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Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities | Note 3 – Securities The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:
|  | (In Thousands) |
|  | 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Available-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 111,397 |  |  | $ | 17 |  |  | $ | (5,415 | ) |  | $ | 105,999 |
U.S. Government agencies |  |  | 144,660 |  |  |  | - |  |  |  | (9,494 | ) |  |  | 135,166 |
Mortgage-backed securities |  |  | 133,268 |  |  |  | 17 |  |  |  | (12,654 | ) |  |  | 120,631 |
State and local governments |  |  | 69,159 |  |  |  | 28 |  |  |  | (4,427 | ) |  |  | 64,760 |
Total available-for-sale securities |  | $ | 458,484 |  |  | $ | 62 |  |  | $ | (31,990 | ) |  | $ | 426,556 |
|  | (In Thousands) |
|  | 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | 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 |
Investment securities will at times depreciate to an unrealized loss position. The Bank utilizes the following criteria to assess whether the unrealized loss requires an allowance for credit losses on investment securities. No one item by itself will necessarily signal that an allowance for credit losses on investment securities should be established. 1. The fair value of the security has significantly declined from book value. 2. A downgrade has occurred that lowered the credit rating to below investment grade (below Baa3 by Moody and BBB – by Standard and Poors.) 3. Dividends have been reduced or eliminated or scheduled interest payments have not been made. 4. Management does not possess both the intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. If the unrealized loss is determined to be the result of a credit loss, the present value of the cash flows expected to be collected is compared to the amortized cost basis. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Adjustments to the allowance are recorded in the Company's consolidated statement of income as a component of the provision for credit losses. The table below is presented by category of security and length of time in a continuous loss position. The Company did not record an allowance for credit losses on its investment securities available for sale as the unrealized losses were attributed to changes in interest rates, not credit quality. Information pertaining to securities with gross unrealized losses at December 31, 2024 and 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:
|  | 2024 |
|  | (In Thousands) |  |  | (In Thousands) |
|  | Less Than Twelve Months |  |  | Twelve Months & Over |
|  | Gross |  |  |  |  |  | Gross |  |  |  |
|  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |
|  | Losses |  |  | Value |  |  | Losses |  |  | Value |
U.S. Treasury |  | $ | (467 | ) |  | $ | 31,533 |  |  | $ | (4,948 | ) |  | $ | 62,151 |
U.S. Government agencies |  |  | - |  |  |  | - |  |  |  | (9,494 | ) |  |  | 131,335 |
Mortgage-backed securities |  |  | (668 | ) |  |  | 51,236 |  |  |  | (11,986 | ) |  |  | 66,877 |
State and local governments |  |  | (224 | ) |  |  | 8,631 |  |  |  | (4,203 | ) |  |  | 53,091 |
Total available-for-sales securities |  | $ | (1,359 | ) |  | $ | 91,400 |  |  | $ | (30,631 | ) |  | $ | 313,454 |
|  | 2023 |
|  | (In Thousands) |  |  | (In Thousands) |
|  | Less Than Twelve Months |  |  | Twelve Months & Over |
|  | Gross |  |  |  |  |  | Gross |  |  |  |
|  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |
|  | Losses |  |  | Value |  |  | Losses |  |  | Value |
U.S. Treasury |  | $ | (4 | ) |  | $ | 494 |  |  | $ | (6,909 | ) |  | $ | 79,528 |
U.S. Government agencies |  |  | - |  |  |  | - |  |  |  | (12,738 | ) |  |  | 128,222 |
Mortgage-backed securities |  |  | (20 | ) |  |  | 4,372 |  |  |  | (11,909 | ) |  |  | 77,759 |
State and local governments |  |  | (2 | ) |  |  | 931 |  |  |  | (5,279 | ) |  |  | 60,402 |
Total available-for-sales securities |  | $ | (26 | ) |  | $ | 5,797 |  |  | $ | (36,835 | ) |  | $ | 345,911 |
Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, values have only been impacted by rate changes, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date. Sales of $22.0 million in 2023 generated gross realized losses for the year ended December 31, 2023 as presented below:
|  | (In Thousands) |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Gross realized gains |  | $ | - |  |  | $ | - |  |  | $ | - |
Gross realized losses |  |  | - |  |  |  | (891 | ) |  |  | - |
Net realized losses |  | $ | - |  |  | $ | (891 | ) |  | $ | - |
Tax benefit related to net realized losses |  | $ | - |  |  | $ | (187 | ) |  | $ | - |
The net realized loss on sales and related tax benefit is a reclassification out of accumulated other comprehensive loss. The net realized loss is included in net loss on sale of securities available-for-sale and the related tax benefit is included in income taxes in the consolidated statements of income. The amortized cost and fair value of debt securities at December 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 |  | $ | 50,842 |  |  | $ | 50,047 |
After one year through five years |  |  | 256,807 |  |  |  | 239,570 |
After five years through ten years |  |  | 17,057 |  |  |  | 15,811 |
After ten years |  |  | 510 |  |  |  | 497 |
Total |  | $ | 325,216 |  |  | $ | 305,925 |
Mortgage-backed securities |  |  | 133,268 |  |  |  | 120,631 |
Total |  | $ | 458,484 |  |  | $ | 426,556 |
Investments with a carrying value and fair value of $221.9 million at December 31, 2024 and $194.1 million at December 31, 2023 were pledged to secure public deposits and securities sold under repurchase agreements. Investments with a carrying value of $29.9 million as of December 31, 2024, were pledged to the Federal Reserve's Discount Window to provide additional borrowing capacity. These investments were reallocated from the $61.7 million that were pledged to the Federal Reserve's Bank Term Funding Program (BTFP) at December 31, 2023. The BTFP was discontinued in March of 2024. The remaining investments pledged to BTFP were released.

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