Restricted Equity Securities

12 Months Ended

Dec. 31, 2019

Restricted Investments Note [Abstract]

Investments in the restricted equity securities of various entities are as follows:



	At December 31,
	2019		2018
	(In Thousands)
FHLBB stock	$	35,482	$	43,655
FRB stock	18,084		17,995
Other restricted equity securities	252		101
	$	53,818	$	61,751

The Company invests in the stock of FHLBB as one of the requirements to borrow. As of December 31, 2019 and 2018, FHLBB stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value. The FHLBB stated that it remained in compliance with all regulatory capital ratios as of December 31, 2019 and was classified as "adequately capitalized" by its regulator, based on the FHLBB's financial information as of September 30, 2019. The FHLBB paid a dividend to member banks at an annualized rate of 556 basis points in 2019. The FHLBB increased its dividend from 617 basis points in the first quarter of 2019 to 587 basis points in the fourth quarter of 2019. As of December 31, 2019, the Company's investment in FHLBB stock exceeded its required investment which provides for additional borrowing capacity.

The Company invests in the stock of the Federal Reserve Bank of Boston as required by its the Banks' membership in the Federal Reserve system. As of December 31, 2019 and 2018, Federal Reserve Bank of Boston stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value.