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Securities (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020, and December 31, 2019, were as follows:

In thousands						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
SECURITIES AVAILABLE FOR SALE
SEPTEMBER 30, 2020
U.S. Government and agencies						$	171,191					$	2,463					$	67					$	173,587
Mortgage-backed securities, residential						98,233						3,643						21						101,855
State and municipal						31,704						324						70						31,958
Corporate bonds						6,276						12						17						6,271
						$	307,404					$	6,442					$	175					$	313,671
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
SEPTEMBER 30, 2020
U.S. Government and agencies						$	2,000					$	5					$	—					$	2,005
Mortgage-backed securities, residential						11,606						499						—						12,105
						$	13,606					$	504					$	—					$	14,110
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

The required fair value disclosures are as follows:

In thousands						Fair Value at January 1, 2020						Unrealized Gains						Unrealized Losses						Fair Value at September 30, 2020
SEPTEMBER 30, 2020
CRA Mutual Fund						$	1,045					$	25					$	—					$	1,070
Stock in other banks						1,318						—						508						810
						$	2,363					$	25					$	508					$	1,880

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, 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

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, 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
SEPTEMBER 30, 2020
U.S. Government and agencies						$	47,335					$	67					$	—					$	—					$	47,335					$	67
Mortgage-backed securities, residential						9,312						21						—						—						9,312						21
State and municipal						10,569						70						—						—						10,569						70
Corporate bond						3,000						17						—						—						3,000						17
						$	70,216					$	175					$	—					$	—					$	70,216					$	175
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
SEPTEMBER 30, 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 September 30, 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						$	81,650					$	82,188					$	2,000					$	2,005
Over 1 year through 5 years						50,455						52,078						—						—
Over 5 years through 10 years						47,327						47,592						—						—
Over 10 years						29,739						29,958						—						—
Mortgage-backed securities, residential						98,233						101,855						11,606						12,105
						$	307,404					$	313,671					$	13,606					$	14,110

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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=121645371&loc=d3e27290-111563

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Tabular disclosure of unrealized gains and losses on investments.

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