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INVESTMENT SECURITIES | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | INVESTMENT SECURITIES 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 |
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 |
All mortgage-backed security investments are government sponsored enterprise pass-through instruments issued by the Federal National Mortgage Association, Government National Mortgage Association or Federal Home Loan Mortgage Corporation, which guarantee the timely payment of principal on these investments. The Company evaluates AFS debt securities for expected credit losses 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. In estimating credit events which may lead to an ACL on debt securities, management considers whether it intends to sell the security, or if it is more likely than not that it will be required to sell the security before recovery, or if it does not expect to recover the entire amortized cost basis. 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 |
The Corporation reassessed classification of certain investments and effective April 1, 2022, the Corporation transferred $39.7 million of state and municipal securities from AFS to HTM securities. The transfer occurred at fair value. The related unrealized loss of $4.8 million included in other comprehensive loss remained in other comprehensive loss, to be amortized out of other comprehensive loss with an offsetting entry to interest income as a yield adjustment over the remaining term of the securities. No gain or loss was recorded at the time of transfer. During 2022, the Corporation enacted a sale of certain amortizing securities designated as HTM under the standards set forth in ASC Topic 320, Investments - Debt Securities. It was determined that the combination of scheduled, equal installments, principal prepayments on such securities had resulted in the collection of more than eighty-five percent of the principal outstanding at acquisition, and the non-recurrence of the event to enact a sale of such 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 |
At December 31, 2023 and 2022, securities with a carrying value of $233.7 million and $342.2 million, respectively, were pledged as collateral as required by law on public and trust deposits, repurchase agreements, and for other purposes.

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