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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 were as follows (in thousands):

December 31, 2024
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
for Credit
Losses
    
Fair
Value
  
Available-for-sale securities:
                              
U.S. Agency securities
  
$
58,594
    
$
6
    
$
(5,113
)
   $
-    
$
53,487
  
U.S. Treasuries
    
126,220
      
6
      
(5,724
)
     -      
120,502
  
Obligations of state and political subdivisions
    
103,137
      
4
      
(8,239
)
     -      
94,902
  
Corporate obligations
    
11,206
      
297
      
(1,065
)
     -      
10,438
  
Mortgage-backed securities in government sponsored entities
    
160,380
      
232
      
(14,029
)
     -      
146,583
  
Total available-for-sale securities
  
$
459,537
    
$
545
    
$
(34,170
)
   $
-    
$
425,912
  

December 31, 2023
  

   

   

   
   

 
Available-for-sale securities:
                              
U.S. Agency securities
  
$
66,569
    
$
1
    
$
(5,799
)
  
$
-
     $ 60,771  
U.S. Treasuries
    
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 Available for-sale Securities

The following table shows the Company’s gross unrealized losses and fair value for available for sale securities, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2024 and 2023 (in thousands).  As of December 31, 2024, the Company owned 312 securities each of whose fair value was less than its cost basis for a period twelve months or greater and five securities each of whose fair value was less than its cost basis for a period less than twelve months.

 
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
 
2024
  
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
-
    
$
-
    
$
51,470
    
$
(5,113
)
  
$
51,470
    
$
(5,113
)
U.S. Treasuries     5,553       (11 )     110,992       (5,713 )     116,545       (5,724 )
Obligations of states and political subdivisions
    
4,186
      
(39
)
    
86,773
      
(8,200
)
    
90,959
      
(8,239
)
Corporate obligations     345       (33 )     6,970       (1,032 )     7,315       (1,065 )
Mortgage-backed securities in government sponsored entities
    
35,044
      
(817
)
    
82,425
      
(13,212
)
    
117,469
      
(14,029
)
Total securities
  
$
45,128
    
$
(900
)
  
$
338,630
    
$
(33,270
)
  
$
383,758
    
$
(34,170
)
2023
  

   


   
   

   

   

 
U.S. agency securities
  
$
-
    
$
-
    
$
58,753
    
$
(5,799
)
  
$
58,753
    
$
(5,799
)
U.S. Treasuries
     -       -       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
)
Gross Gains and Losses on Available-for-sale Securities

Proceeds from sales of securities available-for-sale during 2023 and 2022 were $86,504,000 and $7,480,000, respectively. There were no sales of available-for-sale during 2024. Sales for 2023 were primarily the result of selling investments obtained as part of the HVBC acquisition for no gain or loss on the day of acquisition. The gross losses realized during 2023 consisted of $89,000 from the sales of seven municipal securities. The gross gains realized during 2023 consisted of $38,000 from the sales of two municipal securities. The gross losses realized during 2022 consisted of $14,000 from the sales of three agency securities. Gross gains and gross losses were realized as follows on available for sale securities (in thousands):

 
2024
    
2023
    
2022
  
Gross gains
  
$
-
    
$
38
    
$
-
  
Gross losses
    
-
      
(89
)
    
(14
)
Net (losses) gains
  
$
-
    
$
(51
)
  
$
(14
)
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 2024, 2023 and 2022 and the portion of unrealized gains for the period that relates to equity investments held at December 31, 2024, 2023 and 2022 (in thousands):

Equity Securities
  
2024
    
2023
    
2022
  
Net gains (losses) recognized in equity securities during the period
  
$
145
    
$
(144
)
  
$
(247
)
Less: Net gains realized on the sale of equity securities during the period
    
(4
)
    
14
      
4
  
Net unrealized  gains (losses)
  
$
149
    
$
(158
)
  
$
(251
)
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, 2024, 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
  
$
47,989
    
$
47,117
  
Due after one year through five years
    
136,544
      
128,381
  
Due after five years through ten years
    
79,369
      
71,649
  
Due after ten years
    
195,635
      
178,765
  
Total
  
$
459,537
    
$
425,912