(State or other jurisdiction of | (I.R.S. Employer Identification No.) | ||||||||||
incorporation or organization) | |||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Page Number | ||||||||
Financial Statements (unaudited) | ||||||||
(Dollars in thousands, except per share data) | March 31, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest-earning deposits | ||||||||||||||
Total cash and cash equivalents | ||||||||||||||
Investments: | ||||||||||||||
Debt securities at fair value (amortized cost of $ | ||||||||||||||
Equity securities at fair value | ||||||||||||||
Total investment securities at fair value | ||||||||||||||
Federal Home Loan Bank ("FHLB") stock | ||||||||||||||
Loans held for sale | ||||||||||||||
Loans: | ||||||||||||||
Total loans | ||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Net loans | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Lease right-of-use asset | ||||||||||||||
Accrued interest receivable | ||||||||||||||
Deferred income taxes, net | ||||||||||||||
Bank-owned life insurance | ||||||||||||||
Prepaid income taxes | ||||||||||||||
Prepaid expenses and other assets | ||||||||||||||
Goodwill | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Liabilities | ||||||||||||||
Deposits: | ||||||||||||||
Customer deposits | $ | $ | ||||||||||||
Brokered deposits | ||||||||||||||
Total deposits | ||||||||||||||
Borrowed funds | ||||||||||||||
Subordinated debt | ||||||||||||||
Lease liability | ||||||||||||||
Accrued expenses and other liabilities | ||||||||||||||
Accrued interest payable | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and Contingencies | ||||||||||||||
Stockholders' Equity | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total stockholders' equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands, except per share data) | 2021 | 2020 | ||||||||||||
Interest and dividend income: | ||||||||||||||
Loans and loans held for sale | $ | $ | ||||||||||||
Investment securities | ||||||||||||||
Other interest-earning assets | ||||||||||||||
Total interest and dividend income | ||||||||||||||
Interest expense: | ||||||||||||||
Deposits | ||||||||||||||
Borrowed funds | ||||||||||||||
Subordinated debt | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Provision for credit losses | ||||||||||||||
Net interest income after provision for credit losses | ||||||||||||||
Non-interest income: | ||||||||||||||
Wealth management fees | ||||||||||||||
Deposit and interchange fees | ||||||||||||||
Income on bank-owned life insurance, net | ||||||||||||||
Net gains on sales of debt securities | ||||||||||||||
Net gains on sales of loans | ||||||||||||||
Other income | ||||||||||||||
Total non-interest income | ||||||||||||||
Non-interest expense: | ||||||||||||||
Salaries and employee benefits | ||||||||||||||
Occupancy and equipment expenses | ||||||||||||||
Technology and telecommunications expenses | ||||||||||||||
Advertising and public relations expenses | ||||||||||||||
Audit, legal and other professional fees | ||||||||||||||
Deposit insurance premiums | ||||||||||||||
Supplies and postage expenses | ||||||||||||||
Loss on extinguishment of subordinated debt | ||||||||||||||
Other operating expenses | ||||||||||||||
Total non-interest expense | ||||||||||||||
Income before income taxes | ||||||||||||||
Provision for income taxes | ||||||||||||||
Net income | $ | $ | ||||||||||||
Basic earnings per share | $ | $ | ||||||||||||
Diluted earnings per share | $ | $ | ||||||||||||
Basic weighted average common shares outstanding | ||||||||||||||
Diluted weighted average common shares outstanding |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive (loss) income, net of tax | ||||||||||||||
Net change in fair value of debt securities | ( | |||||||||||||
Net change in fair value of cash flow hedges | ( | |||||||||||||
Total other comprehensive (loss) income, net of tax | ( | |||||||||||||
Total comprehensive income, net | $ | $ | ||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | Shares | Amount | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment for ASC 326 (CECL) adoption, net of tax | ( | ( | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | ( | ( | ||||||||||||||||||||||||||||||||||||
