Trading securities are reported on the Company's consolidated statements of condition at fair value. As of December 31, 2022 and 2021, the fair value of the Company's trading securities were $4.0 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 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
December 31, 2022

Obligations of states and political subdivisions	$	49,678	$	11	$	(463)	$	49,226
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	598,845		131		(84,957)		514,019
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	122,760		—		(13,413)		109,347
Subordinated corporate bonds	25,677		3		(2,397)		23,283
Total AFS debt securities	$	796,960	$	145	$	(101,230)	$	695,875
December 31, 2021
Obligations of U.S. government-sponsored enterprises	$	8,585	$	—	$	(241)	$	8,344
Obligations of states and political subdivisions	112,086		5,392		—		117,478
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	1,003,869		7,856		(11,468)		1,000,257
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	361,781		2,835		(5,767)		358,849
Subordinated corporate bonds	22,660		152		(254)		22,558
Total AFS debt securities	$	1,508,981	$	16,235	$	(17,730)	$	1,507,486

AOCI. These unrealized losses are being amortized over the remaining life of the securities from AOCI into interest income on the consolidated statements of income. At December 31, 2022, the net unrealized losses on the transferred securities reported within AOCI were $52.2 million, net of a deferred tax asset of $14.3 million.

At December 31, 2022, net unrealized losses on AFS debt securities reported within AOCI (excluding the aforementioned securities transferred from AFS to HTM) were $79.4 million, net of a deferred tax asset of $21.7 million. At December 31, 2021, net unrealized losses on AFS debt securities were $1.2 million, net of a deferred tax asset of $321,000.


		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, 2022

Obligations of states and political subdivisions	83	$	42,276	$	(463)	$	—	$	—	$	42,276	$	(463)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	175	118,290		(11,521)		381,355		(73,436)		499,645		(84,957)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	64	47,340		(4,589)		62,007		(8,824)		109,347		(13,413)
Subordinated corporate bonds	13	7,687		(384)		14,593		(2,013)		22,280		(2,397)
Total AFS debt securities	335	$	215,593	$	(16,957)	$	457,955	$	(84,273)	$	673,548	$	(101,230)



December 31, 2021
Obligations of U.S. government-sponsored enterprises	4	$	8,344	$	(241)	$	—	$	—	$	8,344	$	(241)

Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	113	659,851		(8,999)		61,978		(2,469)		721,829		(11,468)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	56	191,456		(4,602)		38,117		(1,165)		229,573		(5,767)
Subordinated corporate bonds	7	11,932		(232)		979		(22)		12,911		(254)
Total AFS debt securities	180	$	871,583	$	(14,074)	$	101,074	$	(3,656)	$	972,657	$	(17,730)

As of December 31, 2022 and 2021, the unrealized losses on 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, were not reflective of credit events and the issuers continue to make timely principal and interest payments on the bonds. Agency-backed and government-sponsored enterprise securities have a long 40-year history with no credit losses, including during times of severe stress. 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. Subordinate corporate bonds are primarily comprised of investment grade senior notes and senior subordinated notes on other financial institutions.

At December 31, 2022 and 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.


(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	500	$	500
Due after one year through five years	14,026		12,526
Due after five years through ten years	60,829		59,483
Due after ten years	—		—
Subtotal	75,355		72,509
Mortgage-related securities	721,605		623,366
Total	$	796,960	$	695,875


(In thousands)	Amortized Cost(1)		Unrealized Gains		Unrealized Losses		Fair Value
December 31, 2022
Obligations of U.S. government-sponsored enterprises	$	7,457	$	—	$	(777)	$	6,680
Obligations of states and political subdivisions	55,978		431		(1,610)		54,799
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	317,406		—		(24,766)		292,640
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	145,069		—		(13,724)		131,345
Subordinated corporate bonds	20,673		332		(276)		20,729
Total HTM debt securities	$	546,583	$	763	$	(41,153)	$	506,193
December 31, 2021
Obligations of states and political subdivisions	$	1,291	$	89	$	—	$	1,380
Total HTM debt securities	$	1,291	$	89	$	—	$	1,380

(1) Amortized cost presented above includes unamortized unrealized losses of: $1.1 million in obligations of U.S. government- sponsored enterprises, $6.1 million in obligations of state and political subdivisions, $38.4 million in mortgage-backed securities, $20.7 million in collateralized mortgage obligations and $117,000 in subordinated corporate bonds.

Agency-backed and government-sponsored enterprise securities have a long history with no credit losses, including during times of severe stress. 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. Subordinate corporate bonds are primarily comprised of investment grade senior notes and senior subordinated notes on other financial institutions. 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 December 31, 2022 or 2021.

As of December 31, 2022 and 2021, none of the Company's HTM debt securities were past due or on non-accrual status. The Company did not recognize any interest income on non-accrual HTM debt securities during the years ended December 31, 2022, 2021, and 2020. At December 31, 2022 and 2021, total accrued interest receivable on HTM debt securities, which has been excluded from reported amortized cost basis on HTM debt securities, was $1.7 million and $10,000, respectively, and was

At December 31, 2022, the amortized cost and estimated fair values of HTM debt securities by contractual maturity 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


(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due after one year through five years	863		855
Due after five years through ten years	22,701		21,711
Due after ten years	60,544		59,642
Subtotal	84,108		82,208
Mortgage-related securities	462,475		423,985
Total	$	546,583	$	506,193

At December 31, 2022 and 2021, AFS and HTM debt securities with an amortized cost of $821.9 million and $640.1 million, respectively, and estimated fair values of $726.5 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.

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 years ended December 31, 2022, 2021 and 2020.