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INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022 are summarized as follows:
(in thousands)
  
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated
fair value
  
 
                        
Investment securities available-for-sale:
                        
U.S. Treasury securities
  
$
117,097
    
$
7
    
$
(4,171
)
  
$
112,933
  
Securities of U.S. government agencies and corporations
    
113,506
      
1
      
(7,170
)
    
106,337
  
Obligations of states and political subdivisions
    
53,053
      
89
      
(4,807
)
    
48,335
  
Collateralized mortgage obligations
    
122,389
      
1
      
(13,585
)
    
108,805
  
Mortgage-backed securities
    
278,548
      
11
      
(17,204
)
    
261,355
  
                                 
Total debt securities
  
$
684,593
    
$
109
    
$
(46,937
)
  
$
637,765
  

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 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
  
$
86,534
    
$
388
    
$
(711
)
  
$
86,211
  
Securities of U.S. government agencies and corporations
    
104,106
      
330
      
(1,826
)
    
102,610
  
Obligations of states and political subdivisions
    
44,842
      
1,444
      
(301
)
    
45,985
  
Collateralized mortgage obligations
    
137,872
      
665
      
(2,885
)
    
135,652
  
Mortgage-backed securities
    
262,738
      
1,971
      
(2,954
)
    
261,755
  
                                 
Total debt securities
  
$
636,092
    
$
4,798
    
$
(8,677
)
  
$
632,213
  
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, 2022, 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
  
$
25,795
    
$
25,664
  
Due after one year through five years
    
181,126
      
172,968
  
Due after five years through ten years
    
48,069
      
44,164
  
Due after ten years
    
28,666
      
24,809
  
Subtotal
    
283,656
      
267,605
  
Mortgage-backed securities & Collateralized mortgage obligations    
400,937
      
370,160
  
Total
  
$
684,593
    
$
637,765
  
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, 2022, 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
  
$
96,676
    
$
(3,562
)
  
$
11,766
    
$
(609
)
  
$
108,442
    
$
(4,171
)
Securities of U.S. government agencies and corporations
    
56,053
      
(1,766
)
    
49,282
      
(5,404
)
    
105,335
      
(7,170
)
Obligations of states and political subdivisions
    
37,968
      
(4,188
)
    
2,687
      
(619
)
    
40,655
      
(4,807
)
Collateralized mortgage obligations
    
92,906
      
(11,268
)
    
15,085
      
(2,317
)
    
107,991
      
(13,585
)
Mortgage-backed securities
    
155,111
      
(7,850
)
    
94,453
      
(9,354
)
    
249,564
      
(17,204
)
                                                 
Total
  
$
438,714
    
$
(28,634
)
  
$
173,273
    
$
(18,303
)
  
$
611,987
    
$
(46,937
)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 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
  
$
63,254
    
$
(673
)
  
$
2,066
    
$
(38
)
  
$
65,320
    
$
(711
)
Securities of U.S. government agencies and corporations
    
48,288
      
(942
)
    
30,158
      
(884
)
    
78,446
      
(1,826
)
Obligations of states and political subdivisions
    
11,680
      
(233
)
    
934
      
(68
)
    
12,614
      
(301
)
Collateralized Mortgage obligations
    
90,299
      
(2,850
)
    
1,298
      
(35
)
    
91,597
      
(2,885
)
Mortgage-backed securities
    
175,943
      
(2,816
)
    
6,997
      
(138
)
    
182,940
      
(2,954
)
                                                 
Total
  
$
389,464
    
$
(7,514
)
  
$
41,453
    
$
(1,163
)
  
$
430,917
    
$
(8,677
)