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SECURITIES
 12 Months Ended
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 thousandsAmortized
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, residential327,535 342 32,159 295,718 
State and municipal15,235 196 196 15,235 
Corporate bonds33,404 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, 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 
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 municipal61,698 — 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
PurchasesSalesGainsLosses
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 banks1,573 — 811 13 177 598 
$2,609 $206 $811 $13 $298 $1,719 
In thousands
Fair Value at January 1, 2021
GainsLosses
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 
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 Months12 Months or MoreTotal
In thousandsFair
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, residential221,249 19,362 63,145 12,797 284,394 32,159 
State and municipal6,229 196 — — 6,229 196 
Corporate bonds24,337 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, 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 
Less than 12 Months12 Months or MoreTotal
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 municipal38,086 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 SaleHeld to Maturity
In thousandsAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
1 year or less$11,012 $10,876 $285 $283 
Over 1 year through 5 years165,837 149,826 377 356 
Over 5 years through 10 years92,955 77,710 16,437 15,248 
Over 10 years20,302 19,424 44,599 39,106 
Mortgage-backed securities, residential327,535 295,718 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.