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Investment Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following is a summary of the amortized cost and fair value of securities available for sale.
 Amortized  Gross Unrealized Allowance for Credit Losses Fair
(In thousands)CostGainsLossesValue
June 30, 2024:
U.S. Treasuries$240,684 $250 $880 $— $240,054 
U.S. Government agency obligations513,559 476 22,285 — 491,750 
Residential mortgage-backed securities84,322 2 11,061 — 73,263 
Commercial mortgage-backed securities13,597 — 1,385 — 12,212 
Corporate investments53,387 6 6,285 — 47,108 
State and political subdivisions44,721 63 2,220 — 42,564 
Total available for sale$950,270 $797 $44,116 $— $906,951 
December 31, 2023:
U.S. Treasuries$210,213 $356 $451 $— $210,118 
U.S. Government agency obligations475,747 2,433 23,257 — 454,923 
Residential mortgage-backed securities91,994 25 9,991 — 82,028 
Commercial mortgage-backed securities13,675 — 1,402 — 12,273 
Asset backed securities6,913 84 48 — 6,949 
Corporate investments53,380 — 7,841 — 45,539 
State and political subdivisions47,583 133 1,490 (2,035)44,191 
Total available for sale$899,505 $3,031 $44,480 $(2,035)$856,021 
Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. All mortgage-backed securities in the above tables were issued or guaranteed by U.S. government agencies or sponsored agencies. At June 30, 2024, the Company had an allowance for credit losses on available for sale securities of zero. The following table provides a roll-forward of the allowance for credit losses on available for sale securities for the periods presented.
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Beginning balance$— $— $2,035 $— 
Impact of adopting CECL— — — — 
(Recovery of) provision for credit losses on available for sale securities— — — — 
Available for sale security charged off— — (2,035)— 
Ending Balance$— $— $— $— 
The following is a summary of the amortized cost and fair value of securities held to maturity.
AmortizedGross UnrealizedFair
(In thousands)CostGainsLossesValue
June 30, 2024:
States and political subdivisions$52,075 $— $201 $51,874 
Total held to maturity$52,075 $— $201 $51,874 
December 31, 2023:
States and political subdivisions$55,170 $1 $126 $55,045 
Total held to maturity$55,170 $1 $126 $55,045 
Provided below is a summary of investment securities without an allowance for credit losses that were in an unrealized loss position and the length of time that individual securities have been in a continuous loss position.
Less Than 12 Months12 Months or MoreTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
(In thousands)
June 30, 2024:
Available for sale:
U.S. Treasuries$53,774 $517 $4,610 $363 $58,384 $880 
U.S. Government agencies142,668 957 291,331 21,328 433,999 22,285 
Residential mortgage-backed securities2,226 34 70,838 11,027 73,064 11,061 
Commercial mortgage-backed securities— — 12,212 1,385 12,212 1,385 
Asset backed securities— — — — — — 
Corporate investments390 32 45,747 6,253 46,137 6,285 
States and political subdivisions4,599 112 34,152 2,108 38,751 2,220 
$203,657 $1,652 $458,890 $42,464 $662,547 $44,116 
Held to maturity:
States and political subdivisions$453 $10 $5,111 $191 $5,564 $201 
$453 $10 $5,111 $191 $5,564 $201 
December 31, 2023:
Available for sale:
U.S. Treasuries$— $— $9,534 $451 $9,534 $451 
U.S. Government agencies4,983 17 315,605 23,240 320,588 23,257 
Residential mortgage-backed securities118 1 80,621 9,990 80,739 9,991 
Commercial mortgage-backed securities— — 12,273 1,402 12,273 1,402 
Asset backed securities— — 1,477 48 1,477 48 
Corporate investments4,045 335 41,493 7,506 45,538 7,841 
States and political subdivisions5,154 50 31,549 1,440 36,703 1,490 
$14,300 $403 $492,552 $44,077 $506,852 $44,480 
Held to maturity:
States and political subdivisions$378 $1 $5,675 $125 $6,053 $126 
$378 $1 $5,675 $125 $6,053 $126 
The number of debt securities in an unrealized loss position increased from 317 at December 31, 2023 to 361 at June 30, 2024. The unrealized losses shown above are due to increases in market rates over the yields available at the time of purchase of the underlying securities and not credit quality. The unrealized losses on debt securities have not been recognized into income because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.
The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay certain obligations with, or without, call or prepayment penalties.
Available for Sale Held to Maturity
Amortized Fair Amortized Fair
(In thousands)Cost Value Cost Value
June 30, 2024:
One year or less$275,564 $273,203 $11,281 $11,273 
After one through five years485,634 467,441 34,624 34,476 
After five through ten years109,970 98,168 4,945 4,900 
After ten years79,102 68,139 1,225 1,225 
$950,270 $906,951 $52,075 $51,874 

The following is a summary of the amortized cost and fair value for investment securities which were pledged to secure public deposits and for other purposes required or permitted by law.
Available for Sale Held to Maturity
AmortizedFairAmortizedFair
(In thousands)Cost Value CostValue
June 30, 2024$117,074 $110,610 $— $— 
December 31, 2023$128,675 $122,105 $— $— 

The Company monitors the credit quality of held-to-maturity debt securities through the use of credit ratings. The Company monitors the credit rating on a quarterly basis. The following table summarizes the amortized cost basis of held-to-maturity debt securities at June 30, 2024 by credit rating:

(In thousands)June 30, 2024
State and political subdivisions held-to-maturity:
S&P: AA+, AA, AA- / Moody's: Aa1, Aa2, Aa3$3,901 
S&P: A+, A, A- / Moody's: A1, A2, A3926 
S&P: BBB+, BBB, BBB- / Moody's: Baa, Ba, B497 
Not rated46,751 
$52,075