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INVESTMENT SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2023
INVESTMENT SECURITIES [Abstract]  
Amortized Cost and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities at December 31, 2023 and 2022 were as follows (in thousands):

December 31, 2023
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Allowance
For Credit
Losses
    
Fair
Value
  
Available-for-sale securities:
                              
U.S. Agency securities
  
$
66,569
    
$
1
    
$
(5,799
)
   $
-    
$
60,771
  
U.S. Treasuries
    
152,485
      
-
      
(9,197
)
     -      
143,288
  
Obligations of state and political subdivisions
    
107,945
      
32
      
(6,190
)
     -      
101,787
  
Corporate obligations
    
13,394
      
245
      
(1,236
)
     -      
12,403
  
Mortgage-backed securities in government sponsored entities
    
112,950
      
7
      
(13,605
)
     -      
99,352
  
Total available-for-sale securities
  
$
453,343
    
$
285
    
$
(36,027
)
   $
-    
$
417,601
  

December 31, 2022
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
Available-for-sale securities:
                        
U.S. Agency securities
  
$
78,556
    
$
-
    
$
(7,879
)
  
$
70,677
  
U.S. Treasuries
    
162,236
      
-
      
(13,666
)
    
148,570
  
Obligations of state and political subdivisions
    
120,562
      
35
      
(10,297
)
    
110,300
  
Corporate obligations
    
10,335
      
-
      
(952
)
    
9,383
  
Mortgage-backed securities in government sponsored entities
    
115,304
      
15
      
(14,743
)
    
100,576
  
Total available-for-sale securities
  
$
486,993
    
$
50
    
$
(47,537
)
  
$
439,506
  
Unrealized Losses and Fair Value of Available for-sale Securities

The following table shows the Company’s gross unrealized losses and fair value for available for sale securities, aggregated by investment category and length of time, that the individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022 (in thousands).  As of December 31, 2023, the Company owned 323 securities each of whose fair value was less than its cost basis for a period twelve months or greater and five securities each of whose fair value was less than its cost basis for a period less than twelve months.

 
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
 
2023
  
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
-
    
$
-
    
$
58,753
    
$
(5,799
)
  
$
58,753
    
$
(5,799
)
U.S. Treasuries     -       -       143,288       (9,197 )     143,288       (9,197 )
Obligations of states and political subdivisions
    
-
      
-
      
93,535
      
(6,190
)
    
93,535
      
(6,190
)
Corporate obligations     1,487       (265 )     8,320       (971 )     9,807       (1,236 )
Mortgage-backed securities in government sponsored entities
    
9,203
      
(31
)
    
88,553
      
(13,574
)
    
97,756
      
(13,605
)
Total securities
  
$
10,690
    
$
(296
)
  
$
392,449
    
$
(35,731
)
  
$
403,139
    
$
(36,027
)

                                   
2022
                                    
U.S. agency securities
  
$
39,729
    
$
(1,892
)
  
$
30,948
    
$
(5,987
)
  
$
70,677
    
$
(7,879
)
U.S. Treasuries
     32,673       (1,337 )     115,897       (12,329 )     148,570       (13,666 )
Obligations of states and political subdivisions
    
66,725
      
(4,887
)
    
35,782
      
(5,410
)
    
102,507
      
(10,297
)
Corporate obligations
     2,165       (165 )     6,218       (787 )     8,383       (952 )
Mortgage-backed securities in government sponsored entities
    
40,270
      
(3,367
)
    
57,319
      
(11,376
)
    
97,589
      
(14,743
)
Total securities
  
$
181,562
    
$
(11,648
)
  
$
246,164
    
$
(35,889
)
  
$
427,726
    
$
(47,537
)
Gross Gains and Losses on Available-for-sale Securities

Proceeds from sales of securities available-for-sale during 2023, 2022 and 2021 were $86,504,000, $7,480,000 and $29,198,000, respectively. Sales for 2023 were primarily the result of selling investments obtained as part of the HVBC acquisition for no gain or loss on the day of acquisition. The gross losses realized during 2023 consisted of $89,000 from the sales of seven municipal securities. The gross gains realized during 2023 consisted of $38,000 from the sales of two municipal securities. The gross losses realized during 2022 consisted of $14,000 from the sales of three agency securities. The gross gains realized during 2021 consisted of $177,000 and $125,000 from the sales of six treasury securities and three agency securities, respectively. The gross losses realized during 2021 consisted of $90,000 from the sale of one agency security. Gross gains and gross losses were realized as follows on available for sale securities (in thousands):

 
2023
    
2022
    
2021
  
Gross gains
  
$
38
    
$
-
    
$
302
  
Gross losses
    
(89
)
    
(14
)
    
(90
)
Net (losses) gains
  
$
(51
)
  
$
(14
)
  
$
212
  
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 2023, 2022 and 2021 and the portion of unrealized gains for the period that relates to equity investments held at December 31, 2023, 2022 and 2021 (in thousands):

Equity Securities
  
2023
    
2022
    
2021
  
Net gains (losses) recognized in equity securities during the period
  
$
(158
)
  
$
(251
)
  
$
339
  
Less: Net gains realized on the sale of equity securities during the period
    
14
      
4
      
-
  
Net unrealized  gains (losses)
  
$
(144
)
  
$
(247
)
  
$
339
  
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

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. The amortized cost and fair value of debt securities at December 31, 2023, by contractual maturity are shown below (in thousands). Municipal securities that have been refunded and will therefore pay-off on the call date are reflected in the table below utilizing the call date as the date of repayment as payment is guaranteed on that date:

Available-for-sale securities:
  
Amortized
Cost
    
Fair Value
  
Due in one year or less
  
$
46,581
    
$
45,685
  
Due after one year through five years
    
158,502
      
147,810
  
Due after five years through ten years
    
95,534
      
86,919
  
Due after ten years
    
152,726
      
137,187
  
Total
  
$
453,343
    
$
417,601