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Securities (Tables)

12 Months Ended

Dec. 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, 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

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

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

Gross Realized Losses

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	)		$	-

Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity

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

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
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-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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Tabular disclosure of realized gains and losses on investments reported in the statement of income.

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