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SECURITIES (Tables)

12 Months Ended

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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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity).

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