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Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale
Securities available for sale (“AFS”) consist of the following:
Amortized
Cost		Unrealized
GainsLossesFair Value
(In thousands)
September 30, 2023
U.S. agency$10,572 $5 $1,074 $9,503 
U.S. agency residential mortgage-backed92,717 1 12,036 80,682 
U.S. agency commercial mortgage-backed13,891 — 1,734 12,157 
Private label mortgage-backed95,160 248 8,746 86,662 
Other asset backed138,036 7 2,755 135,288 
Obligations of states and political subdivisions339,656 2 53,930 285,728 
Corporate82,013 — 8,335 73,678 
Trust preferred982 — 39 943 
Total$773,027 $263 $88,649 $684,641 
   
December 31, 2022   
U.S. agency$13,191 $10 $1,100 $12,101 
U.S. agency residential mortgage-backed100,700 19 10,261 90,458 
U.S. agency commercial mortgage-backed15,047 — 1,594 13,453 
Private label mortgage-backed102,196 245 8,596 93,845 
Other asset backed200,755 — 6,030 194,725 
Obligations of states and political subdivisions346,187 55 50,565 295,677 
Corporate87,308 — 9,151 78,157 
Trust preferred979 — 48 931 
Total$866,363 $329 $87,345 $779,347 
Debt Securities, Held-to-Maturity
Securities held to maturity (“HTM”) consist of the following:
Carrying
Value		Transferred
Unrealized
Loss (1)		ACLAmortized
Cost		UnrealizedFair Value
GainsLosses
(In thousands)
September 30, 2023
U.S. agency$26,665 $1,689 $— $28,354 $— $5,871 $22,483 
U.S. agency residential mortgage-backed110,883 9,972 — 120,855 — 28,690 92,165 
U.S. agency commercial mortgage-backed4,537 176 — 4,713 — 560 4,153 
Private label mortgage-backed7,286 331 4 7,621 — 958 6,663 
Obligations of states and political subdivisions162,945 7,300 33 170,278 22 26,454 143,846 
Corporate45,636 882 114 46,632 19 7,762 38,889 
Trust preferred947 49 4 1,000 — — 1,000 
Total$358,899 $20,399 $155 $379,453 $41 $70,295 $309,199 
December 31, 2022
U.S. agency$27,634 $1,839 $— $29,473 $— $5,066 $24,407 
U.S. agency residential mortgage-backed117,650 10,845 — 128,495 — 25,239 103,256 
U.S. agency commercial mortgage-backed4,798 228 — 5,026 — 596 4,430 
Private label mortgage-backed7,242 416 1 7,659 — 997 6,662 
Obligations of states and political subdivisions168,134 8,555 39 176,728 11 25,591 151,148 
Corporate48,418 1,130 123 49,671 — 5,156 44,515 
Trust preferred942 53 5 1,000 — — 1,000 
Total$374,818 $23,066 $168 $398,052 $11 $62,645 $335,418 
(1)Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022.
Schedule of Unrealized Loss on Investments
Our investments' gross unrealized losses and fair values for securities AFS aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
(In thousands)
September 30, 2023
U.S. agency$251 $— $8,558 $1,074 $8,809 $1,074 
U.S. agency residential mortgage-backed1,481 16 78,989 12,020 80,470 12,036 
U.S. agency commercial mortgage-backed— — 12,157 1,734 12,157 1,734 
Private label mortgage-backed2,933 222 83,029 8,524 85,962 8,746 
Other asset backed6,307 92 126,706 2,663 133,013 2,755 
Obligations of states and political subdivisions1,693 7 284,034 53,923 285,727 53,930 
Corporate— — 73,678 8,335 73,678 8,335 
Trust preferred— — 942 39 942 39 
Total$12,665 $337 $668,093 $88,312 $680,758 $88,649 
December 31, 2022
U.S. agency$8,244 $799 $2,587 $301 $10,831 $1,100 
U.S. agency residential mortgage-backed33,784 1,920 54,793 8,341 88,577 10,261 
U.S. agency commercial mortgage-backed1,609 73 11,844 1,521 13,453 1,594 
Private label mortgage-backed39,954 2,582 53,346 6,014 93,300 8,596 
Other asset backed110,859 2,657 83,802 3,373 194,661 6,030 
Obligations of states and political subdivisions56,455 10,216 231,705 40,349 288,160 50,565 
Corporate24,876 1,737 51,293 7,414 76,169 9,151 
Trust preferred— — 931 48 931 48 
Total$275,781 $19,984 $490,301 $67,361 $766,082 $87,345 
Held-to-Maturity, Credit Quality The carrying value of securities HTM aggregated by credit quality follow:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Carrying
Value
Total
(In thousands)
September 30, 2023
Credit rating:
AAA$7,286 $36,665 $— $— $43,951 
AA— 102,378 — — 102,378 
A— 3,957 6,917 — 10,874 
BBB— 974 33,864 — 34,838 
BB
— — 1,938 — 1,938 
Non-rated— 18,971 2,917 947 22,835 
Total$7,286 $162,945 $45,636 $947 $216,814 
December 31, 2022
Credit rating:
AAA$7,242 $32,876 $— $— $40,118 
AA— 110,033 — — 110,033 
A— 3,917 6,900 — 10,817 
BBB— 1,167 38,621 — 39,788 
Non-rated— 20,141 2,897 942 23,980 
Total$7,242 $168,134 $48,418 $942 $224,736 
Held-to-Maturity, Allowance for Credit Losses
An analysis of the allowance for credit losses by security HTM type for the three months ended September 30 follows:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Total
(In thousands)
2023
Balance at beginning of period$1 $39 $116 $4 $160 
Additions (deductions)   
Provision for credit losses3 (6)(2)— (5)
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$4 $33 $114 $4 $155 
2022
Balance at beginning of period$2 $30 $121 $5 $158 
Additions (deductions)
Provision for credit losses(1)9 2 — 10 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$1 $39 $123 $5 $168 
An analysis of the allowance for credit losses by security HTM type for the nine months ended September 30 follows:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Total
(In thousands)
2023
Balance at beginning of period$1 $39 $123 $5 $168 
Additions (deductions)
Provision for credit losses3 (6)2,991 (1)2,987 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — (3,000)— (3,000)
Balance at end of period$4 $33 $114 $4 $155 
2022
Balance at beginning of period$— $— $— $— $— 
Additions (deductions)
Provision for credit losses1 39 123 5 168 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$1 $39 $123 $5 $168 
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities AFS and securities HTM at September 30, 2023, by contractual maturity, follow:
Securities AFSSecurities HTM
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(In thousands)
Maturing within one year$9,213 $9,105 $5,202 $5,164 
Maturing after one year but within five years150,302 134,803 53,499 47,992 
Maturing after five years but within ten years73,062 61,767 102,566 84,807 
Maturing after ten years200,646 164,177 84,997 68,255 
433,223 369,852 246,264 206,218 
U.S. agency residential mortgage-backed92,717 80,682 120,855 92,165 
U.S. agency commercial mortgage-backed13,891 12,157 4,713 4,153 
Private label mortgage-backed95,160 86,662 7,621 6,663 
Other asset backed138,036 135,288 — — 
Total$773,027 $684,641 $379,453 $309,199 
The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Gains and Losses Realized on Sale of Securities Available for Sale A summary of proceeds from the sale of securities AFS and gains and losses for the nine month periods ending September 30, follows:
Realized
ProceedsGainsLosses
(In thousands)
2023$278 $— $222 
202270,523 164 439