Common stock dividend declared ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Common stock issued under dividend reinvestment plan | ||||||||||||||||||||||||||||||||||||||
Common stock issued, other | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net | ||||||||||||||||||||||||||||||||||||||
Net settlement for employee taxes on restricted stock and options | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Stock options exercised, net | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | ||||||||||||||||||||||||||||||||||||||
Common stock dividend declared ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Common stock issued under dividend reinvestment plan | ||||||||||||||||||||||||||||||||||||||
Common stock issued, other | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net | ||||||||||||||||||||||||||||||||||||||
Net settlement for employee taxes on restricted stock and options | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Stock options exercised, net | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Provision for credit losses | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Stock-based compensation expense | ||||||||||||||
Income on bank-owned life insurance, net | ( | ( | ||||||||||||
Net gains on sales of debt securities | ( | ( | ||||||||||||
Mortgage loans originated for sale | ( | ( | ||||||||||||
Proceeds from mortgage loans sold | ||||||||||||||
Net gains on sales of loans | ( | ( | ||||||||||||
Net (gains) losses on equity securities | ( | |||||||||||||
Changes in: | ||||||||||||||
Decrease (increase) in other assets | ( | |||||||||||||
(Decrease) increase in other liabilities | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Proceeds from sales of debt securities | ||||||||||||||
Purchase of debt securities | ( | ( | ||||||||||||
Proceeds from maturities, calls and pay-downs of debt securities | ||||||||||||||
Net purchases of equity securities | ( | ( | ||||||||||||
Net purchases of FHLB capital stock | ( | ( | ||||||||||||
Net increase in loans | ( | ( | ||||||||||||
Additions to premises and equipment, net | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase in deposits | ||||||||||||||
Net increase (decrease) in borrowed funds | ( | |||||||||||||
Repayment of subordinated debt | ( | |||||||||||||
Loss on extinguishment of subordinated debt | ||||||||||||||
Cash dividends paid, net of dividend reinvestment plan | ( | ( | ||||||||||||
Proceeds from issuance of common stock | ||||||||||||||
Net settlement for employee taxes on restricted stock and options | ( | ( | ||||||||||||
Net proceeds from stock option exercises | ||||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
March 31, 2021 | ||||||||||||||||||||||||||
(Dollars in thousands) | Amortized cost | Unrealized gains | Unrealized losses | Fair Value | ||||||||||||||||||||||
Residential federal agency MBS(1) | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial federal agency MBS(1) | ||||||||||||||||||||||||||
Taxable municipal securities | ||||||||||||||||||||||||||
Tax-exempt municipal securities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Subordinated corporate bonds | ||||||||||||||||||||||||||
Total debt securities, at fair value | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | Amortized cost | Unrealized gains | Unrealized losses | Fair Value | ||||||||||||||||||||||
Residential federal agency MBS(1) | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial federal agency MBS(1) | ||||||||||||||||||||||||||
Taxable municipal securities | ||||||||||||||||||||||||||
Tax-exempt municipal securities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Subordinated corporate bonds | ||||||||||||||||||||||||||
Total debt securities, at fair value | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | # of holdings | |||||||||||||||||||||||||||||||||||||
Residential federal agency MBS | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Commercial federal agency MBS | ||||||||||||||||||||||||||||||||||||||||||||
