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Securities (Tables)

3 Months Ended

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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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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