| Securities Available for Sale |
2.Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and fair value of securities held at March 31, 2022, and December 31, 2021, are as follows:
|
|
|
|
|
Gross |
|
Gross |
|
| |
(DOLLARS IN THOUSANDS) |
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair | |
|
|
Cost |
|
Gains |
|
Losses |
|
Value | |
|
|
$ |
|
$ |
|
$ |
|
$ | |
March 31, 2022 |
|
|
|
|
|
|
|
| |
U.S. treasuries |
|
|
35,683 |
|
|
|
— |
|
|
|
(1,392 |
) |
|
|
34,291 |
| |
U.S. government agencies |
|
|
27,609 |
|
|
|
2 |
|
|
|
(1,720 |
) |
|
|
25,891 |
| |
U.S. agency mortgage-backed securities |
|
|
56,150 |
|
|
|
50 |
|
|
|
(2,123 |
) |
|
|
54,077 |
| |
U.S. agency collateralized mortgage obligations |
|
|
35,640 |
|
|
|
15 |
|
|
|
(1,207 |
) |
|
|
34,448 |
| |
Non-agency MBS/CMO |
|
|
23,307 |
|
|
|
— |
|
|
|
(275 |
) |
|
|
23,032 |
| |
Asset-backed securities |
|
|
91,795 |
|
|
|
96 |
|
|
|
(1,098 |
) |
|
|
90,793 |
| |
Corporate bonds |
|
|
81,973 |
|
|
|
56 |
|
|
|
(3,244 |
) |
|
|
78,785 |
| |
Obligations of states and political subdivisions |
|
|
263,028 |
|
|
|
698 |
|
|
|
(15,550 |
) |
|
|
248,176 |
| |
Total securities available for sale |
|
|
615,185 |
|
|
|
917 |
|
|
|
(26,609 |
) |
|
|
589,493 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. Treasuries |
|
|
14,821 |
|
|
|
14 |
|
|
|
(22 |
) |
|
|
14,813 |
| |
U.S. government agencies |
|
|
29,613 |
|
|
|
50 |
|
|
|
(642 |
) |
|
|
29,021 |
| |
U.S. agency mortgage-backed securities |
|
|
51,964 |
|
|
|
502 |
|
|
|
(478 |
) |
|
|
51,988 |
| |
U.S. agency collateralized mortgage obligations |
|
|
30,917 |
|
|
|
241 |
|
|
|
(81 |
) |
|
|
31,077 |
| |
Asset-backed securities |
|
|
100,998 |
|
|
|
605 |
|
|
|
(384 |
) |
|
|
101,219 |
| |
Corporate bonds |
|
|
82,617 |
|
|
|
420 |
|
|
|
(528 |
) |
|
|
82,509 |
| |
Obligations of states and political subdivisions |
|
|
242,807 |
|
|
|
5,848 |
|
|
|
(1,189 |
) |
|
|
247,466 |
| |
Total securities available for sale |
|
|
553,737 |
|
|
|
7,680 |
|
|
|
(3,324 |
) |
|
|
558,093 |
|
The amortized cost and fair value of securities available for sale at March 31, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to certain call or prepayment provisions.
CONTRACTUAL MATURITY OF DEBT SECURITIES
(DOLLARS IN THOUSANDS)
|
|
|
Amortized |
|
|
| |
|
|
Cost |
|
|
Fair Value | |
|
|
$ |
|
|
$ | |
Due in one year or less |
|
|
29,664 |
|
|
|
|
29,220 |
| |
Due after one year through five years |
|
|
127,954 |
|
|
|
|
124,750 |
| |
Due after five years through ten years |
|
|
151,046 |
|
|
|
|
143,953 |
| |
Due after ten years |
|
|
306,521 |
|
|
|
|
291,570 |
| |
Total debt securities |
|
|
615,185 |
|
|
|
|
589,493 |
|
Securities available for sale with a par value of $88,591,000 and $94,283,000 at March 31, 2022, and December 31, 2021, respectively, were pledged or restricted for public funds, borrowings, or other purposes as required by law. The fair value of these pledged securities was $86,576,000 at March 31, 2022, and $96,521,000 at December 31, 2021.
ENB FINANCIAL CORP
Notes to the Unaudited Consolidated Interim Financial Statements
Proceeds from active sales of securities available for sale, along with the associated gross realized gains and gross realized losses, are shown below. Realized gains and losses are computed on the basis of specific identification.
PROCEEDS FROM SALES OF SECURITIES AVAILABLE FOR SALE
(DOLLARS IN THOUSANDS)
|
|
|
Three Months Ended March 31, | |
|
|
2022 |
|
|
2021 | |
|
|
$ |
|
|
$ | |
Proceeds from sales |
|
|
8,575 |
|
|
|
|
50,341 |
| |
Gross realized gains |
|
|
139 |
|
|
|
|
141 |
| |
Gross realized losses |
|
|
— |
|
|
|
|
(54 |
) |
Management evaluates all of the Corporation’s securities for other-than-temporary impairment (OTTI) on a periodic basis. No securities in the portfolio had other-than-temporary impairment recorded in the first three months of 2022 or 2021.
