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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at March 31, 2022 and December 31, 2021 were as follows (in thousands):

March 31, 2022
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                        
U.S. agency securities
  
$
77,569
    
$
328
    
$
(3,365
)
  
$
74,532
  
U.S. treasury securities
    
153,953
      
52
      
(7,315
)
    
146,690
  
Obligations of state and political subdivisions
    
121,631
      
388
      
(4,029
)
    
117,990
  
Corporate obligations
    
10,367
      
4
      
(323
)
    
10,048
  
Mortgage-backed securities in government sponsored entities
    
118,553
      
93
      
(6,435
)
    
112,211
  
Total available-for-sale securities
  
$
482,073
    
$
865
    
$
(21,467
)
  
$
461,471
  
                                 
December 31, 2021
  
   
   
   
 
Available-for-sale securities:
                                
U.S. agency securities
  
$
73,803
    
$
976
    
$
(834
)
  
$
73,945
  
U.S. treasury securities
    
116,743
      
63
      
(1,459
)
    
115,347
  
Obligations of state and political subdivisions
    
109,367
      
2,706
      
(52
)
    
112,021
  
Corporate obligations
    
10,378
      
39
      
(84
)
    
10,333
  
Mortgage-backed securities in government sponsored entities
    
101,727
      
597
      
(1,568
)
    
100,756
  
Total available-for-sale securities
  
$
412,018
    
$
4,381
    
$
(3,997
)
  
$
412,402
  
Unrealized Losses and Fair Value of Investments

The following table shows the Company’s gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at March 31, 2022 and December 31, 2021 (in thousands). As of March 31, 2022, the Company owned 268 securities whose fair value was less than their cost basis.

 
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
March 31, 2022
  
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
36,781
    
$
(1,989
)
  
$
11,106
    
$
(1,376
)
  
$
47,887
    
$
(3,365
)
U.S. treasury securities
    
130,927
      
(7,187
)
    
2,036
      
(128
)
    
132,963
      
(7,315
)
Obligations of state and political subdivisions
    
79,321
      
(3,786
)
    
2,674
      
(243
)
    
81,995
      
(4,029
)
Corporate obligations
    
8,311
      
(306
)
    
483
      
(17
)
    
8,794
      
(323
)
Mortgage-backed securities in government sponsored entities
    
66,940
      
(4,594
)
    
18,372
      
(1,841
)
    
85,312
      
(6,435
)
Total securities
  
$
322,280
    
$
(17,862
)
  
$
34,671
    
$
(3,605
)
  
$
356,951
    
$
(21,467
)
                                                 
December 31, 2021
                                                
U.S. agency securities
  
$
26,754
    
$
(387
)
  
$
7,542
    
$
(447
)
  
$
34,296
    
$
(834
)
U.S. treasury securities
    106,794       (1,459 )     -       -       106,794       (1,459 )
Obligations of states and political subdivisions
    
10,744
      
(26
)
    
2,899
      
(26
)
    
13,643
      
(52
)
Corporate obligations
    6,922       (84 )     -       -       6,922       (84 )
Mortgage-backed securities in government sponsored entities
    
60,182
      
(1,305
)
    
7,975
      
(263
)
    
68,157
      
(1,568
)
Total securities
  
$
211,396
    
$
(3,261
)
  
$
18,416
    
$
(736
)
  
$
229,812
    
$
(3,997
)
Gross Gains and Losses on Available-for-sale Securities

There were no sales of available for sale securities during the three months ended March 31, 2022. Proceeds from sales of securities available-for-sale for the three months ended March 31, 2021 were $5,045,000. The gross gains and losses were as follows (in thousands):

 
Three Months Ended
  
   
March 31,
  
   
2022
    
2021
  
Gross gains on available for sale securities
  
$
-
    
$
50
  
Gross losses on available for sale securities
    
-
      
-
  
Net gains
  
$
-
    
$
50
  
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 the three month periods ended March 31, 2022 and 2021, and the portion of unrealized gains for the period that relates to equity investments held at March 31, 2022 and 2021 (in thousands):

 
Three Months Ended
March 31,
  
Equity securities
  
2022
    
2021
  
Net (losses) gains recognized in equity securities during the period
  
$
(45
)
  
$
187
  
Less: Net gains realized on the sale of equity securities during the period
    
-
      
-
  
Net unrealized (losses) gains
  
$
(45
)
  
$
187
  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

Actual maturities may 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 (excludes equity securities) at March 31, 2022, by contractual maturity, are shown below (in thousands):

 
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
16,992
    
$
17,114
  
Due after one year through five years
    
155,072
      
150,062
  
Due after five years through ten years
    
134,379
      
127,440
  
Due after ten years
    
175,630
      
166,855
  
Total
  
$
482,073
    
$
461,471