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Securities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, are as follows:

		(In Thousands)
		March 31, 2024
		Amortized				Gross Unrealized				Gross Unrealized				Fair
		Cost				Gains				Losses				Value
Available-for-Sale:
U.S. Treasury		$	81,842			$	-			$	(7,149	)		$	74,693
U.S. Government agencies			140,928				-				(13,190	)			127,738
Mortgage-backed securities			91,485				-				(13,081	)			78,404
State and local governments			71,981				87				(5,387	)			66,681
Total available-for-sale securities		$	386,236			$	87			$	(38,807	)		$	347,516

		(In Thousands)
		December 31, 2023
		Amortized				Gross Unrealized				Gross Unrealized				Fair
		Cost				Gains				Losses				Value
Available-for-Sale:
U.S. Treasury		$	87,182			$	1			$	(6,913	)		$	80,270
U.S. Government agencies			140,960				-				(12,738	)			128,222
Mortgage-backed securities			94,061				-				(11,929	)			82,132
State and local governments			73,000				135				(5,281	)			67,854
Total available-for-sale securities		$	395,203			$	136			$	(36,861	)		$	358,478

Gross Unrealized Losses, Aggregated by Investment Category and Length of Time

Information pertaining to securities with gross unrealized losses at March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:

		(In Thousands)
		March 31, 2024
		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		$	(3	)		$	561			$	(7,146	)		$	74,132			$	(7,149	)		$	74,693
U.S. Government agencies			-				-				(13,190	)			127,738				(13,190	)			127,738
Mortgage-backed securities			(33	)			4,321				(13,048	)			74,083				(13,081	)			78,404
State and local governments			(38	)			1,245				(5,349	)			59,278				(5,387	)			60,523
Total available-for-sale securities		$	(74	)		$	6,127			$	(38,733	)		$	335,231			$	(38,807	)		$	341,358

		(In Thousands)
		December 31, 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		$	(4	)		$	494			$	(6,909	)		$	79,528			$	(6,913	)		$	80,022
U.S. Government agencies			-				-				(12,738	)			128,222				(12,738	)			128,222
Mortgage-backed securities			(20	)			4,372				(11,909	)			77,759				(11,929	)			82,131
State and local governments			(2	)			931				(5,279	)			60,402				(5,281	)			61,333
Total available-for-sale securities		$	(26	)		$	5,797			$	(36,835	)		$	345,911			$	(36,861	)		$	351,708

Gross Realized Gains and Losses

Below are the gross realized gains and losses for the three months ended March 31, 2024 and March 31, 2023.

		(In Thousands)
		Three Months Ended
		March 31, 2024				March 31, 2023
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 March 31, 2024, 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		$	21,574			$	20,988
After one year through five years			241,580				219,441
After five years through ten years			29,212				26,279
After ten years			2,385				2,404
Total		$	294,751			$	269,112
Mortgage-backed securities			91,485				78,404
Total		$	386,236			$	347,516

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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