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INVESTMENTS (Tables)
9 Months Ended
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 enterprises521,794 19 (96,837)424,976 
CMO issued or guaranteed by U.S. government-sponsored enterprises118,890 25 (14,099)104,816 
Corporate bonds21,683 — (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 enterprises598,845 131 (84,957)514,019 
CMO issued or guaranteed by U.S. government-sponsored enterprises122,760 — (13,413)109,347 
Corporate bonds25,677 (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 
FRB5,374 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)2023202220232022
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 Months12 Months or MoreTotal
(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 subdivisions82 $29,363 $(1,272)$11,306 $(711)$40,669 $(1,983)
MBS issued or guaranteed by U.S. government-sponsored enterprises153 12,086 (274)405,769 (96,563)417,855 (96,837)
CMO issued or guaranteed by U.S. government-sponsored enterprises50 21,429 (172)78,344 (13,927)99,773 (14,099)
Corporate bonds12 2,705 (910)15,837 (2,231)18,542 (3,141)
Total AFS debt securities297 $65,583 $(2,628)$511,256 $(113,432)$576,839 $(116,060)
December 31, 2022      
Obligations of states and political subdivisions83 $42,276 $(463)$— $— $42,276 $(463)
MBS issued or guaranteed by U.S. government-sponsored enterprises175 118,290 (11,521)381,355 (73,436)499,645 (84,957)
CMO issued or guaranteed by U.S. government-sponsored enterprises64 47,340 (4,589)62,007 (8,824)109,347 (13,413)
Corporate bonds13 7,687 (384)14,593 (2,013)22,280 (2,397)
Total AFS debt securities335 $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 years10,304 9,272 
Due after five years through ten years53,030 48,944 
Due after ten years— — 
Subtotal64,335 59,211 
Mortgage-related securities640,684 529,792 
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 subdivisions56,191 — (5,441)50,750 
MBS issued or guaranteed by U.S. government-sponsored enterprises307,846 — (38,755)269,091 
CMO issued or guaranteed by U.S. government-sponsored enterprises159,322 — (20,135)139,187 
Corporate bonds19,043 103 (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 subdivisions55,978 431 (1,610)54,799 
MBS issued or guaranteed by U.S. government-sponsored enterprises317,406 — (24,766)292,640 
CMO issued or guaranteed by U.S. government-sponsored enterprises145,069 — (13,724)131,345 
Corporate bonds20,673 332 (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 years2,293 2,245 
Due after five years through ten years34,134 31,732 
Due after ten years46,366 41,292 
Subtotal82,793 75,269 
Mortgage-related securities467,168 408,278 
Total$549,961 $483,547