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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 were as follows (in thousands):
December 31, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 58,594 |  |  | $ | 6 |  |  | $ | (5,113 | ) |  | $ | - |  |  | $ | 53,487 |
U.S. Treasuries |  |  | 126,220 |  |  |  | 6 |  |  |  | (5,724 | ) |  |  | - |  |  |  | 120,502 |
Obligations of state and political subdivisions |  |  | 103,137 |  |  |  | 4 |  |  |  | (8,239 | ) |  |  | - |  |  |  | 94,902 |
Corporate obligations |  |  | 11,206 |  |  |  | 297 |  |  |  | (1,065 | ) |  |  | - |  |  |  | 10,438 |
Mortgage-backed securities in government sponsored entities |  |  | 160,380 |  |  |  | 232 |  |  |  | (14,029 | ) |  |  | - |  |  |  | 146,583 |
Total available-for-sale securities |  | $ | 459,537 |  |  | $ | 545 |  |  | $ | (34,170 | ) |  | $ | - |  |  | $ | 425,912 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | 66,569 |  |  | $ | 1 |  |  | $ | (5,799 | ) |  | $ | - |  |  | $ | 60,771 |
U.S. Treasuries |  |  | 152,485 |  |  |  | - |  |  |  | (9,197 | ) |  |  | - |  |  |  | 143,288 |
Obligations of state and political subdivisions |  |  | 107,945 |  |  |  | 32 |  |  |  | (6,190 | ) |  |  | - |  |  |  | 101,787 |
Corporate obligations |  |  | 13,394 |  |  |  | 245 |  |  |  | (1,236 | ) |  |  | - |  |  |  | 12,403 |
Mortgage-backed securities in government sponsored entities |  |  | 112,950 |  |  |  | 7 |  |  |  | (13,605 | ) |  |  | - |  |  |  | 99,352 |
Total available-for-sale securities |  | $ | 453,343 |  |  | $ | 285 |  |  | $ | (36,027 | ) |  | $ | - |  |  | $ | 417,601 |
Unrealized Losses and Fair Value of Available for-sale Securities | The following table shows the Company’s gross unrealized losses and fair value for available for sale securities, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023 (in thousands). As of December 31, 2024, the Company owned 312 securities each of whose fair value was less than its cost basis for a period twelve months or greater and five securities each of whose fair value was less than its cost basis for a period less than twelve months.
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
2024 |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
U.S. agency securities |  | $ | - |  |  | $ | - |  |  | $ | 51,470 |  |  | $ | (5,113 | ) |  | $ | 51,470 |  |  | $ | (5,113 | )
U.S. Treasuries |  |  | 5,553 |  |  |  | (11 | ) |  |  | 110,992 |  |  |  | (5,713 | ) |  |  | 116,545 |  |  |  | (5,724 | )
Obligations of states and political subdivisions |  |  | 4,186 |  |  |  | (39 | ) |  |  | 86,773 |  |  |  | (8,200 | ) |  |  | 90,959 |  |  |  | (8,239 | )
Corporate obligations |  |  | 345 |  |  |  | (33 | ) |  |  | 6,970 |  |  |  | (1,032 | ) |  |  | 7,315 |  |  |  | (1,065 | )
Mortgage-backed securities in government sponsored entities |  |  | 35,044 |  |  |  | (817 | ) |  |  | 82,425 |  |  |  | (13,212 | ) |  |  | 117,469 |  |  |  | (14,029 | )
Total securities |  | $ | 45,128 |  |  | $ | (900 | ) |  | $ | 338,630 |  |  | $ | (33,270 | ) |  | $ | 383,758 |  |  | $ | (34,170 | )
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | - |  |  | $ | - |  |  | $ | 58,753 |  |  | $ | (5,799 | ) |  | $ | 58,753 |  |  | $ | (5,799 | )
U.S. Treasuries |  |  | - |  |  |  | - |  |  |  | 143,288 |  |  |  | (9,197 | ) |  |  | 143,288 |  |  |  | (9,197 | )
Obligations of states and political subdivisions |  |  | - |  |  |  | - |  |  |  | 93,535 |  |  |  | (6,190 | ) |  |  | 93,535 |  |  |  | (6,190 | )
Corporate obligations |  |  | 1,487 |  |  |  | (265 | ) |  |  | 8,320 |  |  |  | (971 | ) |  |  | 9,807 |  |  |  | (1,236 | )
Mortgage-backed securities in government sponsored entities |  |  | 9,203 |  |  |  | (31 | ) |  |  | 88,553 |  |  |  | (13,574 | ) |  |  | 97,756 |  |  |  | (13,605 | )
Total securities |  | $ | 10,690 |  |  | $ | (296 | ) |  | $ | 392,449 |  |  | $ | (35,731 | ) |  | $ | 403,139 |  |  | $ | (36,027 | )
Gross Gains and Losses on Available-for-sale Securities | Proceeds from sales of securities available-for-sale during 2023 and 2022 were $86,504,000 and $7,480,000, respectively. There were no sales of available-for-sale during 2024. Sales for 2023 were primarily the result of selling investments obtained as part of the HVBC acquisition for no gain or loss on the day of acquisition. The gross losses realized during 2023 consisted of $89,000 from the sales of seven municipal securities. The gross gains realized during 2023 consisted of $38,000 from the sales of two municipal securities. The gross losses realized during 2022 consisted of $14,000 from the sales of three agency securities. Gross gains and gross losses were realized as follows on available for sale securities (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Gross gains |  | $ | - |  |  | $ | 38 |  |  | $ | - |
Gross losses |  |  | - |  |  |  | (89 | ) |  |  | (14 | )
Net (losses) gains |  | $ | - |  |  | $ | (51 | ) |  | $ | (14 | )
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 2024, 2023 and 2022 and the portion of unrealized gains for the period that relates to equity investments held at December 31, 2024, 2023 and 2022 (in thousands):
Equity Securities |  | 2024 |  |  | 2023 |  |  | 2022 |
Net gains (losses) recognized in equity securities during the period |  | $ | 145 |  |  | $ | (144 | ) |  | $ | (247 | )
Less: Net gains realized on the sale of equity securities during the period |  |  | (4 | ) |  |  | 14 |  |  |  | 4 |
Net unrealized gains (losses) |  | $ | 149 |  |  | $ | (158 | ) |  | $ | (251 | )
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, 2024, 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 |  | $ | 47,989 |  |  | $ | 47,117 |
Due after one year through five years |  |  | 136,544 |  |  |  | 128,381 |
Due after five years through ten years |  |  | 79,369 |  |  |  | 71,649 |
Due after ten years |  |  | 195,635 |  |  |  | 178,765 |
Total |  | $ | 459,537 |  |  | $ | 425,912 |

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