Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 0-26589 | |
Entity Registrant Name | FIRST BANCORP, INC | |
Entity Incorporation, State or Country Code | ME | |
Entity Tax Identification Number | 01-0404322 | |
Entity Address, Address Line One | Main Street | |
Entity Address, City or Town | Damariscotta | |
Entity Address, State or Province | ME | |
Entity Address, Postal Zip Code | 04543 | |
City Area Code | 207 | |
Local Phone Number | 563-3195 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,990,612 | |
Entity Central Index Key | 0000765207 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Assets | |||
Cash and cash equivalents | $ 27,092 | $ 26,212 | $ 22,143 |
Interest bearing deposits in other banks | 42,215 | 56,151 | 21,907 |
Securities available for sale | 306,247 | 313,376 | 311,500 |
Securities to be held to maturity (fair value of $383,454,000 at June 30, 2021, $377,134,000 at December 31, 2020 and $352,225,000 at June 30, 2020) | 376,181 | 365,613 | 341,962 |
Restricted equity securities, at cost | 8,839 | 10,545 | 10,545 |
Loans held for sale | 1,147 | 5,855 | 4,950 |
Loans | 1,588,264 | 1,476,761 | 1,451,623 |
Less allowance for loan losses | 17,034 | 16,253 | 14,110 |
Net loans | 1,571,230 | 1,460,508 | 1,437,513 |
Accrued interest receivable | 10,985 | 9,298 | 11,055 |
Premises and equipment, net | 29,503 | 27,251 | 20,712 |
Other real estate owned | 224 | 908 | 851 |
Goodwill | 30,646 | 30,646 | 29,805 |
Other assets | 46,134 | 54,873 | 54,181 |
Total assets | 2,450,443 | 2,361,236 | 2,267,124 |
Liabilities | |||
Demand deposits | 303,168 | 250,219 | 217,377 |
NOW deposits | 553,592 | 520,385 | 432,407 |
Money market deposits | 175,839 | 163,819 | 169,984 |
Savings deposits | 332,520 | 304,603 | 263,720 |
Certificates of deposit | 596,202 | 605,585 | 656,633 |
Total deposits | 1,961,321 | 1,844,611 | 1,740,121 |
Borrowed funds – short term | 173,554 | 206,940 | 223,703 |
Borrowed funds – long term | 55,094 | 55,098 | 55,102 |
Other liabilities | 26,319 | 30,861 | 31,614 |
Total liabilities | 2,216,288 | 2,137,510 | 2,050,540 |
Shareholders' equity | |||
Common stock, one cent par value per share | 110 | 110 | 109 |
Additional paid-in capital | 66,115 | 65,285 | 64,601 |
Retained earnings | 168,908 | 158,359 | 151,083 |
Accumulated other comprehensive income (loss) | |||
Net unrealized gain on securities available for sale | 1,190 | 5,009 | 7,100 |
Net unrealized loss on securities transferred from available for sale to held to maturity | (113) | (133) | (146) |
Net unrealized loss on cash flow hedging derivative instruments | (2,083) | (4,932) | (6,187) |
Net unrealized gain on postretirement costs | 28 | 28 | 24 |
Total shareholders' equity | 234,155 | 223,726 | 216,584 |
Total liabilities & shareholders' equity | $ 2,450,443 | $ 2,361,236 | $ 2,267,124 |
Common Stock | |||
Number of shares authorized (in shares) | 18,000,000 | 18,000,000 | 18,000,000 |
Number of shares issued (in shares) | 10,987,680 | 10,950,289 | 10,933,428 |
Number of shares outstanding (in shares) | 10,987,680 | 10,950,289 | 10,933,428 |
Book value per common share (usd per share) | $ 21.31 | $ 20.43 | $ 19.81 |
Tangible book value per common share (usd per share) | $ 18.49 | $ 17.60 | $ 17.07 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Assets [Abstract] | |||
Securities to be held to maturity, fair value | $ 383,454 | $ 377,134 | $ 352,225 |
Stockholders' Equity [Abstract] | |||
Common stock par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Interest and fees on loans (includes tax-exempt income of $577,000 YTD June 30, 2021 and $608,000 YTD June 30, 2020) | $ 14,840 | $ 14,159 | $ 29,959 | $ 30,015 |
Interest on deposits with other banks | 12 | 5 | 24 | 79 |
Interest and dividends on investments (includes tax-exempt income of $3,894,000 YTD June 30, 2021 and $3,733,000 YTD June 30, 2020) | 3,689 | 4,622 | 7,511 | 9,386 |
Total interest income | 18,541 | 18,786 | 37,494 | 39,480 |
Interest expense | ||||
Interest on deposits | 1,948 | 3,561 | 4,146 | 8,747 |
Interest on borrowed funds | 870 | 734 | 1,752 | 1,324 |
Total interest expense | 2,818 | 4,295 | 5,898 | 10,071 |
Net interest income | 15,723 | 14,491 | 31,596 | 29,409 |
Provision for loan losses | 525 | 2,350 | 1,050 | 2,750 |
Net interest income after provision for loan losses | 15,198 | 12,141 | 30,546 | 26,659 |
Non-interest income | ||||
Net securities gains | 45 | 427 | 164 | 1,179 |
Other operating income | 1,978 | 1,576 | 3,788 | 3,070 |
Total non-interest income | 4,911 | 4,601 | 10,209 | 8,822 |
Non-interest expense | ||||
Salaries and employee benefits | 5,053 | 4,662 | 10,176 | 9,687 |
Occupancy expense | 660 | 695 | 1,413 | 1,408 |
Furniture and equipment expense | 1,185 | 1,138 | 2,400 | 2,254 |
FDIC insurance premiums | 192 | 186 | 391 | 359 |
Amortization of identified intangibles | 18 | 11 | 35 | 22 |
Other operating expense | 2,388 | 2,225 | 4,955 | 6,230 |
Total non-interest expense | 9,496 | 8,917 | 19,370 | 19,960 |
Income before income taxes | 10,613 | 7,825 | 21,385 | 15,521 |
Income tax expense | 1,826 | 1,256 | 3,676 | 2,457 |
NET INCOME | $ 8,787 | $ 6,569 | $ 17,709 | $ 13,064 |
Basic earnings per common share (usd per share) | $ 0.81 | $ 0.61 | $ 1.63 | $ 1.20 |
Diluted earnings per common share (usd per share) | $ 0.80 | $ 0.60 | $ 1.61 | $ 1.20 |
Other comprehensive income (loss) net of tax | ||||
Net unrealized gain (loss) on securities available for sale | $ 971 | $ (790) | $ (3,819) | $ 3,443 |
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization | 11 | 28 | 20 | 36 |
Net unrealized gain (loss) on cash flow hedging derivative instruments | (620) | (1,414) | 2,849 | (6,284) |
Other comprehensive gain (loss) | 362 | (2,176) | (950) | (2,805) |
Comprehensive income (loss) | 9,149 | 4,393 | 16,759 | 10,259 |
Investment management and fiduciary income | ||||
Non-interest income | ||||
Non-interest income | 1,152 | 909 | 2,217 | 1,803 |
Service charges on deposit accounts | ||||
Non-interest income | ||||
Non-interest income | 382 | 305 | 719 | 882 |
Mortgage origination and servicing income, net of amortization | ||||
Non-interest income | ||||
Non-interest income | $ 1,354 | $ 1,384 | $ 3,321 | $ 1,888 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Interest and fees on loans (tax-exempt income) | $ 577 | $ 608 |
Interest and dividends on investments (tax-exempt income) | $ 3,894 | $ 3,733 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock and additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 10,899,210 | |||
Balance at beginning of period at Dec. 31, 2019 | $ 212,508 | $ 64,073 | $ 144,839 | $ 3,596 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 13,064 | 13,064 | ||
Net unrealized gain on securities available for sale, net of tax | 3,443 | 3,443 | ||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization | 36 | 36 | ||
Net unrealized gain (loss) on cash flow hedging derivative instruments | (6,284) | (6,284) | ||
Comprehensive income (loss) | 10,259 | 13,064 | (2,805) | |
Cash dividend declared | (6,666) | (6,666) | ||
Equity compensation expense | 312 | $ 312 | ||
Payment to repurchase common stock (in shares) | (5,297) | |||
Payment to repurchase common stock | (154) | (154) | ||
Issuance of restricted stock (in shares) | 25,845 | |||
Proceeds from sale of common stock (in shares) | 13,670 | |||
Proceeds from sale of common stock | $ 325 | $ 325 | ||
Ending balance (in shares) at Jun. 30, 2020 | 10,933,428 | 10,933,428 | ||
Balance at end of period at Jun. 30, 2020 | $ 216,584 | $ 64,710 | 151,083 | 791 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 6,569 | |||
Net unrealized gain on securities available for sale, net of tax | (790) | |||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization | 28 | |||
Net unrealized gain (loss) on cash flow hedging derivative instruments | (1,414) | |||
Comprehensive income (loss) | $ 4,393 | |||
Ending balance (in shares) at Jun. 30, 2020 | 10,933,428 | 10,933,428 | ||
Balance at end of period at Jun. 30, 2020 | $ 216,584 | $ 64,710 | 151,083 | 791 |
Beginning balance (in shares) at Dec. 31, 2020 | 10,950,289 | 10,950,289 | ||
Balance at beginning of period at Dec. 31, 2020 | $ 223,726 | $ 65,395 | 158,359 | (28) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 17,709 | 17,709 | ||
Net unrealized gain on securities available for sale, net of tax | (3,819) | (3,819) | ||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization | 20 | 20 | ||
Net unrealized gain (loss) on cash flow hedging derivative instruments | 2,849 | 2,849 | ||
Comprehensive income (loss) | 16,759 | 17,709 | (950) | |
Cash dividend declared | (6,920) | (6,920) | ||
Equity compensation expense | 490 | $ 490 | ||
Payment to repurchase common stock (in shares) | (9,561) | |||
Payment to repurchase common stock | (240) | (240) | ||
Issuance of restricted stock (in shares) | 34,689 | |||
Proceeds from sale of common stock (in shares) | 12,263 | |||
Proceeds from sale of common stock | $ 340 | $ 340 | ||
Ending balance (in shares) at Jun. 30, 2021 | 10,987,680 | 10,987,680 | ||
Balance at end of period at Jun. 30, 2021 | $ 234,155 | $ 66,225 | 168,908 | (978) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 8,787 | |||
Net unrealized gain on securities available for sale, net of tax | 971 | |||
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization | 11 | |||
Net unrealized gain (loss) on cash flow hedging derivative instruments | (620) | |||
Comprehensive income (loss) | $ 9,149 | |||
Ending balance (in shares) at Jun. 30, 2021 | 10,987,680 | 10,987,680 | ||
Balance at end of period at Jun. 30, 2021 | $ 234,155 | $ 66,225 | $ 168,908 | $ (978) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (usd per share) | $ 0.63 | $ 0.61 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 17,709 | $ 13,064 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 1,033 | 1,071 |
Change in deferred taxes | 563 | (412) |
Provision for loan losses | 1,050 | 2,750 |
Loans originated for resale | (32,010) | (51,496) |
Proceeds from sales and transfers of loans | 38,747 | 47,660 |
Net gain on sales of loans | (2,029) | (960) |
Net gain on sale or call of securities | (164) | (1,179) |
Net amortization of premiums on investments | 1,249 | 831 |
Net (gain) loss on sale of other real estate owned | (105) | 29 |
Equity compensation expense | 490 | 312 |
Net (increase) decrease in other assets and accrued interest | 10,543 | (17,880) |
Net increase (decrease) in other liabilities | (4,926) | 11,264 |
Net (gain) loss on disposal of premises and equipment | 2 | (3) |
Amortization of investment in limited partnership | 154 | 156 |
Net acquisition amortization | 35 | 22 |
Net cash provided by operating activities | 32,341 | 5,229 |
Cash flows from investing activities | ||
(Increase) decrease in interest-bearing deposits in other banks | 13,936 | (10,597) |
Proceeds from sales of securities available for sale | 15,692 | 70,869 |
Proceeds from maturities, payments and calls of securities available for sale | 66,338 | 49,294 |
Proceeds from maturities, payments, calls and sales of securities to be held to maturity | 59,410 | 47,754 |
Proceeds from sales of other real estate owned | 789 | 193 |
Purchases of securities available for sale | (80,581) | (66,660) |
Purchases of securities to be held to maturity | (70,192) | (107,842) |
Redemption of restricted equity securities | 1,706 | 0 |
Purchase of restricted equity securities | 0 | (1,563) |
Net increase in loans | (111,772) | (155,621) |
Capital expenditures | (3,297) | (475) |
Net cash used by investing activities | (107,971) | (174,648) |
Cash flows from financing activities | ||
Net increase in demand, savings, and money market accounts | 126,093 | 123,001 |
Net decrease in certificates of deposit | (9,383) | (33,346) |
Net increase (decrease) in short-term borrowings | (33,386) | 48,853 |
Advances on long-term borrowings | 0 | 44,997 |
Repayment on long-term borrowings | (4) | 0 |
Payment to repurchase common stock | (240) | (154) |
Proceeds from sale of common stock | 340 | 325 |
Dividends paid | (6,910) | (6,547) |
Net cash provided by financing activities | 76,510 | 177,129 |
Net increase in cash and cash equivalents | 880 | 7,710 |
Cash and cash equivalents at beginning of period | 26,212 | 14,433 |
Cash and cash equivalents at end of period | 27,092 | 22,143 |
Interest paid | 6,282 | 10,317 |
Income taxes paid | 2,633 | 2,261 |
Non-cash transactions | ||
Net transfer from loans to other real estate owned | $ 0 | $ 794 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The First Bancorp, Inc. ("the Company") is a financial holding company that owns all of the common stock of First National Bank ("the Bank"). The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2021 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2020. Risks and Uncertainties The impact of the coronavirus disease (COVID-19) continues to cause disruption and uncertainty in the local, national, and world economies. To curtail spread of the virus, governments at all levels encouraged social distancing and many imposed restrictions on travel and group meetings, and/or mandated shut-downs of all but essential businesses. Vaccination efforts have led to a general re-opening of the economy with few remaining restrictions. The Company’s business, financial condition, and results of operations generally rely upon the ability of the Bank’s borrowers to repay their loans, the value of collateral underlying the Bank’s secured loans, and demand for loans and other products and services the Bank offers, which are highly dependent on the business environment in the Bank’s primary markets where it operates and in the United States as a whole. The Bank's primary market is the State of Maine, which relies upon tourism for a significant percentage of its economic activity. In 2020, COVID-19 adversely impacted the tourism industry to a greater degree than other industries; early data and anecdotal evidence suggest a strong rebound in tourism in 2021, limited in some cases by available labor. The highly transmissible Delta variant of COVID-19 has become the dominant strain with regional outbreaks occurring, though not in the Bank's primary market area to date. The severity of these outbreaks could result in further disruption with an indeterminable impact on the Company's operating results. Subsequent Events Events occurring subsequent to June 30, 2021, have been evaluated as to their potential impact to the financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2021: Amortized Unrealized Gains Unrealized Losses Fair Value (Estimated) Securities available for sale U.S. Government-sponsored agencies $ 23,045,000 $ — $ (848,000) $ 22,197,000 Mortgage-backed securities 245,187,000 3,264,000 (2,161,000) 246,290,000 State and political subdivisions 31,544,000 1,170,000 (26,000) 32,688,000 Asset-backed securities 4,964,000 108,000 — 5,072,000 $ 304,740,000 $ 4,542,000 $ (3,035,000) $ 306,247,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 35,600,000 $ 45,000 $ (897,000) $ 34,748,000 Mortgage-backed securities 69,086,000 406,000 (1,424,000) 68,068,000 State and political subdivisions 253,245,000 8,829,000 (161,000) 261,913,000 Corporate securities 18,250,000 497,000 (22,000) 18,725,000 $ 376,181,000 $ 9,777,000 $ (2,504,000) $ 383,454,000 Restricted equity securities Federal Home Loan Bank Stock $ 7,802,000 $ — $ — $ 7,802,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 8,839,000 $ — $ — $ 8,839,000 The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2020: Amortized Unrealized Gains Unrealized Losses Fair Value (Estimated) Securities available for sale U.S. Government-sponsored agencies $ 23,045,000 $ — $ (315,000) $ 22,730,000 Mortgage-backed securities 238,516,000 5,507,000 (617,000) 243,406,000 State and political subdivisions 37,752,000 1,722,000 — 39,474,000 Asset-backed securities 7,723,000 43,000 — 7,766,000 $ 307,036,000 $ 7,272,000 $ (932,000) $ 313,376,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 44,149,000 $ 143,000 $ (18,000) $ 44,274,000 Mortgage-backed securities 53,594,000 736,000 (195,000) 54,135,000 State and political subdivisions 245,620,000 10,427,000 (3,000) 256,044,000 Corporate securities 22,250,000 433,000 (2,000) 22,681,000 $ 365,613,000 $ 11,739,000 $ (218,000) $ 377,134,000 Restricted equity securities Federal Home Loan Bank Stock $ 9,508,000 $ — $ — $ 9,508,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 10,545,000 $ — $ — $ 10,545,000 The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2020: Amortized Unrealized Gains Unrealized Losses Fair Value (Estimated) Securities available for sale U.S. Government-sponsored agencies $ 15,500,000 $ 68,000 $ (12,000) $ 15,556,000 Mortgage-backed securities 267,805,000 7,937,000 (251,000) 275,491,000 State and political subdivisions 19,208,000 1,245,000 — 20,453,000 $ 302,513,000 $ 9,250,000 $ (263,000) $ 311,500,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 31,144,000 $ 177,000 $ — $ 31,321,000 Mortgage-backed securities 50,983,000 1,089,000 (52,000) 52,020,000 State and political subdivisions 245,085,000 8,492,000 (32,000) 253,545,000 Corporate securities 14,750,000 589,000 — 15,339,000 $ 341,962,000 $ 10,347,000 $ (84,000) $ 352,225,000 Restricted equity securities Federal Home Loan Bank Stock $ 9,508,000 $ — $ — $ 9,508,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 10,545,000 $ — $ — $ 10,545,000 The following table summarizes the contractual maturities of investment securities at June 30, 2021: Securities available for sale Securities to be held to maturity Amortized Fair Value (Estimated) Amortized Fair Value (Estimated) Due in 1 year or less $ — $ — $ 3,813,000 $ 3,800,000 Due in 1 to 5 years 5,683,000 5,909,000 20,629,000 21,477,000 Due in 5 to 10 years 38,136,000 39,018,000 167,850,000 173,699,000 Due after 10 years 260,921,000 261,320,000 183,889,000 184,478,000 $ 304,740,000 $ 306,247,000 $ 376,181,000 $ 383,454,000 The following table summarizes the contractual maturities of investment securities at December 31, 2020: Securities available for sale Securities to be held to maturity Amortized Fair Value (Estimated) Amortized Fair Value (Estimated) Due in 1 year or less $ 117,000 $ 120,000 $ 3,607,000 $ 3,641,000 Due in 1 to 5 years 17,718,000 17,915,000 30,867,000 31,792,000 Due in 5 to 10 years 49,697,000 51,001,000 183,679,000 190,153,000 Due after 10 years 239,504,000 244,340,000 147,460,000 151,548,000 $ 307,036,000 $ 313,376,000 $ 365,613,000 $ 377,134,000 The following table summarizes the contractual maturities of investment securities at June 30, 2020: Securities available for sale Securities to be held to maturity Amortized Fair Value (Estimated) Amortized Fair Value (Estimated) Due in 1 year or less $ 584,000 $ 573,000 $ 1,860,000 $ 1,863,000 Due in 1 to 5 years 26,736,000 27,310,000 32,303,000 33,367,000 Due in 5 to 10 years 63,422,000 65,575,000 179,877,000 185,994,000 Due after 10 years 211,771,000 218,042,000 127,922,000 131,001,000 $ 302,513,000 $ 311,500,000 $ 341,962,000 $ 352,225,000 At June 30, 2021, securities with a fair value of $291,913,000 were pledged to secure public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a fair value of $297,326,000 as of December 31, 2020 and $245,917,000 at June 30, 2020, pledged for the same purposes. Gains and losses on the sale of securities are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. The following table shows securities gains and losses for the six months and quarters ended June 30, 2021 and 2020: For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Proceeds from sales of securities $ 15,692,000 $ 79,469,000 $ 14,478,000 $ 10,849,000 Gross realized gains 626,000 1,526,000 507,000 428,000 Gross realized losses (462,000) (347,000) (462,000) (1,000) Net gain $ 164,000 $ 1,179,000 $ 45,000 $ 427,000 Related income taxes $ 34,000 $ 248,000 $ 9,000 $ 90,000 Prior year sales included 28 municipal securities sold in the second quarter of 2020 that had been designated as Held to Maturity. Proceeds from these sales totaled $8,600,000 against a cumulative book value of $8,313,000 resulting in a net realized gain of $268,000. The potential economic impact of COVID-19 was considered to be an isolated and unusual event that could not be reasonably anticipated as outlined in Accounting Standards Codification (ASC) Section 320-10-25. Management conducted a review of its municipal bond portfolio in conjunction with risk mitigation efforts related to the onset of the COVID-19 virus; the intent of the review was to identify investment exposures with lower relative credit ratings, locales with perceived above average economic risk, municipal entities with reliance upon sales tax or income tax revenue, or any combination of these factors. Each of the sold positions met one or more of the criteria. Management reviews securities with unrealized losses for other than temporary impairment. As of June 30, 2021, there were 112 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. The Company has the ability and intent to hold its impaired securities until a recovery of their amortized cost, which may be at maturity. Information regarding securities temporarily impaired as of June 30, 2021 is summarized below: Less than 12 months 12 months or more Total Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses U.S. Government-sponsored agencies $ 53,750,000 $ (1,745,000) $ — $ — $ 53,750,000 $ (1,745,000) Mortgage-backed securities 202,134,000 (3,403,000) 5,168,000 (182,000) 207,302,000 (3,585,000) State and political subdivisions 17,053,000 (187,000) — — 17,053,000 (187,000) Corporate securities 3,478,000 (22,000) — — 3,478,000 (22,000) $ 276,415,000 $ (5,357,000) $ 5,168,000 $ (182,000) $ 281,583,000 $ (5,539,000) As of December 31, 2020, there were 50 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 10 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2020 is summarized below: Less than 12 months 12 months or more Total Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses U.S. Government-sponsored agencies $ 30,212,000 $ (333,000) $ — $ — $ 30,212,000 $ (333,000) Mortgage-backed securities 65,505,000 (724,000) 3,878,000 (88,000) 69,383,000 (812,000) State and political subdivisions 855,000 (3,000) — — 855,000 (3,000) Corporate securities 2,498,000 (2,000) — — 2,498,000 (2,000) $ 99,070,000 $ (1,062,000) $ 3,878,000 $ (88,000) $ 102,948,000 $ (1,150,000) As of June 30, 2020, there were 52 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of June 30, 2020 is summarized below: Less than 12 months 12 months or more Total Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses U.S. Government-sponsored agencies $ 7,988,000 $ (12,000) $ — $ — $ 7,988,000 $ (12,000) Mortgage-backed securities 28,116,000 (160,000) 4,771,000 (143,000) 32,887,000 (303,000) State and political subdivisions 7,623,000 (32,000) — — 7,623,000 (32,000) $ 43,727,000 $ (204,000) $ 4,771,000 $ (143,000) $ 48,498,000 $ (347,000) During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 with a corresponding fair value of $89,757,000 from available for sale to held to maturity. The net unrealized loss, net of taxes, on these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be reported in accumulated other comprehensive income (loss), net of tax and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the net unrealized loss reported in accumulated other comprehensive income (loss) will offset the effect on interest income of the discount for the transferred securities. The remaining unamortized balance of the net unrealized losses for the securities transferred from available for sale to held to maturity was $113,000, net of taxes, at June 30, 2021. This compares to $133,000 and $146,000, net of taxes, at December 31, 2020 and June 30, 2020, respectively. These securities were transferred as a part of the Company's overall investment and balance sheet strategies. The Bank is a member of the Federal Home Loan Bank ("FHLB") of Boston, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLB, the Bank must own a minimum required amount of FHLB stock, calculated periodically based primarily on its level of borrowings from the FHLB. The Bank uses the FHLB for a portion of its wholesale funding needs. As of June 30, 2021 and 2020, and December 31, 2020, the Bank's investment in FHLB stock totaled $7,802,000, $9,508,000 and $9,508,000, respectively. FHLB stock is a non-marketable equity security and therefore is reported at cost, which equals par value. The Company periodically evaluates its investment in FHLB stock for impairment based on, among other factors, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through June 30, 2021. The Company will continue to monitor its investment in FHLB stock. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Loans The following table shows the composition of the Company's loan portfolio as of June 30, 2021 and 2020 and at December 31, 2020: June 30, 2021 December 31, 2020 June 30, 2020 Commercial Real estate $ 527,415,000 33.2 % $ 442,121,000 29.9 % $ 397,155,000 27.4 % Construction 65,794,000 4.1 % 56,565,000 3.8 % 47,169,000 3.2 % Other 298,747,000 18.8 % 285,015,000 19.3 % 327,967,000 22.6 % Municipal 41,079,000 2.6 % 43,783,000 3.0 % 49,644,000 3.4 % Residential Term 523,344,000 33.0 % 522,070,000 35.3 % 499,693,000 34.4 % Construction 29,818,000 1.9 % 21,600,000 1.5 % 14,707,000 1.1 % Home equity line of credit 77,709,000 4.9 % 79,750,000 5.4 % 87,019,000 6.0 % Consumer 24,358,000 1.5 % 25,857,000 1.8 % 28,269,000 1.9 % Total $ 1,588,264,000 100.0 % $ 1,476,761,000 100.0 % $ 1,451,623,000 100.0 % Loan balances include net deferred loan costs of $5,447,000 as of June 30, 2021, $6,931,000 as of December 31, 2020, and $4,866,000 as of June 30, 2020. The decrease in net deferred loan costs year-to-date is attributable to unearned fees and deferred costs associated with PPP loans originated in 2020 and during the first and second quarters of 2021. Pursuant to collateral agreements, qualifying first mortgage loans and commercial real estate loans, which totaled $356,811,000 at June 30, 2021, were used to collateralize borrowings from the FHLB. This compares to qualifying loans which totaled $378,183,000 at December 31, 2020, and $399,525,000 at June 30, 2020. In addition, commercial, construction and home equity loans totaling $259,312,000 at June 30, 2021, $259,599,000 at December 31, 2020, and $264,343,000 at June 30, 2020, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston. For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of June 30, 2021, is presented in the following table: 30-59 Days 60-89 Days 90+ Days All Current Total 90+ Days Commercial Real estate $ 75,000 $ — $ 191,000 $ 266,000 $ 527,149,000 $ 527,415,000 $ — Construction 13,000 — 16,000 29,000 65,765,000 65,794,000 — Other 62,000 — 821,000 883,000 297,864,000 298,747,000 — Municipal — — — — 41,079,000 41,079,000 — Residential Term 134,000 773,000 715,000 1,622,000 521,722,000 523,344,000 — Construction — — — — 29,818,000 29,818,000 — Home equity line of credit 43,000 — 246,000 289,000 77,420,000 77,709,000 17,000 Consumer 140,000 104,000 87,000 331,000 24,027,000 24,358,000 87,000 Total $ 467,000 $ 877,000 $ 2,076,000 $ 3,420,000 $ 1,584,844,000 $ 1,588,264,000 $ 104,000 On March 22, 2020, banking regulators issued an Interagency Statement on Loan Modifications and Reporting in response to the onset of COVID-19; shortly thereafter, on March 30, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. Both the Interagency Statement and the CARES Act provided an exemption for qualified modifications from Troubled Debt Restructure (TDR) designation, which was extended by the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020. The Company actively worked with borrowers impacted by the COVID-19 outbreak and as of June 30, 2021, a total of 1,050 loan modification requests for interest-only payments or deferred payments had been completed in conformance with the Interagency Statement or CARES Act, representing $291,668,000 in loan balances, or approximately 19.0% of the loan portfolio excluding PPP balances. One of these modifications of de minimis amount has been classified as a Troubled Debt Restructure since being modified. So long as modified terms are met, loans in an active modification are not included in past due loan totals and continue to accrue interest. As of June 30, 2021, loans totaling $21,965,000, or 1.4% of all loans, remained in either their original modification or a subsequent modification. Modification statuses by portfolio segment are summarized below: Commercial/Municipal Loan Modifications Units Percentage Balance Percentage Paid Off 121 20 % $ 19,750,000 8 % Subsequent Modification 13 2 % 7,800,000 3 % Still in Original Modification 2 — % 228,000 — % Out of Modification 469 78 % 209,919,000 89 % Total 605 100 % $ 237,697,000 100 % Residential Real Estate Modifications Units Percentage Balance Percentage Paid Off 57 15 % $ 10,535,000 20 % Subsequent Modification 115 30 % 13,320,000 25 % Still in Original Modification 6 2 % 574,000 1 % Out of Modification 198 53 % 28,483,000 54 % Total 376 100 % $ 52,912,000 100 % Consumer Loan Modifications Units Percentage Balance Percentage Paid Off 21 30 % $ 179,000 17 % Subsequent Modification 2 3 % 43,000 4 % Out of Modification 46 67 % 837,000 79 % Total 69 100 % $ 1,059,000 100 % Information on the past-due status of loans by class of financing receivable as of December 31, 2020, is presented in the following table: 30-59 Days 60-89 Days 90+ Days All Current Total 90+ Days Commercial Real estate $ 139,000 $ 190,000 $ 226,000 $ 555,000 $ 441,566,000 $ 442,121,000 $ — Construction 13,000 — 80,000 93,000 56,472,000 56,565,000 — Other 490,000 62,000 2,082,000 2,634,000 282,381,000 285,015,000 1,464,000 Municipal — — — — 43,783,000 43,783,000 — Residential Term 540,000 1,799,000 1,616,000 3,955,000 518,115,000 522,070,000 23,000 Construction — — — — 21,600,000 21,600,000 — Home equity line of credit 1,645,000 324,000 367,000 2,336,000 77,414,000 79,750,000 — Consumer 89,000 42,000 18,000 149,000 25,708,000 25,857,000 18,000 Total $ 2,916,000 $ 2,417,000 $ 4,389,000 $ 9,722,000 $ 1,467,039,000 $ 1,476,761,000 $ 1,505,000 Information on the past-due status of loans by class of financing receivable as of June 30, 2020, is presented in the following table: 30-59 Days 60-89 Days 90+ Days All Current Total 90+ Days Commercial Real estate $ 134,000 $ 76,000 $ 1,048,000 $ 1,258,000 $ 395,897,000 $ 397,155,000 $ — Construction — — — — 47,169,000 47,169,000 — Other 172,000 11,000 1,741,000 1,924,000 326,043,000 327,967,000 1,464,000 Municipal — — — — 49,644,000 49,644,000 — Residential Term 270,000 1,413,000 1,850,000 3,533,000 496,160,000 499,693,000 — Construction — — — — 14,707,000 14,707,000 — Home equity line of credit 896,000 145,000 1,540,000 2,581,000 84,438,000 87,019,000 — Consumer 146,000 106,000 9,000 261,000 28,008,000 28,269,000 4,000 Total $ 1,618,000 $ 1,751,000 $ 6,188,000 $ 9,557,000 $ 1,442,066,000 $ 1,451,623,000 $ 1,468,000 For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future. Cash payments received on non-accrual loans, which are included in impaired loans, are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected, or when it otherwise becomes well secured and in the process of collection. Information on nonaccrual loans as of June 30, 2021 and 2020 and at December 31, 2020 is presented in the following table: June 30, 2021 December 31, 2020 June 30, 2020 Commercial Real estate $ 1,029,000 $ 543,000 $ 1,245,000 Construction 105,000 89,000 232,000 Other 1,452,000 1,481,000 323,000 Municipal — — — Residential Term 3,820,000 3,593,000 4,685,000 Construction — — — Home equity line of credit 575,000 1,015,000 1,854,000 Consumer — — 5,000 Total $ 6,981,000 $ 6,721,000 $ 8,344,000 Impaired loans include TDR loans and loans placed on non-accrual. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference, or, in certain situations, if the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, the difference is written off. A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2021 is presented in the following table: For the six months ended June 30, 2021 For the quarter ended June 30, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 2,145,000 $ 2,490,000 $ — $ 2,295,000 $ 35,000 $ 2,412,000 $ 18,000 Construction 106,000 106,000 — 92,000 — 94,000 — Other 1,567,000 1,638,000 — 1,615,000 8,000 1,575,000 3,000 Municipal — — — — — — — Residential Term 7,506,000 8,770,000 — 7,256,000 68,000 7,329,000 33,000 Construction — — — — — — — Home equity line of credit 574,000 607,000 — 815,000 — 756,000 — Consumer 6,000 6,000 — 7,000 — — — $ 11,904,000 $ 13,617,000 $ — $ 12,080,000 $ 111,000 $ 12,166,000 $ 54,000 With an Allowance Recorded Commercial Real estate $ 929,000 $ 956,000 $ 167,000 $ 954,000 $ 20,000 $ 939,000 $ 11,000 Construction 681,000 681,000 19,000 681,000 11,000 681,000 5,000 Other 422,000 439,000 403,000 498,000 5,000 471,000 5,000 Municipal — — — — — — — Residential Term 1,620,000 1,662,000 118,000 1,810,000 23,000 1,662,000 7,000 Construction — — — — — — — Home equity line of credit 22,000 22,000 — 11,000 — 15,000 — Consumer — — — — — — — $ 3,674,000 $ 3,760,000 $ 707,000 $ 3,954,000 $ 59,000 $ 3,768,000 $ 28,000 Total Commercial Real estate $ 3,074,000 $ 3,446,000 $ 167,000 $ 3,249,000 $ 55,000 $ 3,351,000 $ 29,000 Construction 787,000 787,000 19,000 773,000 11,000 775,000 5,000 Other 1,989,000 2,077,000 403,000 2,113,000 13,000 2,046,000 8,000 Municipal — — — — — — — Residential Term 9,126,000 10,432,000 118,000 9,066,000 91,000 8,991,000 40,000 Construction — — — — — — — Home equity line of credit 596,000 629,000 — 826,000 — 771,000 — Consumer 6,000 6,000 — 7,000 — — — $ 15,578,000 $ 17,377,000 $ 707,000 $ 16,034,000 $ 170,000 $ 15,934,000 $ 82,000 Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash basis as received. A breakdown of impaired loans by class of financing receivable as of and for the year ended December 31, 2020 is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 2,060,000 $ 2,368,000 $ — $ 4,123,000 $ 127,000 Construction 89,000 89,000 — 358,000 — Other 1,591,000 1,623,000 — 999,000 15,000 Municipal — — — — — Residential Term 7,335,000 8,629,000 — 8,773,000 193,000 Construction — — — — — Home equity line of credit 1,015,000 1,089,000 — 1,219,000 — Consumer 8,000 8,000 — 1,000 1,000 $ 12,098,000 $ 13,806,000 $ — $ 15,473,000 $ 336,000 With an Allowance Recorded Commercial Real estate $ 969,000 $ 995,000 $ 112,000 $ 1,018,000 $ 43,000 Construction 681,000 681,000 18,000 579,000 30,000 Other 188,000 202,000 169,000 1,193,000 3,000 Municipal — — — — — Residential Term 2,079,000 2,134,000 163,000 2,073,000 65,000 Construction — — — — — Home equity line of credit 24,000 24,000 — 744,000 1,000 Consumer — — — 8,000 — $ 3,941,000 $ 4,036,000 $ 462,000 $ 5,615,000 $ 142,000 Total Commercial Real estate $ 3,029,000 $ 3,363,000 $ 112,000 $ 5,141,000 $ 170,000 Construction 770,000 770,000 18,000 937,000 30,000 Other 1,779,000 1,825,000 169,000 2,192,000 18,000 Municipal — — — — — Residential Term 9,414,000 10,763,000 163,000 10,846,000 258,000 Construction — — — — — Home equity line of credit 1,039,000 1,113,000 — 1,963,000 1,000 Consumer 8,000 8,000 — 9,000 1,000 $ 16,039,000 $ 17,842,000 $ 462,000 $ 21,088,000 $ 478,000 A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2020 is presented in the following table: For the six months ended June 30, 2020 For the quarter ended June 30, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 4,757,000 $ 5,013,000 $ — $ 4,975,000 $ 84,000 $ 4,794,000 $ 37,000 Construction 233,000 257,000 — 475,000 — 234,000 — Other 713,000 737,000 — 787,000 13,000 781,000 10,000 Municipal — — — — — — — Residential Term 8,293,000 9,620,000 — 9,746,000 92,000 9,478,000 25,000 Construction — — — — — — — Home equity line of credit 1,299,000 1,362,000 — 1,207,000 8,000 1,228,000 4,000 Consumer — — — — — — — $ 15,295,000 $ 16,989,000 $ — $ 17,190,000 $ 197,000 $ 16,515,000 $ 76,000 With an Allowance Recorded Commercial Real estate $ 992,000 $ 1,015,000 $ 199,000 $ 1,034,000 $ 21,000 $ 1,004,000 $ 13,000 Construction 701,000 701,000 20,000 468,000 17,000 701,000 7,000 Other 140,000 159,000 132,000 2,213,000 — 157,000 — Municipal — — — — — — — Residential Term 2,018,000 2,047,000 269,000 1,900,000 36,000 1,800,000 23,000 Construction — — — — — — — Home equity line of credit 862,000 862,000 292,000 1,038,000 — 951,000 — Consumer 5,000 5,000 5,000 15,000 — 5,000 — $ 4,718,000 $ 4,789,000 $ 917,000 $ 6,668,000 $ 74,000 $ 4,618,000 $ 43,000 Total Commercial Real estate $ 5,749,000 $ 6,028,000 $ 199,000 $ 6,009,000 $ 105,000 $ 5,798,000 $ 50,000 Construction 934,000 958,000 20,000 943,000 17,000 935,000 7,000 Other 853,000 896,000 132,000 3,000,000 13,000 938,000 10,000 Municipal — — — — — — — Residential Term 10,311,000 11,667,000 269,000 11,646,000 128,000 11,278,000 48,000 Construction — — — — — — — Home equity line of credit 2,161,000 2,224,000 292,000 2,245,000 8,000 2,179,000 4,000 Consumer 5,000 5,000 5,000 15,000 — 5,000 — $ 20,013,000 $ 21,778,000 $ 917,000 $ 23,858,000 $ 271,000 $ 21,133,000 $ 119,000 Troubled Debt Restructured A "TDR" constitutes a restructuring of debt if the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or not a loan should be classified as a TDR, Management evaluates a loan based upon the following criteria: • The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender, and • The Company has granted a concession; common concession types include maturity date extension, interest rate adjustments to below market pricing, and deferment of payments. As of June 30, 2021, the Company had 72 loans with a balance of $10,782,000 that have been classified as TDRs. This compares to 74 loans with a balance of $11,534,000 and 78 loans with a balance of $14,013,000 classified as TDRs as of December 31, 2020 and June 30, 2020, respectively. The impairment carried as a specific reserve in the allowance for loan losses is determined by calculating the present value of the expected cash flows on the loan at the original interest rate, or, for collateral-dependent loans, using the fair value of the collateral less costs to sell. The following table shows TDRs by class and the specific reserve as of June 30, 2021: Number of Loans Balance Specific Reserves Commercial Real estate 13 $ 2,490,000 $ 166,000 Construction 2 762,000 19,000 Other 7 956,000 357,000 Municipal — — — Residential Term 48 6,546,000 118,000 Construction — — — Home equity line of credit 1 22,000 — Consumer 1 6,000 — 72 $ 10,782,000 $ 660,000 The following table shows TDRs by class and the specific reserve as of December 31, 2020: Number of Loans Balance Specific Reserves Commercial Real estate 13 $ 2,558,000 $ 106,000 Construction 1 681,000 18,000 Other 6 717,000 96,000 Municipal — — — Residential Term 51 7,384,000 149,000 Construction — — — Home equity line of credit 2 186,000 — Consumer 1 8,000 — 74 $ 11,534,000 $ 369,000 The following table shows TDRs by class and the specific reserve as of June 30, 2020: Number of Loans Balance Specific Reserves Commercial Real estate 16 $ 4,585,000 $ 194,000 Construction 1 701,000 20,000 Other 7 777,000 131,000 Municipal — — — Residential Term 51 7,477,000 198,000 Construction — — — Home equity line of credit 3 473,000 — Consumer — — — 78 $ 14,013,000 $ 543,000 As of June 30, 2021, 11 of the loans classified as TDRs with a total balance of $737,000 were more than 30 days past due. Of these loans, none had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2021: Number of Loans Balance Specific Reserves Commercial Real estate 1 $ 25,000 $ 25,000 Construction — — — Other 4 419,000 92,000 Municipal — — — Residential Term 5 287,000 — Construction — — — Home equity line of credit — — — Consumer 1 6,000 — 11 $ 737,000 $ 117,000 As of June 30, 2020, 11 of the loans classified as TDRs with a total balance of $1,479,000 were more than 30 days past due. Of these loans, one had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2020: Number of Loans Balance Specific Reserves Commercial Real estate — $ — $ — Construction — — Other 3 247,000 131,000 Municipal — — Residential Term 7 1,066,000 — Construction — — — Home equity line of credit 1 166,000 — Consumer — — — 11 $ 1,479,000 $ 131,000 For the six months ended June 30, 2021, three loans were placed on TDR status. The following table shows this TDR, by class and the associated specific reserve included in the allowance for loan losses as of June 30, 2021: Number of Loans Pre-Modification Post-Modification Outstanding Specific Reserves Commercial Real estate — $ — $ — $ — Construction 1 80,000 80,000 — Other 1 261,000 261,000 261,000 Municipal — — — — Residential Term 1 9,000 4,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 3 $ 350,000 $ 345,000 $ 261,000 For the six months ended June 30, 2020, two loans were placed on TDR status. The following table shows these TDRs by class and associated specific reserves included in the allowance for loan losses as of June 30, 2020: Number of Loans Pre-Modification Post-Modification Outstanding Specific Reserves Commercial Real estate — $ — $ — $ — Construction — — — — Other — — — — Municipal — — — — Residential Term 2 235,000 188,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 2 $ 235,000 $ 188,000 $ — For the quarter ended June 30, 2021, two loans were placed on TDR status. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2021: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserves Commercial Real estate — $ — $ — $ — Construction 1 80,000 80,000 — Other — — — — Municipal — — — — Residential Term 1 9,000 4,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 2 $ 89,000 $ 84,000 $ — For the quarter June 30, 2020, no loans were placed on TDR status. As of June 30, 2021, Management is aware of eight loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $993,000. There were also 21 loans with an outstanding balance of $1,804,000 that were classified as TDRs and on non-accrual status, of which no loans were in the process of foreclosure. Residential Mortgage Loans in Process of Foreclosure As of June 30, 2021, there were 12 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $912,000. This compares to 15 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $2,028,000 as of June 30, 2020. |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The Company provides for loan losses through the establishment of an allowance for loan losses which represents an estimated reserve for existing losses in the loan portfolio. A systematic methodology is used for determining the allowance that includes a quarterly review process, risk rating changes, and adjustments to the allowance. The loan portfolio is classified in eight classes and credit risk is evaluated separately in each class. Major risk characteristics relevant to each portfolio segment are as follows: Commercial Real Estate - Commercial real estate loans are impacted by factors such as competitive market forces, vacancy rates, cap rates, net operating incomes, lease renewals, and overall economic demand. In addition, loans in the recreational and tourism sector can be affected by weather conditions, such as unseasonably low winter snowfalls. Commercial real estate lending also carries a higher degree of environmental risk than other real estate lending. Commercial Construction - Commercial construction loans are impacted by factors similar to those for commercial real estate loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget. Commercial Other - A weakened economy, soft consumer spending, and the rising cost of labor or raw materials are examples of issues that can impact the credit quality in this segment. Municipal Loans - The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. Residential Real Estate Term - The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. Residential Real Estate Construction - Residential construction loans are impacted by factors similar to those for residential real estate term loans in addition to risks related to contractor financial capacity and ability to complete a project within acceptable time frames and within budget. Home Equity Line of Credit - The overall health of the economy, including unemployment rates and housing prices, has an impact on the credit quality of this segment. Consumer - The overall health of the economy, including unemployment rates, has an impact on the credit quality of this segment. The appropriate level of the allowance is evaluated continually based on a review of significant loans, with a particular emphasis on nonaccruing, past due, and other loans that may require special attention. Other factors include general conditions in local and national economies; loan portfolio composition and asset quality indicators; and internal factors such as changes in underwriting policies, credit administration practices, experience, ability and depth of lending management, among others. The allowance consists of four elements: (1) specific reserves for loans evaluated individually for impairment; (2) general reserves for each portfolio segment based on historical loan loss experience; (3) qualitative reserves judgmentally adjusted for local and national economic conditions, concentrations, portfolio composition, volume and severity of delinquencies and nonaccrual loans, trends of criticized and classified loans, changes in credit policies and underwriting standards, credit administration practices, and other factors as applicable for each portfolio segment; and (4) unallocated reserves. All outstanding loans are considered in evaluating the appropriateness of the allowance. A breakdown of the allowance for loan losses as of June 30, 2021, December 31, 2020, and June 30, 2020, by class of financing receivable and allowance element, is presented in the following tables: As of June 30, 2021 Specific Reserves on Loans Evaluated Individually for Impairment General Reserves on Loans Based on Historical Loss Experience Reserves for Qualitative Factors Unallocated Total Reserves Commercial Real estate $ 167,000 $ 850,000 $ 5,071,000 $ — $ 6,088,000 Construction 19,000 105,000 626,000 — 750,000 Other 403,000 482,000 2,872,000 — 3,757,000 Municipal — — 187,000 — 187,000 Residential Term 118,000 202,000 2,576,000 — 2,896,000 Construction — 12,000 148,000 — 160,000 Home equity line of credit — 116,000 843,000 — 959,000 Consumer — 285,000 607,000 — 892,000 Unallocated — — — 1,345,000 1,345,000 $ 707,000 $ 2,052,000 $ 12,930,000 $ 1,345,000 $ 17,034,000 As of December 31, 2020 Specific Reserves on Loans Evaluated Individually for Impairment General Reserves on Loans Based on Historical Loss Experience Reserves for Qualitative Factors Unallocated Total Reserves Commercial Real estate $ 112,000 $ 721,000 $ 4,345,000 $ — $ 5,178,000 Construction 18,000 92,000 552,000 — 662,000 Other 169,000 465,000 2,804,000 — 3,438,000 Municipal — — 171,000 — 171,000 Residential Term 163,000 145,000 2,271,000 — 2,579,000 Construction — 6,000 96,000 — 102,000 Home equity line of credit — 151,000 1,060,000 — 1,211,000 Consumer — 282,000 496,000 — 778,000 Unallocated — — — 2,134,000 2,134,000 $ 462,000 $ 1,862,000 $ 11,795,000 $ 2,134,000 $ 16,253,000 As of June 30, 2020 Specific Reserves on Loans Evaluated Individually for Impairment General Reserves on Loans Based on Historical Loss Experience Reserves for Qualitative Factors Unallocated Total Reserves Commercial Real estate $ 199,000 $ 631,000 $ 3,681,000 $ — $ 4,511,000 Construction 20,000 74,000 430,000 — 524,000 Other 132,000 521,000 3,036,000 — 3,689,000 Municipal — — 110,000 — 110,000 Residential Term 269,000 285,000 1,707,000 — 2,261,000 Construction — 9,000 55,000 — 64,000 Home equity line of credit 292,000 99,000 893,000 — 1,284,000 Consumer 5,000 195,000 458,000 — 658,000 Unallocated — — — 1,009,000 1,009,000 $ 917,000 $ 1,814,000 $ 10,370,000 $ 1,009,000 $ 14,110,000 Qualitative adjustment factors are taken into consideration when determining reserve estimates. These adjustment factors are based upon Management's evaluation of various current conditions, including those listed below. • General economic conditions. • Credit quality trends with emphasis on loan delinquencies, nonaccrual levels, and classified loans. • Recent loss experience in particular segments of the portfolio. • Loan volumes and concentrations, including changes in mix. • Other factors, including changes in quality of the loan origination; loan policy changes; changes in credit risk management processes; Bank regulatory and external loan review examination results. Qualitative factors applied to the portfolio or segments of the portfolio may include judgments concerning general economic conditions that may affect credit quality, credit concentrations, the pace of portfolio growth, the direction of risk rating movements, policy exception levels, and delinquency levels; these qualitative factors are also considered in connection with the unallocated portion of our allowance for loan losses. The qualitative portion of the allowance for loan losses was 0.81% of related loans as of June 30, 2021, compared to 0.80% of related loans as of December 31, 2020. The qualitative portion increased $1,135,000 between December 31, 2020 and June 30, 2021 due to a mix of factors. These factors included changes in various macroeconomic measures used in the qualitative model, updated analysis of the loan portfolio in multiple stress scenarios, and performance of COVID-19 related loan modifications. The unallocated component of the allowance totaled $1,345,000 at June 30, 2021, or 7.9% of the total reserve. This compares to $2,134,000 or 13.1% as of December 31, 2020. Maintenance of an unallocated component reflects general imprecision related to portfolio growth along with lingering uncertainty regarding the potential impacts of COVID-19 on the loan portfolio. The allowance for loan losses as a percent of total loans stood at 1.07% as of June 30, 2021, 1.10% at December 31, 2020 and 0.97% as of June 30, 2020. Commercial loans are comprised of three major classes; commercial real estate loans, commercial construction loans, and other commercial loans. Commercial real estate loans consist of mortgage loans to finance investments in real property such as multi-family residential, commercial/retail, office, industrial, hotels, educational, and other specific or mixed use properties. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Commercial real estate loans typically have a loan-to-value ratio of up to 80% based upon current valuation information at the time the loan is made. Commercial real estate loans are primarily paid by the cash flow generated from the real property, such as operating leases, rents, or other operating cash flows from the borrower. Commercial construction loans consist of loans to finance construction in a mix of owner- and non-owner occupied commercial real estate properties. Commercial construction loans typically have maturities of less than two years. Payment structures during the construction period are typically on an interest only basis, although principal payments may be established depending on the type of construction project being financed. During the construction phase, commercial construction loans are primarily paid by cash flow generated from the construction project or other operating cash flows from the borrower or guarantors, if applicable. At the end of the construction period, loan repayment typically comes from a third party source in the event that the Company will not be providing permanent term financing. Collateral valuation and loan-to-value guidelines follow those for commercial real estate loans. Other commercial loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and or capital investment. Collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate, if applicable. Commercial loans are primarily paid by the operating cash flow of the borrower. Commercial loans may be secured or unsecured. Other commercial loans also include loans made under the SBA PPP. These loans are unsecured and carry a 100% guarantee from the SBA. Municipal loans are comprised of loans to municipalities in Maine for capitalized expenditures, construction projects, or tax anticipation notes. Municipal loans are considered either general obligations of the issuer backed by the taxing ability of the municipality for repayment of debt, or revenue obligations backed by a pledge of the issuer's revenue, such as water & sewer usage fees. Residential loans are comprised of two classes: term loans and construction loans. Residential term loans consist of residential real estate loans held in the Company's loan portfolio made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Collateral values are determined based on appraisals and evaluations in accordance with established policy and regulatory guidelines. Residential loans typically have a loan-to-value ratio of up to 80% based on appraisal information at the time the loan is made. Collateral consists of mortgage liens on one- to four-family residential properties. Loans are offered with fixed or adjustable rates with amortization terms of up to thirty years. Residential construction loans typically consist of loans for the purpose of constructing single family residences to be owned and occupied by the borrower. Borrower qualifications include favorable credit history combined with supportive income requirements and loan-to-value ratios within established policy and regulatory guidelines. Residential construction loans normally have construction terms of one year or less and payment during the construction term is typically on an interest only basis from sources including interest reserves, borrower liquidity, and/or income. Residential construction loans will typically convert to permanent financing from the Company or have another financing commitment in place from an acceptable mortgage lender. Collateral valuation and loan-to-value guidelines are consistent with those for residential term loans. Home equity lines of credit are made to qualified individuals and are secured by senior or junior mortgage liens on owner occupied one- to four-family homes, condominiums, or vacation homes. The home equity line of credit typically has a variable interest rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Loan maturities are normally 300 months. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to- value ratios usually not exceeding 80% inclusive of priority liens. Collateral valuation guidelines follow those for residential real estate loans. Consumer loan products including personal lines of credit and amortizing loans made to qualified individuals for various purposes such as auto, recreational vehicles, debt consolidation, personal expenses, or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. Consumer loans may be secured or unsecured. Construction, land, and land development loans, both commercial and residential, comprise a small portion of the portfolio, and at 43.5% of capital are below the regulatory guidance limit of 100.0% of capital at June 30, 2021. Construction loans and non-owner-occupied commercial real estate loans are at 171.1% of total capital, below the regulatory limit of 300.0% of capital at June 30, 2021. The process of establishing the allowance with respect to the commercial loan portfolio begins when a Loan Officer or Senior Officer (or designee) initially assigns each loan a risk rating, using established credit criteria. Approximately 60% of commercial loan outstanding balances, excluding SBA PPP loans, are subject to review and validation annually by an independent consulting firm. Additionally, commercial loan relationships with exposure greater than or equal to $500,000 are subject to review annually by the Company's internal credit review function. The methodology employs Management's judgment as to the level of losses on existing loans based on internal review of the loan portfolio, including an analysis of a borrower's current financial position, and the consideration of current and anticipated economic conditions and their potential effects on specific borrowers and or lines of business. In determining the Company's ability to collect certain loans, Management also considers the fair value of underlying collateral. The risk rating system has eight levels, defined as follows: 1 Strong Credits rated "1" are characterized by borrowers fully responsible for the credit with excellent capacity to pay principal and interest. Loans rated "1" may be secured with acceptable forms of liquid collateral. 2 Above Average Credits rated "2" are characterized by borrowers that have better than average liquidity, capitalization, earnings, and/or cash flow with a consistent record of solid financial performance. 3 Satisfactory Credits rated "3" are characterized by borrowers with favorable liquidity, profitability, and financial condition with adequate cash flow to pay debt service. 4 Average Credits rated "4" are characterized by borrowers that present risk more than 1, 2 and 3 rated loans and merit an ordinary level of ongoing monitoring. Financial condition is on par or somewhat below industry averages while cash flow is generally adequate to meet debt service requirements. 5 Watch Credits rated "5" are characterized by borrowers that warrant greater monitoring due to financial condition or unresolved and identified risk factors. 6 Other Assets Especially Mentioned (OAEM) Loans in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. OAEM have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Company's credit position at some future date. 7 Substandard Loans in this category are inadequately protected by the paying capacity of the borrower or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not corrected. 