Information pertaining to securities with gross unrealized losses at March 31, 2022, and December 31, 2021, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:
TEMPORARY IMPAIRMENTS OF SECURITIES
(DOLLARS IN THOUSANDS)
|
|
|
|
|
|
|
| |
|
|
Less than 12 months |
|
More than 12 months |
|
Total | |
|
|
|
|
Gross |
|
|
|
Gross |
|
|
|
Gross | |
|
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized |
|
Fair |
|
Unrealized | |
|
|
Value |
|
Losses |
|
Value |
|
Losses |
|
Value |
|
Losses | |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ | |
As of March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. Treasuries |
|
|
34,291 |
|
|
|
(1,392 |
) |
|
|
— |
|
|
|
— |
|
|
|
34,291 |
|
|
|
(1,392 |
) | |
U.S. government agencies |
|
|
2,001 |
|
|
|
(9 |
) |
|
|
22,689 |
|
|
|
(1,711 |
) |
|
|
24,690 |
|
|
|
(1,720 |
) | |
U.S. agency mortgage-backed securities |
|
|
32,444 |
|
|
|
(1,122 |
) |
|
|
12,274 |
|
|
|
(1,001 |
) |
|
|
44,718 |
|
|
|
(2,123 |
) | |
U.S. agency collateralized mortgage obligations |
|
|
28,325 |
|
|
|
(1,193 |
) |
|
|
2,884 |
|
|
|
(14 |
) |
|
|
31,209 |
|
|
|
(1,207 |
) | |
Non-Agency MBS/CMO |
|
|
9,275 |
|
|
|
(275 |
) |
|
|
— |
|
|
|
— |
|
|
|
9,275 |
|
|
|
(275 |
) | |
Asset-backed securities |
|
|
73,552 |
|
|
|
(1,005 |
) |
|
|
5,973 |
|
|
|
(93 |
) |
|
|
79,525 |
|
|
|
(1,098 |
) | |
Corporate bonds |
|
|
54,102 |
|
|
|
(3,244 |
) |
|
|
— |
|
|
|
— |
|
|
|
54,102 |
|
|
|
(3,244 |
) | |
Obligations of states & political subdivisions |
|
|
188,073 |
|
|
|
(14,222 |
) |
|
|
9,645 |
|
|
|
(1,328 |
) |
|
|
197,718 |
|
|
|
(15,550 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total temporarily impaired securities |
|
|
422,063 |
|
|
|
(22,462 |
) |
|
|
53,465 |
|
|
|
(4,147 |
) |
|
|
475,528 |
|
|
|
(26,609 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. Treasuries |
|
|
4,959 |
|
|
|
(22 |
) |
|
|
— |
|
|
|
— |
|
|
|
4,959 |
|
|
|
(22 |
) | |
U.S. government agencies |
|
|
16,386 |
|
|
|
(519 |
) |
|
|
7,375 |
|
|
|
(123 |
) |
|
|
23,761 |
|
|
|
(642 |
) | |
U.S. agency mortgage-backed securities |
|
|
24,090 |
|
|
|
(468 |
) |
|
|
2,458 |
|
|
|
(10 |
) |
|
|
26,548 |
|
|
|
(478 |
) | |
U.S. agency collateralized mortgage obligations |
|
|
14,206 |
|
|
|
(66 |
) |
|
|
2,965 |
|
|
|
(15 |
) |
|
|
17,171 |
|
|
|
(81 |
) | |
Asset-backed securities |
|
|
50,466 |
|
|
|
(338 |
) |
|
|
2,826 |
|
|
|
(46 |
) |
|
|
53,292 |
|
|
|
(384 |
) | |
Corporate bonds |
|
|
44,907 |
|
|
|
(528 |
) |
|
|
— |
|
|
|
— |
|
|
|
44,907 |
|
|
|
(528 |
) | |
Obligations of states & political subdivisions |
|
|
70,021 |
|
|
|
(1,043 |
) |
|
|
6,023 |
|
|
|
(146 |
) |
|
|
76,044 |
|
|
|
(1,189 |
) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total temporarily impaired securities |
|
|
225,035 |
|
|
|
(2,984 |
) |
|
|
21,647 |
|
|
|
(340 |
) |
|
|
246,682 |
|
|
|
(3,324 |
) |
In the debt security portfolio there were 289 positions that were carrying unrealized losses as of March 31, 2022. There were no instruments considered to be other-than-temporarily impaired at March 31, 2022.
|