INVESTMENT SECURITIES (Tables) |
3 Months Ended |
|---|---|
Mar. 31, 2022 | |
| Investments Securities [Abstract] | |
| Schedule of amortized cost and related market value of investment securities available-for-sale |
NOTE 2 –
INVESTMENT SECURITIES
Investment Portfolio Composition
. The following table summarizes the amortized cost and related fair value
securities available-for-sale and securities held-to-maturity and the corresponding
Available for
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
March 31, 2022
U.S. Government Treasury
$
190,049
$
15
$
10,051
$
-
$
180,013
U.S. Government Agency
232,067
547
8,179
-
224,435
States and Political Subdivisions
47,107
11
3,753
(15)
43,350
Mortgage-Backed Securities
(1)
91,169
15
5,121
-
86,063
Corporate Debt Securities
88,208
4
5,018
(21)
83,173
Other Securities
(2)
7,327
-
-
-
7,327
Total
$
655,927
$
592
$
32,122
$
(36)
$
624,361
December 31, 2021
U.S. Government Treasury
$
190,409
$
65
$
2,606
$
-
$
187,868
U.S. Government Agency
238,490
1,229
2,141
-
237,578
States and Political Subdivisions
47,762
44
811
(15)
46,980
Mortgage-Backed Securities
(1)
89,440
27
598
-
88,869
Corporate Debt Securities
87,537
10
1,304
(21)
86,222
Other Securities
(2)
7,094
-
-
-
7,094
Total
$
660,732
$
1,375
$
7,460
$
(36)
$
654,611
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
March 31, 2022
U.S. Government Treasury
$
289,237
$
10
$
9,355
$
279,892
Mortgage-Backed Securities
(1)
229,441
414
8,470
221,385
Total
$
518,678
$
424
$
17,825
$
501,277
December 31, 2021
U.S. Government Treasury
$
115,499
$
-
$
1,622
$
113,877
Mortgage-Backed Securities
(1)
224,102
2,819
1,099
225,822
Total
$
339,601
$
2,819
$
2,721
$
339,699
(1)
(2)
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
2.3
5.1
respectively,
2.0
5.1
|
| Schedule of investment securities with maturity distribution based on contractual maturities |
Available for
Held to Maturity
(Dollars in Thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Due in one year or less
$
36,321
$
34,519
$
-
$
-
Due after one year through five years
306,432
290,613
289,237
279,892
Due after five year through ten years
62,103
56,445
-
-
Mortgage-Backed Securities
91,169
86,063
229,441
221,385
U.S. Government Agency
152,575
149,394
-
-
Equity Securities
7,327
7,327
-
-
Total
$
655,927
$
624,361
$
518,678
$
501,277
|
| Schedule of investment securities with continuous unrealized loss position |
Less Than
Greater Than
12 Months
12 Months
Total
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in Thousands)
Value
Losses
Value
Losses
Value
Losses
March 31, 2022
Available for
U.S. Government Treasury
$
117,369
$
6,723
$
57,638
$
3,328
$
175,007
$
10,051
U.S. Government Agency
122,572
5,952
43,637
2,227
166,209
8,179
States and Political Subdivisions
42,181
3,719
444
34
42,625
3,753
Mortgage-Backed Securities
85,848
5,121
-
-
85,848
5,121
Corporate Debt Securities
79,718
5,018
-
-
79,718
5,018
Total
447,688
26,533
101,719
5,589
549,407
32,122
Held to Maturity
U.S. Government Treasury
261,362
9,355
-
-
261,362
9,355
Mortgage-Backed Securities
166,472
7,633
10,496
837
176,968
8,470
Total
$
427,834
$
16,988
$
10,496
$
837
$
438,330
$
17,825
December 31, 2021
Available for
U.S. Government Treasury
$
172,206
$
2,606
$
-
$
-
$
172,206
$
2,606
U.S. Government Agency
127,484
1,786
17,986
355
145,470
2,141
States and Political Subdivisions
42,122
811
-
-
42,122
811
Mortgage-Backed Securities
81,832
598
-
-
81,832
598
Corporate Debt Securities
69,354
1,304
-
-
69,354
1,304
Total
$
492,998
$
7,105
$
17,986
$
355
$
510,984
$
7,460
Held to Maturity
U.S. Government Treasury
113,877
1,622
-
-
113,877
1,622
Mortgage-Backed Securities
115,015
1,099
-
-
115,015
1,099
Total
$
228,892
$
2,721
$
-
$
-
$
228,892
$
2,721
|