The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
2024
U.S. Treasury securities and obligations of U.S. government agencies	$	100,378	$	303	$	(3,294	)	$	97,387
Obligations of states and political subdivisions		351,635		482		(26,998	)		325,119
Mortgage-back securities in government sponsored entities		258,045		97		(32,581	)		225,561
Total debt securities	$	710,058	$	882	$	(62,873	)	$	648,067


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
2023
U.S. Treasury securities and obligations of U.S. government agencies	$	71,418	$	315	$	(4,075	)	$	67,658
Obligations of states and political subdivisions		359,452		2,725		(23,578	)		338,599
Mortgage-back securities in government sponsored entities		242,022		19		(30,026	)		212,015
Total debt securities	$	672,892	$	3,059	$	(57,679	)	$	618,272

The amortized cost and fair value of securities at year-end 2024 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.


	Available for sale
	Amortized Cost		Fair Value
Due in one year or less	$	39,927	$	39,777
Due from one to five years		84,249		79,134
Due from five to ten years		42,796		42,100
Due after ten years		285,041		261,495
Mortgage-backed securities in government sponsored entities		258,045		225,561
Total securities available for sale	$	710,058	$	648,067

Securities with a carrying value of $206,600 and $211,616 were pledged as of December 31, 2024 and 2023, respectively, to secure public deposits, other deposits and liabilities as required or permitted by law.

Proceeds from sales of securities, gross realized gains and gross realized losses were as follows:


	2024		2023		2022
Sale proceeds	$	2,994	$	—	$	57,332
Gross realized gains		33		—		—
Gross realized losses		—		—		—
Gains from securities called or settled by the issuer		—		—		10

Debt securities with unrealized losses at year-end 2024 and 2023 not recognized in income were as follows:


2024	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	32,388	$	(51	)	$	55,000	$	(3,243	)	$	87,388	$	(3,294	)
Obligations of states and political subdivisions		98,965		(806	)		173,668		(26,192	)		272,633		(26,998	)
Mortgage-backed securities in gov’t sponsored entities		28,322		(329	)		186,173		(32,252	)		214,495		(32,581	)
Total	$	159,675	$	(1,186	)	$	414,841	$	(61,687	)	$	574,516	$	(62,873	)


2023	12 Months or less					More than 12 months					Total
Description of Securities	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. Treasury securities and obligations of U.S. government agencies	$	224	$	(1	)	$	56,760	$	(4,074	)	$	56,984	$	(4,075	)
Obligations of states and political subdivisions		19,168		(78	)		162,291		(23,500	)		181,459		(23,578	)
Mortgage-backed securities in gov’t sponsored entities		20,112		(522	)		189,319		(29,504	)		209,431		(30,026	)
Total	$	39,504	$	(601	)	$	408,370	$	(57,078	)	$	447,874	$	(57,679	)

Each quarter, we perform an analysis to determine if any of the unrealized losses on securities available-for-sale are comprised of credit losses as compared to unrealized losses due to market interest rate adjustments. Our assessment includes a review of the unrealized loss for each security issuance held; the financial condition and near-term prospects of the issuer, including external credit ratings and recent downgrades; and our ability and intent to hold the security for a period of time sufficient for a recovery in value. We also consider the extent to which the securities are issued by the federal government or its agencies, and any guarantee of issued amounts by those agencies. The portfolio continues to consist of a mix of fixed and floating-rate, high quality securities, largely rated AA (or better), displaying an overall effective duration of approximately 3.0 years. No credit losses were determined to be present as of December 31, 2024, as there was no credit quality deterioration noted. Therefore, no provision for credit losses on securities was recognized for the year ended December 31, 2024.

At December 31, 2024, the Company owned 508 debt securities with estimated fair values totaling $574,516 and unrealized losses aggregating $62,873. Securities with a fair value of $301,883, representing $35,875 of the unrealized losses, consisted of bonds issued or guaranteed by agencies of the U.S. federal government, while the remaining $272,633 debt securities, representing $26,998 in unrealized losses, consisted of bonds issued by state municipalities. The unrealized losses on these securities have not been recognized into income because the issuers’ bonds are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to changes in market interest rates. The Company also considers sector specific credit rating changes in its analysis. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery. As of December 31, 2024, all securities were paying as agreed.


	2024		2023
Net gains (losses) recognized on equity securities during the year	$	252	$	(21	)
Less: Net gains realized on the sale of equity securities during the period		—		—
Unrealized gains (losses) recognized in equity securities held at December 31	$	252	$	(21	)