The amortized cost, gross unrealized gains and losses, approximate fair value, and allowance for credit losses of securities available for sale were as follows:



	September 30, 2023
			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit	Fair
	Cost		Gains		Losses			Losses	Value
	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	43,182	$	-	$	(3,291)	$	-	$	39,891
U.S. Government agencies		21,355		-		(3,305)		-		18,050
States and political subdivisions		151,953		-		(33,412)		-		118,541
Mortgage-backed securities-
government sponsored entities		246,996		-		(42,979)		-		204,017
Total debt securities	$	463,486	$	-	$	(82,987)	$	-	$	380,499




	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In Thousands)
Available for Sale:
U.S. Treasury securities	$	45,066	$	-	$	(3,212)	$	41,854
U.S. Government agencies		21,266		-		(2,943)		18,323
States and political subdivisions		157,524		2		(29,674)		127,852
Mortgage-backed securities-government
sponsored entities		268,400		-		(37,502)		230,898
Total debt securities	$	492,256	$	2	$	(73,331)	$	418,927

The following tables summarize debt securities available for sale in a loss position for which an allowance for credit losses has not been recorded, aggregated by security type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):




	September 30, 2023
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	-	$	-	$	39,891	$	(3,291)	$	39,891	$	(3,291)
U.S. Government agencies		-		-		18,050		(3,305)		18,050		(3,305)
States and political subdivisions		3,557		(86)		114,984		(33,326)		118,541		(33,412)
Mortgage-backed securities-government sponsored entities		-		-		204,017		(42,979)		204,017		(42,979)
	$	3,557	$	(86)	$	376,942	$	(82,901)	$	380,499	$	(82,987)



	December 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	25,733	$	(849)	$	16,121	$	(2,363)	$	41,854	$	(3,212)
U.S. Government agencies		8,321		(885)		10,002		(2,058)		18,323		(2,943)
States and political subdivisions		66,680		(11,194)		57,367		(18,480)		124,047		(29,674)
Mortgage-backed securities-government sponsored entities		102,361		(10,639)		128,537		(26,863)		230,898		(37,502)
	$	203,095	$	(23,567)	$	212,027	$	(49,764)	$	415,122	$	(73,331)

At September 30, 2023, the Company had 8 debt securities in an unrealized loss position in the less than twelve months category and 333 debt securities in the twelve months or more category. In Management’s opinion the unrealized losses reflect changes in interest rates subsequent to the acquisition of specific securities. The Company concluded that the decline in the value of these securities was not indicative of a credit loss. The Company did not recognize any credit losses on these available for sale debt securities for the nine months ended September 30, 2023, or other-than-temporary impairment charges for the nine months ended September 30, 2022. The Company does not have the intent to sell the securities and it is more likely than not that it will not have to sell the securities before recovery of its cost basis.

The amortized cost and fair value of debt securities as of September 30, 2023 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without call or prepayment penalties.


	Available for Sale
	Amortized Cost		Fair Value
		(In Thousands)
Due in one year or less	$	13,011	$	12,855
Due after one year through five years		44,329		40,605
Due after five years through ten years		67,853		52,653
Due after ten years		91,297		70,369
		216,490		176,482
Mortgage-backed securities-government sponsored entities		246,996		204,017
	$	463,486	$	380,499

Gross realized gains and gross realized losses on sales of securities available for sale were as follows (in thousands):



	Three Months				Nine Months
	Ended September 30,				Ended September 30,
	2023		2022		2023		2022
Gross realized gains	$	—	$	—	$	4	$	—
Gross realized losses		—		—		(213)		—
Net realized gains (losses)	$	—	$	—	$	(209)	$	—
Proceeds from sales of securities	$	—	$	—	$	3,345	$	—

Securities with a carrying value of $299,141,000 and $378,472,000 at September 30, 2023 and December 31, 2022, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.