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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2022
INVESTMENT SECURITIES [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at December 31, 2022 and 2021 were as follows (in thousands):

December 31, 2022
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                        
U.S. Agency securities
  
$
78,556
    
$
-
    
$
(7,879
)
  
$
70,677
  
U.S. Treasuries
    
162,236
      
-
      
(13,666
)
    
148,570
  
Obligations of state and political subdivisions
    
120,562
      
35
      
(10,297
)
    
110,300
  
Corporate obligations
    
10,335
      
-
      
(952
)
    
9,383
  
Mortgage-backed securities in government sponsored entities
    
115,304
      
15
      
(14,743
)
    
100,576
  
Total available-for-sale securities
  
$
486,993
    
$
50
    
$
(47,537
)
  
$
439,506
  

December 31, 2021
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                        
U.S. Agency securities
  
$
73,803
    
$
976
    
$
(834
)
  
$
73,945
  
U.S. Treasuries
    
116,743
      
63
      
(1,459
)
    
115,347
  
Obligations of state and political subdivisions
    
109,367
      
2,706
      
(52
)
    
112,021
  
Corporate obligations
    
10,378
      
39
      
(84
)
    
10,333
  
Mortgage-backed securities in government sponsored entities
    
101,727
      
597
      
(1,568
)
    
100,756
  
Total available-for-sale securities
  
$
412,018
    
$
4,381
    
$
(3,997
)
  
$
412,402
  
Unrealized Losses and Fair Value of Investments

The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 (in thousands). As of December 31, 2022, the Company owned 361 securities each of whose fair value was less than its cost basis.

 
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
 
2022
  
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
39,729
    
$
(1,892
)
  
$
30,948
    
$
(5,987
)
  
$
70,677
    
$
(7,879
)
U.S. Treasuries     32,673       (1,337 )     115,897       (12,329 )     148,570       (13,666 )
Obligations of states and political subdivisions
    
66,725
      
(4,887
)
    
35,782
      
(5,410
)
    
102,507
      
(10,297
)
Corporate obligations     2,165       (165 )     6,218       (787 )     8,383       (952 )
Mortgage-backed securities in government sponsored entities
    
40,270
      
(3,367
)
    
57,319
      
(11,376
)
    
97,589
      
(14,743
)
Total securities
  
$
181,562
    
$
(11,648
)
  
$
246,164
    
$
(35,889
)
  
$
427,726
    
$
(47,537
)

                                               
2021
                                                
U.S. agency securities
  
$
26,754
    
$
(387
)
  
$
7,542
    
$
(447
)
  
$
34,296
    
$
(834
)
U.S. Treasuries
     106,794       (1,459 )     -       -       106,794       (1,459 )
Obligations of states and political subdivisions
    
10,744
      
(26
)
    
2,899
      
(26
)
    
13,643
      
(52
)
Corporate obligations
     6,922       (84 )     -       -       6,922       (84 )
Mortgage-backed securities in government sponsored entities
    
60,182
      
(1,305
)
    
7,975
      
(263
)
    
68,157
      
(1,568
)
Total securities
  
$
211,396
    
$
(3,261
)
  
$
18,416
    
$
(736
)
  
$
229,812
    
$
(3,997
)
Gross Gains and Losses on Available-for-sale Securities

Proceeds from sales of securities available-for-sale during 2022, 2021 and 2020 were $7,480,000, $29,198,000 and $23,415,000, respectively. The gross losses realized during 2022 consisted of $14,000 from the sales of three agency securities. The gross gains realized during 2021 consisted of $177,000 and $125,000 from the sales of six treasury securities and three agency securities, respectively. The gross losses realized during 2021 consisted of $90,000 from the sale of one agency security. The gross gains realized during 2020 consisted of $344,000 from the sales of seventeen mortgage backed securities. The gross losses realized during 2020 consisted of $39,000 from the sale of two mortgage backed securities. Gross gains and gross losses were realized as follows on available for sale securities (in thousands):

 
2022
    
2021
    
2020
  
Gross gains
  
$
-
    
$
302
    
$
344
  
Gross losses
    
(14
)
    
(90
)
    
(39
)
Net (losses) gains
  
$
(14
)
  
$
212
    
$
305
  
Unrealized Gains (Losses) Related to Equity Securities

The following table presents the net gains (losses) on the Company’s equity investments recognized in earnings during 2022, 2021 and 2020 and the portion of unrealized gains for the period that relates to equity investments held at December 31, 2022, 2021 and 2020 (in thousands):

Equity Securities
  
2022
    
2021
    
2020
  
Net (losses) gains on in equity securities held during the period
  
$
(251
)
  
$
339
    
$
(109
)
Less: Net gains realized on the sale of equity securities during the period
    
4
      
-
      
68
  
Net unrealized gains (losses) recognized in earnings
  
$
(247
)
  
$
339
    
$
(41
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of debt securities at December 31, 2022, by contractual maturity are shown below (in thousands). Municipal securities that have been refunded and will therefore pay-off on the call date are reflected in the table below utilizing the call date as the date of repayment as payment is guaranteed on that date:

Available-for-sale securities:
  
Amortized Cost
    
Fair Value
  
Due in one year or less
  
$
22,327
    
$
21,863
  
Due after one year through five years
    
195,401
      
180,261
  
Due after five years through ten years
    
103,463
      
92,019
  
Due after ten years
    
165,802
      
145,363
  
Total
  
$
486,993
    
$
439,506