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v3.21.1

Securities (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Schedule of amortized cost and fair value of securities | Amortized cost and fair value of securities at March 31, 2021, and December 31, 2020, were as follows:
In thousands |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
SECURITIES AVAILABLE FOR SALE |  |  |  |  |  |  |  |
MARCH 31, 2021 |  |  |  |  |  |  |  |
U.S. Government and agencies |  | $ | 199,033 |  |  | $ | 1,378 |  |  | $ | 4,281 |  |  | $ | 196,130 |
Mortgage-backed securities, residential |  | 113,145 |  |  | 2,366 |  |  | 1,210 |  |  | 114,301 |
State and municipal |  | 35,899 |  |  | 225 |  |  | 418 |  |  | 35,706 |
Corporate bonds |  | 8,775 |  |  | 100 |  |  | 4 |  |  | 8,871 |
|  | $ | 356,852 |  |  | $ | 4,069 |  |  | $ | 5,913 |  |  | $ | 355,008 |
DECEMBER 31, 2020 |  |  |  |  |  |  |  |
U.S. Government and agencies |  | $ | 181,704 |  |  | $ | 2,117 |  |  | $ | 218 |  |  | $ | 183,603 |
Mortgage-backed securities, residential |  | 105,327 |  |  | 3,529 |  |  | 34 |  |  | 108,822 |
State and municipal |  | 35,930 |  |  | 561 |  |  | 7 |  |  | 36,484 |
Corporate bonds |  | 8,784 |  |  | 41 |  |  | 16 |  |  | 8,809 |
|  | $ | 331,745 |  |  | $ | 6,248 |  |  | $ | 275 |  |  | $ | 337,718 |
SECURITIES HELD TO MATURITY |  |  |  |  |  |  |  |
MARCH 31, 2021 |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | 9,155 |  |  | $ | 296 |  |  | $ | — |  |  | $ | 9,451 |
|  | $ | 9,155 |  |  | $ | 296 |  |  | $ | — |  |  | $ | 9,451 |
DECEMBER 31, 2020 |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | 10,294 |  |  | $ | 474 |  |  | $ | — |  |  | $ | 10,768 |
|  | $ | 10,294 |  |  | $ | 474 |  |  | $ | — |  |  | $ | 10,768 |
The fair value disclosures required by ASU 2016-01, Financial Instruments—Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities effective January 1, 2018, are as follows:
In thousands |  | Fair Value at January 1, 2021 |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value at March 31, 2021
MARCH 31, 2021 |  |  |  |  |  |  |  |
CRA Mutual Fund |  | $ | 1,065 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 1,048 |
Stock in other banks |  | 1,105 |  |  | 382 |  |  | — |  |  | 1,487 |
|  | $ | 2,170 |  |  | $ | 382 |  |  | $ | 17 |  |  | $ | 2,535 |
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, 2020 |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value at December 31, 2020
DECEMBER 31, 2020 |  |  |  |  |  |  |  |
CRA Mutual Fund |  | $ | 1,045 |  |  | $ | 25 |  |  | $ | 5 |  |  | $ | 1,065 |
Stock in other banks |  | 1,318 |  |  | — |  |  | 213 |  |  | 1,105 |
|  | $ | 2,363 |  |  | $ | 25 |  |  | $ | 218 |  |  | $ | 2,170 |
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, 2021, and December 31, 2020:
|  | 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, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  | $ | 107,396 |  |  | $ | 4,281 |  |  | $ | — |  |  | $ | — |  |  | $ | 107,396 |  |  | $ | 4,281 |
Mortgage-backed securities, residential |  | 49,943 |  |  | 1,209 |  |  | 254 |  |  | 1 |  |  | 50,197 |  |  | 1,210 |
State and municipal |  | 16,765 |  |  | 418 |  |  | — |  |  | — |  |  | 16,765 |  |  | 418 |
Corporate bond |  | 1,996 |  |  | 4 |  |  | — |  |  | — |  |  | 1,996 |  |  | 4 |
|  | $ | 176,100 |  |  | $ | 5,912 |  |  | $ | 254 |  |  | $ | 1 |  |  | $ | 176,354 |  |  | $ | 5,913 |
DECEMBER 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  | $ | 32,629 |  |  | $ | 218 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,629 |  |  | $ | 218 |
Mortgage-backed securities, residential |  | 10,458 |  |  | 34 |  |  | — |  |  | — |  |  | 10,458 |  |  | 34 |
State and municipal |  | 2,148 |  |  | 7 |  |  | — |  |  | — |  |  | 2,148 |  |  | 7 |
Corporate bond |  | 1,514 |  |  | 16 |  |  | — |  |  | — |  |  | 1,514 |  |  | 16 |
|  | $ | 46,749 |  |  | $ | 275 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,749 |  |  | $ | 275 |
SECURITIES HELD TO MATURITY |  |  |  |  |  |  |  |  |  |  |  |
MARCH 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
DECEMBER 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of amortized cost and fair value by contractual maturity | Amortized cost and fair value at March 31, 2021, 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 |  | $ | 54,160 |  |  | $ | 54,583 |  |  | $ | — |  |  | $ | — |
Over 1 year through 5 years |  | 34,050 |  |  | 34,902 |  |  | — |  |  | — |
Over 5 years through 10 years |  | 111,373 |  |  | 108,131 |  |  | — |  |  | — |
Over 10 years |  | 44,124 |  |  | 43,091 |  |  | — |  |  | — |
Mortgage-backed securities, residential |  | 113,145 |  |  | 114,301 |  |  | 9,155 |  |  | 9,451 |
|  | $ | 356,852 |  |  | $ | 355,008 |  |  | $ | 9,155 |  |  | $ | 9,451 |

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- Definition 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 + Details
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