INVESTMENT SECURITIES (Tables) |
9 Months Ended |
|---|---|
Sep. 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
September 30, 2024
U.S. Government Treasury
$
51,082
$
222
$
658
$
-
$
50,646
U.S. Government Agency
130,176
63
4,909
-
125,330
States and Political Subdivisions
43,258
2
3,239
(4)
40,017
Mortgage-Backed Securities
(1)
68,054
1
8,274
-
59,781
Corporate Debt Securities
56,328
-
3,932
(79)
52,317
Other Securities
(2)
8,096
-
-
-
8,096
Total
$
356,994
$
288
$
21,012
$
(83)
$
336,187
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
September 30, 2024
U.S. Government Treasury
$
397,977
$
-
$
7,424
$
390,553
Mortgage-Backed Securities
(1)
163,503
156
11,884
151,775
Total
$
561,480
$
156
$
19,308
$
542,328
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
$
32,570
$
31,822
$
227,491
$
224,457
Due after one year through five years
152,256
145,849
170,486
166,096
Due after five year through ten years
26,898
23,813
-
-
Mortgage-Backed Securities
68,054
59,781
163,503
151,775
U.S. Government Agency
69,120
66,826
-
-
Other Securities
8,096
8,096
-
-
Total
$
356,994
$
336,187
$
561,480
$
542,328
|
| 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, 2024
Available for
U.S. Government Treasury
$
-
$
-
$
17,490
$
658
$
17,490
$
658
U.S. Government Agency
10,677
32
106,912
4,877
117,589
4,909
States and Political Subdivisions
1,904
140
37,262
3,099
39,166
3,239
Mortgage-Backed Securities
-
-
59,709
8,274
59,709
8,274
Corporate Debt Securities
979
112
51,417
3,820
52,396
3,932
Total
$
13,560
$
284
$
272,790
$
20,728
$
286,350
$
21,012
Held to Maturity
U.S. Government Treasury
117,561
1,063
272,992
6,361
390,553
7,424
Mortgage-Backed Securities
2,954
4
130,035
11,880
132,989
11,884
Total
$
120,515
$
1,067
$
403,027
$
18,241
$
523,542
$
19,308
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
|