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BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Federal Home Loan Bank Borrowings

Advances payable to the Federal Home Loan Bank as of December 31 are summarized as follows:

		2018							2017
						Weighted							Weighted
						Average							Average
		Total				Contractual			Total				Contractual
		Outstanding				Rate			Outstanding				Rate
		(Dollars in thousands)
Stated Maturity
2018		$	—			—	%		$	52,475			1.58	%
2019		147,046				2.68	%		—				—	%
Subtotal		147,046				2.68	%		52,475				1.58	%
Amortizing advances		760							789
Total Federal Home Loan Bank Advances		$	147,806						$	53,264

Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]

The table below sets forth the remaining contractual maturity of the Company’s repurchase agreements allocated by source of collateral at the dates indicated:

	December 31
	2018				2017
	(Dollars in thousands)
Sources of collateral
U.S. government agency securities	$	—			$	16,867
Agency mortgage-backed securities	—				51,273
Agency collateralized mortgage obligations	—				94,539
Total customer repurchase agreements (1)	$	—			$	162,679

Schedule of Long-term Borrowings

The following table summarizes long-term debt, net of debt issuances costs, as of the periods indicated:

	December 31
	2018				2017
	(Dollars in thousands)
Junior subordinated debentures
Capital Trust V	$	51,505			$	51,503
Slades Ferry Trust I	10,234				10,229
Central Trust I	5,258				5,258
Central Trust II	6,083				6,083
East Main Street Trust	3,093				—
Subordinated debentures	34,728				34,682
Total long-term debt	$	110,901			$	107,755

 

Information relating to Trust Preferred Securities [Table Text Block]

Information relating to these trust preferred securities is as follows:

Trust	Description of Capital Securities
Capital Trust V	$50.0 million due in 2037, interest at a variable rate of 3 month LIBOR plus 1.48% (4.27% at December 31, 2018),which, effective on January 17, 2017, has been converted to a fixed rate of 2.84% through the use of an interest rate swap.
Slades Ferry Trust I	$10.0 million due in 2034, bearing interest at a variable rate of 3 month LIBOR plus 2.79% (5.59% at December 31, 2018). These securities are callable quarterly, until maturity.
Central Trust I	$5.1 million due in 2034, bearing interest at a variable rate of 3 month LIBOR plus 2.44% (5.23% at December 31, 2018). These securities are callable quarterly, until maturity.
Central Trust II	$5.9 million due in 2037, bearing interest at a variable rate of 3 month LIBOR plus 1.65% (4.44% at December 31, 2018). These securities are callable quarterly, until maturity.

Schedule of Maturities of Borrowings

The following table sets forth the contractual maturities of long-term debt over the next five years:

		2019				2020				2021				2022				2023				Thereafter				Total
		(Dollars in thousands)
Junior subordinated debentures
Capital trust V		$	—			$	—			$	—			$	—			$	—			$	51,547			$	51,547
Slades ferry trust I		—				—				—				—				—				10,310				10,310
Central trust I		—				—				—				—				—				5,258				5,258
Central trust II		—				—				—				—				—				6,083				6,083
East Main Street Trust		—				—				—				—				—				3,093				3,093
Subordinated debentures		—				—				—				—				—				35,000				35,000
Total		$	—			$	—			$	—			$	—			$	—			$	111,291			$	111,291

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