v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
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
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 enterprises493,766 353 (69,163)424,956 
CMO issued or guaranteed by U.S. government-sponsored enterprises156,131 502 (9,154)147,479 
Subordinated corporate bonds
17,683 — (1,658)16,025 
Total AFS debt securities$673,003 $855 $(80,109)$593,749 
The following table summarizes the Company's other investments as presented on the consolidated statements of condition, as of the dates indicated:
(In thousands)June 30,
2025		December 31,
2024
FHLBB$18,117 $17,140 
FRB8,692 5,374 
Other
70 — 
Total other investments$26,879 $22,514 
Schedule of Realized Gain (Loss)
The following table details the Company's sales of AFS debt securities for the periods indicated below:

Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2025202420252024
Proceeds from sales(1)
$— $— $56,432 $— 
Gross realized gains
— — — — 
Gross realized losses— — — — 
(1)     The Company sold certain AFS debt securities acquired in the acquisition of Northway shortly after the acquisition date at fair value, and, therefore, no gain or loss was recognized on the sale.
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
June 30, 2025     
Obligations of states and political subdivisions9 $721 $— $3,632 $(92)$4,353 $(92)
MBS issued or guaranteed by U.S. government-sponsored enterprises141 26,918 (115)346,349 (52,832)373,267 (52,947)
CMO issued or guaranteed by U.S. government-sponsored enterprises55 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 securities215 $84,312 $(452)$419,031 $(61,300)$503,343 $(61,752)
December 31, 2024      
Obligations of states and political subdivisions11 $1,377 $(7)$3,597 $(127)$4,974 $(134)
MBS issued or guaranteed by U.S. government-sponsored enterprises136 36,732 (260)352,823 (68,903)389,555 (69,163)
CMO issued or guaranteed by U.S. government-sponsored enterprises47 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 securities204 $74,749 $(500)$427,491 $(79,609)$502,240 $(80,109)
Contractual Obligation, Fiscal Year Maturity
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		Fair
Value
Due in one year or less$115 $116 
Due after one year through five years13,293 12,864 
Due after five years through ten years9,715 9,001 
Due after ten years— — 
Subtotal23,123 21,981 
Mortgage-related securities893,941 838,236 
Total$917,064 $860,217 
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
June 30, 2025
Obligations of U.S. government-sponsored enterprises$7,797 $— $(391)$7,406 
Obligations of states and political subdivisions55,659 40 (3,140)52,559 
MBS issued or guaranteed by U.S. government-sponsored enterprises285,329 — (22,377)262,952 
CMO issued or guaranteed by U.S. government-sponsored enterprises136,076 185 (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 subdivisions56,047 96 (1,872)54,271 
MBS issued or guaranteed by U.S. government-sponsored enterprises292,170 — (28,980)263,190 
CMO issued or guaranteed by U.S. government-sponsored enterprises142,467 150 (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.
Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)2025202420252024
Beginning balance
$— $— $— $— 
Charge-offs
— — — — 
Recoveries
— — — 910 
Credit for credit losses
— — — (910)
Ending balance
$— $— $— $— $— 
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 years8,623 8,564 
Due after five years through ten years37,786 37,622 
Due after ten years41,128 38,385 
Subtotal87,893 84,926 
Mortgage-related securities421,405 386,269 
Total$509,298 $471,195