Investments (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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, 2020 | | | | | | | | | | Obligations of states and political subdivisions | | $ | 119,608 | | | $ | 7,627 | | | $ | (115) | | | $ | 127,120 | | | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 547,396 | | | 19,796 | | | (574) | | | 566,618 | | | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | | 399,937 | | | 10,652 | | | (135) | | | 410,454 | | | Subordinated corporate bonds | | 11,533 | | | 186 | | | (98) | | | 11,621 | | | Total AFS debt securities | | $ | 1,078,474 | | | $ | 38,261 | | | $ | (922) | | | $ | 1,115,813 | | | December 31, 2019 | | | | | | | | | | 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 debt securities | | $ | 913,978 | | | $ | 9,551 | | | $ | (5,411) | | | $ | 918,118 | |
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 | | December 31, 2020 | | | | | | | | | | FHLBB (carried at cost) | | $ | 6,168 | | | $ | — | | | $ | — | | | $ | 6,168 | | | FRB (carried at cost) | | 5,374 | | | — | | | — | | | 5,374 | | | Total other investments | | $ | 11,542 | | | $ | — | | | $ | — | | | $ | 11,542 | | | 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 | |
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| 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) | | 2020 | | 2019 | | 2018 | Proceeds from sales of AFS debt securities(1) | | $ | — | | | $ | 207,001 | | | $ | 56,155 | | | Gross realized gains | | — | | | 1,427 | | | 32 | | | Gross realized losses | | — | | | (1,532) | | | (695) | | | | | | | | |
(1) For the year ended December 31, 2019 and 2018, the Company had not previously recorded any OTTI on AFS debt securities sold.
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| 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 December 31, 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Due in one year or less | | $ | — | | | $ | — | | | Due after one year through five years | | 510 | | | 547 | | | Due after five years through ten years | | 787 | | | 864 | | | Due after ten years | | — | | | — | | | | | $ | 1,297 | | | $ | 1,411 | |
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| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value |
The following table presents the Company's AFS debt securities with gross unrealized losses, for which an ACL has not been recorded at December 31, 2020, segregated by the length of time the securities have been in a continuous loss position:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2020 | | | | | | | | | | | | | | | | Obligations of states and political subdivisions | | 1 | | $ | 2,404 | | | $ | (115) | | | $ | — | | | $ | — | | | $ | 2,404 | | | $ | (115) | | | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 15 | | 61,222 | | | (568) | | | 980 | | | (6) | | | 62,202 | | | (574) | | | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | | 9 | | 39,107 | | | (135) | | | — | | | — | | | 39,107 | | | (135) | | | Subordinated corporate bonds | | 5 | | 4,902 | | | (98) | | | — | | | — | | | 4,902 | | | (98) | | | Total AFS debt securities | | 30 | | $ | 107,635 | | | $ | (916) | | | $ | 980 | | | $ | (6) | | | $ | 108,615 | | | $ | (922) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | | | | | | | | | | | | | | | 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 debt securities | | 105 | | $ | 259,972 | | | $ | (2,911) | | | $ | 132,247 | | | $ | (2,500) | | | $ | 392,219 | | | $ | (5,411) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Contractual Obligation, Fiscal Year Maturity |
The amortized cost and estimated fair values of AFS debt securities by contractual maturity at December 31, 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 | | Due in one year or less | | $ | 5,472 | | | $ | 5,495 | | | Due after one year through five years | | 59,769 | | | 61,338 | | | Due after five years through ten years | | 248,035 | | | 263,889 | | | Due after ten years | | 765,198 | | | 785,091 | | | | | $ | 1,078,474 | | | $ | 1,115,813 | |
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| 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 | | Unrealized
Gains | | Unrealized
Losses | | Fair
Value | | December 31, 2020 | | | | | | | | | | Obligations of states and political subdivisions | | $ | 1,297 | | | $ | 114 | | | $ | — | | | $ | 1,411 | | | Total HTM debt securities | | $ | 1,297 | | | $ | 114 | | | $ | — | | | $ | 1,411 | | | December 31, 2019 | | | | | | | | | | Obligations of states and political subdivisions | | $ | 1,302 | | | $ | 57 | | | $ | — | | | $ | 1,359 | | | Total HTM debt securities | | $ | 1,302 | | | $ | 57 | | | $ | — | | | $ | 1,359 | |
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