01-0413282 | |||||||||||
(State or other jurisdiction of | (I.R.S. Employer | ||||||||||
incorporation or organization) | Identification No.) | ||||||||||
2 ELM STREET | CAMDEN | ME | 04843 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, without par value | CAC | The NASDAQ Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
PAGE | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
ITEM 1. | FINANCIAL STATEMENTS | |||||||
Consolidated Statements of Condition (unaudited) - March 31, | ||||||||
Consolidated Statements of Income (unaudited) - Three Months Ended March 31, | ||||||||
Consolidated Statements of Comprehensive Income (unaudited) - Three Months Ended March 31, | ||||||||
Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - Three Months Ended March 31, | ||||||||
Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, | ||||||||
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 |
CONSOLIDATED STATEMENTS OF CONDITION (unaudited) | ||||||||
(In thousands, except number of shares) | March 31, 2020 | December 31, 2019 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 32,477 | $ | 39,586 | ||||
Interest-bearing deposits in other banks (including restricted cash) | 21,732 | 36,050 | ||||||
Total cash, cash equivalents and restricted cash | 54,209 | 75,636 | ||||||
Investments: | ||||||||
Available-for-sale securities, at fair value (book value of $931,876 and $913,978, respectively) | 960,131 | 918,118 | ||||||
Held-to-maturity securities, at amortized cost (fair value of $1,358 and $1,359, respectively) | 1,300 | 1,302 | ||||||
Other investments | 15,056 | 13,649 | ||||||
Total investments | 976,487 | 933,069 | ||||||
Loans held for sale, at fair value (book value of $28,356 and $11,915, respectively) | 27,730 | 11,854 | ||||||
Loans | 3,157,762 | 3,095,023 | ||||||
Less: allowance for loan losses | (26,521 | ) | (25,171 | ) | ||||
Net loans | 3,131,241 | 3,069,852 | ||||||
Goodwill | 94,697 | 94,697 | ||||||
Core deposit intangible assets | 3,355 | 3,525 | ||||||
Bank-owned life insurance | 93,033 | 92,344 | ||||||
Premises and equipment, net | 41,131 | 41,836 | ||||||
Deferred tax assets | 10,708 | 16,823 | ||||||
Other assets | 161,948 | 89,885 | ||||||
Total assets | $ | 4,594,539 | $ | 4,429,521 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Liabilities | ||||||||
Deposits: | ||||||||
Non-interest checking | $ | 536,243 | $ | 552,590 | ||||
Interest checking | 1,147,653 | 1,153,203 | ||||||
Savings and money market | 1,146,038 | 1,119,193 | ||||||
Certificates of deposit | 545,013 | 521,752 | ||||||
Brokered deposits | 188,758 | 191,005 | ||||||
Total deposits | 3,563,705 | 3,537,743 | ||||||
Short-term borrowings | 326,722 | 268,809 | ||||||
Long-term borrowings | 35,000 | 10,000 | ||||||
Subordinated debentures | 59,155 | 59,080 | ||||||
Accrued interest and other liabilities | 117,277 | 80,474 | ||||||
Total liabilities | 4,101,859 | 3,956,106 | ||||||
Commitments and Contingencies | ||||||||
Shareholders’ Equity | ||||||||
Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 14,951,597 and 15,144,719 on March 31, 2020 and December 31, 2019, respectively | 131,498 | 139,103 | ||||||
Retained earnings | 349,141 | 340,580 | ||||||
Accumulated other comprehensive income (loss): | ||||||||
Net unrealized gain on available-for-sale debt securities, net of tax | 22,180 | 3,250 | ||||||
Net unrealized loss on cash flow hedging derivative instruments, net of tax | (6,802 | ) | (6,048 | ) | ||||
Net unrecognized loss on postretirement plans, net of tax | (3,337 | ) | (3,470 | ) | ||||
Total accumulated other comprehensive income (loss) | 12,041 | (6,268 | ) | |||||
Total shareholders’ equity | 492,680 | 473,415 | ||||||
Total liabilities and shareholders’ equity | $ | 4,594,539 | $ | 4,429,521 |
(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 cash | 368,247 | 145,774 | ||||||||||||
Investments: | ||||||||||||||
Trading securities | 4,123 | 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 investments | 10,212 | 11,541 | ||||||||||||
Total investments | 1,131,178 | 1,132,812 | ||||||||||||
Loans held for sale, at fair value (book value of $22,243 and $40,499, respectively) | 22,229 | 41,557 | ||||||||||||
Loans | 3,237,046 | 3,219,822 | ||||||||||||
Less: allowance for credit losses on loans | (35,775) | (37,865) | ||||||||||||
Net loans | 3,201,271 | 3,181,957 | ||||||||||||
Goodwill | 94,697 | 94,697 | ||||||||||||
Core deposit intangible assets | 2,680 | 2,843 | ||||||||||||
Bank-owned life insurance | 95,471 | 94,877 | ||||||||||||
Premises and equipment, net | 39,075 | 39,884 | ||||||||||||
Deferred tax assets | 13,866 | 11,956 | ||||||||||||
Other assets | 120,565 | 152,388 | ||||||||||||
Total assets | $ | 5,089,279 | $ | 4,898,745 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest checking | $ | 860,024 | $ | 792,550 | ||||||||||
Interest checking | 1,349,528 | 1,288,575 | ||||||||||||
Savings and money market | 1,367,274 | 1,282,886 | ||||||||||||
Certificates of deposit | 346,046 | 357,666 | ||||||||||||
Brokered deposits | 288,758 | 283,567 | ||||||||||||
Total deposits | 4,211,630 | 4,005,244 | ||||||||||||
Short-term borrowings | 186,408 | 162,439 | ||||||||||||
Long-term borrowings | 0 | 25,000 | ||||||||||||
Subordinated debentures | 59,331 | 59,331 | ||||||||||||
Accrued interest and other liabilities | 99,790 | 117,417 | ||||||||||||
Total liabilities | 4,557,159 | 4,369,431 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||
Shareholders’ Equity | ||||||||||||||
Common stock, 0 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 earnings | 391,860 | 377,502 | ||||||||||||
Accumulated other comprehensive income: | ||||||||||||||
Net unrealized gain on available-for-sale debt securities, net of tax | 11,801 | 29,310 | ||||||||||||
Net unrealized gain (loss) on cash flow hedging derivative instruments, net of tax | 538 | (4,626) | ||||||||||||
Net unrecognized loss on postretirement plans, net of tax | (3,774) | (3,944) | ||||||||||||
Total accumulated other comprehensive income | 8,565 | 20,740 | ||||||||||||
Total shareholders’ equity | 532,120 | 529,314 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 5,089,279 | $ | 4,898,745 |
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands, except number of shares and per share data) | 2020 | 2019 | ||||||
Interest Income | ||||||||
Interest and fees on loans | $ | 34,045 | $ | 35,721 | ||||
Taxable interest on investments | 4,878 | 4,994 | ||||||
Nontaxable interest on investments | 787 | 644 | ||||||
Dividend income | 168 | 230 | ||||||
Other interest income | 335 | 420 | ||||||
Total interest income | 40,213 | 42,009 | ||||||
Interest Expense | ||||||||
Interest on deposits | 6,662 | 8,423 | ||||||
Interest on borrowings | 838 | 974 | ||||||
Interest on subordinated debentures | 887 | 717 | ||||||
Total interest expense | 8,387 | 10,114 | ||||||
Net interest income | 31,826 | 31,895 | ||||||
Provision for credit losses | 1,775 | 744 | ||||||
Net interest income after provision for credit losses | 30,051 | 31,151 | ||||||
Non-Interest Income | ||||||||
Mortgage banking income, net | 3,534 | 1,252 | ||||||
Debit card income | 2,141 | 2,010 | ||||||
Service charges on deposit accounts | 2,012 | 2,023 | ||||||
Income from fiduciary services | 1,502 | 1,392 | ||||||
Bank-owned life insurance | 689 | 594 | ||||||
Brokerage and insurance commissions | 657 | 585 | ||||||
Customer loan swap fees | 114 | 525 | ||||||
Other income | 754 | 1,008 | ||||||
Total non-interest income | 11,403 | 9,389 | ||||||
Non-Interest Expense | ||||||||
Salaries and employee benefits | 14,327 | 12,978 | ||||||
Furniture, equipment and data processing | 2,790 | 2,680 | ||||||
Net occupancy costs | 2,003 | 1,914 | ||||||
Debit card expense | 934 | 823 | ||||||
Consulting and professional fees | 783 | 813 | ||||||
Amortization of core deposit intangible assets | 170 | 176 | ||||||
Regulatory assessments | 162 | 472 | ||||||
Other real estate owned and collection costs (recoveries), net | 101 | (307 | ) | |||||
Other expenses | 3,291 | 3,234 | ||||||
Total non-interest expense | 24,561 | 22,783 | ||||||
Income before income tax expense | 16,893 | 17,757 | ||||||
Income Tax Expense | 3,400 | 3,484 | ||||||
Net Income | $ | 13,493 | $ | 14,273 | ||||
Per Share Data | ||||||||
Basic earnings per share | $ | 0.89 | $ | 0.91 | ||||
Diluted earnings per share | $ | 0.89 | $ | 0.91 | ||||
Weighted average number of common shares outstanding | 15,103,176 | 15,592,141 | ||||||
Diluted weighted average number of common shares outstanding | 15,147,218 | 15,634,126 | ||||||
Cash dividends declared per share | $ | 0.33 | $ | 0.30 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In thousands, except number of shares and per share data) | 2021 | 2020 | ||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 30,560 | $ | 34,045 | ||||||||||||||||||||||
Taxable interest on investments | 3,829 | 4,878 | ||||||||||||||||||||||||
Nontaxable interest on investments | 728 | 787 | ||||||||||||||||||||||||
Dividend income | 105 | 168 | ||||||||||||||||||||||||
Other interest income | 166 | 335 | ||||||||||||||||||||||||
Total interest income | 35,388 | 40,213 | ||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Interest on deposits | 2,063 | 6,662 | ||||||||||||||||||||||||
Interest on borrowings | 156 | 838 | ||||||||||||||||||||||||
Interest on subordinated debentures | 805 | 887 | ||||||||||||||||||||||||
Total interest expense | 3,024 | 8,387 | ||||||||||||||||||||||||
Net interest income | 32,364 | 31,826 | ||||||||||||||||||||||||
(Credit) provision for credit losses | (1,956) | 1,775 | ||||||||||||||||||||||||
Net interest income after (credit) provision for credit losses | 34,320 | 30,051 | ||||||||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||
Mortgage banking income, net | 7,109 | 3,534 | ||||||||||||||||||||||||
Debit card income | 2,736 | 2,141 | ||||||||||||||||||||||||
Service charges on deposit accounts | 1,539 | 2,012 | ||||||||||||||||||||||||
Income from fiduciary services | 1,526 | 1,502 | ||||||||||||||||||||||||
Brokerage and insurance commissions | 953 | 657 | ||||||||||||||||||||||||
Bank-owned life insurance | 594 | 689 | ||||||||||||||||||||||||
Customer loan swap fees | 0 | 114 | ||||||||||||||||||||||||
Other income | 758 | 754 | ||||||||||||||||||||||||
Total non-interest income | 15,215 | 11,403 | ||||||||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||
Salaries and employee benefits | 14,522 | 14,327 | ||||||||||||||||||||||||
Furniture, equipment and data processing | 3,027 | 2,790 | ||||||||||||||||||||||||
Net occupancy costs | 1,951 | 2,003 | ||||||||||||||||||||||||
Debit card expense | 986 | 934 | ||||||||||||||||||||||||
Consulting and professional fees | 863 | 783 | ||||||||||||||||||||||||
Regulatory assessments | 503 | 162 | ||||||||||||||||||||||||
Amortization of core deposit intangible assets | 164 | 170 | ||||||||||||||||||||||||
Other real estate owned and collection (recoveries) costs, net | (191) | 101 | ||||||||||||||||||||||||
Other expenses | 3,074 | 3,291 | ||||||||||||||||||||||||
Total non-interest expense | 24,899 | 24,561 | ||||||||||||||||||||||||
Income before income tax expense | 24,636 | 16,893 | ||||||||||||||||||||||||
Income Tax Expense | 4,896 | 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 outstanding | 14,916,387 | 15,103,176 | ||||||||||||||||||||||||
Diluted weighted average number of common shares outstanding | 14,994,534 | 15,147,218 | ||||||||||||||||||||||||
Cash dividends declared per share | $ | 0.36 | $ | 0.33 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2020 | 2019 | ||||||
Net Income | $ | 13,493 | $ | 14,273 | ||||
Other comprehensive income: | ||||||||
Net change in unrealized gain on available-for-sale securities, net of tax | 18,930 | 10,899 | ||||||
Net change in unrealized loss on cash flow hedging derivatives, net of tax | (754 | ) | (831 | ) | ||||
Net gain on postretirement plans, net of tax | 133 | 48 | ||||||
Other comprehensive income | 18,309 | 10,116 | ||||||
Comprehensive Income | $ | 31,802 | $ | 24,389 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||||||||||||||
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 tax | 170 | 133 | ||||||||||||||||||||||||
Other comprehensive (loss) income | (12,175) | 18,309 | ||||||||||||||||||||||||
Comprehensive Income | $ | 7,565 | $ | 31,802 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Common Stock | Retained 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, 2018 | 15,591,914 | $ | 158,215 | $ | 302,030 | $ | (24,420 | ) | $ | 435,825 | |||||||||
Cumulative-effect adjustment upon adoption of ASU 2016-02(1) | — | — | 254 | — | 254 | ||||||||||||||
Net income | — | — | 14,273 | — | 14,273 | ||||||||||||||
Other comprehensive income, net of tax | — | — | — | 10,116 | 10,116 | ||||||||||||||
Stock-based compensation expense | — | 458 | — | — | 458 | ||||||||||||||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings | 24,208 | (215 | ) | — | — | (215 | ) | ||||||||||||
Common stock repurchased | (55,557 | ) | (2,306 | ) | — | — | (2,306 | ) | |||||||||||
Cash dividends declared ($0.30 per share) | — | — | (4,687 | ) | — | (4,687 | ) | ||||||||||||
Balance at March 31, 2019 | 15,560,565 | $ | 156,152 | $ | 311,870 | $ | (14,304 | ) | $ | 453,718 | |||||||||
Balance at December 31, 2019 | 15,144,719 | $ | 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, 2020 | 14,951,597 | $ | 131,498 | $ | 349,141 | $ | 12,041 | $ | 492,680 |
Three Months Ended | ||||||||||||||||||||||||||||||||
Common Stock | Retained 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, 2019 | 15,144,719 | $ | 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, 2020 | 14,951,597 | $ | 131,498 | $ | 349,141 | $ | 12,041 | $ | 492,680 | |||||||||||||||||||||||
Balance at December 31, 2020 | 14,909,097 | $ | 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, 2021 | 14,928,434 | $ | 131,695 | $ | 391,860 | $ | 8,565 | $ | 532,120 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2020 | 2019 | ||||||
Operating Activities | ||||||||
Net Income | $ | 13,493 | $ | 14,273 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Originations of mortgage loans held for sale | (85,676 | ) | (32,405 | ) | ||||
Proceeds from the sale of mortgage loans | 70,711 | 28,834 | ||||||
Gain on sale of mortgage loans, net of origination costs | (1,476 | ) | (826 | ) | ||||
Provision for credit losses | 1,775 | 744 | ||||||
Depreciation and amortization expense | 969 | 922 | ||||||
Investment securities amortization and accretion, net | 742 | 660 | ||||||
Stock-based compensation expense | 421 | 458 | ||||||
Amortization of intangible assets | 170 | 176 | ||||||
Purchase accounting accretion, net | (244 | ) | (477 | ) | ||||
Increase in other assets | (34,101 | ) | (10,710 | ) | ||||
Increase (decrease) in other liabilities | 221 | (6,291 | ) | |||||
Net cash used in operating activities | (32,995 | ) | (4,642 | ) | ||||
Investing Activities | ||||||||
Proceeds from sales and maturities of available-for-sale securities | 40,188 | 26,355 | ||||||
Purchase of available-for-sale securities | (58,826 | ) | (26,749 | ) | ||||
Net increase in loans | (62,982 | ) | (16,734 | ) | ||||
Purchase of Federal Home Loan Bank stock | (9,161 | ) | (2,012 | ) | ||||
Proceeds from sale of Federal Home Loan Bank stock | 7,754 | 5,691 | ||||||
Purchase of premises and equipment | (1,284 | ) | (1,583 | ) | ||||
Recoveries of previously charged-off loans | 68 | 75 | ||||||
Net cash used in investing activities | (84,243 | ) | (14,957 | ) | ||||
Financing Activities | ||||||||
Net increase in deposits | 25,966 | 113,740 | ||||||
Net proceeds from (repayments of) borrowings less than 90 days | 57,913 | (14,687 | ) | |||||
Proceeds from Federal Home Loan Bank long-term advances | 25,000 | — | ||||||
Common stock repurchases | (7,973 | ) | (1,957 | ) | ||||
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings | (53 | ) | (215 | ) | ||||
Cash dividends paid on common stock | (5,009 | ) | (4,687 | ) | ||||
Finance lease payments | (33 | ) | (26 | ) | ||||
Net cash provided by financing activities | 95,811 | 92,168 | ||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (21,427 | ) | 72,569 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 75,636 | 66,999 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 54,209 | $ | 139,568 | ||||
Supplemental information | ||||||||
Interest paid | $ | 8,555 | $ | 9,738 | ||||
Income taxes paid | 126 | 91 | ||||||
Unsettled common stock repurchase | — | 349 | ||||||
Transfer from loans to other real estate owned | — | 543 |
Three Months Ended March 31, | ||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||
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 loans | 198,799 | 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 expense | 927 | 969 | ||||||||||||
Investment securities amortization and accretion, net | 1,971 | 742 | ||||||||||||
Stock-based compensation expense | 703 | 421 | ||||||||||||
Amortization of core deposit intangible assets | 164 | 170 | ||||||||||||
Purchase accounting accretion, net | (234) | (244) | ||||||||||||
Net decrease (increase) in derivative collateral posted | 24,380 | (29,040) | ||||||||||||
Decrease (increase) in other assets | 591 | (1,801) | ||||||||||||
Decrease in other liabilities | (2,484) | (3,039) | ||||||||||||
