Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v3.23.1
SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2023
SECURITIES [Abstract]  
Amortized Cost and Fair Value of Securities
The amortized cost and fair value of securities at period-end were as follows (dollars in thousands):
   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
March 31, 2023
                        
Available for Sale
                        
U.S. Treasury and federal agency securities
  
$
255,211
    
$
175
    
$
(13,528
)
  
$
241,858
  
U.S. Agency MBS and CMOs
    
134,956
      
81
      
(12,793
)
    
122,244
  
Tax-exempt state and municipal bonds
    
37,142
      
77
      
(270
)
    
36,949
  
Taxable state and municipal bonds
    
119,862
      
149
      
(6,874
)
    
113,137
  
Corporate bonds and other debt securities
    
12,112
      
4
      
(345
)
    
11,771
  
   
$
559,283
    
$
486
    
$
(33,810
)
  
$
525,959
  
                                 
Held to Maturity
                                
U.S. Treasury
   $ 251,286     $ —     $ (11,274 )   $ 240,012  
Tax-exempt state and municipal bonds
     97,101
       552
       (2,106 )     95,547
  

 
$
348,387
    
$
552
    
$
(13,380
)
  
$
335,559
  

   
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
  
Contractual Maturities of Debt Securities
Contractual maturities of debt securities at March 31, 2023 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
  
$
58,157
    
$
57,487
    
$
22,431
    
$
22,106
  
Due from one to five years
    
272,386
      
260,375
      
369,226
      
352,338
  
Due from five to ten years
    
17,844
      
17,697
      
34,295
      
30,814
  
Due after ten years
    
—
      
—
      
133,331
      
120,701
  
   
$
348,387
    
$
335,559
    
$
559,283
    
$
525,959
  
Securities in Continuous Unrealized Loss Position
Securities with unrealized losses at March 31, 2023 and December 31, 2022, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (dollars in thousands):

   
Less than 12 Months
    
12 Months or More
    
Total
  
March 31, 2023
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
Available for Sale
                                    
U.S. Treasury and federal agency securities
  
$
90,278
    
$
(2,249
)
  
$
125,775
    
$
(11,279
)
  
$
216,053
    
$
(13,528
)
U.S. Agency MBS and CMOs
    
31,574
      
(1,021
)
    
64,296
      
(11,772
)
    
95,870
      
(12,793
)
Tax-exempt state and municipal bonds
    
17,744
      
(103
)
    
5,541
      
(167
)
    
23,285
      
(270
)
Taxable state and municipal bonds
    
41,608
      
(989
)
    
58,236
      
(5,885
)
    
99,844
      
(6,874
)
Corporate bonds and other debt securities
    
7,462
      
(148
)
    
3,839
      
(197
)
    
11,301
      
(345
)
Total
  
$
188,666
    
$
(4,510
)
  
$
257,687
    
$
(29,300
)
  
$
446,353
    
$
(33,810
)
                                                 
Held to Maturity
                                                
U.S. Treasury   $ 114,386     $ (5,063 )   $ 125,626     $ (6,211 )   $ 240,012     $ (11,274 )
Tax-exempt state and municipal bonds     26,395       (384 )     49,855       (1,722 )     76,250       (2,106 )
 
$
140,781
    
$
(5,447
)
  
$
175,481
    
$
(7,933
)
  
$
316,262
    
$
(13,380
)

NOTE 2 – SECURITIES (Continued)

   
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 )