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Investment Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
 
Fair value of equity securities with readily determinable fair values at June 30, 2024 and December 31, 2023, are as follows:

(In thousands)Fair Value at Beginning of PeriodSales/reclassification(Losses) GainsLosses on sales of securitiesFair Value at End of Period
Six Months Ended June 30, 2024
CRA Mutual Fund$928 $— $(9)$— $919 
Twelve Months Ended December 31, 2023
CRA Mutual Fund$915 $— $13 $— $928 
Canapi Ventures SBIC Fund206 206 — — — 
Stock in other banks598 592 5 (11)— 
$1,719 $798 $18 $(11)$928 

Amortized cost and fair value of securities were as follows:
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2024
Available for Sale    
U.S. Government and agencies$175,594 $— $19,472 $156,122 
Collateralized mortgage obligations42,339 — 4,331 38,008 
Residential mortgage-backed securities169,094 — 21,418 147,676 
Commercial mortgage-backed securities65,972 — 4,806 61,166 
Corporate bonds18,105 — 2,713 15,392 
$471,104 $— $52,740 $418,364 
Held to Maturity
State and municipal$62,487 $— $7,449 55,038 
Residential mortgage-backed securities2,098 — 110 1,988 
$64,585 $— $7,559 $57,026 
December 31, 2023    
Available for Sale
U.S. Government and agencies$176,458 $— $19,663 $156,795 
Collateralized mortgage obligations45,189 — 4,105 41,084 
Residential mortgage-backed securities178,441 19 19,630 158,830 
Commercial mortgage-backed securities69,498 344 4,552 65,290 
Corporate bonds32,326 202 2,834 29,694 
 $501,912 $565 $50,784 $451,693 
Held to Maturity
State and municipal$62,133 $— $5,419 $56,714 
Residential mortgage-backed securities2,467 — 124 2,343 
$64,600 $— $5,543 $59,057 
The following table shows the Corporation’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2024, and December 31, 2023:
 Less than 12 Months12 Months or MoreTotal
(In thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
June 30, 2024      
Available for Sale      
U.S. Government and agencies$— $— $156,122 $19,472 $156,122 $19,472 
Collateralized mortgage obligations— — 38,008 4,331 38,008 4,331 
Residential mortgage-backed securities2,714 21 144,962 21,397 147,676 21,418 
Commercial mortgage-backed securities31,694 214 29,472 4,592 61,166 4,806 
Corporate bonds— — 15,392 2,713 15,392 2,713 
$34,408 $235 $383,956 $52,505 $418,364 $52,740 
Held to Maturity
State and municipal$— $— $55,038 $7,449 $55,038 $7,449 
Residential mortgage-backed securities— — 1,988 110 1,988 110 
$— $— $57,026 $7,559 $57,026 $7,559 
December 31, 2023
Available for Sale      
U.S. Government and agencies$— $— $156,795 $19,663 $156,795 $19,663 
Collateralized mortgage obligations— — 41,085 4,104 41,085 4,104 
Residential mortgage-backed securities— — 156,295 19,630 156,295 19,630 
Commercial mortgage-backed securities— — 33,063 4,553 33,063 4,553 
Corporate bonds— — 15,279 2,834 15,279 2,834 
 $— $— $402,517 $50,784 $402,517 $50,784 
Held to Maturity
State and municipal$— $— $56,714 $5,419 $56,714 $5,419 
Residential mortgage-backed securities— — 2,343 124 2,343 124 
$— $— $59,057 $5,543 $59,057 $5,543 

All mortgage-backed security investments are government sponsored enterprise pass-through instruments issued by the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation or they are issued by Government National Mortgage Association which is backed by the U.S. government.

The Company evaluates AFS debt securities for impairment 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. There was no impairment on AFS debt securities as of June 30, 2024 and December 31, 2023. The Company evaluates HTM debt securities for expected credit losses at each measurement date to determine if an ACL is required. The Corporation did not have an ACL for HTM investment securities as of June 30, 2024 and December 31, 2023. In estimating credit events, 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 anticipated recovery or if it does not expect to recover the entire amortized cost basis.
Amortized cost and fair value at June 30, 2024, 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. Securities not due at a single maturity date are shown separately.
 Available for SaleHeld to Maturity
(In thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
1 year or less$21,353 $20,931 $— $— 
Over 1 year through 5 years114,342 102,924 1,960 1,716 
Over 5 years through 10 years56,004 46,177 24,391 23,485 
Over 10 years2,000 1,482 36,136 29,837 
Mortgage-backed securities277,405 246,850 2,098 1,988 
 $471,104 $418,364 $64,585 $57,026 

The proceeds from sales and calls of securities and the associated gains and losses are listed below:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Proceeds$6,650 $32,235 $30,211 $79,215 
Gross gains— 15 87 243 
Gross losses— 561 18 982 

At June 30, 2024, and December 31, 2023, securities with a carrying value of $188.2 million and $233.7 million, respectively, were pledged as collateral as required by law on public and trust deposits, repurchase agreements, and for other purposes.