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Securities (Tables)

9 Months Ended

Sep. 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 September 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
September 30, 2022
U.S. Government and agencies						$	247,995					$	—					$	32,319					$	215,676
Mortgage-backed securities						300,294						6						34,463						265,837
State and municipal						7,521						—						515						7,006
Corporate bonds						16,134						—						1,460						14,674
						$	571,944					$	6					$	68,757					$	503,193
December 31, 2021
U.S. Government and agencies						$	249,463					$	503					$	4,925					$	245,041
Mortgage-backed securities						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
September 30, 2022
State and municipal						$	61,520					$	—					$	9,261					$	52,259
Mortgage-backed securities						4,784						3						245						4,542
						$	66,304					$	3					$	9,506					$	56,801
December 31, 2021
Mortgage-backed securities						$	6,454					$	198					$	—					$	6,652
						$	6,454					$	198					$	—					$	6,652

Fair value of equity securities with readily determinable fair values at September 30, 2022 and December 31, 2021, are as follows:

In thousands						Fair Value at January 1, 2022						Purchases						Gains						Losses						Fair Value at September 30, 2022
September 30, 2022
CRA Mutual Fund						$	1,036					$	—					$	—					$	123					$	913
Canapi Ventures SBIC Fund						—						35						—						—						35
Stock in other banks						1,573						—						—						222						1,351
						$	2,609					$	35					$	—					$	345					$	2,299

In thousands						Fair Value at January 1, 2021						Gains						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 September 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
September 30, 2022
U.S. Government and agencies						$	78,296					$	7,127					$	137,380					$	25,192					$	215,676					$	32,319
Mortgage-backed securities						210,111						22,574						55,179						11,889						265,290						34,463
State and municipal						7,006						515						—						—						7,006						515
Corporate bond						10,675						1,106						3,999						354						14,674						1,460
						$	306,088					$	31,322					$	196,558					$	37,435					$	502,646					$	68,757
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
September 30, 2022
State and municipal						$	37,551					$	6,136					$	14,708					$	3,125					$	52,259					$	9,261
Mortgage-backed securities						4,239						245						—						—						4,239						245
						$	41,790					$	6,381					$	14,708					$	3,125					$	56,498					$	9,506

Schedule of amortized cost and fair value by contractual maturity

Amortized cost and fair value at September 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						$	14,015					$	13,903					$	285					$	281
Over 1 year through 5 years						136,417						121,985						375						354
Over 5 years through 10 years						108,564						90,163						14,933						13,328
Over 10 years						12,654						11,305						45,927						38,296
Mortgage-backed securities						300,294						265,837						4,784						4,542
						$	571,944					$	503,193					$	66,304					$	56,801

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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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