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SECURITIES
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
SECURITIES SECURITIES
Amortized cost and fair value at December 31, 2021 and 2020, were as follows:
In thousandsAmortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
SECURITIES AVAILABLE FOR SALE    
December 31, 2021    
U.S. Government and agencies$249,463 $503 $4,925 $245,041 
Mortgage-backed securities, residential133,697 1,562 1,763 133,496 
State and municipal44,547 315 251 44,611 
Corporate bonds13,858 164 72 13,950 
$441,565 $2,544 $7,011 $437,098 
December 31, 2020    
U.S. Government and agencies$181,704 $2,117 $218 $183,603 
Mortgage-backed securities, residential105,327 3,529 34 108,822 
State and municipal35,930 561 7 36,484 
Corporate bonds8,784 41 16 8,809 
$331,745 $6,248 $275 $337,718 
SECURITIES HELD TO MATURITY    
December 31, 2021    
Mortgage-backed securities, residential$6,454 $198 $— $6,652 
$6,454 $198 $— $6,652 
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 thousandsFair Value at January 1, 2021Unrealized
Gains		Unrealized
Losses		Fair Value at December 31, 2021
December 31, 2021
CRA Mutual Fund$1,065 $— $29 $1,036 
Stock in other banks1,105 468 — 1,573 
$2,170 $468 $29 $2,609 
In thousandsFair Value at January 1, 2020Unrealized
Gains		Unrealized
Losses		Fair Value at December 31, 2020
December 31, 2020
CRA Mutual Fund$1,045 $25 $5 $1,065 
Stock in other banks1,318 — 213 1,105 
$2,363 $25 $218 $2,170 
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 December 31, 2021 and 2020:
 Less than 12 Months12 Months or MoreTotal
In thousandsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
SECURITIES AVAILABLE FOR SALE      
December 31, 2021      
U.S. Government and agencies$177,107 $3,537 $34,297 $1,388 $211,404 $4,925 
Mortgage-backed securities, residential77,969 1,495 7,727 268 85,696 1,763 
State and municipal20,289 224 2,123 27 22,412 251 
Corporate bonds5,790 72 — — 5,790 72 
$281,155 $5,328 $44,147 $1,683 $325,302 $7,011 
December 31, 2020      
U.S. Government and agencies$32,629 $218 $— $— $32,629 $218 
Mortgage-backed securities, residential10,458 34 — — 10,458 34 
State and municipal2,148 7 — — 2,148 7 
Corporate bonds1,514 16 — — 1,514 16 
$46,749 $275 $— $— $46,749 $275 
SECURITIES HELD TO MATURITY
December 31, 2021
U.S. Government and agencies$— $— $— $— $— $— 
Mortgage-backed securities, residential— — — — — — 
$— $— $— $— $— $— 
December 31, 2020
Mortgage-backed security, residential$— $— $— $— $— $— 
$— $— $— $— $— $— 
All mortgage-backed security investments are government sponsored enterprise (GSE) pass-through instruments issued by the Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) or Federal Home Loan Mortgage Corporation (FHLMC), which guarantee the timely payment of principal on these investments.
At December 31, 2021, eighty-nine available for sale U.S. Government and agency securities had unrealized losses that individually did not exceed 6% of amortized cost. Fifteen of these securities have been in a continuous loss position for 12 months or more. These unrealized losses relate principally to changes in interest rates subsequent to the acquisition of the specific securities.
At December 31, 2021, forty-four available for sale residential mortgage-backed securities had unrealized losses that individually did not exceed 4% of amortized cost. Six of these securities have been in a continuous loss position for 12 months or more. These unrealized losses relate principally to changes in interest rates subsequent to the acquisition of the specific securities.
At December 31, 2021, thirty-five available for sale state and municipal securities had unrealized losses that individually did not exceed 4% of amortized cost. Three of these securities have been in a continuous loss position for 12 months or more. These unrealized losses relate principally to changes in interest rates subsequent to the acquisition of the specific securities.
At December 31, 2021, seven corporate bonds had unrealized losses that individually did not exceed 2% of amortized cost. None of these securities have been in a continuous loss position for 12 months or more. These unrealized losses relate principally to changes in interest rates subsequent to the acquisition of the specific securities.
In analyzing the issuer’s financial condition, management considers industry analysts’ reports, financial performance, and projected target prices of investment analysts within a one-year time frame. Based on the above information, management has determined that none of these investments are other-than-temporarily impaired.
The fair values of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the security’s relationship to other benchmark quoted prices. The Corporation uses independent service providers to provide matrix pricing.
Management routinely sells securities from its available for sale portfolio in an effort to manage and allocate the portfolio. At December 31, 2021, management had not identified any securities with an unrealized loss that it intends to sell or will be required to sell. In estimating other-than-temporary impairment losses on debt securities, management considers (1) whether management intends to sell the security, or (2) if it is more likely than not that management will be required to sell the security before recovery, or (3) if management does not expect to recover the entire amortized cost basis. In assessing potential other-than-temporary impairment for equity securities, consideration is given to management’s intention and ability to hold the securities until recovery of unrealized losses.
Amortized cost and fair value at December 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 SaleHeld to Maturity
In thousandsAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
1 year or less$20,073 $20,266 $— $— 
Over 1 year through 5 years91,538 90,756 — — 
Over 5 years through 10 years149,118 145,590 — — 
Over 10 years47,139 46,990 — — 
Mortgage-backed securities, residential133,697 133,496 6,454 6,652 
$441,565 $437,098 $6,454 $6,652 
The Corporation did not sell any securities available for sale during 2020 or 2021.
At December 31, 2021 and 2020, securities with a carrying value of 353,989,000 and $301,201,000, respectively, were pledged as collateral as required by law on public and trust deposits, repurchase agreements, and for other purposes.