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Investments | 6 Months Ended
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Jun. 30, 2022
Investments [Abstract] |
Investments | ​ ​ Note 3 – Investments The following table shows a comparison of amortized cost and fair values of investment securities at June 30, 2022 and December 31, 2021: ​
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(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | OTTI in AOCL
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 11,060 | ​ | $ | — | ​ | $ | 1,145 | ​ | $ | 9,915 | ​ | $ | —
Residential mortgage-backed agencies | ​ | ​ | 47,086 | ​ | ​ | — | ​ | ​ | 5,840 | ​ | ​ | 41,246 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 36,498 | ​ | ​ | — | ​ | ​ | 4,502 | ​ | ​ | 31,996 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 27,095 | ​ | ​ | — | ​ | ​ | 2,945 | ​ | ​ | 24,150 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 8,341 | ​ | ​ | 43 | ​ | ​ | 61 | ​ | ​ | 8,323 | ​ | ​ | —
Corporate bonds | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 21 | ​ | ​ | 979 | ​ | ​ | —
Collateralized debt obligations | ​ | ​ | 18,640 | ​ | ​ | — | ​ | ​ | 2,382 | ​ | ​ | 16,258 | ​ | ​ | (1,415)
Total available for sale | ​ | $ | 149,720 | ​ | $ | 43 | ​ | $ | 16,896 | ​ | $ | 132,867 | ​ | $ | (1,415)
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(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value |  | OTTI in AOCL
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 37,076 | ​ | $ | — | ​ | $ | 1,226 | ​ | $ | 35,850 | ​ | $ | —
U.S. government agencies | ​ | ​ | 67,596 | ​ | ​ | — | ​ | ​ | 8,749 | ​ | ​ | 58,847 | ​ | ​ | —
Residential mortgage-backed agencies | ​ | ​ | 27,996 | ​ | ​ | 3 | ​ | ​ | 2,282 | ​ | ​ | 25,717 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 25,440 | ​ | ​ | 1 | ​ | ​ | 2,996 | ​ | ​ | 22,445 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 59,951 | ​ | ​ | — | ​ | ​ | 5,658 | ​ | ​ | 54,293 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 22,529 | ​ | ​ | 1,107 | ​ | ​ | 487 | ​ | ​ | 23,149 | ​ | ​ | —
Total held to maturity | ​ | $ | 240,588 | ​ | $ | 1,111 | ​ | $ | 21,398 | ​ | $ | 220,301 | ​ | $ | —
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​ ​
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(in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | OTTI in AOCL
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 69,602 | ​ | $ | 66 | ​ | $ | 2,499 | ​ | $ | 67,169 | ​ | $ | —
Residential mortgage-backed agencies | ​ | ​ | 49,630 | ​ | ​ | — | ​ | ​ | 969 | ​ | ​ | 48,661 | ​ | ​ | —
Commercial mortgage-backed agencies | ​ | ​ | 51,694 | ​ | ​ | 175 | ​ | ​ | 1,001 | ​ | ​ | 50,868 | ​ | ​ | —
Collateralized mortgage obligations | ​ | ​ | 93,018 | ​ | ​ | 84 | ​ | ​ | 3,025 | ​ | ​ | 90,077 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 12,439 | ​ | ​ | 371 | ​ | ​ | 6 | ​ | ​ | 12,804 | ​ | ​ | —
Collateralized debt obligations | ​ | ​ | 18,609 | ​ | ​ | 112 | ​ | ​ | 1,529 | ​ | ​ | 17,192 | ​ | ​ | (660)
Total available for sale | ​ | $ | 294,992 | ​ | $ | 808 | ​ | $ | 9,029 | ​ | $ | 286,771 | ​ | $ | (660)
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(in thousands) |  | Amortized Cost |  | Gross Unrecognized Gains |  | Gross Unrecognized Losses |  | Fair Value |  | OTTI in AOCL
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed agencies | ​ | $ | 30,634 | ​ | $ | 649 | ​ | $ | 436 | ​ | $ | 30,847 | ​ | $ | —
Commercial mortgage-backed agencies | ​ | ​ | 5,456 | ​ | ​ | 145 | ​ | ​ | — | ​ | ​ | 5,601 | ​ | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 20,169 | ​ | ​ | 8,752 | ​ | ​ | — | ​ | ​ | 28,921 | ​ | ​ | —
Total held to maturity | ​ | $ | 56,259 | ​ | $ | 9,546 | ​ | $ | 436 | ​ | $ | 65,369 | ​ | $ | —
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​ The Corporation reassessed classification of certain investments and, effective February 1, 2022, the Corporation transferred $139.0 million of callable agencies, obligations of state and political subdivisions, and collateralized mortgage obligations from available for sale to held to maturity securities. The transfer occurred at fair value. The related unrealized loss of $8.4 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. ​ ​ The following table shows the Corporation’s investment securities with gross unrealized and unrecognized losses and fair values at June 30, 2022 and December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Number of Investments |  | Fair Value |  | Unrealized Losses |  | Number of Investments
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 8,481 | ​ | ​ | 580 | ​ | 2 | ​ | ​ | 1,435 | ​ | ​ | 565 | ​ | 1
Residential mortgage-backed agencies | ​ | ​ | 25,523 | ​ | ​ | 2,957 | ​ | 3 | ​ | ​ | 15,723 | ​ | ​ | 2,883 | ​ | 2
Commercial mortgage-backed agencies | ​ | ​ | 18,648 | ​ | ​ | 2,527 | ​ | 6 | ​ | ​ | 13,348 | ​ | ​ | 1,975 | ​ | 3
Collateralized mortgage obligations | ​ | ​ | 15,997 | ​ | ​ | 1,827 | ​ | 9 | ​ | ​ | 8,152 | ​ | ​ | 1,118 | ​ | 1
Obligations of states and political subdivisions | ​ | ​ | 5,598 | ​ | ​ | 61 | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | —
Collateralized debt obligations | ​ | ​ | 6,492 | ​ | ​ | 128 | ​ | 4 | ​ | ​ | 9,766 | ​ | ​ | 2,254 | ​ | 5
Corporate Bonds | ​ | ​ | 979 | ​ | ​ | 21 | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | —
Total available for sale | ​ | $ | 81,718 | ​ | $ | 8,101 | ​ | 31 | ​ | $ | 48,424 | ​ | $ | 8,795 | ​ | 12
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​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrecognized Losses |  | Number of Investments |  | Fair Value |  | Unrecognized Losses |  | Number of Investments
June 30, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. treasuries | ​ | $ | 35,850 | ​ | ​ | 1,226 | ​ | 4 | ​ | $ | — | ​ | $ | — | ​ | —
U.S. government agencies | ​ | ​ | 58,847 | ​ | $ | 8,749 | ​ | 9 | ​ | ​ | — | ​ | ​ | — | ​ | —
Residential mortgage-backed agencies | ​ | ​ | 18,356 | ​ | ​ | 829 | ​ | 31 | ​ | ​ | 7,264 | ​ | ​ | 1,453 | ​ | 3
Commercial mortgage-backed agencies | ​ | ​ | 20,443 | ​ | ​ | 2,996 | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | —
Collateralized mortgage obligations | ​ | ​ | 54,293 | ​ | ​ | 5,658 | ​ | 8 | ​ | ​ | — | ​ | ​ | — | ​ | —
Obligations of states and political subdivisions | ​ | ​ | 2,379 | ​ | ​ | 487 | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | —
Total held to maturity | ​ | $ | 190,168 | ​ | $ | 19,945 | ​ | 56 | ​ | $ | 7,264 | ​ | $ | 1,453 | ​ | 3
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrealized Losses |  | Number of Investments |  | Fair Value |  | Unrealized Losses |  | Number of Investments
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 23,577 | ​ | $ | 122 | ​ | 3 | ​ | $ | 33,972 | ​ | $ | 2,377 | ​ | 6
Residential mortgage-backed agencies | ​ | ​ | 29,507 | ​ | ​ | 257 | ​ | 3 | ​ | ​ | 19,154 | ​ | ​ | 712 | ​ | 2
Commercial mortgage-backed agencies | ​ | ​ | 32,177 | ​ | ​ | 787 | ​ | 4 | ​ | ​ | 5,211 | ​ | ​ | 214 | ​ | 1
Collateralized mortgage obligations | ​ | ​ | 24,322 | ​ | ​ | 649 | ​ | 5 | ​ | ​ | 43,076 | ​ | ​ | 2,376 | ​ | 5
Obligations of states and political subdivisions | ​ | ​ | 3,046 | ​ | ​ | 6 | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | —
Collateralized debt obligations | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 10,468 | ​ | ​ | 1,529 | ​ | 5
Total available for sale | ​ | $ | 112,629 | ​ | $ | 1,821 | ​ | 16 | ​ | $ | 111,881 | ​ | $ | 7,208 | ​ | 19
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​ | ​ | Less than 12 months | ​ | 12 months or more
(in thousands) |  | Fair Value |  | Unrecognized Losses |  | Number of Investments |  | Fair Value |  | Unrecognized Losses |  | Number of Investments
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed agencies | ​ | $ | 7,395 | ​ | $ | 291 | ​ | 6 | ​ | $ | 2,782 | ​ | $ | 145 | ​ | 1
Total held to maturity | ​ | $ | 7,395 | ​ | $ | 291 | ​ | 6 | ​ | $ | 2,782 | ​ | $ | 145 | ​ | 1
