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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2021
INVESTMENT SECURITIES [Abstract]  
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 June 30, 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
  
$
74,057
    
$
696
    
$
(152
)
  
$
74,601
  
Securities of U.S. government agencies and corporations
    
95,718
      
562
      
(967
)
    
95,313
  
Obligations of states and political subdivisions
    
35,693
      
1,585
      
(118
)
    
37,160
  
Collateralized mortgage obligations
    
110,918
      
1,474
      
(308
)
    
112,084
  
Mortgage-backed securities
    
240,724
      
3,133
      
(1,456
)
    
242,401
  
                                 
Total debt securities
  
$
557,110
    
$
7,450
    
$
(3,001
)
  
$
561,559
  

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 Market Value of Debt and Other Securities by Contractual or Expected Maturity
The amortized cost and estimated market value of debt and other securities at June 30, 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
  
$
16,109
    
$
16,274
  
Due after one year through five years
    
111,664
      
112,446
  
Due after five years through ten years
    
55,291
      
55,165
  
Due after ten years
    
22,404
      
23,189
  
Subtotal
    
205,468
      
207,074
  
MBS & CMO
    
351,642
      
354,485
  
Total
  
$
557,110
    
$
561,559
  
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 June 30, 2021, follows:

(in thousands)
  
Less than 12 months
    
12 months or more
    
Total
  
   
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
  
 
                                    
U.S. Treasury Securities
  
$
38,466
    
$
(152
)
  
$
—
    
$
—
    
$
38,466
    
$
(152
)
Securities of U.S. government agencies and corporations
    
64,890
      
(967
)
    
—
      
—
      
64,890
      
(967
)
Obligations of states and political subdivisions
    
6,642
      
(118
)
    
—
      
—
      
6,642
      
(118
)
Collateralized Mortgage obligations
    
28,160
      
(308
)
    
—
      
—
      
28,160
      
(308
)
Mortgage-backed securities
    
133,878
      
(1,456
)
    
—
      
—
      
133,878
      
(1,456
)
                                                 
Total
  
$
272,036
    
$
(3,001
)
  
$
—
    
$
—
    
$
272,036
    
$
(3,001
)

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

 (in thousands)
  
Less than 12 months
    
12 months or more
    
Total
  
   
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
)