The amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of AFS securities as of the dates indicated were as follows:


	As of June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	3,470,727	$	—	$	(579,663)	$	—	$	2,891,064
Government-sponsored commercial mortgage-backed securities	1,354,187		—		(214,027)		—		1,140,160
U.S. Agency bonds	235,844		—		(25,774)		—		210,070
U.S. Treasury securities	99,437		—		(6,355)		—		93,082
State and municipal bonds and obligations	197,994		15		(12,192)		—		185,817
Other debt securities	100		—		—		—		100
	$	5,358,289	$	15	$	(838,011)	$	—	$	4,520,293


	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	4,855,763	$	—	$	(743,855)	$	—	$	4,111,908
Government-sponsored commercial mortgage-backed securities	1,570,119		—		(221,165)		—		1,348,954
U.S. Agency bonds	1,100,891		—		(148,409)		—		952,482
U.S. Treasury securities	99,324		—		(6,267)		—		93,057
State and municipal bonds and obligations	198,039		9		(14,956)		—		183,092
Other debt securities	1,299		—		(14)		—		1,285
	$	7,825,435	$	9	$	(1,134,666)	$	—	$	6,690,778

The Company did not record a provision for credit losses on any AFS securities for either the three and six months ended June 30, 2023 or 2022. Accrued interest receivable on AFS securities totaled $9.8 million and $12.9 million as of June 30, 2023 and December 31, 2022, respectively, and is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest income on AFS securities during either the three and six months ended June 30, 2023 or 2022. No securities held by the Company were delinquent on contractual payments as of June 30, 2023 or December 31, 2022, nor were any securities placed on non-accrual status during the six and twelve month periods then ended.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(In thousands)
Gross realized gains from sales of AFS securities	$	—	$	—	$	—	$	1,045
Gross realized losses from sales of AFS securities	—		(104)		(333,170)		(3,321)
Net (losses) gains from sales of AFS securities	$	—	$	(104)	$	(333,170)	$	(2,276)


	As of June 30, 2023
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
Government-sponsored residential mortgage-backed securities	324	$	5,254	$	79,823	$	574,409	$	2,811,241	$	579,663	$	2,891,064
Government-sponsored commercial mortgage-backed securities	188	—		—		214,027		1,140,160		214,027		1,140,160
U.S. Agency bonds	23	—		—		25,774		210,070		25,774		210,070
U.S. Treasury securities	6	519		19,364		5,836		73,718		6,355		93,082
State and municipal bonds and obligations	234	2,521		74,764		9,671		103,742		12,192		178,506
	775	$	8,294	$	173,951	$	829,717	$	4,338,931	$	838,011	$	4,512,882


	As of December 31, 2022
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
Government-sponsored residential mortgage-backed securities	322	$	42,196	$	435,690	$	701,659	$	3,676,218	$	743,855	$	4,111,908
Government-sponsored commercial mortgage-backed securities	199	38,944		300,476		182,221		1,048,478		221,165		1,348,954
U.S. Agency bonds	37	645		4,145		147,764		948,337		148,409		952,482
U.S. Treasury securities	5	1,311		48,451		4,956		44,606		6,267		93,057
State and municipal bonds and obligations	237	14,942		179,614		14		225		14,956		179,839
Other debt securities	2	—		—		14		1,285		14		1,285
	802	$	98,038	$	968,376	$	1,036,628	$	5,719,149	$	1,134,666	$	6,687,525

The Company does not intend to sell these investments and has determined based upon available evidence that it is more likely than not that the Company will not be required to sell each security before the expected recovery of its amortized cost basis. As a result, the Company did not recognize an ACL on these investments as of either June 30, 2023 or December 31, 2022.

•Government-sponsored mortgage-backed securities, U.S. Agency bonds and U.S. Treasury securities – The securities with unrealized losses in these portfolios have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.

•State and municipal bonds and obligations – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality.

•Other debt securities – As of December 31, 2022, there were two securities included in this portfolio in an unrealized loss position which consisted of of two foreign debt securities. Both securities were performing in accordance with the terms of their respective contractual agreements. The decline in market value of these securities was attributable to changes in interest rates and not credit quality.