8 Doubtful Loans classified "Doubtful" have the same weaknesses as those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. The following table summarizes the risk ratings for the Company's commercial real estate, commercial construction, commercial other, and municipal loans as of June 30, 2021: Commercial Commercial Commercial Municipal All Risk- 1 Strong $ — $ — $ 2,117,000 $ 12,000 $ 2,129,000 2 Above Average 8,237,000 181,000 3,742,000 39,240,000 51,400,000 3 Satisfactory 100,934,000 1,928,000 97,205,000 361,000 200,428,000 4 Average 329,498,000 42,928,000 140,406,000 1,466,000 514,298,000 5 Watch 79,155,000 20,757,000 49,674,000 — 149,586,000 6 OAEM 2,250,000 — 35,000 — 2,285,000 7 Substandard 7,341,000 — 5,568,000 — 12,909,000 8 Doubtful — — — — — Total $ 527,415,000 $ 65,794,000 $ 298,747,000 $ 41,079,000 $ 933,035,000 The following table summarizes the risk ratings for the Company's commercial real estate, commercial construction, commercial other, and municipal loans as of December 31, 2020: Commercial Commercial Commercial Municipal All Risk- 1 Strong $ — $ — $ 2,402,000 $ 19,000 $ 2,421,000 2 Above Average 5,938,000 2,343,000 6,326,000 41,939,000 56,546,000 3 Satisfactory 91,475,000 2,889,000 104,432,000 369,000 199,165,000 4 Average 261,539,000 31,221,000 120,570,000 1,456,000 414,786,000 5 Watch 72,840,000 19,893,000 44,293,000 — 137,026,000 6 OAEM 2,754,000 — 234,000 — 2,988,000 7 Substandard 7,575,000 219,000 6,758,000 — 14,552,000 8 Doubtful — — — — — Total $ 442,121,000 $ 56,565,000 $ 285,015,000 $ 43,783,000 $ 827,484,000 The following table summarizes the risk ratings for the Company's commercial real estate, commercial construction, commercial other, and municipal loans as of June 30, 2020: Commercial Commercial Commercial Municipal All Risk- 1 Strong $ — $ — $ 3,893,000 $ 27,000 $ 3,920,000 2 Above Average 9,390,000 1,288,000 4,213,000 46,371,000 61,262,000 3 Satisfactory 85,033,000 1,972,000 140,125,000 369,000 227,499,000 4 Average 218,270,000 25,716,000 123,909,000 2,877,000 370,772,000 5 Watch 67,527,000 17,748,000 46,855,000 — 132,130,000 6 OAEM 2,714,000 — 2,692,000 — 5,406,000 7 Substandard 14,221,000 445,000 6,280,000 — 20,946,000 8 Doubtful — — — — — Total $ 397,155,000 $ 47,169,000 $ 327,967,000 $ 49,644,000 $ 821,935,000 Commercial loans are generally charged off when all or a portion of the principal amount is determined to be uncollectible. This determination is based on circumstances specific to a borrower including repayment ability, analysis of collateral, and other factors as applicable. Residential loans are comprised of two classes: term loans, which include traditional amortizing home mortgages, and construction loans, which include loans for owner-occupied residential construction. Residential loans typically have a 75% to 80% loan to value based upon current appraisal information at the time the loan is made. Home equity loans and lines of credit are typically written to the same underwriting standards. Consumer loans are primarily amortizing loans to individuals collateralized by automobiles, pleasure craft, and recreation vehicles, typically with a maximum loan to value of 80% to 90% of the purchase price of the collateral. Consumer loans also include a small amount of unsecured short-term time notes to individuals. Residential loans, consumer loans, and home equity lines of credit are segregated into homogeneous pools with similar risk characteristics. Trends and current conditions are analyzed and historical loss experience is adjusted accordingly. Quantitative and qualitative adjustment factors for these segments are consistent with those for the commercial and municipal classes. Certain loans in the residential, home equity lines of credit, and consumer classes identified as having the potential for further deterioration are analyzed individually to confirm impairment status, and to determine the need for a specific reserve; however there is no formal rating system used for these classes. Consumer loans greater than 120 days past due are generally charged off. Residential loans 90 days or more past due are placed on non-accrual status unless the loans are both well secured and in the process of collection. One- to four-family residential real estate loans and home equity loans are written down or charged-off no later than 180 days past due, or for residential real estate secured loans having a borrower in bankruptcy, within 60 days of receipt of notification of filing from the bankruptcy court, whichever is sooner. This is subject to completion of a current assessment of the value of the collateral with any outstanding loan balance in excess of the fair value of the property, less costs to sell, written down or charged-off. There were no changes to the Company's accounting policies or methodology used to estimate the allowance for loan losses during the six months ended June 30, 2021. The following table presents allowance for loan losses activity by class for the six months and quarter ended June 30, 2021, and allowance for loan loss balances by class and related loan balances by class as of June 30, 2021: Commercial Municipal Residential Home Equity Line of Credit Consumer Unallocated Total Real Estate Construction Other Term Construction For the six months ended June 30, 2021 Beginning balance $ 5,178,000 $ 662,000 $ 3,438,000 $ 171,000 $ 2,579,000 $ 102,000 $ 1,211,000 $ 778,000 $ 2,134,000 $ 16,253,000 Charge offs 5,000 — 286,000 — 41,000 — — 147,000 — 479,000 Recoveries 95,000 — 2,000 — 9,000 — 48,000 56,000 — 210,000 Provision (credit) 820,000 88,000 603,000 16,000 349,000 58,000 (300,000) 205,000 (789,000) 1,050,000 Ending balance $ 6,088,000 $ 750,000 $ 3,757,000 $ 187,000 $ 2,896,000 $ 160,000 $ 959,000 $ 892,000 $ 1,345,000 $ 17,034,000 For the three months ended June 30, 2021 Beginning balance $ 5,741,000 $ 649,000 $ 4,080,000 $ 185,000 $ 2,962,000 $ 131,000 $ 947,000 $ 872,000 $ 1,027,000 $ 16,594,000 Charge offs — — 144,000 — 12,000 — — 44,000 — 200,000 Recoveries 30,000 — 2,000 — 3,000 — 47,000 33,000 — 115,000 Provision (credit) 317,000 101,000 (181,000) 2,000 (57,000) 29,000 (35,000) 31,000 318,000 525,000 Ending balance $ 6,088,000 $ 750,000 $ 3,757,000 $ 187,000 $ 2,896,000 $ 160,000 $ 959,000 $ 892,000 $ 1,345,000 $ 17,034,000 Allowance for loan losses as of June 30, 2021 Ending balance specifically evaluated for impairment $ 167,000 $ 19,000 $ 403,000 $ — $ 118,000 $ — $ — $ — $ — $ 707,000 Ending balance collectively evaluated for impairment $ 5,921,000 $ 731,000 $ 3,354,000 $ 187,000 $ 2,778,000 $ 160,000 $ 959,000 $ 892,000 $ 1,345,000 $ 16,327,000 Related loan balances as of June 30, 2021 Ending balance $ 527,415,000 $ 65,794,000 $ 298,747,000 $ 41,079,000 $ 523,344,000 $ 29,818,000 $ 77,709,000 $ 24,358,000 $ — $ 1,588,264,000 Ending balance specifically evaluated for impairment $ 3,074,000 $ 787,000 $ 1,989,000 $ — $ 9,126,000 $ — $ 596,000 $ 6,000 $ — $ 15,578,000 Ending balance collectively evaluated for impairment $ 524,341,000 $ 65,007,000 $ 296,758,000 $ 41,079,000 $ 514,218,000 $ 29,818,000 $ 77,113,000 $ 24,352,000 $ — $ 1,572,686,000 The following table presents allowance for loan losses activity by class for the year ended December 31, 2020 and allowance for loan loss balances by class and related loan balances by class as of December 31, 2020: Commercial Municipal Residential Home Equity Line of Credit Consumer Unallocated Total Real Estate Construction Other Term Construction For the year ended December 31, 2020 Beginning balance $ 3,742,000 $ 365,000 $ 3,329,000 $ 27,000 $ 1,024,000 $ 25,000 $ 1,078,000 $ 867,000 $ 1,182,000 $ 11,639,000 Charge offs 1,088,000 — 27,000 — 66,000 — 153,000 327,000 — 1,661,000 Recoveries — — 37,000 — 34,000 — 22,000 132,000 — 225,000 Provision 2,524,000 297,000 99,000 144,000 1,587,000 77,000 264,000 106,000 952,000 6,050,000 Ending balance $ 5,178,000 $ 662,000 $ 3,438,000 $ 171,000 $ 2,579,000 $ 102,000 $ 1,211,000 $ 778,000 $ 2,134,000 $ 16,253,000 Allowance for loan losses as of December 31, 2020 Ending balance specifically evaluated for impairment $ 112,000 $ 18,000 $ 169,000 $ — $ 163,000 $ — $ — $ — $ — $ 462,000 Ending balance collectively evaluated for impairment $ 5,066,000 $ 644,000 $ 3,269,000 $ 171,000 $ 2,416,000 $ 102,000 $ 1,211,000 $ 778,000 $ 2,134,000 $ 15,791,000 Related loan balances as of December 31, 2020 Ending balance $ 442,121,000 $ 56,565,000 $ 285,015,000 $ 43,783,000 $ 522,070,000 $ 21,600,000 $ 79,750,000 $ 25,857,000 $ — $ 1,476,761,000 Ending balance specifically evaluated for impairment $ 3,029,000 $ 770,000 $ 1,779,000 $ — $ 9,414,000 $ — $ 1,039,000 $ 8,000 $ — $ 16,039,000 Ending balance collectively evaluated for impairment $ 439,092,000 $ 55,795,000 $ 283,236,000 $ 43,783,000 $ 512,656,000 $ 21,600,000 $ 78,711,000 $ 25,849,000 $ — $ 1,460,722,000 The following table presents allowance for loan losses activity by class for the six months and quarter ended June 30, 2020, and allowance for loan loss balances by class and related loan balances by class as of June 30, 2020: Commercial Municipal Residential Home Equity Line of Credit Consumer Unallocated Total Real Estate Construction Other Term Construction For the six months ended June 30, 2020 Beginning balance $ 3,742,000 $ 365,000 $ 3,329,000 $ 27,000 $ 1,024,000 $ 25,000 $ 1,078,000 $ 867,000 $ 1,182,000 $ 11,639,000 Charge offs — — 17,000 — 46,000 — 153,000 201,000 — 417,000 Recoveries — — 20,000 — 26,000 — 19,000 73,000 — 138,000 Provision (credit) 769,000 159,000 357,000 83,000 1,257,000 39,000 340,000 (81,000) (173,000) 2,750,000 Ending balance $ 4,511,000 $ 524,000 $ 3,689,000 $ 110,000 $ 2,261,000 $ 64,000 $ 1,284,000 $ 658,000 $ 1,009,000 $ 14,110,000 For the three months ended June 30, 2020 Beginning balance $ 3,862,000 $ 424,000 $ 2,427,000 $ 29,000 $ 1,226,000 $ 32,000 $ 1,012,000 $ 725,000 $ 2,121,000 $ 11,858,000 Charge offs — — 17,000 — 44,000 — — 101,000 — 162,000 Recoveries — — — — 16,000 — 18,000 30,000 — 64,000 Provision (credit) 649,000 100,000 1,279,000 81,000 1,063,000 32,000 254,000 4,000 (1,112,000) 2,350,000 Ending balance $ 4,511,000 $ 524,000 $ 3,689,000 $ 110,000 $ 2,261,000 $ 64,000 $ 1,284,000 $ 658,000 $ 1,009,000 $ 14,110,000 Allowance for loan losses as of June 30, 2020 Ending balance specifically evaluated for impairment $ 199,000 $ 20,000 $ 132,000 $ — $ 269,000 $ — $ 292,000 $ 5,000 $ — $ 917,000 Ending balance collectively evaluated for impairment $ 4,312,000 $ 504,000 $ 3,557,000 $ 110,000 $ 1,992,000 $ 64,000 $ 992,000 $ 653,000 $ 1,009,000 $ 13,193,000 Related loan balances as of June 30, 2020 Ending balance $ 397,155,000 $ 47,169,000 $ 327,967,000 $ 49,644,000 $ 499,693,000 $ 14,707,000 $ 87,019,000 $ 28,269,000 $ — $ 1,451,623,000 Ending balance specifically evaluated for impairment $ 5,749,000 $ 934,000 $ 853,000 $ — $ 10,311,000 $ — $ 2,161,000 $ 5,000 $ — $ 20,013,000 Ending balance collectively evaluated for impairment $ 391,406,000 $ 46,235,000 $ 327,114,000 $ 49,644,000 $ 489,382,000 $ 14,707,000 $ 84,858,000 $ 28,264,000 $ — $ 1,431,610,000 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation At the 2010 Annual Meeting, shareholders approved the 2010 Equity Incentive Plan (the "2010 Plan"). The 2010 Plan expired on April 28, 2020, leaving 215,513 shares not issued. At the 2020 Annual Meeting, shareholders approved the 2020 Equity Incentive Plan (the "2020 Plan"). The 2020 Plan reserves 400,000 shares of common stock for issuance in connection with stock options, restricted stock awards, and other equity based awards to attract and retain the best available personnel, provide additional incentive to officers, employees, and non-employee Directors, and promote the success of the Company. Such grants and awards will be structured in a manner that does not encourage the recipients to expose the Company to undue or inappropriate risk. Options issued under the 2020 Plan qualify for treatment as incentive stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2020 Plan will qualify as performance-based for purposes of Section 162(m) of the Internal Revenue Code, and will satisfy NASDAQ guidelines relating to equity compensation. As of June 30, 2021, 184,487 shares of restricted stock had been granted under the 2010 Plan and 40,439 shares under the 2020 Plan, of which 82,990 shares remain restricted as of June 30, 2021 as detailed in the following table: Year Vesting Term Shares Remaining Term 2017 5.0 5,774 0.6 2018 4.0 706 0.5 2018 5.0 6,184 1.5 2019 3.0 16,254 0.6 2020 1.0 1,500 0.1 2020 2.0 694 0.6 2020 3.0 20,342 1.6 2021 1.0 4,114 0.6 2021 3.0 27,422 2.6 82,990 1.6 The compensation cost related to these non-vested restricted stock grants is $2,173,000 and is recognized over the vesting terms of each grant. In the six months ended June 30, 2021, $490,000 of expense was recognized for these restricted shares, leaving $1,044,000 in unrecognized expense as of June 30, 2021. In the six months ended June 30, 2020, $312,000 of expense was recognized for restricted shares, leaving $1,003,000 in unrecognized expense as of June 30, 2020. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Common StockProceeds from sale of common stock totaled $340,000 and $325,000 for the six months ended June 30, 2021 and 2020, respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (EPS) for the six months ended June 30, 2021 and 2020: Income (Numerator) Shares (Denominator) Per-Share Amount For the six months ended June 30, 2021 Net income as reported $ 17,709,000 Basic EPS: Income available to common shareholders 17,709,000 10,895,112 $ 1.63 Effect of dilutive securities: restricted stock 85,179 Diluted EPS: Income available to common shareholders plus assumed conversions $ 17,709,000 10,980,291 $ 1.61 For the six months ended June 30, 2020 Net income as reported $ 13,064,000 Basic EPS: Income available to common shareholders 13,064,000 10,849,869 $ 1.20 Effect of dilutive securities: restricted stock 71,638 Diluted EPS: Income available to common shareholders plus assumed conversions $ 13,064,000 10,921,507 $ 1.20 The following table sets forth the computation of basic and diluted earnings per share (EPS) for the quarters ended June 30, 2021 and 2020: Income (Numerator) Shares (Denominator) Per-Share Amount For the quarter ended June 30, 2021 Net income as reported $ 8,787,000 Basic EPS: Income available to common shareholders 8,787,000 10,902,013 $ 0.81 Effect of dilutive securities: restricted stock 84,685 Diluted EPS: Income available to common shareholders plus assumed conversions $ 8,787,000 10,986,698 $ 0.80 For the quarter ended June 30, 2020 Net income as reported $ 6,569,000 Basic EPS: Income available to common shareholders 6,569,000 10,855,139 $ 0.61 Effect of dilutive securities: restricted stock 73,522 Diluted EPS: Income available to common shareholders plus assumed conversions $ 6,569,000 10,928,661 $ 0.60 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits, Description [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Bank has a defined contribution plan available to substantially all employees who have completed 3 months of service. Employees may contribute up to Internal Revenue Service ("IRS") determined limits and the Bank may match employee contributions not to exceed 3.0% of compensation depending on contribution level. Subject to a vote of the Board of Directors, the Bank may also make a profit-sharing contribution to the Plan. Such contribution equaled 3.0% of each eligible employee's compensation in 2020. The Company adopted the safe harbor form of 401(k) plan in 2020 and follows safe harbor guidelines when determining the level of discretionary contribution. The expense related to the 401(k) plan was $405,000 and $453,000 for the six months ended June 30, 2021 and 2020, respectively. Deferred Compensation and Supplemental Retirement Benefits The Bank also provides unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a postretirement plan. The costs for these benefits are recognized over the service periods of the participating officers in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 712 "Compensation – Nonretirement Postemployment Benefits". The expense of these supplemental retirement benefits was $84,000 and $79,000 for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the associated accrued liability included in other liabilities in the balance sheet was $2,932,000 compared to $2,991,000 and $2,764,000 at December 31, 2020 and June 30, 2020, respectively. Postretirement Benefit Plans The Bank sponsors two postretirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees; these subsidies are based on years of service and range between $40 and $1,200 per month per person. The other plan provides life insurance coverage to certain retired employees and health insurance for retired directors. None of these plans are prefunded. The Company utilizes FASB ASC Topic 712 to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through comprehensive income (loss). The following table sets forth the accumulated postretirement benefit obligation and funded status: At or for the six months ended June 30, 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 1,523,000 $ 1,581,000 Interest cost 15,000 32,000 Benefits paid (49,000) (54,000) Benefit obligation at end of period $ 1,489,000 $ 1,559,000 Funded status Benefit obligation at end of period $ (1,489,000) $ (1,559,000) Unamortized gain (35,000) (31,000) Accrued benefit cost at end of period $ (1,524,000) $ (1,590,000) The following table sets forth the net periodic pension cost: For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Components of net periodic benefit cost Interest cost $ 15,000 $ 32,000 $ 8,000 $ 16,000 Net periodic benefit cost $ 15,000 $ 32,000 $ 8,000 $ 16,000 Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income are as follows: June 30, December 31, 2020 June 30, Unamortized net actuarial gain $ 35,000 $ 35,000 $ 31,000 Deferred tax expense (7,000) (7,000) (7,000) Net unrecognized postretirement benefits included in accumulated other comprehensive income $ 28,000 $ 28,000 $ 24,000 A weighted average discount rate of 2.00% was used in determining the accumulated benefit obligation and the net periodic benefit cost. The assumed health care cost trend rate is 7.00%. The measurement date for benefit obligations was as of |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ 5,009,000 $ 3,657,000 $ 1,556,000 $ 7,890,000 Unrealized gains (losses) arising during the period (4,670,000) 5,537,000 (417,000) (572,000) Reclassification of net realized gains during the period (164,000) (1,179,000) (45,000) (427,000) Related deferred taxes 1,015,000 (915,000) 96,000 209,000 Net change (3,819,000) 3,443,000 (366,000) (790,000) Balance at end of period $ 1,190,000 $ 7,100,000 $ 1,190,000 $ 7,100,000 The reclassification of realized gains is included in the net securities gains line of the consolidated statements of income and comprehensive income and the tax effect is included in the income tax expense line of the same statement. The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ (133,000) $ (182,000) $ (124,000) $ (174,000) Amortization of net unrealized gains 25,000 45,000 14,000 35,000 Related deferred taxes (5,000) (9,000) (3,000) (7,000) Net change 20,000 36,000 11,000 28,000 Balance at end of period $ (113,000) $ (146,000) $ (113,000) $ (146,000) The following table presents the effect of the Company's derivative financial instruments included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ (4,932,000) $ 97,000 $ (1,463,000) $ (4,773,000) Unrealized gains (losses) on cash flow hedging derivatives arising during the period 3,606,000 (7,955,000) (784,000) (1,790,000) Related deferred taxes (757,000) 1,671,000 164,000 376,000 Net change 2,849,000 (6,284,000) (620,000) (1,414,000) Balance at end of period $ (2,083,000) $ (6,187,000) $ (2,083,000) $ (6,187,000) The following table summarizes activity in the unrealized gain or loss on postretirement benefits included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Unrecognized postretirement benefits at beginning of period $ 28,000 $ 24,000 $ 28,000 $ 24,000 Amortization of unrecognized transition obligation — — — — Change in unamortized net actuarial gain (loss) — — — — Related deferred taxes — — — — Unrecognized postretirement benefits at end of period $ 28,000 $ 24,000 $ 28,000 $ 24,000 |
Financial Derivative Instrument
Financial Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivative Instruments | Financial Derivative Instruments The Bank uses derivative financial instruments for risk management purposes and not for trading or speculative purposes. As part of its overall asset and liability management strategy, the Bank periodically uses derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Bank’s interest rate risk management strategy involves modifying the re-pricing characteristics of certain assets or liabilities so that changes in interest rates do not have a significant effect on net interest income. The Bank recognizes its derivative instruments in the consolidated balance sheet at fair value. On the date the derivative instrument is entered into, the Bank designates whether the derivative is part of a hedging relationship (i.e., cash flow or fair value hedge). The Bank formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking hedge transactions. The Bank also assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in cash flows or fair values of hedged items. Changes in fair value of derivative instruments that are highly effective and qualify as cash flow hedges are recorded in other comprehensive income or (loss). Any ineffective portion is recorded in earnings. The Bank discontinues hedge accounting when it is determined that the derivative is no longer highly effective in offsetting changes of the hedged risk on the hedged item, or management determines that the designation of the derivative as a hedging instrument is no longer appropriate. The details of the interest rate swap agreements are as follows: June 30, 2021 December 31, 2020 June 30, 2020 Effective Date Maturity Date Variable Index Received Fixed Rate Paid Presentation on Consolidated Balance Sheet Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value 06/28/2016 06/28/2021 1-Month USD Libor 0.940% Other Liabilities $ — $ — $ 30,000,000 $ (121,000) $ 30,000,000 $ (238,000) 06/27/2016 06/27/2021 1-Month USD Libor 0.893% Other Liabilities — — 20,000,000 (76,000) 20,000,000 (150,000) 08/02/2019 08/02/2024 1-Month USD Libor 1.590% Other Liabilities 12,500,000 (425,000) 12,500,000 (626,000) 12,500,000 (736,000) 08/05/2019 08/05/2024 1-Month USD Libor 1.420% Other Liabilities 12,500,000 (359,000) 12,500,000 (550,000) 12,500,000 (649,000) 02/12/2020 02/12/2023 3-Month USD Libor 1.486% Other Liabilities 25,000,000 (509,000) 25,000,000 (695,000) 25,000,000 (841,000) 02/12/2020 02/12/2024 3-Month USD Libor 1.477% Other Liabilities 25,000,000 (671,000) 25,000,000 (972,000) 25,000,000 (1,124,000) 06/28/2021 06/28/2026 1-Month USD Libor 1.158% Other Liabilities 50,000,000 (820,000) 50,000,000 (1,872,000) 50,000,000 (2,119,000) 03/13/2020 03/13/2025 3-Month USD Libor 0.855% Other Liabilities 25,000,000 (139,000) 25,000,000 (551,000) 25,000,000 (659,000) 03/13/2020 03/13/2030 3-Month USD Libor 1.029% Other (Liabilities) Assets 20,000,000 482,000 20,000,000 (339,000) 20,000,000 (811,000) 04/07/2020 04/07/2023 3-Month USD Libor 0.599% Other Liabilities 20,000,000 (117,000) 20,000,000 (185,000) 20,000,000 (210,000) 04/07/2020 04/07/2024 3-Month USD Libor 0.643% Other Liabilities 20,000,000 (79,000) 20,000,000 (255,000) 20,000,000 (295,000) $210,000,000 $(2,637,000) $260,000,000 $(6,242,000) $260,000,000 $(7,832,000) During the first quarter of 2020, the Bank took advantage of market opportunities to restructure several interest rate swap positions and extend funding at favorable interest rates; one-time charges totaling $1.76 million were incurred and expensed in the first quarter of 2020 in connection with the restructuring. The Company would reclassify unrealized gains or losses accounted for within accumulated other comprehensive income (loss) into earnings if the interest rate swaps were to become ineffective or the swaps were to terminate. In the next 12 months, the Company does not believe it will be required to reclassify any unrealized gains or losses accounted for within accumulated other comprehensive income (loss) into earnings as a result of ineffectiveness or swap termination. Amounts paid or received under the swaps are reported in interest expense in the consolidated statement of income, and in interest paid in the consolidated statement of cash flows. Customer loan derivatives The Bank will enter into interest rate swaps with qualified commercial customers. Through these arrangements, the Bank is able to provide a means for a loan customer to obtain a long-term fixed rate, while it simultaneously contracts with an approved, highly-rated, third-party financial institution as counterparty to swap the fixed rate for a variable rate. Such loan level arrangements are not designated as hedges for accounting purposes, and are recorded at fair value in the Company’s consolidated balance sheet. At June 30, 2021, there were six customer loan swap arrangements in place, detailed below: June 30, 2021 December 31, 2020 June 30, 2020 Presentation on Consolidated Balance Sheet Number of Positions Notional Amount Fair Value Number of Positions Notional Amount Fair Value Number of Positions Notional Amount Fair Value Pay Fixed, Receive Variable Other Assets 3 $ 16,532,000 $ 689,000 3 $ 16,922,000 $ 37,000 — $ — $ — Pay Fixed, Receive Variable Other Liabilities 3 24,927,000 (2,138,000) 2 16,065,000 (2,603,000) 3 24,921,000 (3,613,000) 6 41,459,000 (1,449,000) 5 32,987,000 (2,566,000) 3 24,921,000 (3,613,000) Receive Fixed, Pay Variable Other Assets 3 24,927,000 2,138,000 2 16,065,000 2,603,000 3 24,921,000 3,613,000 Receive Fixed, Pay Variable Other Liabilities 3 16,532,000 (689,000) 3 16,922,000 (37,000) — — — 6 41,459,000 1,449,000 5 32,987,000 2,566,000 3 24,921,000 3,613,000 Total 12 $ 82,918,000 $ — 10 $ 65,974,000 $ — 6 $ 49,842,000 $ — Derivative collateral The Bank has entered into a master netting arrangement with its counterparty and settles payments with the counterparty as necessary. The Bank's arrangement with its institutional counterparty requires it to post cash or other assets as collateral for its various loan swap contracts in a net liability position based on their fair values and the Bank's credit rating or receive cash collateral for contracts in a net asset position as requested. At June 30, 2021, the Bank posted to the counterparty $5,100,000 of cash as collateral on its swap contracts. The required amount to be pledged was $4,310,000. Cessation of LIBOR The Company is aware that certain tenors of USD LIBOR may no longer be published after December 31, 2021, while other tenors are expected to continue being published until June 30, 2023. The Federal Reserve formed the Alternative Reference Rates Committee (ARRC) to guide the transition process in the United States. ARRC has issued a number of recommendations including the adoption of the Secured Overnight Financing Rate (SOFR) as a replacement for LIBOR. The International Swap and Derivatives Association (ISDA), the organization that oversees and guides swap and derivatives markets and participants, continues to work on transitions and has issued a voluntary fallback protocol for market participants. The Company formed a working group to address the change away from LIBOR, which continues to monitor developments from ARRC and ISDA, along with guidance from US banking regulators, closely, and expects to pursue the steps ultimately recommended to provide for an orderly transition to a post-LIBOR environment. Each of the interest rate swap contracts the Company has in place as of June 30, 2021 is tied to a LIBOR tenor expected to be published until June 2023. Two contracts with a total notional value of $45 million mature prior to June 30, 2023, while an additional seven contracts with a total notional amount of $165 million have maturity dates beyond June 30, 2023. The six customer loan swap contracts shown in the table immediately above have maturity dates of December 19, 2029, August 21, 2030, April 1, 2031, July 1, 2035, October 1, 2035 and October 1, 2039. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights FASB ASC Topic 860 "Transfers and Servicing" requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, if practicable. The Company's servicing assets and servicing liabilities are reported using the amortization method and carried at the lower of amortized cost or fair value by strata. In evaluating the carrying values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type, and term of the underlying loans. The model utilizes several assumptions, the most significant of which is loan prepayments, calculated using a three-months moving average of weekly prepayment data published by the Public Securities Association (PSA) and modeled against the serviced loan portfolio, and the discount rate to discount future cash flows. As of June 30, 2021, the prepayment assumption using the PSA model was 249, which translates into an anticipated prepayment rate of 11.95%. The discount rate is 9.00%. Other assumptions include delinquency rates, foreclosure rates, servicing cost inflation, and annual unit loan cost. All assumptions are adjusted periodically to reflect current circumstances. Amortization of mortgage servicing rights, as well as write-offs due to prepayments of the related mortgage loans, are recorded as a charge against mortgage servicing fee income. For the six months ended June 30, 2021 and 2020, servicing rights capitalized totaled $646,000 and $464,000, respectively. Servicing rights amortized for the six-month periods ended June 30, 2021 and 2020 were $319,000 and 135,000, respectively. The fair value of servicing rights was $2,777,000, $1,985,000, and $1,777,000 at June 30, 2021, December 31, 2020 and June 30, 2020, respectively. The Bank serviced loans for others totaling $348,862,000, $318,459,000, and $287,987,000 at June 30, 2021, December 31, 2020, and June 30, 2020, respectively. The Bank recorded an impairment reserve as of June 30, 2021 and December 31, 2020 for strata with a fair value lower than cost. There was no impairment reserve as of June 30, 2020. Mortgage servicing rights are included in other assets and detailed in the following table: June 30, December 31, June 30, Mortgage servicing rights $ 7,945,000 $ 7,299,000 $ 6,603,000 Accumulated amortization (5,304,000) (4,985,000) (4,729,000) Amortized cost 2,641,000 2,314,000 1,874,000 Impairment reserve (93,000) (358,000) — Carrying value $ 2,548,000 $ 1,956,000 $ 1,874,000 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFASB ASC Topic 740 "Income Taxes" defines the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company's financial statements. Topic 740 prescribes a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. The Company is currently open to audit under the statute of limitations by the IRS for the years ended December 31, 2018 through 2020. |
Certificates of Deposit
Certificates of Deposit | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Certificates of Deposit | Certificates of Deposit The following table represents the breakdown of certificates of deposit at June 30, 2021 and 2020, and at December 31, 2020: June 30, 2021 December 31, 2020 June 30, 2020 Certificates of deposit < $100,000 $ 226,924,000 $ 246,875,000 $ 269,353,000 Certificates $100,000 to $250,000 310,068,000 295,672,000 322,613,000 Certificates $250,000 and over 59,210,000 63,038,000 64,667,000 $ 596,202,000 $ 605,585,000 $ 656,633,000 |
Reclassifications
