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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 thousandsAmortized
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, residential291,143 — 28,801 262,342 
State and municipal— — — — 
Corporate bonds33,418 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, 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 
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 municipal61,884 — 4,801 57,083 
$64,960 $— $4,962 $59,998 
December 31, 2022    
Mortgage-backed securities, residential$3,279 $— $194 $3,085 
State and municipal61,698 — 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
PurchasesSales/redemptionsGainsLosses on sales of securities
Fair Value at March 31, 2023
March 31, 2023
CRA Mutual Fund$915 $— $— $15 $— $930 
Canapi Ventures SBIC Fund206 — 40 — — 166 
Stock in other banks598 — 369 5 2 232 
$1,719 $— $409 $20 $2 $1,328 
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 

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 Months12 Months or MoreTotal
In thousandsFair
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, residential41,971 2,454 220,371 26,347 262,342 28,801 
State and municipal— — — — — — 
Corporate bond14,418 283 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, residential221,249 19,362 63,145 12,797 284,394 32,159 
State and municipal6,229 196 — — 6,229 196 
Corporate bond24,337 1,217 5,250 600 29,587 1,817 
 $277,241 $22,236 $253,968 $42,404 $531,209 $64,640 
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
SECURITIES HELD TO MATURITY
March 31, 2023
Mortgage-backed securities, residential$— $— $2,915 $161 $2,915 $161 
State and municipal3,537 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 municipal38,086 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 SaleHeld to Maturity
In thousandsAmortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
1 year or less$5,008 $4,934 $285 $284 
Over 1 year through 5 years165,613 151,727 379 363 
Over 5 years through 10 years92,762 78,723 16,961 16,256 
Over 10 years5,053 4,218 44,259 40,180 
Mortgage-backed securities, residential291,143 262,342 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.