INVESTMENT SECURITIES (Tables) |
9 Months Ended |
|---|---|
Sep. 30, 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 of investment
securities available-for-sale (“AFS”) and securities held-to-maturity (“HTM”)
unrealized gains and losses.
Available for
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
September 30, 2022
U.S. Government Treasury
$
21,140
$
-
$
2,082
$
-
$
19,058
U.S. Government Agency
206,631
85
13,572
-
193,144
States and Political Subdivisions
47,249
-
7,008
(13)
40,228
Mortgage-Backed Securities
(1)
82,879
2
12,583
-
70,298
Corporate Debt Securities
96,421
28
9,730
(28)
86,691
Other Securities
(2)
7,326
-
-
-
7,326
Total
$
461,646
$
115
$
44,975
$
(41)
$
416,745
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
September 30, 2022
U.S. Government Treasury
$
462,302
$
-
$
27,585
$
434,717
Mortgage-Backed Securities
(1)
213,876
10
24,975
188,911
Total
$
676,178
$
10
$
52,560
$
623,628
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
5.0
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
$
39,283
$
35,743
$
-
$
-
Due after one year through five years
151,355
138,505
462,302
434,717
Due after five year through ten years
54,076
44,031
-
-
Mortgage-Backed Securities
82,879
70,298
213,876
188,911
U.S. Government Agency
126,727
120,842
-
-
Other Securities
7,326
7,326
-
-
Total
$
461,646
$
416,745
$
676,178
$
623,628
|
| 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
September 30, 2022
Available for
U.S. Government Treasury
$
-
$
-
$
19,058
$
2,082
$
19,058
$
2,082
U.S. Government Agency
69,249
3,367
110,295
10,205
179,544
13,572
States and Political Subdivisions
5,831
736
34,410
6,272
40,241
7,008
Mortgage-Backed Securities
25,953
4,076
44,278
8,507
70,231
12,583
Corporate Debt Securities
33,827
1,211
48,927
8,519
82,754
9,730
Total
134,860
9,390
256,968
35,585
391,828
44,975
Held to Maturity
U.S. Government Treasury
205,334
12,813
229,383
14,772
434,717
27,585
Mortgage-Backed Securities
108,405
10,634
79,302
14,341
187,707
24,975
Total
$
313,739
$
23,447
$
308,685
$
29,113
$
622,424
$
52,560
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
|