Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Available for Sale 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

Fair Value of Securities by Contractual Maturity

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

Gross Unrealized Losses and Fair Value, Aggregated by Investment Category

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	)

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 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	)