Taxable municipal securities | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired debt securities | $ | $ | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | # of holdings | |||||||||||||||||||||||||||||||||||||
Residential federal agency MBS | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Taxable municipal securities | ||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired debt securities | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Amortized Cost | Fair Value | ||||||||||||
Due in one year or less | $ | $ | ||||||||||||
Due after one, but within five years | ||||||||||||||
Due after five, but within ten years | ||||||||||||||
Due after ten years | ||||||||||||||
Total debt securities | $ | $ |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Amortized cost of debt securities sold (1) | $ | $ | ||||||||||||
Gross realized gains on sales | ||||||||||||||
Gross realized losses on sales | ||||||||||||||
Total proceeds from sales of debt securities | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three months ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Net gains (losses) recognized during the period on equity securities | $ | $ | ( | |||||||||||
Less: Net losses recognized on equity securities sold during the period | ||||||||||||||
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the end of the period | $ | $ | ( |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Commercial real estate | $ | $ | ||||||||||||
Commercial and industrial | ||||||||||||||
Commercial construction | ||||||||||||||
SBA paycheck protection program | ||||||||||||||
Total commercial loans | ||||||||||||||
Residential mortgages | ||||||||||||||
Home equity loans and lines | ||||||||||||||
Consumer | ||||||||||||||
Total retail loans | ||||||||||||||
Total loans | ||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Net loans | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Commercial real estate | $ | $ | ||||||||||||
Residential mortgages | ||||||||||||||
Home equity | ||||||||||||||
Total loans pledged to FHLB | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Term Loans By Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP Pass(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Balance at March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 days or more | Total Past Due Loans(1) | Current Loans | Total Loans | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||||||||||||||
SBA PPP loans | ||||||||||||||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Non-Accrual Loans with an allowance for credit loss | Non-Accrual Loans without an allowance for credit loss | Total Non-Accrual Loans | |||||||||||||||||
Commercial real estate | $ | $ | $ | |||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Commercial construction | ||||||||||||||||||||
SBA PPP loans | ||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||
Home equity | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Total loans | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Balance at March 31, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Unpaid contractual principal balance | Total recorded investment in collateral dependent loans | Recorded investment with no allowance | Recorded investment with allowance | Related specific allowance | |||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||||||||
SBA PPP loans | ||||||||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three months ended | ||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
(Dollars in thousands) | Number of restructurings | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||||||||||||
Commercial real estate | $ | $ | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Commercial construction | ||||||||||||||||||||
SBA PPP loans | ||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||
Home equity | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Total | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three months ended | ||||||||||||||
March 31, 2021 | ||||||||||||||
(Dollars in thousands) | Number of restructurings | Amount | ||||||||||||
Extended maturity date | $ | |||||||||||||
Temporary payment reduction and payment re-amortization of remaining principal over extended term | ||||||||||||||
Temporary interest only payment plan | ||||||||||||||
Forbearance of post default rights | ||||||||||||||
Other payment concessions | ||||||||||||||
Total | $ | |||||||||||||
Amount of allowance for credit losses for loans associated with TDRs listed above | $ |
(Dollars in thousands) | Commercial Real Estate | Commercial and Industrial | Commercial Construction | Residential Mortgage | Home Equity | Consumer | Total | |||||||||||||||||||||||||||||||||||||
Beginning Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
CECL adjustment upon adoption | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Provision for credit losses for loans | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Less: Charge offs | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
(Dollars in thousands) | Loans individually evaluated for impairment | Loans collectively evaluated for impairment | Gross Loans | |||||||||||||||||
Commercial real estate | $ | $ | $ | |||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Commercial construction | ||||||||||||||||||||
SBA paycheck protection program | ||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||
Home equity | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Total gross loans | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Adversely Classified(1) | Not Adversely | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Substandard | Doubtful | Loss | Classified | Gross Loans | |||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||||||||
SBA paycheck protection program | ||||||||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Total gross loans | $ | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Balance at December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 days or more | Total Past Due Loans | Current Loans | Gross Loans | Non-accrual Loans | |||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||||||||||||||||||||
SBA paycheck protection program | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ | $ | $ | $ | $ | $ | $ |
Balance at December 31, 2020 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Unpaid contractual principal balance | Total recorded investment in impaired loans | Recorded investment with no allowance | Recorded investment with allowance | Related specific allowance | |||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Commercial construction | ||||||||||||||||||||||||||||||||
SBA paycheck protection program | ||||||||||||||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three months ended March 31, 2020 | ||||||||||||||
(Dollars in thousands) | Average recorded investment | Interest income recognized | ||||||||||||
Commercial real estate | $ | $ | ||||||||||||
Commercial and industrial | ||||||||||||||
Commercial construction | ||||||||||||||
SBA PPP loans | ||||||||||||||
Residential mortgages | ||||||||||||||
Home equity | ||||||||||||||
Consumer | ||||||||||||||
Total | $ | $ |
Three months ended | ||||||||||||||
March 31, 2020 | ||||||||||||||
(Dollars in thousands) | Number of restructurings | Amount | ||||||||||||
Extended maturity date | $ | |||||||||||||
Temporary payment reduction and payment re-amortization of remaining principal over extended term | ||||||||||||||
Forbearance of post default rights | ||||||||||||||
Total | $ | |||||||||||||
Amount of specific reserves included in the allowance for loan losses associated with TDRs listed above | $ |
Three months ended | ||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||
(Dollars in thousands) | Number of restructurings | Pre-modification outstanding recorded investment | Post-modification outstanding recorded investment | |||||||||||||||||
Commercial real estate | $ | $ | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||
Commercial construction | ||||||||||||||||||||
SBA PPP loans | ||||||||||||||||||||
Residential mortgages | ||||||||||||||||||||
Home equity | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Total | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three months ended | ||||||||||||||
March 31, 2020 | ||||||||||||||
