v3.25.2
Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-Sale
Securities available for sale (“AFS”) consist of the following:
Amortized
Cost		Unrealized
GainsLossesFair Value
(In thousands)
June 30, 2025
U.S. agency$9,143 $1 $497 $8,647 
U.S. agency residential mortgage-backed79,773 74 8,051 71,796 
U.S. agency commercial mortgage-backed12,183 — 1,017 11,166 
Private label mortgage-backed47,903 262 3,236 44,929 
Other asset backed34,610 13 706 33,917 
Obligations of states and political subdivisions326,567 — 49,821 276,746 
Corporate63,934 — 2,601 61,333 
Trust preferred988 — 11 977 
Total$575,101 $350 $65,940 $509,511 
   
December 31, 2024   
U.S. agency$8,858 $1 $700 $8,159 
U.S. agency residential mortgage-backed80,589 47 9,499 71,137 
U.S. agency commercial mortgage-backed12,821 — 1,180 11,641 
Private label mortgage-backed74,268 263 4,496 70,035 
Other asset backed39,232 18 734 38,516 
Obligations of states and political subdivisions330,874 14 42,097 288,791 
Corporate73,960 — 4,039 69,921 
Trust preferred986 — 4 982 
Total$621,588 $343 $62,749 $559,182 
Debt Securities, Held-to-Maturity
Securities held to maturity (“HTM”) consist of the following:
Carrying
Value		Transferred
Unrealized
Loss (1)		ACLAmortized
Cost		UnrealizedFair Value
GainsLosses
(In thousands)
June 30, 2025
U.S. agency$23,283 $1,309 $— $24,592 $— $4,260 $20,332 
U.S. agency residential mortgage-backed96,758 8,165 — 104,923 — 22,399 82,524 
U.S. agency commercial mortgage-backed3,957 87 — 4,044 — 337 3,707 
Private label mortgage-backed7,324 133 1 7,458 — 407 7,051 
Obligations of states and political subdivisions152,433 4,466 17 156,916 11 19,781 137,146 
Corporate44,591 343 111 45,045 — 3,147 41,898 
Trust preferred956 40 4 1,000 — — 1,000 
Total$329,302 $14,543 $133 $343,978 $11 $50,331 $293,658 
December 31, 2024
U.S. agency$24,150 $1,404 $— $25,554 $— $4,987 $20,567 
U.S. agency residential mortgage-backed100,700 8,669 — 109,369 — 24,631 84,738 
U.S. agency commercial mortgage-backed4,013 107 — 4,120 — 402 3,718 
Private label mortgage-backed7,350 190 1 7,541 — 551 6,990 
Obligations of states and political subdivisions156,305 5,262 17 161,584 28 19,461 142,151 
Corporate45,964 496 111 46,571 — 3,875 42,696 
Trust preferred954 43 3 1,000 — — 1,000 
Total$339,436 $16,171 $132 $355,739 $28 $53,907 $301,860 
(1)Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
Our investments' gross unrealized losses and fair values for securities AFS aggregated by investment type and length of time that individual securities have been at a continuous unrealized loss position follows:
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
(In thousands)
June 30, 2025
U.S. agency$1,271 $3 $7,245 $494 $8,516 $497 
U.S. agency residential mortgage-backed7,252 17 51,017 8,034 58,269 8,051 
U.S. agency commercial mortgage-backed— — 11,166 1,017 11,166 1,017 
Private label mortgage-backed— — 43,557 3,236 43,557 3,236 
Other asset backed5,063 55 24,557 651 29,620 706 
Obligations of states and political subdivisions327 13 276,417 49,808 276,744 49,821 
Corporate1,492 5 59,841 2,596 61,333 2,601 
Trust preferred— — 978 11 978 11 
Total$15,405 $93 $474,778 $65,847 $490,183 $65,940 
December 31, 2024
U.S. agency$324 $1 $7,565 $699 $7,889 $700 
U.S. agency residential mortgage-backed147 — 61,219 9,499 61,366 9,499 
U.S. agency commercial mortgage-backed— — 11,641 1,180 11,641 1,180 
Private label mortgage-backed2,551 8 66,411 4,488 68,962 4,496 
Other asset backed3,984 19 27,052 715 31,036 734 
Obligations of states and political subdivisions221 1 288,570 42,096 288,791 42,097 
Corporate1,473 23 68,448 4,016 69,921 4,039 
Trust preferred— — 982 4 982 4 
Total$8,700 $52 $531,888 $62,697 $540,588 $62,749 
Debt Securities, Held-to-Maturity, Credit Quality The carrying value of securities HTM aggregated by credit quality follow:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Carrying
Value
Total
(In thousands)
June 30, 2025
Credit rating:
AAA$7,324 $17,802 $— $— $25,126 
AA— 118,000 — — 118,000 
A— 1,961 5,001 — 6,962 
BBB— 444 34,655 — 35,099 
BB
— — 1,972 — 1,972 
Non-rated— 14,226 2,963 956 18,145 
Total$7,324 $152,433 $44,591 $956 $205,304 
December 31, 2024
Credit rating:
AAA$7,350 $34,973 $— $— $42,323 
AA— 101,112 — — 101,112 
A— 3,473 5,005 — 8,478 
BBB— 652 36,045 — 36,697 
BB— — 1,963 — 1,963 
Non-rated— 16,095 2,951 954 20,000 
Total$7,350 $156,305 $45,964 $954 $210,573 
Debt Securities, Held-to-Maturity, Allowance for Credit Loss
An analysis of the allowance for credit losses by security HTM type for the three months ended June 30 follows:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Total
(In thousands)
2025
Balance at beginning of period$1 $17 $108 $3 $129 
Additions (deductions)   
Provision for credit losses— — 3 1 4 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$1 $17 $111 $4 $133 
2024
Balance at beginning of period$4 $31 $116 $4 $155 
Additions (deductions)
Provision for credit losses— — — — — 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$4 $31 $116 $4 $155 
An analysis of the allowance for credit losses by security HTM type for the six months ended June 30 follows:
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Total
(In thousands)
2025
Balance at beginning of period$1 $17 $111 $3 $132 
Additions (deductions)
Provision for credit losses— — — 1 1 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$1 $17 $111 $4 $133 
2024
Balance at beginning of period$4 $33 $116 $4 $157 
Additions (deductions)
Provision for credit losses— (2)(1,125)— (1,127)
Recoveries credited to the allowance— — 1,125 — 1,125 
Securities HTM charged against the allowance— — — — — 
Balance at end of period$4 $31 $116 $4 $155 
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities AFS and securities HTM at June 30, 2025, by contractual maturity, follow:
Securities AFSSecurities HTM
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(In thousands)
Maturing within one year$28,517 $28,207 $11,362 $11,237 
Maturing after one year but within five years135,008 126,926 51,215 48,268 
Maturing after five years but within ten years35,330 31,802 93,772 83,408 
Maturing after ten years201,777 160,768 71,204 57,463 
400,632 347,703 227,553 200,376 
U.S. agency residential mortgage-backed79,773 71,796 104,923 82,524 
U.S. agency commercial mortgage-backed12,183 11,166 4,044 3,707 
Private label mortgage-backed47,903 44,929 7,458 7,051 
Other asset backed34,610 33,917 — — 
Total$575,101 $509,511 $343,978 $293,658 
Gains and Losses Realized on Sale of Securities Available for Sale A summary of proceeds from the sale of securities AFS and gains and losses for the six month periods ending June 30, follows:
Realized
ProceedsGainsLosses
(In thousands)
2025$26,356 $37 $356 
202437,273 14 283