Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CATC | |
Entity Registrant Name | CAMBRIDGE BANCORP | |
Entity Central Index Key | 0000711772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 6,965,557 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 04-2777442 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | MA | |
Entity Address, Address Line One | 1336 Massachusetts Avenue | |
Entity Address, State or Province | MA | |
Entity Address, City or Town | Cambridge | |
Entity Address, Postal Zip Code | 02138 | |
City Area Code | 617 | |
Local Phone Number | 876-5500 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38184 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 98,789 | $ 75,785 |
Investment securities | ||
Available for sale, at fair value (amortized cost $211,990 and $234,252, respectively) | 212,266 | 237,030 |
Held to maturity, at amortized cost (fair value $499,885 and $260,139, respectively) | 492,782 | 247,672 |
Total investment securities | 705,048 | 484,702 |
Loans held for sale, at lower of cost or fair value | 911 | 6,909 |
Loans | ||
Total loans | 3,281,149 | 3,153,648 |
Less: allowance for credit losses on loans | (35,029) | (36,016) |
Net loans | 3,246,120 | 3,117,632 |
Federal Home Loan Bank of Boston Stock, at cost | 4,816 | 5,734 |
Bank owned life insurance | 46,574 | 46,169 |
Banking premises and equipment, net | 17,586 | 18,158 |
Right-of-use asset operating leases | 33,536 | 34,927 |
Deferred income taxes, net | 10,486 | 11,639 |
Accrued interest receivable | 8,983 | 9,514 |
Goodwill | 51,912 | 51,912 |
Merger-related intangibles, net | 2,797 | 2,977 |
Other assets | 75,729 | 83,239 |
Total assets | 4,303,287 | 3,949,297 |
Deposits | ||
Demand | 1,208,951 | 1,006,132 |
Interest-bearing checking | 672,794 | 625,650 |
Money market | 726,101 | 532,218 |
Savings | 942,865 | 984,262 |
Certificates of deposit | 213,847 | 254,821 |
Total deposits | 3,764,558 | 3,403,083 |
Borrowings | 17,244 | 32,992 |
Operating lease liabilities | 35,923 | 37,448 |
Other liabilities | 66,061 | 74,042 |
Total liabilities | 3,883,786 | 3,547,565 |
Shareholders’ Equity | ||
Common stock, par value $1.00; Authorized: 10,000,000 shares; Outstanding: 6,965,557 shares and 6,926,728 shares, respectively | 6,966 | 6,927 |
Additional paid-in capital | 228,387 | 226,967 |
Retained earnings | 184,790 | 165,404 |
Accumulated other comprehensive income (loss) | (642) | 2,434 |
Total shareholders’ equity | 419,501 | 401,732 |
Total liabilities and shareholders’ equity | 4,303,287 | 3,949,297 |
Residential Mortgage | ||
Loans | ||
Total loans | 1,346,262 | 1,298,868 |
Commercial Mortgage | ||
Loans | ||
Total loans | 1,438,084 | 1,358,962 |
Home Equity | ||
Loans | ||
Total loans | 92,983 | 106,194 |
Commercial and Industrial | ||
Loans | ||
Total loans | 357,937 | 347,855 |
Consumer | ||
Loans | ||
Total loans | $ 45,883 | $ 41,769 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $ 211,990 | $ 234,252 |
Held-to-maturity securities, fair value | $ 499,885 | $ 260,139 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares, outstanding | 6,965,557 | 6,926,728 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and dividend income | ||||
Interest on taxable loans | $ 30,557 | $ 28,130 | $ 60,882 | $ 51,468 |
Interest on tax-exempt loans | 275 | 211 | 497 | 409 |
Interest on taxable investment securities | 2,023 | 1,521 | 3,608 | 3,244 |
Interest on tax-exempt investment securities | 633 | 601 | 1,291 | 1,196 |
Dividends on FHLB of Boston stock | 12 | 52 | 12 | 153 |
Interest on overnight investments | 28 | 16 | 59 | 156 |
Total interest and dividend income | 33,528 | 30,531 | 66,349 | 56,626 |
Interest expense | ||||
Interest on deposits | 1,006 | 1,396 | 2,281 | 4,525 |
Interest on borrowed funds | 141 | 282 | 281 | 848 |
Interest on subordinated debt | 64 | 64 | ||
Total interest expense | 1,147 | 1,742 | 2,562 | 5,437 |
Net interest and dividend income | 32,381 | 28,789 | 63,787 | 51,189 |
Provision for (release of) credit losses | (901) | 14,430 | (1,107) | 16,430 |
Net interest and dividend income after provision for (release of) credit losses | 33,282 | 14,359 | 64,894 | 34,759 |
Noninterest income | ||||
Bank owned life insurance income | 209 | 165 | 405 | 325 |
Gain on disposition of investment securities | 69 | 69 | ||
Gain on loans sold | 165 | 193 | 734 | 312 |
Loan related derivative income | 567 | 334 | 1,238 | 844 |
Other income | 453 | 191 | 908 | 495 |
Total noninterest income | 10,906 | 8,972 | 21,755 | 17,790 |
Noninterest expense | ||||
Salaries and employee benefits | 16,462 | 13,542 | 32,508 | 26,558 |
Occupancy and equipment | 3,503 | 2,938 | 7,079 | 5,745 |
Data processing | 2,179 | 1,832 | 4,213 | 3,517 |
Professional services | 1,297 | 1,098 | 2,569 | 1,957 |
Marketing | 953 | 486 | 1,416 | 742 |
FDIC insurance | 261 | 318 | 597 | 497 |
Nonoperating expenses | 4,366 | 4,619 | ||
Other expenses | 618 | 1,007 | 1,110 | 1,877 |
Total noninterest expense | 25,273 | 25,587 | 49,492 | 45,512 |
Income (loss) before income taxes | 18,915 | (2,256) | 37,157 | 7,037 |
Income tax expense (benefit) | 4,971 | (540) | 9,714 | 1,521 |
Net income (loss) | $ 13,944 | $ (1,716) | $ 27,443 | $ 5,516 |
Share data: | ||||
Weighted average number of shares outstanding, basic | 6,930,268 | 5,912,889 | 6,918,779 | 5,652,908 |
Weighted average number of shares outstanding, diluted | 6,998,936 | 5,912,889 | 6,993,437 | 5,670,438 |
Basic earnings (loss) per share | $ 2 | $ (0.29) | $ 3.95 | $ 0.97 |
Diluted earnings (loss) per share | $ 1.98 | $ (0.29) | $ 3.91 | $ 0.97 |
Wealth Management Revenue | ||||
Noninterest income | ||||
Noninterest income | $ 8,623 | $ 7,035 | $ 16,774 | $ 13,662 |
Deposit Account Fees | ||||
Noninterest income | ||||
Noninterest income | 484 | 695 | 958 | 1,486 |
ATM/Debit Card Income | ||||
Noninterest income | ||||
Noninterest income | $ 405 | $ 290 | $ 738 | $ 597 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 13,944 | $ (1,716) | $ 27,443 | $ 5,516 |
Available for sale securities | ||||
Unrealized holding gains (losses) | 1,035 | 810 | (1,852) | 3,310 |
Less: reclassification adjustment for gains realized in net income | (57) | (57) | ||
Total unrealized gains (losses) on available for sale securities | 1,035 | 753 | (1,852) | 3,253 |
Interest rate swaps designated as cash flow hedges | ||||
Unrealized holding gains (losses) | 3 | 633 | (319) | 4,960 |
Less: reclassification adjustment for gains realized in net income | (466) | (363) | (920) | (444) |
Total unrealized gains (losses) on interest rate swaps | (463) | 270 | (1,239) | 4,516 |
Defined benefit retirement plans | ||||
Change in retirement liabilities | 7 | 15 | (1) | |
Other comprehensive income (loss) | 579 | 1,023 | (3,076) | 7,768 |
Comprehensive income (loss) | $ 14,523 | $ (693) | $ 24,367 | $ 13,284 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2019 | $ 286,561 | $ (347) | $ 5,401 | $ 136,766 | $ 146,875 | $ (347) | $ (2,481) |
Accounting Standards Update [Extensible List] | ASU-2016-13 | ASU-2016-13 | ASU-2016-13 | ASU-2016-13 | ASU-2016-13 | ||
Net income (loss) | $ 5,516 | $ 5,516 | |||||
Other comprehensive income (loss) | 7,768 | $ 7,768 | |||||
Share based compensation and other share-based activity | 2,138 | $ 24 | $ 2,114 | ||||
Dividends declared | (5,739) | (5,739) | |||||
Common stock issued for merger | 87,163 | 1,503 | 85,660 | ||||
Ending balance at Jun. 30, 2020 | 383,060 | 6,928 | 224,540 | 146,305 | 5,287 | ||
Beginning balance at Mar. 31, 2020 | 297,759 | 5,418 | 137,186 | 150,891 | 4,264 | ||
Net income (loss) | (1,716) | (1,716) | |||||
Other comprehensive income (loss) | 1,023 | 1,023 | |||||
Share based compensation and other share-based activity | 1,701 | 7 | 1,694 | ||||
Dividends declared | (2,870) | (2,870) | |||||
Common stock issued for merger | 87,163 | 1,503 | 85,660 | ||||
Ending balance at Jun. 30, 2020 | 383,060 | 6,928 | 224,540 | 146,305 | 5,287 | ||
Beginning balance at Dec. 31, 2020 | 401,732 | 6,927 | 226,967 | 165,404 | 2,434 | ||
Net income (loss) | 27,443 | 27,443 | |||||
Other comprehensive income (loss) | (3,076) | (3,076) | |||||
Share based compensation and other share-based activity | 1,459 | 39 | 1,420 | ||||
Dividends declared | (8,057) | (8,057) | |||||
Ending balance at Jun. 30, 2021 | 419,501 | 6,966 | 228,387 | 184,790 | (642) | ||
Beginning balance at Mar. 31, 2021 | 407,673 | 6,960 | 226,841 | 175,093 | (1,221) | ||
Net income (loss) | 13,944 | 13,944 | |||||
Other comprehensive income (loss) | 579 | 579 | |||||
Share based compensation and other share-based activity | 1,552 | 6 | 1,546 | ||||
Dividends declared | (4,247) | (4,247) | |||||
Ending balance at Jun. 30, 2021 | $ 419,501 | $ 6,966 | $ 228,387 | $ 184,790 | $ (642) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Retained Earnings | ||||
Dividends declared, per share | $ 0.61 | $ 0.53 | $ 1.16 | $ 1.06 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 27,443 | $ 5,516 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (release of) credit losses | (1,107) | 16,430 |
Amortization (accretion) of deferred charges and fees, net | (860) | 260 |
(Accretion), depreciation, and amortization, net | (1,846) | (2,297) |
Bank owned life insurance income | (405) | (325) |
Gain on disposition of investment securities | (69) | |
Share-based compensation and other share-based activity | 1,459 | 2,138 |
Change in accrued interest receivable | 531 | 1,136 |
Deferred income tax (benefit)/expense | 2,278 | (2,059) |
Change in other assets, net | 6,319 | (32,232) |
Change in other liabilities, net | (8,634) | 22,895 |
Change in loans held for sale | 5,998 | (1,068) |
Net cash provided by operating activities | 31,176 | 10,325 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans | (771,775) | (547,027) |
Proceeds from principal payments of loans | 649,435 | 311,795 |
Proceeds from calls/maturities of securities available for sale | 21,852 | 30,868 |
Purchase of securities available for sale | (20,524) | |
Proceeds from sales of securities available for sale | 10,821 | |
Proceeds from calls/maturities of securities held to maturity | 27,606 | 27,740 |
Purchase of securities held to maturity | (273,345) | (2,000) |
Redemption of FHLB of Boston stock | 918 | 4,977 |
Purchase of banking premises and equipment | (725) | (808) |
Net cash acquired in business combinations | 43,063 | |
Net cash used in investing activities | (346,034) | (141,095) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in demand, interest bearing, money market and savings accounts | 402,449 | 189,949 |
Change in certificates of deposit | (40,837) | (33,705) |
Change in borrowings | (15,693) | (20,328) |
Cash dividends paid on common stock | (8,057) | (5,739) |
Net cash provided by financing activities | 337,862 | 130,177 |
Net change in cash and cash equivalents | 23,004 | (593) |
Cash and cash equivalents at beginning of period | 75,785 | 61,335 |
Cash and cash equivalents at end of period | 98,789 | 60,742 |
Cash paid during the period for: | ||
Interest | 2,680 | 5,109 |
Income taxes | $ 4,890 | 6,705 |
Significant non-cash transactions | ||
Transfer of other real estate owned | 2,293 | |
Common Stock issued to shareholders due to merger | 87,163 | |
Fair value of assets acquired, net of cash acquired | 961,668 | |
Fair value of liabilities assumed | $ 917,569 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The unaudited consolidated financial statements include the accounts of Cambridge Bancorp (the “Company”) and its wholly owned subsidiary, Cambridge Trust Company (the “Bank”), and the Bank’s wholly owned subsidiaries, Cambridge Trust Company of New Hampshire Inc., CTC Security Corporation, and CTC Security Corporation III. References to the Company herein relate to the consolidated group of companies. All significant intercompany accounts and transactions have been eliminated in preparation of the consolidated financial statements. The Company is a state-chartered, federally registered bank holding company headquartered in Cambridge, Massachusetts and was incorporated in 1983. The Company is the sole shareholder of the Bank, a Massachusetts trust company chartered in 1890, which is a commercial bank. The Company operates as a private bank offering a full range of private banking and wealth management services to its clients. The private banking business, the Company’s only reportable operating segment, is managed as a single strategic unit. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) and disclosures necessary to present fairly the Company’s financial position, as of June 30, 2021 and December 31, 2020, and the results of operations and cash flows for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Interim results are not necessarily reflective of the results of the entire year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2021. |
Use of Estimates
Use of Estimates | 6 Months Ended |
Jun. 30, 2021 | |
Use Of Estimates [Abstract] | |
Use of Estimates | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements. Actual results could differ from those estimates. The allowance for credit losses, the fair values of financial instruments, and the valuation of deferred tax assets are particularly subject to change. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 3. Subsequent Events Management has reviewed events occurring through August 5, 2021, the date the unaudited consolidated financial statements were available to be issued and determined that no subsequent events occurred requiring adjustment to or disclosure in these unaudited consolidated financial statements. |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 6 Months Ended |
Jun. 30, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recently Issued Accounting Guidance | 4. Recently Issued Accounting Guidance Accounting Pronouncements Yet to be Adopted Accounting Standards Update (“ASU”) 2020-04 - Facilitation of the Effects of Reference Rate Reform on Financial Reporting • Simplify accounting analyses for contract modifications. • Allow hedging relationships to continue without de-designation if there are qualifying changes in the critical terms of an existing hedging relationship due to reference rate reform. • Allow a change in the systematic and rational method used to recognize in earnings the components excluded from the assessment of hedge effectiveness. • Allow a change in the designated benchmark interest rate to a different eligible benchmark interest rate in a fair value hedging relationship. • Allow the shortcut method for a fair value hedging relationship to continue for the remainder of the hedging relationship. • Simplify the assessment of hedge effectiveness and provide temporary optional expedients for cash flow hedging relationships affected by reference rate reform. • Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and are classified as held to maturity before January 1, 2020. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company is currently assessing the impact the adoption of this guidance will have on its consolidated balance sheets, statements of income (loss) , and cash flows . |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2021 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 5. Cash and cash equivalents At June 30, 2021 and December 31, 2020, cash and cash equivalents totaled $98.8 million and $75.8 million, respectively. There were no amounts required to be maintained at the Federal Reserve Bank of Boston at June 30, 2021 and December 31, 2020. At June 30, 2021 and December 31, 2020, the Company pledged $500,000 to the New Hampshire Banking Department relating to Cambridge Trust Company of New Hampshire, Inc.’s operations in that state. The Company also pledged cash collateral to derivative counterparties totaling $18.0 million and $29.9 million at June 30, 2021 and December 31, 2020, respectively. See Note 16- Derivatives and Hedging Activities . |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 6. Investment Securities Investment securities have been classified in the unaudited consolidated balance sheets according to management’s intent. The carrying amounts of securities and their approximate fair values were as follows: June 30, 2021 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ 22,996 $ 578 $ (159 ) $ 23,415 $ 22,995 $ 641 $ (19 ) $ 23,617 Mortgage-backed securities 187,252 1,853 (2,033 ) 187,072 208,515 2,502 (387 ) 210,630 Corporate debt securities 1,742 38 (1 ) 1,779 2,742 41 — 2,783 Total available for sale securities $ 211,990 $ 2,469 $ (2,193 ) $ 212,266 $ 234,252 $ 3,184 $ (406 ) $ 237,030 Held to maturity securities Mortgage-backed securities $ 379,726 $ 5,681 $ (2,798 ) $ 382,609 $ 137,435 $ 6,784 $ (97 ) $ 144,122 Corporate debt securities 6,993 110 — 7,103 6,989 197 — 7,186 Municipal securities 106,063 4,511 (401 ) 110,173 103,248 5,643 (60 ) 108,831 Total held to maturity securities $ 492,782 $ 10,302 $ (3,199 ) $ 499,885 $ 247,672 $ 12,624 $ (157 ) $ 260,139 Total $ 704,772 $ 12,771 $ (5,392 ) $ 712,151 $ 481,924 $ 15,808 $ (563 ) $ 497,169 All of the Company’s mortgage-backed securities (“MBS”) have been issued by, or are collateralized by securities issued by, either Government National Mortgage Association (“Ginnie Mae” or “GNMA”), Federal National Mortgage Association (“Fannie Mae” or “FNMA”), or Federal Home Loan Mortgage Corporation (“Freddie Mac”). The following tables show the Company’s securities with gross unrealized losses for which an allowance for credit losses has not been recorded at June 30, 2021 or at December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position: June 30, 2021 o Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ 9,837 $ (159 ) $ — $ — $ 9,837 $ (159 ) Mortgage-backed securities 98,535 (2,032 ) 775 (1 ) 99,310 (2,033 ) Corporate debt securities 768 (1 ) — — 768 (1 ) Total available for sale securities $ 109,140 $ (2,192 ) $ 775 $ (1 ) $ 109,915 $ (2,193 ) Held to maturity securities Mortgage-backed securities $ 231,740 $ (2,798 ) $ — $ — $ 231,740 $ (2,798 ) Municipal securities 14,610 (401 ) — — 14,610 (401 ) Total held to maturity securities $ 246,350 $ (3,199 ) $ — $ — $ 246,350 $ (3,199 ) Total $ 355,490 $ (5,391 ) $ 775 $ (1 ) $ 356,265 $ (5,392 ) December 31, 2020 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ 4,981 $ (19 ) $ — $ — $ 4,981 $ (19 ) Mortgage-backed securities 91,094 (384 ) 944 (3 ) 92,038 (387 ) Total available for sale securities $ 96,075 $ (403 ) $ 944 $ (3 ) $ 97,019 $ (406 ) Held to maturity securities Mortgage-backed securities $ 16,340 $ (97 ) $ — $ — $ 16,340 $ (97 ) Municipal securities 6,221 (60 ) — — 6,221 (60 ) Total held to maturity securities $ 22,561 $ (157 ) $ — $ — $ 22,561 $ (157 ) Total $ 118,636 $ (560 ) $ 944 $ (3 ) $ 119,580 $ (563 ) The Company adopted ASU 2016-13 - Financial Instruments - Credit Losses : Measurement of Credit Losses on Financial Instruments As of June 30, 2021, 84 debt securities had gross unrealized losses, with an aggregate depreciation of 1.49% from the Company’s amortized cost basis. The largest unrealized dollar and percentage loss of any single security was $209,000, or 7.8% of its amortized cost, which was also the largest unrealized loss percentage of any single security. The Company believes that the nature and duration of unrealized losses on its debt security positions are primarily a function of interest rate movements and changes in investment spreads and does not consider full repayment of principal on the reported debt obligations to be at risk. Since nearly all of these securities are rated “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) it is more likely than not that the Company will not be required to sell these securities before recovery, the Company does not expect to suffer a credit loss as of June 30, 2021. The amortized cost and fair value of debt securities, aggregated by the earlier of call date or contractual maturity, are shown below. Maturities of mortgage-backed securities do not take into consideration scheduled amortization or prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Within One Year After One, But Within Five Years After Five, But Within Ten Years After Ten Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value At June 30, 2021 (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ — $ — $ 9,996 $ 9,837 $ 5,000 $ 5,123 $ 8,000 $ 8,455 $ 22,996 $ 23,415 Mortgage-backed securities 12 12 3,253 3,327 57,712 58,119 126,275 125,614 187,252 187,072 Corporate debt securities — — 1,742 1,779 — — — — 1,742 1,779 Total available for sale securities $ 12 $ 12 $ 14,991 $ 14,943 $ 62,712 $ 63,242 $ 134,275 $ 134,069 $ 211,990 $ 212,266 Held to maturity securities Mortgage-backed securities $ — $ — $ 2 $ 2 $ 60,048 $ 63,159 $ 319,676 $ 319,448 $ 379,726 $ 382,609 Corporate debt securities 4,497 4,552 2,496 2,551 — — — — 6,993 7,103 Municipal securities 4,364 4,431 19,497 20,290 39,784 42,139 42,418 43,313 106,063 110,173 Total held to maturity securities $ 8,861 $ 8,983 $ 21,995 $ 22,843 $ 99,832 $ 105,298 $ 362,094 $ 362,761 $ 492,782 $ 499,885 Total $ 8,873 $ 8,995 $ 36,986 $ 37,786 $ 162,544 $ 168,540 $ 496,369 $ 496,830 $ 704,772 $ 712,151 The following table sets forth information regarding sales of investment securities and the resulting gains from such sales: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Amortized cost of securities sold $ — $ 10,752 $ — $ 10,752 Gross gains realized on securities sold — 69 — 69 Gross losses realized on securities sold — — — — Net proceeds from securities sold $ — $ 10,821 $ — $ 10,821 The Company monitors the credit quality of certain debt securities through the use of credit ratings among other factors on a quarterly basis. The following tables summarize the credit rating of the Company’s debt securities portfolio at June 30, 2021 and December 31, 2020. June 30, 2021 Mortgage-backed Securities Corporate Debt Securities Municipal Securities U.S. GSE obligations Total (dollars in thousands) Available for sale securities, at fair value AAA/AA/A (1) $ 187,072 $ 768 $ — $ 23,415 $ 211,255 BBB/BB/B — 1,011 — — 1,011 Total available for sale securities $ 187,072 $ 1,779 $ — $ 23,415 $ 212,266 Held to maturity securities, at amortized cost AAA/AA/A $ 379,726 $ 6,993 $ 106,063 $ — $ 492,782 Total held to maturity securities $ 379,726 $ 6,993 $ 106,063 $ — $ 492,782 December 31, 2020 Mortgage-backed Securities Corporate Debt Securities Municipal Securities U.S. GSE obligations Total (dollars in thousands) Available for sale securities, at fair value AAA/AA/A (1) $ 210,630 $ 1,779 $ — $ 23,617 $ 236,026 BBB/BB/B — 1,004 — — 1,004 Total available for sale securities $ 210,630 $ 2,783 $ — $ 23,617 $ 237,030 Held to maturity securities, at amortized cost AAA/AA/A $ 137,435 $ 6,989 $ 102,973 $ — $ 247,397 BBB/BB/B — — 275 — 275 Total held to maturity securities $ 137,435 $ 6,989 $ 103,248 $ — $ 247,672 (1) Includes agency MBS pass-through securities and collateralized mortgage obligations (“CMOs”) issued by U.S. Government Sponsored Enterprises (“GSEs”) such as Fannie Mae, Freddie Mac, and Ginnie Mae that are not rated by Moody’s or Standard & Poor’s (“S&P”). Each security contains a guarantee by the issuing GSE or agency and carries an implicit guarantee of the U.S. government. These have been categorized as AAA/AA/A. |
Loans and the Allowance for Cre
Loans and the Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and the Allowance for Credit Losses | 7. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES The Company’s lending activities are conducted primarily in Eastern Massachusetts and Southern New Hampshire. The Company grants single- and multi-family residential, commercial and industrial (“C&I”), commercial real estate (“CRE”), construction, and a variety of consumer loans. Most of the loans granted by the Company are secured by real estate collateral. Repayment of the Company’s residential loans is generally dependent on the health of the employment market in the borrowers’ geographic areas and that of the general economy with liquidation of the underlying real estate collateral being typically viewed as the primary source of repayment in the event of borrower default. The repayment of C&I loans depends primarily on the cash flow and credit worthiness of the borrower and secondarily on the underlying collateral provided by the borrower. As borrower cash flow may be difficult to predict, liquidation of the underlying collateral securing these loans is typically viewed as the primary source of repayment in the event of borrower default. However, collateral typically consists of equipment, inventory, accounts receivable, or other business assets that may fluctuate in value, so the liquidation of collateral in the event of default is often an insufficient source of repayment. The Company’s CRE loans are primarily made based on the cash flow from the collateral property and secondarily on the underlying collateral provided by the borrower, with liquidation of the underlying real estate collateral typically being viewed as the primary source of repayment in the event of borrower default. The Company’s construction loans are primarily made based on the borrower’s expected ability to execute and the future completed value of the collateral property, with sale of the underlying real estate collateral typically being viewed as the primary source of repayment. Loans outstanding are detailed by category as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Residential mortgage Mortgages - fixed rate $ 601,510 $ 535,804 Mortgages - adjustable rate 715,326 734,593 Construction 24,968 25,495 Deferred costs, net of unearned fees 4,458 2,976 Total residential mortgages 1,346,262 1,298,868 Commercial mortgage Mortgages - non-owner occupied 1,164,819 1,064,317 Mortgages - owner occupied 161,932 153,474 Construction 108,927 139,075 Deferred costs, net of unearned fees 2,406 2,096 Total commercial mortgages 1,438,084 1,358,962 Home equity Home equity - lines of credit 90,479 102,460 Home equity - term loans 2,245 3,503 Deferred costs, net of unearned fees 259 231 Total home equity 92,983 106,194 Commercial and industrial Commercial and industrial 250,012 223,415 PPP loans 110,734 126,227 Unearned fees, net of deferred costs (2,809 ) (1,787 ) Total commercial and industrial 357,937 347,855 Consumer Secured 44,944 41,409 Unsecured 929 341 Deferred costs, net of unearned fees 10 19 Total consumer 45,883 41,769 Total loans $ 3,281,149 $ 3,153,648 The Coronavirus Aid, Relief, and Economic Security Act, (the “CARES Act”), was signed into law on March 27, 2020, and provided emergency economic relief to individuals and businesses impacted by the COVID-19 pandemic. Among other things, the CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). As a qualified SBA lender, the Company was authorized to originate PPP loans. In the first round of the PPP, which ended in August of 2020, an eligible business could apply for a PPP loan up to the lesser of: (1) 2.5 times its average monthly “payroll costs”, or (2) $10.0 million. PPP loans have: (a) an interest rate of 1.0%, (b) a two year or five-year loan term to maturity; and (c) principal and interest payments deferred until the SBA remits the forgiven amount to the Company or 10 months from the end of the covered period, as defined. The SBA will guarantee 100% of the PPP loans made to eligible borrowers. The entire principal amount of the borrower’s PPP loan, including any accrued interest, is eligible to be reduced by the loan forgiveness amount under the PPP so long as employee and compensation levels of the business are maintained and 60% of the loan proceeds are used for payroll expense, with the remaining 40% of the loan proceeds used for other qualifying expenses. In the second round of the PPP, which ended on May 31, 2021, PPP loans were available both to first-time borrowers and to borrowers that previously received funding in the first round. The maximum PPP loan size remained the same for the second round for first-time borrowers, but for borrowers that received a PPP loan in the first round, the maximum size of a PPP loan was the lesser of: (1) 2.5 times its average monthly “payroll costs” or (2) $2.0 million. Eligibility requirements during the second round of PPP were also more restrictive for borrowers that received a PPP loan in the first round, therefore not all previous recipients of PPP loans in the first round qualified for a second PPP loan. The SBA guarantee and loan forgiveness features of the PPP remained similar in most material respects in the second round. The Company did not record an allowance for credit losses for PPP loans due to the SBA guarantee. Directors and officers of the Company and their associates are customers of, and have other transactions with, the Company in the normal course of business. All loans and commitments included in such transactions were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and do not involve more than normal risk of collection or present other unfavorable features. Asset Quality The Company’s philosophy toward managing its loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations. The Company seeks to make arrangements to resolve any delinquent or default situation over the shortest possible time frame. As a general rule, loans more than 90 days past due with respect to principal or interest are classified as nonaccrual loans. The Company may use discretion regarding other loans over 90 days past due if the loan is well secured and/or in process of collection. The following tables set forth information regarding non-performing loans disaggregated by loan category: June 30, 2021 . Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Total (dollars in thousands) Non-performing loans: Nonaccrual loans $ 3,629 $ 548 $ 372 $ 132 $ 4,681 Loans past due >90 days, but still accruing — — — — — Troubled debt restructurings 664 — — 118 782 Total $ 4,293 $ 548 $ 372 $ 250 $ 5,463 December 31, 2020 Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Total (dollars in thousands) Non-performing loans: Nonaccrual loans $ 3,695 $ 3,917 $ — $ 132 $ 7,744 Loans past due >90 days, but still accruing — — — 407 407 Troubled debt restructurings 689 — — 122 811 Total $ 4,384 $ 3,917 $ — $ 661 $ 8,962 Troubled Debt Restructurings (“TDRs”) Loans are considered restructured in a troubled debt restructuring when the Company has granted concessions to a borrower due to the borrower’s financial condition that it otherwise would not have considered. These concessions may include modifications of the terms of the debt such as deferral of payments, extension of maturity, reduction of principal balance, reduction of the stated interest rate other than normal market rate adjustments, or a combination of these concessions. The debt may be bifurcated with separate terms for each tranche of the restructured debt. Restructuring a loan in lieu of aggressively enforcing the collection of the loan may benefit the Company by increasing the ultimate probability of collection. Restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately six months or longer before management considers such loans for return to accruing status. Accruing restructured loans are placed into nonaccrual status if and when the borrower fails to comply with the restructured terms and management deems it unlikely that the borrower will return to a status of compliance in the near term. TDRs are individually evaluated for credit losses. There were no new TDRs during the three and six months ended June 30, 2021. At both June 30, 2021 and December 31, 2020, four loans were determined to be TDRs with a total carrying value of $782,000 and $811,000, respectively. There were no TDR defaults during the three and six months ended June 30, 2021 and 2020. The allowance for credit losses includes a reserve for TDRs of approximately $97,000 and $90,000 as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, there were no significant commitments to lend additional funds to borrowers whose loans were restructured. Pursuant to Section 4013 of the CARES Act, financial institutions could suspend the requirements under U.S. GAAP related to TDRs for modifications made before December 31, 2020 to loans that were current as of December 31, 2019. On January 3, 2021, the President signed into law the Consolidated Appropriations Act, 2021 (the “Appropriations Act”). As a result of the Appropriations Act, the suspension of TDR accounting has been extended to the earlier of January 1, 2022, or the date that is 60 days after the date on which the national emergency concerning the COVID-19 pandemic declared by the President terminates. The requirement that a loan be not more than 30 days past due as of December 31, 2019 is still applicable. In response to the COVID-19 pandemic and its economic impact to customers, a short-term modification program that complies with the CARES Act had been implemented to provide temporary payment relief to those borrowers directly impacted by COVID-19. The deferred payments along with interest accrued during the deferral period are due and payable on the maturity date. Under recently issued guidance, provided these loans were current as of either December 31, 2019, or the date of the modification, these loans are not considered TDRs and will not be reported as past due during the deferral period. The Company had 20 loans totaling $20.1 million on deferral, or 0.6% of total loans outstanding at June 30, 2021. Loans by Credit Quality Indicator. The following tables contain period-end balances of loans receivable disaggregated by credit quality indicator: Credit Quality Indicator - by Origination Year as of June 30, 2021 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Total (dollars in thousands) Residential Mortgage: Current $ 294,168 $ 375,005 $ 164,743 $ 122,582 $ 103,065 $ 282,406 $ — $ 1,341,969 Non-performing — — — 258 56 3,979 — 4,293 Total $ 294,168 $ 375,005 $ 164,743 $ 122,840 $ 103,121 $ 286,385 $ — $ 1,346,262 Home equity: Current $ — $ 1,437 $ 3,590 $ 5,029 $ 6,298 $ 5,852 $ 70,405 $ 92,611 Non-performing — — — — — 372 — 372 Total $ — $ 1,437 $ 3,590 $ 5,029 $ 6,298 $ 6,224 $ 70,405 $ 92,983 Consumer: Current $ 18,192 $ 11,584 $ 1,668 $ 3,408 $ 2,629 $ 7,794 $ 608 $ 45,883 Non-performing — — — — — — — — Total $ 18,192 $ 11,584 $ 1,668 $ 3,408 $ 2,629 $ 7,794 $ 608 $ 45,883 Credit Quality Indicator - by Origination Year as of June 30, 2021 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Total (dollars in thousands) Commercial Mortgage: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 166,058 $ 275,509 $ 330,306 $ 174,907 $ 99,908 $ 320,984 $ — $ 1,367,672 7 (Special Mention) 2,945 1,114 39,934 17,465 1,242 6,959 — 69,659 8 (Substandard) — — — — — 753 — 753 9 (Doubtful) — — — — — — — — 10 (Loss) — — — — — — — — Total $ 169,003 $ 276,623 $ 370,240 $ 192,372 $ 101,150 $ 328,696 $ — $ 1,438,084 Commercial and Industrial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 117,040 $ 108,759 $ 42,682 $ 43,738 $ 22,228 $ 8,180 $ 367 $ 342,994 7 (Special Mention) — 916 7,114 404 266 1,204 10 9,914 8 (Substandard) — 1,332 991 719 — 1,987 — 5,029 9 (Doubtful) — — — — — — — — 10 (Loss) — — — — — — — — Total $ 117,040 $ 111,007 $ 50,787 $ 44,861 $ 22,494 $ 11,371 $ 377 $ 357,937 Credit Quality Indicator - by Origination Year as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Total (dollars in thousands) Residential Mortgage: Current $ 398,267 $ 221,019 $ 158,962 $ 144,256 $ 106,360 $ 265,620 $ — $ 1,294,484 Non-performing — — 782 58 1,454 2,090 — 4,384 Total $ 398,267 $ 221,019 $ 159,744 $ 144,314 $ 107,814 $ 267,710 $ — $ 1,298,868 Home equity: Current $ 2,131 $ 6,024 $ 7,997 $ 6,976 $ 2,119 $ 5,191 $ 75,756 $ 106,194 Non-performing — — — — — — — — Total $ 2,131 $ 6,024 $ 7,997 $ 6,976 $ 2,119 $ 5,191 $ 75,756 $ 106,194 Consumer: Current $ 16,192 $ 5,819 $ 3,652 $ 2,643 $ 4,879 $ 8,032 $ 552 $ 41,769 Non-performing — — — — — — — — Total $ 16,192 $ 5,819 $ 3,652 $ 2,643 $ 4,879 $ 8,032 $ 552 $ 41,769 Credit Quality Indicator - by Origination Year as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Total (dollars in thousands) Commercial Mortgage: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 282,870 $ 396,026 $ 197,473 $ 106,489 $ 126,537 $ 221,257 $ — $ 1,330,652 7 (Special Mention) — 872 13,445 1,270 85 8,304 — 23,976 8 (Substandard) — 145 — — 215 3,300 — 3,660 9 (Doubtful) — — — — — 674 — 674 10 (Loss) — — — — — — — — Total $ 282,870 $ 397,043 $ 210,918 $ 107,759 $ 126,837 $ 233,535 $ — $ 1,358,962 Commercial and Industrial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 210,356 $ 51,424 $ 37,286 $ 23,700 $ 2,920 $ 7,373 $ 416 $ 333,475 7 (Special Mention) 534 3,407 3,725 420 180 1,001 10 9,277 8 (Substandard) 1,333 1,116 544 — 1,907 203 — 5,103 9 (Doubtful) — — — — — — — — 10 (Loss) — — — — — — — — Total $ 212,223 $ 55,947 $ 41,555 $ 24,120 $ 5,007 $ 8,577 $ 426 $ 347,855 With respect to residential mortgages, home equity, and consumer loans, the Company utilizes the following categories as indicators of credit quality: • Performing – These loans are accruing and are considered having low to moderate risk. • Non-performing – These loans are on nonaccrual or are more than 90 days past due but are still accruing, are restructured. These loans may contain greater than average risk. With respect to CRE mortgages and C&I loans, the Company utilizes a 10-grade internal loan rating system as an indicator of credit quality. The grades are as follows: • Loans rated 1-6 (Pass) – These loans are considered “pass” rated with low to moderate risk. • Loans rated 7 (Special Mention) – These loans have potential weaknesses warranting close attention, which, if left uncorrected, may result in deterioration of the credit at some future date. • Loans rated 8 (Substandard) – These loans have well-defined weaknesses that jeopardize the orderly liquidation of the debt under the original loan terms. Loss potential exists but is not identifiable in any one customer. • Loans rated 9 (Doubtful) – These loans have pronounced weaknesses that make full collection highly questionable and improbable. • Loans rated 10 (Loss) – These loans are considered uncollectible and continuance as a bankable asset is not warranted. Delinquencies The past due status of a loan is determined in accordance with its contractual repayment terms. All loan types are reported past due when one scheduled payment is due and unpaid for 30 days or more. Loan delinquencies can be attributed to many factors, such as but not limited to, a continuing weakness in, or deteriorating, economic conditions in the region in which the collateral is located, the loss of a tenant or lower lease rates for commercial borrowers, or the loss of income for consumers and the resulting liquidity impacts on the borrowers. The following tables contain period-end balances of loans receivable disaggregated by past due status: June 30, 2021 30-59 Days 60-89 Days 90 Days or greater Total Past Due Current Loans Total Amortized Cost 90+ Days Past Due and Accruing (dollars in thousands) Residential mortgages $ 8,348 $ 1,922 $ 401 $ 10,671 $ 1,335,591 $ 1,346,262 $ — Commercial mortgages 1,794 — — 1,794 1,436,290 1,438,084 — Home equity 599 — 372 971 92,012 92,983 — Commercial and industrial 121 50 32 203 357,734 357,937 — Consumer loans — — — — 45,883 45,883 — Total $ 10,862 $ 1,972 $ 805 $ 13,639 $ 3,267,510 $ 3,281,149 $ — December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total Amortized Cost 90+ Days Past Due and Accruing (dollars in thousands) Residential mortgages $ 12,647 $ 2,450 $ 2,335 $ 17,432 $ 1,281,436 $ 1,298,868 $ — Commercial mortgages 1,080 — 674 1,754 1,357,208 1,358,962 — Home equity 843 353 — 1,196 104,998 106,194 — Commercial and industrial 276 1,917 409 2,602 345,253 347,855 407 Consumer loans 3,120 — — 3,120 38,649 41,769 — Total $ 17,966 $ 4,720 $ 3,418 $ 26,104 $ 3,127,544 $ 3,153,648 $ 407 There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at June 30, 2021 and December 31, 2020. Allowance for Credit Losses The following table presents changes in the allowance for credit losses disaggregated by loan category: For the Three Months Ended June 30, 2021 Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at March 31, 2021 $ 13,144 $ 18,693 $ 363 $ 2,978 $ 468 $ — $ 35,646 Charge-offs — — — — — — — Recoveries — 30 — 15 1 — 46 Provision for (Release of) credit losses loan portfolio 412 (1,422 ) 110 216 21 — (663 ) Allowance for credit losses - loan portfolio $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ — $ 35,029 Allowance for credit losses - unfunded commitments: Balance at March 31, 2021 $ — $ — $ — $ — $ — $ 1,188 $ 1,188 Provision for (Release of) credit losses unfunded commitments — — — — — (238 ) (238 ) Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — $ 950 $ 950 Total allowance for credit loss $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ 950 $ 35,979 For the Six Months Ended June 30, 2021 Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at December 31, 2020 $ 13,067 $ 18,564 $ 552 $ 3,309 $ 524 $ — $ 36,016 Charge-offs — — — — (3 ) — (3 ) Recoveries — 30 — 34 5 — 69 Provision for (Release of) credit losses loan portfolio 489 (1,293 ) (79 ) (134 ) (36 ) — (1,053 ) Allowance for credit losses - loan portfolio $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ — $ 35,029 Allowance for credit losses - unfunded commitments: Balance at December 31, 2020 $ — $ — $ — $ — $ — $ 1,004 $ 1,004 Provision for (Release of) credit losses unfunded commitments — — — — — (54 ) (54 ) Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — $ 950 $ 950 Total allowance for credit loss $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ 950 $ 35,979 For the Three Months Ended June 30, 2020 Residential Mortgages Commercial Mortgages Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at March 31, 2020 $ 7,477 $ 10,881 $ 310 $ 946 $ 549 $ — $ 20,163 Provision of acquired loans 2,880 3,625 188 1,577 12 — 8,282 Initial allowance for PCD 35 382 — 20 — — 437 Charge-offs — (77 ) — (65 ) (16 ) — (158 ) Recoveries — — — 22 1 — 23 Provision (Release) for loan portfolio 1,488 3,256 154 439 (70 ) — 5,267 Allowance for credit losses - loan portfolio $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ — $ 34,014 Allowance for credit losses - unfunded commitments: Balance at March 31, 2020 $ — $ — $ — $ — $ — $ 283 $ 283 Provision for credit losses- unfunded commitments — — — — — 356 356 Provision for - unfunded commitments — — — — — 525 525 Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — $ 1,164 $ 1,164 Total allowance for credit loss $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ 1,164 $ 35,178 For the Six Months Ended June 30, 2020 Residential Mortgages Commercial Mortgages Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at December 31, 2019 $ 5,141 $ 10,905 $ 461 $ 1,475 $ 198 $ — $ 18,180 Adoption of ASC 326 2,061 (1,447 ) (205 ) (492 ) 288 — 205 Provision of acquired loans 2,880 3,625 188 1,577 12 — 8,282 Initial allowance for PCD 35 382 — 20 — — 437 Charge-offs — (264 ) — (154 ) (30 ) — (448 ) Recoveries — — — 34 14 — 48 Provision for (release of) credit losses - loan portfolio 1,763 4,866 208 479 (6 ) — 7,310 Allowance for credit losses - loan portfolio $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ — $ 34,014 Allowance for credit losses - unfunded commitments: Balance at December 31, 2019 $ — $ — $ — $ — $ — $ 50 $ 50 Adoption of ASC 326 — — — — — 276 276 Acquired loan commitments — — — — — 356 356 Provision for credit losses - unfunded commitments — — — — — 482 482 Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — 1,164 1,164 Total allowance for credit loss $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ 1,164 $ 35,178 The Company adopted ASU 2016-13 - Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8 . Income Taxes The Company’s effective tax rate was 26.3% and 26.1% for the three and six months ended June 30, 2021, as compared to 23.9% and 21.6% for the three and six months ended June 30, 2020. Net deferred tax assets totaled $10.5 million and $11.6 million at June 30, 2021 and December 31, 2020, respectively. The Company did not record a valuation allowance for deferred tax assets at June 30, 2021 or December 31, 2020. The components of income tax expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Current income tax expense Federal $ 3,056 $ 2,598 $ 5,147 $ 2,120 State $ 1,367 $ 1,186 $ 2,289 $ 1,460 Total current income tax expense 4,423 3,784 7,436 3,580 Deferred income tax expense (benefit) Federal $ 370 $ (2,956 ) $ 1,552 $ (1,356 ) State $ 178 $ (1,368 ) $ 726 $ (703 ) Total deferred income tax expense (benefit) 548 (4,324 ) 2,278 (2,059 ) Total income tax expense (benefit) $ 4,971 $ (540 ) $ 9,714 $ 1,521 One of the business tax provisions of the CARES Act included allowing net operating losses (“NOLs”) generated by the Company in tax years 2018 and 2019 to be carried back up to five years at the tax rates in effect during those periods, rather than carried forward at current federal tax rates of 21%. This allowed the Company to recognize lower tax expense associated with NOLs, and combined with adjustments to state NOL rates, resulted in a benefit of $372,000 during 2020. |
