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Securities
 3 Months Ended
Mar. 31, 2023
Securities [Abstract]  
Securities 7.           Securities

The amortized cost, gross unrealized gains and losses, approximate fair value, and allowance for credit losses of securities available for sale were as follows:

March 31, 2023

Gross

Gross

Allowance

Amortized

Unrealized

Unrealized

for Credit

Fair

Cost

Gains

Losses

Losses

Value

(In Thousands)

Available for Sale:

U.S. Treasury securities

$

45,106

$

-

$

(2,674)

$

-

$

42,432

U.S. Government agencies

21,296

-

(2,656)

-

18,640

States and political subdivisions

153,899

—

(24,450)

-

129,449

Mortgage-backed securities-

-

government sponsored entities

261,920

—

(34,196)

-

227,724

Total debt securities

$

482,221

$

—

$

(63,976)

$

-

$

418,245

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

The following tables summarize debt securities available for sale in an loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

March 31, 2023

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

$

23,162

$

(449)

$

19,270

$

(2,225)

$

42,432

$

(2,674)

U.S. Government agencies

4,805

(91)

13,835

(2,565)

18,640

(2,656)

States and political subdivisions

16,673

(508)

110,786

(23,942)

127,459

(24,450)

Mortgage-backed securities-government sponsored entities

31,520

(1,675)

196,204

(32,521)

227,724

(34,196)

$

76,160

$

(2,723)

$

340,095

$

(61,253)

$

416,255

$

(63,976)

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)

At March 31, 2023, the Company had 62 debt securities in an unrealized loss position in the less than twelve months category and 277 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. The Company concluded that the decline in the value of these securities was not indicative of a credit loss. The Company did not recognize any credit losses on these available for sale debt securities for the three months ended March 31, 2023, or other-than-temporary impairment charges for the three months ended March 31, 2022. 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, 2023 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

$

8,861

$

8,760

Due after one year through five years

44,287

41,964

Due after five years through ten years

53,101

44,528

Due after ten years

114,052

95,269

220,301

190,521

Mortgage-backed securities-government sponsored entities

261,920

227,724

$

482,221

$

418,245

Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):

 

Three Months

Ended March 31,

2023

2022

Gross realized gains

$

4

$

—

Gross realized losses

(2)

—

Net realized gain

$

2

$

—

Proceeds from sales of securities

$

1,982

$

—

Securities with a carrying value of $373,184,000 and $378,472,000 at March 31, 2023 and December 31, 2022, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.