Trading securities are reported on the Company's consolidated statements of condition at fair value. As of June 30, 2025 and December 31, 2024, the fair value of the Company's trading securities was $5.3 million and $5.2 million, respectively. These securities are held in a rabbi trust account and invested in mutual funds. The trading securities will be used for future payments associated with the Company's deferred compensation plan for eligible employees and directors.


(In thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
June 30, 2025
Obligations of states and political subdivisions	$	5,421	$	—	$	(92)	$	5,329
MBS issued or guaranteed by U.S. government-sponsored enterprises	687,078		3,886		(52,947)		638,017
CMO issued or guaranteed by U.S. government-sponsored enterprises	206,863		1,019		(7,663)		200,219
Subordinated corporate bonds	17,702		—		(1,050)		16,652
Total AFS debt securities	$	917,064	$	4,905	$	(61,752)	$	860,217
December 31, 2024

Obligations of states and political subdivisions	$	5,423	$	—	$	(134)	$	5,289
MBS issued or guaranteed by U.S. government-sponsored enterprises	493,766		353		(69,163)		424,956
CMO issued or guaranteed by U.S. government-sponsored enterprises	156,131		502		(9,154)		147,479
Subordinated corporate bonds	17,683		—		(1,658)		16,025
Total AFS debt securities	$	673,003	$	855	$	(80,109)	$	593,749

In 2022, the Company transferred securities with a fair value of $520.3 million from AFS to HTM. The unrealized losses on the AFS debt securities at the time of transfer were $72.1 million, pre-tax, and were reported within AOCI. These unrealized losses are being amortized over the remaining life of the securities from AOCI into the HTM securities on the consolidated statements of condition. As of June 30, 2025, the net unrealized losses on the transferred securities reported within AOCI were $39.4 million, net of a deferred tax asset of $11.4 million, and as of December 31, 2024 were $41.8 million, net of a deferred tax asset of $11.4 million.

The net unrealized losses on AFS debt securities reported within AOCI (excluding the aforementioned securities transferred from AFS to HTM) as of June 30, 2025 and December 31, 2024, were $45.0 million, net of a deferred tax asset of $13.0 million, and $62.2 million, net of a deferred tax asset of $17.0 million, respectively.


		Less Than 12 Months				12 Months or More				Total
(In thousands, except number of holdings)	Number of Holdings	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2025
Obligations of states and political subdivisions	9	$	721	$	—	$	3,632	$	(92)	$	4,353	$	(92)
MBS issued or guaranteed by U.S. government-sponsored enterprises	141	26,918		(115)		346,349		(52,832)		373,267		(52,947)
CMO issued or guaranteed by U.S. government-sponsored enterprises	55	56,183		(327)		52,888		(7,336)		109,071		(7,663)
Subordinated corporate bonds	10	490		(10)		16,162		(1,040)		16,652		(1,050)
Total AFS debt securities	215	$	84,312	$	(452)	$	419,031	$	(61,300)	$	503,343	$	(61,752)



December 31, 2024

Obligations of states and political subdivisions	11	$	1,377	$	(7)	$	3,597	$	(127)	$	4,974	$	(134)
MBS issued or guaranteed by U.S. government-sponsored enterprises	136	36,732		(260)		352,823		(68,903)		389,555		(69,163)
CMO issued or guaranteed by U.S. government-sponsored enterprises	47	36,146		(227)		55,540		(8,927)		91,686		(9,154)
Subordinated corporate bonds	10	494		(6)		15,531		(1,652)		16,025		(1,658)
Total AFS debt securities	204	$	74,749	$	(500)	$	427,491	$	(79,609)	$	502,240	$	(80,109)

For the three and six months ended June 30, 2025 and 2024, the unrealized losses on the Company's AFS debt securities have not been recognized into income because management does not intend to sell, and it is not more-likely-than-not it will be required to sell, any of the AFS debt securities before recovery of its amortized cost basis. Furthermore, the unrealized losses were due to changes in interest rates and other market conditions and were not reflective of credit events. Agency-backed and government-sponsored enterprise securities have a long history of no credit losses, including during times of severe stress. The principal and interest payments on agency guaranteed debt is backed by the U.S. government. Government-sponsored enterprises similarly guarantee principal and interest payments and securities backed by government-sponsored enterprises carry an implicit guarantee from the U.S. Department of the Treasury. Additionally, government-sponsored enterprise securities are exceptionally liquid, readily marketable, and provide a substantial amount of price transparency and price parity, indicating a perception of zero credit losses. Municipal debt holdings are comprised of high credit quality (rated A- or higher) state and municipal obligations. High credit quality state and municipal obligations have a history of zero to near-zero credit loss. Subordinated corporate bonds are primarily comprised of investment grade senior notes and senior subordinated notes of other financial institutions.

