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Securities | 3 Months Ended
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Mar. 31, 2022
Securities [Abstract] |
Securities | 7. Securities The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale were as follows:
| March 31, 2022
|  |  |  | Gross |  | Gross |  |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 21,596 |  | $ | - |  | $ | (1,378) |  | $ | 20,218
U.S. Government agencies |  | 16,281 |  |  | - |  |  | (1,300) |  |  | 14,981
States and political subdivisions |  | 162,271 |  |  | 362 |  |  | (12,635) |  |  | 149,998
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 266,322 |  |  | 10 |  |  | (16,605) |  |  | 249,727
Total debt securities | $ | 466,470 |  | $ | 372 |  | $ | (31,918) |  | $ | 434,924
| December 31, 2021
|  |  |  | Gross |  | Gross |  |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies | $ | 19,550 |  | $ | 6 |  | $ | (205) |  | $ | 19,351
States and political subdivisions |  | 16,251 |  |  | 24 |  |  | (264) |  |  | 16,011
Corporate obligations |  | 145,107 |  |  | 2,155 |  |  | (1,395) |  |  | 145,867
Mortgage-backed securities-government |  |  |  |  |  |  |  |  |  |  |
sponsored entities |  | 227,712 |  |  | 766 |  |  | (2,925) |  |  | 225,553
Total debt securities | $ | 408,620 |  | $ | 2,951 |  | $ | (4,789) |  | $ | 406,782
The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| March 31, 2022
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | $ | 20,218 |  | $ | (1,378) |  | $ | - |  | $ | - |  | $ | 20,218 |  | $ | (1,378)
U.S. Government agencies |  | 12,648 |  |  | (947) |  |  | 2,333 |  |  | (353) |  |  | 14,981 |  |  | (1,300)
States and political subdivisions |  | 112,284 |  |  | (11,171) |  |  | 10,522 |  |  | (1,464) |  |  | 122,806 |  |  | (12,635)
Mortgage-backed securities-government sponsored entities |  | 201,488 |  |  | (12,501) |  |  | 41,483 |  |  | (4,104) |  |  | 242,971 |  |  | (16,605)
| $ | 346,638 |  | $ | (25,997) |  | $ | 54,338 |  | $ | (5,921) |  | $ | 400,976 |  | $ | (31,918)
| December 31, 2021
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | $ | 18,361 |  | $ | (205) |  | $ | - |  | $ | - |  | $ | 18,361 |  | $ | (205)
U.S. Government agencies |  | 7,912 |  |  | (109) |  |  | 3,843 |  |  | (155) |  |  | 11,755 |  |  | (264)
States and political subdivisions |  | 74,658 |  |  | (1,395) |  |  | - |  |  | - |  |  | 74,658 |  |  | (1,395)
Mortgage-backed securities-government sponsored entities |  | 170,647 |  |  | (2,856) |  |  | 2,919 |  |  | (69) |  |  | 173,566 |  |  | (2,925)
| $ | 271,578 |  | $ | (4,565) |  | $ | 6,762 |  | $ | (224) |  | $ | 278,340 |  | $ | (4,789)
At March 31, 2022, the Company had 249 debt securities in an unrealized loss position in the less than twelve months category and 28 debt securities in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities. No other-than-temporary-impairment charges were recorded in 2022. Management believes that all unrealized losses represent temporary impairment of the securities as the Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis. The amortized cost and fair value of debt securities as of March 31, 2022 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.
| Available for Sale
| Amortized Cost |  | Fair Value
|  | (In Thousands)
Due in one year or less | $ | 2,139 |  | $ | 2,160
Due after one year through five years |  | 11,754 |  |  | 11,630
Due after five years through ten years |  | 59,323 |  |  | 54,894
Due after ten years |  | 126,932 |  |  | 116,513
|  | 200,148 |  |  | 185,197
Mortgage-backed securities-government sponsored entities |  | 266,322 |  |  | 249,727
| $ | 466,470 |  | $ | 434,924
Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):
| Three Months
| Ended March 31,
| 2022 |  | 2021
Gross realized gains | $ | — |  | $ | 21
Gross realized losses |  | — |  |  | —
Net realized gain | $ | — |  | $ | 21
Proceeds from sales of securities | $ | — |  | $ | 1,127
Securities with a carrying value of $336,782,000 and $339,769,000 at March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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