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INVESTMENTS
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Trading Securities

Trading securities are reported on the Company's consolidated statements of condition at fair value. As of June 30, 2022 and December 31, 2021, the fair value of the Company's trading securities were $3.8 million and $4.4 million, respectively. These securities are held in a rabbi trust account and invested in mutual funds. The trading securities will be used for future payments associated with the Company's deferred compensation plan for eligible employees and directors.

AFS Debt Securities

AFS debt securities are reported on the Company's consolidated statements of condition at fair value. 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, 2022    
Obligations of states and political subdivisions$54,004 $62 $(320)$53,746 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises642,019 91 (65,644)576,466 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
145,457 3 (8,890)136,570 
Subordinated corporate bonds
23,120 35 (1,814)21,341 
Total AFS debt securities$864,600 $191 $(76,668)$788,123 
December 31, 2021    
Obligations of U.S. government-sponsored enterprises$8,585 $— $(241)$8,344 
Obligations of states and political subdivisions112,086 5,392 — 117,478 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises1,003,869 7,856 (11,468)1,000,257 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises361,781 2,835 (5,767)358,849 
Subordinated corporate bonds22,660 152 (254)22,558 
Total AFS debt securities$1,508,981 $16,235 $(17,730)$1,507,486 

As of June 30, 2022 and December 31, 2021, there was no allowance carried on AFS debt securities.
During June of 2022, the Company transferred securities with a fair value of $520.3 million from AFS to HTM. The unrealized losses on the AFS debt securities at the time of the transfer were $72.1 million, pre-tax, and were reported within AOCI. These unrealized losses will be amortized over the remaining life of the securities. At June 30, 2022, the net unrealized losses on the transferred securities reported within AOCI were $56.0 million, net of a deferred tax asset of $15.3 million.

The net unrealized losses on AFS debt securities reported within AOCI at June 30, 2022, were $60.0 million, net of a deferred tax asset of $16.4 million. The net unrealized losses on AFS debt securities reported within AOCI at December 31, 2021, were $1.2 million, net of a deferred tax asset of $321,000.

The following table details the Company's sales of AFS debt securities for the periods indicated below:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2022202120222021
Proceeds from sales of investments$8,723 $— $8,723 $— 
Gross realized gains
13 — 13 — 
Gross realized losses(22)— (22)— 

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 Months12 Months or MoreTotal
(In thousands, except number of holdings)
Number of
Holdings		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
June 30, 2022      
Obligations of states and political subdivisions78 $39,703 $(320)$— $— $39,703 $(320)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises170 500,257 (53,944)70,192 (11,700)$570,449 (65,644)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises76 99,345 (5,562)34,506 (3,328)133,851 (8,890)
Subordinated corporate bonds11 15,453 (1,668)1,853 (146)17,306 (1,814)
Total AFS debt securities335 $654,758 $(61,494)$106,551 $(15,174)$761,309 $(76,668)
December 31, 2021      
Obligations of U.S. government-sponsored enterprises4 $8,344 $(241)$— $— $8,344 $(241)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises113 659,851 (8,999)61,978 (2,469)721,829 (11,468)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises56 191,456 (4,602)38,117 (1,165)229,573 (5,767)
Subordinated corporate bonds7 11,932 (232)979 (22)12,911 (254)
Total AFS debt securities180 $871,583 $(14,074)$101,074 $(3,656)$972,657 $(17,730)

For the three and six months ended June 30, 2022 and 2021, the unrealized losses on the Company's AFS debt securities have not been recognized into income because management does not intend to sell and it is not more-likely-than-not it will be
required to sell any of the AFS debt securities before recovery of its amortized cost basis. Furthermore, the unrealized losses were due to changes in interest rates and other market conditions and not reflective of credit events. The issuers continue to make timely principal and interest payments on the bonds.

At June 30, 2022 and December 31, 2021, total accrued interest receivable on AFS debt securities, which has been excluded from reported amortized cost basis on AFS debt securities, was $1.9 million and $3.4 million, respectively, and was reported within other assets on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date.

The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity at June 30, 2022, 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$1,217 $1,222 
Due after one year through five years9,227 8,762 
Due after five years through ten years63,681 62,078 
Due after ten years2,999 3,025 
Subtotal77,124 75,087 
Mortgage-related securities787,476 713,036 
Total$864,600 $788,123 

HTM Debt Securities

HTM debt securities are reported on the Company's consolidated statements of condition at amortized cost. 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
June 30, 2022      
Obligations of U.S. government-sponsored enterprises$7,389 $— $(158)$7,231 
Obligations of states and political subdivisions55,837 223 (816)55,244 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises329,542 — (5,529)324,013 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises151,384 — (2,593)148,791 
Subordinated corporate bonds2,368 — (109)2,259 
Total HTM debt securities $546,520 $223 $(9,205)$537,538 
December 31, 2021
Obligations of states and political subdivisions$1,291 $89 $— $1,380 
Total HTM debt securities$1,291 $89 $— $1,380 
During the second quarter of 2022, the Company transferred securities with a fair value of $520.3 million from AFS to HTM.

As of June 30, 2022, the Company's HTM debt securities portfolio was primarily comprised of holdings issued or guaranteed by U.S. government sponsored enterprises and municipal debt. Agency-backed and government-sponsored enterprise securities have a long 40 years of history with no credit losses, including during times of severe stress like the 2007-2008 financial crisis. The principal and interest payments on agency guaranteed debt is backed by the U.S. government. Government-sponsored enterprises similarly guarantee principal and interest payments and carry an implicit guarantee from the U.S. Department of the Treasury. Additionally, government-sponsored enterprise securities are exceptionally liquid, readily marketable, and provide a substantial amount of price transparency and price parity, indicating a perception of zero credit losses. HTM municipal debt holdings are comprised solely of high credit quality (rated A- or higher) state and municipal obligations. High credit quality state and municipal obligations have a history of zero to near-zero credit loss. As of December
31, 2021, the Company’s HTM debt securities portfolio was made up of three investment grade municipal debt securities, of which two securities also carried credit enhancements. Accordingly, the Company determined that the expected credit loss on its HTM portfolio was immaterial, and therefore, an allowance was not carried on its HTM debt securities at June 30, 2022 or December 31, 2021.

As of June 30, 2022 and December 31, 2021, none of the Company's HTM debt securities were past due or on non-accrual status. For the three and six months ended June 30, 2022 and 2021, the Company did not recognize any interest income on non-accrual HTM debt securities. At June 30, 2022 and December 31, 2021, total accrued interest receivable on HTM debt securities, which has been excluded from reported amortized cost basis on HTM debt securities, was $1.4 million and $10,000, respectively, and was reported within other assets on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date.

The amortized cost and estimated fair values of HTM debt securities by contractual maturity at June 30, 2022 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 years865 870 
Due after five years through ten years14,528 14,310 
Due after ten years50,201 49,554 
Subtotal65,594 64,734 
Mortgage-related securities480,926 472,804 
Total$546,520 $537,538 

AFS and HTM Debt Securities Pledged

At June 30, 2022 and December 31, 2021, AFS and HTM debt securities with an amortized cost of $662.8 million and $640.1 million and estimated fair values of $619.5 million and $641.2 million, respectively, were pledged to secure FHLBB advances, public deposits, and securities sold under agreements to repurchase and for other purposes required or permitted by law.

Other Investments

The Company's FHLBB and FRB common stock are reported at cost within other investments on the consolidated statements of condition. The Company evaluates these investments for impairment based on the ultimate recoverability of the par value. The Company did not record any impairment on its FHLBB and FRB stock for the three and six months ended June 30, 2022 and 2021.

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,
2022		December 31,
2021
FHLBB$9,057 $4,906 
FRB5,374 5,374 
Total other investments$14,431 $10,280