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Securities (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022, and December 31, 2021, were as follows:

In thousands						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
SECURITIES AVAILABLE FOR SALE
MARCH 31, 2022
U.S. Government and agencies						$	258,526					$	126					$	17,118					$	241,534
Mortgage-backed securities						288,512						111						9,898						278,725
State and municipal						44,505						2						4,825						39,682
Corporate bonds						16,850						23						454						16,419
						$	608,393					$	262					$	32,295					$	576,360
DECEMBER 31, 2021
U.S. Government and agencies						$	249,463					$	503					$	4,925					$	245,041
Mortgage-backed securities, residential						133,697						1,562						1,763						133,496
State and municipal						44,547						315						251						44,611
Corporate bonds						13,858						164						72						13,950
						$	441,565					$	2,544					$	7,011					$	437,098
SECURITIES HELD TO MATURITY
MARCH 31, 2022
State and municipal						$	22,202					$	7					$	252					$	21,957
Mortgage-backed securities						$	5,817					$	17					$	112					$	5,722
						$	28,019					$	24					$	364					$	27,679
DECEMBER 31, 2021
U.S. Government and agencies						$	—					$	—					$	—					$	—
Mortgage-backed securities, residential						$	6,454					$	198					$	—					$	6,652
						$	6,454					$	198					$	—					$	6,652

Fair value of equity securities with readily determinable fair values at March 31, 2022, March 31, 2021, and December 31, 2021, are as follows:

In thousands						Fair Value at January 1, 2022						Unrealized Gains						Unrealized Losses						Fair Value at March 31, 2022
MARCH 31, 2022
CRA Mutual Fund						$	1,036					$	—					$	49					$	987
Stock in other banks						1,573						—						60						1,513
						$	2,609					$	—					$	109					$	2,500

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, 2021						Unrealized Gains						Unrealized Losses						Fair Value at December 31, 2021
DECEMBER 31, 2021
CRA Mutual Fund						$	1,065					$	—					$	29					$	1,036
Stock in other banks						1,105						468						—						1,573
						$	2,170					$	468					$	29					$	2,609

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, 2022, and December 31, 2021:

						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, 2022
U.S. Government and agencies						$	126,133					$	7,552					$	90,763					$	9,566					$	216,896					$	17,118
Mortgage-backed securities						238,855						6,526						33,005						3,372						271,860						9,898
State and municipal						33,037						4,086						5,522						739						38,559						4,825
Corporate bond						13,646						454						—						—						13,646						454
						$	411,671					$	18,618					$	129,290					$	13,677					$	540,961					$	32,295
DECEMBER 31, 2021
U.S. Government and agencies						$	177,107					$	3,537					$	34,297					$	1,388					$	211,404					$	4,925
Mortgage-backed securities, residential						77,969						1,495						7,727						268						85,696						1,763
State and municipal						20,289						224						2,123						27						22,412						251
Corporate bond						5,790						72						—						—						5,790						72
						$	281,155					$	5,328					$	44,147					$	1,683					$	325,302					$	7,011
SECURITIES HELD TO MATURITY
MARCH 31, 2022
State and municipal						$	18,609					$	252																	$	18,609					$	252
Mortgage-backed securities						$	5,273					$	112					$	—					$	—					$	5,273					$	112
						$	23,882					$	364					$	—					$	—					$	23,882					$	364
DECEMBER 31, 2021
U.S. Government and agencies																														$	—					$	—
Mortgage-backed securities, residential						$	6,454					$	—					$	198					$	—					$	6,652					$	—
						$	6,454					$	—					$	198					$	—					$	6,652					$	—

Schedule of amortized cost and fair value by contractual maturity

Amortized cost and fair value at March 31, 2022, 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						$	20,346					$	20,436					$	—					$	—
Over 1 year through 5 years						120,382						114,052						—						—
Over 5 years through 10 years						133,082						122,161						5,612						5,606
Over 10 years						46,071						40,986						16,590						16,361
Mortgage-backed securities						288,512						278,725						5,817						5,712
						$	608,393					$	576,360					$	28,019					$	27,679

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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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