INVESTMENTS (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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 | June 30, 2021 | | | | | | | | | Obligations of U.S. government sponsored enterprises | | $ | 7,200 | | | $ | 2 | | | $ | (119) | | | $ | 7,083 | | Obligations of states and political subdivisions | | 112,792 | | | 6,116 | | | (255) | | | 118,653 | | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 829,611 | | | 13,290 | | | (3,360) | | | 839,541 | | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | | 423,244 | | | 5,782 | | | (3,724) | | | 425,302 | | Subordinated corporate bonds | | 9,017 | | | 245 | | | (18) | | | 9,244 | | Total AFS debt securities | | $ | 1,381,864 | | | $ | 25,435 | | | $ | (7,476) | | | $ | 1,399,823 | | 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 | | The following table summarizes the Company's investment in FHLBB stock and FRBB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated: | | | | | | | | | | | | | | | (In thousands) | | June 30, 2021 | | December 31, 2020 | FHLBB | | $ | 4,850 | | | $ | 6,167 | | FRB | | 5,374 | | | 5,374 | | Total other investments | | $ | 10,224 | | | $ | 11,541 | |
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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 Company's 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 | June 30, 2021 | | | | | | | | | | | | | | | Obligations of U.S. government sponsored enterprises | | 3 | | | $ | 6,081 | | | $ | (119) | | | $ | — | | | $ | — | | | $ | 6,081 | | | $ | (119) | | Obligations of states and political subdivisions | | 2 | | | 1,294 | | | (2) | | | 2,265 | | | (253) | | | 3,559 | | | (255) | | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | | 54 | | | 329,607 | | | (3,358) | | | 297 | | | (2) | | | 329,904 | | | (3,360) | | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | | 42 | | | 211,308 | | | (3,665) | | | 4,063 | | | (59) | | | 215,371 | | | (3,724) | | Subordinated corporate bonds | | 2 | | | 1,982 | | | (18) | | | — | | | — | | | 1,982 | | | (18) | | Total AFS debt securities | | 103 | | | $ | 550,272 | | | $ | (7,162) | | | $ | 6,625 | | | $ | (314) | | | $ | 556,897 | | | $ | (7,476) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Contractual Obligation, Fiscal Year Maturity |
The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity at June 30, 2021, 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. 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 | | $ | 3,018 | | | $ | 3,072 | | Due after one year through five years | | 4,276 | | | 4,641 | | Due after five years through ten years | | 74,599 | | | 77,814 | | Due after ten years | | 47,116 | | | 49,453 | | Subtotal | | 129,009 | | | 134,980 | | Mortgage-related securities | | 1,252,855 | | | 1,264,843 | | Total | | $ | 1,381,864 | | 1381864000 | $ | 1,399,823 | |
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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 | March 31, 2021 | | | | | | | | | Obligations of states and political subdivisions | | $ | 1,294 | | | $ | 103 | | | $ | — | | | $ | 1,397 | | Total HTM debt securities | | $ | 1,294 | | | $ | 103 | | | $ | — | | | $ | 1,397 | | December 31, 2020 | | | | | | | | | Obligations of states and political subdivisions | | $ | 1,297 | | | $ | 114 | | | $ | — | | | $ | 1,411 | | Total HTM debt securities | | $ | 1,297 | | | $ | 114 | | | $ | — | | | $ | 1,411 | |
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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 June 30, 2021 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 | | 868 | | | 933 | | Due after five years through ten years | | 426 | | | 464 | | Due after ten years | | — | | | — | | Total | | $ | 1,294 | | | $ | 1,397 | |
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