SECURITIES AVAILABLE FOR SALE (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| SECURITIES AVAILABLE FOR SALE |
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| Summary of Available-for-Sale Debt Securities |
| | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | | | | Unrealized | | Unrealized | | | | | | | (in thousands) | | Amortized Cost | | Gains | | Losses | | Fair Value | | Allowance | June 30, 2025 | | | | | | | | | | | | | | | | Debt securities: | | | | | | | | | | | | | | | | Obligations of US Government-sponsored enterprises | | $ | 1,205 | | $ | 2 | | $ | (16) | | $ | 1,191 | | $ | — | Mortgage-backed securities and collateralized mortgage obligations: | | | | | | | | | | | | | | | | US Government-sponsored enterprises | | | 208,574 | | | 169 | | | (26,089) | | | 182,654 | | | — | US Government agency | | | 143,667 | | | 170 | | | (10,458) | | | 133,379 | | | — | Private label | | | 19,186 | | | 25 | | | (919) | | | 18,292 | | | — | Obligations of states and political subdivisions thereof | | | 121,284 | | | 1 | | | (22,678) | | | 98,607 | | | — | Corporate bonds | | | 98,861 | | | 246 | | | (4,540) | | | 94,567 | | | — | Total available-for-sale debt securities | | $ | 592,777 | | $ | 613 | | $ | (64,700) | | $ | 528,690 | | $ | — |
| | | | | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | | | | Unrealized | | Unrealized | | | | | | | (in thousands) | | Amortized Cost | | Gains | | Losses | | Fair Value | | Allowance | December 31, 2024 | | | | | | | | | | | | | | | | Debt securities: | | | | | | | | | | | | | | | | Obligations of US Government-sponsored enterprises | | $ | 1,344 | | $ | — | | $ | (26) | | $ | 1,318 | | $ | — | Mortgage-backed securities and collateralized mortgage obligations: | | | | | | | | | | | | | | | | US Government-sponsored enterprises | | | 208,818 | | | 22 | | | (31,524) | | | 177,316 | | | — | US Government agency | | | 115,177 | | | 53 | | | (11,314) | | | 103,916 | | | — | Private label | | | 40,633 | | | 25 | | | (1,094) | | | 39,564 | | | — | Obligations of states and political subdivisions thereof | | | 116,421 | | | 5,564 | | | (16,533) | | | 105,452 | | | — | Corporate bonds | | | 100,923 | | | 290 | | | (7,761) | | | 93,452 | | | (568) | Total available-for-sale debt securities | | $ | 583,316 | | $ | 5,954 | | $ | (68,252) | | $ | 521,018 | | $ | (568) |
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| Schedule of Allowance for Credit Losses on Available-for-Sale Debt Securities Held |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2025 | (in thousands) | | | Corporate Bonds | | | Total | | | Corporate Bonds | | | Total | Beginning Balance | | $ | 1,204 | | $ | 1,204 | | $ | 568 | | $ | 568 | Provision for credit losses on available-for-sale debt securities | | | — | | | — | | | 636 | | | 636 | Charge-offs | | | (1,204) | | | (1,204) | | | (1,204) | | | (1,204) | Ending Balance | | $ | — | | $ | — | | $ | — | | $ | — |
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| Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities, Segregated by Contractual Maturity |
| | | | | | | | | Available for sale | (in thousands) | | Amortized Cost | | Fair Value | Within 1 year | | $ | 6,011 | | $ | 5,947 | Over 1 year to 5 years | | | 54,721 | | | 53,036 | Over 5 years to 10 years | | | 45,353 | | | 42,337 | Over 10 years | | | 115,265 | | | 93,045 | Total bonds and obligations | | | 221,350 | | | 194,365 | Mortgage-backed securities and collateralized mortgage obligations | | | 371,427 | | | 334,325 | Total available-for-sale debt securities | | $ | 592,777 | | $ | 528,690 |