	As of June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	266,140	$	—	$	(28,001)	$	—	$	238,139
Government-sponsored commercial mortgage-backed securities	198,921		—		(24,196)		—		174,725
	$	465,061	$	—	$	(52,197)	$	—	$	412,864


	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	276,493	$	—	$	(30,150)	$	—	$	246,343
Government-sponsored commercial mortgage-backed securities	200,154		—		(23,271)		—		176,883
	$	476,647	$	—	$	(53,421)	$	—	$	423,226

The Company did not record a provision for estimated credit losses on any HTM securities for either the three and six months ended June 30, 2023 or 2022. The accrued interest receivable on HTM securities totaled $1.0 million as of both June 30, 2023 and December 31, 2022 and is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on HTM securities during either the three and six months ended June 30, 2023 or 2022. No securities held by the Company were delinquent on contractual payments as of either June 30, 2023 or December 31, 2022, nor were any securities placed on non-accrual status during the six and twelve month periods then ended.

The amortized cost and estimated fair value of AFS and HTM securities by contractual maturities as of June 30, 2023 and December 31, 2022 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.


	As of June 30, 2023
	Due in one year or less				Due after one year to five years				Due after five to ten years				Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities	$	—	$	—	$	20,580	$	19,521	$	38,751	$	35,949	$	3,411,396	$	2,835,594	$	3,470,727	$	2,891,064
Government-sponsored commercial mortgage-backed securities	—		—		135,485		121,687		507,668		435,327		711,034		583,146		1,354,187		1,140,160
U.S. Agency bonds	—		—		201,915		180,538		33,929		29,532		—		—		235,844		210,070
U.S. Treasury securities	—		—		99,437		93,082		—		—		—		—		99,437		93,082
State and municipal bonds and obligations	211		209		28,027		26,725		43,778		42,353		125,978		116,530		197,994		185,817
Other debt securities	100		100		—		—		—		—		—		—		100		100
Total available for sale securities	311		309		485,444		441,553		624,126		543,161		4,248,408		3,535,270		5,358,289		4,520,293
HTM securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—		266,140		238,139		266,140		238,139
Government-sponsored commercial mortgage-backed securities	—		—		—		—		198,921		174,725		—		—		198,921		174,725
Total held to maturity securities	—		—		—		—		198,921		174,725		266,140		238,139		465,061		412,864
Total	$	311	$	309	$	485,444	$	441,553	$	823,047	$	717,886	$	4,514,548	$	3,773,409	$	5,823,350	$	4,933,157


	As of December 31, 2022
	Due in one year or less				Due after one year to five years				Due after five to ten years					Due after ten years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value			Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities	$	—	$	—	$	21,221	$	20,284	$	727,908	$	648,132		$	4,106,634	$	3,443,492	$	4,855,763	$	4,111,908
Government-sponsored commercial mortgage-backed securities	—		—		191,762		171,992		649,659		556,641			728,698		620,321		1,570,119		1,348,954
U.S. Agency bonds	—		—		877,371		767,464		223,520		185,018			—		—		1,100,891		952,482
U.S. Treasury securities	—		—		99,324		93,057		—		—			—		—		99,324		93,057
State and municipal bonds and obligations	213		209		22,100		21,283		42,554		40,970			133,172		120,630		198,039		183,092
Other debt securities	1,299		1,285		—		—		—		—			—		—		1,299		1,285
Total available for sale securities	1,512		1,494		1,211,778		1,074,080		1,643,641		1,430,761			4,968,504		4,184,443		7,825,435		6,690,778
HTM securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—			276,493		246,343		276,493		246,343
Government-sponsored commercial mortgage-backed securities	—		—		—		—		200,154		176,883		0	—		—		200,154		176,883
Total held to maturity securities	—		—		—		—		200,154		176,883			276,493		246,343		476,647		423,226
Total	$	1,512	$	1,494	$	1,211,778	$	1,074,080	$	1,843,795	$	1,607,644		$	5,244,997	$	4,430,786	$	8,302,082	$	7,114,004

As of June 30, 2023 and December 31, 2022, securities with a carrying value of $446.4 million and $437.9 million, respectively, were pledged to secure public deposits and for other purposes required by law. As of June 30, 2023 and December 31, 2022, deposits with associated pledged collateral included cash accounts from the Company’s wealth management division (“Eastern Wealth Management”) and municipal deposit accounts.

In March 2023 the Federal Reserve created the Bank Term Funding Program (the “Program”) in order to support American businesses and households. The Program helps make available additional funding to eligible depository institutions in order to help assure banks have the ability to meet the needs of their depositors. The Program offers loans up to one year in length to banks in return for any collateral eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. As of June 30, 2023, securities with a carrying value of $2.5 billion were pledged as collateral through the Program. In addition, the Company pledged securities with a carrying value of $374.9 million to the Federal Reserve Discount Window (the “Discount Window”) as of June 30, 2023. No securities were pledged to the Program or the Discount Window as of December 31, 2022.