Pension and Retirement Plans
Pension and Retirement Plans | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Retirement Plans | 9 . Pension and Retirement Plans The components of net periodic benefit cost (credit) were as follows: Three Months Ended June 30, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2021 2020 2021 2020 2021 2020 (dollars in thousands) Net periodic benefit cost (credit) Service cost $ — $ — $ 106 $ 106 $ 8 $ 10 Interest cost 303 297 56 55 5 5 Expected return on assets (891 ) (921 ) — — — — Amortization of prior service credit — (1 ) — — — — Amortization of net actuarial (gain) loss — (39 ) 11 4 — 1 Net periodic benefit cost (credit) $ (588 ) $ (664 ) $ 173 $ 165 $ 13 $ 16 Six Months Ended June 30, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2021 2020 2021 2020 2021 2020 (dollars in thousands) Net periodic benefit cost (credit) Service cost $ — $ — $ 212 $ 177 $ 17 $ 16 Interest cost 606 717 113 142 9 11 Expected return on assets (1,783 ) (1,600 ) — — — — Amortization of prior service credit (1 ) (2 ) — — — — Amortization of net actuarial loss — — 22 4 — — Net periodic benefit cost (credit) $ (1,178 ) $ (885 ) $ 347 $ 323 $ 26 $ 27 The Company froze the accrual of benefits on the qualified defined benefit pension plan in 2017. The Company did not make any contributions to the qualified defined benefit pension plan during the three and six months ended June 30, 2021, nor does it expect to make any contributions to the qualified defined benefit plan during the remainder of 2021. Employee Profit-Sharing and 401(k) Plan The Company maintains a Profit-Sharing Plan (“PSP”) that provides for deferral of federal and state income taxes on employee contributions allowed under Section 401(k) of federal law. The Company matches employee contributions up to 100% of the first 4% of each participant’s salary, eligible bonus, and eligible incentive. Employees are eligible to participate in the PSP on the first day of their initial date of service. Each year, the Company may also make a discretionary contribution to the PSP and employees are eligible to participate in the discretionary contribution portion of the PSP on the first day of their initial date of service. Additionally, employees must be employed on the last day of the calendar year or retire at the normal retirement age of 65 during the calendar year to receive the discretionary contribution. Employee Stock Ownership Plan The Company has an Employee Stock Ownership Plan (“ESOP”) for its eligible employees. Employees are eligible to participate upon the attainment of age 21 and the completion of 12 months of service consisting of at least 1,000 hours. Purchases of the Company’s common stock by the ESOP will be funded by employer contributions or reinvestment of cash dividends. Total expenses related to the PSP and ESOP for the three months ended June 30, 2021 and June 30, 2020 amounted to $1.2 million and $892,000, respectively. Total expenses related to the PSP and ESOP for the six months ended June 30, 2021 and June 30, 2020 amounted to $2.3 million and $1.9 million, respectively. Defined Contribution Supplemental Executive Retirement Plan (“DC SERP”) For executives participating in the DC SERP, the Company may make a discretionary contribution of up to 10% of each executive’s base salary and bonus to his or her account under the Company’s DC SERP, the Executive Deferred Compensation Plan. Total expenses related to the DC SERP for the three months ended June 30, 2021 and June 30, 2020 amounted to $50,000 and $52,000, respectively. Total expenses related to the DC SERP for the six months ended June 30, 2021 and June 30, 2020 amounted to $100,000 and $95,000, respectively. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation [Abstract] | |
Stock Based Compensation | 1 0 . STOCK BASED COMPENSATION Time Vested Restricted Stock Awards (“RSAs”) and Time Vested Restricted Stock Units (“RSUs”) During the three and six months ended June 30, 2021, the Company issued the following RSAs and RSUs from the 2017 Equity and Cash Incentive Plan (the “2017 Plan”). RSAs time-vest either over a three-year or five-year period. RSUs vest over a three-year-period. T he fair value of RSAs and RSUs is based upon the Company’s common stock closing share price on the date of the applicable grant. The holders of RSAs participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. For the three months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 925 $ 87.00 RSAs 173 $ 87.00 RSUs For the six months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 12,782 $ 77.51 RSAs 7,464 $ 77.01 RSUs Performance-Based Restricted Stock Units (“PRSUs”) During the three and six months ended June 30, 2021, the Company granted the following PRSUs from the PRSUs are subject to a three year performance period and are earned based on operating return on assets and operating diluted earnings per share growth performance as compared to the Company’s established comparator index as defined in the . For the three months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 531 $ 87.00 PRSUs For the six months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 23,639 $ 77.00 PRSUs The following table presents the pre-tax expense associated with all outstanding non-vested RSAs, RSUs, PRSUs, and the related tax benefits recognized: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Stock based compensation expense $ 1,138 $ 1,331 $ 2,513 $ 2,311 Related tax benefits $ 318 $ 372 $ 702 $ 645 Other share-based activity in the statement of changes in stockholders’ equity includes RSA, RSU, PRSU expense, as well as expense related to the Company’s stock grants for directors and shares repurchased by the Company for shares tendered by employees to cover income tax liability as stock grants vest. |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | 1 1 . Financial Instruments with Off-Balance-Sheet Risk To meet the financing needs of its customers, the Company is a party to financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments are primarily comprised of commitments to extend credit, commitments to sell residential mortgage loans, and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments assuming that the amounts are fully advanced, and that collateral or other security is of no value. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Off-balance-sheet financial instruments with contractual amounts that present credit risk include the following: June 30, 2021 December 31, 2020 (dollars in thousands) Financial instruments whose contractual amount represents credit risk: Commitments to extend credit: Unused portion of existing lines of credit $ 628,512 $ 584,520 Origination of new loans 58,661 94,399 Standby letters of credit 10,051 9,430 Financial instruments whose notional amount exceeds the amount of credit risk: Commitments to sell residential mortgage loans 852 17,644 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 1 2 . LEASES Lease Commitments . The Company is obligated under various lease agreements covering its main office, branch offices, and other locations. These agreements are accounted for as operating leases and their terms expire between 2021 and 2032 and, in some instances, contain options to renew for periods up to 30 years . The components of operating lease cost and other related information are as follows: Three Months Ended June 30, 2021 2020 (dollars in thousands) Operating lease cost $ 1,731 $ 1,598 Variable lease cost (Cost excluded from lease payments) 3 1 Sublease income (17 ) (16 ) Total Operating Lease Cost $ 1,717 $ 1,583 Other Information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows for operating leases $ 1,780 $ 1,560 Operating Lease - Operating cash flows (Liability reduction) 1,527 1,278 Weighted average lease term - operating leases 6.56 Years 7.26 Years Weighted average discount rate - operating leases 2.93 % 2.95 % For the Six Months Ended June 30, 2021 2020 (dollars in thousands) Operating lease cost $ 3,499 $ 2,995 Variable lease cost (Cost excluded from lease payments) 6 1 Sublease income (33 ) (33 ) Total operating lease cost $ 3,472 $ 2,963 Other Information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows for operating leases $ 3,634 $ 2,924 Operating Lease - Operating cash flows (Liability reduction) 3,125 2,360 Weighted average lease term - operating leases 6.56 Years 7.26 years Weighted average discount rate - operating leases 2.93 % 2.95 % The total minimum lease payments due in future periods for lease agreements in effect at June 30, 2021 were as follows: Future Minimum June 30, 2021 Lease Payments (dollars in thousands) Remainder of 2021 $ 7,110 2022 6,908 2023 6,443 2024 5,127 2025 4,469 Thereafter 9,663 Total minimum lease payments $ 39,720 Less: interest (3,797 ) Total lease liability $ 35,923 Several of the Company’s lease agreements contain clauses calling for escalation of minimum lease payments contingent on increases in real estate taxes, gross income adjustments, percentage increases in the consumer price index, and certain ancillary maintenance costs. Total rental expense was $ million and $ million for the three months ended June 30, 2021 and 20 20 , respectively. Total rental expense was $ million for the six months ended June 30, 2021 and $3.0 million for the six months ended June 30, 2020. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | 1 3 . Shareholders’ Equity As of June 30, 2021 and December 31, 2020, the Company and the Bank met all applicable minimum capital requirements and were considered “well-capitalized” by both the Federal Reserve Bank (“FRB”) and the Federal Deposit Insurance Corporation Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At June 30, 2021 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 401,412 13.9 % $ 303,775 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 365,434 12.6 % 245,913 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 365,434 12.6 % 202,516 7.0 % N/A N/A Tier I capital (to average assets) 365,434 8.7 % 167,450 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 396,759 13.7 % $ 303,746 10.5 % $ 289,282 10.0 % Tier I capital (to risk-weighted assets) 360,781 12.5 % 245,890 8.5 % 231,426 8.0 % Common equity tier I capital (to risk-weighted assets) 360,781 12.5 % 202,497 7.0 % 188,033 6.5 % Tier I capital (to average assets) 360,781 8.6 % 167,439 4.0 % 209,299 5.0 % Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At December 31, 2020 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 378,393 13.9 % $ 285,145 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 344,409 12.7 % 230,832 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 344,409 12.7 % 190,097 7.0 % N/A N/A Tier I capital (to average assets) 344,409 8.9 % 155,009 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 376,209 13.9 % $ 285,117 10.5 % $ 271,540 10.0 % Tier I capital (to risk-weighted assets) 342,229 12.6 % 230,809 8.5 % 217,232 8.0 % Common equity tier I capital (to risk-weighted assets) 342,229 12.6 % 190,078 7.0 % 176,501 6.5 % Tier I capital (to average assets) 342,229 8.8 % 154,999 4.0 % 193,748 5.0 % |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | 14. Other Comprehensive Income (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) (“AOCI”) during the period, by component, net of tax: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Available for sale securities Unrealized holding gains $ 1,421 $ (386 ) $ 1,035 $ 1,077 $ (267 ) $ 810 Reclassification adjustment for gains realized in net income (loss) — — — (73 ) 16 (57 ) Interest rate swaps designated as cash flow hedges Unrealized holding gains 4 (1 ) 3 877 (244 ) 633 Reclassification adjustment for gains recognized in net income (loss) (646 ) 180 (466 ) (503 ) 140 (363 ) Defined benefit retirement plans Net change in retirement liability 10 (3 ) 7 (1 ) 1 — Total other comprehensive income $ 789 $ (210 ) $ 579 $ 1,377 $ (354 ) $ 1,023 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Available for sale securities Unrealized holding (losses) gains $ (2,502 ) $ 650 $ (1,852 ) $ 4,318 $ (1,008 ) $ 3,310 Reclassification adjustment for gains realized in net income — — — (73 ) 16 (57 ) Interest rate swaps designated as cash flow hedges Unrealized holding (losses) gains (443 ) 124 (319 ) 6,875 (1,915 ) 4,960 Reclassification adjustment for gains recognized in net income (1,276 ) 356 (920 ) (615 ) 171 (444 ) Defined benefit retirement plans Net change in retirement liability 21 (6 ) 15 (2 ) 1 (1 ) Total other comprehensive income (loss) $ (4,200 ) $ 1,124 $ (3,076 ) $ 10,503 $ (2,735 ) $ 7,768 Reclassifications out of AOCI that have an impact on net income (loss) are presented below: Three Months Ended June 30, Details about Accumulated Other Comprehensive Income (Loss) Components 2021 2020 Affected Line Item in the Statement where Net Income (Loss) is Presented (dollars in thousands) Unrealized gains on available for sale securities $ — $ 73 Gain on disposition of investment securities Unrealized gains on derivatives 646 503 Interest on taxable loans Tax expense (180 ) (156 ) Income tax expense Net of tax $ 466 $ 420 Net income (loss) Six Months Ended June 30, Details about Accumulated Other Comprehensive Income (Loss) Components 2021 2020 Affected Line Item in the Statement where Net Income is Presented (dollars in thousands) Unrealized gains on available for sale securities $ — $ 73 Gain on disposition of investment securities Unrealized gains on derivatives 1,276 615 Interest on taxable loans Tax expense (356 ) (187 ) Provision for income taxes Net of tax $ 920 $ 501 Net income |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 5 . Earnings per Share The following represents a reconciliation between basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands, except per share data) Earnings per common share - basic: Numerator: Net income (loss) $ 13,944 $ (1,716 ) $ 27,443 $ 5,516 Less dividends and undistributed earnings allocated to participating securities (67 ) 1 (126 ) (10 ) Net income (loss) applicable to common shareholders $ 13,877 $ (1,715 ) $ 27,317 $ 5,506 Denominator: Weighted average common shares outstanding 6,930 5,913 6,919 5,653 Earnings (loss) per common share - basic $ 2.00 $ (0.29 ) $ 3.95 $ 0.97 Earnings per common share - diluted: Numerator: Net income (loss) $ 13,944 $ (1,716 ) $ 27,443 $ 5,516 Less dividends and undistributed earnings allocated to participating securities (67 ) — (126 ) (9 ) Net income (loss) applicable to common shareholders $ 13,877 $ (1,716 ) $ 27,317 $ 5,507 Denominator: Weighted average common shares outstanding 6,930 5,913 6,919 5,653 Dilutive effect of common stock equivalents 69 — 74 17 Weighted average diluted common shares outstanding 6,999 5,913 6,993 5,670 Earnings (loss) per common share - diluted $ 1.98 $ (0.29 ) $ 3.91 $ 0.97 |
Derivative And Hedging Activiti
Derivative And Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative And Hedging Activities | 1 6 . Derivative AND HEDGING ACTIVITIES The Company utilizes interest rate swaps and floors to mitigate exposure to interest rate risk and to facilitate the needs of its customers. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts principally related to the Company’s assets. Cash Flow Hedges of Interest Rate Risk The Company uses interest rate floors to manage its exposure to interest rate movements. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest income in the same period(s) during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis. The earnings recognition of excluded components is presented in interest income. Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are received on the Company’s variable-rate assets. Non-designated Hedges Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. For the Company’s customers, these are interest rate swaps and risk participation agreements. Interest Rate Swaps. The Company enters into interest rate swap contracts to help commercial loan borrowers manage their interest rate risk. The interest rate swap contracts with commercial loan borrowers allow them to convert floating-rate loan payments to fixed rate loan payments. When the Company enters into an interest rate swap contract with a commercial loan borrower, it simultaneously enters into a “mirror” swap contract with a third party. The third party exchanges the borrower’s fixed-rate loan payments for floating-rate loan payments. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Because these derivatives have mirror-image contractual terms, the changes in fair value substantially offset each other through earnings. Fees earned in connection with the execution of derivatives related to this program are recognized in earnings through loan-related derivative income. The credit risk associated with swap transactions is the risk of default by the counterparty. To minimize this risk, the Company enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties and, thus, are not a measure of the potential loss exposure. Risk Participation Agreements. The Company enters into risk participation agreements (“RPAs”) with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. RPAs are derivative financial instruments and are recorded at fair value. These derivatives are not designated as hedges and, therefore, changes in fair value are recognized in earnings with a corresponding offset within other assets or other liabilities. Under a risk participation-out agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Company assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower for a fee received from the other bank. The following tables present the notional amount, the location, and fair values of derivative instruments in the Company’s consolidated balance sheets: June 30, 2021 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts $ 150,000 Other Assets $ 5,801 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 5,801 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers $ 470,468 Other Assets $ 27,619 — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 470,468 Other Liabilities 27,619 Risk participation agreements-out to counterparties 26,439 Other Assets 33 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 104,212 Other Liabilities 327 Total derivatives not designated as hedging instruments $ 27,652 $ 27,946 December 31, 2020 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts $ 150,000 Other Assets $ 7,618 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 7,618 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers 409,493 Other Assets $ 38,415 $ — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 409,493 Other Liabilities 38,415 Risk participation agreements-out to counterparties 26,580 Other Assets 51 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 104,956 Other Liabilities 496 Total derivatives not designated as hedging instruments $ 38,466 $ 38,911 The following tables present the changes to AOCI as a result of cash flow hedge accounting as of the periods presented: For the Three Months Ended June 30, 2021 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ (642 ) $ (627 ) $ (15 ) Interest Income $ 646 $ 695 $ (49 ) For the Six Months Ended June 30, 2021 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ (1,719 ) $ (173 ) $ (1,546 ) Interest Income $ 1,276 $ 1,373 $ (97 ) For the Three Months Ended June 30, 2020 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ 374 $ 413 $ (39 ) Interest Income $ 503 $ 552 $ (49 ) For the Six Months Ended June 30, 2020 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ 6,260 $ 7,047 $ (787 ) Interest Income $ 615 $ 712 $ (97 ) The Company estimates that an additional $2.5 million will be reclassified out of AOCI into earnings, as a reduction of interest income over the next twelve months. The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of net income (loss) for the periods presented: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Interest Income Interest Income (dollars in thousands) (dollars in thousands) Total amount of income presented in the statements of income in which the effects of cash flow hedges are recorded $ 646 $ 1,276 Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest rate contracts: Amount of gain reclassed from AOCI into income $ 646 $ 1,276 Amount of gain reclassed from AOCI into income - Included Component $ 695 $ 1,373 Amount of loss reclassed from AOCI into income - Excluded Component $ (49 ) $ (97 ) Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Interest Income Interest Income (dollars in thousands) (dollars in thousands) Total amount of income presented in the statements of income (loss) in which the effects of cash flow hedges are recorded $ 503 $ 615 Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest rate contracts: Amount of gain reclassed from AOCI into income (loss) $ 503 $ 615 Amount of gain reclassed from AOCI into income (loss) - Included Component $ 552 $ 712 Amount of loss reclassed from AOCI into income (loss) - Excluded Component $ (49 ) $ (97 ) The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income (loss) as of the periods presented: Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended June 30, 2021 2020 Location of Gain or (Loss) (dollars in thousands) Other contracts Loan related derivative income $ (53 ) $ 152 Amount of Gain or (Loss) Recognized in Income on Derivatives Six Months Ended June 30, 2021 2020 Location of Gain or (Loss) (dollars in thousands) Other contracts Loan related derivative income $ 153 $ 330 Credit-risk-related Contingent Features By entering into derivative transactions, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company’s credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. Institutional counterparties must have an investment grade credit rating and be approved by the Company’s board of directors. As such, management believes the risk of incurring credit losses on derivative contracts with institutional counterparties is remote. The Company has agreements with its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. In addition, the Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the counterparty could terminate the derivative position(s) and the Company would be required to settle its obligations under the agreements. Balance Sheet Offsetting Certain financial instruments may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. The Company’s derivative transactions with institutional counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Generally, the Company does not offset such financial instruments for financial reporting purposes. The following tables present the information about financial instruments that are eligible for offset in the consolidated balance sheets as June 30, 2021 and December 31, 2020: Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount June 30, 2021 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 33,453 $ — $ 33,453 $ 7,300 $ — $ 26,153 Offsetting of Derivative Liabilities Derivative Liabilities $ 27,946 $ — $ 27,946 $ 7,300 $ 18,255 $ 2,391 Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount December 31, 2020 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 46,084 $ — $ 46,084 $ 7,649 $ — $ 38,435 Offsetting of Derivative Liabilities Derivative Liabilities $ 38,911 $ — $ 38,911 $ 7,649 $ 30,724 $ 538 As of June 30, 2021 and December 31, 2020, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $18.7 million and $30.7 million, respectively. As of June 30, 2021 and December 31, 2020, the Company had minimum collateral posting thresholds with certain of its derivative counterparties and posted cash collateral of $18.0 million and $29.9 million, respectively. If the Company had breached any of these provisions at June 30, 2021 or December 31, 2020, it could have been required to settle its obligations under the agreements at their termination value of $18.7 million and $30.7 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 1 7 . Fair Value Measurements The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of the dates indicated: June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (dollars in thousands) Financial assets Cash and cash equivalents $ 98,789 $ 98,789 $ 75,785 $ 75,785 Securities available for sale 212,266 212,266 237,030 237,030 Securities held to maturity 492,782 499,885 247,672 260,139 Loans, net 3,246,120 3,209,085 3,117,632 3,092,021 Loans held for sale 911 911 6,909 7,101 FHLB Boston stock 4,816 4,816 5,734 5,734 Accrued interest receivable 8,983 8,983 9,514 9,514 Mortgage servicing rights 1,281 1,281 1,219 1,219 Interest rate contracts 5,801 5,801 7,618 7,618 Loan level interest rate swaps 27,619 27,619 38,415 38,415 Risk participation agreements out to counterparties 33 33 51 51 Financial liabilities Deposits 3,764,558 3,764,508 3,403,083 3,403,832 Borrowings 17,244 17,276 32,992 34,284 Loan level interest rate swaps 27,619 27,619 38,415 38,415 Risk participation agreements in with counterparties 327 327 496 496 The Company follows ASC 820, “Fair Value Measurements and Disclosures” • Level 1 – Quoted prices for identical assets or liabilities in active markets. • Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 – Valuations derived from techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Company’s market assumptions. Under ASC 820, fair values are based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When available, the Company uses quoted market prices to determine fair value. If quoted prices are not available, fair value is based upon valuation techniques, such as matrix pricing or other models that use, where possible, current market-based or independently sourced market parameters, such as interest rates. If observable market-based inputs are not available, the Company uses unobservable inputs to determine appropriate valuation adjustments using methodologies applied consistently over time. Valuation techniques based on unobservable inputs are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that may appropriately reflect market and credit risks. Changes in these judgments often have a material impact on the fair value estimates. In addition, since these estimates are as of a specific point in time, they are susceptible to material near-term changes. The fair values disclosed do not reflect any premium or discount that could result from offering significant holdings of financial instruments at bulk sale, nor do they reflect the possible tax ramifications or estimated transaction costs. Changes in economic conditions may also dramatically affect the estimated fair values. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available for sale, derivative instruments, and hedges are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent impaired loans. The Company uses an exit price notion for its fair value disclosures. The following tables summarize certain assets and liabilities reported at fair value on a recurring basis: Fair Value as of June 30, 2021 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 23,415 $ — $ 23,415 Mortgage-backed securities — 187,072 — 187,072 Corporate debt securities — 1,779 — 1,779 Other assets Interest rate swaps with customers — 27,619 — 27,619 Risk participation agreements out to counterparties — 33 — 33 Interest rate contracts — 5,801 — 5,801 Other liabilities Mirror swaps with counterparties — 27,619 — 27,619 Risk participation agreements in with counterparties — 327 — 327 Fair Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 23,617 $ — $ 23,617 Mortgage-backed securities — 210,630 — 210,630 Corporate debt securities — 2,783 — 2,783 Other assets Interest rate swaps with customers — 38,415 — 38,415 Risk participation agreements out to counterparties — 51 — 51 Interest rate contracts — 7,618 — 7,618 Other liabilities Mirror swaps with counterparties — 38,415 — 38,415 Risk participation agreements in with counterparties — 496 — 496 The following tables present the carrying value of assets held at June 30, 2021 and December 31, 2020, which were measured at fair value on a non-recurring basis: June 30, 2021 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Loans held for sale $ 911 $ — $ — $ 911 Individually evaluated collateral dependent loans — — 156 156 Total $ 911 $ — $ 156 $ 1,067 December 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Mortgage servicing rights $ — $ — $ 1,219 $ 1,219 Loans held for sale 6,909 — — 6,909 Individually evaluated collateral dependent loans — — 672 672 Other real estate owned — — 1,820 1,820 Total $ 6,909 $ — $ 3,711 $ 10,620 Individually evaluated collateral dependent loans . Collateral dependent loans are carried at the lower of cost or fair value of the collateral less estimated costs to sell which approximates fair value. The Company uses the appraisal value of the collateral and applies certain adjustments depending on the nature, quality, and type of collateral securing the loan. Loans held for sale . Loans held for sale are carried at the lower of fair value or carrying value (unpaid principal and unamortized loans fees). Other real estate owned. These properties are carried at fair value less estimated costs to sell. Mortgage servicing rights . These assets are carried at the fair value determined by estimating the present value of future net cash flows, taking into consideration market loan repayment speeds, discount rates, servicing costs, and other economic factors. There were no transfers between levels for the three and six months ended June 30, 2021 or 2020. The following is a description of the principal valuation methodologies used by the Company to estimate the fair values of its financial instruments: Investment Securities For investment securities, fair values are primarily based upon valuations obtained from a national pricing service which uses matrix pricing with inputs that are observable in the market or can be derived from, or corroborated by, observable market data. When available, quoted prices in active markets for identical securities are utilized. Loans Held for Sale For loans held for sale, fair values are estimated using projected future cash flows, discounted at rates based upon either trades of similar loans or mortgage-backed securities, or at current rates at which similar loans would be made to borrowers with similar credit ratings and for similar remaining maturities. Loans For most categories of loans, fair values are estimated using projected future cash flows, discounted at rates based upon current rates at which similar loans would be made to borrowers with similar credit ratings, and for similar remaining maturities. Projected estimated cash flows are adjusted for prepayment assumptions, liquidity premium assumptions, and credit loss assumptions. Loans that are deemed to be impaired in accordance with ASC 310, Receivables, Federal Home Loan Bank of Boston (“FHLB of Boston”) Stock The fair value of FHLB of Boston stock equals its carrying value since such stock is only redeemable at its par value. Deposits The fair value of non-maturity deposit accounts is the amount payable on demand at the reporting date. This amount does not take into account the value of the Bank’s long-term relationships with core depositors. The fair value of fixed-maturity certificates of deposit is estimated using a replacement cost of funds approach and is based upon rates currently offered for deposits of similar remaining maturities. Borrowings For long-term borrowings, fair values are estimated using future cash flows, discounted at rates based upon current costs for debt securities with similar terms and remaining maturities. Other Financial Assets and Liabilities Cash and cash equivalents, accrued interest receivable, and short-term borrowings have fair values which approximate their respective carrying values because these instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. Derivative Instruments and Hedges The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Off-Balance-Sheet Financial Instruments In the course of originating loans and extending credit, the Company will charge fees in exchange for its commitment. While these commitment fees have value, the Company has not estimated their value due to the short-term nature of the underlying commitments and their immateriality. Values Not Determined In accordance with ASC 820, the Company has not estimated fair values for non-financial assets, such as banking premises and equipment, goodwill, the intangible value of the Company’s portfolio of loans serviced for itself, and the intangible value inherent in the Company’s deposit relationships (i.e., core deposits), among others. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. |
Mergers
Mergers | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Mergers | 18. Mergers Merger with Wellesley Bancorp, Inc. (“Wellesley”) On June 1, 2020, the Company completed its merger with Wellesley (“the Wellesley Merger”), adding 6 banking offices in Massachusetts. Under the terms of the Agreement and Plan of Merger with Wellesley, each outstanding share of Wellesley common stock was converted into 0.580 shares of the Company’s common stock. As a result of the Wellesley merger, former Wellesley shareholders received an aggregate of 1,502,814 shares of the Company’s common stock. The total consideration paid amounted to $88.8 million, based on the closing price of $58.00 of the Company’s common stock, the value of Wellesley’s exercisable options, and cash paid for fractional shares on May 31, 2020. The Company accounted for the Wellesley Merger using the acquisition method pursuant to the Business Combinations Topic of the FASB’s Accounting Standards Codification. Accordingly, the Company recorded merger expenses during the three months and six months ended June 30, 2020 of approximately $4.4 million and $4.6 million, respectively. The Company recorded total assets of $985.6 million, assumed total liabilities of $917.6 million, and recorded an additional $20.7 million in goodwill. Additionally, the Company recorded $8.6 million in provision for credit losses to reflect the impact of CECL merger accounting on June 1, 2020. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements. Actual results could differ from those estimates. The allowance for credit losses, the fair values of financial instruments, and the valuation of deferred tax assets are particularly subject to change. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance Accounting Pronouncements Yet to be Adopted Accounting Standards Update (“ASU”) 2020-04 - Facilitation of the Effects of Reference Rate Reform on Financial Reporting • Simplify accounting analyses for contract modifications. • Allow hedging relationships to continue without de-designation if there are qualifying changes in the critical terms of an existing hedging relationship due to reference rate reform. • Allow a change in the systematic and rational method used to recognize in earnings the components excluded from the assessment of hedge effectiveness. • Allow a change in the designated benchmark interest rate to a different eligible benchmark interest rate in a fair value hedging relationship. • Allow the shortcut method for a fair value hedging relationship to continue for the remainder of the hedging relationship. • Simplify the assessment of hedge effectiveness and provide temporary optional expedients for cash flow hedging relationships affected by reference rate reform. • Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and are classified as held to maturity before January 1, 2020. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company is currently assessing the impact the adoption of this guidance will have on its consolidated balance sheets, statements of income (loss) , and cash flows . |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Carrying Amounts of Securities and Their Approximate Fair Values | Investment securities have been classified in the unaudited consolidated balance sheets according to management’s intent. The carrying amounts of securities and their approximate fair values were as follows: June 30, 2021 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ 22,996 $ 578 $ (159 ) $ 23,415 $ 22,995 $ 641 $ (19 ) $ 23,617 Mortgage-backed securities 187,252 1,853 (2,033 ) 187,072 208,515 2,502 (387 ) 210,630 Corporate debt securities 1,742 38 (1 ) 1,779 2,742 41 — 2,783 Total available for sale securities $ 211,990 $ 2,469 $ (2,193 ) $ 212,266 $ 234,252 $ 3,184 $ (406 ) $ 237,030 Held to maturity securities Mortgage-backed securities $ 379,726 $ 5,681 $ (2,798 ) $ 382,609 $ 137,435 $ 6,784 $ (97 ) $ 144,122 Corporate debt securities 6,993 110 — 7,103 6,989 197 — 7,186 Municipal securities 106,063 4,511 (401 ) 110,173 103,248 5,643 (60 ) 108,831 Total held to maturity securities $ 492,782 $ 10,302 $ (3,199 ) $ 499,885 $ 247,672 $ 12,624 $ (157 ) $ 260,139 Total $ 704,772 $ 12,771 $ (5,392 ) $ 712,151 $ 481,924 $ 15,808 $ (563 ) $ 497,169 |
Gross Unrealized Losses of Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Loss Position | The following tables show the Company’s securities with gross unrealized losses for which an allowance for credit losses has not been recorded at June 30, 2021 or at December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position: June 30, 2021 o Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ 9,837 $ (159 ) $ — $ — $ 9,837 $ (159 ) Mortgage-backed securities 98,535 (2,032 ) 775 (1 ) 99,310 (2,033 ) Corporate debt securities 768 (1 ) — — 768 (1 ) Total available for sale securities $ 109,140 $ (2,192 ) $ 775 $ (1 ) $ 109,915 $ (2,193 ) Held to maturity securities Mortgage-backed securities $ 231,740 $ (2,798 ) $ — $ — $ 231,740 $ (2,798 ) Municipal securities 14,610 (401 ) — — 14,610 (401 ) Total held to maturity securities $ 246,350 $ (3,199 ) $ — $ — $ 246,350 $ (3,199 ) Total $ 355,490 $ (5,391 ) $ 775 $ (1 ) $ 356,265 $ (5,392 ) December 31, 2020 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ 4,981 $ (19 ) $ — $ — $ 4,981 $ (19 ) Mortgage-backed securities 91,094 (384 ) 944 (3 ) 92,038 (387 ) Total available for sale securities $ 96,075 $ (403 ) $ 944 $ (3 ) $ 97,019 $ (406 ) Held to maturity securities Mortgage-backed securities $ 16,340 $ (97 ) $ — $ — $ 16,340 $ (97 ) Municipal securities 6,221 (60 ) — — 6,221 (60 ) Total held to maturity securities $ 22,561 $ (157 ) $ — $ — $ 22,561 $ (157 ) Total $ 118,636 $ (560 ) $ 944 $ (3 ) $ 119,580 $ (563 ) |
Schedule of Amortized Cost and Fair Value of Debt Securities, Aggregated By Earlier of Guaranteed Call Date or Contractual Maturity | The amortized cost and fair value of debt securities, aggregated by the earlier of call date or contractual maturity, are shown below. Maturities of mortgage-backed securities do not take into consideration scheduled amortization or prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Within One Year After One, But Within Five Years After Five, But Within Ten Years After Ten Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value At June 30, 2021 (dollars in thousands) Available for sale securities U.S. Government Sponsored Enterprise obligations $ — $ — $ 9,996 $ 9,837 $ 5,000 $ 5,123 $ 8,000 $ 8,455 $ 22,996 $ 23,415 Mortgage-backed securities 12 12 3,253 3,327 57,712 58,119 126,275 125,614 187,252 187,072 Corporate debt securities — — 1,742 1,779 — — — — 1,742 1,779 Total available for sale securities $ 12 $ 12 $ 14,991 $ 14,943 $ 62,712 $ 63,242 $ 134,275 $ 134,069 $ 211,990 $ 212,266 Held to maturity securities Mortgage-backed securities $ — $ — $ 2 $ 2 $ 60,048 $ 63,159 $ 319,676 $ 319,448 $ 379,726 $ 382,609 Corporate debt securities 4,497 4,552 2,496 2,551 — — — — 6,993 7,103 Municipal securities 4,364 4,431 19,497 20,290 39,784 42,139 42,418 43,313 106,063 110,173 Total held to maturity securities $ 8,861 $ 8,983 $ 21,995 $ 22,843 $ 99,832 $ 105,298 $ 362,094 $ 362,761 $ 492,782 $ 499,885 Total $ 8,873 $ 8,995 $ 36,986 $ 37,786 $ 162,544 $ 168,540 $ 496,369 $ 496,830 $ 704,772 $ 712,151 |
Summary of Gains from Sale of Investment Securities | The following table sets forth information regarding sales of investment securities and the resulting gains from such sales: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Amortized cost of securities sold $ — $ 10,752 $ — $ 10,752 Gross gains realized on securities sold — 69 — 69 Gross losses realized on securities sold — — — — Net proceeds from securities sold $ — $ 10,821 $ — $ 10,821 |
Summary of Credit Rating of Debt Securities Portfolio | The Company monitors the credit quality of certain debt securities through the use of credit ratings among other factors on a quarterly basis. The following tables summarize the credit rating of the Company’s debt securities portfolio at June 30, 2021 and December 31, 2020. June 30, 2021 Mortgage-backed Securities Corporate Debt Securities Municipal Securities U.S. GSE obligations Total (dollars in thousands) Available for sale securities, at fair value AAA/AA/A (1) $ 187,072 $ 768 $ — $ 23,415 $ 211,255 BBB/BB/B — 1,011 — — 1,011 Total available for sale securities $ 187,072 $ 1,779 $ — $ 23,415 $ 212,266 Held to maturity securities, at amortized cost AAA/AA/A $ 379,726 $ 6,993 $ 106,063 $ — $ 492,782 Total held to maturity securities $ 379,726 $ 6,993 $ 106,063 $ — $ 492,782 December 31, 2020 Mortgage-backed Securities Corporate Debt Securities Municipal Securities U.S. GSE obligations Total (dollars in thousands) Available for sale securities, at fair value AAA/AA/A (1) $ 210,630 $ 1,779 $ — $ 23,617 $ 236,026 BBB/BB/B — 1,004 — — 1,004 Total available for sale securities $ 210,630 $ 2,783 $ — $ 23,617 $ 237,030 Held to maturity securities, at amortized cost AAA/AA/A $ 137,435 $ 6,989 $ 102,973 $ — $ 247,397 BBB/BB/B — — 275 — 275 Total held to maturity securities $ 137,435 $ 6,989 $ 103,248 $ — $ 247,672 (1) Includes agency MBS pass-through securities and collateralized mortgage obligations (“CMOs”) issued by U.S. Government Sponsored Enterprises (“GSEs”) such as Fannie Mae, Freddie Mac, and Ginnie Mae that are not rated by Moody’s or Standard & Poor’s (“S&P”). Each security contains a guarantee by the issuing GSE or agency and carries an implicit guarantee of the U.S. government. These have been categorized as AAA/AA/A. |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans Outstanding by Category | Loans outstanding are detailed by category as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Residential mortgage Mortgages - fixed rate $ 601,510 $ 535,804 Mortgages - adjustable rate 715,326 734,593 Construction 24,968 25,495 Deferred costs, net of unearned fees 4,458 2,976 Total residential mortgages 1,346,262 1,298,868 Commercial mortgage Mortgages - non-owner occupied 1,164,819 1,064,317 Mortgages - owner occupied 161,932 153,474 Construction 108,927 139,075 Deferred costs, net of unearned fees 2,406 2,096 Total commercial mortgages 1,438,084 1,358,962 Home equity Home equity - lines of credit 90,479 102,460 Home equity - term loans 2,245 3,503 Deferred costs, net of unearned fees 259 231 Total home equity 92,983 106,194 Commercial and industrial Commercial and industrial 250,012 223,415 PPP loans 110,734 126,227 Unearned fees, net of deferred costs (2,809 ) (1,787 ) Total commercial and industrial 357,937 347,855 Consumer Secured 44,944 41,409 Unsecured 929 341 Deferred costs, net of unearned fees 10 19 Total consumer 45,883 41,769 Total loans $ 3,281,149 $ 3,153,648 |