Net cash provided by (used in) by operating activities | 62,058 | (32,995) | ||||||||||||
Investing Activities | ||||||||||||||
Proceeds from sales and maturities of available-for-sale securities | 94,697 | 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 | 0 | (9,161) | ||||||||||||
Proceeds from sale of Federal Home Loan Bank stock | 1,329 | 7,754 | ||||||||||||
Purchase of premises and equipment | (320) | (1,284) | ||||||||||||
Recoveries of previously charged-off loans | 51 | 68 | ||||||||||||
Proceeds from the sale of other real estate owned | 350 | 0 | ||||||||||||
Net cash used in investing activities | (39,877) | (84,243) | ||||||||||||
Financing Activities | ||||||||||||||
Net increase in deposits | 206,386 | 25,966 | ||||||||||||
Net proceeds from borrowings less than 90 days | 23,969 | 57,913 | ||||||||||||
Proceeds from Federal Home Loan Bank long-term advances | 0 | 25,000 | ||||||||||||
Repayments of Federal Home Loan Bank long-term advances | (25,000) | 0 | ||||||||||||
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 activities | 200,292 | 95,811 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 222,473 | (21,427) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 145,774 | 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 paid | 176 | 126 | ||||||||||||
Transfer from premises to other real estate owned | 204 | 0 | ||||||||||||
AFS: | Available-for-sale | Federal Reserve Bank of Boston | ||||||||||||
ALCO: | Asset/Liability Committee | GAAP: | Generally accepted accounting principles in the United States | |||||||||||
ACL: | Allowance for credit losses | GDP: | Gross domestic product | |||||||||||
AOCI: | Accumulated other comprehensive income (loss) | HPFC: | Healthcare Professional Funding Corporation, a wholly-owned subsidiary of Camden National Bank | |||||||||||
HTM: | Held-to-maturity | |||||||||||||
IRS: | Internal Revenue Service | |||||||||||||
Camden National Bank, a wholly-owned subsidiary of Camden National Corporation | ||||||||||||||
BOLI: | Bank-owned life insurance | |||||||||||||
Board ALCO: | Board of Directors' Asset/Liability Committee | |||||||||||||
Coronavirus Aid, Relief, and Economic Security Act, signed into law in March 2020 in response to COVID-19 | Management ALCO: | Management Asset/Liability Committee | ||||||||||||
CCTA: | Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation | |||||||||||||
CDs: | Certificate of deposits | Management Stock Purchase Plan | ||||||||||||
CECL: | Current Expected Credit Losses | N/A: | Not applicable | |||||||||||
Company: | Camden National Corporation | N.M.: | Not meaningful | |||||||||||
CMO: | Collateralized mortgage obligation | OCC: | Office of the Comptroller of the Currency | |||||||||||
OCI: | Other comprehensive income (loss) | |||||||||||||
OREO: | Other real estate owned | |||||||||||||
Earnings per share | Other-than-temporary impairment | |||||||||||||
FASB: | Financial Accounting Standards Board | PD: | Probability of default | |||||||||||
FDIC: | Federal Deposit Insurance Corporation | SBA: | U.S. Small Business Administration | |||||||||||
FHLB: | Federal Home Loan Bank | SBA PPP | U.S. Small Business Administration Paycheck Protection Program | |||||||||||
FHLBB: | Federal Home Loan Bank of Boston | SERP: | Supplemental executive retirement plans | |||||||||||
Federal Home Loan | Troubled-debt restructured loan | |||||||||||||
FNMA: | Federal National Mortgage Association | UBCT: | Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation | |||||||||||
Federal Reserve System Board of Governors | ||||||||||||||
of America |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Obligations of U.S. government sponsored enterprises | $ | 5,200 | $ | 0 | $ | (217) | $ | 4,983 | ||||||||||||||||||
Obligations of states and political subdivisions | 114,280 | 5,982 | (463) | 119,799 | ||||||||||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 564,151 | 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 |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
March 31, 2020 | ||||||||||||||||
AFS Investments (carried at fair value): | ||||||||||||||||
Obligations of states and political subdivisions | $ | 123,893 | $ | 3,324 | $ | (337 | ) | $ | 126,880 | |||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 472,508 | 15,618 | (77 | ) | 488,049 | |||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 324,929 | 9,698 | (12 | ) | 334,615 | |||||||||||
Subordinated corporate bonds | 10,546 | 116 | (75 | ) | 10,587 | |||||||||||
Total AFS investments | $ | 931,876 | $ | 28,756 | $ | (501 | ) | $ | 960,131 | |||||||
HTM Investments (carried at amortized cost): | ||||||||||||||||
Obligations of states and political subdivisions | $ | 1,300 | $ | 58 | $ | — | $ | 1,358 | ||||||||
Total HTM investments | $ | 1,300 | $ | 58 | $ | — | $ | 1,358 | ||||||||
December 31, 2019 | ||||||||||||||||
AFS Investments (carried at fair value): | ||||||||||||||||
Obligations of states and political subdivisions | $ | 115,632 | $ | 2,779 | $ | (328 | ) | $ | 118,083 | |||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 462,593 | 3,398 | (2,605 | ) | 463,386 | |||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 325,200 | 3,183 | (2,478 | ) | 325,905 | |||||||||||
Subordinated corporate bonds | 10,553 | 191 | — | 10,744 | ||||||||||||
Total AFS investments | $ | 913,978 | $ | 9,551 | $ | (5,411 | ) | $ | 918,118 | |||||||
HTM Investments (carried at amortized cost): | ||||||||||||||||
Obligations of states and political subdivisions | $ | 1,302 | $ | 57 | $ | — | $ | 1,359 | ||||||||
Total HTM investments | $ | 1,302 | $ | 57 | $ | — | $ | 1,359 |
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 | |||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of U.S. government sponsored enterprises | 2 | $ | 4,983 | $ | (217) | $ | 0 | $ | 0 | $ | 4,983 | $ | (217) | |||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 3 | 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) | 0 | 0 | 142,364 | (2,166) | |||||||||||||||||||||||||||||||||||||
Subordinated corporate bonds | 1 | 985 | (15) | 0 | 0 | 985 | (15) | |||||||||||||||||||||||||||||||||||||
Total AFS debt securities | 87 | $ | 384,901 | $ | (7,924) | $ | 2,518 | $ | (350) | $ | 387,419 | $ | (8,274) | |||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 1 | $ | 2,404 | $ | (115) | $ | 0 | $ | 0 | $ | 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 enterprises | 9 | 39,107 | (135) | 0 | 0 | 39,107 | (135) | |||||||||||||||||||||||||||||||||||||
Subordinated corporate bonds | 5 | 4,902 | (98) | 0 | 0 | 4,902 | (98) | |||||||||||||||||||||||||||||||||||||
Total AFS debt securities | 30 | $ | 107,635 | $ | (916) | $ | 980 | $ | (6) | $ | 108,615 | $ | (922) | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||
AFS Investments: | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 168 | $ | 20,029 | $ | (337 | ) | $ | — | $ | — | $ | 20,029 | $ | (337 | ) | ||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 144 | 7,626 | (34 | ) | 1,638 | (43 | ) | 9,264 | (77 | ) | |||||||||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 86 | 5,180 | (12 | ) | — | — | 5,180 | (12 | ) | ||||||||||||||||||
Subordinated corporate bonds | 8 | 4,925 | (75 | ) | — | — | 4,925 | (75 | ) | ||||||||||||||||||
Total AFS investments | 406 | $ | 37,760 | $ | (458 | ) | $ | 1,638 | $ | (43 | ) | $ | 39,398 | $ | (501 | ) | |||||||||||
December 31, 2019 | |||||||||||||||||||||||||||
AFS Investments: | |||||||||||||||||||||||||||
Obligations of states and political subdivisions | 11 | $ | 30,459 | $ | (328 | ) | $ | — | $ | — | $ | 30,459 | $ | (328 | ) | ||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 59 | 162,964 | (1,850 | ) | 63,633 | (755 | ) | 226,597 | (2,605 | ) | |||||||||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 35 | 66,549 | (733 | ) | 68,614 | (1,745 | ) | 135,163 | (2,478 | ) | |||||||||||||||||
Total AFS investments | 105 | $ | 259,972 | $ | (2,911 | ) | $ | 132,247 | $ | (2,500 | ) | $ | 392,219 | $ | (5,411 | ) |
(In thousands) | Amortized Cost | Fair Value | (In thousands) | Amortized Cost | Fair Value | |||||||||||||||||
AFS Investments | ||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | Due in one year or less | $ | 3,025 | $ | 3,102 | |||||||||||||
Due after one year through five years | 76,517 | 78,367 | Due after one year through five years | 61,558 | 63,040 | |||||||||||||||||
Due after five years through ten years | 215,515 | 223,272 | Due after five years through ten years | 248,264 | 255,924 | |||||||||||||||||
Due after ten years | 639,844 | 658,492 | Due after ten years | 787,667 | 793,482 | |||||||||||||||||
Total | $ | 931,876 | $ | 960,131 | Total | $ | 1,100,514 | $ | 1,115,548 | |||||||||||||
HTM Investments | ||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||
Due after one year through five years | 511 | 532 | ||||||||||||||||||||
Due after five years through ten years | 789 | 826 | ||||||||||||||||||||
Due after ten years | — | — | ||||||||||||||||||||
Total | $ | 1,300 | $ | 1,358 |
(In thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,295 | $ | 101 | $ | 0 | $ | 1,396 | ||||||||||||||||||
Total HTM debt securities | $ | 1,295 | $ | 101 | $ | 0 | $ | 1,396 | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,297 | $ | 114 | $ | 0 | $ | 1,411 | ||||||||||||||||||
Total HTM debt securities | $ | 1,297 | $ | 114 | $ | 0 | $ | 1,411 |
(In thousands) | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | 0 | $ | 0 | ||||||||||
Due after one year through five years | 869 | 937 | ||||||||||||
Due after five years through ten years | 426 | 459 | ||||||||||||
Due after ten years | 0 | 0 | ||||||||||||
Total | $ | 1,295 | $ | 1,396 |
(In thousands) | Cost | |||||||
March 31, 2021 | ||||||||
FHLBB | $ | 4,838 | ||||||
FRB | 5,374 | |||||||
Total other investments | $ | 10,212 | ||||||
December 31, 2020 | ||||||||
FHLBB | $ | 6,167 | ||||||
FRB | 5,374 | |||||||
Total other investments | $ | 11,541 |
(In thousands) | Cost | Unrealized Gains | Unrealized Losses | Fair Value / Carrying Value | ||||||||||||
March 31, 2020 | ||||||||||||||||
Equity securities - bank stock (carried at fair value) | $ | 544 | $ | 1,130 | $ | — | $ | 1,674 | ||||||||
FHLBB (carried at cost) | 8,008 | — | — | 8,008 | ||||||||||||
FRB (carried at cost) | 5,374 | — | — | 5,374 | ||||||||||||
Total other investments | $ | 13,926 | $ | 1,130 | $ | — | $ | 15,056 | ||||||||
December 31, 2019 | ||||||||||||||||
Equity securities - bank stock (carried at fair value) | $ | 544 | $ | 1,130 | $ | — | $ | 1,674 | ||||||||
FHLBB (carried at cost) | 6,601 | — | — | 6,601 | ||||||||||||
FRB (carried at cost) | 5,374 | — | — | 5,374 | ||||||||||||
Total other investments | $ | 12,519 | $ | 1,130 | $ | — | $ | 13,649 |
(In thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Commercial Loans: | ||||||||||||||
Commercial real estate - non owner-occupied | $ | 1,116,617 | $ | 1,097,975 | ||||||||||
Commercial real estate - owner-occupied | 273,710 | 271,495 | ||||||||||||
Commercial | 366,159 | 381,494 | ||||||||||||
SBA PPP | 169,407 | 135,095 | ||||||||||||
Total commercial loans | 1,925,893 | 1,886,059 | ||||||||||||
Retail Loans: | ||||||||||||||
Residential real estate | 1,051,765 | 1,054,798 | ||||||||||||
Home equity | 240,486 | 258,573 | ||||||||||||
Consumer | 18,902 | 20,392 | ||||||||||||
Total retail loans | 1,311,153 | 1,333,763 | ||||||||||||
Total loans | $ | 3,237,046 | $ | 3,219,822 |
(In thousands) | March 31, 2020 | December 31, 2019 | ||||||
Residential real estate | $ | 1,064,212 | $ | 1,070,374 | ||||
Commercial real estate | 1,299,860 | 1,243,397 | ||||||
Commercial | 444,830 | 421,108 | ||||||
Home equity | 306,226 | 312,779 | ||||||
Consumer | 24,377 | 25,772 | ||||||
HPFC | 18,257 | 21,593 | ||||||
Total loans | $ | 3,157,762 | $ | 3,095,023 |
(In thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Net unamortized fair value mark discount on acquired loans | $ | (1,058) | $ | (1,291) | ||||||||||
Net unamortized loan (fees) origination costs(1) | (2,444) | 856 | ||||||||||||
Total | $ | (3,502) | $ | (435) |
(In thousands) | March 31, 2020 | December 31, 2019 | ||||||
Net unamortized fair value mark discount on acquired loans | $ | (2,346 | ) | $ | (2,593 | ) | ||
Net unamortized loan origination costs | 3,115 | 3,111 | ||||||
Total | $ | 769 | $ | 518 |
Commercial Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Non Owner-Occupied | Owner- Occupied | Commercial | SBA PPP | Residential Real Estate | Home Equity | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||
At or For The Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2020 | $ | 21,778 | $ | 2,832 | $ | 6,703 | $ | 69 | $ | 3,474 | $ | 2,616 | $ | 393 | $ | 37,865 | ||||||||||||||||||||||||||||||||||
Loans charged off | 0 | 0 | (147) | 0 | (53) | (38) | (49) | (287) | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | 0 | 2 | 43 | 0 | 0 | 0 | 6 | 51 | ||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 695 | (286) | (1,429) | 18 | (328) | (402) | (122) | (1,854) | ||||||||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2021 | $ | 22,473 | $ | 2,548 | $ | 5,170 | $ | 87 | $ | 3,093 | $ | 2,176 | $ | 228 | $ | 35,775 | ||||||||||||||||||||||||||||||||||
At or For The Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2019 | $ | 10,924 | $ | 1,490 | $ | 3,985 | $ | 0 | $ | 5,842 | $ | 2,423 | $ | 507 | $ | 25,171 | ||||||||||||||||||||||||||||||||||
Impact of adopting CECL(1) | (668) | (90) | 1,548 | 0 | (1,129) | 792 | (220) | 233 | ||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (82) | (21) | (1,130) | 0 | (121) | (317) | (167) | (1,838) | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | 107 | 13 | 572 | 0 | 292 | 33 | 67 | 1,084 | ||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 11,497 | 1,440 | 1,728 | 69 | (1,410) | (315) | 206 | 13,215 | ||||||||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2020 | $ | 21,778 | $ | 2,832 | $ | 6,703 | $ | 69 | $ | 3,474 | $ | 2,616 | $ | 393 | $ | 37,865 |
(In thousands) | Residential Real Estate | Commercial Real Estate | Commercial | Home Equity | Consumer | HPFC | Total | (In thousands) | Commercial Real Estate(1) | Commercial | Residential Real Estate | Home Equity | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At or For The Three Months Ended March 31, 2020 | At or For The Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALL for the three months ended: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for the three months ended: | Allowance for the three months ended: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,842 | $ | 12,414 | $ | 3,769 | $ | 2,423 | $ | 507 | $ | 216 | $ | 25,171 | Beginning balance | $ | 12,414 | $ | 3,985 | $ | 5,842 | $ | 2,423 | $ | 507 | $ | 25,171 | |||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (96 | ) | (50 | ) | (253 | ) | (34 | ) | (57 | ) | — | (490 | ) | Loans charged off | (50) | (253) | (96) | (34) | (57) | (490) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 2 | 4 | 53 | 4 | 5 | — | 68 | Recoveries | 4 | 53 | 2 | 4 | 5 | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credit)(1) | 149 | 1,006 | 545 | 87 | 18 | (33 | ) | 1,772 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | Provision | 1,006 | 512 | 149 | 87 | 18 | 1,772 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 5,897 | $ | 13,374 | $ | 4,114 | $ | 2,480 | $ | 473 | $ | 183 | $ | 26,521 | Ending balance | $ | 13,374 | $ | 4,297 | $ | 5,897 | $ | 2,480 | $ | 473 | $ | 26,521 | |||||||||||||||||||||||||||||||||||||||||||||
ALL balance attributable to loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance balance attributable to loans: | Allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 324 | $ | 34 | $ | — | $ | 89 | $ | — | $ | — | $ | 447 | Individually evaluated for impairment | $ | 34 | $ | 0 | $ | 324 | $ | 89 | $ | 0 | $ | 447 | |||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 5,573 | 13,340 | 4,114 | 2,391 | 473 | 183 | 26,074 | Collectively evaluated for impairment | 13,340 | 4,297 | 5,573 | 2,391 | 473 | 26,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending ALL | $ | 5,897 | $ | 13,374 | $ | 4,114 | $ | 2,480 | $ | 473 | $ | 183 | $ | 26,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance | Total ending allowance | $ | 13,374 | $ | 4,297 | $ | 5,897 | $ | 2,480 | $ | 473 | $ | 26,521 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,286 | $ | 400 | $ | 299 | $ | 370 | $ | — | $ | — | $ | 4,355 | Individually evaluated for impairment | $ | 400 | $ | 299 | $ | 3,286 | $ | 370 | $ | 0 | $ | 4,355 | |||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,060,926 | 1,299,460 | 444,531 | 305,856 | 24,377 | 18,257 | 3,153,407 | Collectively evaluated for impairment | 1,299,460 | 462,788 | 1,060,926 | 305,856 | 24,377 | 3,153,407 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 1,064,212 | $ | 1,299,860 | $ | 444,830 | $ | 306,226 | $ | 24,377 | $ | 18,257 | $ | 3,157,762 | Total ending loans balance | $ | 1,299,860 | $ | 463,087 | $ | 1,064,212 | $ | 306,226 | $ | 24,377 | $ | 3,157,762 | |||||||||||||||||||||||||||||||||||||||||||||
