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



	June 30, 2024
			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit	Fair
	Cost		Gains		Losses			Losses	Value
	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	41,257	$	-	$	(2,342)	$	-	$	38,915
U.S. Government agencies		27,551		21		(2,628)		-		24,944
States and political subdivisions		150,525		-		(23,877)		-		126,648
Mortgage-backed securities-
government sponsored entities		241,933		-		(34,862)		-		207,071
Total debt securities	$	461,266	$	21	$	(63,709)	$	-	$	397,578




	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):




	June 30, 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	$	-	$	-	$	34,929	$	(2,342)	$	34,929	$	(2,342)
U.S. Government agencies		5,979		(24)		15,943		(2,604)		21,922		(2,628)
States and political subdivisions		536		(14)		124,897		(23,863)		125,433		(23,877)
Mortgage-backed securities-government sponsored entities		14,375		(128)		192,696		(34,734)		207,071		(34,862)
	$	20,890	$	(166)	$	368,465	$	(63,543)	$	389,355	$	(63,709)



	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 June 30, 2024, the Company had 9 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 not recognize any credit losses on these available for sale debt securities for the six months ended June 30, 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 June 30, 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	$	23,400	$	23,141
Due after one year through five years		39,178		36,130
Due after five years through ten years		76,727		63,253
Due after ten years		80,028		67,983
		219,333		190,507
Mortgage-backed securities-government sponsored entities		241,933		207,071
	$	461,266	$	397,578

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



	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2024		2023		2024		2023
Gross realized gains	$	—	$	—	$	—	$	4
Gross realized losses		—		(212)		—		(213)
Net realized gains (losses)	$	—	$	(212)	$	—	$	(209)
Proceeds from sales of securities	$	—	$	1,363	$	—	$	3,345

Securities with a carrying value of $345,310,000 and $344,204,000 at June 30, 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.