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

September 30, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities and obligations of U.S. government agencies	$	66,199	$	22	$	(5,677	)	$	60,544
Obligations of states and political subdivisions		344,225		163		(46,581	)		297,807
Mortgage-backed securities in government sponsored entities		272,950		17		(29,272	)		243,695
Total debt securities	$	683,374	$	202	$	(81,530	)	$	602,046

December 31, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
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-backed securities in government sponsored entities		211,660		2,938		(1,450	)		213,148
Total debt securities	$	541,297	$	20,664	$	(2,087	)	$	559,874

The amortized cost and fair value of securities at September 30, 2022, 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	$	1,500	$	1,490
Due after one year through five years		47,323		43,934
Due after five years through ten years		72,996		66,744
Due after ten years		288,605		246,184
Mortgage-backed securities		272,950		243,694
Total securities available-for-sale	$	683,374	$	602,046

Proceeds from sales of securities available-for-sale, gross realized gains and gross realized losses were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Sale proceeds	$	57,322	$	—	$	57,322	$	1,785
Gross realized gains		—		—		—		1,785
Gross realized losses		—		—		—		—
Gains (losses) from securities called or settled by the issuer		4		4		10		2

Securities were pledged to secure public deposits, other deposits and liabilities as required by law. The carrying value of pledged securities was approximately $176,667 and $168,345 as of September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021:

September 30, 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	$	20,930	$	(880	)	$	39,122	$	(4,797	)	$	60,052	$	(5,677	)
Obligations of states and political subdivisions		266,106		(43,065	)		8,192		(3,516	)		274,298		(46,581	)
Mortgage-backed securities in gov’t sponsored entities		159,647		(12,221	)		79,790		(17,051	)		239,437		(29,272	)
Total temporarily impaired	$	446,683	$	(56,166	)	$	127,104	$	(25,364	)	$	573,787	$	(81,530	)

December 31, 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	)

At September 30, 2022, there were a total of 532 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- and nine-months ended September 30, 2022 and 2021, and the portion of unrealized gains and losses for the period that relates to equity investments held at September 30, 2022 and 2021:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Net gains (losses) recognized on equity securities during the period	$	(133	)	$	50	$	(44	)	$	191
Less: Net losses realized on the sale of equity securities during the period		—			—		—			—
Unrealized gains (losses) recognized on equity securities held at reporting date	$	(133	)	$	50	$	(44	)	$	191