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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 were as follows (in thousands):

June 30, 2024
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
     Allowance
for Credit
Losses
   
Fair
Value
  
Available-for-sale securities:
                              
U.S. agency securities
  
$
61,576
    
$
3
    
$
(5,746
)
   $ -    
$
55,833
  
U.S. treasury securities
    
138,582
      
-
      
(8,509
)
     -      
130,073
  
Obligations of state and political subdivisions
    
104,668
      
6
      
(7,967
)
     -      
96,707
  
Corporate obligations
    
13,422
      
273
      
(1,245
)
     -      
12,450
  
Mortgage-backed securities in government sponsored entities
    
121,321
      
49
      
(13,772
)
     -      
107,598
  
Total available-for-sale securities
  
$
439,569
    
$
331
    
$
(37,239
)
   $ -    
$
402,661
  

December 31, 2023
                              
Available-for-sale securities:
                              
U.S. agency securities
  
$
66,569
    
$
1
    
$
(5,799
)
   $ -    
$
60,771
  
U.S. treasury securities
    
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
  
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 for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time, which individual securities have been in a continuous unrealized loss position, at June 30, 2024 and December 31, 2023 (in thousands). As of June 30, 2024, the Company owned 317 securities whose fair value was less than their cost basis.

June 30, 2024
  
Less than Twelve Months
    
Twelve Months or Greater
    
Total
  
   
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
    
Fair
Value
    
Gross
Unrealized
Losses
  
U.S. agency securities
  
$
-
    
$
-
    
$
53,815
    
$
(5,746
)
  
$
53,815
    
$
(5,746
)
U.S. treasury securities
    
-
      
-
      
130,073
      
(8,509
)
    
130,073
      
(8,509
)
Obligations of state and political subdivisions
    
3,554
      
(23
)
    
88,349
      
(7,944
)
    
91,903
      
(7,967
)
Corporate obligations
    
-
      
-
      
9,024
      
(1,245
)
    
9,024
      
(1,245
)
Mortgage-backed securities in government sponsored entities
    
6,468
      
(13
)
    
91,736
      
(13,759
)
    
98,204
      
(13,772
)
Total securities
  
$
10,022
    
$
(36
)
  
$
372,997
    
$
(37,203
)
  
$
383,019
    
$
(37,239
)

December 31, 2023
                                    
U.S. agency securities
  
$
-
    
$
-
    
$
58,753
    
$
(5,799
)
  
$
58,753
    
$
(5,799
)
U.S. treasury securities     -       -       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
)
Gross Gains and Losses on Available-for-sale Securities

The gross gains and losses were as follows (in thousands):

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2024
    
2023
    
2024
    
2023
  
Gross gains on available for sale securities
  
$
-
    
$
38
    
$
-
    
$
38
  
Gross losses on available for sale securities
    
-
      
(89
)
    
-
      
(89
)
Net losses
  
$
-
    
$
(51
)
  
$
-
    
$
(51
)
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 and six month periods ended June 30, 2024 and  2023, and the portion of unrealized gains for the period that relates to equity investments held at June 30, 2024 and 2023(in thousands):

 
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
Equity securities
  
2024
    
2023
    
2024
    
2023
  
Net losses recognized in equity securities during the period
  
$
(87
)
  
$
(74
)
  
$
(32
)
  
$
(292
)
Less: Net (losses) gains realized on the sale of equity securities during the period
    
-
      
-
      
(4
)
    
5
  
Net unrealized losses
  
$
(87
)
  
$
(74
)
  
$
(28
)
  
$
(297
)
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 at June 30, 2024, by contractual maturity, are shown below (in thousands):

 
Amortized
Cost
    
Fair Value
  
Available-for-sale debt securities:
            
Due in one year or less
  
$
48,416
    
$
47,437
  
Due after one year through five years
    
143,357
      
132,756
  
Due after five years through ten years
    
85,933
      
77,550
  
Due after ten years
    
161,863
      
144,918
  
Total
  
$
439,569
    
$
402,661