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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Costs and Estimated Fair Values of Available-For-Sale Securities | The following table summarizes the cost and estimated fair values of the Company's investment in equity securities, FHLBB stock and FRBB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated:
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value / Carrying Value
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |
Equity securities - bank stock (carried at fair value)(1) | $ | 544 |  |  | $ | 239 |  |  | $ | — |  |  | $ | 783 |
FHLBB (carried at cost) | 10,744 |  |  | — |  |  | — |  |  | 10,744 |
FRB (carried at cost) | 5,374 |  |  | — |  |  | — |  |  | 5,374 |
Total other investments | $ | 16,662 |  |  | $ | 239 |  |  | $ | — |  |  | $ | 16,901 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
FHLBB (carried at cost) | $ | 18,296 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,296 |
FRB (carried at cost) | 5,374 |  |  | — |  |  | — |  |  | 5,374 |
Total other investments | $ | 23,670 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,670 |
(1) | Effective January 1, 2018, these investments were reclassified to other investments on the consolidated statements of condition as they are no longer eligible for AFS classification upon adoption of ASU 2016-01. Refer to Note 2 for further details.
The following table summarizes the amortized cost and estimated fair values of AFS and HTM securities, as of the dates indicated:
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |
AFS Investments (carried at fair value): |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 4,778 |  |  | $ | 44 |  |  | $ | (4 | ) |  | $ | 4,818 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 479,836 |  |  | 350 |  |  | (19,888 | ) |  | 460,298 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 320,543 |  |  | — |  |  | (13,932 | ) |  | 306,611 |
Subordinated corporate bonds | 8,589 |  |  | 65 |  |  | (38 | ) |  | 8,616 |
Total AFS investments | $ | 813,746 |  |  | $ | 459 |  |  | $ | (33,862 | ) |  | $ | 780,343 |
HTM Investments (carried at amortized cost): |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 92,933 |  |  | $ | 58 |  |  | $ | (2,441 | ) |  | $ | 90,550 |
Total HTM investments | $ | 92,933 |  |  | $ | 58 |  |  | $ | (2,441 | ) |  | $ | 90,550 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |
AFS Investments (carried at fair value): |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 7,232 |  |  | $ | 103 |  |  | $ | — |  |  | $ | 7,335 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 510,176 |  |  | 597 |  |  | (7,471 | ) |  | 503,302 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 279,575 |  |  | 14 |  |  | (6,790 | ) |  | 272,799 |
Subordinated corporate bonds | 5,484 |  |  | 173 |  |  | — |  |  | 5,657 |
Equity investments(1) | 554 |  |  | 252 |  |  | — |  |  | 806 |
Total AFS investments | $ | 803,021 |  |  | $ | 1,139 |  |  | $ | (14,261 | ) |  | $ | 789,899 |
HTM Investments (carried at amortized cost): |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 94,073 |  |  | $ | 1,077 |  |  | $ | (237 | ) |  | $ | 94,913 |
Total HTM investments | $ | 94,073 |  |  | $ | 1,077 |  |  | $ | (237 | ) |  | $ | 94,913 |
(1) | As of December 31, 2017, equity investments were classified as AFS investments. Effective January 1, 2018, these investments were reclassified to other investments on the consolidated statements of condition as they are no longer eligible to be classified as AFS upon adoption of ASU 2016-01. Refer to Note 2 for further details.
Unrealized Gross Losses and Estimated Fair Values of Investment Securities by Length of Time that Individual Securities in Each Category in Continuous Loss Position | The following table presents the estimated fair values and gross unrealized losses on AFS and HTM investments that were in a continuous loss position at September 30, 2018 and December 31, 2017, by length of time that an individual security in each category has been in a continuous loss position:
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS Investments: |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 1,516 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,516 |  |  | $ | (4 | )
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 120,098 |  |  | (2,544 | ) |  | 328,180 |  |  | (17,344 | ) |  | 448,278 |  |  | (19,888 | )
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 123,951 |  |  | (2,220 | ) |  | 181,524 |  |  | (11,712 | ) |  | 305,475 |  |  | (13,932 | )
Subordinated corporate bonds | 5,051 |  |  | (38 | ) |  | — |  |  | — |  |  | 5,051 |  |  | (38 | )
Total AFS investments | $ | 250,616 |  |  | $ | (4,806 | ) |  | $ | 509,704 |  |  | $ | (29,056 | ) |  | $ | 760,320 |  |  | $ | (33,862 | )
HTM Investments: |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 67,328 |  |  | $ | (1,755 | ) |  | $ | 12,546 |  |  | $ | (686 | ) |  | $ | 79,874 |  |  | $ | (2,441 | )
Total HTM investments | $ | 67,328 |  |  | $ | (1,755 | ) |  | $ | 12,546 |  |  | $ | (686 | ) |  | $ | 79,874 |  |  | $ | (2,441 | )
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AFS Investments: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | $ | 221,466 |  |  | $ | (2,393 | ) |  | $ | 233,971 |  |  | $ | (5,078 | ) |  | $ | 455,437 |  |  | $ | (7,471 | )
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 102,612 |  |  | (696 | ) |  | 164,389 |  |  | (6,094 | ) |  | 267,001 |  |  | (6,790 | )
Total AFS investments | $ | 324,078 |  |  | $ | (3,089 | ) |  | $ | 398,360 |  |  | $ | (11,172 | ) |  | $ | 722,438 |  |  | $ | (14,261 | )
HTM Investments: |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions | $ | 9,317 |  |  | $ | (57 | ) |  | $ | 9,436 |  |  | $ | (180 | ) |  | $ | 18,753 |  |  | $ | (237 | )
Total HTM investments | $ | 9,317 |  |  | $ | (57 | ) |  | $ | 9,436 |  |  | $ | (180 | ) |  | $ | 18,753 |  |  | $ | (237 | )
Schedule of Sale of AFS Investments | The following table details the Company's sales of AFS investments for the period indicated below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Proceeds from sales of investments |  | $ | 22,830 |  |  | $ | 20,269 |  |  | $ | 32,728 |  |  | $ | 20,269 |
Gross realized gains |  | — |  |  | 841 |  |  | 31 |  |  | 841 |
Gross realized losses |  | (275 | ) |  | (14 | ) |  | (275 | ) |  | (14 | )
Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity | The amortized cost and estimated fair values of the Company's AFS and HTM investments by contractual maturity at September 30, 2018, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Amortized Cost |  | Fair Value
AFS Investments |  |  |
Due in one year or less | $ | 7,933 |  |  | $ | 7,907 |
Due after one year through five years | 94,474 |  |  | 91,482 |
Due after five years through ten years | 193,165 |  |  | 184,931 |
Due after ten years | 518,174 |  |  | 496,023 |
| $ | 813,746 |  |  | $ | 780,343 |
HTM Investments |  |  |
Due in one year or less | $ | 4,610 |  |  | $ | 4,609 |
Due after one year through five years | 1,529 |  |  | 1,538 |
Due after five years through ten years | 19,960 |  |  | 19,670 |
Due after ten years | 66,834 |  |  | 64,733 |
| $ | 92,933 |  |  | $ | 90,550 |

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- Definition Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=75030427&loc=d3e22054-111558 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27405-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27357-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.M) -URI http://asc.fasb.org/extlink&oid=65877573&loc=d3e87990-122713 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
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