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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023 are summarized as follows:

(in thousands)
  
Amortized
 cost
    
Unrealized
 gains
    
Unrealized
 losses
    
Estimated fair
value
  
 
                        
Investment securities available-for-sale:
                        
U.S. Treasury securities
  
$
101,564
    
$
1
    
$
(4,587
)
  
$
96,978
  
Securities of U.S. government agencies and corporations
    
123,822
      
—
      
(8,858
)
    
114,964
  
Obligations of states and political subdivisions
    
51,386
      
1
      
(6,903
)
    
44,484
  
Collateralized mortgage obligations
    
112,079
      
1
      
(20,780
)
    
91,300
  
Mortgage-backed securities
    
248,052
      
1
      
(28,370
)
    
219,683
  
                                 
Total debt securities
  
$
636,903
    
$
4
    
$
(69,498
)
  
$
567,409
  

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 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
  
$
119,644
    
$
13
    
$
(5,842
)
  
$
113,815
  
Securities of U.S. government agencies and corporations
    
128,697
      
20
      
(9,806
)
    
118,911
  
Obligations of states and political subdivisions
    
58,955
      
13
      
(5,642
)
    
53,326
  
Collateralized mortgage obligations
    
114,983
      
—
      
(19,633
)
    
95,350
  
Mortgage-backed securities
    
261,505
      
56
      
(24,871
)
    
236,690
  
                                 
Total debt securities
  
$
683,784
    
$
102
    
$
(65,794
)
  
$
618,092
  
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, 2023, 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
  
$
89,660
    
$
87,943
  
Due after one year through five years
    
135,601
      
125,056
  
Due after five years through ten years
    
24,901
      
21,549
  
Due after ten years
    
26,610
      
21,878
  
Subtotal
    
276,772
      
256,426
  
Mortgage-backed securities & Collateralized mortgage obligations    
360,131
      
310,983
  
Total
  
$
636,903
    
$
567,409
  
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, 2023, 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
  
$
10,775
    
$
(53
)
  
$
83,726
    
$
(4,534
)
  
$
94,501
    
$
(4,587
)
Securities of U.S. government agencies and corporations
    
17,526
      
(183
)
    
97,438
      
(8,675
)
    
114,964
      
(8,858
)
Obligations of states and political subdivisions
    
9,900
      
(430
)
    
34,011
      
(6,473
)
    
43,911
      
(6,903
)
Collateralized mortgage obligations
    
11,689
      
(244
)
    
77,729
      
(20,536
)
    
89,418
      
(20,780
)
Mortgage-backed securities
    
31,322
      
(1,081
)
    
185,973
      
(27,289
)
    
217,295
      
(28,370
)
                                                 
Total
  
$
81,212
    
$
(1,991
)
  
$
478,877
    
$
(67,507
)
  
$
560,089
    
$
(69,498
)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2022, 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
  
$
54,574
    
$
(1,680
)
  
$
56,872
    
$
(4,162
)
  
$
111,446
    
$
(5,842
)
Securities of U.S. government agencies and corporations
    
45,261
      
(1,341
)
    
69,635
      
(8,465
)
    
114,896
      
(9,806
)
Obligations of states and political subdivisions
    
40,479
      
(3,022
)
    
10,049
      
(2,620
)
    
50,528
      
(5,642
)
Collateralized Mortgage obligations
    
36,040
      
(2,586
)
    
59,310
      
(17,047
)
    
95,350
      
(19,633
)
Mortgage-backed securities
    
99,250
      
(6,131
)
    
131,951
      
(18,740
)
    
231,201
      
(24,871
)
                                                 
Total
  
$
275,604
    
$
(14,760
)
  
$
327,817
    
$
(51,034
)
  
$
603,421
    
$
(65,794
)