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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 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 (“AFS”) and securities held-to-maturity (“HTM”) and the corresponding amounts of gross unrealized gains and losses. Available for Sale Amortized Unrealized Unrealized Allowance for Fair (Dollars in Thousands) Cost Gains Losses Credit Losses Value September 30, 2022 U.S. Government Treasury $ 21,140 $ - $ 2,082 $ - $ 19,058 U.S. Government Agency 206,631 85 13,572 - 193,144 States and Political Subdivisions 47,249 - 7,008 (13) 40,228 Mortgage-Backed Securities (1) 82,879 2 12,583 - 70,298 Corporate Debt Securities 96,421 28 9,730 (28) 86,691 Other Securities (2) 7,326 - - - 7,326 Total $ 461,646 $ 115 $ 44,975 $ (41) $ 416,745 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 September 30, 2022 U.S. Government Treasury $ 462,302 $ - $ 27,585 $ 434,717 Mortgage-Backed Securities (1) 213,876 10 24,975 188,911 Total $ 676,178 $ 10 $ 52,560 $ 623,628 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) Comprised of residential mortgage-backed securities (2) Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded at cost of $ 2.3 million and $ 5.0 million, respectively, at September 30, 2022 and $ 2.0 million and $ 5.1 million, respectively, at December 31, 2021.
Schedule of investment securities with maturity distribution based on contractual maturities | Available for Sale Held to Maturity (Dollars in Thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due in one year or less $ 39,283 $ 35,743 $ - $ - Due after one year through five years 151,355 138,505 462,302 434,717 Due after five year through ten years 54,076 44,031 - - Mortgage-Backed Securities 82,879 70,298 213,876 188,911 U.S. Government Agency 126,727 120,842 - - Other Securities 7,326 7,326 - - Total $ 461,646 $ 416,745 $ 676,178 $ 623,628
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, 2022 Available for Sale U.S. Government Treasury $ - $ - $ 19,058 $ 2,082 $ 19,058 $ 2,082 U.S. Government Agency 69,249 3,367 110,295 10,205 179,544 13,572 States and Political Subdivisions 5,831 736 34,410 6,272 40,241 7,008 Mortgage-Backed Securities 25,953 4,076 44,278 8,507 70,231 12,583 Corporate Debt Securities 33,827 1,211 48,927 8,519 82,754 9,730 Total 134,860 9,390 256,968 35,585 391,828 44,975 Held to Maturity U.S. Government Treasury 205,334 12,813 229,383 14,772 434,717 27,585 Mortgage-Backed Securities 108,405 10,634 79,302 14,341 187,707 24,975 Total $ 313,739 $ 23,447 $ 308,685 $ 29,113 $ 622,424 $ 52,560 December 31, 2021 Available for Sale 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

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + 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=123581744&loc=d3e27290-111563 + Details
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