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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
Investment 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, 2024 U.S. Government Treasury $ 24,941 $ - $ 1,073 $ - $ 23,868 U.S. Government Agency 133,562 74 7,531 - 126,105 States and Political Subdivisions 43,302 - 4,669 (5) 38,628 Mortgage-Backed Securities (1) 69,810 - 11,283 - 58,527 Corporate Debt Securities 61,596 - 5,744 (135) 55,717 Other Securities (2) 8,096 - - - 8,096 Total $ 341,307 $ 74 $ 30,300 $ (140) $ 310,941 December 31, 2023 U.S. Government Treasury $ 25,947 $ 1 $ 1,269 $ - $ 24,679 U.S. Government Agency 152,983 104 8,053 - 145,034 States and Political Subdivisions 43,951 1 4,861 (8) 39,083 Mortgage-Backed Securities (1) 73,015 2 9,714 - 63,303 Corporate Debt Securities 63,600 - 6,031 (17) 57,552 Other Securities (2) 8,251 - - - 8,251 Total $ 367,747 $ 108 $ 29,928 $ (25) $ 337,902 Held to Maturity Amortized Unrealized Unrealized Fair (Dollars in Thousands) Cost Gains Losses Value June 30, 2024 U.S. Government Treasury $ 427,878 $ - $ 14,143 $ 413,735 Mortgage-Backed Securities (1) 155,106 4 17,601 137,509 Total $ 582,984 $ 4 $ 31,744 $ 551,244 December 31, 2023 U.S. Government Treasury $ 457,681 $ - $ 16,492 $ 441,189 Mortgage-Backed Securities (1) 167,341 13 16,792 150,562 Total $ 625,022 $ 13 $ 33,284 $ 591,751 (1) Comprised of residential mortgage-backed securities (2) Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded at cost of $ 3.0 million and $ 5.1 million, respectively, at June 30, 2024 and $ 3.2 million and $ 5.1 million, respectively, at December 31, 2023.
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 $ 25,906 $ 25,261 $ 192,392 $ 188,638 Due after one year through five years 139,310 129,016 235,486 225,097 Due after five year through ten years 30,774 26,049 - - Mortgage-Backed Securities 69,810 58,527 155,106 137,509 U.S. Government Agency 67,411 63,992 - - Other Securities 8,096 8,096 - - Total $ 341,307 $ 310,941 $ 582,984 $ 551,244
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, 2024 Available for Sale U.S. Government Treasury $ 3,963 $ 5 $ 19,905 $ 1,068 $ 23,868 $ 1,073 U.S. Government Agency 6,526 28 111,593 7,503 118,119 7,531 States and Political Subdivisions 2,687 212 35,946 4,457 38,633 4,669 Mortgage-Backed Securities 59 - 58,453 11,283 58,512 11,283 Corporate Debt Securities 945 150 54,907 5,594 55,852 5,744 Total $ 14,180 $ 395 $ 280,804 $ 29,905 $ 294,984 $ 30,300 Held to Maturity U.S. Government Treasury 140,435 2,687 273,300 11,456 413,735 14,143 Mortgage-Backed Securities 3,924 38 132,228 17,563 136,152 17,601 Total $ 144,359 $ 2,725 $ 405,528 $ 29,019 $ 549,887 $ 31,744 December 31, 2023 Available for Sale U.S. Government Treasury $ - $ - $ 19,751 $ 1,269 $ 19,751 $ 1,269 U.S. Government Agency 12,890 74 121,220 7,979 134,110 8,053 States and Political Subdivisions 1,149 31 37,785 4,830 38,934 4,861 Mortgage-Backed Securities 23 - 63,195 9,714 63,218 9,714 Corporate Debt Securities - - 57,568 6,031 57,568 6,031 Total $ 14,062 $ 105 $ 299,519 $ 29,823 $ 313,581 $ 29,928 Held to Maturity U.S. Government Treasury 153,880 3,178 287,310 13,314 441,190 16,492 Mortgage-Backed Securities 786 14 148,282 16,778 149,068 16,792 Total $ 154,666 $ 3,192 $ 435,592 $ 30,092 $ 590,258 $ 33,284

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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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