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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Unrealized Gain (Loss) on Investments

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

Schedule of Unrealized Loss on Investments

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			$	—					$	—					$	—					$	—					$	—					$	—
			$	—					$	—					$	—					$	—					$	—					$	—

Investments Classified by Contractual Maturity Date

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

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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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