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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
INVESTMENT SECURITIES [Abstract] |
Amortized Cost and Fair Value of Investment Securities | The amortized cost, gross unrealized gains and losses, and fair value of investment securities at December 31, 2022 and 2021 were as follows (in thousands):
December 31, 2022 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 78,556 |  |  | $ | - |  |  | $ | (7,879 | ) |  | $ | 70,677 |
U.S. Treasuries |  |  | 162,236 |  |  |  | - |  |  |  | (13,666 | ) |  |  | 148,570 |
Obligations of state and political subdivisions |  |  | 120,562 |  |  |  | 35 |  |  |  | (10,297 | ) |  |  | 110,300 |
Corporate obligations |  |  | 10,335 |  |  |  | - |  |  |  | (952 | ) |  |  | 9,383 |
Mortgage-backed securities in government sponsored entities |  |  | 115,304 |  |  |  | 15 |  |  |  | (14,743 | ) |  |  | 100,576 |
Total available-for-sale securities |  | $ | 486,993 |  |  | $ | 50 |  |  | $ | (47,537 | ) |  | $ | 439,506 |
December 31, 2021 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 73,803 |  |  | $ | 976 |  |  | $ | (834 | ) |  | $ | 73,945 |
U.S. Treasuries |  |  | 116,743 |  |  |  | 63 |  |  |  | (1,459 | ) |  |  | 115,347 |
Obligations of state and political subdivisions |  |  | 109,367 |  |  |  | 2,706 |  |  |  | (52 | ) |  |  | 112,021 |
Corporate obligations |  |  | 10,378 |  |  |  | 39 |  |  |  | (84 | ) |  |  | 10,333 |
Mortgage-backed securities in government sponsored entities |  |  | 101,727 |  |  |  | 597 |  |  |  | (1,568 | ) |  |  | 100,756 |
Total available-for-sale securities |  | $ | 412,018 |  |  | $ | 4,381 |  |  | $ | (3,997 | ) |  | $ | 412,402 |
Unrealized Losses and Fair Value of Investments | The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 (in thousands). As of December 31, 2022, the Company owned 361 securities each of whose fair value was less than its cost basis.
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
2022 |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
U.S. agency securities |  | $ | 39,729 |  |  | $ | (1,892 | ) |  | $ | 30,948 |  |  | $ | (5,987 | ) |  | $ | 70,677 |  |  | $ | (7,879 | )
U.S. Treasuries |  |  | 32,673 |  |  |  | (1,337 | ) |  |  | 115,897 |  |  |  | (12,329 | ) |  |  | 148,570 |  |  |  | (13,666 | )
Obligations of states and political subdivisions |  |  | 66,725 |  |  |  | (4,887 | ) |  |  | 35,782 |  |  |  | (5,410 | ) |  |  | 102,507 |  |  |  | (10,297 | )
Corporate obligations |  |  | 2,165 |  |  |  | (165 | ) |  |  | 6,218 |  |  |  | (787 | ) |  |  | 8,383 |  |  |  | (952 | )
Mortgage-backed securities in government sponsored entities |  |  | 40,270 |  |  |  | (3,367 | ) |  |  | 57,319 |  |  |  | (11,376 | ) |  |  | 97,589 |  |  |  | (14,743 | )
Total securities |  | $ | 181,562 |  |  | $ | (11,648 | ) |  | $ | 246,164 |  |  | $ | (35,889 | ) |  | $ | 427,726 |  |  | $ | (47,537 | )
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 26,754 |  |  | $ | (387 | ) |  | $ | 7,542 |  |  | $ | (447 | ) |  | $ | 34,296 |  |  | $ | (834 | )
U.S. Treasuries |  |  | 106,794 |  |  |  | (1,459 | ) |  |  | - |  |  |  | - |  |  |  | 106,794 |  |  |  | (1,459 | )
Obligations of states and political subdivisions |  |  | 10,744 |  |  |  | (26 | ) |  |  | 2,899 |  |  |  | (26 | ) |  |  | 13,643 |  |  |  | (52 | )
Corporate obligations |  |  | 6,922 |  |  |  | (84 | ) |  |  | - |  |  |  | - |  |  |  | 6,922 |  |  |  | (84 | )
Mortgage-backed securities in government sponsored entities |  |  | 60,182 |  |  |  | (1,305 | ) |  |  | 7,975 |  |  |  | (263 | ) |  |  | 68,157 |  |  |  | (1,568 | )
Total securities |  | $ | 211,396 |  |  | $ | (3,261 | ) |  | $ | 18,416 |  |  | $ | (736 | ) |  | $ | 229,812 |  |  | $ | (3,997 | )
Gross Gains and Losses on Available-for-sale Securities | Proceeds from sales of securities available-for-sale during 2022, 2021 and 2020 were $7,480,000, $29,198,000 and $23,415,000, respectively. The gross losses realized during 2022 consisted of $14,000 from the sales of three agency securities. The gross gains realized during 2021 consisted of $177,000 and $125,000 from the sales of six treasury securities and three agency securities, respectively. The gross losses realized during 2021 consisted of $90,000 from the sale of one agency security. The gross gains realized during 2020 consisted of $344,000 from the sales of seventeen mortgage backed securities. The gross losses realized during 2020 consisted of $39,000 from the sale of two mortgage backed securities. Gross gains and gross losses were realized as follows on available for sale securities (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Gross gains |  | $ | - |  |  | $ | 302 |  |  | $ | 344 |
Gross losses |  |  | (14 | ) |  |  | (90 | ) |  |  | (39 | )
Net (losses) gains |  | $ | (14 | ) |  | $ | 212 |  |  | $ | 305 |
Unrealized Gains (Losses) Related to Equity Securities | The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during 2022, 2021 and 2020 and the portion of unrealized gains for the period that relates to equity investments held at December 31, 2022, 2021 and 2020 (in thousands):
Equity Securities |  | 2022 |  |  | 2021 |  |  | 2020 |
Net (losses) gains on in equity securities held during the period |  | $ | (251 | ) |  | $ | 339 |  |  | $ | (109 | )
Less: Net gains realized on the sale of equity securities during the period |  |  | 4 |  |  |  | - |  |  |  | 68 |
Net unrealized gains (losses) recognized in earnings |  | $ | (247 | ) |  | $ | 339 |  |  | $ | (41 | )
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | 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. The amortized cost and fair value of debt securities at December 31, 2022, by contractual maturity are shown below (in thousands). Municipal securities that have been refunded and will therefore pay-off on the call date are reflected in the table below utilizing the call date as the date of repayment as payment is guaranteed on that date:
Available-for-sale securities: |  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 22,327 |  |  | $ | 21,863 |
Due after one year through five years |  |  | 195,401 |  |  |  | 180,261 |
Due after five years through ten years |  |  | 103,463 |  |  |  | 92,019 |
Due after ten years |  |  | 165,802 |  |  |  | 145,363 |
Total |  | $ | 486,993 |  |  | $ | 439,506 |

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