Mortgage-backed securities, as shown in the following tables, are all government sponsored enterprises. The amortized cost and fair value of securities, with gross unrealized gains and losses at March 31, 2022 and December 31, 2021, are as follows:

	(In Thousands)
	March 31, 2022
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	105,394	$	-	$	(5,849	)	$	99,545
U.S. Government agencies		153,575		50		(9,818	)		143,807
Mortgage-backed securities		111,516		43		(6,499	)		105,060
State and local governments		68,481		194		(3,091	)		65,584
Total available-for-sale securities	$	438,966	$	287	$	(25,257	)	$	413,996

	(In Thousands)
	December 31, 2021
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	90,775	$	-	$	(1,598	)	$	89,177
U.S. Government agencies		159,673		695		(3,482	)		156,886
Mortgage-backed securities		118,550		839		(1,462	)		117,927
State and local governments		64,964		1,498		(521	)		65,941
Total available-for-sale securities	$	433,962	$	3,032	$	(7,063	)	$	429,931

Investment securities will at times depreciate to an unrealized loss position. The Company utilizes the following criteria to assess whether impairment is other than temporary. No one item by itself will necessarily signal that a security should be recognized as an other than temporary impairment.

If the impairment is judged to be other than temporary, the cost basis of the individual security shall be written down to fair value, thereby establishing a new cost basis. The new cost basis shall not be changed for subsequent recoveries in fair value. The amount of the write down shall be included in current earnings as a realized loss. The recovery in fair value, if any, shall be recognized in earnings when the security is sold. The table below is presented by category of security and length of time in a continuous loss position. The Company currently does not hold any securities with other than temporary impairment.

Information pertaining to securities with gross unrealized losses at March 31, 2022 and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:

	(In Thousands)
	March 31, 2022
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	(3,481	)	$	73,310	$	(2,368	)	$	26,235	$	(5,849	)	$	99,545
U.S. Government agencies		(2,546	)		48,126		(7,272	)		86,553		(9,818	)		134,679
Mortgage-backed securities		(3,271	)		65,991		(3,228	)		34,388		(6,499	)		100,379
State and local governments		(2,185	)		48,218		(906	)		6,940		(3,091	)		55,158
Total available-for-sale securities	$	(11,483	)	$	235,645	$	(13,774	)	$	154,116	$	(25,257	)	$	389,761

	(In Thousands)
	December 31, 2021
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	(1,598	)	$	89,177	$	-		$	-	$	(1,598	)	$	89,177
U.S. Government agencies		(1,898	)		86,739		(1,584	)		41,738		(3,482	)		128,477
Mortgage-backed securities		(1,050	)		63,157		(412	)		16,434		(1,462	)		79,591
State and local governments		(296	)		17,727		(225	)		5,487		(521	)		23,214
Total available-for-sale securities	$	(4,842	)	$	256,800	$	(2,221	)	$	63,659	$	(7,063	)	$	320,459

Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, values have only been impacted by changes in interest rates since the securities were purchased, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date.

Below are the gross realized gains and losses for the three months ended March 31, 2022 and March 31, 2021.

	Three Months
	(In Thousands)
	2022		2021
Gross realized gains	$	-	$	293
Gross realized losses		-		-
Net realized gains	$	-	$	293
Tax expense related to net realized gains	$	-	$	62

The net realized gains on sales and related tax expense is a reclassification out of accumulated other comprehensive income (loss). The net realized gains are included in net gains on sale of available-for-sale securities and the related tax expense is included in income taxes in the condensed consolidated statements of income and comprehensive income (loss).

The amortized cost and fair value of debt securities at March 31, 2022, by contractual maturity, are shown below. 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.

	(In Thousands)
	Amortized
	Cost		Fair Value
One year or less	$	4,327	$	4,333
After one year through five years		167,862		160,778
After five years through ten years		155,261		143,825
After ten years		-		-
Total	$	327,450	$	308,936
Mortgage-backed securities		111,516		105,060
Total	$	438,966	$	413,996

Investments with a carrying value of $122.7 million and $115.0 million at March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits and securities sold under repurchase agreements.

Other securities include Federal Home Loan Bank of Cincinnati and Indianapolis stock in the amount of $7.3 million as of March 31, 2022 and December 31, 2021 in addition to Ohio Equity Fund for Housing Limited Partnership funding of $1.2 million as of March 31, 2022 and $820 thousand as of December 31, 2021 out of a total $3.0 million committed.