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Securities | 9 Months Ended
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Sep. 30, 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:
| September 30, 2022
|  |  |  | Gross |  | Gross |  |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 45,026 |  | $ | - |  | $ | (3,382) |  | $ | 41,644
U.S. Government agencies |  | 21,236 |  |  | - |  |  | (3,059) |  |  | 18,177
States and political subdivisions |  | 163,416 |  |  | 18 |  |  | (32,962) |  |  | 130,472
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 275,788 |  |  | — |  |  | (38,794) |  |  | 236,994
Total debt securities | $ | 505,466 |  | $ | 18 |  | $ | (78,197) |  | $ | 427,287
| 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):
| September 30, 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 | $ | 30,007 |  | $ | (1,450) |  | $ | 11,637 |  | $ | (1,932) |  | $ | 41,644 |  | $ | (3,382)
U.S. Government agencies |  | 12,463 |  |  | (1,722) |  |  | 5,714 |  |  | (1,337) |  |  | 18,177 |  |  | (3,059)
States and political subdivisions |  | 93,501 |  |  | (21,935) |  |  | 32,126 |  |  | (11,027) |  |  | 125,627 |  |  | (32,962)
Mortgage-backed securities-government sponsored entities |  | 155,314 |  |  | (20,224) |  |  | 81,680 |  |  | (18,570) |  |  | 236,994 |  |  | (38,794)
| $ | 291,285 |  | $ | (45,331) |  | $ | 131,157 |  | $ | (32,866) |  | $ | 422,442 |  | $ | (78,197)
| 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 September 30, 2022, the Company had 270 debt securities in an unrealized loss position in the less than twelve months category and 86 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 September 30, 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 | $ | 4,814 |  | $ | 4,802
Due after one year through five years |  | 43,088 |  |  | 41,170
Due after five years through ten years |  | 57,805 |  |  | 47,887
Due after ten years |  | 123,971 |  |  | 96,434
|  | 229,678 |  |  | 190,293
Mortgage-backed securities-government sponsored entities |  | 275,788 |  |  | 236,994
| $ | 505,466 |  | $ | 427,287
Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):
| Three Months |  | Nine Months
| Ended September 30, |  | Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Gross realized gains | $ | — |  | $ | 35 |  | $ | — |  | $ | 56
Gross realized losses |  | — |  |  | — |  |  | — |  |  | —
Net realized gain | $ | — |  | $ | 35 |  | $ | — |  | $ | 56
Proceeds from sales of securities | $ | — |  | $ | 2,714 |  | $ | — |  | $ | 3,841
Securities with a carrying value of $365,210,000 and $339,769,000 at September 30, 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 https://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 https://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 https://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 https://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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