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​ Management systematically evaluates securities for impairment on a quarterly basis. Based upon application of Accounting Standards Codification (“ASC”) Topic 320 (Section 320-10-35), management must assess whether (a) the Corporation has the intent to sell the security and (b) it is more likely than not that the Corporation will be required to sell the security prior to its anticipated recovery. If neither applies, then declines in the fair value of securities below their cost that are considered other-than-temporary declines are split into two components. The first is the loss attributable to declining credit quality. Credit losses are recognized in earnings as realized losses in the period in which the impairment determination is made. The second component consists of all other losses. The other losses are recognized in other comprehensive income. In estimating other than temporary impairment (“OTTI”) charges, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) adverse conditions specifically related to the security, an industry, or a geographic area, (3) the historic and implied volatility of the security, (4) changes in the rating of a security by a rating agency, (5) recoveries or additional declines in fair value subsequent to the balance sheet date, (6) failure of the issuer of the security to make scheduled interest payments, and (7) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future. Due to the duration and the significant market value decline in the pooled trust preferred securities held in our portfolio, we performed more extensive testing on these securities for purposes of evaluating whether or not an OTTI has occurred. ​ The following table presents a cumulative roll-forward of the amount of non-cash OTTI charges related to credit losses that have been recognized in earnings for the trust preferred securities held in the CDO portfolio during the six and three month periods ended June 30, 2022 and 2021 that the Corporation does not intend to sell: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ | ​ | June 30,
(in thousands) |  | 2022 |  | 2021
Balance of credit-related OTTI at January 1 | ​ | $ | 2,043 | ​ | $ | 2,244
Reduction for increases in cash flows expected to be collected | ​ | ​ | (101) | ​ | ​ | (101)
Balance of credit-related OTTI at June 30 | ​ | $ | 1,942 | ​ | $ | 2,143
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | June 30,
(in thousands) | ​ | 2022 | ​ | 2021
Balance of credit-related OTTI at April 1 | ​ | $ | 1,993 | ​ | $ | 2,194
Reduction for increases in cash flows expected to be collected | ​ | ​ | (51) | ​ | ​ | (51)
Balance of credit-related OTTI at June 30 | ​ | $ | 1,942 | ​ | $ | 2,143
​ The amortized cost and estimated fair value of securities by contractual maturity at June 30, 2022 are shown in the following table. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. ​
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​ | ​ | June 30, 2022
(in thousands) |  | Amortized Cost |  | Fair Value
Available for Sale: | ​ | ​ | ​ | ​ | ​ | ​
Due after one year through five years | ​ | $ | 8,365 | ​ | $ | 8,099
Due after five years through ten years | ​ | ​ | 5,556 | ​ | ​ | 5,195
Due after ten years | ​ | ​ | 25,120 | ​ | ​ | 22,181
​ | ​ | ​ | 39,041 | ​ | ​ | 35,475
Residential mortgage-backed agencies | ​ | ​ | 47,086 | ​ | ​ | 41,246
Commercial mortgage-backed agencies | ​ | ​ | 36,498 | ​ | ​ | 31,996
Collateralized mortgage obligations | ​ | ​ | 27,095 | ​ | ​ | 24,150
Total available for sale | ​ | $ | 149,720 | ​ | $ | 132,867
Held to Maturity: | ​ | ​ | ​ | ​ | ​ | ​
Due after one year through five years | ​ | $ | 49,576 | ​ | $ | 47,528
Due after five years through ten years | ​ | ​ | 23,748 | ​ | ​ | 20,999
Due after ten years | ​ | $ | 53,877 | ​ | $ | 49,319
​ | ​ | ​ | 127,201 | ​ | ​ | 117,846
Residential mortgage-backed agencies | ​ | ​ | 27,996 | ​ | ​ | 25,717
Commercial mortgage-backed agencies | ​ | ​ | 25,440 | ​ | ​ | 22,445
Collateralized mortgage obligations | ​ | ​ | 59,951 | ​ | ​ | 54,293
Total held to maturity | ​ | $ | 240,588 | ​ | $ | 220,301
​

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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 http://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 http://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 http://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 http://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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