XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

BORROWED FUNDS | 9 Months Ended
--- | ---
Sep. 30, 2020
Debt Disclosure [Abstract] |
BORROWED FUNDS | NOTE 5. BORROWED FUNDS ​ Borrowed funds at September 30, 2020 and December 31, 2019 are summarized, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020 | ​ | December 31, 2019 |
​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | Weighted | ​
(dollars in thousands) |  | Carrying Value |  | Average Rate |  | Carrying Value |  | Average Rate |
Short-term borrowings | ​ |  | ​ | ​ |  | ​ |  | ​ | ​ |  |
Advances from the FHLB | ​ | $ | 41,672 |  | 1.69 | % | $ | 303,286 |  | 1.83 | %
Other borrowings | ​ |  | 30,048 |  | 0.60 | ​ |  | 44,832 |  | 0.99 | ​
Total short-term borrowings | ​ |  | 71,720 |  | 1.20 | ​ |  | 348,118 |  | 1.73 | ​
Long-term borrowings | ​ |  |  |  |  | ​ |  |  |  |  | ​
Advances from the FHLB | ​ |  | 182,609 |  | 1.73 | ​ |  | 123,278 |  | 1.93 | ​
Advances from the FRB PPPLF | ​ | ​ | 131,143 | ​ | 0.35 | ​ | ​ | — | ​ | — | ​
Subordinated borrowings | ​ |  | 59,920 |  | 4.48 | ​ |  | 59,920 |  | 5.53 | ​
Total long-term borrowings | ​ |  | 373,672 |  | 1.69 | ​ |  | 183,198 |  | 2.87 | ​
Total | ​ | $ | 445,392 |  | 1.60 | % | $ | 531,316 |  | 2.11 | %
​ Short-term debt includes Federal Home Loan Bank of Boston (“FHLB”) advances with a maturity of less than one year. The Company also maintains a $1.0 million secured line of credit with the FHLB that bears a daily adjustable rate calculated by the FHLB. There was no outstanding balance on the FHLB line of credit for the periods ended September 30, 2020 and December 31, 2019. ​ The Company has the capacity to borrow funds on a secured basis utilizing the Borrower in Custody program and the Discount Window at the Federal Reserve Bank of Boston (the “FRB”). At September 30, 2020, the Company’s available secured line of credit at the FRB was $81.1 million. The Company has pledged certain loans and securities to the FRB to support this arrangement. There were no outstanding advances with the FRB for the periods ended September 30, 2020 December 31, 2019. ​ On April 15, 2020, the FRB provided a Paycheck Protection Program Lending Facility (“PPPLF”) that the Company used to fund most of its PPP loans totaling $131.1 million as of September 30, 2020. ​ The Company maintains, with a correspondent bank, an unused unsecured federal funds line of credit that has an aggregate overnight borrowing capacity of $50.0 million as of September 30, 2020 and December 31, 2019. There was no outstanding balance on the line of credit as of September 30, 2020 and December 31, 2019. ​ Long-term FHLB advances consist of advances with a maturity of more than one year. Callable advances as of September 30, 2020 were $2.0 million, as of December 31, 2019 there were no callable advances. As of September 30, 2020 and December 31, 2019 there were $309 thousand and $316 thousand of amortizing advances, respectively. All FHLB borrowings, including the line of credit, are secured by a blanket security agreement on certain qualified collateral, principally all residential first mortgage loans and certain securities. ​ A summary of maturities of FHLB advances as of September 30, 2020 is, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020 |
​ |  | ​ | ​ |  | Weighted Average |
(in thousands, except rates) | ​ | Carrying Value | ​ | Rate |
Fixed rate advances maturing: |  | ​ |  |  |  | ​
2020 | ​ | $ | 1,000 |  | 1.65 | %
2021 | ​ |  | 40,672 |  | 1.69 | ​
2022 | ​ |  | 75,000 |  | 1.87 | ​
2023 | ​ |  | 80,000 |  | 1.77 | ​
2024 | ​ |  | 7,300 |  | 1.16 | ​
2025 and thereafter | ​ |  | 20,309 |  | 1.25 | ​
Total FHLB advances | ​ | $ | 224,281 |  | 1.72 | %
​ On November 26, 2019, the Company executed a Subordinated Note Purchase Agreement with an aggregate of $40.0 million of subordinated notes (the "Notes") to accredited investors. The Notes have a maturity date of December 1, 2029 and bear a fixed interest rate of 4.625% through December 1, 2024 payable semi-annually in arrears. From December 1, 2024 and thereafter the interest rate shall be reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 3.27%. The Company has the option beginning with the interest payment date of December 1, 2024, and on any scheduled payment date thereafter, to redeem the Notes, in whole or in part upon prior approval of the Federal Reserve. Netted with subordinated borrowings is amortized subordinated debt issuance costs of $700 thousand as of September 30, 2020. ​ The Company also has $20.6 million in floating Junior Subordinated Deferrable Interest Debentures ("Debentures") issued by NHTB Capital Trust II ("Trust II") and NHTB Capital Trust III ("Trust III"), which are both Connecticut statutory trusts. The Debentures were issued on March 30, 2004, carry a variable interest rate of 3-month LIBOR plus 2.79%, and mature in 2034. The debt is callable by the Company at the time when any interest payment is made. Trust II and Trust III are considered variable interest entities for which the Company is not the primary beneficiary. Accordingly, Trust II and Trust III are not consolidated into the Company’s financial statements.

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

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration