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Securities | 3 Months Ended
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Mar. 31, 2024
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, 2024
|  |  |  | Gross |  | Gross |  |  | Allowance |  |  |
| Amortized |  | Unrealized |  | Unrealized |  |  | for Credit |  | Fair
| Cost |  | Gains |  | Losses |  |  | Losses |  | Value
| (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 47,152 |  | $ | 1 |  | $ | (2,477) |  | $ | - |  | $ | 44,676
U.S. Government agencies |  | 22,523 |  |  | - |  |  | (2,695) |  |  | - |  |  | 19,828
States and political subdivisions |  | 151,575 |  |  | - |  |  | (23,308) |  |  | - |  |  | 128,267
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 240,280 |  |  | - |  |  | (34,677) |  |  | - |  |  | 205,603
Total debt securities | $ | 461,530 |  | $ | - |  | $ | (63,157) |  | $ | - |  | $ | 398,374
| 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
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):
| March 31, 2024
| 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 | $ | - |  | $ | - |  | $ | 36,770 |  | $ | (2,477) |  | $ | 36,770 |  | $ | (2,477)
U.S. Government agencies |  | 3,985 |  |  | (21) |  |  | 15,843 |  |  | (2,674) |  |  | 19,828 |  |  | (2,695)
States and political subdivisions |  | 1,483 |  |  | (17) |  |  | 125,899 |  |  | (23,291) |  |  | 127,382 |  |  | (23,308)
Mortgage-backed securities-government sponsored entities |  | 5,882 |  |  | (52) |  |  | 199,721 |  |  | (34,625) |  |  | 205,603 |  |  | (34,677)
| $ | 11,350 |  | $ | (90) |  | $ | 378,233 |  | $ | (63,067) |  | $ | 389,583 |  | $ | (63,157)
| 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)
At March 31, 2024, the Company had 8 debt securities in an unrealized loss position in the less than twelve months category and 331 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 no t recognize any credit losses on these available for sale debt securities for the three months ended March 31, 2024 and 2023. 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, 2024 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 | $ | 27,123 |  | $ | 26,851
Due after one year through five years |  | 39,706 |  |  | 36,584
Due after five years through ten years |  | 72,692 |  |  | 59,464
Due after ten years |  | 81,729 |  |  | 69,872
|  | 221,250 |  |  | 192,771
Mortgage-backed securities-government sponsored entities |  | 240,280 |  |  | 205,603
| $ | 461,530 |  | $ | 398,374
Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):
| Three Months
| Ended March 31,
| 2024 |  | 2023
Gross realized gains | $ | — |  | $ | 4
Gross realized losses |  | — |  |  | (2)
Net realized gains (losses) | $ | — |  | $ | 2
Proceeds from sales of securities | $ | — |  | $ | 1,982
Securities with a carrying value of $380,112,000 and $344,204,000 at March 31, 2024 and December 31, 2023, 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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