At or For The Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALL for the three months ended: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,071 | $ | 11,654 | $ | 3,620 | $ | 2,796 | $ | 234 | $ | 337 | $ | 24,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (11 | ) | (65 | ) | (236 | ) | (10 | ) | (14 | ) | — | (336 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 2 | 4 | 62 | — | 7 | — | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credit)(1) | 91 | 245 | 170 | 241 | 32 | (29 | ) | 750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 6,153 | $ | 11,838 | $ | 3,616 | $ | 3,027 | $ | 259 | $ | 308 | $ | 25,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALL balance attributable to loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 553 | $ | 27 | $ | — | $ | 347 | $ | — | $ | — | $ | 927 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 5,600 | 11,811 | 3,616 | 2,680 | 259 | 308 | 24,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending ALL | $ | 6,153 | $ | 11,838 | $ | 3,616 | $ | 3,027 | $ | 259 | $ | 308 | $ | 25,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,736 | $ | 410 | $ | 223 | $ | 895 | $ | — | $ | — | $ | 6,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 1,012,706 | 1,258,064 | 390,759 | 323,074 | 20,733 | 30,842 | 3,036,178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 1,017,442 | $ | 1,258,474 | $ | 390,982 | $ | 323,969 | $ | 20,733 | $ | 30,842 | $ | 3,042,442 |
(In thousands) | Residential Real Estate | Commercial Real Estate | Commercial | Home Equity | Consumer | HPFC | Total | |||||||||||||||||||||
At or For The Year Ended December 31, 2019 | ||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||
Beginning balance | $ | 6,071 | $ | 11,654 | $ | 3,620 | $ | 2,796 | $ | 234 | $ | 337 | $ | 24,712 | ||||||||||||||
Loans charged off | (462 | ) | (300 | ) | (1,167 | ) | (412 | ) | (301 | ) | (71 | ) | (2,713 | ) | ||||||||||||||
Recoveries | 16 | 49 | 225 | 1 | 19 | — | 310 | |||||||||||||||||||||
Provision (credit)(1) | 217 | 1,011 | 1,091 | 38 | 555 | (50 | ) | 2,862 | ||||||||||||||||||||
Ending balance | $ | 5,842 | $ | 12,414 | $ | 3,769 | $ | 2,423 | $ | 507 | $ | 216 | $ | 25,171 | ||||||||||||||
ALL balance attributable to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 364 | $ | 30 | $ | — | $ | 69 | $ | — | $ | — | $ | 463 | ||||||||||||||
Collectively evaluated for impairment | 5,478 | 12,384 | 3,769 | 2,354 | 507 | 216 | 24,708 | |||||||||||||||||||||
Total ending ALL | $ | 5,842 | $ | 12,414 | $ | 3,769 | $ | 2,423 | $ | 507 | $ | 216 | $ | 25,171 | ||||||||||||||
Loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,384 | $ | 402 | $ | 319 | $ | 373 | $ | — | $ | — | $ | 4,478 | ||||||||||||||
Collectively evaluated for impairment | 1,066,990 | 1,242,995 | 420,789 | 312,406 | 25,772 | 21,593 | 3,090,545 | |||||||||||||||||||||
Total ending loans balance | $ | 1,070,374 | $ | 1,243,397 | $ | 421,108 | $ | 312,779 | $ | 25,772 | $ | 21,593 | $ | 3,095,023 |
Three Months Ended March 31, | Year Ended December 31, 2019 | |||||||||||
(In thousands) | 2020 | 2019 | ||||||||||
Provision for loan losses | $ | 1,772 | $ | 750 | $ | 2,862 | ||||||
Change in reserve for unfunded commitments | 3 | (6 | ) | (1 | ) | |||||||
Provision for credit losses | $ | 1,775 | $ | 744 | $ | 2,861 |
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | $ | 30,274 | $ | 145,318 | $ | 220,520 | $ | 140,581 | $ | 116,094 | $ | 408,514 | $ | 0 | $ | 0 | $ | 1,061,301 | ||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | 0 | 5,878 | 1,454 | 0 | 4,258 | 8,734 | 0 | 0 | 20,324 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | 0 | 23 | 124 | 4,406 | 401 | 30,038 | 0 | 0 | 34,992 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - non owner-occupied | 30,274 | 151,219 | 222,098 | 144,987 | 120,753 | 447,286 | 0 | 0 | 1,116,617 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | 7,062 | 34,293 | 32,904 | 47,928 | 44,604 | 97,690 | 0 | 0 | 264,481 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | 0 | 0 | 0 | 3,488 | 1,386 | 1,497 | 0 | 0 | 6,371 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | 0 | 0 | 0 | 885 | 452 | 1,521 | 0 | 0 | 2,858 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied | 7,062 | 34,293 | 32,904 | 52,301 | 46,442 | 100,708 | 0 | 0 | 273,710 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | 11,196 | 46,824 | 70,501 | 36,679 | 24,848 | 63,924 | 74,255 | 28,928 | 357,155 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | 0 | 0 | 21 | 21 | 4,617 | 493 | 0 | 0 | 5,152 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | 0 | 184 | 971 | 203 | 51 | 1,797 | 275 | 371 | 3,852 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 11,196 | 47,008 | 71,493 | 36,903 | 29,516 | 66,214 | 74,530 | 29,299 | 366,159 | |||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | 81,032 | 88,375 | 0 | 0 | 0 | 0 | 0 | 0 | 169,407 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total SBA PPP | 81,032 | 88,375 | 0 | 0 | 0 | 0 | 0 | 0 | 169,407 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | 102,106 | 331,223 | 158,297 | 101,369 | 65,714 | 286,323 | 921 | 0 | 1,045,953 | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | 0 | 0 | 0 | 0 | 0 | 239 | 0 | 0 | 239 | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | 0 | 0 | 643 | 174 | 0 | 4,756 | 0 | 0 | 5,573 | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | 102,106 | 331,223 | 158,940 | 101,543 | 65,714 | 291,318 | 921 | 0 | 1,051,765 | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 77 | 782 | 8,443 | 15,723 | 3,256 | 16,192 | 182,664 | 11,481 | 238,618 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-performing | 0 | 0 | 48 | 0 | 0 | 167 | 1,153 | 500 | 1,868 | |||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | 77 | 782 | 8,491 | 15,723 | 3,256 | 16,359 | 183,817 | 11,981 | 240,486 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 1,612 | 5,716 | 5,454 | 2,281 | 1,078 | 2,128 | 604 | 0 | 18,873 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-performing | 0 | 9 | 17 | 0 | 0 | 3 | 0 | 0 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 1,612 | 5,725 | 5,471 | 2,281 | 1,078 | 2,131 | 604 | 0 | 18,902 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | 233,359 | $ | 658,625 | $ | 499,397 | $ | 353,738 | $ | 266,759 | $ | 924,016 | $ | 259,872 | $ | 41,280 | $ | 3,237,046 |
(In thousands) | Residential Real Estate | Commercial Real Estate | Commercial | Home Equity | Consumer | HPFC | Total | (In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | Commercial real estate - non owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | $ | 1,057,552 | $ | 1,254,201 | $ | 439,638 | $ | — | $ | — | $ | 17,410 | $ | 2,768,801 | Pass (Grades 1-6) | $ | 138,010 | $ | 224,148 | $ | 144,552 | $ | 119,409 | $ | 157,588 | $ | 264,253 | $ | 0 | $ | 0 | $ | 1,047,960 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | Special mention (Grade 7) | 5,739 | 0 | 0 | 4,256 | 3,497 | 847 | 0 | 0 | 14,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | Substandard (Grade 8) | 24 | 125 | 2,070 | 405 | 1,522 | 31,530 | 0 | 0 | 35,676 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - non owner-occupied | Total commercial real estate - non owner-occupied | 143,773 | 224,273 | 146,622 | 124,070 | 162,607 | 296,630 | 0 | 0 | 1,097,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | Commercial real estate - owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | Pass (Grades 1-6) | 35,948 | 29,217 | 48,312 | 47,065 | 25,507 | 76,098 | 0 | 0 | 262,147 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | Special mention (Grade 7) | 0 | 0 | 4,584 | 0 | 0 | 1,513 | 0 | 0 | 6,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | Substandard (Grade 8) | 0 | 0 | 891 | 462 | 0 | 1,898 | 0 | 0 | 3,251 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied | Total commercial real estate - owner occupied | 35,948 | 29,217 | 53,787 | 47,527 | 25,507 | 79,509 | 0 | 0 | 271,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | Pass (Grades 1-6) | 53,966 | 72,863 | 40,688 | 25,478 | 15,788 | 51,869 | 72,425 | 37,026 | 370,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | Special mention (Grade 7) | 0 | 22 | 313 | 4,924 | 117 | 400 | 0 | 867 | 6,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | Substandard (Grade 8) | 187 | 1,012 | 211 | 51 | 42 | 2,081 | 65 | 1,099 | 4,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | 54,153 | 73,897 | 41,212 | 30,453 | 15,947 | 54,350 | 72,490 | 38,992 | 381,494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP | SBA PPP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | Pass (Grades 1-6) | 135,095 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | Special mention (Grade 7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | Substandard (Grade 8) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total SBA PPP | Total SBA PPP | 135,095 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Real Estate | Residential Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | Pass (Grades 1-6) | 339,834 | 183,877 | 119,426 | 79,159 | 57,269 | 266,324 | 3,028 | 0 | 1,048,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention (Grade 7) | Special mention (Grade 7) | 0 | 0 | 0 | 0 | 0 | 398 | 0 | 0 | 398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | Substandard (Grade 8) | 0 | 0 | 176 | 487 | 0 | 4,820 | 0 | 0 | 5,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful (Grade 9) | Doubtful (Grade 9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | Total residential real estate | 339,834 | 183,877 | 119,602 | 79,646 | 57,269 | 271,542 | 3,028 | 0 | 1,054,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | — | — | — | 304,131 | 24,372 | — | 328,503 | Performing | 855 | 9,415 | 17,281 | 3,478 | 1,339 | 17,664 | 194,065 | 12,480 | 256,577 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention (Grade 7) | 469 | 31,028 | 1,424 | — | — | 77 | 32,998 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | 6,191 | 14,631 | 3,768 | — | — | 770 | 25,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performing | — | — | — | 2,095 | 5 | — | 2,100 | Non-performing | 0 | 0 | 0 | 0 | 0 | 207 | 1,241 | 548 | 1,996 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,064,212 | $ | 1,299,860 | $ | 444,830 | $ | 306,226 | $ | 24,377 | $ | 18,257 | $ | 3,157,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass (Grades 1-6) | $ | 1,062,825 | $ | 1,196,683 | $ | 415,870 | $ | — | $ | — | $ | 20,667 | $ | 2,696,045 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total home equity | Total home equity | 855 | 9,415 | 17,281 | 3,478 | 1,339 | 17,871 | 195,306 | 13,028 | 258,573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating | Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | — | — | — | 310,653 | 25,748 | — | 336,401 | Performing | 6,572 | 6,525 | 3,096 | 1,359 | 378 | 1,780 | 678 | 0 | 20,388 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention (Grade 7) | 473 | 31,753 | 2,544 | — | — | 89 | 34,859 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (Grade 8) | 7,076 | 14,961 | 2,694 | — | — | 837 | 25,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-performing | — | — | — | 2,126 | 24 | — | 2,150 | Non-performing | 0 | 0 | 0 | 0 | 4 | 0 | 0 | 0 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,070,374 | $ | 1,243,397 | $ | 421,108 | $ | 312,779 | $ | 25,772 | $ | 21,593 | $ | 3,095,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | 6,572 | 6,525 | 3,096 | 1,359 | 382 | 1,780 | 678 | 0 | 20,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | Total Loans | $ | 716,230 | $ | 527,204 | $ | 381,600 | $ | 286,533 | $ | 263,051 | $ | 721,682 | $ | 271,502 | $ | 52,020 | $ | 3,219,822 |
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Loans Outstanding | Loans > 90 Days Past Due and Accruing | |||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | $ | 102 | $ | 0 | $ | 106 | $ | 208 | $ | 1,116,409 | $ | 1,116,617 | $ | 0 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 0 | 75 | 47 | 122 | 273,588 | 273,710 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Commercial | 425 | 0 | 1,022 | 1,447 | 364,712 | 366,159 | 0 | |||||||||||||||||||||||||||||||||||||||||||
SBA PPP | 0 | 0 | 0 | — | 169,407 | 169,407 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 423 | 514 | 2,542 | 3,479 | 1,048,286 | 1,051,765 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Home equity | 35 | 192 | 1,312 | 1,539 | 238,947 | 240,486 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 21 | 22 | 29 | 72 | 18,830 | 18,902 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,006 | $ | 803 | $ | 5,058 | $ | 6,867 | $ | 3,230,179 | $ | 3,237,046 | $ | 0 | ||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | $ | 0 | $ | 50 | $ | 173 | $ | 223 | $ | 1,097,752 | $ | 1,097,975 | $ | 0 | ||||||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 99 | 0 | 47 | 146 | 271,349 | 271,495 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Commercial | 430 | 0 | 857 | 1,287 | 380,207 | 381,494 | 0 | |||||||||||||||||||||||||||||||||||||||||||
SBA PPP | 0 | 0 | 0 | 0 | 135,095 | 135,095 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,406 | 1,103 | 2,535 | 5,044 | 1,049,754 | 1,054,798 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Home equity | 335 | 173 | 1,416 | 1,924 | 256,649 | 258,573 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Consumer | 92 | 67 | 4 | 163 | 20,229 | 20,392 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,362 | $ | 1,393 | $ | 5,032 | $ | 8,787 | $ | 3,211,035 | $ | 3,219,822 | $ | 0 |
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days | Total Past Due | Current | Total Loans Outstanding | Loans > 90 Days Past Due and Accruing | Non-Accrual Loans | ||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,778 | $ | 320 | $ | 2,445 | $ | 4,543 | $ | 1,059,669 | $ | 1,064,212 | $ | — | $ | 3,499 | ||||||||||||||||
Commercial real estate | 1,207 | 1,460 | 478 | 3,145 | 1,296,715 | 1,299,860 | — | 646 | ||||||||||||||||||||||||
Commercial | 1,315 | 388 | 602 | 2,305 | 442,525 | 444,830 | — | 748 | ||||||||||||||||||||||||
Home equity | 1,140 | 430 | 1,743 | 3,313 | 302,913 | 306,226 | — | 2,098 | ||||||||||||||||||||||||
Consumer | 58 | 31 | 5 | 94 | 24,283 | 24,377 | — | 4 | ||||||||||||||||||||||||
HPFC | 21 | 144 | 252 | 417 | 17,840 | 18,257 | — | 322 | ||||||||||||||||||||||||
Total | $ | 5,519 | $ | 2,773 | $ | 5,525 | $ | 13,817 | $ | 3,143,945 | $ | 3,157,762 | $ | — | $ | 7,317 | ||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 2,297 | $ | 627 | $ | 2,598 | $ | 5,522 | $ | 1,064,852 | $ | 1,070,374 | $ | — | $ | 4,096 | ||||||||||||||||
Commercial real estate | 267 | 1,720 | 544 | 2,531 | 1,240,866 | 1,243,397 | — | 1,122 | ||||||||||||||||||||||||
Commercial | 548 | — | 417 | 965 | 420,143 | 421,108 | — | 420 | ||||||||||||||||||||||||
Home equity | 681 | 238 | 1,459 | 2,378 | 310,401 | 312,779 | — | 2,130 | ||||||||||||||||||||||||
Consumer | 108 | 31 | 23 | 162 | 25,610 | 25,772 | — | 24 | ||||||||||||||||||||||||
HPFC | — | 243 | 288 | 531 | 21,062 | 21,593 | — | 364 | ||||||||||||||||||||||||
Total | $ | 3,901 | $ | 2,859 | $ | 5,329 | $ | 12,089 | $ | 3,082,934 | $ | 3,095,023 | $ | — | $ | 8,156 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Non-Accrual Loans With an Allowance | Non-Accrual Loans Without an Allowance | Total Non-Accrual Loans | Non-Accrual Loans With an Allowance | Non-Accrual Loans Without an Allowance | Total Non-Accrual Loans | ||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | $ | 155 | $ | 15 | $ | 170 | $ | 351 | $ | 15 | $ | 366 | ||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 92 | 47 | 139 | 99 | 47 | 146 | ||||||||||||||||||||||||||||||||
Commercial | 1,681 | 56 | 1,737 | 1,549 | 58 | 1,607 | ||||||||||||||||||||||||||||||||
Residential real estate | 3,192 | 445 | 3,637 | 3,136 | 341 | 3,477 | ||||||||||||||||||||||||||||||||
Home equity | 1,575 | 293 | 1,868 | 1,961 | 35 | 1,996 | ||||||||||||||||||||||||||||||||
Consumer | 29 | 0 | 29 | 4 | 0 | 4 | ||||||||||||||||||||||||||||||||
Total | $ | 6,724 | $ | 856 | $ | 7,580 | $ | 7,100 | $ | 496 | $ | 7,596 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Collateral Type | Total Collateral -Dependent Non-Accrual Loans | Collateral Type | Total Collateral -Dependent Non-Accrual Loans | |||||||||||||||||||||||||||||||||||
(In thousands) | Real Estate | General Business Assets | Real Estate | General Business Assets | ||||||||||||||||||||||||||||||||||
Commercial | $ | 0 | $ | 657 | $ | 657 | $ | 0 | $ | 689 | $ | 689 | ||||||||||||||||||||||||||
Residential real estate | 336 | 0 | 336 | 248 | 0 | 248 | ||||||||||||||||||||||||||||||||
Total | $ | 336 | $ | 657 | $ | 993 | $ | 248 | $ | 689 | $ | 937 |
Number of Contracts | Recorded Investment | Specific Reserve | ||||||||||||||||||||||||||||||||||||
(In thousands, except number of contracts) | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 2 | 2 | $ | 330 | $ | 328 | $ | 43 | $ | 37 | ||||||||||||||||||||||||||||
Commercial | 2 | 2 | 95 | 100 | 0 | 0 | ||||||||||||||||||||||||||||||||
Residential real estate | 20 | 21 | 2,520 | 2,638 | 307 | 364 | ||||||||||||||||||||||||||||||||
Consumer and home equity | 1 | 0 | 157 | 0 | 56 | 0 | ||||||||||||||||||||||||||||||||
Total | 25 | 25 | $ | 3,102 | $ | 3,066 | $ | 406 | $ | 401 |
Number of Contracts | Recorded Investment | Specific Reserve | ||||||||||||||||||||
(In thousands, except number of contracts) | March 31, 2020 | December 31, 2019 | March 31, 2020 | December 31, 2019 | March 31, 2020 | December 31, 2019 | ||||||||||||||||
