SECURITIES AVAILABLE FOR SALE (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| SECURITIES AVAILABLE FOR SALE |
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| Summary of Securities Available for Sale |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | Unrealized | | Unrealized | | | | (in thousands) | | Amortized Cost | | Gains | | Losses | | Fair Value | December 31, 2021 | | | | | | | | | | | | | Mortgage-backed securities: | | | | | | | | | | | | | US Government-sponsored enterprises | | $ | 237,283 | | $ | 2,289 | | $ | (3,455) | | $ | 236,117 | US Government agency | | | 79,143 | | | 1,016 | | | (522) | | | 79,637 | Private label | | | 68,691 | | | 142 | | | (138) | | | 68,695 | Obligations of states and political subdivisions thereof | | | 140,585 | | | 1,489 | | | (298) | | | 141,776 | Corporate bonds | | | 89,994 | | | 2,479 | | | (422) | | | 92,051 | Total securities available for sale | | $ | 615,696 | | $ | 7,415 | | $ | (4,835) | | $ | 618,276 |
| | | | | | | | | | | | | | | | | | Gross | | Gross | | | | | | | | | Unrealized | | Unrealized | | | | (in thousands) | | Amortized Cost | | Gains | | Losses | | Fair Value | December 31, 2020 | | | | | | | | | | | | | Mortgage-backed securities: | | | | | | | | | | | | | US Government-sponsored enterprises | | $ | 206,834 | | $ | 6,018 | | $ | (462) | | $ | 212,390 | US Government agency | | | 82,878 | | | 2,870 | | | (116) | | | 85,632 | Private label | | | 19,810 | | | 40 | | | (141) | | | 19,709 | Obligations of states and political subdivisions thereof | | | 164,766 | | | 4,244 | | | (6) | | | 169,004 | Corporate bonds | | | 97,689 | | | 1,465 | | | (843) | | | 98,311 | Total securities available for sale | | $ | 571,977 | | $ | 14,637 | | $ | (1,568) | | $ | 585,046 |
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| Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) Securities, Segregated by Contractual Maturity |
| | | | | | | | | Available for sale | (in thousands) | | Amortized Cost | | Fair Value | Within 1 year | | $ | 4,999 | | $ | 5,047 | Over 1 year to 5 years | | | 24,530 | | | 25,112 | Over 5 years to 10 years | | | 61,955 | | | 60,534 | Over 10 years | | | 139,095 | | | 143,134 | Total bonds and obligations | | | 230,579 | | | 233,827 | Mortgage-backed securities | | | 385,117 | | | 384,449 | Total securities available for sale | | $ | 615,696 | | $ | 618,276 |
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| Schedule of Gains and Losses from Sale of AFS Securities |
| | | | | | | | | | | | | | | Proceeds from Sale | | | | | | | | | | | | of Securities | | | | | | | | | | (in thousands) | | Available for Sale | | Realized Gains | | Realized Losses | | Net | 2021 | | $ | 92,723 | | $ | 2,933 | | $ | (63) | | $ | 2,870 | 2020 | | | 153,200 | | | 5,492 | | | (47) | | | 5,445 | 2019 | | | 92,315 | | | 993 | | | (756) | | | 237 |
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| Schedule of Securities with Unrealized Losses, Segregated by the Duration of Continuous Unrealized Loss Positions |
| | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | (in thousands) | | Losses | | Value | | Losses | | Value | | Losses | | Value | December 31, 2021 | | | | | | | | | | | | | | | | | | | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | US Government-sponsored enterprises | | $ | 1,589 | | $ | 127,780 | | $ | 1,866 | | $ | 39,717 | | $ | 3,455 | | $ | 167,497 | US Government agency | | | 381 | | | 32,628 | | | 141 | | | 4,548 | | | 522 | | | 37,176 | Private label | | | 133 | | | 44,372 | | | 5 | | | 16 | | | 138 | | | 44,388 | Obligations of states and political subdivisions thereof | | | 187 | | | 36,878 | | | 111 | | | 6,129 | | | 298 | | | 43,007 | Corporate bonds | | | 94 | | | 21,358 | | | 328 | | | 11,922 | | | 422 | | | 33,280 | Total securities available for sale | | $ | 2,384 | | $ | 263,016 | | $ | 2,451 | | $ | 62,332 | | $ | 4,835 | | $ | 325,348 |
| | | | | | | | | | | | | | | | | | | | | Less Than Twelve Months | | Over Twelve Months | | Total | | | Gross | | | | | Gross | | | | | Gross | | | | | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | (in thousands) | | Losses | | Value | | Losses | | Value | | Losses | | Value | December 31, 2020 | | | | | | | | | | | | | | | | | | | Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | US Government-sponsored enterprises | | $ | 209 | | $ | 40,285 | | $ | 253 | | $ | 4,323 | | $ | 462 | | $ | 44,608 | US Government agency | | | 45 | | | 6,776 | | | 71 | | | 3,297 | | | 116 | | | 10,073 | Private label | | | — | | | — | | | 141 | | | 19,514 | | | 141 | | | 19,514 | Obligations of states and political subdivisions thereof | | | 6 | | | 5,577 | | | — | | | — | | | 6 | | | 5,577 | Corporate bonds | | | 555 | | | 21,774 | | | 288 | | | 11,712 | | | 843 | | | 33,486 | Total securities available for sale | | $ | 815 | | $ | 74,412 | | $ | 753 | | $ | 38,846 | | $ | 1,568 | | $ | 113,258 |
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| Summary of Securities Pledged as Collateral |
| | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | | | Carrying | | Estimated | | Carrying | | Estimated | (in thousands) | | Value | | Fair Value | | Value | | Fair Value | Securities pledged for deposits | | $ | 15,326 | | $ | 17,214 | | $ | 83,805 | | $ | 92,862 | Securities pledged for repurchase agreements | | | 25,693 | | | 28,431 | | | 37,444 | | | 39,119 | Securities pledged for borrowings (1) | | | 45,005 | | | 47,568 | | | 48,725 | | | 51,913 | Total securities pledged | | $ | 86,024 | | $ | 93,213 | | $ | 169,974 | | $ | 183,894 |
| (1) | The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and Federal Reserve Bank of Boston. |
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