(Dollars in thousands) | Number of TDRs that defaulted | Post- modification outstanding recorded investment | ||||||||||||
Commercial real estate | $ | |||||||||||||
Commercial and industrial | ||||||||||||||
Commercial construction | ||||||||||||||
SBA PPP loans | ||||||||||||||
Residential mortgages | ||||||||||||||
Home equity | ||||||||||||||
Consumer | ||||||||||||||
Total | $ |
(Dollars in thousands) | Cmml Real Estate | Cmml and Industrial | Cmml Constr | Resid. Mortgage | Home Equity | Consumer | Total | |||||||||||||||||||||||||||||||||||||
Beginning Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Provision for credit losses for loans | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Less: Charge offs | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance at March 31, 2020 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Ending allowance balance: | ||||||||||||||||||||||||||||||||||||||||||||
Allocated to loans individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Allocated to loans collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
(Dollars in thousands) | Operating Leases | |||||||
2021 (nine remaining months) | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: Imputed interest | ||||||||
Total lease liability | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Non-interest checking | $ | $ | ||||||||||||
Interest-bearing checking | ||||||||||||||
Savings | ||||||||||||||
Money market | ||||||||||||||
CDs $250,000 or less | ||||||||||||||
CDs greater than $250,000 | ||||||||||||||
Total customer deposits | ||||||||||||||
Brokered deposits | ||||||||||||||
Total deposits | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Balance | Rate | Balance | Rate | ||||||||||||||||||||||
Within 12 months | $ | % | $ | % | ||||||||||||||||||||||
Over 5 years | $ | % | $ | % |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
As of March 31, 2021 | ||||||||||||||||||||||||||
(Dollars in thousands) | Asset Notional Amount | Asset Derivatives(1) | Liability Notional Amount | Liability Derivatives(1) | ||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest-rate contracts - pay fixed, receive floating | $ | $ | $ | $ | ||||||||||||||||||||||
Total cash flow hedge interest-rate swaps | $ | $ | $ | $ | ||||||||||||||||||||||
Derivatives not subject to hedge accounting | ||||||||||||||||||||||||||
Interest-rate contracts - pay floating, receive fixed | $ | $ | $ | $ | ||||||||||||||||||||||
Interest-rate contracts - pay fixed, receive floating | ||||||||||||||||||||||||||
Total back-to-back interest-rate swaps | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in thousands) | Asset Notional Amount | Asset Derivatives(1) | Liability Notional Amount | Liability Derivatives(1) | ||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
Interest-rate contracts - pay fixed, receive floating | $ | $ | $ | $ | ||||||||||||||||||||||
Total cash flow hedge interest-rate swaps | $ | $ | $ | $ | ||||||||||||||||||||||
Derivatives not subject to hedge accounting | ||||||||||||||||||||||||||
Interest-rate contracts - pay floating, receive fixed | $ | $ | $ | $ | ||||||||||||||||||||||
Interest-rate contracts - pay fixed, receive floating | ||||||||||||||||||||||||||
Total back-to-back interest-rate swaps | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pre-Tax | Tax Benefit (Expense) | After Tax Amount | Pre-Tax | Tax (Expense) Benefit | After Tax Amount | ||||||||||||||||||||||||||||||||
Change in fair value of debt securities | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Less: net security gains reclassified into non-interest income | ( | ( | ||||||||||||||||||||||||||||||||||||
Net change in fair value of debt securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Change in fair value of cash flow hedges | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Less: net cash flow hedges losses reclassified into interest expense | ( | ( | ||||||||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income, net | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Unrealized gains on debt securities | Unrealized losses on cash flow hedges | Total | Unrealized gains (losses) on debt securities | Unrealized gains (losses) on cash flow hedges | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive income - beginning balance | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income - ending balance | $ | $ | ( | $ | $ | $ | ( | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Options granted | ||||||||||||||
Term in years | ||||||||||||||
Weighted average assumptions used in the fair value model: | ||||||||||||||
Expected volatility | % | % | ||||||||||||
Expected dividend yield | % | % | ||||||||||||
Expected life in years | ||||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Weighted average market price on date of grants | $ | $ | ||||||||||||
Per share weighted average fair value | $ | $ | ||||||||||||
Fair value as a percentage of market value at grant date | % | % |
Three Months Ended March 31, | ||||||||||||||
Restricted Stock Awards (number of underlying shares) | 2021 | 2020 | ||||||||||||
Two-year vesting | ||||||||||||||
Four-year vesting | ||||||||||||||
Performance-based vesting | ||||||||||||||
Total restricted stock awards granted | ||||||||||||||
Weighted average grant date fair value | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Basic weighted average common shares outstanding | ||||||||||||||
Dilutive shares | ||||||||||||||
Diluted weighted average common shares outstanding |
March 31, 2021 | ||||||||||||||||||||||||||
Fair Value Measurements using: | ||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||||||||||||
Debt securities | $ | $ | $ | $ | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
FHLB stock | ||||||||||||||||||||||||||
Interest-rate swaps | ||||||||||||||||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||||||||||||
Individually evaluated loans (collateral dependent) | ||||||||||||||||||||||||||
Liabilities measured on a recurring basis: | ||||||||||||||||||||||||||
Interest-rate swaps | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
December 31, 2020 | ||||||||||||||||||||||||||
Fair Value Measurements using: | ||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets measured on a recurring basis: | ||||||||||||||||||||||||||
Debt securities | $ | $ | $ | $ | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
FHLB stock | ||||||||||||||||||||||||||
Interest-rate swaps | ||||||||||||||||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||||||||||||
Collateral dependent loans carried at fair value | ||||||||||||||||||||||||||
Liabilities measured on a recurring basis: | ||||||||||||||||||||||||||
Interest-rate swaps | $ | $ | $ | $ |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
Fair Value | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | Valuation Technique | Unobservable Input | Unobservable Input Value or Range | |||||||||||||||||||||||||||
Assets measured on a non-recurring basis: | ||||||||||||||||||||||||||||||||
Individually evaluated loans (collateral dependent) | $ | $ | Appraisal of collateral | Appraisal adjustments(1) |
March 31, 2021 | ||||||||||||||||||||||||||||||||
Fair value measurement | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
CDs | ||||||||||||||||||||||||||||||||
Brokered deposits | ||||||||||||||||||||||||||||||||
Borrowed funds | ||||||||||||||||||||||||||||||||
Subordinated debt |
ENTERPRISE BANCORP, INC. Notes to the Unaudited Consolidated Interim Financial Statements |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Fair value measurement | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
CDs | ||||||||||||||||||||||||||||||||
Brokered deposits | ||||||||||||||||||||||||||||||||
Borrowed funds | ||||||||||||||||||||||||||||||||
Subordinated debt |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Supplemental financial data: | ||||||||||||||
Cash paid for: interest | $ | $ | ||||||||||||
Cash paid for: income taxes | ||||||||||||||
Cash paid for: lease liability | ||||||||||||||
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Total loans (GAAP) | $ | 3,109,360 | $ | 3,073,860 | ||||||||||
Adjustment: PPP loans | (496,457) | (453,084) | ||||||||||||
Adjustment: Deferred PPP fees | 12,282 | 10,014 | ||||||||||||
