | (In Thousands) |
|  | Amortized |  |  |  |
|  | Cost |  |  | Fair Value |
One year or less |  | $ | 17,092 |  |  | $ | 16,708 |
After one year through five years |  |  | 249,459 |  |  |  | 220,779 |
After five years through ten years |  |  | 35,451 |  |  |  | 30,574 |
After ten years |  |  | 3,883 |  |  |  | 3,714 |
Total |  | $ | 305,885 |  |  | $ | 271,775 |
Mortgage-backed securities |  |  | 92,356 |  |  |  | 76,480 |
Total |  | $ | 398,241 |  |  | $ | 348,255 |

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