| Schedule of amortized cost and related market value of investment securities available-for-sale |
NOTE 2 – INVESTMENT SECURITIES |
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Investment Portfolio Composition. The following table summarizes the amortized cost and related market value of investment |
securities available-for-sale and securities held-to-maturity and the corresponding amounts of gross unrealized gains and losses. |
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September 30, 2020 |
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December 31, 2019 |
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Amortized |
Unrealized |
Unrealized |
Market |
Amortized |
Unrealized |
Unrealized |
Market |
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Cost |
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Gains |
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Losses |
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Value |
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Cost |
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Gain |
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Losses |
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Value |
Available for Sale |
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U.S. Government Treasury |
$ |
118,566 |
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$ |
1,550 |
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$ |
- |
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$ |
120,116 |
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$ |
231,996 |
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$ |
849 |
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$ |
67 |
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$ |
232,778 |
U.S. Government Agency |
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192,283 |
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2,814 |
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103 |
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194,994 |
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155,706 |
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697 |
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325 |
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156,078 |
States and Political Subdivisions |
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4,722 |
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108 |
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- |
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4,830 |
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6,310 |
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9 |
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- |
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6,319 |
Mortgage-Backed Securities |
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472 |
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63 |
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- |
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|
535 |
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693 |
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80 |
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- |
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773 |
Equity Securities(1) |
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7,778 |
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- |
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- |
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7,778 |
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7,653 |
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- |
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- |
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7,653 |
Total |
$ |
323,821 |
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$ |
4,535 |
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$ |
103 |
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$ |
328,253 |
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$ |
402,358 |
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$ |
1,635 |
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$ |
392 |
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$ |
403,601 |
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Held to Maturity |
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U.S. Government Treasury |
$ |
15,007 |
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$ |
51 |
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$ |
- |
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$ |
15,058 |
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$ |
20,036 |
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$ |
15 |
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$ |
9 |
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$ |
20,042 |
States and Political Subdivisions |
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- |
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- |
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- |
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- |
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1,376 |
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- |
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- |
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1,376 |
Mortgage-Backed Securities |
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187,586 |
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5,622 |
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- |
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193,208 |
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218,127 |
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2,064 |
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180 |
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220,011 |
Total |
$ |
202,593 |
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$ |
5,673 |
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$ |
- |
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$ |
208,266 |
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$ |
239,539 |
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$ |
2,079 |
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$ |
189 |
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$ |
241,429 |
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Total Investment Securities |
$ |
526,414 |
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$ |
10,208 |
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$ |
103 |
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$ |
536,519 |
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$ |
641,897 |
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$ |
3,714 |
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$ |
581 |
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$ |
645,030 |
(1) Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded at cost of $3.0 million and $4.8 million, respectively, at September 30, 2020 and includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $2.9 million and $4.8 million, respectively, at December 31, 2019.
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| Schedule of investment securities with maturity distribution based on contractual maturities |
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Available for Sale |
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Held to Maturity |
(Dollars in Thousands) |
Amortized Cost |
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Market Value |
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Amortized Cost |
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Market Value |
Due in one year or less |
$ |
114,346 |
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$ |
115,664 |
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$ |
15,007 |
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$ |
15,058 |
Due after one year through five years |
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28,946 |
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29,291 |
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- |
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- |
Mortgage-Backed Securities |
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472 |
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|
535 |
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187,586 |
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193,208 |
U.S. Government Agency |
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172,279 |
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174,985 |
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- |
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- |
Equity Securities |
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7,778 |
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7,778 |
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- |
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- |
Total |
$ |
323,821 |
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$ |
328,253 |
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$ |
202,593 |
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$ |
208,266 |
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| Schedule of investment securities with continuous unrealized loss position |
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Less Than |
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Greater Than |
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12 Months |
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12 Months |
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Total |
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Market |
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Unrealized |
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Market |
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Unrealized |
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Market |
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Unrealized |
(Dollars in Thousands) |
Value |
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Losses |
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Value |
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Losses |
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Value |
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Losses |
September 30, 2020 |
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Available for Sale |
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U.S. Government Agency |
$ |
20,692 |
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$ |
80 |
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$ |
3,656 |
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$ |
23 |
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$ |
24,348 |
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$ |
103 |
Total |
$ |
20,692 |
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$ |
80 |
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$ |
3,656 |
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$ |
23 |
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$ |
24,348 |
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$ |
103 |
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December 31, 2019 |
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Available for Sale |
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U.S. Government Treasury |
$ |
9,955 |
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$ |
- |
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$ |
93,310 |
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$ |
67 |
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$ |
103,265 |
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$ |
67 |
U.S. Government Agency |
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36,361 |
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|
244 |
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17,364 |
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81 |
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53,725 |
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325 |
States and Political Subdivisions |
|
578 |
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- |
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- |
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- |
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|
578 |
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- |
Mortgage-Backed Securities |
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8 |
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- |
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- |
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- |
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8 |
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- |
Total |
$ |
46,902 |
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$ |
244 |
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$ |
110,674 |
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$ |
148 |
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$ |
157,576 |
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$ |
392 |
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