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Securities (Tables)
 6 Months Ended
Jun. 30, 2024
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)
June 30, 2024
U.S. agency$9,570 $4 $808 $8,766 
U.S. agency residential mortgage-backed85,522 8 9,630 75,900 
U.S. agency commercial mortgage-backed13,302 — 1,406 11,896 
Private label mortgage-backed86,490 243 5,891 80,842 
Other asset backed52,328 25 923 51,430 
Obligations of states and political subdivisions331,011 222 39,019 292,214 
Corporate75,401 — 5,426 69,975 
Trust preferred985 — 34 951 
Total$654,609 $502 $63,137 $591,974 
   
December 31, 2023   
U.S. agency$10,299 $5 $797 $9,507 
U.S. agency residential mortgage-backed90,195 3 8,981 81,217 
U.S. agency commercial mortgage-backed13,706 — 1,409 12,297 
Private label mortgage-backed93,527 249 7,307 86,469 
Other asset backed114,867 3 1,939 112,931 
Obligations of states and political subdivisions341,177 204 38,644 302,737 
Corporate79,296 — 6,046 73,250 
Trust preferred983 — 41 942 
Total$744,050 $464 $65,164 $679,350 
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)
June 30, 2024
U.S. agency$24,960 $1,502 $— $26,462 $— $4,979 $21,483 
U.S. agency residential mortgage-backed105,040 9,209 — 114,249 — 24,485 89,764 
U.S. agency commercial mortgage-backed4,083 130 — 4,213 — 431 3,782 
Private label mortgage-backed7,331 246 4 7,581 — 772 6,809 
Obligations of states and political subdivisions156,025 6,047 31 162,103 10 19,731 142,382 
Corporate45,831 648 116 46,595 — 6,161 40,434 
Trust preferred950 46 4 1,000 — — 1,000 
Total$344,220 $17,828 $155 $362,203 $10 $56,559 $305,654 
December 31, 2023
U.S. agency$25,768 $1,603 $— $27,371 $— $4,892 $22,479 
U.S. agency residential mortgage-backed108,770 9,715 — 118,485 — 23,849 94,636 
U.S. agency commercial mortgage-backed4,146 153 — 4,299 — 460 3,839 
Private label mortgage-backed7,302 302 4 7,608 — 854 6,754 
Obligations of states and political subdivisions161,352 6,879 33 168,264 88 18,807 149,545 
Corporate45,702 803 116 46,621 780 7,033 40,368 
Trust preferred948 48 4 1,000 — 15 985 
Total$353,988 $19,503 $157 $373,648 $868 $55,910 $318,606 
(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)
June 30, 2024
U.S. agency$134 $— $7,964 $808 $8,098 $808 
U.S. agency residential mortgage-backed634 2 73,897 9,628 74,531 9,630 
U.S. agency commercial mortgage-backed— — 11,896 1,406 11,896 1,406 
Private label mortgage-backed4,517 46 75,705 5,845 80,222 5,891 
Other asset backed102 — 39,128 923 39,230 923 
Obligations of states and political subdivisions— — 292,236 39,019 292,236 39,019 
Corporate— — 69,975 5,426 69,975 5,426 
Trust preferred— — 950 34 950 34 
Total$5,387 $48 $571,751 $63,089 $577,138 $63,137 
December 31, 2023
U.S. agency$130 $— $8,453 $797 $8,583 $797 
U.S. agency residential mortgage-backed358 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-backed6,285 356 79,507 6,951 85,792 7,307 
Other asset backed7,714 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 
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)
June 30, 2024
Credit rating:
AAA$7,331 $35,748 $— $— $43,079 
AA— 103,416 — — 103,416 
A— 2,063 5,014 — 7,077 
BBB— 656 35,929 — 36,585 
BB
— — 1,953 — 1,953 
Non-rated— 14,142 2,935 950 18,027 
Total$7,331 $156,025 $45,831 $950 $210,137 
December 31, 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 
Held-to-Maturity, Allowance for Credit Losses
An analysis of the allowance for credit losses by security HTM type for the three months ended June 30 follows:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Total
(In thousands)
2024
Balance at beginning of period$4 $31 $116 $4 $155 
Additions (deductions)   
Provision for credit losses— — — — — 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$4 $31 $116 $4 $155 
2023
Balance at beginning of period$1 $39 $116 $4 $160 
Additions (deductions)
Provision for credit losses— — — — — 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$1 $39 $116 $4 $160 
An analysis of the allowance for credit losses by security HTM type for the six months ended June 30 follows:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Total
(In thousands)
2024
Balance at beginning of period$4 $33 $116 $4 $157 
Additions (deductions)
Provision for credit losses— (2)(1,125)— (1,127)
Recoveries credited to the allowance— — 1,125 — 1,125 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$4 $31 $116 $4 $155 
2023
Balance at beginning of period$1 $39 $123 $5 $168 
Additions (deductions)
Provision for credit losses— — 2,993 (1)2,992 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — (3,000)— (3,000)
Balance at end of period$1 $39 $116 $4 $160 
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities AFS and securities HTM at June 30, 2024, by contractual maturity, follow:
Securities AFSSecurities HTM
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(In thousands)
Maturing within one year$13,473 $13,144 $4,480 $4,450 
Maturing after one year but within five years154,690 141,729 54,204 49,767 
Maturing after five years but within ten years49,675 43,459 95,934 81,822 
Maturing after ten years199,129 173,574 81,542 69,260 
416,967 371,906 236,160 205,299 
U.S. agency residential mortgage-backed85,522 75,900 114,249 89,764 
U.S. agency commercial mortgage-backed13,302 11,896 4,213 3,782 
Private label mortgage-backed86,490 80,842 7,581 6,809 
Other asset backed52,328 51,430 — — 
Total$654,609 $591,974 $362,203 $305,654 
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 six month periods ending June 30, follows:
Realized
ProceedsGainsLosses
(In thousands)
2024$37,273 $14 $283 
2023278 — 222