SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| SECURITIES |
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| Schedule of amortized cost, related estimated fair value, and unrealized gains and losses for debt securities classified as Available-For-Sale |
| | | | | | | | | | | | | | | Debt Securities Available-for-Sale | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | June 30, 2023: | | Cost | | Gains | | Losses | | Value | U.S. Treasury securities | | $ | 7,867 | | $ | — | | $ | (1,021) | | $ | 6,846 | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | Mortgage-backed | | | 140,777 | | | — | | | (15,648) | | | 125,129 | Other | | | 9,224 | | | 176 | | | (45) | | | 9,355 | Other mortgage backed securities | | | 32,341 | | | — | | | (3,258) | | | 29,083 | Obligations of state and political subdivisions | | | 100,161 | | | 9 | | | (12,110) | | | 88,060 | Asset-backed securities | | | 32,831 | | | 7 | | | (794) | | | 32,044 | Corporate debt securities | | | 45,741 | | | 129 | | | (4,807) | | | 41,063 | Total | | $ | 368,942 | | $ | 321 | | $ | (37,683) | | $ | 331,580 |
| | | | | | | | | | | | | | | Debt Securities Available-for-Sale | (Dollars in thousands) | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | December 31, 2022: | | Cost | | Gains | | Losses | | Value | U.S. Treasury securities | | $ | 7,853 | | $ | — | | $ | (1,052) | | $ | 6,801 | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | Mortgage-backed | | | 146,707 | | | — | | | (15,032) | | | 131,675 | Other | | | 10,992 | | | 233 | | | (45) | | | 11,180 | Other mortgage backed securities | | | 36,767 | | | — | | | (3,079) | | | 33,688 | Obligations of state and political subdivisions | | | 125,176 | | | 266 | | | (14,753) | | | 110,689 | Asset-backed securities | | | 37,526 | | | — | | | (1,108) | | | 36,418 | Corporate debt securities | | | 45,838 | | | 183 | | | (3,028) | | | 42,993 | Total | | $ | 410,859 | | $ | 682 | | $ | (38,097) | | $ | 373,444 |
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| Schedule of amortized cost and estimated fair value of debt securities, by contractual maturity |
| | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | | | | Debt Securities Available-For-Sale | (Dollars in thousands) | | | | | U.S. Government | | Other | | Obligations | | | | | | | | | | | | Agency & | | Mortgage | | of State | | Asset | | Corporate | | | U.S. Treasury | | Sponsored Agency | | Backed Debt | | & Political | | Backed | | Debt | | | Securities | | Obligations1 | | Securities1 | | Subdivisions | | Securities | | Securities | Within 1 Year: | | | | | | | | | | | | | | | | | | | Amortized cost | | $ | — | | $ | — | | $ | 6,245 | | $ | 1,922 | | $ | — | | $ | 12,562 | Fair value | | | — | | | — | | | 6,119 | | | 1,911 | | | — | | | 12,587 | | | | | | | | | | | | | | | | | | | | 1 - 5 Years: | | | | | | | | | | | | | | | | | | | Amortized cost | | | 2,898 | | | 736 | | | 1,746 | | | 17,995 | | | — | | | — | Fair value | | | 2,560 | | | 726 | | | 1,627 | | | 17,231 | | | — | | | — | | | | | | | | | | | | | | | | | | | | 5 - 10 Years: | | | | | | | | | | | | | | | | | | | Amortized cost | | | 4,969 | | | 14,225 | | | — | | | 22,139 | | | 2,049 | | | 33,179 | Fair value | | | 4,286 | | | 14,307 | | | — | | | 19,203 | | | 2,039 | | | 28,476 | | | | | | | | | | | | | | | | | | | | After 10 Years: | | | | | | | | | | | | | | | | | | | Amortized cost | | | — | | | 135,040 | | | 24,350 | | | 58,105 | | | 30,782 | | | — | Fair value | | | — | | | 119,451 | | | 21,337 | | | 49,715 | | | 30,005 | | | — | | | | | | | | | | | | | | | | | | | | Total: | | | | | | | | | | | | | | | | | | | Amortized cost | | $ | 7,867 | | $ | 150,001 | | $ | 32,341 | | $ | 100,161 | | $ | 32,831 | | $ | 45,741 | Fair value | | | 6,846 | | | 134,484 | | | 29,083 | | | 88,060 | | | 32,044 | | | 41,063 |
