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SECURITIES
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
SECURITIES 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 ValueAllowance
December 31, 2022    
Securities available for sale    
Debt securities:    
U.S Treasuries$11,972 $1 $— $11,973 $— 
Municipal bonds and obligations65,943 422 (3,030)63,335 — 
Agency collateralized mortgage obligations631,732 — (99,787)531,945 — 
Agency mortgage-backed securities643,308 1 (96,996)546,313 — 
Agency commercial mortgage-backed securities264,218 — (35,750)228,468 — 
Corporate bonds43,368 80 (2,938)40,510 — 
Other bonds and obligations655 67 (66)656 — 
Total securities available for sale1,661,196 571 (238,567)1,423,200 — 
Securities held to maturity    
Municipal bonds and obligations266,793 691 (23,704)243,780 66 
Agency collateralized mortgage obligations128,136 — (20,420)107,716 — 
Agency mortgage-backed securities50,958 — (9,240)41,718 — 
Agency commercial mortgage-backed securities135,206 — (23,203)112,003 — 
Tax advantaged economic development bonds2,069 8 (121)1,956 25 
Other bonds and obligations291 — — 291 — 
Total securities held to maturity583,453 699 (76,688)507,464 91 
Marketable equity securities15,035 — (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 obligations71,822 5,355 — 77,177 — 
Agency collateralized mortgage obligations693,782 5,566 (11,012)688,336 — 
Agency mortgage-backed securities711,154 2,347 (7,642)705,859 — 
Agency commercial mortgage-backed securities300,259 3,949 (3,628)300,580 — 
Corporate bonds44,824 950 (114)45,660 — 
Other bonds and obligations— — — — — 
Total securities available for sale1,881,813 18,168 (22,396)1,877,585 — 
Securities held to maturity    
Municipal bonds and obligations281,515 16,151 (693)296,973 70 
Agency collateralized mortgage-backed securities149,195 3,203 (3,513)148,885 — 
Agency mortgage-backed securities57,327 95 (1,498)55,924 — 
Agency commercial mortgage-backed securities145,573 266 (3,289)142,550 — 
Tax advantaged economic development bonds2,728 26 (15)2,739 35 
Other bonds and obligations165 — — 165 — 
Total securities held to maturity636,503 19,741 (9,008)647,236 105 
Marketable equity securities15,689 67 (303)15,453 — 
Total$2,534,005 $37,976 $(31,707)$2,540,274 $105 

`    
At year-end 2022 and 2021, accumulated net unrealized (losses) on AFS securities included in accumulated other comprehensive (loss)/income were losses of $238.0 million and $4.2 million, respectively. At year-end 2022 and 2021, accumulated net unrealized gains on the securities reclassified from AFS to HTM included in accumulated other comprehensive (loss)/income were $1.1 million and $2.4 million, respectively. The year-end 2022 and 2021 related income tax benefit/(liability) of $61.3 million and $0.4 million, respectively, was also included in accumulated other comprehensive (loss).

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 obligationsTax advantaged economic development bondsTotal
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 obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2020$64 $40 $104 
Provision expense for credit losses6 (5)1 
Balance at December 31, 2021$70 $35 $105 

(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2019$— $— $— 
Impact of ASC 326 adoption83 226 309 
Provision (benefit) for credit losses(19)(186)(205)
Balance at December 31, 2020$64 $40 $104 

Credit Quality Information
The Company monitors the credit quality of held to maturity securities through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Investment grade securities are rated BBB-/Baa3 or higher and generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade are considered to have distinctively higher credit risk than investment grade securities. For securities without credit ratings, the Company utilizes other financial information indicating the financial health of the underlying municipality, agency, or organization.

As of December 31, 2022, none of the Company's investment securities were delinquent or in non-accrual status.
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 saleHeld 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 years11,254 11,269 2,191 2,181 
Over 5 years to 10 years49,729 46,904 28,544 28,543 
Over 10 years48,473 45,819 237,423 214,308 
Total bonds and obligations121,938 116,474 269,153 246,027 
Mortgage-backed securities1,539,258 1,306,726 314,300 261,437 
Total$1,661,196 $1,423,200 $583,453 $507,464 
 

At year-end 2022 and 2021, the Company had pledged securities as collateral for certain municipal deposits and for interest rate swaps with certain counterparties. 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.
 20222021
(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 deposits304,741 276,804 183,408 189,535 
Total$316,713 $288,777 $218,181 $224,431 
 
Proceeds from the sale of AFS securities totaled $150 million in 2022. During 2021, there were no sales of AFS securities. Proceeds from the sale of AFS securities totaled $69 million in 2020.The amounts for the sale of AFS securities were reclassified out of accumulated other comprehensive (loss)/income and into earnings. 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)202220212020
Gross recognized gains$72 $108 $4,602 
Gross recognized losses(2,009)(550)(11,133)
Net recognized (losses)$(1,937)$(442)$(6,531)
 
Debt securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
 Less Than Twelve MonthsOver Twelve MonthsTotal
(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 securities9,885 96,396 25,865 132,043 35,750 228,439 
Corporate bonds1,709 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 securities447 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 maturity8,958 187,307 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 bonds114 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 maturity4,610 194,606 4,398 113,891 9,008 308,497 
Total$19,138 $907,094 $12,266 $366,170 $31,404 $1,273,264 
Debt Securities
The Company expects to recover its amortized cost basis on all debt securities in its AFS and HTM portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of December 31, 2022, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions.

The following summarizes, by investment security type, the basis for the conclusion that the debt securities in an unrealized loss position within the Company’s AFS and HTM portfolios did not maintain other-than-temporary impairment ("OTTI") at year-end 2022:

AFS municipal bonds and obligations
At year-end 2022, 46 out of 94 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 7.1% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing.

AFS collateralized mortgage obligations
At year-end 2022, 243 out of 245 securities in the Company’s portfolio of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 15.8% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), and Government National Mortgage Association ("GNMA") guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during 2022. All securities are performing.

AFS commercial and residential mortgage-backed securities
At year-end 2022, 137 out of 139 securities in the Company’s portfolio of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 14.6% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during 2022. All securities are performing.

AFS corporate bonds
At year-end 2022, 13 out of 15 securities in the Company’s portfolio of AFS corporate bonds were in unrealized loss positions. The aggregate unrealized loss represents 7.6% of the amortized cost of bonds in unrealized loss positions. The Company reviews the financial strength of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities.

AFS other bonds and obligations
At year-end 2022, 2 out of 3 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 18.3% of the amortized cost of securities in unrealized loss positions. The securities are all investment grade rated, and there were no material underlying credit downgrades during 2022. All securities are performing.

HTM municipal bonds and obligations
At year-end 2022, 119 out of 190 securities in the Company’s portfolio of HTM municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 12.6% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing.
HTM collateralized mortgage obligations
At year-end 2022, 13 out of 13 securities in the Company’s portfolio of HTM collateralized mortgage obligations were in an unrealized loss position. Aggregate unrealized losses represented 15.9% of the amortized cost of the security in an unrealized loss position. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated, and there were no material underlying credit downgrades during 2022. All securities are performing.

HTM commercial and residential mortgage-backed securities
At year-end 2022, 17 out of 17 securities in the Company’s portfolio of HTM mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 17.4% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during 2022. All securities are performing.

HTM tax-advantaged economic development bonds
At year-end 2022, 2 out of 3 securities in the Company’s portfolio of tax-advantaged economic development
bonds were in unrealized loss positions. Aggregate unrealized losses represented 9.5% of the amortized cost of
securities in unrealized loss position. The Company believes that more likely than not all the principal outstanding
will be collected. All securities are performing.