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Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 5,423 |  |  | $ | — |  |  | $ | (134) |  |  | $ | 5,289 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 493,766 |  |  | 353 |  |  | (69,163) |  |  | $ | 424,956 |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 156,131 |  |  | 502 |  |  | (9,154) |  |  | $ | 147,479 |
Subordinated corporate bonds |  | 17,683 |  |  | — |  |  | (1,658) |  |  | $ | 16,025 |
Total AFS debt securities |  | $ | 673,003 |  |  | $ | 855 |  |  | $ | (80,109) |  |  | $ | 593,749 |
December 31, 2023 |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 6,429 |  |  | $ | 1 |  |  | $ | (44) |  |  | $ | 6,386 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 525,439 |  |  | 630 |  |  | (65,978) |  |  | 460,091 |
CMO 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 |
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, 2024 |  | December 31, 2023
FHLBB |  | $ | 17,140 |  |  | $ | 10,020 |
FRB |  | 5,374 |  |  | 5,374 |
Total other investments |  | $ | 22,514 |  |  | $ | 15,394 |
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) |  | 2024 |  | 2023 |  | 2022
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, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 11 |  |  | $ | 1,377 |  |  | $ | (7) |  |  | $ | 3,597 |  |  | $ | (127) |  |  | $ | 4,974 |  |  | $ | (134) |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 136 |  |  | 36,732 |  |  | (260) |  |  | 352,823 |  |  | (68,903) |  |  | 389,555 |  |  | (69,163) |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 47 |  |  | 36,146 |  |  | (227) |  |  | 55,540 |  |  | (8,927) |  |  | 91,686 |  |  | (9,154) |
Subordinated corporate bonds |  | 10 |  |  | 494 |  |  | (6) |  |  | 15,531 |  |  | (1,652) |  |  | 16,025 |  |  | (1,658) |
Total AFS debt securities |  | 204 |  |  | $ | 74,749 |  |  | $ | (500) |  |  | $ | 427,491 |  |  | $ | (79,609) |  |  | $ | 502,240 |  |  | $ | (80,109) |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | 6 |  |  | $ | 2,345 |  |  | $ | (6) |  |  | $ | 1,437 |  |  | $ | (38) |  |  | $ | 3,782 |  |  | $ | (44) |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 145 |  |  | 13,474 |  |  | (23) |  |  | 407,200 |  |  | (65,955) |  |  | 420,674 |  |  | (65,978) |
CMO 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) |
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 |  | $ | 116 |  |  | $ | 116 |
Due after one year through five years |  | 11,148 |  |  | 10,546 |
Due after five years through ten years |  | 11,842 |  |  | 10,652 |
Due after ten years |  | — |  |  | — |
Subtotal |  | 23,106 |  |  | 21,314 |
Mortgage-related securities |  | 649,897 |  |  | 572,435 |
Total |  | $ | 673,003 |  |  | $ | 593,749 |
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, 2024 |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises |  | $ | 7,729 |  |  | $ | — |  |  | $ | (647) |  |  | $ | 7,082 |
Obligations of states and political subdivisions |  | 56,047 |  |  | 96 |  |  | (1,872) |  |  | 54,271 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 292,170 |  |  | — |  |  | (28,980) |  |  | 263,190 |
CMO issued or guaranteed by U.S. government-sponsored enterprises |  | 142,467 |  |  | 150 |  |  | (15,747) |  |  | 126,870 |
Subordinated corporate bonds |  | 19,365 |  |  | 476 |  |  | (430) |  |  | 19,411 |
Total HTM debt securities |  | $ | 517,778 |  |  | $ | 722 |  |  | $ | (47,676) |  |  | $ | 470,824 |
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 |
MBS issued or guaranteed by U.S. government-sponsored enterprises |  | 304,850 |  |  | — |  |  | (21,623) |  |  | 283,227 |
CMO 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 |
(1) Amortized cost presented above includes unamortized unrealized losses from the aforementioned transfer from AFS to HTM securities that occurred in 2022. As of December 31, 2024 and 2023, the unamortized unrealized losses on the 2022 transfer included within amortized cost were as follows: (1) $856,000 and $992,000 in obligations of U.S. government-sponsored enterprises; (2) $5.1 million and $5.6 million in obligations of state and political subdivisions; (3) $30.8 million and $34.6 million in MBS; (4) $16.4 million and $18.4 million, in CMO; and (5) $54,000 and $85,000 in subordinated corporate bonds, respectively.
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) |  | 2024 |  | 2023
Beginning balance |  | $ | — |  |  | $ | — |
Charge-offs |  | — |  |  | (1,838) |
Recoveries |  | 910 |  |  | — |
(Credit) provision for credit losses |  | (910) |  |  | 1,838 |
Ending balance |  | $ | — |  |  | $ | — |
The Company evaluated its HTM debt securities with an amortized cost as of December 31, 2024 and 2023 and determined that the expected credit loss on its HTM portfolio was immaterial, and therefore it did not carry an ACL on the HTM portfolio at either date. The amortized cost and estimated fair values of HTM debt securities by contractual maturity are shown in the table below as of December 31, 2024. 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 |  | 4,790 |  |  | 4,775 |
Due after five years through ten years |  | 37,351 |  |  | 36,427 |
Due after ten years |  | 41,000 |  |  | 39,562 |
Subtotal |  | 83,141 |  |  | 80,764 |
Mortgage-related securities |  | 434,637 |  |  | 390,060 |
Total |  | $ | 517,778 |  |  | $ | 470,824 |

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