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v3.22.2.2

INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 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
September 30, 2022 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 53,247 |  |  | $ | 1 |  |  | $ | (1,774) |  |  | $ | 51,474 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 622,660 |  |  | 65 |  |  | (92,937) |  |  | 529,788 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 134,872 |  |  | — |  |  | (13,061) |  |  | 121,811 |
Subordinated corporate bonds |  | 23,109 |  |  | — |  |  | (2,564) |  |  | 20,545 |
Total AFS debt securities |  | $ | 833,888 |  |  | $ | 66 |  |  | $ | (110,336) |  |  | $ | 723,618 |
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) |  | September 30, 2022 |  | December 31, 2021
FHLBB |  | $ | 9,734 |  |  | $ | 4,906 |
FRB |  | 5,374 |  |  | 5,374 |
Total other investments |  | $ | 15,108 |  |  | $ | 10,280 |
Company's Sales of Securities | The following table details the Company's sales of AFS debt securities for the periods indicated below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Proceeds from sales of investments |  | $ | — |  |  | $ | — |  |  | $ | 8,723 |  |  | $ | — |
Gross realized gains |  | — |  |  | — |  |  | 13 |  |  | — |
Gross realized losses |  | — |  |  | — |  |  | (22) |  |  | — |
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
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 101 |  |  | $ | 51,026 |  |  | $ | (1,774) |  |  | $ | — |  |  | $ | — |  |  | $ | 51,026 |  |  | $ | (1,774) |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 172 |  |  | 203,082 |  |  | (24,432) |  |  | 322,251 |  |  | (68,505) |  |  | 525,333 |  |  | (92,937) |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 76 |  |  | 83,532 |  |  | (7,433) |  |  | 38,279 |  |  | (5,628) |  |  | 121,811 |  |  | (13,061) |
Subordinated corporate bonds |  | 13 |  |  | 9,071 |  |  | (910) |  |  | 11,474 |  |  | (1,654) |  |  | 20,545 |  |  | (2,564) |
Total AFS debt securities |  | 362 |  |  | $ | 346,711 |  |  | $ | (34,549) |  |  | $ | 372,004 |  |  | $ | (75,787) |  |  | $ | 718,715 |  |  | $ | (110,336) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises |  | 4 |  |  | $ | 8,344 |  |  | $ | (241) |  |  | $ | — |  |  | $ | — |  |  | $ | 8,344 |  |  | $ | (241) |
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 September 30, 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 |  | $ | 501 |  |  | $ | 500 |
Due after one year through five years |  | 15,785 |  |  | 14,033 |
Due after five years through ten years |  | 60,070 |  |  | 57,486 |
Due after ten years |  | — |  |  | — |
Subtotal |  | 76,356 |  |  | 72,019 |
Mortgage-related securities |  | 757,532 |  |  | 651,599 |
Total |  | $ | 833,888 |  |  | $ | 723,618 |
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
September 30, 2022 |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises |  | $ | 7,422 |  |  | $ | — |  |  | $ | (664) |  |  | $ | 6,758 |
Obligations of states and political subdivisions |  | 55,908 |  |  | — |  |  | (3,595) |  |  | 52,313 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 320,850 |  |  | — |  |  | (27,067) |  |  | 293,783 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 147,753 |  |  | — |  |  | (10,990) |  |  | 136,763 |
Subordinated corporate bonds |  | 2,376 |  |  | — |  |  | (234) |  |  | 2,142 |
Total HTM debt securities |  | $ | 534,309 |  |  | $ | — |  |  | $ | (42,550) |  |  | $ | 491,759 |
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 September 30, 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 |  | 864 |  |  | 845 |
Due after five years through ten years |  | 14,562 |  |  | 13,538 |
Due after ten years |  | 50,280 |  |  | 46,830 |
Subtotal |  | 65,706 |  |  | 61,213 |
Mortgage-related securities |  | 468,603 |  |  | 430,546 |
Total |  | $ | 534,309 |  |  | $ | 491,759 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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