INVESTMENT SECURITIES (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Investment 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
June 30, 2024
U.S. Government Treasury
$
24,941
$
-
$
1,073
$
-
$
23,868
U.S. Government Agency
133,562
74
7,531
-
126,105
States and Political Subdivisions
43,302
-
4,669
(5)
38,628
Mortgage-Backed Securities
(1)
69,810
-
11,283
-
58,527
Corporate Debt Securities
61,596
-
5,744
(135)
55,717
Other Securities
(2)
8,096
-
-
-
8,096
Total
$
341,307
$
74
$
30,300
$
(140)
$
310,941
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
June 30, 2024
U.S. Government Treasury
$
427,878
$
-
$
14,143
$
413,735
Mortgage-Backed Securities
(1)
155,106
4
17,601
137,509
Total
$
582,984
$
4
$
31,744
$
551,244
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
$
25,906
$
25,261
$
192,392
$
188,638
Due after one year through five years
139,310
129,016
235,486
225,097
Due after five year through ten years
30,774
26,049
-
-
Mortgage-Backed Securities
69,810
58,527
155,106
137,509
U.S. Government Agency
67,411
63,992
-
-
Other Securities
8,096
8,096
-
-
Total
$
341,307
$
310,941
$
582,984
$
551,244
|
| 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
June 30, 2024
Available for
U.S. Government Treasury
$
3,963
$
5
$
19,905
$
1,068
$
23,868
$
1,073
U.S. Government Agency
6,526
28
111,593
7,503
118,119
7,531
States and Political Subdivisions
2,687
212
35,946
4,457
38,633
4,669
Mortgage-Backed Securities
59
-
58,453
11,283
58,512
11,283
Corporate Debt Securities
945
150
54,907
5,594
55,852
5,744
Total
$
14,180
$
395
$
280,804
$
29,905
$
294,984
$
30,300
Held to Maturity
U.S. Government Treasury
140,435
2,687
273,300
11,456
413,735
14,143
Mortgage-Backed Securities
3,924
38
132,228
17,563
136,152
17,601
Total
$
144,359
$
2,725
$
405,528
$
29,019
$
549,887
$
31,744
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
|