Residential real estate | 21 | 22 | $ | 2,692 | $ | 2,869 | $ | 324 | $ | 364 | ||||||||||||
Commercial real estate | 2 | 2 | 338 | 338 | 34 | 30 | ||||||||||||||||
Commercial | 2 | 2 | 118 | 123 | — | — | ||||||||||||||||
Consumer and home equity | 1 | 1 | 299 | 299 | 89 | 69 | ||||||||||||||||
Total | 26 | 27 | $ | 3,447 | $ | 3,629 | $ | 447 | $ | 463 |
Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except number of contracts) | For The Three Months Ended March 31, | For The Three Months Ended March 31, | For The Three Months Ended March 31, | For The Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Home equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate concession and payment deferral | 1 | 0 | $ | 159 | $ | 0 | $ | 170 | $ | 0 | $ | 56 | $ | 0 | ||||||||||||||||||||||||||||||||||||
Total | 1 | 0 | $ | 159 | $ | 0 | $ | 170 | $ | 0 | $ | 56 | $ | 0 |
For The Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||
March 31, 2020: | ||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 128 | $ | 128 | $ | 34 | $ | 128 | $ | 1 | ||||||||||||||||||||||||||||||||||
Commercial | 0 | 0 | 0 | — | — | |||||||||||||||||||||||||||||||||||||||
Residential real estate | 2,220 | 2,220 | 324 | 2,307 | 24 | |||||||||||||||||||||||||||||||||||||||
Home equity | 318 | 318 | 89 | 318 | — | |||||||||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | — | — | |||||||||||||||||||||||||||||||||||||||
Ending balance | 2,666 | 2,666 | 447 | 2,753 | 25 | |||||||||||||||||||||||||||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 272 | 431 | 0 | 273 | 3 | |||||||||||||||||||||||||||||||||||||||
Commercial | 299 | 665 | 0 | 309 | 2 | |||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,066 | 1,247 | 0 | 1,028 | 3 | |||||||||||||||||||||||||||||||||||||||
Home equity | 52 | 190 | 0 | 54 | — | |||||||||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | — | — | |||||||||||||||||||||||||||||||||||||||
Ending balance | 1,689 | 2,533 | 0 | 1,664 | 8 | |||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 4,355 | $ | 5,199 | $ | 447 | $ | 4,417 | $ | 33 |
For the Three Months Ended | ||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
March 31, 2020: | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Residential real estate | $ | 2,220 | $ | 2,220 | $ | 324 | $ | 2,307 | $ | 24 | ||||||||||
Commercial real estate | 128 | 128 | 34 | 128 | 1 | |||||||||||||||
Commercial | — | — | — | — | — | |||||||||||||||
Home equity | 318 | 318 | 89 | 318 | — | |||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||
HPFC | — | — | — | — | — | |||||||||||||||
Ending balance | 2,666 | 2,666 | 447 | 2,753 | 25 | |||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||
Residential real estate | 1,066 | 1,247 | — | 1,028 | 3 | |||||||||||||||
Commercial real estate | 272 | 431 | — | 273 | 3 | |||||||||||||||
Commercial | 299 | 665 | — | 309 | 2 | |||||||||||||||
Home equity | 52 | 190 | — | 54 | — | |||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||
HPFC | — | — | — | — | — | |||||||||||||||
Ending balance | 1,689 | 2,533 | — | 1,664 | 8 | |||||||||||||||
Total impaired loans | $ | 4,355 | $ | 5,199 | $ | 447 | $ | 4,417 | $ | 33 | ||||||||||
March 31, 2019: | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Residential real estate | $ | 3,454 | $ | 3,454 | $ | 553 | $ | 3,462 | $ | 30 | ||||||||||
Commercial real estate | 131 | 131 | 27 | 131 | 1 | |||||||||||||||
Commercial | — | — | — | 278 | — | |||||||||||||||
Home equity | 828 | 828 | 347 | 573 | — | |||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||
HPFC | — | — | — | — | — | |||||||||||||||
Ending Balance | 4,413 | 4,413 | 927 | 4,444 | 31 | |||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||
Residential real estate | 1,282 | 1,406 | — | 1,286 | 10 | |||||||||||||||
Commercial real estate | 279 | 455 | — | 539 | 3 | |||||||||||||||
Commercial | 223 | 286 | — | 226 | 2 | |||||||||||||||
Home equity | 67 | 265 | — | 96 | — | |||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||
HPFC | — | — | — | — | — | |||||||||||||||
Ending Balance | 1,851 | 2,412 | — | 2,147 | 15 | |||||||||||||||
Total impaired loans | $ | 6,264 | $ | 6,825 | $ | 927 | $ | 6,591 | $ | 46 |
For the Year Ended | ||||||||||||||||||||
(In thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
December 31, 2019: | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Residential real estate | $ | 2,395 | $ | 2,395 | $ | 364 | $ | 2,989 | $ | 110 | ||||||||||
Commercial real estate | 128 | 128 | 30 | 130 | 11 | |||||||||||||||
Commercial | — | — | — | 292 | — | |||||||||||||||
Home equity | 318 | 318 | 69 | 522 | — | |||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||
HPFC | — | — | — | — | — | |||||||||||||||
Ending Balance | 2,841 | 2,841 | 463 | 3,933 | 121 | |||||||||||||||
Without an allowance recorded: | ||||||||||||||||||||
Residential real estate | 989 | 1,116 | — | 1,258 | 21 | |||||||||||||||
Commercial real estate | 274 | 433 | — | 381 | 13 | |||||||||||||||
Commercial | 319 | 685 | — | 238 | 7 | |||||||||||||||
Home equity | 55 | 192 | — | 115 | — | |||||||||||||||
Consumer | — | — | — | 1 | — | |||||||||||||||
HPFC | — | — | — | — | — | |||||||||||||||
Ending Balance | 1,637 | 2,426 | — | 1,993 | 41 | |||||||||||||||
Total impaired loans | $ | 4,478 | $ | 5,267 | $ | 463 | $ | 5,926 | $ | 162 |
(In thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Short-Term Borrowings: | ||||||||||||||
Customer repurchase agreements | $ | 186,408 | $ | 162,439 | ||||||||||
Total short-term borrowings | $ | 186,408 | $ | 162,439 | ||||||||||
Long-Term Borrowings: | ||||||||||||||
FHLBB borrowings | $ | 0 | $ | 25,000 | ||||||||||
Total long-term borrowings | $ | 0 | $ | 25,000 |
(In thousands) | March 31, 2020 | December 31, 2019 | ||||||
Short-Term Borrowings: | ||||||||
Customer repurchase agreements | $ | 265,997 | $ | 237,984 | ||||
FHLBB borrowings | 50,000 | 25,000 | ||||||
Overnight borrowings | 10,725 | 5,825 | ||||||
Total short-term borrowings | $ | 326,722 | $ | 268,809 | ||||
Long-Term Borrowings: | ||||||||
FHLBB borrowings | $ | 35,000 | $ | 10,000 | ||||
Total long-term borrowings | $ | 35,000 | $ | 10,000 |
(In thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Customer Repurchase Agreements(1)(2): | ||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | $ | 106,135 | $ | 70,902 | ||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 78,790 | 90,015 | ||||||||||||
Obligations of states and political subdivisions | 1,483 | 1,522 | ||||||||||||
Total | $ | 186,408 | $ | 162,439 | ||||||||||
(In thousands) | March 31, 2020 | December 31, 2019 | ||||||
Customer Repurchase Agreements(1)(2): | ||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | $ | 147,529 | $ | 118,969 | ||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 116,852 | 117,654 | ||||||
Obligations of states and political subdivisions | 1,616 | 1,361 | ||||||
Total | $ | 265,997 | $ | 237,984 |
(In thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Commitments to extend credit | $ | 696,086 | $ | 723,986 | ||||||||||
Standby letters of credit | 4,855 | 4,735 | ||||||||||||
Total | $ | 700,941 | $ | 728,721 |
(In thousands) | March 31, 2020 | December 31, 2019 | ||||||
Commitments to extend credit | $ | 764,368 | $ | 734,649 | ||||
Standby letters of credit | 5,002 | 5,211 | ||||||
Total | $ | 769,370 | $ | 739,860 |
(In thousands, except number of positions) | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Presentation on Consolidated Statements of Condition | Number of Positions | Notional Amount | Fair Value | Number of Positions | Notional Amount | Fair Value | ||||||||||||||||||
Receive fixed, pay variable | Accrued interest and other liabilities | — | $ | — | $ | — | 10 | $ | 45,243 | $ | (514 | ) | ||||||||||||
Receive fixed, pay variable | Other assets | 85 | 408,545 | 45,220 | 75 | 366,351 | 17,756 | |||||||||||||||||
Pay fixed, receive variable | (Accrued interest and other liabilities) / other assets | 85 | 408,545 | (45,220 | ) | 85 | 411,594 | (17,242 | ) | |||||||||||||||
Total | 170 | $ | 817,090 | $ | — | 170 | $ | 823,188 | $ | — |
March 31, 2020 | December 31, 2019 | |||||||||||||||||
(In thousands) | Presentation on Consolidated Statements of Condition | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
Fixed-rate mortgage interest rate locks | Other assets | $ | 91,943 | $ | 2,241 | $ | 27,087 | $ | 480 | |||||||||
Fixed-rate mortgage interest rate locks | Accrued interest and other liabilities | 36,538 | (264 | ) | 2,519 | (18 | ) | |||||||||||
Total | $ | 128,481 | $ | 1,977 | $ | 29,606 | $ | 462 |
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||||||
(In thousands) | Notional Amount | Location | Fair Value | Notional Amount | Location | Fair Value | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts(1) | $ | 160,000 | Other assets | $ | 9,188 | $ | 93,000 | Accrued interest and other liabilities | $ | 8,520 | ||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 9,188 | $ | 8,520 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Customer loan swaps(1) | $ | 370,240 | Other assets | $ | 25,164 | $ | 370,240 | Accrued interest and other liabilities | $ | 25,164 | ||||||||||||||||||||||||||||
Fixed-rate mortgage interest rate lock commitments | 66,389 | Other assets | 1,465 | 15,418 | Accrued interest and other liabilities | 160 | ||||||||||||||||||||||||||||||||
Forward delivery commitments | 20,872 | Other assets | 607 | 1,353 | Accrued interest and other liabilities | 10 | ||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 27,236 | $ | 25,334 | ||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 110,000 | Other assets | $ | 5,731 | $ | 143,000 | Accrued interest and other liabilities | $ | 11,625 | ||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 5,731 | $ | 11,625 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||
Customer loan swaps | $ | 376,290 | Other assets | $ | 39,627 | $ | 376,290 | Accrued interest and other liabilities | $ | 39,627 | ||||||||||||||||||||||||||||
Fixed-rate mortgage interest rate lock commitments | 58,574 | Other assets | 608 | 28,346 | Accrued interest and other liabilities | 248 | ||||||||||||||||||||||||||||||||
Forward delivery commitments | 24,951 | Other assets | 311 | 15,548 | Accrued interest and other liabilities | 196 | ||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 40,546 | $ | 40,071 |
(Dollars in thousands) | Amount of Gain (Loss) Recognized in OCI on Derivative | Amount of Gain (Loss) Recognized in OCI Included Component | Amount of Gain (Loss) Recognized in OCI Excluded Component | Location of Gain (Loss) Recognized from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | ||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedge Relationships | |||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (802) | $ | (802) | $ | 0 | Interest and fees on loans | $ | 392 | $ | 392 | $ | 0 | ||||||||||||||||||||||||||||
Interest rate contracts | 7,194 | 7,194 | 0 | Interest on deposits | (79) | (79) | 0 | ||||||||||||||||||||||||||||||||||
Interest on borrowings | (77) | (77) | |||||||||||||||||||||||||||||||||||||||
Interest on subordinated debentures | (422) | (422) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,392 | $ | 6,392 | $ | 0 | $ | (186) | $ | (186) | $ | 0 | |||||||||||||||||||||||||||||
For the three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (6,309) | $ | (6,309) | $ | 0 | Interest and fees on loans | $ | 52 | $ | 52 | $ | 0 | ||||||||||||||||||||||||||||
Interest rate contracts | 5,160 | 5,160 | 0 | Interest on deposits | (4) | (4) | 0 | ||||||||||||||||||||||||||||||||||
Interest on borrowings | 4 | 4 | |||||||||||||||||||||||||||||||||||||||
Interest on subordinated debentures | (240) | (240) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (1,149) | $ | (1,149) | $ | 0 | $ | (188) | $ | (188) | $ | 0 |
March 31, 2020 | December 31, 2019 | |||||||||||||||||
(In thousands) | Presentation on Consolidated Statements of Condition | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
Forward delivery commitments ("best effort") | Other Assets | $ | 26,786 | $ | 1,185 | $ | 10,846 | $ | 312 | |||||||||
Forward delivery commitments ("best effort") | Accrued interest and other liabilities | 1,570 | (30 | ) | 1,069 | (15 | ) | |||||||||||
Total | $ | 28,356 | $ | 1,155 | $ | 11,915 | $ | 297 |
Location and Amount of Gain (Loss) Recognized in Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Interest and fees on loans | Interest on deposits | Interest on borrowings | Interest on subordinated debentures | Interest and fees on loans | Interest on deposits | Interest on borrowings | Interest on subordinated debentures | ||||||||||||||||||||||||||||||||||||||||||
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded | $ | 30,560 | $ | 2,063 | $ | 156 | $ | 805 | $ | 34,045 | $ | 6,662 | $ | 838 | $ | 887 | ||||||||||||||||||||||||||||||||||
Gain (loss) on cash flow hedging relationships | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income | $ | 392 | $ | (79) | $ | (77) | $ | (422) | $ | 52 | $ | (4) | $ | 4 | $ | (240) | ||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income - included component | $ | 392 | $ | (79) | $ | (77) | $ | (422) | $ | 52 | $ | (4) | $ | 4 | $ | (240) | ||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from AOCI into income - excluded component | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
(Dollars in thousands) | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Trade Date | Maturity Date | Variable Index Paid | Fixed Rate Received | Presentation on Consolidated Statements of Condition | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||
6/12/2019 | 6/10/2024 | 1-Month USD LIBOR | 1.693% | Other assets | $ | 100,000 | $ | 5,591 | $ | 100,000 | $ | 483 |
(Dollars in thousands) | March 31, 2020 | |||||||||||||||
Trade Date | Maturity Date | Variable Index Received | Fixed Rate Paid | Presentation on Consolidated Statements of Condition | Notional Amount | Fair Value | ||||||||||
3/2/2020 | 3/1/2023 | Fed Funds Effective Rate | 0.705% | Accrued interest and other liabilities | $ | 50,000 | $ | (853 | ) | |||||||
3/26/2020 | 3/26/2030 | 3-Month USD LIBOR | 0.857% | Accrued interest and other liabilities | 50,000 | (762 | ) | |||||||||
$ | 100,000 | $ | (1,615 | ) |
(Dollars in thousands) | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Trade Date | Maturity Date | Variable Index Received | Fixed Rate Paid | Presentation on Consolidated Statements of Condition | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||
3/18/2009 | 6/30/2021 | 3-Month USD LIBOR | 5.09% | Accrued interest and other liabilities | $ | 10,000 | $ | (396 | ) | $ | 10,000 | $ | (299 | ) | ||||||||||
7/8/2009 | 6/30/2029 | 3-Month USD LIBOR | 5.84% | Accrued interest and other liabilities | 10,000 | (3,494 | ) | 10,000 | (2,318 | ) | ||||||||||||||
5/6/2010 | 6/30/2030 | 3-Month USD LIBOR | 5.71% | Accrued interest and other liabilities | 10,000 | (3,686 | ) | 10,000 | (2,384 | ) | ||||||||||||||
3/14/2011 | 3/30/2031 | 3-Month USD LIBOR | 4.35% | Accrued interest and other liabilities | 5,000 | (1,993 | ) | 5,000 | (1,279 | ) | ||||||||||||||
5/4/2011 | 7/7/2031 | 3-Month USD LIBOR | 4.14% | Accrued interest and other liabilities | 8,000 | (3,073 | ) | 8,000 | (1,907 | ) | ||||||||||||||
$ | 43,000 | $ | (12,642 | ) | $ | 43,000 | $ | (8,187 | ) |
Amount of Gain Recognized in Income | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(Dollars in thousands) | Location of Gain Recognized in Income | 2021 | 2020 | |||||||||||||||||
Fixed-rate mortgage interest rate lock commitments | Mortgage banking income, net | $ | 945 | $ | 1,515 | |||||||||||||||
Forward delivery commitments | Mortgage banking income, net | 482 | 858 | |||||||||||||||||
Total | $ | 1,427 | $ | 2,373 |
For The Three Months Ended March 31, | ||||||||
(In thousands) | 2020 | 2019 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Effective portion of unrealized losses recognized within OCI during the period, net of tax | $ | (902 | ) | $ | (925 | ) | ||
Net reclassification adjustment for effective portion of cash flow hedges included in interest expense, gross | $ | 240 | $ | 119 | ||||
Net reclassification adjustment for effective portion of cash flow hedges included in interest income, gross | $ | (52 | ) | $ | — |
Gross Amount Not Offset in the Consolidated Statements of Condition | Gross Amount Not Offset in the Consolidated Statements of Condition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Gross Amount Recognized in the Consolidated Statements of Condition | Gross Amount Offset in the Consolidated Statements of Condition | Net Amount Presented in the Consolidated Statements of Condition | Financial Instruments Pledged (Received)(1) | Cash Collateral Pledged (Received)(1) | Net Amount | (In thousands) | Gross Amount Recognized in the Consolidated Statements of Condition | Gross Amount Offset in the Consolidated Statements of Condition | Net Amount Presented in the Consolidated Statements of Condition | Financial Instruments Pledged (Received)(1) | Cash Collateral Pledged (Received)(1) | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer loan swaps - commercial customer(2) | $ | 45,220 | $ | — | $ | 45,220 | $ | — | $ | — | $ | 45,220 | Customer loan swaps - commercial customer(2) | $ | 25,164 | $ | 0 | $ | 25,164 | $ | 0 | $ | 0 | $ | 25,164 | |||||||||||||||||||||||||||||||||||||
Interest rate swap on loans(3) | 5,591 | — | 5,591 | — | (5,435 | ) | 156 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | Interest rate contracts(3) | 9,188 | 0 | 9,188 | 0 | (8,943) | 245 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 50,811 | $ | — | $ | 50,811 | $ | — | $ | (5,435 | ) | $ | 45,376 | Total | $ | 34,352 | $ | 0 | $ | 34,352 | $ | 0 | $ | (8,943) | $ | 25,409 | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer loan swaps - dealer bank | $ | 45,220 | $ | — | $ | 45,220 | $ | — | $ | 45,220 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt interest rate swaps | 12,642 | — | 12,642 | — | 12,642 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps on borrowings(3) | 1,615 | — | 1,615 | — | 1,615 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer loan swaps - dealer bank(3) | Customer loan swaps - dealer bank(3) | $ | 25,164 | $ | 0 | $ | 25,164 | $ | 0 | $ | 25,164 | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | Interest rate contracts(3) | 8,520 | 0 | 8,520 | 0 | 8,520 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 59,477 | $ | — | $ | 59,477 | $ | — | $ | 59,477 | $ | — | Total | $ | 33,684 | $ | 0 | $ | 33,684 | $ | 0 | $ | 33,684 | $ | 0 | |||||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 265,997 | $ | — | $ | 265,997 | $ | 265,997 | $ | — | $ | — | Customer repurchase agreements | $ | 186,408 | $ | 0 | $ | 186,408 | $ | 186,408 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer loan swaps - commercial customer(2) | 17,756 | — | 17,756 | — | — | 17,756 | Customer loan swaps - commercial customer(2) | $ | 39,627 | $ | 0 | $ | 39,627 | $ | 0 | $ | 0 | $ | 39,627 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate swap on loans | 483 | — | 483 | — | (483 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | Interest rate contracts(3) | 5,731 | 0 | 5,731 | 0 | (5,595) | 136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 18,239 | $ | — | $ | 18,239 | $ | — | $ | (483 | ) | $ | 17,756 | Total | $ | 45,358 | $ | 0 | $ | 45,358 | $ | 0 | $ | (5,595) | $ | 39,763 | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer loan swaps - dealer bank | $ | 17,242 | $ | — | $ | 17,242 | $ | — | $ | 17,242 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debt interest rate swaps | $ | 8,187 | $ | — | $ | 8,187 | $ | — | $ | 8,187 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer loan swaps - commercial customer(2) | 514 | — | 514 | — | — | 514 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer loan swaps - dealer bank(3) | Customer loan swaps - dealer bank(3) | $ | 39,627 | $ | 0 | $ | 39,627 | $ | 0 | $ | 39,627 | $ | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts(3) | Interest rate contracts(3) | 11,625 | 0 | 11,625 | 0 | 11,625 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 25,943 | $ | — | $ | 25,943 | $ | — | $ | 25,429 | $ | 514 | Total | $ | 51,252 | $ | 0 | $ | 51,252 | $ | 0 | $ | 51,252 | $ | 0 | |||||||||||||||||||||||||||||||||||||
Customer repurchase agreements | $ | 237,984 | $ | — | $ | 237,984 | $ | 237,984 | $ | — | $ | — | Customer repurchase agreements | $ | 162,439 | $ | 0 | $ | 162,439 | $ | 162,439 | $ | 0 | $ | 0 |
(3) Interest rate swap contracts were completed with the same dealer bank. The Company maintains a master netting arrangement and settles collateral requested or pledged on a net basis for all contracts. |
March 31, 2021 | Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer | Minimum Regulatory Provision To Be "Well Capitalized" | December 31, 2020 | Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer | Minimum Regulatory Provision To Be "Well Capitalized" | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||
Camden National Corporation: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 511,438 | 16.00 | % | 10.50 | % | 10.00 | % | $ | 498,290 | 15.40 | % | 10.50 | % | 10.00 | % | ||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 461,197 | 14.43 | % | 8.50 | % | 6.00 | % | 445,858 | 13.78 | % | 8.50 | % | 6.00 | % | ||||||||||||||||||||||||||||||||||||
Common equity Tier 1 risk-based capital ratio(1) | 418,197 | 13.08 | % | 7.00 | % | N/A | 402,858 | 12.45 | % | 7.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio(1) | 461,197 | 9.61 | % | 4.00 | % | N/A | 445,858 | 9.13 | % | 4.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||
Camden National Bank: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 462,401 | 14.53 | % | 10.50 | % | 10.00 | % | $ | 460,611 | 14.28 | % | 10.50 | % | 10.00 | % | ||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 424,160 | 13.33 | % | 8.50 | % | 8.00 | % | 420,294 | 13.03 | % | 8.50 | % | 8.00 | % | ||||||||||||||||||||||||||||||||||||
Common equity Tier 1 risk-based capital ratio | 424,160 | 13.33 | % | 7.00 | % | 6.50 | % | 420,294 | 13.03 | % | 7.00 | % | 6.50 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | 424,160 | 8.87 | % | 4.00 | % | 5.00 | % | 420,294 | 8.64 | % | 4.00 | % | 5.00 | % |
March 31, 2020 | Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer | Minimum Regulatory Provision To Be "Well Capitalized" Under Prompt Corrective Action Provisions | December 31, 2019 | Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer | Minimum Regulatory Provision To Be "Well Capitalized" Under Prompt Corrective Action Provisions | |||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
Camden National Corporation: | ||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 458,376 | 13.81 | % | 10.50 | % | N/A | $ | 455,702 | 14.44 | % | 10.50 | % | N/A | ||||||||||||
Tier 1 risk-based capital ratio | 416,831 | 12.56 | % | 8.50 | % | N/A | 415,511 | 13.16 | % | 8.50 | % | N/A | ||||||||||||||
Common equity Tier 1 risk-based capital ratio | 373,831 | 11.27 | % | 7.00 | % | N/A | 372,511 | 11.80 | % | 7.00 | % | N/A | ||||||||||||||
Tier 1 leverage capital ratio | 416,831 | 9.53 | % | 4.00 | % | N/A | 415,511 | 9.55 | % | 4.00 | % | N/A | ||||||||||||||
Camden National Bank: | ||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 432,673 | 13.08 | % | 10.50 | % | 10.00 | % | $ | 423,540 | 13.45 | % | 10.50 | % | 10.00 | % | ||||||||||
Tier 1 risk-based capital ratio | 406,129 | 12.28 | % | 8.50 | % | 8.00 | % | 398,349 | 12.65 | % | 8.50 | % | 8.00 | % | ||||||||||||
Common equity Tier 1 risk-based capital ratio | 406,129 | 12.28 | % | 7.00 | % | 6.50 | % | 398,349 | 12.65 | % | 7.00 | % | 6.50 | % | ||||||||||||
Tier 1 leverage capital ratio | 406,129 | 9.33 | % | 4.00 | % | 5.00 | % | 398,349 | 9.19 | % | 4.00 | % | 5.00 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||||||||||||
AFS Debt Securities: | ||||||||||||||||||||||||||||||||||||||
Unrealized holdings (losses) gains | $ | (22,305) | $ | 4,796 | $ | (17,509) | $ | 24,115 | $ | (5,185) | $ | 18,930 | ||||||||||||||||||||||||||
Net unrealized (losses) gains | (22,305) | 4,796 | (17,509) | 24,115 | (5,185) | 18,930 | ||||||||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in fair value | 6,392 | (1,374) | 5,018 | (1,149) | 247 | (902) | ||||||||||||||||||||||||||||||||
Less: reclassified AOCI gain (loss) into interest expense(1) | (578) | 124 | (454) | (240) | 52 | (188) | ||||||||||||||||||||||||||||||||
Less: reclassified AOCI gain (loss) into interest income(2) | 392 | (84) | 308 | 52 | (12) | 40 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in fair value | 6,578 | (1,414) | 5,164 | (961) | 207 | (754) | ||||||||||||||||||||||||||||||||
Postretirement Plans: | ||||||||||||||||||||||||||||||||||||||
Amortization of settlement recognition of net loss and prior service credit(3) | 218 | (48) | 170 | 169 | (36) | 133 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | (15,509) | $ | 3,334 | $ | (12,175) | $ | 23,323 | $ | (5,014) | $ | 18,309 |
For The Three Months Ended March 31, 2020 | ||||||||||||
(In thousands) | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||
AFS Securities: | ||||||||||||
Unrealized holdings gains | $ | 24,115 | $ | (5,185 | ) | $ | 18,930 | |||||
Net unrealized gains | 24,115 | (5,185 | ) | 18,930 | ||||||||
Cash Flow Hedges: | ||||||||||||
Net decrease in fair value | (1,149 | ) | 247 | (902 | ) | |||||||
Less: effective portion reclassified into interest expense(1) | (240 | ) | 52 | (188 | ) | |||||||
Less: effective portion reclassified into interest income(2) | 52 | (12 | ) | 40 | ||||||||
Net decrease in fair value | (961 | ) | 207 | (754 | ) | |||||||
Postretirement Plans: | ||||||||||||
Net actuarial gain | 175 | (37 | ) | 138 | ||||||||
Less: Amortization of net prior service credits(3) | 6 | (1 | ) | 5 | ||||||||
Net gain on postretirement plans | 169 | (36 | ) | 133 | ||||||||
Other comprehensive income | $ | 23,323 | $ | (5,014 | ) | $ | 18,309 |
For The Three Months Ended March 31, 2019 | ||||||||||||
(In thousands) | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||
AFS Securities: | ||||||||||||
Unrealized holdings gains | $ | 13,884 | $ | (2,985 | ) | $ | 10,899 | |||||
Net unrealized gains | 13,884 | (2,985 | ) | 10,899 | ||||||||
Cash Flow Hedges: | ||||||||||||
Net decrease in fair value | (1,178 | ) | 253 | (925 | ) | |||||||
Less: effective portion reclassified into interest expense(1) | (119 | ) | 25 | (94 | ) | |||||||
Net decrease in fair value | (1,059 | ) | 228 | (831 | ) | |||||||
Postretirement Plans: | ||||||||||||
Net actuarial gain | 67 | (14 | ) | 53 | ||||||||
Less: Amortization of net prior service credits(3) | 6 | (1 | ) | 5 | ||||||||
Net gain on postretirement plans | 61 | (13 | ) | 48 | ||||||||
Other comprehensive income | $ | 12,886 | $ | (2,770 | ) | $ | 10,116 |
(In thousands) | Net Unrealized Gains (Losses) on AFS Debt Securities | Net Unrealized Losses (Gains) on Cash Flow Hedges | Defined Benefit Postretirement Plans | AOCI | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | 3,250 | $ | (6,048) | $ | (3,470) | $ | (6,268) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 18,930 | (902) | 138 | 18,166 | ||||||||||||||||||||||
Less: Amounts reclassified from AOCI | 0 | (148) | 5 | (143) | ||||||||||||||||||||||
Other comprehensive income (loss) | 18,930 | (754) | 133 | 18,309 | ||||||||||||||||||||||
Balance at March 31, 2020 | $ | 22,180 | $ | (6,802) | $ | (3,337) | $ | 12,041 | ||||||||||||||||||
Balance at December 31, 2020 | $ | 29,310 | $ | (4,626) | $ | (3,944) | $ | 20,740 | ||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (17,509) | 5,018 | 175 | (12,316) | ||||||||||||||||||||||
Less: Amounts reclassified from AOCI | 0 | (146) | 5 | (141) | ||||||||||||||||||||||
Other comprehensive (loss) income | (17,509) | 5,164 | 170 | (12,175) | ||||||||||||||||||||||
Balance at March 31, 2021 | $ | 11,801 | $ | 538 | $ | (3,774) | $ | 8,565 |
(In thousands) | Net Unrealized Gains (Losses) on AFS Securities(1) | Net Unrealized Losses on Cash Flow Hedges(1) | Defined Benefit Postretirement Plans(1) | AOCI(1) | ||||||||||||
Balance at December 31, 2018 | $ | (17,826 | ) | $ | (4,437 | ) | $ | (2,157 | ) | $ | (24,420 | ) | ||||
Other comprehensive income (loss) before reclassifications | 10,899 | (925 | ) | 53 | 10,027 | |||||||||||
Less: Amounts reclassified from AOCI | — | (94 | ) | 5 | (89 | ) | ||||||||||
Other comprehensive income (loss) | 10,899 | (831 | ) | 48 | 10,116 | |||||||||||
Balance at March 31, 2019 | $ | (6,927 | ) | $ | (5,268 | ) | $ | (2,109 | ) | $ | (14,304 | ) | ||||
Balance at December 31, 2019 | $ | 3,250 | $ | (6,048 | ) | $ | (3,470 | ) | $ | (6,268 | ) | |||||
Other comprehensive income (loss) before reclassifications | 18,930 | (902 | ) | 138 | 18,166 | |||||||||||
Less: Amounts reclassified from AOCI | — | (148 | ) | 5 | (143 | ) | ||||||||||
Other comprehensive income (loss) | 18,930 | (754 | ) | 133 | 18,309 | |||||||||||
Balance at March 31, 2020 | $ | 22,180 | $ | (6,802 | ) | $ | (3,337 | ) | $ | 12,041 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(In thousands) | Location on Consolidated Statements of Income | 2021 | 2020 | |||||||||||||||||||||||||||||
Debit card interchange income | Debit card income | $ | 2,736 | $ | 2,141 | |||||||||||||||||||||||||||
Services charges on deposit accounts | Service charges on deposit accounts | 1,539 | 2,012 | |||||||||||||||||||||||||||||
Fiduciary services income | Income from fiduciary services | 1,526 | 1,502 | |||||||||||||||||||||||||||||
Investment program income | Brokerage and insurance commissions | 953 | 657 | |||||||||||||||||||||||||||||
Other non-interest income | Other income | 400 | 383 | |||||||||||||||||||||||||||||
Total non-interest income within the scope of ASC 606 | 7,154 | 6,695 | ||||||||||||||||||||||||||||||
Total non-interest income not in scope of ASC 606 | 8,061 | 4,708 | ||||||||||||||||||||||||||||||
Total non-interest income | $ | 15,215 | $ | 11,403 |
Three Months Ended March 31, | ||||||||||
(In thousands) | Income Statement Line Item | 2020 | 2019 | |||||||
Debit card interchange income | Debit card income | $ | 2,141 | $ | 2,010 | |||||
Services charges on deposit accounts | Service charges on deposit accounts | 2,012 | 2,023 | |||||||
Fiduciary services income | Income from fiduciary services | 1,502 | 1,392 | |||||||
Investment program income | Brokerage and insurance commissions | 657 | 585 | |||||||
Other non-interest income | Other income | 383 | 383 | |||||||
Total non-interest income within the scope of ASC 606 | 6,695 | 6,393 | ||||||||
Total non-interest income not in scope of ASC 606 | 4,708 | 2,996 | ||||||||
Total non-interest income | $ | 11,403 | $ | 9,389 |
(In thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||
Net periodic pension cost | Location on Consolidated Statements of Income | 2021 | 2020 | |||||||||||||||||||||||||||||
Service cost | Salaries and employee benefits | $ | 126 | $ | 116 | |||||||||||||||||||||||||||
Interest cost | Other expenses | 97 | 115 | |||||||||||||||||||||||||||||
Recognized net actuarial loss | Other expenses | 195 | 156 | |||||||||||||||||||||||||||||
Total | $ | 418 | $ | 387 |
(In thousands) | Three Months Ended March 31, | |||||||||
Net periodic pension cost | Income Statement Presentation | 2020 | 2019 | |||||||
Service cost | Salaries and employee benefits | $ | 116 | $ | 99 | |||||
Interest cost | Other expenses | 115 | 131 | |||||||
Recognized net actuarial loss | Other expenses | 156 | 61 | |||||||
Total | $ | 387 | $ | 291 |
(In thousands) | Three Months Ended March 31, | (In thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||
Net periodic postretirement benefit cost | Income Statement Presentation | 2020 | 2019 | Net periodic postretirement benefit cost | Location on Consolidated Statements of Income | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Service cost | Salaries and employee benefits | $ | 7 | $ | 12 | Service cost | Salaries and employee benefits | $ | 7 | $ | 7 | |||||||||||||||||||||||||||||||
Interest cost | Other expenses | 31 | 37 | Interest cost | Other expenses | 26 | 31 | |||||||||||||||||||||||||||||||||||
Recognized net actuarial loss | Other expenses | 19 | 6 | Recognized net actuarial loss | Other expenses | 29 | 19 | |||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Other expenses | (6 | ) | (6 | ) | Amortization of prior service credit | Other expenses | (6) | (6) | |||||||||||||||||||||||||||||||||
Total | $ | 51 | $ | 49 | Total | $ | 56 | $ | 51 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In thousands, except number of shares and per share data) | 2021 | 2020 | ||||||||||||||||||||||||
Net income | $ | 19,740 | $ | 13,493 | ||||||||||||||||||||||
Dividends and undistributed earnings allocated to participating securities(1) | (53) | (28) | ||||||||||||||||||||||||
Net income available to common shareholders | $ | 19,687 | $ | 13,465 | ||||||||||||||||||||||
Weighted-average common shares outstanding for basic EPS | 14,916,387 | 15,103,176 | ||||||||||||||||||||||||
Dilutive effect of stock-based awards(2) | 78,147 | 44,042 | ||||||||||||||||||||||||
Weighted-average common and potential common shares for diluted EPS | 14,994,534 | 15,147,218 | ||||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic EPS | $ | 1.32 | $ | 0.89 | ||||||||||||||||||||||
Diluted EPS | $ | 1.31 | $ | 0.89 | ||||||||||||||||||||||
Awards excluded from the calculation of diluted EPS(3): | ||||||||||||||||||||||||||
Stock options | 1,000 | 1,000 |
Three Months Ended March 31, | ||||||||
(In thousands, except number of shares and per share data) | 2020 | 2019 | ||||||
Net income | $ | 13,493 | $ | 14,273 | ||||
Dividends and undistributed earnings allocated to participating securities(1) | (28 | ) | (28 | ) | ||||
Net income available to common shareholders | $ | 13,465 | $ | 14,245 | ||||
Weighted-average common shares outstanding for basic EPS | 15,103,176 | 15,592,141 | ||||||
Dilutive effect of stock-based awards(2) | 44,042 | 41,985 | ||||||
Weighted-average common and potential common shares for diluted EPS | 15,147,218 | 15,634,126 | ||||||
Earnings per common share: | ||||||||
Basic EPS | $ | 0.89 | $ | 0.91 | ||||
Diluted EPS | $ | 0.89 | $ | 0.91 | ||||
Awards excluded from the calculation of diluted EPS(3): | ||||||||
Stock options | 1,000 | 1,000 |
(1) Represents dividends paid and undistributed earnings allocated to nonvested stock-based awards that contain non-forfeitable rights to dividends. |
(In thousands) | Fair Value | Readily Available Market Prices (Level 1) | Observable Market Data (Level 2) | Company Determined Fair Value (Level 3) | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Trading securities | $ | 4,123 | $ | 4,123 | $ | 0 | $ | 0 | ||||||||||||||||||
AFS debt securities: | ||||||||||||||||||||||||||
Obligations of U.S. government sponsored enterprises | 4,983 | 0 | 4,983 | 0 | ||||||||||||||||||||||
Obligations of states and political subdivisions | 119,799 | 0 | 119,799 | 0 | ||||||||||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 569,319 | 0 | 569,319 | 0 | ||||||||||||||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 410,644 | 0 | 410,644 | 0 | ||||||||||||||||||||||
Subordinated corporate bonds | 10,803 | 0 | 10,803 | 0 | ||||||||||||||||||||||
Loans held for sale | 22,229 | 0 | 22,229 | 0 | ||||||||||||||||||||||
Customer loan swaps | 25,164 | 0 | 25,164 | 0 | ||||||||||||||||||||||
Interest rate contracts | 9,188 | 0 | 9,188 | 0 | ||||||||||||||||||||||
Fixed-rate mortgage interest rate lock commitments | 1,465 | 0 | 1,465 | 0 | ||||||||||||||||||||||
Forward delivery commitments | 607 | 0 | 607 | 0 | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Trading securities | $ | 4,123 | $ | 4,123 | $ | 0 | $ | 0 | ||||||||||||||||||
Customer loan swaps | 25,164 | 0 | 25,164 | 0 | ||||||||||||||||||||||
Interest rate contracts | 8,520 | — | 8,520 | 0 | ||||||||||||||||||||||
Fixed-rate mortgage interest rate lock commitments | 160 | — | 160 | 0 | ||||||||||||||||||||||
Forward delivery commitments | 10 | — | 10 | 0 | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Trading securities | $ | 4,161 | $ | 4,161 | $ | 0 | $ | 0 | ||||||||||||||||||
AFS debt securities: | ||||||||||||||||||||||||||
Obligations of states and political subdivisions | 127,120 | 0 | 127,120 | 0 | ||||||||||||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 566,618 | 0 | 566,618 | 0 | ||||||||||||||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 410,454 | 0 | 410,454 | 0 | ||||||||||||||||||||||
Subordinated corporate bonds | 11,621 | 0 | 11,621 | 0 | ||||||||||||||||||||||
Loans held for sale | 41,557 | 0 | 41,557 | 0 | ||||||||||||||||||||||
Customer loan swaps | 39,627 | 0 | 39,627 | 0 | ||||||||||||||||||||||
Interest rate contracts | 5,731 | 0 | 5,731 | 0 | ||||||||||||||||||||||
Fixed-rate mortgage interest rate lock commitments | 608 | 0 | 608 | 0 | ||||||||||||||||||||||
Forward delivery commitments | 311 | 0 | 311 | 0 | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||
Trading securities | $ | 4,161 | $ | 4,161 | $ | 0 | $ | 0 | ||||||||||||||||||
Customer loan swaps | 39,627 | 0 | 39,627 | 0 | ||||||||||||||||||||||
Interest rate contracts | 11,625 | 0 | 11,625 | 0 | ||||||||||||||||||||||
Fixed-rate mortgage interest rate lock commitments | 248 | 0 | 248 | 0 | ||||||||||||||||||||||
Forward delivery commitments | 196 | 0 | 196 | 0 |
(In thousands) | Fair Value | Readily Available Market Prices (Level 1) | Observable Market Data (Level 2) | Company Determined Fair Value (Level 3) | ||||||||||||
March 31, 2020 | ||||||||||||||||
Financial assets: | ||||||||||||||||
Loans held for sale | $ | 27,730 | $ | — | $ | 27,730 | $ | — | ||||||||
AFS investments: | ||||||||||||||||
Obligations of states and political subdivisions | 126,880 | — | 126,880 | — | ||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 488,049 | — | 488,049 | — | ||||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 334,615 | — | 334,615 | — | ||||||||||||
Subordinated corporate bonds | 10,587 | — | 10,587 | — | ||||||||||||
Equity securities - bank stock | 1,674 | — | 1,674 | — | ||||||||||||
Customer loan swaps | 45,220 | — | 45,220 | — | ||||||||||||
Interest rate swap on loans | 5,591 | — | 5,591 | — | ||||||||||||
Fixed-rate mortgage interest rate lock commitments | 2,241 | — | 2,241 | — | ||||||||||||
Forward delivery commitments | 1,185 | — | 1,185 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Junior subordinated debt interest rate swaps | 12,642 | — | 12,642 | — | ||||||||||||
Customer loan swaps | 45,220 | — | 45,220 | — | ||||||||||||
Interest rate swap on borrowings | 1,615 | — | 1,615 | — | ||||||||||||
Fixed-rate mortgage interest rate lock commitments | 264 | — | 264 | — | ||||||||||||
Forward delivery commitments | 30 | — | 30 | — | ||||||||||||
December 31, 2019 | ||||||||||||||||
Financial assets: | ||||||||||||||||
Loans held for sale | $ | 11,854 | $ | — | $ | 11,854 | $ | — | ||||||||
AFS investments: | ||||||||||||||||
Obligations of states and political subdivisions | 118,083 | — | 118,083 | — | ||||||||||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | 463,386 | — | 463,386 | — | ||||||||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | 325,905 | — | 325,905 | — | ||||||||||||
Subordinated corporate bonds | 10,744 | — | 10,744 | — | ||||||||||||
Equity securities - bank stock | 1,674 | — | 1,674 | — | ||||||||||||
Customer loan swaps | 17,756 | — | 17,756 | — | ||||||||||||
Interest rate swap on loans | 483 | — | 483 | — | ||||||||||||
Fixed-rate mortgage interest rate lock commitments | 480 | — | 480 | — | ||||||||||||
Forward delivery commitments | 312 | — | 312 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Junior subordinated debt interest rate swaps | 8,187 | — | 8,187 | — | ||||||||||||
Customer loan swaps | 17,756 | — | 17,756 | — | ||||||||||||
Fixed-rate mortgage interest rate lock commitments | 18 | — | 18 | — | ||||||||||||
Forward delivery commitments | 15 | — | 15 | — |
(In thousands) | Fair Value | Readily Available Market Prices (Level 1) | Observable Market Data (Level 2) | Company Determined Fair Value (Level 3) | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Collateral-dependent loans | $ | 210 | $ | 0 | $ | 0 | $ | 210 | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||
Servicing assets | $ | 1,010 | $ | 0 | $ | 0 | $ | 1,010 | ||||||||||||||||||
Non-financial assets: | ||||||||||||||||||||||||||
OREO | $ | 236 | $ | 0 | $ | 0 | $ | 236 |
(In thousands) | Fair Value | Readily Available Market Prices (Level 1) | Observable Market Data (Level 2) | Company Determined Fair Value (Level 3) | ||||||||||||
March 31, 2020 | ||||||||||||||||
Financial assets: | ||||||||||||||||
Collateral-dependent impaired loans | $ | 110 | $ | — | $ | — | $ | 110 | ||||||||
Non-financial assets: | ||||||||||||||||
OREO | 94 | — | — | 94 | ||||||||||||
December 31, 2019 | ||||||||||||||||
Non-financial assets: | ||||||||||||||||
OREO | $ | 94 | $ | — | $ | — | $ | 94 |
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Input | Discount | |||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||
Collateral-dependent loans: | |||||||||||||||||||||||||||||
Partially charged-off | $ | 210 | Market approach appraisal of collateral | Estimated selling costs | 11% | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Servicing assets | $ | 1,010 | Discounted cash flow | Weighted-average constant prepayment rate | 19% | ||||||||||||||||||||||||
Weighted average discount rate | 10% | ||||||||||||||||||||||||||||
OREO | $ | 236 | Market approach appraisal of collateral | Management adjustment of appraisal | 5% | ||||||||||||||||||||||||
Estimated selling cost | 11% |
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Input | Discount | |||||||
March 31, 2020 | |||||||||||
Collateral-dependent impaired loans: | |||||||||||
Partially charged-off | $ | 110 | Market approach appraisal of collateral | Management adjustment of appraisal | 0% | (0%) | |||||
Estimated selling costs | 10% | (10%) | |||||||||
OREO | $ | 94 | Market approach appraisal of collateral | Management adjustment of appraisal | 18% | (18%) | |||||
Estimated selling cost | 13% | (13%) | |||||||||
December 31, 2019 | |||||||||||
OREO | $ | 94 | Market approach appraisal of collateral | Management adjustment of appraisal | 18% | (18%) | |||||
Estimated selling cost | 13% | (13%) |
(In thousands) | Carrying Amount | Fair Value | Readily Available Market Prices (Level 1) | Observable Market Prices (Level 2) | Company Determined Market Prices (Level 3) | |||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
HTM debt securities | $ | 1,295 | $ | 1,396 | $ | 0 | $ | 1,396 | $ | 0 | ||||||||||||||||||||||
Commercial real estate loans(1)(2) | 1,365,306 | 1,325,614 | 0 | 0 | 1,325,614 | |||||||||||||||||||||||||||
Commercial loans(2) | 360,989 | 357,306 | 0 | 0 | 357,306 | |||||||||||||||||||||||||||
SBA PPP loans(2) | 169,320 | 174,409 | 0 | 0 | 174,409 | |||||||||||||||||||||||||||
Residential real estate loans(2) | 1,048,672 | 1,057,713 | 0 | 0 | 1,057,713 | |||||||||||||||||||||||||||
Home equity loans(2) | 238,310 | 237,736 | 0 | 0 | 237,736 | |||||||||||||||||||||||||||
Consumer loans(2) | 18,674 | 16,764 | 0 | 0 | 16,764 | |||||||||||||||||||||||||||
Servicing assets | 2,447 | 3,063 | 0 | 0 | 3,063 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Time deposits | $ | 396,072 | $ | 397,667 | $ | 0 | $ | 397,667 | $ | 0 | ||||||||||||||||||||||
Short-term borrowings | 186,408 | 186,390 | 0 | 186,390 | 0 | |||||||||||||||||||||||||||
Subordinated debentures | 59,331 | 46,697 | 0 | 46,697 | 0 | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
HTM debt securities | $ | 1,297 | $ | 1,411 | $ | 0 | $ | 1,411 | $ | 0 | ||||||||||||||||||||||
Commercial real estate loans(1)(2) | 1,344,860 | 1,307,132 | 0 | 0 | 1,307,132 | |||||||||||||||||||||||||||
Commercial loans(2) | 374,791 | 372,194 | 0 | 0 | 372,194 | |||||||||||||||||||||||||||
SBA PPP loans(2) | 135,026 | 137,209 | 0 | 0 | 137,209 | |||||||||||||||||||||||||||
Residential real estate loans(2) | 1,051,324 | 1,066,991 | 0 | 0 | 1,066,991 | |||||||||||||||||||||||||||
Home equity loans(2) | 255,957 | 253,276 | 0 | 0 | 253,276 | |||||||||||||||||||||||||||
Consumer loans(2) | 19,999 | 18,102 | 0 | 0 | 18,102 | |||||||||||||||||||||||||||
Servicing assets | 2,196 | 1,437 | 0 | 0 | 1,437 | |||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Time deposits | $ | 457,694 | $ | 460,278 | $ | 0 | $ | 460,278 | $ | 0 | ||||||||||||||||||||||
Short-term borrowings | 162,439 | 162,420 | 0 | 162,420 | 0 | |||||||||||||||||||||||||||
Long-term borrowings | 25,000 | 25,442 | 0 | 25,442 | 0 | |||||||||||||||||||||||||||
Subordinated debentures | 59,331 | 46,475 | 0 | 46,475 | 0 |
(In thousands) | Carrying Amount | Fair Value | Readily Available Market Prices (Level 1) | Observable Market Prices (Level 2) | Company Determined Market Prices (Level 3) | |||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
HTM securities | $ | 1,300 | $ | 1,358 | $ | — | $ | 1,358 | $ | — | ||||||||||
Residential real estate loans(1) | 1,058,315 | 1,070,839 | — | — | 1,070,839 | |||||||||||||||
Commercial real estate loans(1) | 1,286,486 | 1,246,184 | — | — | 1,246,184 | |||||||||||||||
Commercial loans(1)(2) | 458,790 | 455,364 | — | — | 455,364 | |||||||||||||||
Home equity loans(1) | 303,746 | 292,371 | — | — | 292,371 | |||||||||||||||
Consumer loans(1) | 23,904 | 22,034 | — | — | 22,034 | |||||||||||||||
Servicing assets | 903 | 1,418 | — | — | 1,418 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 595,061 | $ | 598,911 | $ | — | $ | 598,911 | $ | — | ||||||||||
Short-term borrowings | 326,722 | 326,678 | — | 326,678 | — | |||||||||||||||
Long-term borrowings | 35,000 | 34,923 | — | 34,923 | — | |||||||||||||||
Subordinated debentures | 59,155 | 44,327 | — | 44,327 | — | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
HTM securities | $ | 1,302 | $ | 1,359 | $ | — | $ | 1,359 | $ | — | ||||||||||
Residential real estate loans(1) | 1,064,532 | 1,066,544 | — | — | 1,066,544 | |||||||||||||||
Commercial real estate loans(1) | 1,230,983 | 1,196,297 | — | — | 1,196,297 | |||||||||||||||
Commercial loans(1)(2) | 438,716 | 431,892 | — | — | 431,892 | |||||||||||||||
Home equity loans(1) | 310,356 | 293,565 | — | — | 293,565 | |||||||||||||||
Consumer loans(1) | 25,265 | 23,355 | — | — | 23,355 | |||||||||||||||
Servicing assets | 877 | 1,496 | — | — | 1,496 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Time deposits | $ | 595,549 | $ | 594,881 | $ | — | $ | 594,881 | $ | — | ||||||||||
Short-term borrowings | 268,809 | 268,631 | — | 268,631 | — | |||||||||||||||
Long-term borrowings | 10,000 | 10,002 | — | 10,002 | — | |||||||||||||||
Subordinated debentures | 59,080 | 50,171 | — | 50,171 | — |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Net income, as presented | $ | 19,740 | $ | 13,493 | ||||||||||||||||||||||
Add: amortization of core deposit intangible assets, net of tax(1) | 130 | 134 | ||||||||||||||||||||||||
Net income, adjusted for amortization of core deposit intangible assets | $ | 19,870 | $ | 13,627 | ||||||||||||||||||||||
Average equity, as presented | $ | 533,645 | $ | 480,174 | ||||||||||||||||||||||
Less: average goodwill and core deposit intangible assets | (97,463) | (98,143) | ||||||||||||||||||||||||
Average tangible equity | $ | 436,182 | $ | 382,031 | ||||||||||||||||||||||
Return on average equity | 15.00 | % | 11.30 | % | ||||||||||||||||||||||
Return on average tangible equity | 18.47 | % | 14.35 | % |
Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2020 | 2019 | ||||||
Net income, as presented | $ | 13,493 | $ | 14,273 | ||||
Add: amortization of intangible assets, net of tax(1) | 134 | 139 | ||||||
Net income, adjusted for amortization of intangible assets | $ | 13,627 | $ | 14,412 | ||||
Average equity, as presented | $ | 480,174 | $ | 441,027 | ||||
Less: average goodwill and other intangible assets | (98,143 | ) | (98,838 | ) | ||||
Average tangible equity | $ | 382,031 | $ | 342,189 | ||||
Return on average equity | 11.30 | % | 13.13 | % | ||||
Return on average tangible equity | 14.35 | % | 17.08 | % |
(1) Assumed a 21% tax rate. |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Non-interest expense, as presented | $ | 24,899 | $ | 24,561 | ||||||||||||||||||||||
Less: prepayment penalty on borrowings | (514) | — | ||||||||||||||||||||||||
Adjusted non-interest expense | $ | 24,385 | $ | 24,561 | ||||||||||||||||||||||
Net interest income, as presented | $ | 32,364 | $ | 31,826 | ||||||||||||||||||||||
Add: effect of tax-exempt income(1) | 271 | 280 | ||||||||||||||||||||||||
Non-interest income, as presented | 15,215 | 11,403 | ||||||||||||||||||||||||
Adjusted net interest income plus non-interest income | $ | 47,850 | $ | 43,509 | ||||||||||||||||||||||
Ratio of non-interest expense to total revenues(2) | 52.33 | % | 56.82 | % | ||||||||||||||||||||||
Efficiency ratio | 50.96 | % | 56.45 | % |
Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2020 | 2019 | ||||||
Non-interest expense, as presented | $ | 24,561 | $ | 22,783 | ||||
Net interest income, as presented | $ | 31,826 | $ | 31,895 | ||||
Add: effect of tax-exempt income(1) | 280 | 244 | ||||||
Non-interest income, as presented | 11,403 | 9,389 | ||||||
Adjusted net interest income plus non-interest income | $ | 43,509 | $ | 41,528 | ||||
Ratio of non-interest expense to total revenues(2) | 56.82 | % | 55.19 | % | ||||
Efficiency ratio | 56.45 | % | 54.86 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Net interest income, as presented | $ | 32,364 | $ | 31,826 | ||||||||||||||||||||||
Add: effect of tax-exempt income(1) | 271 | 280 | ||||||||||||||||||||||||
Net interest income (fully-taxable equivalent) | $ | 32,635 | $ | 32,106 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Net income, as presented | $ | 19,740 | $ | 13,493 | ||||||||||||||||||||||
Add: (credit) provision for credit losses | (1,956) | 1,775 | ||||||||||||||||||||||||
Add: income tax expense | 4,896 | 3,400 | ||||||||||||||||||||||||
Pre-tax, pre-provision earnings | $ | 22,680 | $ | 18,668 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Yield on interest-earning assets, as presented | 3.15 | % | 3.90 | % | ||||||||||||||||||||||
Add: effect of excess liquidity on yield on interest-earning assets | 0.10 | % | — | % | ||||||||||||||||||||||
Less: effect of SBA PPP loans on yield on interest-earning assets | (0.06) | % | — | % | ||||||||||||||||||||||
Adjusted yield on interest-earning assets | 3.19 | % | 3.90 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Net interest margin (fully-taxable equivalent), as presented | 2.88 | % | 3.08 | % | ||||||||||||||||||||||
Add: effect of excess liquidity on net interest margin (fully-taxable equivalent) | 0.10 | % | 0.01 | % | ||||||||||||||||||||||
Less: effect of SBA PPP loans on net interest margin (fully-taxable equivalent) | (0.07) | % | — | % | ||||||||||||||||||||||
Adjusted net interest margin (fully-taxable equivalent) | 2.91 | % | 3.09 | % |
Three Months Ended March 31, | ||||||||
(In thousands) | 2020 | 2019 | ||||||
Net interest income, as presented | $ | 31,826 | $ | 31,895 | ||||
Add: effect of tax-exempt income(1) | 280 | 244 | ||||||
Net interest income, tax equivalent | $ | 32,106 | $ | 32,139 |
(In thousands, except number of shares, per share data and ratios) | March 31, 2021 | December 31, 2020 | ||||||||||||
Tangible Book Value Per Share: | ||||||||||||||
Shareholders’ equity, as presented | $ | 532,120 | $ | 529,314 | ||||||||||
Less: goodwill and other intangible assets | (97,377) | (97,540) | ||||||||||||
Tangible shareholders’ equity | $ | 434,743 | $ | 431,774 | ||||||||||
Shares outstanding at period end | 14,928,434 | 14,909,097 | ||||||||||||
Book value per share | $ | 35.64 | $ | 35.50 | ||||||||||