Reclassifications | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Reclassifications | ReclassificationsCertain items from the prior year were reclassified in the consolidated financial statements to conform with the current year presentation. These do not have a material impact on the consolidated balance sheet or statement of income and comprehensive income presentations.Impact of Recently Issued Accounting StandardsIn June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Under the new guidance, which will replace the existing incurred loss model for recognizing credit losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new guidance, which is referred to as the current expected credit loss model, requires that expected credit losses for financial assets, held at the reporting date that are accounted for at amortized cost, be measured and recognized based on historical experience and current and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these requirements also applies to debt securities classified as available for sale. The ASU was to be effective for all SEC registrants for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, FASB voted to finalize a proposal issued in August 2019 under which the effective implementation date was changed for SEC registrants meeting the definition of a Smaller Reporting Company to fiscal years beginning after December 15, 2022. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. The Company qualifies as a Smaller Reporting Company. It continues to evaluate the impact of the adoption of the ASU on its consolidated financial statements, and continues to anticipate that it may have a material impact upon adoption. The Bank has formed an implementation committee for ASU No. 2016-13. To date, committee members have participated in educational seminars on the new standards, identified the historical data sets that will be necessary to implement the new standard, and have chosen a third-party vendor who provides software solutions for ASU No. 2016-13 modeling and calculation. The Bank is in the late stages of implementing this software and plans to run incurred loss and current expected credit loss models in parallel until adoption of ASU No. 2016-13. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Certain assets and liabilities are recorded at fair value to provide additional insight into the Company's quality of earnings. Some of these assets and liabilities are measured on a recurring basis while others are measured on a nonrecurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available for sale are recorded at fair value on a recurring basis. Other assets, such as other real estate owned and impaired loans, are recorded at fair value on a nonrecurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities, which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with level 1 considered highest and level 3 considered lowest). A brief description of each level follows: Level 1 - Valuation is based upon quoted prices for identical instruments in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation includes use of discounted cash flow models and similar techniques. The fair value methods and assumptions for the Company's financial instruments and other assets measured at fair value are set forth below. Investment Securities The fair values of investment securities are estimated by independent providers using a market approach with observable inputs, including matrix pricing and recent transactions. In obtaining such valuation information from third parties, the Company has evaluated their valuation methodologies used to develop the fair values in order to determine whether the valuations are representative of an exit price in the Company's principal markets. The Company's principal markets for its securities portfolios are the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. Fair values are calculated based on the value of one unit without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications, or estimated transaction costs. If these considerations had been incorporated into the fair value estimates, the aggregate fair value could have been changed. Loans Fair values are estimated for portfolios of loans based on exit pricing notion. The fair values of performing loans are calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest risk inherent in the loan. The estimates of maturity are based on the Company's historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending conditions, and the effects of estimated prepayments. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information. Management has made estimates of fair value using discount rates that it believes to be reasonable. However, because there is no market for many of these financial instruments, Management has no basis to determine whether the fair value presented above would be indicative of the value negotiated in an actual sale. As such, the Company classifies loans as Level 3, except for certain collateral-dependent impaired loans. Fair values of impaired loans are based on estimated cash flows and are discounted using a rate commensurate with the risk associated with the estimated cash flows, or if collateral dependent, discounted to the appraised value of the collateral as determined by reference to sale prices of similar properties, less costs to sell. As such, the Company classifies collateral dependent impaired loans for which a specific reserve results in a fair value measure as Level 2. All other impaired loans are classified as Level 3. Other Real Estate Owned Real estate acquired through foreclosure is initially recorded at fair value. The fair value of other real estate owned is based on property appraisals and an analysis of similar properties currently available. As such, the Company records other real estate owned as nonrecurring Level 2. Mortgage Servicing Rights Mortgage servicing rights represent the value associated with servicing residential mortgage loans. Servicing assets and servicing liabilities are reported using the amortization method and compared to fair value for impairment. In evaluating the fair values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type, and term of the underlying loans. As such, the Company classifies mortgage servicing rights as Level 2. Time Deposits The fair value of maturity deposits is based on the discounted value of contractual cash flows using a replacement cost of funds approach. The discount rate is estimated using the cost of funds borrowing rate in the market. As such, the Company classifies deposits as Level 2. Borrowed Funds The fair value of borrowed funds is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently available for borrowings of similar remaining maturities. As such, the Company classifies borrowed funds as Level 2. Derivatives The fair value of interest rate swaps is determined using inputs that are observable in the market place obtained from third parties including yield curves, publicly available volatilities, and floating indexes and, accordingly, are classified as Level 2 inputs. The credit value adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of June 30, 2021 and 2020, and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives due to collateral postings. Customer Loan Derivatives The valuation of the Company’s customer loan derivatives is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of master netting arrangements and any applicable credit enhancements, such as collateral postings. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These values do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on Management's judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial instruments include the deferred tax asset, premises and equipment, and other real estate owned. In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2021, December 31, 2020 and June 30, 2020. At June 30, 2021 Level 1 Level 2 Level 3 Total Securities available for sale U.S. Government-sponsored agencies $ — $ 22,197,000 $ — $ 22,197,000 Mortgage-backed securities — 246,290,000 — 246,290,000 State and political subdivisions — 32,688,000 — 32,688,000 Asset-backed securities — 5,072,000 — 5,072,000 Total securities available for sale — 306,247,000 — 306,247,000 Interest rate swap agreements — 482,000 — 482,000 Customer loan interest swap agreements — 2,827,000 — 2,827,000 Total interest rate swap agreements — 3,309,000 — 3,309,000 Total assets $ — $ 309,556,000 $ — $ 309,556,000 At June 30, 2021 Level 1 Level 2 Level 3 Total Interest rate swap agreements $ — $ 3,119,000 $ — $ 3,119,000 Customer loan interest swap agreements — 2,827,000 — 2,827,000 Total liabilities $ — $ 5,946,000 $ — $ 5,946,000 At December 31, 2020 Level 1 Level 2 Level 3 Total Securities available for sale U.S. Government-sponsored agencies $ — $ 22,730,000 $ — $ 22,730,000 Mortgage-backed securities — 243,406,000 — 243,406,000 State and political subdivisions — 39,474,000 — 39,474,000 Asset-backed securities — 7,766,000 — 7,766,000 Total securities available for sale — 313,376,000 — 313,376,000 Customer loan interest swap agreements — 2,640,000 — 2,640,000 Total interest rate swap agreements — 2,640,000 — 2,640,000 Total assets $ — $ 316,016,000 $ — $ 316,016,000 At December 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap agreements $ — $ 6,242,000 $ — $ 6,242,000 Customer loan interest swap agreements — 2,640,000 — 2,640,000 Total liabilities $ — $ 8,882,000 $ — $ 8,882,000 At June 30, 2020 Level 1 Level 2 Level 3 Total Securities available for sale U.S. Treasury and agency $ — $ 15,556,000 $ — $ 15,556,000 Mortgage-backed securities — 275,491,000 — 275,491,000 State and political subdivisions — 20,453,000 — 20,453,000 Total securities available for sale — 311,500,000 — 311,500,000 Customer loan interest swap agreements — 3,613,000 — 3,613,000 Total interest swap agreements — 3,613,000 — 3,613,000 Total assets $ — $ 315,113,000 $ — $ 315,113,000 At June 30, 2020 Level 1 Level 2 Level 3 Total Interest rate swap agreements $ — $ 7,832,000 $ — $ 7,832,000 Customer loan interest swap agreements — 3,613,000 — 3,613,000 Total liabilities $ — $ 11,445,000 $ — $ 11,445,000 Assets Recorded at Fair Value on a Non-Recurring Basis The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Mortgage servicing rights are presented net of an impairment reserve of $93,000 at June 30, 2021 and $358,000 at December 31, 2020. Other real estate owned is presented net of an allowance of $45,000 at December 31, 2020. There was no allowance at June 30, 2021 or 2020. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $473,000, $304,000 and $623,000 at June 30, 2021, December 31, 2020, and June 30, 2020, respectively. At June 30, 2021 Level 1 Level 2 Level 3 Total Mortgage servicing rights $ — $ 2,777,000 $ — $ 2,777,000 Other real estate owned — 224,000 — 224,000 Impaired loans — 189,000 — 189,000 Total assets $ — $ 3,190,000 $ — $ 3,190,000 At December 31, 2020 Level 1 Level 2 Level 3 Total Mortgage servicing rights $ — $ 1,985,000 $ — $ 1,985,000 Other real estate owned — 908,000 — 908,000 Impaired loans — 794,000 — 794,000 Total assets $ — $ 3,687,000 $ — $ 3,687,000 At June 30, 2020 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ 851,000 $ — $ 851,000 Impaired loans — 753,000 — 753,000 Total assets $ — $ 1,604,000 $ — $ 1,604,000 Fair Value of Financial Instruments FASB ASC Topic 825 "Financial Instruments" requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. This summary excludes financial assets and liabilities for which carrying value approximates fair values and financial instruments that are recorded at fair value on a recurring basis. Financial instruments for which carrying values approximate fair value include cash equivalents, interest-bearing deposits in other banks, demand, NOW, savings, and money market deposits. The estimated fair value of demand, NOW, savings, and money market deposits is the amount payable on demand at the reporting date. Carrying value is used because the accounts have no stated maturity and the customer has the ability to withdraw funds immediately. The carrying amount and estimated fair values for financial instruments as of June 30, 2021 were as follows: Carrying value Estimated fair value Level 1 Level 2 Level 3 Financial assets Securities to be held to maturity $ 376,181,000 $ 383,454,000 $ — $ 383,454,000 $ — Loans (net of allowance for loan losses) Commercial Real estate 520,803,000 515,609,000 — — 515,609,000 Construction 64,980,000 64,332,000 — — 64,332,000 Other 294,669,000 294,902,000 — 5,000 294,897,000 Municipal 40,876,000 40,625,000 — — 40,625,000 Residential Term 520,200,000 525,325,000 — 184,000 525,141,000 Construction 29,644,000 30,013,000 — — 30,013,000 Home equity line of credit 76,668,000 74,713,000 — — 74,713,000 Consumer 23,390,000 21,562,000 — — 21,562,000 Total loans 1,571,230,000 1,567,081,000 — 189,000 1,566,892,000 Mortgage servicing rights 2,548,000 2,777,000 — 2,777,000 — Financial liabilities Local certificates of deposit $ 243,447,000 $ 244,558,000 $ — $ 244,558,000 $ — National certificates of deposit 352,755,000 356,258,000 — 356,258,000 — Total certificates of deposits 596,202,000 600,816,000 — 600,816,000 — Repurchase agreements 83,554,000 82,220,000 — 82,220,000 — Federal Home Loan Bank and Federal Reserve Bank borrowings 145,094,000 146,637,000 — 146,637,000 — Total borrowed funds 228,648,000 228,857,000 — 228,857,000 — The carrying amounts and estimated fair values for financial instruments as of December 31, 2020 were as follows: Carrying value Estimated fair value Level 1 Level 2 Level 3 Financial assets Securities to be held to maturity $ 365,613,000 $ 377,134,000 $ — $ 377,134,000 $ — Loans (net of allowance for loan losses) Commercial Real estate 436,161,000 440,735,000 — 347,000 440,388,000 Construction 55,803,000 56,388,000 — — 56,388,000 Other 281,057,000 279,501,000 — 5,000 279,496,000 Municipal 43,586,000 44,440,000 — — 44,440,000 Residential Term 519,101,000 533,059,000 — 442,000 532,617,000 Construction 21,483,000 21,890,000 — — 21,890,000 Home equity line of credit 78,356,000 77,177,000 — — 77,177,000 Consumer 24,961,000 23,502,000 — — 23,502,000 Total loans 1,460,508,000 1,476,692,000 — 794,000 1,475,898,000 Mortgage servicing rights 1,956,000 1,985,000 — 1,985,000 — Financial liabilities Local certificates of deposit $ 250,264,000 $ 253,892,000 $ — $ 253,892,000 $ — National certificates of deposit 355,321,000 359,899,000 — 359,899,000 — Total deposits 605,585,000 613,791,000 — 613,791,000 — Repurchase agreements 69,340,000 69,497,000 — 69,497,000 — Federal Home Loan Bank advances 192,698,000 194,469,000 — 194,469,000 — Total borrowed funds 262,038,000 263,966,000 — 263,966,000 — The carrying amount and estimated fair values for financial instruments as of June 30, 2020 were as follows: Carrying value Estimated fair value Level 1 Level 2 Level 3 Financial assets Securities to be held to maturity $ 341,962,000 $ 352,225,000 $ — $ 352,225,000 $ — Loans (net of allowance for loan losses) Commercial Real estate 392,296,000 389,956,000 — 12,000 389,944,000 Construction 46,605,000 46,327,000 — — 46,327,000 Other 323,994,000 321,575,000 — 8,000 321,567,000 Municipal 49,526,000 48,791,000 — — 48,791,000 Residential Term 497,258,000 503,574,000 — 163,000 503,411,000 Construction 14,638,000 14,709,000 — — 14,709,000 Home equity line of credit 85,636,000 85,635,000 — 570,000 85,065,000 Consumer 27,560,000 25,512,000 — — 25,512,000 Total loans 1,437,513,000 1,436,079,000 — 753,000 1,435,326,000 Mortgage servicing rights 1,874,000 1,777,000 — 1,777,000 — Financial liabilities Local certificates of deposit $ 269,054,000 $ 272,305,000 $ — $ 272,305,000 $ — National certificates of deposit 387,579,000 429,110,000 — 429,110,000 — Total certificates of deposits 656,633,000 701,415,000 — 701,415,000 — Repurchase agreements 61,103,000 61,399,000 — 61,399,000 — Federal Home Loan Bank advances 217,702,000 218,644,000 — 218,644,000 — Total borrowed funds 278,805,000 280,043,000 — 280,043,000 — |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Impact of Recently Issued Accounting Standards | ReclassificationsCertain items from the prior year were reclassified in the consolidated financial statements to conform with the current year presentation. These do not have a material impact on the consolidated balance sheet or statement of income and comprehensive income presentations.Impact of Recently Issued Accounting StandardsIn June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Under the new guidance, which will replace the existing incurred loss model for recognizing credit losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new guidance, which is referred to as the current expected credit loss model, requires that expected credit losses for financial assets, held at the reporting date that are accounted for at amortized cost, be measured and recognized based on historical experience and current and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these requirements also applies to debt securities classified as available for sale. The ASU was to be effective for all SEC registrants for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, FASB voted to finalize a proposal issued in August 2019 under which the effective implementation date was changed for SEC registrants meeting the definition of a Smaller Reporting Company to fiscal years beginning after December 15, 2022. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. The Company qualifies as a Smaller Reporting Company. It continues to evaluate the impact of the adoption of the ASU on its consolidated financial statements, and continues to anticipate that it may have a material impact upon adoption. The Bank has formed an implementation committee for ASU No. 2016-13. To date, committee members have participated in educational seminars on the new standards, identified the historical data sets that will be necessary to implement the new standard, and have chosen a third-party vendor who provides software solutions for ASU No. 2016-13 modeling and calculation. The Bank is in the late stages of implementing this software and plans to run incurred loss and current expected credit loss models in parallel until adoption of ASU No. 2016-13. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe First Bancorp, Inc. ("the Company") is a financial holding company that owns all of the common stock of First National Bank ("the Bank"). The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments (consisting of normally recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany transactions and balances are eliminated in consolidation. The income reported for the 2021 period is not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and notes included in the Company's annual report on Form 10-K for the year ended December 31, 2020. |
Financial Derivative Instruments | The Bank uses derivative financial instruments for risk management purposes and not for trading or speculative purposes. As part of its overall asset and liability management strategy, the Bank periodically uses derivative instruments to minimize significant unplanned fluctuations in earnings and cash flows caused by interest rate volatility. The Bank’s interest rate risk management strategy involves modifying the re-pricing characteristics of certain assets or liabilities so that changes in interest rates do not have a significant effect on net interest income. The Bank recognizes its derivative instruments in the consolidated balance sheet at fair value. On the date the derivative instrument is entered into, the Bank designates whether the derivative is part of a hedging relationship (i.e., cash flow or fair value hedge). The Bank formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking hedge transactions. The Bank also assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in cash flows or fair values of hedged items. Changes in fair value of derivative instruments that are highly effective and qualify as cash flow hedges are recorded in other comprehensive income or (loss). Any ineffective portion is recorded in earnings. The Bank discontinues hedge accounting when it is determined that the derivative is no longer highly effective in offsetting changes of the hedged risk on the hedged item, or management determines that the designation of the derivative as a hedging instrument is no longer appropriate. |
Reclassifications | Certain items from the prior year were reclassified in the consolidated financial statements to conform with the current year presentation. These do not have a material impact on the consolidated balance sheet or statement of income and comprehensive income presentations. |
Fair Value | Certain assets and liabilities are recorded at fair value to provide additional insight into the Company's quality of earnings. Some of these assets and liabilities are measured on a recurring basis while others are measured on a nonrecurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available for sale are recorded at fair value on a recurring basis. Other assets, such as other real estate owned and impaired loans, are recorded at fair value on a nonrecurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities, which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with level 1 considered highest and level 3 considered lowest). A brief description of each level follows: Level 1 - Valuation is based upon quoted prices for identical instruments in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation includes use of discounted cash flow models and similar techniques. The fair value methods and assumptions for the Company's financial instruments and other assets measured at fair value are set forth below. Investment Securities The fair values of investment securities are estimated by independent providers using a market approach with observable inputs, including matrix pricing and recent transactions. In obtaining such valuation information from third parties, the Company has evaluated their valuation methodologies used to develop the fair values in order to determine whether the valuations are representative of an exit price in the Company's principal markets. The Company's principal markets for its securities portfolios are the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. Fair values are calculated based on the value of one unit without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications, or estimated transaction costs. If these considerations had been incorporated into the fair value estimates, the aggregate fair value could have been changed. Loans Fair values are estimated for portfolios of loans based on exit pricing notion. The fair values of performing loans are calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest risk inherent in the loan. The estimates of maturity are based on the Company's historical experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic and lending conditions, and the effects of estimated prepayments. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information. Management has made estimates of fair value using discount rates that it believes to be reasonable. However, because there is no market for many of these financial instruments, Management has no basis to determine whether the fair value presented above would be indicative of the value negotiated in an actual sale. As such, the Company classifies loans as Level 3, except for certain collateral-dependent impaired loans. Fair values of impaired loans are based on estimated cash flows and are discounted using a rate commensurate with the risk associated with the estimated cash flows, or if collateral dependent, discounted to the appraised value of the collateral as determined by reference to sale prices of similar properties, less costs to sell. As such, the Company classifies collateral dependent impaired loans for which a specific reserve results in a fair value measure as Level 2. All other impaired loans are classified as Level 3. Other Real Estate Owned Real estate acquired through foreclosure is initially recorded at fair value. The fair value of other real estate owned is based on property appraisals and an analysis of similar properties currently available. As such, the Company records other real estate owned as nonrecurring Level 2. Mortgage Servicing Rights Mortgage servicing rights represent the value associated with servicing residential mortgage loans. Servicing assets and servicing liabilities are reported using the amortization method and compared to fair value for impairment. In evaluating the fair values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type, and term of the underlying loans. As such, the Company classifies mortgage servicing rights as Level 2. Time Deposits The fair value of maturity deposits is based on the discounted value of contractual cash flows using a replacement cost of funds approach. The discount rate is estimated using the cost of funds borrowing rate in the market. As such, the Company classifies deposits as Level 2. Borrowed Funds The fair value of borrowed funds is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently available for borrowings of similar remaining maturities. As such, the Company classifies borrowed funds as Level 2. Derivatives The fair value of interest rate swaps is determined using inputs that are observable in the market place obtained from third parties including yield curves, publicly available volatilities, and floating indexes and, accordingly, are classified as Level 2 inputs. The credit value adjustments associated with derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. As of June 30, 2021 and 2020, and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives due to collateral postings. Customer Loan Derivatives The valuation of the Company’s customer loan derivatives is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of master netting arrangements and any applicable credit enhancements, such as collateral postings. Limitations |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC Topic 825 "Financial Instruments" requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. This summary excludes financial assets and liabilities for which carrying value approximates fair values and financial instruments that are recorded at fair value on a recurring basis. Financial instruments for which carrying values approximate fair value include cash equivalents, interest-bearing deposits in other banks, demand, NOW, savings, and money market deposits. The estimated fair value of demand, NOW, savings, and money market deposits is the amount payable on demand at the reporting date. Carrying value is used because the accounts have no stated maturity and the customer has the ability to withdraw funds immediately. |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting StandardsIn June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Under the new guidance, which will replace the existing incurred loss model for recognizing credit losses, banks and other lending institutions will be required to recognize the full amount of expected credit losses. The new guidance, which is referred to as the current expected credit loss model, requires that expected credit losses for financial assets, held at the reporting date that are accounted for at amortized cost, be measured and recognized based on historical experience and current and reasonably supportable forecasted conditions to reflect the full amount of expected credit losses. A modified version of these requirements also applies to debt securities classified as available for sale. The ASU was to be effective for all SEC registrants for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. On October 16, 2019, FASB voted to finalize a proposal issued in August 2019 under which the effective implementation date was changed for SEC registrants meeting the definition of a Smaller Reporting Company to fiscal years beginning after December 15, 2022. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within such years. The Company qualifies as a Smaller Reporting Company. It continues to evaluate the impact of the adoption of the ASU on its consolidated financial statements, and continues to anticipate that it may have a material impact upon adoption. The Bank has formed an implementation committee for ASU No. 2016-13. To date, committee members have participated in educational seminars on the new standards, identified the historical data sets that will be necessary to implement the new standard, and have chosen a third-party vendor who provides software solutions for ASU No. 2016-13 modeling and calculation. The Bank is in the late stages of implementing this software and plans to run incurred loss and current expected credit loss models in parallel until adoption of ASU No. 2016-13. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities | The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2021: Amortized Unrealized Gains Unrealized Losses Fair Value (Estimated) Securities available for sale U.S. Government-sponsored agencies $ 23,045,000 $ — $ (848,000) $ 22,197,000 Mortgage-backed securities 245,187,000 3,264,000 (2,161,000) 246,290,000 State and political subdivisions 31,544,000 1,170,000 (26,000) 32,688,000 Asset-backed securities 4,964,000 108,000 — 5,072,000 $ 304,740,000 $ 4,542,000 $ (3,035,000) $ 306,247,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 35,600,000 $ 45,000 $ (897,000) $ 34,748,000 Mortgage-backed securities 69,086,000 406,000 (1,424,000) 68,068,000 State and political subdivisions 253,245,000 8,829,000 (161,000) 261,913,000 Corporate securities 18,250,000 497,000 (22,000) 18,725,000 $ 376,181,000 $ 9,777,000 $ (2,504,000) $ 383,454,000 Restricted equity securities Federal Home Loan Bank Stock $ 7,802,000 $ — $ — $ 7,802,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 8,839,000 $ — $ — $ 8,839,000 The following table summarizes the amortized cost and estimated fair value of investment securities at December 31, 2020: Amortized Unrealized Gains Unrealized Losses Fair Value (Estimated) Securities available for sale U.S. Government-sponsored agencies $ 23,045,000 $ — $ (315,000) $ 22,730,000 Mortgage-backed securities 238,516,000 5,507,000 (617,000) 243,406,000 State and political subdivisions 37,752,000 1,722,000 — 39,474,000 Asset-backed securities 7,723,000 43,000 — 7,766,000 $ 307,036,000 $ 7,272,000 $ (932,000) $ 313,376,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 44,149,000 $ 143,000 $ (18,000) $ 44,274,000 Mortgage-backed securities 53,594,000 736,000 (195,000) 54,135,000 State and political subdivisions 245,620,000 10,427,000 (3,000) 256,044,000 Corporate securities 22,250,000 433,000 (2,000) 22,681,000 $ 365,613,000 $ 11,739,000 $ (218,000) $ 377,134,000 Restricted equity securities Federal Home Loan Bank Stock $ 9,508,000 $ — $ — $ 9,508,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 10,545,000 $ — $ — $ 10,545,000 The following table summarizes the amortized cost and estimated fair value of investment securities at June 30, 2020: Amortized Unrealized Gains Unrealized Losses Fair Value (Estimated) Securities available for sale U.S. Government-sponsored agencies $ 15,500,000 $ 68,000 $ (12,000) $ 15,556,000 Mortgage-backed securities 267,805,000 7,937,000 (251,000) 275,491,000 State and political subdivisions 19,208,000 1,245,000 — 20,453,000 $ 302,513,000 $ 9,250,000 $ (263,000) $ 311,500,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 31,144,000 $ 177,000 $ — $ 31,321,000 Mortgage-backed securities 50,983,000 1,089,000 (52,000) 52,020,000 State and political subdivisions 245,085,000 8,492,000 (32,000) 253,545,000 Corporate securities 14,750,000 589,000 — 15,339,000 $ 341,962,000 $ 10,347,000 $ (84,000) $ 352,225,000 Restricted equity securities Federal Home Loan Bank Stock $ 9,508,000 $ — $ — $ 9,508,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 10,545,000 $ — $ — $ 10,545,000 |
Schedule of Contractual Maturities of Investment Securities | The following table summarizes the contractual maturities of investment securities at June 30, 2021: Securities available for sale Securities to be held to maturity Amortized Fair Value (Estimated) Amortized Fair Value (Estimated) Due in 1 year or less $ — $ — $ 3,813,000 $ 3,800,000 Due in 1 to 5 years 5,683,000 5,909,000 20,629,000 21,477,000 Due in 5 to 10 years 38,136,000 39,018,000 167,850,000 173,699,000 Due after 10 years 260,921,000 261,320,000 183,889,000 184,478,000 $ 304,740,000 $ 306,247,000 $ 376,181,000 $ 383,454,000 The following table summarizes the contractual maturities of investment securities at December 31, 2020: Securities available for sale Securities to be held to maturity Amortized Fair Value (Estimated) Amortized Fair Value (Estimated) Due in 1 year or less $ 117,000 $ 120,000 $ 3,607,000 $ 3,641,000 Due in 1 to 5 years 17,718,000 17,915,000 30,867,000 31,792,000 Due in 5 to 10 years 49,697,000 51,001,000 183,679,000 190,153,000 Due after 10 years 239,504,000 244,340,000 147,460,000 151,548,000 $ 307,036,000 $ 313,376,000 $ 365,613,000 $ 377,134,000 The following table summarizes the contractual maturities of investment securities at June 30, 2020: Securities available for sale Securities to be held to maturity Amortized Fair Value (Estimated) Amortized Fair Value (Estimated) Due in 1 year or less $ 584,000 $ 573,000 $ 1,860,000 $ 1,863,000 Due in 1 to 5 years 26,736,000 27,310,000 32,303,000 33,367,000 Due in 5 to 10 years 63,422,000 65,575,000 179,877,000 185,994,000 Due after 10 years 211,771,000 218,042,000 127,922,000 131,001,000 $ 302,513,000 $ 311,500,000 $ 341,962,000 $ 352,225,000 |
Schedule of Securities Gains and Losses | The following table shows securities gains and losses for the six months and quarters ended June 30, 2021 and 2020: For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Proceeds from sales of securities $ 15,692,000 $ 79,469,000 $ 14,478,000 $ 10,849,000 Gross realized gains 626,000 1,526,000 507,000 428,000 Gross realized losses (462,000) (347,000) (462,000) (1,000) Net gain $ 164,000 $ 1,179,000 $ 45,000 $ 427,000 Related income taxes $ 34,000 $ 248,000 $ 9,000 $ 90,000 |
Schedule of Securities Temporarily Impaired | Information regarding securities temporarily impaired as of June 30, 2021 is summarized below: Less than 12 months 12 months or more Total Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses U.S. Government-sponsored agencies $ 53,750,000 $ (1,745,000) $ — $ — $ 53,750,000 $ (1,745,000) Mortgage-backed securities 202,134,000 (3,403,000) 5,168,000 (182,000) 207,302,000 (3,585,000) State and political subdivisions 17,053,000 (187,000) — — 17,053,000 (187,000) Corporate securities 3,478,000 (22,000) — — 3,478,000 (22,000) $ 276,415,000 $ (5,357,000) $ 5,168,000 $ (182,000) $ 281,583,000 $ (5,539,000) As of December 31, 2020, there were 50 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 10 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of December 31, 2020 is summarized below: Less than 12 months 12 months or more Total Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses U.S. Government-sponsored agencies $ 30,212,000 $ (333,000) $ — $ — $ 30,212,000 $ (333,000) Mortgage-backed securities 65,505,000 (724,000) 3,878,000 (88,000) 69,383,000 (812,000) State and political subdivisions 855,000 (3,000) — — 855,000 (3,000) Corporate securities 2,498,000 (2,000) — — 2,498,000 (2,000) $ 99,070,000 $ (1,062,000) $ 3,878,000 $ (88,000) $ 102,948,000 $ (1,150,000) As of June 30, 2020, there were 52 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 11 had been temporarily impaired for 12 months or more. Information regarding securities temporarily impaired as of June 30, 2020 is summarized below: Less than 12 months 12 months or more Total Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses Fair Value (Estimated) Unrealized Losses U.S. Government-sponsored agencies $ 7,988,000 $ (12,000) $ — $ — $ 7,988,000 $ (12,000) Mortgage-backed securities 28,116,000 (160,000) 4,771,000 (143,000) 32,887,000 (303,000) State and political subdivisions 7,623,000 (32,000) — — 7,623,000 (32,000) $ 43,727,000 $ (204,000) $ 4,771,000 $ (143,000) $ 48,498,000 $ (347,000) |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Composition of Loan Portfolio | The following table shows the composition of the Company's loan portfolio as of June 30, 2021 and 2020 and at December 31, 2020: June 30, 2021 December 31, 2020 June 30, 2020 Commercial Real estate $ 527,415,000 33.2 % $ 442,121,000 29.9 % $ 397,155,000 27.4 % Construction 65,794,000 4.1 % 56,565,000 3.8 % 47,169,000 3.2 % Other 298,747,000 18.8 % 285,015,000 19.3 % 327,967,000 22.6 % Municipal 41,079,000 2.6 % 43,783,000 3.0 % 49,644,000 3.4 % Residential Term 523,344,000 33.0 % 522,070,000 35.3 % 499,693,000 34.4 % Construction 29,818,000 1.9 % 21,600,000 1.5 % 14,707,000 1.1 % Home equity line of credit 77,709,000 4.9 % 79,750,000 5.4 % 87,019,000 6.0 % Consumer 24,358,000 1.5 % 25,857,000 1.8 % 28,269,000 1.9 % Total $ 1,588,264,000 100.0 % $ 1,476,761,000 100.0 % $ 1,451,623,000 100.0 % |
Schedule of Past Due Loans Aging | For all loan classes, loans over 30 days past due are considered delinquent. Information on the past-due status of loans by class of financing receivable as of June 30, 2021, is presented in the following table: 30-59 Days 60-89 Days 90+ Days All Current Total 90+ Days Commercial Real estate $ 75,000 $ — $ 191,000 $ 266,000 $ 527,149,000 $ 527,415,000 $ — Construction 13,000 — 16,000 29,000 65,765,000 65,794,000 — Other 62,000 — 821,000 883,000 297,864,000 298,747,000 — Municipal — — — — 41,079,000 41,079,000 — Residential Term 134,000 773,000 715,000 1,622,000 521,722,000 523,344,000 — Construction — — — — 29,818,000 29,818,000 — Home equity line of credit 43,000 — 246,000 289,000 77,420,000 77,709,000 17,000 Consumer 140,000 104,000 87,000 331,000 24,027,000 24,358,000 87,000 Total $ 467,000 $ 877,000 $ 2,076,000 $ 3,420,000 $ 1,584,844,000 $ 1,588,264,000 $ 104,000 Information on the past-due status of loans by class of financing receivable as of December 31, 2020, is presented in the following table: 30-59 Days 60-89 Days 90+ Days All Current Total 90+ Days Commercial Real estate $ 139,000 $ 190,000 $ 226,000 $ 555,000 $ 441,566,000 $ 442,121,000 $ — Construction 13,000 — 80,000 93,000 56,472,000 56,565,000 — Other 490,000 62,000 2,082,000 2,634,000 282,381,000 285,015,000 1,464,000 Municipal — — — — 43,783,000 43,783,000 — Residential Term 540,000 1,799,000 1,616,000 3,955,000 518,115,000 522,070,000 23,000 Construction — — — — 21,600,000 21,600,000 — Home equity line of credit 1,645,000 324,000 367,000 2,336,000 77,414,000 79,750,000 — Consumer 89,000 42,000 18,000 149,000 25,708,000 25,857,000 18,000 Total $ 2,916,000 $ 2,417,000 $ 4,389,000 $ 9,722,000 $ 1,467,039,000 $ 1,476,761,000 $ 1,505,000 Information on the past-due status of loans by class of financing receivable as of June 30, 2020, is presented in the following table: 30-59 Days 60-89 Days 90+ Days All Current Total 90+ Days Commercial Real estate $ 134,000 $ 76,000 $ 1,048,000 $ 1,258,000 $ 395,897,000 $ 397,155,000 $ — Construction — — — — 47,169,000 47,169,000 — Other 172,000 11,000 1,741,000 1,924,000 326,043,000 327,967,000 1,464,000 Municipal — — — — 49,644,000 49,644,000 — Residential Term 270,000 1,413,000 1,850,000 3,533,000 496,160,000 499,693,000 — Construction — — — — 14,707,000 14,707,000 — Home equity line of credit 896,000 145,000 1,540,000 2,581,000 84,438,000 87,019,000 — Consumer 146,000 106,000 9,000 261,000 28,008,000 28,269,000 4,000 Total $ 1,618,000 $ 1,751,000 $ 6,188,000 $ 9,557,000 $ 1,442,066,000 $ 1,451,623,000 $ 1,468,000 |
Schedule of Modification Statuses by Portfolio Segment | Modification statuses by portfolio segment are summarized below: Commercial/Municipal Loan Modifications Units Percentage Balance Percentage Paid Off 121 20 % $ 19,750,000 8 % Subsequent Modification 13 2 % 7,800,000 3 % Still in Original Modification 2 — % 228,000 — % Out of Modification 469 78 % 209,919,000 89 % Total 605 100 % $ 237,697,000 100 % Residential Real Estate Modifications Units Percentage Balance Percentage Paid Off 57 15 % $ 10,535,000 20 % Subsequent Modification 115 30 % 13,320,000 25 % Still in Original Modification 6 2 % 574,000 1 % Out of Modification 198 53 % 28,483,000 54 % Total 376 100 % $ 52,912,000 100 % Consumer Loan Modifications Units Percentage Balance Percentage Paid Off 21 30 % $ 179,000 17 % Subsequent Modification 2 3 % 43,000 4 % Out of Modification 46 67 % 837,000 79 % Total 69 100 % $ 1,059,000 100 % |
Schedule of Nonaccrual Loans | Information on nonaccrual loans as of June 30, 2021 and 2020 and at December 31, 2020 is presented in the following table: June 30, 2021 December 31, 2020 June 30, 2020 Commercial Real estate $ 1,029,000 $ 543,000 $ 1,245,000 Construction 105,000 89,000 232,000 Other 1,452,000 1,481,000 323,000 Municipal — — — Residential Term 3,820,000 3,593,000 4,685,000 Construction — — — Home equity line of credit 575,000 1,015,000 1,854,000 Consumer — — 5,000 Total $ 6,981,000 $ 6,721,000 $ 8,344,000 |
Schedule of Impaired Loans by Class of Financing Receivable | A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2021 is presented in the following table: For the six months ended June 30, 2021 For the quarter ended June 30, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 2,145,000 $ 2,490,000 $ — $ 2,295,000 $ 35,000 $ 2,412,000 $ 18,000 Construction 106,000 106,000 — 92,000 — 94,000 — Other 1,567,000 1,638,000 — 1,615,000 8,000 1,575,000 3,000 Municipal — — — — — — — Residential Term 7,506,000 8,770,000 — 7,256,000 68,000 7,329,000 33,000 Construction — — — — — — — Home equity line of credit 574,000 607,000 — 815,000 — 756,000 — Consumer 6,000 6,000 — 7,000 — — — $ 11,904,000 $ 13,617,000 $ — $ 12,080,000 $ 111,000 $ 12,166,000 $ 54,000 With an Allowance Recorded Commercial Real estate $ 929,000 $ 956,000 $ 167,000 $ 954,000 $ 20,000 $ 939,000 $ 11,000 Construction 681,000 681,000 19,000 681,000 11,000 681,000 5,000 Other 422,000 439,000 403,000 498,000 5,000 471,000 5,000 Municipal — — — — — — — Residential Term 1,620,000 1,662,000 118,000 1,810,000 23,000 1,662,000 7,000 Construction — — — — — — — Home equity line of credit 22,000 22,000 — 11,000 — 15,000 — Consumer — — — — — — — $ 3,674,000 $ 3,760,000 $ 707,000 $ 3,954,000 $ 59,000 $ 3,768,000 $ 28,000 Total Commercial Real estate $ 3,074,000 $ 3,446,000 $ 167,000 $ 3,249,000 $ 55,000 $ 3,351,000 $ 29,000 Construction 787,000 787,000 19,000 773,000 11,000 775,000 5,000 Other 1,989,000 2,077,000 403,000 2,113,000 13,000 2,046,000 8,000 Municipal — — — — — — — Residential Term 9,126,000 10,432,000 118,000 9,066,000 91,000 8,991,000 40,000 Construction — — — — — — — Home equity line of credit 596,000 629,000 — 826,000 — 771,000 — Consumer 6,000 6,000 — 7,000 — — — $ 15,578,000 $ 17,377,000 $ 707,000 $ 16,034,000 $ 170,000 $ 15,934,000 $ 82,000 Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash basis as received. A breakdown of impaired loans by class of financing receivable as of and for the year ended December 31, 2020 is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 2,060,000 $ 2,368,000 $ — $ 4,123,000 $ 127,000 Construction 89,000 89,000 — 358,000 — Other 1,591,000 1,623,000 — 999,000 15,000 Municipal — — — — — Residential Term 7,335,000 8,629,000 — 8,773,000 193,000 Construction — — — — — Home equity line of credit 1,015,000 1,089,000 — 1,219,000 — Consumer 8,000 8,000 — 1,000 1,000 $ 12,098,000 $ 13,806,000 $ — $ 15,473,000 $ 336,000 With an Allowance Recorded Commercial Real estate $ 969,000 $ 995,000 $ 112,000 $ 1,018,000 $ 43,000 Construction 681,000 681,000 18,000 579,000 30,000 Other 188,000 202,000 169,000 1,193,000 3,000 Municipal — — — — — Residential Term 2,079,000 2,134,000 163,000 2,073,000 65,000 Construction — — — — — Home equity line of credit 24,000 24,000 — 744,000 1,000 Consumer — — — 8,000 — $ 3,941,000 $ 4,036,000 $ 462,000 $ 5,615,000 $ 142,000 Total Commercial Real estate $ 3,029,000 $ 3,363,000 $ 112,000 $ 5,141,000 $ 170,000 Construction 770,000 770,000 18,000 937,000 30,000 Other 1,779,000 1,825,000 169,000 2,192,000 18,000 Municipal — — — — — Residential Term 9,414,000 10,763,000 163,000 10,846,000 258,000 Construction — — — — — Home equity line of credit 1,039,000 1,113,000 — 1,963,000 1,000 Consumer 8,000 8,000 — 9,000 1,000 $ 16,039,000 $ 17,842,000 $ 462,000 $ 21,088,000 $ 478,000 A breakdown of impaired loans by class of financing receivable as of and for the period ended June 30, 2020 is presented in the following table: For the six months ended June 30, 2020 For the quarter ended June 30, 2020 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 4,757,000 $ 5,013,000 $ — $ 4,975,000 $ 84,000 $ 4,794,000 $ 37,000 Construction 233,000 257,000 — 475,000 — 234,000 — Other 713,000 737,000 — 787,000 13,000 781,000 10,000 Municipal — — — — — — — Residential Term 8,293,000 9,620,000 — 9,746,000 92,000 9,478,000 25,000 Construction — — — — — — — Home equity line of credit 1,299,000 1,362,000 — 1,207,000 8,000 1,228,000 4,000 Consumer — — — — — — — $ 15,295,000 $ 16,989,000 $ — $ 17,190,000 $ 197,000 $ 16,515,000 $ 76,000 With an Allowance Recorded Commercial Real estate $ 992,000 $ 1,015,000 $ 199,000 $ 1,034,000 $ 21,000 $ 1,004,000 $ 13,000 Construction 701,000 701,000 20,000 468,000 17,000 701,000 7,000 Other 140,000 159,000 132,000 2,213,000 — 157,000 — Municipal — — — — — — — Residential Term 2,018,000 2,047,000 269,000 1,900,000 36,000 1,800,000 23,000 Construction — — — — — — — Home equity line of credit 862,000 862,000 292,000 1,038,000 — 951,000 — Consumer 5,000 5,000 5,000 15,000 — 5,000 — $ 4,718,000 $ 4,789,000 $ 917,000 $ 6,668,000 $ 74,000 $ 4,618,000 $ 43,000 Total Commercial Real estate $ 5,749,000 $ 6,028,000 $ 199,000 $ 6,009,000 $ 105,000 $ 5,798,000 $ 50,000 Construction 934,000 958,000 20,000 943,000 17,000 935,000 7,000 Other 853,000 896,000 132,000 3,000,000 13,000 938,000 10,000 Municipal — — — — — — — Residential Term 10,311,000 11,667,000 269,000 11,646,000 128,000 11,278,000 48,000 Construction — — — — — — — Home equity line of credit 2,161,000 2,224,000 292,000 2,245,000 8,000 2,179,000 4,000 Consumer 5,000 5,000 5,000 15,000 — 5,000 — $ 20,013,000 $ 21,778,000 $ 917,000 $ 23,858,000 $ 271,000 $ 21,133,000 $ 119,000 |
Schedule of Troubled Debt Restructurings on Financing Receivables | The following table shows TDRs by class and the specific reserve as of June 30, 2021: Number of Loans Balance Specific Reserves Commercial Real estate 13 $ 2,490,000 $ 166,000 Construction 2 762,000 19,000 Other 7 956,000 357,000 Municipal — — — Residential Term 48 6,546,000 118,000 Construction — — — Home equity line of credit 1 22,000 — Consumer 1 6,000 — 72 $ 10,782,000 $ 660,000 The following table shows TDRs by class and the specific reserve as of December 31, 2020: Number of Loans Balance Specific Reserves Commercial Real estate 13 $ 2,558,000 $ 106,000 Construction 1 681,000 18,000 Other 6 717,000 96,000 Municipal — — — Residential Term 51 7,384,000 149,000 Construction — — — Home equity line of credit 2 186,000 — Consumer 1 8,000 — 74 $ 11,534,000 $ 369,000 The following table shows TDRs by class and the specific reserve as of June 30, 2020: Number of Loans Balance Specific Reserves Commercial Real estate 16 $ 4,585,000 $ 194,000 Construction 1 701,000 20,000 Other 7 777,000 131,000 Municipal — — — Residential Term 51 7,477,000 198,000 Construction — — — Home equity line of credit 3 473,000 — Consumer — — — 78 $ 14,013,000 $ 543,000 As of June 30, 2021, 11 of the loans classified as TDRs with a total balance of $737,000 were more than 30 days past due. Of these loans, none had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2021: Number of Loans Balance Specific Reserves Commercial Real estate 1 $ 25,000 $ 25,000 Construction — — — Other 4 419,000 92,000 Municipal — — — Residential Term 5 287,000 — Construction — — — Home equity line of credit — — — Consumer 1 6,000 — 11 $ 737,000 $ 117,000 As of June 30, 2020, 11 of the loans classified as TDRs with a total balance of $1,479,000 were more than 30 days past due. Of these loans, one had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2020: Number of Loans Balance Specific Reserves Commercial Real estate — $ — $ — Construction — — Other 3 247,000 131,000 Municipal — — Residential Term 7 1,066,000 — Construction — — — Home equity line of credit 1 166,000 — Consumer — — — 11 $ 1,479,000 $ 131,000 For the six months ended June 30, 2021, three loans were placed on TDR status. The following table shows this TDR, by class and the associated specific reserve included in the allowance for loan losses as of June 30, 2021: Number of Loans Pre-Modification Post-Modification Outstanding Specific Reserves Commercial Real estate — $ — $ — $ — Construction 1 80,000 80,000 — Other 1 261,000 261,000 261,000 Municipal — — — — Residential Term 1 9,000 4,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 3 $ 350,000 $ 345,000 $ 261,000 For the six months ended June 30, 2020, two loans were placed on TDR status. The following table shows these TDRs by class and associated specific reserves included in the allowance for loan losses as of June 30, 2020: Number of Loans Pre-Modification Post-Modification Outstanding Specific Reserves Commercial Real estate — $ — $ — $ — Construction — — — — Other — — — — Municipal — — — — Residential Term 2 235,000 188,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 2 $ 235,000 $ 188,000 $ — For the quarter ended June 30, 2021, two loans were placed on TDR status. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of June 30, 2021: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserves Commercial Real estate — $ — $ — $ — Construction 1 80,000 80,000 — Other — — — — Municipal — — — — Residential Term 1 9,000 4,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 2 $ 89,000 $ 84,000 $ — |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Loan Losses by Class of Financing Receivable and Allowance | A breakdown of the allowance for loan losses as of June 30, 2021, December 31, 2020, and June 30, 2020, by class of financing receivable and allowance element, is presented in the following tables: As of June 30, 2021 Specific Reserves on Loans Evaluated Individually for Impairment General Reserves on Loans Based on Historical Loss Experience Reserves for Qualitative Factors Unallocated Total Reserves Commercial Real estate $ 167,000 $ 850,000 $ 5,071,000 $ — $ 6,088,000 Construction 19,000 105,000 626,000 — 750,000 Other 403,000 482,000 2,872,000 — 3,757,000 Municipal — — 187,000 — 187,000 Residential Term 118,000 202,000 2,576,000 — 2,896,000 Construction — 12,000 148,000 — 160,000 Home equity line of credit — 116,000 843,000 — 959,000 Consumer — 285,000 607,000 — 892,000 Unallocated — — — 1,345,000 1,345,000 $ 707,000 $ 2,052,000 $ 12,930,000 $ 1,345,000 $ 17,034,000 As of December 31, 2020 Specific Reserves on Loans Evaluated Individually for Impairment General Reserves on Loans Based on Historical Loss Experience Reserves for Qualitative Factors Unallocated Total Reserves Commercial Real estate $ 112,000 $ 721,000 $ 4,345,000 $ — $ 5,178,000 Construction 18,000 92,000 552,000 — 662,000 Other 169,000 465,000 2,804,000 — 3,438,000 Municipal — — 171,000 — 171,000 Residential Term 163,000 145,000 2,271,000 — 2,579,000 Construction — 6,000 96,000 — 102,000 Home equity line of credit — 151,000 1,060,000 — 1,211,000 Consumer — 282,000 496,000 — 778,000 Unallocated — — — 2,134,000 2,134,000 $ 462,000 $ 1,862,000 $ 11,795,000 $ 2,134,000 $ 16,253,000 As of June 30, 2020 Specific Reserves on Loans Evaluated Individually for Impairment General Reserves on Loans Based on Historical Loss Experience Reserves for Qualitative Factors Unallocated Total Reserves Commercial Real estate $ 199,000 $ 631,000 $ 3,681,000 $ — $ 4,511,000 Construction 20,000 74,000 430,000 — 524,000 Other 132,000 521,000 3,036,000 — 3,689,000 Municipal — — 110,000 — 110,000 Residential Term 269,000 285,000 1,707,000 — 2,261,000 Construction — 9,000 55,000 — 64,000 Home equity line of credit 292,000 99,000 893,000 — 1,284,000 Consumer 5,000 195,000 458,000 — 658,000 Unallocated — — — 1,009,000 1,009,000 $ 917,000 $ 1,814,000 $ 10,370,000 $ 1,009,000 $ 14,110,000 |
Schedule of Risk Ratings for Loans | The following table summarizes the risk ratings for the Company's commercial real estate, commercial construction, commercial other, and municipal loans as of June 30, 2021: Commercial Commercial Commercial Municipal All Risk- 1 Strong $ — $ — $ 2,117,000 $ 12,000 $ 2,129,000 2 Above Average 8,237,000 181,000 3,742,000 39,240,000 51,400,000 3 Satisfactory 100,934,000 1,928,000 97,205,000 361,000 200,428,000 4 Average 329,498,000 42,928,000 140,406,000 1,466,000 514,298,000 5 Watch 79,155,000 20,757,000 49,674,000 — 149,586,000 6 OAEM 2,250,000 — 35,000 — 2,285,000 7 Substandard 7,341,000 — 5,568,000 — 12,909,000 8 Doubtful — — — — — Total $ 527,415,000 $ 65,794,000 $ 298,747,000 $ 41,079,000 $ 933,035,000 The following table summarizes the risk ratings for the Company's commercial real estate, commercial construction, commercial other, and municipal loans as of December 31, 2020: Commercial Commercial Commercial Municipal All Risk- 1 Strong $ — $ — $ 2,402,000 $ 19,000 $ 2,421,000 2 Above Average 5,938,000 2,343,000 6,326,000 41,939,000 56,546,000 3 Satisfactory 91,475,000 2,889,000 104,432,000 369,000 199,165,000 4 Average 261,539,000 31,221,000 120,570,000 1,456,000 414,786,000 5 Watch 72,840,000 19,893,000 44,293,000 — 137,026,000 6 OAEM 2,754,000 — 234,000 — 2,988,000 7 Substandard 7,575,000 219,000 6,758,000 — 14,552,000 8 Doubtful — — — — — Total $ 442,121,000 $ 56,565,000 $ 285,015,000 $ 43,783,000 $ 827,484,000 The following table summarizes the risk ratings for the Company's commercial real estate, commercial construction, commercial other, and municipal loans as of June 30, 2020: Commercial Commercial Commercial Municipal All Risk- 1 Strong $ — $ — $ 3,893,000 $ 27,000 $ 3,920,000 2 Above Average 9,390,000 1,288,000 4,213,000 46,371,000 61,262,000 3 Satisfactory 85,033,000 1,972,000 140,125,000 369,000 227,499,000 4 Average 218,270,000 25,716,000 123,909,000 2,877,000 370,772,000 5 Watch 67,527,000 17,748,000 46,855,000 — 132,130,000 6 OAEM 2,714,000 — 2,692,000 — 5,406,000 7 Substandard 14,221,000 445,000 6,280,000 — 20,946,000 8 Doubtful — — — — — Total $ 397,155,000 $ 47,169,000 $ 327,967,000 $ 49,644,000 $ 821,935,000 |
Schedule of Allowance for Loan Losses Transactions | The following table presents allowance for loan losses activity by class for the six months and quarter ended June 30, 2021, and allowance for loan loss balances by class and related loan balances by class as of June 30, 2021: Commercial Municipal Residential Home Equity Line of Credit Consumer Unallocated Total Real Estate Construction Other Term Construction For the six months ended June 30, 2021 Beginning balance $ 5,178,000 $ 662,000 $ 3,438,000 $ 171,000 $ 2,579,000 $ 102,000 $ 1,211,000 $ 778,000 $ 2,134,000 $ 16,253,000 Charge offs 5,000 — 286,000 — 41,000 — — 147,000 — 479,000 Recoveries 95,000 — 2,000 — 9,000 — 48,000 56,000 — 210,000 Provision (credit) 820,000 88,000 603,000 16,000 349,000 58,000 (300,000) 205,000 (789,000) 1,050,000 Ending balance $ 6,088,000 $ 750,000 $ 3,757,000 $ 187,000 $ 2,896,000 $ 160,000 $ 959,000 $ 892,000 $ 1,345,000 $ 17,034,000 For the three months ended June 30, 2021 Beginning balance $ 5,741,000 $ 649,000 $ 4,080,000 $ 185,000 $ 2,962,000 $ 131,000 $ 947,000 $ 872,000 $ 1,027,000 $ 16,594,000 Charge offs — — 144,000 — 12,000 — — 44,000 — 200,000 Recoveries 30,000 — 2,000 — 3,000 — 47,000 33,000 — 115,000 Provision (credit) 317,000 101,000 (181,000) 2,000 (57,000) 29,000 (35,000) 31,000 318,000 525,000 Ending balance $ 6,088,000 $ 750,000 $ 3,757,000 $ 187,000 $ 2,896,000 $ 160,000 $ 959,000 $ 892,000 $ 1,345,000 $ 17,034,000 Allowance for loan losses as of June 30, 2021 Ending balance specifically evaluated for impairment $ 167,000 $ 19,000 $ 403,000 $ — $ 118,000 $ — $ — $ — $ — $ 707,000 Ending balance collectively evaluated for impairment $ 5,921,000 $ 731,000 $ 3,354,000 $ 187,000 $ 2,778,000 $ 160,000 $ 959,000 $ 892,000 $ 1,345,000 $ 16,327,000 Related loan balances as of June 30, 2021 Ending balance $ 527,415,000 $ 65,794,000 $ 298,747,000 $ 41,079,000 $ 523,344,000 $ 29,818,000 $ 77,709,000 $ 24,358,000 $ — $ 1,588,264,000 Ending balance specifically evaluated for impairment $ 3,074,000 $ 787,000 $ 1,989,000 $ — $ 9,126,000 $ — $ 596,000 $ 6,000 $ — $ 15,578,000 Ending balance collectively evaluated for impairment $ 524,341,000 $ 65,007,000 $ 296,758,000 $ 41,079,000 $ 514,218,000 $ 29,818,000 $ 77,113,000 $ 24,352,000 $ — $ 1,572,686,000 The following table presents allowance for loan losses activity by class for the year ended December 31, 2020 and allowance for loan loss balances by class and related loan balances by class as of December 31, 2020: Commercial Municipal Residential Home Equity Line of Credit Consumer Unallocated Total Real Estate Construction Other Term Construction For the year ended December 31, 2020 Beginning balance $ 3,742,000 $ 365,000 $ 3,329,000 $ 27,000 $ 1,024,000 $ 25,000 $ 1,078,000 $ 867,000 $ 1,182,000 $ 11,639,000 Charge offs 1,088,000 — 27,000 — 66,000 — 153,000 327,000 — 1,661,000 Recoveries — — 37,000 — 34,000 — 22,000 132,000 — 225,000 Provision 2,524,000 297,000 99,000 144,000 1,587,000 77,000 264,000 106,000 952,000 6,050,000 Ending balance $ 5,178,000 $ 662,000 $ 3,438,000 $ 171,000 $ 2,579,000 $ 102,000 $ 1,211,000 $ 778,000 $ 2,134,000 $ 16,253,000 Allowance for loan losses as of December 31, 2020 Ending balance specifically evaluated for impairment $ 112,000 $ 18,000 $ 169,000 $ — $ 163,000 $ — $ — $ — $ — $ 462,000 Ending balance collectively evaluated for impairment $ 5,066,000 $ 644,000 $ 3,269,000 $ 171,000 $ 2,416,000 $ 102,000 $ 1,211,000 $ 778,000 $ 2,134,000 $ 15,791,000 Related loan balances as of December 31, 2020 Ending balance $ 442,121,000 $ 56,565,000 $ 285,015,000 $ 43,783,000 $ 522,070,000 $ 21,600,000 $ 79,750,000 $ 25,857,000 $ — $ 1,476,761,000 Ending balance specifically evaluated for impairment $ 3,029,000 $ 770,000 $ 1,779,000 $ — $ 9,414,000 $ — $ 1,039,000 $ 8,000 $ — $ 16,039,000 Ending balance collectively evaluated for impairment $ 439,092,000 $ 55,795,000 $ 283,236,000 $ 43,783,000 $ 512,656,000 $ 21,600,000 $ 78,711,000 $ 25,849,000 $ — $ 1,460,722,000 The following table presents allowance for loan losses activity by class for the six months and quarter ended June 30, 2020, and allowance for loan loss balances by class and related loan balances by class as of June 30, 2020: Commercial Municipal Residential Home Equity Line of Credit Consumer Unallocated Total Real Estate Construction Other Term Construction For the six months ended June 30, 2020 Beginning balance $ 3,742,000 $ 365,000 $ 3,329,000 $ 27,000 $ 1,024,000 $ 25,000 $ 1,078,000 $ 867,000 $ 1,182,000 $ 11,639,000 Charge offs — — 17,000 — 46,000 — 153,000 201,000 — 417,000 Recoveries — — 20,000 — 26,000 — 19,000 73,000 — 138,000 Provision (credit) 769,000 159,000 357,000 83,000 1,257,000 39,000 340,000 (81,000) (173,000) 2,750,000 Ending balance $ 4,511,000 $ 524,000 $ 3,689,000 $ 110,000 $ 2,261,000 $ 64,000 $ 1,284,000 $ 658,000 $ 1,009,000 $ 14,110,000 For the three months ended June 30, 2020 Beginning balance $ 3,862,000 $ 424,000 $ 2,427,000 $ 29,000 $ 1,226,000 $ 32,000 $ 1,012,000 $ 725,000 $ 2,121,000 $ 11,858,000 Charge offs — — 17,000 — 44,000 — — 101,000 — 162,000 Recoveries — — — — 16,000 — 18,000 30,000 — 64,000 Provision (credit) 649,000 100,000 1,279,000 81,000 1,063,000 32,000 254,000 4,000 (1,112,000) 2,350,000 Ending balance $ 4,511,000 $ 524,000 $ 3,689,000 $ 110,000 $ 2,261,000 $ 64,000 $ 1,284,000 $ 658,000 $ 1,009,000 $ 14,110,000 Allowance for loan losses as of June 30, 2020 Ending balance specifically evaluated for impairment $ 199,000 $ 20,000 $ 132,000 $ — $ 269,000 $ — $ 292,000 $ 5,000 $ — $ 917,000 Ending balance collectively evaluated for impairment $ 4,312,000 $ 504,000 $ 3,557,000 $ 110,000 $ 1,992,000 $ 64,000 $ 992,000 $ 653,000 $ 1,009,000 $ 13,193,000 Related loan balances as of June 30, 2020 Ending balance $ 397,155,000 $ 47,169,000 $ 327,967,000 $ 49,644,000 $ 499,693,000 $ 14,707,000 $ 87,019,000 $ 28,269,000 $ — $ 1,451,623,000 Ending balance specifically evaluated for impairment $ 5,749,000 $ 934,000 $ 853,000 $ — $ 10,311,000 $ — $ 2,161,000 $ 5,000 $ — $ 20,013,000 Ending balance collectively evaluated for impairment $ 391,406,000 $ 46,235,000 $ 327,114,000 $ 49,644,000 $ 489,382,000 $ 14,707,000 $ 84,858,000 $ 28,264,000 $ — $ 1,431,610,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | As of June 30, 2021, 184,487 shares of restricted stock had been granted under the 2010 Plan and 40,439 shares under the 2020 Plan, of which 82,990 shares remain restricted as of June 30, 2021 as detailed in the following table: Year Vesting Term Shares Remaining Term 2017 5.0 5,774 0.6 2018 4.0 706 0.5 2018 5.0 6,184 1.5 2019 3.0 16,254 0.6 2020 1.0 1,500 0.1 2020 2.0 694 0.6 2020 3.0 20,342 1.6 2021 1.0 4,114 0.6 2021 3.0 27,422 2.6 82,990 1.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per Share (EPS) | The following table sets forth the computation of basic and diluted earnings per share (EPS) for the six months ended June 30, 2021 and 2020: Income (Numerator) Shares (Denominator) Per-Share Amount For the six months ended June 30, 2021 Net income as reported $ 17,709,000 Basic EPS: Income available to common shareholders 17,709,000 10,895,112 $ 1.63 Effect of dilutive securities: restricted stock 85,179 Diluted EPS: Income available to common shareholders plus assumed conversions $ 17,709,000 10,980,291 $ 1.61 For the six months ended June 30, 2020 Net income as reported $ 13,064,000 Basic EPS: Income available to common shareholders 13,064,000 10,849,869 $ 1.20 Effect of dilutive securities: restricted stock 71,638 Diluted EPS: Income available to common shareholders plus assumed conversions $ 13,064,000 10,921,507 $ 1.20 The following table sets forth the computation of basic and diluted earnings per share (EPS) for the quarters ended June 30, 2021 and 2020: Income (Numerator) Shares (Denominator) Per-Share Amount For the quarter ended June 30, 2021 Net income as reported $ 8,787,000 Basic EPS: Income available to common shareholders 8,787,000 10,902,013 $ 0.81 Effect of dilutive securities: restricted stock 84,685 Diluted EPS: Income available to common shareholders plus assumed conversions $ 8,787,000 10,986,698 $ 0.80 For the quarter ended June 30, 2020 Net income as reported $ 6,569,000 Basic EPS: Income available to common shareholders 6,569,000 10,855,139 $ 0.61 Effect of dilutive securities: restricted stock 73,522 Diluted EPS: Income available to common shareholders plus assumed conversions $ 6,569,000 10,928,661 $ 0.60 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits, Description [Abstract] | |
Schedule of Accumulated Post-retirement Benefit Obligation and Funded Status | The following table sets forth the accumulated postretirement benefit obligation and funded status: At or for the six months ended June 30, 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 1,523,000 $ 1,581,000 Interest cost 15,000 32,000 Benefits paid (49,000) (54,000) Benefit obligation at end of period $ 1,489,000 $ 1,559,000 Funded status Benefit obligation at end of period $ (1,489,000) $ (1,559,000) Unamortized gain (35,000) (31,000) Accrued benefit cost at end of period $ (1,524,000) $ (1,590,000) |
Schedule of Net Pension Costs | The following table sets forth the net periodic pension cost: For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Components of net periodic benefit cost Interest cost $ 15,000 $ 32,000 $ 8,000 $ 16,000 Net periodic benefit cost $ 15,000 $ 32,000 $ 8,000 $ 16,000 |
Schedule of Net Periodic Benefit Cost Not Yet Recognized | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income are as follows: June 30, December 31, 2020 June 30, Unamortized net actuarial gain $ 35,000 $ 35,000 $ 31,000 Deferred tax expense (7,000) (7,000) (7,000) Net unrecognized postretirement benefits included in accumulated other comprehensive income $ 28,000 $ 28,000 $ 24,000 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ 5,009,000 $ 3,657,000 $ 1,556,000 $ 7,890,000 Unrealized gains (losses) arising during the period (4,670,000) 5,537,000 (417,000) (572,000) Reclassification of net realized gains during the period (164,000) (1,179,000) (45,000) (427,000) Related deferred taxes 1,015,000 (915,000) 96,000 209,000 Net change (3,819,000) 3,443,000 (366,000) (790,000) Balance at end of period $ 1,190,000 $ 7,100,000 $ 1,190,000 $ 7,100,000 The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ (133,000) $ (182,000) $ (124,000) $ (174,000) Amortization of net unrealized gains 25,000 45,000 14,000 35,000 Related deferred taxes (5,000) (9,000) (3,000) (7,000) Net change 20,000 36,000 11,000 28,000 Balance at end of period $ (113,000) $ (146,000) $ (113,000) $ (146,000) The following table presents the effect of the Company's derivative financial instruments included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ (4,932,000) $ 97,000 $ (1,463,000) $ (4,773,000) Unrealized gains (losses) on cash flow hedging derivatives arising during the period 3,606,000 (7,955,000) (784,000) (1,790,000) Related deferred taxes (757,000) 1,671,000 164,000 376,000 Net change 2,849,000 (6,284,000) (620,000) (1,414,000) Balance at end of period $ (2,083,000) $ (6,187,000) $ (2,083,000) $ (6,187,000) The following table summarizes activity in the unrealized gain or loss on postretirement benefits included in other comprehensive income (loss) for the six months and quarter ended June 30, 2021 and 2020. For the six months ended June 30, For the quarter ended June 30, 2021 2020 2021 2020 Unrecognized postretirement benefits at beginning of period $ 28,000 $ 24,000 $ 28,000 $ 24,000 Amortization of unrecognized transition obligation — — — — Change in unamortized net actuarial gain (loss) — — — — Related deferred taxes — — — — Unrecognized postretirement benefits at end of period $ 28,000 $ 24,000 $ 28,000 $ 24,000 |
