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Securities (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Available for Sale Securities

The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses recognized were as follows:

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of
   U.S. government agencies

 

$

66,495

 

 

$

20

 

 

$

(5,486

)

 

$

61,029

 

Obligations of states and political subdivisions

 

 

350,104

 

 

 

784

 

 

 

(33,640

)

 

 

317,248

 

Mortgage-back securities in government sponsored
   entities

 

 

265,752

 

 

 

15

 

 

 

(28,642

)

 

 

237,125

 

Total debt securities

 

$

682,351

 

 

$

819

 

 

$

(67,768

)

 

$

615,402

 

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of
   U.S. government agencies

 

$

48,390

 

 

$

30

 

 

$

(530

)

 

$

47,890

 

Obligations of states and political subdivisions

 

 

281,247

 

 

 

17,696

 

 

 

(107

)

 

 

298,836

 

Mortgage-back securities in government sponsored
   entities

 

 

211,660

 

 

 

2,938

 

 

 

(1,450

)

 

 

213,148

 

Total debt securities

 

$

541,297

 

 

$

20,664

 

 

$

(2,087

)

 

$

559,874

 

Fair Value of Securities by Contractual Maturity

The amortized cost and fair value of securities at year end 2022 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

 

 

 

Available for sale

 

 

 

Amortized Cost

 

 

Fair Value

 

Due in one year or less

 

$

5,990

 

 

$

5,796

 

Due from one to five years

 

 

44,482

 

 

 

41,304

 

Due from five to ten years

 

 

70,413

 

 

 

64,687

 

Due after ten years

 

 

295,714

 

 

 

266,490

 

Mortgage-backed securities in government sponsored
   entities

 

 

265,752

 

 

 

237,125

 

Total securities available for sale

 

$

682,351

 

 

$

615,402

 

Proceeds from Sales of Securities, Gross Realized Gains and Losses

Proceeds from sales of securities, gross realized gains and gross realized losses were as follows:

 

 

 

2022

 

 

2021

 

 

2020

 

Sale proceeds

 

$

57,332

 

 

$

1,810

 

 

$

1,455

 

Gross realized gains

 

 

 

 

 

1,785

 

 

 

94

 

Gross realized losses

 

 

 

 

 

 

 

 

 

Gains from securities called or settled by the
   issuer

 

 

10

 

 

 

1

 

 

 

 

Securities with Unrealized Losses Not Recognized in Income

Debt securities with unrealized losses at year end 2022 and 2021 not recognized in income were as follows:

 

2022

 

12 Months or less

 

 

More than 12 months

 

 

Total

 

Description of Securities

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

U.S. Treasury securities and obligations of
   U.S. government agencies

 

$

21,042

 

 

$

(880

)

 

$

39,567

 

 

$

(4,606

)

 

$

60,609

 

 

$

(5,486

)

Obligations of states and political
   subdivisions

 

 

169,594

 

 

 

(13,016

)

 

 

73,967

 

 

 

(20,624

)

 

 

243,561

 

 

 

(33,640

)

Mortgage-backed securities in gov’t
   sponsored entities

 

 

111,639

 

 

 

(4,713

)

 

 

124,622

 

 

 

(23,929

)

 

 

236,261

 

 

 

(28,642

)

Total temporarily impaired

 

$

302,275

 

 

$

(18,609

)

 

$

238,156

 

 

$

(49,159

)

 

$

540,431

 

 

$

(67,768

)

 

2021

 

12 Months or less

 

 

More than 12 months

 

 

Total

 

Description of Securities

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

 

Fair
Value

 

 

Unrealized
Loss

 

U.S. Treasury securities and obligations of
   U.S. government agencies

 

$

41,432

 

 

$

(473

)

 

$

2,014

 

 

$

(57

)

 

$

43,446

 

 

$

(530

)

Obligations of states and political
   subdivisions

 

 

25,797

 

 

 

(107

)

 

 

 

 

 

 

 

 

25,797

 

 

 

(107

)

Mortgage-backed securities in gov’t
   sponsored entities

 

 

141,327

 

 

 

(1,343

)

 

 

3,123

 

 

 

(107

)

 

 

144,450

 

 

 

(1,450

)

Total temporarily impaired

 

$

208,556

 

 

$

(1,923

)

 

$

5,137

 

 

$

(164

)

 

$

213,693

 

 

$

(2,087

)

Schedule of Net Gains and Losses on Equity Investments Recognized in Earnings and Portion of Unrealized Gains and Losses for Period that Relates to Equity Investments

The following table presents the net gains and losses on equity investments recognized in earnings at year-end 2022 and 2021, and the portion of unrealized gains and losses for the period that relates to equity investments held at year-end 2022 and 2021:

 

 

 

2022

 

 

2021

 

Net gains (losses) recognized on equity securities during the
   year

 

$

118

 

 

$

186

 

Less: Net gains realized on the sale of equity securities
   during the period

 

 

 

 

 

 

Unrealized gains (losses) recognized in equity securities held at
   December 31

 

$

118

 

 

$

186