Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CATC | |
Entity Registrant Name | CAMBRIDGE BANCORP | |
Entity Central Index Key | 0000711772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 5,416,875 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 04-2777442 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | MA | |
Entity Address, Address Line One | 1336 Massachusetts Avenue | |
Entity Address, State or Province | MA | |
Entity Address, City or Town | Cambridge | |
Entity Address, Postal Zip Code | 02138 | |
City Area Code | 617 | |
Local Phone Number | 876-5500 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38184 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 42,989 | $ 61,335 |
Investment securities | ||
Available for sale, at fair value (amortized cost $115,485 and $141,109, respectively) | 117,947 | 140,330 |
Held to maturity, at amortized cost (fair value $256,860 and $264,114, respectively) | 246,906 | 258,172 |
Total investment securities | 364,853 | 398,502 |
Loans held for sale, at lower of cost or fair value | 2,875 | 1,546 |
Loans | ||
Total loans | 2,255,802 | 2,226,728 |
Less: allowance for credit losses on loans | (20,163) | (18,180) |
Net loans | 2,235,639 | 2,208,548 |
Federal Home Loan Bank of Boston Stock, at cost | 6,268 | 7,854 |
Bank owned life insurance | 37,479 | 37,319 |
Banking premises and equipment, net | 14,593 | 14,756 |
Right-of-use asset operating leases | 32,312 | 33,587 |
Deferred income taxes, net | 3,721 | 8,229 |
Accrued interest receivable | 6,872 | 7,052 |
Goodwill | 31,206 | 31,206 |
Merger related intangibles, net | 3,248 | 3,338 |
Other assets | 70,574 | 42,291 |
Total assets | 2,852,629 | 2,855,563 |
Deposits | ||
Demand | 608,240 | 630,593 |
Interest bearing checking | 506,654 | 450,098 |
Money market | 175,158 | 181,406 |
Savings | 880,944 | 914,499 |
Certificates of deposit | 219,363 | 182,282 |
Total deposits | 2,390,359 | 2,358,878 |
Short-term borrowings | 75,147 | 135,691 |
Operating lease liabilities | 33,813 | 35,054 |
Other liabilities | 55,551 | 39,379 |
Total liabilities | 2,554,870 | 2,569,002 |
Shareholders’ Equity | ||
Common stock, par value $1.00; Authorized: 10,000,000 shares; Outstanding: 5,417,983 shares and 5,400,868 shares, respectively | 5,418 | 5,401 |
Additional paid-in capital | 137,186 | 136,766 |
Retained earnings | 150,891 | 146,875 |
Accumulated other comprehensive income (loss) | 4,264 | (2,481) |
Total shareholders’ equity | 297,759 | 286,561 |
Total liabilities and shareholders’ equity | 2,852,629 | 2,855,563 |
Residential Mortgage | ||
Loans | ||
Total loans | 917,103 | 917,566 |
Commercial Mortgage | ||
Loans | ||
Total loans | 1,089,796 | 1,060,574 |
Home Equity | ||
Loans | ||
Total loans | 83,066 | 80,675 |
Commercial & Industrial | ||
Loans | ||
Total loans | 127,648 | 133,236 |
Consumer | ||
Loans | ||
Total loans | $ 38,189 | $ 34,677 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $ 115,485 | $ 141,109 |
Held-to-maturity securities, fair value | $ 256,860 | $ 264,114 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares, outstanding | 5,417,983 | 5,400,868 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and dividend income | ||
Interest on taxable loans | $ 23,338 | $ 16,284 |
Interest on tax-exempt loans | 198 | 89 |
Interest on taxable investment securities | 1,723 | 1,980 |
Interest on tax-exempt investment securities | 595 | 571 |
Dividends on FHLB of Boston stock | 101 | 76 |
Interest on overnight investments | 140 | 118 |
Total interest and dividend income | 26,095 | 19,118 |
Interest expense | ||
Interest on deposits | 3,129 | 2,501 |
Interest on borrowed funds | 566 | 356 |
Total interest expense | 3,695 | 2,857 |
Net interest and dividend income | 22,400 | 16,261 |
Provision (Release) for Credit Losses | 2,000 | (93) |
Net interest and dividend income after provision (release) for credit losses | 20,400 | 16,354 |
Noninterest income | ||
Bank owned life insurance income | 160 | 127 |
Loss on disposition of investment securities | (87) | |
Gain on loans sold | 119 | 16 |
Loan related derivative income | 510 | 436 |
Other income | 304 | 327 |
Total noninterest income | 8,818 | 7,957 |
Noninterest expense | ||
Salaries and employee benefits | 13,016 | 10,827 |
Occupancy and equipment | 2,807 | 2,330 |
Data processing | 1,685 | 1,346 |
Professional services | 859 | 807 |
Marketing | 256 | 404 |
FDIC insurance | 179 | |
Nonoperating expenses | 253 | 91 |
Other expenses | 870 | 568 |
Total noninterest expense | 19,925 | 16,373 |
Income before income taxes | 9,293 | 7,938 |
Income tax expense | 2,061 | 1,740 |
Net income | $ 7,232 | $ 6,198 |
Share data: | ||
Weighted average number of shares outstanding, basic | 5,397,040 | 4,072,805 |
Weighted average number of shares outstanding, diluted | 5,432,099 | 4,106,658 |
Basic earnings per share | $ 1.34 | $ 1.51 |
Diluted earnings per share | $ 1.33 | $ 1.49 |
Wealth Management Revenue | ||
Noninterest income | ||
Noninterest income | $ 6,627 | $ 6,124 |
Deposit Account Fees | ||
Noninterest income | ||
Noninterest income | 791 | 738 |
ATM/Debit Card Income | ||
Noninterest income | ||
Noninterest income | $ 307 | $ 276 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 7,232 | $ 6,198 |
Unrealized gains on available for sale securities | ||
Unrealized holding gains | 2,500 | 1,095 |
Less: reclassification adjustment for losses included in net income | 66 | |
Total unrealized gains on securities | 2,500 | 1,161 |
Derivatives | ||
Change in interest rate contracts | 4,246 | (30) |
Defined benefit retirement plans | ||
Change in retirement liabilities | (1) | 26 |
Other comprehensive income | 6,745 | 1,157 |
Comprehensive income | $ 13,977 | $ 7,355 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY' (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2018 | $ 167,026 | $ 4,107 | $ 38,271 | $ 131,135 | $ (6,487) |
Net income | 6,198 | 6,198 | |||
Other comprehensive income | 1,157 | 1,157 | |||
Share based compensation | (15) | 17 | (32) | ||
Dividends declared | (2,098) | (2,098) | |||
Ending balance at Mar. 31, 2019 | 172,268 | 4,124 | 38,239 | 135,235 | (5,330) |
Beginning balance at Dec. 31, 2019 | 286,561 | 5,401 | 136,766 | 146,875 | (2,481) |
Cumulative effect of accounting changes (Note 4) | (347) | (347) | |||
Net income | 7,232 | 7,232 | |||
Other comprehensive income | 6,745 | 6,745 | |||
Share based compensation | 437 | 17 | 420 | ||
Dividends declared | (2,869) | (2,869) | |||
Ending balance at Mar. 31, 2020 | $ 297,759 | $ 5,418 | $ 137,186 | $ 150,891 | $ 4,264 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Retained Earnings | ||
Dividends declared, per share | $ 0.53 | $ 0.51 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 7,232 | $ 6,198 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 2,000 | (93) |
Amortization of deferred charges and fees, net | 51 | 199 |
Depreciation and amortization | 78 | 393 |
Bank owned life insurance income | (160) | (127) |
Loss/(gain) on disposition of investment securities | 87 | |
Share based compensation | 437 | (15) |
Change in accrued interest receivable | 180 | (250) |
Deferred income tax expense/(benefit) | 2,265 | 1,202 |
Change in other assets, net | (23,741) | (35,439) |
Change in other liabilities, net | 19,613 | 30,638 |
Change in loans held for sale | (1,329) | |
Net cash provided by operating activities | 6,626 | 2,793 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans | (158,477) | (107,949) |
Proceeds from principal payments of loans | 127,572 | 112,585 |
Proceeds from calls/maturities of securities available for sale | 25,559 | 8,825 |
Proceeds from sales of securities available for sale and held to maturity | 15,913 | |
Proceeds from calls/maturities of securities held to maturity | 11,139 | 14,882 |
Purchase of securities held to maturity | (30,966) | |
Redemption of FHLB of Boston stock | 1,586 | 4,172 |
Purchase of banking premises and equipment | (364) | (534) |
Net cash (used in) provided by investing activities | 7,015 | 16,928 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in demand, interest bearing, money market and savings accounts | (5,600) | 43,128 |
Change in certificates of deposit | 37,026 | 47,825 |
Change in short-term borrowings | (60,544) | (90,000) |
Repayment of long-term borrowings | (43) | |
Cash dividends paid on common stock | (2,869) | (2,098) |
Net cash provided by (used in) financing activities | (31,987) | (1,188) |
Net (decrease)/increase in cash and cash equivalents | (18,346) | 18,533 |
Cash and cash equivalents at beginning of period | 61,335 | 18,473 |
Cash and cash equivalents at end of period | 42,989 | 37,006 |
Cash paid during the period for: | ||
Interest | 3,696 | 2,763 |
Income taxes | 970 | |
Significant non-cash transactions | ||
Right-of-use assets for lessee operating leases | 31,975 | |
Right-of-use liabilities for lessee operating leases | $ 33,263 | |
Transfer of other real estate owned | $ 2,293 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The unaudited consolidated financial statements include the accounts of Cambridge Bancorp (the “Company”) and its wholly owned subsidiary, Cambridge Trust Company (the “Bank”), and the Bank’s wholly owned subsidiaries, Cambridge Trust Company of New Hampshire Inc., CTC Security Corporation, and CTC Security Corporation III. References to the Company herein relate to the consolidated group of companies. All significant intercompany accounts and transactions have been eliminated in preparation of the consolidated financial statements. The Company is a state-chartered, federally registered bank holding company headquartered in Cambridge, Massachusetts and was incorporated in 1983. The Company is the sole shareholder of the Bank, a Massachusetts trust company chartered in 1890, which is a commercial bank. The Company operates as a private bank offering a full range of private banking and wealth management services to its clients. The private banking business, the Company’s only reportable operating segment is managed as a single strategic unit. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) and disclosures necessary to present fairly the Company’s financial position, as of March 31, 2020 and December 31, 2019, respectively, and the results of operations and cash flows for the interim periods presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Interim results are not necessarily reflective of the results of the entire year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”), filed with the Securities and Exchange Commission on March 16, 2020. |
Use of Estimates
Use of Estimates | 3 Months Ended |
Mar. 31, 2020 | |
Use Of Estimates [Abstract] | |
Use of Estimates | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the fair values of financial instruments, and the valuation of deferred tax assets are particularly subject to change. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 3. Subsequent Events Management has reviewed events occurring through May 8, 2020, the date the unaudited consolidated financial statements were available to be issued and determined that no subsequent events occurred requiring adjustment to or disclosure in these financial statements. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Guidance | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recently Issued and Adopted Accounting Guidance | 4. Recently Issued and Adopted Accounting Guidance Accounting Standards Update 2020-04 - Facilitation of the Effects of Reference Rate Reform on Financial Reporting • Simplify accounting analyses for contract modifications. • Allow hedging relationships to continue without dedesignation if there are qualifying changes in the critical terms of an existing hedging relationship due to reference rate reform. • Allow a change in the systematic and rational method used to recognize in earnings the components excluded from the assessment of hedge effectiveness. • Allow a change in the designated benchmark interest rate to a different eligible benchmark interest rate in a fair value hedging relationship. • Allow the shortcut method for a fair value hedging relationship to continue for the remainder of the hedging relationship. • Simplify the assessment of hedge effectiveness and provide temporary optional expedients for cash flow hedging relationships affected by reference rate reform. • Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and are classified as held to maturity before January 1, 2020. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. We are currently assessing the impact the adoption of this guidance will have on our consolidated balance sheets, statements of income, and cash flows. Accounting Standards Update 2018-15 - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . Accounting Standards Update 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans . Accounting Standards Update 2018-13 - Changes to the Disclosure Requirements for Fair Value Measurement . Accounting Standards Update 2016-13 - Financial Instruments - Credit Losses Measurement of Credit Losses on Financial Instruments The Company’s CECL methodology consists of quantitative and qualitative components. The quantitative component of the allowance for credit losses (“ACL”) is model based and utilizes a single forward-looking macroeconomic forecast, complemented by qualitative components in estimating expected credit losses. The qualitative components of the ACL ASU 2016-13 also applies to off-balance sheet credit exposure not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar investment) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. January 1, 2020 CECL Transition (Day 1) Impact The CECL methodology reflects the Company’s view of the state of the economy and forecasted macroeconomic conditions and their impact on the Company’s loan and investment portfolios as of the adoption date. The following table illustrates the impact of Topic 326: January 1, 2020 As reported under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (dollars in thousands) ASSETS Loans Residential mortgage $ 7,202 $ 5,141 $ 2,061 Commercial mortgage 9,545 10,992 (1,447 ) Home equity 256 461 (205 ) Commercial & Industrial 896 1,388 (492 ) Consumer 486 198 288 Allowance for credit losses on loans $ 18,385 $ 18,180 $ 205 LIABILITIES Allowance for credit losses on OBS credit exposure $ 326 $ 50 $ 276 Summary of significant accounting policies impacted by Topic 326 Debt Securities Investment securities are classified as either ‘held to maturity’ or ‘available for sale’ in accordance with the FASB Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities. Debt and equity securities not classified as held to maturity are classified as available for sale and carried at fair value with unrealized after-tax gains and losses reported net as a separate component of shareholders’ equity. The Company classifies its securities based on its intention at the time of purchase. Allowance for credit losses- held to maturity securities The Company measures expected credit losses on held to maturity debt securities on a collective basis by security type and risk rating where available. The reserve for each pool is calculated based on a Probability of Default/Loss Given Default (PD/LGD) basis taking into consideration the expected life of each security. Held to maturity securities which are issued by the United States of America or are guaranteed by US federal agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that remove a GSE’s ability to draw funds from the US government, or legislative changes to housing policy that reduce or eliminate the U.S. government’s implicit guarantee on such securities. For securities which are not U.S. treasury or agency backed, risk ratings are generally sourced from Moody’s or Standard & Poor’s (“S&P”). The Company updates loss given default, probability of default, and recovery rates for each security as that information becomes available but no less than annually. The expected remaining life to maturity of each applicable security is updated quarterly. Any expected credit losses on held to maturity securities would be presented as an allowance rather than as a direct write-down through the income statement if the Company does not intend to sell or believes that it is more-likely-than-not that the Company will be required to sell the security. Allowance for credit losses-available for sale securities The Company measures expected credit losses on available for sale securities based upon the gain or loss position of the security. For available-for sale debt securities in an unrealized loss position, which the Company does not intend to sell, or it is not more likely than not that the Company will be required to sell the security before recovery of our amortized cost, the Company evaluates qualitative criteria to determine any expected loss. This includes among other items the financial health of, and specific prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. The Company also evaluate s quantitative criteria including determining whether there has been an adverse change in expected future cash flows of the security. If the Company do es not expect to recover the entire amortized cost basis of the security, an allowance for credit losses would be recorded, with a related charge to earnings, limited by the amount of the fair value of the security less its amortized cost . If the Company intend s to sell the security or it is more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company recognize s the entire difference between the security’s amortized cost basis and its fair value in earnings. Loans Loans are reported at the amount of their outstanding principal, including deferred loan origination fees and costs, reduced by unearned discounts, and the allowance for credit losses. Loans are considered delinquent when a payment of principal and/or interest becomes past due 30 days following its scheduled payment due date. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Loans are removed from non-accrual when they become less than 90 days past due and when concern no longer exists as to the collectability of principal or interest. Allowance for Credit Losses - Loans Losses on loan receivables are estimated and recognized upon origination of the loan, based on expected credit losses for the life of the loan balance as of the period end date. The Company uses a discounted cash flow method incorporating probability of default and loss given default forecasted based on statistically derived economic variable loss drivers combined with qualitative factors to estimate expected credit losses. This process includes estimates which involve modeling loss projections attributable to existing loan balances, considering historical experience, current conditions and future expectations for homogeneous pools of loans over the reasonable and supportable forecast period. As stated above, we also perform a qualitative assessment beyond model estimates, and apply qualitative adjustments as management deems necessary. The reasonable and supportable forecast period is determined based upon the accuracy level of historical loss forecast estimates, the specific loan level models and methodology utilized, and considers material changes in growth and credit strategy, and business changes which may not be applicable within the current environment. For periods beyond a reasonable and supportable forecast interval, the Company reverts to historical information over a period for which comparable data is available. The historical information either experienced by the Company, or by a selection of peer banks when appropriate, is derived from a combination of recessionary and non-recessionary performance periods for which data is available. Similar to the reasonable and supportable forecast period, we reassess the reversion period at the segment level, considering any required adjustments for differences in underwriting standards, portfolio mix, and other relevant data shifts over time. The Company generally segments its loan receivable population into homogeneous pools of loans. Consistent with the Company’s other assumptions, the Company regularly reviews segmentation to determine whether the segmentation pools remain relevant as risk characteristics change. When a loan no longer meets the criteria of its initial pooling as a result of credit deterioration or other changes, the Company may evaluate the credit for estimated losses on an individual basis if it determines that they no longer retain the same risk characteristics. To the extent that there are a multitude of these loans with new similar credit characteristics, the Company would anticipate a change to the pooling methodology. Loans that do not share risk characteristics are evaluated on an individual basis and are also not included in the collective evaluation. For loans with real estate collateral, when management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The Company evaluates the loan allowance for credit losses The underlying assumptions, estimates and assessments we use to estimate the allowance for credit losses reflects the Company’s best estimate of model assumptions and forecasted conditions at that time. Changes in such estimates can significantly affect the allowance and provision for credit losses. It is possible and likely that the Company will experience credit losses that are different from the current estimates. Charge-offs are deducted from the allowance for credit losses when the Company considers the principal to be uncollectible, and subsequent recoveries are added to the allowance, generally at the time cash is received on a charged-off account. Allowance for Unfunded commitments The expected credit losses for unfunded commitments are measured over the contractual period of the Company’s exposure to credit risk. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, for the risk of loss, and current conditions and expectations. Management periodically reviews and updates its assumptions for estimated funding rates based on historical rates, and factors such as portfolio growth, changes to organizational structure, economic conditions, borrowing habits, or any other factor which could impact the likelihood that funding will occur. The Company does not reserve for unfunded commitments which are unconditionally cancellable. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies See Note 7 - LOANS AND THE ALLOWANCE FOR CREDIT LOSSES |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 5. Cash and cash equivalents At March 31, 2020 and December 31, 2019, cash and cash equivalents totaled $43.0 million and $61.3 million, respectively. Of this amount, $0 and $12.7 million, respectively, were maintained to satisfy the reserve requirements of the Federal Reserve Bank of Boston (“FRB Boston”). Additionally, at March 31, 2020 and December 31, 2019, the Company pledged $500,000 to the New Hampshire Banking Department relating to Cambridge Trust Company of New Hampshire, Inc.’s operations in that state. The Company also pledged cash collateral to derivative counterparties totaling $24.2 million and $10.4 million at March 31, 2020 and December 31, 2019, respectively. See Note 17- Derivatives and Hedging Activities . |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 6. Investment Securities Investment securities have been classified in the unaudited consolidated balance sheets according to management’s intent. The carrying amounts of securities and their approximate fair values were as follows: March 31, 2020 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Available for sale securities U.S. GSE obligations $ 18,000 $ 590 $ — $ 18,590 $ 38,000 $ — $ (152 ) $ 37,848 Mortgage-backed securities 97,485 2,084 (212 ) 99,357 103,109 231 (858 ) 102,482 Total available for sale securities $ 115,485 $ 2,674 $ (212 ) $ 117,947 $ 141,109 $ 231 $ (1,010 ) $ 140,330 Held to maturity securities U.S. GSE obligations $ 5,000 $ 7 $ — $ 5,007 $ 5,000 $ — $ — $ 5,000 Mortgage-backed securities 152,159 6,579 (41 ) 158,697 161,759 2,751 (111 ) 164,399 Corporate debt securities 6,982 135 — 7,117 6,980 116 — 7,096 Municipal securities 82,765 3,359 (85 ) 86,039 84,433 3,252 (66 ) 87,619 Total held to maturity securities $ 246,906 $ 10,080 $ (126 ) $ 256,860 $ 258,172 $ 6,119 $ (177 ) $ 264,114 Total $ 362,391 $ 12,754 $ (338 ) $ 374,807 $ 399,281 $ 6,350 $ (1,187 ) $ 404,444 All of the Company’s mortgage-backed securities have been issued by, or are collateralized by securities issued by, either Government National Mortgage Association (Ginnie Mae), Federal National Mortgage Association (Fannie Mae), or Federal Home Loan Mortgage Corporation (Freddie Mac). The following tables show the Company’s securities with gross unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2020 and temporarily impaired at December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous loss position: March 31, 2020 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Available for sale securities Mortgage-backed securities $ 14,822 $ (202 ) $ 1,231 $ (10 ) $ 16,053 $ (212 ) Held to maturity securities Mortgage-backed securities $ 6,853 $ (41 ) $ 2 $ — $ 6,855 $ (41 ) Municipal securities 3,146 (85 ) — — 3,146 (85 ) Total held to maturity securities $ 9,999 $ (126 ) $ 2 $ — $ 10,001 $ (126 ) Total $ 24,821 $ (328 ) $ 1,233 $ (10 ) $ 26,054 $ (338 ) December 31, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Temporarily Impaired Securities Available for sale securities U.S. GSE obligations $ 12,912 $ (88 ) $ 24,936 $ (64 ) $ 37,848 $ (152 ) Mortgage-backed securities 33,381 (265 ) 50,766 (593 ) 84,147 (858 ) Corporate debt securities — — — — — — Total available for sale securities $ 46,293 $ (353 ) $ 75,702 $ (657 ) $ 121,995 $ (1,010 ) Held to maturity securities U.S. GSE obligations $ — $ — $ 5,000 $ — $ 5,000 $ — Mortgage-backed securities 14,838 (27 ) 12,928 (84 ) 27,766 (111 ) Corporate debt securities — — — — — — Municipal securities 4,934 (66 ) — — 4,934 (66 ) Total held to maturity securities $ 19,772 $ (93 ) $ 17,928 $ (84 ) $ 37,700 $ (177 ) Total temporarily impaired securities $ 66,065 $ (446 ) $ 93,630 $ (741 ) $ 159,695 $ (1,187 ) The Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) on January 1, 2020 and did not record an allowance for credit losses on its investment securities during the quarter ended March 31, 2020. The Company regularly reviews debt securities for expected credit loss using both qualitative and quantitative criteria, as necessary based on the composition of the portfolio at period end. As of March 31, 2020, 17 debt securities had gross unrealized losses, with an aggregate depreciation of 3.43% from the Company’s amortized cost basis. The largest unrealized loss percentage and largest unrealized loss dollar amount of any single security was 3.82%, or $76,000, of its amortized cost. As of December 31, 2019, 68 debt securities had gross unrealized losses, with an aggregate depreciation of 0.74% from the Company’s amortized cost basis. The largest unrealized loss percentage of any single security was 3.15%, or $63,000 of its amortized cost. The largest unrealized dollar loss of any single security was $96,000, or 1.93%, of its amortized cost. The Company believes that the nature and duration of impairment on its debt security positions are primarily a function of interest rate movements and changes in investment spreads and does not consider full repayment of principal on the reported debt obligations to be at risk. Since nearly all of these securities are rated “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) that it is more likely than not that the Company will not be required to sell these securities before recovery, and the Company does not expect to suffer a credit loss as of March 31, 2020 and December 31, 2019. The amortized cost and fair value of debt securities, aggregated by the earlier of guaranteed call date or contractual maturity, are shown below. Maturities of mortgage-backed securities do not take into consideration scheduled amortization or prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Within One Year After One, But Within Five Years After Five, But Within Ten Years After Ten Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value At March 31, 2020 (dollars in thousands) Available for sale securities U.S. GSE obligations $ — $ — $ 5,000 $ 5,063 $ 5,000 $ 5,140 $ 8,000 $ 8,387 $ 18,000 $ 18,590 Mortgage-backed Securities — — 29 30 34,726 35,792 62,730 63,535 97,485 99,357 Total available for sale securities $ — $ — $ 5,029 $ 5,093 $ 39,726 $ 40,932 $ 70,730 $ 71,922 $ 115,485 $ 117,947 Held to maturity securities U.S. GSE obligations $ 5,000 $ 5,007 $ — $ — $ — $ — $ — $ — $ 5,000 $ 5,007 Mortgage-backed Securities — — 2 2 46,317 49,273 105,840 109,422 152,159 158,697 Corporate debt securities — — 6,982 7,117 — — — — 6,982 7,117 Municipal securities 2,770 2,785 11,669 11,998 44,816 47,074 23,510 24,182 82,765 86,039 Total held to maturity Securities $ 7,770 $ 7,792 $ 18,653 $ 19,117 $ 91,133 $ 96,347 $ 129,350 $ 133,604 $ 246,906 $ 256,860 Total $ 7,770 $ 7,792 $ 23,682 $ 24,210 $ 130,859 $ 137,279 $ 200,080 $ 205,526 $ 362,391 $ 374,807 The following table sets forth information regarding sales of investment securities and the resulting gains (losses) from such sales: For the Three Months Ended March 31, 2020 2019 (dollars in thousands) Amortized cost of securities sold $ — $ 16,000 Gross gains realized on securities sold — — Gross losses realized on securities sold — (87 ) Net proceeds from securities sold $ — $ 15,913 The Company monitors the credit quality of certain debt securities through the use of credit rating among other factors. The Company monitors the credit rating of applicable debt securities quarterly. The following table summarizes the credit rating of the Company’s debt securities portfolio at March 31, 2020. March 31, 2020 Mortgage-backed Securities Corporate Debt Securities Municipal Securities U.S. GSE obligations Total (dollars in thousands) Available for sale securities, at fair value AAA/AA/A (1) $ 99,357 $ — $ — $ 18,590 $ 117,947 Total available for sale securities $ 99,357 $ — $ — $ 18,590 $ 117,947 Held to maturity securities, at amortized cost AAA/AA/A $ 152,159 $ 6,982 $ 82,490 $ 5,000 $ 246,631 BBB/BB/B — 275 — 275 Total held to maturity securities $ 152,159 $ 6,982 $ 82,765 $ 5,000 $ 246,906 (1) Include Agency MBS pass-through securities and CMOs issued by GSEs and U.S. government agencies, such as FNMA, FHLMC, and GNMA that are not rated by Moody’s or S&P. Each security contains a guarantee by the issuing GSE or agency and therefore carry an implicit guarantee of the U.S. Government. These have been categorized as AAA/AA/A. |
Loans and the Allowance for Cre
Loans and the Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans and the Allowance for Credit Losses | 7. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES The Company’s lending activities are conducted primarily in Eastern Massachusetts and Southern New Hampshire. The Company grants single- and multi-family residential loans, commercial & industrial (“C&I”), commercial real estate (“CRE”), construction loans, and a variety of consumer loans. Most of the loans granted by the Company are secured by real estate collateral. Repayment of the Company’s residential loans are generally dependent on the health of the employment market in the borrowers’ geographic areas and that of the general economy with liquidation of the underlying real estate collateral being typically viewed as the primary source of repayment in the event of borrower default. The repayment of C&I loans depends primarily on the cash flow and credit worthiness of the borrower and secondarily on the underlying collateral provided by the borrower. As borrower cash flow may be difficult to predict, liquidation of the underlying collateral securing these loans is typically viewed as the primary source of repayment in the event of borrower default. However, collateral typically consists of equipment, inventory, accounts receivable, or other business assets that may fluctuate in value, so the liquidation of collateral in the event of default is often an insufficient source of repayment. The Company’s CRE loans are primarily made based on the cash flow from the collateral property and secondarily on the underlying collateral provided by the borrower, with liquidation of the underlying real estate collateral typically being viewed as the primary source of repayment in the event of borrower default. The Company’s construction loans are primarily made based on the borrower’s expected ability to execute and the future completed value of the collateral property, with sale of the underlying real estate collateral typically being viewed as the primary source of repayment. Loans outstanding are detailed by category as follows: March 31, 2020 December 31, 2019 (dollars in thousands) Residential mortgage Mortgages - fixed rate $ 430,067 $ 430,877 Mortgages - adjustable rate 469,025 467,139 Construction 15,209 17,374 Deferred costs net of unearned fees 2,802 2,176 Total residential mortgages 917,103 917,566 Commercial mortgage Mortgages - non-owner occupied 897,612 870,047 Mortgages - owner occupied 112,807 114,095 Construction 79,214 76,288 Deferred costs net of unearned fees 163 144 Total commercial mortgages 1,089,796 1,060,574 Home equity Home equity - lines of credit 76,359 73,880 Home equity - term loans 6,469 6,555 Deferred costs net of unearned fees 238 240 Total home equity 83,066 80,675 Commercial & industrial Commercial & industrial 127,683 133,337 Deferred costs (fees) net of unearned fees (35 ) (101 ) Total commercial & industrial 127,648 133,236 Consumer Secured 37,100 33,453 Unsecured 1,065 1,199 Deferred costs net of unearned fees 24 25 Total consumer 38,189 34,677 Total loans $ 2,255,802 $ 2,226,728 Directors and officers of the Company and their associates are customers of, and have other transactions with, the Company in the normal course of business. All loans and commitments included in such transactions were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and do not involve more than normal risk of collection or present other unfavorable features. The following tables set forth information regarding non-performing loans disaggregated by loan category: March 31, 2020 . Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 1,427 $ 114 $ 12 $ 121 $ — $ 1,674 Loans past due >90 days, but still accruing 109 1,334 — — — 1,443 Troubled debt restructurings 137 — — 125 — 262 Total $ 1,673 $ 1,448 $ 12 $ 246 $ — $ 3,379 December 31, 2019 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 1,298 $ 2,800 $ 12 $ 50 $ — $ 4,160 Loans past due >90 days, but still accruing 527 486 — 251 — 1,264 Troubled debt restructurings 99 — — 128 — 227 Total $ 1,924 $ 3,286 $ 12 $ 429 $ — $ 5,651 Troubled Debt Restructurings (“TDRs”) Loans are considered restructured in a troubled debt restructuring when the Company has granted concessions to a borrower due to the borrower’s financial condition that it otherwise would not have considered. These concessions may include modifications of the terms of the debt such as deferral of payments, extension of maturity, reduction of principal balance, reduction of the stated interest rate other than normal market rate adjustments, or a combination of these concessions. Debt may be bifurcated with separate terms for each tranche of the restructured debt. Restructuring a loan in lieu of aggressively enforcing the collection of the loan may benefit the Company by increasing the ultimate probability of collection. Restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately six months or longer before management considers such loans for return to accruing status. Accruing restructured loans are placed into nonaccrual status if and when the borrower fails to comply with the restructured terms and management deems it unlikely that the borrower will return to a status of compliance in the near term. TDRs are individually evaluated for credit losses. There were no new TDRs during the three months ended March 31, 2020. At March 31, 2020, three loans were determined to be TDRs with a total carrying value of $262,000. There were no TDR defaults during the three months ended March 31, 2020. The allowance for credit losses includes a specific reserve for these TDRs of approximately $87,000 as of March 31, 2020. During the year ended December 31, 2019, the Company modified one loan with a carrying value of $128,000. At December 31, 2019, three loans were determined to be TDRs with a total carrying value of $227,000 as of December 31, 2019. There were no TDR defaults during the year ended December 31, 2019. The allowance for loan losses includes a specific reserve for these TDRs of approximately $87,000 as of December 31, 2019. As of March 31, 2020 and December 31, 2019, there were no significant commitments to lend additional funds to borrowers whose loans were restructured. Loans by Credit Quality Indicator . The following tables contain period-end balances of loans receivable disaggregated by credit quality indicator: Credit Quality Indicator - by Origination Year as of March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Total (in thousands) Residential: Current $ 35,560 $ 222,923 $ 165,049 $ 132,202 $ 96,869 $ 262,827 $ — $ 915,430 Non-performing — — 812 62 — 799 — 1,673 Total $ 35,560 $ 222,923 $ 165,861 $ 132,264 $ 96,869 $ 263,626 $ — $ 917,103 Home equity: Current $ 259 $ 836 $ 1,806 $ 618 $ 125 $ 884 $ 78,526 $ 83,054 Non-performing — — — — — — 12 12 Total $ 259 $ 836 $ 1,806 $ 618 $ 125 $ 884 $ 78,538 $ 83,066 Consumer: Current $ 4,341 $ 12,641 $ 2,044 $ 3,447 $ 5,019 $ 9,962 $ 735 $ 38,189 Non-performing — — — — — — — — Total $ 4,341 $ 12,641 $ 2,044 $ 3,447 $ 5,019 $ 9,962 $ 735 $ 38,189 Credit Quality Indicator - by Origination Year as of March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Revolving loans converted to term Total (in thousands) Commercial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 48,730 $ 327,775 $ 207,019 $ 92,843 $ 120,266 $ 285,756 $ — $ — $ 1,082,389 7 (Special Mention) — — 292 1,776 89 4,580 — — 6,737 8 (Substandard) — — — — 221 449 — — 670 9 (Doubtful) — — — — — — — — — 10 (Loss) — — — — — — — — — Total $ 48,730 $ 327,775 $ 207,311 $ 94,619 $ 120,576 $ 290,785 $ — $ — $ 1,089,796 Commercial & Industrial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 3,756 $ 42,404 $ 48,301 $ 12,123 $ 3,456 $ 9,649 $ 635 $ — $ 120,324 7 (Special Mention) 119 531 467 471 198 390 20 — 2,196 8 (Substandard) — 1,489 340 — 3,248 51 — — 5,128 9 (Doubtful) — — — — — — — — — 10 (Loss) — — — — — — — — — Total $ 3,875 $ 44,424 $ 49,108 $ 12,594 $ 6,902 $ 10,090 $ 655 $ — $ 127,648 December 31, 2019 Residential Mortgages Home Equity Consumer (dollars in thousands) Credit risk profile based on payment activity: Performing $ 915,642 $ 80,663 $ 34,677 Non-performing 1,924 12 — Total $ 917,566 $ 80,675 $ 34,677 Commercial Mortgages Commercial & Industrial Credit risk profile by internally assigned grade: 1-6 (Pass) $ 1,050,037 $ 123,900 7 (Special Mention) 7,360 4,289 8 (Substandard) 3,177 5,047 9 (Doubtful) — — 10 (Loss) — — Total $ 1,060,574 $ 133,236 With respect to residential real estate mortgages, home equity, and consumer loans, the Company utilizes the following categories as indicators of credit quality: • Performing – These loans are accruing and are considered having low to moderate risk. • Non-performing – These loans have are on non-accrual, or are past due more than 90 days but are still accruing, or are restructured. These loans may contain greater than average risk. With respect to commercial real estate mortgages and commercial loans, the Company utilizes a 10 grade internal loan rating system as an indicator of credit quality. The grades are as follows: • Loans rated 1-6 (Pass) – These loans are considered “pass” rated with low to moderate risk. • Loans rated 7 (Special Mention) – These loans have potential weaknesses warranting close attention, which, if left uncorrected, may result in deterioration of the credit at some future date. • Loans rated 8 (Substandard) – These loans have well-defined weaknesses that jeopardize the orderly liquidation of the debt under the original loan terms. Loss potential exists but is not identifiable in any one customer. • Loans rated 9 (Doubtful) – These loans have pronounced weaknesses that make full collection highly questionable and improbable. • Loans rated 10 (Loss) – These loans are considered uncollectible and continuance as a bankable asset is not warranted. Delinquencies The past due status of a loan is determined in accordance with its contractual repayment terms. All loan types are reported past due when one scheduled payment is due and unpaid for 30 days or more. Loan delinquencies can be attributed to many factors, such as but not limited to, a continuing weakness in, or deteriorating, economic conditions in the region in which the collateral is located, the loss of a tenant or lower lease rates for commercial borrowers, or the loss of income for consumers and the resulting liquidity impacts on the borrowers. The following tables contain period-end balances of loans receivable disaggregated by past due status: March 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 7,227 $ 2,873 $ 700 $ 10,800 $ 906,303 $ 917,103 Commercial Mortgages 5,484 721 1,334 7,539 1,082,257 1,089,796 Home Equity 288 — — 288 82,778 83,066 Commercial & Industrial 79 506 190 775 126,873 127,648 Consumer loans — 2 — 2 38,187 38,189 Total $ 13,078 $ 4,102 $ 2,224 $ 19,404 $ 2,236,398 $ 2,255,802 December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 8,710 $ 1,089 $ 1,047 $ 10,846 $ 906,720 $ 917,566 Commercial Mortgages 811 — 3,161 3,972 1,056,602 1,060,574 Home Equity 57 12 — 69 80,606 80,675 Commercial & Industrial 272 226 251 749 132,487 133,236 Consumer loans 4 5 — 9 34,668 34,677 Total $ 9,854 $ 1,332 $ 4,459 $ 15,645 $ 2,211,083 $ 2,226,728 There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2020 and December 31, 2019. Foreclosure Proceedings Other Real Estate Owned (“OREO”) As of March 31, 2020, the Company recorded other real estate owned assets of $2.5 million. OREO consists of real estate properties, which have primarily served as collateral to secure loans that are controlled or owned by the Bank. These properties are recorded at fair value less estimated costs to sell at the date control is established, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated costs to sell) of the foreclosed asset is charged to the allowance for credit losses. Subsequent declines in the fair value of the foreclosed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in the valuation allowance, but not below zero. All costs incurred thereafter in maintaining the property are generally charged to noninterest expense. As of March 31, 2020 and December 31, 2019, one loan secured by one- to four-family residential property amounting to $344,000 Allowance for Credit Losses The following table presents changes in the allowance for credit losses disaggregated by loan category: For the Three Months Ended March 31, 2020 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at December 31, 2019 $ 5,141 $ 10,905 $ 461 $ 1,475 $ 198 $ — $ 18,180 Adoption of ASC 326 2,061 (1,447 ) (205 ) (492 ) 288 — 205 Charge-offs — (187 ) — (89 ) (14 ) — (290 ) Recoveries — — — 12 13 — 25 Provision for (Release of)-loan portfolio 275 1,610 54 40 64 — 2,043 Allowance for credit losses - loan portfolio 7,477 10,881 310 946 549 — 20,163 Allowance for credit losses - unfunded commitments: Balance at December 31, 2019 $ — $ — $ — $ — $ — $ 50 $ 50 Adoption of ASC 326 — — — — — 276 276 Provision for (Release of) - unfunded commitments — — — — — (43 ) (43 ) Allowance for credit losses-unfunded commitments — — — — — 283 283 Total allowance for credit loss $ 7,477 $ 10,881 $ 310 $ 946 $ 549 $ 283 $ 20,446 The following table presents changes in the allowance for loan losses disaggregated by loan category: For the Three Months Ended March 31, 2019 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Impaired Total (dollars in thousands) Allowance for credit losses: Balance at December 31, 2018 $ 4,946 $ 9,626 $ 517 $ 1,415 $ 264 $ — $ 16,768 Charge-offs — — — (30 ) (9 ) — (39 ) Recoveries — — — 12 4 — 16 Provision for (Release of) 310 (257 ) 17 (152 ) (11 ) — (93 ) Balance at March 31, 2019 $ 5,256 $ 9,369 $ 534 $ 1,245 $ 248 $ — $ 16,652 The following tables contain period-end balances of the allowance for loan losses and related loans receivable disaggregated by impairment method: December 31, 2019 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ — $ — $ — $ 87 $ — $ 87 Collectively evaluated for impairment 5,141 10,905 461 1,388 198 18,093 Total $ 5,141 $ 10,905 $ 461 $ 1,475 $ 198 $ 18,180 Loans receivable Individually evaluated for impairment $ 764 $ 3,161 $ 92 $ 128 $ — $ 4,145 Collectively evaluated for impairment 916,802 1,057,413 80,583 133,108 34,677 2,222,583 Total $ 917,566 $ 1,060,574 $ 80,675 $ 133,236 $ 34,677 $ 2,226,728 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8 . GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill. As of March 31, 2020 and December 31, 2019, the carrying value of goodwill totaled $31.2 million. Goodwill is tested for impairment, based on its fair value, at least annually. As