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INVESTMENTS (Tables)

9 Months Ended

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

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
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-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
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