Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses

The amortized cost and fair value of securities, with gross unrealized gains and losses at September 30, 2023 and December 31, 2022, are as follows:

	(In Thousands)
	September 30, 2023
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	91,356	$	-	$	(9,378	)	$	81,978
U.S. Government agencies		140,993		-		(17,231	)		123,762
Mortgage-backed securities		92,356		-		(15,876	)		76,480
State and local governments		73,536		3		(7,504	)		66,035
Total available-for-sale securities	$	398,241	$	3	$	(49,989	)	$	348,255

	(In Thousands)
	December 31, 2022
	Amortized		Gross Unrealized		Gross Unrealized			Fair
	Cost		Gains		Losses			Value
Available-for-Sale:
U.S. Treasury	$	104,507	$	-	$	(9,829	)	$	94,678
U.S. Government agencies		156,817		-		(17,050	)		139,767
Mortgage-backed securities		101,068		-		(14,141	)		86,927
State and local governments		76,794		69		(7,446	)		69,417
Total available-for-sale securities	$	439,186	$	69	$	(48,466	)	$	390,789

Gross Unrealized Losses, Aggregated by Investment Category and Length of Time

Information pertaining to securities with gross unrealized losses at September 30, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:

	(In Thousands)
	September 30, 2023
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	-		$	-	$	(9,378	)	$	81,978	$	(9,378	)	$	81,978
U.S. Government agencies		-			-		(17,231	)		123,762		(17,231	)		123,762
Mortgage-backed securities		-			-		(15,876	)		76,480		(15,876	)		76,480
State and local governments		(148	)		5,677		(7,356	)		59,105		(7,504	)		64,782
Total available-for-sale securities	$	(148	)	$	5,677	$	(49,841	)	$	341,325	$	(49,989	)	$	347,002

	(In Thousands)
	December 31, 2022
	Less Than Twelve Months					Twelve Months & Over					Total
	Gross Unrealized			Fair		Gross Unrealized			Fair		Gross Unrealized			Fair
	Losses			Value		Losses			Value		Losses			Value
U.S. Treasury	$	(207	)	$	9,121	$	(9,622	)	$	85,557	$	(9,829	)	$	94,678
U.S. Government agencies		(1,081	)		24,560		(15,969	)		114,906		(17,050	)		139,466
Mortgage-backed securities		(2,454	)		26,905		(11,687	)		60,022		(14,141	)		86,927
State and local governments		(3,223	)		38,771		(4,223	)		25,610		(7,446	)		64,381
Total available-for-sale securities	$	(6,965	)	$	99,357	$	(41,501	)	$	286,095	$	(48,466	)	$	385,452

Gross Realized Gains and Losses

Below are the gross realized gains and losses for the three and nine months ended September 30, 2023 and September 30, 2022.

	Three Months				Nine Months
	(In Thousands)				(In Thousands)
	2023		2022		2023			2022
Gross realized gains	$	-	$	-	$	12		$	-
Gross realized losses		-		-		(903	)		-
Net realized losses	$	-	$	-	$	(891	)	$	-
Tax benefit related to net realized losses	$	-	$	-	$	(187	)	$	-

Amortized Cost and Fair Value of Debt Securities, by Contractual Maturity

The amortized cost and fair value of debt securities at September 30, 2023, by contractual maturity, are shown below. 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.

	(In Thousands)
	Amortized
	Cost		Fair Value
One year or less	$	17,092	$	16,708
After one year through five years		249,459		220,779
After five years through ten years		35,451		30,574
After ten years		3,883		3,714
Total	$	305,885	$	271,775
Mortgage-backed securities		92,356		76,480
Total	$	398,241	$	348,255