Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-28190 | |
Entity Registrant Name | CAMDEN NATIONAL CORP | |
Entity Central Index Key | 0000750686 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | ME | |
Entity Tax Identification Number | 01-0413282 | |
Entity Address, Address Line One | 2 ELM STREET | |
Entity Address, City or Town | CAMDEN | |
Entity Address, State or Province | ME | |
Entity Address, Postal Zip Code | 04843 | |
City Area Code | 207 | |
Local Phone Number | 236-8821 | |
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | CAC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,951,200 |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION (CURRENT PERIOD UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 46,326 | $ 49,524 |
Interest-bearing deposits in other banks (including restricted cash) | 57,407 | 96,250 |
Total cash, cash equivalents and restricted cash | 103,733 | 145,774 |
Investments: | ||
Trading securities | 4,354 | 4,161 |
Available-for-sale securities, at fair value (book value of $1,381,864 and $1,078,474, respectively) | 1,399,823 | 1,115,813 |
Held-to-maturity securities, at amortized cost (fair value of $1,397 and $1,411, respectively) | 1,294 | 1,297 |
Other investments | 10,224 | 11,541 |
Total investments | 1,415,695 | 1,132,812 |
Loans held for sale, at fair value (book value of $14,887 and $40,499, respectively) | 15,140 | 41,557 |
Loans | 3,285,916 | 3,219,822 |
Less: allowance for credit losses on loans | (32,060) | (37,865) |
Net loans | 3,253,856 | 3,181,957 |
Goodwill | 94,697 | 94,697 |
Core deposit intangible assets | 2,516 | 2,843 |
Bank-owned life insurance | 96,062 | 94,877 |
Premises and equipment, net | 39,050 | 39,884 |
Deferred tax assets | 13,237 | 11,956 |
Other assets | 118,083 | 152,388 |
Total assets | 5,152,069 | 4,898,745 |
Deposits: | ||
Non-interest checking | 1,183,403 | 792,550 |
Interest checking | 1,138,273 | 1,288,575 |
Savings and money market | 1,355,316 | 1,282,886 |
Certificates of deposit | 334,336 | 357,666 |
Brokered deposits | 282,786 | 283,567 |
Total deposits | 4,294,114 | 4,005,244 |
Short-term borrowings | 170,413 | 162,439 |
Long-term borrowings | 0 | 25,000 |
Subordinated debentures | 44,331 | 59,331 |
Accrued interest and other liabilities | 97,663 | 117,417 |
Total liabilities | 4,606,521 | 4,369,431 |
Commitments and Contingencies | ||
Shareholders’ Equity | ||
Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 14,951,067 and 14,909,097 shares on June 30, 2021 and December 31, 2020, respectively | 132,278 | 131,072 |
Retained earnings | 404,602 | 377,502 |
Accumulated other comprehensive income: | ||
Net unrealized gain on available-for-sale debt securities, net of tax | 14,097 | 29,310 |
Net unrealized loss on cash flow hedging derivative instruments, net of tax | (1,826) | (4,626) |
Net unrecognized loss on postretirement plans, net of tax | (3,603) | (3,944) |
Total accumulated other comprehensive income | 8,668 | 20,740 |
Total shareholders’ equity | 545,548 | 529,314 |
Total liabilities and shareholders’ equity | $ 5,152,069 | $ 4,898,745 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION (CURRENT PERIOD UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, book value | $ 1,381,864 | $ 1,078,474 |
Held-to-maturity securities, fair value | 1,397 | 1,411 |
Loans held for sale | $ 14,887 | $ 40,499 |
Common stock, no par value (dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 14,951,067 | 14,909,097 |
Common stock, outstanding (in shares) | 14,951,067 | 14,909,097 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||||
Interest and fees on loans | $ 30,865 | $ 33,120 | $ 61,425 | $ 67,165 |
Taxable interest on investments | 4,376 | 4,883 | 8,205 | 9,761 |
Nontaxable interest on investments | 763 | 828 | 1,491 | 1,615 |
Dividend income | 102 | 167 | 207 | 335 |
Other interest income | 160 | 180 | 326 | 515 |
Total interest income | 36,266 | 39,178 | 71,654 | 79,391 |
Interest Expense | ||||
Interest on deposits | 1,921 | 3,392 | 3,984 | 10,054 |
Interest on borrowings | 176 | 359 | 332 | 1,197 |
Interest on subordinated debentures | 640 | 888 | 1,445 | 1,775 |
Total interest expense | 2,737 | 4,639 | 5,761 | 13,026 |
Net interest income | 33,529 | 34,539 | 65,893 | 66,365 |
(Credit) provision for credit losses | (3,403) | 9,398 | (5,359) | 11,173 |
Net interest income after (credit) provision for credit losses | 36,932 | 25,141 | 71,252 | 55,192 |
Non-Interest Income | ||||
Mortgage banking income, net | 2,598 | 4,691 | 9,707 | 8,225 |
Brokerage and insurance commissions | 939 | 622 | 1,892 | 1,279 |
Bank-owned life insurance | 591 | 614 | 1,185 | 1,303 |
Customer loan swap fees | 0 | 57 | 0 | 171 |
Other income | 856 | 745 | 1,614 | 1,499 |
Total non-interest income | 11,320 | 12,060 | 26,535 | 23,463 |
Non-Interest Expense | ||||
Salaries and employee benefits | 15,318 | 13,627 | 29,840 | 27,954 |
Furniture, equipment and data processing | 2,947 | 2,710 | 5,974 | 5,500 |
Net occupancy costs | 1,805 | 1,997 | 3,756 | 4,000 |
Debit card expense | 1,074 | 878 | 2,060 | 1,812 |
Consulting and professional fees | 997 | 1,181 | 1,860 | 1,964 |
Regulatory assessments | 487 | 299 | 990 | 461 |
Amortization of core deposit intangible assets | 164 | 171 | 328 | 341 |
Other real estate owned and collection (recoveries) costs, net | (25) | 98 | (216) | 199 |
Other expenses | 2,823 | 2,548 | 5,897 | 5,839 |
Total non-interest expense | 25,590 | 23,509 | 50,489 | 48,070 |
Income before income tax expense | 22,662 | 13,692 | 47,298 | 30,585 |
Income Tax Expense | 4,519 | 2,752 | 9,415 | 6,152 |
Net Income | $ 18,143 | $ 10,940 | $ 37,883 | $ 24,433 |
Per Share Data | ||||
Basic earnings per share | $ 1.21 | $ 0.73 | $ 2.53 | $ 1.62 |
Diluted earnings per share | $ 1.21 | $ 0.73 | $ 2.52 | $ 1.62 |
Weighted average number of common shares outstanding | 14,943,486 | 14,959,851 | 14,930,017 | 15,031,525 |
Diluted weighted average number of common shares outstanding | 15,007,471 | 14,997,611 | 14,994,138 | 15,069,132 |
Cash dividends declared per share | $ 0.36 | $ 0.33 | $ 0.72 | $ 0.66 |
Debit Card | ||||
Non-Interest Income | ||||
Revenue | $ 3,112 | $ 2,391 | $ 5,848 | $ 4,532 |
Deposit Account | ||||
Non-Interest Income | ||||
Revenue | 1,517 | 1,337 | 3,056 | 3,349 |
Fiduciary and Trust | ||||
Non-Interest Income | ||||
Revenue | $ 1,707 | $ 1,603 | $ 3,233 | $ 3,105 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 18,143 | $ 10,940 | $ 37,883 | $ 24,433 |
Other comprehensive income (loss): | ||||
Net change in unrealized gains on available-for-sale securities, net of tax | 2,296 | 7,130 | (15,213) | 26,060 |
Net change in unrealized loss on cash flow hedging derivatives, net of tax | (2,364) | 52 | 2,800 | (702) |
Net gain on postretirement plans, net of tax | 171 | 133 | 341 | 266 |
Other comprehensive income (loss) | 103 | 7,315 | (12,072) | 25,624 |
Comprehensive Income | $ 18,246 | $ 18,255 | $ 25,811 | $ 50,057 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance (in shares) at Dec. 31, 2019 | 15,144,719 | |||
Beginning Balance at Dec. 31, 2019 | $ 473,415 | $ 139,103 | $ 340,580 | $ (6,268) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 24,433 | 24,433 | ||
Other comprehensive income, net of tax | 25,624 | 25,624 | ||
Stock-based compensation expense | 951 | $ 951 | ||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings and tax benefit (shares) | 35,353 | |||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings | (100) | $ (100) | ||
Common stock repurchased (in shares) | (217,031) | |||
Common stock repurchased | (7,973) | $ (7,973) | ||
Cash dividends declared | (9,883) | (9,883) | ||
Ending Balance (in shares) at Jun. 30, 2020 | 14,963,041 | |||
Ending Balance at Jun. 30, 2020 | 506,467 | $ 131,981 | 355,130 | 19,356 |
Beginning Balance (in shares) at Mar. 31, 2020 | 14,951,597 | |||
Beginning Balance at Mar. 31, 2020 | 492,680 | $ 131,498 | 349,141 | 12,041 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 10,940 | 10,940 | ||
Other comprehensive income, net of tax | 7,315 | 7,315 | ||
Stock-based compensation expense | 530 | $ 530 | ||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings and tax benefit (shares) | 11,444 | |||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings | (47) | $ (47) | ||
Cash dividends declared | (4,951) | (4,951) | ||
Ending Balance (in shares) at Jun. 30, 2020 | 14,963,041 | |||
Ending Balance at Jun. 30, 2020 | 506,467 | $ 131,981 | 355,130 | 19,356 |
Beginning Balance (in shares) at Dec. 31, 2020 | 14,909,097 | |||
Beginning Balance at Dec. 31, 2020 | 529,314 | $ 131,072 | 377,502 | 20,740 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 37,883 | 37,883 | ||
Other comprehensive income, net of tax | (12,072) | (12,072) | ||
Stock-based compensation expense | 1,514 | $ 1,514 | ||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings and tax benefit (shares) | 41,970 | |||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings | (308) | $ (308) | ||
Cash dividends declared | (10,783) | (10,783) | ||
Ending Balance (in shares) at Jun. 30, 2021 | 14,951,067 | |||
Ending Balance at Jun. 30, 2021 | 545,548 | $ 132,278 | 404,602 | 8,668 |
Beginning Balance (in shares) at Mar. 31, 2021 | 14,928,434 | |||
Beginning Balance at Mar. 31, 2021 | 532,120 | $ 131,695 | 391,860 | 8,565 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income | 18,143 | 18,143 | ||
Other comprehensive income, net of tax | 103 | 103 | ||
Stock-based compensation expense | 811 | $ 811 | ||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings and tax benefit (shares) | 22,633 | |||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings | (228) | $ (228) | ||
Cash dividends declared | (5,401) | (5,401) | ||
Ending Balance (in shares) at Jun. 30, 2021 | 14,951,067 | |||
Ending Balance at Jun. 30, 2021 | $ 545,548 | $ 132,278 | $ 404,602 | $ 8,668 |
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 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared, per share | $ 0.36 | $ 0.33 | $ 0.72 | $ 0.66 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net Income | $ 37,883 | $ 24,433 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Originations of mortgage loans held for sale | (277,778) | (194,149) |
Proceeds from the sale of mortgage loans | 312,474 | 176,250 |
Gain on sale of mortgage loans, net of origination costs | (9,084) | (6,095) |
(Credit) provision for credit losses | (5,359) | 11,173 |
Depreciation and amortization expense | 1,826 | 1,892 |
Investment securities amortization and accretion, net | 3,733 | 1,755 |
Stock-based compensation expense | 1,514 | 951 |
Amortization of core deposit intangible assets | 328 | 341 |
Purchase accounting accretion, net | (435) | (617) |
Net decrease (increase) in derivative collateral posted | 22,090 | (30,820) |
Decrease (increase) in other assets | 3,385 | (7,789) |
(Decrease) increase in other liabilities | (6,072) | 3,188 |
Net cash provided by (used in) by operating activities | 84,505 | (19,487) |
Investing Activities | ||
Proceeds from available-for-sale debt securities | 175,036 | 108,396 |
Purchase of available-for-sale debt securities | (482,156) | (206,496) |
Net increase in loans | (66,366) | (231,369) |
Purchase of Federal Home Loan Bank stock | (12) | (9,232) |
Proceeds from sale of Federal Home Loan Bank stock | 1,329 | 7,754 |
Purchase of premises and equipment | 1,176 | 2,261 |
Recoveries of previously charged-off loans | 208 | 170 |
Proceeds from the sale of other real estate owned | 465 | 0 |
Net cash used in investing activities | (372,672) | (333,038) |
Financing Activities | ||
Net increase in deposits | 288,870 | 458,624 |
Net proceeds from (repayments of) borrowings less than 90 days | 7,974 | (22,811) |
Proceeds from Federal Home Loan Bank long-term advances | 0 | 25,000 |
Repayments of Federal Home Loan Bank long-term advances | 25,000 | 10,000 |
Repayment of subordinated debt | (15,000) | 0 |
Common stock repurchases | (11) | (7,973) |
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings | (308) | (100) |
Cash dividends paid on common stock | 10,323 | 9,954 |
Finance lease payments | (76) | (69) |
Net cash provided by financing activities | 246,126 | 432,717 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (42,041) | 80,192 |
Cash, cash equivalents, and restricted cash at beginning of period | 145,774 | 75,636 |
Cash, cash equivalents and restricted cash at end of period | 103,733 | 155,828 |
Supplemental information | ||
Interest paid | 5,874 | 13,528 |
Income taxes paid | 10,294 | 279 |
Transfer from premises to other real estate owned | $ 204 | $ 24 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited consolidated interim financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated statements of condition of Camden National Corporation (the "Company") as of June 30, 2021 and December 31, 2020, the consolidated statements of income for the three and six months ended June 30, 2021 and 2020, the consolidated statements of comprehensive income for the three and six months ended June 30, 2021 and 2020, the consolidated statements of changes in shareholders' equity for the three and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020. The consolidated financial statements include the accounts of the Company and Camden National Bank (the "Bank"), a wholly-owned subsidiary of the Company (which includes the consolidated accounts of Healthcare Professional Funding Corporation ("HPFC") and Property A, Inc. as of and for the three and six months ended June 30, 2021, and HPFC, Property A, Inc. and Property P, Inc. as of and for the three and six months ended June 30, 2020). All intercompany accounts and transactions have been eliminated in consolidation. Assets held by the Bank in a fiduciary capacity, through Camden National Wealth Management, a division of the Bank, are not assets of the Company and, therefore, are not included in the consolidated statements of condition. The Company also owns 100% of the common stock of Camden Capital Trust A and Union Bankshares Capital Trust I. These entities are unconsolidated subsidiaries of the Company. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not impact net income or shareholders' equity as previously reported. Net income reported for the three and six months ended June 30, 2021, is not necessarily indicative of the results that may be expected for the full year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Management's Discussion and Analysis of Financial Condition and Results of Operations." The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q. AFS: Available-for-sale FRBB: Federal Reserve Bank of Boston ALCO: Asset/Liability Committee GAAP: Generally accepted accounting principles in the United States ACL: Allowance for credit losses GDP: Gross domestic product AOCI: Accumulated other comprehensive income (loss) HPFC: Healthcare Professional Funding Corporation, a wholly-owned subsidiary of Camden National Bank ASC: Accounting Standards Codification HTM: Held-to-maturity ASU: Accounting Standards Update IRS: Internal Revenue Service Bank: Camden National Bank, a wholly-owned subsidiary of Camden National Corporation LGD: Loss given default BOLI: Bank-owned life insurance LIBOR: London Interbank Offered Rate Board ALCO: Board of Directors' Asset/Liability Committee LTIP: Long-Term Performance Share Plan CARES Act: Coronavirus Aid, Relief, and Economic Security Act, signed into law in March 2020 in response to COVID-19 Management ALCO: Management Asset/Liability Committee CCTA: Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation MBS: Mortgage-backed security CDs: Certificate of deposits MSPP: Management Stock Purchase Plan CECL: Current Expected Credit Losses N/A: Not applicable Company: Camden National Corporation N.M.: Not meaningful CMO: Collateralized mortgage obligation OCC: Office of the Comptroller of the Currency CUSIP: Committee on Uniform Securities Identification Procedures OCI: Other comprehensive income (loss) DCRP: Defined Contribution Retirement Plan OREO: Other real estate owned EPS: Earnings per share OTTI: Other-than-temporary impairment FASB: Financial Accounting Standards Board PD: Probability of default FDIC: Federal Deposit Insurance Corporation SBA: U.S. Small Business Administration FHLB: Federal Home Loan Bank SBA PPP U.S. Small Business Administration Paycheck Protection Program FHLBB: Federal Home Loan Bank of Boston SERP: Supplemental executive retirement plans FHLMC: Federal Home Loan Mortgage Corporation TDR: Troubled-debt restructured loan FNMA: Federal National Mortgage Association UBCT: Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation FRB: Federal Reserve System Board of Governors U.S.: United States of America |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in 2021 The Company adopted and updated its accounting policy for the following accounting standards that have been applied to the Company's interim consolidated financial statements for the three and six months ended June 30, 2021: ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The FASB issued ASU 2019-12 to simplify the accounting for income taxes by removing certain technical exceptions and by clarifying and amending certain areas. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, and as such the Company adopted effective January 1, 2021. There was no material impact on the Company's consolidated financial statements as a result of adopting ASU 2019-12. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform ("ASU 2020-04"), as amended by ASU No. 2021-01, Reference Rate Reform (Topic 848 ) Scope ("ASU 2021-01"). On March 12, 2020, the FASB issued ASU 2020-04, which was subsequently amended by ASU 2021-01 . The FASB issued these updates to ease the burden in accounting for the effects of reference rate reform on financial reporting. ASU 2020-04 and ASU 2021-01 contain optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The Company adopted ASU 2020-04 and ASU 2021-01 effective January 1, 2021, and there was no material impact on the Company's consolidated financial statements as a result of adopting this guidance. |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Trading Securities Trading securities are reported on the Company's consolidated statements of condition at fair value. As of June 30, 2021 and December 31, 2020, the fair value of the Company's trading securities were $4.4 million and $4.2 million, respectively. These securities are held in a rabbi trust account and invested in mutual funds. The trading securities will be used for future payments associated with the Company's Executive Deferred Compensation Plan and Director Deferred Compensation Plan. AFS Debt Securities AFS debt securities are reported on the Company's consolidated statements of condition at fair value. The following table summarizes the amortized cost, estimated fair value, and unrealized gains (losses) of AFS debt securities, as of the dates indicated: (In thousands) Amortized Unrealized Unrealized Fair June 30, 2021 Obligations of U.S. government sponsored enterprises $ 7,200 $ 2 $ (119) $ 7,083 Obligations of states and political subdivisions 112,792 6,116 (255) 118,653 Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 829,611 13,290 (3,360) 839,541 Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 423,244 5,782 (3,724) 425,302 Subordinated corporate bonds 9,017 245 (18) 9,244 Total AFS debt securities $ 1,381,864 $ 25,435 $ (7,476) $ 1,399,823 December 31, 2020 Obligations of states and political subdivisions $ 119,608 $ 7,627 $ (115) $ 127,120 Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 547,396 19,796 (574) 566,618 Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 399,937 10,652 (135) 410,454 Subordinated corporate bonds 11,533 186 (98) 11,621 Total AFS debt securities $ 1,078,474 $ 38,261 $ (922) $ 1,115,813 As of June 30, 2021 and December 31, 2020, there was no allowance carried on AFS debt securities in accordance with ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The net unrealized gains on AFS debt securities reported within AOCI at June 30, 2021, were $14.1 million, net of a deferred tax liability of $3.9 million. The net unrealized gains on AFS investments reported within AOCI at December 31, 2020, were $29.3 million, net of a deferred tax liability of $8.0 million. For the three and six months ended June 30, 2021 and 2020, the Company did not sell any AFS debt securities. The following table presents the Company's AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, segregated by the length of time the securities have been in a continuous loss position, as of the dates indicated: Less Than 12 Months 12 Months or More Total (In thousands, except number of holdings) Number of Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2021 Obligations of U.S. government sponsored enterprises 3 $ 6,081 $ (119) $ — $ — $ 6,081 $ (119) Obligations of states and political subdivisions 2 1,294 (2) 2,265 (253) 3,559 (255) Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 54 329,607 (3,358) 297 (2) 329,904 (3,360) Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 42 211,308 (3,665) 4,063 (59) 215,371 (3,724) Subordinated corporate bonds 2 1,982 (18) — — 1,982 (18) Total AFS debt securities 103 $ 550,272 $ (7,162) $ 6,625 $ (314) $ 556,897 $ (7,476) December 31, 2020 Obligations of states and political subdivisions 1 $ 2,404 $ (115) $ — $ — $ 2,404 $ (115) Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 15 61,222 (568) 980 (6) 62,202 (574) Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 9 39,107 (135) — — 39,107 (135) Subordinated corporate bonds 5 4,902 (98) — — 4,902 (98) Total AFS debt securities 30 $ 107,635 $ (916) $ 980 $ (6) $ 108,615 $ (922) For the three and six months ended June 30, 2021 and 2020, the unrealized losses on Company's AFS debt securities have not been recognized within income because management does not intend to sell and it is not more-likely-than-not it will be required to sell any of the AFS debt securities before recovery of its amortized cost basis. Furthermore, the unrealized losses were due to changes in interest rates and other market conditions and not reflective of credit events. The issuers continue to make timely principal and interest payments on the bonds. At June 30, 2021 and December 31, 2020, total accrued interest receivable on AFS debt securities, which has been excluded from reported amortized cost basis on AFS debt securities, was $3.3 million and $3.1 million respectively and was reported within other assets on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date. The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity at June 30, 2021, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-related securities are shown in total, as their maturities are highly variable. (In thousands) Amortized Fair Due in one year or less $ 3,018 $ 3,072 Due after one year through five years 4,276 4,641 Due after five years through ten years 74,599 77,814 Due after ten years 47,116 49,453 Subtotal 129,009 134,980 Mortgage-related securities 1,252,855 1,264,843 Total $ 1,381,864 1381864000 $ 1,399,823 HTM Debt Securities HTM debt securities are reported on the Company's consolidated statements of condition at amortized cost. The following table summarizes the amortized cost, estimated fair value and unrealized gains (losses) of HTM debt securities as of the dates indicated: (In thousands) Amortized Unrealized Unrealized Fair March 31, 2021 Obligations of states and political subdivisions $ 1,294 $ 103 $ — $ 1,397 Total HTM debt securities $ 1,294 $ 103 $ — $ 1,397 December 31, 2020 Obligations of states and political subdivisions $ 1,297 $ 114 $ — $ 1,411 Total HTM debt securities $ 1,297 $ 114 $ — $ 1,411 As of June 30, 2021 and December 31, 2020, the Company’s HTM debt securities portfolio was made up of three investment grade municipal debt securities, of which two securities also carried credit enhancements. The HTM debt securities portfolio was comprised solely of high credit quality (rated AA or higher) state and municipal obligations. High credit quality state and municipal obligations have a history of zero to near-zero credit loss. As a result, the Company determined that the expected credit loss on its HTM portfolio was immaterial, and therefore, an allowance was not carried on its HTM debt securities at June 30, 2021 or December 31, 2020. As of June 30, 2021 and December 31, 2020, none of the Company's HTM debt securities were past due or on non-accrual status. For the three and six months ended June 30, 2021 and 2020, the Company did not recognize any interest income on non-accrual HTM debt securities. At June 30, 2021 and December 31, 2020, total accrued interest receivable on HTM debt securities, which has been excluded from reported amortized cost basis on HTM debt securities, was $10,000, and reported within other assets on the consolidated statements of condition. An allowance was not carried on the accrued interest receivable at either date. The amortized cost and estimated fair values of HTM debt securities by contractual maturity at June 30, 2021 are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (In thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years 868 933 Due after five years through ten years 426 464 Due after ten years — — Total $ 1,294 $ 1,397 AFS and HTM Debt Securities Pledged At June 30, 2021 and December 31, 2020, AFS and HTM debt securities with an amortized cost of $500.8 million and $485.0 million and estimated fair values of $512.9 million and $507.1 million, respectively, were pledged to secure FHLBB advances, public deposits, and securities sold under agreements to repurchase and for other purposes required or permitted by law. Other Investments The Company's FHLBB and FRB common stock are reported at cost within other investments on the consolidated statements of condition. The Company evaluates these investments for impairment based on the ultimate recoverability of the par value. The Company did not record any impairment on its FHLBB and FRB stock for the three and six months ended June 30, 2021 and 2020. The following table summarizes the Company's investment in FHLBB stock and FRBB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated: (In thousands) June 30, December 31, FHLBB $ 4,850 $ 6,167 FRB 5,374 5,374 Total other investments $ 10,224 $ 11,541 |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 90 June 30, 2021 Commercial real estate - non owner-occupied $ 99 $ — $ 63 $ 162 $ 1,127,038 $ 1,127,200 $ — Commercial real estate - owner-occupied — — 47 47 296,650 296,697 Commercial 183 — 836 1,019 366,074 367,093 — SBA PPP — — — — 126,064 126,064 — Residential real estate 489 155 1,570 2,214 1,118,703 1,120,917 — Home equity 236 — 919 1,155 227,535 228,690 — Consumer 35 9 28 72 19,183 19,255 — Total $ 1,042 $ 164 $ 3,463 $ 4,669 $ 3,281,247 $ 3,285,916 $ — December 31, 2020 Commercial real estate - non owner-occupied $ — $ 50 $ 173 $ 223 $ 1,097,752 $ 1,097,975 $ — Commercial real estate - owner-occupied 99 — 47 146 271,349 271,495 — Commercial 430 — 857 1,287 380,207 381,494 — SBA PPP — — — — 135,095 135,095 — Residential real estate 1,406 1,103 2,535 5,044 1,049,754 1,054,798 — Home equity 335 173 1,416 1,924 256,649 258,573 — Consumer 92 67 4 163 20,229 20,392 — Total $ 2,362 $ 1,393 $ 5,032 $ 8,787 $ 3,211,035 $ 3,219,822 $ — The following table presents the amortized cost basis of loans on non-accrual status (including non-accruing TDRs) by portfolio segment as of the dates indicated: June 30, December 31, (In thousands) Non-Accrual Loans With an Allowance Non-Accrual Loans Without an Allowance Total Non-Accrual Loans Non-Accrual Loans With an Allowance Non-Accrual Loans Without an Allowance Total Non-Accrual Loans Commercial real estate - non owner-occupied $ 71 $ 15 $ 86 $ 351 $ 15 $ 366 Commercial real estate - owner-occupied 89 47 136 99 47 146 Commercial 1,459 52 1,511 1,549 58 1,607 Residential real estate 2,432 293 2,725 3,136 341 3,477 Home equity 1,396 — 1,396 1,961 35 1,996 Consumer 28 — 28 4 — 4 Total $ 5,475 $ 407 $ 5,882 $ 7,100 $ 496 $ 7,596 The following table presents the amortized cost basis of collateral-dependent non-accrual loans (including non-accruing TDRs) by portfolio segment and collateral type, as of the dates indicated: June 30, December 31, Collateral Type Total Collateral -Dependent Collateral Type Total Collateral -Dependent (In thousands) Real Estate General Business Assets Real Estate General Business Assets Commercial $ — $ 623 $ 623 $ — $ 689 $ 689 Residential real estate 218 — 218 248 — 248 Home equity 88 — 88 — — — Total $ 306 $ 623 $ 929 $ 248 $ 689 $ 937 Collateral-dependent loans are loans for which the repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. Interest income that would have been r" id="sjs-B4">LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS Loans The composition of the Company’s loan portfolio, excluding residential loans held for sale, was as follows for the dates indicated: (In thousands) June 30, December 31, Commercial Loans: Commercial real estate - non owner-occupied $ 1,127,200 $ 1,097,975 Commercial real estate - owner-occupied 296,697 271,495 Commercial 367,093 381,494 SBA PPP 126,064 135,095 Total commercial loans 1,917,054 1,886,059 Retail Loans: Residential real estate 1,120,917 1,054,798 Home equity 228,690 258,573 Consumer 19,255 20,392 Total retail loans 1,368,862 1,333,763 Total loans $ 3,285,916 $ 3,219,822 The loan balances for each portfolio segment presented above are net of their respective unamortized fair value mark discount on acquired loans and net of unamortized loan origination costs for the dates indicated: (In thousands) June 30, December 31, Net unamortized fair value mark discount on acquired loans $ (857) $ (1,291) Net unamortized loan (fees) origination costs (1) (2,012) 856 Total $ (2,869) $ (435) (1) The change in net unamortized loan (fees) origination costs from December 31, 2020 to June 30, 2021, was primarily driven by SBA PPP loan origination fees capitalized during the six months ended June 30, 2021. As of June 30, 2021 and December 31, 2020, unamortized loan fees on originated SBA PPP loans were $5.4 million and $2.2 million, respectively. The Company's lending activities are primarily conducted in Maine, but also include loan production offices in Massachusetts and New Hampshire. The Company originates single- and multi-family residential loans, commercial real estate loans, business loans, municipal loans and a variety of consumer loans. In addition, the Company makes loans for the construction of residential homes, multi-family properties and commercial real estate properties. The ability and willingness of borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the geographic area and the general economy. Beginning in April 2020, the Company started funding SBA PPP loans issued to qualifying businesses as part of the federal stimulus package issued due to the COVID-19 pandemic. For the six months ended June 30, 2021, the Company originated 1,620 SBA PPP loans totaling $102.2 million to qualifying businesses across our markets in need of financial support due to the COVID-19 pandemic. For the year ended December 31, 2020, the Company originated 3,034 SBA PPP loans totaling $244.8 million. This program provided qualifying businesses a specialized low-interest loan by the U.S. Treasury Department and is administered by the SBA. The PPP provides borrower guarantees for lenders, as well as loan forgiveness incentives for borrowers that utilize the loan proceeds to cover employee compensation-related business operating costs, as well as certain other costs up to pre-established limits. In the normal course of business, the Bank makes loans to certain officers, directors and their associated companies, under terms that are consistent with the Company's lending policies and regulatory requirements and that do not involve more than the normal risk of collectability or present other unfavorable features. At June 30, 2021 and December 31, 2020, outstanding loans to certain officers, directors and their associated companies was less than 5% of the Company's shareholders' equity. Loan Sales For the three months ended June 30, 2021 and 2020, the Company sold $110.8 million and $197.8 million, respectively, of fixed rate residential mortgage loans on the secondary market, which resulted in gains on the sale of loans (net of costs) of $2.9 million and $4.6 million, respectively. For the six months ended June 30, 2021 and 2020, the Company sold $303.4 million and $267.0 million, respectively, of fixed rate residential mortgage loans on the secondary market which resulted in gains on the sale of loans (net of costs) of $9.1 million and $6.1 million. At June 30, 2021 and December 31, 2020, the Company had certain residential mortgage loans with a principal balance of $14.9 million and $40.5 million, respectively, designated as held for sale. The Company has elected the fair value option of accounting for its loans held for sale, and at June 30, 2021 and December 31, 2020, recorded an unrealized gain of $253,000 and $1.1 million, respectively. For the three months ended June 30, 2021 and 2020, the Company recorded an unrealized gain on loans held for sale recorded within mortgage banking income, net, on the Company's consolidated statements of income of $267,000 and $1.3 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded an unrealized (loss) gain on loans held for sale recorded within mortgage banking income, net, on the Company's consolidated statements of income of ($804,000) and $742,000, respectively. The Company has forward delivery commitments with a secondary market investor on each of its loans held for sale at June 30, 2021 and December 31, 2020. Refer to Note 8 for further discussion of the Company's forward delivery commitments. ACL on Loans Under CECL, effective January 1, 2020 but applied to interim reporting periods on or after October 1, 2020, the ACL on loans is management's estimate of expected credit losses within its loan portfolio as of each reporting date. The Board of Directors monitors credit risk through: (i) the Directors' Credit Committee, which reviews large credit exposures, monitors external loan review reports, reviews the lending authority for individual loan officers when required, and has approval authority and responsibility for all matters regarding the loan policy and other credit-related policies, including reviewing and monitoring asset quality trends, and concentration levels; and (ii) the Audit Committee, which has approval authority and oversight responsibility for ACL adequacy and methodology. Credit Risk Administration and the Credit Risk Policy Committee oversee the Company's systems and procedures to monitor the credit quality of its loan portfolio, conduct a loan review program, and maintain the integrity of the loan rating system. The adequacy of the ACL, including the ACL on loans, is overseen by the Management Provision Committee, which is an internal management committee comprised of various Company executives and senior managers across business lines, including Accounting and Finance, Credit Risk, Compliance, and Commercial and Retail Banking. The Management Provision Committee is further supported by other management-level committees to ensure the adequacy of the ACL. The Management Provision Committee supports the oversight efforts of the director-level committees discussed in the paragraph above and the Board of Directors. The Company's practice is to manage its loan portfolio proactively such that management can identify problem credits early, assess and implement effective work-out strategies, and take charge-offs as promptly as practical. In addition, the Company continuously reassesses its underwriting standards in response to credit risk posed by changes in economic conditions. For purposes of determining the ACL on loans, the Company disaggregates its loans into portfolio segments. Each portfolio segment possesses unique risk characteristics that are considered when determining the appropriate level of allowance. As of June 30, 2021, the Company's loan portfolio segments, as determined based on the unique risk characteristics of each, include the following: Commercial Real Estate - Non Owner-Occupied. Non-owner occupied commercial real estate loans are, in substance, all commercial real estate loans that are not categorized by the Company as owner-occupied commercial real estate loans. Non owner-occupied commercial estate loans are investment properties in which the primary source for repayment of the loan by the borrower is derived from rental income associated with the property or the proceeds of the sale, refinancing, or permanent refinancing of the property. Non owner-occupied commercial real estate loans consist of mortgage loans to finance investments in real property that may include, but are not limited to, multi-family residential, commercial/retail office space, industrial/warehouse space, hotels, assisted living facilities and other specific use properties. Also included within the non owner-occupied commercial real estate loan segment are construction projects until they are completed. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines. Commercial Real Estate - Owner-Occupied. Generally, owner-occupied commercial real estate loans are properties that are owned and operated by the borrower, and the primary source for repayment is the cash flow from the ongoing operations and activities conducted by the borrower's business. Owner-occupied commercial real estate loans consist of mortgage loans to finance investments in real property that may include, but are not limited to, commercial/retail office space, restaurants, educational and medical practice facilities and other specific use properties. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Maximum loan-to-value ratios at origination are governed by established policy and regulatory guidelines. Commercial. Commercial loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate, if applicable. Commercial loans are primarily paid by the operating cash flow of the borrower. Commercial loans may be secured or unsecured. SBA PPP. SBA PPP loans are unsecured, fully-guaranteed commercial loans backed by the SBA, issued to qualifying small businesses as part of federal stimulus issued in response to the COVID-19 pandemic. Loans made under the program during the year ended December 31, 2020 have terms of two or five years, and those made for the six months ended June 30, 2021 have a term of five years. SBA PPP loans are to be used by the borrower to offset certain payroll and other operating costs, such as rent and utilities. The loan and accrued interest, or a portion thereof, is eligible for forgiveness by the SBA should the qualifying small business meet certain conditions. These loans were originated under the guidance of the SBA, which has been subject to change. Residential Real Estate . Residential real estate loans held in the Company's loan portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines. Collateral consists of mortgage liens on one- to four-family residences, including for investment purposes. Home Equity. Home equity loans and lines of credit are made to qualified individuals and are secured by senior or junior mortgage liens on owner-occupied one- to four-family homes, condominiums, or vacation homes. The home equity loan has a fixed rate and is billed as equal payments comprised of principal and interest. The home equity line of credit has a variable rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines. Consumer. Consumer loan products include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as education, auto loans, debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. Consumer loans may be secured or unsecured. The following table presents the activity in the ACL on loans, as reported under CECL, for the periods indicated: Commercial Real Estate (In thousands) Non Owner-Occupied Owner- Occupied Commercial SBA PPP Residential Real Estate Home Equity Consumer Total At or For The Three Months Ended June 30, 2021 Beginning balance, March 31, 2021 $ 22,473 $ 2,548 $ 5,170 $ 87 $ 3,093 $ 2,176 $ 228 $ 35,775 Loans charged off — — (259) — (35) (107) (19) (420) Recoveries — 3 67 — 70 — 17 157 (Credit) provision for loan losses (2,896) (35) (636) (21) 77 (4) 63 (3,452) Ending balance, June 30, 2021 $ 19,577 $ 2,516 $ 4,342 $ 66 $ 3,205 $ 2,065 $ 289 $ 32,060 At or For The Six Months Ended June 30, 2021 Beginning balance, December 31, 2020 $ 21,778 $ 2,832 $ 6,703 $ 69 $ 3,474 $ 2,616 $ 393 $ 37,865 Loans charged off — — (406) — (88) (145) (68) (707) Recoveries — 5 110 — 70 — 23 208 (Credit) provision for loan losses (2,201) (321) (2,065) (3) (251) (406) (59) (5,306) Ending balance, June 30, 2021 $ 19,577 $ 2,516 $ 4,342 $ 66 $ 3,205 $ 2,065 $ 289 $ 32,060 At or For The Year Ended December 31, 2020 Beginning balance, December 31, 2019 $ 10,924 $ 1,490 $ 3,985 $ — $ 5,842 $ 2,423 $ 507 $ 25,171 Impact of adopting CECL (1) (668) (90) 1,548 — (1,129) 792 (220) 233 Loans charged off (82) (21) (1,130) — (121) (317) (167) (1,838) Recoveries 107 13 572 — 292 33 67 1,084 Provision (credit) for loan losses 11,497 1,440 1,728 69 (1,410) (315) 206 13,215 Ending balance, December 31, 2020 $ 21,778 $ 2,832 $ 6,703 $ 69 $ 3,474 $ 2,616 $ 393 $ 37,865 (1) The Company adopted ASU 2016-13, "CECL," effective January 1, 2020 but applied to reporting periods on or after October 1, 2020. During the six months ended June 30, 2021, there were no significant changes in our CECL modeling methodology to determine the ACL on loans at June 30, 2021. The significant key assumptions used with the ACL on loans calculation at June 30, 2021 and December 31, 2020, included: (i) Company-specific macroeconomic factors (i.e., loss drivers), (ii) our forecast period and reversion speed, (iii) prepayment speeds, and (iv) various qualitative factors. The ACL on loans, as presented and accounted for under the CECL methodology, decreased $5.8 million during the six months ended June 30, 2021, to $32.1 million as of June 30, 2021. The decrease in the ACL on loans was driven by an overall improvement in management's forecast of macroeconomic factors over a one-year forecast period. The following table presents activity in the ACL on loans and select loan information by portfolio segment, under the incurred loss methodology, for the periods indicated: (In thousands) Commercial Real Estate (1) Commercial SBA PPP Residential Home Consumer Total At or For The Three and Six Months Ended June 30, 2020 Allowance for the three months ended: Beginning balance $ 13,374 $ 4,297 $ — $ 5,897 $ 2,480 $ 473 $ 26,521 Loans charged off (21) (420) — — (17) (26) (484) Recoveries 3 63 — 21 — 15 102 Provision 5,030 909 113 2,685 621 42 9,400 Ending balance $ 18,386 $ 4,849 $ 113 $ 8,603 $ 3,084 $ 504 $ 35,539 Allowance for the six months ended: Beginning balance $ 12,414 $ 3,985 $ — $ 5,842 $ 2,423 $ 507 $ 25,171 Loans charged off (71) (673) — (96) (51) (83) (974) Recoveries 7 116 — 23 4 20 170 Provision (1) 6,036 1,421 113 2,834 708 60 11,172 Ending balance $ 18,386 $ 4,849 $ 113 $ 8,603 $ 3,084 $ 504 $ 35,539 Allowance balance attributable to loans: Individually evaluated for impairment $ 35 $ — $ — $ 338 $ 89 $ — $ 462 Collectively evaluated for impairment 18,351 4,849 113 8,265 2,995 504 35,077 Total ending allowance $ 18,386 $ 4,849 $ 113 $ 8,603 $ 3,084 $ 504 $ 35,539 Loans: Individually evaluated for impairment $ 461 $ 179 $ — $ 3,153 $ 370 $ — $ 4,163 Collectively evaluated for impairment 1,310,524 428,007 218,803 1,051,180 290,445 22,919 3,321,878 Total ending loans balance $ 1,310,985 $ 428,186 $ 218,803 $ 1,054,333 $ 290,815 $ 22,919 $ 3,326,041 (1) Includes both commercial real estate - non owner-occupied and owner-occupied loan segments. The Company focuses on maintaining a well-balanced and diversified loan portfolio. Despite such efforts, it is recognized that credit concentrations may occasionally emerge as a result of economic conditions, changes in local demand, natural loan growth and runoff. To identify credit concentrations effectively, all commercial and commercial real estate loans are assigned Standard Industrial Classification codes, North American Industry Classification System codes, and state and county codes. Shifts in portfolio concentrations are monitored. As of June 30, 2021, the Company's total exposure to the lessors of nonresidential buildings' industry was 14% of total loans and 32% of total commercial real estate loans. There were no other industry exposures exceeding 10% of the Company's total loan portfolio as of June 30, 2021. COVID-19 Loan Deferral Program In response to the COVID-19 pandemic, the Company worked with businesses and consumers through the year ended 2020 to provide temporary debt payment relief that generally provided principal and/or interest payment deferrals for a period of 180 days or less. All loans that were granted temporary payment relief during the year ended 2020 complied with the terms of the CARES Act, which was signed into law in March 2020, and bank regulator guidance, a nd thus were not individually assessed, designated or accounted for as TDRs. The Company did not issue or extend temporary debt relief to customers due to COVID-19 hardships during the six months ended June 30, 2021. However, the Company may do so on case-by-case under bank regulator guidance or the Consolidated Appropriations Act of 2021, which extended the provisions within the CARES Act that provided TDR accounting relief to the earlier of: (i) December 31, 2021 or (ii) the date that is 60 days after the date the national emergency concerning the COVID-19 pandemic declared by the President on March 13, 2020 terminates. At June 30, 2021, the Company did not have any loans operating under temporary short-term payment deferral arrangements due to being impacted by the COVID-19 pandemic, compared to $26.5 million at December 31, 2020. The majority of these loans have returned to normal payment status or have since fully paid-off. Of those loans that were previously operating under a short-term deferral arrangement, $1.3 million were classified as non-accrual and $536,000 were 30-89 days past due as of June 30, 2021. Credit Quality Indicators To further identify loans with similar risk profiles, the Company categorizes each portfolio segment into classes by credit risk characteristic and applies a credit quality indicator to each portfolio segment. The indicators for commercial real estate - non owner-occupied and owner-occupied, commercial and residential real estate portfolio segments are represented by Grades 1 through 10 as outlined below. In general, risk ratings are adjusted periodically throughout the year as updated analysis and review warrants. This process may include, but is not limited to, annual credit and loan reviews, periodic reviews of loan performance metrics, such as delinquency rates, and quarterly reviews of adversely risk rated loans. The Company uses the following definitions when assessing grades for the purpose of evaluating the risk and adequacy of the ACL on loans: • Grade 1 through 6 — Grades 1 through 6 represent groups of loans that are not subject to adverse criticism as defined in regulatory guidance. Loans in these groups exhibit characteristics that represent low to moderate risks, which is measured using a variety of credit risk criteria, such as cash flow coverage, debt service coverage, balance sheet leverage, liquidity, management experience, industry position, prevailing economic conditions, support from secondary sources of repayment and other credit factors that may be relevant to a specific loan. In general, these loans are supported by properly margined collateral and guarantees of principal parties. • Grade 7 — Loans with potential weakness (Special Mention). Loans in this category are currently protected based on collateral and repayment capacity and do not constitute undesirable credit risk, but have potential weakness that may result in deterioration of the repayment process at some future date. This classification is used if a negative trend is evident in the obligor’s financial situation. Special mention loans do not sufficiently expose the Company to warrant adverse classification. • Grade 8 — Loans with definite weakness (Substandard). Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or by collateral pledged. Borrowers experience difficulty in meeting debt repayment requirements. Deterioration is sufficient to cause the Company to look to the sale of collateral. • Grade 9 — Loans with potential loss (Doubtful). Loans classified as doubtful have all the weaknesses inherent in the substandard grade with the added characteristic that the weaknesses make collection or liquidation of the loan in full highly questionable and improbable. The possibility of some loss is extremely high, but because of specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. • Grade 10 — Loans with definite loss (Loss). Loans classified as loss are considered uncollectible. The loss classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset because recovery and collection time may be protracted. Loans that were granted temporary debt relief due to the COVID-19 pandemic were not automatically downgraded into lower credit risk ratings. The Company periodically reassesses asset quality indicators to reflect appropriately the risk composition of the Company’s loan portfolio. Home equity and consumer loans are not individually risk rated, but rather analyzed as groups taking into account delinquency rates and other economic conditions which may affect the ability of borrowers to meet debt service requirements, including interest rates and energy costs. Performing loans include loans that are current and loans that are past due less than 90 days. Loans that are past due over 90 days and non-accrual loans, including TDRs, are considered non-performing. Based on the most recent analysis performed, the risk category of loans by portfolio segment by vintage, reported under the CECL methodology, was as follows as of the dates indicated: (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Total As of June 30, 2021 Commercial real estate - non owner-occupied Risk rating Pass (Grades 1-6) $ 97,672 $ 195,046 $ 208,784 $ 126,420 $ 104,904 $ 337,990 $ — $ — $ 1,070,816 Special mention (Grade 7) 97 7,337 1,490 — 4,342 3,924 — — 17,190 Substandard (Grade 8) 216 1,693 224 10,112 397 26,552 — — 39,194 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - non owner-occupied 97,985 204,076 210,498 136,532 109,643 368,466 — — 1,127,200 Commercial real estate - owner-occupied Risk rating Pass (Grades 1-6) 44,361 34,774 32,982 46,093 49,000 81,397 — — 288,607 Special mention (Grade 7) — — — 3,458 — 1,444 — — 4,902 Substandard (Grade 8) — — 71 — 1,829 1,288 — — 3,188 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - owner occupied 44,361 34,774 33,053 49,551 50,829 84,129 — — 296,697 Commercial Risk rating Pass (Grades 1-6) 49,954 51,324 57,039 34,303 17,277 37,592 83,722 31,487 362,698 Special mention (Grade 7) — — 26 21 192 469 — 23 731 Substandard (Grade 8) — 323 966 325 121 1,342 24 563 3,664 Doubtful (Grade 9) — — — — — — — — — Total commercial 49,954 51,647 58,031 34,649 17,590 39,403 83,746 32,073 367,093 SBA PPP Risk rating Pass (Grades 1-6) 96,794 29,270 — — — — — — 126,064 Special mention (Grade 7) — — — — — — — — — Substandard (Grade 8) — — — — — — — — — Doubtful (Grade 9) — — — — — — — — — Total SBA PPP 96,794 29,270 — — — — — — 126,064 Residential Real Estate Risk rating Pass (Grades 1-6) 261,642 316,822 136,803 83,561 59,003 257,481 882 — 1,116,194 Special mention (Grade 7) — — — — 236 — — 236 Substandard (Grade 8) — — — 144 — 4,343 — — 4,487 Doubtful (Grade 9) — — — — — — — — — Total residential real estate 261,642 316,822 136,803 83,705 59,003 262,060 882 — 1,120,917 Home equity Risk rating Performing 339 639 7,838 13,805 2,967 14,278 174,564 12,864 227,294 Non-performing — — — 42 — 196 818 340 1,396 Total home equity 339 639 7,838 13,847 2,967 14,474 175,382 13,204 228,690 Consumer Risk rating Performing 4,364 4,873 4,664 1,859 890 1,998 579 — 19,227 Non-performing — 9 16 — — 3 — — 28 Total consumer 4,364 4,882 4,680 1,859 890 2,001 579 — 19,255 Total Loans $ 555,439 $ 642,110 $ 450,903 $ 320,143 $ 240,922 $ 770,533 $ 260,589 $ 45,277 $ 3,285,916 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Total As of December 31, 2020 Commercial real estate - non owner-occupied Risk rating Pass (Grades 1-6) $ 138,010 $ 224,148 $ 144,552 $ 119,409 $ 157,588 $ 264,253 $ — $ — $ 1,047,960 Special mention (Grade 7) 5,739 — — 4,256 3,497 847 — — 14,339 Substandard (Grade 8) 24 125 2,070 405 1,522 31,530 — — 35,676 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - non owner-occupied 143,773 224,273 146,622 124,070 162,607 296,630 — — 1,097,975 Commercial real estate - owner-occupied Risk rating Pass (Grades 1-6) 35,948 29,217 48,312 47,065 25,507 76,098 — — 262,147 Special mention (Grade 7) — — 4,584 — — 1,513 — — 6,097 Substandard (Grade 8) — — 891 462 — 1,898 — — 3,251 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - owner occupied 35,948 29,217 53,787 47,527 25,507 79,509 — — 271,495 Commercial Risk rating Pass (Grades 1-6) 53,966 72,863 40,688 25,478 15,788 51,869 72,425 37,026 370,103 Special mention (Grade 7) — 22 313 4,924 117 400 — 867 6,643 Substandard (Grade 8) 187 1,012 211 51 42 2,081 65 1,099 4,748 Doubtful (Grade 9) — — — — — — — — — Total commercial 54,153 73,897 41,212 30,453 15,947 54,350 72,490 38,992 381,494 SBA PPP Risk rating Pass (Grades 1-6) 135,095 — — — — — — — 135,095 Special mention (Grade 7) — — — — — — — — — Substandard (Grade 8) — — — — — — — — — Doubtful (Grade 9) — — — — — — — — — Total SBA PPP 135,095 — — — — — — — 135,095 Residential Real Estate Risk rating Pass (Grades 1-6) 339,834 183,877 119,426 79,159 57,269 266,324 3,028 — 1,048,917 Special mention (Grade 7) — — — — — 398 — — 398 Substandard (Grade 8) — — 176 487 — 4,820 — — 5,483 Doubtful (Grade 9) — — — — — — — — — Total residential real estate 339,834 183,877 119,602 79,646 57,269 271,542 3,028 — 1,054,798 Home equity Risk rating Performing 855 9,415 17,281 3,478 1,339 17,664 194,065 12,480 256,577 Non-performing — — — — — 207 1,241 548 1,996 Total home equity 855 9,415 17,281 3,478 1,339 17,871 195,306 13,028 258,573 Consumer Risk rating Performing 6,572 6,525 3,096 1,359 378 1,780 678 — 20,388 Non-performing — — — — 4 — — — 4 Total consumer 6,572 6,525 3,096 1,359 382 1,780 678 — 20,392 Total Loans $ 716,230 $ 527,204 $ 381,600 $ 286,533 $ 263,051 $ 721,682 $ 271,502 $ 52,020 $ 3,219,822 Past Due and Non-Accrual Loans The Company closely monitors the performance of its loan portfolio. A loan is placed on non-accrual status when the financial condition of the borrower is deteriorating, payment in full of both principal and interest is not expected as scheduled, or principal or interest has been in default for 90 days or more. Exceptions may be made if the asset is secured by collateral sufficient to satisfy both the principal and accrued interest in full and collection is reasonably assured. When one loan to a borrower is placed on non-accrual status, all other loans to the borrower are re-evaluated to determine if they should also be placed on non-accrual status. All previously accrued and unpaid interest is reversed at this time. A loan will return to accrual status when collection of principal and interest is assured and the borrower has demonstrated timely payments of principal and interest for a reasonable period, generally at least six months. Unsecured loans, however, are not normally placed on non-accrual status because they are generally charged-off once their collectability is in doubt. All loans that were granted temporary payment relief due to the COVID-19 pandemic were current with payments in accordance with the terms of the CARES Act and bank regulatory guidance at the time of initial relief. As of June 30, 2021, all loans that were once granted temporary debt relief and had outstanding principal balances have returned to regular payment status. As of December 31, 2020, the payment status for loans that continued to operate under a payment deferral arrangement were reported based on payment status at the time the deferral was granted to the borrower. Of those loans operating under a short-term deferral arrangement, $1.3 million were classified as non-accrual and $536,000 were 30-89 days past due as of June 30, 2021, compared to $457,000 and $1.2 million, respectively, as of December 31, 2020. The following is a loan aging analysis by portfolio segment (including loans past due over 90 days and non-accrual loans) and loans past due over 90 days and accruing as of the following dates: (In thousands) 30-59 Days 60-89 Days 90 Days or Greater Total Current Total Loans Loans > 90 June 30, 2021 Commercial real estate - non owner-occupied $ 99 $ — $ 63 $ 162 $ 1,127,038 $ 1,127,200 $ — Commercial real estate - owner-occupied — — 47 47 296,650 296,697 Commercial 183 — 836 1,019 366,074 367,093 — SBA PPP — — — — 126,064 126,064 — Residential real estate 489 155 1,570 2,214 1,118,703 1,120,917 — Home equity 236 — 919 1,155 227,535 228,690 — Consumer 35 9 28 72 19,183 19,255 — Total $ 1,042 $ 164 $ 3,463 $ 4,669 $ 3,281,247 $ 3,285,916 $ — December 31, 2020 Commercial real estate - non owner-occupied $ — $ 50 $ 173 $ 223 $ 1,097,752 $ 1,097,975 $ — Commercial real estate - owner-occupied 99 — 47 146 271,349 271,495 — Commercial 430 — 857 1,287 380,207 381,494 — SBA PPP — — — — 135,095 135,095 — Residential real estate 1,406 1,103 2,535 5,044 1,049,754 1,054,798 — Home equity 335 173 1,416 1,924 256,649 258,573 — Consumer 92 67 4 163 20,229 20,392 — Total $ 2,362 $ 1,393 $ 5,032 $ 8,787 $ 3,211,035 $ 3,219,822 $ — The following table presents the amortized cost basis of loans on non-accrual status (including non-accruing TDRs) by portfolio segment as of the dates indicated: June 30, December 31, (In thousands) Non-Accrual Loans With an Allowance Non-Accrual Loans Without an Allowance Total Non-Accrual Loans Non-Accrual Loans With an Allowance Non-Accrual Loans Without an Allowance Total Non-Accrual Loans Commercial real estate - non owner-occupied $ 71 $ 15 $ 86 $ 351 $ 15 $ 366 Commercial real estate - owner-occupied 89 47 136 99 47 146 Commercial 1,459 52 1,511 1,549 58 1,607 Residential real estate 2,432 293 2,725 3,136 341 3,477 Home equity 1,396 — 1,396 1,961 35 1,996 Consumer 28 — 28 4 — 4 Total $ 5,475 $ 407 $ 5,882 $ 7,100 $ 496 $ 7,596 The following table presents the amortized cost basis of collateral-dependent non-accrual loans (including non-accruing TDRs) by portfolio segment and collateral type, as of the dates indicated: June 30, December 31, Collateral Type Total Collateral -Dependent Collateral Type Total Collateral -Dependent (In thousands) Real Estate General Business Assets Real Estate General Business Assets Commercial $ — $ 623 $ 623 $ — $ 689 $ 689 Residential real estate 218 — 218 248 — 248 Home equity 88 — 88 — — — Total $ 306 $ 623 $ 929 $ 248 $ 689 $ 937 Collateral-dependent loans are loans for which the repayment is expected to be provided substantially by the underlying collateral and there are no other available and reliable sources of repayment. Interest income that would have been r |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS The following summarizes the Company's short-term and long-term borrowed funds as presented on the consolidated statements of condition as of the dates indicated: (In thousands) June 30, December 31, Short-Term Borrowings: Customer repurchase agreements $ 170,413 $ 162,439 Total short-term borrowings $ 170,413 $ 162,439 Long-Term Borrowings: FHLBB borrowings $ — $ 25,000 Total long-term borrowings $ — $ 25,000 As of June 30, 2021 and December 31, 2020, the Company's subordinated debentures were $44.3 million and $59.3 million, respectively. On April 16, 2021, the Company exercised its call option on its $15.0 million of subordinated debentures, at par plus accrued interest. As of June 30, 2021, the Company's remaining subordinated debentures were comprised of two tranches of junior subordinated debentures. |
