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Investment Securities
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Marketable Equity Securities
The Company held marketable equity securities with fair values of $13.5 million and $13.2 million at March 31, 2024 and December 31, 2023, respectively. The gross realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:
Three Months Ended March 31,
(In Thousands)20242023
Unrealized gain (loss) on marketable equity securities$314 ($223)
Gain on sale of marketable equity securities, net— — 
   Total$314 ($223)

Debt securities
Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, estimated fair value, and the Allowance for Credit Losses ("ACL") of debt securities and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities at the periods indicated:
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
March 31, 2024    
Securities available for sale    
U.S. Treasury and government sponsored entities$548,304 $228 ($23,751)$— $524,781 
Corporate bonds9,013 46 (389)— 8,670 
Collateralized loan obligations59,201 72 (245)— 59,028 
Total securities available for sale$616,518 $346 ($24,385)$— $592,479 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2024
Securities held to maturity
Corporate bonds$36,750 $— ($3,409)$33,341 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($3,409)$33,341 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2023    
Securities available for sale    
U.S. Treasury and government sponsored entities$587,639 $451 ($23,965)$— $564,125 
Municipal securities820 — (4)— 816 
Corporate bonds14,014 28 (418)— 13,624 
Collateralized loan obligations59,795 12 (436)— 59,371 
Total securities available for sale$662,268 $491 ($24,823)$— $637,936 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2023
Securities held to maturity
Corporate bonds$36,750 $— ($3,337)$33,413 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $— ($3,337)$33,413 

Gross unrealized losses on available for sale securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2024 and December 31, 2023 were as follows:

Less Than 12 MonthsMore Than 12 MonthsTotal
(In Thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
March 31, 2024
Securities available for sale
     U.S. Treasury and government sponsored entities$24,811 ($258)$489,713 ($23,493)$514,524 ($23,751)
     Corporate bonds— — 4,626 (389)4,626 (389)
     Collateralized loan obligations11,653 (96)14,845 (149)26,498 (245)
          Total$36,464 ($354)$509,184 ($24,031)$545,648 ($24,385)
December 31, 2023:
Securities available for sale
     U.S. Treasury and government sponsored entities$9,997 ($3)$528,574 ($23,962)$538,571 ($23,965)
     Corporate bonds— — 6,599 (418)6,599 (418)
     Collateralized loan obligations3,909 (91)43,149 (345)47,058 (436)
     Municipal securities— — 816 (4)816 (4)
          Total$13,906 ($94)$579,138 ($24,729)$593,044 ($24,823)
Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At March 31, 2024, the Company had 64 available for sale securities in an unrealized loss position without an ACL. At March 31, 2024, the Company had five held to maturity securities in an unrealized loss position without an ACL. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2024, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, primarily changes in interest rates, and therefore no losses have been recognized in the Company's Consolidated Statements of Income.

At March 31, 2024 and December 31, 2023, carrying amounts of $172.6 million and $180.1 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of debt securities at March 31, 2024, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. 
(In Thousands)Amortized CostFair Value
US Treasury and government sponsored entities  
Within 1 year$154,803 $150,935 
1-5 years393,501 373,846 
Total$548,304 $524,781 
Corporate bonds  
1-5 years$19,013 $18,436 
5-10 years26,750 23,575 
Total$45,763 $42,011 
Collateralized loan obligations
5-10 years$40,201 $40,068 
Over 10 years19,000 18,960 
Total$59,201 $59,028 

There were no proceeds from sales of investment securities for the three-month periods ending March 31, 2024 and 2023.
A summary of interest income for the three-month periods ending March 31, 2024 and 2023, on available for sale investment securities are as follows:
Three Months Ended March 31,
(In Thousands)20242023
US Treasury and government sponsored entities$2,569 $2,795 
Other1,146 1,135 
Total taxable interest income$3,715 $3,930 
Municipal securities$3 $4 
Total tax-exempt interest income$3 $4 
Total$3,718 $3,934