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

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
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