Total loans (non-GAAP) | $ | 2,625,185 | $ | 2,630,790 | ||||||||||
Total assets (GAAP) | $ | 4,257,761 | $ | 4,014,324 | ||||||||||
Adjustment: PPP loans | (496,457) | (453,084) | ||||||||||||
Adjustment: Deferred PPP fees | 12,282 | 10,014 | ||||||||||||
Total assets (non-GAAP) | $ | 3,773,586 | $ | 3,571,254 |
Three months ended | Three months ended | Three months ended | ||||||||||||||||||
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||
ADJUSTED INTEREST-EARNING ASSETS | ||||||||||||||||||||
Total average interest-earning assets (GAAP) | $ | 3,924,153 | $ | 3,940,679 | $ | 3,127,401 | ||||||||||||||
Adjustment: Average PPP loans, net | (452,813) | (481,012) | — | |||||||||||||||||
Adjustment: Average interest-earning deposits | (279,796) | (303,745) | (35,538) | |||||||||||||||||
Total adjusted average interest-earning assets (non-GAAP) | $ | 3,191,544 | $ | 3,155,922 | $ | 3,091,863 | ||||||||||||||
ADJUSTED INTEREST INCOME | ||||||||||||||||||||
Interest income (tax equivalent) (GAAP) | $ | 37,454 | $ | 37,314 | $ | 35,307 | ||||||||||||||
Adjustment: PPP income | (6,013) | (4,685) | — | |||||||||||||||||
Adjustment: Interest on interest-earning deposits | (68) | (71) | (93) | |||||||||||||||||
Adjusted interest income (tax equivalent) (non-GAAP) | $ | 31,373 | $ | 32,558 | $ | 35,214 | ||||||||||||||
ADJUSTED NET INTEREST MARGIN | ||||||||||||||||||||
Net interest margin (tax equivalent) (GAAP) | 3.62 | % | 3.49 | % | 3.89 | % | ||||||||||||||
Adjustment: PPP effect(1) | (0.23) | % | (0.05) | % | — | % | ||||||||||||||
Adjustment: Interest-earning deposits effect(2) | 0.29 | % | 0.32 | % | 0.03 | % | ||||||||||||||
Adjusted net interest margin (tax equivalent) (non-GAAP) | 3.68 | % | 3.76 | % | 3.92 | % |
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Federal agency obligations(1) | $ | — | — | % | $ | — | — | % | $ | 1,006 | 0.2 | % | ||||||||||||||||||||||||||
Residential federal agency MBS(1) | 235,556 | 39.2 | % | 215,975 | 37.1 | % | 188,713 | 37.3 | % | |||||||||||||||||||||||||||||
Commercial federal agency MBS(1) | 112,787 | 18.7 | % | 110,194 | 18.9 | % | 116,813 | 23.1 | % | |||||||||||||||||||||||||||||
Municipal securities taxable | 143,454 | 23.9 | % | 144,407 | 24.8 | % | 87,874 | 17.4 | % | |||||||||||||||||||||||||||||
Municipal securities tax exempt | 93,714 | 15.6 | % | 95,451 | 16.4 | % | 96,544 | 19.1 | % | |||||||||||||||||||||||||||||
Corporate bonds | 10,626 | 1.8 | % | 11,276 | 1.9 | % | 14,265 | 2.8 | % | |||||||||||||||||||||||||||||
Subordinated corporate bonds | 5,127 | 0.8 | % | 5,000 | 0.9 | % | — | — | % | |||||||||||||||||||||||||||||
CDs(2) | — | — | % | — | — | % | 456 | 0.1 | % | |||||||||||||||||||||||||||||
Total debt securities | $ | 601,264 | 100.0 | % | $ | 582,303 | 100.0 | % | $ | 505,671 | 100.0 | % |
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,516,287 | 48.8 | % | $ | 1,476,236 | 48.0 | % | $ | 1,440,240 | 53.7 | % | ||||||||||||||||||||||||||
Commercial and industrial | 417,436 | 13.4 | % | 435,548 | 14.2 | % | 537,638 | 20.0 | % | |||||||||||||||||||||||||||||
Commercial construction | 353,855 | 11.4 | % | 371,856 | 12.1 | % | 344,193 | 12.8 | % | |||||||||||||||||||||||||||||
SBA PPP loans | 484,175 | 15.5 | % | 443,070 | 14.4 | % | — | — | % | |||||||||||||||||||||||||||||
Total commercial loans | 2,771,753 | 89.1 | % | 2,726,710 | 88.7 | % | 2,322,071 | 86.5 | % | |||||||||||||||||||||||||||||
Residential mortgages | 247,591 | 8.0 | % | 252,995 | 8.2 | % | 254,215 | 9.5 | % | |||||||||||||||||||||||||||||
Home equity | 81,437 | 2.6 | % | 85,178 | 2.8 | % | 97,453 | 3.6 | % | |||||||||||||||||||||||||||||
Consumer | 8,579 | 0.3 | % | 8,977 | 0.3 | % | 10,188 | 0.4 | % | |||||||||||||||||||||||||||||
Total retail loans | 337,607 | 10.9 | % | 347,150 | 11.3 | % | 361,856 | 13.5 | % | |||||||||||||||||||||||||||||
Total loans | 3,109,360 | 100.0 | % | 3,073,860 | 100.0 | % | 2,683,927 | 100.0 | % | |||||||||||||||||||||||||||||
Allowance for credit losses | (49,899) | (44,565) | (39,764) | |||||||||||||||||||||||||||||||||||
Net loans | $ | 3,059,461 | $ | 3,029,295 | $ | 2,644,163 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||
