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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Unrealized Gain (Loss) on Investments | Fair value of equity securities with readily determinable fair values are as follows:
(In thousands) |  | Fair Value at January 1 |  | Purchases |  | Sales/reclassification |  | Gains/(Losses) |  | (Losses)/Gains on sales of securities |  | Fair Value at December 31
2023 |  |  |  |  |  |  |  |  |  |  |  |
CRA Mutual Fund |  | $ | 915 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | 928 |
Canapi Ventures SBIC Fund |  | 206 |  |  | — |  |  | 206 |  |  | — |  |  | — |  |  | — |
Stock in other banks |  | 598 |  |  | — |  |  | 592 |  |  | 5 |  |  | (11) |  |  | — |
Total |  | $ | 1,719 |  |  | $ | — |  |  | $ | 798 |  |  | $ | 18 |  |  | $ | (11) |  |  | $ | 928 |
2022 |  |  |  |  |  |  |  |  |  |  |  |
CRA Mutual Fund |  | $ | 1,036 |  |  | $ | — |  |  | $ | — |  |  | $ | (121) |  |  | $ | — |  |  | $ | 915 |
Canapi Ventures SBIC Fund |  | — |  |  | 206 |  |  | — |  |  | — |  |  | — |  |  | 206 |
Stock in other banks |  | 1,573 |  |  | — |  |  | 811 |  |  | (177) |  |  | 13 |  |  | 598 |
Total |  | $ | 2,609 |  |  | $ | 206 |  |  | $ | 811 |  |  | $ | (298) |  |  | $ | 13 |  |  | $ | 1,719 |
Amortized cost and fair value of debt securities were as follows:
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
December 31, 2023 |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |
U.S. Government and agencies | $ | 176,458 |  |  | $ | — |  |  | $ | 19,663 |  |  | $ | 156,795 |
Mortgage-backed securities | 293,128 |  |  | 363 |  |  | 28,287 |  |  | 265,204 |
Corporate bonds | 32,326 |  |  | 202 |  |  | 2,834 |  |  | 29,694 |
Total | $ | 501,912 |  |  | $ | 565 |  |  | $ | 50,784 |  |  | $ | 451,693 |
Held to Maturity |  |  |  |  |  |  |
Mortgage-backed securities | $ | 2,467 |  |  | $ | — |  |  | $ | 124 |  |  | $ | 2,343 |
State and municipal | 62,133 |  |  | — |  |  | 5,419 |  |  | 56,714 |
Total | $ | 64,600 |  |  | $ | — |  |  | $ | 5,543 |  |  | $ | 59,057 |
December 31, 2022 |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |
U.S. Government and agencies | $ | 241,467 |  |  | $ | — |  |  | $ | 30,468 |  |  | $ | 210,999 |
Mortgage-backed securities | 327,535 |  |  | 342 |  |  | 32,159 |  |  | 295,718 |
State and municipal | 15,235 |  |  | 196 |  |  | 196 |  |  | 15,235 |
Corporate bonds | 33,404 |  |  | 15 |  |  | 1,817 |  |  | 31,602 |
Total | $ | 617,641 |  |  | $ | 553 |  |  | $ | 64,640 |  |  | $ | 553,554 |
Held to Maturity |  |  |  |  |  |  |
Mortgage-backed securities | $ | 3,279 |  |  | $ | — |  |  | $ | 194 |  |  | $ | 3,085 |
State and municipal | 61,698 |  |  | — |  |  | 6,705 |  |  | 54,993 |
Total | $ | 64,977 |  |  | $ | — |  |  | $ | 6,899 |  |  | $ | 58,078 |
Schedule of Unrealized Loss on Investments | The following table shows the gross unrealized and estimated fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022:
| Less than 12 Months |  | 12 Months or More |  | Total
(In thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | — |  |  | $ | — |  |  | $ | 156,795 |  |  | $ | 19,663 |  |  | $ | 156,795 |  |  | $ | 19,663 |
Mortgage-backed securities | — |  |  | — |  |  | 230,443 |  |  | 28,287 |  |  | 230,443 |  |  | 28,287 |
Corporate bonds | — |  |  | — |  |  | 15,279 |  |  | 2,834 |  |  | 15,279 |  |  | 2,834 |
Total | $ | — |  |  | $ | — |  |  | $ | 402,517 |  |  | $ | 50,784 |  |  | $ | 402,517 |  |  | $ | 50,784 |
Held to Maturity |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | $ | — |  |  | $ | — |  |  | $ | 2,343 |  |  | $ | 124 |  |  | $ | 2,343 |  |  | $ | 124 |
State and municipal | — |  |  | — |  |  | 56,714 |  |  | 5,419 |  |  | 56,714 |  |  | 5,419 |
Total | $ | — |  |  | $ | — |  |  | $ | 59,057 |  |  | $ | 5,543 |  |  | $ | 59,057 |  |  | $ | 5,543 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Available for Sale |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agencies | $ | 25,426 |  |  | $ | 1,461 |  |  | $ | 185,573 |  |  | $ | 29,007 |  |  | $ | 210,999 |  |  | $ | 30,468 |
Mortgage-backed securities | 221,249 |  |  | 19,362 |  |  | 63,145 |  |  | 12,797 |  |  | 284,394 |  |  | 32,159 |
State and municipal | 6,229 |  |  | 196 |  |  | — |  |  | — |  |  | 6,229 |  |  | 196 |
Corporate bonds | 24,337 |  |  | 1,217 |  |  | 5,250 |  |  | 600 |  |  | 29,587 |  |  | 1,817 |
Total | $ | 277,241 |  |  | $ | 22,236 |  |  | $ | 253,968 |  |  | $ | 42,404 |  |  | $ | 531,209 |  |  | $ | 64,640 |
Held to Maturity |  |  |  |  |
Mortgage-backed securities | $ | 3,085 |  |  | $ | 194 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,085 |  |  | $ | 194 |
State and municipal | 38,086 |  |  | 3,875 |  |  | 16,907 |  |  | 2,830 |  |  | 54,993 |  |  | 6,705 |
Total | $ | 41,171 |  |  | $ | 4,069 |  |  | $ | 16,907 |  |  | $ | 2,830 |  |  | $ | 58,078 |  |  | $ | 6,899 |
Investments Classified by Contractual Maturity Date | Amortized cost and fair value at December 31, 2023, by contractual maturity, where applicable, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay with or without penalties.
| Available for Sale |  | Held to Maturity
(In thousands) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
1 year or less | $ | 15,664 |  |  | $ | 15,178 |  |  | $ | — |  |  | $ | — |
Over 1 year through 5 years | 109,772 |  |  | 99,591 |  |  | 1,394 |  |  | 1,299 |
Over 5 years through 10 years | 81,348 |  |  | 70,242 |  |  | 25,391 |  |  | 23,807 |
Over 10 years | 2,000 |  |  | 1,478 |  |  | 35,348 |  |  | 31,608 |
Mortgage-backed securities | 293,128 |  |  | 265,204 |  |  | 2,467 |  |  | 2,343 |
| $ | 501,912 |  |  | $ | 451,693 |  |  | $ | 64,600 |  |  | $ | 59,057 |
Gain (Loss) on Securities | The proceeds from sales of securities and the associated gains and losses are listed below:
|  | Years Ended December 31,
(In thousands) |  | 2023 |  | 2022
Proceeds |  | $ | 125,241 |  |  | $ | 4,994 |
Gross gains |  | 230 |  |  | 14 |
Gross losses |  | 5,470 |  |  | 248 |

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