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Securities (Tables)
9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
Securities available for sale (“AFS”) consist of the following:
Amortized
Cost
Unrealized
GainsLossesFair Value
(In thousands)
September 30, 2025
U.S. agency$8,509 $$439 $8,071 
U.S. agency residential mortgage-backed85,014 117 6,935 78,196 
U.S. agency commercial mortgage-backed8,362 — 907 7,455 
Private label mortgage-backed44,358 262 2,684 41,936 
Other asset backed32,548 24 443 32,129 
Obligations of states and political subdivisions320,802 — 41,187 279,615 
Corporate56,080 11 1,891 54,200 
Trust preferred989 — 981 
Total$556,662 $415 $54,494 $502,583 
   
December 31, 2024   
U.S. agency$8,858 $$700 $8,159 
U.S. agency residential mortgage-backed80,589 47 9,499 71,137 
U.S. agency commercial mortgage-backed12,821 — 1,180 11,641 
Private label mortgage-backed74,268 263 4,496 70,035 
Other asset backed39,232 18 734 38,516 
Obligations of states and political subdivisions330,874 14 42,097 288,791 
Corporate73,960 — 4,039 69,921 
Trust preferred986 — 982 
Total$621,588 $343 $62,749 $559,182 
Schedule of 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, 2025
U.S. agency$23,119 $1,280 $— $24,399 $— $3,929 $20,470 
U.S. agency residential mortgage-backed94,648 7,916 — 102,564 — 19,715 82,849 
U.S. agency commercial mortgage-backed3,926 76 — 4,002 — 261 3,741 
Private label mortgage-backed7,310 106 7,418 — 315 7,103 
Obligations of states and political subdivisions150,784 4,089 19 154,892 43 15,366 139,569 
Corporate40,706 260 67 41,033 — 2,523 38,510 
Trust preferred957 39 1,000 — — 1,000 
Total$321,450 $13,766 $92 $335,308 $43 $42,109 $293,242 
December 31, 2024
U.S. agency$24,150 $1,404 $— $25,554 $— $4,987 $20,567 
U.S. agency residential mortgage-backed100,700 8,669 — 109,369 — 24,631 84,738 
U.S. agency commercial mortgage-backed4,013 107 — 4,120 — 402 3,718 
Private label mortgage-backed7,350 190 7,541 — 551 6,990 
Obligations of states and political subdivisions156,305 5,262 17 161,584 28 19,461 142,151 
Corporate45,964 496 111 46,571 — 3,875 42,696 
Trust preferred954 43 1,000 — — 1,000 
Total$339,436 $16,171 $132 $355,739 $28 $53,907 $301,860 
(1)Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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, 2025
U.S. agency$1,232 $$6,710 $432 $7,942 $439 
U.S. agency residential mortgage-backed6,395 11 50,236 6,924 56,631 6,935 
U.S. agency commercial mortgage-backed— — 7,456 907 7,456 907 
Private label mortgage-backed— — 40,298 2,684 40,298 2,684 
Other asset backed1,021 25,368 439 26,389 443 
Obligations of states and political subdivisions155 10 279,299 41,177 279,454 41,187 
Corporate— — 52,503 1,891 52,503 1,891 
Trust preferred— — 982 982 
Total$8,803 $32 $462,852 $54,462 $471,655 $54,494 
December 31, 2024
U.S. agency$324 $$7,565 $699 $7,889 $700 
U.S. agency residential mortgage-backed147 — 61,219 9,499 61,366 9,499 
U.S. agency commercial mortgage-backed— — 11,641 1,180 11,641 1,180 
Private label mortgage-backed2,551 66,411 4,488 68,962 4,496 
Other asset backed3,984 19 27,052 715 31,036 734 
Obligations of states and political subdivisions221 288,570 42,096 288,791 42,097 
Corporate1,473 23 68,448 4,016 69,921 4,039 
Trust preferred— — 982 982 
Total$8,700 $52 $531,888 $62,697 $540,588 $62,749 
Schedule of Debt Securities, Held-to-Maturity, Credit Quality The carrying value of securities HTM aggregated by credit quality follow:
Private
Label
Mortgage-
Backed
Obligations
of States
and Political
Subdivisions
CorporateTrust
Preferred
Carrying
Value
Total
(In thousands)
September 30, 2025
Credit rating:
AAA$7,310 $17,764 $— $— $25,074 
AA— 117,374 — — 117,374 
A— 1,886 5,003 — 6,889 
BBB— 443 30,751 — 31,194 
BB
— — 1,979 — 1,979 
Non-rated— 13,317 2,973 957 17,247 
Total$7,310 $150,784 $40,706 $957 $199,757 
December 31, 2024
Credit rating:
AAA$7,350 $34,973 $— $— $42,323 
AA— 101,112 — — 101,112 
A— 3,473 5,005 — 8,478 
BBB— 652 36,045 — 36,697 
BB— — 1,963 — 1,963 
Non-rated— 16,095 2,951 954 20,000 
Total$7,350 $156,305 $45,964 $954 $210,573 
Schedule of Debt Securities, Held-to-Maturity, Allowance for Credit Loss
An analysis of the allowance for credit losses by security HTM type for the three months ended September 30 follows:
Private
Label
Mortgage-
Backed
Obligations
of States
and Political
Subdivisions
CorporateTrust
Preferred
Total
(In thousands)
2025
Balance at beginning of period$$17 $111 $$133 
Additions (deductions)   
Provision for credit losses(44)— (41)
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$$19 $67 $$92 
2024
Balance at beginning of period$$31 $116 $$155 
Additions (deductions)
Provision for credit losses(3)(14)(5)— (22)
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$$17 $111 $$133 
An analysis of the allowance for credit losses by security HTM type for the nine months ended September 30 follows:
Private
Label
Mortgage-
Backed
Obligations
of States
and Political
Subdivisions
CorporateTrust
Preferred
Total
(In thousands)
2025
Balance at beginning of period$$17 $111 $$132 
Additions (deductions)
Provision for credit losses(44)(40)
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$$19 $67 $$92 
2024
Balance at beginning of period$$33 $116 $$157 
Additions (deductions)
Provision for credit losses(3)(16)(1,130)— (1,149)
Recoveries credited to the allowance— — 1,125 — 1,125 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$$17 $111 $$133 
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities AFS and securities HTM at September 30, 2025, by contractual maturity, follow:
Securities AFSSecurities HTM
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(In thousands)
Maturing within one year$24,490 $24,216 $13,117 $12,967 
Maturing after one year but within five years127,044 120,736 48,794 46,630 
Maturing after five years but within ten years42,007 38,417 91,368 82,613 
Maturing after ten years192,839 159,498 68,045 57,339 
386,380 342,867 221,324 199,549 
U.S. agency residential mortgage-backed85,014 78,196 102,564 82,849 
U.S. agency commercial mortgage-backed8,362 7,455 4,002 3,741 
Private label mortgage-backed44,358 41,936 7,418 7,103 
Other asset backed32,548 32,129 — — 
Total$556,662 $502,583 $335,308 $293,242 
Schedule of 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)
2025$30,581 $37 $392 
202439,431 14 428