XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.19.2

COMMITMENTS, CONTINGENCIES AND DERIVATIVES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
Summary of Contractual and Notional Amounts of Financial Instruments | The following is a summary of the contractual and notional amounts of the Company’s off-balance sheet financial instruments:
(In thousands) |  | June 30, 2019 |  | December 31, 2018
Lending-Related Instruments: |  |  |  |  |  |
Commitments to extend credit |  | $ | 737,371 |  |  | $ | 654,575 |
Standby letters of credit |  | 5,887 |  |  | 3,063 |
Derivative Financial Instruments: |  |  |  |  |
Customer loan swaps |  | $ | 818,514 |  |  | $ | 833,030 |
Interest rate swap on loans |  | 100,000 |  |  | — |
Junior subordinated debt interest rate swaps |  | 43,000 |  |  | 43,000 |
Fixed-rate mortgage interest rate lock commitments |  | 34,814 |  |  | 12,077 |
Forward delivery commitments |  | 13,088 |  |  | 4,315 |
FHLBB advance interest rate swaps |  | — |  |  | 25,000 |
Summary of Derivative Financial Instruments | The details of the junior subordinated debt interest rate swaps for the dates indicated were as follows:
(Dollars in thousands) |  |  |  |  |  |  |  | June 30, 2019 |  | December 31, 2018
Trade Date |  | Maturity Date |  | Variable Index Received |  | Fixed Rate Paid |  | Presentation on Consolidated Statements of Condition |  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
3/18/2009 |  | 6/30/2021 |  | 3-Month USD LIBOR |  | 5.09% |  | Accrued interest and other liabilities |  | $ | 10,000 |  |  | $ | (383 | ) |  | $ | 10,000 |  |  | $ | (272 | )
7/8/2009 |  | 6/30/2029 |  | 3-Month USD LIBOR |  | 5.84% |  | Accrued interest and other liabilities |  | 10,000 |  |  | (2,353 | ) |  | 10,000 |  |  | (1,655 | )
5/6/2010 |  | 6/30/2030 |  | 3-Month USD LIBOR |  | 5.71% |  | Accrued interest and other liabilities |  | 10,000 |  |  | (2,396 | ) |  | 10,000 |  |  | (1,636 | )
3/14/2011 |  | 3/30/2031 |  | 3-Month USD LIBOR |  | 4.35% |  | Accrued interest and other liabilities |  | 5,000 |  |  | (1,279 | ) |  | 5,000 |  |  | (877 | )
5/4/2011 |  | 7/7/2031 |  | 3-Month USD LIBOR |  | 4.14% |  | Accrued interest and other liabilities |  | 8,000 |  |  | (1,895 | ) |  | 8,000 |  |  | (1,242 | )
|  |  |  |  |  |  |  |  |  | $ | 43,000 |  |  | $ | (8,306 | ) |  | $ | 43,000 |  |  | $ | (5,682 | )
The details of the interest rate swap for the date indicated was as follows:
(Dollars in thousands) |  |  |  |  |  |  |  | June 30, 2019
Trade Date |  | Maturity Date |  | Variable Index Paid |  | Fixed Rate Received |  | Presentation on Consolidated Statements of Condition |  | Notional Amount |  | Fair Value
6/12/2019 |  | 6/10/2024 |  | 1-Month USD LIBOR |  | 1.693% |  | Other assets |  | $ | 100,000 |  |  | $ | 262 |
The following table presents the total positions, notional and fair value of the Company's customer loans swaps with its commercial customers and the corresponding interest rate swap agreements with counterparty for the dates indicated:
(In thousands, except number of positions) |  |  |  | June 30, 2019 |  | December 31, 2018
| Presentation on Consolidated Statements of Condition |  | Number of Positions |  | Notional Amount |  | Fair Value |  | Number of Positions |  | Notional Amount |  | Fair Value
Receive fixed, pay variable |  | Accrued interest and other liabilities |  | 12 |  |  | $ | 42,916 |  |  | $ | (541 | ) |  | 57 |  |  | $ | 297,624 |  |  | $ | (7,841 | )
Receive fixed, pay variable |  | Other assets |  | 72 |  |  | 366,341 |  |  | 17,143 |  |  | 25 |  |  | 118,891 |  |  | 3,467 |
Pay fixed, receive variable |  | (Accrued interest and other liabilities) / other assets |  | 84 |  |  | 409,257 |  |  | (16,602 | ) |  | 82 |  |  | 416,515 |  |  | 4,374 |
Total |  |  |  | 168 |  |  | $ | 818,514 |  |  | $ | — |  |  | 164 |  |  | $ | 833,030 |  |  | $ | — |
The Company's pipeline of mortgage loans with fixed-rate interest rate lock commitments for which it intends to sell the loan upon origination were as follows for the dates indicated:
|  |  |  | June 30, 2019 |  | December 31, 2018
(In thousands) |  | Presentation on Consolidated Statements of Condition |  | Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Fixed-rate mortgage interest rate locks |  | Other assets |  | $ | 31,100 |  |  | $ | 516 |  |  | $ | 8,239 |  |  | $ | 95 |
Fixed-rate mortgage interest rate locks |  | Accrued interest and other liabilities |  | 3,714 |  |  | (45 | ) |  | 3,838 |  |  | (28 | )
Total |  |  |  | $ | 34,814 |  |  | $ | 471 |  |  | $ | 12,077 |  |  | $ | 67 |
Forward Delivery Commitments | The Company's forward delivery commitments on loans held for sale for the dates indicated were as follows:
|  |  |  | June 30, 2019 |  | December 31, 2018
(In thousands) |  | Balance Sheet Location |  | Notional |  | Fair Value |  | Notional |  | Fair Value
Forward delivery commitments ("best effort") |  | Other Assets |  | $ | 11,559 |  |  | $ | 272 |  |  | $ | 2,593 |  |  | $ | 32 |
Forward delivery commitments ("best effort") |  | Accrued interest and other liabilities |  | 1,529 |  |  | (15 | ) |  | 1,722 |  |  | (17 | )
Total |  |  |  | $ | 13,088 |  |  | $ | 257 |  |  | $ | 4,315 |  |  | $ | 15 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated:
|  | For The Three Months Ended June 30, |  | For The Six Months Ended June 30,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Effective portion of unrealized (losses) gains recognized within OCI during the period, net of tax |  | $ | (1,203 | ) |  | $ | 414 |  |  | $ | (2,128 | ) |  | $ | 1,570 |
Net reclassification adjustment for effective portion of cash flow hedges included in interest expense, gross |  | $ | 201 |  |  | $ | 203 |  |  | $ | 320 |  |  | $ | 487 |

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about obligations resulting from other commitments. + References No definition available. + Details
Name: | us-gaap_OtherCommitmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration