XML 42 R12.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

SECURITIES | 12 Months Ended
--- | ---
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Amortized cost and fair value at December 31, 2019 and 2018, were as follows:
In thousands | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
SECURITIES AVAILABLE FOR SALE |  |  |  |  |  |  |
December 31, 2019 |  |  |  |  |  |  |
U.S. Government and agencies | $ | 113,569 |  |  | $ | 849 |  |  | $ | 169 |  |  | $ | 114,249 |
Mortgage-backed securities, residential | 64,699 |  |  | 980 |  |  | 87 |  |  | 65,592 |
State and municipal | 10,940 |  |  | 70 |  |  | 14 |  |  | 10,996 |
| $ | 189,208 |  |  | $ | 1,899 |  |  | $ | 270 |  |  | $ | 190,837 |
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 |  |  |  |  |  |  |
December 31, 2019 |  |  |  |  |  |  |
U.S. Government and agencies | $ | 4,000 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 4,008 |
Mortgage-backed securities, residential | 15,234 |  |  | 76 |  |  | 37 |  |  | 15,273 |
| $ | 19,234 |  |  | $ | 84 |  |  | $ | 37 |  |  | $ | 19,281 |
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 Corporation adopted ASU 2016-01, Financial Instruments—Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities effective January 1, 2018. The required fair value disclosures are as follows:
In thousands |  | Fair Value at January 1, 2019 |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value at December 31, 2019
DECEMBER 31, 2019 |  |  |  |  |  |  |  |
CRA Mutual Fund |  | $ | 1,012 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 1,045 |
Stock in other banks |  | 827 |  |  | 234 |  |  | — |  |  | 1,061 |
|  | $ | 1,839 |  |  | $ | 267 |  |  | $ | — |  |  | $ | 2,106 |
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 |
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 December 31, 2019 and 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 |  |  |  |  |  |  |  |  |  |  |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | — |  |  | $ | — |  |  | $ | 47,425 |  |  | $ | 169 |  |  | $ | 47,425 |  |  | $ | 169 |
Mortgage-backed securities, residential | 16,208 |  |  | 82 |  |  | 1,424 |  |  | 5 |  |  | 17,632 |  |  | 87 |
State and municipal | 3,233 |  |  | 13 |  |  | 502 |  |  | 1 |  |  | 3,735 |  |  | 14 |
| $ | 19,441 |  |  | $ | 95 |  |  | $ | 49,351 |  |  | $ | 175 |  |  | $ | 68,792 |  |  | $ | 270 |
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 |  |  |  |  |  |  |  |  |  |  |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities, residential | $ | 6,587 |  |  | $ | 24 |  |  | $ | 3,161 |  |  | $ | 13 |  |  | $ | 9,748 |  |  | $ | 37 |
| $ | 6,587 |  |  | $ | 24 |  |  | $ | 3,161 |  |  | $ | 13 |  |  | $ | 9,748 |  |  | $ | 37 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | 2,975 |  |  | $ | 25 |  |  | $ | 3,956 |  |  | $ | 44 |  |  | $ | 6,931 |  |  | $ | 69 |
Mortgage-backed security, residential | 5,408 |  |  | 59 |  |  | 12,636 |  |  | 231 |  |  | 18,044 |  |  | 290 |
| $ | 8,383 |  |  | $ | 84 |  |  | $ | 16,592 |  |  | $ | 275 |  |  | $ | 24,975 |  |  | $ | 359 |
All mortgage-backed security investments are government sponsored enterprise (GSE) pass-through instruments issued by the Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) or Federal Home Loan Mortgage Corporation (FHLMC), which guarantee the timely payment of principal on these investments. At December 31, 2019, twenty-five available for sale U.S. Government and agency securities had unrealized losses that individually did not exceed 1% of amortized cost. All of these securities have been in a continuous loss position for 12 months or more. These unrealized losses relate principally to changes in interest rates subsequent to the acquisition of the specific securities. At December 31, 2019, thirteen available for sale residential mortgage-backed securities had unrealized losses that individually did not exceed 2% of amortized cost. Two of these securities have been in a continuous loss position for 12 months or more. These unrealized losses relate principally to changes in interest rates subsequent to the acquisition of the specific securities. At December 31, 2019, six available for sale state and municipal securities had unrealized losses that individually did not exceed 1% of amortized cost. One of these securities have been in a continuous loss position for 12 months or more. This unrealized loss relates principally to changes in interest rates subsequent to the acquisition of the specific security. At December 31, 2019, nineteen held to maturity residential mortgage-backed securities had unrealized losses that individually did not exceed 2% of amortized cost. Eight of these securities have been in a continuous loss position for 12 months or more. These unrealized losses relate principally to changes in interest rates subsequent to the acquisition of the specific securities. In analyzing the issuer’s financial condition, management considers industry analysts’ reports, financial performance, and projected target prices of investment analysts within a one-year time frame. Based on the above information, management has determined that none of these investments are other-than-temporarily impaired. The fair values of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the security’s relationship to other benchmark quoted prices. The Corporation uses independent service providers to provide matrix pricing. Management routinely sells securities from its available for sale portfolio in an effort to manage and allocate the portfolio. At December 31, 2019, management had not identified any securities with an unrealized loss that it intends to sell or will be required to sell. In estimating other-than-temporary impairment losses on debt securities, management considers (1) whether management intends to sell the security, or (2) if it is more likely than not that management will be required to sell the security before recovery, or (3) if management does not expect to recover the entire amortized cost basis. In assessing potential other-than-temporary impairment for equity securities, consideration is given to management’s intention and ability to hold the securities until recovery of unrealized losses. Amortized cost and fair value at December 31, 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 | $ | 20,926 |  |  | $ | 20,953 |  |  | $ | 4,000 |  |  | $ | 4,008 |
Over 1 year through 5 years | 98,502 |  |  | 99,220 |  |  | — |  |  | — |
Over 5 years through 10 years | 199 |  |  | 202 |  |  | — |  |  | — |
Over 10 years | 4,882 |  |  | 4,870 |  |  | — |  |  | — |
Mortgage-backed securities, residential | 64,699 |  |  | 65,592 |  |  | 15,234 |  |  | 15,273 |
| $ | 189,208 |  |  | $ | 190,837 |  |  | $ | 19,234 |  |  | $ | 19,281 |
The Corporation realized gross gains of $0 during 2019 and $288,000 during 2018, and gross losses of $0 during 2019 and $203,000 during 2018 on sales of securities available for sale. At December 31, 2019 and 2018, securities with a carrying value of $162,946,000 and $165,792,000, respectively, were pledged as collateral as required by law on public and trust deposits, repurchase agreements, and for other purposes.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration