XML 53 R32.htm IDEA: XBRL DOCUMENT v3.25.0.1
SECURITIES AVAILABLE FOR SALE (Tables)
 12 Months Ended
Dec. 31, 2024
SECURITIES AVAILABLE FOR SALE  
Summary of Securities Available for Sale

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

​

​

​

​

 Unrealized

​

 Unrealized

​

​

​

​

​

​

(in thousands)

    

Amortized Cost

    

 Gains

    

 Losses

    

Fair Value

​

Allowance

December 31, 2024

 

​

  

 

​

  

 

​

  

 

​

  

​

​

​

Debt securities:

 

​

  

 

​

  

 

​

  

 

​

  

​

​

​

Obligations of US Government-sponsored enterprises

​

$

1,344

​

$

—

​

$

(26)

​

$

1,318

​

$

—

Mortgage-backed securities and collateralized mortgage obligations:

 

​

  

 

​

  

 

​

  

 

​

  

​

​

​

US Government-sponsored enterprises

​

​

208,818

​

​

22

​

​

(31,524)

​

​

177,316

​

​

—

US Government agency

​

 

115,177

​

 

53

​

 

(11,314)

​

 

103,916

​

​

—

Private label

​

 

40,633

​

 

25

​

 

(1,094)

​

 

39,564

​

​

—

Obligations of states and political subdivisions thereof

​

 

116,421

​

 

5,564

​

 

(16,533)

​

 

105,452

​

​

—

Corporate bonds

​

 

100,923

​

 

290

​

 

(7,761)

​

 

93,452

​

​

(568)

Total securities available for sale

​

$

583,316

​

$

5,954

​

$

(68,252)

​

$

521,018

​

$

(568)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gross

​

Gross

​

​

​

​

​

​

​

​

​

​

​

 Unrealized

​

 Unrealized

​

​

​

​

​

​

(in thousands)

    

Amortized Cost

    

 Gains

    

 Losses

    

Fair Value

​

Allowance

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

​

$

—
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

 

$

3,000

​

$

2,618

Over 1 year to 5 years

​

 

52,398

​

 

48,177

Over 5 years to 10 years

​

 

44,527

​

 

42,074

Over 10 years

​

 

118,763

​

 

107,353

Total bonds and obligations

​

 

218,688

​

 

200,222

Mortgage-backed securities and collateralized mortgage obligations

​

 

364,628

​

 

320,796

Total securities available for sale

​

$

583,316

​

$

521,018
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

2024

​

$

3,000

​

$

50

​

$

—

​

$

50

2023

​

​

2,000

​

​

34

​

​

—

​

​

34

2022

​

 

7,130

​

​

151

​

​

(98)

​

​

53
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, 2024

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Debt securities:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Obligations of US Government-sponsored enterprises

​

$

2

​

$

707

​

$

24

​

$

611

​

$

26

​

$

1,318

Mortgage-backed securities and collateralized mortgage obligations:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

US Government-sponsored enterprises

​

​

109

​

​

8,003

​

​

31,415

​

​

165,116

​

​

31,524

​

​

173,119

US Government agency

​

 

817

​

 

35,174

​

 

10,497

​

 

60,789

​

 

11,314

​

 

95,963

Private label

​

 

1

​

 

948

​

 

1,093

​

 

19,839

​

 

1,094

​

 

20,787

Obligations of states and political subdivisions thereof

​

 

115

​

 

4,962

​

 

16,418

​

 

99,109

​

 

16,533

​

 

104,071

Corporate bonds

​

 

26

​

 

2,438

​

 

4,495

​

 

75,002

​

 

4,521

​

 

77,440

Total securities available for sale

​

$

1,070

​

$

52,232

​

$

63,942

​

$

420,466

​

$

65,012

​

$

472,698

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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
Schedule of allowance for credit losses on available for sale debt securities held

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

Obligations of US Government-sponsored enterprises

​

​

US Government -sponsored enterprises

​

​

US Government agency

​

​

Private Label

​

​

Obligations of states and political subdivisions thereof

​

​

Corporate Bonds

​

​

Total

Balance at January 1, 2024

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

Credit losses on securities for which credit losses were not previously recorded

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,171

​

​

1,171

Credit losses on previously impaired securities

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Write-offs charged against the allowance

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(603)

​

​

(603)

Recoveries of amounts previously written off

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Balance at December 31, 2024

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

568

​

$

568
Summary of Securities Pledged as Collateral

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

December 31, 2023

​

    

Carrying 

    

Estimated

    

Carrying 

    

Estimated

(in thousands)

​

Value

​

 Fair Value

​

Value

​

 Fair Value

Securities pledged for deposits

​

$

18,483

​

$

15,821

​

$

24,347

​

$

21,341

Securities pledged for repurchase agreements

​

 

16,764

​

 

14,020

​

 

18,841

​

 

16,230

Securities pledged for borrowings (1)

​

 

35,819

​

 

30,634

​

 

113,775

​

 

95,318

Total securities pledged

​

$

71,066

​

$

60,475

​

$

156,963

​

$

132,889

(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.
Summary of securities available for sale that represent greater than 10% of shareholders' equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

Amortized Cost

​

Fair Value

Federal National Mortgage Association

​

$

138,375

​

$

118,106

Federal Home Loan Mortgage Corporation

​

​

70,443

​

​

59,210

Government National Mortgage Association

​

​

115,177

​

​

103,916

Obligations of states and political subdivisions thereof

​

​

116,421

​

​

105,452

Corporate Bonds

​

​

100,923

​

​

93,452

​