| INVESTMENT SECURITIES |
5.INVESTMENT SECURITIES
The amortized cost, gross unrealized gains and losses, and fair values of investments are as follows:
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Gross |
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Gross |
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| |
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
| |
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Cost |
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Gains |
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Losses |
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Value |
| |
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(Dollars in Thousands) |
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September 30, 2021 |
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AVAILABLE FOR SALE |
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|
|
|
|
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| |
U.S. government agency securities |
|
$ |
3,209 |
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|
$ |
- |
|
|
$ |
(2 |
) |
|
$ |
3,207 |
| |
Corporate debt securities |
|
|
108,075 |
|
|
|
438 |
|
|
|
(38 |
) |
|
|
108,475 |
| |
Foreign debt securities1 |
|
|
30,960 |
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|
|
168 |
|
|
|
(4 |
) |
|
|
31,124 |
| |
Obligations of states and political subdivisions |
|
|
727 |
|
|
|
- |
|
|
|
(7 |
) |
|
|
720 |
| |
Total |
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$ |
142,971 |
|
|
$ |
606 |
|
|
$ |
(51 |
) |
|
$ |
143,526 |
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|
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Gross |
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|
Gross |
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| |
|
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Amortized |
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Unrealized |
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Unrealized |
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Fair |
| |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
| |
|
|
(Dollars in Thousands) |
| |
September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
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| |
HELD TO MATURITY |
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|
|
|
|
|
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|
|
|
|
|
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| |
U.S. government agency securities |
|
$ |
7,747 |
|
|
$ |
- |
|
|
$ |
(14 |
) |
|
$ |
7,733 |
| |
Obligations of states and political subdivisions |
|
|
2,745 |
|
|
|
104 |
|
|
|
- |
|
|
|
2,849 |
| |
Total |
|
$ |
10,492 |
|
|
$ |
104 |
|
|
$ |
(14 |
) |
|
$ |
10,582 |
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|
|
|
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Gross |
|
|
Gross |
|
|
|
| |
|
|
Amortized |
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Unrealized |
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Unrealized |
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Fair |
| |
|
|
Cost |
|
|
Gains |
|
|
Losses |
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|
Value |
| |
|
|
(Dollars in Thousands) |
| |
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
| |
AVAILABLE FOR SALE |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
U.S. government agency securities |
|
$ |
3,215 |
|
|
$ |
- |
|
|
$ |
(1) |
|
|
$ |
3,214 |
| |
Corporate debt securities |
|
|
109,501 |
|
|
|
546 |
|
|
$ |
(7 |
) |
|
$ |
110,040 |
| |
Foreign debt securities1 |
|
|
37,440 |
|
|
|
179 |
|
|
|
(21 |
) |
|
|
37,598 |
| |
Obligations of states and political subdivisions |
|
|
730 |
|
|
|
- |
|
|
|
(5) |
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|
|
725 |
| |
Total |
|
$ |
150,886 |
|
|
$ |
725 |
|
|
$ |
(34) |
|
|
$ |
151,577 |
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|
|
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Gross |
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|
Gross |
|
|
|
| |
|
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Amortized |
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Unrealized |
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|
Unrealized |
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Fair |
| |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Value |
| |
|
|
(Dollars in Thousands) |
| |
June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
| |
HELD TO MATURITY |
|
|
|
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|
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|
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|
|
|
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|
|
| |
U.S. government agency securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Obligations of states and political subdivisions |
|
|
2,745 |
|
|
|
98 |
|
|
|
- |
|
|
|
2,843 |
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Total |
|
$ |
15,489 |
|
|
$ |
103 |
|
|
$ |
- |
|
|
$ |
15,592 |
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|
__________________________ | |
1 U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers. |
Table of Contents
The Company recorded gross realized investment security gains of $34.8 thousand during the quarter ended September 30, 2021. Proceeds from the sales of investment securities totaled $6.1 million during this same period.
The Company recorded gross realized investment security gains of $25.3 thousand during the qurter ended September 30, 2020. Proceeds from the sales of investment securities totaled $1.0 million during the same period.
The amortized cost and fair values of debt securities at September 30, 2021, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities.
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Due in one year or less |
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Due after one through five years |
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Due after five through ten years |
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Due after ten years |
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Total |
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(Dollars in Thousands) |
| |
AVAILABLE FOR SALE |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
Amortized cost |
|
$ |
55,452 |
|
|
$ |
87,050 |
|
|
$ |
469 |
|
|
$ |
- |
|
|
$ |
142,971 |
| |
Fair value |
|
|
55,605 |
|
|
|
87,455 |
|
|
|
466 |
|
|
|
- |
|
|
|
143,526 |
| |
HELD TO MATURITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Amortized cost |
|
$ |
540 |
|
|
$ |
2,205 |
|
|
$ |
7,747 |
|
|
$ |
- |
|
|
$ |
10,492 |
| |
Fair value |
|
|
543 |
|
|
|
2,306 |
|
|
|
7,733 |
|
|
|
- |
|
|
|
10,582 |
|
At September 30, 2021 investment securities with amortized costs of $13.7 million and $40.4 million and fair values of $13.8 million and $40.7 million were pledged to secure borrowings with the Federal Home Loan Bank (“FHLB”) of Pittsburgh and the Federal Reserve Bank of Cleveland (“FRB”), respectively. Of the securities pledged to the FRB, $40.4 million of amortized cost, and $40.7 million of fair value, was excess collateral. Excess collateral is maintained to support future borrowings and may be withdrawn by the Company at any time.
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