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Investment Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023, are as follows:

(In thousands)			Fair Value at Beginning of Period												Sales/reclassification						Gains (Losses)						Losses on sales of securities						Fair Value at End of Period
Nine Months Ended September 30, 2024
CRA Mutual Fund			$	928											$	—					$	19					$	—					$	947
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
September 30, 2024
Available for Sale
U.S. Government and agencies			$	166,194					$	—					$	13,985					$	152,209
Collateralized mortgage obligations			40,889						—						2,822						38,067
Residential mortgage-backed securities			164,113						43						15,088						149,068
Commercial mortgage-backed securities			65,566						803						3,472						62,897
Corporate bonds			18,102						—						2,264						15,838
			$	454,864					$	846					$	37,631					$	418,079
Held to Maturity
State and municipal			$	62,665					$	—					$	5,477					57,188
Residential mortgage-backed securities			1,913						—						63						1,850
			$	64,578					$	—					$	5,540					$	59,038
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 September 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
September 30, 2024
Available for Sale
U.S. Government and agencies			$	—					$	—					$	152,209					$	13,985					$	152,209					$	13,985
Collateralized mortgage obligations			—						—						38,067						2,822						38,067						2,822
Residential mortgage-backed securities			—						—						146,297						15,088						146,297						15,088
Commercial mortgage-backed securities			—						—						30,174						3,472						30,174						3,472
Corporate bonds			—						—						15,838						2,264						15,838						2,264
			$	—					$	—					$	382,585					$	37,631					$	382,585					$	37,631
Held to Maturity
State and municipal			$	—					$	—					$	57,188					$	5,477					$	57,188					$	5,477
Residential mortgage-backed securities			—						—						1,850						63						1,850						63
			$	—					$	—					$	59,038					$	5,540					$	59,038					$	5,540
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 September 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			$	16,322					$	16,029					$	—					$	—
Over 1 year through 5 years			110,053						102,347						4,191						3,824
Over 5 years through 10 years			55,921						48,125						24,314						23,966
Over 10 years			2,000						1,546						34,160						29,398
Mortgage-backed securities			270,568						250,032						1,913						1,850
			$	454,864					$	418,079					$	64,578					$	59,038

Gain (Loss) on Securities

The proceeds from sales and calls of securities and the associated gains and losses are listed below:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)			2024						2023						2024						2023
Proceeds			$	15,908					$	—					$	46,119					$	79,215
Gross gains			—						—						87						243
Gross losses			—						—						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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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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