Quarterly report pursuant to Section 13 or 15(d)

SECURITIES (Tables)

v3.22.2.2
SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2022
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
  
September 30, 2022
                        
Available for Sale
                        
U.S. Treasury and federal agency securities
  
$
222,223
    
$
—
    
$
(16,960
)
  
$
205,263
  
U.S. Agency MBS and CMOs
    
109,385
      
—
      
(14,173
)
    
95,212
  
Tax-exempt state and municipal bonds
    
39,431
      
—
      
(1,226
)
    
38,205
  
Taxable state and municipal bonds
    
109,511
      
—
      
(8,576
)
    
100,935
  
Corporate bonds and other debt securities
    
14,639
      
—
      
(526
)
    
14,113
  
   
$
495,189
    
$
—
    
$
(41,461
)
  
$
453,728
  
                                 
Held to Maturity
                                
U.S. Treasury
   $ 251,329     $ —     $ (14,401 )   $ 236,928  
Tax-exempt state and municipal bonds
     98,152
       66
       (4,264 )     93,954
  

 
$
349,481
    
$
66
    
$
(18,665
)
  
$
330,882
  

   
Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair
Value
  
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 September 30, 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
  
$
32,069
    
$
31,534
    
$
13,800
    
$
13,729
  
Due from one to five years
    
295,170
      
278,658
      
312,058
      
293,127
  
Due from five to ten years
    
22,242
      
20,690
      
61,476
      
53,113
  
Due after ten years
    
—
      
—
      
107,855
      
93,759
  
   
$
349,481
    
$
330,882
    
$
495,189
    
$
453,728
  
Securities in Continuous Unrealized Loss Position
Securities with unrealized losses at September 30, 2022 and December 31, 2021, 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
  
September 30, 2022
  
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
    
Fair
Value
    
Unrealized
Loss
  
Available for Sale
                                    
U.S. Treasury and federal agency securities
  
$
156,862
    
$
(8,233
)
  
$
50,150
    
$
(8,754
)
  
$
207,012
    
$
(16,987
)
U.S. Agency MBS and CMOs
    
71,741
      
(8,464
)
    
23,472
      
(5,709
)
    
95,213
      
(14,173
)
Tax-exempt state and municipal bonds
    
37,576
      
(1,218
)
    
—
      
—
      
37,576
      
(1,218
)
Taxable state and municipal bonds
    
82,149
      
(5,335
)
    
19,025
      
(3,249
)
    
101,174
      
(8,584
)
Corporate bonds and other debt securities
    
12,363
      
(499
)
    
—
      
—
      
12,363
      
(499
)
Total
  
$
360,691
    
$
(23,749
)
  
$
92,647
    
$
(17,712
)
  
$
453,338
    
$
(41,461
)
                                                 
Held to Maturity
                                                
U.S. Treasury   $ 236,927     $ (14,401 )   $ —     $ —     $ 236,927     $ (14,401 )
Tax-exempt state and municipal bonds     84,863       (4,243 )     2,804       (21 )     87,667       (4,264 )
 
$
321,790
    
$
(18,644
)
  
$
2,804
    
$
(21
)
  
$
324,594
    
$
(18,665
)

   
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
)
Total
  
$
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
)