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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 U.S. Government Treasury $ 22,036 $ - $ 1,727 $ - $ 20,309 U.S. Government Agency 160,275 15 11,328 - 148,962 States and Political Subdivisions 46,479 - 6,272 (12) 40,195 Mortgage-Backed Securities (1) 74,556 - 13,954 - 60,602 Corporate Debt Securities 63,871 - 8,115 (31) 55,725 Other Securities (2) 8,259 - - - 8,259 Total $ 375,476 $ 15 $ 41,396 $ (43) $ 334,052 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 September 30, 2023 U.S. Government Treasury $ 457,602 $ - $ 24,452 $ 433,150 Mortgage-Backed Securities (1) 174,474 - 24,976 149,498 Total $ 632,076 $ - $ 49,428 $ 582,648 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 $ 3.2 million and $ 5.1 million, respectively, at September 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 $ 26,628 $ 25,874 $ - $ - Due after one year through five years 132,264 119,087 457,602 433,150 Due after five year through ten years 45,924 37,331 - - Mortgage-Backed Securities 74,556 60,602 174,474 149,498 U.S. Government Agency 87,845 82,899 - - Other Securities 8,259 8,259 - - Total $ 375,476 $ 334,052 $ 632,076 $ 582,648
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, 2023 Available for Sale U.S. Government Treasury $ - $ - $ 19,318 $ 1,727 $ 19,318 $ 1,727 U.S. Government Agency 11,833 89 134,243 11,239 146,076 11,328 States and Political Subdivisions 835 26 37,981 6,246 38,816 6,272 Mortgage-Backed Securities 91 1 60,492 13,953 60,583 13,954 Corporate Debt Securities - - 55,756 8,115 55,756 8,115 Total $ 12,759 $ 116 $ 307,790 $ 41,280 $ 320,549 $ 41,396 Held to Maturity U.S. Government Treasury - - 433,150 24,452 433,150 24,452 Mortgage-Backed Securities 998 38 148,500 24,938 149,498 24,976 Total $ 998 $ 38 $ 581,650 $ 49,390 $ 582,648 $ 49,428 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 -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3 + 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/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 + Details
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