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Securities (Tables)

6 Months Ended

Jun. 30, 2022

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

In thousands						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
SECURITIES AVAILABLE FOR SALE
JUNE 30, 2022
U.S. Government and agencies						$	252,445					$	7					$	23,201					$	229,251
Mortgage-backed securities						303,662						62						19,678						284,046
State and municipal						—						—						—						—
Corporate bonds						16,841						—						731						16,110
						$	572,948					$	69					$	43,610					$	529,407
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
JUNE 30, 2022
State and municipal						$	61,082					$	—					$	4,685					$	56,397
Mortgage-backed securities						5,247						4						106						5,145
						$	66,329					$	4					$	4,791					$	61,542
DECEMBER 31, 2021
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 June 30, 2022 and December 31, 2021, are as follows:

In thousands						Fair Value at January 1, 2022						Unrealized Gains						Unrealized Losses						Fair Value at June 30, 2022
JUNE 30, 2022
CRA Mutual Fund						$	1,036					$	—					$	61					$	975
Stock in other banks						1,573						—						196						1,377
						$	2,609					$	—					$	257					$	2,352

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 June 30, 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
JUNE 30, 2022
U.S. Government and agencies						$	128,926					$	9,596					$	92,320					$	13,605					$	221,246					$	23,201
Mortgage-backed securities						231,914						13,565						40,186						6,113						272,100						19,678
Corporate bond						11,556						530						3,804						201						15,360						731
						$	372,396					$	23,691					$	136,310					$	19,919					$	508,706					$	43,610
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
JUNE 30, 2022
State and municipal						$	48,969					$	4,025					$	7,008					$	660					$	55,977					$	4,685
Mortgage-backed securities						4,904						106						—						—						4,904						106
						$	53,873					$	4,131					$	7,008					$	660					$	60,881					$	4,791
DECEMBER 31, 2021
Mortgage-backed securities, residential						$	—					$	—					$	—					$	—					$	—					$	—
						$	—					$	—					$	—					$	—					$	—					$	—

Schedule of amortized cost and fair value by contractual maturity

Amortized cost and fair value at June 30, 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						$	16,003					$	15,975					$	136					$	135
Over 1 year through 5 years						128,797						119,622						657						651
Over 5 years through 10 years						119,340						105,180						13,035						12,432
Over 10 years						5,146						4,584						47,254						43,179
Mortgage-backed securities						303,662						284,046						5,247						5,145
						$	572,948					$	529,407					$	66,329					$	61,542

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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 https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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