Non-performing Loans Disaggregated by Loan Category | The following tables set forth information regarding non-performing loans disaggregated by loan category: June 30, 2021 . Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Total (dollars in thousands) Non-performing loans: Nonaccrual loans $ 3,629 $ 548 $ 372 $ 132 $ 4,681 Loans past due >90 days, but still accruing — — — — — Troubled debt restructurings 664 — — 118 782 Total $ 4,293 $ 548 $ 372 $ 250 $ 5,463 December 31, 2020 Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Total (dollars in thousands) Non-performing loans: Nonaccrual loans $ 3,695 $ 3,917 $ — $ 132 $ 7,744 Loans past due >90 days, but still accruing — — — 407 407 Troubled debt restructurings 689 — — 122 811 Total $ 4,384 $ 3,917 $ — $ 661 $ 8,962 |
Loans Receivable Disaggregated by Credit Quality Indicator | . The following tables contain period-end balances of loans receivable disaggregated by credit quality indicator: Credit Quality Indicator - by Origination Year as of June 30, 2021 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Total (dollars in thousands) Residential Mortgage: Current $ 294,168 $ 375,005 $ 164,743 $ 122,582 $ 103,065 $ 282,406 $ — $ 1,341,969 Non-performing — — — 258 56 3,979 — 4,293 Total $ 294,168 $ 375,005 $ 164,743 $ 122,840 $ 103,121 $ 286,385 $ — $ 1,346,262 Home equity: Current $ — $ 1,437 $ 3,590 $ 5,029 $ 6,298 $ 5,852 $ 70,405 $ 92,611 Non-performing — — — — — 372 — 372 Total $ — $ 1,437 $ 3,590 $ 5,029 $ 6,298 $ 6,224 $ 70,405 $ 92,983 Consumer: Current $ 18,192 $ 11,584 $ 1,668 $ 3,408 $ 2,629 $ 7,794 $ 608 $ 45,883 Non-performing — — — — — — — — Total $ 18,192 $ 11,584 $ 1,668 $ 3,408 $ 2,629 $ 7,794 $ 608 $ 45,883 Credit Quality Indicator - by Origination Year as of June 30, 2021 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Total (dollars in thousands) Commercial Mortgage: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 166,058 $ 275,509 $ 330,306 $ 174,907 $ 99,908 $ 320,984 $ — $ 1,367,672 7 (Special Mention) 2,945 1,114 39,934 17,465 1,242 6,959 — 69,659 8 (Substandard) — — — — — 753 — 753 9 (Doubtful) — — — — — — — — 10 (Loss) — — — — — — — — Total $ 169,003 $ 276,623 $ 370,240 $ 192,372 $ 101,150 $ 328,696 $ — $ 1,438,084 Commercial and Industrial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 117,040 $ 108,759 $ 42,682 $ 43,738 $ 22,228 $ 8,180 $ 367 $ 342,994 7 (Special Mention) — 916 7,114 404 266 1,204 10 9,914 8 (Substandard) — 1,332 991 719 — 1,987 — 5,029 9 (Doubtful) — — — — — — — — 10 (Loss) — — — — — — — — Total $ 117,040 $ 111,007 $ 50,787 $ 44,861 $ 22,494 $ 11,371 $ 377 $ 357,937 Credit Quality Indicator - by Origination Year as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Total (dollars in thousands) Residential Mortgage: Current $ 398,267 $ 221,019 $ 158,962 $ 144,256 $ 106,360 $ 265,620 $ — $ 1,294,484 Non-performing — — 782 58 1,454 2,090 — 4,384 Total $ 398,267 $ 221,019 $ 159,744 $ 144,314 $ 107,814 $ 267,710 $ — $ 1,298,868 Home equity: Current $ 2,131 $ 6,024 $ 7,997 $ 6,976 $ 2,119 $ 5,191 $ 75,756 $ 106,194 Non-performing — — — — — — — — Total $ 2,131 $ 6,024 $ 7,997 $ 6,976 $ 2,119 $ 5,191 $ 75,756 $ 106,194 Consumer: Current $ 16,192 $ 5,819 $ 3,652 $ 2,643 $ 4,879 $ 8,032 $ 552 $ 41,769 Non-performing — — — — — — — — Total $ 16,192 $ 5,819 $ 3,652 $ 2,643 $ 4,879 $ 8,032 $ 552 $ 41,769 Credit Quality Indicator - by Origination Year as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Total (dollars in thousands) Commercial Mortgage: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 282,870 $ 396,026 $ 197,473 $ 106,489 $ 126,537 $ 221,257 $ — $ 1,330,652 7 (Special Mention) — 872 13,445 1,270 85 8,304 — 23,976 8 (Substandard) — 145 — — 215 3,300 — 3,660 9 (Doubtful) — — — — — 674 — 674 10 (Loss) — — — — — — — — Total $ 282,870 $ 397,043 $ 210,918 $ 107,759 $ 126,837 $ 233,535 $ — $ 1,358,962 Commercial and Industrial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 210,356 $ 51,424 $ 37,286 $ 23,700 $ 2,920 $ 7,373 $ 416 $ 333,475 7 (Special Mention) 534 3,407 3,725 420 180 1,001 10 9,277 8 (Substandard) 1,333 1,116 544 — 1,907 203 — 5,103 9 (Doubtful) — — — — — — — — 10 (Loss) — — — — — — — — Total $ 212,223 $ 55,947 $ 41,555 $ 24,120 $ 5,007 $ 8,577 $ 426 $ 347,855 |
Schedule of Loans Receivable Disaggregated by Past Due Status | The following tables contain period-end balances of loans receivable disaggregated by past due status: June 30, 2021 30-59 Days 60-89 Days 90 Days or greater Total Past Due Current Loans Total Amortized Cost 90+ Days Past Due and Accruing (dollars in thousands) Residential mortgages $ 8,348 $ 1,922 $ 401 $ 10,671 $ 1,335,591 $ 1,346,262 $ — Commercial mortgages 1,794 — — 1,794 1,436,290 1,438,084 — Home equity 599 — 372 971 92,012 92,983 — Commercial and industrial 121 50 32 203 357,734 357,937 — Consumer loans — — — — 45,883 45,883 — Total $ 10,862 $ 1,972 $ 805 $ 13,639 $ 3,267,510 $ 3,281,149 $ — December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total Amortized Cost 90+ Days Past Due and Accruing (dollars in thousands) Residential mortgages $ 12,647 $ 2,450 $ 2,335 $ 17,432 $ 1,281,436 $ 1,298,868 $ — Commercial mortgages 1,080 — 674 1,754 1,357,208 1,358,962 — Home equity 843 353 — 1,196 104,998 106,194 — Commercial and industrial 276 1,917 409 2,602 345,253 347,855 407 Consumer loans 3,120 — — 3,120 38,649 41,769 — Total $ 17,966 $ 4,720 $ 3,418 $ 26,104 $ 3,127,544 $ 3,153,648 $ 407 |
Summary of Changes in Allowance for Credit Losses Disaggregated by Loan Category | The following table presents changes in the allowance for credit losses disaggregated by loan category: For the Three Months Ended June 30, 2021 Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at March 31, 2021 $ 13,144 $ 18,693 $ 363 $ 2,978 $ 468 $ — $ 35,646 Charge-offs — — — — — — — Recoveries — 30 — 15 1 — 46 Provision for (Release of) credit losses loan portfolio 412 (1,422 ) 110 216 21 — (663 ) Allowance for credit losses - loan portfolio $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ — $ 35,029 Allowance for credit losses - unfunded commitments: Balance at March 31, 2021 $ — $ — $ — $ — $ — $ 1,188 $ 1,188 Provision for (Release of) credit losses unfunded commitments — — — — — (238 ) (238 ) Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — $ 950 $ 950 Total allowance for credit loss $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ 950 $ 35,979 For the Six Months Ended June 30, 2021 Residential Mortgage Commercial Mortgage Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at December 31, 2020 $ 13,067 $ 18,564 $ 552 $ 3,309 $ 524 $ — $ 36,016 Charge-offs — — — — (3 ) — (3 ) Recoveries — 30 — 34 5 — 69 Provision for (Release of) credit losses loan portfolio 489 (1,293 ) (79 ) (134 ) (36 ) — (1,053 ) Allowance for credit losses - loan portfolio $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ — $ 35,029 Allowance for credit losses - unfunded commitments: Balance at December 31, 2020 $ — $ — $ — $ — $ — $ 1,004 $ 1,004 Provision for (Release of) credit losses unfunded commitments — — — — — (54 ) (54 ) Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — $ 950 $ 950 Total allowance for credit loss $ 13,556 $ 17,301 $ 473 $ 3,209 $ 490 $ 950 $ 35,979 For the Three Months Ended June 30, 2020 Residential Mortgages Commercial Mortgages Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at March 31, 2020 $ 7,477 $ 10,881 $ 310 $ 946 $ 549 $ — $ 20,163 Provision of acquired loans 2,880 3,625 188 1,577 12 — 8,282 Initial allowance for PCD 35 382 — 20 — — 437 Charge-offs — (77 ) — (65 ) (16 ) — (158 ) Recoveries — — — 22 1 — 23 Provision (Release) for loan portfolio 1,488 3,256 154 439 (70 ) — 5,267 Allowance for credit losses - loan portfolio $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ — $ 34,014 Allowance for credit losses - unfunded commitments: Balance at March 31, 2020 $ — $ — $ — $ — $ — $ 283 $ 283 Provision for credit losses- unfunded commitments — — — — — 356 356 Provision for - unfunded commitments — — — — — 525 525 Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — $ 1,164 $ 1,164 Total allowance for credit loss $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ 1,164 $ 35,178 For the Six Months Ended June 30, 2020 Residential Mortgages Commercial Mortgages Home Equity Commercial and Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at December 31, 2019 $ 5,141 $ 10,905 $ 461 $ 1,475 $ 198 $ — $ 18,180 Adoption of ASC 326 2,061 (1,447 ) (205 ) (492 ) 288 — 205 Provision of acquired loans 2,880 3,625 188 1,577 12 — 8,282 Initial allowance for PCD 35 382 — 20 — — 437 Charge-offs — (264 ) — (154 ) (30 ) — (448 ) Recoveries — — — 34 14 — 48 Provision for (release of) credit losses - loan portfolio 1,763 4,866 208 479 (6 ) — 7,310 Allowance for credit losses - loan portfolio $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ — $ 34,014 Allowance for credit losses - unfunded commitments: Balance at December 31, 2019 $ — $ — $ — $ — $ — $ 50 $ 50 Adoption of ASC 326 — — — — — 276 276 Acquired loan commitments — — — — — 356 356 Provision for credit losses - unfunded commitments — — — — — 482 482 Allowance for credit losses-unfunded commitments $ — $ — $ — $ — $ — 1,164 1,164 Total allowance for credit loss $ 11,880 $ 18,067 $ 652 $ 2,939 $ 476 $ 1,164 $ 35,178 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Current income tax expense Federal $ 3,056 $ 2,598 $ 5,147 $ 2,120 State $ 1,367 $ 1,186 $ 2,289 $ 1,460 Total current income tax expense 4,423 3,784 7,436 3,580 Deferred income tax expense (benefit) Federal $ 370 $ (2,956 ) $ 1,552 $ (1,356 ) State $ 178 $ (1,368 ) $ 726 $ (703 ) Total deferred income tax expense (benefit) 548 (4,324 ) 2,278 (2,059 ) Total income tax expense (benefit) $ 4,971 $ (540 ) $ 9,714 $ 1,521 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The components of net periodic benefit cost (credit) were as follows: Three Months Ended June 30, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2021 2020 2021 2020 2021 2020 (dollars in thousands) Net periodic benefit cost (credit) Service cost $ — $ — $ 106 $ 106 $ 8 $ 10 Interest cost 303 297 56 55 5 5 Expected return on assets (891 ) (921 ) — — — — Amortization of prior service credit — (1 ) — — — — Amortization of net actuarial (gain) loss — (39 ) 11 4 — 1 Net periodic benefit cost (credit) $ (588 ) $ (664 ) $ 173 $ 165 $ 13 $ 16 Six Months Ended June 30, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2021 2020 2021 2020 2021 2020 (dollars in thousands) Net periodic benefit cost (credit) Service cost $ — $ — $ 212 $ 177 $ 17 $ 16 Interest cost 606 717 113 142 9 11 Expected return on assets (1,783 ) (1,600 ) — — — — Amortization of prior service credit (1 ) (2 ) — — — — Amortization of net actuarial loss — — 22 4 — — Net periodic benefit cost (credit) $ (1,178 ) $ (885 ) $ 347 $ 323 $ 26 $ 27 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Schedule of Shares Issued and Fair Value of RSAs, RSUs and PRSUs | During the three and six months ended June 30, 2021, the Company issued the following RSAs and RSUs from the 2017 Equity and Cash Incentive Plan (the “2017 Plan”). RSAs time-vest either over a three-year or five-year period. RSUs vest over a three-year-period. T he fair value of RSAs and RSUs is based upon the Company’s common stock closing share price on the date of the applicable grant. The holders of RSAs participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. For the three months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 925 $ 87.00 RSAs 173 $ 87.00 RSUs For the six months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 12,782 $ 77.51 RSAs 7,464 $ 77.01 RSUs |
Schedule of Pre-tax Expense Associated with All Outstanding Non-vested RSAs, RSUs, Performance Based Restricted Stock Units and Related Tax Benefits | The following table presents the pre-tax expense associated with all outstanding non-vested RSAs, RSUs, PRSUs, and the related tax benefits recognized: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Stock based compensation expense $ 1,138 $ 1,331 $ 2,513 $ 2,311 Related tax benefits $ 318 $ 372 $ 702 $ 645 |
Performance-Based Restricted Stock Units | |
Schedule of Shares Issued and Fair Value of RSAs, RSUs and PRSUs | During the three and six months ended June 30, 2021, the Company granted the following PRSUs from the PRSUs are subject to a three year performance period and are earned based on operating return on assets and operating diluted earnings per share growth performance as compared to the Company’s established comparator index as defined in the . For the three months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 531 $ 87.00 PRSUs For the six months ended June 30, 2021 Weighted-Average Shares Granted Fair Value at Grant Date Type of Award 23,639 $ 77.00 PRSUs |
Financial Instruments with Of_2
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Off-Balance-Sheet Financial Instruments with Contractual Amounts Include Present Credit Risk | Off-balance-sheet financial instruments with contractual amounts that present credit risk include the following: June 30, 2021 December 31, 2020 (dollars in thousands) Financial instruments whose contractual amount represents credit risk: Commitments to extend credit: Unused portion of existing lines of credit $ 628,512 $ 584,520 Origination of new loans 58,661 94,399 Standby letters of credit 10,051 9,430 Financial instruments whose notional amount exceeds the amount of credit risk: Commitments to sell residential mortgage loans 852 17,644 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Summary of Components of Operating Lease Cost and Other Related Information | The components of operating lease cost and other related information are as follows: Three Months Ended June 30, 2021 2020 (dollars in thousands) Operating lease cost $ 1,731 $ 1,598 Variable lease cost (Cost excluded from lease payments) 3 1 Sublease income (17 ) (16 ) Total Operating Lease Cost $ 1,717 $ 1,583 Other Information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows for operating leases $ 1,780 $ 1,560 Operating Lease - Operating cash flows (Liability reduction) 1,527 1,278 Weighted average lease term - operating leases 6.56 Years 7.26 Years Weighted average discount rate - operating leases 2.93 % 2.95 % For the Six Months Ended June 30, 2021 2020 (dollars in thousands) Operating lease cost $ 3,499 $ 2,995 Variable lease cost (Cost excluded from lease payments) 6 1 Sublease income (33 ) (33 ) Total operating lease cost $ 3,472 $ 2,963 Other Information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows for operating leases $ 3,634 $ 2,924 Operating Lease - Operating cash flows (Liability reduction) 3,125 2,360 Weighted average lease term - operating leases 6.56 Years 7.26 years Weighted average discount rate - operating leases 2.93 % 2.95 % |
Schedule of Total Minimum Lease Payments Due in Future Periods for Lease Agreements | The total minimum lease payments due in future periods for lease agreements in effect at June 30, 2021 were as follows: Future Minimum June 30, 2021 Lease Payments (dollars in thousands) Remainder of 2021 $ 7,110 2022 6,908 2023 6,443 2024 5,127 2025 4,469 Thereafter 9,663 Total minimum lease payments $ 39,720 Less: interest (3,797 ) Total lease liability $ 35,923 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Minimum Capital Requirements Considered Well Capitalized by FRB and FDIC | As of June 30, 2021 and December 31, 2020, the Company and the Bank met all applicable minimum capital requirements and were considered “well-capitalized” by both the Federal Reserve Bank (“FRB”) and the Federal Deposit Insurance Corporation Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At June 30, 2021 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 401,412 13.9 % $ 303,775 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 365,434 12.6 % 245,913 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 365,434 12.6 % 202,516 7.0 % N/A N/A Tier I capital (to average assets) 365,434 8.7 % 167,450 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 396,759 13.7 % $ 303,746 10.5 % $ 289,282 10.0 % Tier I capital (to risk-weighted assets) 360,781 12.5 % 245,890 8.5 % 231,426 8.0 % Common equity tier I capital (to risk-weighted assets) 360,781 12.5 % 202,497 7.0 % 188,033 6.5 % Tier I capital (to average assets) 360,781 8.6 % 167,439 4.0 % 209,299 5.0 % Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At December 31, 2020 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 378,393 13.9 % $ 285,145 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 344,409 12.7 % 230,832 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 344,409 12.7 % 190,097 7.0 % N/A N/A Tier I capital (to average assets) 344,409 8.9 % 155,009 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 376,209 13.9 % $ 285,117 10.5 % $ 271,540 10.0 % Tier I capital (to risk-weighted assets) 342,229 12.6 % 230,809 8.5 % 217,232 8.0 % Common equity tier I capital (to risk-weighted assets) 342,229 12.6 % 190,078 7.0 % 176,501 6.5 % Tier I capital (to average assets) 342,229 8.8 % 154,999 4.0 % 193,748 5.0 % |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income (loss) (“AOCI”) during the period, by component, net of tax: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Available for sale securities Unrealized holding gains $ 1,421 $ (386 ) $ 1,035 $ 1,077 $ (267 ) $ 810 Reclassification adjustment for gains realized in net income (loss) — — — (73 ) 16 (57 ) Interest rate swaps designated as cash flow hedges Unrealized holding gains 4 (1 ) 3 877 (244 ) 633 Reclassification adjustment for gains recognized in net income (loss) (646 ) 180 (466 ) (503 ) 140 (363 ) Defined benefit retirement plans Net change in retirement liability 10 (3 ) 7 (1 ) 1 — Total other comprehensive income $ 789 $ (210 ) $ 579 $ 1,377 $ (354 ) $ 1,023 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Available for sale securities Unrealized holding (losses) gains $ (2,502 ) $ 650 $ (1,852 ) $ 4,318 $ (1,008 ) $ 3,310 Reclassification adjustment for gains realized in net income — — — (73 ) 16 (57 ) Interest rate swaps designated as cash flow hedges Unrealized holding (losses) gains (443 ) 124 (319 ) 6,875 (1,915 ) 4,960 Reclassification adjustment for gains recognized in net income (1,276 ) 356 (920 ) (615 ) 171 (444 ) Defined benefit retirement plans Net change in retirement liability 21 (6 ) 15 (2 ) 1 (1 ) Total other comprehensive income (loss) $ (4,200 ) $ 1,124 $ (3,076 ) $ 10,503 $ (2,735 ) $ 7,768 |
Summary of Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") | Reclassifications out of AOCI that have an impact on net income (loss) are presented below: Three Months Ended June 30, Details about Accumulated Other Comprehensive Income (Loss) Components 2021 2020 Affected Line Item in the Statement where Net Income (Loss) is Presented (dollars in thousands) Unrealized gains on available for sale securities $ — $ 73 Gain on disposition of investment securities Unrealized gains on derivatives 646 503 Interest on taxable loans Tax expense (180 ) (156 ) Income tax expense Net of tax $ 466 $ 420 Net income (loss) Six Months Ended June 30, Details about Accumulated Other Comprehensive Income (Loss) Components 2021 2020 Affected Line Item in the Statement where Net Income is Presented (dollars in thousands) Unrealized gains on available for sale securities $ — $ 73 Gain on disposition of investment securities Unrealized gains on derivatives 1,276 615 Interest on taxable loans Tax expense (356 ) (187 ) Provision for income taxes Net of tax $ 920 $ 501 Net income |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation Between Basic and Diluted Earnings Per Share | The following represents a reconciliation between basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands, except per share data) Earnings per common share - basic: Numerator: Net income (loss) $ 13,944 $ (1,716 ) $ 27,443 $ 5,516 Less dividends and undistributed earnings allocated to participating securities (67 ) 1 (126 ) (10 ) Net income (loss) applicable to common shareholders $ 13,877 $ (1,715 ) $ 27,317 $ 5,506 Denominator: Weighted average common shares outstanding 6,930 5,913 6,919 5,653 Earnings (loss) per common share - basic $ 2.00 $ (0.29 ) $ 3.95 $ 0.97 Earnings per common share - diluted: Numerator: Net income (loss) $ 13,944 $ (1,716 ) $ 27,443 $ 5,516 Less dividends and undistributed earnings allocated to participating securities (67 ) — (126 ) (9 ) Net income (loss) applicable to common shareholders $ 13,877 $ (1,716 ) $ 27,317 $ 5,507 Denominator: Weighted average common shares outstanding 6,930 5,913 6,919 5,653 Dilutive effect of common stock equivalents 69 — 74 17 Weighted average diluted common shares outstanding 6,999 5,913 6,993 5,670 Earnings (loss) per common share - diluted $ 1.98 $ (0.29 ) $ 3.91 $ 0.97 |
Derivative And Hedging Activi_2
Derivative And Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments in the Company's Consolidated Balance Sheets | The following tables present the notional amount, the location, and fair values of derivative instruments in the Company’s consolidated balance sheets: June 30, 2021 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts $ 150,000 Other Assets $ 5,801 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 5,801 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers $ 470,468 Other Assets $ 27,619 — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 470,468 Other Liabilities 27,619 Risk participation agreements-out to counterparties 26,439 Other Assets 33 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 104,212 Other Liabilities 327 Total derivatives not designated as hedging instruments $ 27,652 $ 27,946 December 31, 2020 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts $ 150,000 Other Assets $ 7,618 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 7,618 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers 409,493 Other Assets $ 38,415 $ — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 409,493 Other Liabilities 38,415 Risk participation agreements-out to counterparties 26,580 Other Assets 51 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 104,956 Other Liabilities 496 Total derivatives not designated as hedging instruments $ 38,466 $ 38,911 |
Summary of Changes to AOCI as a Result of Cash Flow Hedge Accounting | The following tables present the changes to AOCI as a result of cash flow hedge accounting as of the periods presented: For the Three Months Ended June 30, 2021 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ (642 ) $ (627 ) $ (15 ) Interest Income $ 646 $ 695 $ (49 ) For the Six Months Ended June 30, 2021 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ (1,719 ) $ (173 ) $ (1,546 ) Interest Income $ 1,276 $ 1,373 $ (97 ) For the Three Months Ended June 30, 2020 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ 374 $ 413 $ (39 ) Interest Income $ 503 $ 552 $ (49 ) For the Six Months Ended June 30, 2020 Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Recognized in OCI - Included Component Amount of Gain or (Loss) Recognized in OCI - Excluded Component (dollars in thousands) (dollars in thousands) Interest rate contracts $ 6,260 $ 7,047 $ (787 ) Interest Income $ 615 $ 712 $ (97 ) |
Summary of Derivative Financial Instruments on the Consolidated Income (Loss) Statement | The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of net income (loss) for the periods presented: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Interest Income Interest Income (dollars in thousands) (dollars in thousands) Total amount of income presented in the statements of income in which the effects of cash flow hedges are recorded $ 646 $ 1,276 Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest rate contracts: Amount of gain reclassed from AOCI into income $ 646 $ 1,276 Amount of gain reclassed from AOCI into income - Included Component $ 695 $ 1,373 Amount of loss reclassed from AOCI into income - Excluded Component $ (49 ) $ (97 ) Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Interest Income Interest Income (dollars in thousands) (dollars in thousands) Total amount of income presented in the statements of income (loss) in which the effects of cash flow hedges are recorded $ 503 $ 615 Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest rate contracts: Amount of gain reclassed from AOCI into income (loss) $ 503 $ 615 Amount of gain reclassed from AOCI into income (loss) - Included Component $ 552 $ 712 Amount of loss reclassed from AOCI into income (loss) - Excluded Component $ (49 ) $ (97 ) |
Summary of Derivative Financial Instruments Not Designated as Hedging Instruments on the Consolidated Income (Loss) Statement | The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income (loss) as of the periods presented: Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended June 30, 2021 2020 Location of Gain or (Loss) (dollars in thousands) Other contracts Loan related derivative income $ (53 ) $ 152 Amount of Gain or (Loss) Recognized in Income on Derivatives Six Months Ended June 30, 2021 2020 Location of Gain or (Loss) (dollars in thousands) Other contracts Loan related derivative income $ 153 $ 330 |
Schedule of Financial Instruments Eligible for Offset in Consolidated Balance Sheet | The following tables present the information about financial instruments that are eligible for offset in the consolidated balance sheets as June 30, 2021 and December 31, 2020: Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount June 30, 2021 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 33,453 $ — $ 33,453 $ 7,300 $ — $ 26,153 Offsetting of Derivative Liabilities Derivative Liabilities $ 27,946 $ — $ 27,946 $ 7,300 $ 18,255 $ 2,391 Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount December 31, 2020 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 46,084 $ — $ 46,084 $ 7,649 $ — $ 38,435 Offsetting of Derivative Liabilities Derivative Liabilities $ 38,911 $ — $ 38,911 $ 7,649 $ 30,724 $ 538 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Values and Estimated Fair Values of Financial Instruments | The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of the dates indicated: June 30, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (dollars in thousands) Financial assets Cash and cash equivalents $ 98,789 $ 98,789 $ 75,785 $ 75,785 Securities available for sale 212,266 212,266 237,030 237,030 Securities held to maturity 492,782 499,885 247,672 260,139 Loans, net 3,246,120 3,209,085 3,117,632 3,092,021 Loans held for sale 911 911 6,909 7,101 FHLB Boston stock 4,816 4,816 5,734 5,734 Accrued interest receivable 8,983 8,983 9,514 9,514 Mortgage servicing rights 1,281 1,281 1,219 1,219 Interest rate contracts 5,801 5,801 7,618 7,618 Loan level interest rate swaps 27,619 27,619 38,415 38,415 Risk participation agreements out to counterparties 33 33 51 51 Financial liabilities Deposits 3,764,558 3,764,508 3,403,083 3,403,832 Borrowings 17,244 17,276 32,992 34,284 Loan level interest rate swaps 27,619 27,619 38,415 38,415 Risk participation agreements in with counterparties 327 327 496 496 |
Summary of Certain Assets and Liabilities Reported at Fair Value on a Recurring Basis | The following tables summarize certain assets and liabilities reported at fair value on a recurring basis: Fair Value as of June 30, 2021 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 23,415 $ — $ 23,415 Mortgage-backed securities — 187,072 — 187,072 Corporate debt securities — 1,779 — 1,779 Other assets Interest rate swaps with customers — 27,619 — 27,619 Risk participation agreements out to counterparties — 33 — 33 Interest rate contracts — 5,801 — 5,801 Other liabilities Mirror swaps with counterparties — 27,619 — 27,619 Risk participation agreements in with counterparties — 327 — 327 Fair Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 23,617 $ — $ 23,617 Mortgage-backed securities — 210,630 — 210,630 Corporate debt securities — 2,783 — 2,783 Other assets Interest rate swaps with customers — 38,415 — 38,415 Risk participation agreements out to counterparties — 51 — 51 Interest rate contracts — 7,618 — 7,618 Other liabilities Mirror swaps with counterparties — 38,415 — 38,415 Risk participation agreements in with counterparties — 496 — 496 |
Schedule of Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis | The following tables present the carrying value of assets held at June 30, 2021 and December 31, 2020, which were measured at fair value on a non-recurring basis: June 30, 2021 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Loans held for sale $ 911 $ — $ — $ 911 Individually evaluated collateral dependent loans — — 156 156 Total $ 911 $ — $ 156 $ 1,067 December 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Mortgage servicing rights $ — $ — $ 1,219 $ 1,219 Loans held for sale 6,909 — — 6,909 Individually evaluated collateral dependent loans — — 672 672 Other real estate owned — — 1,820 1,820 Total $ 6,909 $ — $ 3,711 $ 10,620 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 98,789,000 | $ 75,785,000 |
Pledged cash collateral to derivative counterparties | 18,000,000 | 29,900,000 |
Federal Reserve Bank of Boston | ||
Cash And Cash Equivalents [Line Items] | ||
Reserve balance of cash and due from banks | 0 | 0 |
New Hampshire | ||
Cash And Cash Equivalents [Line Items] | ||
Pledged amount to federal banking department | $ 500,000 | $ 500,000 |
Investment Securities - Summary
Investment Securities - Summary of Carrying Amounts of Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | $ 211,990 | $ 234,252 |
Available for sale securities, Gross Unrealized Gains | 2,469 | 3,184 |
Available for sale securities, Gross Unrealized Losses | (2,193) | (406) |
Available for sale securities, Fair Value | 212,266 | 237,030 |
Held to maturity securities, Amortized Cost | 492,782 | 247,672 |
Held to maturity securities, Gross Unrealized Gains | 10,302 | 12,624 |
Held to maturity securities, Gross Unrealized Losses | (3,199) | (157) |
Held to maturity securities, Fair Value | 499,885 | 260,139 |
Total, Amortized Cost | 704,772 | 481,924 |
Total, Gross Unrealized Gains | 12,771 | 15,808 |
Total, Gross Unrealized Losses | (5,392) | (563) |
Total, Fair Value | 712,151 | 497,169 |
U.S. Government Sponsored Enterprise Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 22,996 | 22,995 |
Available for sale securities, Gross Unrealized Gains | 578 | 641 |
Available for sale securities, Gross Unrealized Losses | (159) | (19) |
Available for sale securities, Fair Value | 23,415 | 23,617 |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 1,742 | 2,742 |
Available for sale securities, Gross Unrealized Gains | 38 | 41 |
Available for sale securities, Gross Unrealized Losses | (1) | |
Available for sale securities, Fair Value | 1,779 | 2,783 |
Held to maturity securities, Amortized Cost | 6,993 | 6,989 |
Held to maturity securities, Gross Unrealized Gains | 110 | 197 |
Held to maturity securities, Fair Value | 7,103 | 7,186 |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 187,252 | 208,515 |
Available for sale securities, Gross Unrealized Gains | 1,853 | 2,502 |
Available for sale securities, Gross Unrealized Losses | (2,033) | (387) |
Available for sale securities, Fair Value | 187,072 | 210,630 |
Held to maturity securities, Amortized Cost | 379,726 | 137,435 |
Held to maturity securities, Gross Unrealized Gains | 5,681 | 6,784 |
Held to maturity securities, Gross Unrealized Losses | (2,798) | (97) |
Held to maturity securities, Fair Value | 382,609 | 144,122 |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Amortized Cost | 106,063 | 103,248 |
Held to maturity securities, Gross Unrealized Gains | 4,511 | 5,643 |
Held to maturity securities, Gross Unrealized Losses | (401) | (60) |
Held to maturity securities, Fair Value | $ 110,173 | $ 108,831 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses of Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Fair Value, Less than 12 months | $ 109,140 | $ 96,075 |
Available for sale securities, Unrealized Losses, Less than 12 months | (2,192) | (403) |
Available for sale securities, Fair Value, 12 months or longer | 775 | 944 |
Available for sale securities, Unrealized Losses, 12 months or longer | (1) | (3) |
Available for sale securities, Fair Value | 109,915 | 97,019 |
Available for sale securities, Unrealized Losses | (2,193) | (406) |
Held to maturity securities, Fair Value, Less than 12 months | 246,350 | 22,561 |
Held to maturity securities, Unrealized Losses, Less than 12 months | (3,199) | (157) |
Held to maturity securities, Fair Value | 246,350 | 22,561 |
Held to maturity securities, Unrealized Losses | (3,199) | (157) |
Fair Value, Less than 12 months | 355,490 | 118,636 |
Unrealized Losses, Less than 12 months | (5,391) | (560) |
Fair Value, 12 months or longer | 775 | 944 |
Unrealized Losses, 12 months or longer | (1) | (3) |
Fair Value | 356,265 | 119,580 |
Unrealized Losses | (5,392) | (563) |
U.S. Government Sponsored Enterprise Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Fair Value, Less than 12 months | 9,837 | 4,981 |
Available for sale securities, Unrealized Losses, Less than 12 months | (159) | (19) |
Available for sale securities, Fair Value | 9,837 | 4,981 |
Available for sale securities, Unrealized Losses | (159) | (19) |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Fair Value, Less than 12 months | 98,535 | 91,094 |
Available for sale securities, Unrealized Losses, Less than 12 months | (2,032) | (384) |
Available for sale securities, Fair Value, 12 months or longer | 775 | 944 |
Available for sale securities, Unrealized Losses, 12 months or longer | (1) | (3) |
Available for sale securities, Fair Value | 99,310 | 92,038 |
Available for sale securities, Unrealized Losses | (2,033) | (387) |
Held to maturity securities, Fair Value, Less than 12 months | 231,740 | 16,340 |
Held to maturity securities, Unrealized Losses, Less than 12 months | (2,798) | (97) |
Held to maturity securities, Fair Value | 231,740 | 16,340 |
Held to maturity securities, Unrealized Losses | (2,798) | (97) |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Fair Value, Less than 12 months | 768 | |
Available for sale securities, Unrealized Losses, Less than 12 months | (1) | |
Available for sale securities, Fair Value | 768 | |
Available for sale securities, Unrealized Losses | (1) | |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Fair Value, Less than 12 months | 14,610 | 6,221 |
Held to maturity securities, Unrealized Losses, Less than 12 months | (401) | (60) |
Held to maturity securities, Fair Value | 14,610 | 6,221 |
Held to maturity securities, Unrealized Losses | $ (401) | $ (60) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | Jun. 30, 2021USD ($)Security |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |
Number of debt securities with unrealized losses | Security | 84 |
Aggregate depreciation percentage of gross unrealized losses from amortized cost | 1.49% |
Percentage of unrealized dollar loss on amortized cost | 7.80% |
Unrealized dollar loss of amortized cost basis | $ | $ 209,000 |
ASU-2016-13 | |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities, Aggregated By Earlier of Guaranteed Call Date or Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Within One Year, Amortized Cost | $ 12 | |
Available for sale securities, Within One Year, Fair Value | 12 | |
Available for sale securities, After One, But Within Five Years, Amortized Cost | 14,991 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 14,943 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 62,712 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 63,242 | |
Available for sale securities, After Ten Years, Amortized Cost | 134,275 | |
Available for sale securities, After Ten Years, Fair Value | 134,069 | |
Available for sale securities, Total, Amortized Cost | 211,990 | |
Available for sale securities, Total, Fair Value | 212,266 | |
Held to maturity securities, Within One Year, Amortized Cost | 8,861 | |
Held to maturity securities, Within One Year, Fair Value | 8,983 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 21,995 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 22,843 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 99,832 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 105,298 | |
Held to maturity securities, After Ten Years, Amortized Cost | 362,094 | |
Held to maturity securities, After Ten Years, Fair Value | 362,761 | |
Held to maturity securities, Amortized Cost | 492,782 | $ 247,672 |
Held to maturity securities, Fair Value | 499,885 | 260,139 |
Available for sale securities and Held to maturity securities, Within One Year, Amortized Cost | 8,873 | |
Available for sale securities and Held to maturity securities, Within One Year, Fair Value | 8,995 | |
Available for sale securities and Held to maturity securities, After One, But Within Five Years, Amortized Cost | 36,986 | |
Available for sale securities and Held to maturity securities, After One, But Within Five Years, Fair Value | 37,786 | |
Available for sale securities and Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 162,544 | |
Available for sale securities and Held to maturity securities, After Five, But Within Ten Years, Fair Value | 168,540 | |
Available for sale securities and Held to maturity securities, After Ten Years, Amortized Cost | 496,369 | |
Available for sale securities and Held to maturity securities, After Ten Years, Fair Value | 496,830 | |
Available for sale securities and Held to maturity securities, Total, Amortized Cost | 704,772 | |
Available for sale securities and Held to maturity securities, Total, Fair Value | 712,151 | |
U.S. Government Sponsored Enterprise Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, After One, But Within Five Years, Amortized Cost | 9,996 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 9,837 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 5,000 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 5,123 | |
Available for sale securities, After Ten Years, Amortized Cost | 8,000 | |
Available for sale securities, After Ten Years, Fair Value | 8,455 | |
Available for sale securities, Total, Amortized Cost | 22,996 | |
Available for sale securities, Total, Fair Value | 23,415 | |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Within One Year, Amortized Cost | 12 | |
Available for sale securities, Within One Year, Fair Value | 12 | |
Available for sale securities, After One, But Within Five Years, Amortized Cost | 3,253 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 3,327 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 57,712 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 58,119 | |
Available for sale securities, After Ten Years, Amortized Cost | 126,275 | |
Available for sale securities, After Ten Years, Fair Value | 125,614 | |
Available for sale securities, Total, Amortized Cost | 187,252 | |
Available for sale securities, Total, Fair Value | 187,072 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 2 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 2 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 60,048 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 63,159 | |
Held to maturity securities, After Ten Years, Amortized Cost | 319,676 | |
Held to maturity securities, After Ten Years, Fair Value | 319,448 | |
Held to maturity securities, Amortized Cost | 379,726 | |
Held to maturity securities, Fair Value | 382,609 | |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, After One, But Within Five Years, Amortized Cost | 1,742 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 1,779 | |
Available for sale securities, Total, Amortized Cost | 1,742 | |
Available for sale securities, Total, Fair Value | 1,779 | |
Held to maturity securities, Within One Year, Amortized Cost | 4,497 | |
Held to maturity securities, Within One Year, Fair Value | 4,552 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 2,496 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 2,551 | |
Held to maturity securities, Amortized Cost | 6,993 | |
Held to maturity securities, Fair Value | 7,103 | |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Within One Year, Amortized Cost | 4,364 | |
Held to maturity securities, Within One Year, Fair Value | 4,431 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 19,497 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 20,290 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 39,784 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 42,139 | |
Held to maturity securities, After Ten Years, Amortized Cost | 42,418 | |
Held to maturity securities, After Ten Years, Fair Value | 43,313 | |
Held to maturity securities, Amortized Cost | 106,063 | 103,248 |
Held to maturity securities, Fair Value | $ 110,173 | $ 108,831 |
Investment Securities - Summa_2
Investment Securities - Summary of Gains from Sale of Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||
Amortized cost of securities sold | $ 10,752 | $ 10,752 |
Gross gains realized on securities sold | 69 | 69 |
Net proceeds from securities sold | $ 10,821 | $ 10,821 |
Investment Securities - Summa_3
Investment Securities - Summary of Credit Rating of Debt Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | $ 212,266 | $ 237,030 |
Total held to maturity securities | 492,782 | 247,672 |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 106,063 | 103,248 |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 1,779 | 2,783 |
Total held to maturity securities | 6,993 | 6,989 |
U.S. Government Sponsored Enterprise Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 23,415 | 23,617 |
AAA/AA/A | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 211,255 | 236,026 |
Total held to maturity securities | 492,782 | 247,397 |
AAA/AA/A | Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 106,063 | 102,973 |
AAA/AA/A | Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 768 | 1,779 |
Total held to maturity securities | 6,993 | 6,989 |
AAA/AA/A | U.S. Government Sponsored Enterprise Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 23,415 | 23,617 |
BBB/BB/B | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 1,011 | 1,004 |
