
	Available-for-Sale Debt Securities
March 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	114,611	$	161	$	5,244	$	109,528
Obligations of U.S. Government sponsored entities	462,622		4,172		23,595		443,199
Obligations of U.S. states and political subdivisions	89,796		2		8,762		81,036
Mortgage-backed securities – residential, issued by
U.S. Government agencies	47,703		6		5,203		42,506
U.S. Government sponsored entities	794,239		1,406		107,898		687,747

U.S. corporate debt securities	2,500		0		161		2,339
Total available-for-sale debt securities	$	1,511,471	$	5,747	$	150,863	$	1,366,355


	Available-for-Sale Debt Securities
December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	114,418	$	495	$	5,009	$	109,904
Obligations of U.S. Government sponsored entities	472,286		6,449		22,277		456,458
Obligations of U.S. states and political subdivisions	89,999		2		8,077		81,924
Mortgage-backed securities – residential, issued by
U.S. Government agencies	49,976		8		4,744		45,240
U.S. Government sponsored entities	819,303		2,422		100,895		720,830

U.S. corporate debt securities	2,500		0		206		2,294
Total available-for-sale debt securities	$	1,548,482	$	9,376	$	141,208	$	1,416,650


	Held-to-Maturity Debt Securities
March 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	86,211	$	0	$	12,075	$	74,136
Obligations of U.S. Government sponsored entities	226,204		0		35,238		190,966

Total held-to-maturity debt securities	$	312,415	$	0	$	47,313	$	265,102


	Held-to-Maturity Debt Securities
December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(In thousands)
U.S. Treasuries	$	86,266	$	0	$	11,051	$	75,215
Obligations of U.S. Government sponsored entities	226,135		0		33,895		192,240

Total held-to-maturity debt securities	$	312,401	$	0	$	44,946	$	267,455

The Company may from time to time sell debt securities from its available-for-sale portfolio. There were no sales of available-for-sale debt securities for both the three months ended March 31, 2024 and the three months ended March 31, 2023. Realized gains (losses) on sales of available-for-sale debt securities were $0 for both the three months ended March 31, 2024 and the three months ended March 31, 2023. The Company's available-for-sale portfolio includes callable securities that may be called prior to maturity. There were no realized gains (losses) on called available-for-sale debt securities for the three months ended March 31, 2024 and the three months ended March 31, 2023. The Company also recognized net losses on equity securities of $14,000 for the three months ended March 31, 2024 and net gains of $13,000 for the same period during 2023, reflecting the change in fair value.


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. Treasuries	$	9,942	$	1	$	65,460	$	5,243	$	75,402	$	5,244
Obligations of U.S. Government sponsored entities	14,384		188		219,684		23,407		234,068		23,595
Obligations of U.S. states and political subdivisions	1,607		13		78,913		8,749		80,520		8,762
Mortgage-backed securities – residential, issued by
U.S. Government agencies	1,137		8		41,049		5,195		42,186		5,203
U.S. Government sponsored entities	11,000		134		581,249		107,764		592,249		107,898
U.S. corporate debt securities	0		0		2,339		161		2,339		161
Total available-for-sale debt securities	$	38,070	$	344	$	988,694	$	150,519	$	1,026,764	$	150,863


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	0	$	0	$	65,663	$	5,009	$	65,663	$	5,009
Obligations of U.S. Government sponsored entities	14,453		110		220,913		22,167		235,366		22,277
Obligations of U.S. states and political subdivisions	10,572		106		69,601		7,971		80,173		8,077
Mortgage-backed securities – residential, issued by
U.S. Government agencies	1,145		4		43,764		4,740		44,909		4,744
U.S. Government sponsored entities	5,659		66		609,456		100,829		615,115		100,895
U.S. corporate debt securities	0		0		2,294		206		2,294		206
Total available-for-sale debt securities	$	31,829	$	286	$	1,011,691	$	140,922	$	1,043,520	$	141,208


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	0	$	0	$	74,136	$	12,075	$	74,136	$	12,075
Obligations of U.S. Government sponsored entities	0		0		190,966		35,238		190,966		35,238

Total held-to-maturity debt securities	$	0	$	0	$	265,102	$	47,313	$	265,102	$	47,313


	Less than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasuries	$	0	$	0	$	75,215	$	11,051	$	75,215	$	11,051
Obligations of U.S. Government sponsored entities	0		0		192,240		33,895		192,240		33,895

Total held-to-maturity debt securities	$	0	$	0	$	267,455	$	44,946	$	267,455	$	44,946

The Company evaluates available-for-sale debt securities for expected credit losses ("ECL") in unrealized loss positions at each measurement date to determine whether the decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors.

For available-for-sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis is the result of changes in interest rates or reflects a fundamental change in the credit worthiness of the underlying issuer. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses ("ACL") on the Consolidated Statements of Condition, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change.

Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity debt securities from the estimate of credit losses. As of March 31, 2024, the held-to- maturity portfolio consisted of U.S. Treasury securities and securities issued by U.S. government-sponsored enterprises, including The Federal National Mortgage Agency and the Federal Farm Credit Banks Funding Corporation. U.S. Treasury securities are backed by the full faith and credit of and/or guaranteed by the U.S. government, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities. Securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as "low-risk," and have a long history of zero credit loss. As such, the Company did not record an allowance for credit losses for these securities as of March 31, 2024 or December 31, 2023.

U.S. government agencies such as Government National Mortgage Association. The total gross unrealized losses, shown in the tables above, were primarily attributable to changes in interest rates and levels of market liquidity, relative to when the investment securities were purchased, and not due to the credit-related quality of the investment securities. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost.

The amortized cost and estimated fair value of debt securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities are shown separately since they are not due at a single maturity date.


March 31, 2024
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	99,896	$	99,423
Due after one year through five years	299,154		286,149
Due after five years through ten years	244,129		229,834
Due after ten years	26,350		20,696
Total	669,529		636,102
Mortgage-backed securities	841,942		730,253
Total available-for-sale debt securities	$	1,511,471	$	1,366,355


December 31, 2023
(In thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities:
Due in one year or less	$	99,242	$	98,650
Due after one year through five years	307,093		296,279
Due after five years through ten years	245,617		233,569
Due after ten years	27,251		22,082
Total	679,203		650,580
Mortgage-backed securities	869,279		766,070
Total available-for-sale debt securities	$	1,548,482	$	1,416,650

The Company also holds non-marketable Federal Home Loan Bank New York ("FHLBNY") stock and non-marketable Atlantic Community Bankers Bank ("ACBB") stock, all of which are required to be held for regulatory purposes and for borrowing availability. The required investment in Federal Home Loan Bank ("FHLB") stock is tied to the Company’s borrowing levels with the FHLB. Holdings of FHLBNY stock and ACBB stock totaled $30.0 million and $95,000, respectively, at March 31, 2024. These securities are carried at par, which is also cost. The FHLBNY continues to pay dividends and repurchase stock. Quarterly, we evaluate our investment in the FHLB for impairment. We evaluate recent and long-term operating performance, liquidity, funding and capital positions, stock repurchase history, dividend history and impact of legislative and regulatory changes. Based on our most recent evaluation, as of March 31, 2024, we determined that no impairment write-downs were required.