of March 31, 2020 and December 31, 2019, no goodwill impairment has been recognized. Core deposit intangibles . In connection with the Company’s merger with Optima Bank & Trust Company completed in April 2019, the Company recorded an asset for the core deposit intangible (“CDI”) of $3.6 million. Amortization of CDI totaled $90,000 for the three ended March 31, 2020. As of March 31, 2020 and December 31, 2019, the carrying value of CDI assets totaled $3.2 million and $3.3 million respectively. The weighted-average remaining amortization period for CDI was approximately nine years at March 31, 2020 Mortgage servicing rights. Periodically, the Company sells certain residential mortgage loans to the secondary market. Generally, these loans are sold without recourse or other credit enhancements. As of March 31, 2020 and December 31, 2019, loans held for sale totaled $2.9 million and zero, respectively The Company either releases or retains the servicing rights on sold loans. For loans sold with servicing rights retained, the Company provides the servicing for the loans on a per-loan fee basis. Mortgage loans sold and servicing rights retained during the three months ended March 31, 2020 and the year ended December 31, 2019 were $5.7 million and $1.8 million, respectively. Total gain on loans sold were $73,000 and $19,000 for the three months ended March 31, 2020 and March 31, 2019, respectively. An analysis of mortgage servicing rights, which are included in other assets, follows: Mortgage Servicing Rights Valuation Allowance Total (dollars in thousands) Balance at December 31, 2018 $ 666 $ — $ 666 Mortgage servicing rights capitalized 4 — 4 Amortization charged against servicing income (23 ) — (23 ) Change in impairment reserve — — — Balance at March 31, 2019 $ 647 $ — $ 647 Balance at December 31, 2019 $ 1,347 $ (26 ) $ 1,321 Mortgage servicing rights capitalized 32 — 32 Amortization charged against servicing income (100 ) — (100 ) Change in impairment reserve — (12 ) (12 ) Balance at March 31, 2020 $ 1,279 $ (38 ) $ 1,241 The fair value of our mortgage servicing rights (“MSR”) portfolio was $1.3 million and $0.9 million as of March 31, 2020 and March 31, 2019, respectively. The fair value of mortgage servicing rights is estimated based on the present value of expected cash flows, incorporating assumptions for discount rate, prepayment speed, and servicing cost. The weighted-average amortization period for the mortgage servicing rights portfolio was 4.2 years and 5.2 years at March 31, 2020 and December 31, 2019, respectively. The estimated aggregate future amortization expense for mortgage servicing rights for each of the next five years and thereafter is as follows: Future Amortization Expense (dollars in thousands) Remainder of 2020 $ 216 2021 237 2022 187 2023 147 2024 115 Thereafter 377 Total $ 1,279 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company’s effective tax rate was 22.2% for the quarter ended March 31, 2020, as compared to 21.9% for the quarter ended March 31, 2019. Net deferred tax assets totaled $3.7 million at March 31, 2020 and $8.2 million at December 31, 2019. The Company did not record a valuation allowance for deferred tax assets at March 31, 2020 or December 31, 2019. The components of income tax expense were as follows: Three Months Ended March 31, 2020 2019 (dollars in thousands) Current income tax expense (benefit) Federal $ (478 ) $ 371 State 274 167 Total current income tax expense (benefit) (204 ) 538 Deferred income tax expense Federal 1,600 818 State 665 384 Total deferred income tax expense 2,265 1,202 Total income tax expense $ 2,061 $ 1,740 One of the business tax provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) included allowing net operating losses (“NOLs”) generated by the Company in tax years 2018 and 2019 to be carried back up to five years at the tax rates in effect during those periods, rather than carried forward at current federal tax rates of 21%. This allowed the Company to recognize lower tax expense associated with NOL and, combined with adjustments to state NOL rates, resulted in a benefit of $372,000 during the first quarter of 2020. |
Pension and Retirement Plans
Pension and Retirement Plans | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Retirement Plans | 10 . Pension and Retirement Plans The components of net periodic benefit cost (credit) were as follows: Three Months Ended March 31, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2020 2019 2020 2019 2020 2019 (dollars in thousands) Net periodic benefit cost Service cost $ — $ — $ 71 $ 68 $ 6 $ 5 Interest cost 420 426 87 90 6 6 Expected return on assets (680 ) (709 ) — — — — Amortization of prior service cost (credit) (1 ) (1 ) — — — — Amortization of net actuarial (gain) loss 39 — — — (1 ) (1 ) Net periodic benefit cost (credit) $ (222 ) $ (284 ) $ 158 $ 158 $ 11 $ 10 The Company did not make any contributions to the qualified defined benefit pension plan during the three months ended March 31, 2020, nor does it expect to make any contributions to the qualified defined benefit plan during the remainder of 2020. Employee Profit Sharing and 401(k) Plan The Company maintains a Profit Sharing Plan (“PSP”) that provides for deferral of federal and state income taxes on employee contributions allowed under Section 401(k) of federal law. The Company matches employee contributions up to 100% of the first 4% of each participant’s salary, eligible bonus, and eligible incentive. Employees are eligible to participate in the PSP on the first day of their initial date of service. Each year, the Company may also make a discretionary contribution to the PSP. Effective in 2019, employees are eligible to participate in the discretionary contribution portion of the PSP on the first day of their initial date of service. Additionally, employees must be employed on the last day of the calendar year or retire at the normal retirement age of 65 during the calendar year to receive the discretionary contribution. Employee Stock Ownership Plan The Company has an Employee Stock Ownership Plan (“ESOP”) for its eligible employees. Employees are eligible to participate in the ESOP on January 1 or July 1 following the completion of 12 months of service consisting of at least 1,000 hours and upon the attainment of age 21. Purchases of the Company’s stock by the ESOP will be funded by employer contributions or reinvestment of cash dividends. Total expenses related to the PSP and ESOP for the three months ended March 31, 2020 and March 31, 2019 amounted to $966,000 and $586,000, respectively. Defined Contribution Supplemental Executive Retirement Plan (“DC SERP”) For executives participating in the DC SERP, the Company made a discretionary contribution of 10% of each executive’s base salary and bonus to his or her account under the Company’s DC SERP, the Executive Deferred Compensation Plan. Total expenses related to the DC SERP for both the three months ended March 31, 2020 and March 31, 2019 amounted to $43,000. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share Based Compensation [Abstract] | |
Stock Based Compensation | 11. STOCK BASED COMPENSATION Time Vested Restricted Stock Awards (“RSAs”) and Time Vested Restricted Stock Units (“RSUs”) During the three months ended March 31, 2020, the Company issued the following RSAs and RSUs from the 2017 Equity and Cash Incentive Plan. T he fair value of RSAs and RSUs is based upon the Company’s common stock closing share price on the date of the grant. The holders of RSAs participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. Weighted- Average Shares Granted Fair Value at Grant Date Type of Award 10,988 $ 75.50 RSAs 8,775 $ 75.50 RSUs Performance-Based Restricted Stock Units (“PRSUs”) On January 21, 2020, the Company granted 27,512 PRSUs. These PRSUs were issued from the 2017 Equity and Cash Incentive Plan The following table presents the pre-tax expense associated with all outstanding non-vested RSAs, RSUs, PRSUs, and the related tax benefits recognized: Three Months Ended March 31, 2020 2019 (dollars in thousands) Stock based compensation expense $ 980 $ 618 Related tax benefits $ 273 $ 174 |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | 1 2 . Financial Instruments with Off-Balance-Sheet Risk To meet the financing needs of its customers, the Company is a party to financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments are primarily comprised of commitments to extend credit, commitments to sell residential mortgage loans, derivatives contracts, risk participation agreements, and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. See Note 17 – Derivatives and Hedging Activities The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments assuming that the amounts are fully advanced and that collateral, or other security, is of no value. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Off-balance-sheet financial instruments with contractual amounts that present credit risk include the following: March 31, 2020 December 31, 2019 (dollars in thousands) Financial instruments whose contractual amount represents credit risk: Commitments to extend credit: Unused portion of existing lines of credit $ 417,193 $ 428,020 Origination of new loans 82,755 24,413 Standby letters of credit 9,516 9,150 Financial instruments whose notional amount exceeds the amount of credit risk: Commitments to sell residential mortgage loans 12,984 3,909 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 1 3 . LEASES Lease Commitments . The Company is obligated under various lease agreements covering its main office, branch offices, and other locations. These agreements are accounted for as operating leases and their terms expire between 2020 and 2030 and, in some instances, contain options to renew for periods up to 30 years . The following table summarizes information related to the Company’s right-of-use asset and net lease liability: March 31, 2020 Operating Leases Balance Sheet Location (dollars in thousands) Right-of-use asset $ 32,312 Right-of-use asset operating leases Lease liability $ 33,813 Operating lease liabilities December 31, 2019 Operating Leases Balance Sheet Location (dollars in thousands) Right-of-use asset $ 33,587 Right-of-use asset operating leases Lease liability $ 35,054 Operating lease liabilities The components of operating lease cost and other related information are as follows: Three Months Ended March 31, 2020 2019 (dollars in thousands) Operating lease cost $ 1,389 $ 1,469 Variable lease cost (Cost excluded from lease payments) — 1 Sublease income (16 ) (16 ) Total Operating Lease Cost $ 1,373 $ 1,454 Other Information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases $ 1,327 $ 1,436 Operating Lease - Operating cash flows (Liability reduction) 1,026 1,150 Weighted average lease term - operating leases 8.36 Years 7.98 Years Weighted average discount rate - operating leases 3.38 % 3.39 % The total minimum lease payments due in future periods for lease agreements in effect at March 31, 2020 were as follows: Year Ended Future Minimum March 31, 2020 Lease Payments (dollars in thousands) Remainder of 2020 $ 5,478 2021 5,523 2022 5,371 2023 5,021 2024 4,355 Thereafter 14,553 Total minimum lease payments 40,301 Less: interest (6,488 ) Total lease liability $ 33,813 Several of the Company’s lease agreements contain clauses calling for escalation of minimum lease payments contingent on increases in real estate taxes, gross income adjustments, percentage increases in the consumer price index, and certain ancillary maintenance costs. Total rental expense was $1.5 million and $1.3 million for the quarter ended March 31, 2020 and March 31, 2019, respectively. Under the terms of a sublease agreement, the Company will receive minimum annual rental payments of approximately $32,000 through July 31, 2020. Total rental income was $16,000 for both the quarters ended March 31, 2020 and March 31, 2019. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 1 4 . Shareholders’ Equity As of March 31, 2020 and December 31, 2019, the Company and the Bank met all applicable minimum capital requirements and were considered “well-capitalized” by both the FRB and the FDIC. The Company adopted ASU 2016-13 on January 1, 2020. The joint federal bank regulatory agencies issued an interim final rule that allows banking organizations to mitigate the effects of the CECL accounting standard in their regulatory capital. Banking organizations that are required under U.S. accounting standards to adopt CECL this year can elect to mitigate the estimated cumulative regulatory capital effects of CECL for up to two years, after which, the effects will be phased-in over a three-year Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At March 31, 2020 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 279,487 13.6 % $ 215,500 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 259,041 12.6 % 174,452 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 259,041 12.6 % 143,666 7.0 % N/A N/A Tier I capital (to average assets) 259,041 9.2 % 112,520 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 273,807 13.3 % $ 215,498 10.5 % $ 205,236 10.0 % Tier I capital (to risk-weighted assets) 253,361 12.3 % 174,451 8.5 % 164,189 8.0 % Common equity tier I capital (to risk-weighted assets) 253,361 12.3 % 143,665 7.0 % 133,403 6.5 % Tier I capital (to average assets) 253,361 9.0 % 112,519 4.0 % 140,649 5.0 % Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At December 31, 2019 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 272,727 13.6 % $ 210,342 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 254,497 12.7 % 170,277 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 254,497 12.7 % 140,228 7.0 % N/A N/A Tier I capital (to average assets) 254,497 9.0 % 113,365 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 271,034 13.5 % $ 210,341 10.5 % $ 200,325 10.0 % Tier I capital (to risk-weighted assets) 252,804 12.6 % 170,276 8.5 % 160,260 8.0 % Common equity tier I capital (to risk-weighted assets) 252,804 12.6 % 140,227 7.0 % 130,211 6.5 % Tier I capital (to average assets) 252,804 8.9 % 113,364 4.0 % 141,705 5.0 % |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income | 15. Other Comprehensive Income The following table presents the changes in accumulated other comprehensive income (loss) (“AOCI”) during the period, by component, net of tax: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Before Tax Amount Tax Expense Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Unrealized (losses)/gains on available for sale securities Unrealized holding (losses)/gains $ 3,241 $ (741 ) $ 2,500 $ 1,425 $ (330 ) $ 1,095 Reclassification adjustment for (gains)/losses recognized in net income — — — 87 (21 ) 66 Derivatives Change in interest rate contracts 5,886 (1,640 ) 4,246 (42 ) 12 (30 ) Defined benefit retirement plans Change in retirement liability (1 ) — (1 ) 36 (10 ) 26 Total Other Comprehensive (Loss)/Income $ 9,126 $ (2,381 ) $ 6,745 $ 1,506 $ (349 ) $ 1,157 Reclassifications out of AOCI that have an impact on net income are presented below: Three Months Ended March 31, Details about Accumulated Other Comprehensive Income Components 2020 2019 Affected Line Item in the Statement where Net Income is Presented (dollars in thousands) Unrealized gains and losses on available for sale securities $ — $ (87 ) Loss on disposition of investment securities Tax benefit — 21 Income taxes expense Net of tax $ — $ (66 ) Net income |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 6 . Earnings per Share The following represents a reconciliation between basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 (dollars in thousands, except per share data) Earnings per common share - basic: Numerator: Net income $ 7,232 $ 6,198 Less dividends and undistributed earnings allocated to participating securities (16 ) (61 ) Net income applicable to common shareholders $ 7,216 $ 6,137 Denominator: Weighted average common shares outstanding 5,397 4,073 Earnings per common share – basic $ 1.34 $ 1.51 Earnings per common share - diluted: Numerator: Net income $ 7,232 $ 6,198 Less dividends and undistributed earnings allocated to participating securities (16 ) (61 ) Net income applicable to common shareholders $ 7,216 $ 6,137 Denominator: Weighted average common shares outstanding 5,397 4,073 Dilutive effect of common stock equivalents 35 34 Weighted average diluted common shares outstanding 5,432 4,107 Earnings per common share – diluted $ 1.33 $ 1.49 |
Derivative And Hedging Activiti
Derivative And Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative And Hedging Activities | 17 . Derivative AND HEDGING ACTIVITIES The Company utilizes interest rate swaps and floors to mitigate exposure to interest rate risk and to facilitate the needs of our customers. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts principally related to the Company’s assets. Cash Flow Hedges of Interest Rate Risk The Company uses interest rate floors to manage its exposure to interest rate movements. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up-front premium. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income in the same period(s) during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis. The earnings recognition of excluded components is presented in interest income. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s variable-rate assets. Non-designated Hedges Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. For the Company’s customers, these are interest rate swaps and risk participation agreements. Interest Rate Swaps. The Company enters into interest rate swap contracts to help commercial loan borrowers manage their interest rate risk. The interest rate swap contracts with commercial loan borrowers allow them to convert floating-rate loan payments to fixed rate loan payments. When the Bank enters into an interest rate swap contract with a commercial loan borrower, it simultaneously enters into a “mirror” swap contract with a third party. The third party exchanges the client’s fixed-rate loan payments for floating-rate loan payments. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Because these derivatives have mirror-image contractual terms, the changes in fair value substantially offset each other through earnings. Fees earned in connection with the execution of derivatives related to this program are recognized in earnings through other loan related derivative income. The credit risk associated with swap transactions is the risk of default by the counterparty. To minimize this risk, the Company enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties and, thus, are not a measure of the potential loss exposure. Risk Participation Agreements. The Company enters into risk participation agreements (“RPAs”) with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. RPAs are derivative financial instruments and are recorded at fair value. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings with a corresponding offset within other assets or other liabilities. Under a risk participation-out agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Company assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower for a fee received from the other bank. The following tables present the notional amount, the location, and fair values of derivative instruments in the Company’s Consolidated Balance Sheets: March 31, 2020 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts 150,000 Other Assets $ 8,749 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 8,749 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers 281,284 Other Assets $ 32,721 — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 281,284 Other Liabilities 32,721 Risk participation agreements-out to counterparties 19,000 Other Assets 34 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 101,075 Other Liabilities 537 Total derivatives not designated as hedging instruments $ 32,755 $ 33,258 December 31, 2019 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts 150,000 Other Assets $ 2,911 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 2,911 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers 241,187 Other Assets $ 12,980 $ — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 241,187 Other Liabilities 12,980 Risk participation agreements-out to counterparties 19,000 Other Assets 21 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 88,489 Other Liabilities 250 Total derivatives not designated as hedging instruments $ 13,001 $ 13,230 The following tables present the effect of cash flow hedge accounting on AOCI as of the periods presented: Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2020 (dollars in thousands) (dollars in thousands) Interest rate contracts $ 5,998 $ 6,634 $ (636 ) Interest Income $ 112 $ 161 $ (49 ) Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2019 (dollars in thousands) (dollars in thousands) Interest rate contracts $ (89 ) $ — $ (89 ) Interest Income $ (48 ) $ — $ (48 ) The Company estimates that an additional $2.3 million will be reclassified out of AOCI into earnings, as a reduction to interest income over the next twelve months. The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Income Statement for the periods presented: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Interest Income Interest Income (dollars in thousands) (dollars in thousands) Total amount of income presented in the income statement in which the effects of cash flow hedges are recorded $ 112 $ (48 ) Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest rate contracts: Amount of gain or (loss) reclassed from AOCI into income $ 112 $ (48 ) Amount of gain or (loss) reclassed from AOCI into income - Included Component 161 — Amount of gain or (loss) reclassed from AOCI into income - Excluded Component $ (49 ) $ (48 ) The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Income Statement as of the periods presented: Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended March 31, Three Months Ended March 31, 2020 2019 Location of Gain or (Loss) (dollars in thousands) Other contracts Other income $ 178 $ 74 Total $ 178 $ 74 Credit-risk-related Contingent Features By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company’s credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. Institutional counterparties must have an investment grade credit rating and be approved by the Company’s Board of Directors. As such, management believes the risk of incurring credit losses on derivative contracts with institutional counterparties is remote. The Company has agreements with its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. In addition, the Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well- capitalized institution, then the counterparty could terminate the derivative position(s) and the Company would be required to settle its obligations under the agreements. As of March 31, 2020 and December 31, 2019, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $23.9 million and $9.6 million, respectively. As of March 31, 2020, and December 31, 2019, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted cash collateral of $24.1 million and $10.4 million, respectively. If the Company had breached any of these provisions at March 31, 2020 or December 31, 2019, it could have been required to settle its obligations under the agreements at their termination value of $23.9 million and $9.6 million, respectively. Balance Sheet Offsetting Certain financial instruments may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. The Company’s derivative transactions with institutional counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Generally, the Company does not offset such financial instruments for financial reporting purposes. The following tables present the information about financial instruments that are eligible for offset in the Consolidated Balance sheets as March 31, 2020 and December 31, 2019: Gross Amounts Not Offset Gross Amounts of Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount March 31, 2020 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 41,504 $ — $ 41,504 $ 8,841 $ — $ 32,663 Offsetting of Derivative Liabilities Derivative Liabilities $ 33,258 $ — $ 33,258 $ 8,841 $ 23,558 $ 859 Gross Amounts Not Offset Gross Amounts of Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount December 31, 2019 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 15,912 $ — $ 15,912 $ 3,128 $ - $ 12,784 Offsetting of Derivative Liabilities Derivative Liabilities $ 13,230 $ — $ 13,230 $ 3,128 $ 9,645 $ 457 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18 . Fair Value Measurements The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of the dates indicated: March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (dollars in thousands) Financial assets Cash and cash equivalents $ 42,989 $ 42,989 $ 61,335 $ 61,335 Securities available for sale 117,947 117,947 140,330 140,330 Securities held to maturity 246,906 256,860 258,172 264,114 Loans, net 2,235,639 2,201,952 2,208,548 2,160,087 Loans held for sale 2,875 2,920 1,546 2,051 FHLB Boston stock 6,268 6,268 7,854 7,854 Accrued interest receivable 6,872 6,872 7,052 7,052 Mortgage servicing rights 1,241 1,293 1,321 1,526 Interest rate contracts 8,749 8,749 2,911 2,911 Loan level interest rate swaps 32,721 32,721 12,980 12,980 Risk participation agreements out to counterparties 34 34 21 21 Financial liabilities Deposits 2,390,359 2,390,866 2,358,878 2,358,089 Short-term borrowings 75,147 75,328 135,691 75,328 Long-term borrowings — — — — Loan level interest rate swaps 32,721 32,721 12,980 12,980 Risk participation agreements in with counterparties 537 537 250 250 The Company follows ASC 820, “Fair Value Measurements and Disclosures,” (“ASC 820”) for financial assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements about fair value measurements. ASC 820, among other things, emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and states that a fair value measurement should be determined based on the assumptions the market participants would use in pricing the asset or liability. In addition, ASC 820 specifies a hierarchy of valuation techniques based on whether the types of valuation information (“inputs”) are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1 – Quoted prices for identical assets or liabilities in active markets. • Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 – Valuations derived from techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Company’s market assumptions. Under ASC 820, fair values are based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When available, the Company uses quoted market prices to determine fair value. If quoted prices are not available, fair value is based upon valuation techniques, such as matrix pricing or other models that use, where possible, current market-based or independently sourced market parameters, such as interest rates. If observable market-based inputs are not available, the Company uses unobservable inputs to determine appropriate valuation adjustments using methodologies applied consistently over time. Valuation techniques based on unobservable inputs are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that may appropriately reflect market and credit risks. Changes in these judgments often have a material impact on the fair value estimates. In addition, since these estimates are as of a specific point in time, they are susceptible to material near-term changes. The fair values disclosed do not reflect any premium or discount that could result from offering significant holdings of financial instruments at bulk sale, nor do they reflect the possible tax ramifications or estimated transaction costs. Changes in economic conditions may also dramatically affect the estimated fair values. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available for sale, derivative instruments, and hedges are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent impaired loans. In accordance with the requirements of ASU 2016-01, the Company uses an exit price notion for its fair value disclosures. The following tables summarize certain assets and liabilities reported at fair value on a recurring basis: Fair Value as of March 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 18,590 $ — $ 18,590 Mortgage-backed securities — 99,357 — 99,357 Other assets Interest rate swaps with customers — 32,721 — 32,721 Risk participation agreements out to counterparties — 34 — 34 Interest rate contracts — 8,749 — 8,749 Other liabilities Mirror swaps with counterparties — 32,721 — 32,721 Risk participation agreements in with counterparties — 537 — 537 Fair Value as of December 31, 2019 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 37,848 $ — $ 37,848 Mortgage-backed securities — 102,482 — 102,482 Other assets Interest rate swaps with customers — 12,980 — 12,980 Risk participation agreements out to counterparties — 21 — 21 Interest rate contracts — 2,911 — 2,911 Other liabilities Mirror swaps with counterparties — 12,980 — 12,980 Risk participation agreements in with counterparties — 250 — 250 The following table presents the carrying value of assets held at March 31, 2020, which were measured at fair value on a non-recurring basis: March 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Loans held for sale 2,875 — — 2,875 Other real estate owned — — 2,457 2,457 Total $ 2,875 $ — $ 2,457 $ 5,332 The following table presents the carrying value of assets held at December 31, 2019, which were measured at fair value on a non-recurring basis: December 31, 2019 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Collateral dependent impaired loans $ — $ — $ 2,541 $ 2,541 Loans held for sale 1,546 — — 1,546 Other real estate owned — — 163 163 Total $ 1,546 $ — $ 2,704 $ 4,250 Collateral dependent loans . Collateral dependent loans are carried at the lower of cost or fair value of the collateral less estimated costs to sell which approximates fair value. The Company uses the appraisal value of the collateral and applies certain adjustments depending on the nature, quality, and type of collateral securing the loan. Loans held for sale . Loans held for sale are carried at the lower of fair value or carrying value (unpaid principal and unamortized loans fees). Other Real Estate Owned . These properties are carried at fair value less estimated costs to sell. There were no transfers between levels for the three months ended March 31, 2020 and the three months ended March 31, 2019. The following is a description of the principal valuation methodologies used by the Company to estimate the fair values of its financial instruments. Investment Securities For investment securities, fair values are primarily based upon valuations obtained from a national pricing service which uses matrix pricing with inputs that are observable in the market or can be derived from, or corroborated by, observable market data. When available, quoted prices in active markets for identical securities are utilized. Loans Held for Sale For loans held for sale, fair values are estimated using projected future cash flows, discounted at rates based upon either trades of similar loans or mortgage-backed securities, or at current rates at which similar loans would be made to borrowers with similar credit ratings and for similar remaining maturities. Loans For most categories of loans, fair values are estimated using projected future cash flows, discounted at rates based upon current rates at which similar loans would be made to borrowers with similar credit ratings, and for similar remaining maturities. Projected estimated cash flows are adjusted for prepayment assumptions, liquidity premium assumptions, and credit loss assumptions. Loans that are deemed to be collateral dependent in accordance with ASC 310, “Receivables,” are valued based upon the lower of cost or fair value of the underlying collateral. FHLB of Boston Stock The fair value of FHLB of Boston stock equals its carrying value since such stock is only redeemable at its par value. Deposits The fair value of non-maturity deposit accounts is the amount payable on demand at the reporting date. This amount does not take into account the value of the Bank’s long-term relationships with core depositors. The fair value of fixed-maturity certificates of deposit is estimated using a replacement cost of funds approach and is based upon rates currently offered for deposits of similar remaining maturities. Long-Term Borrowings For long-term borrowings, fair values are estimated using future cash flows, discounted at rates based upon current costs for debt securities with similar terms and remaining maturities. Other Financial Assets and Liabilities Cash and cash equivalents, accrued interest receivable, and short-term borrowings have fair values which approximate their respective carrying values because these instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. Derivative Instruments and Hedges The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Bank incorporates credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Bank has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Off-Balance-Sheet Financial Instruments In the course of originating loans and extending credit, the Bank will charge fees in exchange for its commitment. While these commitment fees have value, the Bank has not estimated their value due to the short-term nature of the underlying commitments and their immateriality. Values Not Determined In accordance with ASC 820, the Company has not estimated fair values for non-financial assets such as banking premises and equipment, goodwill, the intangible value of the Bank’s portfolio of loans serviced for itself, and the intangible value inherent in the Bank’s deposit relationships (i.e., core deposits), among others. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the fair values of financial instruments, and the valuation of deferred tax assets are particularly subject to change. |
Recently Issued and Adopted Accounting Guidance | Recently Issued and Adopted Accounting Guidance Accounting Standards Update 2020-04 - Facilitation of the Effects of Reference Rate Reform on Financial Reporting • Simplify accounting analyses for contract modifications. • Allow hedging relationships to continue without dedesignation if there are qualifying changes in the critical terms of an existing hedging relationship due to reference rate reform. • Allow a change in the systematic and rational method used to recognize in earnings the components excluded from the assessment of hedge effectiveness. • Allow a change in the designated benchmark interest rate to a different eligible benchmark interest rate in a fair value hedging relationship. • Allow the shortcut method for a fair value hedging relationship to continue for the remainder of the hedging relationship. • Simplify the assessment of hedge effectiveness and provide temporary optional expedients for cash flow hedging relationships affected by reference rate reform. • Allow a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and are classified as held to maturity before January 1, 2020. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. We are currently assessing the impact the adoption of this guidance will have on our consolidated balance sheets, statements of income, and cash flows. Accounting Standards Update 2018-15 - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . Accounting Standards Update 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans . Accounting Standards Update 2018-13 - Changes to the Disclosure Requirements for Fair Value Measurement . Accounting Standards Update 2016-13 - Financial Instruments - Credit Losses Measurement of Credit Losses on Financial Instruments The Company’s CECL methodology consists of quantitative and qualitative components. The quantitative component of the allowance for credit losses (“ACL”) is model based and utilizes a single forward-looking macroeconomic forecast, complemented by qualitative components in estimating expected credit losses. The qualitative components of the ACL ASU 2016-13 also applies to off-balance sheet credit exposure not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar investment) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. January 1, 2020 CECL Transition (Day 1) Impact The CECL methodology reflects the Company’s view of the state of the economy and forecasted macroeconomic conditions and their impact on the Company’s loan and investment portfolios as of the adoption date. The following table illustrates the impact of Topic 326: January 1, 2020 As reported under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (dollars in thousands) ASSETS Loans Residential mortgage $ 7,202 $ 5,141 $ 2,061 Commercial mortgage 9,545 10,992 (1,447 ) Home equity 256 461 (205 ) Commercial & Industrial 896 1,388 (492 ) Consumer 486 198 288 Allowance for credit losses on loans $ 18,385 $ 18,180 $ 205 LIABILITIES Allowance for credit losses on OBS credit exposure $ 326 $ 50 $ 276 Summary of significant accounting policies impacted by Topic 326 Debt Securities Investment securities are classified as either ‘held to maturity’ or ‘available for sale’ in accordance with the FASB Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities. Debt and equity securities not classified as held to maturity are classified as available for sale and carried at fair value with unrealized after-tax gains and losses reported net as a separate component of shareholders’ equity. The Company classifies its securities based on its intention at the time of purchase. Allowance for credit losses- held to maturity securities The Company measures expected credit losses on held to maturity debt securities on a collective basis by security type and risk rating where available. The reserve for each pool is calculated based on a Probability of Default/Loss Given Default (PD/LGD) basis taking into consideration the expected life of each security. Held to maturity securities which are issued by the United States of America or are guaranteed by US federal agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. The Company will evaluate this position no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that remove a GSE’s ability to draw funds from the US government, or legislative changes to housing policy that reduce or eliminate the U.S. government’s implicit guarantee on such securities. For securities which are not U.S. treasury or agency backed, risk ratings are generally sourced from Moody’s or Standard & Poor’s (“S&P”). The Company updates loss given default, probability of default, and recovery rates for each security as that information becomes available but no less than annually. The expected remaining life to maturity of each applicable security is updated quarterly. Any expected credit losses on held to maturity securities would be presented as an allowance rather than as a direct write-down through the income statement if the Company does not intend to sell or believes that it is more-likely-than-not that the Company will be required to sell the security. Allowance for credit losses-available for sale securities The Company measures expected credit losses on available for sale securities based upon the gain or loss position of the security. For available-for sale debt securities in an unrealized loss position, which the Company does not intend to sell, or it is not more likely than not that the Company will be required to sell the security before recovery of our amortized cost, the Company evaluates qualitative criteria to determine any expected loss. This includes among other items the financial health of, and specific prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. The Company also evaluate s quantitative criteria including determining whether there has been an adverse change in expected future cash flows of the security. If the Company do es not expect to recover the entire amortized cost basis of the security, an allowance for credit losses would be recorded, with a related charge to earnings, limited by the amount of the fair value of the security less its amortized cost . If the Company intend s to sell the security or it is more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company recognize s the entire difference between the security’s amortized cost basis and its fair value in earnings. Loans Loans are reported at the amount of their outstanding principal, including deferred loan origination fees and costs, reduced by unearned discounts, and the allowance for credit losses. Loans are considered delinquent when a payment of principal and/or interest becomes past due 30 days following its scheduled payment due date. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Loans are removed from non-accrual when they become less than 90 days past due and when concern no longer exists as to the collectability of principal or interest. Allowance for Credit Losses - Loans Losses on loan receivables are estimated and recognized upon origination of the loan, based on expected credit losses for the life of the loan balance as of the period end date. The Company uses a discounted cash flow method incorporating probability of default and loss given default forecasted based on statistically derived economic variable loss drivers combined with qualitative factors to estimate expected credit losses. This process includes estimates which involve modeling loss projections attributable to existing loan balances, considering historical experience, current conditions and future expectations for homogeneous pools of loans over the reasonable and supportable forecast period. As stated above, we also perform a qualitative assessment beyond model estimates, and apply qualitative adjustments as management deems necessary. The reasonable and supportable forecast period is determined based upon the accuracy level of historical loss forecast estimates, the specific loan level models and methodology utilized, and considers material changes in growth and credit strategy, and business changes which may not be applicable within the current environment. For periods beyond a reasonable and supportable forecast interval, the Company reverts to historical information over a period for which comparable data is available. The historical information either experienced by the Company, or by a selection of peer banks when appropriate, is derived from a combination of recessionary and non-recessionary performance periods for which data is available. Similar to the reasonable and supportable forecast period, we reassess the reversion period at the segment level, considering any required adjustments for differences in underwriting standards, portfolio mix, and other relevant data shifts over time. The Company generally segments its loan receivable population into homogeneous pools of loans. Consistent with the Company’s other assumptions, the Company regularly reviews segmentation to determine whether the segmentation pools remain relevant as risk characteristics change. When a loan no longer meets the criteria of its initial pooling as a result of credit deterioration or other changes, the Company may evaluate the credit for estimated losses on an individual basis if it determines that they no longer retain the same risk characteristics. To the extent that there are a multitude of these loans with new similar credit characteristics, the Company would anticipate a change to the pooling methodology. Loans that do not share risk characteristics are evaluated on an individual basis and are also not included in the collective evaluation. For loans with real estate collateral, when management determines that foreclosure is probable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The Company evaluates the loan allowance for credit losses The underlying assumptions, estimates and assessments we use to estimate the allowance for credit losses reflects the Company’s best estimate of model assumptions and forecasted conditions at that time. Changes in such estimates can significantly affect the allowance and provision for credit losses. It is possible and likely that the Company will experience credit losses that are different from the current estimates. Charge-offs are deducted from the allowance for credit losses when the Company considers the principal to be uncollectible, and subsequent recoveries are added to the allowance, generally at the time cash is received on a charged-off account. Allowance for Unfunded commitments The expected credit losses for unfunded commitments are measured over the contractual period of the Company’s exposure to credit risk. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, for the risk of loss, and current conditions and expectations. Management periodically reviews and updates its assumptions for estimated funding rates based on historical rates, and factors such as portfolio growth, changes to organizational structure, economic conditions, borrowing habits, or any other factor which could impact the likelihood that funding will occur. The Company does not reserve for unfunded commitments which are unconditionally cancellable. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies See Note 7 - LOANS AND THE ALLOWANCE FOR CREDIT LOSSES |
Recently Issued and Adopted A_2