Total held to maturity securities | 275 | |
BBB/BB/B | Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 275 | |
BBB/BB/B | Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 1,011 | 1,004 |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 187,072 | 210,630 |
Total held to maturity securities | 379,726 | 137,435 |
Mortgage Backed Securities | AAA/AA/A | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 187,072 | 210,630 |
Total held to maturity securities | $ 379,726 | $ 137,435 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses - Loans Outstanding by Category (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 3,281,149 | $ 3,153,648 |
Residential Mortgage | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 4,458 | 2,976 |
Total loans | 1,346,262 | 1,298,868 |
Residential Mortgage | Construction | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 24,968 | 25,495 |
Residential Mortgage | Mortgages - Fixed Rate | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 601,510 | 535,804 |
Residential Mortgage | Mortgages - Adjustable Rate | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 715,326 | 734,593 |
Commercial Mortgage | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 2,406 | 2,096 |
Total loans | 1,438,084 | 1,358,962 |
Commercial Mortgage | Construction | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 108,927 | 139,075 |
Commercial Mortgage | Mortgages - Non-owner Occupied | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 1,164,819 | 1,064,317 |
Commercial Mortgage | Mortgages - Owner Occupied | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 161,932 | 153,474 |
Home Equity | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 259 | 231 |
Total loans | 92,983 | 106,194 |
Home Equity | Home Equity - Lines of Credit | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 90,479 | 102,460 |
Home Equity | Home Equity - Term Loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 2,245 | 3,503 |
Commercial and Industrial | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 250,012 | 223,415 |
Unearned fees, net of deferred costs | (2,809) | (1,787) |
Total loans | 357,937 | 347,855 |
Commercial and Industrial | PPP Loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 110,734 | 126,227 |
Consumer | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 10 | 19 |
Total loans | 45,883 | 41,769 |
Consumer | Secured | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 44,944 | 41,409 |
Consumer | Unsecured | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | $ 929 | $ 341 |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($)Loan | Jun. 30, 2020USD ($)Loan | Jun. 30, 2021USD ($)Loan | Jun. 30, 2020USD ($)Loan | Dec. 31, 2020USD ($)Loan | May 31, 2021USD ($) | |
Financing Receivable Modifications [Line Items] | ||||||
Number of TDRs defaulted during the period | Loan | 0 | 0 | 0 | 0 | ||
Number of loans determined to be troubled debt restructurings | Loan | 4 | 4 | ||||
Number of loans modified during the period | Loan | 0 | 0 | 0 | 0 | ||
Allowance for credit losses | $ 35,979,000 | $ 35,178,000 | $ 35,979,000 | $ 35,178,000 | ||
Number of loans | Loan | 20 | |||||
Loans in deferral | $ 20,100,000 | $ 20,100,000 | ||||
Percentage of total loans outstanding | 0.60% | 0.60% | ||||
Commitments to lend additional funds to borrowers whose loans were on non-accrual status | $ 0 | $ 0 | $ 0 | |||
Retained earnings | 184,790,000 | 184,790,000 | 165,404,000 | |||
ASU-2016-13 | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Allowance for credit losses | $ 481,000 | $ 481,000 | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | Jan. 1, 2020 | ||||
ASU-2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Retained earnings | $ (347,000) | $ (347,000) | ||||
Troubled Debt Restructurings | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Troubled debt restructuring carrying value | 782,000 | 782,000 | 811,000 | |||
Allowance for credit losses | $ 97,000 | $ 97,000 | $ 90,000 | |||
PPP Loans | ||||||
Financing Receivable Modifications [Line Items] | ||||||
Maximum loan eligibility for first time borrowers | $ 2,000,000 |
Loans and the Allowance for C_5
Loans and the Allowance for Credit Losses - Non-performing Loans Disaggregated by Loan Category (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans past due >90 days, but still accruing | $ 407 | |
Commercial and Industrial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans past due >90 days, but still accruing | 407 | |
Non-Performing Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | $ 4,681 | 7,744 |
Loans past due >90 days, but still accruing | 407 | |
Troubled debt restructurings | 782 | 811 |
Total | 5,463 | 8,962 |
Non-Performing Loans | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 3,629 | 3,695 |
Troubled debt restructurings | 664 | 689 |
Total | 4,293 | 4,384 |
Non-Performing Loans | Commercial Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 548 | 3,917 |
Total | 548 | 3,917 |
Non-Performing Loans | Home Equity | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 372 | |
Total | 372 | |
Non-Performing Loans | Commercial and Industrial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Nonaccrual loans | 132 | 132 |
Loans past due >90 days, but still accruing | 407 | |
Troubled debt restructurings | 118 | 122 |
Total | $ 250 | $ 661 |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses - Loans Receivable Disaggregated by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | $ 294,168 | $ 398,267 |
2020 | 375,005 | 221,019 |
2019 | 164,743 | 159,744 |
2018 | 122,840 | 144,314 |
2017 | 103,121 | 107,814 |
Prior | 286,385 | 267,710 |
Total | 1,346,262 | 1,298,868 |
Residential Mortgage | Current | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 294,168 | 398,267 |
2020 | 375,005 | 221,019 |
2019 | 164,743 | 158,962 |
2018 | 122,582 | 144,256 |
2017 | 103,065 | 106,360 |
Prior | 282,406 | 265,620 |
Total | 1,341,969 | 1,294,484 |
Residential Mortgage | Non-Performing Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 782 | |
2018 | 258 | 58 |
2017 | 56 | 1,454 |
Prior | 3,979 | 2,090 |
Total | 4,293 | 4,384 |
Home Equity | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 2,131 | |
2020 | 1,437 | 6,024 |
2019 | 3,590 | 7,997 |
2018 | 5,029 | 6,976 |
2017 | 6,298 | 2,119 |
Prior | 6,224 | 5,191 |
Revolving loans amortized cost basis | 70,405 | 75,756 |
Total | 92,983 | 106,194 |
Home Equity | Current | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 2,131 | |
2020 | 1,437 | 6,024 |
2019 | 3,590 | 7,997 |
2018 | 5,029 | 6,976 |
2017 | 6,298 | 2,119 |
Prior | 5,852 | 5,191 |
Revolving loans amortized cost basis | 70,405 | 75,756 |
Total | 92,611 | 106,194 |
Home Equity | Non-Performing Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 372 | |
Total | 372 | |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 18,192 | 16,192 |
2020 | 11,584 | 5,819 |
2019 | 1,668 | 3,652 |
2018 | 3,408 | 2,643 |
2017 | 2,629 | 4,879 |
Prior | 7,794 | 8,032 |
Revolving loans amortized cost basis | 608 | 552 |
Total | 45,883 | 41,769 |
Consumer | Current | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 18,192 | 16,192 |
2020 | 11,584 | 5,819 |
2019 | 1,668 | 3,652 |
2018 | 3,408 | 2,643 |
2017 | 2,629 | 4,879 |
Prior | 7,794 | 8,032 |
Revolving loans amortized cost basis | 608 | 552 |
Total | 45,883 | 41,769 |
Commercial Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 169,003 | 282,870 |
2020 | 276,623 | 397,043 |
2019 | 370,240 | 210,918 |
2018 | 192,372 | 107,759 |
2017 | 101,150 | 126,837 |
Prior | 328,696 | 233,535 |
Total | 1,438,084 | 1,358,962 |
Commercial Mortgage | 1-6 (Pass) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 166,058 | 282,870 |
2020 | 275,509 | 396,026 |
2019 | 330,306 | 197,473 |
2018 | 174,907 | 106,489 |
2017 | 99,908 | 126,537 |
Prior | 320,984 | 221,257 |
Total | 1,367,672 | 1,330,652 |
Commercial Mortgage | 7 (Special Mention) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 2,945 | |
2020 | 1,114 | 872 |
2019 | 39,934 | 13,445 |
2018 | 17,465 | 1,270 |
2017 | 1,242 | 85 |
Prior | 6,959 | 8,304 |
Total | 69,659 | 23,976 |
Commercial Mortgage | 8 (Substandard) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 145 | |
2017 | 215 | |
Prior | 753 | 3,300 |
Total | 753 | 3,660 |
Commercial Mortgage | 9 (Doubtful) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Prior | 674 | |
Total | 674 | |
Commercial and Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 117,040 | 212,223 |
2020 | 111,007 | 55,947 |
2019 | 50,787 | 41,555 |
2018 | 44,861 | 24,120 |
2017 | 22,494 | 5,007 |
Prior | 11,371 | 8,577 |
Revolving loans amortized cost basis | 377 | 426 |
Total | 357,937 | 347,855 |
Commercial and Industrial | 1-6 (Pass) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 117,040 | 210,356 |
2020 | 108,759 | 51,424 |
2019 | 42,682 | 37,286 |
2018 | 43,738 | 23,700 |
2017 | 22,228 | 2,920 |
Prior | 8,180 | 7,373 |
Revolving loans amortized cost basis | 367 | 416 |
Total | 342,994 | 333,475 |
Commercial and Industrial | 7 (Special Mention) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 534 | |
2020 | 916 | 3,407 |
2019 | 7,114 | 3,725 |
2018 | 404 | 420 |
2017 | 266 | 180 |
Prior | 1,204 | 1,001 |
Revolving loans amortized cost basis | 10 | 10 |
Total | 9,914 | 9,277 |
Commercial and Industrial | 8 (Substandard) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,333 | |
2020 | 1,332 | 1,116 |
2019 | 991 | 544 |
2018 | 719 | |
2017 | 1,907 | |
Prior | 1,987 | 203 |
Total | $ 5,029 | $ 5,103 |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses - Schedule of Loans Receivable Disaggregated by Past Due Status (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | $ 13,639 | $ 26,104 |
Current Loans | 3,267,510 | 3,127,544 |
Total loans | 3,281,149 | 3,153,648 |
Amortized Cost 90+ Days Past Due and Accruing | 407 | |
30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 10,862 | 17,966 |
60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 1,972 | 4,720 |
90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 805 | 3,418 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 10,671 | 17,432 |
Current Loans | 1,335,591 | 1,281,436 |
Total loans | 1,346,262 | 1,298,868 |
Residential Mortgage | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 8,348 | 12,647 |
Residential Mortgage | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 1,922 | 2,450 |
Residential Mortgage | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 401 | 2,335 |
Commercial Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 1,794 | 1,754 |
Current Loans | 1,436,290 | 1,357,208 |
Total loans | 1,438,084 | 1,358,962 |
Commercial Mortgage | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 1,794 | 1,080 |
Commercial Mortgage | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 674 | |
Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 971 | 1,196 |
Current Loans | 92,012 | 104,998 |
Total loans | 92,983 | 106,194 |
Home Equity | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 599 | 843 |
Home Equity | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 353 | |
Home Equity | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 372 | |
Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 203 | 2,602 |
Current Loans | 357,734 | 345,253 |
Total loans | 357,937 | 347,855 |
Amortized Cost 90+ Days Past Due and Accruing | 407 | |
Commercial and Industrial | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 121 | 276 |
Commercial and Industrial | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 50 | 1,917 |
Commercial and Industrial | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 32 | 409 |
Consumer Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | 3,120 | |
Current Loans | 45,883 | 38,649 |
Total loans | $ 45,883 | 41,769 |
Consumer Loans | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Principal Balance/Past Due | $ 3,120 |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses Disaggregated by Loan Category (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | $ 35,979,000 | $ 35,178,000 | $ 35,979,000 | $ 35,178,000 |
Provision for (release of) credit losses | (1,107,000) | 16,430,000 | ||
ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | 481,000 | 481,000 | ||
Funded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 35,646,000 | 20,163,000 | 36,016,000 | 18,180,000 |
Provision of acquired loans | 8,282,000 | 8,282,000 | ||
Initial allowance for PCD | 437,000 | 437,000 | ||
Charge-offs | (158,000) | (3,000) | (448,000) | |
Recoveries | 46,000 | 23,000 | 69,000 | 48,000 |
Provision for (Release of ) credit losses | (663,000) | 5,267,000 | (1,053,000) | 7,310,000 |
Allowance for credit losses-loan portfolio, Ending Balance | 35,029,000 | 34,014,000 | 35,029,000 | 34,014,000 |
Funded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | 205,000 | |||
Unfunded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 1,188,000 | 283,000 | 1,004,000 | 50,000 |
Provision for (Release of ) credit losses | (238,000) | 525,000 | (54,000) | |
Acquired loan commitments | 356,000 | |||
Provision for (release of) credit losses | 356,000 | 482,000 | ||
Allowance for credit losses-unfunded commitments | 950,000 | 1,164,000 | 950,000 | 1,164,000 |
Unfunded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | 276,000 | |||
Residential Mortgage | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | 13,556,000 | 11,880,000 | 13,556,000 | 11,880,000 |
Residential Mortgage | Funded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 13,144,000 | 7,477,000 | 13,067,000 | 5,141,000 |
Provision of acquired loans | 2,880,000 | 2,880,000 | ||
Initial allowance for PCD | 35,000 | 35,000 | ||
Provision for (Release of ) credit losses | 412,000 | 1,488,000 | 489,000 | 1,763,000 |
Allowance for credit losses-loan portfolio, Ending Balance | 13,556,000 | 11,880,000 | 13,556,000 | 11,880,000 |
Residential Mortgage | Funded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | 2,061,000 | |||
Commercial Mortgage | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | 17,301,000 | 18,067,000 | 17,301,000 | 18,067,000 |
Commercial Mortgage | Funded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 18,693,000 | 10,881,000 | 18,564,000 | 10,905,000 |
Provision of acquired loans | 3,625,000 | 3,625,000 | ||
Initial allowance for PCD | 382,000 | 382,000 | ||
Charge-offs | (77,000) | (264,000) | ||
Recoveries | 30,000 | 30,000 | ||
Provision for (Release of ) credit losses | (1,422,000) | 3,256,000 | (1,293,000) | 4,866,000 |
Allowance for credit losses-loan portfolio, Ending Balance | 17,301,000 | 18,067,000 | 17,301,000 | 18,067,000 |
Commercial Mortgage | Funded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | (1,447,000) | |||
Home Equity | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | 473,000 | 652,000 | 473,000 | 652,000 |
Home Equity | Funded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 363,000 | 310,000 | 552,000 | 461,000 |
Provision of acquired loans | 188,000 | 188,000 | ||
Provision for (Release of ) credit losses | 110,000 | 154,000 | (79,000) | 208,000 |
Allowance for credit losses-loan portfolio, Ending Balance | 473,000 | 652,000 | 473,000 | 652,000 |
Home Equity | Funded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | (205,000) | |||
Commercial and Industrial | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | 3,209,000 | 2,939,000 | 3,209,000 | 2,939,000 |
Commercial and Industrial | Funded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 2,978,000 | 946,000 | 3,309,000 | 1,475,000 |
Provision of acquired loans | 1,577,000 | 1,577,000 | ||
Initial allowance for PCD | 20,000 | 20,000 | ||
Charge-offs | (65,000) | (154,000) | ||
Recoveries | 15,000 | 22,000 | 34,000 | 34,000 |
Provision for (Release of ) credit losses | 216,000 | 439,000 | (134,000) | 479,000 |
Allowance for credit losses-loan portfolio, Ending Balance | 3,209,000 | 2,939,000 | 3,209,000 | 2,939,000 |
Commercial and Industrial | Funded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | (492,000) | |||
Consumer | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | 490,000 | 476,000 | 490,000 | 476,000 |
Consumer | Funded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 468,000 | 549,000 | 524,000 | 198,000 |
Provision of acquired loans | 12,000 | 12,000 | ||
Charge-offs | (16,000) | (3,000) | (30,000) | |
Recoveries | 1,000 | 1,000 | 5,000 | 14,000 |
Provision for (Release of ) credit losses | 21,000 | (70,000) | (36,000) | (6,000) |
Allowance for credit losses-loan portfolio, Ending Balance | 490,000 | 476,000 | 490,000 | 476,000 |
Consumer | Funded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | 288,000 | |||
Unfunded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Ending Balance | 950,000 | 1,164,000 | 950,000 | 1,164,000 |
Unfunded Commitments | Unfunded Commitments | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit losses-loan portfolio, Beginning Balance | 1,188,000 | 283,000 | 1,004,000 | 50,000 |
Provision for (Release of ) credit losses | (238,000) | 525,000 | (54,000) | |
Acquired loan commitments | 356,000 | |||
Provision for (release of) credit losses | 356,000 | 482,000 | ||
Allowance for credit losses-unfunded commitments | $ 950,000 | $ 1,164,000 | $ 950,000 | 1,164,000 |
Unfunded Commitments | Unfunded Commitments | ASC 326 | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Adoption of ASC 326 | $ 276,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||||
Effective tax rate | 26.30% | 23.90% | 26.10% | 21.60% | |
Net deferred tax assets | $ 10,486,000 | $ 10,486,000 | $ 11,639,000 | ||
Deferred tax assets, valuation allowance | 0 | $ 0 | 0 | ||
Current federal tax rate | 21.00% | ||||
Income tax benefit | $ 4,971,000 | $ (540,000) | $ 9,714,000 | $ 1,521,000 | |
State NOL [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax benefit | $ (372,000) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Current income tax expense | ||||
Federal | $ 3,056 | $ 2,598 | $ 5,147 | $ 2,120 |
State | 1,367 | 1,186 | 2,289 | 1,460 |
Total current income tax expense | 4,423 | 3,784 | 7,436 | 3,580 |
Deferred income tax expense (benefit) | ||||
Federal | 370 | (2,956) | 1,552 | (1,356) |
State | 178 | (1,368) | 726 | (703) |
Total deferred income tax expense (benefit) | 548 | (4,324) | 2,278 | (2,059) |
Total income tax expense (benefit) | $ 4,971 | $ (540) | $ 9,714 | $ 1,521 |
Pension and Retirement Plans -
Pension and Retirement Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension Plan | ||||
Net periodic benefit cost (credit) | ||||
Interest cost | $ 303 | $ 297 | $ 606 | $ 717 |
Expected return on assets | (891) | (921) | (1,783) | (1,600) |
Amortization of prior service credit | (1) | (1) | (2) | |
Amortization of net actuarial (gain) loss | (39) | |||
Net periodic benefit cost (credit) | (588) | (664) | (1,178) | (885) |
Supplemental Retirement Plan | ||||
Net periodic benefit cost (credit) | ||||
Service cost | 106 | 106 | 212 | 177 |
Interest cost | 56 | 55 | 113 | 142 |
Amortization of net actuarial (gain) loss | 11 | 4 | 22 | 4 |
Net periodic benefit cost (credit) | 173 | 165 | 347 | 323 |
Postretirement Healthcare Plan | ||||
Net periodic benefit cost (credit) | ||||
Service cost | 8 | 10 | 17 | 16 |
Interest cost | 5 | 5 | 9 | 11 |
Amortization of net actuarial (gain) loss | 1 | |||
Net periodic benefit cost (credit) | $ 13 | $ 16 | $ 26 | $ 27 |
Pension and Retirement Plans _2
Pension and Retirement Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | |
Profit Sharing Plan | 401(k) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, maximum employee contribution, percent | 100.00% | ||||
Profit Sharing Plan | 401(k) | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent | 4.00% | ||||
Profit Sharing Plan | Discretionary Contribution | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Normal retirement age of employees | 65 years | ||||
Employee Stock Ownership Plan (ESOP) | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, minimum service period required for eligibility | 12 months | ||||
Defined contribution plan, minimum number of hours of service per year required for eligibility | 1000 hours | ||||
Employee Stock Ownership Plan (ESOP) | Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employee eligibility age under the plan | 21 years | ||||
Profit Sharing and ESOP Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution expense related to plans | $ 1,200,000 | $ 892,000 | $ 2,300,000 | $ 1,900,000 | |
Defined Contribution Supplemental Executive Retirement Plan ("DC SERP") | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution expense related to plans | 50,000 | $ 52,000 | $ 100,000 | $ 95,000 | |
Defined Contribution Supplemental Executive Retirement Plan ("DC SERP") | Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent | 10.00% | ||||
Qualified Defined Benefit Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions to defined benefit pension plan | $ 0 | $ 0 | |||
Qualified Defined Benefit Pension Plan | Scenario Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions to defined benefit pension plan | $ 0 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Shares Issued and Fair Value of RSAs and RSUs (Details) - 2017 Equity and Cash Incentive Plan - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
RSAs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Granted | 925 | 12,782 |
Weighted Average Fair Value at Grant Date | $ 87 | $ 77.51 |
RSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Granted | 173 | 7,464 |
Weighted Average Fair Value at Grant Date | $ 87 | $ 77.01 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) | 3 Months Ended |
Jun. 30, 2021 | |
