Investment Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, gross unrealized gains and losses, and fair values of equity and trading investment securities

The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at March 31, 2024 and December 31, 2023 are as follows:

	March 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
U.S. Government and agency securities	$	4,000	$	—	$	(67)	$	3,933
Mortgage-backed securities	19,829		73		(279)		19,623
State and political securities	114,357		92		(5,369)		109,080
Other debt securities	57,191		142		(2,724)		54,609
Total debt securities	$	195,377	$	307	$	(8,439)	$	187,245
Investment equity securities:
Equity securities	$	1,300	$	—	$	(188)	$	1,112

	December 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
U.S. Government and agency securities	$	4,000	$	3	$	(60)	$	3,943
Mortgage-backed securities	15,457		120		(222)		15,355
State and political securities	120,740		162		(5,287)		115,615
Other debt securities	58,844		97		(2,909)		56,032
Total debt securities	$	199,041	$	382	$	(8,478)	$	190,945
Investment equity securities:
Equity securities	$	1,300	$	—	$	(178)	$	1,122

Schedule of gross unrealized losses and fair value

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 March 31, 2024 and December 31, 2023.

	March 31, 2024
	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	$	991	$	(10)	$	2,942	$	(57)	$	3,933	$	(67)
Mortgage-backed securities	8,162		(37)		5,972		(242)		14,134		(279)
State and political securities	5,339		(100)		94,889		(5,269)		100,228		(5,369)
Other debt securities	6,987		(155)		36,227		(2,569)		43,214		(2,724)
Total debt securities	$	21,479	$	(302)	$	140,030	$	(8,137)	$	161,509	$	(8,439)

	December 31, 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	$	—	$	—	$	2,940	$	(60)	$	2,940	$	(60)
Mortgage-backed securities	7,559		(78)		984		(144)		8,543		(222)
State and political securities	6,051		(128)		99,405		(5,159)		105,456		(5,287)
Other debt securities	12,976		(218)		35,449		(2,691)		48,425		(2,909)
Total debt securities	$	26,586	$	(424)	$	138,778	$	(8,054)	$	165,364	$	(8,478)

Schedule of amortized cost and fair value of debt securities by contractual maturity

The amortized cost and fair value of debt securities at March 31, 2024, 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	$	29,902	$	29,386
Due after one year to five years	77,552		73,861
Due after five years to ten years	76,068		72,296
Due after ten years	11,855		11,702
Total	$	195,377	$	187,245

Schedule of gross realized gains and losses

The following table represents gross realized gains and losses from the sales of debt securities available for sale:

	Three Months Ended March 31,
(In Thousands)	2024		2023
Available for sale (AFS):
Gross realized gains:
State and political securities	$	—	$	54
Gross realized losses:
State and political securities	$	(23)	$	(115)

Schedule of unrealized and realized gains and losses recognized in net income

The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(In Thousands)	2024		2023
Net (losses) gains recognized in equity securities during the period	$	(10)	$	21
Less: Net (loss) gain realized on the sale of equity securities during the period	—		—
Unrealized (losses) gains recognized in equity securities held at reporting date	$	(10)	$	21