REPURCHASE AGREEMENTS
REPURCHASE AGREEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
REPURCHASE AGREEMENTS | REPURCHASE AGREEMENTS The Company can raise additional liquidity by entering into repurchase agreements at its discretion. In a security repurchase agreement transaction, the Company will generally sell a security, agreeing to repurchase either the same or a substantially identical security on a specified later date, at a greater price than the original sales price. The difference between the sale price and purchase price is the cost of the proceeds, which is recorded within interest on borrowings on the consolidated statements of income. The securities underlying the agreements are delivered to counterparties as collateral for the repurchase obligations. Since the securities are treated as collateral and the agreement does not qualify for a full transfer of effective control, the transactions do not meet the criteria to be classified as sales, and are therefore considered secured borrowing transactions for accounting purposes. Payments on such borrowings are interest only until the scheduled repurchase date. In a repurchase agreement the Company is subject to the risk that the purchaser may default at maturity and not return the securities underlying the agreements. In order to minimize this potential risk, the Company either deals with established firms when entering into these transactions, or with customers whose agreements stipulate that the securities underlying the agreement are not delivered to the customer and instead are held in segregated safekeeping accounts by the Company's safekeeping agents. The table below sets forth information regarding the Company’s repurchase agreements accounted for as secured borrowings and types of collateral as of the dates indicated: (In thousands) June 30, December 31, Customer Repurchase Agreements (1)(2) : Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises $ 89,858 $ 90,015 Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 80,555 70,902 Obligations of states and political subdivisions — 1,522 Total $ 170,413 $ 162,439 (1) Presented within short-term borrowings on the consolidated statements of condition. (2) All customer repurchase agreements mature continuously or overnight for the dates indicated. At June 30, 2021 and December 31, 2020, certain customers held CDs totaling $1.0 million, that were collateralized by CMO and MBS securities that were overnight repurchase agreements. Certain counterparties monitor collateral, and may request additional collateral to be posted from time to time. |
COMMITMENTS AND CONTINGENCIES C
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, the Company is a party to both on- and off-balance sheet financial instruments involving, to varying degrees, elements of credit risk and interest rate risk in addition to the amounts recognized in the consolidated statements of condition. The following is a summary of the Company's contractual off-balance sheet commitments for the dates indicated: (In thousands) June 30, December 31, Commitments to extend credit $ 753,052 $ 723,986 Standby letters of credit 6,441 4,735 Total $ 759,493 $ 728,721 The Company’s commitments to extend credit from its lending activities do not necessarily represent future cash requirements since certain of these instruments may expire without being funded and others may not be fully drawn upon. These commitments are subject to the Company’s credit approval process, including an evaluation of the customer’s creditworthiness and related collateral requirements. Commitments generally have fixed expiration dates or other termination clauses. Standby letters of credit are conditional commitments issued to guarantee the performance of a borrower to a third party. In the event of nonperformance by the borrower, the Company would be required to fund the commitment and would be entitled to the underlying collateral, if applicable, which generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate. The maximum potential future payments are limited to the contractual amount of the commitment. The Company establishes an ACL on off-balance sheet credit exposures on its contractual off-balance sheet commitments, except those that are unconditionally cancellable by the Company, of $2.5 million and $2.6 million as of June 30, 2021 and December 31, 2020, respectively. The ACL on off-balance sheet credit exposures was presented within accrued interest and other liabilities on the consolidated statements of condition. For the three months ended June 30, 2021 and 2020, the provision (credit) for credit losses on off-balance sheet credit exposures was $49,000 and ($2,000), respectively. For the six months ended June 30, 2021 and 2020, the (credit) provision for credit losses on off-balance sheet credit exposures was ($53,000) and $1,000. Legal Contingencies In the normal course of business, the Company and its subsidiaries are subject to pending and threatened litigation, claims investigations and legal and administrative cases and proceedings. Although the Company is not able to predict the outcome of such actions, after reviewing pending and threatened actions with counsel, management believes that, based on the information currently available, the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the Company’s consolidated financial statements. Reserves are established for legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. Assessments of litigation exposure are difficult because they involve inherently unpredictable factors including, but not limited to: whether the proceeding is in the early stages; whether damages are unspecified, unsupported, or uncertain; whether there is a potential for punitive or other pecuniary damages; whether the matter involves legal uncertainties, including novel issues of law; whether the matter involves multiple parties and/or jurisdictions; whether discovery has begun or is not complete; whether meaningful settlement discussions have commenced; and whether the lawsuit involves class allegations. In many lawsuits and arbitrations, it is not possible to determine whether a liability has been incurred or to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case a reserve will not be recognized until that time. Assessments of class action litigation, which is generally more complex than other types of litigation, are particularly difficult, especially in the early stages of the proceeding when it is not known whether a class will be certified or how a potential class, if certified, will be defined. As a result, the Company may be unable to estimate reasonably possible losses with respect to every litigation matter it faces. |
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING | DERIVATIVES AND HEDGING The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Derivatives Designated as Hedging Instruments - Cash Flow Hedges of Interest Rate Risk Interest Rate Contracts The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments or the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. For the three and six months ended June 30, 2021 and 2020, such derivatives were used to hedge the variable cash flows associated with existing variable-rate assets or liabilities or forecasted issuances of debt. 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 expense or interest income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense or interest income as interest payments are made or received on the Company’s variable-rate liabilities or assets. The Company estimates that an additional $2.1 million will be reclassified as an increase to interest expense and an additional $1.6 million will be reclassified as an increase to interest income over the next 12 months. Derivatives not Designated as Hedges Customer Loan Swaps Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Fixed-Rate Mortgage Interest Rate Lock Commitments As part of the origination process of a residential loan, the Company may enter into rate lock agreements with its borrower, which is considered an interest rate lock commitment. If the Company intends to sell the loan upon origination, it will account for the interest rate lock commitment as a derivative. Forward Delivery Commitments The Company typically enters into a forward delivery commitment with a secondary market investor, which has been approved by the Company within its normal governance process, at the onset of the loan origination process. The Company may enter into these arrangements with the secondary market investors on a "best effort" or "mandatory delivery" basis. The Company's normal practice is typically to enter into these arrangements on a "best effort" basis. The Company enters into these arrangements with the secondary market investors to manage its interest rate exposure. The Company accounts for the forward delivery commitment as a derivative upon origination of a loan identified as held for sale. The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated statements of condition as of the dates indicated: Derivative Assets Derivative Liabilities (In thousands) Notional Location Fair Notional Location Fair June 30, 2021 Derivatives designated as hedging instruments Interest rate contracts (1) $ 160,000 Other assets $ 6,814 $ 83,000 Accrued interest and other liabilities $ 9,153 Total derivatives designated as hedging instruments $ 6,814 $ 9,153 Derivatives not designated as hedging instruments Customer loan swaps (1) $ 364,977 Other assets $ 27,648 $ 364,977 Accrued interest and other liabilities $ 27,648 Fixed-rate mortgage interest rate lock commitments 37,771 Other assets 870 6,331 Accrued interest and other liabilities 54 Forward delivery commitments 11,797 Other assets 145 3,089 Accrued interest and other liabilities 17 Total derivatives not designated as hedging instruments $ 28,663 $ 27,719 December 31, 2020 Derivatives designated as hedging instruments Interest rate contracts $ 110,000 Other assets $ 5,731 $ 143,000 Accrued interest and other liabilities $ 11,625 Total derivatives designated as hedging instruments $ 5,731 $ 11,625 Derivatives not designated as hedging instruments Customer loan swaps $ 376,290 Other assets $ 39,627 $ 376,290 Accrued interest and other liabilities $ 39,627 Fixed-rate mortgage interest rate lock commitments 58,574 Other assets 608 28,346 Accrued interest and other liabilities 248 Forward delivery commitments 24,951 Other assets 311 15,548 Accrued interest and other liabilities 196 Total derivatives not designated as hedging instruments $ 40,546 $ 40,071 (1) Reported fair values include accrued interest receivable and payable. The table below presents the effect of cash flow hedge accounting, before tax, on AOCI for the periods indicated: (Dollars in thousands) Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Recognized in OCI Included Component Amount of Gain (Loss) Recognized in OCI Excluded Component Location of Gain (Loss) Recognized Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included Component Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component Derivatives in Cash Flow Hedge Relationships For the Three Months Ended June 30, 2021 Interest rate contracts $ 66 $ 66 $ — Interest and fees on loans $ 403 $ 403 $ — Interest rate contracts (1,511) (1,511) — Interest on deposits (164) (164) — Interest rate contracts (1,758) (1,758) — Interest on subordinated debentures (431) (431) — Total $ (3,203) $ (3,203) $ — $ (192) $ (192) $ — For the Six Months Ended June 30, 2021 Interest rate contracts $ (736) $ (736) $ — Interest and fees on loans $ 795 $ 795 $ — Interest rate contracts 1,952 1,952 — Interest on deposits (320) (320) — Interest rate contracts 1,973 1,973 — Interest on subordinated debentures (853) (853) — Total $ 3,189 $ 3,189 $ — $ (378) $ (378) $ — For the Three Months Ended June 30, 2020 Interest rate contracts $ 765 $ 765 $ — Interest and fees on loans $ 247 $ 247 $ — Interest rate contracts (122) (122) — Interest on deposits (22) (22) — Interest rate contracts (365) (365) — Interest on borrowings 44 44 — Interest rate contracts (239) (239) — Interest on subordinated debentures (297) (297) — Total $ 39 $ 39 $ — $ (28) $ (28) $ — For the Six Months Ended June 30, 2020 Interest rate contracts $ 5,925 $ 5,925 $ — Interest and fees on loans $ 299 $ 299 $ — Interest rate contracts (978) (978) — Interest on deposits (26) (26) — Interest rate contracts (1,123) (1,123) — Interest on borrowings 48 48 — Interest rate contracts (4,934) (4,934) — Interest on subordinated debentures (537) (537) — Total $ (1,110) $ (1,110) $ — $ (216) $ (216) $ — The table below presents the effect of cash flow hedge accounting on the consolidated statements of income for the periods indicated: Location and Amount of Gain (Loss) Recognized in Income Three Months Ended 2021 2020 (Dollars in thousands) Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded $ 30,865 $ 1,921 $ 176 $ 640 $ 33,120 $ 3,392 $ 359 $ 888 Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from AOCI into income $ 403 $ (164) $ — $ (431) $ 247 $ (22) $ 44 $ (297) Amount of gain (loss) reclassified from AOCI into income - included component $ 403 $ (164) $ — $ (431) $ 247 $ (22) $ 44 $ (297) Amount of gain (loss) reclassified from AOCI into income - excluded component $ — $ — $ — $ — $ — $ — $ — $ — Location and Amount of Gain (Loss) Recognized in Income Six Months Ended 2021 2020 (Dollars in thousands) Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded $ 61,425 $ 3,984 $ 332 $ 1,445 $ 67,165 $ 10,054 $ 1,197 $ 1,775 Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from AOCI into income $ 795 $ (320) $ — $ (853) $ 299 $ (26) $ 48 $ (537) Amount of gain (loss) reclassified from AOCI into income - included component $ 795 $ (320) $ — $ (853) $ 299 $ (26) $ 48 $ (537) Amount of gain (loss) reclassified from AOCI into income - excluded component $ — $ — $ — $ — $ — $ — $ — $ — The table below presents the effect of the Company's derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the periods indicated: Location of Gain Recognized in Income Amount of Gain (Loss) Three Months Ended Six Months Ended (Dollars in thousands) 2021 2020 2021 2020 Fixed-rate mortgage interest rate lock commitments Mortgage banking income, net $ (489) $ (1,019) $ 456 $ 496 Forward delivery commitments Mortgage banking income, net (469) (1,014) 13 (156) Total $ (958) $ (2,033) $ 469 $ 340 Credit Risk-Related Contingent Features By using derivatives, 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. 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 could be required to settle its obligations under the agreements. 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 non-performance risk, related to these agreements was $35.2 million and $50.5 million, respectively. As of June 30, 2021 and December 31, 2020, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted cash collateral of $36.2 million and $57.5 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 $35.2 million and $50.5 million, respectively. |
BALANCE SHEET OFFSETTING
BALANCE SHEET OFFSETTING | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
BALANCE SHEET OFFSETTING | BALANCE SHEET OFFSETTINGThe Company does not offset the carrying value for derivative instruments or repurchase agreements on the consolidated statements of condition. The Company does net the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be pledged or received is monitored and adjusted as necessary. Refer to Note 6 for further discussion of repurchase agreements and Note 8 for further discussion of derivative instruments. The following table presents the Company's derivative positions and repurchase agreements, and the potential effect of netting arrangements on its financial position, as of the dates indicated: Gross Amount Not Offset in the Consolidated Statements of Condition (In thousands) Gross Amount Recognized in the Consolidated Statements of Condition Gross Amount Offset in the Consolidated Statements of Condition Net Amount Presented in the Consolidated Statements of Condition Financial Instruments Pledged (Received) (1) Cash Collateral Pledged (Received) (1) Net Amount June 30, 2021 Derivative assets: Customer loan swaps - commercial customer (2) $ 27,648 $ — $ 27,648 $ — $ — $ 27,648 Interest rate contracts (3) 6,814 — 6,814 — (6,662) 152 Total $ 34,462 $ — $ 34,462 $ — $ (6,662) $ 27,800 Derivative liabilities: Customer loan swaps - dealer bank (3) $ 27,648 $ — $ 27,648 $ — $ 27,648 $ — Interest rate contracts (3) 9,153 — 9,153 — 9,153 — Total $ 36,801 $ — $ 36,801 $ — $ 36,801 $ — Customer repurchase agreements $ 170,413 $ — $ 170,413 $ 170,413 $ — $ — December 31, 2020 Derivative assets: Customer loan swaps - commercial customer (2) $ 39,627 $ — $ 39,627 $ — $ — $ 39,627 Interest rate contracts (3) 5,731 — 5,731 — (5,595) 136 Total $ 45,358 $ — $ 45,358 $ — $ (5,595) $ 39,763 Derivative liabilities: Customer loan swaps - dealer bank (3) $ 39,627 $ — $ 39,627 $ — $ 39,627 $ — Interest rate contracts (3) 11,625 — 11,625 — 11,625 — Total $ 51,252 $ — $ 51,252 $ — $ 51,252 $ — Customer repurchase agreements $ 162,439 $ — $ 162,439 $ 162,439 $ — $ — (1) The amount presented was the lesser of the amount pledged (received) or the net amount presented in the consolidated statements of condition. (2) The Company manages its net exposure on its commercial customer loan swaps by obtaining collateral as part of the normal loan policy and underwriting practices. (3) Interest rate swap contracts were completed with the same dealer bank. The Company maintains a master netting arrangement and settles collateral requested or pledged on a net basis for all contracts. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | REGULATORY CAPITAL REQUIREMENTS The Company and Bank are subject to various regulatory capital requirements administered by the FRB and the OCC. Failure to meet minimum capital requirements can result in mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. The Company and Bank are required to maintain certain levels of capital based on risk-adjusted assets. These capital requirements represent quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company and Bank's capital classification is also subject to qualitative judgments by our regulators about components, risk weightings and other factors. The quantitative measures established to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios of total capital, Tier 1 capital, and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets, or the leverage ratio. These guidelines apply to the Company on a consolidated basis. Under the current guidelines, banking organizations must have a minimum total risk-based capital ratio of 8.0%, a minimum Tier 1 risk-based capital ratio of 6.0%, a minimum common equity Tier 1 risk-based capital ratio of 4.5%, and a minimum leverage ratio of 4.0% in order to be "adequately capitalized." In addition to these requirements, banking organizations must maintain a capital conservation buffer consisting of common Tier 1 equity in an amount above the minimum risk-based capital requirements for "adequately capitalized" institutions equal to 2.5% of total risk-weighted assets, resulting in a requirement for the Company and the Bank effectively to maintain common equity Tier 1, Tier 1 and total capital ratios of 7.0%, 8.5% and 10.5%, respectively. The Company and the Bank must maintain the capital conservation buffer to avoid restrictions on the ability to pay dividends, pay discretionary bonuses and to engage in share repurchases based on the amount of the shortfall and the institution's "eligible retained income" (that is, the greater of (i) net income for the preceding four quarters, net of distributions and associated tax effects not reflected in net income and (ii) average net income over the preceding four quarters). The Company and Bank's risk-based capital ratios exceeded regulatory requirements, including the capital conservation buffer, at June 30, 2021 and December 31, 2020, and the Bank's capital ratios met the requirements for it to be considered "well capitalized" under prompt corrective action provisions for each period. There were no changes to the Company or Bank's capital ratios that occurred subsequent to June 30, 2021 that would change the Company or Bank's regulatory capital categorization. The following table presents the Company and Bank's regulatory capital ratios at the periods indicated: June 30, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Provision To Be "Well Capitalized" December 31, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Provision To Be "Well Capitalized" (Dollars in thousands) Amount Ratio Amount Ratio Camden National Corporation: Total risk-based capital ratio $ 509,478 15.26 % 10.50 % 10.00 % $ 498,290 15.40 % 10.50 % 10.00 % Tier 1 risk-based capital ratio 474,903 14.23 % 8.50 % 6.00 % 445,858 13.78 % 8.50 % 6.00 % Common equity Tier 1 risk-based capital ratio (1) 431,903 12.94 % 7.00 % N/A 402,858 12.45 % 7.00 % N/A Tier 1 leverage capital ratio (1) 474,903 9.48 % 4.00 % N/A 445,858 9.13 % 4.00 % N/A Camden National Bank: Total risk-based capital ratio $ 470,146 14.14 % 10.50 % 10.00 % $ 460,611 14.28 % 10.50 % 10.00 % Tier 1 risk-based capital ratio 435,571 13.10 % 8.50 % 8.00 % 420,294 13.03 % 8.50 % 8.00 % Common equity Tier 1 risk-based capital ratio 435,571 13.10 % 7.00 % 6.50 % 420,294 13.03 % 7.00 % 6.50 % Tier 1 leverage capital ratio 435,571 8.72 % 4.00 % 5.00 % 420,294 8.64 % 4.00 % 5.00 % (1) “Minimum Regulatory Provisions To Be ‘Well Capitalized’” are not formally defined under applicable banking regulations for bank holding companies. In 2015, the Company issued $15.0 million of subordinated debentures, and in 2006 and 2008, it issued $43.0 million of junior subordinated debentures in connection with the issuance of trust preferred securities. Although the subordinated debentures and the junior subordinated debentures are recorded as liabilities on the Company's consolidated statements of condition, the Company is permitted, in accordance with applicable regulation, to include, subject to certain limits, each within its calculation of risk-based capital. The Company's $15.0 million of subordinated debentures became subject to phase-out of Tier 2 capital 20% annually beginning in October 2020, and 20% annually thereafter, until fully phased-out by 2024. At June 30, 2021 and December 31, 2020, $43.0 million of the junior subordinated debentures were included in Tier 1 and Tier 2 capital for the Company. On April 16, 2021, the Company redeemed its $15.0 million of subordinated debentures in full, at par plus accrued and unpaid interest, and, thus, was no longer included as Tier 2 capital within the calculation of total risk-based capital at June 30, 2021. At December 31, 2020, $12.0 million, or 80%, of the subordinated debentures were included as Tier 2 capital within the calculation of the Company's total risk-based capital. The Company and Bank's regulatory capital and risk-weighted assets fluctuate due to normal business, including profits and losses generated by the Company and Bank as well as changes to their asset mix. Of particular significance are changes within the Company and Bank's loan portfolio mix due to the differences in regulatory risk-weighting between retail and commercial loans. Furthermore, the Company and Bank's regulatory capital and risk-weighted assets are subject to change due to changes in GAAP and regulatory capital standards. The Company and Bank proactively monitor their regulatory capital and risk-weighted assets, and the impact of changes to their asset mix, and the impact of proposed and pending changes as a result of new and/or amended GAAP standards and regulatory changes. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following tables present a reconciliation of the changes in the components of other comprehensive income and loss for the periods indicated, including the amount of tax (expense) benefit allocated to each component: Three Months Ended June 30, 2021 June 30, 2020 (In thousands) Pre-Tax Tax (Expense) After-Tax Pre-Tax Tax (Expense) After-Tax AFS Debt Securities: Unrealized holdings gains $ 2,925 $ (629) $ 2,296 $ 9,082 $ (1,952) $ 7,130 Net unrealized gains 2,925 (629) 2,296 9,082 (1,952) 7,130 Cash Flow Hedges: Net (decrease) increase in fair value (3,203) 689 (2,514) 39 (8) 31 Less: reclassified AOCI loss into interest expense (1) (595) 128 (467) (274) 59 (215) Less: reclassified AOCI gain into interest income (2) 403 (86) 317 247 (53) 194 Net (decrease) increase in fair value (3,011) 647 (2,364) 66 (14) 52 Postretirement Plans: Amortization of settlement recognition of net loss and prior service credit (3) 217 (46) 171 169 (36) 133 Other comprehensive income $ 131 $ (28) $ 103 $ 9,317 $ (2,002) $ 7,315 (1) Reclassified into interest on deposits, borrowings and/or subordinated debentures on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (2) Reclassified into interest and fees on loans on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (3) Reclassified into other expenses on the consolidated statements of income. Refer to Note 13 of the consolidated financial statements for further details. Six Months Ended June 30, 2021 June 30, 2020 (In thousands) Pre-Tax Tax (Expense) After-Tax Pre-Tax Tax (Expense) After-Tax AFS Debt Securities: Unrealized holdings (losses) gains $ (19,380) $ 4,167 $ (15,213) $ 33,197 $ (7,137) $ 26,060 Net unrealized (losses) gains (19,380) 4,167 (15,213) 33,197 (7,137) 26,060 Cash Flow Hedges: Net increase (decrease) in fair value 3,189 (685) 2,504 (1,110) 239 (871) Less: reclassified AOCI loss into interest expense (1) (1,173) 252 (921) (515) 111 (404) Less: reclassified AOCI gain into interest income (2) 795 (170) 625 299 (64) 235 Net increase (decrease) in fair value 3,567 (767) 2,800 (894) 192 (702) Postretirement Plans: Amortization of settlement recognition of net loss and prior service credit (3) 435 (94) 341 339 (73) 266 Other comprehensive (loss) income $ (15,378) $ 3,306 $ (12,072) $ 32,642 $ (7,018) $ 25,624 (1) Reclassified into interest on deposits, borrowings and/or subordinated debentures on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (2) Reclassified into interest and fees on loans on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (3) Reclassified into other expenses on the consolidated statements of income. Refer to Note 13 of the consolidated financial statements for further details. The following table presents the changes in each component of AOCI, after tax, for the periods indicated: (In thousands) Net Unrealized Gains (Losses) on AFS Debt Securities Net Unrealized Losses (Gains) on Cash Flow Hedges Defined Benefit Postretirement Plans AOCI At or For the Three Months Ended June 30, 2021 Balance at March 31, 2021 $ 11,801 $ 538 $ (3,774) $ 8,565 Other comprehensive income (loss) before reclassifications 2,296 (2,514) 175 (43) Less: Amounts reclassified from AOCI — (150) 4 (146) Other comprehensive income (loss) 2,296 (2,364) 171 103 Balance at June 30, 2021 $ 14,097 $ (1,826) $ (3,603) $ 8,668 At or For the Six Months Ended June 30, 2021 Balance at December 31, 2020 $ 29,310 $ (4,626) $ (3,944) $ 20,740 Other comprehensive (loss) income before reclassifications (15,213) 2,504 350 (12,359) Less: Amounts reclassified from AOCI — (296) 9 (287) Other comprehensive (loss) income (15,213) 2,800 341 (12,072) Balance at June 30, 2021 $ 14,097 $ (1,826) $ (3,603) $ 8,668 At or For the Three Months Ended June 30, 2020 Balance at March 31, 2020 $ 22,180 $ (6,802) $ (3,337) $ 12,041 Other comprehensive income (loss) before reclassifications 7,130 31 137 7,298 Less: Amounts reclassified from AOCI — (21) 4 (17) Other comprehensive income (loss) 7,130 52 133 7,315 Balance at June 30, 2020 $ 29,310 $ (6,750) $ (3,204) $ 19,356 At or For the Six Months Ended June 30, 2020 Balance at December 31, 2019 $ 3,250 $ (6,048) $ (3,470) $ (6,268) Other comprehensive income (loss) before reclassifications 26,060 (871) 275 25,464 Less: Amounts reclassified from AOCI — (169) 9 (160) Other comprehensive income (loss) 26,060 (702) 266 25,624 Balance at June 30, 2020 $ 29,310 $ (6,750) $ (3,204) $ 19,356 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACS WITH CUSTOMERS | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERSA portion of the Company's non-interest income is derived from contracts with customers, and, as such, the revenue recognized depicts the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company has disaggregated its revenue from contracts with customers into categories based on the nature of the revenue. The categorization of revenues from contracts with customers that are within the scope of ASC 606 closely aligns with the presentation of revenue categories presented within non-interest income on the consolidated statements of income. The following table presents the revenue streams within the scope of ASC 606 for the periods indicated: Location on Consolidated Statements of Income Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Debit card interchange income Debit card income $ 3,112 $ 2,391 $ 5,848 $ 4,532 Services charges on deposit accounts Service charges on deposit accounts 1,517 1,337 3,056 3,349 Fiduciary services income Income from fiduciary services 1,707 1,603 3,233 3,105 Investment program income Brokerage and insurance commissions 939 622 1,892 1,279 Other non-interest income Other income 447 423 847 806 Total non-interest income within the scope of ASC 606 7,722 6,376 14,876 13,071 Total non-interest income not in scope of ASC 606 3,598 5,684 11,659 10,392 Total non-interest income $ 11,320 $ 12,060 $ 26,535 $ 23,463 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company sponsors unfunded, non-qualified SERPs for certain officers and provides medical and life insurance to certain eligible retired employees. The components of net periodic pension and postretirement benefit cost were as follow for the following periods: Supplemental Executive Retirement Plan: (In thousands) Location on Consolidated Statements of Income Three Months Ended Six Months Ended Net periodic pension cost 2021 2020 2021 2020 Service cost Salaries and employee benefits $ 126 $ 116 $ 252 $ 232 Interest cost Other expenses 98 115 195 230 Recognized net actuarial loss Other expenses 194 156 389 312 Total $ 418 $ 387 $ 836 $ 774 Other Postretirement Benefit Plan: (In thousands) Location on Consolidated Statements of Income Three Months Ended Six Months Ended Net periodic postretirement benefit cost 2021 2020 2021 2020 Service cost Salaries and employee benefits $ 6 $ 7 $ 13 $ 14 Interest cost Other expenses 25 31 51 62 Recognized net actuarial loss Other expenses 29 20 58 39 Amortization of prior service credit Other expenses (6) (6) (12) (12) Total $ 54 $ 52 $ 110 $ 103 |
EPS
EPS | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EPS | EPS The following is an analysis of basic and diluted EPS, reflecting the application of the two-class method, as described below: Three Months Ended Six Months Ended (In thousands, except number of shares and per share data) 2021 2020 2021 2020 Net income $ 18,143 $ 10,940 $ 37,883 $ 24,433 Dividends and undistributed earnings allocated to participating securities (1) (51) (27) (105) (55) Net income available to common shareholders $ 18,092 $ 10,913 $ 37,778 $ 24,378 Weighted-average common shares outstanding for basic EPS 14,943,486 14,959,851 14,930,017 15,031,525 Dilutive effect of stock-based awards (2) 63,985 37,760 64,121 37,607 Weighted-average common and potential common shares for diluted EPS 15,007,471 14,997,611 14,994,138 15,069,132 Earnings per common share: Basic EPS $ 1.21 $ 0.73 $ 2.53 $ 1.62 Diluted EPS $ 1.21 $ 0.73 $ 2.52 $ 1.62 Awards excluded from the calculation of diluted EPS (3) : MSPP — 6,748 — — Performance-based awards — 3,454 — 2,429 Stock options — 1,000 — 1,000 (1) Represents dividends paid and undistributed earnings allocated to nonvested stock-based awards that contain non-forfeitable rights to dividends. (2) Represents the assumed dilutive effect of unexercised and/or unvested stock options, restricted shares, restricted share units and contingently issuable performance-based awards utilizing the treasury stock method. (3) Represents stock-based awards not included in the computation of potential common shares for purposes of calculating diluted EPS as the exercise prices were greater than the average market price of the Company's common stock, and, therefore, are considered anti-dilutive. Nonvested stock-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s nonvested stock-based awards qualify as participating securities. |
FAIR VALUE MEASUREMENT AND DISC
FAIR VALUE MEASUREMENT AND DISCLOSURE | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT AND DISCLOSURE | FAIR VALUE MEASUREMENT AND DISCLOSURE Fair value is 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. Fair value is best determined using quoted market prices. However, in many instances, quoted market prices are not available. In such instances, fair values are determined using various valuation techniques. Various assumptions and observable inputs must be relied upon in applying these techniques. GAAP establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. GAAP permits an entity to choose to measure eligible financial instruments and other items at fair value. The Company has elected the fair value option for its loans held for sale. Electing the fair value option for loans held for sale enables the Company’s financial position to more clearly align with the economic value of the actively traded asset. The fair value hierarchy for valuation of an asset or liability is as follows: Level 1: Valuation is based upon unadjusted quoted prices in active markets for identical assets and liabilities that the entity has the ability to access as of the measurement date. Level 2: Valuation is determined from quoted prices for similar assets or liabilities in active markets, from quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market. Level 3: Valuation is derived from model-based and other techniques in which at least one significant input is unobservable and which may be based on the Company’s own estimates about the assumptions that market participants would use to value the asset or liability. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon model-based techniques incorporating various assumptions including interest rates, prepayment speeds and credit losses. Assets and liabilities valued using model-based techniques are classified as either Level 2 or Level 3, depending on the lowest level classification of an input that is considered significant to the overall valuation. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Financial Instruments Recorded at Fair Value on a Recurring Basis Trading Securities: The fair value of trading securities is reported using market quoted prices and has been classified as Level 1 as they are actively traded and no valuation adjustments have been applied. Debt Securities : The fair value of investments in debt securities is reported utilizing prices provided by an independent pricing service based on recent trading activity and other observable information including, but not limited to, dealer quotes, market spreads, cash flows, market interest rate curves, market consensus prepayment speeds, credit information, and the bond’s terms and conditions. The fair value of debt securities is classified as Level 2. Loans Held For Sale: The fair value of loans held for sale is determined on an individual loan basis using quoted secondary market prices and is classified as Level 2. Derivatives : The fair value of interest rate swaps is determined using inputs that are observable in the market place obtained from third parties including yield curves, publicly available volatilities, and floating indexes and, accordingly, are classified as Level 2 inputs. The credit value adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of June30, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives as sufficient collateral exists, mitigating the credit risk. The fair value of the Company's fixed-rate interest rate lock commitments were determined using secondary market pricing for loans with similar structures, including term, rate and borrower credit quality, adjusted for the Company's pull-through rate estimate (i.e. estimate of loans within its loan pipeline that will ultimately complete the origination process and be funded). The Company has classified its fixed-rate interest rate lock commitments as Level 2, as the quoted secondary market prices are the more significant input, and, although the Company's internal pull-through rate estimate is a Level 3 estimate, it is less significant to the ultimate valuation. The fair value of the Company's forward delivery commitments is determined using secondary market pricing for loans with similar structures, including term, rate and borrower credit quality, and the locked and agreed to price with the secondary market investor. The Company has classified its fixed-rate interest rate lock commitments as Level 2. The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, for the dates indicated: (In thousands) Fair Readily Observable Company June 30, 2021 Financial assets: Trading securities $ 4,354 $ 4,354 $ — $ — AFS debt securities: Obligations of U.S. government sponsored enterprises 7,083 — 7,083 — Obligations of states and political subdivisions 118,653 — 118,653 — Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 839,541 — 839,541 — Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 425,302 — 425,302 — Subordinated corporate bonds 9,244 — 9,244 — Loans held for sale 15,140 — 15,140 — Customer loan swaps 27,648 — 27,648 — Interest rate contracts 6,814 — 6,814 — Fixed-rate mortgage interest rate lock commitments 870 — 870 — Forward delivery commitments 145 — 145 — Financial liabilities: Trading securities $ 4,354 $ 4,354 $ — $ — Customer loan swaps 27,648 — 27,648 — Interest rate contracts 9,153 — 9,153 — Fixed-rate mortgage interest rate lock commitments 54 — 54 — Forward delivery commitments 17 — 17 — December 31, 2020 Financial assets: Trading securities $ 4,161 $ 4,161 $ — $ — AFS debt securities: Obligations of states and political subdivisions 127,120 — 127,120 — Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 566,618 — 566,618 — Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 410,454 — 410,454 — Subordinated corporate bonds 11,621 — 11,621 — Loans held for sale 41,557 — 41,557 — Customer loan swaps 39,627 — 39,627 — Interest rate contracts 5,731 — 5,731 — Fixed-rate mortgage interest rate lock commitments 608 — 608 — Forward delivery commitments 311 — 311 — Financial liabilities: Trading securities $ 4,161 $ 4,161 $ — $ — Customer loan swaps 39,627 — 39,627 — Interest rate contracts 11,625 — 11,625 — Fixed-rate mortgage interest rate lock commitments 248 — 248 — Forward delivery commitments 196 — 196 — The Company did not have any transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2021. The Company’s policy for determining transfers between levels occurs at the end of the reporting period when circumstances in the underlying valuation criteria change and result in transfer between levels. Financial Instruments Recorded at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis in accordance with GAAP. These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of the period. Collateral-Dependent Loans : Expected credit losses on individually assessed loans deemed to be collateral dependent are valued based upon the lower of amortized cost of fair value of the underlying collateral less costs to sell. Management estimates the fair values of these assets using Level 2 inputs, such as the fair value of collateral based on independent third-party market approach appraisals for collateral-dependent loans, and Level 3 inputs where circumstances warrant an adjustment to the appraised value based on the age of the appraisal and/or comparable sales, condition of the collateral, and market conditions. Servicing Assets : The Company accounts for mortgage servicing assets at cost, subject to impairment testing. When the carrying value of a tranche exceeds fair value, a valuation allowance is established to reduce the carrying cost to fair value. Fair value is based on a valuation model that calculates the present value of estimated net servicing income. The Company obtains a third-party valuation based upon loan level data including note rate, type and term of the underlying loans. The model utilizes two significant unobservable inputs, namely loan prepayment assumptions and the discount rate used, to calculate the fair value of each tranche, and, as such, the Company has classified the model within Level 3 of the fair value hierarchy. Non-Financial Instruments Recorded at Fair Value on a Non-Recurring Basis The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Non-financial assets measured at fair value on a non-recurring basis consist of OREO, goodwill and core deposit intangible assets. OREO : OREO properties acquired through foreclosure or deed in lieu of foreclosure are recorded at net realizable value, which is the fair value of the real estate, less estimated costs to sell. Any write-down of the recorded investment in the related loan is charged to the ACL upon transfer to OREO. Upon acquisition of a property, a current appraisal is used or an internal valuation is prepared to substantiate fair value of the property. After foreclosure, management periodically, but at least annually, obtains updated valuations of the OREO properties and, if additional impairments are deemed necessary, the subsequent write-downs for declines in value are recorded through a valuation allowance and a provision for credit losses charged to other non-interest expense within the consolidated statements of income. As management considers appropriate, adjustments are made to the appraisal obtained for the OREO property to account for recent sales activity of comparable properties, changes in the condition of the property, and changes in market conditions. These adjustments are not observable in an active market and are classified as Level 3. Goodwill : Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. The fair value of goodwill is estimated by utilizing several standard valuation techniques, including discounted cash flow analyses, bank merger multiples, and/or an estimation of the impact of business conditions and investor activities on the long-term value of the goodwill. Should an impairment occur, the associated goodwill is written-down to fair value and the impairment charge is recorded within non-interest expense in the consolidated statements of income. The Company conducts an annual impairment test of goodwill in the fourth quarter each year, or more frequently as necessary. There have been no indications or triggering events during the six months ended June 30, 2021, for which management believes it is more likely than not that goodwill is impaired. Core Deposit Intangible Assets : The Company's core deposit intangible assets represent the estimated value of acquired customer relationships and are amortized over the estimated life of those relationships. Core deposit intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. There were no events or changes in circumstances for the six months ended June 30, 2021, that indicated the carrying amount may not be recoverable. The table below highlights financial and non-financial assets measured and recorded at fair value on a non-recurring basis for the dates indicated: (In thousands) Fair Readily Observable Company June 30, 2021 Financial assets: Collateral-dependent loans $ 74 $ — $ — $ 74 December 31, 2020 Financial assets: Servicing assets $ 1,010 $ — $ — $ 1,010 Non-financial assets: OREO $ 236 $ — $ — $ 236 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis for the dates indicated: (Dollars in thousands) Fair Value Valuation Methodology Unobservable Input Discount June 30, 2021 Collateral-dependent loans: Specifically reserved $ 74 Market approach appraisal of Estimated selling costs 11% December 31, 2020 Servicing assets $ 1,010 Discounted cash flow Weighted-average constant prepayment rate 19% Weighted average discount rate 10% OREO $ 236 Market approach appraisal of Management adjustment of appraisal 5% Estimated selling cost 11% The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated: (In thousands) Carrying Fair Value Readily Observable Company June 30, 2021 Financial assets: HTM debt securities $ 1,294 $ 1,397 $ — $ 1,397 $ — Commercial real estate loans (1)(2) 1,401,804 1,360,353 — — 1,360,353 Commercial loans (2) 362,751 358,273 — — 358,273 SBA PPP loans (2) 125,998 131,418 — — 131,418 Residential real estate loans (2) 1,117,712 1,123,720 — — 1,123,720 Home equity loans (2) 226,625 224,569 — — 224,569 Consumer loans (2) 18,966 17,137 — — 17,137 Servicing assets 2,498 3,030 — — 3,030 Financial liabilities: Time deposits $ 384,357 $ 385,620 $ — $ 385,620 $ — Short-term borrowings 170,413 170,394 — 170,394 — Subordinated debentures 44,331 32,583 — 32,583 — December 31, 2020 Financial assets: HTM debt securities $ 1,297 $ 1,411 $ — $ 1,411 $ — Commercial real estate loans (1)(2) 1,344,860 1,307,132 — — 1,307,132 Commercial loans (2) 374,791 372,194 — — 372,194 SBA PPP loans (2) 135,026 137,209 137,209 Residential real estate loans (2) 1,051,324 1,066,991 — — 1,066,991 Home equity loans (2) 255,957 253,276 — — 253,276 Consumer loans (2) 19,999 18,102 — — 18,102 Servicing assets 2,196 1,437 — — 1,437 Financial liabilities: Time deposits $ 457,694 $ 460,278 $ — $ 460,278 $ — Short-term borrowings 162,439 162,420 — 162,420 — Long-term borrowings 25,000 25,442 — 25,442 — Subordinated debentures 59,331 46,475 — 46,475 — (1) Commercial real estate loan includes non owner-occupied and owner-occupied properties. (2) The presented carrying amount is net of the allocated ACL on loans. Excluded from the summary were financial instruments measured at fair value on a recurring and nonrecurring basis, as previously described. The Company considers its financial instruments' current use to be the highest and best use of the instruments. |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Adopted in 2021 | Accounting Standards Adopted in 2021 The Company adopted and updated its accounting policy for the following accounting standards that have been applied to the Company's interim consolidated financial statements for the three and six months ended June 30, 2021: ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). The FASB issued ASU 2019-12 to simplify the accounting for income taxes by removing certain technical exceptions and by clarifying and amending certain areas. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, and as such the Company adopted effective January 1, 2021. There was no material impact on the Company's consolidated financial statements as a result of adopting ASU 2019-12. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform ("ASU 2020-04"), as amended by ASU No. 2021-01, Reference Rate Reform (Topic 848 ) Scope ("ASU 2021-01"). On March 12, 2020, the FASB issued ASU 2020-04, which was subsequently amended by ASU 2021-01 . The FASB issued these updates to ease the burden in accounting for the effects of reference rate reform on financial reporting. ASU 2020-04 and ASU 2021-01 contain optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. The Company adopted ASU 2020-04 and ASU 2021-01 effective January 1, 2021, and there was no material impact on the Company's consolidated financial statements as a result of adopting this guidance. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Costs and Estimated Fair Values of Available-For-Sale Securities | The following table summarizes the amortized cost, estimated fair value, and unrealized gains (losses) of AFS debt securities, as of the dates indicated: (In thousands) Amortized Unrealized Unrealized Fair June 30, 2021 Obligations of U.S. government sponsored enterprises $ 7,200 $ 2 $ (119) $ 7,083 Obligations of states and political subdivisions 112,792 6,116 (255) 118,653 Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 829,611 13,290 (3,360) 839,541 Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 423,244 5,782 (3,724) 425,302 Subordinated corporate bonds 9,017 245 (18) 9,244 Total AFS debt securities $ 1,381,864 $ 25,435 $ (7,476) $ 1,399,823 December 31, 2020 Obligations of states and political subdivisions $ 119,608 $ 7,627 $ (115) $ 127,120 Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 547,396 19,796 (574) 566,618 Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 399,937 10,652 (135) 410,454 Subordinated corporate bonds 11,533 186 (98) 11,621 Total AFS debt securities $ 1,078,474 $ 38,261 $ (922) $ 1,115,813 The following table summarizes the Company's investment in FHLBB stock and FRBB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated: (In thousands) June 30, December 31, FHLBB $ 4,850 $ 6,167 FRB 5,374 5,374 Total other investments $ 10,224 $ 11,541 |
Unrealized Gross Losses and Estimated Fair Values of Investment Securities by Length of Time that Individual Securities in Each Category in Continuous Loss Position | The following table presents the Company's AFS debt securities with gross unrealized losses, for which an ACL has not been recorded, segregated by the length of time the securities have been in a continuous loss position, as of the dates indicated: Less Than 12 Months 12 Months or More Total (In thousands, except number of holdings) Number of Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2021 Obligations of U.S. government sponsored enterprises 3 $ 6,081 $ (119) $ — $ — $ 6,081 $ (119) Obligations of states and political subdivisions 2 1,294 (2) 2,265 (253) 3,559 (255) Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 54 329,607 (3,358) 297 (2) 329,904 (3,360) Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 42 211,308 (3,665) 4,063 (59) 215,371 (3,724) Subordinated corporate bonds 2 1,982 (18) — — 1,982 (18) Total AFS debt securities 103 $ 550,272 $ (7,162) $ 6,625 $ (314) $ 556,897 $ (7,476) December 31, 2020 Obligations of states and political subdivisions 1 $ 2,404 $ (115) $ — $ — $ 2,404 $ (115) Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 15 61,222 (568) 980 (6) 62,202 (574) Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 9 39,107 (135) — — 39,107 (135) Subordinated corporate bonds 5 4,902 (98) — — 4,902 (98) Total AFS debt securities 30 $ 107,635 $ (916) $ 980 $ (6) $ 108,615 $ (922) |
Contractual Obligation, Fiscal Year Maturity | The amortized cost and estimated fair values of the Company's AFS debt securities by contractual maturity at June 30, 2021, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-related securities are shown in total, as their maturities are highly variable. (In thousands) Amortized Fair Due in one year or less $ 3,018 $ 3,072 Due after one year through five years 4,276 4,641 Due after five years through ten years 74,599 77,814 Due after ten years 47,116 49,453 Subtotal 129,009 134,980 Mortgage-related securities 1,252,855 1,264,843 Total $ 1,381,864 1381864000 $ 1,399,823 |
Debt Securities, Held-to-maturity | The following table summarizes the amortized cost, estimated fair value and unrealized gains (losses) of HTM debt securities as of the dates indicated: (In thousands) Amortized Unrealized Unrealized Fair March 31, 2021 Obligations of states and political subdivisions $ 1,294 $ 103 $ — $ 1,397 Total HTM debt securities $ 1,294 $ 103 $ — $ 1,397 December 31, 2020 Obligations of states and political subdivisions $ 1,297 $ 114 $ — $ 1,411 Total HTM debt securities $ 1,297 $ 114 $ — $ 1,411 |
Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity | The amortized cost and estimated fair values of HTM debt securities by contractual maturity at June 30, 2021 are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. (In thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years 868 933 Due after five years through ten years 426 464 Due after ten years — — Total $ 1,294 $ 1,397 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Tables) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | ||
Composition of Loan Portfolio, Excluding Residential Loans Held for Sale | The composition of the Company’s loan portfolio, excluding residential loans held for sale, was as follows for the dates indicated: (In thousands) June 30, December 31, Commercial Loans: Commercial real estate - non owner-occupied $ 1,127,200 $ 1,097,975 Commercial real estate - owner-occupied 296,697 271,495 Commercial 367,093 381,494 SBA PPP 126,064 135,095 Total commercial loans 1,917,054 1,886,059 Retail Loans: Residential real estate 1,120,917 1,054,798 Home equity 228,690 258,573 Consumer 19,255 20,392 Total retail loans 1,368,862 1,333,763 Total loans $ 3,285,916 $ 3,219,822 | |
Schedule of Loan Balances by Portfolio Segment | The loan balances for each portfolio segment presented above are net of their respective unamortized fair value mark discount on acquired loans and net of unamortized loan origination costs for the dates indicated: (In thousands) June 30, December 31, Net unamortized fair value mark discount on acquired loans $ (857) $ (1,291) Net unamortized loan (fees) origination costs (1) (2,012) 856 Total $ (2,869) $ (435) (1) The change in net unamortized loan (fees) origination costs from December 31, 2020 to June 30, 2021, was primarily driven by SBA PPP loan origination fees capitalized during the six months ended June 30, 2021. As of June 30, 2021 and December 31, 2020, unamortized loan fees on originated SBA PPP loans were $5.4 million and $2.2 million, respectively. | |
Summary of Activity in Allowance for Loan Losses | The following table presents the activity in the ACL on loans, as reported under CECL, for the periods indicated: Commercial Real Estate (In thousands) Non Owner-Occupied Owner- Occupied Commercial SBA PPP Residential Real Estate Home Equity Consumer Total At or For The Three Months Ended June 30, 2021 Beginning balance, March 31, 2021 $ 22,473 $ 2,548 $ 5,170 $ 87 $ 3,093 $ 2,176 $ 228 $ 35,775 Loans charged off — — (259) — (35) (107) (19) (420) Recoveries — 3 67 — 70 — 17 157 (Credit) provision for loan losses (2,896) (35) (636) (21) 77 (4) 63 (3,452) Ending balance, June 30, 2021 $ 19,577 $ 2,516 $ 4,342 $ 66 $ 3,205 $ 2,065 $ 289 $ 32,060 At or For The Six Months Ended June 30, 2021 Beginning balance, December 31, 2020 $ 21,778 $ 2,832 $ 6,703 $ 69 $ 3,474 $ 2,616 $ 393 $ 37,865 Loans charged off — — (406) — (88) (145) (68) (707) Recoveries — 5 110 — 70 — 23 208 (Credit) provision for loan losses (2,201) (321) (2,065) (3) (251) (406) (59) (5,306) Ending balance, June 30, 2021 $ 19,577 $ 2,516 $ 4,342 $ 66 $ 3,205 $ 2,065 $ 289 $ 32,060 At or For The Year Ended December 31, 2020 Beginning balance, December 31, 2019 $ 10,924 $ 1,490 $ 3,985 $ — $ 5,842 $ 2,423 $ 507 $ 25,171 Impact of adopting CECL (1) (668) (90) 1,548 — (1,129) 792 (220) 233 Loans charged off (82) (21) (1,130) — (121) (317) (167) (1,838) Recoveries 107 13 572 — 292 33 67 1,084 Provision (credit) for loan losses 11,497 1,440 1,728 69 (1,410) (315) 206 13,215 Ending balance, December 31, 2020 $ 21,778 $ 2,832 $ 6,703 $ 69 $ 3,474 $ 2,616 $ 393 $ 37,865 (1) The Company adopted ASU 2016-13, "CECL," effective January 1, 2020 but applied to reporting periods on or after October 1, 2020. | The following table presents activity in the ACL on loans and select loan information by portfolio segment, under the incurred loss methodology, for the periods indicated: (In thousands) Commercial Real Estate (1) Commercial SBA PPP Residential Home Consumer Total At or For The Three and Six Months Ended June 30, 2020 Allowance for the three months ended: Beginning balance $ 13,374 $ 4,297 $ — $ 5,897 $ 2,480 $ 473 $ 26,521 Loans charged off (21) (420) — — (17) (26) (484) Recoveries 3 63 — 21 — 15 102 Provision 5,030 909 113 2,685 621 42 9,400 Ending balance $ 18,386 $ 4,849 $ 113 $ 8,603 $ 3,084 $ 504 $ 35,539 Allowance for the six months ended: Beginning balance $ 12,414 $ 3,985 $ — $ 5,842 $ 2,423 $ 507 $ 25,171 Loans charged off (71) (673) — (96) (51) (83) (974) Recoveries 7 116 — 23 4 20 170 Provision (1) 6,036 1,421 113 2,834 708 60 11,172 Ending balance $ 18,386 $ 4,849 $ 113 $ 8,603 $ 3,084 $ 504 $ 35,539 Allowance balance attributable to loans: Individually evaluated for impairment $ 35 $ — $ — $ 338 $ 89 $ — $ 462 Collectively evaluated for impairment 18,351 4,849 113 8,265 2,995 504 35,077 Total ending allowance $ 18,386 $ 4,849 $ 113 $ 8,603 $ 3,084 $ 504 $ 35,539 Loans: Individually evaluated for impairment $ 461 $ 179 $ — $ 3,153 $ 370 $ — $ 4,163 Collectively evaluated for impairment 1,310,524 428,007 218,803 1,051,180 290,445 22,919 3,321,878 Total ending loans balance $ 1,310,985 $ 428,186 $ 218,803 $ 1,054,333 $ 290,815 $ 22,919 $ 3,326,041 (1) Includes both commercial real estate - non owner-occupied and owner-occupied loan segments. |