Performance-Based Restricted Stock Units | 2017 Equity and Cash Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance-based restricted stock units performance period | 3 years |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Shares Granted and Fair Value of PRSUs (Details) - PRSUs - 2017 Equity and Cash Incentive Plan - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Granted | 531 | 23,639 |
Weighted Average Fair Value at Grant Date | $ 87 | $ 77 |
Stock Based Compensation - Sc_3
Stock Based Compensation - Schedule of Pre-tax Expense Associated with All Outstanding Non-vested RSAs, RSUs, Performance Based Restricted Stock Units and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation [Abstract] | ||||
Stock based compensation expense | $ 1,138 | $ 1,331 | $ 2,513 | $ 2,311 |
Related tax benefits | $ 318 | $ 372 | $ 702 | $ 645 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance-Sheet Risk - Summary of Off-Balance-Sheet Financial Instruments with Contractual Amounts Include Present Credit Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Standby Letters of Credit | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 10,051 | $ 9,430 |
Unused Portion of Existing Lines of Credit | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 628,512 | 584,520 |
Origination of New Loans | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 58,661 | 94,399 |
Commitments to Sell Residential Mortgage Loans | ||
Financial instruments whose notional amount exceeds the amount of credit risk: | ||
Financial instrument notional amount exceeds credit risk | $ 852 | $ 17,644 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Description of operating lease expiration terms | operating leases and their terms expire between 2021 and 2032 and, in some instances, contain options to renew for periods up to | |||
Renewal option period for operating leases | 30 years | 30 years | ||
Existence of option to expire | true | |||
Total rental expense | $ 1.8 | $ 1.5 | $ 3.7 | $ 3 |
Leases - Summary of Components
Leases - Summary of Components of Operating Lease Cost and Other Related Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,731 | $ 1,598 | $ 3,499 | $ 2,995 |
Variable lease cost (Cost excluded from lease payments) | 3 | 1 | 6 | 1 |
Sublease income | (17) | (16) | (33) | (33) |
Total Operating Lease Cost | 1,717 | 1,583 | 3,472 | 2,963 |
Other Information | ||||
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows for operating leases | 1,780 | 1,560 | 3,634 | 2,924 |
Operating Lease - Operating cash flows (Liability reduction) | $ 1,527 | $ 1,278 | $ 3,125 | $ 2,360 |
Weighted average lease term - operating leases | 6 years 6 months 21 days | 7 years 3 months 3 days | 6 years 6 months 21 days | 7 years 3 months 3 days |
Weighted average discount rate - operating leases | 2.93% | 2.95% | 2.93% | 2.95% |
Leases - Schedule of Total Mini
Leases - Schedule of Total Minimum Lease Payments Due in Future Periods for Lease Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases Future Minimum Payments Due [Abstract] | ||
Remainder of 2021 | $ 7,110 | |
2022 | 6,908 | |
2023 | 6,443 | |
2024 | 5,127 | |
2025 | 4,469 | |
Thereafter | 9,663 | |
Total minimum lease payments | 39,720 | |
Less: interest | (3,797) | |
Total lease liability | $ 35,923 | $ 37,448 |
Shareholders' Equity - Minimum
Shareholders' Equity - Minimum Capital Requirements were Considered Well Capitalized by FRB and FDIC (Details) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 401,412,000 | $ 378,393,000 |
Tier I capital (to risk-weighted assets), Actual, Amount | 365,434,000 | 344,409,000 |
Common equity tier I capital (to risk-weighted assets), Actual, Amount | 365,434,000 | 344,409,000 |
Tier I capital (to average assets), Actual, Amount | $ 365,434,000 | $ 344,409,000 |
Total capital (to risk-weighted assets), Actual, Ratio | 0.139 | 0.139 |
Tier I capital (to risk-weighted assets), Actual, Ratio | 0.126 | 0.127 |
Common equity tier I capital (to risk-weighted assets), Actual, Ratio | 0.126 | 0.127 |
Tier I capital (to average assets), Actual, Ratio | 0.087 | 0.089 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 303,775,000 | $ 285,145,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 245,913,000 | 230,832,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 202,516,000 | 190,097,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 167,450,000 | $ 155,009,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.105 | 0.105 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.085 | 0.085 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.070 | 0.070 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.040 | 0.040 |
Cambridge Trust Company | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 396,759,000 | $ 376,209,000 |
Tier I capital (to risk-weighted assets), Actual, Amount | 360,781,000 | 342,229,000 |
Common equity tier I capital (to risk-weighted assets), Actual, Amount | 360,781,000 | 342,229,000 |
Tier I capital (to average assets), Actual, Amount | $ 360,781,000 | $ 342,229,000 |
Total capital (to risk-weighted assets), Actual, Ratio | 0.137 | 0.139 |
Tier I capital (to risk-weighted assets), Actual, Ratio | 0.125 | 0.126 |
Common equity tier I capital (to risk-weighted assets), Actual, Ratio | 0.125 | 0.126 |
Tier I capital (to average assets), Actual, Ratio | 0.086 | 0.088 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 303,746,000 | $ 285,117,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 245,890,000 | 230,809,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 202,497,000 | 190,078,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 167,439,000 | $ 154,999,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.105 | 0.105 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.085 | 0.085 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.070 | 0.070 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 0.040 | 0.040 |
Cambridge Trust Company | Minimum | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 289,282,000 | $ 271,540,000 |
Tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 231,426,000 | 217,232,000 |
Common equity tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 188,033,000 | 176,501,000 |
Tier I capital (to average assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 209,299,000 | $ 193,748,000 |
Total capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.100 | 0.100 |
Tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.080 | 0.080 |
Common equity tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065 | 0.065 |
Tier I capital (to average assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.050 | 0.050 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Summary of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Available for sale securities, before tax amount | ||||
Unrealized holding gains/(losses), before tax amount | $ 1,421 | $ 1,077 | $ (2,502) | $ 4,318 |
Reclassification adjustment for gains realized in net income (loss), before tax amount | (73) | (73) | ||
Interest rate swaps designated as cash flow hedges, before tax amount | ||||
Unrealized holding gains/(losses), before tax amount | 4 | 877 | (443) | 6,875 |
Reclassification adjustment for gains recognized in net income (loss), before tax amount | (646) | (503) | (1,276) | (615) |
Defined benefit retirement plans, before tax amount | ||||
Net change in retirement liability, before tax amount | 10 | (1) | 21 | (2) |
Total other comprehensive income/(loss), before tax amount | 789 | 1,377 | (4,200) | 10,503 |
Available for sale securities, tax (expense) or benefit | ||||
Unrealized holding gains/(losses),tax (expense) or benefit | (386) | (267) | 650 | (1,008) |
Reclassification adjustment for gains realized in net income (loss), tax (expense) or benefit | 16 | 16 | ||
Interest rate swaps designated as cash flow hedges, tax (expense) or benefit | ||||
Unrealized holding gains/(losses), tax (expense) or benefit | (1) | (244) | 124 | (1,915) |
Reclassification adjustment for gains recognized in net income (loss), tax (expense) or benefit | 180 | 140 | 356 | 171 |
Defined benefit retirement plans, tax (expense) or benefit | ||||
Net change in retirement liability, tax (expense) or benefit | (3) | 1 | (6) | 1 |
Total other comprehensive income/(loss), tax (expense) or benefit | (210) | (354) | 1,124 | (2,735) |
Available for sale securities | ||||
Unrealized holding gains/(losses), net-of-tax amount | 1,035 | 810 | (1,852) | 3,310 |
Less: reclassification adjustment for gains realized in net income | (57) | (57) | ||
Interest rate swaps designated as cash flow hedges | ||||
Unrealized holding gains (losses) | 3 | 633 | (319) | 4,960 |
Less: reclassification adjustment for gains realized in net income | (466) | (363) | (920) | (444) |
Defined benefit retirement plans | ||||
Change in retirement liabilities | 7 | 15 | (1) | |
Other comprehensive income (loss) | $ 579 | $ 1,023 | $ (3,076) | $ 7,768 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Summary of Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains on available for sale securities | $ 69 | $ 69 | ||
Tax expense | $ (4,971) | 540 | $ (9,714) | (1,521) |
Net income (loss) | 13,944 | (1,716) | 27,443 | 5,516 |
Reclassifications out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains on available for sale securities | 73 | 73 | ||
Unrealized gains on derivatives | 646 | 503 | 1,276 | 615 |
Tax expense | (180) | (156) | (356) | (187) |
Net income (loss) | $ 466 | $ 420 | $ 920 | $ 501 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Reconciliation Between Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income (loss) | $ 13,944 | $ (1,716) | $ 27,443 | $ 5,516 |
Less dividends and undistributed earnings allocated to participating securities | (67) | 1 | (126) | (10) |
Net income (loss) applicable to common shareholders | $ 13,877 | $ (1,715) | $ 27,317 | $ 5,506 |
Denominator: | ||||
Weighted average number of shares outstanding, basic | 6,930,268 | 5,912,889 | 6,918,779 | 5,652,908 |
Earnings (loss) per common share - basic | $ 2 | $ (0.29) | $ 3.95 | $ 0.97 |
Numerator: | ||||
Net income (loss) | $ 13,944 | $ (1,716) | $ 27,443 | $ 5,516 |
Less dividends and undistributed earnings allocated to participating securities | (67) | (126) | (9) | |
Net income (loss) applicable to common shareholders | $ 13,877 | $ (1,716) | $ 27,317 | $ 5,507 |
Denominator: | ||||
Weighted average number of shares outstanding, basic | 6,930,268 | 5,912,889 | 6,918,779 | 5,652,908 |
Dilutive effect of common stock equivalents | 69,000 | 74,000 | 17,000 | |
Weighted average diluted common shares outstanding | 6,998,936 | 5,912,889 | 6,993,437 | 5,670,438 |
Earnings (loss) per common share - diluted | $ 1.98 | $ (0.29) | $ 3.91 | $ 0.97 |
Derivative And Hedging Activi_3
Derivative And Hedging Activities - Summary of Fair Values of Derivative Instruments in the Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | $ 33,453 | $ 46,084 |
Derivative Liabilities, Fair value | 27,946 | 38,911 |
Derivatives Designated as Hedging Instruments | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 5,801 | 7,618 |
Derivatives Designated as Hedging Instruments | Interest Rate Contracts | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Notional amount | 150,000 | 150,000 |
Derivatives Designated as Hedging Instruments | Interest Rate Contracts | Other Assets | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 5,801 | 7,618 |
Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 27,652 | 38,466 |
Derivative Liabilities, Fair value | 27,946 | 38,911 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Interest Rate Swaps with Customers | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Notional amount | 470,468 | 409,493 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Interest Rate Swaps with Customers | Other Assets | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 27,619 | 38,415 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Mirror Swaps with Counterparties | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Notional Amount | 470,468 | 409,493 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Mirror Swaps with Counterparties | Other Liabilities | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Fair value | 27,619 | 38,415 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements Out to Counterparties | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Notional amount | 26,439 | 26,580 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements Out to Counterparties | Other Assets | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 33 | 51 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements with Counterparties | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Notional Amount | 104,212 | 104,956 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements with Counterparties | Other Liabilities | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Fair value | $ 327 | $ 496 |
Derivative And Hedging Activi_4
Derivative And Hedging Activities - Summary of Changes to AOCI as a Result of Cash Flow Hedge Accounting (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI - Included Component | $ 695 | $ 552 | $ 1,373 | $ 712 |
Amount of Gain or (Loss) Recognized in OCI - Excluded Component | (49) | (49) | (97) | (97) |
Amount of Gain or (Loss) Reclassified from AOCI into Income | 646 | 503 | 1,276 | 615 |
Interest Rate Contracts | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI | (642) | 374 | (1,719) | 6,260 |
Amount of Gain or (Loss) Recognized in OCI - Included Component | (627) | 413 | (173) | 7,047 |
Amount of Gain or (Loss) Recognized in OCI - Excluded Component | $ (15) | $ (39) | $ (1,546) | $ (787) |
Derivative And Hedging Activi_5
Derivative And Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Estimated amount will be reclassified out of AOCI in to earnings | $ 2,500 | |
Fair value of derivative liability | 27,946 | $ 38,911 |
Minimum collateral posting threshold of derivative counterparties | 18,000 | 29,900 |
Termination amount | 18,700 | 30,700 |
Minimum | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Minimum collateral posting threshold of derivative counterparties | 18,000 | 29,900 |
Accrued Interest | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liability | $ 18,700 | $ 30,700 |
Derivative And Hedging Activi_6
Derivative And Hedging Activities - Summary of Derivative Financial Instruments on the Consolidated Income (Loss) Statement (Details) - Interest Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Total amount of income presented in the statements of income (loss) in which the effects of cash flow hedges are recorded | $ 646 | $ 503 | $ 1,276 | $ 615 |
Interest Rate Contracts | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Amount of gain reclassed from AOCI into income (loss) | 646 | 503 | 1,276 | 615 |
Amount of gain reclassed from AOCI into income (loss) - Included Component | 695 | 552 | 1,373 | 712 |
Amount of loss reclassed from AOCI into income (loss) - Excluded Component | $ (49) | $ (49) | $ (97) | $ (97) |
Derivative And Hedging Activi_7
Derivative And Hedging Activities - Summary of Derivative Financial Instruments Not Designated as Hedging Instruments on the Consolidated Income (Loss) Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other contracts | Loan related derivative income | Derivatives Not Designated as Hedging Instruments | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (53) | $ 152 | $ 153 | $ 330 |
Derivative And Hedging Activi_8
Derivative And Hedging Activities - Schedule of Financial Instruments Eligible for Offset in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Gross Amounts Recognized, Derivative assets | $ 33,453 | $ 46,084 |
Net Amounts Recognized, Derivative Assets | 33,453 | 46,084 |
Gross Amounts Not Offset, Financial Instruments, Derivative Assets | 7,300 | 7,649 |
Gross Amounts Not Offset, Net amount, Derivative Assets | 26,153 | 38,435 |
Gross Amounts Recognized, Derivative Liabilities | 27,946 | 38,911 |
Net Amounts Recognized, Derivative Liabilities | 27,946 | 38,911 |
Gross Amounts Not Offset, Financial Instruments, Derivative Liabilities | 7,300 | 7,649 |
Gross Amounts Not Offset, Collateral Pledged (Received), Derivative Liabilities | 18,255 | 30,724 |
Gross Amounts Not Offset, Net amount, Derivative Liabilities | $ 2,391 | $ 538 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Securities available for sale | $ 212,266 | $ 237,030 |
Securities held to maturity | 499,885 | 260,139 |
FHLB Boston stock | 4,816 | 5,734 |
Recurring Basis | Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 98,789 | 75,785 |
Securities available for sale | 212,266 | 237,030 |
Securities held to maturity | 492,782 | 247,672 |
Loans, net | 3,246,120 | 3,117,632 |
Loans held for sale | 911 | 6,909 |
FHLB Boston stock | 4,816 | 5,734 |
Accrued interest receivable | 8,983 | 9,514 |
Mortgage servicing rights | 1,281 | 1,219 |
Interest rate contracts | 5,801 | 7,618 |
Loan level interest rate swaps | 27,619 | 38,415 |
Risk participation agreements out to counterparties | 33 | 51 |
Financial liabilities | ||
Deposits | 3,764,558 | 3,403,083 |
Borrowings | 17,244 | 32,992 |
Loan level interest rate swaps | 27,619 | 38,415 |
Risk participation agreements in with counterparties | 327 | 496 |
Recurring Basis | Estimated Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 98,789 | 75,785 |
Securities available for sale | 212,266 | 237,030 |
Securities held to maturity | 499,885 | 260,139 |
Loans, net | 3,209,085 | 3,092,021 |
Loans held for sale | 911 | 7,101 |
FHLB Boston stock | 4,816 | 5,734 |
Accrued interest receivable | 8,983 | 9,514 |
Mortgage servicing rights | 1,281 | 1,219 |
Interest rate contracts | 5,801 | 7,618 |
Loan level interest rate swaps | 27,619 | 38,415 |
Risk participation agreements out to counterparties | 33 | 51 |
Financial liabilities | ||
Deposits | 3,764,508 | 3,403,832 |
Borrowings | 17,276 | 34,284 |
Loan level interest rate swaps | 27,619 | 38,415 |
Risk participation agreements in with counterparties | $ 327 | $ 496 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Certain Assets and Liabilities Reported at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 212,266 | $ 237,030 |
U.S. GSE Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 23,415 | 23,617 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,779 | 2,783 |
Recurring Basis | U.S. GSE Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 23,415 | 23,617 |
Recurring Basis | U.S. GSE Obligations | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 23,415 | 23,617 |
Recurring Basis | Mortgage Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 187,072 | 210,630 |
Recurring Basis | Mortgage Backed Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 187,072 | 210,630 |
Recurring Basis | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,779 | 2,783 |
Recurring Basis | Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,779 | 2,783 |
Recurring Basis | Interest Rate Swaps with Customers | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 27,619 | 38,415 |
Recurring Basis | Interest Rate Swaps with Customers | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 27,619 | 38,415 |
Recurring Basis | Risk Participation Agreements Out to Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 33 | 51 |
Recurring Basis | Risk Participation Agreements Out to Counterparties | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 33 | 51 |
Recurring Basis | Interest Rate Contracts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 5,801 | 7,618 |
Recurring Basis | Interest Rate Contracts | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 5,801 | 7,618 |
Recurring Basis | Mirror Swaps with Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 27,619 | 38,415 |
Recurring Basis | Mirror Swaps with Counterparties | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 27,619 | 38,415 |
Recurring Basis | Risk Participation Agreements in With Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 327 | 496 |
Recurring Basis | Risk Participation Agreements in With Counterparties | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | $ 327 | $ 496 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | $ 1,067 | $ 10,620 |
Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 911 | 6,909 |
Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 156 | 3,711 |
Mortgage Servicing Rights | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 1,219 | |
Mortgage Servicing Rights | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 1,219 | |
Loans Held for Sale | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 911 | 6,909 |
Loans Held for Sale | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 911 | 6,909 |
Individually Evaluated Collateral Dependent Loans | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 156 | 672 |
Individually Evaluated Collateral Dependent Loans | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | $ 156 | 672 |
Other Real Estate Owned | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 1,820 | |
Other Real Estate Owned | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | $ 1,820 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||||
Transfers between levels | $ 0 | $ 0 | $ 0 | $ 0 |
Mergers - Additional Informatio
Mergers - Additional Information (Details) $ / shares in Units, $ in Thousands | Jun. 01, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 51,912 | $ 51,912 | |||
Wellesley | |||||
Business Acquisition [Line Items] | |||||
Number of banking offices | 6 | ||||
Business combination, share conversion ratio | 0.580 | ||||
Total consideration paid | $ 88,800 | ||||
Common stock issued related to merger | shares | 1,502,814 | ||||
Business combination, share price | $ / shares | $ 58 | ||||
Merger expenses | $ 4,400 | $ 4,600 | |||
Total assets acquired | $ 985,600 | ||||
Total liabilities assumed | 917,600 | ||||
Goodwill | 20,700 | ||||
Business combination, provision for credit losses | $ 8,600 |