XML 78 R31.htm IDEA: XBRL DOCUMENT
v3.20.1

SECURITIES AVAILABLE FOR SALE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Summary of securities available for sale | A summary of securities pledged as collateral for certain deposits and borrowing arrangements as of the years ended December 31, 2019 and December 31, 2018 is as follows:
|  | December 31, 2019 |  | December 31, 2018
(in thousands) |  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Securities pledged for deposits |  | $ | 217,009 |  |  | $ | 220,054 |  |  | $ | 128,949 |  |  | $ | 126,649 |
Securities pledged for repurchase agreements |  | 96,007 |  |  | 96,477 |  |  | 55,656 |  |  | 54,189 |
Securities pledged for other borrowings (1) |  | 157,172 |  |  | 157,458 |  |  | 270,252 |  |  | 265,334 |
Total securities pledged |  | $ | 470,188 |  |  | $ | 473,989 |  |  | $ | 454,857 |  |  | $ | 446,172 |
______________________________ (1) The Bank pledged securities as collateral for certain borrowing arrangements with the Federal Home Loan Bank of Boston and Federal Reserve Bank of Boston The following is a summary of securities available for sale:
(in thousands) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 319,064 |  |  | $ | 4,985 |  |  | $ | (2,080 | ) |  | $ | 321,969 |
US Government agency |  | 98,568 |  |  | 1,640 |  |  | (547 | ) |  | 99,661 |
Private label |  | 20,212 |  |  | 68 |  |  | (747 | ) |  | 19,533 |
Obligations of states and political subdivisions thereof |  | 139,240 |  |  | 3,034 |  |  | (268 | ) |  | 142,006 |
Corporate bonds |  | 78,804 |  |  | 1,478 |  |  | (221 | ) |  | 80,061 |
Total securities available for sale |  | $ | 655,888 |  |  | $ | 11,205 |  |  | $ | (3,863 | ) |  | $ | 663,230 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 413,492 |  |  | $ | 904 |  |  | $ | (9,444 | ) |  | $ | 404,952 |
US Government agency |  | 111,938 |  |  | 509 |  |  | (1,935 | ) |  | 110,512 |
Private label |  | 20,353 |  |  | 113 |  |  | (84 | ) |  | 20,382 |
Obligations of states and political subdivisions thereof |  | 133,260 |  |  | 1,081 |  |  | (2,076 | ) |  | 132,265 |
Corporate bonds |  | 58,098 |  |  | 264 |  |  | (636 | ) |  | 57,726 |
Total securities available for sale |  | $ | 737,141 |  |  | $ | 2,871 |  |  | $ | (14,175 | ) |  | $ | 725,837 |
Schedule of amortized cost and estimated fair value of available for sale (AFS), segregated by contractual maturity | The amortized cost and estimated fair value of available for sale (“AFS”) securities segregated by contractual maturity at December 31, 2019 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.
|  | Available for sale
(in thousands) |  | Amortized Cost |  | Fair Value
Within 1 year |  | $ | — |  |  | $ | — |
Over 1 year to 5 years |  | 33,179 |  |  | 34,004 |
Over 5 years to 10 years |  | 57,285 |  |  | 58,138 |
Over 10 years |  | 127,580 |  |  | 129,925 |
Total bonds and obligations |  | 218,044 |  |  | 222,067 |
Mortgage-backed securities |  | 437,844 |  |  | 441,163 |
Total securities available for sale |  | $ | 655,888 |  |  | $ | 663,230 |
Summary of proceeds from the sale of securities and realized gains and losses | The following table summarizes proceeds from the sale of AFS securities and realized gains and losses:
(in thousands) |  | Proceeds from Sale of Securities Available for Sale |  | Realized Gains |  | Realized Losses |  | Net
2019 |  | $ | 92,315 |  |  | $ | 993 |  |  | $ | (756 | ) |  | $ | 237 |
2018 |  | 29,107 |  |  | — |  |  | (924 | ) |  | (924 | )
2017 |  | 1,599 |  |  | 19 |  |  | — |  |  | 19 |
Schedule of securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions | Securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
|  | Less Than Twelve Months |  | Over Twelve Months |  | Total
(in thousands) |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 1,074 |  |  | $ | 43,429 |  |  | $ | 1,006 |  |  | $ | 49,712 |  |  | $ | 2,080 |  |  | $ | 93,141 |
US Government agency |  | 432 |  |  | 19,717 |  |  | 115 |  |  | 9,120 |  |  | 547 |  |  | 28,837 |
Private label |  | 380 |  |  | 9,843 |  |  | 367 |  |  | 9,411 |  |  | 747 |  |  | 19,254 |
Obligations of states and political subdivisions thereof |  | 137 |  |  | 29,355 |  |  | 131 |  |  | 1,682 |  |  | 268 |  |  | 31,037 |
Corporate bonds |  | 142 |  |  | 9,888 |  |  | 79 |  |  | 12,276 |  |  | 221 |  |  | 22,164 |
Total securities available for sale |  | $ | 2,165 |  |  | $ | 112,232 |  |  | $ | 1,698 |  |  | $ | 82,201 |  |  | $ | 3,863 |  |  | $ | 194,433 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
US Government-sponsored enterprises |  | $ | 155 |  |  | $ | 19,367 |  |  | $ | 9,289 |  |  | $ | 297,569 |  |  | $ | 9,444 |  |  | $ | 316,936 |
US Government agency |  | 16 |  |  | 2,570 |  |  | 1,919 |  |  | 68,266 |  |  | 1,935 |  |  | 70,836 |
Private label |  | 79 |  |  | 10,393 |  |  | 5 |  |  | 47 |  |  | 84 |  |  | 10,440 |
Obligations of states and political subdivisions thereof |  | 43 |  |  | 6,784 |  |  | 2,033 |  |  | 47,930 |  |  | 2,076 |  |  | 54,714 |
Corporate bonds |  | 224 |  |  | 11,759 |  |  | 412 |  |  | 14,460 |  |  | 636 |  |  | 26,219 |
Total securities available for sale |  | $ | 517 |  |  | $ | 50,873 |  |  | $ | 13,658 |  |  | $ | 428,272 |  |  | $ | 14,175 |  |  | $ | 479,145 |
Schedule of other than temporary impairment losses | The following table presents the remaining amount of historical credit losses on debt securities and changes reflected in the statement of income:
|  | Twelve Months Ended December 31,
(in thousands) |  | 2019 |  | 2018 |  | 2017
Estimated credit losses as of prior year-end, |  | $ | 1,697 |  |  | $ | 1,697 |  |  | $ | 1,697 |
Reductions for securities paid off during the period |  | — |  |  | — |  |  | — |
Estimated credit losses at end of the period |  | $ | 1,697 |  |  | $ | 1,697 |  |  | $ | 1,697 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References No definition available. + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27340-111563 + Details
Name: | us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration