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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at March 31, 2023 and December 31, 2022 were as follows (in thousands):

March 31, 2023
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
For
Credit Losses
    
Fair
Value
  
Available-for-sale securities:
                              
U.S. agency securities
  
$
77,060
    
$
-
    
$
(6,211
)
   $
 -    
$
70,849
  
U.S. treasury securities
    
162,300
      
-
      
(10,590
)
     -      
151,710
  
Obligations of state and political subdivisions
    
120,128
      
66
      
(8,656
)
     -      
111,538
  
Corporate obligations
    
10,324
      
-
      
(972
)
     -      
9,352
  
Mortgage-backed securities in government sponsored entities
    
112,112
      
12
      
(12,158
)
     -      
99,966
  
Total available-for-sale securities
  
$
481,924
    
$
78
    
$
(38,587
)
   $
-    
$
443,415
  
                                         
December 31, 2022
                                        
Available-for-sale securities:
                                        
U.S. agency securities
  
$
78,556
    
$
-
    
$
(7,879
)
   $
-    
$
70,677
  
U.S. treasury securities
    
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
  
Unrealized Losses and Fair Value of Investments

The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2023 and December 31, 2022 (in thousands). As of March 31, 2023, the Company owned 340 securities whose fair value was less than their cost basis.

March 31, 2023
  
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
 
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
23,681
    
$
(388
)
  
$
47,167
    
$
(5,823
)
  
$
70,848
    
$
(6,211
)
U.S. treasury securities
    
4,503
      
(112
)
    
147,207
      
(10,478
)
    
151,710
      
(10,590
)
Obligations of state and political subdivisions
    
11,731
      
(189
)
    
87,625
      
(8,467
)
    
99,356
      
(8,656
)
Corporate obligations
    
1,241
      
(9
)
    
8,111
      
(963
)
    
9,352
      
(972
)
Mortgage-backed securities in government sponsored entities
    
11,008
      
(203
)
    
86,241
      
(11,955
)
    
97,249
      
(12,158
)
Total securities
  
$
52,164
    
$
(901
)
  
$
376,351
    
$
(37,686
)
  
$
428,515
    
$
(38,587
)
                                                 
December 31, 2022
                                                
U.S. agency securities
  
$
39,729
    
$
(1,892
)
  
$
30,948
    
$
(5,987
)
  
$
70,677
    
$
(7,879
)
U.S. treasury securities
    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
)
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 the three month periods ended March 31, 2023 and 2022, and the portion of unrealized gains for the period that relates to equity investments held at March 31, 2023 and 2022 (in thousands):
 
Three Months Ended
March 31,
  
Equity securities
    
2023
      
2022
  
Net losses recognized in equity securities during the period
  
$
(218
)
  
$
(45
)
Less: Net gains realized on the sale of equity securities during the period
    
5
      
-
  
Net unrealized losses
  
$
(223
)
  
$
(45
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Actual maturities may 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 March 31, 2023, by contractual maturity, are shown below (in thousands):

 
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
33,318
    
$
32,672
  
Due after one year through five years
    
186,057
      
174,441
  
Due after five years through ten years
    
99,003
      
90,031
  
Due after ten years
    
163,546
      
146,271
  
Total
  
$
481,924
    
$
443,415