Credit Risk Exposure Indicators by Portfolio Segment | Based on the most recent analysis performed, the risk category of loans by portfolio segment by vintage, reported under the CECL methodology, was as follows as of the dates indicated: (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Total As of June 30, 2021 Commercial real estate - non owner-occupied Risk rating Pass (Grades 1-6) $ 97,672 $ 195,046 $ 208,784 $ 126,420 $ 104,904 $ 337,990 $ — $ — $ 1,070,816 Special mention (Grade 7) 97 7,337 1,490 — 4,342 3,924 — — 17,190 Substandard (Grade 8) 216 1,693 224 10,112 397 26,552 — — 39,194 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - non owner-occupied 97,985 204,076 210,498 136,532 109,643 368,466 — — 1,127,200 Commercial real estate - owner-occupied Risk rating Pass (Grades 1-6) 44,361 34,774 32,982 46,093 49,000 81,397 — — 288,607 Special mention (Grade 7) — — — 3,458 — 1,444 — — 4,902 Substandard (Grade 8) — — 71 — 1,829 1,288 — — 3,188 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - owner occupied 44,361 34,774 33,053 49,551 50,829 84,129 — — 296,697 Commercial Risk rating Pass (Grades 1-6) 49,954 51,324 57,039 34,303 17,277 37,592 83,722 31,487 362,698 Special mention (Grade 7) — — 26 21 192 469 — 23 731 Substandard (Grade 8) — 323 966 325 121 1,342 24 563 3,664 Doubtful (Grade 9) — — — — — — — — — Total commercial 49,954 51,647 58,031 34,649 17,590 39,403 83,746 32,073 367,093 SBA PPP Risk rating Pass (Grades 1-6) 96,794 29,270 — — — — — — 126,064 Special mention (Grade 7) — — — — — — — — — Substandard (Grade 8) — — — — — — — — — Doubtful (Grade 9) — — — — — — — — — Total SBA PPP 96,794 29,270 — — — — — — 126,064 Residential Real Estate Risk rating Pass (Grades 1-6) 261,642 316,822 136,803 83,561 59,003 257,481 882 — 1,116,194 Special mention (Grade 7) — — — — 236 — — 236 Substandard (Grade 8) — — — 144 — 4,343 — — 4,487 Doubtful (Grade 9) — — — — — — — — — Total residential real estate 261,642 316,822 136,803 83,705 59,003 262,060 882 — 1,120,917 Home equity Risk rating Performing 339 639 7,838 13,805 2,967 14,278 174,564 12,864 227,294 Non-performing — — — 42 — 196 818 340 1,396 Total home equity 339 639 7,838 13,847 2,967 14,474 175,382 13,204 228,690 Consumer Risk rating Performing 4,364 4,873 4,664 1,859 890 1,998 579 — 19,227 Non-performing — 9 16 — — 3 — — 28 Total consumer 4,364 4,882 4,680 1,859 890 2,001 579 — 19,255 Total Loans $ 555,439 $ 642,110 $ 450,903 $ 320,143 $ 240,922 $ 770,533 $ 260,589 $ 45,277 $ 3,285,916 (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Total As of December 31, 2020 Commercial real estate - non owner-occupied Risk rating Pass (Grades 1-6) $ 138,010 $ 224,148 $ 144,552 $ 119,409 $ 157,588 $ 264,253 $ — $ — $ 1,047,960 Special mention (Grade 7) 5,739 — — 4,256 3,497 847 — — 14,339 Substandard (Grade 8) 24 125 2,070 405 1,522 31,530 — — 35,676 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - non owner-occupied 143,773 224,273 146,622 124,070 162,607 296,630 — — 1,097,975 Commercial real estate - owner-occupied Risk rating Pass (Grades 1-6) 35,948 29,217 48,312 47,065 25,507 76,098 — — 262,147 Special mention (Grade 7) — — 4,584 — — 1,513 — — 6,097 Substandard (Grade 8) — — 891 462 — 1,898 — — 3,251 Doubtful (Grade 9) — — — — — — — — — Total commercial real estate - owner occupied 35,948 29,217 53,787 47,527 25,507 79,509 — — 271,495 Commercial Risk rating Pass (Grades 1-6) 53,966 72,863 40,688 25,478 15,788 51,869 72,425 37,026 370,103 Special mention (Grade 7) — 22 313 4,924 117 400 — 867 6,643 Substandard (Grade 8) 187 1,012 211 51 42 2,081 65 1,099 4,748 Doubtful (Grade 9) — — — — — — — — — Total commercial 54,153 73,897 41,212 30,453 15,947 54,350 72,490 38,992 381,494 SBA PPP Risk rating Pass (Grades 1-6) 135,095 — — — — — — — 135,095 Special mention (Grade 7) — — — — — — — — — Substandard (Grade 8) — — — — — — — — — Doubtful (Grade 9) — — — — — — — — — Total SBA PPP 135,095 — — — — — — — 135,095 Residential Real Estate Risk rating Pass (Grades 1-6) 339,834 183,877 119,426 79,159 57,269 266,324 3,028 — 1,048,917 Special mention (Grade 7) — — — — — 398 — — 398 Substandard (Grade 8) — — 176 487 — 4,820 — — 5,483 Doubtful (Grade 9) — — — — — — — — — Total residential real estate 339,834 183,877 119,602 79,646 57,269 271,542 3,028 — 1,054,798 Home equity Risk rating Performing 855 9,415 17,281 3,478 1,339 17,664 194,065 12,480 256,577 Non-performing — — — — — 207 1,241 548 1,996 Total home equity 855 9,415 17,281 3,478 1,339 17,871 195,306 13,028 258,573 Consumer Risk rating Performing 6,572 6,525 3,096 1,359 378 1,780 678 — 20,388 Non-performing — — — — 4 — — — 4 Total consumer 6,572 6,525 3,096 1,359 382 1,780 678 — 20,392 Total Loans $ 716,230 $ 527,204 $ 381,600 $ 286,533 $ 263,051 $ 721,682 $ 271,502 $ 52,020 $ 3,219,822 | |
Loan Aging Analysis by Portfolio Segment | The following is a loan aging analysis by portfolio segment (including loans past due over 90 days and non-accrual loans) and loans past due over 90 days and accruing as of the following dates: (In thousands) 30-59 Days 60-89 Days 90 Days or Greater Total Current Total Loans Loans > 90 June 30, 2021 Commercial real estate - non owner-occupied $ 99 $ — $ 63 $ 162 $ 1,127,038 $ 1,127,200 $ — Commercial real estate - owner-occupied — — 47 47 296,650 296,697 Commercial 183 — 836 1,019 366,074 367,093 — SBA PPP — — — — 126,064 126,064 — Residential real estate 489 155 1,570 2,214 1,118,703 1,120,917 — Home equity 236 — 919 1,155 227,535 228,690 — Consumer 35 9 28 72 19,183 19,255 — Total $ 1,042 $ 164 $ 3,463 $ 4,669 $ 3,281,247 $ 3,285,916 $ — December 31, 2020 Commercial real estate - non owner-occupied $ — $ 50 $ 173 $ 223 $ 1,097,752 $ 1,097,975 $ — Commercial real estate - owner-occupied 99 — 47 146 271,349 271,495 — Commercial 430 — 857 1,287 380,207 381,494 — SBA PPP — — — — 135,095 135,095 — Residential real estate 1,406 1,103 2,535 5,044 1,049,754 1,054,798 — Home equity 335 173 1,416 1,924 256,649 258,573 — Consumer 92 67 4 163 20,229 20,392 — Total $ 2,362 $ 1,393 $ 5,032 $ 8,787 $ 3,211,035 $ 3,219,822 $ — | |
Financing Receivable, Nonaccrual | The following table presents the amortized cost basis of loans on non-accrual status (including non-accruing TDRs) by portfolio segment as of the dates indicated: June 30, December 31, (In thousands) Non-Accrual Loans With an Allowance Non-Accrual Loans Without an Allowance Total Non-Accrual Loans Non-Accrual Loans With an Allowance Non-Accrual Loans Without an Allowance Total Non-Accrual Loans Commercial real estate - non owner-occupied $ 71 $ 15 $ 86 $ 351 $ 15 $ 366 Commercial real estate - owner-occupied 89 47 136 99 47 146 Commercial 1,459 52 1,511 1,549 58 1,607 Residential real estate 2,432 293 2,725 3,136 341 3,477 Home equity 1,396 — 1,396 1,961 35 1,996 Consumer 28 — 28 4 — 4 Total $ 5,475 $ 407 $ 5,882 $ 7,100 $ 496 $ 7,596 The following table presents the amortized cost basis of collateral-dependent non-accrual loans (including non-accruing TDRs) by portfolio segment and collateral type, as of the dates indicated: June 30, December 31, Collateral Type Total Collateral -Dependent Collateral Type Total Collateral -Dependent (In thousands) Real Estate General Business Assets Real Estate General Business Assets Commercial $ — $ 623 $ 623 $ — $ 689 $ 689 Residential real estate 218 — 218 248 — 248 Home equity 88 — 88 — — — Total $ 306 $ 623 $ 929 $ 248 $ 689 $ 937 | |
Troubled Debt Restructuring and Specific Reserve Related to TDRs | The following is a summary of TDRs, by portfolio segment, and the associated specific reserve included within the ACL for the dates indicated: Number of Contracts Recorded Investment Specific Reserve (In thousands, except number of contracts) June 30, December 31, June 30, December 31, June 30, December 31, Commercial real estate - owner-occupied 1 2 $ 123 $ 328 $ 41 $ 37 Commercial 2 2 89 100 — — Residential real estate 19 21 2,383 2,638 364 364 Consumer and home equity 2 — 231 — 23 — Total 24 25 $ 2,826 $ 3,066 $ 428 $ 401 | |
Troubled Debt Restructuring | The following represents loan modifications that qualify as TDRs that occurred during the periods indicated: Number of Contracts Pre-Modification Post-Modification Specific Reserve (In thousands, except number of contracts) 2021 2020 2021 2020 2021 2020 2021 2020 For the Three Months Ended June 30,: Home equity: Maturity concession 1 — $ 144 $ — $ 143 $ — $ 6 $ — Total 1 — $ 144 $ — $ 143 $ — $ 6 $ — For the Six Months Ended June 30,: Home equity: Interest rate concession and payment deferral 1 — $ 159 $ — $ 170 $ — $ 56 $ — Maturity concession 1 — 144 — 143 — 6 — Total 2 — $ 303 $ — $ 313 $ — $ 62 $ — | |
Summary of Impaired Loan Balances and Associated Allowance by Portfolio Segment | The following is a summary of impaired loan balances and the associated allowance by portfolio segment as of and for the periods indicated: For the For the (In thousands) Recorded Unpaid Related Average Interest Income Recognized (1) Average Interest June 30, 2020: With an allowance recorded: Commercial real estate $ 127 $ 127 $ 35 $ 128 $ 3 $ 128 $ 4 Commercial — — — — — — — SBA PPP — — — — — — — Residential real estate 2,304 2,304 338 2,262 22 2,306 46 Home equity 318 318 89 318 — 318 — Consumer — — — — — — — Ending balance 2,749 2,749 462 2,708 25 2,752 50 Without an allowance recorded: Commercial real estate 334 514 — 303 3 293 6 Commercial 179 242 — 239 1 266 3 SBA PPP — — — — — — — Residential real estate 849 972 — 957 (1) 968 2 Home equity 52 189 — 52 — 53 — Consumer — — — — — — — Ending balance 1,414 1,917 — 1,551 3 1,580 11 Total impaired loans $ 4,163 $ 4,666 $ 462 $ 4,259 $ 28 $ 4,332 $ 61 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds Outstanding | The following summarizes the Company's short-term and long-term borrowed funds as presented on the consolidated statements of condition as of the dates indicated: (In thousands) June 30, December 31, Short-Term Borrowings: Customer repurchase agreements $ 170,413 $ 162,439 Total short-term borrowings $ 170,413 $ 162,439 Long-Term Borrowings: FHLBB borrowings $ — $ 25,000 Total long-term borrowings $ — $ 25,000 |
REPURCHASE AGREEMENTS (Tables)
REPURCHASE AGREEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets | The table below sets forth information regarding the Company’s repurchase agreements accounted for as secured borrowings and types of collateral as of the dates indicated: (In thousands) June 30, December 31, Customer Repurchase Agreements (1)(2) : Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises $ 89,858 $ 90,015 Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 80,555 70,902 Obligations of states and political subdivisions — 1,522 Total $ 170,413 $ 162,439 (1) Presented within short-term borrowings on the consolidated statements of condition. (2) All customer repurchase agreements mature continuously or overnight for the dates indicated. |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Contractual And Notional Amounts Of Financial Instruments Table | The following is a summary of the Company's contractual off-balance sheet commitments for the dates indicated: (In thousands) June 30, December 31, Commitments to extend credit $ 753,052 $ 723,986 Standby letters of credit 6,441 4,735 Total $ 759,493 $ 728,721 |
DERIVATIVES AND HEDGING (Tables
DERIVATIVES AND HEDGING (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments | The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated statements of condition as of the dates indicated: Derivative Assets Derivative Liabilities (In thousands) Notional Location Fair Notional Location Fair June 30, 2021 Derivatives designated as hedging instruments Interest rate contracts (1) $ 160,000 Other assets $ 6,814 $ 83,000 Accrued interest and other liabilities $ 9,153 Total derivatives designated as hedging instruments $ 6,814 $ 9,153 Derivatives not designated as hedging instruments Customer loan swaps (1) $ 364,977 Other assets $ 27,648 $ 364,977 Accrued interest and other liabilities $ 27,648 Fixed-rate mortgage interest rate lock commitments 37,771 Other assets 870 6,331 Accrued interest and other liabilities 54 Forward delivery commitments 11,797 Other assets 145 3,089 Accrued interest and other liabilities 17 Total derivatives not designated as hedging instruments $ 28,663 $ 27,719 December 31, 2020 Derivatives designated as hedging instruments Interest rate contracts $ 110,000 Other assets $ 5,731 $ 143,000 Accrued interest and other liabilities $ 11,625 Total derivatives designated as hedging instruments $ 5,731 $ 11,625 Derivatives not designated as hedging instruments Customer loan swaps $ 376,290 Other assets $ 39,627 $ 376,290 Accrued interest and other liabilities $ 39,627 Fixed-rate mortgage interest rate lock commitments 58,574 Other assets 608 28,346 Accrued interest and other liabilities 248 Forward delivery commitments 24,951 Other assets 311 15,548 Accrued interest and other liabilities 196 Total derivatives not designated as hedging instruments $ 40,546 $ 40,071 (1) Reported fair values include accrued interest receivable and payable. |
Schedule of Cash Flow Hedging Instruments, Location | The table below presents the effect of cash flow hedge accounting, before tax, on AOCI for the periods indicated: (Dollars in thousands) Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Recognized in OCI Included Component Amount of Gain (Loss) Recognized in OCI Excluded Component Location of Gain (Loss) Recognized Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included Component Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component Derivatives in Cash Flow Hedge Relationships For the Three Months Ended June 30, 2021 Interest rate contracts $ 66 $ 66 $ — Interest and fees on loans $ 403 $ 403 $ — Interest rate contracts (1,511) (1,511) — Interest on deposits (164) (164) — Interest rate contracts (1,758) (1,758) — Interest on subordinated debentures (431) (431) — Total $ (3,203) $ (3,203) $ — $ (192) $ (192) $ — For the Six Months Ended June 30, 2021 Interest rate contracts $ (736) $ (736) $ — Interest and fees on loans $ 795 $ 795 $ — Interest rate contracts 1,952 1,952 — Interest on deposits (320) (320) — Interest rate contracts 1,973 1,973 — Interest on subordinated debentures (853) (853) — Total $ 3,189 $ 3,189 $ — $ (378) $ (378) $ — For the Three Months Ended June 30, 2020 Interest rate contracts $ 765 $ 765 $ — Interest and fees on loans $ 247 $ 247 $ — Interest rate contracts (122) (122) — Interest on deposits (22) (22) — Interest rate contracts (365) (365) — Interest on borrowings 44 44 — Interest rate contracts (239) (239) — Interest on subordinated debentures (297) (297) — Total $ 39 $ 39 $ — $ (28) $ (28) $ — For the Six Months Ended June 30, 2020 Interest rate contracts $ 5,925 $ 5,925 $ — Interest and fees on loans $ 299 $ 299 $ — Interest rate contracts (978) (978) — Interest on deposits (26) (26) — Interest rate contracts (1,123) (1,123) — Interest on borrowings 48 48 — Interest rate contracts (4,934) (4,934) — Interest on subordinated debentures (537) (537) — Total $ (1,110) $ (1,110) $ — $ (216) $ (216) $ — The table below presents the effect of cash flow hedge accounting on the consolidated statements of income for the periods indicated: Location and Amount of Gain (Loss) Recognized in Income Three Months Ended 2021 2020 (Dollars in thousands) Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded $ 30,865 $ 1,921 $ 176 $ 640 $ 33,120 $ 3,392 $ 359 $ 888 Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from AOCI into income $ 403 $ (164) $ — $ (431) $ 247 $ (22) $ 44 $ (297) Amount of gain (loss) reclassified from AOCI into income - included component $ 403 $ (164) $ — $ (431) $ 247 $ (22) $ 44 $ (297) Amount of gain (loss) reclassified from AOCI into income - excluded component $ — $ — $ — $ — $ — $ — $ — $ — Location and Amount of Gain (Loss) Recognized in Income Six Months Ended 2021 2020 (Dollars in thousands) Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Interest and fees on loans Interest on deposits Interest on borrowings Interest on subordinated debentures Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded $ 61,425 $ 3,984 $ 332 $ 1,445 $ 67,165 $ 10,054 $ 1,197 $ 1,775 Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from AOCI into income $ 795 $ (320) $ — $ (853) $ 299 $ (26) $ 48 $ (537) Amount of gain (loss) reclassified from AOCI into income - included component $ 795 $ (320) $ — $ (853) $ 299 $ (26) $ 48 $ (537) Amount of gain (loss) reclassified from AOCI into income - excluded component $ — $ — $ — $ — $ — $ — $ — $ — |
Schedule of Derivatives Not Designated as Hedging Instruments | The table below presents the effect of the Company's derivative financial instruments that are not designated as hedging instruments on the consolidated statements of income for the periods indicated: Location of Gain Recognized in Income Amount of Gain (Loss) Three Months Ended Six Months Ended (Dollars in thousands) 2021 2020 2021 2020 Fixed-rate mortgage interest rate lock commitments Mortgage banking income, net $ (489) $ (1,019) $ 456 $ 496 Forward delivery commitments Mortgage banking income, net (469) (1,014) 13 (156) Total $ (958) $ (2,033) $ 469 $ 340 |
BALANCE SHEET OFFSETTING (Table
BALANCE SHEET OFFSETTING (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
Offsetting Assets | The following table presents the Company's derivative positions and repurchase agreements, and the potential effect of netting arrangements on its financial position, as of the dates indicated: Gross Amount Not Offset in the Consolidated Statements of Condition (In thousands) Gross Amount Recognized in the Consolidated Statements of Condition Gross Amount Offset in the Consolidated Statements of Condition Net Amount Presented in the Consolidated Statements of Condition Financial Instruments Pledged (Received) (1) Cash Collateral Pledged (Received) (1) Net Amount June 30, 2021 Derivative assets: Customer loan swaps - commercial customer (2) $ 27,648 $ — $ 27,648 $ — $ — $ 27,648 Interest rate contracts (3) 6,814 — 6,814 — (6,662) 152 Total $ 34,462 $ — $ 34,462 $ — $ (6,662) $ 27,800 Derivative liabilities: Customer loan swaps - dealer bank (3) $ 27,648 $ — $ 27,648 $ — $ 27,648 $ — Interest rate contracts (3) 9,153 — 9,153 — 9,153 — Total $ 36,801 $ — $ 36,801 $ — $ 36,801 $ — Customer repurchase agreements $ 170,413 $ — $ 170,413 $ 170,413 $ — $ — December 31, 2020 Derivative assets: Customer loan swaps - commercial customer (2) $ 39,627 $ — $ 39,627 $ — $ — $ 39,627 Interest rate contracts (3) 5,731 — 5,731 — (5,595) 136 Total $ 45,358 $ — $ 45,358 $ — $ (5,595) $ 39,763 Derivative liabilities: Customer loan swaps - dealer bank (3) $ 39,627 $ — $ 39,627 $ — $ 39,627 $ — Interest rate contracts (3) 11,625 — 11,625 — 11,625 — Total $ 51,252 $ — $ 51,252 $ — $ 51,252 $ — Customer repurchase agreements $ 162,439 $ — $ 162,439 $ 162,439 $ — $ — (1) The amount presented was the lesser of the amount pledged (received) or the net amount presented in the consolidated statements of condition. (2) The Company manages its net exposure on its commercial customer loan swaps by obtaining collateral as part of the normal loan policy and underwriting practices. (3) Interest rate swap contracts were completed with the same dealer bank. The Company maintains a master netting arrangement and settles collateral requested or pledged on a net basis for all contracts. |
Offsetting Liabilities | The following table presents the Company's derivative positions and repurchase agreements, and the potential effect of netting arrangements on its financial position, as of the dates indicated: Gross Amount Not Offset in the Consolidated Statements of Condition (In thousands) Gross Amount Recognized in the Consolidated Statements of Condition Gross Amount Offset in the Consolidated Statements of Condition Net Amount Presented in the Consolidated Statements of Condition Financial Instruments Pledged (Received) (1) Cash Collateral Pledged (Received) (1) Net Amount June 30, 2021 Derivative assets: Customer loan swaps - commercial customer (2) $ 27,648 $ — $ 27,648 $ — $ — $ 27,648 Interest rate contracts (3) 6,814 — 6,814 — (6,662) 152 Total $ 34,462 $ — $ 34,462 $ — $ (6,662) $ 27,800 Derivative liabilities: Customer loan swaps - dealer bank (3) $ 27,648 $ — $ 27,648 $ — $ 27,648 $ — Interest rate contracts (3) 9,153 — 9,153 — 9,153 — Total $ 36,801 $ — $ 36,801 $ — $ 36,801 $ — Customer repurchase agreements $ 170,413 $ — $ 170,413 $ 170,413 $ — $ — December 31, 2020 Derivative assets: Customer loan swaps - commercial customer (2) $ 39,627 $ — $ 39,627 $ — $ — $ 39,627 Interest rate contracts (3) 5,731 — 5,731 — (5,595) 136 Total $ 45,358 $ — $ 45,358 $ — $ (5,595) $ 39,763 Derivative liabilities: Customer loan swaps - dealer bank (3) $ 39,627 $ — $ 39,627 $ — $ 39,627 $ — Interest rate contracts (3) 11,625 — 11,625 — 11,625 — Total $ 51,252 $ — $ 51,252 $ — $ 51,252 $ — Customer repurchase agreements $ 162,439 $ — $ 162,439 $ 162,439 $ — $ — (1) The amount presented was the lesser of the amount pledged (received) or the net amount presented in the consolidated statements of condition. (2) The Company manages its net exposure on its commercial customer loan swaps by obtaining collateral as part of the normal loan policy and underwriting practices. (3) Interest rate swap contracts were completed with the same dealer bank. The Company maintains a master netting arrangement and settles collateral requested or pledged on a net basis for all contracts. |
REGULATORY CAPITAL REQUIREMEN_2
REGULATORY CAPITAL REQUIREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table presents the Company and Bank's regulatory capital ratios at the periods indicated: June 30, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Provision To Be "Well Capitalized" December 31, Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer Minimum Regulatory Provision To Be "Well Capitalized" (Dollars in thousands) Amount Ratio Amount Ratio Camden National Corporation: Total risk-based capital ratio $ 509,478 15.26 % 10.50 % 10.00 % $ 498,290 15.40 % 10.50 % 10.00 % Tier 1 risk-based capital ratio 474,903 14.23 % 8.50 % 6.00 % 445,858 13.78 % 8.50 % 6.00 % Common equity Tier 1 risk-based capital ratio (1) 431,903 12.94 % 7.00 % N/A 402,858 12.45 % 7.00 % N/A Tier 1 leverage capital ratio (1) 474,903 9.48 % 4.00 % N/A 445,858 9.13 % 4.00 % N/A Camden National Bank: Total risk-based capital ratio $ 470,146 14.14 % 10.50 % 10.00 % $ 460,611 14.28 % 10.50 % 10.00 % Tier 1 risk-based capital ratio 435,571 13.10 % 8.50 % 8.00 % 420,294 13.03 % 8.50 % 8.00 % Common equity Tier 1 risk-based capital ratio 435,571 13.10 % 7.00 % 6.50 % 420,294 13.03 % 7.00 % 6.50 % Tier 1 leverage capital ratio 435,571 8.72 % 4.00 % 5.00 % 420,294 8.64 % 4.00 % 5.00 % (1) “Minimum Regulatory Provisions To Be ‘Well Capitalized’” are not formally defined under applicable banking regulations for bank holding companies. |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of of Comprehensive Income (Loss) | The following tables present a reconciliation of the changes in the components of other comprehensive income and loss for the periods indicated, including the amount of tax (expense) benefit allocated to each component: Three Months Ended June 30, 2021 June 30, 2020 (In thousands) Pre-Tax Tax (Expense) After-Tax Pre-Tax Tax (Expense) After-Tax AFS Debt Securities: Unrealized holdings gains $ 2,925 $ (629) $ 2,296 $ 9,082 $ (1,952) $ 7,130 Net unrealized gains 2,925 (629) 2,296 9,082 (1,952) 7,130 Cash Flow Hedges: Net (decrease) increase in fair value (3,203) 689 (2,514) 39 (8) 31 Less: reclassified AOCI loss into interest expense (1) (595) 128 (467) (274) 59 (215) Less: reclassified AOCI gain into interest income (2) 403 (86) 317 247 (53) 194 Net (decrease) increase in fair value (3,011) 647 (2,364) 66 (14) 52 Postretirement Plans: Amortization of settlement recognition of net loss and prior service credit (3) 217 (46) 171 169 (36) 133 Other comprehensive income $ 131 $ (28) $ 103 $ 9,317 $ (2,002) $ 7,315 (1) Reclassified into interest on deposits, borrowings and/or subordinated debentures on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (2) Reclassified into interest and fees on loans on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (3) Reclassified into other expenses on the consolidated statements of income. Refer to Note 13 of the consolidated financial statements for further details. Six Months Ended June 30, 2021 June 30, 2020 (In thousands) Pre-Tax Tax (Expense) After-Tax Pre-Tax Tax (Expense) After-Tax AFS Debt Securities: Unrealized holdings (losses) gains $ (19,380) $ 4,167 $ (15,213) $ 33,197 $ (7,137) $ 26,060 Net unrealized (losses) gains (19,380) 4,167 (15,213) 33,197 (7,137) 26,060 Cash Flow Hedges: Net increase (decrease) in fair value 3,189 (685) 2,504 (1,110) 239 (871) Less: reclassified AOCI loss into interest expense (1) (1,173) 252 (921) (515) 111 (404) Less: reclassified AOCI gain into interest income (2) 795 (170) 625 299 (64) 235 Net increase (decrease) in fair value 3,567 (767) 2,800 (894) 192 (702) Postretirement Plans: Amortization of settlement recognition of net loss and prior service credit (3) 435 (94) 341 339 (73) 266 Other comprehensive (loss) income $ (15,378) $ 3,306 $ (12,072) $ 32,642 $ (7,018) $ 25,624 (1) Reclassified into interest on deposits, borrowings and/or subordinated debentures on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (2) Reclassified into interest and fees on loans on the consolidated statements of income. Refer to Note 8 of the consolidated financial statements for further details. (3) Reclassified into other expenses on the consolidated statements of income. Refer to Note 13 of the consolidated financial statements for further details. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in each component of AOCI, after tax, for the periods indicated: (In thousands) Net Unrealized Gains (Losses) on AFS Debt Securities Net Unrealized Losses (Gains) on Cash Flow Hedges Defined Benefit Postretirement Plans AOCI At or For the Three Months Ended June 30, 2021 Balance at March 31, 2021 $ 11,801 $ 538 $ (3,774) $ 8,565 Other comprehensive income (loss) before reclassifications 2,296 (2,514) 175 (43) Less: Amounts reclassified from AOCI — (150) 4 (146) Other comprehensive income (loss) 2,296 (2,364) 171 103 Balance at June 30, 2021 $ 14,097 $ (1,826) $ (3,603) $ 8,668 At or For the Six Months Ended June 30, 2021 Balance at December 31, 2020 $ 29,310 $ (4,626) $ (3,944) $ 20,740 Other comprehensive (loss) income before reclassifications (15,213) 2,504 350 (12,359) Less: Amounts reclassified from AOCI — (296) 9 (287) Other comprehensive (loss) income (15,213) 2,800 341 (12,072) Balance at June 30, 2021 $ 14,097 $ (1,826) $ (3,603) $ 8,668 At or For the Three Months Ended June 30, 2020 Balance at March 31, 2020 $ 22,180 $ (6,802) $ (3,337) $ 12,041 Other comprehensive income (loss) before reclassifications 7,130 31 137 7,298 Less: Amounts reclassified from AOCI — (21) 4 (17) Other comprehensive income (loss) 7,130 52 133 7,315 Balance at June 30, 2020 $ 29,310 $ (6,750) $ (3,204) $ 19,356 At or For the Six Months Ended June 30, 2020 Balance at December 31, 2019 $ 3,250 $ (6,048) $ (3,470) $ (6,268) Other comprehensive income (loss) before reclassifications 26,060 (871) 275 25,464 Less: Amounts reclassified from AOCI — (169) 9 (160) Other comprehensive income (loss) 26,060 (702) 266 25,624 Balance at June 30, 2020 $ 29,310 $ (6,750) $ (3,204) $ 19,356 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the revenue streams within the scope of ASC 606 for the periods indicated: Location on Consolidated Statements of Income Three Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Debit card interchange income Debit card income $ 3,112 $ 2,391 $ 5,848 $ 4,532 Services charges on deposit accounts Service charges on deposit accounts 1,517 1,337 3,056 3,349 Fiduciary services income Income from fiduciary services 1,707 1,603 3,233 3,105 Investment program income Brokerage and insurance commissions 939 622 1,892 1,279 Other non-interest income Other income 447 423 847 806 Total non-interest income within the scope of ASC 606 7,722 6,376 14,876 13,071 Total non-interest income not in scope of ASC 606 3,598 5,684 11,659 10,392 Total non-interest income $ 11,320 $ 12,060 $ 26,535 $ 23,463 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Period Benefit Cost | The components of net periodic pension and postretirement benefit cost were as follow for the following periods: Supplemental Executive Retirement Plan: (In thousands) Location on Consolidated Statements of Income Three Months Ended Six Months Ended Net periodic pension cost 2021 2020 2021 2020 Service cost Salaries and employee benefits $ 126 $ 116 $ 252 $ 232 Interest cost Other expenses 98 115 195 230 Recognized net actuarial loss Other expenses 194 156 389 312 Total $ 418 $ 387 $ 836 $ 774 Other Postretirement Benefit Plan: (In thousands) Location on Consolidated Statements of Income Three Months Ended Six Months Ended Net periodic postretirement benefit cost 2021 2020 2021 2020 Service cost Salaries and employee benefits $ 6 $ 7 $ 13 $ 14 Interest cost Other expenses 25 31 51 62 Recognized net actuarial loss Other expenses 29 20 58 39 Amortization of prior service credit Other expenses (6) (6) (12) (12) Total $ 54 $ 52 $ 110 $ 103 |
EPS (Tables)
EPS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Analysis of Basic and Diluted Earnings Per Share | The following is an analysis of basic and diluted EPS, reflecting the application of the two-class method, as described below: Three Months Ended Six Months Ended (In thousands, except number of shares and per share data) 2021 2020 2021 2020 Net income $ 18,143 $ 10,940 $ 37,883 $ 24,433 Dividends and undistributed earnings allocated to participating securities (1) (51) (27) (105) (55) Net income available to common shareholders $ 18,092 $ 10,913 $ 37,778 $ 24,378 Weighted-average common shares outstanding for basic EPS 14,943,486 14,959,851 14,930,017 15,031,525 Dilutive effect of stock-based awards (2) 63,985 37,760 64,121 37,607 Weighted-average common and potential common shares for diluted EPS 15,007,471 14,997,611 14,994,138 15,069,132 Earnings per common share: Basic EPS $ 1.21 $ 0.73 $ 2.53 $ 1.62 Diluted EPS $ 1.21 $ 0.73 $ 2.52 $ 1.62 Awards excluded from the calculation of diluted EPS (3) : MSPP — 6,748 — — Performance-based awards — 3,454 — 2,429 Stock options — 1,000 — 1,000 (1) Represents dividends paid and undistributed earnings allocated to nonvested stock-based awards that contain non-forfeitable rights to dividends. (2) Represents the assumed dilutive effect of unexercised and/or unvested stock options, restricted shares, restricted share units and contingently issuable performance-based awards utilizing the treasury stock method. (3) Represents stock-based awards not included in the computation of potential common shares for purposes of calculating diluted EPS as the exercise prices were greater than the average market price of the Company's common stock, and, therefore, are considered anti-dilutive. |
FAIR VALUE MEASUREMENT AND DI_2
FAIR VALUE MEASUREMENT AND DISCLOSURE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, for the dates indicated: (In thousands) Fair Readily Observable Company June 30, 2021 Financial assets: Trading securities $ 4,354 $ 4,354 $ — $ — AFS debt securities: Obligations of U.S. government sponsored enterprises 7,083 — 7,083 — Obligations of states and political subdivisions 118,653 — 118,653 — Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 839,541 — 839,541 — Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 425,302 — 425,302 — Subordinated corporate bonds 9,244 — 9,244 — Loans held for sale 15,140 — 15,140 — Customer loan swaps 27,648 — 27,648 — Interest rate contracts 6,814 — 6,814 — Fixed-rate mortgage interest rate lock commitments 870 — 870 — Forward delivery commitments 145 — 145 — Financial liabilities: Trading securities $ 4,354 $ 4,354 $ — $ — Customer loan swaps 27,648 — 27,648 — Interest rate contracts 9,153 — 9,153 — Fixed-rate mortgage interest rate lock commitments 54 — 54 — Forward delivery commitments 17 — 17 — December 31, 2020 Financial assets: Trading securities $ 4,161 $ 4,161 $ — $ — AFS debt securities: Obligations of states and political subdivisions 127,120 — 127,120 — Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises 566,618 — 566,618 — Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises 410,454 — 410,454 — Subordinated corporate bonds 11,621 — 11,621 — Loans held for sale 41,557 — 41,557 — Customer loan swaps 39,627 — 39,627 — Interest rate contracts 5,731 — 5,731 — Fixed-rate mortgage interest rate lock commitments 608 — 608 — Forward delivery commitments 311 — 311 — Financial liabilities: Trading securities $ 4,161 $ 4,161 $ — $ — Customer loan swaps 39,627 — 39,627 — Interest rate contracts 11,625 — 11,625 — Fixed-rate mortgage interest rate lock commitments 248 — 248 — Forward delivery commitments 196 — 196 — |
Summary of Assets Measured at Fair Value on Non Recurring Basis | The table below highlights financial and non-financial assets measured and recorded at fair value on a non-recurring basis for the dates indicated: (In thousands) Fair Readily Observable Company June 30, 2021 Financial assets: Collateral-dependent loans $ 74 $ — $ — $ 74 December 31, 2020 Financial assets: Servicing assets $ 1,010 $ — $ — $ 1,010 Non-financial assets: OREO $ 236 $ — $ — $ 236 |
Valuation Methodology and Unobservable Inputs for Level Three Assets Measured at Fair Value on Non Recurring Basis | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis for the dates indicated: (Dollars in thousands) Fair Value Valuation Methodology Unobservable Input Discount June 30, 2021 Collateral-dependent loans: Specifically reserved $ 74 Market approach appraisal of Estimated selling costs 11% December 31, 2020 Servicing assets $ 1,010 Discounted cash flow Weighted-average constant prepayment rate 19% Weighted average discount rate 10% OREO $ 236 Market approach appraisal of Management adjustment of appraisal 5% Estimated selling cost 11% |
Carrying Amounts and Estimated Fair Value for Financial Instrument Assets and Liabilities | The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated: (In thousands) Carrying Fair Value Readily Observable Company June 30, 2021 Financial assets: HTM debt securities $ 1,294 $ 1,397 $ — $ 1,397 $ — Commercial real estate loans (1)(2) 1,401,804 1,360,353 — — 1,360,353 Commercial loans (2) 362,751 358,273 — — 358,273 SBA PPP loans (2) 125,998 131,418 — — 131,418 Residential real estate loans (2) 1,117,712 1,123,720 — — 1,123,720 Home equity loans (2) 226,625 224,569 — — 224,569 Consumer loans (2) 18,966 17,137 — — 17,137 Servicing assets 2,498 3,030 — — 3,030 Financial liabilities: Time deposits $ 384,357 $ 385,620 $ — $ 385,620 $ — Short-term borrowings 170,413 170,394 — 170,394 — Subordinated debentures 44,331 32,583 — 32,583 — December 31, 2020 Financial assets: HTM debt securities $ 1,297 $ 1,411 $ — $ 1,411 $ — Commercial real estate loans (1)(2) 1,344,860 1,307,132 — — 1,307,132 Commercial loans (2) 374,791 372,194 — — 372,194 SBA PPP loans (2) 135,026 137,209 137,209 Residential real estate loans (2) 1,051,324 1,066,991 — — 1,066,991 Home equity loans (2) 255,957 253,276 — — 253,276 Consumer loans (2) 19,999 18,102 — — 18,102 Servicing assets 2,196 1,437 — — 1,437 Financial liabilities: Time deposits $ 457,694 $ 460,278 $ — $ 460,278 $ — Short-term borrowings 162,439 162,420 — 162,420 — Long-term borrowings 25,000 25,442 — 25,442 — Subordinated debentures 59,331 46,475 — 46,475 — (1) Commercial real estate loan includes non owner-occupied and owner-occupied properties. (2) The presented carrying amount is net of the allocated ACL on loans. |
INVESTMENTS (Narrative) (Detail
INVESTMENTS (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | ||||||||
Trading securities | $ 4,354 | $ 4,354 | $ 4,161 | |||||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | 0 | |||||
Net unrealized gain on available-for-sale debt securities, net of tax | 14,097 | $ 29,310 | 14,097 | $ 29,310 | $ 11,801 | 29,310 | $ 22,180 | $ 3,250 |
Deferred tax assets, unrealized losses on available for sale securities | 3,900 | 3,900 | 8,000 | |||||
Debt Securities, Available-for-sale, Realized Gain (Loss) | 0 | $ 0 | 0 | $ 0 | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | 0 | 0 | |||||
Debt Securities, Held-to-Maturity, Excluded Accrued Interest from Amortized Cost | 10 | 10 | 10 | |||||
Security pledged as collateral, amortized cost | 500,800 | 500,800 | 485,000 | |||||
Security pledged as collateral, fair value | 512,900 | 512,900 | 507,100 | |||||
Available-for-sale Securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Interest Receivable | $ 3,300 | $ 3,300 | $ 3,100 |
INVESTMENTS (Summary of Amortiz
INVESTMENTS (Summary of Amortized Costs and Estimated Fair Values of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Abstract] | ||
Fair Value | $ 1,399,823 | $ 1,115,813 |
Obligations of U.S. government sponsored enterprises | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 7,200 | |
Unrealized Gains | 2 | |
Unrealized Losses | (119) | |
Fair Value | 7,083 | |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 112,792 | 119,608 |
Unrealized Gains | 6,116 | 7,627 |
Unrealized Losses | (255) | (115) |
Fair Value | 118,653 | 127,120 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 829,611 | 547,396 |
Unrealized Gains | 13,290 | 19,796 |
Unrealized Losses | (3,360) | (574) |
Fair Value | 839,541 | 566,618 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 423,244 | 399,937 |
Unrealized Gains | 5,782 | 10,652 |
Unrealized Losses | (3,724) | (135) |
Fair Value | 425,302 | 410,454 |
Subordinated corporate bonds | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 9,017 | 11,533 |
Unrealized Gains | 245 | 186 |
Unrealized Losses | (18) | (98) |
Fair Value | 9,244 | 11,621 |
Total AFS debt securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 1,381,864 | 1,078,474 |
Unrealized Gains | 25,435 | 38,261 |
Unrealized Losses | (7,476) | (922) |
Fair Value | $ 1,399,823 | $ 1,115,813 |
INVESTMENTS (Schedule of Unreal
INVESTMENTS (Schedule of Unrealized Gross Losses and Estimated Fair values of Investment Securities) (Details) $ in Thousands | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Number of Holdings | security | 103 | 30 |
Fair Value - Less Than 12 Months | $ 550,272 | $ 107,635 |
Unrealized Losses - Less Than 12 Months | (7,162) | (916) |
Fair Value - 12 Months of More | 6,625 | 980 |
Unrealized Losses - 12 Months or More | (314) | (6) |
Fair Value | 556,897 | 108,615 |
Unrealized losses | $ (7,476) | $ (922) |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Number of Holdings | security | 2 | 1 |
Fair Value - Less Than 12 Months | $ 1,294 | $ 2,404 |
Unrealized Losses - Less Than 12 Months | (2) | (115) |
Fair Value - 12 Months of More | 2,265 | 0 |
Unrealized Losses - 12 Months or More | (253) | 0 |
Fair Value | 3,559 | 2,404 |
Unrealized losses | $ (255) | $ (115) |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Number of Holdings | security | 54 | 15 |
Fair Value - Less Than 12 Months | $ 329,607 | $ 61,222 |
Unrealized Losses - Less Than 12 Months | (3,358) | (568) |
Fair Value - 12 Months of More | 297 | 980 |
Unrealized Losses - 12 Months or More | (2) | (6) |
Fair Value | 329,904 | 62,202 |
Unrealized losses | $ (3,360) | $ (574) |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Number of Holdings | security | 42 | 9 |
Fair Value - Less Than 12 Months | $ 211,308 | $ 39,107 |
Unrealized Losses - Less Than 12 Months | (3,665) | (135) |
Fair Value - 12 Months of More | 4,063 | 0 |
Unrealized Losses - 12 Months or More | (59) | 0 |
Fair Value | 215,371 | 39,107 |
Unrealized losses | $ (3,724) | $ (135) |
Subordinated corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Number of Holdings | security | 2 | 5 |
Fair Value - Less Than 12 Months | $ 1,982 | $ 4,902 |
Unrealized Losses - Less Than 12 Months | (18) | (98) |
Fair Value - 12 Months of More | 0 | 0 |
Unrealized Losses - 12 Months or More | 0 | 0 |
Fair Value | 1,982 | 4,902 |
Unrealized losses | $ (18) | $ (98) |
Obligations of U.S. government sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Number of Holdings | security | 3 | |
Fair Value - Less Than 12 Months | $ 6,081 | |
Unrealized Losses - Less Than 12 Months | (119) | |
Fair Value - 12 Months of More | 0 | |
Unrealized Losses - 12 Months or More | 0 | |
Fair Value | 6,081 | |
Unrealized losses | $ (119) |
INVESTMENTS (Schedule of Amorti
INVESTMENTS (Schedule of Amortized Cost and Estimated Fair Values of Debt Securities by Contractual Maturity) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Available-for-sale, Amortized Cost | |
Due in one year or less | $ 3,018 |
Due after one year through five years | 4,276 |
Due after five years through ten years | 74,599 |
Due after ten years | 47,116 |
Subtotal | 129,009 |
Mortgage-related securities | 1,252,855 |
Total | 1,381,864 |
Available-for-sale, Fair Value | |
Due in one year or less | 3,072 |
Due after one year through five years | 4,641 |
Due after five years through ten years | 77,814 |
Due after ten years | 49,453 |
Subtotal | 134,980 |
Mortgage-related securities | 1,264,843 |
Fair value, total | $ 1,399,823 |
INVESTMENTS (Summary of Amort_2
INVESTMENTS (Summary of Amortized Cost and Fair Value of Held to Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Held-to-maturity securities, at amortized cost | $ 1,294 | $ 1,297 |
Unrealized Gains | 103 | 114 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-maturity securities, fair value | 1,397 | 1,411 |
Obligations of states and political subdivisions | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity securities, at amortized cost | 1,294 | 1,297 |
Unrealized Gains | 103 | 114 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-maturity securities, fair value | $ 1,397 | $ 1,411 |
INVESTMENTS (Amortized Cost and
INVESTMENTS (Amortized Cost and Fair Values of HTM Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Held-to-maturity, Amortized Cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 868 | |
Due after five years through ten years | 426 | |
Due after ten years | 0 | |
Amortized Cost | 1,294 | $ 1,297 |
Held-to-maturity, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 933 | |
Due after five years through ten years | 464 | |
Due after ten years | 0 | |
Fair value, total | $ 1,397 | $ 1,411 |
INVESTMENTS (Schedule of Amor_2
INVESTMENTS (Schedule of Amortized Cost and Fair Value of Other Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
FHLBB | $ 4,850 | $ 6,167 |
FRB | 5,374 | 5,374 |
Other Investments, Amortized Cost | $ 10,224 | $ 11,541 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($)loan | Mar. 31, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
SBA PPP Loans, Total Originations, Number of Loans | loan | 3,034 | 1,620 | ||||
SBA PPP Loans, Total Originations | $ 244,800,000 | $ 102,200,000 | ||||
Loans and Leases Receivable, Related Parties, Description | At June 30, 2021 and December 31, 2020, outstanding loans to certain officers, directors and their associated companies was less than 5% of the Company's shareholders' equity. | At June 30, 2021 and December 31, 2020, outstanding loans to certain officers, directors and their associated companies was less than 5% of the Company's shareholders' equity. | ||||
Proceeds from the sale of mortgage loans | $ 312,474,000 | $ 176,250,000 | ||||
Gain on sale of mortgage loans | (9,084,000) | (6,095,000) | ||||
Loans held for sale, at fair value (book value of $14,887 and $40,499, respectively) | $ 15,140,000 | $ 15,140,000 | $ 41,557,000 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 5,800,000 | $ (32,100,000) | ||||
Other industry exposures | 0 | |||||
Temporary Loan Modifications, COVID-Related Loan Modification, Recorded Investment | 0 | $ 0 | 26,500,000 | |||
Non-Accrual Loans | 5,882,000 | 5,882,000 | 7,596,000 | |||
Loans outstanding | 3,285,916,000 | 3,285,916,000 | 3,219,822,000 | |||
Interest lost on nonaccrual loans | 67,000 | $ 87,000 | 143,000 | $ 166,000 | ||
Loans and Leases Receivable, Excluded Accrued Interest from Amortized Cost | 8,600,000 | 8,600,000 | 10,200,000 | |||
Recorded Investment | 2,826,000 | 2,826,000 | 3,066,000 | |||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | $ 0 | 0 | |||
Loans modified | loan | 0 | 0 | 0 | 0 | ||
FHLB advances, general debt obligations, pledged collateral | $ 1,300,000,000 | $ 1,300,000,000 | 1,300,000,000 | |||
CARES Act | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Accrual Loans | 1,300,000 | 1,300,000 | 457,000 | |||
CARES Act | 30 to 89 days past due | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans outstanding | 536,000 | 536,000 | 1,200,000 | |||
SBA PPP Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans outstanding | 126,064,000 | 126,064,000 | 135,095,000 | |||
Residential Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Accrual Loans | 2,725,000 | 2,725,000 | 3,477,000 | |||
Loans outstanding | 1,120,917,000 | 1,120,917,000 | 1,054,798,000 | |||
Mortgage Loans in Process of Foreclosure, Amount | 1,300,000 | 1,300,000 | 1,500,000 | |||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Accrual Loans | 1,511,000 | 1,511,000 | 1,607,000 | |||
Loans outstanding | 367,093,000 | 367,093,000 | 381,494,000 | |||
Home Equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Accrual Loans | 1,396,000 | 1,396,000 | 1,996,000 | |||
Loans outstanding | 228,690,000 | 228,690,000 | 258,573,000 | |||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-Accrual Loans | 28,000 | 28,000 | 4,000 | |||
Loans outstanding | 19,255,000 | 19,255,000 | 20,392,000 | |||
Fixed Rate Residential Mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from the sale of mortgage loans | 110,800,000 | $ 197,800,000 | 303,400,000 | $ 267,000,000 | ||
Gain on sale of mortgage loans | (2,900,000) | (4,600,000) | (9,100,000) | (6,100,000) | ||
Loans held for sale, at fair value (book value of $14,887 and $40,499, respectively) | 14,900,000 | 14,900,000 | 40,500,000 | |||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded Investment | 89,000 | 89,000 | 100,000 | |||
Nonoperating Income (Expense) | Fixed Rate Residential Mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gain on sale of mortgage loans | (267,000) | (1,300,000) | $ 804,000 | $ (742,000) | ||
Unrealized gain (loss) on loans held for sale | 253,000 | $ 1,100,000 | ||||
Non-Residential Building Operators Industry Sector | Loan Concentration Risk | Total Loan Portfolio | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Concentration risk (percentage) | 14.00% | |||||
Non-Residential Building Operators Industry Sector | Loan Concentration Risk | Commercial Real Estate(1) | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Concentration risk (percentage) | 32.00% | |||||
Performing Financial Instruments [Member] | Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded Investment | 2,500,000 | $ 2,500,000 | 2,800,000 | |||
Nonperforming Financial Instruments [Member] | Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Recorded Investment | $ 306,000 | $ 306,000 | $ 248,000 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Composition of Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 3,285,916 | $ 3,219,822 | |
Total Loans Outstanding | 3,285,916 | 3,219,822 | $ 3,326,041 |
Commercial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,917,054 | 1,886,059 | |
Commercial real estate - non owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,127,200 | 1,097,975 | |
Commercial real estate - owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 296,697 | 271,495 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 367,093 | 381,494 | |
Total Loans Outstanding | 428,186 | ||
SBA PPP Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 126,064 | 135,095 | |
Total Loans Outstanding | 218,803 | ||
Retail Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,368,862 | 1,333,763 | |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,120,917 | 1,054,798 | |
Total Loans Outstanding | 1,054,333 | ||
Home Equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 228,690 | 258,573 | |
Total Loans Outstanding | 290,815 | ||
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 19,255 | $ 20,392 | |
Total Loans Outstanding | $ 22,919 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Unamortized fair value mark and costs) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Net Unamortized fair Value Mark (Discount) on Loans | $ (857) | $ (1,291) |
Loans and Leases Receivable, Deferred Income | (2,012) | 856 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (2,869) | (435) |
SBA PPP Portfolio Segment | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans and Leases Receivable, Deferred Income | $ 5,400 | $ 2,200 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Activity in Allowance for Credit Losses on Loans by Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | $ 35,775 | $ 26,521 | $ 37,865 | $ 25,171 | $ 25,171 |
Loans charged off | (420) | (484) | (707) | (974) | (1,838) |
Recoveries | 157 | 102 | 208 | 170 | 1,084 |
Provision | (3,452) | 9,400 | (5,306) | 11,172 | 13,215 |
Ending balance | 32,060 | 35,539 | 32,060 | 35,539 | 37,865 |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 233 | 233 | |||
Commercial real estate - non owner-occupied | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 22,473 | 21,778 | 10,924 | 10,924 | |
Loans charged off | 0 | 0 | (82) | ||
Recoveries | 0 | 0 | 107 | ||
Provision | (2,896) | (2,201) | 11,497 | ||
Ending balance | 19,577 | 19,577 | 21,778 | ||
Commercial real estate - non owner-occupied | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | (668) | (668) | |||
Commercial real estate - owner-occupied | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 2,548 | 2,832 | 1,490 | 1,490 | |
Loans charged off | 0 | 0 | (21) | ||
Recoveries | 3 | 5 | 13 | ||
Provision | (35) | (321) | 1,440 | ||
Ending balance | 2,516 | 2,516 | 2,832 | ||
Commercial real estate - owner-occupied | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | (90) | (90) | |||
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 5,170 | 4,297 | 6,703 | 3,985 | 3,985 |
Loans charged off | (259) | (420) | (406) | (673) | (1,130) |
Recoveries | 67 | 63 | 110 | 116 | 572 |
Provision | (636) | 909 | (2,065) | 1,421 | 1,728 |
Ending balance | 4,342 | 4,849 | 4,342 | 4,849 | 6,703 |
Commercial | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 1,548 | 1,548 | |||
SBA PPP Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 87 | 0 | 69 | 0 | 0 |
Loans charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | (21) | 113 | (3) | 113 | 69 |
Ending balance | 66 | 113 | 66 | 113 | 69 |
SBA PPP Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 0 | 0 | |||
Residential real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 3,093 | 5,897 | 3,474 | 5,842 | 5,842 |
Loans charged off | (35) | 0 | (88) | (96) | (121) |
Recoveries | 70 | 21 | 70 | 23 | 292 |
Provision | 77 | 2,685 | (251) | 2,834 | (1,410) |
Ending balance | 3,205 | 8,603 | 3,205 | 8,603 | 3,474 |
Residential real estate | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | (1,129) | (1,129) | |||
Home Equity | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 2,176 | 2,480 | 2,616 | 2,423 | 2,423 |
Loans charged off | (107) | (17) | (145) | (51) | (317) |
Recoveries | 0 | 0 | 0 | 4 | 33 |
Provision | (4) | 621 | (406) | 708 | (315) |
Ending balance | 2,065 | 3,084 | 2,065 | 3,084 | 2,616 |
Home Equity | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 792 | 792 | |||
Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | 228 | 473 | 393 | 507 | 507 |
Loans charged off | (19) | (26) | (68) | (83) | (167) |
Recoveries | 17 | 15 | 23 | 20 | 67 |
Provision | 63 | 42 | (59) | 60 | 206 |
Ending balance | $ 289 | $ 504 | $ 289 | 504 | 393 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Beginning balance | $ (220) | $ (220) |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Activity in Allowance for Loan Losses by Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Activity in ALL: | |||||
Beginning balance | $ 35,775 | $ 26,521 | $ 37,865 | $ 25,171 | $ 25,171 |
Loans charged off | (420) | (484) | (707) | (974) | (1,838) |
Recoveries | 157 | 102 | 208 | 170 | 1,084 |
Provision | (3,452) | 9,400 | (5,306) | 11,172 | 13,215 |
Ending balance | 32,060 | 35,539 | 32,060 | 35,539 | 37,865 |
Ending Balance: Individually evaluated for impairment | 462 | 462 | |||
Ending Balance: Collectively evaluated for impairment | 35,077 | 35,077 | |||
Ending Balance: Individually evaluated for impairment | 4,163 | 4,163 | |||
Ending Balance: Collectively evaluated for impairment | 3,321,878 | 3,321,878 | |||
Total Loans Outstanding | 3,285,916 | 3,326,041 | 3,285,916 | 3,326,041 | 3,219,822 |
Commercial Real Estate(1) | |||||
Activity in ALL: | |||||
Beginning balance | 13,374 | 12,414 | 12,414 | ||
Loans charged off | (21) | (71) | |||
Recoveries | 3 | 7 | |||
Provision | 5,030 | 6,036 | |||
Ending balance | 18,386 | 18,386 | |||
Ending Balance: Individually evaluated for impairment | 35 | 35 | |||
Ending Balance: Collectively evaluated for impairment | 18,351 | 18,351 | |||
Ending Balance: Individually evaluated for impairment | 461 | 461 | |||
Ending Balance: Collectively evaluated for impairment | 1,310,524 | 1,310,524 | |||
Total Loans Outstanding | 1,310,985 | 1,310,985 | |||
Commercial | |||||
Activity in ALL: | |||||
Beginning balance | 5,170 | 4,297 | 6,703 | 3,985 | 3,985 |
Loans charged off | (259) | (420) | (406) | (673) | (1,130) |
Recoveries | 67 | 63 | 110 | 116 | 572 |
Provision | (636) | 909 | (2,065) | 1,421 | 1,728 |
Ending balance | 4,342 | 4,849 | 4,342 | 4,849 | 6,703 |
Ending Balance: Individually evaluated for impairment | 0 | 0 | |||
Ending Balance: Collectively evaluated for impairment | 4,849 | 4,849 | |||
Ending Balance: Individually evaluated for impairment | 179 | 179 | |||
Ending Balance: Collectively evaluated for impairment | 428,007 | 428,007 | |||
Total Loans Outstanding | 428,186 | 428,186 | |||
SBA PPP Portfolio Segment | |||||
Activity in ALL: | |||||
Beginning balance | 87 | 0 | 69 | 0 | 0 |
Loans charged off | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | (21) | 113 | (3) | 113 | 69 |
Ending balance | 66 | 113 | 66 | 113 | 69 |
Ending Balance: Individually evaluated for impairment | 0 | 0 | |||
Ending Balance: Collectively evaluated for impairment | 113 | 113 | |||
Ending Balance: Individually evaluated for impairment | 0 | 0 | |||
Ending Balance: Collectively evaluated for impairment | 218,803 | 218,803 | |||
Total Loans Outstanding | 218,803 | 218,803 | |||
Residential Real Estate | |||||
Activity in ALL: | |||||
Beginning balance | 3,093 | 5,897 | 3,474 | 5,842 | 5,842 |
Loans charged off | (35) | 0 | (88) | (96) | (121) |
Recoveries | 70 | 21 | 70 | 23 | 292 |
Provision | 77 | 2,685 | (251) | 2,834 | (1,410) |
Ending balance | 3,205 | 8,603 | 3,205 | 8,603 | 3,474 |
Ending Balance: Individually evaluated for impairment | 338 | 338 | |||
Ending Balance: Collectively evaluated for impairment | 8,265 | 8,265 | |||
Ending Balance: Individually evaluated for impairment | 3,153 | 3,153 | |||
Ending Balance: Collectively evaluated for impairment | 1,051,180 | 1,051,180 | |||
Total Loans Outstanding | 1,054,333 | 1,054,333 | |||
Home Equity | |||||
Activity in ALL: | |||||
Beginning balance | 2,176 | 2,480 | 2,616 | 2,423 | 2,423 |
Loans charged off | (107) | (17) | (145) | (51) | (317) |
Recoveries | 0 | 0 | 0 | 4 | 33 |
Provision | (4) | 621 | (406) | 708 | (315) |
Ending balance | 2,065 | 3,084 | 2,065 | 3,084 | 2,616 |
Ending Balance: Individually evaluated for impairment | 89 | 89 | |||
Ending Balance: Collectively evaluated for impairment | 2,995 | 2,995 | |||
Ending Balance: Individually evaluated for impairment | 370 | 370 | |||
Ending Balance: Collectively evaluated for impairment | 290,445 | 290,445 | |||
Total Loans Outstanding | 290,815 | 290,815 | |||
Consumer | |||||
Activity in ALL: | |||||
Beginning balance | 228 | 473 | 393 | 507 | 507 |
Loans charged off | (19) | (26) | (68) | (83) | (167) |
Recoveries | 17 | 15 | 23 | 20 | 67 |
Provision | 63 | 42 | (59) | 60 | 206 |
Ending balance | $ 289 | 504 | $ 289 | 504 | $ 393 |
Ending Balance: Individually evaluated for impairment | 0 | 0 | |||
Ending Balance: Collectively evaluated for impairment | 504 | 504 | |||
Ending Balance: Individually evaluated for impairment | 0 | 0 | |||
Ending Balance: Collectively evaluated for impairment | 22,919 | 22,919 | |||
Total Loans Outstanding | $ 22,919 | $ 22,919 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Credit Quality and Origination by Portfolio Segment Analysis) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 555,439 | $ 716,230 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 642,110 | 527,204 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 450,903 | 381,600 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 320,143 | 286,533 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 240,922 | 263,051 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 770,533 | 721,682 |
Financing Receivable, Revolving | 260,589 | 271,502 |
Financing Receivable, Revolving, Converted to Term Loan | 45,277 | 52,020 |
Gross loans | 3,285,916 | 3,219,822 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 97,985 | 143,773 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 204,076 | 224,273 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 210,498 | 146,622 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 136,532 | 124,070 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 109,643 | 162,607 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 368,466 | 296,630 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 1,127,200 | 1,097,975 |
Commercial real estate - non owner-occupied | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 97,672 | 138,010 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 195,046 | 224,148 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 208,784 | 144,552 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 126,420 | 119,409 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 104,904 | 157,588 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 337,990 | 264,253 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 1,070,816 | 1,047,960 |
Commercial real estate - non owner-occupied | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 97 | 5,739 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,337 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,490 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 4,256 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,342 | 3,497 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,924 | 847 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 17,190 | 14,339 |
Commercial real estate - non owner-occupied | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 216 | 24 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,693 | 125 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 224 | 2,070 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,112 | 405 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 397 | 1,522 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 26,552 | 31,530 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 39,194 | 35,676 |
Commercial real estate - non owner-occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 0 | 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 44,361 | 35,948 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 34,774 | 29,217 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 33,053 | 53,787 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 49,551 | 47,527 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 50,829 | 25,507 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 84,129 | 79,509 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 296,697 | 271,495 |
Commercial real estate - owner-occupied | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 44,361 | 35,948 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 34,774 | 29,217 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 32,982 | 48,312 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 46,093 | 47,065 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 49,000 | 25,507 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 81,397 | 76,098 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 288,607 | 262,147 |
Commercial real estate - owner-occupied | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 4,584 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,458 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,444 | 1,513 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 4,902 | 6,097 |
Commercial real estate - owner-occupied | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 71 | 891 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 462 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,829 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,288 | 1,898 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 3,188 | 3,251 |
Commercial real estate - owner-occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 0 | 0 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 49,954 | 54,153 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 51,647 | 73,897 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 58,031 | 41,212 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 34,649 | 30,453 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,590 | 15,947 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 39,403 | 54,350 |
Financing Receivable, Revolving | 83,746 | 72,490 |
Financing Receivable, Revolving, Converted to Term Loan | 32,073 | 38,992 |
Gross loans | 367,093 | 381,494 |
Commercial | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 49,954 | 53,966 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 51,324 | 72,863 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 57,039 | 40,688 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 34,303 | 25,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,277 | 15,788 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 37,592 | 51,869 |
Financing Receivable, Revolving | 83,722 | 72,425 |
Financing Receivable, Revolving, Converted to Term Loan | 31,487 | 37,026 |
Gross loans | 362,698 | 370,103 |
Commercial | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 22 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 26 | 313 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 21 | 4,924 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 192 | 117 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 469 | 400 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 23 | 867 |
Gross loans | 731 | 6,643 |
Commercial | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 187 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 323 | 1,012 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 966 | 211 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 325 | 51 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 121 | 42 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,342 | 2,081 |
Financing Receivable, Revolving | 24 | 65 |
Financing Receivable, Revolving, Converted to Term Loan | 563 | 1,099 |
Gross loans | 3,664 | 4,748 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 0 | 0 |
SBA PPP Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 96,794 | 135,095 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 29,270 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 126,064 | 135,095 |
SBA PPP Portfolio Segment | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 96,794 | 135,095 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 29,270 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 126,064 | 135,095 |
SBA PPP Portfolio Segment | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 0 | 0 |
SBA PPP Portfolio Segment | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 0 | 0 |
SBA PPP Portfolio Segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 261,642 | 339,834 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 316,822 | 183,877 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 136,803 | 119,602 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 83,705 | 79,646 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 59,003 | 57,269 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 262,060 | 271,542 |
Financing Receivable, Revolving | 882 | 3,028 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 1,120,917 | 1,054,798 |
Residential real estate | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 261,642 | 339,834 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 316,822 | 183,877 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 136,803 | 119,426 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 83,561 | 79,159 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 59,003 | 57,269 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 257,481 | 266,324 |
Financing Receivable, Revolving | 882 | 3,028 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 1,116,194 | 1,048,917 |
Residential real estate | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 236 | 398 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 236 | 398 |
Residential real estate | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 176 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 144 | 487 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,343 | 4,820 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 4,487 | 5,483 |
Residential real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 0 | 0 |
Home Equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 339 | 855 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 639 | 9,415 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,838 | 17,281 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,847 | 3,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,967 | 1,339 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,474 | 17,871 |
Financing Receivable, Revolving | 175,382 | 195,306 |
Financing Receivable, Revolving, Converted to Term Loan | 13,204 | 13,028 |
Gross loans | 228,690 | 258,573 |
Home Equity | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 339 | 855 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 639 | 9,415 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,838 | 17,281 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,805 | 3,478 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,967 | 1,339 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,278 | 17,664 |
Financing Receivable, Revolving | 174,564 | 194,065 |
Financing Receivable, Revolving, Converted to Term Loan | 12,864 | 12,480 |
Gross loans | 227,294 | 256,577 |
Home Equity | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 42 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 196 | 207 |
Financing Receivable, Revolving | 818 | 1,241 |
Financing Receivable, Revolving, Converted to Term Loan | 340 | 548 |
Gross loans | 1,396 | 1,996 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,364 | 6,572 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,882 | 6,525 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,680 | 3,096 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,859 | 1,359 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 890 | 382 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,001 | 1,780 |
Financing Receivable, Revolving | 579 | 678 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 19,255 | 20,392 |
Consumer | Performing Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4,364 | 6,572 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,873 | 6,525 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,664 | 3,096 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,859 | 1,359 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 890 | 378 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,998 | 1,780 |
Financing Receivable, Revolving | 579 | 678 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | 19,227 | 20,388 |
Consumer | Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 9 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 4 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Gross loans | $ 28 | $ 4 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Loan Aging Analysis by Portfolio Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | $ 3,285,916 | $ 3,219,822 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,127,200 | 1,097,975 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 296,697 | 271,495 |
Loans 90 Days Past Due and Accruing | 0 | |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 367,093 | 381,494 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
SBA PPP Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 126,064 | 135,095 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,120,917 | 1,054,798 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 228,690 | 258,573 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 19,255 | 20,392 |
Loans 90 Days Past Due and Accruing | 0 | 0 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 4,669 | 8,787 |
Total Past Due | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 162 | 223 |
Total Past Due | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 47 | 146 |
Total Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,019 | 1,287 |
Total Past Due | SBA PPP Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 0 |
Total Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 2,214 | 5,044 |
Total Past Due | Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,155 | 1,924 |
Total Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 72 | 163 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,042 | 2,362 |
30-59 Days Past Due | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 99 | 0 |
30-59 Days Past Due | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 99 |
30-59 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 183 | 430 |
30-59 Days Past Due | SBA PPP Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 0 |
30-59 Days Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 489 | 1,406 |
30-59 Days Past Due | Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 236 | 335 |
30-59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 35 | 92 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 164 | 1,393 |
60-89 Days Past Due | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 50 |
60-89 Days Past Due | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 0 |
60-89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 0 |
60-89 Days Past Due | SBA PPP Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 0 |
60-89 Days Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 155 | 1,103 |
60-89 Days Past Due | Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 173 |
60-89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 9 | 67 |
90 Days or Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 3,463 | 5,032 |
90 Days or Greater Past Due | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 63 | 173 |
90 Days or Greater Past Due | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 47 | 47 |
90 Days or Greater Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 836 | 857 |
90 Days or Greater Past Due | SBA PPP Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 0 | 0 |
90 Days or Greater Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,570 | 2,535 |
90 Days or Greater Past Due | Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 919 | 1,416 |
90 Days or Greater Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 28 | 4 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 3,281,247 | 3,211,035 |
Current | Commercial real estate - non owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,127,038 | 1,097,752 |
Current | Commercial real estate - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 296,650 | 271,349 |
Current | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 366,074 | 380,207 |
Current | SBA PPP Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 126,064 | 135,095 |
Current | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 1,118,703 | 1,049,754 |
Current | Home Equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | 227,535 | 256,649 |
Current | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans outstanding | $ 19,183 | $ 20,229 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Financing Receivable, Nonaccrual) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, With Allowance | $ 5,475 | $ 7,100 |
Financing Receivable, Nonaccrual, No Allowance | 407 | 496 |
Financing Receivable, Nonaccrual | 5,882 | 7,596 |
Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 306 | 248 |
General Business Assets | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 623 | 689 |
Total Collateral -Dependent Non-Accrual Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 929 | 937 |
Commercial real estate - non owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, With Allowance | 71 | 351 |
Financing Receivable, Nonaccrual, No Allowance | 15 | 15 |
Financing Receivable, Nonaccrual | 86 | 366 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, With Allowance | 89 | 99 |
Financing Receivable, Nonaccrual, No Allowance | 47 | 47 |
Financing Receivable, Nonaccrual | 136 | 146 |
Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, With Allowance | 1,459 | 1,549 |
Financing Receivable, Nonaccrual, No Allowance | 52 | 58 |
Financing Receivable, Nonaccrual | 1,511 | 1,607 |
Commercial | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Commercial | General Business Assets | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 623 | 689 |
Commercial | Total Collateral -Dependent Non-Accrual Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 623 | 689 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, With Allowance | 2,432 | 3,136 |
Financing Receivable, Nonaccrual, No Allowance | 293 | 341 |
Financing Receivable, Nonaccrual | 2,725 | 3,477 |
Residential real estate | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 218 | 248 |
Residential real estate | General Business Assets | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Residential real estate | Total Collateral -Dependent Non-Accrual Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 218 | 248 |
Home Equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, With Allowance | 1,396 | 1,961 |
Financing Receivable, Nonaccrual, No Allowance | 0 | 35 |
Financing Receivable, Nonaccrual | 1,396 | 1,996 |
Home Equity | Real Estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 88 | 0 |
Home Equity | General Business Assets | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Home Equity | Total Collateral -Dependent Non-Accrual Loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual | 88 | 0 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Financing Receivable, Nonaccrual, With Allowance | 28 | 4 |
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | $ 28 | $ 4 |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Troubled Debt Restructuring Loans) (Details) $ in Thousands | Jun. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 24 | 25 |
Recorded Investment | $ 2,826 | $ 3,066 |
Specific Reserve | $ 428 | $ 401 |
Residential Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 19 | 21 |
Recorded Investment | $ 2,383 | $ 2,638 |
Specific Reserve | $ 364 | $ 364 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 2 | 2 |
Recorded Investment | $ 89 | $ 100 |
Specific Reserve | $ 0 | $ 0 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 2 | 0 |
Recorded Investment | $ 231 | $ 0 |
Specific Reserve | $ 23 | $ 0 |
Commercial real estate - owner-occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 1 | 2 |
Recorded Investment | $ 123 | $ 328 |
Specific Reserve | $ 41 | $ 37 |
LOANS AND ALLOWANCE FOR CRED_12
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Troubled Debt Restructuring by Portfolio Segment) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | loan | 1 | 0 | 2 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 144 | $ 0 | $ 303 | $ 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 143 | 0 | 313 | 0 |
Allowance Related to Troubled Debt Restructurings assigned during period | $ 6 | $ 0 | $ 62 | $ 0 |
Home Equity | Interest Rate Concession and Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | loan | 1 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 159 | $ 0 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 170 | 0 | ||
Allowance Related to Troubled Debt Restructurings assigned during period | $ 56 | $ 0 | ||
Home Equity | Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | loan | 1 | 0 | 1 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 144 | $ 0 | $ 144 | $ 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | 143 | 0 | 143 | 0 |
Allowance Related to Troubled Debt Restructurings assigned during period | $ 6 | $ 0 | $ 6 | $ 0 |
LOANS AND ALLOWANCE FOR CRED_13
LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Summary of Impaired Loan Balances and Associated Allowance by Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment - with an allowance recorded | $ 2,749 | |
Unpaid Principal Balance - with an allowance recorded | 2,749 | |
Related Allowance | 462 | |
Average Recorded Investment - with an allowance recorded | 2,708 | $ 2,752 |
Interest Income Recognized - with an allowance recorded | 25 | 50 |
Recorded Investment - without allowance recorded | 1,414 | |
Unpaid Principal Balance - without allowance recorded | 1,917 | |
Impaired Financing Receivable With No Related Allowance Related Allowance | 0 | |
Average Recorded Investment - without allowance recorded | 1,551 | 1,580 |
Interest Income Recognized - without allowance recorded | 3 | 11 |
Impaired Financing Receivable, Recorded Investment | 4,163 | |
Impaired financing receivable, unpaid principal balance | 4,666 | |
Impaired Financing Receivable, Average Recorded Investment | 4,259 | 4,332 |
Impaired Financing Receivable, Interest Income, Accrual Method | 28 | 61 |
Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment - with an allowance recorded | 2,304 | |
Unpaid Principal Balance - with an allowance recorded | 2,304 | |
Related Allowance | 338 | |
Average Recorded Investment - with an allowance recorded | 2,262 | 2,306 |
Interest Income Recognized - with an allowance recorded | 22 | 46 |
Recorded Investment - without allowance recorded | 849 | |
Unpaid Principal Balance - without allowance recorded | 972 | |
Impaired Financing Receivable With No Related Allowance Related Allowance | 0 | |
Average Recorded Investment - without allowance recorded | 957 | 968 |
Interest Income Recognized - without allowance recorded | (1) | 2 |
Commercial Real Estate(1) | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment - with an allowance recorded | 127 | |
Unpaid Principal Balance - with an allowance recorded | 127 | |
Related Allowance | 35 | |
Average Recorded Investment - with an allowance recorded | 128 | 128 |
Interest Income Recognized - with an allowance recorded | 3 | 4 |
Recorded Investment - without allowance recorded | 334 | |
Unpaid Principal Balance - without allowance recorded | 514 | |
Impaired Financing Receivable With No Related Allowance Related Allowance | 0 | |
Average Recorded Investment - without allowance recorded | 303 | 293 |
Interest Income Recognized - without allowance recorded | 3 | 6 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment - with an allowance recorded | 0 | |
Unpaid Principal Balance - with an allowance recorded | 0 | |
Related Allowance | 0 | |
Recorded Investment - without allowance recorded | 179 | |
Unpaid Principal Balance - without allowance recorded | 242 | |
Impaired Financing Receivable With No Related Allowance Related Allowance | 0 | |
Average Recorded Investment - without allowance recorded | 239 | 266 |
Interest Income Recognized - without allowance recorded | 1 | 3 |
SBA PPP Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment - with an allowance recorded | 0 | |
Unpaid Principal Balance - with an allowance recorded | 0 | |
Related Allowance | 0 | |
Recorded Investment - without allowance recorded | 0 | |
Unpaid Principal Balance - without allowance recorded | 0 | |
Impaired Financing Receivable With No Related Allowance Related Allowance | 0 | |
Home Equity | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment - with an allowance recorded | 318 | |
Unpaid Principal Balance - with an allowance recorded | 318 | |
Related Allowance | 89 | |
Average Recorded Investment - with an allowance recorded | 318 | 318 |
Recorded Investment - without allowance recorded | 52 | |
Unpaid Principal Balance - without allowance recorded | 189 | |
Impaired Financing Receivable With No Related Allowance Related Allowance | 0 | |
Average Recorded Investment - without allowance recorded | 52 | $ 53 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment - with an allowance recorded | 0 | |
Unpaid Principal Balance - with an allowance recorded | 0 | |
Related Allowance | 0 | |
Recorded Investment - without allowance recorded | 0 | |
Unpaid Principal Balance - without allowance recorded | 0 | |
Impaired Financing Receivable With No Related Allowance Related Allowance | $ 0 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Thousands | Apr. 16, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||
Repurchase Agreements | $ 170,413 | $ 162,439 | |||
Total short-term borrowings | 170,413 | 162,439 | |||
Long-term Federal Home Loan Bank Advances | 0 | 25,000 | |||
Total long-term borrowings | 0 | 25,000 | |||
Subordinated Debt | 44,331 | 59,331 | $ 15,000 | ||
Repayments of Subordinated Debt | $ 15,000 | 15,000 | $ 0 | ||
Short-term Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Repurchase Agreements | $ 170,413 | $ 162,439 |
REPURCHASE AGREEMENTS (Details)
REPURCHASE AGREEMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 170,413 | $ 162,439 |
June 30, 2021 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 170,413 | 162,439 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | June 30, 2021 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 80,555 | 70,902 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | June 30, 2021 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 89,858 | 90,015 |
Obligations of states and political subdivisions | June 30, 2021 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 0 | 1,522 |
Total Collateral -Dependent Non-Accrual Loans | June 30, 2021 | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Certificates of Deposit, at Carrying Value | $ 1,000 | $ 1,000 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Legal Proceedings [Line Items] | |||||
Off-Balance Sheet, Credit Loss, Liability | $ 2,500,000 | $ 2,500,000 | $ 2,600,000 | ||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 49,000 | $ (2,000) | (53,000) | $ 1,000 | |
Loss Contingency Accrual | $ 0 | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Summary of Contractual and Notional Amounts of FInancial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Instruments [Line Items] | ||
Contractual Amounts Of Financial Instrument | $ 759,493 | $ 728,721 |
Commitments to Extend Credit [Member] | ||
Financial Instruments [Line Items] | ||
Contractual Amounts Of Financial Instrument | 753,052 | 723,986 |
Standby Letters of Credit [Member] | ||
Financial Instruments [Line Items] | ||
Contractual Amounts Of Financial Instrument | $ 6,441 | $ 4,735 |
DERIVATIVES AND HEDGING (Narrat
DERIVATIVES AND HEDGING (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Commitments [Line Items] | ||
Estimated amount to be reclassified as an increase to interest expense | $ 2.1 | |
Estimated amount to be reclassified as an increase to interest income | 1.6 | |
Derivative liability, fair value, net | 35.2 | $ 50.5 |
Cash collateral | 36.2 | 57.5 |
Termination value | $ 35.2 | $ 50.5 |
DERIVATIVES AND HEDGING (Schedu
DERIVATIVES AND HEDGING (Schedule of derivative financial instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate contracts | ||
Derivative [Line Items] | ||
Fair Value | $ 6,814 | $ 5,731 |
Fair Value | 9,153 | 11,625 |
Designated as Hedging Instrument | Other assets | ||
Derivative [Line Items] | ||
Fair Value | 6,814 | 5,731 |
Designated as Hedging Instrument | Other assets | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 160,000 | 110,000 |
Fair Value | 6,814 | 5,731 |
Designated as Hedging Instrument | Accrued interest and other liabilities | ||
Derivative [Line Items] | ||
Fair Value | 9,153 | 11,625 |
Designated as Hedging Instrument | Accrued interest and other liabilities | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional Amount | 83,000 | 143,000 |
Fair Value | 9,153 | 11,625 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Fair Value | 40,546 | |
Fair Value | 40,071 | |
Not Designated as Hedging Instrument | Other assets | ||
Derivative [Line Items] | ||
Fair Value | 28,663 | |
Not Designated as Hedging Instrument | Other assets | Customer loan swaps | ||
Derivative [Line Items] | ||
Notional Amount | 364,977 | 376,290 |
Fair Value | 27,648 | 39,627 |
Not Designated as Hedging Instrument | Other assets | Fixed-rate mortgage interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional Amount | 37,771 | 58,574 |
Fair Value | 870 | 608 |
Not Designated as Hedging Instrument | Other assets | Forward delivery commitments | ||
Derivative [Line Items] | ||
Notional Amount | 11,797 | 24,951 |
Fair Value | 145 | 311 |
Not Designated as Hedging Instrument | Accrued interest and other liabilities | ||
Derivative [Line Items] | ||
Fair Value | 27,719 | |
Not Designated as Hedging Instrument | Accrued interest and other liabilities | Customer loan swaps | ||
Derivative [Line Items] | ||
Notional Amount | 364,977 | 376,290 |
Fair Value | 27,648 | 39,627 |
Not Designated as Hedging Instrument | Accrued interest and other liabilities | Fixed-rate mortgage interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional Amount | 6,331 | 28,346 |
Fair Value | 54 | 248 |
Not Designated as Hedging Instrument | Accrued interest and other liabilities | Forward delivery commitments | ||
Derivative [Line Items] | ||
Notional Amount | 3,089 | 15,548 |
Fair Value | $ 17 | $ 196 |
DERIVATIVES AND HEDGING (Sche_2
DERIVATIVES AND HEDGING (Schedule of cash flow hedging instruments, location) (Details) - 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] | ||||
Amount of gain (loss) recognized in OCI on derivative | $ (689) | $ 8 | $ 685 | $ (239) |
Amount of gain (loss) reclassified from AOCI into income | (647) | 14 | 767 | (192) |
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded | (2,364) | 52 | 2,800 | (702) |
Interest on borrowings | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (595) | (274) | (1,173) | (515) |
Cash Flow Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (3,203) | 39 | 3,189 | (1,110) |
Amount of gain (loss) reclassified from AOCI into income | (192) | (28) | (378) | (216) |
Cash Flow Hedging | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | 66 | 765 | (736) | 5,925 |
Cash Flow Hedging | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (1,511) | (122) | 1,952 | (978) |
Cash Flow Hedging | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (1,758) | (365) | 1,973 | (1,123) |
Cash Flow Hedging | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (239) | (4,934) | ||
Cash Flow Hedging | Interest and fees on loans | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 403 | 247 | 795 | 299 |
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded | 30,865 | 33,120 | 61,425 | 67,165 |
Cash Flow Hedging | Interest and fees on loans | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 403 | 247 | 795 | 299 |
Cash Flow Hedging | Interest on deposits | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (164) | (22) | (320) | (26) |
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded | 1,921 | 3,392 | 3,984 | 10,054 |
Cash Flow Hedging | Interest on deposits | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (164) | (22) | (320) | (26) |
Cash Flow Hedging | Interest on borrowings | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 44 | 48 | ||
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded | 176 | 359 | 332 | 1,197 |
Cash Flow Hedging | Interest on borrowings | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 44 | 0 | 48 |
Cash Flow Hedging | Interest on subordinated debentures | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (431) | (297) | (853) | (537) |
Total presented on the consolidated statements of income in which the effects of cash flow hedges are recorded | 640 | 888 | 1,445 | 1,775 |
Cash Flow Hedging | Interest on subordinated debentures | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (431) | (297) | (853) | (537) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (3,203) | 39 | 3,189 | (1,110) |
Amount of gain (loss) reclassified from AOCI into income | (192) | (28) | (378) | (216) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | 66 | 765 | (736) | 5,925 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (1,511) | (122) | 1,952 | (978) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (1,758) | (365) | 1,973 | (1,123) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | (239) | (4,934) | ||
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest and fees on loans | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 403 | 247 | 795 | 299 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest and fees on loans | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 403 | 247 | 795 | 299 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest on deposits | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (164) | (22) | (320) | (26) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest on deposits | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (164) | (22) | (320) | (26) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest on borrowings | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 44 | 48 | ||
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest on borrowings | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 44 | 0 | 48 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest on subordinated debentures | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (431) | (297) | (853) | (537) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Included Component | Interest on subordinated debentures | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (431) | (297) | (853) | (537) |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | 0 | 0 | 0 | 0 |
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | 0 | 0 | ||
