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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Costs and Estimated Fair Values of Available-For-Sale Securities

The following table summarizes the amortized cost and estimated fair values of AFS and HTM investments, as of the dates indicated: 

(In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
September 30, 2020
AFS Investments (carried at fair value):
Obligations of states and political subdivisions						$	120,636					$	7,055					$	(78)					$	127,613
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						549,930						19,036						(864)						568,102
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						389,382						11,313						(129)						400,566
Subordinated corporate bonds						10,531						313						(56)						10,788
Total AFS investments						$	1,070,479					$	37,717					$	(1,127)					$	1,107,069
HTM Investments (carried at amortized cost):
Obligations of states and political subdivisions						$	1,298					$	105					$	—					$	1,403
Total HTM investments						$	1,298					$	105					$	—					$	1,403
December 31, 2019
AFS Investments (carried at fair value):
Obligations of states and political subdivisions						$	115,632					$	2,779					$	(328)					$	118,083
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						462,593						3,398						(2,605)						463,386
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						325,200						3,183						(2,478)						325,905
Subordinated corporate bonds						10,553						191						—						10,744
Total AFS investments						$	913,978					$	9,551					$	(5,411)					$	918,118
HTM Investments (carried at amortized cost):
Obligations of states and political subdivisions						$	1,302					$	57					$	—					$	1,359
Total HTM investments						$	1,302					$	57					$	—					$	1,359

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: 

(In thousands)						Cost						Unrealized Gains						Unrealized Losses						Fair Value / Carrying Value
September 30, 2020
Equity securities - bank stock (carried at fair value)						$	544					$	1,130					$	—					$	1,674
FHLBB (carried at cost)						6,297						—						—						6,297
FRB (carried at cost)						5,374						—						—						5,374
Total other investments						$	12,215					$	1,130					$	—					$	13,345
December 31, 2019
Equity securities - bank stock (carried at fair value)						$	544					$	1,130					$	—					$	1,674
FHLBB (carried at cost)						6,601						—						—						6,601
FRB (carried at cost)						5,374						—						—						5,374
Total other investments						$	12,519					$	1,130					$	—					$	13,649

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 that was considered temporary, by length of time that an individual security in each category has been in a continuous loss position as of the dates indicated:  

												Less Than 12 Months												12 Months or More												Total
(In thousands, except number of holdings)						Number of Holdings						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
September 30, 2020
AFS Investments:
Obligations of states and political subdivisions						1						$	2,441					$	(78)					$	—					$	—					2,441						$	(78)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						14						59,434						(858)						1,004						(6)						$	60,438					(864)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						8						33,046						(129)						—						—						33,046						(129)
Subordinated corporate bonds						3						2,944						(56)						—						—						$	2,944					(56)
Total AFS investments						26						$	97,865					$	(1,121)					$	1,004					$	(6)					$	98,869					$	(1,127)
December 31, 2019
AFS Investments:
Obligations of states and political subdivisions						11						$	30,459					$	(328)					$	—					$	—					$	30,459					$	(328)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						59						162,964						(1,850)						63,633						(755)						226,597						(2,605)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						35						66,549						(733)						68,614						(1,745)						135,163						(2,478)
Total AFS investments						105						$	259,972					$	(2,911)					$	132,247					$	(2,500)					$	392,219					$	(5,411)

Schedule of Sale of AFS Investments

The following table details the Company's sales of AFS investments for the periods indicated below:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2020						2019						2020						2019
Proceeds from sales of investments(1)						$	—					$	97,042					$	—					$	142,868
Gross realized gains						—						1,015						—						1,386
Gross realized losses						—						(1,014)						—						(1,358)

(1) The Company had not previously recorded any OTTI on these investments sold.

^[1]

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, 2020, 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. 

(In thousands)						Amortized Cost						Fair Value
AFS Investments
Due in one year or less						$	4,415					$	4,448
Due after one year through five years						64,310						66,551
Due after five years through ten years						229,933						244,118
Due after ten years						771,821						791,952
Total						$	1,070,479					$	1,107,069
HTM Investments
Due in one year or less						$	—					$	—
Due after one year through five years						510						547
Due after five years through ten years						788						856
Due after ten years						—						—
Total						$	1,298					$	1,403

[1] (1) The Company had not previously recorded any OTTI on these investments sold.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

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