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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 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 September 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
  
$
78,243
    
$
554
    
$
(187
)
  
$
78,610
  
Securities of U.S. government agencies and corporations
    
101,162
      
461
      
(965
)
    
100,658
  
Obligations of states and political subdivisions
    
38,681
      
1,375
      
(360
)
    
39,696
  
Collateralized mortgage obligations
    
139,255
      
1,198
      
(650
)
    
139,803
  
Mortgage-backed securities
    
256,910
      
2,839
      
(1,406
)
    
258,343
  
                                 
Total debt securities
  
$
614,251
    
$
6,427
    
$
(3,568
)
  
$
617,110
  

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 September 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
  
$
15,608
    
$
15,763
  
Due after one year through five years
    
126,175
      
126,715
  
Due after five years through ten years
    
52,282
      
52,037
  
Due after ten years
    
24,021
      
24,449
  
Subtotal
    
218,086
      
218,964
  
MBS & CMO
    
396,165
      
398,146
  
Total
  
$
614,251
    
$
617,110
  
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 September 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
  
$
51,178
    
$
(187
)
  
$
—
    
$
—
    
$
51,178
    
$
(187
)
Securities of U.S. government agencies and corporations
    
68,390
      
(924
)
    
3,459
      
(41
)
    
71,849
      
(965
)
Obligations of states and political subdivisions
    
13,830
      
(268
)
    
909
      
(92
)
    
14,739
      
(360
)
Collateralized Mortgage obligations
    
85,401
      
(650
)
    
—
      
—
      
85,401
      
(650
)
Mortgage-backed securities
    
152,432
      
(1,406
)
    
—
      
—
      
152,432
      
(1,406
)
                                                 
Total
  
$
371,231
    
$
(3,435
)
  
$
4,368
    
$
(133
)
  
$
375,599
    
$
(3,568
)

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
)