INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and related market value of investment securities available-for-sale

NOTE 2 –INVESTMENT SECURITIES
Investment Portfolio Composition. The following table summarizes the amortized cost and related market value of investment securities
available-for-sale and securities held-to-maturity and the corresponding amounts of gross unrealized gains and losses.
	March 31, 2020									December 31, 2019
	Amortized		Unrealized		Unrealized		Market		Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value		Cost		Gain		Losses		Value
Available for Sale
U.S. Government Treasury	$	198,640	$	2,874	$	-	$	201,514	$	231,996	$	849	$	67	$	232,778
U.S. Government Agency		164,070		1,955		131		165,894		155,706		697		325		156,078
States and Political Subdivisions		6,664		8		-		6,672		6,310		9		-		6,319
Mortgage-Backed Securities		581		75		-		656		693		80		-		773
Equity Securities(1)		7,778		-		-		7,778		7,653		-		-		7,653
Total	$	377,733	$	4,912	$	131	$	382,514	$	402,358	$	1,635	$	392	$	403,601
Held to Maturity
U.S. Government Treasury	$	20,027	$	184	$	-	$	20,211	$	20,036	$	15	$	9	$	20,042
States and Political Subdivisions		340		-		-		340		1,376		-		-		1,376
Mortgage-Backed Securities		231,425		5,953		-		237,378		218,127		2,064		180		220,011
Total	$	251,792	$	6,137	$	-	$	257,929	$	239,539	$	2,079	$	189	$	241,429
Total Investment Securities	$	629,525	$	11,049	$	131	$	640,443	$	641,897	$	3,714	$	581	$	645,030

⁽¹⁾Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded at cost of $3.0 million, $4.8 million, respectively, at March 31, 2020 and includes Federal Home Loan Bank and Federal Reserve Bank stock recorded at cost of $2.9 million and $4.8 million, respectively, at December 31, 2019.

Schedule of investment securities with maturity distribution based on contractual maturities

	Available for Sale				Held to Maturity
(Dollars in Thousands)	Amortized Cost		Market Value		Amortized Cost		Market Value
Due in one year or less	$	131,848	$	132,886	$	20,367	$	20,551
Due after one year through five years		73,456		75,300		-		-
Mortgage-Backed Securities		581		656		231,425		237,378
U.S. Government Agency		164,070		165,894		-		-
Equity Securities		7,778		7,778		-		-
Total	$	377,733	$	382,514	$	251,792	$	257,929

Schedule of investment securities with continuous unrealized loss position

	Less Than				Greater Than
	12 Months				12 Months				Total
	Market		Unrealized		Market		Unrealized		Market		Unrealized
(Dollars in Thousands)	Value		Losses		Value		Losses		Value		Losses
March 31, 2020
Available for Sale
U.S. Government Agency		22,589		108		6,736		23		29,325		131
Total		22,589		108		6,736		23		29,325		131
December 31, 2019
Available for Sale
U.S. Government Treasury	$	9,955	$	-	$	93,310	$	67	$	103,265	$	67
U.S. Government Agency		36,361		244		17,364		81		53,725		325
States and Political Subdivisions		578		-		-		-		578		-
Mortgage-Backed Securities		8		-		-		-		8		-
Total		46,902		244		110,674		148		157,576		392