1 | Mortgage-backed securities are allocated for maturity reporting at their original maturity date. |
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| Schedule of gross unrealized losses and fair value of the corporations debt securities |
| | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Less Than 12 Months | | 12 Months or More | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | Available-for-Sale: | | Value | | Loss | | Value | | Loss | | Value | | Loss | U.S. Treasury securities | | $ | — | | $ | — | | $ | 6,846 | | $ | (1,021) | | $ | 6,846 | | $ | (1,021) | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | | | | | | | Mortgage-backed | | | 41,155 | | | (1,097) | | | 83,974 | | | (14,551) | | | 125,129 | | | (15,648) | Other | | | 1,271 | | | (6) | | | 2,623 | | | (39) | | | 3,894 | | | (45) | Other mortgage-backed debt securities | | | — | | | — | | | 29,083 | | | (3,258) | | | 29,083 | | | (3,258) | Obligations of state and political subdivisions | | | 3,903 | | | (36) | | | 80,153 | | | (12,074) | | | 84,056 | | | (12,110) | Asset-backed securities | | | 6,302 | | | (5) | | | 21,544 | | | (789) | | | 27,846 | | | (794) | Corporate debt securities | | | 2,812 | | | (298) | | | 32,622 | | | (4,509) | | | 35,434 | | | (4,807) | Total | | $ | 55,443 | | $ | (1,442) | | $ | 256,845 | | $ | (36,241) | | $ | 312,288 | | $ | (37,683) |
December 31, 2022 | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Less Than 12 Months | | 12 Months or More | | Total | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | Available-for-Sale: | | Value | | Loss | | Value | | Loss | | Value | | Loss | U.S. Treasury securities | | $ | — | | $ | — | | $ | 6,801 | | $ | (1,052) | | $ | 6,801 | | $ | (1,052) | Obligations of U.S. Government Agencies and Sponsored Agencies: | | | | | | | | | | | | | | | | | | | Mortgage-backed | | | 61,067 | | | (2,184) | | | 65,174 | | | (12,848) | | | 126,241 | | | (15,032) | Other | | | 1,589 | | | (2) | | | 3,168 | | | (43) | | | 4,757 | | | (45) | Other mortgage-backed debt securities | | | 16,167 | | | (962) | | | 17,521 | | | (2,117) | | | 33,688 | | | (3,079) | Obligations of state and political subdivisions | | | 56,565 | | | (5,881) | | | 35,704 | | | (8,872) | | | 92,269 | | | (14,753) | Asset-backed securities | | | 24,136 | | | (405) | | | 12,282 | | | (703) | | | 36,418 | | | (1,108) | Corporate debt securities | | | 15,827 | | | (1,073) | | | 18,345 | | | (1,955) | | | 34,172 | | | (3,028) | Total | | $ | 175,351 | | $ | (10,507) | | $ | 158,995 | | $ | (27,590) | | $ | 334,346 | | $ | (38,097) |
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| Schedule of realized gains and losses recognized in net income on equity securities |
| | | | | | | | (Dollars in thousands) | | Six months ended | | Six months ended | | | | June 30, 2023 | | June 30, 2022 | | Net losses from market value fluctuations recognized during the period on equity securities | | $ | (224) | | $ | (158) | | Less: Net gains recognized during the period on equity securities sold during the period | | | — | | | 27 | | Net losses recognized during the reporting period on equity securities still held at the reporting date | | $ | (224) | | $ | (131) | |
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