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INVESTMENT SECURITIES
 12 Months Ended
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 1PurchasesSales/reclassificationGains/(Losses)(Losses)/Gains on sales of securitiesFair Value at December 31
2023
CRA Mutual Fund$915 $— $— $13 $— $928 
Canapi Ventures SBIC Fund206 — 206 — — — 
Stock in other banks598 — 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 banks1,573 — 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 securities293,128 363 28,287 265,204 
Corporate bonds32,326 202 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 municipal62,133 — 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 securities327,535 342 32,159 295,718 
State and municipal15,235 196 196 15,235 
Corporate bonds33,404 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 municipal61,698 — 6,705 54,993 
Total$64,977 $— $6,899 $58,078 
The following table shows the gross unrealized and estimated fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023 and 2022:
 Less than 12 Months12 Months or MoreTotal
(In thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
December 31, 2023      
Available for Sale      
U.S. Government and agencies$— $— $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 securities221,249 19,362 63,145 12,797 284,394 32,159 
State and municipal6,229 196 — — 6,229 196 
Corporate bonds24,337 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 municipal38,086 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 SaleHeld 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 years109,772 99,591 1,394 1,299 
Over 5 years through 10 years81,348 70,242 25,391 23,807 
Over 10 years2,000 1,478 35,348 31,608 
Mortgage-backed securities293,128 265,204 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)20232022
Proceeds$125,241 $4,994 
Gross gains230 14 
Gross losses5,470 248 
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.