Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale

Securities AFS consist of the following at December 31:

	Amortized Cost		Unrealized				Fair Value
			Gains		Losses
	(In thousands)
2023
U.S. agency	$	10,299	$	5	$	797	$	9,507
U.S. agency residential mortgage-backed	90,195		3		8,981		81,217
U.S. agency commercial mortgage-backed	13,706		—		1,409		12,297
Private label mortgage-backed	93,527		249		7,307		86,469
Other asset backed	114,867		3		1,939		112,931
Obligations of states and political subdivisions	341,177		204		38,644		302,737
Corporate	79,296		—		6,046		73,250
Trust preferred	983		—		41		942
Total	$	744,050	$	464	$	65,164	$	679,350
2022
U.S. agency	$	13,191	$	10	$	1,100	$	12,101
U.S. agency residential mortgage-backed	100,700		19		10,261		90,458
U.S. agency commercial mortgage-backed	15,047		—		1,594		13,453
Private label mortgage-backed	102,196		245		8,596		93,845
Other asset backed	200,755		—		6,030		194,725
Obligations of states and political subdivisions	346,187		55		50,565		295,677
Corporate	87,308		—		9,151		78,157
Trust preferred	979		—		48		931
Total	$	866,363	$	329	$	87,345	$	779,347

Debt Securities, Held-to-Maturity

Securities HTM consist of the following at December 31:

	Carrying Value		Transferred Unrealized Loss (1)		ACL		Amortized Cost		Unrealized				Fair Value
									Gains		Losses
	(In thousands)
2023
U.S. agency	$	25,768	$	1,603	$	—	$	27,371	$	—	$	4,892	$	22,479
U.S. agency residential mortgage-backed	108,770		9,715		—		118,485		—		23,849		94,636
U.S. agency commercial mortgage-backed	4,146		153		—		4,299		—		460		3,839
Private label mortgage-backed	7,302		302		4		7,608		—		854		6,754
Obligations of states and political subdivisions	161,352		6,879		33		168,264		88		18,807		149,545
Corporate	45,702		803		116		46,621		780		7,033		40,368
Trust preferred	948		48		4		1,000		—		15		985
Total	$	353,988	$	19,503	$	157	$	373,648	$	868	$	55,910	$	318,606
2022
U.S. agency	$	27,634	$	1,839	$	—	$	29,473	$	—	$	5,066	$	24,407
U.S. agency residential mortgage-backed	117,650		10,845		—		128,495		—		25,239		103,256
U.S. agency commercial mortgage-backed	4,798		228		—		5,026		—		596		4,430
Private label mortgage-backed	7,242		416		1		7,659		—		997		6,662
Obligations of states and political subdivisions	168,134		8,555		39		176,728		11		25,591		151,148
Corporate	48,418		1,130		123		49,671		—		5,156		44,515
Trust preferred	942		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, at December 31 follows:

	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
2023
U.S. agency	$	130	$	—	$	8,453	$	797	$	8,583	$	797
U.S. agency residential mortgage-backed	358		1		80,008		8,980		80,366		8,981
U.S. agency commercial mortgage-backed	—		—		12,297		1,409		12,297		1,409
Private label mortgage-backed	6,285		356		79,507		6,951		85,792		7,307
Other asset backed	7,714		88		97,203		1,851		104,917		1,939
Obligations of states and political subdivisions	—		—		301,038		38,644		301,038		38,644
Corporate	—		—		73,249		6,046		73,249		6,046
Trust preferred	—		—		942		41		942		41
Total	$	14,487	$	445	$	652,697	$	64,719	$	667,184	$	65,164
2022
U.S. agency	$	8,244	$	799	$	2,587	$	301	$	10,831	$	1,100
U.S. agency residential mortgage-backed	33,784		1,920		54,793		8,341		88,577		10,261
U.S. agency commercial mortgage-backed	1,609		73		11,844		1,521		13,453		1,594
Private label mortgage-backed	39,954		2,582		53,346		6,014		93,300		8,596
Other asset backed	110,859		2,657		83,802		3,373		194,661		6,030
Obligations of states and political subdivisions	56,455		10,216		231,705		40,349		288,160		50,565
Corporate	24,876		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

Debt Securities, Held-to-Maturity, Credit Quality

On a quarterly basis, we monitor the credit quality of securities HTM through the use of credit ratings. The carrying value of securities HTM at December 31, aggregated by credit quality follow:

	Private Label Mortgage- Backed		Obligations of States and Political Subdivisions		Corporate		Trust Preferred		Carrying Value Total
	(In thousands)
2023
Credit rating:
AAA	$	7,302	$	36,629	$	—	$	—	$	43,931
AA	—		102,583		—		—		102,583
A	—		3,172		6,923		—		10,095
BBB	—		856		33,913		—		34,769
BB	—		—		1,943		—		1,943
Non-rated	—		18,112		2,923		948		21,983
Total	$	7,302	$	161,352	$	45,702	$	948	$	215,304
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

Debt Securities, Held-to-Maturity, Allowance for Credit Loss

An analysis of the ACL by security HTM type for the year ended December 31, follows:

	Private Label Mortgage- Backed		Obligations of States and Political Subdivisions		Corporate		Trust Preferred		Total
	(In thousands)
2023
Balance at beginning of period	$	1	$	39	$	123	$	5	$	168
Additions (deductions)
Provision for credit losses	3		(6)		2,993		(1)		2,989
Recoveries credited to the allowance	—		—		—		—		—
Securities HTM charged against the allowance	—		—		(3,000)		—		(3,000)
Balance at end of period	$	4	$	33	$	116	$	4	$	157
2022
Balance at beginning of period	$	—	$	—	$	—	$	—	$	—
Additions (deductions)
Provision for credit losses	1		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 December 31, 2023, by contractual maturity, follow:

	Securities AFS				Securities HTM
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
Maturing within one year	$	5,471	$	5,382	$	4,881	$	4,874
Maturing after one year but within five years	153,786		141,420		55,292		50,856
Maturing after five years but within ten years	67,713		59,667		99,383		85,409
Maturing after ten years	204,785		179,967		83,700		72,238
	431,755		386,436		243,256		213,377
U.S. agency residential mortgage-backed	90,195		81,217		118,485		94,636
U.S. agency commercial mortgage-backed	13,706		12,297		4,299		3,839
Private label mortgage-backed	93,527		86,469		7,608		6,754
Other asset backed	114,867		112,931		—		—
Total	$	744,050	$	679,350	$	373,648	$	318,606

Gains and Losses Realized on Sale of Securities Available for Sale

A summary of proceeds from the sale of securities available for sale and gains and losses for the years ended December 31 follow:

			Realized
	Proceeds		Gains		Losses
	(In thousands)
2023	$	278	$	—	$	222
2022	70,523		164		439
2021	85,371		1,475		64