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Securities
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Securities

(3) Securities

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

 

March 31, 2024

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

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

 

$

72,013

 

 

$

467

 

 

$

(4,438

)

 

$

68,042

 

Obligations of states and political subdivisions

 

 

358,809

 

 

 

1,294

 

 

 

(26,652

)

 

 

333,451

 

Mortgage-backed securities in government sponsored entities

 

 

237,942

 

 

 

14

 

 

 

(33,200

)

 

 

204,756

 

Total debt securities

 

$

668,764

 

 

$

1,775

 

 

$

(64,290

)

 

$

606,249

 

 

December 31, 2023

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

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

 

$

71,418

 

 

$

315

 

 

$

(4,075

)

 

$

67,658

 

Obligations of states and political subdivisions

 

 

359,452

 

 

 

2,725

 

 

 

(23,578

)

 

 

338,599

 

Mortgage-backed securities in government sponsored entities

 

 

242,022

 

 

 

19

 

 

 

(30,026

)

 

 

212,015

 

Total debt securities

 

$

672,892

 

 

$

3,059

 

 

$

(57,679

)

 

$

618,272

 

 

The amortized cost and fair value of securities at March 31, 2024, by contractual maturity, is shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. 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

 

$

5,279

 

 

$

5,246

 

Due after one year through five years

 

 

82,371

 

 

 

76,227

 

Due after five years through ten years

 

 

44,592

 

 

 

43,602

 

Due after ten years

 

 

298,580

 

 

 

276,418

 

Mortgage-backed securities

 

 

237,942

 

 

 

204,756

 

Total securities available-for-sale

 

$

668,764

 

 

$

606,249

 

 

There were no proceeds from sales of securities available-for-sale, gross unrealized gains or gross realized losses as of March 31, 2024 or March 31, 2023.

 

Securities are pledged by the Company from time to time to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $203,714 and $211,616 as of March 31, 2024 and December 31, 2023, respectively.

The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2024 and December 31, 2023:

 

March 31, 2024

 

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

 

$

2,102

 

 

$

(5

)

 

$

56,010

 

 

$

(4,433

)

 

$

58,112

 

 

$

(4,438

)

Obligations of states and political subdivisions

 

 

48,073

 

 

 

(323

)

 

 

171,551

 

 

 

(26,329

)

 

 

219,624

 

 

 

(26,652

)

Mortgage-backed securities in gov’t sponsored entities

 

 

746

 

 

 

(12

)

 

 

201,675

 

 

 

(33,188

)

 

 

202,421

 

 

 

(33,200

)

Total temporarily impaired

 

$

50,921

 

 

$

(340

)

 

$

429,236

 

 

$

(63,950

)

 

$

480,157

 

 

$

(64,290

)

 

December 31, 2023

 

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

 

$

224

 

 

$

(1

)

 

$

56,760

 

 

$

(4,074

)

 

$

56,984

 

 

$

(4,075

)

Obligations of states and political subdivisions

 

 

19,168

 

 

 

(78

)

 

 

162,291

 

 

 

(23,500

)

 

 

181,459

 

 

 

(23,578

)

Mortgage-backed securities in gov’t sponsored entities

 

 

20,112

 

 

 

(522

)

 

 

189,319

 

 

 

(29,504

)

 

 

209,431

 

 

 

(30,026

)

Total temporarily impaired

 

$

39,504

 

 

$

(601

)

 

$

408,370

 

 

$

(57,078

)

 

$

447,874

 

 

$

(57,679

)

 

At March 31, 2024, there were a total of 446 securities in the portfolio with unrealized losses mainly due to higher current market rates when compared to the time of purchase. Unrealized losses on securities have not been recognized into income because the issuers’ securities are of high credit quality, management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value is largely due to currently higher market rates when compared to the time of purchase. The fair value is expected to recover as the securities approach their maturity date or reset date. The Company does not intend to sell until recovery and does not believe selling will be required before recovery.

The following table presents the net gains and losses on equity investments recognized in earnings for the three months ended March 31, 2024 and the portion of unrealized gains and losses for the period that relates to equity investments held at March 31, 2024 and 2023:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Net losses recognized on equity securities
   during the period

 

$

(141

)

 

$

(68

)

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

 

 

—

 

 

 

—

 

Unrealized losses recognized on equity
   securities held at reporting date

 

$

(141

)

 

$

(68

)