INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value

Investment securities available-for-sale:
U.S. Treasury Securities	$	47,264	$	820	$	(155	)	$	47,929
Securities of U.S. government agencies and corporations		106,427		934		(2,129	)		105,232
Obligations of states and political subdivisions		29,891		1,407		(207	)		31,091
Collateralized mortgage obligations		74,735		1,796		(219	)		76,312
Mortgage-backed securities		203,486		3,486		(1,490	)		205,482
Total debt securities	$	461,803	$	8,443	$	(4,200	)	$	466,046

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2020 are summarized as follows:

(in thousands)	Amortized cost		Unrealized gains		Unrealized losses			Estimated fair value

Investment securities available-for-sale:
U.S. Treasury Securities	$	37,910	$	982	$	(1	)	$	38,891
Securities of U.S. government agencies and corporations		105,506		1,317		(265	)		106,558
Obligations of states and political subdivisions		31,013		1,878		(9	)		32,882
Collateralized mortgage obligations		71,531		1,937		(8	)		73,460
Mortgage-backed securities		179,021		4,359		(91	)		183,289
Total debt securities	$	424,981	$	10,473	$	(374	)	$	435,080

Amortized Cost and Estimated Fair Value of Debt and Other Securities by Contractual or Expected Maturity

The amortized cost and estimated fair value of debt and other securities at March 31, 2021, 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	$	17,585	$	17,746
Due after one year through five years		82,350		83,346
Due after five years through ten years		65,385		64,322
Due after ten years		18,262		18,838
Subtotal		183,582		184,252
MBS & CMO		278,221		281,794
Total	$	461,803	$	466,046

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 March 31, 2021, follows:

	Less than 12 months					12 months or more				Total
(in thousands)	Fair Value		Unrealized losses			Fair Value		Unrealized losses		Fair Value		Unrealized losses

U.S. Treasury Securities		19,774		(155	)		—		—		19,774		(155	)
Securities of U.S. government agencies and corporations	$	71,221	$	(2,129	)	$	—	$	—	$	71,221	$	(2,129	)
Obligations of states and political subdivisions		8,336		(207	)		—		—		8,336		(207	)
Collateralized Mortgage obligations		11,024		(219	)		—		—		11,024		(219	)
Mortgage-backed securities		93,314		(1,490	)		—		—		93,314		(1,490	)
Total	$	203,669	$	(4,200	)	$	—	$	—	$	203,669	$	(4,200	)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2020, follows:

	Less than 12 months					12 months or more				Total
(in thousands)	Fair Value		Unrealized losses			Fair Value		Unrealized losses		Fair Value		Unrealized losses

U.S. Treasury Securities	$	4,276	$	(1	)	$	—	$	—	$	4,276	$	(1	)
Securities of U.S. government agencies and corporations		58,164		(265	)		—		—		58,164		(265	)
Obligations of states and political subdivisions		1,603		(9	)		—		—		1,603		(9	)
Collateralized Mortgage obligations		1,697		(8	)		—		—		1,697		(8	)
Mortgage-backed securities		30,208		(91	)		—		—		30,208		(91	)
Total	$	95,948	$	(374	)	$	—	$	—	$	95,948	$	(374	)