Financial Derivative Instrume_2
Financial Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The details of the interest rate swap agreements are as follows: June 30, 2021 December 31, 2020 June 30, 2020 Effective Date Maturity Date Variable Index Received Fixed Rate Paid Presentation on Consolidated Balance Sheet Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value 06/28/2016 06/28/2021 1-Month USD Libor 0.940% Other Liabilities $ — $ — $ 30,000,000 $ (121,000) $ 30,000,000 $ (238,000) 06/27/2016 06/27/2021 1-Month USD Libor 0.893% Other Liabilities — — 20,000,000 (76,000) 20,000,000 (150,000) 08/02/2019 08/02/2024 1-Month USD Libor 1.590% Other Liabilities 12,500,000 (425,000) 12,500,000 (626,000) 12,500,000 (736,000) 08/05/2019 08/05/2024 1-Month USD Libor 1.420% Other Liabilities 12,500,000 (359,000) 12,500,000 (550,000) 12,500,000 (649,000) 02/12/2020 02/12/2023 3-Month USD Libor 1.486% Other Liabilities 25,000,000 (509,000) 25,000,000 (695,000) 25,000,000 (841,000) 02/12/2020 02/12/2024 3-Month USD Libor 1.477% Other Liabilities 25,000,000 (671,000) 25,000,000 (972,000) 25,000,000 (1,124,000) 06/28/2021 06/28/2026 1-Month USD Libor 1.158% Other Liabilities 50,000,000 (820,000) 50,000,000 (1,872,000) 50,000,000 (2,119,000) 03/13/2020 03/13/2025 3-Month USD Libor 0.855% Other Liabilities 25,000,000 (139,000) 25,000,000 (551,000) 25,000,000 (659,000) 03/13/2020 03/13/2030 3-Month USD Libor 1.029% Other (Liabilities) Assets 20,000,000 482,000 20,000,000 (339,000) 20,000,000 (811,000) 04/07/2020 04/07/2023 3-Month USD Libor 0.599% Other Liabilities 20,000,000 (117,000) 20,000,000 (185,000) 20,000,000 (210,000) 04/07/2020 04/07/2024 3-Month USD Libor 0.643% Other Liabilities 20,000,000 (79,000) 20,000,000 (255,000) 20,000,000 (295,000) $210,000,000 $(2,637,000) $260,000,000 $(6,242,000) $260,000,000 $(7,832,000) At June 30, 2021, there were six customer loan swap arrangements in place, detailed below: June 30, 2021 December 31, 2020 June 30, 2020 Presentation on Consolidated Balance Sheet Number of Positions Notional Amount Fair Value Number of Positions Notional Amount Fair Value Number of Positions Notional Amount Fair Value Pay Fixed, Receive Variable Other Assets 3 $ 16,532,000 $ 689,000 3 $ 16,922,000 $ 37,000 — $ — $ — Pay Fixed, Receive Variable Other Liabilities 3 24,927,000 (2,138,000) 2 16,065,000 (2,603,000) 3 24,921,000 (3,613,000) 6 41,459,000 (1,449,000) 5 32,987,000 (2,566,000) 3 24,921,000 (3,613,000) Receive Fixed, Pay Variable Other Assets 3 24,927,000 2,138,000 2 16,065,000 2,603,000 3 24,921,000 3,613,000 Receive Fixed, Pay Variable Other Liabilities 3 16,532,000 (689,000) 3 16,922,000 (37,000) — — — 6 41,459,000 1,449,000 5 32,987,000 2,566,000 3 24,921,000 3,613,000 Total 12 $ 82,918,000 $ — 10 $ 65,974,000 $ — 6 $ 49,842,000 $ — |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Reconciliation of Mortgage Servicing Assets | Mortgage servicing rights are included in other assets and detailed in the following table: June 30, December 31, June 30, Mortgage servicing rights $ 7,945,000 $ 7,299,000 $ 6,603,000 Accumulated amortization (5,304,000) (4,985,000) (4,729,000) Amortized cost 2,641,000 2,314,000 1,874,000 Impairment reserve (93,000) (358,000) — Carrying value $ 2,548,000 $ 1,956,000 $ 1,874,000 |
Certificates of Deposit (Tables
Certificates of Deposit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Schedule of Certificates of Deposit | The following table represents the breakdown of certificates of deposit at June 30, 2021 and 2020, and at December 31, 2020: June 30, 2021 December 31, 2020 June 30, 2020 Certificates of deposit < $100,000 $ 226,924,000 $ 246,875,000 $ 269,353,000 Certificates $100,000 to $250,000 310,068,000 295,672,000 322,613,000 Certificates $250,000 and over 59,210,000 63,038,000 64,667,000 $ 596,202,000 $ 605,585,000 $ 656,633,000 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured on Recurring Basis Measured at Fair Value | The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2021, December 31, 2020 and June 30, 2020. At June 30, 2021 Level 1 Level 2 Level 3 Total Securities available for sale U.S. Government-sponsored agencies $ — $ 22,197,000 $ — $ 22,197,000 Mortgage-backed securities — 246,290,000 — 246,290,000 State and political subdivisions — 32,688,000 — 32,688,000 Asset-backed securities — 5,072,000 — 5,072,000 Total securities available for sale — 306,247,000 — 306,247,000 Interest rate swap agreements — 482,000 — 482,000 Customer loan interest swap agreements — 2,827,000 — 2,827,000 Total interest rate swap agreements — 3,309,000 — 3,309,000 Total assets $ — $ 309,556,000 $ — $ 309,556,000 At June 30, 2021 Level 1 Level 2 Level 3 Total Interest rate swap agreements $ — $ 3,119,000 $ — $ 3,119,000 Customer loan interest swap agreements — 2,827,000 — 2,827,000 Total liabilities $ — $ 5,946,000 $ — $ 5,946,000 At December 31, 2020 Level 1 Level 2 Level 3 Total Securities available for sale U.S. Government-sponsored agencies $ — $ 22,730,000 $ — $ 22,730,000 Mortgage-backed securities — 243,406,000 — 243,406,000 State and political subdivisions — 39,474,000 — 39,474,000 Asset-backed securities — 7,766,000 — 7,766,000 Total securities available for sale — 313,376,000 — 313,376,000 Customer loan interest swap agreements — 2,640,000 — 2,640,000 Total interest rate swap agreements — 2,640,000 — 2,640,000 Total assets $ — $ 316,016,000 $ — $ 316,016,000 At December 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap agreements $ — $ 6,242,000 $ — $ 6,242,000 Customer loan interest swap agreements — 2,640,000 — 2,640,000 Total liabilities $ — $ 8,882,000 $ — $ 8,882,000 At June 30, 2020 Level 1 Level 2 Level 3 Total Securities available for sale U.S. Treasury and agency $ — $ 15,556,000 $ — $ 15,556,000 Mortgage-backed securities — 275,491,000 — 275,491,000 State and political subdivisions — 20,453,000 — 20,453,000 Total securities available for sale — 311,500,000 — 311,500,000 Customer loan interest swap agreements — 3,613,000 — 3,613,000 Total interest swap agreements — 3,613,000 — 3,613,000 Total assets $ — $ 315,113,000 $ — $ 315,113,000 At June 30, 2020 Level 1 Level 2 Level 3 Total Interest rate swap agreements $ — $ 7,832,000 $ — $ 7,832,000 Customer loan interest swap agreements — 3,613,000 — 3,613,000 Total liabilities $ — $ 11,445,000 $ — $ 11,445,000 |
Schedule of Assets Measured on Nonrecurring Basis Measured at Fair Value | The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Mortgage servicing rights are presented net of an impairment reserve of $93,000 at June 30, 2021 and $358,000 at December 31, 2020. Other real estate owned is presented net of an allowance of $45,000 at December 31, 2020. There was no allowance at June 30, 2021 or 2020. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $473,000, $304,000 and $623,000 at June 30, 2021, December 31, 2020, and June 30, 2020, respectively. At June 30, 2021 Level 1 Level 2 Level 3 Total Mortgage servicing rights $ — $ 2,777,000 $ — $ 2,777,000 Other real estate owned — 224,000 — 224,000 Impaired loans — 189,000 — 189,000 Total assets $ — $ 3,190,000 $ — $ 3,190,000 At December 31, 2020 Level 1 Level 2 Level 3 Total Mortgage servicing rights $ — $ 1,985,000 $ — $ 1,985,000 Other real estate owned — 908,000 — 908,000 Impaired loans — 794,000 — 794,000 Total assets $ — $ 3,687,000 $ — $ 3,687,000 At June 30, 2020 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ 851,000 $ — $ 851,000 Impaired loans — 753,000 — 753,000 Total assets $ — $ 1,604,000 $ — $ 1,604,000 |
Schedule of Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair values for financial instruments as of June 30, 2021 were as follows: Carrying value Estimated fair value Level 1 Level 2 Level 3 Financial assets Securities to be held to maturity $ 376,181,000 $ 383,454,000 $ — $ 383,454,000 $ — Loans (net of allowance for loan losses) Commercial Real estate 520,803,000 515,609,000 — — 515,609,000 Construction 64,980,000 64,332,000 — — 64,332,000 Other 294,669,000 294,902,000 — 5,000 294,897,000 Municipal 40,876,000 40,625,000 — — 40,625,000 Residential Term 520,200,000 525,325,000 — 184,000 525,141,000 Construction 29,644,000 30,013,000 — — 30,013,000 Home equity line of credit 76,668,000 74,713,000 — — 74,713,000 Consumer 23,390,000 21,562,000 — — 21,562,000 Total loans 1,571,230,000 1,567,081,000 — 189,000 1,566,892,000 Mortgage servicing rights 2,548,000 2,777,000 — 2,777,000 — Financial liabilities Local certificates of deposit $ 243,447,000 $ 244,558,000 $ — $ 244,558,000 $ — National certificates of deposit 352,755,000 356,258,000 — 356,258,000 — Total certificates of deposits 596,202,000 600,816,000 — 600,816,000 — Repurchase agreements 83,554,000 82,220,000 — 82,220,000 — Federal Home Loan Bank and Federal Reserve Bank borrowings 145,094,000 146,637,000 — 146,637,000 — Total borrowed funds 228,648,000 228,857,000 — 228,857,000 — The carrying amounts and estimated fair values for financial instruments as of December 31, 2020 were as follows: Carrying value Estimated fair value Level 1 Level 2 Level 3 Financial assets Securities to be held to maturity $ 365,613,000 $ 377,134,000 $ — $ 377,134,000 $ — Loans (net of allowance for loan losses) Commercial Real estate 436,161,000 440,735,000 — 347,000 440,388,000 Construction 55,803,000 56,388,000 — — 56,388,000 Other 281,057,000 279,501,000 — 5,000 279,496,000 Municipal 43,586,000 44,440,000 — — 44,440,000 Residential Term 519,101,000 533,059,000 — 442,000 532,617,000 Construction 21,483,000 21,890,000 — — 21,890,000 Home equity line of credit 78,356,000 77,177,000 — — 77,177,000 Consumer 24,961,000 23,502,000 — — 23,502,000 Total loans 1,460,508,000 1,476,692,000 — 794,000 1,475,898,000 Mortgage servicing rights 1,956,000 1,985,000 — 1,985,000 — Financial liabilities Local certificates of deposit $ 250,264,000 $ 253,892,000 $ — $ 253,892,000 $ — National certificates of deposit 355,321,000 359,899,000 — 359,899,000 — Total deposits 605,585,000 613,791,000 — 613,791,000 — Repurchase agreements 69,340,000 69,497,000 — 69,497,000 — Federal Home Loan Bank advances 192,698,000 194,469,000 — 194,469,000 — Total borrowed funds 262,038,000 263,966,000 — 263,966,000 — The carrying amount and estimated fair values for financial instruments as of June 30, 2020 were as follows: Carrying value Estimated fair value Level 1 Level 2 Level 3 Financial assets Securities to be held to maturity $ 341,962,000 $ 352,225,000 $ — $ 352,225,000 $ — Loans (net of allowance for loan losses) Commercial Real estate 392,296,000 389,956,000 — 12,000 389,944,000 Construction 46,605,000 46,327,000 — — 46,327,000 Other 323,994,000 321,575,000 — 8,000 321,567,000 Municipal 49,526,000 48,791,000 — — 48,791,000 Residential Term 497,258,000 503,574,000 — 163,000 503,411,000 Construction 14,638,000 14,709,000 — — 14,709,000 Home equity line of credit 85,636,000 85,635,000 — 570,000 85,065,000 Consumer 27,560,000 25,512,000 — — 25,512,000 Total loans 1,437,513,000 1,436,079,000 — 753,000 1,435,326,000 Mortgage servicing rights 1,874,000 1,777,000 — 1,777,000 — Financial liabilities Local certificates of deposit $ 269,054,000 $ 272,305,000 $ — $ 272,305,000 $ — National certificates of deposit 387,579,000 429,110,000 — 429,110,000 — Total certificates of deposits 656,633,000 701,415,000 — 701,415,000 — Repurchase agreements 61,103,000 61,399,000 — 61,399,000 — Federal Home Loan Bank advances 217,702,000 218,644,000 — 218,644,000 — Total borrowed funds 278,805,000 280,043,000 — 280,043,000 — |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value, AFS (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 304,740 | $ 307,036 | $ 302,513 |
Unrealized Gains | 4,542 | 7,272 | 9,250 |
Unrealized Losses | (3,035) | (932) | (263) |
Fair Value (Estimated) | 306,247 | 313,376 | 311,500 |
U.S. Government-sponsored agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 23,045 | 23,045 | 15,500 |
Unrealized Gains | 0 | 0 | 68 |
Unrealized Losses | (848) | (315) | (12) |
Fair Value (Estimated) | 22,197 | 22,730 | 15,556 |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 245,187 | 238,516 | 267,805 |
Unrealized Gains | 3,264 | 5,507 | 7,937 |
Unrealized Losses | (2,161) | (617) | (251) |
Fair Value (Estimated) | 246,290 | 243,406 | 275,491 |
State and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 31,544 | 37,752 | 19,208 |
Unrealized Gains | 1,170 | 1,722 | 1,245 |
Unrealized Losses | (26) | 0 | 0 |
Fair Value (Estimated) | 32,688 | 39,474 | $ 20,453 |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 4,964 | 7,723 | |
Unrealized Gains | 108 | 43 | |
Unrealized Losses | 0 | 0 | |
Fair Value (Estimated) | $ 5,072 | $ 7,766 |
Investment Securities - Summa_2
Investment Securities - Summary of Amortized Cost and Estimated Fair Value, HTM and Restricted Equity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | $ 376,181 | $ 365,613 | $ 341,962 |
Unrealized Gains | 9,777 | 11,739 | 10,347 |
Unrealized Losses | (2,504) | (218) | (84) |
Fair Value (Estimated) | 383,454 | 377,134 | 352,225 |
Equity Securities, Restricted [Abstract] | |||
Federal Home Loan Bank Stock | 7,802 | 9,508 | 9,508 |
Federal Reserve Bank Stock | 1,037 | 1,037 | 1,037 |
Restricted equity securities | 8,839 | 10,545 | 10,545 |
U.S. Government-sponsored agencies | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 35,600 | 44,149 | 31,144 |
Unrealized Gains | 45 | 143 | 177 |
Unrealized Losses | (897) | (18) | 0 |
Fair Value (Estimated) | 34,748 | 44,274 | 31,321 |
Mortgage-backed securities | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 69,086 | 53,594 | 50,983 |
Unrealized Gains | 406 | 736 | 1,089 |
Unrealized Losses | (1,424) | (195) | (52) |
Fair Value (Estimated) | 68,068 | 54,135 | 52,020 |
State and political subdivisions | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 253,245 | 245,620 | 245,085 |
Unrealized Gains | 8,829 | 10,427 | 8,492 |
Unrealized Losses | (161) | (3) | (32) |
Fair Value (Estimated) | 261,913 | 256,044 | 253,545 |
Corporate securities | |||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 18,250 | 22,250 | 14,750 |
Unrealized Gains | 497 | 433 | 589 |
Unrealized Losses | (22) | (2) | 0 |
Fair Value (Estimated) | $ 18,725 | $ 22,681 | $ 15,339 |
Investment Securities - Summa_3
Investment Securities - Summary of Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Securities available for sale | |||
Amortized Cost, Due in 1 year or less | $ 0 | $ 117 | $ 584 |
Fair Value (Estimated), Due in 1 year or less | 0 | 120 | 573 |
Amortized Cost, Due in 1 to 5 years | 5,683 | 17,718 | 26,736 |
Fair Value (Estimated), Due in 1 to 5 years | 5,909 | 17,915 | 27,310 |
Amortized Cost, Due in 5 to 10 years | 38,136 | 49,697 | 63,422 |
Fair Value (Estimated), Due in 1 to 5 years | 39,018 | 51,001 | 65,575 |
Amortized Cost, Due after 10 years | 260,921 | 239,504 | 211,771 |
Fair Value (Estimated), Due after 10 years | 261,320 | 244,340 | 218,042 |
Fair Value (Estimated) | 306,247 | 313,376 | 311,500 |
Amortized Cost | 304,740 | 307,036 | 302,513 |
Securities to be held to maturity | |||
Amortized Cost, Due in 1 year or less | 3,813 | 3,607 | 1,860 |
Fair Value (Estimated), Due in 1 year or less | 3,800 | 3,641 | 1,863 |
Amortized Cost, Due in 1 to 5 years | 20,629 | 30,867 | 32,303 |
Fair Value (Estimated), Due in 1 to 5 years | 21,477 | 31,792 | 33,367 |
Amortized Cost, Due in 5 to 10 years | 167,850 | 183,679 | 179,877 |
Fair Value (Estimated), Due in 1 to 5 years | 173,699 | 190,153 | 185,994 |
Amortized Cost, Due after 10 years | 183,889 | 147,460 | 127,922 |
Fair Value (Estimated), Due after 10 years | 184,478 | 151,548 | 131,001 |
Amortized Cost | 376,181 | 365,613 | 341,962 |
Securities to be held to maturity, Fair Value (Estimated) | $ 383,454 | $ 377,134 | $ 352,225 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($)statesecurity | Jun. 30, 2020USD ($)securityloan | Dec. 31, 2020USD ($)security | Sep. 30, 2014USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities temporarily impaired (security) | security | 112 | 52 | 50 | |
Number of securities temporarily impaired for twelve months or more (security) | security | 11 | 11 | 10 | |
Period of temporary impairment | 12 months | 12 months | 12 months | |
Amortized cost of securities transferred | $ 89,780,000 | |||
Fair value of securities transferred | 89,757,000 | |||
Net unrealized loss, net of taxes on transferred securities | $ 15,000 | |||
Unamortized balance of net unrealized losses | $ 113,000 | $ 146,000 | $ 133,000 | |
Number of states | state | 6 | |||
FHLB stock investment | $ 7,802,000 | $ 9,508,000 | 9,508,000 | |
Impairment losses | 0 | |||
State and political subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities temporarily impaired (security) | loan | 28 | |||
Proceeds from sales of municipal securities | 8,600,000 | |||
Cumulative book value | 8,313,000 | |||
Net realized gain from sale of municipal securities | 268,000 | |||
Other equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Securities pledged as collateral | $ 291,913,000 | $ 245,917,000 | $ 297,326,000 |
Investment Securities - Securit
Investment Securities - Securities Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales of securities | $ 14,478 | $ 10,849 | $ 15,692 | $ 79,469 |
Gross realized gains | 507 | 428 | 626 | 1,526 |
Gross realized losses | (462) | (1) | (462) | (347) |
Net gain | 45 | 427 | 164 | 1,179 |
Related income taxes | $ 9 | $ 90 | $ 34 | $ 248 |
Investment Securities - Secur_2
Investment Securities - Securities Temporarily Impaired (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | $ 276,415 | $ 99,070 | $ 43,727 |
Unrealized Losses (Less than 12 months) | (5,357) | (1,062) | (204) |
Fair Value (Estimated) (12 months or more) | 5,168 | 3,878 | 4,771 |
Unrealized Losses (12 months or more) | (182) | (88) | (143) |
Fair Value (Estimated) | 281,583 | 102,948 | 48,498 |
Unrealized Losses | (5,539) | (1,150) | (347) |
U.S. Government-sponsored agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 53,750 | 30,212 | 7,988 |
Unrealized Losses (Less than 12 months) | (1,745) | (333) | (12) |
Fair Value (Estimated) (12 months or more) | 0 | 0 | 0 |
Unrealized Losses (12 months or more) | 0 | 0 | 0 |
Fair Value (Estimated) | 53,750 | 30,212 | 7,988 |
Unrealized Losses | (1,745) | (333) | (12) |
Mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 202,134 | 65,505 | 28,116 |
Unrealized Losses (Less than 12 months) | (3,403) | (724) | (160) |
Fair Value (Estimated) (12 months or more) | 5,168 | 3,878 | 4,771 |
Unrealized Losses (12 months or more) | (182) | (88) | (143) |
Fair Value (Estimated) | 207,302 | 69,383 | 32,887 |
Unrealized Losses | (3,585) | (812) | (303) |
State and political subdivisions | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 17,053 | 855 | 7,623 |
Unrealized Losses (Less than 12 months) | (187) | (3) | (32) |
Fair Value (Estimated) (12 months or more) | 0 | 0 | 0 |
Unrealized Losses (12 months or more) | 0 | 0 | 0 |
Fair Value (Estimated) | 17,053 | 855 | 7,623 |
Unrealized Losses | (187) | (3) | $ (32) |
Corporate securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair Value (Estimated) (Less than 12 months) | 3,478 | 2,498 | |
Unrealized Losses (Less than 12 months) | (22) | (2) | |
Fair Value (Estimated) (12 months or more) | 0 | 0 | |
Unrealized Losses (12 months or more) | 0 | 0 | |
Fair Value (Estimated) | 3,478 | 2,498 | |
Unrealized Losses | $ (22) | $ (2) |
Loans - Loan Portfolio (Details
Loans - Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 1,588,264 | $ 1,476,761 | $ 1,451,623 |
Percentage of loans receivable, by type | 100.00% | 100.00% | 100.00% |
Commercial | Real estate | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 527,415 | $ 442,121 | $ 397,155 |
Percentage of loans receivable, by type | 33.20% | 29.90% | 27.40% |
Commercial | Construction | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 65,794 | $ 56,565 | $ 47,169 |
Percentage of loans receivable, by type | 4.10% | 3.80% | 3.20% |
Commercial | Other | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 298,747 | $ 285,015 | $ 327,967 |
Percentage of loans receivable, by type | 18.80% | 19.30% | 22.60% |
Municipal | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 41,079 | $ 43,783 | $ 49,644 |
Percentage of loans receivable, by type | 2.60% | 3.00% | 3.40% |
Residential | Construction | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 29,818 | $ 21,600 | $ 14,707 |
Percentage of loans receivable, by type | 1.90% | 1.50% | 1.10% |
Residential | Term | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 523,344 | $ 522,070 | $ 499,693 |
Percentage of loans receivable, by type | 33.00% | 35.30% | 34.40% |
Home equity line of credit | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 77,709 | $ 79,750 | $ 87,019 |
Percentage of loans receivable, by type | 4.90% | 5.40% | 6.00% |
Consumer | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 24,358 | $ 25,857 | $ 28,269 |
Percentage of loans receivable, by type | 1.50% | 1.80% | 1.90% |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Net deferred loan costs included in loan balances | $ 5,447 | $ 4,866 | $ 5,447 | $ 4,866 | $ 6,931 |
Loans used to collateralize borrowings from the Federal Home Loan Bank of Boston | 356,811 | 399,525 | 356,811 | 399,525 | 378,183 |
Commercial, construction and home equity loans used to collateralize unused line of credit at the Federal Reserve Bank of Boston | 259,312 | 264,343 | $ 259,312 | $ 264,343 | $ 259,599 |
Number of loans | loan | 72 | 78 | 74 | ||
Loans | $ 1,588,264 | $ 1,451,623 | $ 1,588,264 | $ 1,451,623 | $ 1,476,761 |
Percentage of loans receivable, by type | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
TDR recorded investment | $ 10,782 | $ 14,013 | $ 10,782 | $ 14,013 | $ 11,534 |
Number of loans | loan | 11 | 11 | 11 | 11 | |
TDR recorded investment more than 30 days past due | $ 737 | $ 1,479 | $ 737 | $ 1,479 | |
Number of loans placed on TDR status in previous 12 months | loan | 0 | 1 | |||
Number of loans | loan | 2 | 0 | 3 | 2 | |
Number of TDR loans involved in bankruptcy (loan) | loan | 8 | 8 | |||
Loans classified as TDRs that are involved in bankruptcy | $ 993 | $ 993 | |||
Number of loans classified as TDRs that were on non-accrual status | loan | 21 | 21 | |||
Loans classified as TDRs that were on non-accrual status | $ 1,804 | $ 1,804 | |||
Number of loans classified as TDRs that are involved in foreclosure | loan | 0 | 0 | |||
Number of mortgage loans in the process of foreclosure | loan | 12 | 15 | 12 | 15 | |
Mortgage loans in the process of foreclosure | $ 912 | $ 2,028 | $ 912 | $ 2,028 | |
Small Business Administration (SBA), CARES Act, Excluding Paycheck Protection Program | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans | loan | 1,050 | ||||
Loans | $ 291,668 | $ 291,668 | |||
Percentage of loans receivable, by type | 19.00% | 19.00% | |||
Unallocated | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Number of days past due | 30 days | 30 days | |||
Exemption from Troubled Debt Restructure Designation, CARES Act | Original or Subsequent Modification | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 21,965 | $ 21,965 | |||
Percentage of loans receivable, by type | 1.40% | 1.40% |
Loans - Past-due Status of Loan
Loans - Past-due Status of Loans by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 1,588,264 | $ 1,476,761 | $ 1,451,623 |
90+ Days & Accruing | 104 | 1,505 | 1,468 |
30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 467 | 2,916 | 1,618 |
60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 877 | 2,417 | 1,751 |
90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 2,076 | 4,389 | 6,188 |
All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 3,420 | 9,722 | 9,557 |
Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 1,584,844 | 1,467,039 | 1,442,066 |
Commercial | Real estate | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 527,415 | 442,121 | 397,155 |
90+ Days & Accruing | 0 | 0 | 0 |
Commercial | Real estate | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 75 | 139 | 134 |
Commercial | Real estate | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 190 | 76 |
Commercial | Real estate | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 191 | 226 | 1,048 |
Commercial | Real estate | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 266 | 555 | 1,258 |
Commercial | Real estate | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 527,149 | 441,566 | 395,897 |
Commercial | Construction | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 65,794 | 56,565 | 47,169 |
90+ Days & Accruing | 0 | 0 | 0 |
Commercial | Construction | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 13 | 13 | 0 |
Commercial | Construction | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Commercial | Construction | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 16 | 80 | 0 |
Commercial | Construction | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 29 | 93 | 0 |
Commercial | Construction | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 65,765 | 56,472 | 47,169 |
Commercial | Other | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 298,747 | 285,015 | 327,967 |
90+ Days & Accruing | 0 | 1,464 | 1,464 |
Commercial | Other | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 62 | 490 | 172 |
Commercial | Other | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 62 | 11 |
Commercial | Other | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 821 | 2,082 | 1,741 |
Commercial | Other | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 883 | 2,634 | 1,924 |
Commercial | Other | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 297,864 | 282,381 | 326,043 |
Municipal | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 41,079 | 43,783 | 49,644 |
90+ Days & Accruing | 0 | 0 | 0 |
Municipal | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Municipal | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 41,079 | 43,783 | 49,644 |
Residential | Construction | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 29,818 | 21,600 | 14,707 |
90+ Days & Accruing | 0 | 0 | 0 |
Residential | Construction | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Residential | Construction | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Residential | Construction | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Residential | Construction | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 0 | 0 |
Residential | Construction | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 29,818 | 21,600 | 14,707 |
Residential | Term | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 523,344 | 522,070 | 499,693 |
90+ Days & Accruing | 0 | 23 | 0 |
Residential | Term | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 134 | 540 | 270 |
Residential | Term | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 773 | 1,799 | 1,413 |
Residential | Term | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 715 | 1,616 | 1,850 |
Residential | Term | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 1,622 | 3,955 | 3,533 |
Residential | Term | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 521,722 | 518,115 | 496,160 |
Home equity line of credit | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 77,709 | 79,750 | 87,019 |
90+ Days & Accruing | 17 | 0 | 0 |
Home equity line of credit | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 43 | 1,645 | 896 |
Home equity line of credit | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 0 | 324 | 145 |
Home equity line of credit | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 246 | 367 | 1,540 |
Home equity line of credit | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 289 | 2,336 | 2,581 |
Home equity line of credit | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 77,420 | 77,414 | 84,438 |
Consumer | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 24,358 | 25,857 | 28,269 |
90+ Days & Accruing | 87 | 18 | 4 |
Consumer | 30-59 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 140 | 89 | 146 |
Consumer | 60-89 Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 104 | 42 | 106 |
Consumer | 90+ Days Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 87 | 18 | 9 |
Consumer | All Past Due | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | 331 | 149 | 261 |
Consumer | Current | |||
Schedule of Financing Receivables [Line Items] | |||
Loans | $ 24,027 | $ 25,708 | $ 28,008 |
Loans - Modification Statuses b
Loans - Modification Statuses by Portfolio Segment (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 72 | 78 | 74 |
Percentage of loans receivable, by type | 100.00% | 100.00% | 100.00% |
Balance | $ | $ 1,588,264 | $ 1,451,623 | $ 1,476,761 |
Commercial/Municipal Loan Modifications | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 605 | ||
Percentage of loans receivable, by type | 100.00% | ||
Balance | $ | $ 237,697 | ||
Percentage of balance | 100.00% | ||
Commercial/Municipal Loan Modifications | Paid Off | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 121 | ||
Percentage of loans receivable, by type | 20.00% | ||
Balance | $ | $ 19,750 | ||
Percentage of balance | 8.00% | ||
Commercial/Municipal Loan Modifications | Subsequent Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 13 | ||
Percentage of loans receivable, by type | 2.00% | ||
Balance | $ | $ 7,800 | ||
Percentage of balance | 3.00% | ||
Commercial/Municipal Loan Modifications | Still in Original Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 2 | ||
Percentage of loans receivable, by type | 0.00% | ||
Balance | $ | $ 228 | ||
Percentage of balance | 0.00% | ||
Commercial/Municipal Loan Modifications | Out of Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 469 | ||
Percentage of loans receivable, by type | 78.00% | ||
Balance | $ | $ 209,919 | ||
Percentage of balance | 89.00% | ||
Residential Real Estate Modifications | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 376 | ||
Percentage of loans receivable, by type | 100.00% | ||
Balance | $ | $ 52,912 | ||
Percentage of balance | 100.00% | ||
Residential Real Estate Modifications | Paid Off | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 57 | ||
Percentage of loans receivable, by type | 15.00% | ||
Balance | $ | $ 10,535 | ||
Percentage of balance | 20.00% | ||
Residential Real Estate Modifications | Subsequent Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 115 | ||
Percentage of loans receivable, by type | 30.00% | ||
Balance | $ | $ 13,320 | ||
Percentage of balance | 25.00% | ||
Residential Real Estate Modifications | Still in Original Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 6 | ||
Percentage of loans receivable, by type | 2.00% | ||
Balance | $ | $ 574 | ||
Percentage of balance | 1.00% | ||
Residential Real Estate Modifications | Out of Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 198 | ||
