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SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule 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 |  | Allowance
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | 11,972 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 11,973 |  |  | $ | — |
Municipal bonds and obligations |  | 65,943 |  |  | 422 |  |  | (3,030) |  |  | 63,335 |  |  | — |
Agency collateralized mortgage obligations |  | 631,732 |  |  | — |  |  | (99,787) |  |  | 531,945 |  |  | — |
Agency mortgage-backed securities |  | 643,308 |  |  | 1 |  |  | (96,996) |  |  | 546,313 |  |  | — |
Agency commercial mortgage-backed securities |  | 264,218 |  |  | — |  |  | (35,750) |  |  | 228,468 |  |  | — |
Corporate bonds |  | 43,368 |  |  | 80 |  |  | (2,938) |  |  | 40,510 |  |  | — |
Other bonds and obligations |  | 655 |  |  | 67 |  |  | (66) |  |  | 656 |  |  | — |
Total securities available for sale |  | 1,661,196 |  |  | 571 |  |  | (238,567) |  |  | 1,423,200 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 266,793 |  |  | 691 |  |  | (23,704) |  |  | 243,780 |  |  | 66 |
Agency collateralized mortgage obligations |  | 128,136 |  |  | — |  |  | (20,420) |  |  | 107,716 |  |  | — |
Agency mortgage-backed securities |  | 50,958 |  |  | — |  |  | (9,240) |  |  | 41,718 |  |  | — |
Agency commercial mortgage-backed securities |  | 135,206 |  |  | — |  |  | (23,203) |  |  | 112,003 |  |  | — |
Tax advantaged economic development bonds |  | 2,069 |  |  | 8 |  |  | (121) |  |  | 1,956 |  |  | 25 |
Other bonds and obligations |  | 291 |  |  | — |  |  | — |  |  | 291 |  |  | — |
Total securities held to maturity |  | 583,453 |  |  | 699 |  |  | (76,688) |  |  | 507,464 |  |  | 91 |
Marketable equity securities |  | 15,035 |  |  | — |  |  | (2,179) |  |  | 12,856 |  |  | — |
Total |  | $ | 2,259,684 |  |  | $ | 1,270 |  |  | $ | (317,434) |  |  | $ | 1,943,520 |  |  | $ | 91 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
U.S Treasuries |  | $ | 59,972 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 59,973 |  |  | $ | — |
Municipal bonds and obligations |  | 71,822 |  |  | 5,355 |  |  | — |  |  | 77,177 |  |  | — |
Agency collateralized mortgage obligations |  | 693,782 |  |  | 5,566 |  |  | (11,012) |  |  | 688,336 |  |  | — |
Agency mortgage-backed securities |  | 711,154 |  |  | 2,347 |  |  | (7,642) |  |  | 705,859 |  |  | — |
Agency commercial mortgage-backed securities |  | 300,259 |  |  | 3,949 |  |  | (3,628) |  |  | 300,580 |  |  | — |
Corporate bonds |  | 44,824 |  |  | 950 |  |  | (114) |  |  | 45,660 |  |  | — |
Other bonds and obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total securities available for sale |  | 1,881,813 |  |  | 18,168 |  |  | (22,396) |  |  | 1,877,585 |  |  | — |
Securities held to maturity |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 281,515 |  |  | 16,151 |  |  | (693) |  |  | 296,973 |  |  | 70 |
Agency collateralized mortgage-backed securities |  | 149,195 |  |  | 3,203 |  |  | (3,513) |  |  | 148,885 |  |  | — |
Agency mortgage-backed securities |  | 57,327 |  |  | 95 |  |  | (1,498) |  |  | 55,924 |  |  | — |
Agency commercial mortgage-backed securities |  | 145,573 |  |  | 266 |  |  | (3,289) |  |  | 142,550 |  |  | — |
Tax advantaged economic development bonds |  | 2,728 |  |  | 26 |  |  | (15) |  |  | 2,739 |  |  | 35 |
Other bonds and obligations |  | 165 |  |  | — |  |  | — |  |  | 165 |  |  | — |
Total securities held to maturity |  | 636,503 |  |  | 19,741 |  |  | (9,008) |  |  | 647,236 |  |  | 105 |
Marketable equity securities |  | 15,689 |  |  | 67 |  |  | (303) |  |  | 15,453 |  |  | — |
Total |  | $ | 2,534,005 |  |  | $ | 37,976 |  |  | $ | (31,707) |  |  | $ | 2,540,274 |  |  | $ | 105 |
Schedule of Debt Securities, Held to Maturity, Activity | The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the years ended December 31, 2022, 2021 and 2020:
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2021 | $ | 70 |  |  | $ | 35 |  |  | $ | 105 |
Provision (benefit) for credit losses | (4) |  |  | (10) |  |  | (14) |
Balance at December 31, 2022 | $ | 66 |  |  | $ | 25 |  |  | $ | 91 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2020 | $ | 64 |  |  | $ | 40 |  |  | $ | 104 |
Provision expense for credit losses | 6 |  |  | (5) |  |  | 1 |
Balance at December 31, 2021 | $ | 70 |  |  | $ | 35 |  |  | $ | 105 |
(In thousands) | Municipal bonds and obligations |  | Tax advantaged economic development bonds |  | Total
Balance at December 31, 2019 | $ | — |  |  | $ | — |  |  | $ | — |
Impact of ASC 326 adoption | 83 |  |  | 226 |  |  | 309 |
Provision (benefit) for credit losses | (19) |  |  | (186) |  |  | (205) |
Balance at December 31, 2020 | $ | 64 |  |  | $ | 40 |  |  | $ | 104 |
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 2022 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 |  | $ | 12,482 |  |  | $ | 12,482 |  |  | $ | 995 |  |  | $ | 995 |
Over 1 year to 5 years |  | 11,254 |  |  | 11,269 |  |  | 2,191 |  |  | 2,181 |
Over 5 years to 10 years |  | 49,729 |  |  | 46,904 |  |  | 28,544 |  |  | 28,543 |
Over 10 years |  | 48,473 |  |  | 45,819 |  |  | 237,423 |  |  | 214,308 |
Total bonds and obligations |  | 121,938 |  |  | 116,474 |  |  | 269,153 |  |  | 246,027 |
Mortgage-backed securities |  | 1,539,258 |  |  | 1,306,726 |  |  | 314,300 |  |  | 261,437 |
Total |  | $ | 1,661,196 |  |  | $ | 1,423,200 |  |  | $ | 583,453 |  |  | $ | 507,464 |
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 11 - Borrowed Funds.
|  | 2022 |  | 2021
(In thousands) |  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Securities pledged to swap counterparties |  | $ | 11,972 |  |  | $ | 11,973 |  |  | $ | 34,773 |  |  | $ | 34,896 |
Securities pledged for municipal deposits |  | 304,741 |  |  | 276,804 |  |  | 183,408 |  |  | 189,535 |
Total |  | $ | 316,713 |  |  | $ | 288,777 |  |  | $ | 218,181 |  |  | $ | 224,431 |
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) |  | 2022 |  | 2021 |  | 2020
Gross recognized gains |  | $ | 72 |  |  | $ | 108 |  |  | $ | 4,602 |
Gross recognized losses |  | (2,009) |  |  | (550) |  |  | (11,133) |
Net recognized (losses) |  | $ | (1,937) |  |  | $ | (442) |  |  | $ | (6,531) |
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, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | $ | 2,406 |  |  | $ | 36,696 |  |  | $ | 624 |  |  | $ | 2,763 |  |  | $ | 3,030 |  |  | $ | 39,459 |
