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Investments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2023 and December 31, 2022 were as follows (in thousands):

June 30, 2023
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
 Losses
    
Fair
Value
  
Available-for-sale securities:
                        
  U.S. agency securities
  
$
74,064
    
$
-
    
$
(7,197
)
  
$
66,867
  
  U.S. treasury securities
    
162,365
      
-
      
(12,574
)
    
149,791
  
  Obligations of state and political subdivisions
    
109,365
      
7
      
(8,929
)
    
100,443
  
  Corporate obligations
    
13,363
      
260
      
(1,416
)
    
12,207
  
  Mortgage-backed securities in government sponsored entities
    
119,612
      
10
      
(14,615
)
    
105,007
  
Total available-for-sale securities
  
$
478,769
    
$
277
    
$
(44,731
)
  
$
434,315
  

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 June 30, 2023 and December 31, 2022 (in thousands). As of June 30, 2023, the Company owned 348 securities whose fair value was less than their cost basis.

June 30, 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
  
$
4,631
    
$
(120
)
  
$
62,236
    
$
(7,077
)
  
$
66,867
    
$
(7,197
)
U.S. treasury securities
    
-
      
-
   
149,791
      
(12,574
)
    
149,791
      
(12,574
)
Obligations of state and  political subdivisions
    
6,423
      
(108
)
    
89,377
      
(8,821
)
    
95,800
      
(8,929
)
Corporate obligations
    
800
      
(200
)
    
8,097
      
(1,216
)
    
8,897
      
(1,416
)
Mortgage-backed securities in government sponsored entities
    
18,718
      
(377
)
    
83,665
      
(14,238
)
    
102,383
      
(14,615
)
Total securities
  
$
30,572
    
$
(805
)
  
$
393,166
    
$
(43,926
)
  
$
423,738
    
$
(44,731
)

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
)
Gross Gains and Losses on Available-for-sale Securities

The gross gains and losses were as follows (in thousands):


 
Three Months Ended
  
Six Months Ended
  
 
June 30,
  
June 30,
  
 
2023
  
2022
  
2023
  
2022
  
Gross gains on available for sale securities
  
$
38
    
$
-
    
$
38
    
$
-
  
Gross losses on available for sale securities
    
(89
)
    
-
      
(89
)
    
-
  
Net losses
  
$
(51
)
  
$
-
    
$
(51
)
  
$
-
  
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 and six month periods ended June 30, 2023 and 2022, and the portion of unrealized gains for the period that relates to equity investments held at June 30, 2023 and 2022 (in thousands):

 
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
Equity securities
  
2023
    
2022
    
2023
    
2022
  
Net losses recognized in equity securities during the period
  
$
(74
)
  
$
(134
)
  
$
(292
)
  
$
(179
)
Less: Net gains realized on the sale of equity securities during the period
    
-
      
-
      
5
      
-
  
Net unrealized losses
  
$
(74
)
  
$
(134
)
  
$
(297
)
  
$
(179
)
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 June 30, 2023, by contractual maturity, are shown below (in thousands):

 
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
36,851
    
$
36,117
  
Due after one year through five years
    
180,628
      
165,964
  
Due after five years through ten years
    
100,654
      
90,278
  
Due after ten years
    
160,636
      
141,956
  
Total
  
$
478,769
    
$
434,315