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Securities | 3 Months Ended
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Mar. 31, 2025
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, 2025
|  |  |  | Gross |  | Gross |  |  | Allowance |  |  |
| Amortized |  | Unrealized |  | Unrealized |  |  | for Credit |  | Fair
| Cost |  | Gains |  | Losses |  |  | Losses |  | Value
| (In Thousands)
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 22,658 |  | $ | 27 |  | $ | (6) |  | $ | - |  | $ | 22,679
U.S. Government agencies |  | 11,998 |  |  | 23 |  |  | (515) |  |  | - |  |  | 11,506
States and political subdivisions |  | 106,572 |  |  | - |  |  | (18,835) |  |  | - |  |  | 87,737
Mortgage-backed securities- |  |  |  |  |  |  |  |  |  |  |  |  |  |
government sponsored entities |  | 304,342 |  |  | 1,490 |  |  | (19,012) |  |  | - |  |  | 286,820
Total debt securities | $ | 445,570 |  | $ | 1,540 |  | $ | (38,368) |  | $ | - |  | $ | 408,742
| December 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 | $ | 19,623 |  | $ | 12 |  | $ | (37) |  | $ | - |  | $ | 19,598
U.S. Government agencies |  | 11,998 |  |  | - |  |  | (634) |  |  | - |  |  | 11,364
States and political subdivisions |  | 106,677 |  |  | - |  |  | (19,403) |  |  | - |  |  | 87,274
Mortgage-backed securities-government |  |  |  |  |  |  |  |  |  |  |  |  |  |
sponsored entities |  | 301,992 |  |  | 115 |  |  | (22,497) |  |  | - |  |  | 279,610
Total debt securities | $ | 440,290 |  | $ | 127 |  | $ | (42,571) |  | $ | - |  | $ | 397,846
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, 2025
| 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 | $ | 1,980 |  | $ | - |  | $ | 2,995 |  | $ | (6) |  | $ | 4,975 |  | $ | (6)
U.S. Government agencies |  | 1,998 |  |  | (1) |  |  | 4,487 |  |  | (514) |  |  | 6,485 |  |  | (515)
States and political subdivisions |  | 1,653 |  |  | (22) |  |  | 86,084 |  |  | (18,813) |  |  | 87,737 |  |  | (18,835)
Mortgage-backed securities-government sponsored entities |  | 32,619 |  |  | (167) |  |  | 93,449 |  |  | (18,845) |  |  | 126,068 |  |  | (19,012)
| $ | 38,250 |  | $ | (190) |  | $ | 187,015 |  | $ | (38,178) |  | $ | 225,265 |  | $ | (38,368)
| December 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 | $ | - |  | $ | - |  | $ | 9,961 |  | $ | (37) |  | $ | 9,961 |  | $ | (37)
U.S. Government agencies |  | 6,988 |  |  | (10) |  |  | 4,376 |  |  | (624) |  |  | 11,364 |  |  | (634)
States and political subdivisions |  | 1,164 |  |  | (21) |  |  | 85,620 |  |  | (19,382) |  |  | 86,784 |  |  | (19,403)
Mortgage-backed securities-government sponsored entities |  | 177,674 |  |  | (1,313) |  |  | 94,237 |  |  | (21,184) |  |  | 271,911 |  |  | (22,497)
| $ | 185,826 |  | $ | (1,344) |  | $ | 194,194 |  | $ | (41,227) |  | $ | 380,020 |  | $ | (42,571)
At March 31, 2025, the Company had 10 debt securities in an unrealized loss position in the less than twelve months category and 183 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, 2025 and 2024. 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, 2025 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 | $ | 16,707 |  | $ | 16,715
Due after one year through five years |  | 12,419 |  |  | 12,278
Due after five years through ten years |  | 66,001 |  |  | 55,293
Due after ten years |  | 46,101 |  |  | 37,636
|  | 141,228 |  |  | 121,922
Mortgage-backed securities-government sponsored entities |  | 304,342 |  |  | 286,820
| $ | 445,570 |  | $ | 408,742
There were no sales of securities available for sale for the three months ended March 31, 2025 and 2024. Securities with a carrying value of $269,809,000 and $308,777,000 at March 31, 2025 and December 31, 2024, 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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