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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.      0-28190
CAMDEN NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Maine01-0413282
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)
  
2 ELM STREETCAMDENME04843
(Address of principal executive offices)(Zip Code)
 
Registrant's telephone number, including area code:  (207) 236-8821

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, without par valueCACThe NASDAQ Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes x          No ¨
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Yes x          No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes          No
 
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date:
Outstanding at April 30, 2021:  Common stock (no par value) 14,941,949 shares.



CAMDEN NATIONAL CORPORATION

 FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2021
TABLE OF CONTENTS OF INFORMATION REQUIRED IN REPORT
  PAGE
PART I.  FINANCIAL INFORMATION 
ITEM 1.FINANCIAL STATEMENTS 
 Consolidated Statements of Condition (unaudited) - March 31, 2021 and December 31, 2020
 Consolidated Statements of Income (unaudited) - Three Months Ended March 31, 2021 and 2020
 Consolidated Statements of Comprehensive Income (unaudited) - Three Months Ended March 31, 2021 and 2020
 Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - Three Months Ended March 31, 2021 and 2020
 Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2021 and 2020
 Notes to the Unaudited Consolidated Financial Statements
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
ITEM 4.CONTROLS AND PROCEDURES
PART II. OTHER INFORMATION 
ITEM 1.LEGAL PROCEEDINGS
ITEM 1A.RISK FACTORS
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3.DEFAULTS UPON SENIOR SECURITIES
ITEM 4.MINE SAFETY DISCLOSURES
ITEM 5.OTHER INFORMATION
ITEM 6.EXHIBITS
SIGNATURES
2


PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CONDITION
(unaudited)
(In thousands, except number of shares)March 31,
 2021
December 31,
 2020
ASSETS  
Cash and due from banks$48,558 $49,524 
Interest-bearing deposits in other banks (including restricted cash)319,689 96,250 
Total cash, cash equivalents and restricted cash368,247 145,774 
Investments:  
Trading securities4,123 4,161 
Available-for-sale securities, at fair value (book value of $1,100,514 and $1,078,474, respectively)
1,115,548 1,115,813 
Held-to-maturity securities, at amortized cost (fair value of $1,396 and $1,411, respectively)
1,295 1,297 
Other investments10,212 11,541 
Total investments1,131,178 1,132,812 
Loans held for sale, at fair value (book value of $22,243 and $40,499, respectively)
22,229 41,557 
Loans3,237,046 3,219,822 
Less: allowance for credit losses on loans(35,775)(37,865)
Net loans3,201,271 3,181,957 
Goodwill94,697 94,697 
Core deposit intangible assets2,680 2,843 
Bank-owned life insurance 95,471 94,877 
Premises and equipment, net39,075 39,884 
Deferred tax assets13,866 11,956 
Other assets120,565 152,388 
Total assets$5,089,279 $4,898,745 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Liabilities  
Deposits:  
Non-interest checking$860,024 $792,550 
Interest checking1,349,528 1,288,575 
Savings and money market1,367,274 1,282,886 
Certificates of deposit346,046 357,666 
Brokered deposits288,758 283,567 
Total deposits4,211,630 4,005,244 
Short-term borrowings186,408 162,439 
Long-term borrowings 25,000 
Subordinated debentures59,331 59,331 
Accrued interest and other liabilities99,790 117,417 
Total liabilities4,557,159 4,369,431 
Commitments and Contingencies
Shareholders’ Equity  
Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 14,928,434 and 14,909,097 shares on March 31, 2021 and December 31, 2020, respectively
131,695 131,072 
Retained earnings391,860 377,502 
Accumulated other comprehensive income:  
Net unrealized gain on available-for-sale debt securities, net of tax11,801 29,310 
Net unrealized gain (loss) on cash flow hedging derivative instruments, net of tax538 (4,626)
Net unrecognized loss on postretirement plans, net of tax(3,774)(3,944)
Total accumulated other comprehensive income8,565 20,740 
Total shareholders’ equity532,120 529,314 
Total liabilities and shareholders’ equity$5,089,279 $4,898,745 


The accompanying notes are an integral part of these consolidated financial statements.
3


CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
March 31,
(In thousands, except number of shares and per share data)20212020
Interest Income  
Interest and fees on loans$30,560 $34,045 
Taxable interest on investments
3,829 4,878 
Nontaxable interest on investments728 787 
Dividend income105 168 
Other interest income166 335 
Total interest income35,388 40,213 
Interest Expense  
Interest on deposits2,063 6,662 
Interest on borrowings156 838 
Interest on subordinated debentures805 887 
Total interest expense3,024 8,387 
Net interest income32,364 31,826 
(Credit) provision for credit losses(1,956)1,775 
Net interest income after (credit) provision for credit losses34,320 30,051 
Non-Interest Income  
Mortgage banking income, net7,109 3,534 
Debit card income2,736 2,141 
Service charges on deposit accounts1,539 2,012 
Income from fiduciary services1,526 1,502 
Brokerage and insurance commissions953 657 
Bank-owned life insurance594 689 
Customer loan swap fees 114 
Other income758 754 
Total non-interest income15,215 11,403 
Non-Interest Expense  
Salaries and employee benefits14,522 14,327 
Furniture, equipment and data processing3,027 2,790 
Net occupancy costs1,951 2,003 
Debit card expense986 934 
Consulting and professional fees863 783 
Regulatory assessments503 162 
Amortization of core deposit intangible assets164 170 
Other real estate owned and collection (recoveries) costs, net(191)101 
Other expenses3,074 3,291 
Total non-interest expense24,899 24,561 
Income before income tax expense24,636 16,893 
Income Tax Expense4,896 3,400 
Net Income$19,740 $13,493 
Per Share Data  
Basic earnings per share$1.32 $0.89 
Diluted earnings per share$1.31 $0.89 
Weighted average number of common shares outstanding14,916,387 15,103,176 
Diluted weighted average number of common shares outstanding14,994,534 15,147,218 
Cash dividends declared per share$0.36 $0.33 







The accompanying notes are an integral part of these consolidated financial statements.  
4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
Three Months Ended
March 31,
(In thousands)20212020
Net Income$19,740 $13,493 
Other comprehensive (loss) income: 
Net change in unrealized gain on available-for-sale securities, net of tax(17,509)18,930 
Net change in unrealized gain (loss) on cash flow hedging derivatives, net of tax 5,164 

(754)
Net change in other comprehensive income for supplemental executive retirement plan and other postretirement benefit plan, net of tax170 133 
Other comprehensive (loss) income(12,175)18,309 
Comprehensive Income$7,565 $31,802 
 











































The accompanying notes are an integral part of these consolidated financial statements.
5


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
Three Months Ended
 Common StockRetained
Earnings
Accumulated
Other Comprehensive
Income (Loss)
Total Shareholders’
Equity
(In thousands, except number of shares and per share data)
Shares
Outstanding
Amount
Balance at December 31, 201915,144,719 $139,103 $340,580 $(6,268)$473,415 
Net income— — 13,493 — 13,493 
Other comprehensive income, net of tax— — — 18,309 18,309 
Stock-based compensation expense— 421 — — 421 
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings
23,909 (53)— — (53)
Common stock repurchased(217,031)(7,973)— — (7,973)
Cash dividends declared ($0.33 per share)
— — (4,932)— (4,932)
Balance at March 31, 202014,951,597 $131,498 $349,141 $12,041 $492,680 
Balance at December 31, 202014,909,097 $131,072 $377,502 $20,740 $529,314 
Net income— — 19,740 — 19,740 
Other comprehensive loss, net of tax— — — (12,175)(12,175)
Stock-based compensation expense— 703 — — 703 
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings
19,337 (80)— — (80)
Cash dividends declared ($0.36 per share)
— — (5,382)— (5,382)
Balance at March 31, 202114,928,434 $131,695 $391,860 $8,565 $532,120 





























.









The accompanying notes are an integral part of these consolidated financial statements.
6


CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended
March 31,
(In thousands)20212020
Operating Activities  
Net Income$19,740 $13,493 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Originations of mortgage loans held for sale(174,370)(85,676)
Proceeds from the sale of mortgage loans198,799 70,711 
Gain on sale of mortgage loans, net of origination costs(6,173)(1,476)
(Credit) provision for credit losses(1,956)1,775 
Depreciation and amortization expense927 969 
Investment securities amortization and accretion, net1,971 742 
Stock-based compensation expense703 421 
Amortization of core deposit intangible assets164 170 
Purchase accounting accretion, net(234)(244)
Net decrease (increase) in derivative collateral posted24,380 (29,040)
Decrease (increase) in other assets591 (1,801)
Decrease in other liabilities(2,484)(3,039)
Net cash provided by (used in) by operating activities62,058 (32,995)
Investing Activities  
Proceeds from sales and maturities of available-for-sale securities94,697 40,188 
Purchase of available-for-sale securities(118,707)(58,826)
Net increase in loans(17,277)(62,982)
Purchase of Federal Home Loan Bank stock (9,161)
Proceeds from sale of Federal Home Loan Bank stock1,329 7,754 
Purchase of premises and equipment(320)(1,284)
Recoveries of previously charged-off loans51 68 
Proceeds from the sale of other real estate owned350  
Net cash used in investing activities(39,877)(84,243)
Financing Activities 
Net increase in deposits206,386 25,966 
Net proceeds from borrowings less than 90 days23,969 57,913 
Proceeds from Federal Home Loan Bank long-term advances 25,000 
Repayments of Federal Home Loan Bank long-term advances(25,000) 
Common stock repurchases(11)(7,973)
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings
(80)(53)
Cash dividends paid on common stock(4,934)(5,009)
Finance lease payments(38)(33)
Net cash provided by financing activities200,292 95,811 
Net increase (decrease) in cash, cash equivalents and restricted cash222,473 (21,427)
Cash, cash equivalents, and restricted cash at beginning of period145,774 75,636 
Cash, cash equivalents and restricted cash at end of period$368,247 $54,209 
Supplemental information  
Interest paid$3,117 $8,555 
Income taxes paid176 126 
Transfer from premises to other real estate owned204  