Recently Issued and Adopted Accounting Guidance (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
ASC 326 | |
Schedule of Impact of Topic 326 | The following table illustrates the impact of Topic 326: January 1, 2020 As reported under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (dollars in thousands) ASSETS Loans Residential mortgage $ 7,202 $ 5,141 $ 2,061 Commercial mortgage 9,545 10,992 (1,447 ) Home equity 256 461 (205 ) Commercial & Industrial 896 1,388 (492 ) Consumer 486 198 288 Allowance for credit losses on loans $ 18,385 $ 18,180 $ 205 LIABILITIES Allowance for credit losses on OBS credit exposure $ 326 $ 50 $ 276 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Carrying Amounts of Securities and Their Approximate Fair Values | Investment securities have been classified in the unaudited consolidated balance sheets according to management’s intent. The carrying amounts of securities and their approximate fair values were as follows: March 31, 2020 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Available for sale securities U.S. GSE obligations $ 18,000 $ 590 $ — $ 18,590 $ 38,000 $ — $ (152 ) $ 37,848 Mortgage-backed securities 97,485 2,084 (212 ) 99,357 103,109 231 (858 ) 102,482 Total available for sale securities $ 115,485 $ 2,674 $ (212 ) $ 117,947 $ 141,109 $ 231 $ (1,010 ) $ 140,330 Held to maturity securities U.S. GSE obligations $ 5,000 $ 7 $ — $ 5,007 $ 5,000 $ — $ — $ 5,000 Mortgage-backed securities 152,159 6,579 (41 ) 158,697 161,759 2,751 (111 ) 164,399 Corporate debt securities 6,982 135 — 7,117 6,980 116 — 7,096 Municipal securities 82,765 3,359 (85 ) 86,039 84,433 3,252 (66 ) 87,619 Total held to maturity securities $ 246,906 $ 10,080 $ (126 ) $ 256,860 $ 258,172 $ 6,119 $ (177 ) $ 264,114 Total $ 362,391 $ 12,754 $ (338 ) $ 374,807 $ 399,281 $ 6,350 $ (1,187 ) $ 404,444 |
Gross Unrealized Losses of Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Loss Position | The following tables show the Company’s securities with gross unrealized losses for which an allowance for credit losses has not been recorded at March 31, 2020 and temporarily impaired at December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous loss position: March 31, 2020 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Available for sale securities Mortgage-backed securities $ 14,822 $ (202 ) $ 1,231 $ (10 ) $ 16,053 $ (212 ) Held to maturity securities Mortgage-backed securities $ 6,853 $ (41 ) $ 2 $ — $ 6,855 $ (41 ) Municipal securities 3,146 (85 ) — — 3,146 (85 ) Total held to maturity securities $ 9,999 $ (126 ) $ 2 $ — $ 10,001 $ (126 ) Total $ 24,821 $ (328 ) $ 1,233 $ (10 ) $ 26,054 $ (338 ) December 31, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Temporarily Impaired Securities Available for sale securities U.S. GSE obligations $ 12,912 $ (88 ) $ 24,936 $ (64 ) $ 37,848 $ (152 ) Mortgage-backed securities 33,381 (265 ) 50,766 (593 ) 84,147 (858 ) Corporate debt securities — — — — — — Total available for sale securities $ 46,293 $ (353 ) $ 75,702 $ (657 ) $ 121,995 $ (1,010 ) Held to maturity securities U.S. GSE obligations $ — $ — $ 5,000 $ — $ 5,000 $ — Mortgage-backed securities 14,838 (27 ) 12,928 (84 ) 27,766 (111 ) Corporate debt securities — — — — — — Municipal securities 4,934 (66 ) — — 4,934 (66 ) Total held to maturity securities $ 19,772 $ (93 ) $ 17,928 $ (84 ) $ 37,700 $ (177 ) Total temporarily impaired securities $ 66,065 $ (446 ) $ 93,630 $ (741 ) $ 159,695 $ (1,187 ) |
Schedule of Amortized Cost and Fair Value of Debt Securities, Aggregated By Earlier of Guaranteed Call Date or Contractual Maturity | The amortized cost and fair value of debt securities, aggregated by the earlier of guaranteed call date or contractual maturity, are shown below. Maturities of mortgage-backed securities do not take into consideration scheduled amortization or prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Within One Year After One, But Within Five Years After Five, But Within Ten Years After Ten Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value At March 31, 2020 (dollars in thousands) Available for sale securities U.S. GSE obligations $ — $ — $ 5,000 $ 5,063 $ 5,000 $ 5,140 $ 8,000 $ 8,387 $ 18,000 $ 18,590 Mortgage-backed Securities — — 29 30 34,726 35,792 62,730 63,535 97,485 99,357 Total available for sale securities $ — $ — $ 5,029 $ 5,093 $ 39,726 $ 40,932 $ 70,730 $ 71,922 $ 115,485 $ 117,947 Held to maturity securities U.S. GSE obligations $ 5,000 $ 5,007 $ — $ — $ — $ — $ — $ — $ 5,000 $ 5,007 Mortgage-backed Securities — — 2 2 46,317 49,273 105,840 109,422 152,159 158,697 Corporate debt securities — — 6,982 7,117 — — — — 6,982 7,117 Municipal securities 2,770 2,785 11,669 11,998 44,816 47,074 23,510 24,182 82,765 86,039 Total held to maturity Securities $ 7,770 $ 7,792 $ 18,653 $ 19,117 $ 91,133 $ 96,347 $ 129,350 $ 133,604 $ 246,906 $ 256,860 Total $ 7,770 $ 7,792 $ 23,682 $ 24,210 $ 130,859 $ 137,279 $ 200,080 $ 205,526 $ 362,391 $ 374,807 |
Summary of Gains (Losses) from Sale of Investment Securities | The following table sets forth information regarding sales of investment securities and the resulting gains (losses) from such sales: For the Three Months Ended March 31, 2020 2019 (dollars in thousands) Amortized cost of securities sold $ — $ 16,000 Gross gains realized on securities sold — — Gross losses realized on securities sold — (87 ) Net proceeds from securities sold $ — $ 15,913 |
Summary of Credit Rating of Debt Securities Portfolio | The Company monitors the credit quality of certain debt securities through the use of credit rating among other factors. The Company monitors the credit rating of applicable debt securities quarterly. The following table summarizes the credit rating of the Company’s debt securities portfolio at March 31, 2020. March 31, 2020 Mortgage-backed Securities Corporate Debt Securities Municipal Securities U.S. GSE obligations Total (dollars in thousands) Available for sale securities, at fair value AAA/AA/A (1) $ 99,357 $ — $ — $ 18,590 $ 117,947 Total available for sale securities $ 99,357 $ — $ — $ 18,590 $ 117,947 Held to maturity securities, at amortized cost AAA/AA/A $ 152,159 $ 6,982 $ 82,490 $ 5,000 $ 246,631 BBB/BB/B — 275 — 275 Total held to maturity securities $ 152,159 $ 6,982 $ 82,765 $ 5,000 $ 246,906 (1) Include Agency MBS pass-through securities and CMOs issued by GSEs and U.S. government agencies, such as FNMA, FHLMC, and GNMA that are not rated by Moody’s or S&P. Each security contains a guarantee by the issuing GSE or agency and therefore carry an implicit guarantee of the U.S. Government. These have been categorized as AAA/AA/A. |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans Outstanding by Category | Loans outstanding are detailed by category as follows: March 31, 2020 December 31, 2019 (dollars in thousands) Residential mortgage Mortgages - fixed rate $ 430,067 $ 430,877 Mortgages - adjustable rate 469,025 467,139 Construction 15,209 17,374 Deferred costs net of unearned fees 2,802 2,176 Total residential mortgages 917,103 917,566 Commercial mortgage Mortgages - non-owner occupied 897,612 870,047 Mortgages - owner occupied 112,807 114,095 Construction 79,214 76,288 Deferred costs net of unearned fees 163 144 Total commercial mortgages 1,089,796 1,060,574 Home equity Home equity - lines of credit 76,359 73,880 Home equity - term loans 6,469 6,555 Deferred costs net of unearned fees 238 240 Total home equity 83,066 80,675 Commercial & industrial Commercial & industrial 127,683 133,337 Deferred costs (fees) net of unearned fees (35 ) (101 ) Total commercial & industrial 127,648 133,236 Consumer Secured 37,100 33,453 Unsecured 1,065 1,199 Deferred costs net of unearned fees 24 25 Total consumer 38,189 34,677 Total loans $ 2,255,802 $ 2,226,728 |
Non-performing Loans Disaggregated by Loan Category | The following tables set forth information regarding non-performing loans disaggregated by loan category: March 31, 2020 . Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 1,427 $ 114 $ 12 $ 121 $ — $ 1,674 Loans past due >90 days, but still accruing 109 1,334 — — — 1,443 Troubled debt restructurings 137 — — 125 — 262 Total $ 1,673 $ 1,448 $ 12 $ 246 $ — $ 3,379 December 31, 2019 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 1,298 $ 2,800 $ 12 $ 50 $ — $ 4,160 Loans past due >90 days, but still accruing 527 486 — 251 — 1,264 Troubled debt restructurings 99 — — 128 — 227 Total $ 1,924 $ 3,286 $ 12 $ 429 $ — $ 5,651 |
Loans Receivable Disaggregated by Credit Quality Indicator | . The following tables contain period-end balances of loans receivable disaggregated by credit quality indicator: Credit Quality Indicator - by Origination Year as of March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Total (in thousands) Residential: Current $ 35,560 $ 222,923 $ 165,049 $ 132,202 $ 96,869 $ 262,827 $ — $ 915,430 Non-performing — — 812 62 — 799 — 1,673 Total $ 35,560 $ 222,923 $ 165,861 $ 132,264 $ 96,869 $ 263,626 $ — $ 917,103 Home equity: Current $ 259 $ 836 $ 1,806 $ 618 $ 125 $ 884 $ 78,526 $ 83,054 Non-performing — — — — — — 12 12 Total $ 259 $ 836 $ 1,806 $ 618 $ 125 $ 884 $ 78,538 $ 83,066 Consumer: Current $ 4,341 $ 12,641 $ 2,044 $ 3,447 $ 5,019 $ 9,962 $ 735 $ 38,189 Non-performing — — — — — — — — Total $ 4,341 $ 12,641 $ 2,044 $ 3,447 $ 5,019 $ 9,962 $ 735 $ 38,189 Credit Quality Indicator - by Origination Year as of March 31, 2020 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Revolving loans converted to term Total (in thousands) Commercial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 48,730 $ 327,775 $ 207,019 $ 92,843 $ 120,266 $ 285,756 $ — $ — $ 1,082,389 7 (Special Mention) — — 292 1,776 89 4,580 — — 6,737 8 (Substandard) — — — — 221 449 — — 670 9 (Doubtful) — — — — — — — — — 10 (Loss) — — — — — — — — — Total $ 48,730 $ 327,775 $ 207,311 $ 94,619 $ 120,576 $ 290,785 $ — $ — $ 1,089,796 Commercial & Industrial: Credit risk profile by internally assigned grade: 1-6 (Pass) $ 3,756 $ 42,404 $ 48,301 $ 12,123 $ 3,456 $ 9,649 $ 635 $ — $ 120,324 7 (Special Mention) 119 531 467 471 198 390 20 — 2,196 8 (Substandard) — 1,489 340 — 3,248 51 — — 5,128 9 (Doubtful) — — — — — — — — — 10 (Loss) — — — — — — — — — Total $ 3,875 $ 44,424 $ 49,108 $ 12,594 $ 6,902 $ 10,090 $ 655 $ — $ 127,648 December 31, 2019 Residential Mortgages Home Equity Consumer (dollars in thousands) Credit risk profile based on payment activity: Performing $ 915,642 $ 80,663 $ 34,677 Non-performing 1,924 12 — Total $ 917,566 $ 80,675 $ 34,677 Commercial Mortgages Commercial & Industrial Credit risk profile by internally assigned grade: 1-6 (Pass) $ 1,050,037 $ 123,900 7 (Special Mention) 7,360 4,289 8 (Substandard) 3,177 5,047 9 (Doubtful) — — 10 (Loss) — — Total $ 1,060,574 $ 133,236 |
Schedule of Loans Receivable Disaggregated by Past Due Status | The following tables contain period-end balances of loans receivable disaggregated by past due status: March 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 7,227 $ 2,873 $ 700 $ 10,800 $ 906,303 $ 917,103 Commercial Mortgages 5,484 721 1,334 7,539 1,082,257 1,089,796 Home Equity 288 — — 288 82,778 83,066 Commercial & Industrial 79 506 190 775 126,873 127,648 Consumer loans — 2 — 2 38,187 38,189 Total $ 13,078 $ 4,102 $ 2,224 $ 19,404 $ 2,236,398 $ 2,255,802 December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 8,710 $ 1,089 $ 1,047 $ 10,846 $ 906,720 $ 917,566 Commercial Mortgages 811 — 3,161 3,972 1,056,602 1,060,574 Home Equity 57 12 — 69 80,606 80,675 Commercial & Industrial 272 226 251 749 132,487 133,236 Consumer loans 4 5 — 9 34,668 34,677 Total $ 9,854 $ 1,332 $ 4,459 $ 15,645 $ 2,211,083 $ 2,226,728 |
Summary of Changes in Allowance for Credit Losses Disaggregated by Loan Category | The following table presents changes in the allowance for credit losses disaggregated by loan category: For the Three Months Ended March 31, 2020 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Unfunded Commitments Total (dollars in thousands) Allowance for credit loss: Allowance for credit losses - loan portfolio: Balance at December 31, 2019 $ 5,141 $ 10,905 $ 461 $ 1,475 $ 198 $ — $ 18,180 Adoption of ASC 326 2,061 (1,447 ) (205 ) (492 ) 288 — 205 Charge-offs — (187 ) — (89 ) (14 ) — (290 ) Recoveries — — — 12 13 — 25 Provision for (Release of)-loan portfolio 275 1,610 54 40 64 — 2,043 Allowance for credit losses - loan portfolio 7,477 10,881 310 946 549 — 20,163 Allowance for credit losses - unfunded commitments: Balance at December 31, 2019 $ — $ — $ — $ — $ — $ 50 $ 50 Adoption of ASC 326 — — — — — 276 276 Provision for (Release of) - unfunded commitments — — — — — (43 ) (43 ) Allowance for credit losses-unfunded commitments — — — — — 283 283 Total allowance for credit loss $ 7,477 $ 10,881 $ 310 $ 946 $ 549 $ 283 $ 20,446 The following tables contain period-end balances of the allowance for loan losses and related loans receivable disaggregated by impairment method: December 31, 2019 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ — $ — $ — $ 87 $ — $ 87 Collectively evaluated for impairment 5,141 10,905 461 1,388 198 18,093 Total $ 5,141 $ 10,905 $ 461 $ 1,475 $ 198 $ 18,180 Loans receivable Individually evaluated for impairment $ 764 $ 3,161 $ 92 $ 128 $ — $ 4,145 Collectively evaluated for impairment 916,802 1,057,413 80,583 133,108 34,677 2,222,583 Total $ 917,566 $ 1,060,574 $ 80,675 $ 133,236 $ 34,677 $ 2,226,728 |
Summary of Changes in Allowance for Loan Losses Disaggregated by Loan Category | The following table presents changes in the allowance for loan losses disaggregated by loan category: For the Three Months Ended March 31, 2019 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Impaired Total (dollars in thousands) Allowance for credit losses: Balance at December 31, 2018 $ 4,946 $ 9,626 $ 517 $ 1,415 $ 264 $ — $ 16,768 Charge-offs — — — (30 ) (9 ) — (39 ) Recoveries — — — 12 4 — 16 Provision for (Release of) 310 (257 ) 17 (152 ) (11 ) — (93 ) Balance at March 31, 2019 $ 5,256 $ 9,369 $ 534 $ 1,245 $ 248 $ — $ 16,652 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Mortgage Servicing Rights | An analysis of mortgage servicing rights, which are included in other assets, follows: Mortgage Servicing Rights Valuation Allowance Total (dollars in thousands) Balance at December 31, 2018 $ 666 $ — $ 666 Mortgage servicing rights capitalized 4 — 4 Amortization charged against servicing income (23 ) — (23 ) Change in impairment reserve — — — Balance at March 31, 2019 $ 647 $ — $ 647 Balance at December 31, 2019 $ 1,347 $ (26 ) $ 1,321 Mortgage servicing rights capitalized 32 — 32 Amortization charged against servicing income (100 ) — (100 ) Change in impairment reserve — (12 ) (12 ) Balance at March 31, 2020 $ 1,279 $ (38 ) $ 1,241 |
Mortgage Servicing Rights | |
Schedule of Aggregate Estimated Future Amortization Expense | The estimated aggregate future amortization expense for mortgage servicing rights for each of the next five years and thereafter is as follows: Future Amortization Expense (dollars in thousands) Remainder of 2020 $ 216 2021 237 2022 187 2023 147 2024 115 Thereafter 377 Total $ 1,279 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were as follows: Three Months Ended March 31, 2020 2019 (dollars in thousands) Current income tax expense (benefit) Federal $ (478 ) $ 371 State 274 167 Total current income tax expense (benefit) (204 ) 538 Deferred income tax expense Federal 1,600 818 State 665 384 Total deferred income tax expense 2,265 1,202 Total income tax expense $ 2,061 $ 1,740 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The components of net periodic benefit cost (credit) were as follows: Three Months Ended March 31, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2020 2019 2020 2019 2020 2019 (dollars in thousands) Net periodic benefit cost Service cost $ — $ — $ 71 $ 68 $ 6 $ 5 Interest cost 420 426 87 90 6 6 Expected return on assets (680 ) (709 ) — — — — Amortization of prior service cost (credit) (1 ) (1 ) — — — — Amortization of net actuarial (gain) loss 39 — — — (1 ) (1 ) Net periodic benefit cost (credit) $ (222 ) $ (284 ) $ 158 $ 158 $ 11 $ 10 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share Based Compensation [Abstract] | |
Schedule of Shares Issued and Fair Value of RSAs and RSUs | During the three months ended March 31, 2020, the Company issued the following RSAs and RSUs from the 2017 Equity and Cash Incentive Plan. T he fair value of RSAs and RSUs is based upon the Company’s common stock closing share price on the date of the grant. The holders of RSAs participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. Weighted- Average Shares Granted Fair Value at Grant Date Type of Award 10,988 $ 75.50 RSAs 8,775 $ 75.50 RSUs |
Schedule of Pre-tax Expense Associated with All Outstanding Non-vested RSAs, RSUs, Performance Based Restricted Stock Units and Related Tax Benefits | The following table presents the pre-tax expense associated with all outstanding non-vested RSAs, RSUs, PRSUs, and the related tax benefits recognized: Three Months Ended March 31, 2020 2019 (dollars in thousands) Stock based compensation expense $ 980 $ 618 Related tax benefits $ 273 $ 174 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Off-Balance-Sheet Financial Instruments with Contractual Amounts Include Present Credit Risk | Off-balance-sheet financial instruments with contractual amounts that present credit risk include the following: March 31, 2020 December 31, 2019 (dollars in thousands) Financial instruments whose contractual amount represents credit risk: Commitments to extend credit: Unused portion of existing lines of credit $ 417,193 $ 428,020 Origination of new loans 82,755 24,413 Standby letters of credit 9,516 9,150 Financial instruments whose notional amount exceeds the amount of credit risk: Commitments to sell residential mortgage loans 12,984 3,909 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Summary of Right-of-Use Asset and Net Lease Liability | The following table summarizes information related to the Company’s right-of-use asset and net lease liability: March 31, 2020 Operating Leases Balance Sheet Location (dollars in thousands) Right-of-use asset $ 32,312 Right-of-use asset operating leases Lease liability $ 33,813 Operating lease liabilities December 31, 2019 Operating Leases Balance Sheet Location (dollars in thousands) Right-of-use asset $ 33,587 Right-of-use asset operating leases Lease liability $ 35,054 Operating lease liabilities |
Summary of Components of Operating Lease Cost and Other Related Information | The components of operating lease cost and other related information are as follows: Three Months Ended March 31, 2020 2019 (dollars in thousands) Operating lease cost $ 1,389 $ 1,469 Variable lease cost (Cost excluded from lease payments) — 1 Sublease income (16 ) (16 ) Total Operating Lease Cost $ 1,373 $ 1,454 Other Information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases $ 1,327 $ 1,436 Operating Lease - Operating cash flows (Liability reduction) 1,026 1,150 Weighted average lease term - operating leases 8.36 Years 7.98 Years Weighted average discount rate - operating leases 3.38 % 3.39 % |
Schedule of Total Minimum Lease Payments Due in Future Periods for Lease Agreements | The total minimum lease payments due in future periods for lease agreements in effect at March 31, 2020 were as follows: Year Ended Future Minimum March 31, 2020 Lease Payments (dollars in thousands) Remainder of 2020 $ 5,478 2021 5,523 2022 5,371 2023 5,021 2024 4,355 Thereafter 14,553 Total minimum lease payments 40,301 Less: interest (6,488 ) Total lease liability $ 33,813 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Minimum Capital Requirements Considered Well Capitalized by FRB and FDIC | As of March 31, 2020 and December 31, 2019, the Company and the Bank met all applicable minimum capital requirements and were considered “well-capitalized” by both the FRB and the FDIC. Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At March 31, 2020 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 279,487 13.6 % $ 215,500 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 259,041 12.6 % 174,452 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 259,041 12.6 % 143,666 7.0 % N/A N/A Tier I capital (to average assets) 259,041 9.2 % 112,520 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 273,807 13.3 % $ 215,498 10.5 % $ 205,236 10.0 % Tier I capital (to risk-weighted assets) 253,361 12.3 % 174,451 8.5 % 164,189 8.0 % Common equity tier I capital (to risk-weighted assets) 253,361 12.3 % 143,665 7.0 % 133,403 6.5 % Tier I capital (to average assets) 253,361 9.0 % 112,519 4.0 % 140,649 5.0 % Actual Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At December 31, 2019 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 272,727 13.6 % $ 210,342 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 254,497 12.7 % 170,277 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 254,497 12.7 % 140,228 7.0 % N/A N/A Tier I capital (to average assets) 254,497 9.0 % 113,365 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 271,034 13.5 % $ 210,341 10.5 % $ 200,325 10.0 % Tier I capital (to risk-weighted assets) 252,804 12.6 % 170,276 8.5 % 160,260 8.0 % Common equity tier I capital (to risk-weighted assets) 252,804 12.6 % 140,227 7.0 % 130,211 6.5 % Tier I capital (to average assets) 252,804 8.9 % 113,364 4.0 % 141,705 5.0 % |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary of Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income (loss) (“AOCI”) during the period, by component, net of tax: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Before Tax Amount Tax Expense Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Unrealized (losses)/gains on available for sale securities Unrealized holding (losses)/gains $ 3,241 $ (741 ) $ 2,500 $ 1,425 $ (330 ) $ 1,095 Reclassification adjustment for (gains)/losses recognized in net income — — — 87 (21 ) 66 Derivatives Change in interest rate contracts 5,886 (1,640 ) 4,246 (42 ) 12 (30 ) Defined benefit retirement plans Change in retirement liability (1 ) — (1 ) 36 (10 ) 26 Total Other Comprehensive (Loss)/Income $ 9,126 $ (2,381 ) $ 6,745 $ 1,506 $ (349 ) $ 1,157 |
Summary of Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") | Reclassifications out of AOCI that have an impact on net income are presented below: Three Months Ended March 31, Details about Accumulated Other Comprehensive Income Components 2020 2019 Affected Line Item in the Statement where Net Income is Presented (dollars in thousands) Unrealized gains and losses on available for sale securities $ — $ (87 ) Loss on disposition of investment securities Tax benefit — 21 Income taxes expense Net of tax $ — $ (66 ) Net income |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation Between Basic and Diluted Earnings Per Share | The following represents a reconciliation between basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 (dollars in thousands, except per share data) Earnings per common share - basic: Numerator: Net income $ 7,232 $ 6,198 Less dividends and undistributed earnings allocated to participating securities (16 ) (61 ) Net income applicable to common shareholders $ 7,216 $ 6,137 Denominator: Weighted average common shares outstanding 5,397 4,073 Earnings per common share – basic $ 1.34 $ 1.51 Earnings per common share - diluted: Numerator: Net income $ 7,232 $ 6,198 Less dividends and undistributed earnings allocated to participating securities (16 ) (61 ) Net income applicable to common shareholders $ 7,216 $ 6,137 Denominator: Weighted average common shares outstanding 5,397 4,073 Dilutive effect of common stock equivalents 35 34 Weighted average diluted common shares outstanding 5,432 4,107 Earnings per common share – diluted $ 1.33 $ 1.49 |
Derivative And Hedging Activi_2
Derivative And Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments in the Company's Consolidated Balance Sheets | The following tables present the notional amount, the location, and fair values of derivative instruments in the Company’s Consolidated Balance Sheets: March 31, 2020 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts 150,000 Other Assets $ 8,749 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 8,749 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers 281,284 Other Assets $ 32,721 — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 281,284 Other Liabilities 32,721 Risk participation agreements-out to counterparties 19,000 Other Assets 34 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 101,075 Other Liabilities 537 Total derivatives not designated as hedging instruments $ 32,755 $ 33,258 December 31, 2019 Derivative Assets Derivative Liabilities Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value (dollars in thousands) (dollars in thousands) Derivatives designated as hedging instruments Interest rate contracts 150,000 Other Assets $ 2,911 $ — Other Liabilities $ — Total derivatives designated as hedging instruments $ 2,911 $ — Derivatives not designated as hedging instruments Loan related derivative contracts Interest rate swaps with customers 241,187 Other Assets $ 12,980 $ — Other Liabilities $ — Mirror swaps with counterparties — Other Assets — 241,187 Other Liabilities 12,980 Risk participation agreements-out to counterparties 19,000 Other Assets 21 — Other Liabilities — Risk participation agreements-in with counterparties — Other Assets — 88,489 Other Liabilities 250 Total derivatives not designated as hedging instruments $ 13,001 $ 13,230 |
Summary of Cash Flow Hedge Accounting on AOCI | The following tables present the effect of cash flow hedge accounting on AOCI as of the periods presented: Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2020 (dollars in thousands) (dollars in thousands) Interest rate contracts $ 5,998 $ 6,634 $ (636 ) Interest Income $ 112 $ 161 $ (49 ) Amount of Gain or (Loss) Recognized in OCI Amount of Gain or (Loss) Recognized in OCI Included Component Amount of Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Amount of Gain or (Loss) Reclassified from AOCI into Income Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component For the Three Months Ended March 31, 2019 For the Three Months Ended March 31, 2019 (dollars in thousands) (dollars in thousands) Interest rate contracts $ (89 ) $ — $ (89 ) Interest Income $ (48 ) $ — $ (48 ) |
Summary of Derivative Financial Instruments on the Consolidated Income Statement | The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Income Statement for the periods presented: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Interest Income Interest Income (dollars in thousands) (dollars in thousands) Total amount of income presented in the income statement in which the effects of cash flow hedges are recorded $ 112 $ (48 ) Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest rate contracts: Amount of gain or (loss) reclassed from AOCI into income $ 112 $ (48 ) Amount of gain or (loss) reclassed from AOCI into income - Included Component 161 — Amount of gain or (loss) reclassed from AOCI into income - Excluded Component $ (49 ) $ (48 ) |
Summary of Derivative Financial Instruments Not Designated as Hedging Instruments on the Consolidated Income Statement | The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Income Statement as of the periods presented: Amount of Gain or (Loss) Recognized in Income on Derivative Three Months Ended March 31, Three Months Ended March 31, 2020 2019 Location of Gain or (Loss) (dollars in thousands) Other contracts Other income $ 178 $ 74 Total $ 178 $ 74 |
Schedule of Financial Instruments Eligible for Offset in Consolidated Balance Sheet | The following tables present the information about financial instruments that are eligible for offset in the Consolidated Balance sheets as March 31, 2020 and December 31, 2019: Gross Amounts Not Offset Gross Amounts of Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount March 31, 2020 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 41,504 $ — $ 41,504 $ 8,841 $ — $ 32,663 Offsetting of Derivative Liabilities Derivative Liabilities $ 33,258 $ — $ 33,258 $ 8,841 $ 23,558 $ 859 Gross Amounts Not Offset Gross Amounts of Recognized Gross Amounts Offset Net Amounts Recognized Financial Instruments Collateral Pledged (Received) Net Amount December 31, 2019 (dollars in thousands) Offsetting of Derivative Assets Derivative Assets $ 15,912 $ — $ 15,912 $ 3,128 $ - $ 12,784 Offsetting of Derivative Liabilities Derivative Liabilities $ 13,230 $ — $ 13,230 $ 3,128 $ 9,645 $ 457 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Values and Estimated Fair Values of Financial Instruments | The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of the dates indicated: March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (dollars in thousands) Financial assets Cash and cash equivalents $ 42,989 $ 42,989 $ 61,335 $ 61,335 Securities available for sale 117,947 117,947 140,330 140,330 Securities held to maturity 246,906 256,860 258,172 264,114 Loans, net 2,235,639 2,201,952 2,208,548 2,160,087 Loans held for sale 2,875 2,920 1,546 2,051 FHLB Boston stock 6,268 6,268 7,854 7,854 Accrued interest receivable 6,872 6,872 7,052 7,052 Mortgage servicing rights 1,241 1,293 1,321 1,526 Interest rate contracts 8,749 8,749 2,911 2,911 Loan level interest rate swaps 32,721 32,721 12,980 12,980 Risk participation agreements out to counterparties 34 34 21 21 Financial liabilities Deposits 2,390,359 2,390,866 2,358,878 2,358,089 Short-term borrowings 75,147 75,328 135,691 75,328 Long-term borrowings — — — — Loan level interest rate swaps 32,721 32,721 12,980 12,980 Risk participation agreements in with counterparties 537 537 250 250 |
Summary of Certain Assets and Liabilities Reported at Fair Value on a Recurring Basis | The following tables summarize certain assets and liabilities reported at fair value on a recurring basis: Fair Value as of March 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 18,590 $ — $ 18,590 Mortgage-backed securities — 99,357 — 99,357 Other assets Interest rate swaps with customers — 32,721 — 32,721 Risk participation agreements out to counterparties — 34 — 34 Interest rate contracts — 8,749 — 8,749 Other liabilities Mirror swaps with counterparties — 32,721 — 32,721 Risk participation agreements in with counterparties — 537 — 537 Fair Value as of December 31, 2019 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 37,848 $ — $ 37,848 Mortgage-backed securities — 102,482 — 102,482 Other assets Interest rate swaps with customers — 12,980 — 12,980 Risk participation agreements out to counterparties — 21 — 21 Interest rate contracts — 2,911 — 2,911 Other liabilities Mirror swaps with counterparties — 12,980 — 12,980 Risk participation agreements in with counterparties — 250 — 250 |
Schedule of Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents the carrying value of assets held at March 31, 2020, which were measured at fair value on a non-recurring basis: March 31, 2020 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Loans held for sale 2,875 — — 2,875 Other real estate owned — — 2,457 2,457 Total $ 2,875 $ — $ 2,457 $ 5,332 The following table presents the carrying value of assets held at December 31, 2019, which were measured at fair value on a non-recurring basis: December 31, 2019 Level 1 Level 2 Level 3 Total (dollars in thousands) Items recorded at fair value on a non-recurring basis Assets Collateral dependent impaired loans $ — $ — $ 2,541 $ 2,541 Loans held for sale 1,546 — — 1,546 Other real estate owned — — 163 163 Total $ 1,546 $ — $ 2,704 $ 4,250 |
Recently Issued and Adopted A_3
Recently Issued and Adopted Accounting Standards - Additional Information (Details) - USD ($) | Jan. 01, 2020 | Mar. 31, 2020 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Retained earnings, net of taxes | $ (347,000) | |
ASC 326 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Retained earnings, net of taxes | $ (347,000) |
Recently Issued and Adopted A_4
Recently Issued and Adopted Accounting Standards - Schedule of Impact of Topic 326 (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Loans | |||
Allowance for credit losses on loans | $ 20,446 | $ 18,180 | |
ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | $ 18,385 | ||
LIABILITIES | |||
Allowance for credit losses on OBS credit exposure | 326 | ||
Pre-ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 18,180 | ||
LIABILITIES | |||
Allowance for credit losses on OBS credit exposure | 50 | ||
Impact of ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 205 | ||
LIABILITIES | |||
Allowance for credit losses on OBS credit exposure | 276 | ||
Residential Mortgage | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 7,202 | ||
Residential Mortgage | Pre-ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 5,141 | ||
Residential Mortgage | Impact of ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 2,061 | ||
Commercial Mortgage | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 9,545 | ||
Commercial Mortgage | Pre-ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 10,992 | ||
Commercial Mortgage | Impact of ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | (1,447) | ||
Home Equity | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 256 | ||
Home Equity | Pre-ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 461 | ||
Home Equity | Impact of ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | (205) | ||
Commercial & Industrial | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 896 | ||
Commercial & Industrial | Pre-ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 1,388 | ||
Commercial & Industrial | Impact of ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | (492) | ||
Consumer | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 486 | ||
Consumer | Pre-ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | 198 | ||
Consumer | Impact of ASC 326 Adoption | ASC 326 | |||
Loans | |||
Allowance for credit losses on loans | $ 288 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 42,989,000 | $ 61,335,000 |
Pledged cash collateral to derivative counterparties | 24,200,000 | 10,400,000 |
Federal Reserve Bank of Boston | ||
Cash And Cash Equivalents [Line Items] | ||
Reserve balance of cash and due from banks | 0 | 12,700,000 |
New Hampshire | ||
Cash And Cash Equivalents [Line Items] | ||
Pledged amount to federal banking department | $ 500,000 | $ 500,000 |
Investment Securities - Summary
Investment Securities - Summary of Carrying Amounts of Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | $ 115,485 | $ 141,109 |
Available for sale securities, Gross Unrealized Gains | 2,674 | 231 |
Available for sale securities, Gross Unrealized Losses | (212) | (1,010) |
Available for sale securities, Fair Value | 117,947 | 140,330 |
Held to maturity securities, Amortized Cost | 246,906 | 258,172 |
Held to maturity securities, Gross Unrealized Gains | 10,080 | 6,119 |
Held to maturity securities, Gross Unrealized Losses | (126) | (177) |
Held to maturity securities, Fair Value | 256,860 | 264,114 |
Total, Amortized Cost | 362,391 | 399,281 |
Total, Gross Unrealized Gains | 12,754 | 6,350 |
Total, Gross Unrealized Losses | (338) | (1,187) |
Total, Fair Value | 374,807 | 404,444 |
U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 18,000 | 38,000 |
Available for sale securities, Gross Unrealized Gains | 590 | |
Available for sale securities, Gross Unrealized Losses | (152) | |
Available for sale securities, Fair Value | 18,590 | 37,848 |
Held to maturity securities, Amortized Cost | 5,000 | 5,000 |
Held to maturity securities, Gross Unrealized Gains | 7 | |
Held to maturity securities, Fair Value | 5,007 | 5,000 |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Amortized Cost | 6,982 | 6,980 |
Held to maturity securities, Gross Unrealized Gains | 135 | 116 |
Held to maturity securities, Fair Value | 7,117 | 7,096 |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 97,485 | 103,109 |
Available for sale securities, Gross Unrealized Gains | 2,084 | 231 |
Available for sale securities, Gross Unrealized Losses | (212) | (858) |
Available for sale securities, Fair Value | 99,357 | 102,482 |
Held to maturity securities, Amortized Cost | 152,159 | 161,759 |
Held to maturity securities, Gross Unrealized Gains | 6,579 | 2,751 |
Held to maturity securities, Gross Unrealized Losses | (41) | (111) |
Held to maturity securities, Fair Value | 158,697 | 164,399 |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Amortized Cost | 82,765 | 84,433 |
Held to maturity securities, Gross Unrealized Gains | 3,359 | 3,252 |
Held to maturity securities, Gross Unrealized Losses | (85) | (66) |
Held to maturity securities, Fair Value | $ 86,039 | $ 87,619 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses of Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, Less than 12 months | $ 46,293 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, Less than 12 months | (353) | |
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 75,702 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (657) | |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 121,995 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (1,010) | |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | $ 9,999 | 19,772 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (126) | (93) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, 12 months or longer | 2 | 17,928 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, 12 months or longer | (84) | |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 10,001 | 37,700 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | (126) | (177) |
Temporarily Impaired Securities, Fair Value, Less than 12 months | 24,821 | 66,065 |
Temporarily Impaired Securities, Unrealized Losses, Less than 12 months | (328) | (446) |
Temporarily Impaired Securities, Fair Value, 12 months or longer | 1,233 | 93,630 |
Temporarily Impaired Securities, Unrealized Losses, 12 months or longer | (10) | (741) |
Temporarily Impaired Securities, Fair Value | 26,054 | 159,695 |
Temporarily Impaired Securities, Unrealized Losses | (338) | (1,187) |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, Less than 12 months | 14,822 | 33,381 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, Less than 12 months | (202) | (265) |
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 1,231 | 50,766 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (10) | (593) |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 16,053 | 84,147 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (212) | (858) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | 6,853 | 14,838 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (41) | (27) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, 12 months or longer | 2 | 12,928 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, 12 months or longer | (84) | |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 6,855 | 27,766 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | (41) | (111) |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | 3,146 | 4,934 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (85) | (66) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 3,146 | 4,934 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | $ (85) | (66) |
U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, Less than 12 months | 12,912 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, Less than 12 months | (88) | |
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 24,936 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (64) | |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 37,848 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (152) | |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, 12 months or longer | 5,000 | |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | $ 5,000 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | Mar. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of debt securities with unrealized losses | Security | 17 | 68 |
Aggregate depreciation percentage of gross unrealized losses from amortized cost | 3.43% | 0.74% |
Percentage of unrealized loss on amortized cost | 3.82% | |
Unrealized loss of amortized cost basis | $ 76,000 | |
Maximum | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Percentage of unrealized loss on amortized cost | 3.15% | |
Unrealized loss of amortized cost basis | $ 63,000 | |
Unrealized dollar loss of amortized cost basis | $ 96,000 | |
Percentage of unrealized dollar loss on amortized cost | 1.93% |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities, Aggregated By Earlier of Guaranteed Call Date or Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, After One, But Within Five Years, Amortized Cost | $ 5,029 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 5,093 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 39,726 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 40,932 | |
Available for sale securities, After Ten Years, Amortized Cost | 70,730 | |
Available for sale securities, After Ten Years, Fair Value | 71,922 | |
Available for sale securities, Total, Amortized Cost | 115,485 | |
Available for sale securities, Total, Fair Value | 117,947 | |
Held to maturity securities, Within One Year, Amortized Cost | 7,770 | |
Held to maturity securities, Within One Year, Fair Value | 7,792 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 18,653 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 19,117 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 91,133 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 96,347 | |
Held to maturity securities, After Ten Years, Amortized Cost | 129,350 | |
Held to maturity securities, After Ten Years, Fair Value | 133,604 | |
Held to maturity securities, Amortized Cost | 246,906 | $ 258,172 |
Held to maturity securities, Fair Value | 256,860 | 264,114 |
Available for sale securities and Held to maturity securities, Within One Year, Amortized Cost | 7,770 | |
Available for sale securities and Held to maturity securities, Within One Year, Fair Value | 7,792 | |
Available for sale securities and Held to maturity securities, After One, But Within Five Years, Amortized Cost | 23,682 | |
Available for sale securities and Held to maturity securities, After One, But Within Five Years, Fair Value | 24,210 | |
Available for sale securities and Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 130,859 | |
Available for sale securities and Held to maturity securities, After Five, But Within Ten Years, Fair Value | 137,279 | |
Available for sale securities and Held to maturity securities, After Ten Years, Amortized Cost | 200,080 | |
Available for sale securities and Held to maturity securities, After Ten Years, Fair Value | 205,526 | |
Available for sale securities and Held to maturity securities, Total, Amortized Cost | 362,391 | |
Available for sale securities and Held to maturity securities, Total, Fair Value | 374,807 | |
U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, After One, But Within Five Years, Amortized Cost | 5,000 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 5,063 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 5,000 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 5,140 | |
Available for sale securities, After Ten Years, Amortized Cost | 8,000 | |
Available for sale securities, After Ten Years, Fair Value | 8,387 | |
Available for sale securities, Total, Amortized Cost | 18,000 | |
Available for sale securities, Total, Fair Value | 18,590 | |
Held to maturity securities, Within One Year, Amortized Cost | 5,000 | |
Held to maturity securities, Within One Year, Fair Value | 5,007 | |
Held to maturity securities, Amortized Cost | 5,000 | |
Held to maturity securities, Fair Value | 5,007 | |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, After One, But Within Five Years, Amortized Cost | 29 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 30 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 34,726 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 35,792 | |
Available for sale securities, After Ten Years, Amortized Cost | 62,730 | |
Available for sale securities, After Ten Years, Fair Value | 63,535 | |
Available for sale securities, Total, Amortized Cost | 97,485 | |
Available for sale securities, Total, Fair Value | 99,357 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 2 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 2 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 46,317 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 49,273 | |
Held to maturity securities, After Ten Years, Amortized Cost | 105,840 | |
Held to maturity securities, After Ten Years, Fair Value | 109,422 | |
Held to maturity securities, Amortized Cost | 152,159 | |
Held to maturity securities, Fair Value | 158,697 | |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 6,982 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 7,117 | |
Held to maturity securities, Amortized Cost | 6,982 | |
Held to maturity securities, Fair Value | 7,117 | |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Within One Year, Amortized Cost | 2,770 | |
Held to maturity securities, Within One Year, Fair Value | 2,785 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 11,669 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 11,998 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 44,816 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 47,074 | |
Held to maturity securities, After Ten Years, Amortized Cost | 23,510 | |
Held to maturity securities, After Ten Years, Fair Value | 24,182 | |
Held to maturity securities, Amortized Cost | 82,765 | 84,433 |
Held to maturity securities, Fair Value | $ 86,039 | $ 87,619 |
Investment Securities - Summa_2
Investment Securities - Summary of Gains (Losses) from Sale of Investment Securities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Amortized cost of securities sold | $ 16,000 |
Gross losses realized on securities sold | (87) |
Net proceeds from securities sold | $ 15,913 |
Investment Securities - Summa_3
Investment Securities - Summary of Credit Rating of Debt Securities Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | $ 117,947 | $ 140,330 |
Total held to maturity securities | 246,906 | 258,172 |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 82,765 | 84,433 |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 6,982 | 6,980 |
U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 18,590 | 37,848 |
Total held to maturity securities | 5,000 | 5,000 |
AAA/AA/A | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 117,947 | |
Total held to maturity securities | 246,631 | |
AAA/AA/A | Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 82,490 | |
AAA/AA/A | Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 6,982 | |
AAA/AA/A | U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 18,590 | |
Total held to maturity securities | 5,000 | |
BBB/BB/B | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 275 | |
BBB/BB/B | Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total held to maturity securities | 275 | |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 99,357 | 102,482 |
Total held to maturity securities | 152,159 | $ 161,759 |
Mortgage Backed Securities | AAA/AA/A | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Total available for sale securities | 99,357 | |
Total held to maturity securities | $ 152,159 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses - Loans Outstanding by Category (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 2,255,802 | $ 2,226,728 |
Residential Mortgage | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 2,802 | 2,176 |
Total loans | 917,103 | 917,566 |
Residential Mortgage | Construction | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 15,209 | 17,374 |
Residential Mortgage | Mortgages - Fixed Rate | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 430,067 | 430,877 |
Residential Mortgage | Mortgages - Adjustable Rate | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 469,025 | 467,139 |
Commercial Mortgage | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 163 | 144 |
Total loans | 1,089,796 | 1,060,574 |
Commercial Mortgage | Construction | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 79,214 | 76,288 |
Commercial Mortgage | Mortgages - Nonowner Occupied | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 897,612 | 870,047 |
Commercial Mortgage | Mortgages - Owner Occupied | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 112,807 | 114,095 |
Home Equity | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 238 | 240 |
Total loans | 83,066 | 80,675 |
Home Equity | Home Equity - Lines of Credit | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 76,359 | 73,880 |
Home Equity | Home Equity - Term Loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 6,469 | 6,555 |
Commercial & Industrial | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 127,683 | 133,337 |
Deferred costs (fees) net of unearned fees | (35) | (101) |
Total loans | 127,648 | 133,236 |
Consumer | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 24 | 25 |
Total loans | 38,189 | 34,677 |
Consumer | Secured | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 37,100 | 33,453 |
Consumer | Unsecured | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | $ 1,065 | $ 1,199 |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses - Non-performing Loans Disaggregated by Loan Category (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Troubled debt restructurings | $ 262,000 | $ 227,000 | |
Non-Performing Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 1,674,000 | $ 4,160,000 | |
Loans past due >90 days, but still accruing | 1,443,000 | 1,264,000 | |
Troubled debt restructurings | 262,000 | 227,000 | |
Total | 3,379,000 | 5,651,000 | |
Non-Performing Loans | Residential Mortgage | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 1,427,000 | 1,298,000 | |
Loans past due >90 days, but still accruing | 109,000 | 527,000 | |
Troubled debt restructurings | 137,000 | 99,000 | |
Total | 1,673,000 | 1,924,000 | |
Non-Performing Loans | Commercial Mortgage | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 114,000 | 2,800,000 | |
Loans past due >90 days, but still accruing | 1,334,000 | 486,000 | |
Total | 1,448,000 | 3,286,000 | |
Non-Performing Loans | Home Equity | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 12,000 | 12,000 | |
Total | 12,000 | 12,000 | |
Non-Performing Loans | Commercial & Industrial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-accrual loans | 121,000 | 50,000 | |
Loans past due >90 days, but still accruing | 251,000 | ||
Troubled debt restructurings | 125,000 | 128,000 | |
Total | $ 246,000 | $ 429,000 |
Loans and the Allowance for C_5
Loans and the Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($) | |
Financing Receivable Modifications [Line Items] | |||
Number of TDRs defaulted during the period | Loan | 0 | 1 | |
Number of loans determined to be troubled debt restructurings | Loan | 3 | 3 | |
Troubled debt restructuring carrying value | $ 262,000 | $ 227,000 | |
Number of loans modified as troubled debt restructuring | Loan | 0 | 0 | |
Allowance for credit losses on loans | $ 20,446,000 | $ 18,180,000 | |
Troubled debt restructurings | 262,000 | $ 227,000 | |
Specific allowances for troubled debt restructurings | 87,000 | ||
Commitments to lend additional funds to borrowers whose loans were on non-accrual status | 0 | 0 | |
Other real estate owned | 2,500,000 | ||
Loans secured by one- to-four family residential properties in process of foreclosure | 344,000 | $ 344,000 | |
Troubled Debt Restructurings | |||
Financing Receivable Modifications [Line Items] | |||
Allowance for credit losses on loans | $ 87,000 |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses - Loans Receivable Disaggregated by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | $ 2,255,802 | $ 2,226,728 |
Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 35,560 | |
2019 | 222,923 | |
2018 | 165,861 | |
2017 | 132,264 | |
2016 | 96,869 | |
Prior | 263,626 | |
Total | 917,103 | |
Loans receivable | 917,103 | 917,566 |
Residential Mortgage | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 35,560 | |
2019 | 222,923 | |
2018 | 165,049 | |
2017 | 132,202 | |
2016 | 96,869 | |
Prior | 262,827 | |
Total | 915,430 | |
Loans receivable | 915,642 | |
Residential Mortgage | Non-Performing Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
2018 | 812 | |
2017 | 62 | |
Prior | 799 | |
Total | 1,673 | |
Loans receivable | 1,924 | |
Home Equity | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 259 | |
2019 | 836 | |
2018 | 1,806 | |
2017 | 618 | |
2016 | 125 | |
Prior | 884 | |
Revolving loans amortized cost basis | 78,538 | |
Total | 83,066 | |
Loans receivable | 83,066 | 80,675 |
Home Equity | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 259 | |
2019 | 836 | |
2018 | 1,806 | |
2017 | 618 | |
2016 | 125 | |
Prior | 884 | |
Revolving loans amortized cost basis | 78,526 | |
Total | 83,054 | |
Loans receivable | 80,663 | |
Home Equity | Non-Performing Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Revolving loans amortized cost basis | 12 | |
Total | 12 | |
Loans receivable | 12 | |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 4,341 | |
2019 | 12,641 | |
2018 | 2,044 | |
2017 | 3,447 | |
2016 | 5,019 | |
Prior | 9,962 | |
Revolving loans amortized cost basis | 735 | |
Total | 38,189 | |
Loans receivable | 38,189 | 34,677 |
Consumer | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 4,341 | |
2019 | 12,641 | |
2018 | 2,044 | |
2017 | 3,447 | |
2016 | 5,019 | |
Prior | 9,962 | |
Revolving loans amortized cost basis | 735 | |
Total | 38,189 | |
Loans receivable | 34,677 | |
Commercial Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 48,730 | |
2019 | 327,775 | |
2018 | 207,311 | |
2017 | 94,619 | |
2016 | 120,576 | |
Prior | 290,785 | |
Total | 1,089,796 | |
Loans receivable | 1,089,796 | 1,060,574 |
Commercial Mortgage | 1-6 (Pass) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 48,730 | |
2019 | 327,775 | |
2018 | 207,019 | |
2017 | 92,843 | |
2016 | 120,266 | |
Prior | 285,756 | |
Total | 1,082,389 | |
Commercial Mortgage | 7 (Special Mention) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2018 | 292 | |
2017 | 1,776 | |
2016 | 89 | |
Prior | 4,580 | |
Total | 6,737 | |
Commercial Mortgage | 8 (Substandard) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2016 | 221 | |
Prior | 449 | |
Total | 670 | |
Commercial & Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 3,875 | |
2019 | 44,424 | |
2018 | 49,108 | |
2017 | 12,594 | |
2016 | 6,902 | |
Prior | 10,090 | |
Revolving loans amortized cost basis | 655 | |
Total | 127,648 | |
Loans receivable | 127,648 | 133,236 |
Commercial & Industrial | 1-6 (Pass) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 3,756 | |
2019 | 42,404 | |
2018 | 48,301 | |
2017 | 12,123 | |
2016 | 3,456 | |
Prior | 9,649 | |
Revolving loans amortized cost basis | 635 | |
Total | 120,324 | |
Loans receivable | 123,900 | |
Commercial & Industrial | 7 (Special Mention) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 119 | |
2019 | 531 | |
2018 | 467 | |
2017 | 471 | |
2016 | 198 | |
Prior | 390 | |
Revolving loans amortized cost basis | 20 | |
Total | 2,196 | |
Loans receivable | 4,289 | |
Commercial & Industrial | 8 (Substandard) | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 1,489 | |
2018 | 340 | |
2016 | 3,248 | |
Prior | 51 | |
Total | 5,128 | |
Loans receivable | 5,047 | |
Commercial Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | $ 1,089,796 | 1,060,574 |
Commercial Mortgage | 1-6 (Pass) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 1,050,037 | |
Commercial Mortgage | 7 (Special Mention) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 7,360 | |
Commercial Mortgage | 8 (Substandard) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | $ 3,177 |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses - Schedule of Loans Receivable Disaggregated by Past Due Status (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | $ 19,404 | $ 15,645 |
Current Loans | 2,236,398 | 2,211,083 |
Total loans | 2,255,802 | 2,226,728 |
30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 13,078 | 9,854 |
60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 4,102 | 1,332 |
90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 2,224 | 4,459 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 10,800 | 10,846 |
Current Loans | 906,303 | 906,720 |
Total loans | 917,103 | 917,566 |
Residential Mortgage | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 7,227 | 8,710 |
Residential Mortgage | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 2,873 | 1,089 |
Residential Mortgage | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 700 | 1,047 |
Commercial Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 7,539 | 3,972 |
Current Loans | 1,082,257 | 1,056,602 |
Total loans | 1,089,796 | 1,060,574 |
Commercial Mortgage | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 5,484 | 811 |
Commercial Mortgage | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 721 | |
Commercial Mortgage | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 1,334 | 3,161 |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 775 | 749 |
Current Loans | 126,873 | 132,487 |
Total loans | 127,648 | 133,236 |
Commercial & Industrial | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 79 | 272 |
Commercial & Industrial | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 506 | 226 |
Commercial & Industrial | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 190 | 251 |
Consumer loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 2 | 9 |
Current Loans | 38,187 | 34,668 |
Total loans | 38,189 | 34,677 |
Consumer loans | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 4 | |
Consumer loans | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 2 | 5 |
Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 288 | 69 |
Current Loans | 82,778 | 80,606 |
Total loans | 83,066 | 80,675 |
Home Equity | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | $ 288 | 57 |
Home Equity | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | $ 12 |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses Disaggregated by Loan Category (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | $ 18,180 |
Allowance for credit losses-loan portfolio, Ending Balance | 20,446 |
Funded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 18,180 |
Charge-offs | (290) |
Recoveries | 25 |
Provision for (Release of)-loan portfolio | 2,043 |
Allowance for credit losses-loan portfolio, Ending Balance | 20,163 |
Funded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | 205 |
Unfunded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 50 |
Provision for (Release of)-loan portfolio | (43) |
Allowance for credit losses-unfunded commitments | 283 |
Unfunded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | 276 |
Home Equity | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Ending Balance | 310 |
Home Equity | Funded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 461 |
Provision for (Release of)-loan portfolio | 54 |
Allowance for credit losses-loan portfolio, Ending Balance | 310 |
Home Equity | Funded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | (205) |
Residential Mortgage | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 5,141 |
Allowance for credit losses-loan portfolio, Ending Balance | 7,477 |
Residential Mortgage | Funded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 5,141 |
Provision for (Release of)-loan portfolio | 275 |
Allowance for credit losses-loan portfolio, Ending Balance | 7,477 |
Residential Mortgage | Funded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | 2,061 |
Commercial Mortgage | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Ending Balance | 10,881 |
Commercial Mortgage | Funded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 10,905 |
Charge-offs | (187) |
Provision for (Release of)-loan portfolio | 1,610 |
Allowance for credit losses-loan portfolio, Ending Balance | 10,881 |
Commercial Mortgage | Funded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | (1,447) |
Commercial & Industrial | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 1,475 |
Allowance for credit losses-loan portfolio, Ending Balance | 946 |
Commercial & Industrial | Funded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 1,475 |
Charge-offs | (89) |
Recoveries | 12 |
Provision for (Release of)-loan portfolio | 40 |
Allowance for credit losses-loan portfolio, Ending Balance | 946 |
Commercial & Industrial | Funded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | (492) |
Consumer | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 198 |
Allowance for credit losses-loan portfolio, Ending Balance | 549 |
Consumer | Funded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 198 |
Charge-offs | (14) |
Recoveries | 13 |
Provision for (Release of)-loan portfolio | 64 |
Allowance for credit losses-loan portfolio, Ending Balance | 549 |
Consumer | Funded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | 288 |
Unfunded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Ending Balance | 283 |
Unfunded Commitments | Unfunded Commitments | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for credit losses-loan portfolio, Beginning Balance | 50 |
Provision for (Release of)-loan portfolio | (43) |
Allowance for credit losses-unfunded commitments | 283 |
Unfunded Commitments | Unfunded Commitments | ASC 326 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Adoption of ASC 326 | $ 276 |
Loans and the Allowance for C_9
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Loan Losses Disaggregated by Loan Category (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for loan losses, Beginning balance | $ 16,768 |
Charge-offs | (39) |
Recoveries | 16 |
Provision for (Release of) | (93) |
Allowance for loan losses, Ending balance | 16,652 |
Home Equity | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for loan losses, Beginning balance | 517 |
Provision for (Release of) | 17 |
Allowance for loan losses, Ending balance | 534 |
Residential Mortgage | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for loan losses, Beginning balance | 4,946 |
Provision for (Release of) | 310 |
Allowance for loan losses, Ending balance | 5,256 |
Commercial Mortgage | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for loan losses, Beginning balance | 9,626 |
Provision for (Release of) | (257) |
Allowance for loan losses, Ending balance | 9,369 |
Commercial & Industrial | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for loan losses, Beginning balance | 1,415 |
Charge-offs | (30) |
Recoveries | 12 |
Provision for (Release of) | (152) |
Allowance for loan losses, Ending balance | 1,245 |
Consumer | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Allowance for loan losses, Beginning balance | 264 |
Charge-offs | (9) |
Recoveries | 4 |
Provision for (Release of) | (11) |
Allowance for loan losses, Ending balance | $ 248 |
Loans and the Allowance for _10
Loans and the Allowance for Credit Losses - Summary of Allowance for Credit Losses and Related Loans Receivable Disaggregated by Impairment Method (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 87 | |
Collectively evaluated for impairment | 18,093 | |
Allowance for loan losses | $ 20,446 | 18,180 |
Individually evaluated for impairment | 4,145 | |
Collectively evaluated for impairment | 2,222,583 | |
Total loans | 2,255,802 | 2,226,728 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 5,141 | |
Allowance for loan losses | 7,477 | 5,141 |
Individually evaluated for impairment | 764 | |
Collectively evaluated for impairment | 916,802 | |
Total loans | 917,103 | 917,566 |
Commercial Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 10,905 | |
Allowance for loan losses | 10,905 | |
Individually evaluated for impairment | 3,161 | |
Collectively evaluated for impairment | 1,057,413 | |
Total loans | 1,089,796 | 1,060,574 |
Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 461 | |
Allowance for loan losses | 461 | |
Individually evaluated for impairment | 92 | |
Collectively evaluated for impairment | 80,583 | |
Total loans | 83,066 | 80,675 |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Individually evaluated for impairment | 87 | |
Collectively evaluated for impairment | 1,388 | |
Allowance for loan losses | 946 | 1,475 |
Individually evaluated for impairment | 128 | |
Collectively evaluated for impairment | 133,108 | |
Total loans | 127,648 | 133,236 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 198 | |
Allowance for loan losses | 549 | 198 |
Collectively evaluated for impairment | 34,677 | |
Total loans | $ 38,189 | $ 34,677 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | |||
Carrying value of goodwill | $ 31,206,000 | $ 31,206,000 | |
Impairment of goodwill recognized | 0 | 0 | |
Carrying value of intangible asset | $ 3,248,000 | $ 3,338,000 | |
Mortgage Servicing Rights | |||
Finite Lived Intangible Assets [Line Items] | |||
Weighted average amortization period | 4 years 2 months 12 days | 5 years 2 months 12 days | |
Loans held for sale | $ 2,900,000 | $ 0 | |
Amount of mortgage loans sold and servicing rights retained | 5,700,000 | 1,800,000 | |
Net gains recognized in gain on loans held for sale | 73,000 | $ 19,000 | |
Fair value of mortgage servicing rights portfolio | 1,300,000 | $ 900,000 | |
Optima Bank And Trust Company | Core Deposit Intangibles | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets acquired | 3,600,000 | ||
Amortization of intangible asset | 90,000 | ||
Carrying value of intangible asset | $ 3,200,000 | $ 3,300,000 | |
Weighted average amortization period | 9 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance, Mortgage servicing rights | $ 1,347 | $ 666 |
Mortgage servicing rights capitalized, Mortgage servicing rights | 32 | 4 |
Amortization charged against servicing income, Mortgage servicing rights | (100) | (23) |
Ending Balance, Mortgage servicing rights | 1,279 | 647 |
Beginning Balance, Valuation allowance | (26) | |
Change in impairment reserve, Valuation allowance | (12) | |
Ending Balance, Valudation allowance | (38) | |
Beginning Balance, Total | 1,321 | 666 |
Mortgage servicing rights capitalized, Total | 32 | 4 |
Amortization charged against servicing income, Total | (100) | (23) |
Change in impairment reserve, Total | (12) | |
Ending Balance, Total | $ 1,241 | $ 647 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Aggregate Estimated Future Amortization Expense (Details) - Mortgage Servicing Rights $ in Thousands | Mar. 31, 2020USD ($) |
Future Amortization Expense | |
Remainder of 2020 | $ 216 |
2021 | 237 |
2022 | 187 |
2023 | 147 |
2024 | 115 |
Thereafter | 377 |
Total | $ 1,279 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Effective tax rate | 22.20% | 21.90% | |
Net deferred tax assets | $ 3,721,000 | $ 8,229,000 | |
Deferred tax assets, valuation allowance | $ 0 | $ 0 | |
Net operating losses carryback period | 5 years | ||
Current federal tax rates | 21.00% | ||
Income tax benefit | $ (2,061,000) | $ (1,740,000) | |
State NOL [Member] | |||
Income Taxes [Line Items] | |||
Income tax benefit | $ 372,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Current income tax expense (benefit) | ||
Federal | $ (478) | $ 371 |
State | 274 | 167 |
Total current income tax expense (benefit) | (204) | 538 |
Deferred income tax expense | ||
Federal | 1,600 | 818 |
State | 665 | 384 |
Total deferred income tax expense | 2,265 | 1,202 |
Total income tax expense | $ 2,061 | $ 1,740 |
Pension and Retirement Plans -
Pension and Retirement Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plan | ||
Net periodic benefit cost | ||
Interest cost | $ 420 | $ 426 |
Expected return on assets | (680) | (709) |
Amortization of prior service cost (credit) | (1) | (1) |
Amortization of net actuarial (gain) loss | 39 | |
Net periodic benefit cost (credit) | (222) | (284) |
Supplemental Retirement Plan | ||
Net periodic benefit cost | ||
Service cost | 71 | 68 |
Interest cost | 87 | 90 |
Net periodic benefit cost (credit) | 158 | 158 |
Postretirement Healthcare Plan | ||
Net periodic benefit cost | ||
Service cost | 6 | 5 |
Interest cost | 6 | 6 |
Amortization of net actuarial (gain) loss | (1) | (1) |
Net periodic benefit cost (credit) | $ 11 | $ 10 |
Pension and Retirement Plans _2
Pension and Retirement Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | |
Profit Sharing Plan | 401(k) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, maximum employee contribution, percent | 100.00% | ||
Profit Sharing Plan | 401(k) | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, employer matching contribution, percent | 4.00% | ||
Profit Sharing Plan | Discretionary Contribution | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Normal retirement age of employees | 65 years | ||
Employee Stock Ownership Plan (ESOP) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, minimum service period required for eligibility | 12 months | ||
Defined contribution plan, minimum number of hours of service per year required for eligibility | 1000 hours | ||
Employee Stock Ownership Plan (ESOP) | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee eligibility age under the plan | 21 years | ||
Profit Sharing and ESOP Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution expense related to plans | $ 966,000 | $ 586,000 | |
Defined Contribution Supplemental Executive Retirement Plan (“DC SERP”) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution expense related to plans | $ 43,000 | $ 43,000 | |
Defined contribution plan, employer matching contribution, percent | 10.00% | ||
Qualified Defined Benefit Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined benefit pension plan | $ 0 | ||
Qualified Defined Benefit Pension Plan | Scenario Forecast | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined benefit pension plan | $ 0 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Shares Issued and Fair Value of RSAs and RSUs (Details) - 2017 Equity and Cash Incentive Plan | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
RSAs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Granted | shares | 10,988 |
Weighted Average Fair Value at Grant Date | $ / shares | $ 75.50 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Granted | shares | 8,775 |
Weighted Average Fair Value at Grant Date | $ / shares | $ 75.50 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - Performance Based Restricted Stock Units - 2017 Equity and Cash Incentive Plan | Jan. 21, 2020$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance-based restricted stock units granted | shares | 27,512 |
Performance-based restricted stock units grant date fair value | $ / shares | $ 75.50 |
Performance-based restricted stock units performance period | 3 years |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Pre-tax Expense Associated with All Outstanding Non-vested RSAs, RSUs, Performance Based Restricted Stock Units and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation [Abstract] | ||
Stock based compensation expense | $ 980 | $ 618 |
Related tax benefits | $ 273 | $ 174 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance-Sheet Risk - Summary of Off-Balance-Sheet Financial Instruments with Contractual Amounts Include Present Credit Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Standby Letters of Credit | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 9,516 | $ 9,150 |
Unused Portion of Existing Lines of Credit | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 417,193 | 428,020 |
Origination of New Loans | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 82,755 | 24,413 |
Commitments to Sell Residential Mortgage Loans | ||
Financial instruments whose notional amount exceeds the amount of credit risk: | ||
Financial instrument notional amount exceeds credit risk | $ 12,984 | $ 3,909 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Description of operating lease expiration terms | operating leases and their terms expire between 2020 and 2030 and, in some instances, contain options to renew for periods up to | |
Renewal option period for operating leases | 30 years | |
Existence of option to expire | true | |
Total rental expense | $ 1,500,000 | $ 1,300,000 |
Operating leases, minimum annual rental payments, receivable under sublease | $ 32,000 | |
Operating leases, minimum annual rental payments receivable period under sublease | through July 31, 2020 | |
Operating leases, rental income under sublease | $ 16,000 | $ 16,000 |
Leases - Summary of Right-of-Us
Leases - Summary of Right-of-Use Asset and Net Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Right-of-use asset | $ 32,312 | $ 33,587 |
Operating lease liabilities | $ 33,813 | $ 35,054 |
Leases - Summary of Components
Leases - Summary of Components of Operating Lease Cost and Other Related Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,389,000 | $ 1,469,000 |
Variable lease cost (Cost excluded from lease payments) | 1,000 | |
Sublease income | (16,000) | (16,000) |
Total Operating Lease Cost | 1,373,000 | 1,454,000 |
Other Information | ||
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from operating leases | 1,327,000 | 1,436,000 |
Operating Lease - Operating cash flows (Liability reduction) | $ 1,026,000 | $ 1,150,000 |
Weighted average lease term - operating leases | 8 years 4 months 9 days | 7 years 11 months 23 days |
Weighted average discount rate - operating leases | 3.38% | 3.39% |
Leases - Schedule of Total Mini
Leases - Schedule of Total Minimum Lease Payments Due in Future Periods for Lease Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Leases Future Minimum Payments Due [Abstract] | ||
Remainder of 2020 | $ 5,478 | |
2021 | 5,523 | |
2022 | 5,371 | |
2023 | 5,021 | |
2024 | 4,355 | |
Thereafter | 14,553 | |
Total minimum lease payments | 40,301 | |
Less: interest | (6,488) | |
Total lease liability | $ 33,813 | $ 35,054 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Current expected capital loss period | 3 years |
Percentage of changes in allowance for credit losses | 25.00% |
Maximum | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Current expected capital loss period | 2 years |
Shareholders' Equity - Minimum
Shareholders' Equity - Minimum Capital Requirements were Considered Well Capitalized by FRB and FDIC (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 279,487,000 | $ 272,727,000 |
Tier I capital (to risk-weighted assets), Actual, Amount | 259,041,000 | 254,497,000 |
Common equity tier I capital (to risk-weighted assets), Actual, Amount | 259,041,000 | 254,497,000 |
Tier I capital (to average assets), Actual, Amount | $ 259,041,000 | $ 254,497,000 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.60% | 13.60% |
Tier I capital (to risk-weighted assets), Actual, Ratio | 12.60% | 12.70% |
Common equity tier I capital (to risk-weighted assets), Actual, Ratio | 12.60% | 12.70% |
Tier I capital (to average assets), Actual, Ratio | 9.20% | 9.00% |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 215,500,000 | $ 210,342,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 174,452,000 | 170,277,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 143,666,000 | 140,228,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 112,520,000 | $ 113,365,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 10.50% | 10.50% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 8.50% | 8.50% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 7.00% | 7.00% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 4.00% | 4.00% |
Cambridge Trust Company | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 273,807,000 | $ 271,034,000 |
Tier I capital (to risk-weighted assets), Actual, Amount | 253,361,000 | 252,804,000 |
Common equity tier I capital (to risk-weighted assets), Actual, Amount | 253,361,000 | 252,804,000 |
Tier I capital (to average assets), Actual, Amount | $ 253,361,000 | $ 252,804,000 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.30% | 13.50% |
Tier I capital (to risk-weighted assets), Actual, Ratio | 12.30% | 12.60% |
Common equity tier I capital (to risk-weighted assets), Actual, Ratio | 12.30% | 12.60% |
Tier I capital (to average assets), Actual, Ratio | 9.00% | 8.90% |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 215,498,000 | $ 210,341,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 174,451,000 | 170,276,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | 143,665,000 | 140,227,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Amount | $ 112,519,000 | $ 113,364,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 10.50% | 10.50% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 8.50% | 8.50% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 7.00% | 7.00% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer, Ratio | 4.00% | 4.00% |
Cambridge Trust Company | Minimum | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 205,236,000 | $ 200,325,000 |
Tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 164,189,000 | 160,260,000 |
Common equity tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 133,403,000 | 130,211,000 |
Tier I capital (to average assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 140,649,000 | $ 141,705,000 |
Total capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common equity tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier I capital (to average assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unrealized (losses)/gains on available for sale securities, before tax amount | ||
Unrealized holding (losses)/gains, before tax amount | $ 3,241 | $ 1,425 |
Reclassification adjustment for (gains)/losses recognized in net income, before tax amount | 87 | |
Derivatives, before tax amount | ||
Change in interest rate contracts, before tax amount | 5,886 | (42) |
Defined benefit retirement plans, before tax amount | ||
Change in retirement liability, before tax amount | (1) | 36 |
Total Other Comprehensive (Loss)/Income, before tax amount | 9,126 | 1,506 |
Unrealized (losses)/gains on available for sale securities, tax (expense) or benefit | ||
Unrealized holding (losses)/gains, tax (expense) or benefit | (741) | (330) |
Reclassification adjustment for (gains)/losses recognized in net income, tax (expense) or benefit | (21) | |
Derivatives, tax (expense) or benefit | ||
Change in interest rate contracts, tax (expense) or benefit | (1,640) | 12 |
Defined benefit retirement plans, tax (expense) or benefit | ||
Change in retirement liability, tax (expense) or benefit | (10) | |
Total Other Comprehensive (Loss)/Income, tax (expense) or benefit | (2,381) | (349) |
Unrealized (losses)/gains on available for sale securities, net-of-tax amount | ||
Unrealized holding (losses)/gains, net-of-tax amount | 2,500 | 1,095 |
Reclassification adjustment for (gains)/losses recognized in net income, net-of-tax amount | 66 | |
Derivatives, net-of-tax amount | ||
Change in interest rate contracts, net-of-tax amount | 4,246 | (30) |
Defined benefit retirement plans, net-of-tax amount | ||
Change in retirement liability, net-of-tax amount | (1) | 26 |
Other comprehensive income | $ 6,745 | $ 1,157 |
Other Comprehensive Income - _2
Other Comprehensive Income - Summary of Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains and losses on available for sale securities | $ (87) | |
Tax benefit | $ (2,061) | (1,740) |
Net income | $ 7,232 | 6,198 |
Reclassifications out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains and losses on available for sale securities | (87) | |
Tax benefit | 21 | |
Net income | $ (66) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Reconciliation Between Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income | $ 7,232 | $ 6,198 |
Less dividends and undistributed earnings allocated to participating securities | (16) | (61) |
Net income applicable to common shareholders | $ 7,216 | $ 6,137 |
Denominator: | ||
Weighted average number of shares outstanding, basic | 5,397,040 | 4,072,805 |
Earnings per common share – basic | $ 1.34 | $ 1.51 |
Numerator: | ||
Net income | $ 7,232 | $ 6,198 |
Less dividends and undistributed earnings allocated to participating securities | (16) | (61) |
Net income applicable to common shareholders | $ 7,216 | $ 6,137 |
Denominator: | ||
Weighted average number of shares outstanding, basic | 5,397,040 | 4,072,805 |
Dilutive effect of common stock equivalents | 35,000 | 34,000 |
Weighted average diluted common shares outstanding | 5,432,099 | 4,106,658 |
Earnings per common share – diluted | $ 1.33 | $ 1.49 |
Derivative And Hedging Activi_3
Derivative And Hedging Activities - Summary of Fair Values of Derivative Instruments in the Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | $ 41,504 | $ 15,912 |
Derivative Liabilities, Fair value | 33,258 | 13,230 |
Derivatives Designated as Hedging Instruments | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 8,749 | 2,911 |
Derivatives Designated as Hedging Instruments | Interest Rate Contracts | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Notional amount | 150,000 | 150,000 |
Derivatives Designated as Hedging Instruments | Interest Rate Contracts | Other Assets | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 8,749 | 2,911 |
Derivatives Not Designated as Hedging Instruments | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 32,755 | 13,001 |
Derivative Liabilities, Fair value | 33,258 | 13,230 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Interest Rate Swaps with Customers | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Notional amount | 281,284 | 241,187 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Interest Rate Swaps with Customers | Other Assets | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 32,721 | 12,980 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Mirror Swaps with Counterparties | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Notional Amount | 281,284 | 241,187 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Mirror Swaps with Counterparties | Other Liabilities | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Fair value | 32,721 | 12,980 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements Out to Counterparties | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Notional amount | 19,000 | 19,000 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements Out to Counterparties | Other Assets | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Assets, Fair value | 34 | 21 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements with Counterparties | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Notional Amount | 101,075 | 88,489 |
Derivatives Not Designated as Hedging Instruments | Loan Related Derivative Contracts | Risk Participation Agreements with Counterparties | Other Liabilities | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative Liabilities, Fair value | $ 537 | $ 250 |
Derivative And Hedging Activi_4
Derivative And Hedging Activities - Summary of Cash Flow Hedge Accounting on AOCI (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Amount of Gain or (Loss) Reclassified from AOCI into Income | $ 112 | $ (48) |
Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component | 161 | |
Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | (49) | (48) |
Interest Rate Contracts | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI | 5,998 | (89) |
Amount of Gain or (Loss) Recognized in OCI Included Component | 6,634 | |
Amount of Gain or (Loss) Recognized in OCI Excluded Component | $ (636) | $ (89) |
Derivative And Hedging Activi_5
Derivative And Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Estimated amount will be reclassified out of AOCI in to earnings | $ 2,300 | |
Fair value of derivative liability | 33,258 | $ 13,230 |
Minimum collateral posting threshold of derivative counterparties | 24,200 | 10,400 |
Notional amount | 23,900 | 9,600 |
Minimum | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Minimum collateral posting threshold of derivative counterparties | 24,100 | 10,400 |
Accrued Interest | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liability | $ 23,900 | $ 9,600 |
Derivative And Hedging Activi_6
Derivative And Hedging Activities - Summary of Derivative Financial Instruments on the Consolidated Income Statement (Details) - Interest Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Total amount of income presented in the income statement in which the effects of cash flow hedges are recorded | $ 112 | $ (48) |
Interest Rate Contracts | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Amount of gain or (loss) reclassed from AOCI into income | 112 | (48) |
Amount of gain or (loss) reclassed from AOCI into income - Included Component | 161 | |
Amount of gain or (loss) reclassed from AOCI into income - Excluded Component | $ (49) | $ (48) |
Derivative And Hedging Activi_7
Derivative And Hedging Activities - Summary of Derivative Financial Instruments Not Designated as Hedging Instruments on the Consolidated Income Statement (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 178 | $ 74 |
Other contracts | Other Income | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 178 | $ 74 |
Derivative And Hedging Activi_8
Derivative And Hedging Activities - Schedule of Financial Instruments Eligible for Offset in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting [Abstract] | ||
Gross Amounts of Recognized, Derivative assets | $ 41,504 | $ 15,912 |
Net Amounts Recognized, Derivative Assets | 41,504 | 15,912 |
Gross Amounts Not Offset, Financial Instruments, Derivative Assets | 8,841 | 3,128 |
Gross Amounts Not Offset, Net amount, Derivative Assets | 32,663 | 12,784 |
Gross Amounts of Recognized, Derivative Liabilities | 33,258 | 13,230 |
Net Amounts Recognized, Derivative Liabilities | 33,258 | 13,230 |
Gross Amounts Not Offset, Financial Instruments, Derivative Liabilities | 8,841 | 3,128 |
Gross Amounts Not Offset, Collateral Pledged (Received), Derivative Liabilities | 23,558 | 9,645 |
Gross Amounts Not Offset, Net amount, Derivative Liabilities | $ 859 | $ 457 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets | ||
Securities available for sale | $ 117,947 | $ 140,330 |
Securities held to maturity | 256,860 | 264,114 |
FHLB Boston stock | 6,268 | 7,854 |
Recurring Basis | Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 42,989 | 61,335 |
Securities available for sale | 117,947 | 140,330 |
Securities held to maturity | 246,906 | 258,172 |
Loans, net | 2,235,639 | 2,208,548 |
Loans held for sale | 2,875 | 1,546 |
FHLB Boston stock | 6,268 | 7,854 |
Accrued interest receivable | 6,872 | 7,052 |
Mortgage servicing rights | 1,241 | 1,321 |
Interest rate contracts | 8,749 | 2,911 |
Loan level interest rate swaps | 32,721 | 12,980 |
Risk participation agreements out to counterparties | 34 | 21 |
Financial liabilities | ||
Deposits | 2,390,359 | 2,358,878 |
Short-term borrowings | 75,147 | 135,691 |
Loan level interest rate swaps | 32,721 | 12,980 |
Risk participation agreements in with counterparties | 537 | 250 |
Recurring Basis | Estimated Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 42,989 | 61,335 |
Securities available for sale | 117,947 | 140,330 |
Securities held to maturity | 256,860 | 264,114 |
Loans, net | 2,201,952 | 2,160,087 |
Loans held for sale | 2,920 | 2,051 |
FHLB Boston stock | 6,268 | 7,854 |
Accrued interest receivable | 6,872 | 7,052 |
Mortgage servicing rights | 1,293 | 1,526 |
Interest rate contracts | 8,749 | 2,911 |
Loan level interest rate swaps | 32,721 | 12,980 |
Risk participation agreements out to counterparties | 34 | 21 |
Financial liabilities | ||
Deposits | 2,390,866 | 2,358,089 |
Short-term borrowings | 75,328 | 75,328 |
Loan level interest rate swaps | 32,721 | 12,980 |
Risk participation agreements in with counterparties | $ 537 | $ 250 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Certain Assets and Liabilities Reported at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 117,947 | $ 140,330 |
U.S. GSE Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 18,590 | 37,848 |
Recurring Basis | U.S. GSE Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 18,590 | 37,848 |
Recurring Basis | U.S. GSE Obligations | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 18,590 | 37,848 |
Recurring Basis | Mortgage Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 99,357 | 102,482 |
Recurring Basis | Mortgage Backed Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 99,357 | 102,482 |
Recurring Basis | Interest Rate Swaps with Customers | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 32,721 | 12,980 |
Recurring Basis | Interest Rate Swaps with Customers | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 32,721 | 12,980 |
Recurring Basis | Risk Participation Agreements Out to Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 34 | 21 |
Recurring Basis | Risk Participation Agreements Out to Counterparties | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 34 | 21 |
Recurring Basis | Interest Rate Contracts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 8,749 | 2,911 |
Recurring Basis | Interest Rate Contracts | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 8,749 | 2,911 |
Recurring Basis | Mirror Swaps with Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 32,721 | 12,980 |
Recurring Basis | Mirror Swaps with Counterparties | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 32,721 | 12,980 |
Recurring Basis | Risk Participation Agreements in With Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 537 | 250 |
Recurring Basis | Risk Participation Agreements in With Counterparties | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | $ 537 | $ 250 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | $ 5,332 | $ 4,250 |
Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 2,875 | 1,546 |
Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 2,457 | 2,704 |
Collateral Dependent Impaired Loans | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 2,541 | |
Collateral Dependent Impaired Loans | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 2,541 | |
Loans Held for Sale | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 2,875 | 1,546 |
Loans Held for Sale | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 2,875 | 1,546 |
Other Real Estate Owned | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | 2,457 | 163 |
Other Real Estate Owned | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, fair value, non-recurring basis | $ 2,457 | $ 163 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Transfers between levels | $ 0 | $ 0 |