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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 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 September 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
  
$
115,583
    
$
—
    
$
(6,385
)
  
$
109,198
  
Securities of U.S. government agencies and corporations
    
120,824
      
—
      
(10,457
)
    
110,367
  
Obligations of states and political subdivisions
    
59,263
      
3
      
(7,710
)
    
51,556
  
Collateralized mortgage obligations
    
117,695
      
—
      
(19,553
)
    
98,142
  
Mortgage-backed securities
    
267,401
      
—
      
(28,679
)
    
238,722
  
                                 
Total debt securities
  
$
680,766
    
$
3
    
$
(72,784
)
  
$
607,985
  

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 Fair Value of Debt and Other Securities by Contractual Maturity
The amortized cost and estimated fair value of debt and other securities at September 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
  
$
33,806
    
$
33,355
  
Due after one year through five years
    
188,827
      
175,412
  
Due after five years through ten years
    
39,515
      
34,802
  
Due after ten years
    
33,522
      
27,552
  
Subtotal
    
295,670
      
271,121
  
Mortgage-backed securities & Collateralized mortgage obligations    
385,096
      
336,864
  
Total
  
$
680,766
    
$
607,985
  
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, 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
  
$
66,255
    
$
(2,844
)
  
$
42,943
    
$
(3,541
)
  
$
109,198
    
$
(6,385
)
Securities of U.S. government agencies and corporations
    
43,768
      
(1,913
)
    
62,099
      
(8,544
)
    
105,867
      
(10,457
)
Obligations of states and political subdivisions
    
42,252
      
(5,103
)
    
7,598
      
(2,607
)
    
49,850
      
(7,710
)
Collateralized mortgage obligations
    
44,515
      
(5,086
)
    
51,469
      
(14,467
)
    
95,984
      
(19,553
)
Mortgage-backed securities
    
127,156
      
(11,660
)
    
105,959
      
(17,019
)
    
233,115
      
(28,679
)
                                                 
Total
  
$
323,946
    
$
(26,606
)
  
$
270,068
    
$
(46,178
)
  
$
594,014
    
$
(72,784
)

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
)