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Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale
Securities available for sale (“AFS”) consist of the following:
Amortized
Cost		Unrealized
GainsLossesFair Value
(In thousands)
March 31, 2023
U.S. agency$12,230 $6 $708 $11,528 
U.S. agency residential mortgage-backed98,337 1 8,834 89,504 
U.S. agency commercial mortgage-backed14,848 — 1,310 13,538 
Private label mortgage-backed100,323 233 7,842 92,714 
Other asset backed180,591 — 4,547 176,044 
Obligations of states and political subdivisions346,480 90 41,984 304,586 
Corporate86,138 — 7,457 78,681 
Trust preferred980 — 49 931 
Total$839,927 $330 $72,731 $767,526 
   
December 31, 2022   
U.S. agency$13,191 $10 $1,100 $12,101 
U.S. agency residential mortgage-backed100,700 19 10,261 90,458 
U.S. agency commercial mortgage-backed15,047 — 1,594 13,453 
Private label mortgage-backed102,196 245 8,596 93,845 
Other asset backed200,755 — 6,030 194,725 
Obligations of states and political subdivisions346,187 55 50,565 295,677 
Corporate87,308 — 9,151 78,157 
Trust preferred979 — 48 931 
Total$866,363 $329 $87,345 $779,347 
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)
March 31, 2023
U.S. agency$27,527 $1,804 $— $29,331 $— $4,299 $25,032 
U.S. agency residential mortgage-backed115,673 10,571 — 126,244 — 22,447 103,797 
U.S. agency commercial mortgage-backed4,766 214 — 4,980 — 445 4,535 
Private label mortgage-backed7,257 388 1 7,646 — 876 6,770 
Obligations of states and political subdivisions167,919 8,136 39 176,094 108 19,352 156,850 
Corporate45,491 1,051 116 46,658 — 5,151 41,507 
Trust preferred944 52 4 1,000 — 154 846 
Total$369,577 $22,216 $160 $391,953 $108 $52,724 $339,337 
December 31, 2022
U.S. agency$27,634 $1,839 $— $29,473 $— $5,066 $24,407 
U.S. agency residential mortgage-backed117,650 10,845 — 128,495 — 25,239 103,256 
U.S. agency commercial mortgage-backed4,798 228 — 5,026 — 596 4,430 
Private label mortgage-backed7,242 416 1 7,659 — 997 6,662 
Obligations of states and political subdivisions168,134 8,555 39 176,728 11 25,591 151,148 
Corporate48,418 1,130 123 49,671 — 5,156 44,515 
Trust preferred942 53 5 1,000 — — 1,000 
Total$374,818 $23,066 $168 $398,052 $11 $62,645 $335,418 
(1)Represents the remaining unrealized loss to be accreted on securities that were transferred from AFS to HTM on April 1, 2022.
Schedule of Unrealized Loss on Investments
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)
March 31, 2023
U.S. agency$297 $1 $10,301 $707 $10,598 $708 
U.S. agency residential mortgage-backed9,117 117 80,149 8,717 89,266 8,834 
U.S. agency commercial mortgage-backed— — 13,539 1,310 13,539 1,310 
Private label mortgage-backed1,995 198 90,199 7,644 92,194 7,842 
Other asset backed13,590 160 162,456 4,387 176,046 4,547 
Obligations of states and political subdivisions60 1 296,557 41,983 296,617 41,984 
Corporate11,240 183 67,441 7,274 78,681 7,457 
Trust preferred— — 930 49 930 49 
Total$36,299 $660 $721,572 $72,071 $757,871 $72,731 
December 31, 2022
U.S. agency$8,244 $799 $2,587 $301 $10,831 $1,100 
U.S. agency residential mortgage-backed33,784 1,920 54,793 8,341 88,577 10,261 
U.S. agency commercial mortgage-backed1,609 73 11,844 1,521 13,453 1,594 
Private label mortgage-backed39,954 2,582 53,346 6,014 93,300 8,596 
Other asset backed110,859 2,657 83,802 3,373 194,661 6,030 
Obligations of states and political subdivisions56,455 10,216 231,705 40,349 288,160 50,565 
Corporate24,876 1,737 51,293 7,414 76,169 9,151 
Trust preferred— — 931 48 931 48 
Total$275,781 $19,984 $490,301 $67,361 $766,082 $87,345 
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)
March 31, 2023
Credit rating:
AAA$7,257 $37,428 $— $— $44,685 
AA— 104,851 — — 104,851 
A— 3,924 6,903 — 10,827 
BBB— 1,163 35,685 — 36,848 
Non-rated— 20,553 2,903 944 24,400 
Total$7,257 $167,919 $45,491 $944 $221,611 
December 31, 2022
Credit rating:
AAA$7,242 $32,876 $— $— $40,118 
AA— 110,033 — — 110,033 
A— 3,917 6,900 — 10,817 
BBB— 1,167 38,621 — 39,788 
Non-rated— 20,141 2,897 942 23,980 
Total$7,242 $168,134 $48,418 $942 $224,736 
Held-to-Maturity, Allowance for Credit Losses
An analysis of the allowance for credit losses by security HTM type follows (1):
Private
Label
Mortgage-
Backed		Obligations
of States
and Political
Subdivisions		CorporateTrust
Preferred		Total
(In thousands)
Three months ended March 31, 2023
Balance at beginning of period$1 $39 $123 $5 $168 
Additions (deductions)  
Provision for credit losses— — 2,993 (1)2,992 
Recoveries credited to the allowance— — — — — 
Securities HTM charged against the allowance— — (3,000)— (3,000)
Balance at end of period$1 $39 $116 $4 $160 
(1) We had no securities HTM during the three month period ending March 31, 2022
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of securities AFS and securities HTM at March 31, 2023, by contractual maturity, follow:
Securities AFSSecurities HTM
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(In thousands)
Maturing within one year$9,999 $9,872 $5,873 $5,863 
Maturing after one year but within five years138,033 126,497 47,000 43,659 
Maturing after five years but within ten years88,054 77,115 111,535 98,275 
Maturing after ten years209,742 182,242 88,675 76,438 
445,828 395,726 253,083 224,235 
U.S. agency residential mortgage-backed98,337 89,504 126,244 103,797 
U.S. agency commercial mortgage-backed14,848 13,538 4,980 4,535 
Private label mortgage-backed100,323 92,714 7,646 6,770 
Other asset backed180,591 176,044 — — 
Total$839,927 $767,526 $391,953 $339,337 
The actual maturity may differ from the contractual maturity because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
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 three month periods ending March 31, follows:
Realized
ProceedsGainsLosses
(In thousands)
2023$278 $— $222 
20224,395 70 —