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Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023, are as follows:

 

 

 

(In Thousands)

 

 

 

September 30, 2024

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Gross Unrealized

 

 

Fair

 

 

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Available-for-Sale:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

$

109,394

 

 

$

170

 

 

$

(4,431

)

 

$

105,133

 

U.S. Government agencies

 

 

144,675

 

 

 

57

 

 

 

(8,372

)

 

 

136,360

 

Mortgage-backed securities

 

 

105,479

 

 

 

297

 

 

 

(9,083

)

 

 

96,693

 

State and local governments

 

 

69,858

 

 

 

122

 

 

 

(3,285

)

 

 

66,695

 

Total available-for-sale securities

 

$

429,406

 

 

$

646

 

 

$

(25,171

)

 

$

404,881

 

 

 

 

 

(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 September 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)

 

 

 

September 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

 

$

(1

)

 

$

248

 

 

$

(4,430

)

 

$

72,558

 

 

$

(4,431

)

 

$

72,806

 

U.S. Government agencies

 

 

-

 

 

 

-

 

 

 

(8,372

)

 

 

132,490

 

 

 

(8,372

)

 

 

132,490

 

Mortgage-backed securities

 

 

-

 

 

 

-

 

 

 

(9,083

)

 

 

72,452

 

 

 

(9,083

)

 

 

72,452

 

State and local governments

 

 

(6

)

 

 

1,902

 

 

 

(3,279

)

 

 

54,966

 

 

 

(3,285

)

 

 

56,868

 

Total available-for-sale securities

 

$

(7

)

 

$

2,150

 

 

$

(25,164

)

 

$

332,466

 

 

$

(25,171

)

 

$

334,616

 

 

 

 

 

(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 nine months ended September 30, 2024 and September 30, 2023.

 

 

 

(In Thousands)

 

 

(In Thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

September 30, 2024

 

 

September 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 September 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

 

$

46,191

 

 

$

45,568

 

After one year through five years

 

 

255,064

 

 

 

241,067

 

After five years through ten years

 

 

21,268

 

 

 

20,144

 

After ten years

 

 

1,404

 

 

 

1,409

 

Total

 

$

323,927

 

 

$

308,188

 

Mortgage-backed securities

 

 

105,479

 

 

 

96,693

 

Total

 

$

429,406

 

 

$

404,881