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SECURITIES (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Securities Available for Sale (AFS) and Securities
The following is a summary of securities available for sale (“AFS”) , held to maturity (“HTM”), and marketable equity securities:
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueAllowance
December 31, 2023    
Securities available for sale    
Debt securities:    
U.S Treasuries$7,980 $$— $7,981 $— 
Municipal bonds and obligations64,788 494 (1,429)63,853 — 
Agency collateralized mortgage obligations426,986 — (79,112)347,874 — 
Agency mortgage-backed securities492,633 (75,155)417,480 — 
Agency commercial mortgage-backed securities174,879 — (29,553)145,326 — 
Corporate bonds43,291 34 (4,210)39,115 — 
Other bonds and obligations655 67 (66)656 — 
Total securities available for sale1,211,212 598 (189,525)1,022,285 — 
Securities held to maturity    
Municipal bonds and obligations251,046 698 (16,987)234,757 48 
Agency collateralized mortgage obligations112,929 — (18,360)94,569 — 
Agency mortgage-backed securities47,379 — (8,052)39,327 — 
Agency commercial mortgage-backed securities130,169 — (24,368)105,801 — 
Tax advantaged economic development bonds1,540 (60)1,486 20 
Other bonds and obligations288 — — 288 — 
Total securities held to maturity543,351 704 (67,827)476,228 68 
Marketable equity securities15,035 — (2,006)13,029 — 
Total$1,769,598 $1,302 $(259,358)$1,511,542 $68 
December 31, 2022    
Securities available for sale    
Debt securities:    
U.S Treasuries$11,972 $$— $11,973 $— 
Municipal bonds and obligations65,943 422 (3,030)63,335 — 
Agency collateralized mortgage obligations631,732 — (99,787)531,945 — 
Agency mortgage-backed securities643,308 (96,996)546,313 — 
Agency commercial mortgage-backed securities264,218 — (35,750)228,468 — 
Corporate bonds43,368 80 (2,938)40,510 — 
Other bonds and obligations655 67 (66)656 — 
Total securities available for sale1,661,196 571 (238,567)1,423,200 — 
Securities held to maturity    
Municipal bonds and obligations266,793 691 (23,704)243,780 66 
Agency collateralized mortgage-backed securities128,136 — (20,420)107,716 — 
Agency mortgage-backed securities50,958 — (9,240)41,718 — 
Agency commercial mortgage-backed securities135,206 — (23,203)112,003 — 
Tax advantaged economic development bonds2,069 (121)1,956 25 
Other bonds and obligations291 — — 291 — 
Total securities held to maturity583,453 699 (76,688)507,464 91 
Marketable equity securities15,035 — (2,179)12,856 — 
Total$2,259,684 $1,270 $(317,434)$1,943,520 $91 
Schedule of Debt Securities, Held to Maturity, Activity
The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the years ended December 31, 2023, 2022 and 2021:
(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2022$66 $25 $91 
Provision (benefit) for credit losses(18)(5)(23)
Balance at December 31, 2023$48 $20 $68 

(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2021$70 $35 $105 
Provision (benefit) for credit losses
(4)(10)(14)
Balance at December 31, 2022$66 $25 $91 

(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
Balance at December 31, 2020$64 $40 $104 
Provision expense/(benefit) for credit losses
(5)
Balance at December 31, 2021$70 $35 $105 
Schedule of Amortized Cost and Estimated Fair Value of Available for Sale (AFS) and Held to Maturity (HTM) Securities, Segregated by Contractual Maturity
The amortized cost and estimated fair value of AFS and HTM securities, segregated by contractual maturity at year-end 2023 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities and collateralized mortgage obligations are shown in total, as their maturities are highly variable. 
