The amortized cost, gross unrealized gains and losses, and fair values of our investment securities portfolio at March 31, 2025 and December 31, 2024 are as follows, no allowance for credit losses required on any category on investments for either period presented:


	March 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
U.S. Government and agency securities	$	2,000	$	—	$	(19)	$	1,981
Mortgage-backed securities	37,645		360		(271)		37,734

State and political securities	101,036		148		(3,141)		98,043
Other debt securities	38,536		487		(1,060)		37,963
Total debt securities	$	179,217	$	995	$	(4,491)	$	175,721

Investment equity securities:

Equity securities	$	1,300	$	—	$	(172)	$	1,128


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
(In Thousands)	Cost		Gains		Losses		Value
Available for sale (AFS):
U.S. Government and agency securities	$	2,000	$	—	$	(40)	$	1,960
Mortgage-backed securities	38,795		127		(565)		38,357

State and political securities	104,992		48		(4,416)		100,624
Other debt securities	44,536		684		(1,619)		43,601
Total debt securities	$	190,323	$	859	$	(6,640)	$	184,542

Investment equity securities:

Equity securities	$	1,300	$	—	$	(189)	$	1,111

The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time, that the individual debt securities have been in a continuous unrealized loss position, at March 31, 2025 and December 31, 2024.


	March 31, 2025
	Less than Twelve Months				Twelve Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In Thousands)	Value		Losses		Value		Losses		Value		Losses
Available for sale (AFS):
U.S. Government and agency securities	$	998	$	(2)	$	983	$	(17)	$	1,981	$	(19)
Mortgage-backed securities	13,266		(109)		3,334		(162)		16,600		(271)

State and political securities	14,858		(290)		70,060		(2,851)		84,918		(3,141)
Other debt securities	3,997		(18)		17,309		(1,042)		21,306		(1,060)
Total debt securities	$	33,119	$	(419)	$	91,686	$	(4,072)	$	124,805	$	(4,491)


	December 31, 2024
	Less than Twelve Months				Twelve Months or Greater				Total
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(In Thousands)	Value		Losses		Value		Losses		Value		Losses
Available for sale (AFS):
U.S. Government and agency securities	$	988	$	(12)	$	972	$	(28)	$	1,960	$	(40)
Mortgage-backed securities	21,988		(391)		1,640		(174)		23,628		(565)

State and political securities	22,249		(598)		74,096		(3,818)		96,345		(4,416)
Other debt securities	2,716		(65)		23,014		(1,554)		25,730		(1,619)
Total debt securities	$	47,941	$	(1,066)	$	99,722	$	(5,574)	$	147,663	$	(6,640)

At March 31, 2025, there were a total of 33 securities in a continuous unrealized loss position for less than twelve months and 124 individual securities that were in a continuous unrealized loss position for twelve months or greater. No credit losses occurred for the period ended March 31, 2025.

The Company reviews its position quarterly and has determined that, at March 31, 2025, the declines outlined in the above table represent temporary non-credit declines and the Company does not intend to sell, and does not believe it will be required to sell, these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that the unrealized losses disclosed above are not credit-related but are the result of interest rate changes, sector credit ratings changes, or company-specific ratings changes that are not expected to result in the non-collection of principal and interest during the period.

The amortized cost and fair value of debt securities at March 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


(In Thousands)	Amortized Cost		Fair Value
Due in one year or less	$	19,809	$	19,648
Due after one year to five years	69,036		67,440
Due after five years to ten years	68,230		66,751
Due after ten years	22,142		21,882
Total	$	179,217	$	175,721

Total gross proceeds from sales of debt securities available for sale for the three months ended March 31, 2025 was $8,018,000, compared to $995,000 for the corresponding 2024 period.


	Three Months Ended March 31,
(In Thousands)	2025		2024
Available for sale (AFS):
Gross realized gains:



State and political securities	$	—	$	—
Other debt securities	416		—
Total gross realized gains	$	416	$	—

Gross realized losses:



State and political securities	$	(111)	$	(23)
Other debt securities	—		—
Total gross realized losses	$	(111)	$	(23)

Investment securities with a carrying value of approximately $111,479,000 and $110,153,000 at March 31, 2025 and December 31, 2024, respectively, were pledged to secure certain deposits, repurchase agreements, and for other purposes as required by law.

At March 31, 2025 and December 31, 2024, we had $1,128,000 and $1,111,000, respectively, in equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three months ended March 31, 2025 and 2024:



	Three Months Ended March 31,
(In Thousands)	2025		2024
Net gains (losses) recognized in equity securities during the period	$	17	$	(10)
Less: Net losses realized on the sale of equity securities during the period	—		—
Unrealized gains (losses) recognized in equity securities held at reporting date	$	17	$	(10)