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INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Unrealized Gain (Loss) on Investments

Fair value of equity securities with readily determinable fair values at December 31 are as follows:

(In thousands)			Fair Value at January 1						Purchases						Sales/reclassification						(Losses)/Gains						Losses on sales of securities						Fair Value at December 31
2024
CRA Mutual Fund			$	928					$	—					$	—					$	(9)					$	—					$	919
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 investment securities were as follows:

(In thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
December 31, 2024
Available for Sale
U.S. Government and agencies			$	159,799					$	—					$	16,606					$	143,193
Collateralized mortgage obligations			39,540						—						3,886						35,654
Residential mortgage-backed securities			159,349						2						20,811						138,540
Commercial mortgage-backed securities			65,350						—						4,565						60,785
Corporate bonds			17,600						—						1,797						15,803
Total			$	441,638					$	2					$	47,665					$	393,975
Held to Maturity
State and municipal			$	62,838					$	—					$	7,586					$	55,252
Residential mortgage-backed securities			1,740						—						68						1,672
Total			$	64,578					$	—					$	7,654					$	56,924
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
Total			$	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
Total			$	64,600					$	—					$	5,543					$	59,057

Schedule of Unrealized Loss on Investments

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 December 31, 2024 and 2023:

			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, 2024
Available for Sale
U.S. Government and agencies			$	—					$	—					$	143,193					$	16,606					$	143,193					$	16,606
Collateralized mortgage obligations			—						—						35,654						3,886						35,654						3,886
Residential mortgage-backed securities			2,692						26						135,626						20,785						138,318						20,811
Commercial mortgage-backed securities			31,860						73						28,925						4,492						60,785						4,565
Corporate bonds			—						—						15,803						1,797						15,803						1,797
Total			$	34,552					$	99					$	359,201					$	47,566					$	393,753					$	47,665
Held to Maturity
State and municipal			$	—					$	—					$	55,252					$	7,586					$	55,252					$	7,586
Residential mortgage-backed securities			—						—						1,672						68						1,672						68
Total			$	—					$	—					$	56,924					$	7,654					$	56,924					$	7,654
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
Total			$	—					$	—					$	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
Total			$	—					$	—					$	59,057					$	5,543					$	59,057					$	5,543

Investments Classified by Contractual Maturity Date

Amortized cost and fair value at December 31, 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.

			Available for Sale												Held to Maturity
(In thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
1 year or less			$	18,009					$	17,592					$	—					$	—
Over 1 year through 5 years			102,083						93,188						4,188						3,735
Over 5 years through 10 years			55,307						46,670						27,266						25,927
Over 10 years			2,000						1,546						31,384						25,590
Mortgage-backed securities			264,239						234,979						1,740						1,672
			$	441,638					$	393,975					$	64,578					$	56,924

Gain (Loss) on Securities

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

			Years Ended December 31,
(In thousands)			2024						2023						2022
Proceeds from sales			$	14,336					$	125,241					$	4,994
Proceeds from calls			1,984						—						—
Gross gains			87						230						14
Gross losses			18						5,470						248

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

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-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
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