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