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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2024
INVESTMENT SECURITIES [Abstract]  
Amortized Cost, Unrealized Gains and Losses and Estimated Fair Values of Investments in Debt and Other Securities
The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at June 30, 2024 are summarized as follows:


  
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated
fair value
     ACL  
Investment securities available-for-sale:
                              
U.S. Treasury securities
  
$
86,949
    
$
34
    
$
(2,447
)
  
$
84,536
     $ —  
Securities of U.S. government agencies and corporations
    
108,213
      
27
      
(5,703
)
    
102,537
       —  
Obligations of states and political subdivisions
    
60,688
      
130
      
(4,391
)
    
56,427
       —  
Collateralized mortgage obligations
    
105,146
      
—
      
(17,617
)
    
87,529
       —  
Mortgage-backed securities
    
250,060
      
41
      
(20,056
)
    
230,045
       —  
Total debt securities
  
$
611,056
    
$
232
    
$
(50,214
)
  
$
561,074
     $
 —  

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2023 are summarized as follows:

 
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated
fair value
     ACL  
Investment securities available-for-sale:
                              
U.S. Treasury securities
  
$
90,063
    
$
134
    
$
(3,015
)
  
$
87,182
     $ —  
Securities of U.S. government agencies and corporations
    
121,305
      
105
      
(6,331
)
    
115,079
       —  
Obligations of states and political subdivisions
    
55,021
      
237
      
(3,581
)
    
51,677
       —  
Collateralized mortgage obligations
    
107,658
      
15
      
(16,726
)
    
90,947
       —  
Mortgage-backed securities
    
246,267
      
242
      
(19,037
)
    
227,472
       —  
Total debt securities
  
$
620,314
    
$
733
    
$
(48,690
)
  
$
572,357
     $
 —  
Amortized Cost and Estimated Fair Value of Debt and Other Securities by Contractual Maturity
The amortized cost and estimated fair value of debt and other securities at June 30, 2024, by contractual maturity, are shown in the following table:
(in thousands)
  
Amortized
cost
    
Estimated
fair value
  
 
            
Maturity in years:
            
Due in one year or less
  
$
54,189
    
$
53,362
  
Due after one year through five years
    
136,674
      
130,067
  
Due after five years through ten years
    
31,886
      
29,638
  
Due after ten years
    
33,101
      
30,433
  
Subtotal
    
255,850
      
243,500
  
Mortgage-backed securities & Collateralized mortgage obligations
    
355,206
      
317,574
  
Total
  
$
611,056
    
$
561,074
  
Analysis of Gross Unrealized Losses of the Available-for-sale Investment Securities Portfolio
An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of June 30, 2024, follows:
(in thousands)
 
Less than 12 months
    
12 months or more
    
Total
  

 
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
  
 
                                    
U.S. Treasury securities
  
$
21,040
    
$
(52
)
  
$
59,394
    
$
(2,395
)
  
$
80,434
    
$
(2,447
)
Securities of U.S. government agencies and corporations
    
19,419
      
(80
)
    
79,620
      
(5,623
)
    
99,039
      
(5,703
)
Obligations of states and political subdivisions
    
15,905
      
(340
)
    
31,958
      
(4,051
)
    
47,863
      
(4,391
)
Collateralized mortgage obligations
    
7,538
      
(69
)
    
78,980
      
(17,548
)
    
86,518
      
(17,617
)
Mortgage-backed securities
    
41,951
      
(823
)
    
174,050
      
(19,233
)
    
216,001
      
(20,056
)
                                                 
Total
  
$
105,853
    
$
(1,364
)
  
$
424,002
    
$
(48,850
)
  
$
529,855
    
$
(50,214
)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2023, follows:
(in thousands)
 
Less than 12 months
    
12 months or more
    
Total
  

 
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
  
 
                                    
U.S. Treasury Securities
  
$
—
    
$
—
 
$
77,203
    
$
(3,015
)
  
$
77,203
    
$
(3,015
)
Securities of U.S. government agencies and corporations
    
3,424
      
(7
)
    
97,057
      
(6,324
)
    
100,481
      
(6,331
)
Obligations of states and political subdivisions
    
4,981
      
(31
)
    
32,578
      
(3,550
)
    
37,559
      
(3,581
)
Collateralized Mortgage obligations
    
6,597
      
(26
)
    
80,995
      
(16,700
)
    
87,592
      
(16,726
)
Mortgage-backed securities
    
17,023
      
(124
)
    
182,626
      
(18,913
)
    
199,649
      
(19,037
)
                                                 
Total
  
$
32,025
    
$
(188
)
  
$
470,459
    
$
(48,502
)
  
$
502,484
    
$
(48,690
)