v3.25.2
Investment Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
Marketable Equity Securities
The Company held marketable equity securities with fair values of $8.7 million at both June 30, 2025 and December 31, 2024. The realized and unrealized gains (losses) recognized on marketable equity securities in other operating income in the Company's Consolidated Statements of Income were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2025202420242023
Unrealized gain (loss) on marketable equity securities
$78 ($60)$28 $254 
   Total$78 ($60)$28 $254 

Debt securities
Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, estimated fair value, and the Allowance for Credit Losses (“ACL”) of debt securities and the corresponding amounts of gross unrealized gains and losses of available-for-sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities at the periods indicated:
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
June 30, 2025    
Securities available for sale    
U.S. Treasury and government sponsored entities$388,946 $1,353 ($6,259)$— $384,040 
U.S. Agency mortgage-backed securities4,975 1 — 4,976 
Corporate bonds5,006 — (132)— 4,874 
Collateralized loan obligations35,480 51 — — 35,531 
Total securities available for sale$434,407 $1,405 ($6,391)$— $429,421 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2025
Securities held to maturity
Corporate bonds$36,750 $375 ($1,086)$36,039 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $375 ($1,086)$36,039 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
December 31, 2024    
Securities available for sale    
U.S. Treasury and government sponsored entities$444,370 $294 ($11,733)$— $432,931 
Corporate bonds9,009 9 (223)— 8,795 
Collateralized loan obligations36,827 66 (2)— 36,891 
Total securities available for sale$490,206 $369 ($11,958)$— $478,617 
(In Thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2024
Securities held to maturity
Corporate bonds$36,750 $175 ($1,175)$35,750 
   Allowance for credit losses— — — — 
Total securities held to maturity, net of ACL$36,750 $175 ($1,175)$35,750 

Gross unrealized losses on available for sale securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2025 and December 31, 2024 were as follows:

Less Than 12 MonthsMore Than 12 MonthsTotal
(In Thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
June 30, 2025
Securities available for sale
     U.S. Treasury and government sponsored entities$19,615 ($86)$288,411 ($6,173)$308,026 ($6,259)
     Corporate bonds— — 4,874 (132)4,874 (132)
     Collateralized loan obligations— — — — — — 
          Total$19,615 ($86)$293,285 ($6,305)$312,900 ($6,391)
Securities Held to Maturity
     Corporate bonds
$— $— $10,664 ($1,086)$10,664 ($1,086)
          Total$— $— $10,664 ($1,086)$10,664 ($1,086)
December 31, 2024
Securities available for sale
     U.S. Treasury and government sponsored entities$44,262 ($422)$358,446 ($11,311)$402,708 ($11,733)
     Corporate bonds— — 4,786 (223)4,786 (223)
     Collateralized loan obligations— — 4,993 (2)4,993 (2)
          Total$44,262 ($422)$368,225 ($11,536)$412,487 ($11,958)
Securities Held to Maturity
     Corporate bonds
$— $— $20,575 ($1,175)$20,575 ($1,175)
Total$— $— $20,575 ($1,175)$20,575 ($1,175)

Management evaluates available for sale debt securities and securities held to maturity in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to the extent to which the fair value is less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At June 30, 2025, the Company had two available for sale securities in an unrealized loss position without an ACL that have been in a loss position for less than twelve months. There were 32 available for sale securities without an ACL with unrealized losses at June 30, 2025 that have been in a loss position for more than twelve months. At June 30, 2025, the Company had two held to maturity securities in an unrealized loss position without an ACL that have been in a loss position for more than twelve months. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2025, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, primarily changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company's Consolidated Statements of Income.
At June 30, 2025 and December 31, 2024, carrying amounts of $192.6 million and $177.4 million in securities were pledged for deposits and borrowings, respectively.

The amortized cost and estimated fair values of available for sale and held to maturity debt securities at June 30, 2025, are distributed by contractual maturity as shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. 
(In Thousands)Amortized CostFair Value
June 30, 2025
US Treasury and government sponsored entities  
Within 1 year$162,488 $159,812 
1-5 years216,900 214,494 
5-10 years9,558 9,734 
Total$388,946 $384,040 
U.S. Agency mortgage-backed securities  
Over 10 years$4,975 $4,976 
Total$4,975 $4,976 
Corporate bonds  
Within 1 year$10,000 $10,006 
1-5 years5,006 4,874 
5-10 years26,750 26,033 
Total$41,756 $40,913 
Collateralized loan obligations
5-10 years$35,480 $35,531 
Over 10 years— — 
Total$35,480 $35,531 

There were no proceeds from sales of investment securities for the three and six-month periods ending June 30, 2025 and 2024.
A summary of interest income for the three and six-month periods ending June 30, 2025 and 2024, on available for sale investment securities are as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In Thousands)2025202420252024
US Treasury and government sponsored entities$2,415 $2,499 $4,739 $5,068 
U.S. Agency mortgage-backed securities49 — 53 — 
Other562 1,057 1,186 2,203 
Total taxable interest income$3,026 $3,556 $5,978 $7,271 
Municipal securities$— $— $— $3 
Total tax-exempt interest income$— $— $— $3 
Total$3,026 $3,556 $5,978 $7,274