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v3.23.3

INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 42,652 |  |  | $ | — |  |  | $ | (1,983) |  |  | $ | 40,669 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 521,794 |  |  | 19 |  |  | (96,837) |  |  | 424,976 |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 118,890 |  |  | 25 |  |  | (14,099) |  |  | 104,816 |
Corporate bonds |  | 21,683 |  |  | — |  |  | (3,141) |  |  | 18,542 |
Total AFS debt securities |  | $ | 705,019 |  |  | $ | 44 |  |  | $ | (116,060) |  |  | $ | 589,003 |
December 31, 2022 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 49,678 |  |  | $ | 11 |  |  | $ | (463) |  |  | $ | 49,226 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 598,845 |  |  | 131 |  |  | (84,957) |  |  | 514,019 |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 122,760 |  |  | — |  |  | (13,413) |  |  | 109,347 |
Corporate bonds |  | 25,677 |  |  | 3 |  |  | (2,397) |  |  | 23,283 |
Total AFS debt securities |  | $ | 796,960 |  |  | $ | 145 |  |  | $ | (101,230) |  |  | $ | 695,875 |
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, 2023 |  | December 31, 2022
FHLBB |  | $ | 9,085 |  |  | $ | 7,339 |
FRB |  | 5,374 |  |  | 5,374 |
Total other investments |  | $ | 14,459 |  |  | $ | 12,713 |
Debt Securities, Available-for-Sale | 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) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Proceeds from sales of investments |  | $ | 61,343 |  |  | $ | — |  |  | $ | 61,343 |  |  | $ | 8,723 |
Gross realized gains |  | — |  |  | — |  |  | — |  |  | 13 |
Gross realized losses |  | (5,335) |  |  | — |  |  | (5,335) |  |  | (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, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 82 |  |  | $ | 29,363 |  |  | $ | (1,272) |  |  | $ | 11,306 |  |  | $ | (711) |  |  | $ | 40,669 |  |  | $ | (1,983) |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 153 |  |  | 12,086 |  |  | (274) |  |  | 405,769 |  |  | (96,563) |  |  | 417,855 |  |  | (96,837) |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 50 |  |  | 21,429 |  |  | (172) |  |  | 78,344 |  |  | (13,927) |  |  | 99,773 |  |  | (14,099) |
Corporate bonds |  | 12 |  |  | 2,705 |  |  | (910) |  |  | 15,837 |  |  | (2,231) |  |  | 18,542 |  |  | (3,141) |
Total AFS debt securities |  | 297 |  |  | $ | 65,583 |  |  | $ | (2,628) |  |  | $ | 511,256 |  |  | $ | (113,432) |  |  | $ | 576,839 |  |  | $ | (116,060) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 83 |  |  | $ | 42,276 |  |  | $ | (463) |  |  | $ | — |  |  | $ | — |  |  | $ | 42,276 |  |  | $ | (463) |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 175 |  |  | 118,290 |  |  | (11,521) |  |  | 381,355 |  |  | (73,436) |  |  | 499,645 |  |  | (84,957) |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 64 |  |  | 47,340 |  |  | (4,589) |  |  | 62,007 |  |  | (8,824) |  |  | 109,347 |  |  | (13,413) |
Corporate bonds |  | 13 |  |  | 7,687 |  |  | (384) |  |  | 14,593 |  |  | (2,013) |  |  | 22,280 |  |  | (2,397) |
Total AFS debt securities |  | 335 |  |  | $ | 215,593 |  |  | $ | (16,957) |  |  | $ | 457,955 |  |  | $ | (84,273) |  |  | $ | 673,548 |  |  | $ | (101,230) |
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, 2023, 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 |  | $ | 1,001 |  |  | $ | 995 |
Due after one year through five years |  | 10,304 |  |  | 9,272 |
Due after five years through ten years |  | 53,030 |  |  | 48,944 |
Due after ten years |  | — |  |  | — |
Subtotal |  | 64,335 |  |  | 59,211 |
Mortgage-related securities |  | 640,684 |  |  | 529,792 |
Total |  | $ | 705,019 |  |  | $ | 589,003 |
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(1) |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
September 30, 2023 |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises |  | $ | 7,559 |  |  | $ | — |  |  | $ | (876) |  |  | $ | 6,683 |
Obligations of states and political subdivisions |  | 56,191 |  |  | — |  |  | (5,441) |  |  | 50,750 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 307,846 |  |  | — |  |  | (38,755) |  |  | 269,091 |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 159,322 |  |  | — |  |  | (20,135) |  |  | 139,187 |
Corporate bonds |  | 19,043 |  |  | 103 |  |  | (1,310) |  |  | 17,836 |
Total HTM debt securities |  | $ | 549,961 |  |  | $ | 103 |  |  | $ | (66,517) |  |  | $ | 483,547 |
December 31, 2022 |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises |  | $ | 7,457 |  |  | $ | — |  |  | $ | (777) |  |  | $ | 6,680 |
Obligations of states and political subdivisions |  | 55,978 |  |  | 431 |  |  | (1,610) |  |  | 54,799 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 317,406 |  |  | — |  |  | (24,766) |  |  | 292,640 |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 145,069 |  |  | — |  |  | (13,724) |  |  | 131,345 |
Corporate bonds |  | 20,673 |  |  | 332 |  |  | (276) |  |  | 20,729 |
Total HTM debt securities |  | $ | 546,583 |  |  | $ | 763 |  |  | $ | (41,153) |  |  | $ | 506,193 |
(1) Amortized cost presented above includes unamortized unrealized losses from the aforementioned transfer from AFS to HTM securities as of September 30, 2023 and December 31, 2022, as follows: (1) $1.0 million and $1.1 million in obligations of U.S. government-sponsored enterprises, (2) $5.8 million and $6.1 million in obligations of state and political subdivisions, (3) $35.5 million and $38.4 million in mortgage-backed securities, (4) $18.9 million and $20.7 million in collateralized mortgage obligations, and (5) $93,000 and $117,000 in corporate bonds, respectively.
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, 2023 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 |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 2,293 |  |  | 2,245 |
Due after five years through ten years |  | 34,134 |  |  | 31,732 |
Due after ten years |  | 46,366 |  |  | 41,292 |
Subtotal |  | 82,793 |  |  | 75,269 |
Mortgage-related securities |  | 467,168 |  |  | 408,278 |
Total |  | $ | 549,961 |  |  | $ | 483,547 |

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