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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

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
March 31, 2022
Obligations of U.S. government-sponsored enterprises						$	8,585					$	—					$	(915)					$	7,670
Obligations of states and political subdivisions						113,388						587						(2,019)						111,956
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						1,029,454						435						(69,051)						960,838
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						341,998						145						(22,252)						319,891
Subordinated corporate bonds						22,632						55						(1,233)						21,454
Total AFS debt securities						$	1,516,057					$	1,222					$	(95,470)					$	1,421,809
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

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

(In thousands)						March 31, 2022						December 31, 2021
FHLBB						$	4,813					$	4,906
FRB						5,374						5,374
Total other investments						$	10,187					$	10,280

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, 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
March 31, 2022
Obligations of U.S. government-sponsored enterprises						4						$	3,033					$	(352)					$	4,637					$	(563)					$	7,670					$	(915)
Obligations of states and political subdivisions						30						46,149						(2,019)						—						—						46,149						(2,019)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises						215						819,454						(58,095)						99,504						(10,956)						$	918,958					(69,051)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises						98						196,036						(10,751)						102,752						(11,501)						298,788						(22,252)
Subordinated corporate bonds						12						19,433						(1,199)						966						(34)						20,399						(1,233)
Total AFS debt securities						359						$	1,084,105					$	(72,416)					$	207,859					$	(23,054)					$	1,291,964					$	(95,470)
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)

Contractual Obligation, Fiscal Year Maturity

The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity at March 31, 2022, 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. 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						$	1,217					$	1,227
Due after one year through five years						8,625						8,560
Due after five years through ten years						88,087						86,586
Due after ten years						46,676						44,707
Subtotal						144,605						141,080
Mortgage-related securities						1,371,452						1,280,729
Total						$	1,516,057					$	1,421,809

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
March 31, 2022
Obligations of states and political subdivisions						$	1,290					$	10					$	—					$	1,300
Total HTM debt securities						$	1,290					$	10					$	—					$	1,300
December 31, 2021
Obligations of states and political subdivisions						$	1,291					$	89					$	—					$	1,380
Total HTM debt securities						$	1,291					$	89					$	—					$	1,380

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

The amortized cost and estimated fair values of HTM debt securities by contractual maturity at March 31, 2022 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
Due in one year or less						$	—					$	—
Due after one year through five years						866						875
Due after five years through ten years						424						425
Due after ten years						—						—
Total						$	1,290					$	1,300

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 303
-Paragraph (a)
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563

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