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INVESTMENT SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 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 March 31, 2023 U.S. Government Treasury $ 23,984 $ - $ 1,611 $ - $ 22,373 U.S. Government Agency 184,294 127 10,131 - 174,290 States and Political Subdivisions 47,143 7 5,663 (8) 41,479 Mortgage-Backed Securities (1) 79,148 3 10,137 - 69,014 Corporate Debt Securities 96,144 34 7,718 (28) 88,432 Other Securities (2) 7,355 - - - 7,355 Total $ 438,068 $ 171 $ 35,260 $ (36) $ 402,943 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 March 31, 2023 U.S. Government Treasury $ 457,446 $ - $ 20,272 $ 437,174 Mortgage-Backed Securities (1) 194,309 19 19,302 175,026 Total $ 651,755 $ 19 $ 39,574 $ 612,200 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 March 31, 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 $ 36,233 $ 35,696 $ - $ - Due after one year through five years 159,994 147,344 457,446 437,174 Due after five year through ten years 50,961 42,970 - - Mortgage-Backed Securities 79,148 69,014 194,309 175,026 U.S. Government Agency 104,377 100,564 - - Other Securities 7,355 7,355 - - Total $ 438,068 $ 402,943 $ 651,755 $ 612,200
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 March 31, 2023 Available for Sale U.S. Government Treasury $ 994 $ - $ 19,481 $ 1,611 $ 20,475 $ 1,611 U.S. Government Agency 29,035 354 133,057 9,777 162,092 10,131 States and Political Subdivisions - - 39,905 5,663 39,905 5,663 Mortgage-Backed Securities - - 68,892 10,137 68,892 10,137 Corporate Debt Securities 10,009 215 74,472 7,503 84,481 7,718 Total $ 40,038 $ 569 $ 335,807 $ 34,691 $ 375,845 $ 35,260 Held to Maturity U.S. Government Treasury 4,827 106 432,346 20,166 437,173 20,272 Mortgage-Backed Securities 9,360 297 164,217 19,005 173,577 19,302 Total $ 14,187 $ 403 $ 596,563 $ 39,171 $ 610,750 $ 39,574 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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