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest and fees on loans | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest and fees on loans | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest on deposits | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest on deposits | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest on borrowings | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | ||
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest on borrowings | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest on subordinated debentures | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Cash Flow Hedging | AOCI, Derivative Qualifying as Hedge, Excluded Component | Interest on subordinated debentures | Interest rate contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | $ 0 | $ 0 | $ 0 | $ 0 |
DERIVATIVES AND HEDGING (Sche_3
DERIVATIVES AND HEDGING (Schedule of derivatives effect on OCI) (Details) - Not Designated as Hedging Instrument - 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 on Derivatives [Line Items] | ||||
Effective portion of unrealized gains (losses) recognized within OCI during the period, net of tax | $ (958) | $ (2,033) | $ 469 | $ 340 |
Fixed-rate mortgage interest rate lock commitments | Mortgage banking income, net | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Effective portion of unrealized gains (losses) recognized within OCI during the period, net of tax | (489) | (1,019) | 456 | 496 |
Forward delivery commitments | Mortgage banking income, net | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Effective portion of unrealized gains (losses) recognized within OCI during the period, net of tax | $ (469) | $ (1,014) | $ 13 | $ (156) |
BALANCE SHEET OFFSETTING (Detai
BALANCE SHEET OFFSETTING (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Gross | $ 34,462 | $ 45,358 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Liability | 0 | 0 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed | 34,462 | 45,358 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Not Offset, Policy Election Deduction | 0 | 0 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Cash | (6,662) | (5,595) |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Amount Offset Against Collateral | 27,800 | 39,763 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Gross | 36,801 | 51,252 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Asset | 0 | 0 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned | 36,801 | 51,252 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Not Offset, Policy Election Deduction | 0 | 0 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash | 36,801 | 51,252 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Amount Offset Against Collateral | 0 | 0 |
Securities Sold under Agreements to Repurchase, Gross | 170,413 | 162,439 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Securities Sold under Agreements to Repurchase | 170,413 | 162,439 |
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Securities | 170,413 | 162,439 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 0 | 0 |
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | 0 | 0 |
Customer Loan Swap Dealer Bank [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 27,648 | 39,627 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Fair Value | 27,648 | 39,627 |
Derivative Liability, Not Offset, Policy Election Deduction | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 27,648 | 39,627 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Customer Loan Swaps Commercial Customer [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 27,648 | 39,627 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Fair Value | 27,648 | 39,627 |
Derivative Asset, Not Offset, Policy Election Deduction | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 27,648 | 39,627 |
Interest rate contracts | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,814 | 5,731 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Fair Value | 6,814 | 5,731 |
Derivative Asset, Not Offset, Policy Election Deduction | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | (6,662) | (5,595) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 152 | 136 |
Derivative Liability, Fair Value, Gross Liability | 9,153 | 11,625 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Fair Value | 9,153 | 11,625 |
Derivative Liability, Not Offset, Policy Election Deduction | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 9,153 | 11,625 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 | $ 0 |
REGULATORY CAPITAL REQUIREMEN_3
REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements (Narrative) (Details) $ in Thousands | Apr. 16, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2016USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.1050 | 0.1050 | |||
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0850 | 0.0850 | |||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 7.00% | |||
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.0400 | |||
Value Of Trust Preferred Securities Included In Tier One Capital | $ 43,000 | $ 43,000 | |||
Subordinated Debt | $ 44,331 | 59,331 | $ 15,000 | ||
Subordinated Debt, Phase-Out Period, Annual, Percentage | 0.20 | ||||
Repayments of Subordinated Debt | $ 15,000 | $ 15,000 | $ 0 | ||
Minimum | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.080 | ||||
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.060 | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | ||||
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.040 | ||||
Tier II Capital [Domain] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Subordinated Debt | $ 12,000 |
REGULATORY CAPITAL REQUIREMEN_4
REGULATORY CAPITAL REQUIREMENTS (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Banking Regulation, Total Capital, Actual | $ 509,478 | $ 498,290 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1526 | 0.1540 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.1050 | 0.1050 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.1000 | 0.1000 |
Banking Regulation, Tier One Risk-Based Capital, Actual | $ 474,903 | $ 445,858 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | 0.1423 | 0.1378 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0850 | 0.0850 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.0600 | 0.0600 |
Common equity tier I capital | $ 431,903 | $ 402,858 |
Common Equity Tier I Risk Based Capital Ratio | 12.94% | 12.45% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 7.00% |
Banking Regulation, Tier One Leverage Capital, Actual | $ 474,903 | $ 445,858 |
Banking Regulation, Excess Tier One Leverage Capital Ratio, Actual | 0.0948 | 0.0913 |
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.0400 |
Subsidiaries | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Banking Regulation, Total Capital, Actual | $ 470,146 | $ 460,611 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1414 | 0.1428 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.1050 | 0.1050 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.1000 | 0.1000 |
Banking Regulation, Tier One Risk-Based Capital, Actual | $ 435,571 | $ 420,294 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | 0.1310 | 0.1303 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0850 | 0.0850 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.0800 | 0.0800 |
Common equity tier I capital | $ 435,571 | $ 420,294 |
Common Equity Tier I Risk Based Capital Ratio | 13.10% | 13.03% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 7.00% |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Banking Regulation, Tier One Leverage Capital, Actual | $ 435,571 | $ 420,294 |
Banking Regulation, Excess Tier One Leverage Capital Ratio, Actual | 0.0872 | 0.0864 |
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.0400 |
Banking Regulation, Tier One Leverage Capital Ratio, Well Capitalized, Minimum | 0.0500 | 0.0500 |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AFS Debt Securities: | ||||
Unrealized holding gains, pre-tax amount | $ 2,925 | $ 9,082 | $ (19,380) | $ 33,197 |
Unrealized holdings gains, tax (expense) benefit | (629) | (1,952) | 4,167 | (7,137) |
Unrealized holdings gains, after-tax amount | 2,296 | 7,130 | (15,213) | 26,060 |
Net unrealized gains, pre-tax amount | 2,925 | 9,082 | (19,380) | 33,197 |
Net unrealized gains, tax (expense) benefit | (629) | (1,952) | 4,167 | (7,137) |
Net unrealized gains, after-tax amount | 2,296 | 7,130 | (15,213) | 26,060 |
Cash Flow Hedges: | ||||
Net decrease in fair value, pre-tax amount | (3,203) | 39 | 3,189 | (1,110) |
Net decrease in fair value, tax (expense) benefit | 689 | (8) | (685) | 239 |
Net decrease in fair value, after-tax amount | (2,514) | 31 | 2,504 | (871) |
Less: effective portion reclassified into interest expense, after-tax amount | (150) | (21) | (296) | (169) |
Net decrease in fair value, pre-tax amount | (3,011) | 66 | 3,567 | (894) |
Net decrease in fair value, tax (expense) benefit | 647 | (14) | (767) | 192 |
Net decrease in fair value, after-tax amount | (2,364) | 52 | 2,800 | (702) |
Postretirement Plans: | ||||
Net actuarial gain, after-tax amount | 175 | 137 | 350 | 275 |
Net gain on postretirement plans, pre-tax amount | 217 | 169 | 435 | 339 |
Net gain on postretirement plans, tax (expense) benefit | (46) | (36) | (94) | (73) |
Net gain on postretirement plans, net of tax | 171 | 133 | 341 | 266 |
Other comprehensive income, pre-tax amount | 131 | 9,317 | (15,378) | 32,642 |
Other comprehensive income, tax (expense) benefit | (28) | (2,002) | 3,306 | (7,018) |
Other comprehensive income (loss) | 103 | 7,315 | (12,072) | 25,624 |
Interest Expense, Borrowings | ||||
Cash Flow Hedges: | ||||
Less: effective portion reclassified into interest expense, pre-tax amount | (595) | (274) | (1,173) | (515) |
Less: effective portion reclassified into interest expense, tax (expense) benefit | 128 | 59 | 252 | 111 |
Less: effective portion reclassified into interest expense, after-tax amount | (467) | (215) | (921) | (404) |
Interest Income, Interest and Fees on Loans | ||||
Cash Flow Hedges: | ||||
Less: effective portion reclassified into interest expense, pre-tax amount | 403 | 247 | 795 | 299 |
Less: effective portion reclassified into interest expense, tax (expense) benefit | (86) | (53) | (170) | (64) |
Less: effective portion reclassified into interest expense, after-tax amount | $ 317 | $ 194 | $ 625 | $ 235 |
OTHER COMPREHENSIVE INCOME (L_4
OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Net unrealized gains on available-for-sale securities, beginning balance | $ 11,801 | $ 22,180 | $ 29,310 | $ 3,250 |
Net unrealized losses on cash flow hedging derivative instruments, beginning balance | 538 | (6,802) | (4,626) | (6,048) |
Net unrecognized gains on postretirement plans, beginning balance | (3,774) | (3,337) | (3,944) | (3,470) |
Accumulated other comprehensive (income) loss, beginning balance | 8,565 | 12,041 | 20,740 | (6,268) |
Net Unrealized Gains (Losses) on AFS Securities | ||||
Other comprehensive income (loss) before reclassifications | 2,296 | 7,130 | (15,213) | 26,060 |
Less: Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 2,296 | 7,130 | (15,213) | 26,060 |
Net Unrealized Losses on Cash Flow Hedges | ||||
Other comprehensive income (loss) before reclassifications | (2,514) | 31 | 2,504 | (871) |
Less: Amounts reclassified from AOCI | (150) | (21) | (296) | (169) |
Other comprehensive income (loss) | (2,364) | 52 | 2,800 | (702) |
Defined Benefit Postretirement Plans | ||||
Other comprehensive income (loss) before reclassifications | 175 | 137 | 350 | 275 |
Less: Amounts reclassified from AOCI | 4 | 4 | 9 | 9 |
Other comprehensive income (loss) | 171 | 133 | 341 | 266 |
Accumulated other comprehensive Income (Loss) | ||||
Other comprehensive income (loss) before reclassification | (43) | 7,298 | (12,359) | 25,464 |
Less: Amounts reclassified from AOCI | (146) | (17) | (287) | (160) |
Other Comprehensive Income (Loss) | 103 | 7,315 | (12,072) | 25,624 |
Net unrealized gains on available-for-sale securities, ending balance | 14,097 | 29,310 | 14,097 | 29,310 |
Net unrealized losses on cash flow hedging derivative instruments, ending balance | (1,826) | (6,750) | (1,826) | (6,750) |
Net unrecognized gains on postretirement plans, ending balance | (3,603) | (3,204) | (3,603) | (3,204) |
Accumulated other comprehensive (income) loss, ending balance | $ 8,668 | $ 19,356 | $ 8,668 | $ 19,356 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,722 | $ 6,376 | $ 14,876 | $ 13,071 |
Revenue Not from Contract with Customer | 3,598 | 5,684 | 11,659 | 10,392 |
Noninterest Income | 11,320 | 12,060 | 26,535 | 23,463 |
Products And Services, Debt Card Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,112 | 2,391 | 5,848 | 4,532 |
Products And Services, Deposit Accounts Service Charges [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,517 | 1,337 | 3,056 | 3,349 |
Products And Services, Fiduciary Services Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,707 | 1,603 | 3,233 | 3,105 |
Products And Services, Brokerage and Insurance Commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 939 | 622 | 1,892 | 1,279 |
Products And Services, Other Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 447 | $ 423 | $ 847 | $ 806 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Employee Retirement Plan [Member] | ||||
Net periodic pension cost | ||||
Service cost | $ 126 | $ 116 | $ 252 | $ 232 |
Interest cost | 98 | 115 | 195 | 230 |
Recognized net actuarial loss | 194 | 156 | 389 | 312 |
Net period benefit cost | 418 | 387 | 836 | 774 |
Other Postretirement Benefit Plan | ||||
Net periodic pension cost | ||||
Service cost | 6 | 7 | 13 | 14 |
Interest cost | 25 | 31 | 51 | 62 |
Recognized net actuarial loss | 29 | 20 | 58 | 39 |
Amortization of prior service credit | (6) | (6) | (12) | (12) |
Net period benefit cost | $ 54 | $ 52 | $ 110 | $ 103 |
EPS (Computation of Basic and D
EPS (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 18,143 | $ 10,940 | $ 37,883 | $ 24,433 |
Dividends and undistributed earnings allocated to participating securities | (51) | (27) | (105) | (55) |
Net income available to common shareholders | $ 18,092 | $ 10,913 | $ 37,778 | $ 24,378 |
Weighted-average common shares outstanding for basic EPS | 14,943,486 | 14,959,851 | 14,930,017 | 15,031,525 |
Dilutive effect of stock-based awards (shares) | 63,985 | 37,760 | 64,121 | 37,607 |
Weighted-average common and potential common shares for diluted EPS (shares) | 15,007,471 | 14,997,611 | 14,994,138 | 15,069,132 |
Basic EPS (in dollars per share) | $ 1.21 | $ 0.73 | $ 2.53 | $ 1.62 |
Diluted EPS (in dollars per share) | $ 1.21 | $ 0.73 | $ 2.52 | $ 1.62 |
EPS (Additional Information) (D
EPS (Additional Information) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Stock options (shares) | 0 | 1,000 | 0 | 1,000 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Stock options (shares) | 0 | 6,748 | 0 | 0 |
Performance Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Stock options (shares) | 0 | 3,454 | 0 | 2,429 |
FAIR VALUE MEASUREMENT AND DI_3
FAIR VALUE MEASUREMENT AND DISCLOSURE (Narrative) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 4,163 |
FAIR VALUE MEASUREMENT AND DI_4
FAIR VALUE MEASUREMENT AND DISCLOSURE (Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Trading securities | $ 4,354 | $ 4,161 |
Available-for-sale Securities | 1,399,823 | 1,115,813 |
Loans held for sale | 14,887 | 40,499 |
Financial liabilities: | ||
Debt Securities, Trading | 4,354 | 4,161 |
Obligations of U.S. government sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 7,083 | |
Obligations of states and political subdivisions | ||
Financial assets: | ||
Available-for-sale Securities | 118,653 | 127,120 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 839,541 | 566,618 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 425,302 | 410,454 |
Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Trading securities | 4,354 | 4,161 |
Loans held for sale | 15,140 | 41,557 |
Financial liabilities: | ||
Debt Securities, Trading | 4,354 | 4,161 |
Fair Value, Measurements, Recurring | Obligations of U.S. government sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 7,083 | |
Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Available-for-sale Securities | 118,653 | 127,120 |
Fair Value, Measurements, Recurring | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 839,541 | 566,618 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 425,302 | 410,454 |
Fair Value, Measurements, Recurring | Corporate Bond Securities [Member] | ||
Financial assets: | ||
Available-for-sale Securities | 9,244 | 11,621 |
Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Trading securities | 4,354 | 4,161 |
Loans held for sale | 0 | 0 |
Financial liabilities: | ||
Debt Securities, Trading | 4,354 | 4,161 |
Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | Obligations of U.S. government sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 0 | |
Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | Corporate Bond Securities [Member] | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Trading securities | 0 | 0 |
Loans held for sale | 15,140 | 41,557 |
Financial liabilities: | ||
Debt Securities, Trading | 0 | 0 |
Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | Obligations of U.S. government sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 7,083 | |
Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Available-for-sale Securities | 118,653 | 127,120 |
Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 839,541 | 566,618 |
Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 425,302 | 410,454 |
Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | Corporate Bond Securities [Member] | ||
Financial assets: | ||
Available-for-sale Securities | 9,244 | 11,621 |
Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Trading securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Financial liabilities: | ||
Debt Securities, Trading | 0 | 0 |
Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | Obligations of U.S. government sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 0 | |
Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | Obligations of states and political subdivisions | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | Corporate Bond Securities [Member] | ||
Financial assets: | ||
Available-for-sale Securities | 0 | 0 |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 870 | 608 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 54 | 248 |
Interest Rate Lock Commitments [Member] | Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | |
Interest Rate Lock Commitments [Member] | Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 870 | 608 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 54 | 248 |
Interest Rate Lock Commitments [Member] | Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 0 |
Forward delivery commitments | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 145 | 311 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 17 | 196 |
Forward delivery commitments | Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | |
Forward delivery commitments | Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 145 | 311 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 17 | 196 |
Forward delivery commitments | Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 0 |
Customer loan swaps | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 27,648 | 39,627 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 27,648 | 39,627 |
Customer loan swaps | Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 0 |
Customer loan swaps | Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 27,648 | 39,627 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 27,648 | 39,627 |
Customer loan swaps | Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 0 | 0 |
Financial liabilities: | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0 | 0 |
Interest rate contracts | ||
Financial assets: | ||
Fair Value | 6,814 | 5,731 |
Financial liabilities: | ||
Derivative Liability | 9,153 | 11,625 |
Interest rate contracts | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Fair Value | 6,814 | 5,731 |
Financial liabilities: | ||
Derivative Liability | 9,153 | 11,625 |
Interest rate contracts | Readily Available Market Prices (Level 1) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Financial liabilities: | ||
Derivative Liability | 0 | |
Interest rate contracts | Observable Market Data (Level 2) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Fair Value | 6,814 | 5,731 |
Financial liabilities: | ||
Derivative Liability | 9,153 | 11,625 |
Interest rate contracts | Company Determined Fair Value (Level 3) | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Fair Value | 0 | 0 |
Financial liabilities: | ||
Derivative Liability | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT AND DI_5
FAIR VALUE MEASUREMENT AND DISCLOSURE (Summary of Assets Measured at Fair Value on Non Recurring Basis) (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Collateral-dependent impaired loans | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | $ 74 | |
Collateral-dependent impaired loans | Readily Available Market Prices (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Collateral-dependent impaired loans | Observable Market Data (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Collateral-dependent impaired loans | Company Determined Fair Value (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | $ 74 | |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | $ 236 | |
Other real estate owned | Readily Available Market Prices (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Other real estate owned | Observable Market Data (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Other real estate owned | Company Determined Fair Value (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 236 | |
Servicing Contracts | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 1,010 | |
Servicing Contracts | Readily Available Market Prices (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Servicing Contracts | Observable Market Data (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Servicing Contracts | Company Determined Fair Value (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,010 |
FAIR VALUE MEASUREMENT AND DI_6
FAIR VALUE MEASUREMENT AND DISCLOSURE (Schedule of Valuation Methodology and Unobservable Inputs) (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Impaired Loans | $ 4,163 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Impaired Loans Specifically Reserved [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Impaired Loans | $ 74 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Other real estate owned | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Other Real Estate | $ 236 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Servicing Contracts | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Fair Value | $ 1,010 | ||
Measurement Input, Appraised Value [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique | Fair Value, Nonrecurring [Member] | Other real estate owned | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Other Real Estate Owned, Measurement Input | 0.05 | ||
Measurement Input, Cost to Sell [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique | Fair Value, Nonrecurring [Member] | Impaired Loans Specifically Reserved [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Impaired Loans Specifically Reserved, Measurement Input | 0.11 | ||
Measurement Input, Cost to Sell [Member] | Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique | Fair Value, Nonrecurring [Member] | Other real estate owned | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Other Real Estate Owned, Measurement Input | 0.11 | ||
Measurement Input, Constant Prepayment Rate | Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Fair Value, Nonrecurring [Member] | Servicing Contracts | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Servicing Asset, Measurement Input | 0.19 | ||
Measurement Input, Discount Rate | Fair Value, Inputs, Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Fair Value, Nonrecurring [Member] | Servicing Contracts | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Servicing Asset, Measurement Input | 0.10 |
FAIR VALUE MEASUREMENT AND DI_7
FAIR VALUE MEASUREMENT AND DISCLOSURE (Schedule of Carrying Amounts and Estimated Fair Value for Financial Instrument Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Held-to-maturity securities, at amortized cost | $ 1,294 | $ 1,297 |
Held-to-maturity securities, fair value | 1,397 | 1,411 |
Mortgage servicing rights | 3,030 | 1,437 |
Financial liabilities: | ||
Time deposits | 385,620 | 460,278 |
Short-term Debt, Fair Value | 170,394 | 162,420 |
Long-term Debt, Fair Value | 25,442 | |
Subordinated debentures | 32,583 | 46,475 |
Commercial Real Estate(1) | ||
Financial assets: | ||
Loans receivable, net of allowance | 1,360,353 | 1,307,132 |
Commercial | ||
Financial assets: | ||
Loans receivable, net of allowance | 358,273 | 372,194 |
SBA PPP Portfolio Segment | ||
Financial assets: | ||
Loans receivable, net of allowance | 131,418 | 137,209 |
Residential Real Estate | ||
Financial assets: | ||
Loans receivable, net of allowance | 1,123,720 | 1,066,991 |
Home Equity | ||
Financial assets: | ||
Loans receivable, net of allowance | 224,569 | 253,276 |
Consumer | ||
Financial assets: | ||
Loans receivable, net of allowance | 17,137 | 18,102 |
Readily Available Market Prices (Level 1) | ||
Financial assets: | ||
Held-to-maturity securities, fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Time deposits | 0 | 0 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | |
Subordinated debentures | 0 | 0 |
Readily Available Market Prices (Level 1) | Commercial Real Estate(1) | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Readily Available Market Prices (Level 1) | Commercial | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Readily Available Market Prices (Level 1) | SBA PPP Portfolio Segment | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | |
Readily Available Market Prices (Level 1) | Residential Real Estate | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Readily Available Market Prices (Level 1) | Home Equity | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Readily Available Market Prices (Level 1) | Consumer | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Observable Market Data (Level 2) | ||
Financial assets: | ||
Held-to-maturity securities, fair value | 1,397 | 1,411 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Time deposits | 385,620 | 460,278 |
Short-term Debt, Fair Value | 170,394 | 162,420 |
Long-term Debt, Fair Value | 25,442 | |
Subordinated debentures | 32,583 | 46,475 |
Observable Market Data (Level 2) | Commercial Real Estate(1) | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Observable Market Data (Level 2) | Commercial | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Observable Market Data (Level 2) | SBA PPP Portfolio Segment | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | |
Observable Market Data (Level 2) | Residential Real Estate | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Observable Market Data (Level 2) | Home Equity | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Observable Market Data (Level 2) | Consumer | ||
Financial assets: | ||
Loans receivable, net of allowance | 0 | 0 |
Company Determined Fair Value (Level 3) | ||
Financial assets: | ||
Held-to-maturity securities, fair value | 0 | 0 |
Mortgage servicing rights | 3,030 | 1,437 |
Financial liabilities: | ||
Time deposits | 0 | 0 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | |
Subordinated debentures | 0 | 0 |
Company Determined Fair Value (Level 3) | Commercial Real Estate(1) | ||
Financial assets: | ||
Loans receivable, net of allowance | 1,360,353 | 1,307,132 |
Company Determined Fair Value (Level 3) | Commercial | ||
Financial assets: | ||
Loans receivable, net of allowance | 358,273 | 372,194 |
Company Determined Fair Value (Level 3) | SBA PPP Portfolio Segment | ||
Financial assets: | ||
Loans receivable, net of allowance | 131,418 | 137,209 |
Company Determined Fair Value (Level 3) | Residential Real Estate | ||
Financial assets: | ||
Loans receivable, net of allowance | 1,123,720 | 1,066,991 |
Company Determined Fair Value (Level 3) | Home Equity | ||
Financial assets: | ||
Loans receivable, net of allowance | 224,569 | 253,276 |
Company Determined Fair Value (Level 3) | Consumer | ||
Financial assets: | ||
Loans receivable, net of allowance | 17,137 | 18,102 |
Carrying Amount | ||
Financial assets: | ||
Held-to-maturity securities, at amortized cost | 1,294 | 1,297 |
Mortgage servicing rights | 2,498 | 2,196 |
Financial liabilities: | ||
Time deposits | 384,357 | 457,694 |
Short-term Debt, Fair Value | 170,413 | 162,439 |
Long-term Debt, Fair Value | 25,000 | |
Subordinated debentures | 44,331 | 59,331 |
Carrying Amount | Commercial Real Estate(1) | ||
Financial assets: | ||
Loans receivable, net of allowance | 1,401,804 | 1,344,860 |
Carrying Amount | Commercial | ||
Financial assets: | ||
Loans receivable, net of allowance | 362,751 | 374,791 |
Carrying Amount | SBA PPP Portfolio Segment | ||
Financial assets: | ||
Loans receivable, net of allowance | 125,998 | 135,026 |
Carrying Amount | Residential Real Estate | ||
Financial assets: | ||
Loans receivable, net of allowance | 1,117,712 | 1,051,324 |
Carrying Amount | Home Equity | ||
Financial assets: | ||
Loans receivable, net of allowance | 226,625 | 255,957 |
Carrying Amount | Consumer | ||
Financial assets: | ||
Loans receivable, net of allowance | $ 18,966 | $ 19,999 |