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FAIR VALUE MEASUREMENT AND DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 2019

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 Value				Readily Available Market Prices (Level 1)				Observable Market Data (Level 2)				Company Determined Fair Value (Level 3)
September 30, 2019
Financial assets:
Loans held for sale		$	16,449			$	—			$	16,449			$	—
AFS investments:
Obligations of states and political subdivisions		111,999				—				111,999				—
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises		454,073				—				454,073				—
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises		337,716				—				337,716				—
Subordinated corporate bonds		9,735				—				9,735				—
Equity securities - bank stock		808				—				808				—
Customer loan swaps		24,260				—				24,260				—
Interest rate swap on loans		1,507				—				1,507				—
Fixed-rate mortgage interest rate lock commitments		968				—				968				—
Forward delivery commitments		501				—				501				—
Financial liabilities:
Junior subordinated debt interest rate swaps		9,602				—				9,602				—
Customer loan swaps		24,260				—				24,260				—
Fixed-rate mortgage interest rate lock commitments		30				—				30				—
Forward delivery commitments		6				—				6				—
December 31, 2018
Financial assets:
Loans held for sale		$	4,403			$	—			$	4,403			$	—
AFS investments:
Obligations of states and political subdivisions		93,752				—				93,752				—
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises		453,672				—				453,672				—
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises		342,894				—				342,894				—
Subordinated corporate bonds		20,374				—				20,374				—
Equity securities - bank stock		746				—				746				—
Customer loan swaps		7,841				—				7,841				—
Fixed-rate mortgage interest rate lock commitments		95				—				95				—
Forward delivery commitments		32				—				32				—
FHLBB advance interest rate swaps		30				—				30				—
Financial liabilities:
Junior subordinated debt interest rate swaps		5,682				—				5,682				—
Customer loan swaps		7,841				—				7,841				—
Fixed-rate mortgage interest rate lock commitments		28				—				28				—
Forward delivery commitments		17				—				17				—

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 Value				Readily Available Market Prices (Level 1)				Observable Market Data (Level 2)				Company Determined Fair Value (Level 3)
September 30, 2019
Financial assets:
Collateral-dependent impaired loans		$	485			$	—			$	—			$	485
Non-financial assets:
OREO		94				—				—				94
December 31, 2018
Financial assets:
Collateral-dependent impaired loans		$	522			$	—			$	—			$	522
Non-financial assets:
OREO		130				—				—				130

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 Range (Weighted-Average)
September 30, 2019
Collateral-dependent impaired loans:
Partially charged-off		$	485			Market approach appraisal of collateral		Management adjustment of appraisal		0%	(0%)
								Estimated selling costs		10%	(10%)
OREO		$	94			Market approach appraisal of collateral		Management adjustment of appraisal		18%	(18%)
								Estimated selling cost		13%	(13%)
December 31, 2018
Collateral-dependent impaired loans:
Partially charged-off		$	50			Market approach appraisal of collateral		Management adjustment of appraisal		0%	(0%)
								Estimated selling costs		10%	(10%)
Specifically reserved		$	472			Market approach appraisal of collateral		Management adjustment of appraisal		0%	(0%)
								Estimated selling costs		10%	(10%)
OREO		$	130			Market approach appraisal of collateral		Management adjustment of appraisal		19%	(19%)
								Estimated selling cost		10%	(10%)

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 Amount				Fair Value				Readily Available Market Prices (Level 1)				Observable Market Prices (Level 2)				Company Determined Market Prices (Level 3)
September 30, 2019
Financial assets:
HTM securities		$	1,303			$	1,352			$	—			$	1,352			$	—
Residential real estate loans(1)		1,055,676				1,054,019				—				—				1,054,019
Commercial real estate loans(1)		1,243,443				1,210,699				—				—				1,210,699
Commercial loans(1)(2)		441,125				430,900				—				—				430,900
Home equity loans(1)		320,788				311,905				—				—				311,905
Consumer loans(1)		23,914				22,161				—				—				22,161
Servicing assets		807				1,380				—				—				1,380
Financial liabilities:
Time deposits		$	652,334			$	651,741			$	—			$	651,741			$	—
Short-term borrowings		273,454				273,215				—				273,215				—
Long-term borrowings		10,000				9,991				—				9,991				—
Subordinated debentures		59,005				49,728				—				49,728				—
December 31, 2018
Financial assets:
HTM securities		$	1,307			$	1,291			$	—			$	1,291			$	—
Residential real estate loans(1)		986,795				957,957				—				—				957,957
Commercial real estate loans(1)		1,257,879				1,218,436				—				—				1,218,436
Commercial loans(1)(2)		411,479				404,805				—				—				404,805
Home equity loans(1)		324,967				317,359				—				—				317,359
Consumer loans(1)		20,390				18,969				—				—				18,969
Servicing assets		831				1,677				—				—				1,677
Financial liabilities:
Time deposits		$	661,281			$	654,954			$	—			$	654,954			$	—
Short-term borrowings		270,868				270,598				—				270,598				—
Long-term borrowings		11,580				11,573				—				11,573				—
Subordinated debentures		59,067				49,060				—				49,060				—

(1) The presented carrying amount is net of the allocated ALL.

(2) Includes the HPFC loan portfolio.

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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