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Investments (Tables)
12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
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, 2022        
Obligations of states and political subdivisions$49,678 $11 $(463)$49,226 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises598,845 131 (84,957)514,019 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises122,760 — (13,413)109,347 
Subordinated corporate bonds25,677 (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 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 bonds
22,660 152 (254)22,558 
Total AFS debt securities$1,508,981 $16,235 $(17,730)$1,507,486 
The following table summarizes the Company's investment in FHLBB stock and FRB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated:
(In thousands)December 31, 2022December 31, 2021
FHLBB$7,339 $4,906 
FRB5,374 5,374 
Total$12,713 $10,280 
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)202220212020
Proceeds from sales of AFS debt securities$36,280 $— $— 
Gross realized gains13 — — 
Gross realized losses(925)— — 
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 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 HoldingsFair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
December 31, 2022            
Obligations of states and political subdivisions83 $42,276 $(463)$— $— $42,276 $(463)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises175 118,290 (11,521)381,355 (73,436)499,645 (84,957)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises64 47,340 (4,589)62,007 (8,824)109,347 (13,413)
Subordinated corporate bonds13 7,687 (384)14,593 (2,013)22,280 (2,397)
Total AFS debt securities335 $215,593 $(16,957)$457,955 $(84,273)$673,548 $(101,230)
December 31, 2021            
Obligations of U.S. government-sponsored enterprises$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 bonds
11,932 (232)979 (22)12,911 (254)
Total AFS debt securities180 $871,583 $(14,074)$101,074 $(3,656)$972,657 $(17,730)
Contractual Obligation, Fiscal Year Maturity 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$500 $500 
Due after one year through five years14,026 12,526 
Due after five years through ten years60,829 59,483 
Due after ten years— — 
     Subtotal75,355 72,509 
Mortgage-related securities721,605 623,366 
     Total$796,960 $695,875 
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(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 subdivisions55,978 431 (1,610)54,799 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises317,406 — (24,766)292,640 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises145,069 — (13,724)131,345 
Subordinated corporate bonds20,673 332 (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 $117,000 in subordinated corporate bonds.
Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity
At December 31, 2022, the amortized cost and estimated fair values of HTM debt securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-related securities are shown in total, as their
maturities are highly variable.
(In thousands)Amortized
Cost
Fair
Value
Due in one year or less$— $— 
Due after one year through five years863 855 
Due after five years through ten years22,701 21,711 
Due after ten years60,544 59,642 
Subtotal84,108 82,208 
Mortgage-related securities462,475 423,985 
Total$546,583 $506,193