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


	December 31, 2023
			Gross		Gross			Allowance
	Amortized		Unrealized		Unrealized			for Credit	Fair
	Cost		Gains		Losses			Losses	Value
	(In Thousands)
AVAILABLE FOR SALE:
U.S. Treasury securities	$	55,968	$	14	$	(2,382)	$	—	$	53,600
U.S. Government agencies		18,486		—		(2,490)		—		15,996
States and political subdivisions		151,764		—		(22,285)		—		129,479
Mortgage-backed securities-
government sponsored entities		240,600		—		(33,416)		—		207,184
Total debt securities	$	466,818	$	14	$	(60,573)	$	—	$	406,259


	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):


	December 31, 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	$	—	$	—	$	40,833	$	(2,382)	$	40,833	$	(2,382)
U.S. Government agencies		—		—		15,996		(2,490)		15,996		(2,490)
States and political subdivisions		2,261		(12)		125,452		(22,273)		127,713		(22,285)
Mortgage-backed securities-government sponsored entities		—		—		207,184		(33,416)		207,184		(33,416)
	$	2,261	$	(12)	$	389,465	$	(60,561)	$	391,726	$	(60,573)


	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)

The Company has five debt securities in the less than twelve month category and 331 debt securities in the twelve months or more category as of December 31, 2023. In management’s opinion, the unrealized losses on securities reflect changes in interest rates subsequent to the acquisition of specific securities. The Company does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. The Company concluded that the decline in fair value of these securities was not indicative of a credit loss. No securities in the portfolio required an allowance for credit losses to be recorded during the year ended December 31, 2023, and no impairment was recorded during the year ended December 31, 2022.

The amortized cost and fair value of debt securities as of December 31, 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.


	Amortized		Fair
	Cost		Value
		(In Thousands)
Due in one year or less	$	28,999	$	28,836
Due after one year through five years		42,636		39,606
Due after five years through ten years		70,136		57,770
Due after ten years		84,447		72,863
		226,218		199,075

Mortgage-backed securities - government sponsored entities		240,600		207,184
	$	466,818	$	406,259

Gross realized gains and gross realized losses on sales of securities available for sale were $4,000 and $213,000, respectively, in 2023, compared to $14,000 and $11,000, respectively, in 2022. The proceeds from the sales of securities totaled $3,345,000 and $5,113,000 for the years ended December 31, 2023 and 2022, respectively.

Securities with a carrying value of $344,204,000 and $378,472,000 at December 31, 2023 and 2022, respectively, were pledged to secure public deposits, securities sold under agreements to repurchase and for other purposes as required or permitted by law.