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INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2023
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
March 31, 2023    
Obligations of states and political subdivisions$49,142 $41 $(132)$49,051 
MBS issued or guaranteed by U.S. government-sponsored enterprises585,249 214 (77,632)507,831 
CMO issued or guaranteed by U.S. government-sponsored enterprises117,552 — (11,319)106,233 
Subordinated corporate bonds
25,678 — (2,370)23,308 
Total AFS debt securities$777,621 $255 $(91,453)$686,423 
December 31, 2022    
Obligations of states and political subdivisions$49,678 $11 $(463)$49,226 
MBS issued or guaranteed by U.S. government-sponsored enterprises598,845 131 (84,957)514,019 
CMO 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 
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)March 31,
2023
December 31,
2022
FHLBB$14,040 $7,339 
FRB5,374 5,374 
Total other investments$19,414 $12,713 
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 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
March 31, 2023      
Obligations of states and political subdivisions54 $19,151 $(48)$10,384 $(84)$29,535 $(132)
MBS issued or guaranteed by U.S. government-sponsored enterprises172 3,310 (80)488,861 (77,552)492,171 (77,632)
CMO issued or guaranteed by U.S. government-sponsored enterprises62 2,506 (56)103,727 (11,263)106,233 (11,319)
Subordinated corporate bonds14 6,179 (412)17,129 (1,958)23,308 (2,370)
Total AFS debt securities302 $31,146 $(596)$620,101 $(90,857)$651,247 $(91,453)
December 31, 2022      
Obligations of states and political subdivisions83 42,276 (463)— — 42,276 (463)
MBS issued or guaranteed by U.S. government-sponsored enterprises175 118,290 (11,521)381,355 (73,436)499,645 (84,957)
CMO 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)
Contractual Obligation, Fiscal Year Maturity The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity at March 31, 2023, 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$1,002 $1,003 
Due after one year through five years13,612 12,323 
Due after five years through ten years60,206 59,032 
Due after ten years— — 
Subtotal74,820 72,358 
Mortgage-related securities702,801 614,065 
Total$777,621 $686,423 
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
March 31, 2023
Obligations of U.S. government-sponsored enterprises$7,491 $— $(507)$6,984 
Obligations of states and political subdivisions56,049 1,683 (760)56,972 
MBS issued or guaranteed by U.S. government-sponsored enterprises314,589 — (18,932)295,657 
CMO issued or guaranteed by U.S. government-sponsored enterprises143,030 — (10,628)132,402 
Subordinated corporate bonds18,915 607 (538)18,984 
Total HTM debt securities $540,074 $2,290 $(31,365)$510,999 
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 
MBS issued or guaranteed by U.S. government-sponsored enterprises317,406 — (24,766)292,640 
CMO 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 
(1) Amortized cost presented above includes unamortized unrealized losses for March 31, 2023 and December 31, 2022: $1.1 million in obligations of U.S. government-sponsored enterprises for both periods, $6.0 million and $6.1 million in obligations of state and political subdivisions, $37.4 million and $38.4 million in mortgage-backed securities, $20.1 million and $20.7 million in collateralized mortgage obligations and $108,000 and $117,000 in subordinated corporate bonds.
Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity The amortized cost and estimated fair values of HTM debt securities by contractual maturity at March 31, 2023 are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-related securities are shown in total, as their maturities are highly variable.
(In thousands)Amortized
Cost
Fair
Value
Due in one year or less$— $— 
Due after one year through five years1,285 1,272 
Due after five years through ten years20,527 19,720 
Due after ten years60,643 61,947 
Subtotal82,455 82,939 
Mortgage-related securities457,619 428,060 
Total$540,074 $510,999