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Securities | 12 Months Ended
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Dec. 31, 2023
Securities [Abstract] |
Securities | NOTE 3 - 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:
| December 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 | $ | 55,968 |  | $ | 14 |  | $ | (2,382) |  | $ | — |  | $ | 53,600
U.S. Government agencies |  | 18,486 |  |  | — |  |  | (2,490) |  |  | — |  |  | 15,996
States and political subdivisions |  | 151,764 |  |  | — |  |  | (22,285) |  |  | — |  |  | 129,479
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 240,600 |  |  | — |  |  | (33,416) |  |  | — |  |  | 207,184
Total debt securities | $ | 466,818 |  | $ | 14 |  | $ | (60,573) |  | $ | — |  | $ | 406,259
| 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 a 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):
| December 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 | $ | — |  | $ | — |  | $ | 40,833 |  | $ | (2,382) |  | $ | 40,833 |  | $ | (2,382)
U.S. Government agencies |  | — |  |  | — |  |  | 15,996 |  |  | (2,490) |  |  | 15,996 |  |  | (2,490)
States and political subdivisions |  | 2,261 |  |  | (12) |  |  | 125,452 |  |  | (22,273) |  |  | 127,713 |  |  | (22,285)
Mortgage-backed securities-government sponsored entities |  | — |  |  | — |  |  | 207,184 |  |  | (33,416) |  |  | 207,184 |  |  | (33,416)
| $ | 2,261 |  | $ | (12) |  | $ | 389,465 |  | $ | (60,561) |  | $ | 391,726 |  | $ | (60,573)
| 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)
The Company has five debt securities in the less than twelve month category and 331 debt securities in the twelve months or more category as of December 31, 2023. In management’s opinion, the unrealized losses on securities reflect changes in interest rates subsequent to the acquisition of specific securities. The Company does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. The Company concluded that the decline in fair value of these securities was not indicative of a credit loss. No securities in the portfolio required an allowance for credit losses to be recorded during the year ended December 31, 2023, and no impairment was recorded during the year ended December 31, 2022. The amortized cost and fair value of debt securities as of December 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.
| Amortized |  | Fair
| Cost |  | Value
|  | (In Thousands)
Due in one year or less | $ | 28,999 |  | $ | 28,836
Due after one year through five years |  | 42,636 |  |  | 39,606
Due after five years through ten years |  | 70,136 |  |  | 57,770
Due after ten years |  | 84,447 |  |  | 72,863
|  | 226,218 |  |  | 199,075
Mortgage-backed securities - government sponsored entities |  | 240,600 |  |  | 207,184
| $ | 466,818 |  | $ | 406,259
Gross realized gains and gross realized losses on sales of securities available for sale were $4,000 and $213,000, respectively, in 2023, compared to $14,000 and $11,000, respectively, in 2022. The proceeds from the sales of securities totaled $3,345,000 and $5,113,000 for the years ended December 31, 2023 and 2022, respectively. Securities with a carrying value of $344,204,000 and $378,472,000 at December 31, 2023 and 2022, 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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