Agency collateralized mortgage obligations |  | 23,052 |  |  | 247,509 |  |  | 76,735 |  |  | 284,434 |  |  | 99,787 |  |  | 531,943 |
Agency mortgage-backed securities |  | 3,124 |  |  | 37,540 |  |  | 93,872 |  |  | 508,683 |  |  | 96,996 |  |  | 546,223 |
Agency commercial mortgage-back securities |  | 9,885 |  |  | 96,396 |  |  | 25,865 |  |  | 132,043 |  |  | 35,750 |  |  | 228,439 |
Corporate bonds |  | 1,709 |  |  | 25,657 |  |  | 1,229 |  |  | 9,929 |  |  | 2,938 |  |  | 35,586 |
Other bonds and obligations |  | — |  |  | — |  |  | 66 |  |  | 295 |  |  | 66 |  |  | 295 |
Total securities available for sale |  | $ | 40,176 |  |  | $ | 443,798 |  |  | $ | 198,391 |  |  | $ | 938,147 |  |  | $ | 238,567 |  |  | $ | 1,381,945 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 5,476 |  |  | 125,494 |  |  | 18,228 |  |  | 38,341 |  |  | 23,704 |  |  | 163,835 |
Agency collateralized mortgage obligations |  | 2,734 |  |  | 49,539 |  |  | 17,686 |  |  | 58,177 |  |  | 20,420 |  |  | 107,716 |
Agency mortgage-backed securities |  | 300 |  |  | 2,419 |  |  | 8,940 |  |  | 39,299 |  |  | 9,240 |  |  | 41,718 |
Agency commercial mortgage-back securities |  | 447 |  |  | 9,713 |  |  | 22,756 |  |  | 102,290 |  |  | 23,203 |  |  | 112,003 |
Tax advantaged economic development bonds |  | 1 |  |  | 142 |  |  | 120 |  |  | 1,008 |  |  | 121 |  |  | 1,150 |
Total securities held to maturity |  | 8,958 |  |  | 187,307 |  |  | 67,730 |  |  | 239,115 |  |  | 76,688 |  |  | 426,422 |
Total |  | $ | 49,134 |  |  | $ | 631,105 |  |  | $ | 266,121 |  |  | $ | 1,177,262 |  |  | $ | 315,255 |  |  | $ | 1,808,367 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Agency collateralized mortgage obligations |  | $ | 9,626 |  |  | $ | 375,132 |  |  | $ | 1,386 |  |  | $ | 27,025 |  |  | $ | 11,012 |  |  | $ | 402,157 |
Agency mortgage-backed securities |  | 3,179 |  |  | 222,887 |  |  | 4,463 |  |  | 175,941 |  |  | 7,642 |  |  | 398,828 |
Agency commercial mortgage-backed securities |  | 1,609 |  |  | 103,354 |  |  | 2,019 |  |  | 49,313 |  |  | 3,628 |  |  | 152,667 |
Corporate bonds |  | 114 |  |  | 11,115 |  |  | — |  |  | — |  |  | 114 |  |  | 11,115 |
Total securities available for sale |  | $ | 14,528 |  |  | $ | 712,488 |  |  | $ | 7,868 |  |  | $ | 252,279 |  |  | $ | 22,396 |  |  | $ | 964,767 |
Securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds and obligations |  | 693 |  |  | 36,981 |  |  | — |  |  | — |  |  | 693 |  |  | 36,981 |
Agency collateralized mortgage obligations |  | 1,808 |  |  | 49,308 |  |  | 1,705 |  |  | 36,212 |  |  | 3,513 |  |  | 85,520 |
Agency mortgage-backed securities |  | 839 |  |  | 26,656 |  |  | 659 |  |  | 26,025 |  |  | 1,498 |  |  | 52,681 |
Agency commercial mortgage-back securities |  | 1,255 |  |  | 80,406 |  |  | 2,034 |  |  | 51,654 |  |  | 3,289 |  |  | 132,060 |
Tax advantaged economic development bonds |  | 15 |  |  | 1,255 |  |  | — |  |  | — |  |  | 15 |  |  | 1,255 |
Total securities held to maturity |  | 4,610 |  |  | 194,606 |  |  | 4,398 |  |  | 113,891 |  |  | 9,008 |  |  | 308,497 |
Total |  | $ | 19,138 |  |  | $ | 907,094 |  |  | $ | 12,266 |  |  | $ | 366,170 |  |  | $ | 31,404 |  |  | $ | 1,273,264 |

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