INVESTMENT SECURITIES (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| 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 and securities held-to-maturity and the corresponding
Available for
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
June 30, 2022
U.S. Government Treasury
$
189,686
$
-
$
11,791
$
-
$
177,895
U.S. Government Agency
219,936
336
9,588
-
210,684
States and Political Subdivisions
47,626
9
5,269
(9)
42,357
Mortgage-Backed Securities
(1)
86,168
8
8,355
-
77,821
Corporate Debt Securities
92,936
-
7,593
(22)
85,321
Other Securities
(2)
7,327
-
-
-
7,327
Total
$
643,679
$
353
$
42,596
$
(31)
$
601,405
December 31, 2021
U.S. Government Treasury
$
190,409
$
65
$
2,606
$
-
$
187,868
U.S. Government Agency
238,490
1,229
2,141
-
237,578
States and Political Subdivisions
47,762
44
811
(15)
46,980
Mortgage-Backed Securities
(1)
89,440
27
598
-
88,869
Corporate Debt Securities
87,537
10
1,304
(21)
86,222
Other Securities
(2)
7,094
-
-
-
7,094
Total
$
660,732
$
1,375
$
7,460
$
(36)
$
654,611
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
June 30, 2022
U.S. Government Treasury
$
303,379
$
-
$
13,671
$
289,708
Mortgage-Backed Securities
(1)
224,879
66
15,690
209,255
Total
$
528,258
$
66
$
29,361
$
498,963
December 31, 2021
U.S. Government Treasury
$
115,499
$
-
$
1,622
$
113,877
Mortgage-Backed Securities
(1)
224,102
2,819
1,099
225,822
Total
$
339,601
$
2,819
$
2,721
$
339,699
(1)
(2)
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
2.3
5.1
respectively,
2.0
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
$
34,031
$
31,933
$
-
$
-
Due after one year through five years
316,240
296,327
303,379
289,708
Due after five year through ten years
59,474
51,323
-
-
Mortgage-Backed Securities
86,168
77,821
224,879
209,255
U.S. Government Agency
140,439
136,674
-
-
Equity Securities
7,327
7,327
-
-
Total
$
643,679
$
601,405
$
528,258
$
498,963
|
| 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, 2022
Available for
U.S. Government Treasury
$
115,930
$
7,757
$
61,965
$
4,034
$
177,895
$
11,791
U.S. Government Agency
129,675
7,137
43,349
2,451
173,024
9,588
States and Political Subdivisions
40,323
5,229
437
40
40,760
5,269
Mortgage-Backed Securities
73,829
7,909
3,801
446
77,630
8,355
Corporate Debt Securities
82,151
7,285
3,192
308
85,343
7,593
Total
441,908
35,317
112,744
7,279
554,652
42,596
Held to Maturity
U.S. Government Treasury
284,789
13,375
4,919
296
289,708
13,671
Mortgage-Backed Securities
195,328
14,395
9,659
1,295
204,987
15,690
Total
$
480,117
$
27,770
$
14,578
$
1,591
$
494,695
$
29,361
December 31, 2021
Available for
U.S. Government Treasury
$
172,206
$
2,606
$
-
$
-
$
172,206
$
2,606
U.S. Government Agency
127,484
1,786
17,986
355
145,470
2,141
States and Political Subdivisions
42,122
811
-
-
42,122
811
Mortgage-Backed Securities
81,832
598
-
-
81,832
598
Corporate Debt Securities
69,354
1,304
-
-
69,354
1,304
Total
$
492,998
$
7,105
$
17,986
$
355
$
510,984
$
7,460
Held to Maturity
U.S. Government Treasury
113,877
1,622
-
-
113,877
1,622
Mortgage-Backed Securities
115,015
1,099
-
-
115,015
1,099
Total
$
228,892
$
2,721
$
-
$
-
$
228,892
$
2,721
|