INVESTMENT SECURITIES (Tables) |
9 Months Ended |
|---|---|
Sep. 30, 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”)
unrealized gains and losses.
Available for
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
September 30, 2023
U.S. Government Treasury
$
22,036
$
-
$
1,727
$
-
$
20,309
U.S. Government Agency
160,275
15
11,328
-
148,962
States and Political Subdivisions
46,479
-
6,272
(12)
40,195
Mortgage-Backed Securities
(1)
74,556
-
13,954
-
60,602
Corporate Debt Securities
63,871
-
8,115
(31)
55,725
Other Securities
(2)
8,259
-
-
-
8,259
Total
$
375,476
$
15
$
41,396
$
(43)
$
334,052
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
September 30, 2023
U.S. Government Treasury
$
457,602
$
-
$
24,452
$
433,150
Mortgage-Backed Securities
(1)
174,474
-
24,976
149,498
Total
$
632,076
$
-
$
49,428
$
582,648
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)
(2)
Includes Federal Home Loan Bank and Federal Reserve Bank stock,
3.2
5.1
respectively,
2.1
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
$
26,628
$
25,874
$
-
$
-
Due after one year through five years
132,264
119,087
457,602
433,150
Due after five year through ten years
45,924
37,331
-
-
Mortgage-Backed Securities
74,556
60,602
174,474
149,498
U.S. Government Agency
87,845
82,899
-
-
Other Securities
8,259
8,259
-
-
Total
$
375,476
$
334,052
$
632,076
$
582,648
|
| 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, 2023
Available for
U.S. Government Treasury
$
-
$
-
$
19,318
$
1,727
$
19,318
$
1,727
U.S. Government Agency
11,833
89
134,243
11,239
146,076
11,328
States and Political Subdivisions
835
26
37,981
6,246
38,816
6,272
Mortgage-Backed Securities
91
1
60,492
13,953
60,583
13,954
Corporate Debt Securities
-
-
55,756
8,115
55,756
8,115
Total
$
12,759
$
116
$
307,790
$
41,280
$
320,549
$
41,396
Held to Maturity
U.S. Government Treasury
-
-
433,150
24,452
433,150
24,452
Mortgage-Backed Securities
998
38
148,500
24,938
149,498
24,976
Total
$
998
$
38
$
581,650
$
49,390
$
582,648
$
49,428
December 31, 2022
Available for
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
|