INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Costs and Estimated Fair Values of Available-For-Sale Securities

The following table summarizes the cost and estimated fair values of the Company's investment in equity securities, FHLBB stock and FRBB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated: 

(In thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value / Carrying Value
June 30, 2020
Equity securities - bank stock (carried at fair value)	$	544	$	1,130	$	—	$	1,674
FHLBB (carried at cost)	8,079		—		—		8,079
FRB (carried at cost)	5,374		—		—		5,374
Total other investments	$	13,997	$	1,130	$	—	$	15,127
December 31, 2019
Equity securities - bank stock (carried at fair value)	$	544	$	1,130	$	—	$	1,674
FHLBB (carried at cost)	6,601		—		—		6,601
FRB (carried at cost)	5,374		—		—		5,374
Total other investments	$	12,519	$	1,130	$	—	$	13,649

The following table summarizes the amortized cost and estimated fair values of AFS and HTM investments, as of the dates indicated: 

(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
June 30, 2020
AFS Investments (carried at fair value):
Obligations of states and political subdivisions	$	121,347	$	5,973	$	(193	)	$	127,127
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	516,580		19,687		(42		)	536,225
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	361,860		11,781		(109		)	373,532
Subordinated corporate bonds	10,538		285		(44		)	10,779
Total AFS investments	$	1,010,325	$	37,726	$	(388	)	$	1,047,663
HTM Investments (carried at amortized cost):
Obligations of states and political subdivisions	$	1,299	$	89	$	—		$	1,388
Total HTM investments	$	1,299	$	89	$	—		$	1,388
December 31, 2019
AFS Investments (carried at fair value):
Obligations of states and political subdivisions	$	115,632	$	2,779	$	(328	)	$	118,083
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	462,593		3,398		(2,605		)	463,386
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	325,200		3,183		(2,478		)	325,905
Subordinated corporate bonds	10,553		191		—			10,744
Total AFS investments	$	913,978	$	9,551	$	(5,411	)	$	918,118
HTM Investments (carried at amortized cost):
Obligations of states and political subdivisions	$	1,302	$	57	$	—		$	1,359
Total HTM investments	$	1,302	$	57	$	—		$	1,359

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 estimated fair values and gross unrealized losses on AFS and HTM investments that were in a continuous loss position that was considered temporary, by length of time that an individual security in each category has 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
June 30, 2020
AFS Investments:
Obligations of states and political subdivisions	4	$	8,249	$	(193	)	$	—	$	—		$	8,249	$	(193	)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	8	16,635		(27		)	1,602		(15		)	18,237		(42		)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	5	22,156		(109		)	—		—			22,156		(109		)
Subordinated corporate bonds	2	1,956		(44		)	—		—			1,956		(44		)
Total AFS investments	19	$	48,996	$	(373	)	$	1,602	$	(15	)	$	50,598	$	(388	)
December 31, 2019
AFS Investments:
Obligations of states and political subdivisions	11	$	30,459	$	(328	)	$	—	$	—		$	30,459	$	(328	)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	59	162,964		(1,850		)	63,633		(755		)	226,597		(2,605		)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	35	66,549		(733		)	68,614		(1,745		)	135,163		(2,478		)
Total AFS investments	105	$	259,972	$	(2,911	)	$	132,247	$	(2,500	)	$	392,219	$	(5,411	)

Schedule of Sale of AFS Investments

The following table details the Company's sales of AFS investments for the periods indicated below:

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands)	2020		2019			2020		2019
Proceeds from sales of investments(1)	$	—	$	45,826		$	—	$	45,826
Gross realized gains	—		371			—		371
Gross realized losses	—		(344		)	—		(344		)

(1) The Company had not previously recorded any OTTI on these investments sold.

^[1]

Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity

The amortized cost and estimated fair values of the Company's AFS and HTM investments by contractual maturity at June 30, 2020, 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. 

(In thousands)	Amortized Cost		Fair Value
AFS Investments
Due in one year or less	$	4,439	$	4,487
Due after one year through five years	64,370		66,655
Due after five years through ten years	225,186		238,559
Due after ten years	716,330		737,962
Total	$	1,010,325	$	1,047,663
HTM Investments
Due in one year or less	$	—	$	—
Due after one year through five years	511		542
Due after five years through ten years	788		846
Due after ten years	—		—
Total	$	1,299	$	1,388

[1] (1) The Company had not previously recorded any OTTI on these investments sold.