INVESTMENT SECURITIES (Tables) |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| 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
March 31, 2024
U.S. Government Treasury
$
24,977
$
-
$
1,226
$
-
$
23,751
U.S. Government Agency
147,113
77
8,142
-
139,048
States and Political Subdivisions
43,509
-
4,767
(39)
38,703
Mortgage-Backed Securities
(1)
71,465
1
10,918
-
60,548
Corporate Debt Securities
63,256
-
6,021
(43)
57,192
Other Securities
(2)
8,096
-
-
-
8,096
Total
$
358,416
$
78
$
31,074
$
(82)
$
327,338
December 31, 2023
U.S. Government Treasury
$
25,947
$
1
$
1,269
$
-
$
24,679
U.S. Government Agency
152,983
104
8,053
-
145,034
States and Political Subdivisions
43,951
1
4,861
(8)
39,083
Mortgage-Backed Securities
(1)
73,015
2
9,714
-
63,303
Corporate Debt Securities
63,600
-
6,031
(17)
57,552
Other Securities
(2)
8,251
-
-
-
8,251
Total
$
367,747
$
108
$
29,928
$
(25)
$
337,902
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
March 31, 2024
U.S. Government Treasury
$
442,762
$
-
$
16,288
$
426,474
Mortgage-Backed Securities
(1)
160,624
6
17,422
143,208
Total
$
603,386
$
6
$
33,710
$
569,682
December 31, 2023
U.S. Government Treasury
$
457,681
$
-
$
16,492
$
441,189
Mortgage-Backed Securities
(1)
167,341
13
16,792
150,562
Total
$
625,022
$
13
$
33,284
$
591,751
(1)
(2)
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
3.0
5.1
respectively,
3.2
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
$
31,877
$
31,210
$
136,137
$
133,613
Due after one year through five years
138,581
127,809
306,625
292,861
Due after five year through ten years
34,427
29,217
-
-
Mortgage-Backed Securities
71,465
60,548
160,624
143,208
U.S. Government Agency
73,970
70,458
-
-
Other Securities
8,096
8,096
-
-
Total
$
358,416
$
327,338
$
603,386
$
569,682
|
| 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, 2024
Available for
U.S. Government Treasury
$
3,980
$
1
$
19,771
$
1,225
$
23,751
$
1,226
U.S. Government Agency
13,416
78
117,053
8,064
130,469
8,142
States and Political Subdivisions
1,296
36
37,445
4,731
38,741
4,767
Mortgage-Backed Securities
71
1
60,446
10,917
60,517
10,918
Corporate Debt Securities
-
-
57,236
6,021
57,236
6,021
Total
$
18,763
$
116
$
291,951
$
30,958
$
310,714
$
31,074
Held to Maturity
U.S. Government Treasury
144,380
3,214
282,094
13,074
426,474
16,288
Mortgage-Backed Securities
1,785
11
140,058
17,411
141,843
17,422
Total
$
146,165
$
3,225
$
422,152
$
30,485
$
568,317
$
33,710
December 31, 2023
Available for
U.S. Government Treasury
$
-
$
-
$
19,751
$
1,269
$
19,751
$
1,269
U.S. Government Agency
12,890
74
121,220
7,979
134,110
8,053
States and Political Subdivisions
1,149
31
37,785
4,830
38,934
4,861
Mortgage-Backed Securities
23
-
63,195
9,714
63,218
9,714
Corporate Debt Securities
-
-
57,568
6,031
57,568
6,031
Total
$
14,062
$
105
$
299,519
$
29,823
$
313,581
$
29,928
Held to Maturity
U.S. Government Treasury
153,880
3,178
287,310
13,314
441,190
16,492
Mortgage-Backed Securities
786
14
148,282
16,778
149,068
16,792
Total
$
154,666
$
3,192
$
435,592
$
30,092
$
590,258
$
33,284
|