Tangible book value per share | $ | 29.12 | $ | 28.96 | ||||||||||
Tangible Common Equity Ratio: | ||||||||||||||
Total assets | $ | 5,089,279 | $ | 4,898,745 | ||||||||||
Less: goodwill and other intangible assets | (97,377) | (97,540) | ||||||||||||
Tangible assets | $ | 4,991,902 | $ | 4,801,205 | ||||||||||
Common equity ratio | 10.46 | % | 10.81 | % | ||||||||||
Tangible common equity ratio | 8.71 | % | 8.99 | % |
(In thousands, except number of shares, per share data and ratios) | March 31, 2020 | December 31, 2019 | ||||||
Tangible Book Value Per Share: | ||||||||
Shareholders’ equity, as presented | $ | 492,680 | $ | 473,415 | ||||
Less: goodwill and other intangible assets | (98,052 | ) | (98,222 | ) | ||||
Tangible shareholders’ equity | $ | 394,628 | $ | 375,193 | ||||
Shares outstanding at period end | 14,951,597 | 15,144,719 | ||||||
Book value per share | $ | 32.95 | $ | 31.26 | ||||
Tangible book value per share | $ | 26.39 | $ | 24.77 | ||||
Tangible Common Equity Ratio: | ||||||||
Total assets | $ | 4,594,539 | $ | 4,429,521 | ||||
Less: goodwill and other intangible assets | (98,052 | ) | (98,222 | ) | ||||
Tangible assets | $ | 4,496,487 | $ | 4,331,299 | ||||
Common equity ratio | 10.72 | % | 10.69 | % | ||||
Tangible common equity ratio | 8.78 | % | 8.66 | % |
(In thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Total deposits | $ | 4,211,630 | $ | 4,005,244 | ||||||||||
Less: certificates of deposit | (346,046) | (357,666) | ||||||||||||
Less: brokered deposits | (288,758) | (283,567) | ||||||||||||
Core deposits | $ | 3,576,826 | $ | 3,364,011 |
(In thousands) | March 31, 2020 | December 31, 2019 | ||||||
Total deposits | $ | 3,563,705 | $ | 3,537,743 | ||||
Less: certificates of deposit | (545,013 | ) | (521,752 | ) | ||||
Less: brokered deposits | (188,758 | ) | (191,005 | ) | ||||
Core deposits | $ | 2,829,934 | $ | 2,824,986 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Total average deposits | $ | 3,770,314 | $ | 3,355,595 | ||||||||||||||||||||||
Less: average certificates of deposit | (351,555) | (552,079) | ||||||||||||||||||||||||
Average core deposits | $ | 3,418,759 | $ | 2,803,516 |
Three Months Ended March 31, | ||||||||
(In thousands) | 2020 | 2019 | ||||||
Total average deposits | $ | 3,355,595 | $ | 3,087,121 | ||||
Less: average certificates of deposit | (552,079 | ) | (443,107 | ) | ||||
Average core deposits | $ | 2,803,516 | $ | 2,644,014 |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other banks and other interest-earning assets | $ | 210,844 | $ | 47 | 0.09 | % | $ | 66,180 | $ | 207 | 1.24 | % | ||||||||||||||||||||||||||
Investments - taxable | 946,456 | 4,054 | 1.71 | % | 809,041 | 5,174 | 2.56 | % | ||||||||||||||||||||||||||||||
Investments - nontaxable(1) | 118,469 | 922 | 3.11 | % | 117,537 | 996 | 3.39 | % | ||||||||||||||||||||||||||||||
Loans(2): | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,382,795 | 12,374 | 3.58 | % | 1,273,538 | 13,646 | 4.24 | % | ||||||||||||||||||||||||||||||
Commercial(1) | 333,458 | 3,120 | 3.74 | % | 416,527 | 4,435 | 4.21 | % | ||||||||||||||||||||||||||||||
SBA PPP | 154,900 | 1,877 | 4.85 | % | — | — | — | % | ||||||||||||||||||||||||||||||
HPFC | 12,549 | 225 | 7.18 | % | 20,336 | 402 | 7.83 | % | ||||||||||||||||||||||||||||||
Municipal(1) | 24,133 | 198 | 3.33 | % | 16,990 | 155 | 3.67 | % | ||||||||||||||||||||||||||||||
Residential real estate | 1,083,101 | 10,078 | 3.72 | % | 1,078,836 | 11,292 | 4.19 | % | ||||||||||||||||||||||||||||||
Consumer and home equity | 268,711 | 2,764 | 4.17 | % | 334,771 | 4,186 | 5.03 | % | ||||||||||||||||||||||||||||||
Total loans | 3,259,647 | 30,636 | 3.76 | % | 3,140,998 | 34,116 | 4.32 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 4,535,416 | 35,659 | 3.15 | % | 4,133,756 | 40,493 | 3.90 | % | ||||||||||||||||||||||||||||||
Cash and due from banks | 51,554 | 42,869 | ||||||||||||||||||||||||||||||||||||
Other assets | 388,345 | 336,819 | ||||||||||||||||||||||||||||||||||||
Less: ACL | (37,926) | (25,252) | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,937,389 | $ | 4,488,192 | ||||||||||||||||||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||
Non-interest checking | $ | 817,631 | $ | — | — | % | $ | 529,501 | $ | — | — | % | ||||||||||||||||||||||||||
Interest checking | 1,289,511 | 612 | 0.19 | % | 1,146,783 | 1,987 | 0.70 | % | ||||||||||||||||||||||||||||||
Savings | 626,591 | 64 | 0.04 | % | 476,849 | 86 | 0.07 | % | ||||||||||||||||||||||||||||||
Money market | 685,026 | 523 | 0.31 | % | 650,383 | 1,586 | 0.98 | % | ||||||||||||||||||||||||||||||
Certificates of deposit | 351,555 | 549 | 0.63 | % | 552,079 | 2,209 | 1.61 | % | ||||||||||||||||||||||||||||||
Total deposits | 3,770,314 | 1,748 | 0.19 | % | 3,355,595 | 5,868 | 0.70 | % | ||||||||||||||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||||||||
Brokered deposits | 284,620 | 315 | 0.45 | % | 208,084 | 794 | 1.54 | % | ||||||||||||||||||||||||||||||
Customer repurchase agreements | 165,721 | 121 | 0.29 | % | 236,351 | 633 | 1.08 | % | ||||||||||||||||||||||||||||||
Subordinated debentures | 59,331 | 805 | 5.50 | % | 59,119 | 887 | 6.04 | % | ||||||||||||||||||||||||||||||
Other borrowings | 14,444 | 35 | 0.99 | % | 59,257 | 205 | 1.39 | % | ||||||||||||||||||||||||||||||
Total borrowings | 524,116 | 1,276 | 0.99 | % | 562,811 | 2,519 | 1.80 | % | ||||||||||||||||||||||||||||||
Total funding liabilities | 4,294,430 | 3,024 | 0.29 | % | 3,918,406 | 8,387 | 0.86 | % | ||||||||||||||||||||||||||||||
Other liabilities | 109,314 | 89,612 | ||||||||||||||||||||||||||||||||||||
Shareholders' equity | 533,645 | 480,174 | ||||||||||||||||||||||||||||||||||||
Total liabilities & shareholders' equity | $ | 4,937,389 | $ | 4,488,192 | ||||||||||||||||||||||||||||||||||
Net interest income (fully-taxable equivalent) | 32,635 | 32,106 | ||||||||||||||||||||||||||||||||||||
Less: fully-taxable equivalent adjustment | (271) | (280) | ||||||||||||||||||||||||||||||||||||
Net interest income | $ | 32,364 | $ | 31,826 | ||||||||||||||||||||||||||||||||||
Net interest rate spread (fully-taxable equivalent) | 2.86 | % | 3.04 | % | ||||||||||||||||||||||||||||||||||
Net interest margin (fully-taxable equivalent) | 2.88 | % | 3.08 | % | ||||||||||||||||||||||||||||||||||
Adjusted net interest margin (fully-taxable equivalent) (non-GAAP) | 2.91 | % | 3.09 | % |
Quarterly Average Balance, Interest and Yield/Rate Analysis | ||||||||||||||||||||||
For The Three Months Ended | ||||||||||||||||||||||
March 31, 2020 | March 31, 2019 | |||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | ||||||||||||||||
Assets | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Interest-bearing deposits in other banks and other interest-earning assets | $ | 66,180 | $ | 207 | 1.24 | % | $ | 29,985 | $ | 197 | 2.63 | % | ||||||||||
Investments - taxable | 809,041 | 5,174 | 2.56 | % | 851,516 | 5,447 | 2.56 | % | ||||||||||||||
Investments - nontaxable(1) | 117,537 | 996 | 3.39 | % | 94,710 | 815 | 3.44 | % | ||||||||||||||
Loans(2): | ||||||||||||||||||||||
Residential real estate | 1,078,836 | 11,292 | 4.19 | % | 1,008,285 | 10,838 | 4.30 | % | ||||||||||||||
Commercial real estate | 1,273,538 | 13,646 | 4.24 | % | 1,281,501 | 15,169 | 4.73 | % | ||||||||||||||
Commercial(1) | 416,527 | 4,435 | 4.21 | % | 369,832 | 4,344 | 4.70 | % | ||||||||||||||
Municipal(1) | 16,990 | 155 | 3.67 | % | 15,333 | 136 | 3.60 | % | ||||||||||||||
Consumer and home equity | 334,771 | 4,186 | 5.03 | % | 347,052 | 4,671 | 5.46 | % | ||||||||||||||
HPFC | 20,336 | 402 | 7.83 | % | 32,171 | 636 | 7.91 | % | ||||||||||||||
Total loans | 3,140,998 | 34,116 | 4.32 | % | 3,054,174 | 35,794 | 4.70 | % | ||||||||||||||
Total interest-earning assets | 4,133,756 | 40,493 | 3.90 | % | 4,030,385 | 42,253 | 4.20 | % | ||||||||||||||
Cash and due from banks | 42,869 | 40,362 | ||||||||||||||||||||
Other assets | 336,819 | 292,482 | ||||||||||||||||||||
Less: ALL | (25,252 | ) | (24,780 | ) | ||||||||||||||||||
Total assets | $ | 4,488,192 | $ | 4,338,449 | ||||||||||||||||||
Liabilities & Shareholders' Equity | ||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||
Non-interest checking | $ | 529,501 | $ | — | — | % | $ | 490,382 | $ | — | — | % | ||||||||||
Interest checking | 1,146,783 | 1,987 | 0.70 | % | 1,085,301 | 2,622 | 0.98 | % | ||||||||||||||
Savings | 476,849 | 86 | 0.07 | % | 485,646 | 95 | 0.08 | % | ||||||||||||||
Money market | 650,383 | 1,586 | 0.98 | % | 582,685 | 1,740 | 1.21 | % | ||||||||||||||
Certificates of deposit | 552,079 | 2,209 | 1.61 | % | 443,107 | 1,465 | 1.34 | % | ||||||||||||||
Total deposits | 3,355,595 | 5,868 | 0.70 | % | 3,087,121 | 5,922 | 0.78 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||||
Brokered deposits | 208,084 | 794 | 1.54 | % | 405,837 | 2,501 | 2.50 | % | ||||||||||||||
Customer repurchase agreements | 236,351 | 633 | 1.08 | % | 238,499 | 729 | 1.24 | % | ||||||||||||||
Subordinated debentures | 59,119 | 887 | 6.04 | % | 59,007 | 717 | 4.93 | % | ||||||||||||||
Other borrowings | 59,257 | 205 | 1.39 | % | 44,711 | 245 | 2.22 | % | ||||||||||||||
Total borrowings | 562,811 | 2,519 | 1.80 | % | 748,054 | 4,192 | 2.27 | % | ||||||||||||||
Total funding liabilities | 3,918,406 | 8,387 | 0.86 | % | 3,835,175 | 10,114 | 1.07 | % | ||||||||||||||
Other liabilities | 89,612 | 62,247 | ||||||||||||||||||||
Shareholders' equity | 480,174 | 441,027 | ||||||||||||||||||||
Total liabilities & shareholders' equity | $ | 4,488,192 | $ | 4,338,449 | ||||||||||||||||||
Net interest income (fully-taxable equivalent) | 32,106 | 32,139 | ||||||||||||||||||||
Less: fully-taxable equivalent adjustment | (280 | ) | (244 | ) | ||||||||||||||||||
Net interest income | $ | 31,826 | $ | 31,895 | ||||||||||||||||||
Net interest rate spread (fully-taxable equivalent) | 3.04 | % | 3.13 | % | ||||||||||||||||||
Net interest margin (fully-taxable equivalent) | 3.08 | % | 3.18 | % | ||||||||||||||||||
Net interest margin (fully-taxable equivalent), excluding fair value mark accretion and collection of previously charged-off acquired loans(3) | 3.06 | % | 3.14 | % |
Three Months Ended March 31, 2021 vs. March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to: | Net Increase (Decrease) | |||||||||||||||||||||||||||||||||||||
(In thousands) | Volume | Rate | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other banks and other interest-earning assets | $ | 448 | $ | (608) | $ | (160) | ||||||||||||||||||||||||||||||||
Investments – taxable | 879 | (1,999) | (1,120) | |||||||||||||||||||||||||||||||||||
Investments – nontaxable | 8 | (82) | (74) | |||||||||||||||||||||||||||||||||||
Commercial real estate | 1,171 | (2,443) | (1,272) | |||||||||||||||||||||||||||||||||||
Commercial | (884) | (431) | (1,315) | |||||||||||||||||||||||||||||||||||
SBA PPP | 1,877 | — | 1,877 | |||||||||||||||||||||||||||||||||||
HPFC | (154) | (23) | (177) | |||||||||||||||||||||||||||||||||||
Municipal | 65 | (22) | 43 | |||||||||||||||||||||||||||||||||||
Residential real estate | 45 | (1,259) | (1,214) | |||||||||||||||||||||||||||||||||||
Consumer and home equity | (826) | (596) | (1,422) | |||||||||||||||||||||||||||||||||||
Total interest income (fully-taxable equivalent) | 2,629 | (7,463) | (4,834) | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest checking | 248 | (1,623) | (1,375) | |||||||||||||||||||||||||||||||||||
Savings | 26 | (48) | (22) | |||||||||||||||||||||||||||||||||||
Money market | 84 | (1,147) | (1,063) | |||||||||||||||||||||||||||||||||||
Certificates of deposit | (803) | (857) | (1,660) | |||||||||||||||||||||||||||||||||||
Brokered deposits | 293 | (772) | (479) | |||||||||||||||||||||||||||||||||||
Customer repurchase agreements | (189) | (323) | (512) | |||||||||||||||||||||||||||||||||||
Subordinated debentures | 3 | (85) | (82) | |||||||||||||||||||||||||||||||||||
Other borrowings | (155) | (15) | (170) | |||||||||||||||||||||||||||||||||||
Total interest expense | (493) | (4,870) | (5,363) | |||||||||||||||||||||||||||||||||||
Net interest income (fully-taxable equivalent) | $ | 3,122 | $ | (2,593) | $ | 529 |
Income Statement Location | Three Months Ended March 31, | |||||||||||||||||||
(In thousands) | 2021 | 2020 | ||||||||||||||||||
Loan fees (cost)(1) | Interest income | $ | 1,440 | $ | (334) | |||||||||||||||
Net fair value mark accretion from purchase accounting | Interest income and Interest expense | 234 | 251 | |||||||||||||||||
Recoveries on previously charged-off acquired loans | Interest income | 25 | 32 | |||||||||||||||||
Total | $ | 1,699 | $ | (51) |
For The Three Months Ended March 31, 2020 vs. March 31, 2019 | ||||||||||||
Increase (Decrease) Due to: | Net Increase (Decrease) | |||||||||||
(In thousands) | Volume | Rate(1) | ||||||||||
Interest-earning assets: | ||||||||||||
Interest-bearing deposits in other banks and other interest-earning assets | $ | 238 | $ | (228 | ) | $ | 10 | |||||
Investments – taxable | (272 | ) | (1 | ) | (273 | ) | ||||||
Investments – nontaxable | 196 | (15 | ) | 181 | ||||||||
Residential real estate | 758 | (304 | ) | 454 | ||||||||
Commercial real estate | (94 | ) | (1,429 | ) | (1,523 | ) | ||||||
Commercial | 549 | (458 | ) | 91 | ||||||||
Municipal | 15 | 4 | 19 | |||||||||
Consumer and home equity | (165 | ) | (320 | ) | (485 | ) | ||||||
HPFC | (234 | ) | — | (234 | ) | |||||||
Total interest income | 991 | (2,751 | ) | (1,760 | ) | |||||||
Interest-bearing liabilities: | ||||||||||||
Interest checking | 149 | (784 | ) | (635 | ) | |||||||
Savings | (2 | ) | (7 | ) | (9 | ) | ||||||
Money market | 202 | (356 | ) | (154 | ) | |||||||
Certificates of deposit | 360 | 384 | 744 | |||||||||
Brokered deposits | (1,219 | ) | (488 | ) | (1,707 | ) | ||||||
Customer repurchase agreements | (7 | ) | (89 | ) | (96 | ) | ||||||
Subordinated debentures | 1 | 169 | 170 | |||||||||
Other borrowings | 80 | (120 | ) | (40 | ) | |||||||
Total interest expense | (436 | ) | (1,291 | ) | (1,727 | ) | ||||||
Net interest income (fully-taxable equivalent) | $ | 1,427 | $ | (1,460 | ) | $ | (33 | ) |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||
2021 | 2020 | $ | % | |||||||||||||||||||||||
CECL | (Incurred Loss) | |||||||||||||||||||||||||
(Credit) provision for loan losses | $ | (1,854) | $ | 1,772 | $ | (3,626) | (205) | % | ||||||||||||||||||
(Credit) provision for credit losses on off-balance sheet credit exposures | (102) | 3 | (105) | N.M. | ||||||||||||||||||||||
(Credit) provision for credit losses | $ | (1,956) | $ | 1,775 | $ | (3,731) | (210) | % |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking income, net(1) | $ | 7,109 | $ | 3,534 | 3,575 | 101 | % | |||||||||||||||||||||||||||||||||||||||||||
Debit card income(2) | 2,736 | 2,141 | 595 | 28 | % | |||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts(3) | 1,539 | 2,012 | (473) | (24) | % | |||||||||||||||||||||||||||||||||||||||||||||
Income from fiduciary services | 1,526 | 1,502 | 24 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||
Brokerage and insurance commissions | 953 | 657 | 296 | 45 | % | |||||||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 594 | 689 | (95) | (14) | % | |||||||||||||||||||||||||||||||||||||||||||||
Customer loan swap fees | — | 114 | (114) | (100) | % | |||||||||||||||||||||||||||||||||||||||||||||
Other income | 758 | 754 | 4 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | $ | 15,215 | $ | 11,403 | $ | 3,812 | 33 | % | ||||||||||||||||||||||||||||||||||||||||||
Non-interest income as a percentage of total revenues | 32 | % | 26 | % |
Three Months Ended March 31, | Change | ||||||||||||||
(Dollars in thousands) | 2020 | 2019 | $ | % | |||||||||||
Mortgage banking income, net(1) | $ | 3,534 | $ | 1,252 | $ | 2,282 | 182 | % | |||||||
Debit card income | 2,141 | 2,010 | 131 | 7 | % | ||||||||||
Service charges on deposit accounts | 2,012 | 2,023 | (11 | ) | (1 | )% | |||||||||
Income from fiduciary services | 1,502 | 1,392 | 110 | 8 | % | ||||||||||
Bank-owned life insurance | 689 | 594 | 95 | 16 | % | ||||||||||
Brokerage and insurance commissions | 657 | 585 | 72 | 12 | % | ||||||||||
Customer loan swap fees(2) | 114 | 525 | (411 | ) | (78 | )% | |||||||||
Other income(3) | 754 | 1,008 | (254 | ) | (25 | )% | |||||||||
Total non-interest income | $ | 11,403 | $ | 9,389 | $ | 2,014 | 21 | % | |||||||
Non-interest income as a percentage of total revenues | 26 | % | 23 | % |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits(1) | $ | 14,522 | $ | 14,327 | $ | 195 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||
Furniture, equipment and data processing(2) | 3,027 | 2,790 | 237 | 8 | % | |||||||||||||||||||||||||||||||||||||||||||||
Net occupancy costs | 1,951 | 2,003 | (52) | (3) | % | |||||||||||||||||||||||||||||||||||||||||||||
Debit card expense | 986 | 934 | 52 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||
Consulting and professional fees | 863 | 783 | 80 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||
Regulatory assessments(3) | 503 | 162 | 341 | 210 | % | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of core deposit intangible assets | 164 | 170 | (6) | (4) | % | |||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned and collection (recoveries) costs, net(4) | (191) | 101 | (292) | (289) | % | |||||||||||||||||||||||||||||||||||||||||||||
