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Securities (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of securities

Amortized cost and fair value of securities at September 30, 2019, and December 31, 2018, were as follows:

In thousands		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
SECURITIES AVAILABLE FOR SALE
SEPTEMBER 30, 2019
U.S. Government and agencies		$	115,656			$	874			$	261			$	116,269
Mortgage-backed securities, residential		59,770				1,016				67				60,719
State and municipal		7,620				72				2				7,690
		$	183,046			$	1,962			$	330			$	184,678
DECEMBER 31, 2018
U.S. Government and agencies		$	120,420			$	142			$	2,149			$	118,413
Mortgage-backed securities, residential		33,960				194				343				33,811
State and municipal		9,482				60				36				9,506
		$	163,862			$	396			$	2,528			$	161,730
SECURITIES HELD TO MATURITY
SEPTEMBER 30, 2019
U.S. Government and agencies		$	6,000			$	7			$	4			$	6,003
Mortgage-backed securities, residential		16,443				80				8				16,515
		$	22,443			$	87			$	12			$	22,518
DECEMBER 31, 2018
U.S. Government and agencies		$	7,000			$	—			$	69			$	6,931
Mortgage-backed securities, residential		20,266				4				290				19,980
		$	27,266			$	4			$	359			$	26,911

The required fair value disclosures are as follows:

In thousands		Fair Value at January 1, 2019				Unrealized Gains				Unrealized Losses				Fair Value at September 30, 2019
SEPTEMBER 30, 2019
CRA Mutual Fund		$	1,012			$	38			$	—			$	1,050
Stock in other banks		827				155				—				982
		$	1,839			$	193			$	—			$	2,032

In thousands		Fair Value at January 1, 2018				Unrealized Gains				Unrealized Losses				Fair Value at September 30, 2018
SEPTEMBER 30, 2018
CRA Mutual Fund		$	1,044			$	—			$	31			$	1,013
Stock in other banks		749				31				50				730
		$	1,793			$	31			$	81			$	1,743

In thousands		Fair Value at January 1, 2018				Unrealized Gains				Unrealized Losses				Fair Value at December 31, 2018
DECEMBER 31, 2018
CRA Mutual Fund		$	1,044			$	—			$	32			$	1,012
Stock in other banks		749				247				169				827
		$	1,793			$	247			$	201			$	1,839

Schedule of unrealized losses and fair value

The following table shows the Corporation’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2019, and December 31, 2018:

		Less than 12 Months								12 Months or More								Total
In thousands		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
SECURITIES AVAILABLE FOR SALE
SEPTEMBER 30, 2019
U.S. Government and agencies		$	—			$	—			$	58,405			$	261			$	58,405			$	261
Mortgage-backed securities, residential		7,567				66				667				1				8,234				67
State and municipal		—				—				866				2				866				2
		$	7,567			$	66			$	59,938			$	264			$	67,505			$	330
DECEMBER 31, 2018
U.S. Government and agencies		$	1,997			$	5			$	87,216			$	2,144			$	89,213			$	2,149
Mortgage-backed securities, residential		9,410				134				8,586				209				17,996				343
State and municipal		—				—				2,696				36				2,696				36
		$	11,407			$	139			$	98,498			$	2,389			$	109,905			$	2,528
SECURITIES HELD TO MATURITY
SEPTEMBER 30, 2019
U.S. Government and agencies		$	—			$	—			$	2,996			$	4			$	2,996			$	4
Mortgage-backed securities, residential		1,177				2				3,425				6				4,602				8
		$	1,177			$	2			$	6,421			$	10			$	7,598			$	12
DECEMBER 31, 2018
U.S. Government and agencies		$	2,975			$	25			$	3,956			$	44			$	6,931			$	69
Mortgage-backed securities, residential		5,408				59				12,636				231				18,044				290
		$	8,383			$	84			$	16,592			$	275			$	24,975			$	359

Schedule of amortized cost and fair value by contractual maturity

Amortized cost and fair value at September 30, 2019, by contractual maturity, where applicable, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay with or without penalties.

		Available for Sale								Held to Maturity
In thousands		Amortized Cost				Fair Value				Amortized Cost				Fair Value
1 year or less		$	18,183			$	18,187			$	4,000			$	3,997
Over 1 year through 5 years		104,894				105,569				2,000				2,006
Over 5 years through 10 years		199				203				—				—
Over 10 years		—				—				—				—
Mortgage-backed securities, residential		59,770				60,719				16,443				16,515
		$	183,046			$	184,678			$	22,443			$	22,518

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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