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| Schedule of Proceeds from Sales, Calls and Maturities of Available-for-Sale Debt Securities |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Proceeds from sales | | $ | — | | $ | — | | $ | — | | $ | — | Proceeds from calls/paydowns | | | 13,321 | | | 25,917 | | | 41,656 | | | 33,656 | Proceeds from maturities | | | — | | | 3,000 | | | — | | | 3,000 | Gross realized gains | | | — | | | 50 | | | — | | | 50 | Gross impairment losses | | | 4,393 | | | — | | | 4,393 | | | — |
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| Schedule of Securities with Unrealized Losses, Segregated by the Duration of Continuous Unrealized Loss Positions |
| | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | (in thousands) | | Losses | | Value | | Losses | | Value | | Losses | | Value | June 30, 2025 | | | | | | | | | | | | | | | | | | | Debt securities: | | | | | | | | | | | | | | | | | | | Obligations of US Government-sponsored enterprises | | $ | — | | $ | — | | $ | 16 | | $ | 491 | | $ | 16 | | $ | 491 | Mortgage-backed securities and collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | US Government-sponsored enterprises | | | 14 | | | 5,205 | | | 26,075 | | | 160,315 | | | 26,089 | | | 165,520 | US Government agency | | | 1,323 | | | 49,018 | | | 9,135 | | | 62,479 | | | 10,458 | | | 111,497 | Private label | | | — | | | — | | | 919 | | | 10,001 | | | 919 | | | 10,001 | Obligations of states and political subdivisions thereof | | | 84 | | | 3,402 | | | 22,594 | | | 92,150 | | | 22,678 | | | 95,552 | Corporate bonds | | | 98 | | | 11,893 | | | 4,442 | | | 63,063 | | | 4,540 | | | 74,956 | Total available-for-sale debt securities | | $ | 1,519 | | $ | 69,518 | | $ | 63,181 | | $ | 388,499 | | $ | 64,700 | | $ | 458,017 |
| | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | (in thousands) | | Losses | | Value | | Losses | | Value | | Losses | | Value | December 31, 2024 | | | | | | | | | | | | | | | | | | | Debt securities: | | | | | | | | | | | | | | | | | | | Obligations of US Government-sponsored enterprises | | $ | 2 | | $ | 707 | | $ | 24 | | $ | 611 | | $ | 26 | | $ | 1,318 | Mortgage-backed securities and collateralized mortgage obligations: | | | | | | | | | | | | | | | | | | | US Government-sponsored enterprises | | | 109 | | | 8,003 | | | 31,415 | | | 165,116 | | | 31,524 | | | 173,119 | US Government agency | | | 817 | | | 35,174 | | | 10,497 | | | 60,789 | | | 11,314 | | | 95,963 | Private label | | | 1 | | | 948 | | | 1,093 | | | 19,839 | | | 1,094 | | | 20,787 | Obligations of states and political subdivisions thereof | | | 115 | | | 4,962 | | | 16,418 | | | 99,109 | | | 16,533 | | | 104,071 | Corporate bonds | | | 26 | | | 2,438 | | | 4,495 | | | 75,002 | | | 4,521 | | | 77,440 | Total available-for-sale debt securities | | $ | 1,070 | | $ | 52,232 | | $ | 63,942 | | $ | 420,466 | | $ | 65,012 | | $ | 472,698 |
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| Summary of Securities Pledged as Collateral |
| | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Carrying | | Estimated | | Carrying | | Estimated | (in thousands) | | Value | | Fair Value | | Value | | Fair Value | Securities pledged for deposits | | $ | 17,200 | | $ | 15,234 | | $ | 18,483 | | $ | 15,821 | Securities pledged for repurchase agreements | | | 15,926 | | | 13,646 | | | 16,764 | | | 14,020 | Securities pledged for borrowings (1) | | | 35,697 | | | 28,223 | | | 35,819 | | | 30,634 | Total securities pledged | | $ | 68,823 | | $ | 57,103 | | $ | 71,066 | | $ | 60,475 |
| (1) | The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and the Federal Reserve Bank of Boston (the “Reserve Bank”). |
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