The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at September 30, 2023 and December 31, 2022 are as follows:


	September 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
U.S. Government and agency securities	$	4,001	$	—	$	(137)	$	3,864
Mortgage-backed securities	12,101		—		(705)		11,396

State and political securities	129,024		—		(9,177)		119,847
Other debt securities	53,321		—		(3,761)		49,560
Total debt securities	$	198,447	$	—	$	(13,780)	$	184,667

Investment equity securities:

Equity securities	$	1,300	$	—	$	(228)	$	1,072


	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
U.S. Government and agency securities	$	3,002	$	—	$	(106)	$	2,896
Mortgage-backed securities	1,496		—		(214)		1,282

State and political securities	151,426		157		(8,774)		142,809
Other debt securities	50,178		58		(3,550)		46,686
Total debt securities	$	206,102	$	215	$	(12,644)	$	193,673

Investment equity securities:

Equity securities	$	1,350	$	—	$	(208)	$	1,142

The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at September 30, 2023 and December 31, 2022.


	September 30, 2023
	Less than Twelve Months				Twelve Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In Thousands)	Value		Losses		Value		Losses		Value		Losses
Available for sale (AFS):
U.S. Government and agency securities	$	967	$	(33)	$	2,897	$	(104)	$	3,864	$	(137)
Mortgage-backed securities	10,263		(454)		1,125		(251)		11,388		(705)

State and political securities	19,050		(1,013)		97,522		(8,164)		116,572		(9,177)
Other debt securities	10,596		(348)		35,841		(3,413)		46,437		(3,761)
Total debt securities	$	40,876	$	(1,848)	$	137,385	$	(11,932)	$	178,261	$	(13,780)


	December 31, 2022
	Less than Twelve Months				Twelve Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In Thousands)	Value		Losses		Value		Losses		Value		Losses
Available for sale (AFS):
U.S. Government and agency securities	$	2,896	$	(106)	$	—	$	—	$	2,896	$	(106)
Mortgage-backed securities	—		—		1,282		(214)		1,282		(214)

State and political securities	95,444		(4,797)		36,283		(3,977)		131,727		(8,774)
Other debt securities	16,896		(664)		25,144		(2,886)		42,040		(3,550)
Total debt securities	$	115,236	$	(5,567)	$	62,709	$	(7,077)	$	177,945	$	(12,644)

At September 30, 2023, there were a total of 43 securities in a continuous unrealized loss position for less than twelve months and 184 individual securities that were in a continuous unrealized loss position for twelve months or greater. No credit losses occurred for the period ended September 30, 2023.

The Company reviews its position quarterly and has determined that, at September 30, 2023, the declines outlined in the above table represent temporary non-credit declines and the Company does not intend to sell, and does not believe it will be required to sell, these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that the unrealized losses disclosed above are not credit-related but are the result of interest rate changes, sector credit ratings changes, or company-specific ratings changes that are not expected to result in the non-collection of principal and interest during the period.

The amortized cost and fair value of debt securities at September 30, 2023, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


(In Thousands)	Amortized Cost		Fair Value
Due in one year or less	$	39,163	$	38,246
Due after one year to five years	88,544		82,446
Due after five years to ten years	65,437		59,047
Due after ten years	5,303		4,928
Total	$	198,447	$	184,667

Total gross proceeds from sales of debt securities available for sale for the nine months ended September 30, 2023 was $24,701,000, compared to $4,151,000 for the corresponding 2022 period.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2023		2022		2023		2022
Available for sale (AFS):
Gross realized gains:



State and political securities	$	1	$	—	$	146	$	14
Other debt securities	—		—		—		—
Total gross realized gains	$	1	$	—	$	146	$	14

Gross realized losses:



State and political securities	$	(46)	$	(156)	$	(271)	$	(182)

Investment securities with a carrying value of approximately $114,938,000 and $154,946,000 at September 30, 2023 and December 31, 2022, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law.

At September 30, 2023 and December 31, 2022, we had $1,072,000 and $1,142,000, respectively, in equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended September 30, 2023 and 2022:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2023		2022		2023		2022
Net losses recognized in equity securities during the period	$	(37)	$	(55)	$	(36)	$	(158)
Less: Net losses realized on the sale of equity securities during the period	(1)		—		(1)		—
Unrealized losses recognized in equity securities held at reporting date	$	(36)	$	(55)	$	(35)	$	(158)