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Securities
 9 Months Ended
Sep. 30, 2022
Securities [Abstract]  
Securities 7.           Securities

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

September 30, 2022

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

Cost

Gains

Losses

Value

(In Thousands)

Available for Sale:

U.S. Treasury securities

$

45,026

$

-

$

(3,382)

$

41,644

U.S. Government agencies

21,236

-

(3,059)

18,177

States and political subdivisions

163,416

18

(32,962)

130,472

Mortgage-backed securities-

government sponsored entities

275,788

—

(38,794)

236,994

Total debt securities

$

505,466

$

18

$

(78,197)

$

427,287

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):

September 30, 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

$

30,007

$

(1,450)

$

11,637

$

(1,932)

$

41,644

$

(3,382)

U.S. Government agencies

12,463

(1,722)

5,714

(1,337)

18,177

(3,059)

States and political subdivisions

93,501

(21,935)

32,126

(11,027)

125,627

(32,962)

Mortgage-backed securities-government sponsored entities

155,314

(20,224)

81,680

(18,570)

236,994

(38,794)

$

291,285

$

(45,331)

$

131,157

$

(32,866)

$

422,442

$

(78,197)

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 September 30, 2022, the Company had 270 debt securities in an unrealized loss position in the less than twelve months category and 86 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 September 30, 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

$

4,814

$

4,802

Due after one year through five years

43,088

41,170

Due after five years through ten years

57,805

47,887

Due after ten years

123,971

96,434

229,678

190,293

Mortgage-backed securities-government sponsored entities

275,788

236,994

$

505,466

$

427,287

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

 

Three Months

Nine Months

Ended September 30,

Ended September 30,

2022

2021

2022

2021

Gross realized gains

$

—

$

35

$

—

$

56

Gross realized losses

—

—

—

—

Net realized gain

$

—

$

35

$

—

$

56

Proceeds from sales of securities

$

—

$

2,714

$

—

$

3,841

Securities with a carrying value of $365,210,000 and $339,769,000 at September 30, 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.