Securities

12 Months Ended

Dec. 31, 2022

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.