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Securities (Tables)

9 Months Ended

Sep. 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 September 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
SEPTEMBER 30, 2021
U.S. Government and agencies						$	225,315					$	825					$	2,971					$	223,169
Mortgage-backed securities, residential						132,074						2,124						1,199						132,999
State and municipal						42,891						259						440						42,710
Corporate bonds						12,621						198						21						12,798
						$	412,901					$	3,406					$	4,631					$	411,676
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
SEPTEMBER 30, 2021
Mortgage-backed securities, residential						$	7,220					$	262					$	—					$	7,482
						$	7,220					$	262					$	—					$	7,482
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 September 30, 2021, September 30, 2020, and December 31, 2020, are as follows:

In thousands						Fair Value at January 1, 2021						Unrealized Gains						Unrealized Losses						Fair Value at September 30, 2021
SEPTEMBER 30, 2021
CRA Mutual Fund						$	1,065					$	—					$	20					$	1,045
Stock in other banks						1,105						397						—						1,502
						$	2,170					$	397					$	20					$	2,547

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, 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 September 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
SEPTEMBER 30, 2021
U.S. Government and agencies						$	148,047					$	2,469					$	15,014					$	502					$	163,061					$	2,971
Mortgage-backed securities, residential						75,394						1,144						2,713						55						78,107						1,199
State and municipal						22,384						415						901						25						23,285						440
Corporate bond						4,344						21						—						—						4,344						21
						$	250,169					$	4,049					$	18,628					$	582					$	268,797					$	4,631
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
SEPTEMBER 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 September 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						$	29,292					$	29,505					$	—					$	—
Over 1 year through 5 years						67,854						68,105						—						—
Over 5 years through 10 years						136,154						134,047						—						—
Over 10 years						47,527						47,020						—						—
Mortgage-backed securities, residential						132,074						132,999						7,220						7,482
						$	412,901					$	411,676					$	7,220					$	7,482

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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=123581744&loc=d3e27290-111563

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