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v3.23.1

Securities | 3 Months Ended
--- | ---
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities Amortized cost and fair value of securities at March 31, 2023, and December 31, 2022, were as follows:
In thousands |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
SECURITIES AVAILABLE FOR SALE |  |  |  |  |  |  |  |
March 31, 2023 |  |  |  |  |  |  |  |
U.S. Government and agencies |  | $ | 235,018 |  |  | $ | — |  |  | $ | 26,915 |  |  | $ | 208,103 |
Mortgage-backed securities, residential |  | 291,143 |  |  | — |  |  | 28,801 |  |  | 262,342 |
State and municipal |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds |  | 33,418 |  |  | 8 |  |  | 1,927 |  |  | 31,499 |
|  | $ | 559,579 |  |  | $ | 8 |  |  | $ | 57,643 |  |  | $ | 501,944 |
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 |
|  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value
SECURITIES HELD TO MATURITY |  |  |  |  |  |  |  |
March 31, 2023 |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | 3,076 |  |  | $ | — |  |  | $ | 161 |  |  | $ | 2,915 |
State and municipal |  | 61,884 |  |  | — |  |  | 4,801 |  |  | 57,083 |
|  | $ | 64,960 |  |  | $ | — |  |  | $ | 4,962 |  |  | $ | 59,998 |
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 |
Fair value of equity securities with readily determinable fair values at March 31, 2023 and December 31, 2022, are as follows:
In thousands |  | Fair Value at January 1, 2023 |  | Purchases |  | Sales/redemptions |  | Gains |  | Losses on sales of securities |  | Fair Value at March 31, 2023
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
CRA Mutual Fund |  | $ | 915 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 930 |
Canapi Ventures SBIC Fund |  | 206 |  |  | — |  |  | 40 |  |  | — |  |  | — |  |  | 166 |
Stock in other banks |  | 598 |  |  | — |  |  | 369 |  |  | 5 |  |  | 2 |  |  | 232 |
|  | $ | 1,719 |  |  | $ | — |  |  | $ | 409 |  |  | $ | 20 |  |  | $ | 2 |  |  | $ | 1,328 |
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 |
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 March 31, 2023, and December 31, 2022:
|  | 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 |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  | $ | 4,935 |  |  | $ | 74 |  |  | $ | 203,168 |  |  | $ | 26,841 |  |  | $ | 208,103 |  |  | $ | 26,915 |
Mortgage-backed securities, residential |  | 41,971 |  |  | 2,454 |  |  | 220,371 |  |  | 26,347 |  |  | 262,342 |  |  | 28,801 |
State and municipal |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bond |  | 14,418 |  |  | 283 |  |  | 12,230 |  |  | 1,644 |  |  | 26,648 |  |  | 1,927 |
|  | $ | 61,324 |  |  | $ | 2,811 |  |  | $ | 435,769 |  |  | $ | 54,832 |  |  | $ | 497,093 |  |  | $ | 57,643 |
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 bond |  | 24,337 |  |  | 1,217 |  |  | 5,250 |  |  | 600 |  |  | 29,587 |  |  | 1,817 |
|  | $ | 277,241 |  |  | $ | 22,236 |  |  | $ | 253,968 |  |  | $ | 42,404 |  |  | $ | 531,209 |  |  | $ | 64,640 |
|  | 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 |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities, residential |  | $ | — |  |  | $ | — |  |  | $ | 2,915 |  |  | $ | 161 |  |  | $ | 2,915 |  |  | $ | 161 |
State and municipal |  | 3,537 |  |  | 46 |  |  | 53,546 |  |  | 4,755 |  |  | 57,083 |  |  | 4,801 |
|  | $ | 3,537 |  |  | $ | 46 |  |  | $ | 56,461 |  |  | $ | 4,916 |  |  | $ | 59,998 |  |  | $ | 4,962 |
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 |
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. The Corporation adopted ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” on January 1, 2023 and did not record an allowance for credit losses on its investment securities during the quarter ended March 31, 2023. The Corporation regularly reviews debt securities for expected credit loss using both qualitative and quantitative criteria, as necessary, based on the composition of the portfolio at period end. Management sells securities from its available for sale portfolio in an effort to manage and allocate the portfolio. Amortized cost and fair value at March 31, 2023, 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 |  | $ | 5,008 |  |  | $ | 4,934 |  |  | $ | 285 |  |  | $ | 284 |
Over 1 year through 5 years |  | 165,613 |  |  | 151,727 |  |  | 379 |  |  | 363 |
Over 5 years through 10 years |  | 92,762 |  |  | 78,723 |  |  | 16,961 |  |  | 16,256 |
Over 10 years |  | 5,053 |  |  | 4,218 |  |  | 44,259 |  |  | 40,180 |
Mortgage-backed securities, residential |  | 291,143 |  |  | 262,342 |  |  | 3,076 |  |  | 2,915 |
|  | $ | 559,579 |  |  | $ | 501,944 |  |  | $ | 64,960 |  |  | $ | 59,998 |
The Corporation realized gross gains of $228,000 and gross losses of $421,000 on sales of securities available for sale during three months ended March 31, 2023. The Corporation did not sell any securities available for sale during the three months ended March 31, 2022. At March 31, 2023, and December 31, 2022, securities with a carrying value of $233,094,000 and $342,180,000, respectively, were pledged as collateral as required by law on public and trust deposits, repurchase agreements, and for other purposes.

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