 Available for saleHeld to maturity
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Within 1 year$8,290 $8,292 $410 $410 
Over 1 year to 5 years11,205 11,083 1,802 1,797 
Over 5 years to 10 years55,843 51,922 35,956 35,883 
Over 10 years41,376 40,308 214,706 198,441 
Total bonds and obligations116,714 111,605 252,874 236,531 
Mortgage-backed securities1,094,498 910,680 290,477 239,697 
Total$1,211,212 $1,022,285 $543,351 $476,228 
Schedule of Amortized Cost and Fair Values of Pledged Securities The total amortized cost and fair values of these pledged securities follows. Additionally, there is a blanket lien on certain securities to collateralize borrowings from the FHLBB and Federal Reserve Bank of Boston, as discussed further in Note 10 - Borrowed Funds.
 20232022
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Securities pledged to swap counterparties$9,780 $9,633 $11,972 $11,973 
Securities pledged for municipal deposits289,740 250,979 304,741 276,804 
Total$299,520 $260,612 $316,713 $288,777 
Schedule of Components of Net Realized Gains and Losses on the Sale of AFS Securities The components of net recognized gains and losses on the sale of AFS securities and the fair value change of marketable equities are as follows:
(In thousands)202320222021
Gross recognized gains$1,199 $72 $108 
Gross recognized losses(26,083)(2,009)(550)
Net recognized (losses)$(24,884)$(1,937)$(442)
Schedule of Securities with Unrealized Losses, Segregated by the Duration of their Continuous Unrealized Loss Positions
Debt securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
 Less Than Twelve MonthsOver Twelve MonthsTotal
(In thousands)Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
December 31, 2023      
Securities available for sale      
Debt securities:      
Municipal bonds and obligations$76 $9,326 $1,353 $22,739 $1,429 $32,065 
Agency collateralized mortgage obligations
— — 79,112 347,874 79,112 347,874 
Agency mortgage-backed securities
22 75,154 417,151 75,155 417,173 
Agency commercial mortgage-back securities— — 29,553 145,326 29,553 145,326 
Corporate bonds457 6,543 3,753 31,690 4,210 38,233 
Other bonds and obligations— — 66 295 66 295 
Total securities available for sale$534 $15,891 $188,991 $965,075 $189,525 $980,966 
Securities held to maturity      
Municipal bonds and obligations
229 28,895 16,758 92,063 16,987 120,958 
Agency collateralized mortgage obligations
21 18,359 94,548 18,360 94,569 
Agency mortgage-backed securities
— — 8,052 39,327 8,052 39,327 
Agency commercial mortgage-back securities— — 24,368 105,801 24,368 105,801 
Tax advantaged economic development bonds
— — 60 922 60 922 
Total securities held to maturity230 28,916 67,597 332,661 67,827 361,577 
Total$764 $44,807 $256,588 $1,297,736 $257,352 $1,342,543 
December 31, 2022      
Securities available for sale      
Debt securities:      
Municipal bonds and obligations$2,406 $36,696 $624 $2,763 $3,030 $39,459 
Agency collateralized mortgage obligations
23,052 247,509 76,735 284,434 99,787 531,943 
Agency mortgage-backed securities
3,124 37,540 93,872 508,683 96,996 546,223 
Agency commercial mortgage-backed securities
9,885 96,396 25,865 132,043 35,750 228,439 
Corporate bonds1,709 25,657 1,229 9,929 2,938 35,586 
Other bonds and obligations— — 66 295 66 295 
Total securities available for sale$40,176 $443,798 $198,391 $938,147 $238,567 $1,381,945 
Securities held to maturity      
Municipal bonds and obligations
5,476 125,494 18,228 38,341 23,704 163,835 
Agency collateralized mortgage obligations2,734 49,539 17,686 58,177 20,420 107,716 
Agency mortgage-backed securities300 2,419 8,940 39,299 9,240 41,718 
Agency commercial mortgage-back securities447 9,713 22,756 102,290 23,203 112,003 
Tax advantaged economic development bonds142 120 1,008 121 1,150 
Total securities held to maturity8,958 187,307 67,730 239,115 76,688 426,422 
Total$49,134 $631,105 $266,121 $1,177,262 $315,255 $1,808,367