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Securities | 12 Months Ended
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Dec. 31, 2022
Securities [Abstract] |
Securities | NOTE 3 - SECURITIES The amortized cost, gross unrealized gains and losses, and fair value of securities were as follows:
| December 31, 2022
|  |  |  | Gross |  | Gross |  |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
AVAILABLE FOR SALE: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 45,066 |  | $ | — |  | $ | (3,212) |  | $ | 41,854
U.S. Government agencies |  | 21,266 |  |  | — |  |  | (2,943) |  |  | 18,323
States and political subdivisions |  | 157,524 |  |  | 2 |  |  | (29,674) |  |  | 127,852
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 268,400 |  |  | — |  |  | (37,502) |  |  | 230,898
Total debt securities | $ | 492,256 |  | $ | 2 |  | $ | (73,331) |  | $ | 418,927
| December 31, 2021
|  |  |  | Gross |  | Gross |  |  |
| Amortized |  | Unrealized |  | Unrealized |  | Fair
| Cost |  | Gains |  | Losses |  | Value
| (In Thousands)
AVAILABLE FOR SALE: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 19,550 |  | $ | 6 |  | $ | (205) |  | $ | 19,351
U.S. Government agencies |  | 16,251 |  |  | 24 |  |  | (264) |  |  | 16,011
States and political subdivisions |  | 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 security type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| December 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 | $ | 25,733 |  | $ | (849) |  | $ | 16,121 |  | $ | (2,363) |  | $ | 41,854 |  | $ | (3,212)
U.S. Government agencies |  | 8,321 |  |  | (885) |  |  | 10,002 |  |  | (2,058) |  |  | 18,323 |  |  | (2,943)
States and political subdivisions |  | 66,680 |  |  | (11,194) |  |  | 57,367 |  |  | (18,480) |  |  | 124,047 |  |  | (29,674)
Mortgage-backed securities-government sponsored entities |  | 102,361 |  |  | (10,639) |  |  | 128,537 |  |  | (26,863) |  |  | 230,898 |  |  | (37,502)
| $ | 203,095 |  | $ | (23,567) |  | $ | 212,027 |  | $ | (49,764) |  | $ | 415,122 |  | $ | (73,331)
| 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)
The Company has 203 debt securities in the less than twelve month category and 140 debt securities in the twelve months or more category as of December 31, 2022. In management’s opinion, the unrealized losses on securities 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 other unrealized losses represent temporary impairment of the securities, and it is more likely than not that it will not have to sell the securities before recovery of their cost basis. The amortized cost and fair value of debt securities as of December 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.
| Amortized |  | Fair
| Cost |  | Value
|  | (In Thousands)
Due in one year or less | $ | 5,883 |  | $ | 5,821
Due after one year through five years |  | 43,272 |  |  | 40,981
Due after five years through ten years |  | 54,146 |  |  | 44,419
Due after ten years |  | 120,555 |  |  | 96,808
|  | 223,856 |  |  | 188,029
Mortgage-backed securities - government sponsored entities |  | 268,400 |  |  | 230,898
| $ | 492,256 |  | $ | 418,927
Gross realized gains and gross realized losses on sales of securities available for sale were $14,000 and $11,000, respectively, in 2022, compared to $92,000 and $0, respectively, in 2021. The proceeds from the sales of securities totaled $5,113,000 and $11,366,000 for the years ended December 31, 2022 and 2021, respectively. Securities with a carrying value of $378,472,000 and $339,769,000 at December 31, 2022 and 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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