Percentage of loans receivable, by type | 53.00% | ||
Balance | $ | $ 28,483 | ||
Percentage of balance | 54.00% | ||
Consumer Loan Modifications | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 1 | 0 | 1 |
Percentage of loans receivable, by type | 1.50% | 1.90% | 1.80% |
Balance | $ | $ 24,358 | $ 28,269 | $ 25,857 |
Consumer Loan Modifications | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 69 | ||
Percentage of loans receivable, by type | 100.00% | ||
Balance | $ | $ 1,059 | ||
Percentage of balance | 100.00% | ||
Consumer Loan Modifications | Paid Off | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 21 | ||
Percentage of loans receivable, by type | 30.00% | ||
Balance | $ | $ 179 | ||
Percentage of balance | 17.00% | ||
Consumer Loan Modifications | Subsequent Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 2 | ||
Percentage of loans receivable, by type | 3.00% | ||
Balance | $ | $ 43 | ||
Percentage of balance | 4.00% | ||
Consumer Loan Modifications | Out of Modification | Exemption from Troubled Debt Restructure Designation, CARES Act | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Units | loan | 46 | ||
Percentage of loans receivable, by type | 67.00% | ||
Balance | $ | $ 837 | ||
Percentage of balance | 79.00% |
Loans - Nonaccrual Loans (Detai
Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | $ 6,981 | $ 6,721 | $ 8,344 |
Commercial | Real estate | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | 1,029 | 543 | 1,245 |
Commercial | Construction | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | 105 | 89 | 232 |
Commercial | Other | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | 1,452 | 1,481 | 323 |
Municipal | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | 0 | 0 | 0 |
Residential | Construction | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | 0 | 0 | 0 |
Residential | Term | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | 3,820 | 3,593 | 4,685 |
Home equity line of credit | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | 575 | 1,015 | 1,854 |
Consumer | |||
Schedule of Financing Receivables [Line Items] | |||
Nonaccrual loans | $ 0 | $ 0 | $ 5 |
Loans - Impaired Loans by Class
Loans - Impaired Loans by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | $ 11,904 | $ 15,295 | $ 11,904 | $ 15,295 | $ 12,098 |
Recorded investment, with related allowance | 3,674 | 4,718 | 3,674 | 4,718 | 3,941 |
Recorded Investment | 15,578 | 20,013 | 15,578 | 20,013 | 16,039 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 13,617 | 16,989 | 13,617 | 16,989 | 13,806 |
Unpaid principal balance with related allowance | 3,760 | 4,789 | 3,760 | 4,789 | 4,036 |
Unpaid Principal Balance | 17,377 | 21,778 | 17,377 | 21,778 | 17,842 |
Related Allowance | 707 | 917 | 707 | 917 | 462 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 12,166 | 16,515 | 12,080 | 17,190 | 15,473 |
Average recorded investment, with related allowance | 3,768 | 4,618 | 3,954 | 6,668 | 5,615 |
Average Recorded Investment | 15,934 | 21,133 | 16,034 | 23,858 | 21,088 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 54 | 76 | 111 | 197 | 336 |
Recognized interest income, with related allowance | 28 | 43 | 59 | 74 | 142 |
Recognized Interest Income | 82 | 119 | 170 | 271 | 478 |
Commercial | Real estate | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 2,145 | 4,757 | 2,145 | 4,757 | 2,060 |
Recorded investment, with related allowance | 929 | 992 | 929 | 992 | 969 |
Recorded Investment | 3,074 | 5,749 | 3,074 | 5,749 | 3,029 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 2,490 | 5,013 | 2,490 | 5,013 | 2,368 |
Unpaid principal balance with related allowance | 956 | 1,015 | 956 | 1,015 | 995 |
Unpaid Principal Balance | 3,446 | 6,028 | 3,446 | 6,028 | 3,363 |
Related Allowance | 167 | 199 | 167 | 199 | 112 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 2,412 | 4,794 | 2,295 | 4,975 | 4,123 |
Average recorded investment, with related allowance | 939 | 1,004 | 954 | 1,034 | 1,018 |
Average Recorded Investment | 3,351 | 5,798 | 3,249 | 6,009 | 5,141 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 18 | 37 | 35 | 84 | 127 |
Recognized interest income, with related allowance | 11 | 13 | 20 | 21 | 43 |
Recognized Interest Income | 29 | 50 | 55 | 105 | 170 |
Commercial | Construction | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 106 | 233 | 106 | 233 | 89 |
Recorded investment, with related allowance | 681 | 701 | 681 | 701 | 681 |
Recorded Investment | 787 | 934 | 787 | 934 | 770 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 106 | 257 | 106 | 257 | 89 |
Unpaid principal balance with related allowance | 681 | 701 | 681 | 701 | 681 |
Unpaid Principal Balance | 787 | 958 | 787 | 958 | 770 |
Related Allowance | 19 | 20 | 19 | 20 | 18 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 94 | 234 | 92 | 475 | 358 |
Average recorded investment, with related allowance | 681 | 701 | 681 | 468 | 579 |
Average Recorded Investment | 775 | 935 | 773 | 943 | 937 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized interest income, with related allowance | 5 | 7 | 11 | 17 | 30 |
Recognized Interest Income | 5 | 7 | 11 | 17 | 30 |
Commercial | Other | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 1,567 | 713 | 1,567 | 713 | 1,591 |
Recorded investment, with related allowance | 422 | 140 | 422 | 140 | 188 |
Recorded Investment | 1,989 | 853 | 1,989 | 853 | 1,779 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 1,638 | 737 | 1,638 | 737 | 1,623 |
Unpaid principal balance with related allowance | 439 | 159 | 439 | 159 | 202 |
Unpaid Principal Balance | 2,077 | 896 | 2,077 | 896 | 1,825 |
Related Allowance | 403 | 132 | 403 | 132 | 169 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 1,575 | 781 | 1,615 | 787 | 999 |
Average recorded investment, with related allowance | 471 | 157 | 498 | 2,213 | 1,193 |
Average Recorded Investment | 2,046 | 938 | 2,113 | 3,000 | 2,192 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 3 | 10 | 8 | 13 | 15 |
Recognized interest income, with related allowance | 5 | 0 | 5 | 0 | 3 |
Recognized Interest Income | 8 | 10 | 13 | 13 | 18 |
Municipal | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance with related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 | 0 | 0 |
Residential | Construction | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid principal balance with related allowance | 0 | 0 | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Average recorded investment, with related allowance | 0 | 0 | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 | 0 | 0 |
Residential | Term | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 7,506 | 8,293 | 7,506 | 8,293 | 7,335 |
Recorded investment, with related allowance | 1,620 | 2,018 | 1,620 | 2,018 | 2,079 |
Recorded Investment | 9,126 | 10,311 | 9,126 | 10,311 | 9,414 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 8,770 | 9,620 | 8,770 | 9,620 | 8,629 |
Unpaid principal balance with related allowance | 1,662 | 2,047 | 1,662 | 2,047 | 2,134 |
Unpaid Principal Balance | 10,432 | 11,667 | 10,432 | 11,667 | 10,763 |
Related Allowance | 118 | 269 | 118 | 269 | 163 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 7,329 | 9,478 | 7,256 | 9,746 | 8,773 |
Average recorded investment, with related allowance | 1,662 | 1,800 | 1,810 | 1,900 | 2,073 |
Average Recorded Investment | 8,991 | 11,278 | 9,066 | 11,646 | 10,846 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 33 | 25 | 68 | 92 | 193 |
Recognized interest income, with related allowance | 7 | 23 | 23 | 36 | 65 |
Recognized Interest Income | 40 | 48 | 91 | 128 | 258 |
Home equity line of credit | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 574 | 1,299 | 574 | 1,299 | 1,015 |
Recorded investment, with related allowance | 22 | 862 | 22 | 862 | 24 |
Recorded Investment | 596 | 2,161 | 596 | 2,161 | 1,039 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 607 | 1,362 | 607 | 1,362 | 1,089 |
Unpaid principal balance with related allowance | 22 | 862 | 22 | 862 | 24 |
Unpaid Principal Balance | 629 | 2,224 | 629 | 2,224 | 1,113 |
Related Allowance | 0 | 292 | 0 | 292 | 0 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 756 | 1,228 | 815 | 1,207 | 1,219 |
Average recorded investment, with related allowance | 15 | 951 | 11 | 1,038 | 744 |
Average Recorded Investment | 771 | 2,179 | 826 | 2,245 | 1,963 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 0 | 4 | 0 | 8 | 0 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 1 |
Recognized Interest Income | 0 | 4 | 0 | 8 | 1 |
Consumer | |||||
Impaired Financing Receivable, Recorded Investment [Abstract] | |||||
Recorded investment, with no related allowance | 6 | 0 | 6 | 0 | 8 |
Recorded investment, with related allowance | 0 | 5 | 0 | 5 | 0 |
Recorded Investment | 6 | 5 | 6 | 5 | 8 |
Impaired Financing Receivable, Unpaid Principal Balance [Abstract] | |||||
Unpaid principal balance, with no related allowance | 6 | 0 | 6 | 0 | 8 |
Unpaid principal balance with related allowance | 0 | 5 | 0 | 5 | 0 |
Unpaid Principal Balance | 6 | 5 | 6 | 5 | 8 |
Related Allowance | 0 | 5 | 0 | 5 | 0 |
Impaired Financing Receivable, Average Recorded Investment [Abstract] | |||||
Average recorded investment, with no related allowance | 0 | 0 | 7 | 0 | 1 |
Average recorded investment, with related allowance | 0 | 5 | 0 | 15 | 8 |
Average Recorded Investment | 0 | 5 | 7 | 15 | 9 |
Impaired Financing Receivable, Interest Income, Cash Basis Method [Abstract] | |||||
Recognized interest income, with no related allowance | 0 | 0 | 0 | 0 | 1 |
Recognized interest income, with related allowance | 0 | 0 | 0 | 0 | 0 |
Recognized Interest Income | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 |
Loans - TDR's by Class and Spec
Loans - TDR's by Class and Specific Reserves (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 72 | 78 | 74 |
Balance | $ 10,782 | $ 14,013 | $ 11,534 |
Specific Reserves | $ 660 | $ 543 | $ 369 |
Commercial | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 13 | 16 | 13 |
Balance | $ 2,490 | $ 4,585 | $ 2,558 |
Specific Reserves | $ 166 | $ 194 | $ 106 |
Commercial | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 2 | 1 | 1 |
Balance | $ 762 | $ 701 | $ 681 |
Specific Reserves | $ 19 | $ 20 | $ 18 |
Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 7 | 7 | 6 |
Balance | $ 956 | $ 777 | $ 717 |
Specific Reserves | $ 357 | $ 131 | $ 96 |
Municipal | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 0 | 0 | 0 |
Balance | $ 0 | $ 0 | $ 0 |
Specific Reserves | $ 0 | $ 0 | $ 0 |
Residential | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 0 | 0 | 0 |
Balance | $ 0 | $ 0 | $ 0 |
Specific Reserves | $ 0 | $ 0 | $ 0 |
Residential | Term | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 48 | 51 | 51 |
Balance | $ 6,546 | $ 7,477 | $ 7,384 |
Specific Reserves | $ 118 | $ 198 | $ 149 |
Home equity line of credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 1 | 3 | 2 |
Balance | $ 22 | $ 473 | $ 186 |
Specific Reserves | $ 0 | $ 0 | $ 0 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | loan | 1 | 0 | 1 |
Balance | $ 6 | $ 0 | $ 8 |
Specific Reserves | $ 0 | $ 0 | $ 0 |
Loans - TDR's by Class and Sp_2
Loans - TDR's by Class and Specific Reserves More Than 30 Days Past Due (Details) $ in Thousands | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 11 | 11 |
Balance | $ 737 | $ 1,479 |
Specific Reserves | $ 117 | $ 131 |
Commercial | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Balance | $ 25 | $ 0 |
Specific Reserves | $ 25 | $ 0 |
Commercial | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Balance | $ 0 | $ 0 |
Specific Reserves | $ 0 | |
Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 4 | 3 |
Balance | $ 419 | $ 247 |
Specific Reserves | $ 92 | $ 131 |
Municipal | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Balance | $ 0 | $ 0 |
Specific Reserves | $ 0 | |
Residential | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 0 | 0 |
Balance | $ 0 | $ 0 |
Specific Reserves | $ 0 | $ 0 |
Residential | Term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 5 | 7 |
Balance | $ 287 | $ 1,066 |
Specific Reserves | $ 0 | $ 0 |
Home equity line of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Balance | $ 0 | $ 166 |
Specific Reserves | $ 0 | $ 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Balance | $ 6 | $ 0 |
Specific Reserves | $ 0 | $ 0 |
Loans - Pre-Modification and Po
Loans - Pre-Modification and Post-Modification Outstanding Recorded Investment (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)loan | Jun. 30, 2020loan | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 0 | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 89 | $ 350 | $ 235 | |
Post-Modification Outstanding Recorded Investment | 84 | 345 | 188 | |
Specific Reserves | $ 0 | $ 261 | $ 0 | |
Commercial | Real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | |
Specific Reserves | $ 0 | $ 0 | $ 0 | |
Commercial | Construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 80 | $ 80 | $ 0 | |
Post-Modification Outstanding Recorded Investment | 80 | 80 | 0 | |
Specific Reserves | $ 0 | $ 0 | $ 0 | |
Commercial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 261 | $ 0 | |
Post-Modification Outstanding Recorded Investment | 0 | 261 | 0 | |
Specific Reserves | $ 0 | $ 261 | $ 0 | |
Municipal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | |
Specific Reserves | $ 0 | $ 0 | $ 0 | |
Residential | Construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | |
Specific Reserves | $ 0 | $ 0 | $ 0 | |
Residential | Term | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 9 | $ 9 | $ 235 | |
Post-Modification Outstanding Recorded Investment | 4 | 4 | 188 | |
Specific Reserves | $ 0 | $ 0 | $ 0 | |
Home equity line of credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | |
Specific Reserves | $ 0 | $ 0 | $ 0 | |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | |
Specific Reserves | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($)loan_class | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loan classes | loan_class | 8 | |||||
Percent of related loans | 0.81% | 0.80% | ||||
Increase (decrease) in qualitative portion | $ 1,135 | |||||
Allowance for loan losses | $ 17,034 | $ 16,253 | $ 16,594 | $ 14,110 | $ 11,858 | $ 11,639 |
Allowance for loan losses as a percent of total loans | 1.07% | 1.10% | 0.97% | |||
Number of classes in the commercial loan portfolio | loan_class | 3 | |||||
Loan-to-value percent, commercial real estate | 80.00% | |||||
Number of classes in the residential loan portfolio | loan_class | 2 | |||||
Construction loans, percent of capital | 43.50% | |||||
Construction loans, maximum percent of capital | 100.00% | |||||
Construction loans and non-owner-occupied commercial real estate loans, percent of capital | 171.10% | |||||
Construction loans and non-owner-occupied commercial real estate loans, maximum percent of capital | 300.00% | |||||
Outstanding loans and commitments subject by independent consulting firm | 60.00% | |||||
Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Residential loans, loan to value percent, maximum | 75.00% | |||||
Consumer loans, loan to value percent, minimum | 80.00% | |||||
Maximum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Residential loans, loan to value percent, maximum | 80.00% | |||||
Consumer loans, loan to value percent, minimum | 90.00% | |||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 892 | $ 778 | 872 | $ 658 | 725 | 867 |
Delinquent period before consumer loans are charged off | 120 days | |||||
Residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan to value ratio | 0.80 | |||||
Amortization term (in years) | 30 years | |||||
Delinquent period before residential loans are placed on non-accrual status | 90 days | |||||
Delinquent period for loans charged off | 180 days | |||||
Delinquent period for loans charged off after receipt of notification | 60 days | |||||
Residential | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 160 | 102 | 131 | 64 | 32 | 25 |
Loan maturities | 1 year | |||||
Home equity line of credit | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 959 | 1,211 | 947 | 1,284 | 1,012 | 1,078 |
Loan maturities | 300 months | |||||
Loan to value ratio | 0.80 | |||||
Commercial | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 750 | 662 | $ 649 | 524 | $ 424 | $ 365 |
Loan maturities | 2 years | |||||
Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 1,345 | $ 2,134 | 1,009 | |||
Percent of total allowance reserve | 7.90% | 13.10% | ||||
Unallocated Reserves | Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 0 | $ 0 | 0 | |||
Unallocated Reserves | Residential | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Unallocated Reserves | Home equity line of credit | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Unallocated Reserves | Commercial | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses - Fin
Allowance for Loan Losses - Financing Receivable and Allowance Element by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 17,034 | $ 16,594 | $ 16,253 | $ 14,110 | $ 11,858 | $ 11,639 |
Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 707 | 462 | 917 | |||
General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 2,052 | 1,862 | 1,814 | |||
Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 12,930 | 11,795 | 10,370 | |||
Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 1,345 | 2,134 | 1,009 | |||
Commercial | Real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 6,088 | 5,741 | 5,178 | 4,511 | 3,862 | 3,742 |
Commercial | Real estate | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 167 | 112 | 199 | |||
Commercial | Real estate | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 850 | 721 | 631 | |||
Commercial | Real estate | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 5,071 | 4,345 | 3,681 | |||
Commercial | Real estate | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Commercial | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 750 | 649 | 662 | 524 | 424 | 365 |
Commercial | Construction | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 19 | 18 | 20 | |||
Commercial | Construction | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 105 | 92 | 74 | |||
Commercial | Construction | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 626 | 552 | 430 | |||
Commercial | Construction | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Commercial | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 3,757 | 4,080 | 3,438 | 3,689 | 2,427 | 3,329 |
Commercial | Other | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 403 | 169 | 132 | |||
Commercial | Other | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 482 | 465 | 521 | |||
Commercial | Other | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 2,872 | 2,804 | 3,036 | |||
Commercial | Other | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Municipal | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 187 | 185 | 171 | 110 | 29 | 27 |
Municipal | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Municipal | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Municipal | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 187 | 171 | 110 | |||
Municipal | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Residential | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 160 | 131 | 102 | 64 | 32 | 25 |
Residential | Construction | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Residential | Construction | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 12 | 6 | 9 | |||
Residential | Construction | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 148 | 96 | 55 | |||
Residential | Construction | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Residential | Term | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 2,896 | 2,962 | 2,579 | 2,261 | 1,226 | 1,024 |
Residential | Term | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 118 | 163 | 269 | |||
Residential | Term | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 202 | 145 | 285 | |||
Residential | Term | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 2,576 | 2,271 | 1,707 | |||
Residential | Term | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Home equity line of credit | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 959 | 947 | 1,211 | 1,284 | 1,012 | 1,078 |
Home equity line of credit | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 292 | |||
Home equity line of credit | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 116 | 151 | 99 | |||
Home equity line of credit | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 843 | 1,060 | 893 | |||
Home equity line of credit | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 892 | 872 | 778 | 658 | 725 | 867 |
Consumer | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 5 | |||
Consumer | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 285 | 282 | 195 | |||
Consumer | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 607 | 496 | 458 | |||
Consumer | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Unallocated | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 1,345 | $ 1,027 | 2,134 | 1,009 | $ 2,121 | $ 1,182 |
Unallocated | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Unallocated | General Reserves on Loans Based on Historical Loss Experience | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Unallocated | Reserves for Qualitative Factors | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | 0 | 0 | 0 | |||
Unallocated | Unallocated Reserves | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ 1,345 | $ 2,134 | $ 1,009 |
Allowance for Loan Losses - Ris
Allowance for Loan Losses - Risk Ratings by Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | $ 933,035 | $ 827,484 | $ 821,935 |
1 Strong | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 2,129 | 2,421 | 3,920 |
2 Above Average | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 51,400 | 56,546 | 61,262 |
3 Satisfactory | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 200,428 | 199,165 | 227,499 |
4 Average | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 514,298 | 414,786 | 370,772 |
5 Watch | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 149,586 | 137,026 | 132,130 |
6 OAEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 2,285 | 2,988 | 5,406 |
7 Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 12,909 | 14,552 | 20,946 |
8 Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Commercial | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 527,415 | 442,121 | 397,155 |
Commercial | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 65,794 | 56,565 | 47,169 |
Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 298,747 | 285,015 | 327,967 |
Commercial | 1 Strong | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Commercial | 1 Strong | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Commercial | 1 Strong | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 2,117 | 2,402 | 3,893 |
Commercial | 2 Above Average | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 8,237 | 5,938 | 9,390 |
Commercial | 2 Above Average | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 181 | 2,343 | 1,288 |
Commercial | 2 Above Average | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 3,742 | 6,326 | 4,213 |
Commercial | 3 Satisfactory | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 100,934 | 91,475 | 85,033 |
Commercial | 3 Satisfactory | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 1,928 | 2,889 | 1,972 |
Commercial | 3 Satisfactory | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 97,205 | 104,432 | 140,125 |
Commercial | 4 Average | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 329,498 | 261,539 | 218,270 |
Commercial | 4 Average | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 42,928 | 31,221 | 25,716 |
Commercial | 4 Average | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 140,406 | 120,570 | 123,909 |
Commercial | 5 Watch | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 79,155 | 72,840 | 67,527 |
Commercial | 5 Watch | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 20,757 | 19,893 | 17,748 |
Commercial | 5 Watch | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 49,674 | 44,293 | 46,855 |
Commercial | 6 OAEM | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 2,250 | 2,754 | 2,714 |
Commercial | 6 OAEM | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Commercial | 6 OAEM | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 35 | 234 | 2,692 |
Commercial | 7 Substandard | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 7,341 | 7,575 | 14,221 |
Commercial | 7 Substandard | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 219 | 445 |
Commercial | 7 Substandard | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 5,568 | 6,758 | 6,280 |
Commercial | 8 Doubtful | Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Commercial | 8 Doubtful | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Commercial | 8 Doubtful | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Municipal | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 41,079 | 43,783 | 49,644 |
Municipal | 1 Strong | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 12 | 19 | 27 |
Municipal | 2 Above Average | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 39,240 | 41,939 | 46,371 |
Municipal | 3 Satisfactory | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 361 | 369 | 369 |
Municipal | 4 Average | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 1,466 | 1,456 | 2,877 |
Municipal | 5 Watch | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Municipal | 6 OAEM | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Municipal | 7 Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | 0 | 0 | 0 |
Municipal | 8 Doubtful | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Risk rated loans receivable | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses - Act
Allowance for Loan Losses - Activity by Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | $ 16,594 | $ 11,858 | $ 16,253 | $ 11,639 | $ 11,639 |
Charge offs | 200 | 162 | 479 | 417 | 1,661 |
Recoveries | 115 | 64 | 210 | 138 | 225 |
Provision (credit) | 525 | 2,350 | 1,050 | 2,750 | 6,050 |
Ending balance | 17,034 | 14,110 | 17,034 | 14,110 | 16,253 |
Ending balance specifically evaluated for impairment | 707 | 917 | 707 | 917 | 462 |
Ending balance collectively evaluated for impairment | 16,327 | 13,193 | 16,327 | 13,193 | 15,791 |
Ending balance | 1,588,264 | 1,451,623 | 1,588,264 | 1,451,623 | 1,476,761 |
Ending balance specifically evaluated for impairment | 15,578 | 20,013 | 15,578 | 20,013 | 16,039 |
Ending balance collectively evaluated for impairment | 1,572,686 | 1,431,610 | 1,572,686 | 1,431,610 | 1,460,722 |
Commercial | Real estate | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 5,741 | 3,862 | 5,178 | 3,742 | 3,742 |
Charge offs | 0 | 0 | 5 | 0 | 1,088 |
Recoveries | 30 | 0 | 95 | 0 | 0 |
Provision (credit) | 317 | 649 | 820 | 769 | 2,524 |
Ending balance | 6,088 | 4,511 | 6,088 | 4,511 | 5,178 |
Ending balance specifically evaluated for impairment | 167 | 199 | 167 | 199 | 112 |
Ending balance collectively evaluated for impairment | 5,921 | 4,312 | 5,921 | 4,312 | 5,066 |
Ending balance | 527,415 | 397,155 | 527,415 | 397,155 | 442,121 |
Ending balance specifically evaluated for impairment | 3,074 | 5,749 | 3,074 | 5,749 | 3,029 |
Ending balance collectively evaluated for impairment | 524,341 | 391,406 | 524,341 | 391,406 | 439,092 |
Commercial | Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 649 | 424 | 662 | 365 | 365 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | 101 | 100 | 88 | 159 | 297 |
Ending balance | 750 | 524 | 750 | 524 | 662 |
Ending balance specifically evaluated for impairment | 19 | 20 | 19 | 20 | 18 |
Ending balance collectively evaluated for impairment | 731 | 504 | 731 | 504 | 644 |
Ending balance | 65,794 | 47,169 | 65,794 | 47,169 | 56,565 |
Ending balance specifically evaluated for impairment | 787 | 934 | 787 | 934 | 770 |
Ending balance collectively evaluated for impairment | 65,007 | 46,235 | 65,007 | 46,235 | 55,795 |
Commercial | Other | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 4,080 | 2,427 | 3,438 | 3,329 | 3,329 |
Charge offs | 144 | 17 | 286 | 17 | 27 |
Recoveries | 2 | 0 | 2 | 20 | 37 |
Provision (credit) | (181) | 1,279 | 603 | 357 | 99 |
Ending balance | 3,757 | 3,689 | 3,757 | 3,689 | 3,438 |
Ending balance specifically evaluated for impairment | 403 | 132 | 403 | 132 | 169 |
Ending balance collectively evaluated for impairment | 3,354 | 3,557 | 3,354 | 3,557 | 3,269 |
Ending balance | 298,747 | 327,967 | 298,747 | 327,967 | 285,015 |
Ending balance specifically evaluated for impairment | 1,989 | 853 | 1,989 | 853 | 1,779 |
Ending balance collectively evaluated for impairment | 296,758 | 327,114 | 296,758 | 327,114 | 283,236 |
Municipal | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 185 | 29 | 171 | 27 | 27 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | 2 | 81 | 16 | 83 | 144 |
Ending balance | 187 | 110 | 187 | 110 | 171 |
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 187 | 110 | 187 | 110 | 171 |
Ending balance | 41,079 | 49,644 | 41,079 | 49,644 | 43,783 |
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 41,079 | 49,644 | 41,079 | 49,644 | 43,783 |
Residential | Construction | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 131 | 32 | 102 | 25 | 25 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | 29 | 32 | 58 | 39 | 77 |
Ending balance | 160 | 64 | 160 | 64 | 102 |
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 160 | 64 | 160 | 64 | 102 |
Ending balance | 29,818 | 14,707 | 29,818 | 14,707 | 21,600 |
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 29,818 | 14,707 | 29,818 | 14,707 | 21,600 |
Residential | Term | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 2,962 | 1,226 | 2,579 | 1,024 | 1,024 |
Charge offs | 12 | 44 | 41 | 46 | 66 |
Recoveries | 3 | 16 | 9 | 26 | 34 |
Provision (credit) | (57) | 1,063 | 349 | 1,257 | 1,587 |
Ending balance | 2,896 | 2,261 | 2,896 | 2,261 | 2,579 |
Ending balance specifically evaluated for impairment | 118 | 269 | 118 | 269 | 163 |
Ending balance collectively evaluated for impairment | 2,778 | 1,992 | 2,778 | 1,992 | 2,416 |
Ending balance | 523,344 | 499,693 | 523,344 | 499,693 | 522,070 |
Ending balance specifically evaluated for impairment | 9,126 | 10,311 | 9,126 | 10,311 | 9,414 |
Ending balance collectively evaluated for impairment | 514,218 | 489,382 | 514,218 | 489,382 | 512,656 |
Home equity line of credit | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 947 | 1,012 | 1,211 | 1,078 | 1,078 |
Charge offs | 0 | 0 | 0 | 153 | 153 |
Recoveries | 47 | 18 | 48 | 19 | 22 |
Provision (credit) | (35) | 254 | (300) | 340 | 264 |
Ending balance | 959 | 1,284 | 959 | 1,284 | 1,211 |
Ending balance specifically evaluated for impairment | 0 | 292 | 0 | 292 | 0 |
Ending balance collectively evaluated for impairment | 959 | 992 | 959 | 992 | 1,211 |
Ending balance | 77,709 | 87,019 | 77,709 | 87,019 | 79,750 |
