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Securities (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of securities

The required fair value disclosures are as follows:

In thousands		Fair Value at January 1, 2020				Unrealized Gains				Unrealized Losses				Fair Value at March 31, 2020
MARCH 31, 2020
CRA Mutual Fund		$	1,045			$	16			$	—			$	1,061
Stock in other banks		1,318				—				491				827
		$	2,363			$	16			$	491			$	1,888

In thousands		Fair Value at January 1, 2019				Unrealized Gains				Unrealized Losses				Fair Value at March 31, 2019
MARCH 31, 2019
CRA Mutual Fund		$	1,012			$	16			$	—			$	1,028
Stock in other banks		827				37				20				844
		$	1,839			$	53			$	20			$	1,872

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

Amortized cost and fair value of securities at March 31, 2020, and December 31, 2019, were as follows:

In thousands		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
SECURITIES AVAILABLE FOR SALE
MARCH 31, 2020
U.S. Government and agencies		$	128,399			$	2,614			$	89			$	130,924
Mortgage-backed securities, residential		93,329				3,404				69				96,664
State and municipal		23,838				99				216				23,721
Corporate bonds		1,744				9				14				1,739
		$	247,310			$	6,126			$	388			$	253,048
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
SECURITIES HELD TO MATURITY
MARCH 31, 2020
U.S. Government and agencies		$	4,000			$	20			$	—			$	4,020
Mortgage-backed securities, residential		14,090				455				—				14,545
		$	18,090			$	475			$	—			$	18,565
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

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 March 31, 2020, and December 31, 2019:

		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
MARCH 31, 2020
U.S. Government and agencies		$	8,203			$	89			$	—			$	—			$	8,203			$	89
Mortgage-backed securities, residential		2,009				69				—				—				2,009				69
State and municipal		12,193				215				501				1				12,694				216
Corporate bond		1,010				14				—				—				1,010				14
		$	23,415			$	387			$	501			$	1			$	23,916			$	388
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
SECURITIES HELD TO MATURITY
MARCH 31, 2020
U.S. Government and agencies		$	—			$	—			$	—			$	—			$	—			$	—
Mortgage-backed securities, residential		—				—				—				—				—				—
		$	—			$	—			$	—			$	—			$	—			$	—
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

Schedule of amortized cost and fair value by contractual maturity

Amortized cost and fair value at March 31, 2020, 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		$	31,653			$	31,899			$	4,000			$	4,020
Over 1 year through 5 years		87,814				90,199				—				—
Over 5 years through 10 years		15,724				15,644				—				—
Over 10 years		18,790				18,642				—				—
Mortgage-backed securities, residential		93,329				96,664				14,090				14,545
		$	247,310			$	253,048			$	18,090			$	18,565

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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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