As of June 30, 2025 and December 31, 2024, total accrued interest receivable on AFS debt securities, which has been excluded from reported amortized cost basis on AFS debt securities, was $2.4 million and $1.7 million, respectively, and was reported within other assets on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date.

The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity as of June 30, 2025, 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(1)		Unrealized Gains		Unrealized Losses		Fair Value
June 30, 2025
Obligations of U.S. government-sponsored enterprises	$	7,797	$	—	$	(391)	$	7,406
Obligations of states and political subdivisions	55,659		40		(3,140)		52,559
MBS issued or guaranteed by U.S. government-sponsored enterprises	285,329		—		(22,377)		262,952
CMO issued or guaranteed by U.S. government-sponsored enterprises	136,076		185		(12,944)		123,317
Subordinated corporate bonds	24,437		794		(270)		24,961
Total HTM debt securities	$	509,298	$	1,019	$	(39,122)	$	471,195
December 31, 2024
Obligations of U.S. government-sponsored enterprises	$	7,729	$	—	$	(647)	$	7,082
Obligations of states and political subdivisions	56,047		96		(1,872)		54,271
MBS issued or guaranteed by U.S. government-sponsored enterprises	292,170		—		(28,980)		263,190
CMO issued or guaranteed by U.S. government-sponsored enterprises	142,467		150		(15,747)		126,870
Subordinated corporate bonds	19,365		476		(430)		19,411
Total HTM debt securities	$	517,778	$	722	$	(47,676)	$	470,824

(1)Amortized cost presented above includes unamortized unrealized losses from the aforementioned transfer from AFS to HTM securities that occurred in 2022. As of June 30, 2025 and December 31, 2024, the unamortized unrealized losses on the 2022 transfer included within amortized cost were as follows: (1) $788,000 and $856,000 in obligations of U.S. government-sponsored enterprises, (2) $4.9 million and $5.1 million in obligations of state and political subdivisions, (3) $29.0 million and $30.8 million in MBS, (4) $15.4 million and $16.4 million in CMO, and (5) $39,000 and $54,000 in subordinated corporate bonds, respectively.

In the first quarter of 2023, the Company wrote-off its $1.8 million Signature Bank corporate bond in response to Signature Bank's failure. The write-off was recorded as a provision on HTM debt securities in the consolidated statements of income. During the first quarter of 2024, the Company sold the Signature Bank corporate bond and recovered $910,000, which was recorded as a credit for credit losses on HTM debt securities in the consolidated statements of income.

As of June 30, 2025 and December 31, 2024, none of the Company's HTM debt securities were past due or on non-accrual status; therefore, the Company did not recognize any interest income on non-accrual HTM debt securities during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025 and December 31, 2024, total accrued interest receivable on HTM debt securities was $1.7 million and $1.6 million, respectively, and no allowance was provided for. Accrued interest on HTM debt securities is reported within other assets on the consolidated statements of condition and excluded from reported amortized cost.

The amortized cost and estimated fair values of HTM debt securities by contractual maturity as of June 30, 2025 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	$	356	$	355
Due after one year through five years	8,623		8,564
Due after five years through ten years	37,786		37,622
Due after ten years	41,128		38,385
Subtotal	87,893		84,926
Mortgage-related securities	421,405		386,269
Total	$	509,298	$	471,195

As of June 30, 2025 and December 31, 2024, AFS and HTM debt securities with an amortized cost of $872.5 million and $519.9 million and estimated fair values of $811.6 million and $449.0 million, respectively, were pledged to secure FHLBB advances, FRB advances, public deposits, and securities sold under agreements to repurchase and for other purposes required or permitted by law.

The Company's FHLBB, FRB and other correspondent bank common stock are each reported at cost within other investments on the consolidated statements of condition. The Company evaluates these investments for impairment based on the ultimate recoverability of the par value. The Company did not record any impairment on its other investments for the three and six months ended June 30, 2025 and 2024.