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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at March 31, 2024 and December 31, 2023 were as follows (in thousands):

March 31, 2024
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
      
Allowance
for Credit
Losses
    
Fair
Value
  
Available-for-sale securities:
                              
U.S. agency securities
  
$
63,572
    
$
2
    
$
(6,173
)
   $ -    
$
57,401
  
U.S. treasury securities
    
143,534
      
-
      
(9,421
)
     -      
134,113
  
Obligations of state and political subdivisions
    
106,054
      
12
      
(6,699
)
     -      
99,367
  
Corporate obligations
    
13,409
      
234
      
(1,340
)
     -      
12,303
  
Mortgage-backed securities in government sponsored entities
    
116,357
      
5
      
(14,681
)
     -      
101,681
  
Total available-for-sale securities
  
$
442,926
    
$
253
    
$
(38,314
)
   $ -    
$
404,865
  
                                         
December 31, 2023
                                        
Available-for-sale securities:
                          
           
U.S. agency securities
  
$
66,569
    
$
1
    
$
(5,799
)
   $ -    
$
60,771
  
U.S. treasury securities
    
152,485
      
-
      
(9,197
)
     -      
143,288
  
Obligations of state and political subdivisions
    
107,945
      
32
      
(6,190
)
     -      
101,787
  
Corporate obligations
    
13,394
      
245
      
(1,236
)
     -      
12,403
  
Mortgage-backed securities in government sponsored entities
    
112,950
      
7
      
(13,605
)
     -      
99,352
  
Total available-for-sale securities
  
$
453,343
    
$
285
    
$
(36,027
)
   $
-    
$
417,601
  
Unrealized Losses and Fair Value of Investments

The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023 (in thousands). As of March 31, 2024, the Company owned 323 securities whose fair value was less than their cost basis.

March 31, 2024
  
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
 
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
-
    
$
-
 
$
55,384
    
$
(6,173
)
  
$
55,384
    
$
(6,173
)
U.S. treasury securities
    
-
      
-
   
134,113
      
(9,421
)
    
134,113
      
(9,421
)
Obligations of state and political subdivisions
    
881
      
(1
)
    
91,299
      
(6,698
)
    
92,180
      
(6,699
)
Corporate obligations
    
1,494
      
(263
)
    
8,203
      
(1,077
)
    
9,697
      
(1,340
)
Mortgage-backed securities in government sponsored entities
    
14,650
      
(188
)
    
85,547
      
(14,493
)
    
100,197
      
(14,681
)
Total securities
  
$
17,025
    
$
(452
)
  
$
374,546
    
$
(37,862
)
  
$
391,571
    
$
(38,314
)
                                                 
December 31, 2023
                                                
U.S. agency securities
  
$
-
    
$
-
 
$
58,753
    
$
(5,799
)
  
$
58,753
    
$
(5,799
)
U.S. treasury securities
    -       -     143,288       (9,197 )     143,288       (9,197 )
Obligations of states and political subdivisions
    
-
      
-
   
93,535
      
(6,190
)
    
93,535
      
(6,190
)
Corporate obligations
    1,487       (265 )     8,320       (971 )     9,807       (1,236 )
Mortgage-backed securities in government sponsored entities
    
9,203
      
(31
)
    
88,553
      
(13,574
)
    
97,756
      
(13,605
)
Total securities
  
$
10,690
    
$
(296
)
  
$
392,449
    
$
(35,731
)
  
$
403,139
    
$
(36,027
)
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 the three month periods ended March 31, 2024 and 2023, and the portion of unrealized gains for the period that relates to equity investments held at March 31, 2024 and 2023 (in thousands):
 
Three Months Ended
March 31,
  
Equity securities
  
2024
    
2023
  
Net gains (losses) recognized in equity securities during the period
  
$
59
    
$
(223
)
Less: Net (losses) gains realized on the sale of equity securities during the period
    
(4
)
    
5
  
Net unrealized gains (losses)
  
$
55
    
$
(218
)
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Actual maturities may 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 March 31, 2024, by contractual maturity, are shown below (in thousands):

 
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
44,010
    
$
43,073
  
Due after one year through five years
    
151,832
      
140,532
  
Due after five years through ten years
    
90,457
      
81,505
  
Due after ten years
    
156,627
      
139,755
  
Total
  
$
442,926
    
$
404,865