The accompanying notes are an integral part of these consolidated financial statements.
7


NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PRESENTATION
 
The accompanying unaudited consolidated interim financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated statements of condition of Camden National Corporation (the "Company") as of March 31, 2021 and December 31, 2020, the consolidated statements of income for the three months ended March 31, 2021 and 2020, the consolidated statements of comprehensive income for the three months ended March 31, 2021 and 2020, the consolidated statements of changes in shareholders' equity for the three months ended March 31, 2021 and 2020, and the consolidated statements of cash flows for the three months ended March 31, 2021 and 2020. The consolidated financial statements include the accounts of the Company and Camden National Bank (the "Bank"), a wholly-owned subsidiary of the Company (which includes the consolidated accounts of Healthcare Professional Funding Corporation ("HPFC") and Property A, Inc. as of and for the three months ended March 31, 2021 and HPFC, Property A, Inc. and Property P, Inc. as of and for the three months ended March 31, 2020). All intercompany accounts and transactions have been eliminated in consolidation. Assets held by the Bank in a fiduciary capacity, through Camden National Wealth Management, a division of the Bank, are not assets of the Company and, therefore, are not included in the consolidated statements of condition. The Company also owns 100% of the common stock of Camden Capital Trust A and Union Bankshares Capital Trust I. These entities are unconsolidated subsidiaries of the Company. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not impact net income or shareholders' equity as previously reported. Net income reported for the three months ended March 31, 2021, is not necessarily indicative of the results that may be expected for the full year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

8


The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Management's Discussion and Analysis of Financial Condition and Results of Operations." The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.
AFS:Available-for-saleFRBB:Federal Reserve Bank of Boston
ALCO:Asset/Liability CommitteeGAAP:Generally accepted accounting principles in the United States
ACL:Allowance for credit lossesGDP:Gross domestic product
AOCI:Accumulated other comprehensive income (loss)HPFC:Healthcare Professional Funding Corporation, a wholly-owned subsidiary of Camden National Bank
ASC:Accounting Standards CodificationHTM:Held-to-maturity
ASU:Accounting Standards UpdateIRS:Internal Revenue Service
Bank:Camden National Bank, a wholly-owned subsidiary of Camden National CorporationLGD:Loss given default
BOLI:Bank-owned life insuranceLIBOR:London Interbank Offered Rate
Board ALCO:Board of Directors' Asset/Liability CommitteeLTIP:Long-Term Performance Share Plan
CARES Act:Coronavirus Aid, Relief, and Economic Security Act, signed into law in March 2020 in response to COVID-19Management ALCO:Management Asset/Liability Committee
CCTA:Camden Capital Trust A, an unconsolidated entity formed by Camden National CorporationMBS:Mortgage-backed security
CDs:Certificate of depositsMSPP:Management Stock Purchase Plan
CECL:Current Expected Credit LossesN/A:Not applicable
Company:Camden National CorporationN.M.:Not meaningful
CMO:Collateralized mortgage obligationOCC:Office of the Comptroller of the Currency
CUSIP:Committee on Uniform Securities Identification ProceduresOCI:Other comprehensive income (loss)
DCRP:Defined Contribution Retirement PlanOREO:Other real estate owned
EPS:Earnings per shareOTTI:Other-than-temporary impairment
FASB:Financial Accounting Standards BoardPD:Probability of default
FDIC:Federal Deposit Insurance CorporationSBA:U.S. Small Business Administration
FHLB:Federal Home Loan BankSBA PPPU.S. Small Business Administration Paycheck Protection Program
FHLBB:Federal Home Loan Bank of BostonSERP:Supplemental executive retirement plans
FHLMC:Federal Home Loan Mortgage CorporationTDR:Troubled-debt restructured loan
FNMA:Federal National Mortgage AssociationUBCT:Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation
FRB:Federal Reserve System Board of GovernorsU.S.:United States of America

9


NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Adopted in 2021

The Company adopted and updated its accounting policy for the following accounting standards that have been applied to the Company's interim consolidated financial statements for the three months ended March 31, 2021:

ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The FASB issued ASU 2019-12 to simplify the accounting for income taxes by removing certain technical exceptions and by clarifying and amending certain areas. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, and as such the Company adopted effective January 1, 2021. There was no material impact on the Company's consolidated financial statements as a result of adopting ASU 2019-12.

ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform ("ASU 2020-04"), as amended by ASU No. 2021-01, Reference Rate Reform (Topic 848) Scope ("ASU 2021-01"). On March 12, 2020, the FASB issued ASU 2020-04, which was subsequently amended by ASU 2021-01. The FASB issued these updates to ease the burden in accounting for the effects of reference rate reform on financial reporting. ASU 2020-04 and ASU 2021-01 contain optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The Company adopted ASU 2020-04 and ASU 2021-01 effective January 1, 2021, and there was no material impact on the Company's consolidated financial statements as a result of adopting this guidance.

NOTE 3 – INVESTMENTS

Trading Securities

Trading securities are reported on the Company's consolidated financial statements of condition at fair value. As of March 31, 2021 and December 31, 2020, the fair value of the Company's trading securities were $4.1 million and $4.2 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 Executive Deferred Compensation Plan and Director Deferred Compensation Plan.

10


AFS Debt Securities

AFS debt securities are reported on the Company's consolidated statements of condition at fair value. 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
March 31, 2021    
Obligations of U.S. government sponsored enterprises$5,200 $ $(217)$4,983 
Obligations of states and political subdivisions114,280 5,982 (463)119,799 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises564,151 10,581 (5,413)569,319 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
406,358 6,452 (2,166)410,644 
Subordinated corporate bonds
10,525 293 (15)10,803 
Total AFS debt securities$1,100,514 $23,308 $(8,274)$1,115,548 
December 31, 2020    
Obligations of states and political subdivisions
$119,608 $7,627 $(115)$127,120 
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
547,396 19,796 (574)566,618 
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
399,937 10,652 (135)410,454 
Subordinated corporate bonds
11,533 186 (98)11,621 
Total AFS debt securities$1,078,474 $38,261 $(922)$1,115,813 

As of March 31, 2021 and December 31, 2020, there was no allowance carried on AFS debt securities in accordance with ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13").

The net unrealized gains on AFS debt securities reported within AOCI at March 31, 2021, were $11.8 million, net of a deferred tax liability of $3.2 million. The net unrealized gains on AFS investments reported within AOCI at December 31, 2020, were $29.3 million, net of a deferred tax liability of $8.0 million.

For the three months ended March 31, 2021 and 2020, the company did not sell any AFS debt securities.
11



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
March 31, 2021      
Obligations of U.S. government sponsored enterprises2 $4,983 $(217)$ $ $4,983 $(217)
Obligations of states and political subdivisions3 2,445 (116)2,171 (347)4,616 $(463)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
51 234,124 (5,410)347 (3)234,471 (5,413)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
30 142,364 (2,166)  142,364 (2,166)
Subordinated corporate bonds
1 985 (15)  985 (15)
Total AFS debt securities87 $384,901 $(7,924)$2,518 $(350)$387,419 $(8,274)
December 31, 2020      
Obligations of states and political subdivisions
1 $2,404 $(115)$ $ $2,404 $(115)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
15 61,222 (568)980 (6)62,202 (574)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises9 39,107 (135)  39,107 (135)
Subordinated corporate bonds5 4,902 (98)  4,902 (98)
Total AFS debt securities30 $107,635 $(916)$980 $(6)$108,615 $(922)

For the three months ended March 31, 2021 and 2020, the unrealized losses on Company's AFS debt securities have not been recognized within 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 largely due to changes in interest rates and other market conditions and not reflective of credit events. The issuers continue to make timely principal and interest payments on the bonds.

At March 31, 2021 and December 31, 2020, total accrued interest receivable on AFS debt securities, which has been excluded from reported amortized cost basis on AFS debt securities, was $3.1 million 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.
12


The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity at March 31, 2021, 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.
(In thousands)Amortized
Cost
Fair
Value
Due in one year or less$3,025 $3,102 
Due after one year through five years61,558 63,040 
Due after five years through ten years248,264 255,924 
Due after ten years787,667 793,482 
Total$1,100,514 $1,115,548 

HTM Debt Securities

HTM debt securities are reported on the Company's consolidated statements of condition at amortized cost. 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
Unrealized
Gains
Unrealized
Losses
Fair
Value
March 31, 2021        
Obligations of states and political subdivisions$1,295 $101 $ $1,396 
Total HTM debt securities$1,295 $101 $ $1,396 
December 31, 2020        
Obligations of states and political subdivisions$1,297 $114 $