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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost and fair value of 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 Period									Sales/reclassification						(Losses) Gains						Losses on sales of securities						Fair 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 Fund			206									206						—						—						—
Stock in other banks			598									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 obligations			42,339						—						4,331						38,008
Residential mortgage-backed securities			169,094						—						21,418						147,676
Commercial mortgage-backed securities			65,972						—						4,806						61,166
Corporate bonds			18,105						—						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 securities			2,098						—						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 obligations			45,189						—						4,105						41,084
Residential mortgage-backed securities			178,441						19						19,630						158,830
Commercial mortgage-backed securities			69,498						344						4,552						65,290
Corporate bonds			32,326						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 securities			2,467						—						124						2,343
			$	64,600					$	—					$	5,543					$	59,057

Schedule of unrealized losses and fair value

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 Months												12 Months or More												Total
(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 securities			2,714						21						144,962						21,397						147,676						21,418
Commercial mortgage-backed securities			31,694						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

Schedule of amortized cost and fair value by contractual maturity

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 Sale												Held 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 years			114,342						102,924						1,960						1,716
Over 5 years through 10 years			56,004						46,177						24,391						23,485
Over 10 years			2,000						1,482						36,136						29,837
Mortgage-backed securities			277,405						246,850						2,098						1,988
			$	471,104					$	418,364					$	64,585					$	57,026

Gain (Loss) on Securities

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)			2024						2023						2024						2023
Proceeds			$	6,650					$	32,235					$	30,211					$	79,215
Gross gains			—						15						87						243
Gross losses			—						561						18						982

X

- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

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