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Investments (Tables)

12 Months Ended

Dec. 31, 2021

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, estimated fair value and unrealized gains (losses) of AFS debt securities as of the dates indicated:

(In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
December 31, 2021
Obligations of U.S. government-sponsored enterprises						$	8,585					$	—					$	(241)					$	8,344
Obligations of states and political subdivisions						112,086						5,392						—						117,478
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						1,003,869						7,856						(11,468)						1,000,257
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						361,781						2,835						(5,767)						358,849
Subordinated corporate bonds						22,660						152						(254)						22,558
Total AFS debt securities						$	1,508,981					$	16,235					$	(17,730)					$	1,507,486
December 31, 2020
Obligations of states and political subdivisions						$	119,608					$	7,627					$	(115)					$	127,120
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						547,396						19,796						(574)						566,618
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						399,937						10,652						(135)						410,454
Subordinated corporate bonds						11,533						186						(98)						11,621
Total AFS debt securities						$	1,078,474					$	38,261					$	(922)					$	1,115,813

The following table summarizes the Company's investment in FHLBB stock and FRB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated:

(In thousands)						December 31, 2021						December 31, 2020
FHLBB						$	4,906					$	6,167
FRB						5,374						5,374
Total						$	10,280					$	11,541

Company's Sales of Securities

The following table details the Company’s sales of AFS debt securities for the periods indicated below:

						For the Year Ended December 31,
(In thousands)						2021						2020						2019
Proceeds from sales of AFS debt securities(1)						$	—					$	—					$	207,001
Gross realized gains						—						—						1,427
Gross realized losses						—						—						(1,532)

(1)    For the year ended December 31, 2019, the Company had not previously recorded any OTTI on AFS debt securities sold.

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 Company's AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, segregated by the length of time the securities have been in a continuous loss position:

												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
December 31, 2021
Obligations of U.S. government-sponsored enterprises						4						$	8,344					$	(241)					$	—					$	—					$	8,344					$	(241)
Obligations of states and political subdivisions						—						—						—						—						—						—						—
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						113						659,851						(8,999)						61,978						(2,469)						721,829						(11,468)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						56						191,456						(4,602)						38,117						(1,165)						229,573						(5,767)
Subordinated corporate bonds						7						11,932						(232)						979						(22)						12,911						(254)
Total AFS debt securities						180						$	871,583					$	(14,074)					$	101,074					$	(3,656)					$	972,657					$	(17,730)
December 31, 2020
Obligations of states and political subdivisions						1						$	2,404					$	(115)					$	—					$	—					$	2,404					$	(115)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						15						61,222						(568)						980						(6)						62,202						(574)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						9						39,107						(135)						—						—						39,107						(135)
Subordinated corporate bonds						5						4,902						(98)						—						—						4,902						(98)
Total AFS debt securities						30						$	107,635					$	(916)					$	980					$	(6)					$	108,615					$	(922)

Contractual Obligation, Fiscal Year Maturity

At December 31, 2021, the amortized cost and estimated fair values of AFS debt securities, by contractual maturity, were as 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. Mortgage-related securities are shown in total, as their maturities are highly variable.

(In thousands)						Amortized Cost						Fair Value
Due in one year or less						$	3,718					$	3,735
Due after one year through five years						5,661						6,001
Due after five years through ten years						86,929						89,042
Due after ten years						47,022						49,602
Subtotal						143,330						148,380
Mortgage-related securities						1,365,651						1,359,106
Total						$	1,508,981					$	1,507,486

Debt Securities, Held-to-maturity

The following table summarizes the amortized cost, estimated fair value and unrealized gains (losses) of HTM debt securities as of the dates indicated:

(In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
December 31, 2021
Obligations of states and political subdivisions						$	1,291					$	89					$	—					$	1,380
Total HTM debt securities						$	1,291					$	89					$	—					$	1,380
December 31, 2020
Obligations of states and political subdivisions						$	1,297					$	114					$	—					$	1,411
Total HTM debt securities						$	1,297					$	114					$	—					$	1,411

Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity

At December 31, 2021, the amortized cost and estimated fair values of HTM debt securities, by contractual maturity, were as 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
Due in one year or less						$	—					$	—
Due after one year through five years						866						920
Due after five years through ten years						425						460
Due after ten years						—						—
Total						$	1,291					$	1,380

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Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

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