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Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023, are as follows:

		(In Thousands)
		June 30, 2024
		Amortized				Gross Unrealized				Gross Unrealized				Fair
		Cost				Gains				Losses				Value
Available-for-Sale:
U.S. Treasury		$	81,698			$	-			$	(6,584	)		$	75,114
U.S. Government agencies			140,895				-				(12,324	)			128,571
Mortgage-backed securities			108,741				23				(12,054	)			96,710
State and local governments			70,064				30				(5,280	)			64,814
Total available-for-sale securities		$	401,398			$	53			$	(36,242	)		$	365,209

		(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 June 30, 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)
		June 30, 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		$	(4	)		$	562			$	(6,580	)		$	74,552			$	(6,584	)		$	75,114
U.S. Government agencies			-				-				(12,324	)			128,571				(12,324	)			128,571
Mortgage-backed securities			(132	)			15,445				(11,922	)			72,400				(12,054	)			87,845
State and local governments			(65	)			3,569				(5,215	)			57,503				(5,280	)			61,072
Total available-for-sale securities		$	(201	)		$	19,576			$	(36,041	)		$	333,026			$	(36,242	)		$	352,602

		(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 and six months ended June 30, 2024 and June 30, 2023.

		(In Thousands)								(In Thousands)
		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 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 June 30, 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		$	25,829			$	25,207
After one year through five years			242,533				221,088
After five years through ten years			22,888				20,801
After ten years			1,407				1,403
Total		$	292,657			$	268,499
Mortgage-backed securities			108,741				96,710
Total		$	401,398			$	365,209

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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