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Securities (Tables)
 9 Months Ended
Sep. 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)
September 30, 2024
U.S. agency$9,046 $3 $511 $8,538 
U.S. agency residential mortgage-backed83,116 66 7,091 76,091 
U.S. agency commercial mortgage-backed13,153 — 1,080 12,073 
Private label mortgage-backed80,409 261 4,067 76,603 
Other asset backed44,325 16 577 43,764 
Obligations of states and political subdivisions334,368 12 34,312 300,068 
Corporate74,216 1 3,360 70,857 
Trust preferred985 — 29 956 
Total$639,618 $359 $51,027 $588,950 
   
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)
September 30, 2024
U.S. agency$24,863 $1,472 $— $26,335 $— $4,007 $22,328 
U.S. agency residential mortgage-backed102,733 8,933 — 111,666 — 20,019 91,647 
U.S. agency commercial mortgage-backed4,045 118 — 4,163 — 328 3,835 
Private label mortgage-backed7,344 218 1 7,563 — 557 7,006 
Obligations of states and political subdivisions157,525 5,653 17 163,195 129 15,895 147,429 
Corporate45,900 572 111 46,583 — 5,190 41,393 
Trust preferred952 44 4 1,000 — — 1,000 
Total$343,362 $17,010 $133 $360,505 $129 $45,996 $314,638 
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)
September 30, 2024
U.S. agency$126 $— $7,839 $511 $7,965 $511 
U.S. agency residential mortgage-backed44 — 65,654 7,091 65,698 7,091 
U.S. agency commercial mortgage-backed— — 12,073 1,080 12,073 1,080 
Private label mortgage-backed933 1 74,478 4,066 75,411 4,067 
Other asset backed1,508 2 32,939 575 34,447 577 
Obligations of states and political subdivisions— — 300,068 34,312 300,068 34,312 
Corporate— — 69,360 3,360 69,360 3,360 
Trust preferred— — 956 29 956 29 
Total$2,611 $3 $563,367 $51,024 $565,978 $51,027 
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)
September 30, 2024
Credit rating:
AAA$7,344 $35,378 $— $— $42,722 
AA— 103,090 — — 103,090 
A— 3,468 5,007 — 8,475 
BBB— 655 35,991 — 36,646 
BB
— — 1,958 — 1,958 
Non-rated— 14,934 2,944 952 18,830 
Total$7,344 $157,525 $45,900 $952 $211,721 
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 September 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(3)(14)(5)— (22)
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$1 $17 $111 $4 $133 
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 
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)
2024
Balance at beginning of period$4 $33 $116 $4 $157 
Additions (deductions)
Provision for credit losses(3)(16)(1,130)— (1,149)
Recoveries credited to the allowance— — 1,125 — 1,125 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$1 $17 $111 $4 $133 
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 
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities AFS and securities HTM at September 30, 2024, by contractual maturity, follow:
Securities AFSSecurities HTM
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(In thousands)
Maturing within one year$21,647 $21,262 $7,457 $7,410 
Maturing after one year but within five years148,875 140,013 55,599 52,401 
Maturing after five years but within ten years45,741 41,401 94,300 82,813 
Maturing after ten years202,352 177,743 79,757 69,526 
418,615 380,419 237,113 212,150 
U.S. agency residential mortgage-backed83,116 76,091 111,666 91,647 
U.S. agency commercial mortgage-backed13,153 12,073 4,163 3,835 
Private label mortgage-backed80,409 76,603 7,563 7,006 
Other asset backed44,325 43,764 — — 
Total$639,618 $588,950 $360,505 $314,638 
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)
2024$39,431 $14 $428 
2023278 — 222