Other expenses(5) | 3,074 | 3,291 | (217) | (7) | % | |||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 24,899 | $ | 24,561 | $ | 338 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||
GAAP efficiency ratio | 52.33 | % | 56.82 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Non-GAAP efficiency ratio | 50.96 | % | 56.45 | % |
Three Months Ended March 31, | Change | ||||||||||||||
(Dollars in thousands) | 2020 | 2019 | $ | % | |||||||||||
Salaries and employee benefits(1) | $ | 14,327 | $ | 12,978 | $ | 1,349 | 10 | % | |||||||
Furniture, equipment and data processing | 2,790 | 2,680 | 110 | 4 | % | ||||||||||
Net occupancy costs | 2,003 | 1,914 | 89 | 5 | % | ||||||||||
Debit card expense | 934 | 823 | 111 | 13 | % | ||||||||||
Consulting and professional fees | 783 | 813 | (30 | ) | (4 | )% | |||||||||
Amortization of intangible assets | 170 | 176 | (6 | ) | (3 | )% | |||||||||
Regulatory assessments(2) | 162 | 472 | (310 | ) | (66 | )% | |||||||||
Other real estate owned and collection costs (recoveries), net(3) | 101 | (307 | ) | 408 | (133 | )% | |||||||||
Other expenses | 3,291 | 3,234 | 57 | 2 | % | ||||||||||
Total non-interest expense | $ | 24,561 | $ | 22,783 | $ | 1,778 | 8 | % | |||||||
GAAP efficiency ratio | 56.82 | % | 55.19 | % | |||||||||||
Non-GAAP efficiency ratio | 56.45 | % | 54.86 | % |
Change | ||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ($) | (%) | ||||||||||||||||||||||
Commercial real estate - non owner-occupied | $ | 1,116,617 | $ | 1,097,975 | $ | 18,642 | 2 | % | ||||||||||||||||||
Commercial real estate - owner-occupied | 273,710 | 271,495 | 2,215 | 1 | % | |||||||||||||||||||||
Commercial | 366,159 | 381,494 | (15,335) | (4) | % | |||||||||||||||||||||
SBA PPP | 169,407 | 135,095 | 34,312 | 25 | % | |||||||||||||||||||||
Residential real estate | 1,051,765 | 1,054,798 | (3,033) | — | % | |||||||||||||||||||||
Consumer and home equity | 259,388 | 278,965 | (19,577) | (7) | % | |||||||||||||||||||||
Total loans | $ | 3,237,046 | $ | 3,219,822 | $ | 17,224 | 1 | % | ||||||||||||||||||
Commercial Loan Portfolio | $ | 1,925,893 | $ | 1,886,059 | $ | 39,834 | 2 | % | ||||||||||||||||||
Retail Loan Portfolio | 1,311,153 | 1,333,763 | (22,610) | (2) | % | |||||||||||||||||||||
Commercial Portfolio Mix | 59 | % | 59 | % | ||||||||||||||||||||||
Retail Portfolio Mix | 41 | % | 41 | % |
March 31, 2020 | December 31, 2019 | Change | |||||||||||||
(Dollars in thousands) | ($) | (%) | |||||||||||||
Residential real estate | $ | 1,064,212 | $ | 1,070,374 | $ | (6,162 | ) | (1 | )% | ||||||
Commercial real estate | 1,299,860 | 1,243,397 | 56,463 | 5 | % | ||||||||||
Commercial | 444,830 | 421,108 | 23,722 | 6 | % | ||||||||||
Consumer and home equity | 330,603 | 338,551 | (7,948 | ) | (2 | )% | |||||||||
HPFC | 18,257 | 21,593 | (3,336 | ) | (15 | )% | |||||||||
Total loans | $ | 3,157,762 | $ | 3,095,023 | $ | 62,739 | 2 | % | |||||||
Commercial Loan Portfolio | $ | 1,762,947 | $ | 1,686,098 | $ | 76,849 | 5 | % | |||||||
Retail Loan Portfolio | $ | 1,394,815 | $ | 1,408,925 | $ | (14,110 | ) | (1 | )% | ||||||
Commercial Portfolio Mix | 56 | % | 54 | % | |||||||||||
Retail Portfolio Mix | 44 | % | 46 | % |
(Dollars in thousands) | March 31, 2020 | December 31, 2019 | (Dollars in thousands) | March 31, 2021 | December 31, 2020 | |||||||||||||||||
Non-accrual loans: | Non-accrual loans: | |||||||||||||||||||||
Commercial real estate - non owner-occupied | Commercial real estate - non owner-occupied | $ | 170 | $ | 366 | |||||||||||||||||
Commercial real estate - owner-occupied | Commercial real estate - owner-occupied | 139 | 146 | |||||||||||||||||||
Commercial | Commercial | 1,737 | 1,607 | |||||||||||||||||||
SBA PPP | SBA PPP | — | — | |||||||||||||||||||
Residential real estate | $ | 3,499 | $ | 4,096 | Residential real estate | 3,637 | 3,477 | |||||||||||||||
Commercial real estate | 646 | 1,122 | ||||||||||||||||||||
Commercial | 748 | 420 | ||||||||||||||||||||
Consumer and home equity | 2,102 | 2,154 | Consumer and home equity | 1,897 | 2,000 | |||||||||||||||||
HPFC | 322 | 364 | ||||||||||||||||||||
Total non-accrual loans | 7,317 | 8,156 | Total non-accrual loans | 7,580 | 7,596 | |||||||||||||||||
Accruing loans past due 90 days | — | — | ||||||||||||||||||||
Accruing TDRs not included above | 3,008 | 2,993 | Accruing TDRs not included above | 2,579 | 2,818 | |||||||||||||||||
Total non-performing loans | 10,325 | 11,149 | Total non-performing loans | 10,159 | 10,414 | |||||||||||||||||
Other real estate owned | 94 | 94 | Other real estate owned | 204 | 236 | |||||||||||||||||
Total non-performing assets | $ | 10,419 | $ | 11,243 | Total non-performing assets | $ | 10,363 | $ | 10,650 | |||||||||||||
Non-accrual loans to total loans | 0.23 | % | 0.26 | % | Non-accrual loans to total loans | 0.23 | % | 0.24 | % | |||||||||||||
Non-performing loans to total loans | 0.33 | % | 0.36 | % | Non-performing loans to total loans | 0.31 | % | 0.32 | % | |||||||||||||
ALL to non-performing loans | 256.86 | % | 225.77 | % | ||||||||||||||||||
ACL on loans to non-performing loans | ACL on loans to non-performing loans | 352.15 | % | 363.60 | % | |||||||||||||||||
Non-performing assets to total assets | 0.23 | % | 0.25 | % | Non-performing assets to total assets | 0.20 | % | 0.22 | % | |||||||||||||
ALL to non-performing assets | 254.54 | % | 223.88 | % | ||||||||||||||||||
ACL on loans to non-performing assets | ACL on loans to non-performing assets | 345.22 | % | 355.54 | % |
(Dollars in thousands) | March 31, 2020 | December 31, 2019 | ||||||
Accruing loans 30-89 days past due: | ||||||||
Residential real estate | $ | 1,781 | $ | 2,227 | ||||
Commercial real estate | 2,641 | 1,582 | ||||||
Commercial | 1,560 | 548 | ||||||
Consumer and home equity | 1,379 | 750 | ||||||
HPFC | 165 | 243 | ||||||
Total | $ | 7,526 | $ | 5,350 | ||||
Accruing loans 30-89 days past due to total loans | 0.24 | % | 0.17 | % |
(Dollars in thousands) | Units | Recorded Investment | Percent of Total Loans at March 31, 2020 | |||||||
Business | 1,072 | $ | 435,615 | 14 | % | |||||
Consumer | 660 | 112,040 | 3 | % | ||||||
Total | 1,732 | $ | 547,655 | 17 | % |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Accruing loans 30-89 days past due: | ||||||||||||||
Commercial real estate - non owner-occupied | $ | 102 | $ | 50 | ||||||||||
Commercial real estate - owner-occupied | 75 | — | ||||||||||||
Commercial | 425 | 430 | ||||||||||||
SBA PPP | — | — | ||||||||||||
Residential real estate | 772 | 2,297 | ||||||||||||
Consumer and home equity | 264 | 440 | ||||||||||||
Total | $ | 1,638 | $ | 3,217 | ||||||||||
Accruing loans 30-89 days past due to total loans | 0.05 | % | 0.10 | % |
At or For The Three Months Ended March 31, | At or For The Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||
(CECL) | (Incurred Loss) | (CECL) | ||||||||||||||||||||||||||||||
ACL on loans at the beginning of the period | $ | 37,865 | $ | 25,171 | $ | 25,171 | ||||||||||||||||||||||||||
Impact of CECL adoption | — | — | 233 | |||||||||||||||||||||||||||||
(Credit) provision for loan losses | (1,854) | 1,772 | 13,215 | |||||||||||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | — | — | 82 | |||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | — | 50 | 21 | |||||||||||||||||||||||||||||
Commercial | 147 | 253 | 1,130 | |||||||||||||||||||||||||||||
SBA PPP | — | — | — | |||||||||||||||||||||||||||||
Residential real estate | 53 | 96 | 121 | |||||||||||||||||||||||||||||
Consumer and home equity | 87 | 91 | 484 | |||||||||||||||||||||||||||||
Total charge-offs | 287 | 490 | 1,838 | |||||||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||
Commercial real estate - non owner-occupied | — | 1 | 107 | |||||||||||||||||||||||||||||
Commercial real estate - owner-occupied | 2 | 3 | 13 | |||||||||||||||||||||||||||||
Commercial | 43 | 53 | 572 | |||||||||||||||||||||||||||||
SBA PPP | — | — | — | |||||||||||||||||||||||||||||
Residential real estate | — | 2 | 292 | |||||||||||||||||||||||||||||
Consumer and home equity | 6 | 9 | 100 | |||||||||||||||||||||||||||||
Total recoveries | 51 | 68 | 1,084 | |||||||||||||||||||||||||||||
Net charge-offs | 236 | 422 | 754 | |||||||||||||||||||||||||||||
ACL on loans at the end of the period | $ | 35,775 | $ | 26,521 | $ | 37,865 | ||||||||||||||||||||||||||
Components of ACL: | ||||||||||||||||||||||||||||||||
ACL on loans | $ | 35,775 | $ | 26,521 | $ | 37,865 | ||||||||||||||||||||||||||
ACL on off-balance sheet credit exposures | 2,466 | 24 | 2,568 | |||||||||||||||||||||||||||||
ACL at end of the period | $ | 38,241 | $ | 26,545 | $ | 40,433 | ||||||||||||||||||||||||||
Net charge-offs (annualized) to average loans | 0.03 | % | 0.05 | % | 0.02 | % | ||||||||||||||||||||||||||
(Credit) provision for loan losses (annualized) to average loans | (0.23) | % | 0.23 | % | 0.40 | % | ||||||||||||||||||||||||||
ACL on loans to total loans | 1.11 | % | 0.84 | % | 1.18 | % | ||||||||||||||||||||||||||
ACL on loans to net charge-offs (annualized) | 3,789.72 | % | 1,571.15 | % | 5,021.88 | % | ||||||||||||||||||||||||||
At or For The Three Months Ended March 31, | At or For The Year Ended December 31, 2019 | |||||||||||
(Dollars in thousands) | 2020 | 2019 | ||||||||||
ALL at the beginning of the period | $ | 25,171 | $ | 24,712 | $ | 24,712 | ||||||
Provision for loan losses | 1,772 | 750 | 2,862 | |||||||||
Charge-offs: | ||||||||||||
Residential real estate | 96 | 11 | 462 | |||||||||
Commercial real estate | 50 | 65 | 300 | |||||||||
Commercial | 253 | 236 | 1,167 | |||||||||
Consumer and home equity | 91 | 24 | 713 | |||||||||
HPFC | — | — | 71 | |||||||||
Total charge-offs | 490 | 336 | 2,713 | |||||||||
Recoveries: | ||||||||||||
Residential real estate | 2 | 2 | 16 | |||||||||
Commercial real estate | 4 | 4 | 49 | |||||||||
Commercial | 53 | 62 | 225 | |||||||||
Consumer and home equity | 9 | 7 | 20 | |||||||||
HPFC | — | — | — | |||||||||
Total recoveries | 68 | 75 | 310 | |||||||||
Net charge-offs | 422 | 261 | 2,403 | |||||||||
ALL at the end of the period | $ | 26,521 | $ | 25,201 | $ | 25,171 | ||||||
Components of allowance for credit losses: | ||||||||||||
Allowance for loan losses | $ | 26,521 | $ | 25,201 | $ | 25,171 | ||||||
Liability for unfunded credit commitments | 24 | 16 | 21 | |||||||||
Balance of allowance for credit losses at end of the period | $ | 26,545 | $ | 25,217 | $ | 25,192 | ||||||
Net charge-offs (annualized) to average loans | 0.05 | % | 0.03 | % | 0.08 | % | ||||||
Provision for loan losses (annualized) to average loans | 0.23 | % | 0.10 | % | 0.09 | % | ||||||
ALL to total loans | 0.84 | % | 0.83 | % | 0.81 | % | ||||||
ALL to net charge-offs (annualized) | 1,571.15 | % | 2,413.89 | % | 1,047.48 | % |
At or For The Three Months Ended March 31, | At or For The Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Financial Ratios | ||||||||||||||||||||||||||||||||
Average equity to average assets | 10.81 | % | 10.70 | % | 10.39 | % | ||||||||||||||||||||||||||
Common equity ratio | 10.46 | % | 10.72 | % | 10.81 | % | ||||||||||||||||||||||||||
Tangible common equity ratio (non-GAAP) | 8.71 | % | 8.78 | % | 8.99 | % | ||||||||||||||||||||||||||
Dividend payout ratio | 27.27 | % | 37.08 | % | 33.33 | % | ||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Book value per share | $ | 35.64 | $ | 32.95 | $ | 35.50 | ||||||||||||||||||||||||||
Tangible book value per share (non-GAAP) | 29.12 | 26.39 | 28.96 | |||||||||||||||||||||||||||||
Dividends declared per share | 0.36 | 0.33 | 1.32 |
At or For The Three Months Ended March 31, | At or For The Year Ended December 31, 2019 | |||||||||||
2020 | 2019 | |||||||||||
Financial Ratios | ||||||||||||
Average equity to average assets | 10.70 | % | 10.17 | % | 10.43 | % | ||||||
Common equity ratio | 10.72 | % | 10.26 | % | 10.69 | % | ||||||
Tangible common equity ratio(1) | 8.78 | % | 8.21 | % | 8.66 | % | ||||||
Dividend payout ratio | 37.08 | % | 32.97 | % | 33.24 | % | ||||||
Per Share Data | ||||||||||||
Book value per share | $ | 32.95 | $ | 29.16 | $ | 31.26 | ||||||
Tangible book value per share(1) | 26.39 | 22.81 | 24.77 | |||||||||
Dividends declared per share | 0.33 | 0.30 | 1.23 |
(In thousands) | Total Amount | Commitment Expires in: | ||||||||||||||||||||||||||||||
Off-Balance Sheet Financial Instruments | Committed | <1 Year | 1 – 3 Years | 3 – 5 Years | >5 Years | |||||||||||||||||||||||||||
Commitments to extend credit | $ | 696,086 | $ | 391,420 | $ | 18,893 | $ | 15,712 | $ | 270,061 | ||||||||||||||||||||||
Standby letters of credit | 4,855 | 3,344 | 70 | — | 1,441 | |||||||||||||||||||||||||||
Customer loan swaps - notional value | 740,480 | 6,169 | 49,466 | 146,706 | 538,139 | |||||||||||||||||||||||||||
Interest rate contracts - notional value | 253,000 | 10,000 | 50,000 | 100,000 | 93,000 | |||||||||||||||||||||||||||
Fixed-rate mortgage interest rate lock commitments - notional value | 81,807 | 81,807 | — | — | — | |||||||||||||||||||||||||||
Forward delivery commitments - notional value | 22,225 | 22,225 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 1,798,453 | $ | 514,965 | $ | 118,429 | $ | 262,418 | $ | 902,641 |
(In thousands) | Total Amount | Commitment Expires in: | ||||||||||||||||||
Off-Balance Sheet Financial Instruments | Committed | <1 Year | 1 – 3 Years | 3 – 5 Years | >5 Years | |||||||||||||||
Commitments to extend credit | $ | 764,368 | $ | 345,062 | $ | 70,854 | $ | 20,944 | $ | 327,508 | ||||||||||
Standby letters of credit | 5,002 | 2,161 | 1,819 | — | 1,022 | |||||||||||||||
Customer loan swaps - notional value | 817,090 | — | 76,901 | 75,578 | 664,611 | |||||||||||||||
Interest rate swap on loans - notional value | 100,000 | — | — | 100,000 | — | |||||||||||||||
Interest rate swaps on borrowings - notional value | 100,000 | — | 50,000 | — | 50,000 | |||||||||||||||
Fixed-rate mortgage interest rate lock commitments - notional value | 128,481 | 128,481 | — | — | — | |||||||||||||||
Junior subordinated debt interest rate swaps - notional value | 43,000 | — | 10,000 | — | 33,000 | |||||||||||||||
Forward delivery commitments - notional value | 28,356 | 28,356 | — | — | — | |||||||||||||||
Total | $ | 1,986,297 | $ | 504,060 | $ | 209,574 | $ | 196,522 | $ | 1,076,141 |
(In thousands) | Total Amount | Payments Due per Period | ||||||||||||||||||||||||||||||
Contractual obligations and commitments | Committed | <1 Year | 1 – 3 Years | 3 – 5 Years | >5 Years | |||||||||||||||||||||||||||
Operating leases | $ | 14,950 | $ | 1,332 | $ | 2,461 | $ | 1,998 | $ | 9,159 | ||||||||||||||||||||||
Finance leases | 7,660 | 307 | 621 | 633 | 6,099 | |||||||||||||||||||||||||||
Retail repurchase agreements | 186,408 | 186,408 | — | — | — | |||||||||||||||||||||||||||
Junior subordinated debentures | 44,331 | — | — | — | 44,331 | |||||||||||||||||||||||||||
Subordinated debentures(1) | 15,000 | — | — | 15,000 | — | |||||||||||||||||||||||||||
Other contractual obligations | 3,065 | 3,065 | — | — | — | |||||||||||||||||||||||||||
Total | $ | 271,414 | $ | 191,112 | $ | 3,082 | $ | 17,631 | $ | 59,589 |
(In thousands) | Total Amount | Payments Due per Period | ||||||||||||||||||
Contractual obligations and commitments | Committed | <1 Year | 1 – 3 Years | 3 – 5 Years | >5 Years | |||||||||||||||
Operating leases | $ | 16,583 | $ | 1,415 | $ | 2,703 | $ | 2,386 | $ | 10,079 | ||||||||||
Finance leases | 7,964 | 304 | 616 | 627 | 6,417 | |||||||||||||||
FHLBB advances less than 90 days | 50,000 | 50,000 | — | — | — | |||||||||||||||
FHLBB advances - other | 35,000 | 10,000 | — | 25,000 | — | |||||||||||||||
Retail repurchase agreements | 265,997 | 265,997 | — | — | — | |||||||||||||||
Junior subordinated debentures | 44,331 | — | — | — | 44,331 | |||||||||||||||
Subordinated debentures | 14,824 | — | — | — | 14,824 | |||||||||||||||
Other contractual obligations | 1,582 | 1,582 | — | — | — | |||||||||||||||
Total | $ | 436,281 | $ | 329,298 | $ | 3,319 | $ | 28,013 | $ | 75,651 |
Estimated Changes In Net Interest Income | ||||||||||||||
Rate Change from Year 1 — Base | March 31, 2021 | March 31, 2020 | ||||||||||||
Year 1 | ||||||||||||||
+200 basis points | 2.61 | % | (0.97) | % | ||||||||||
-100 basis points | (0.94) | % | (0.18) | % | ||||||||||
Year 2 | ||||||||||||||
+200 basis points | 10.03 | % | 4.51 | % | ||||||||||
-100 basis points | (9.80) | % | (3.79) | % | ||||||||||
Estimated Changes In Net Interest Income | ||||||
Rate Change from Year 1 — Base | March 31, 2020 | March 31, 2019 | ||||
Year 1 | ||||||
+200 basis points | (0.97 | )% | 0.47 | % | ||
-100 basis points | (0.18 | )% | (0.83 | )% | ||
Year 2 | ||||||
+200 basis points | 4.51 | % | 6.87 | % | ||
-100 basis points | (3.79 | )% | (2.26 | )% |
Exhibit No. | Definition | |||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101* | The following materials from Camden National Corporation’s Quarterly Report on Form 10-Q for the period ended March 31, | |||||||
* | ||||||||
Furnished herewith. | ||||||||
+ | Management contract or a compensatory plan or arrangement. |
CAMDEN NATIONAL CORPORATION | |||||||||||
(Registrant) | |||||||||||
/s/ Gregory A. Dufour | May | ||||||||||
Gregory A. Dufour | Date | ||||||||||
President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
/s/ Gregory A. White | May | ||||||||||
Gregory A. White | Date | ||||||||||
Chief Financial Officer and Principal Financial & Accounting Officer | |||||||||||