The following table summarizes the Company’s portfolio of securities held-to-maturity at:


			Allowance		Net		Gross		Gross
	Amortized		for		Carrying		Unrecognized		Unrecognized
December 31, 2024	Cost		Credit Losses		Amount		Gains		Losses		Fair Value

	(In thousands)
Municipals	$	44,002	$	(353)	$	43,649	$	—	$	(5,834)	$	37,815

FNMA		7,836		—		7,836		—		(933)		6,903

Total	$	51,838	$	(353)	$	51,485	$	—	$	(6,767)	$	44,718


			Allowance		Net		Gross		Gross
	Amortized		for		Carrying		Unrecognized		Unrecognized
December 31, 2023	Cost		Credit Losses		Amount		Gains		Losses		Fair Value

	(In thousands)
Municipals	$	66,155	$	(1,087)	$	65,068	$	—	$	(6,371)	$	58,697

FNMA		7,855		—		7,855		—		(797)		7,058

Total	$	74,010	$	(1,087)	$	72,923	$	—	$	(7,168)	$	65,755

The following table summarizes the Company’s portfolio of securities available for sale at:


				Allowance	Gross		Gross
	Amortized			for	Unrealized		Unrealized
December 31, 2024	Cost		Credit Losses		Gains		Losses		Fair Value

	(In thousands)
U.S. government agencies	$	8,804	$	—	$	77	$	(33)	$	8,848
Municipals		20,627		(2,627)		—		—		18,000
Corporate		130,882		—		735		(6,368)		125,249
Mutual funds		11,890		—		—		—		11,890
Collateralized loan obligations		420,260		—		1,126		(569)		420,817
Other		1,465		—		—		—		1,465
Total other securities		593,928		(2,627)		1,938		(6,970)		586,269
REMIC and CMO		707,540		—		1,107		(1,067)		707,580
GNMA		30,099		—		—		(154)		29,945
FNMA		99,183		—		11		(1,048)		98,146
FHLMC		76,048		—		13		(96)		75,965
Total mortgage-backed securities		912,870		—		1,131		(2,365)		911,636

Total Securities available for sale	$	1,506,798	$	(2,627)	$	3,069	$	(9,335)	$	1,497,905


			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2023	Cost		Gains		Losses		Fair Value

	(In thousands)
U.S. government agencies	$	82,548	$	123	$	(937)	$	81,734
Corporate		173,184		—		(17,735)		155,449
Mutual funds		11,660		—		—		11,660
Collateralized loan obligations		269,600		1,215		(686)		270,129
Other		1,437		—		—		1,437
Total other securities		538,429		1,338		(19,358)		520,409
REMIC and CMO		160,165		—		(26,591)		133,574
GNMA		12,402		3		(1,740)		10,665
FNMA		155,995		14		(20,935)		135,074
FHLMC		89,427		—		(14,396)		75,031
Total mortgage-backed securities		417,989		17		(63,662)		354,344
Total Securities excluding portfolio layer adjustments		956,418		1,355		(83,020)		874,753
Unallocated portfolio layer basis adjustments ⁽¹⁾		(2,254)		—		2,254		—
Total securities available for sale	$	954,164	$	1,355	$	(80,766)	$	874,753

⁽¹⁾ Represents the amount of portfolio layer method basis adjustments related to available for sale (“AFS”) securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being hedged. See Note 20 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Schedule of securities with gross unrealized losses and their fair value


	At December 31, 2024
		Total				Less than 12 months				12 months or more
				Unrealized				Unrealized				Unrealized
	Count	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

	(Dollars in thousands)
Held-to-maturity securities
FNMA	1		6,903		(933)		—		—		6,903		(933)
Total mortgage-backed securities	1		6,903		(933)		—		—		6,903		(933)

Total	1	$	6,903	$	(933)	$	—	$	—	$	6,903	$	(933)

Available for sale securities
U.S. government agencies	2	$	3,339	$	(33)	$	—	$	—	$	3,339	$	(33)
Corporate	13		95,758		(6,368)		—		—		95,758		(6,368)
Collateralized loan obligations	18		201,470		(569)		201,470		(569)		—		—
Total other securities	33		300,567		(6,970)		201,470		(569)		99,097		(6,401)

REMIC and CMO	19		287,948		(1,067)		281,570		(936)		6,378		(131)
GNMA	4		29,945		(154)		28,443		(134)		1,502		(20)
FNMA	6		97,417		(1,048)		97,417		(1,048)		—		—
FHLMC	3		56,540		(96)		56,540		(96)		—		—
Total mortgage-backed securities	32		471,850		(2,365)		463,970		(2,214)		7,880		(151)
Total securities available for sale	65	$	772,417	$	(9,335)	$	665,440	$	(2,783)	$	106,977	$	(6,552)


	At December 31, 2023
		Total				Less than 12 months				12 months or more
				Unrealized				Unrealized				Unrealized
	Count	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses

	(Dollars in thousands)
Held-to-maturity securities
FNMA	1		7,058		(797)		—		—		7,058		(797)
Total mortgage-backed securities	1		7,058		(797)		—		—		7,058		(797)

Total	1	$	7,058	$	(797)	$	—	$	—	$	7,058	$	(797)

Available for sale securities ⁽¹⁾
U.S. government agencies	8	$	74,517	$	(937)	$	2,517	$	(7)	$	72,000	$	(930)
Corporate	26		155,449		(17,735)		25,428		(1,318)		130,021		(16,417)
Collateralized loan obligations	17		120,609		(686)		—		—		120,609		(686)
Total other securities	51		350,575		(19,358)		27,945		(1,325)		322,630		(18,033)

REMIC and CMO	46		133,312		(26,591)		—		—		133,312		(26,591)
GNMA	7		10,466		(1,740)		3,867		(34)		6,599		(1,706)
FNMA	44		133,394		(20,935)		2,044		(1)		131,350		(20,934)
FHLMC	18		75,031		(14,396)		—		—		75,031		(14,396)
Total mortgage-backed securities	115		352,203		(63,662)		5,911		(35)		346,292		(63,627)
Total	166	$	702,778	$	(83,020)	$	33,856	$	(1,360)	$	668,922	$	(81,660)

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $2.3 million related to AFS securities hedged in a closed pool at December 31, 2023. See Note 20 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Schedule of allowance for credit losses for debt securities held-to-maturity


	For the years ended
	December 31,
	2024		2023		2022

	(In thousands)
Beginning balance	$	1,087	$	1,100	$	862
Reversal of allowance upon transfer to AFS		(750)		—		—
Provision (benefit)		16		(13)		238
Allowance for credit losses	$	353	$	1,087	$	1,100