Ending balance specifically evaluated for impairment | 596 | 2,161 | 596 | 2,161 | 1,039 |
Ending balance collectively evaluated for impairment | 77,113 | 84,858 | 77,113 | 84,858 | 78,711 |
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 872 | 725 | 778 | 867 | 867 |
Charge offs | 44 | 101 | 147 | 201 | 327 |
Recoveries | 33 | 30 | 56 | 73 | 132 |
Provision (credit) | 31 | 4 | 205 | (81) | 106 |
Ending balance | 892 | 658 | 892 | 658 | 778 |
Ending balance specifically evaluated for impairment | 0 | 5 | 0 | 5 | 0 |
Ending balance collectively evaluated for impairment | 892 | 653 | 892 | 653 | 778 |
Ending balance | 24,358 | 28,269 | 24,358 | 28,269 | 25,857 |
Ending balance specifically evaluated for impairment | 6 | 5 | 6 | 5 | 8 |
Ending balance collectively evaluated for impairment | 24,352 | 28,264 | 24,352 | 28,264 | 25,849 |
Unallocated | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Beginning balance | 1,027 | 2,121 | 2,134 | 1,182 | 1,182 |
Charge offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision (credit) | 318 | (1,112) | (789) | (173) | 952 |
Ending balance | 1,345 | 1,009 | 1,345 | 1,009 | 2,134 |
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | 1,345 | 1,009 | 1,345 | 1,009 | 2,134 |
Ending balance | 0 | 0 | 0 | 0 | 0 |
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 |
Ending balance collectively evaluated for impairment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | Apr. 28, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share based compensation cost | $ 2,173 | |||
Compensation expense recognized for restricted shares | 490 | $ 312 | ||
Unrecognized compensation costs | $ 1,044 | $ 1,003 | ||
2010 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares not issued (in shares) | 215,513 | |||
2010 Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants during the period (in shares) | 184,487 | |||
2020 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock reserved for issuance (in shares) | 400,000 | |||
2020 Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants during the period (in shares) | 40,439 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Granted (Details) - Restricted Stock - shares | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
2010 Plan | 2017 | Five Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 5 years | ||||
Shares | 5,774 | ||||
Remaining Term (In Years) | 7 months 6 days | ||||
2010 Plan | 2018 | Five Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 5 years | ||||
Shares | 6,184 | ||||
Remaining Term (In Years) | 1 year 6 months | ||||
2010 Plan | 2018 | Four Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 4 years | ||||
Shares | 706 | ||||
Remaining Term (In Years) | 6 months | ||||
2010 Plan | 2019 | Three Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 3 years | ||||
Shares | 16,254 | ||||
Remaining Term (In Years) | 7 months 6 days | ||||
2020 Plan | 2020 | Three Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 3 years | ||||
Shares | 20,342 | ||||
Remaining Term (In Years) | 1 year 7 months 6 days | ||||
2020 Plan | 2020 | Two Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 2 years | ||||
Shares | 694 | ||||
Remaining Term (In Years) | 7 months 6 days | ||||
2020 Plan | 2020 | One Year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 1 year | ||||
Shares | 1,500 | ||||
Remaining Term (In Years) | 1 month 6 days | ||||
2010 and 2020 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares | 82,990 | ||||
Remaining Term (In Years) | 1 year 7 months 6 days | ||||
2010 and 2020 Equity Incentive Plan | 2021 | Three Years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 3 years | ||||
Shares | 27,422 | ||||
Remaining Term (In Years) | 2 years 7 months 6 days | ||||
2010 and 2020 Equity Incentive Plan | 2021 | One Year | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting Term (In Years) | 1 year | ||||
Shares | 4,114 | ||||
Remaining Term (In Years) | 7 months 6 days |
Common Stock (Details)
Common Stock (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Class of Stock [Line Items] | ||
Proceeds from sale of common stock | $ 340 | $ 325 |
Capital Purchase Program | ||
Class of Stock [Line Items] | ||
Proceeds from sale of common stock | $ 340 | $ 325 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income (Numerator) | ||||
Net income as reported | $ 8,787 | $ 6,569 | $ 17,709 | $ 13,064 |
Basic EPS: Income available to common shareholders | 8,787 | 6,569 | 17,709 | 13,064 |
Diluted EPS: Income available to common shareholders plus assumed conversions | $ 8,787 | $ 6,569 | $ 17,709 | $ 13,064 |
Shares (Denominator) | ||||
Basic EPS: Income available to common shareholders (in shares) | 10,902,013 | 10,855,139 | 10,895,112 | 10,849,869 |
Effect of dilutive securities: restricted stock (in shares) | 84,685 | 73,522 | 85,179 | 71,638 |
Diluted EPS: Income available to common shareholders plus assumed conversions (in shares) | 10,986,698 | 10,928,661 | 10,980,291 | 10,921,507 |
Per-Share Amount | ||||
Basic EPS: Income available to common shareholders (usd per share) | $ 0.81 | $ 0.61 | $ 1.63 | $ 1.20 |
Diluted EPS: Income available to common shareholders plus assumed conversions (usd per share) | $ 0.80 | $ 0.60 | $ 1.61 | $ 1.20 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2021USD ($)post_retirement_benefit_plan | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Retirement Benefits, Description [Abstract] | |||
Defined contribution plan service period (in months) | 3 months | ||
Defined contribution plan employer maximum percentage match of annual salary based on employee contribution | 3.00% | ||
Defined contribution plan employer maximum percentage of annual profit-sharing contribution to plan for benefit of employee (in hundredths) | 3.00% | ||
Expense related to 401(k) plan | $ 405,000 | $ 453,000 | |
Unfunded, supplemental retirement benefits payable period | 20 years | ||
Pension expense | $ 84,000 | 79,000 | |
Accrued pension liability | $ 2,932,000 | $ 2,764,000 | $ 2,991,000 |
Number of post-retirement benefit plans | post_retirement_benefit_plan | 2 | ||
Post-retirement benefit plan health insurance subsidy range minimum per month per person | $ 40 | ||
Post-retirement benefit plan health insurance subsidy range maximum per month per person | $ 1,200 | ||
Discount rate | 2.00% | ||
Assumed health care cost trend rate | 7.00% | ||
Expected future benefit payments, current year | $ 97,000 | ||
Estimated plan expense | 30,000 | ||
Effect of one percentage point increase on accumulated benefit obligation | 100,000 | ||
Effect of one percentage point increase on interest cost | 7,000 | ||
Effect of one percentage point increase on service cost | $ 1,000 |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Post-Retirement Benefit Obligation, Funded Status, and Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Change in benefit obligation | ||||
Benefit obligation at beginning of year | $ 1,523 | $ 1,581 | ||
Interest cost | $ 8 | $ 16 | 15 | 32 |
Benefits paid | (49) | (54) | ||
Benefit obligation at end of period | 1,489 | 1,559 | 1,489 | 1,559 |
Funded status | ||||
Benefit obligation at end of period | (1,489) | (1,559) | (1,489) | (1,559) |
Unamortized gain | (35) | (31) | ||
Accrued benefit cost at end of period | (1,524) | (1,590) | (1,524) | (1,590) |
Components of net periodic benefit cost | ||||
Interest cost | 8 | 16 | 15 | 32 |
Net periodic benefit cost | $ 8 | $ 16 | $ 15 | $ 32 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost Not Yet Recognized (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Retirement Benefits, Description [Abstract] | |||
Unamortized net actuarial gain | $ 35 | $ 35 | $ 31 |
Deferred tax expense | (7) | (7) | (7) |
Net unrecognized postretirement benefits included in accumulated other comprehensive income | $ 28 | $ 28 | $ 24 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Summary of Unrealized Gains and Losses on Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | $ 223,726 | $ 212,508 | ||
Other comprehensive gain (loss) | $ 362 | $ (2,176) | (950) | (2,805) |
Balance at end of period | 234,155 | 216,584 | 234,155 | 216,584 |
Accumulated Net Investment Gain (Loss) Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at beginning of period | 1,556 | 7,890 | 5,009 | 3,657 |
Unrealized gains (losses) arising during the period | (417) | (572) | (4,670) | 5,537 |
Reclassification of net realized gains during the period | (45) | (427) | (164) | (1,179) |
Related deferred taxes | 96 | 209 | 1,015 | (915) |
Other comprehensive gain (loss) | (366) | (790) | (3,819) | 3,443 |
Balance at end of period | $ 1,190 | $ 7,100 | $ 1,190 | $ 7,100 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Summary of Transfer of AFS Securities to HTM (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification of Available-for-Sale Securities to Held-to-maturity Roll Forward [Roll Forward] | ||||
Balance at beginning of period | $ 223,726 | $ 212,508 | ||
Other comprehensive gain (loss) | $ 362 | $ (2,176) | (950) | (2,805) |
Balance at end of period | 234,155 | 216,584 | 234,155 | 216,584 |
Accumulated Net Gain (Loss) on Securities Transferred from Available-for-Sale to Held-to-Maturity | ||||
Reclassification of Available-for-Sale Securities to Held-to-maturity Roll Forward [Roll Forward] | ||||
Balance at beginning of period | (124) | (174) | (133) | (182) |
Amortization of net unrealized gains | 14 | 35 | 25 | 45 |
Related deferred taxes | (3) | (7) | (5) | (9) |
Other comprehensive gain (loss) | 11 | 28 | 20 | 36 |
Balance at end of period | $ (113) | $ (146) | $ (113) | $ (146) |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Summary of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ 223,726 | $ 212,508 | ||
Other comprehensive gain (loss) | $ 362 | $ (2,176) | (950) | (2,805) |
Balance at end of period | 234,155 | 216,584 | 234,155 | 216,584 |
Accumulated Net Gain (Loss) from Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (1,463) | (4,773) | (4,932) | 97 |
Unrealized gains (losses) on cash flow hedging derivatives arising during the period | (784) | (1,790) | 3,606 | (7,955) |
Related deferred taxes | 164 | 376 | (757) | 1,671 |
Other comprehensive gain (loss) | (620) | (1,414) | 2,849 | (6,284) |
Balance at end of period | $ (2,083) | $ (6,187) | $ (2,083) | $ (6,187) |
Other Comprehensive Income (L_6
Other Comprehensive Income (Loss) - Summary of Unrealized Gains and Losses on Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | $ 223,726 | $ 212,508 | ||
Balance at end of period | $ 234,155 | $ 216,584 | 234,155 | 216,584 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Roll Forward] | ||||
Balance at beginning of period | 28 | 24 | 28 | 24 |
Amortization of unrecognized transition obligation | 0 | 0 | 0 | 0 |
Change in unamortized net actuarial gain (loss) | 0 | 0 | 0 | 0 |
Related deferred taxes | 0 | 0 | 0 | 0 |
Balance at end of period | $ 28 | $ 24 | $ 28 | $ 24 |
Financial Derivative Instrume_3
Financial Derivative Instruments (Details) | 3 Months Ended | |||
Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)derivative | Dec. 31, 2020USD ($)derivative | Jun. 30, 2020USD ($)derivative | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Expense incurred from restructuring derivatives | $ 1,760,000 | |||
Not Designated as Hedging Instrument | Customer loan interest swap agreements | ||||
Derivative [Line Items] | ||||
Collateral posted, cash | $ 5,100,000 | |||
Not Designated as Hedging Instrument | Customer Loan Swaps | ||||
Derivative [Line Items] | ||||
Required amount to be pledged | $ 4,310,000 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap June 28 2021 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 0.94% | |||
Notional Amount | $ 0 | $ 30,000,000 | $ 30,000,000 | |
Fair Value | $ 0 | (121,000) | (238,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap June 27 2021 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 0.893% | |||
Notional Amount | $ 0 | 20,000,000 | 20,000,000 | |
Fair Value | $ 0 | (76,000) | (150,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap August 2 2024 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 1.59% | |||
Notional Amount | $ 12,500,000 | 12,500,000 | 12,500,000 | |
Fair Value | $ (425,000) | (626,000) | (736,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap August 5 2024 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 1.42% | |||
Notional Amount | $ 12,500,000 | 12,500,000 | 12,500,000 | |
Fair Value | $ (359,000) | (550,000) | (649,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap February 12 2023 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 1.486% | |||
Notional Amount | $ 25,000,000 | 25,000,000 | 25,000,000 | |
Fair Value | $ (509,000) | (695,000) | (841,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap February 12 2024 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 1.477% | |||
Notional Amount | $ 25,000,000 | 25,000,000 | 25,000,000 | |
Fair Value | $ (671,000) | (972,000) | (1,124,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap June 28 2026 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 1.158% | |||
Notional Amount | $ 50,000,000 | 50,000,000 | 50,000,000 | |
Fair Value | $ (820,000) | (1,872,000) | (2,119,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap March 13 2025 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 0.855% | |||
Notional Amount | $ 25,000,000 | 25,000,000 | 25,000,000 | |
Fair Value | $ (139,000) | (551,000) | (659,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap March 13 2030 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 1.029% | |||
Notional Amount | $ 20,000,000 | 20,000,000 | 20,000,000 | |
Fair Value | $ 482,000 | (339,000) | (811,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap April 07 2023 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 0.599% | |||
Notional Amount | $ 20,000,000 | 20,000,000 | 20,000,000 | |
Fair Value | $ (117,000) | (185,000) | (210,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap April 07 2024 | ||||
Derivative [Line Items] | ||||
Fixed Rate Paid | 0.643% | |||
Notional Amount | $ 20,000,000 | 20,000,000 | 20,000,000 | |
Fair Value | (79,000) | (255,000) | (295,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Notional Amount | 210,000,000 | 260,000,000 | 260,000,000 | |
Fair Value | (2,637,000) | (6,242,000) | (7,832,000) | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Maturity Date Prior to June 30, 2023 | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 45,000,000 | |||
Number of derivative instruments | derivative | 2 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Maturity Date Beyond June 30, 2023 | ||||
Derivative [Line Items] | ||||
Notional Amount | $ 165,000,000 | |||
Number of derivative instruments | derivative | 7 | |||
Cash Flow Hedging | Designated as Hedging Instrument | Customer Loan Swaps Maturity Dates December 19, 2029 and October 1, 2039 | ||||
Derivative [Line Items] | ||||
Number of derivative instruments | derivative | 6 | |||
Cash Flow Hedging | Not Designated as Hedging Instrument | Customer loan interest swap agreements | ||||
Derivative [Line Items] | ||||
Fair Value | $ 0 | $ 0 | $ 0 | |
Number of derivative instruments | derivative | 12 | 10 | 6 | |
Derivative notional amount | $ 82,918,000 | $ 65,974,000 | $ 49,842,000 | |
Cash Flow Hedging | Not Designated as Hedging Instrument | Customer loan interest swap agreements | Pay Fixed, Receive Variable | ||||
Derivative [Line Items] | ||||
Fair Value | $ (1,449,000) | $ (2,566,000) | $ (3,613,000) | |
Number of derivative instruments | derivative | 6 | 5 | 3 | |
Derivative notional amount | $ 41,459,000 | $ 32,987,000 | $ 24,921,000 | |
Cash Flow Hedging | Not Designated as Hedging Instrument | Customer loan interest swap agreements | Receive Fixed, Pay Variable | ||||
Derivative [Line Items] | ||||
Fair Value | $ 1,449,000 | $ 2,566,000 | $ 3,613,000 | |
Number of derivative instruments | derivative | 6 | 5 | 3 | |
Derivative notional amount | $ 41,459,000 | $ 32,987,000 | $ 24,921,000 | |
Cash Flow Hedging | Not Designated as Hedging Instrument | Other Liabilities | Customer loan interest swap agreements | Pay Fixed, Receive Variable | ||||
Derivative [Line Items] | ||||
Fair Value | $ (2,138,000) | $ (2,603,000) | $ (3,613,000) | |
Number of derivative instruments | derivative | 3 | 2 | 3 | |
Derivative notional amount | $ 24,927,000 | $ 16,065,000 | $ 24,921,000 | |
Cash Flow Hedging | Not Designated as Hedging Instrument | Other Liabilities | Customer loan interest swap agreements | Receive Fixed, Pay Variable | ||||
Derivative [Line Items] | ||||
Fair Value | $ (689,000) | $ (37,000) | $ 0 | |
Number of derivative instruments | derivative | 3 | 3 | 0 | |
Derivative notional amount | $ 16,532,000 | $ 16,922,000 | $ 0 | |
Cash Flow Hedging | Not Designated as Hedging Instrument | Other Assets | Customer loan interest swap agreements | Pay Fixed, Receive Variable | ||||
Derivative [Line Items] | ||||
Fair Value | $ 689,000 | $ 37,000 | $ 0 | |
Number of derivative instruments | derivative | 3 | 3 | 0 | |
Derivative notional amount | $ 16,532,000 | $ 16,922,000 | $ 0 | |
Cash Flow Hedging | Not Designated as Hedging Instrument | Other Assets | Customer loan interest swap agreements | Receive Fixed, Pay Variable | ||||
Derivative [Line Items] | ||||
Fair Value | $ 2,138,000 | $ 2,603,000 | $ 3,613,000 | |
Number of derivative instruments | derivative | 3 | 2 | 3 | |
Derivative notional amount | $ 24,927,000 | $ 16,065,000 | $ 24,921,000 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |||
Moving average of weekly prepayment data (in months) | 3 months | ||
Anticipated loan prepayment rate of servicing assets (in hundredths) | 11.95% | ||
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate adjustment factor (in hundredths) | 9.00% | ||
Mortgage servicing rights capitalized | $ 646,000 | $ 464,000 | |
Amortization of mortgage servicing rights | 319,000 | 135,000 | |
Fair value of mortgage servicing rights | 2,777,000 | 1,777,000 | $ 1,985,000 |
Outstanding principal balance of loans serviced for others | 348,862,000 | 287,987,000 | 318,459,000 |
Mortgage servicing rights impairment | $ 93,000 | $ 0 | $ 358,000 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Mortgage Servicing Rights (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |||
Mortgage servicing rights | $ 7,945,000 | $ 6,603,000 | $ 7,299,000 |
Accumulated amortization | (5,304,000) | (4,729,000) | (4,985,000) |
Amortized cost | 2,641,000 | 1,874,000 | 2,314,000 |
Impairment reserve | (93,000) | 0 | (358,000) |
Carrying value | $ 2,548,000 | $ 1,874,000 | $ 1,956,000 |
Certificates of Deposit (Detail
Certificates of Deposit (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Deposits [Abstract] | |||
Certificates of deposit of less than $100,000 | $ 226,924 | $ 246,875 | $ 269,353 |
Certificates $100,000 to $250,000 | 310,068 | 295,672 | 322,613 |
Certificates $250,000 and over | 59,210 | 63,038 | 64,667 |
Total certificates of deposit | $ 596,202 | $ 605,585 | $ 656,633 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 306,247 | $ 313,376 | $ 311,500 |
U.S. Government-sponsored agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 22,197 | 22,730 | 15,556 |
Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 246,290 | 243,406 | 275,491 |
State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 32,688 | 39,474 | 20,453 |
Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,072 | 7,766 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Derivative assets | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. Government-sponsored agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 306,247 | 313,376 | 311,500 |
Derivative assets | 3,309 | 2,640 | 3,613 |
Total assets | 309,556 | 316,016 | 315,113 |
Derivative liabilities | 5,946 | 8,882 | 11,445 |
Fair Value, Measurements, Recurring | Level 2 | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 482 | ||
Derivative liabilities | 3,119 | 6,242 | 7,832 |
Fair Value, Measurements, Recurring | Level 2 | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2,827 | 2,640 | 3,613 |
Derivative liabilities | 2,827 | 2,640 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government-sponsored agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 22,197 | 22,730 | 15,556 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 246,290 | 243,406 | 275,491 |
Fair Value, Measurements, Recurring | Level 2 | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 32,688 | 39,474 | 20,453 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,072 | 7,766 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Derivative assets | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | ||
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | 0 |
Derivative liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | U.S. Government-sponsored agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 0 | 0 | |
Fair Value, Measurements, Recurring | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 306,247 | 313,376 | 311,500 |
Derivative assets | 3,309 | 2,640 | 3,613 |
Total assets | 309,556 | 316,016 | 315,113 |
Derivative liabilities | 5,946 | 8,882 | 11,445 |
Fair Value, Measurements, Recurring | Total Fair Value | Interest rate swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 482 | ||
Derivative liabilities | 3,119 | 6,242 | 7,832 |
Fair Value, Measurements, Recurring | Total Fair Value | Customer loan interest swap agreements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2,827 | 2,640 | 3,613 |
Derivative liabilities | 2,827 | 2,640 | |
Fair Value, Measurements, Recurring | Total Fair Value | U.S. Government-sponsored agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 22,197 | 22,730 | 15,556 |
Fair Value, Measurements, Recurring | Total Fair Value | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 246,290 | 243,406 | 275,491 |
Fair Value, Measurements, Recurring | Total Fair Value | State and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 32,688 | 39,474 | $ 20,453 |
Fair Value, Measurements, Recurring | Total Fair Value | Asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 5,072 | $ 7,766 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Mortgage servicing rights impairment | $ 93,000 | $ 0 | $ 358,000 |
Other real estate owned, valuation allowance | 0 | 0 | 45,000 |
Valuation allowance on impaired financing receivable | $ 473,000 | $ 623,000 | $ 304,000 |
Fair Value - Assets Recorded at
Fair Value - Assets Recorded at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | $ 2,777 | $ 1,985 | $ 1,777 |
Other real estate owned | 224 | 908 | 851 |
Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 2,777 | 1,985 | 1,777 |
Total Fair Value | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | 0 |
Total Fair Value | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 2,777 | 1,985 | 1,777 |
Total Fair Value | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | |
Other real estate owned | 0 | 0 | 0 |
Impaired loans | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 2,777 | 1,985 | |
Other real estate owned | 224 | 908 | 851 |
Impaired loans | 189 | 794 | 753 |
Total assets | 3,190 | 3,687 | 1,604 |
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 0 | 0 | |
Other real estate owned | 0 | 0 | 0 |
Impaired loans | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Total Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 2,777 | 1,985 | |
Other real estate owned | 224 | 908 | 851 |
Impaired loans | 189 | 794 | 753 |
Total assets | $ 3,190 | $ 3,687 | $ 1,604 |
Fair Value - Assets and Liabi_2
Fair Value - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Securities to be held to maturity | $ 383,454 | $ 377,134 | $ 352,225 |
Mortgage servicing rights | 2,777 | 1,985 | 1,777 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 596,202 | 605,585 | 656,633 |
Total deposits | 1,961,321 | 1,844,611 | 1,740,121 |
Level 1 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 0 | ||
Level 2 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 244,558 | ||
Level 3 | |||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 0 | ||
Carrying value | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Securities to be held to maturity | 376,181 | 365,613 | 341,962 |
Loans | 1,571,230 | 1,460,508 | 1,437,513 |
Mortgage servicing rights | 2,548 | 1,956 | 1,874 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 243,447 | 250,264 | 269,054 |
National certificates of deposit | 352,755 | 355,321 | 387,579 |
Total deposits | 596,202 | 605,585 | 656,633 |
Repurchase agreements | 83,554 | 69,340 | 61,103 |
Federal Home Loan Bank and Federal Reserve Bank borrowings | 145,094 | 192,698 | 217,702 |
Total borrowed funds | 228,648 | 262,038 | 278,805 |
Carrying value | Commercial | Real estate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 520,803 | 436,161 | 392,296 |
Carrying value | Commercial | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 64,980 | 55,803 | 46,605 |
Carrying value | Commercial | Other | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 294,669 | 281,057 | 323,994 |
Carrying value | Municipal | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 40,876 | 43,586 | 49,526 |
Carrying value | Residential | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 29,644 | 21,483 | 14,638 |
Carrying value | Residential | Term | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 520,200 | 519,101 | 497,258 |
Carrying value | Home equity line of credit | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 76,668 | 78,356 | 85,636 |
Carrying value | Consumer | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 23,390 | 24,961 | 27,560 |
Total Fair Value | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Securities to be held to maturity | 383,454 | 377,134 | 352,225 |
Loans | 1,567,081 | 1,476,692 | 1,436,079 |
Mortgage servicing rights | 2,777 | 1,985 | 1,777 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 244,558 | 253,892 | 272,305 |
National certificates of deposit | 356,258 | 359,899 | 429,110 |
Total deposits | 600,816 | 613,791 | 701,415 |
Repurchase agreements | 82,220 | 69,497 | 61,399 |
Federal Home Loan Bank and Federal Reserve Bank borrowings | 146,637 | 194,469 | 218,644 |
Total borrowed funds | 228,857 | 263,966 | 280,043 |
Total Fair Value | Commercial | Real estate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 515,609 | 440,735 | 389,956 |
Total Fair Value | Commercial | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 64,332 | 56,388 | 46,327 |
Total Fair Value | Commercial | Other | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 294,902 | 279,501 | 321,575 |
Total Fair Value | Municipal | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 40,625 | 44,440 | 48,791 |
Total Fair Value | Residential | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 30,013 | 21,890 | 14,709 |
Total Fair Value | Residential | Term | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 525,325 | 533,059 | 503,574 |
Total Fair Value | Home equity line of credit | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 74,713 | 77,177 | 85,635 |
Total Fair Value | Consumer | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 21,562 | 23,502 | 25,512 |
Total Fair Value | Level 1 | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Securities to be held to maturity | 0 | 0 | 0 |
Loans | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 0 | 0 | |
National certificates of deposit | 0 | 0 | 0 |
Total deposits | 0 | 0 | 0 |
Repurchase agreements | 0 | 0 | 0 |
Federal Home Loan Bank and Federal Reserve Bank borrowings | 0 | 0 | 0 |
Total borrowed funds | 0 | 0 | 0 |
Total Fair Value | Level 1 | Commercial | Real estate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Commercial | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Commercial | Other | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Municipal | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Residential | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Residential | Term | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Home equity line of credit | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 1 | Consumer | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Securities to be held to maturity | 383,454 | 377,134 | 352,225 |
Loans | 189 | 794 | 753 |
Mortgage servicing rights | 2,777 | 1,985 | 1,777 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 253,892 | 272,305 | |
National certificates of deposit | 356,258 | 359,899 | 429,110 |
Total deposits | 600,816 | 613,791 | 701,415 |
Repurchase agreements | 82,220 | 69,497 | 61,399 |
Federal Home Loan Bank and Federal Reserve Bank borrowings | 146,637 | 194,469 | 218,644 |
Total borrowed funds | 228,857 | 263,966 | 280,043 |
Total Fair Value | Level 2 | Commercial | Real estate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 347 | 12 |
Total Fair Value | Level 2 | Commercial | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Commercial | Other | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 5 | 5 | 8 |
Total Fair Value | Level 2 | Municipal | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Residential | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 2 | Residential | Term | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 184 | 442 | 163 |
Total Fair Value | Level 2 | Home equity line of credit | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 570 |
Total Fair Value | Level 2 | Consumer | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 0 | 0 | 0 |
Total Fair Value | Level 3 | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Securities to be held to maturity | 0 | 0 | 0 |
Loans | 1,566,892 | 1,475,898 | 1,435,326 |
Mortgage servicing rights | 0 | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | |||
Local certificates of deposit | 0 | 0 | |
National certificates of deposit | 0 | 0 | 0 |
Total deposits | 0 | 0 | 0 |
Repurchase agreements | 0 | 0 | 0 |
Federal Home Loan Bank and Federal Reserve Bank borrowings | 0 | 0 | 0 |
Total borrowed funds | 0 | 0 | 0 |
Total Fair Value | Level 3 | Commercial | Real estate | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 515,609 | 440,388 | 389,944 |
Total Fair Value | Level 3 | Commercial | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 64,332 | 56,388 | 46,327 |
Total Fair Value | Level 3 | Commercial | Other | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 294,897 | 279,496 | 321,567 |
Total Fair Value | Level 3 | Municipal | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 40,625 | 44,440 | 48,791 |
Total Fair Value | Level 3 | Residential | Construction | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 30,013 | 21,890 | 14,709 |
Total Fair Value | Level 3 | Residential | Term | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 525,141 | 532,617 | 503,411 |
Total Fair Value | Level 3 | Home equity line of credit | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | 74,713 | 77,177 | 85,065 |
Total Fair Value | Level 3 | Consumer | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Loans | $ 21,562 | $ 23,502 | $ 25,512 |