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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023 U.S. Government Treasury $ 22,047 $ - $ 1,797 $ - $ 20,250 U.S. Government Agency 175,515 28 11,303 - 164,240 States and Political Subdivisions 46,842 - 5,958 (5) 40,879 Mortgage-Backed Securities (1) 77,144 2 11,014 - 66,132 Corporate Debt Securities 95,317 61 7,995 (19) 87,364 Other Securities (2) 7,355 - - - 7,355 Total $ 424,220 $ 91 $ 38,067 $ (24) $ 386,220 December 31, 2022 U.S. Government Treasury $ 23,977 $ 1 $ 1,928 $ - $ 22,050 U.S. Government Agency 198,888 27 12,863 - 186,052 States and Political Subdivisions 47,197 - 6,855 (13) 40,329 Mortgage-Backed Securities (1) 80,829 2 11,426 - 69,405 Corporate Debt Securities 97,119 19 8,874 (28) 88,236 Other Securities (2) 7,222 - - - 7,222 Total $ 455,232 $ 49 $ 41,946 $ (41) $ 413,294 Held to Maturity Amortized Unrealized Unrealized Fair (Dollars in Thousands) Cost Gains Losses Value June 30, 2023 U.S. Government Treasury $ 457,522 $ - $ 25,365 $ 432,157 Mortgage-Backed Securities (1) 183,876 1 20,815 163,062 Total $ 641,398 $ 1 $ 46,180 $ 595,219 December 31, 2022 U.S. Government Treasury $ 457,374 $ - $ 25,641 $ 431,733 Mortgage-Backed Securities (1) 203,370 8 22,410 180,968 Total $ 660,744 $ 8 $ 48,051 $ 612,701 (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 $ 5.1 million, respectively, at June 30, 2023 and $ 2.1 million and $ 5.1 million, respectively, at December 31, 2022.
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 $ 41,681 $ 41,030 $ - $ - Due after one year through five years 153,275 139,764 457,522 432,157 Due after five year through ten years 49,673 41,410 - - Mortgage-Backed Securities 77,144 66,132 183,876 163,062 U.S. Government Agency 95,092 90,529 - - Other Securities 7,355 7,355 - - Total $ 424,220 $ 386,220 $ 641,398 $ 595,219
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, 2023 Available for Sale U.S. Government Treasury $ - $ - $ 19,271 $ 1,797 $ 19,271 $ 1,797 U.S. Government Agency 18,020 191 122,553 11,112 140,573 11,303 States and Political Subdivisions 1,559 9 39,325 5,949 40,884 5,958 Mortgage-Backed Securities 24 - 66,016 11,014 66,040 11,014 Corporate Debt Securities 1,967 8 79,768 7,987 81,735 7,995 Total $ 21,570 $ 208 $ 326,933 $ 37,859 $ 348,503 $ 38,067 Held to Maturity U.S. Government Treasury - - 432,157 25,365 432,157 25,365 Mortgage-Backed Securities 3,265 141 159,566 20,674 162,831 20,815 Total $ 3,265 $ 141 $ 591,723 $ 46,039 $ 594,988 $ 46,180 December 31, 2022 Available for Sale U.S. Government Treasury $ 983 $ - $ 19,189 $ 1,928 $ 20,172 $ 1,928 U.S. Government Agency 63,112 2,572 113,004 10,291 176,116 12,863 States and Political Subdivisions 1,425 2 38,760 6,853 40,185 6,855 Mortgage-Backed Securities 6,594 959 60,458 10,467 67,052 11,426 Corporate Debt Securities 26,959 878 58,601 7,996 85,560 8,874 Total $ 99,073 $ 4,411 $ 290,012 $ 37,535 $ 389,085 $ 41,946 Held to Maturity U.S. Government Treasury 177,552 11,018 254,181 14,623 431,733 25,641 Mortgage-Backed Securities 88,723 6,814 91,462 15,596 180,185 22,410 Total $ 266,275 $ 17,832 $ 345,643 $ 30,219 $ 611,918 $ 48,051

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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 https://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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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