Securities

3 Months Ended

Mar. 31, 2022

7. Securities

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



	March 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	21,596	$	-	$	(1,378)	$	20,218
U.S. Government agencies		16,281		-		(1,300)		14,981
States and political subdivisions		162,271		362		(12,635)		149,998
Mortgage-backed securities-
government sponsored entities		266,322		10		(16,605)		249,727
Total debt securities	$	466,470	$	372	$	(31,918)	$	434,924



	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(In Thousands)
Available for Sale:
U.S. Government agencies	$	19,550	$	6	$	(205)	$	19,351
States and political subdivisions		16,251		24		(264)		16,011
Corporate obligations		145,107		2,155		(1,395)		145,867
Mortgage-backed securities-government
sponsored entities		227,712		766		(2,925)		225,553
Total debt securities	$	408,620	$	2,951	$	(4,789)	$	406,782

The following tables show the Company’s investments’ gross unrealized losses and fair value aggregated by length of time that individual securities have been in a continuous unrealized loss position (in thousands):




	March 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	$	20,218	$	(1,378)	$	-	$	-	$	20,218	$	(1,378)
U.S. Government agencies		12,648		(947)		2,333		(353)		14,981		(1,300)
States and political subdivisions		112,284		(11,171)		10,522		(1,464)		122,806		(12,635)
Mortgage-backed securities-government sponsored entities		201,488		(12,501)		41,483		(4,104)		242,971		(16,605)
	$	346,638	$	(25,997)	$	54,338	$	(5,921)	$	400,976	$	(31,918)



	December 31, 2021
	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	$	18,361	$	(205)	$	-	$	-	$	18,361	$	(205)
U.S. Government agencies		7,912		(109)		3,843		(155)		11,755		(264)
States and political subdivisions		74,658		(1,395)		-		-		74,658		(1,395)
Mortgage-backed securities-government sponsored entities		170,647		(2,856)		2,919		(69)		173,566		(2,925)
	$	271,578	$	(4,565)	$	6,762	$	(224)	$	278,340	$	(4,789)

At March 31, 2022, the Company had 249 debt securities in an unrealized loss position in the less than twelve months category and 28 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. No other-than-temporary-impairment charges were recorded in 2022. Management believes that all unrealized losses represent temporary impairment of the securities as 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, 2022 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	$	2,139	$	2,160
Due after one year through five years		11,754		11,630
Due after five years through ten years		59,323		54,894
Due after ten years		126,932		116,513
		200,148		185,197
Mortgage-backed securities-government sponsored entities		266,322		249,727
	$	466,470	$	434,924

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



	Three Months
	Ended March 31,
	2022		2021
Gross realized gains	$	—	$	21
Gross realized losses		—		—
Net realized gain	$	—	$	21
Proceeds from sales of securities	$	—	$	1,127

Securities with a carrying value of $336,782,000 and $339,769,000 at March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.