INVESTMENT SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] |
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Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Values of Equity and Trading Investment Securities |
The amortized cost, gross gains and losses, and fair values of investment securities at December 31, 2022 and 2021 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | (In Thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Available for sale (AFS): | | | | | | | | | U.S. Government and agency securities | | $ | 3,002 | | | $ | — | | | $ | (106) | | | $ | 2,896 | | Mortgage-backed securities | | 1,496 | | | — | | | (214) | | | 1,282 | | | | | | | | | | | State and political securities | | 151,426 | | | 157 | | | (8,774) | | | 142,809 | | Other debt securities | | 50,178 | | | 58 | | | (3,550) | | | 46,686 | | Total debt securities | | $ | 206,102 | | | $ | 215 | | | $ | (12,644) | | | $ | 193,673 | | | | | | | | | | | Investment equity securities: | | | | | | | | | | | | | | | | | | Other equity securities | | $ | 1,350 | | | $ | — | | | $ | (208) | | | $ | 1,142 | | Total equity securities | | $ | 1,350 | | | $ | — | | | $ | (208) | | | $ | 1,142 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | (In Thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | Available for sale (AFS): | | | | | | | | | | | | | | | | | | Mortgage-backed securities | | $ | 1,752 | | | $ | — | | | $ | (5) | | | $ | 1,747 | | | | | | | | | | | State and political securities | | 113,852 | | | 3,500 | | | (694) | | | 116,658 | | Other debt securities | | 47,802 | | | 524 | | | (321) | | | 48,005 | | Total debt securities | | $ | 163,406 | | | $ | 4,024 | | | $ | (1,020) | | | $ | 166,410 | | | | | | | | | | | Investment equity securities: | | | | | | | | | | | | | | | | | | Other equity securities | | $ | 1,350 | | | $ | — | | | $ | (62) | | | $ | 1,288 | | Total equity securities | | $ | 1,350 | | | $ | — | | | $ | (62) | | | $ | 1,288 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Gross Unrealized Losses and Fair Value |
The following tables show the Corporation’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | | Less than Twelve Months | | Twelve Months or Greater | | Total | | | | | Gross | | | | Gross | | | | Gross | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | (In Thousands) | | Value | | Losses | | Value | | Losses | | Value | | Losses | Available for sale (AFS) | | | | | | | | | | | | | U.S. Government and agency securities | | $ | 2,896 | | | $ | (106) | | | $ | — | | | $ | — | | | $ | 2,896 | | | $ | (106) | | Mortgage-backed securities | | — | | | — | | | 1,282 | | | (214) | | | 1,282 | | | (214) | | | | | | | | | | | | | | | State and political securities | | 95,444 | | | (4,797) | | | 36,283 | | | (3,977) | | | 131,727 | | | (8,774) | | Other debt securities | | 16,896 | | | (664) | | | 25,144 | | | (2,886) | | | 42,040 | | | (3,550) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Debt Securities AFS | | $ | 115,236 | | | $ | (5,567) | | | $ | 62,709 | | | $ | (7,077) | | | $ | 177,945 | | | $ | (12,644) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | | Less than Twelve Months | | Twelve Months or Greater | | Total | | | | | Gross | | | | Gross | | | | Gross | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | (In Thousands) | | Value | | Losses | | Value | | Losses | | Value | | Losses | Available for sale (AFS) | | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage-backed securities | | $ | 1,747 | | | $ | (5) | | | $ | — | | | $ | — | | | $ | 1,747 | | | $ | (5) | | | | | | | | | | | | | | | State and political securities | | 34,203 | | | (398) | | | 7,408 | | | (296) | | | 41,611 | | | (694) | | Other debt securities | | 21,446 | | | (301) | | | 1,808 | | | (20) | | | 23,254 | | | (321) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Debt Securities AFS | | $ | 57,396 | | | $ | (704) | | | $ | 9,216 | | | $ | (316) | | | $ | 66,612 | | | $ | (1,020) | |
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Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity |
The amortized cost and fair value of debt securities at December 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | (In Thousands) | | Amortized Cost | | Fair Value | Due in one year or less | | $ | 22,234 | | | $ | 21,880 | | Due after one year to five years | | 109,695 | | | 103,436 | | Due after five years to ten years | | 67,562 | | | 62,078 | | Due after ten years | | 6,611 | | | 6,279 | | Total | | $ | 206,102 | | | $ | 193,673 | |
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Schedule of Gross Realized Gains and Losses |
The following table represents gross realized gains and losses on those transactions: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (In Thousands) | | 2022 | | 2021 | | 2020 | Gross realized gains: | | | | | | | U.S. Government and agency securities | | $ | — | | | $ | — | | | $ | — | | Mortgage-backed securities | | — | | | — | | | 83 | | State and political securities | | 14 | | | 408 | | | 978 | | Other debt securities | | — | | | 323 | | | 554 | | | | | | | | | | | | | | | | Total gross realized gains | | $ | 14 | | | $ | 731 | | | $ | 1,615 | | Gross realized losses: | | | | | | | U.S. Government and agency securities | | $ | — | | | $ | — | | | $ | — | | Mortgage-backed securities | | — | | | — | | | — | | State and political securities | | 233 | | | 32 | | | 23 | | Other debt securities | | — | | | — | | | — | | | | | | | | | | | | | | | | Total gross realized losses | | $ | 233 | | | $ | 32 | | | $ | 23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Unrealized and Realized Gains and Losses Recognized in Net Income |
The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the years ended December 31, 2022, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | (In Thousands) | | 2022 | | 2021 | | 2020 | | | Net loss recognized in equity securities during the period | | $ | (146) | | | $ | (40) | | | $ | 16 | | | | Less: Net gains realized on the sale of equity securities during the period | | — | | | — | | | — | | | | Unrealized loss recognized in equity securities held at reporting date | | $ | (146) | | | $ | (40) | | | $ | 16 | | | | | | | | | | | | |
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