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INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 are summarized as follows:


  
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated fair
value
      ACL  
Investment securities available-for-sale:
                              
U.S. Treasury securities
  
$
84,676
    
$
60
    
$
(2,850
)
  
$
81,886
     $ —  
Securities of U.S. government agencies and corporations
    
115,840
      
48
      
(6,177
)
    
109,711
       —  
Obligations of states and political subdivisions
    
55,599
      
149
      
(3,860
)
    
51,888
       —  
Collateralized mortgage obligations
    
105,134
      
—
      
(17,681
)
    
87,453
       —  
Mortgage-backed securities
    
247,223
      
95
      
(19,815
)
    
227,503
       —  
Total debt securities
  
$
608,472
    
$
352
    
$
(50,383
)
  
$
558,441
     $
 —  

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2023 are summarized as follows:

 
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated fair
value
      ACL  
Investment securities available-for-sale:
                              
U.S. Treasury securities
  
$
90,063
    
$
134
    
$
(3,015
)
  
$
87,182
     $ —  
Securities of U.S. government agencies and corporations
    
121,305
      
105
      
(6,331
)
    
115,079
       —  
Obligations of states and political subdivisions
    
55,021
      
237
      
(3,581
)
    
51,677
       —  
Collateralized mortgage obligations
    
107,658
      
15
      
(16,726
)
    
90,947
       —  
Mortgage-backed securities
    
246,267
      
242
      
(19,037
)
    
227,472
       —  
Total debt securities
  
$
620,314
    
$
733
    
$
(48,690
)
  
$
572,357
     $
 —  
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 March 31, 2024, 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
  
$
71,862
    
$
70,762
  
Due after one year through five years
    
126,902
      
119,731
  
Due after five years through ten years
    
29,358
      
27,406
  
Due after ten years
    
27,993
      
25,586
  
Subtotal
    
256,115
      
243,485
  
MBS & CMO
    
352,357
      
314,956
  
Total
  
$
608,472
    
$
558,441
  
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 March 31, 2024, 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
  
$
2,401
    
$
(15
)
  
$
68,912
    
$
(2,835
)
  
$
71,313
    
$
(2,850
)
Securities of U.S. government agencies and corporations
    
9,804
      
(43
)
    
92,229
      
(6,134
)
    
102,033
      
(6,177
)
Obligations of states and political subdivisions
    
11,059
      
(100
)
    
31,341
      
(3,760
)
    
42,400
      
(3,860
)
Collateralized mortgage obligations
    
3,651
      
(21
)
    
82,409
      
(17,660
)
    
86,060
      
(17,681
)
Mortgage-backed securities
    
24,555
      
(244
)
    
184,678
      
(19,571
)
    
209,233
      
(19,815
)
                                                 
Total
  
$
51,470
    
$
(423
)
  
$
459,569
    
$
(49,960
)
  
$
511,039
    
$
(50,383
)

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2023, 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
  
$
—
    
$
—
 
$
77,203
    
$
(3,015
)
  
$
77,203
    
$
(3,015
)
Securities of U.S. government agencies and corporations
    
3,424
      
(7
)
    
97,057
      
(6,324
)
    
100,481
      
(6,331
)
Obligations of states and political subdivisions
    
4,981
      
(31
)
    
32,578
      
(3,550
)
    
37,559
      
(3,581
)
Collateralized Mortgage obligations
    
6,597
      
(26
)
    
80,995
      
(16,700
)
    
87,592
      
(16,726
)
Mortgage-backed securities
    
17,023
      
(124
)
    
182,626
      
(18,913
)
    
199,649
      
(19,037
)
                                                 
Total
  
$
32,025
    
$
(188
)
  
$
470,459
    
$
(48,502
)
  
$
502,484
    
$
(48,690
)