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SECURITIES | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
SECURITIES | SECURITIES Amortized cost and fair value of securities at December 31, 2022 and 2021, were as follows:
In thousands | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
SECURITIES AVAILABLE FOR SALE |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |
U.S. Government and agencies | $ | 241,467 |  |  | $ | — |  |  | $ | 30,468 |  |  | $ | 210,999 |
Mortgage-backed securities, residential | 327,535 |  |  | 342 |  |  | 32,159 |  |  | 295,718 |
State and municipal | 15,235 |  |  | 196 |  |  | 196 |  |  | 15,235 |
Corporate bonds | 33,404 |  |  | 15 |  |  | 1,817 |  |  | 31,602 |
| $ | 617,641 |  |  | $ | 553 |  |  | $ | 64,640 |  |  | $ | 553,554 |
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 |
| Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value
SECURITIES HELD TO MATURITY |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |
Mortgage-backed securities, residential | $ | 3,279 |  |  | $ | — |  |  | $ | 194 |  |  | $ | 3,085 |
State and municipal | 61,698 |  |  | — |  |  | 6,705 |  |  | 54,993 |
| $ | 64,977 |  |  | $ | — |  |  | $ | 6,899 |  |  | $ | 58,078 |
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 December 31, 2022 and 2021, are as follows:
In thousands |  | Fair Value at January 1, 2022 |  | Purchases |  | Sales |  | Gains |  | Losses |  | Fair Value at December 31, 2022
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
CRA Mutual Fund |  | $ | 1,036 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 121 |  |  | $ | 915 |
Canapi Ventures SBIC Fund |  | — |  |  | 206 |  |  | — |  |  | — |  |  | — |  |  | 206 |
Stock in other banks |  | 1,573 |  |  | — |  |  | 811 |  |  | 13 |  |  | 177 |  |  | 598 |
|  | $ | 2,609 |  |  | $ | 206 |  |  | $ | 811 |  |  | $ | 13 |  |  | $ | 298 |  |  | $ | 1,719 |
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 |
The following table shows the Corporation’s investments’ gross unrealized and unrecognized 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, 2022 and 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 |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | 25,426 |  |  | $ | 1,461 |  |  | $ | 185,573 |  |  | $ | 29,007 |  |  | $ | 210,999 |  |  | $ | 30,468 |
Mortgage-backed securities, residential | 221,249 |  |  | 19,362 |  |  | 63,145 |  |  | 12,797 |  |  | 284,394 |  |  | 32,159 |
State and municipal | 6,229 |  |  | 196 |  |  | — |  |  | — |  |  | 6,229 |  |  | 196 |
Corporate bonds | 24,337 |  |  | 1,217 |  |  | 5,250 |  |  | 600 |  |  | 29,587 |  |  | 1,817 |
| $ | 277,241 |  |  | $ | 22,236 |  |  | $ | 253,968 |  |  | $ | 42,404 |  |  | $ | 531,209 |  |  | $ | 64,640 |
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 bonds | 5,790 |  |  | 72 |  |  | — |  |  | — |  |  | 5,790 |  |  | 72 |
| $ | 281,155 |  |  | $ | 5,328 |  |  | $ | 44,147 |  |  | $ | 1,683 |  |  | $ | 325,302 |  |  | $ | 7,011 |
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
SECURITIES HELD TO MATURITY |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities, residential | $ | 3,085 |  |  | $ | 194 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,085 |  |  | $ | 194 |
State and municipal | 38,086 |  |  | 3,875 |  |  | 16,907 |  |  | 2,830 |  |  | 54,993 |  |  | 6,705 |
| $ | 41,171 |  |  | $ | 4,069 |  |  | $ | 16,907 |  |  | $ | 2,830 |  |  | $ | 58,078 |  |  | $ | 6,899 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
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. Management sells securities from its available for sale portfolio in an effort to manage and allocate the portfolio. At December 31, 2022, 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, 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 | $ | 11,012 |  |  | $ | 10,876 |  |  | $ | 285 |  |  | $ | 283 |
Over 1 year through 5 years | 165,837 |  |  | 149,826 |  |  | 377 |  |  | 356 |
Over 5 years through 10 years | 92,955 |  |  | 77,710 |  |  | 16,437 |  |  | 15,248 |
Over 10 years | 20,302 |  |  | 19,424 |  |  | 44,599 |  |  | 39,106 |
Mortgage-backed securities, residential | 327,535 |  |  | 295,718 |  |  | 3,279 |  |  | 3,085 |
| $ | 617,641 |  |  | $ | 553,554 |  |  | $ | 64,977 |  |  | $ | 58,078 |
The Corporation enacted a sale of certain amortizing securities designated as held-to-maturity under the standards set forth in ASC 320. It was determined that the combination of scheduled, equal installments, principal prepayments on such securities had resulted in the collection of more than eighty-five percent of the principal outstanding at acquisition, and the non-recurrence of the event to enact a sale of such securities The Corporation realized gross gains of $14,000 and gross losses of $248,000 on sales of securities available for sale and held to maturity during 2022. The Corporation did not sell any securities available for sale during 2021. The Corporation reassessed classification of certain investments and effective April 1, 2022, the Corporation transferred $39.7 million of state and municipal securities from available for sale to held to maturity securities. The transfer occurred at fair value. The related unrealized loss of $4.8 million included in other comprehensive loss remained in other comprehensive loss, to be amortized out of other comprehensive loss with an offsetting entry to interest income as a yield adjustment over the remaining term of the securities. No gain or loss was recorded at the time of transfer. At December 31, 2022 and 2021, securities with a carrying value of $342,180,000 and $353,989,000, respectively, were pledged as collateral as required by law on public and trust deposits, repurchase agreements, and for other purposes.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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