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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Summary of Securities Available for Sale (AFS) and Securities

The following is a summary of securities available for sale (“AFS”) , held to maturity (“HTM”), and marketable equity securities:

(In thousands)		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
December 31, 2019
Securities available for sale
Debt securities:
Municipal bonds and obligations		$	104,325			$	5,813			$	—			$	110,138
Agency collateralized mortgage obligations		742,550				6,431				(169		)		748,812
Agency mortgage-backed securities		146,589				1,515				(360		)		147,744
Agency commercial mortgage-backed securities		148,066				176				(1,146		)		147,096
Corporate bonds		115,395				1,788				(607		)		116,576
Other bonds and obligations		40,414				780				(5		)		41,189
Total securities available for sale		1,297,339				16,503				(2,287		)		1,311,555
Securities held to maturity
Municipal bonds and obligations		252,936				13,095				(5		)		266,026
Agency collateralized mortgage obligations		69,667				2,870				(50		)		72,487
Agency mortgage-backed securities		6,271				29				—				6,300
Agency commercial mortgage-backed securities		10,353				51				—				10,404
Tax advantaged economic development bonds		18,456				218				(910		)		17,764
Other bonds and obligations		296				—				—				296
Total securities held to maturity		357,979				16,263				(965		)		373,277
Marketable equity securities		37,138				5,147				(729		)		41,556
Total		$	1,692,456			$	37,913			$	(3,981	)		$	1,726,388
December 31, 2018
Securities available for sale
Debt securities:
Municipal bonds and obligations		$	109,648			$	2,272			$	(713	)		$	111,207
Agency collateralized mortgage obligations		944,946				1,130				(15,192		)		930,884
Agency mortgage-backed securities		175,406				36				(5,121		)		170,321
Agency commercial mortgage-backed securities		62,200				—				(3,275		)		58,925
Corporate bonds		120,718				593				(1,355		)		119,956
Other bonds and obligations		8,355				34				(35		)		8,354
Total securities available for sale		1,421,273				4,065				(25,691		)		1,399,647
Securities held to maturity
Municipal bonds and obligations		264,524				3,569				(3,601		)		264,492
Agency collateralized mortgage-backed securities		71,637				533				(778		)		71,392
Agency mortgage-backed securities		7,219				—				(297		)		6,922
Agency commercial mortgage-backed securities		10,417				—				(289		)		10,128
Tax advantaged economic development bonds		19,718				22				(1,698		)		18,042
Other bonds and obligations		248				—				—				248
Total securities held to maturity		373,763				4,124				(6,663		)		371,224
Marketable equity securities		55,471				4,370				(3,203		)		56,638
Total		$	1,850,507			$	12,559			$	(35,557	)		$	1,827,509

Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) and Held to Maturity (HTM) Securities, Segregated by Contractual Maturity

The amortized cost and estimated fair value of AFS and HTM securities, segregated by contractual maturity at year-end 2019 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities and collateralized mortgage obligations are shown in total, as their maturities are highly variable. 

		Available for sale								Held to maturity
(In thousands)		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Within 1 year		$	34,900			$	34,996			$	1,849			$	1,849
Over 1 year to 5 years		20,372				20,292				14,269				14,403
Over 5 years to 10 years		68,139				69,673				12,541				12,711
Over 10 years		136,723				142,942				243,029				255,123
Total bonds and obligations		260,134				267,903				271,688				284,086
Mortgage-backed securities		1,037,205				1,043,652				86,291				89,191
Total		$	1,297,339			$	1,311,555			$	357,979			$	373,277

Schedule of Amortized Cost and Fair Values of Pledged Securities

The total amortized cost and fair values of these pledged securities follows. Additionally, there is a blanket lien on certain securities to collateralize borrowings from the FHLBB, as discussed further in Note 13 - Borrowed Funds.

		2019								2018
(In thousands)		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Securities pledged to swap counterparties		$	25,728			$	25,828			$	13,093			$	12,819
Securities pledged for municipal deposits		168,740				175,719				187,636				188,423
Total		$	194,468			$	201,547			$	200,729			$	201,242

Schedule of Components of Net Realized Gains and Losses on the Sale of AFS Securities

The components of net recognized gains and losses on the sale of AFS securities and the fair value change of marketable equities are as follows:

(In thousands)		2019				2018				2017
Gross recognized gains		$	7,492			$	3,256			$	13,877
Gross recognized losses		(3,103		)		(6,975		)		(1,279		)
Net recognized gains/(losses)		$	4,389			$	(3,719	)		$	12,598

Schedule of Securities with Unrealized Losses, Segregated by the Duration of their Continuous Unrealized Loss Positions

Debt securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:

		Less Than Twelve Months								Over Twelve Months								Total
(In thousands)		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
December 31, 2019
Securities available for sale
Debt securities:
Agency collateralized mortgage obligations		$	127			$	52,623			$	42			$	6,267			$	169			$	58,890
Agency mortgage-backed securities		59				10,640				301				23,404				360				34,044
Agency commercial mortgage-back securities		1,097				116,324				49				11,250				1,146				127,574
Corporate bonds		—				—				607				42,823				607				42,823
Other bonds and obligations		4				1,239				1				29				5				1,268
Total securities available for sale		$	1,287			$	180,826			$	1,000			$	83,773			$	2,287			$	264,599
Securities held to maturity
Municipal bonds and obligations		5				800				—				—				5				800
Agency collateralized mortgage obligations		50				9,778				—				—				50				9,778
Tax advantaged economic development bonds		—				—				910				6,925				910				6,925
Total securities held to maturity		55				10,578				910				6,925				965				17,503
Total		$	1,342			$	191,404			$	1,910			$	90,698			$	3,252			$	282,102
December 31, 2018
Securities available for sale
Debt securities:
Municipal bonds and obligations		$	55			$	3,186			$	658			$	11,787			$	713			$	14,973
Agency collateralized mortgage obligations		76				39,114				15,116				755,528				15,192				794,642
Agency mortgage-backed securities		53				5,500				5,068				162,439				5,121				167,939
Agency commercial mortgage-backed securities		44				1,503				3,231				57,422				3,275				58,925
Corporate bonds		1,348				81,502				7				2,561				1,355				84,063
Other bonds and obligations		—				—				35				3,030				35				3,030
Total securities available for sale		$	1,576			$	130,805			$	24,115			$	992,767			$	25,691			$	1,123,572
Securities held to maturity
Municipal bonds and obligations		127				17,596				3,474				103,759				3,601				121,355
Agency collateralized mortgage obligations		—				—				778				43,138				778				43,138
Agency mortgage-backed securities		—				—				297				6,922				297				6,922
Agency commercial mortgage-back securities		—				—				289				10,128				289				10,128
Tax advantaged economic development bonds		65				8,078				1,633				6,512				1,698				14,590
Total securities held to maturity		192				25,674				6,471				170,459				6,663				196,133
Total		$	1,768			$	156,479			$	30,586			$	1,163,226			$	32,354			$	1,319,705

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