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Investments (Tables) | 12 Months Ended
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Dec. 31, 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
December 31, 2023 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 6,429 |  |  | $ | 1 |  |  | $ | (44) |  |  | $ | 6,386 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 525,439 |  |  | 630 |  |  | (65,978) |  |  | 460,091 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 149,387 |  |  | 1,161 |  |  | (9,537) |  |  | 141,011 |
Subordinated corporate bonds |  | 21,682 |  |  | 1 |  |  | (3,363) |  |  | 18,320 |
Total AFS debt securities |  | $ | 702,937 |  |  | $ | 1,793 |  |  | $ | (78,922) |  |  | $ | 625,808 |
December 31, 2022 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 49,678 |  |  | $ | 11 |  |  | $ | (463) |  |  | $ | 49,226 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 598,845 |  |  | 131 |  |  | (84,957) |  |  | 514,019 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 122,760 |  |  | — |  |  | (13,413) |  |  | 109,347 |
Subordinated 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 FRB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated:
(In thousands) |  | December 31, 2023 |  | December 31, 2022
FHLBB |  | $ | 10,020 |  |  | $ | 7,339 |
FRB |  | 5,374 |  |  | 5,374 |
Total |  | $ | 15,394 |  |  | $ | 12,713 |
Company's Sales of Securities | The following table details the Company’s sales of AFS debt securities for the periods indicated below:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Proceeds from sales |  | $ | 126,766 |  |  | $ | 36,280 |  |  | $ | — |
Gross realized gains |  | — |  |  | 13 |  |  | — |
Gross realized losses |  | (10,310) |  |  | (925) |  |  | — |
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 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
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 6 |  |  | $ | 2,345 |  |  | $ | (6) |  |  | $ | 1,437 |  |  | $ | (38) |  |  | $ | 3,782 |  |  | $ | (44) |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 145 |  |  | 13,474 |  |  | (23) |  |  | 407,200 |  |  | (65,955) |  |  | 420,674 |  |  | (65,978) |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 43 |  |  | 19,620 |  |  | (45) |  |  | 62,869 |  |  | (9,492) |  |  | 82,489 |  |  | (9,537) |
Subordinated corporate bonds |  | 11 |  |  | — |  |  | — |  |  | 17,319 |  |  | (3,363) |  |  | 17,319 |  |  | (3,363) |
Total AFS debt securities |  | 205 |  |  | $ | 35,439 |  |  | $ | (74) |  |  | $ | 488,825 |  |  | $ | (78,848) |  |  | $ | 524,264 |  |  | $ | (78,922) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 83 |  |  | $ | 42,276 |  |  | $ | (463) |  |  | $ | — |  |  | $ | — |  |  | $ | 42,276 |  |  | $ | (463) |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 175 |  |  | 118,290 |  |  | (11,521) |  |  | 381,355 |  |  | (73,436) |  |  | 499,645 |  |  | (84,957) |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 64 |  |  | 47,340 |  |  | (4,589) |  |  | 62,007 |  |  | (8,824) |  |  | 109,347 |  |  | (13,413) |
Subordinated 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 | 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 |  | $ | 1,000 |  |  | $ | 1,000 |
Due after one year through five years |  | 10,835 |  |  | 9,997 |
Due after five years through ten years |  | 16,276 |  |  | 13,709 |
Due after ten years |  | — |  |  | — |
Subtotal |  | 28,111 |  |  | 24,706 |
Mortgage-related securities |  | 674,826 |  |  | 601,102 |
Total |  | $ | 702,937 |  |  | $ | 625,808 |
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
December 31, 2023 |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises |  | $ | 7,593 |  |  | $ | — |  |  | $ | (528) |  |  | $ | 7,065 |
Obligations of states and political subdivisions |  | 56,262 |  |  | 1,242 |  |  | (731) |  |  | 56,773 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 304,850 |  |  | — |  |  | (21,623) |  |  | 283,227 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 157,118 |  |  | 515 |  |  | (13,497) |  |  | 144,136 |
Subordinated corporate bonds |  | 19,108 |  |  | 1,377 |  |  | (1,091) |  |  | 19,394 |
Total HTM debt securities |  | $ | 544,931 |  |  | $ | 3,134 |  |  | $ | (37,470) |  |  | $ | 510,595 |
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 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 317,406 |  |  | — |  |  | (24,766) |  |  | 292,640 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 145,069 |  |  | — |  |  | (13,724) |  |  | 131,345 |
Subordinated 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 December 31, 2023 and 2022 as follows: (1) $992,000 and $1.1 million, respectively, in obligations of U.S. government-sponsored enterprises; (2) $5.6 million and $6.1 million, respectively, in obligations of state and political subdivisions; (3) $34.6 million and $38.4 million, respectively, in mortgage-backed securities; (4) $18.4 million and $20.7 million, respectively, in collateralized mortgage obligations; and (5) $85,000 and $117,000, respectively in subordinated corporate bonds.
Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity | The following table presents the activity in the ACL on HTM debt securities, as reported under CECL, for the periods indicated:
|  | December 31,
(In thousands) |  | 2023 |  | 2022
Beginning balance |  | $ | — |  |  | $ | — |
HTM debt securities charged-off |  | (1,838) |  |  | — |
Provision for HTM debt securities |  | 1,838 |  |  | — |
Ending balance |  | $ | — |  |  | $ | — |
The amortized cost and estimated fair values of HTM debt securities by contractual maturity are shown in the table below as of December 31, 2023. 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 |  | $ | 502 |  |  | $ | 498 |
Due after one year through five years |  | 1,790 |  |  | 1,818 |
Due after five years through ten years |  | 35,975 |  |  | 35,840 |
Due after ten years |  | 44,696 |  |  | 45,076 |
Subtotal |  | 82,963 |  |  | 83,232 |
Mortgage-related securities |  | 461,968 |  |  | 427,363 |
Total |  | $ | 544,931 |  |  | $ | 510,595 |

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