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Investments (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 were as follows (in thousands):

September 30, 2024
  
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
     Allowance
for Credit
Losses
   
Fair
Value
  
Available-for-sale securities:
                              
U.S. agency securities
  
$
59,579
    
$
5
    
$
(3,970
)
   $ -    
$
55,614
  
U.S. treasury securities
    
128,637
      
-
      
(5,333
)
     -      
123,304
  
Obligations of state and political subdivisions
    
104,005
      
25
      
(6,588
)
     -      
97,442
  
Corporate obligations
    
13,436
      
290
      
(1,085
)
     -      
12,641
  
Mortgage-backed securities in government sponsored entities
    
140,099
      
390
      
(10,300
)
     -      
130,189
  
Total available-for-sale securities
  
$
445,756
    
$
710
    
$
(27,276
)
   $ -    
$
419,190
  

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 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 September 30, 2024 and December 31, 2023 (in thousands). As of September 30, 2024, the Company owned 301 securities whose fair value was less than their cost basis.

September 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
  
$
-
    
$
-
    
$
53,597
    
$
(3,970
)
  
$
53,597
    
$
(3,970
)
U.S. treasury securities
    
-
      
-
      
123,304
      
(5,333
)
    
123,304
      
(5,333
)
Obligations of state and political subdivisions
    
877
      
(1
)
    
87,875
      
(6,587
)
    
88,752
      
(6,588
)
Corporate obligations
    
345
      
(28
)
    
9,200
      
(1,057
)
    
9,545
      
(1,085
)
Mortgage-backed securities in government sponsored entities
    
345
      
(1
)
    
88,359
      
(10,299
)
    
88,704
      
(10,300
)
Total securities
  
$
1,567
    
$
(30
)
  
$
362,335
    
$
(27,246
)
  
$
363,902
    
$
(27,276
)

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

 
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
Equity securities
  
2024
    
2023
    
2024
    
2023
  
Net gains (losses) recognized in equity securities during the period
  
$
159
 
$
69
 
$
127
 
$
(223
)
Less: Net gains (losses) realized on the sale of equity securities during the period
    
-
      
9
      
(4
)
    
14
  
Net unrealized  gains (losses)
  
$
159
 
$
60
 
$
131
 
$
(237
)
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 September 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
  
$
49,528
    
$
48,725
  
Due after one year through five years
    
139,662
      
132,784
  
Due after five years through ten years
    
79,848
      
73,511
  
Due after ten years
    
176,718
      
164,170
  
Total
  
$
445,756
    
$
419,190