Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES (Tables)

v3.23.4
INVESTMENT SECURITIES (Tables)
3 Months Ended
Mar. 31, 2023
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”)
 
and the corresponding amounts of gross
 
unrealized gains and losses.
Available for
 
Sale
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
March 31, 2023
U.S. Government Treasury
$
23,984
$
-
$
1,611
$
-
$
22,373
U.S. Government Agency
184,294
127
10,131
-
174,290
States and Political Subdivisions
47,143
7
5,663
(8)
41,479
Mortgage-Backed Securities
(1)
79,148
3
10,137
-
69,014
Corporate Debt Securities
96,144
34
7,718
(28)
88,432
Other Securities
(2)
7,355
-
-
-
7,355
Total
 
$
438,068
$
171
$
35,260
$
(36)
$
402,943
December 31, 2022
U.S. Government Treasury
$
23,977
$
1
$
1,928
$
-
$
22,050
U.S. Government Agency
198,888
27
12,863
-
186,052
States and Political Subdivisions
47,197
-
6,855
(13)
40,329
Mortgage-Backed Securities
(1)
80,829
2
11,426
-
69,405
Corporate Debt Securities
97,119
19
8,874
(28)
88,236
Other Securities
(2)
7,222
-
-
-
7,222
Total
 
$
455,232
$
49
$
41,946
$
(41)
$
413,294
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
March 31, 2023
U.S. Government Treasury
$
457,446
$
-
$
20,272
$
437,174
Mortgage-Backed Securities
(1)
194,309
19
19,302
175,026
Total
 
$
651,755
$
19
$
39,574
$
612,200
December 31, 2022
U.S. Government Treasury
$
457,374
$
-
$
25,641
$
431,733
Mortgage-Backed Securities
(1)
203,370
8
22,410
180,968
Total
 
$
660,744
$
8
$
48,051
$
612,701
(1)
 
Comprised of residential mortgage-backed
 
securities
(2)
 
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
 
at cost of $
2.3
 
million and $
5.1
 
million,
respectively,
 
at March 31, 2023 and $
2.1
 
million and $
5.1
 
million, respectively,
 
at December 31, 2022.
Schedule of investment securities with maturity distribution based on contractual maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available for
 
Sale
Held to Maturity
(Dollars in Thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Due in one year or less
$
36,233
 
$
35,696
 
$
-
 
$
-
Due after one year through five years
 
159,994
 
 
147,344
 
 
457,446
 
 
437,174
Due after five year through ten years
 
50,961
 
 
42,970
 
 
-
 
 
-
Mortgage-Backed Securities
79,148
69,014
194,309
175,026
U.S. Government Agency
 
104,377
 
 
100,564
 
 
-
 
 
-
Other Securities
 
7,355
 
 
7,355
 
 
-
 
 
-
Total
 
$
438,068
 
$
402,943
 
$
651,755
 
$
612,200
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, 2023
Available for
 
Sale
U.S. Government Treasury
$
994
 
$
-
 
$
19,481
 
$
1,611
 
$
20,475
 
$
1,611
U.S. Government Agency
29,035
354
133,057
9,777
162,092
10,131
States and Political Subdivisions
-
 
-
 
39,905
 
5,663
 
39,905
 
5,663
Mortgage-Backed Securities
-
 
-
 
68,892
 
10,137
 
68,892
 
10,137
Corporate Debt Securities
10,009
 
215
 
74,472
 
7,503
 
84,481
 
7,718
Total
 
$
40,038
 
$
569
 
$
335,807
 
$
34,691
 
$
375,845
 
$
35,260
 
Held to Maturity
U.S. Government Treasury
 
4,827
 
106
 
 
432,346
 
20,166
 
 
437,173
 
 
20,272
Mortgage-Backed Securities
9,360
 
297
 
164,217
 
19,005
 
173,577
 
19,302
Total
 
$
14,187
 
$
403
 
$
596,563
 
$
39,171
 
$
610,750
 
$
39,574
December 31, 2022
Available for
 
Sale
 
U.S. Government Treasury
$
983
 
$
-
 
$
19,189
 
$
1,928
 
$
20,172
 
$
1,928
U.S. Government Agency
63,112
2,572
113,004
10,291
176,116
12,863
States and Political Subdivisions
 
1,425
 
 
2
 
 
38,760
 
 
6,853
 
 
40,185
 
 
6,855
Mortgage-Backed Securities
6,594
959
60,458
10,467
67,052
11,426
Corporate Debt Securities
26,959
878
58,601
7,996
85,560
8,874
Total
 
$
99,073
 
$
4,411
 
$
290,012
 
$
37,535
 
$
389,085
 
$
41,946
 
Held to Maturity
U.S. Government Treasury
 
177,552
 
 
11,018
 
 
254,181
 
 
14,623
 
 
431,733
 
 
25,641
Mortgage-Backed Securities
88,723
6,814
91,462
15,596
180,185
22,410
Total
 
$
266,275
 
$
17,832
 
$
345,643
 
$
30,219
 
$
611,918
 
$
48,051