| Schedule of amortized cost and related market value of investment securities available-for-sale |
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NOTE 2 – INVESTMENT SECURITIES
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Investment Portfolio Composition. The following table summarizes the amortized cost and related market value of investment securities
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| available-for-sale and securities held-to-maturity and the corresponding amounts of gross unrealized gains and losses. |
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March 31, 2020 |
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December 31, 2019 |
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Amortized |
Unrealized |
Unrealized |
Market |
Amortized |
Unrealized |
Unrealized |
Market |
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
Cost |
|
Gain |
|
Losses |
|
Value |
| Available for Sale |
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| U.S. Government Treasury |
$ |
198,640 |
|
$ |
2,874 |
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$ |
- |
|
$ |
201,514 |
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$ |
231,996 |
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$ |
849 |
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$ |
67 |
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$ |
232,778 |
| U.S. Government Agency |
|
164,070 |
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|
1,955 |
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|
131 |
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165,894 |
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155,706 |
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|
697 |
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|
325 |
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|
156,078 |
| States and Political Subdivisions |
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6,664 |
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8 |
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- |
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6,672 |
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6,310 |
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9 |
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- |
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6,319 |
| Mortgage-Backed Securities |
|
581 |
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|
75 |
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- |
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|
656 |
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|
693 |
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|
80 |
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- |
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|
773 |
|
Equity Securities(1)
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7,778 |
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- |
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- |
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7,778 |
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7,653 |
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- |
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- |
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7,653 |
| Total |
$ |
377,733 |
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$ |
4,912 |
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$ |
131 |
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$ |
382,514 |
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$ |
402,358 |
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$ |
1,635 |
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$ |
392 |
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$ |
403,601 |
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| Held to Maturity |
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| U.S. Government Treasury |
$ |
20,027 |
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$ |
184 |
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$ |
- |
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$ |
20,211 |
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$ |
20,036 |
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$ |
15 |
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$ |
9 |
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$ |
20,042 |
| States and Political Subdivisions |
|
340 |
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- |
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- |
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340 |
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1,376 |
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- |
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- |
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1,376 |
| Mortgage-Backed Securities |
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231,425 |
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5,953 |
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- |
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237,378 |
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218,127 |
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2,064 |
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|
180 |
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220,011 |
| Total |
$ |
251,792 |
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$ |
6,137 |
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$ |
- |
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$ |
257,929 |
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$ |
239,539 |
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$ |
2,079 |
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$ |
189 |
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$ |
241,429 |
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| Total Investment Securities |
$ |
629,525 |
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$ |
11,049 |
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$ |
131 |
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$ |
640,443 |
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$ |
641,897 |
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$ |
3,714 |
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$ |
581 |
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$ |
645,030 |
(1) Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded at cost of $3.0 million, $4.8 million, respectively, at March 31, 2020 and includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $2.9 million and $4.8 million, respectively, at December 31, 2019. |
| Schedule of investment securities with maturity distribution based on contractual maturities |
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Available for Sale |
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Held to Maturity |
| (Dollars in Thousands) |
Amortized Cost |
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Market Value |
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Amortized Cost |
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Market Value |
| Due in one year or less |
$ |
131,848 |
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$ |
132,886 |
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$ |
20,367 |
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$ |
20,551 |
| Due after one year through five years |
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73,456 |
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|
75,300 |
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- |
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- |
| Mortgage-Backed Securities |
|
581 |
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|
656 |
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231,425 |
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|
237,378 |
| U.S. Government Agency |
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164,070 |
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165,894 |
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- |
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- |
| Equity Securities |
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7,778 |
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|
7,778 |
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- |
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- |
| Total |
$ |
377,733 |
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$ |
382,514 |
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$ |
251,792 |
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$ |
257,929 |
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| Schedule of investment securities with continuous unrealized loss position |
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Less Than |
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Greater Than |
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12 Months |
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12 Months |
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Total |
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Market |
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Unrealized |
|
Market |
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Unrealized |
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Market |
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Unrealized |
| (Dollars in Thousands) |
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses |
| March 31, 2020 |
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| Available for Sale |
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| U.S. Government Agency |
|
22,589 |
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|
108 |
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|
6,736 |
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|
23 |
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|
29,325 |
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|
131 |
| Total |
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22,589 |
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|
108 |
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6,736 |
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23 |
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29,325 |
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|
131 |
| |
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| December 31, 2019 |
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| Available for Sale |
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| U.S. Government Treasury |
$ |
9,955 |
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$ |
- |
|
$ |
93,310 |
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$ |
67 |
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$ |
103,265 |
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$ |
67 |
| U.S. Government Agency |
|
36,361 |
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|
244 |
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|
17,364 |
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|
81 |
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|
53,725 |
|
|
325 |
| States and Political Subdivisions |
|
578 |
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|
- |
|
|
- |
|
|
- |
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|
578 |
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|
- |
| Mortgage-Backed Securities |
|
8 |
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|
- |
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- |
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|
- |
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|
8 |
|
|
- |
| Total |
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46,902 |
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|
244 |
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|
110,674 |
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|
148 |
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157,576 |
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|
392 |
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