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SECURITIES AVAILABLE FOR SALE (Tables)
 12 Months Ended
Dec. 31, 2023
SECURITIES AVAILABLE FOR SALE  
Summary of Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

​

 Unrealized

​

 Unrealized

​

​

​

(in thousands)

    

Amortized Cost

    

 Gains

    

 Losses

    

Fair Value

December 31, 2023

 

​

  

 

​

  

 

​

  

 

​

  

Debt securities:

 

​

  

 

​

  

 

​

  

 

​

  

Obligations of US Government-sponsored enterprises

​

$

2,021

​

$

—

​

$

(29)

​

$

1,992

Mortgage-backed securities and collateralized mortgage obligations:

 

​

  

 

​

  

 

​

  

 

​

  

US Government-sponsored enterprises

​

​

223,602

​

​

12

​

​

(30,332)

​

​

193,282

US Government agency

​

 

85,005

​

 

145

​

 

(10,937)

​

 

74,213

Private label

​

 

60,888

​

 

18

​

 

(1,855)

​

 

59,051

Obligations of states and political subdivisions thereof

​

 

119,857

​

 

4,515

​

 

(14,204)

​

 

110,168

Corporate bonds

​

 

105,552

​

 

19

​

 

(9,703)

​

 

95,868

Total securities available for sale

​

$

596,925

​

$

4,709

​

$

(67,060)

​

$

534,574

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

​

 Unrealized

​

 Unrealized

​

​

​

(in thousands)

    

Amortized Cost

    

 Gains

    

 Losses

    

Fair Value

December 31, 2022

​

 

  

​

 

  

​

 

  

​

 

  

Debt securities:

​

 

  

​

 

  

​

 

  

​

 

  

Obligations of US Government-sponsored enterprises

​

$

2,692

​

$

5

​

$

(37)

​

$

2,660

Mortgage-backed securities and collateralized mortgage obligations:

​

 

  

​

 

  

​

 

  

​

 

  

US Government-sponsored enterprises

​

​

249,838

​

​

14

​

​

(34,825)

​

​

215,027

US Government agency

​

 

90,318

​

 

16

​

 

(10,728)

​

 

79,606

Private label

​

 

64,056

​

 

34

​

 

(3,936)

​

 

60,154

Obligations of states and political subdivisions thereof

​

 

121,939

​

 

7,149

​

 

(21,351)

​

 

107,737

Corporate bonds

​

 

102,505

​

 

33

​

 

(8,206)

​

 

94,332

Total securities available for sale

​

$

631,348

​

$

7,251

​

$

(79,083)

​

$

559,516
Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) Securities, Segregated by Contractual Maturity

​

​

​

​

​

​

​

​

​

​

Available for sale

(in thousands)

    

Amortized Cost

    

Fair Value

Within 1 year

 

$

3,038

​

$

3,017

Over 1 year to 5 years

​

 

50,471

​

 

47,138

Over 5 years to 10 years

​

 

45,706

​

 

44,887

Over 10 years

​

 

128,215

​

 

112,986

Total bonds and obligations

​

 

227,430

​

 

208,028

Mortgage-backed securities and collateralized mortgage obligations

​

 

369,495

​

 

326,546

Total securities available for sale

​

$

596,925

​

$

534,574
Schedule of Gains and Losses from Sale of AFS Securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Proceeds from Sale

​

​

​

​

​

​

​

​

​

​

​

of Securities

​

​

​

​

​

​

​

​

​

(in thousands)

    

Available for Sale

    

Realized Gains

    

Realized Losses

    

Net

2023

​

$

2,000

​

$

34

​

$

—

​

$

34

2022

​

​

7,130

​

​

151

​

​

(98)

​

​

53

2021

​

 

92,723

​

​

2,933

​

​

(63)

​

​

2,870
Schedule of Securities with Unrealized Losses, Segregated by the Duration of Continuous Unrealized Loss Positions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than Twelve Months

​

Over Twelve Months

​

Total

​

​

Gross

    

​

​

    

Gross

    

​

​

    

Gross

    

​

​

​

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized 

​

Fair

(in thousands)

    

Losses

    

Value

    

Losses

    

Value

    

Losses

    

Value

December 31, 2023

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Debt securities:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Obligations of US Government-sponsored enterprises

​

$

1

​

$

1,084

​

$

28

​

$

907

​

$

29

​

$

1,991

Mortgage-backed securities and collateralized mortgage obligations:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

US Government-sponsored enterprises

​

​

10

​

​

3,439

​

​

30,322

​

​

188,611

​

​

30,332

​

​

192,050

US Government agency

​

 

2

​

 

120

​

 

10,935

​

 

68,891

​

 

10,937

​

 

69,011

Private label

​

 

—

​

 

26

​

 

1,855

​

 

59,007

​

 

1,855

​

 

59,033

Obligations of states and political subdivisions thereof

​

 

26

​

 

3,099

​

 

14,178

​

 

101,036

​

 

14,204

​

 

104,135

Corporate bonds

​

 

156

​

 

4,913

​

 

9,547

​

 

84,950

​

 

9,703

​

 

89,863

Total securities available for sale

​

$

195

​

$

12,681

​

$

66,865

​

$

503,402

​

$

67,060

​

$

516,083

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less Than Twelve Months

​

Over Twelve Months

​

Total

​

    

Gross

    

​

​

    

Gross

    

​

​

    

Gross

    

​

​

​

​

Unrealized

​

Fair

​

Unrealized

​

Fair

​

Unrealized 

​

Fair

(in thousands)

​

Losses

​

Value

​

Losses

​

Value

​

Losses

​

Value

December 31, 2022

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Debt securities:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Obligations of US Government-sponsored enterprises

​

$

32

​

$

435

​

$

6

​

$

790

​

$

38

​

$

1,225

Mortgage-backed securities and collateralized mortgage obligations:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

US Government-sponsored enterprises

​

​

7,005

​

​

82,483

​

​

27,820

​

​

127,745

​

​

34,825

​

​

210,228

US Government agency

​

 

2,870

​

 

42,430

​

 

7,857

​

 

34,198

​

 

10,727

​

 

76,628

Private label

​

 

841

​

 

15,694

​

 

3,095

​

 

44,396

​

 

3,936

​

 

60,090

Obligations of states and political subdivisions thereof

​

 

7,990

​

 

48,799

​

 

13,361

​

 

55,702

​

 

21,351

​

 

104,501

Corporate bonds

​

 

4,733

​

 

65,279

​

 

3,473

​

 

25,027

​

 

8,206

​

 

90,306

Total securities available for sale

​

$

23,471

​

$

255,120

​

$

55,612

​

$

287,858

​

$

79,083

​

$

542,978
Summary of Securities Pledged as Collateral

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

December 31, 2022

​

    

Carrying 

    

Estimated

    

Carrying 

    

Estimated

(in thousands)

​

Value

​

 Fair Value

​

Value

​

 Fair Value

Securities pledged for deposits

​

$

24,347

​

$

21,341

​

$

26,807

​

$

23,430

Securities pledged for repurchase agreements

​

 

18,841

​

 

16,230

​

 

21,001

​

 

17,964

Securities pledged for borrowings (1)

​

 

113,775

​

 

95,318

​

 

40,686

​

 

33,962

Total securities pledged

​

$

156,963

​

$

132,889

​

$

88,494

​

$

75,356

(1)The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and Federal Reserve Bank of Boston.