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Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of securities

Amortized cost and fair value of securities at June 30, 2021, and December 31, 2020, were as follows:

In thousands						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
SECURITIES AVAILABLE FOR SALE
JUNE 30, 2021
U.S. Government and agencies						$	216,242					$	1,188					$	2,367					$	215,063
Mortgage-backed securities, residential						119,141						2,378						702						120,817
State and municipal						37,214						370						116						37,468
Corporate bonds						12,283						218						15						12,486
						$	384,880					$	4,154					$	3,200					$	385,834
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
JUNE 30, 2021
Mortgage-backed securities, residential						$	8,139					$	313					$	—					$	8,452
						$	8,139					$	313					$	—					$	8,452
DECEMBER 31, 2020
Mortgage-backed securities, residential						$	10,294					$	474					$	—					$	10,768
						$	10,294					$	474					$	—					$	10,768

Fair value of equity securities with readily determinable fair values at June 30, 2021, June 30, 2020, and December 31, 2020, are as follows:

In thousands						Fair Value at January 1, 2021						Unrealized Gains						Unrealized Losses						Fair Value at June 30, 2021
JUNE 30, 2021
CRA Mutual Fund						$	1,065					$	—					$	16					$	1,049
Stock in other banks						1,105						393						—						1,498
						$	2,170					$	393					$	16					$	2,547

In thousands						Fair Value at January 1, 2020						Unrealized Gains						Unrealized Losses						Fair Value at June 30, 2020
JUNE 30, 2020
CRA Mutual Fund						$	1,045					$	25					$	—					$	1,070
Stock in other banks						1,318						—						426						892
						$	2,363					$	25					$	426					$	1,962

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 June 30, 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
JUNE 30, 2021
U.S. Government and agencies						$	108,253					$	2,367					$	—					$	—					$	108,253					$	2,367
Mortgage-backed securities, residential						55,662						701						202						1						55,864						702
State and municipal						9,614						116						—						—						9,614						116
Corporate bond						4,009						15						—						—						4,009						15
						$	177,538					$	3,199					$	202					$	1					$	177,740					$	3,200
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
JUNE 30, 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 June 30, 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						$	46,148					$	46,457					$	—					$	—
Over 1 year through 5 years						42,239						42,888						—						—
Over 5 years through 10 years						133,942						132,262						—						—
Over 10 years						43,410						43,410						—						—
Mortgage-backed securities, residential						119,141						120,817						8,139						8,452
						$	384,880					$	385,834					$	8,139					$	8,452

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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=123581744&loc=d3e27290-111563

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