Annual report pursuant to Section 13 and 15(d)

SECURITIES (Tables)

v3.22.4
SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2022
SECURITIES [Abstract]  
Amortized Cost and Estimated Fair Value of Securities
The amortized cost and fair value of securities were as follows (dollars in thousands):

   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
December 31, 2022
                        
Available for Sale:
                        
U.S. Treasury and federal agency securities
  
$
240,921
    
$
23
    
$
(16,310
)
  
$
224,634
  
U.S. Agency MBS and CMOs
    
128,165
      
—
      
(14,347
)
    
113,818
  
Tax-exempt state and municipal bonds
    
37,198
      
10
      
(498
)
    
36,710
  
Taxable state and municipal bonds
    
120,647
      
49
      
(8,525
)
    
112,171
  
Corporate bonds and other debt securities
    
12,387
      
—
      
(463
)
    
11,924
  
   
$
539,318
    
$
82
    
$
(40,143
)
  
$
499,257
  
Held to Maturity
                                
U.S. Treasury
   $
251,307     $
—     $
(13,677 )    
 237,630  
Tax-exempt state and municipal bonds
  

97,458
    

415
    

(2,853
)
  

95,020
  
    $
348,765     $ 415     $
(16,530 )   $
332,650  
                                 
December 31, 2021
                                
Available for Sale:
                                
U.S. Treasury and federal agency securities
  
$
208,153
    
$
215
    
$
(1,523
)
  
$
206,845
  
U.S. Agency MBS and CMOs
    
87,343
      
416
      
(962
)
    
86,797
  
Tax-exempt state and municipal bonds
    
36,298
      
1,258
      
—
      
37,556
  
Taxable state and municipal bonds
    
79,394
      
812
      
(645
)
    
79,561
  
Corporate bonds and other debt securities
    
5,251
      
63
      
(10
)
    
5,304
  
   
$
416,439
    
$
2,764
    
$
(3,140
)
  
$
416,063
  
Held to Maturity
                                
Tax-exempt state and municipal bonds
  
$
137,003
    
$
2,484
    
$
(215
)
  
$
139,272
  
Contractual Maturities of Debt Securities
Contractual maturities of debt securities at December 31, 2022 were as follows (dollars in thousands):

   
Held–to-Maturity Securities
    
Available-for-Sale Securities
  
   
Amortized
Cost
    
Fair
Value
    
Amortized
Cost
    
Fair
Value
  
Due in one year or less
  
$
29,311
    
$
28,935
    
$
11,372
    
$
11,293
  
Due from one to five years
    
298,700
      
283,518
      
359,411
      
339,059
  
Due from five to ten years
    
20,754
      
20,197
      
41,780
      
36,424
  
Due after ten years
    
—
      
—
      
126,755
      
112,481
  
   
$
348,765
    
$
332,650
    
$
539,318
    
$
499,257
  
Securities in Continuous Unrealized Loss Position
Securities with unrealized losses at December 31, 2022 and 2021, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (dollars in thousands):

   
Less than 12 Months
    
12 Months or More
    
Total
  
December 31, 2022
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
Available for Sale:
                                    
U.S. Treasury and federal agency securities
  
$
144,796
    
$
(6,230
)
  
$
66,008
    
$
(10,080
)
  
$
210,804
    
$
(16,310
)
U.S. Agency MBS and CMOs
    
64,427
      
(4,789
)
    
41,340
      
(9,558
)
    
105,767
      
(14,347
)
Tax-exempt state and municipal bonds
    
31,337
      
(498
)
    
—
      
—
      
31,337
      
(498
)
Taxable state and municipal bonds
    
71,165
      
(3,337
)
    
33,452
      
(5,188
)
    
104,617
      
(8,525
)
Corporate bonds and other debt securities
    
10,668
      
(357
)
    
1,256
      
(106
)
    
11,924
      
(463
)

 
$
322,393
    
$
(15,211
)
  
$
142,056
    
$
(24,932
)
  
$
464,449
    
$
(40,143
)
                                                 
Held to Maturity:
                                                
U.S. Treasury   $
237,630     $
(13,677 )   $
—     $
—     $
237,630     $
(13,677 )
Tax-exempt state and municipal bonds
  

57,671
    

(2,314
)
  

21,721
    

(539
)
  

79,392
    

(2,853
)
    $
295,301     $
(15,991 )   $
21,721     $
(539 )   $
317,022     $
(16,530 )

   
Less than 12 Months
    
12 Months or More
    
Total
  
December 31, 2021
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
Available for Sale:
                                    
U.S. Treasury and federal agency securities
  
$
77,066
    
$
(955
)
  
$
18,432
    
$
(568
)
  
$
95,498
    
$
(1,523
)
U.S. Agency MBS and CMOs
    
52,254
      
(830
)
    
4,190
      
(132
)
    
56,444
      
(962
)
Tax-exempt state and municipal bonds
    
—
      
—
      
—
      
—
      
—
      
—
  
Taxable state and municipal bonds
    
37,648
      
(638
)
    
498
      
(7
)
    
38,146
      
(645
)
Corporate bonds and other debt securities
    
1,352
      
(10
)
    
—
      
—
      
1,352
      
(10
)

 
$
168,320
    
$
(2,433
)
  
$
23,120
    
$
(707
)
  
$
191,440
    
$
(3,140
)
                                                 
Held to Maturity:
                                                
Tax-exempt state and municipal bonds
  
$
61,166
    
$
(215
)
  
$
—
    
$
—
    
$
61,166
    
$
(215
)