Non-accrual loan summary: | ||||||||||||||||||||
Commercial real estate | $ | 27,193 | $ | 29,680 | $ | 8,605 | ||||||||||||||
Commercial and industrial | 4,735 | 4,574 | 2,942 | |||||||||||||||||
Commercial construction | 2,945 | 2,999 | 2,831 | |||||||||||||||||
SBA PPP loans | — | — | — | |||||||||||||||||
Residential | 398 | 414 | 394 | |||||||||||||||||
Home equity | 358 | 381 | 1,014 | |||||||||||||||||
Consumer | 1 | 2 | 15 | |||||||||||||||||
Total non-performing loans | 35,630 | 38,050 | 15,801 | |||||||||||||||||
OREO | — | — | — | |||||||||||||||||
Total non-performing assets | $ | 35,630 | $ | 38,050 | $ | 15,801 | ||||||||||||||
Total loans | $ | 3,109,360 | $ | 3,073,860 | $ | 2,683,927 | ||||||||||||||
Accruing TDR loans not included above | $ | 9,534 | $ | 10,268 | $ | 12,204 | ||||||||||||||
Delinquent loans 60-89 days past due and still accruing | $ | 1 | $ | 316 | $ | 1,224 | ||||||||||||||
Loans 60-89 days past due and still accruing to total loans | — | % | 0.01 | % | 0.05 | % | ||||||||||||||
Adversely classified loans to total loans | 2.34 | % | 2.45 | % | 2.10 | % | ||||||||||||||
Non-performing loans to total loans | 1.15 | % | 1.24 | % | 0.59 | % | ||||||||||||||
Non-performing assets to total assets | 0.84 | % | 0.95 | % | 0.47 | % | ||||||||||||||
Allowance for credit losses for loans | $ | 49,899 | $ | 44,565 | $ | 39,764 | ||||||||||||||
Allowance for credit losses for loans to non-performing loans | 140.05 | % | 117.12 | % | 251.65 | % | ||||||||||||||
Allowance for credit losses for loans to total loans | 1.60 | % | 1.45 | % | 1.48 | % | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Balance at beginning of year | $ | 44,565 | $ | 33,614 | ||||||||||
Day one CECL adjustment | 6,560 | — | ||||||||||||
Provision for credit losses for loans | 610 | 6,147 | ||||||||||||
Recoveries on charged-off loans: | ||||||||||||||
Commercial real estate | — | — | ||||||||||||
Commercial and industrial | 55 | 107 | ||||||||||||
Commercial construction | — | — | ||||||||||||
SBA PPP loans | — | — | ||||||||||||
Residential mortgages | — | — | ||||||||||||
Home equity | 5 | 3 | ||||||||||||
Consumer | 1 | 10 | ||||||||||||
Total recovered | 61 | 120 | ||||||||||||
Charged-off loans | ||||||||||||||
Commercial real estate | 1,825 | — | ||||||||||||
Commercial and industrial | 70 | 105 | ||||||||||||
Commercial construction | — | — | ||||||||||||
SBA PPP loans | — | — | ||||||||||||
Residential mortgages | — | — | ||||||||||||
Home equity | — | — | ||||||||||||
Consumer | 2 | 12 | ||||||||||||
Total charged-off | 1,897 | 117 | ||||||||||||
Net loans charged-off (recovered) | 1,836 | (3) | ||||||||||||
Ending balance | $ | 49,899 | $ | 39,764 | ||||||||||
Annualized net loans charged-off to average loans outstanding | 0.24 | % | — | % |
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Non-interest checking | $ | 1,297,973 | 34.0 | % | $ | 1,164,908 | 32.8 | % | $ | 858,718 | 29.4 | % | ||||||||||||||||||||||||||
Interest-bearing checking | 630,961 | 16.5 | % | 599,630 | 16.9 | % | 492,313 | 16.9 | % | |||||||||||||||||||||||||||||
Total checking | 1,928,934 | 50.5 | % | 1,764,538 | 49.7 | % | 1,351,031 | 46.3 | % | |||||||||||||||||||||||||||||
Savings | 284,006 | 7.4 | % | 256,347 | 7.2 | % | 205,367 | 7.1 | % | |||||||||||||||||||||||||||||
Money markets | 1,292,756 | 33.9 | % | 1,210,414 | 34.1 | % | 1,054,344 | 36.2 | % | |||||||||||||||||||||||||||||
Total savings/money markets | 1,576,762 | 41.3 | % | 1,466,761 | 41.3 | % | 1,259,711 | 43.3 | % | |||||||||||||||||||||||||||||
CDs | 235,450 | 6.2 | % | 244,969 | 6.9 | % | 302,108 | 10.4 | % | |||||||||||||||||||||||||||||
Total customer deposits | 3,741,146 | 98.0 | % | 3,476,268 | 97.9 | % | 2,912,850 | 100.0 | % | |||||||||||||||||||||||||||||
Brokered deposits | 75,015 | 2.0 | % | 74,995 | 2.1 | % | — | — | % | |||||||||||||||||||||||||||||
Total deposits | $ | 3,816,161 | 100.0 | % | $ | 3,551,263 | 100.0 | % | $ | 2,912,850 | 100.0 | % |
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Brokered deposits | $ | 75,015 | 89.7 | % | $ | 74,995 | 94.0 | % | $ | — | — | % | ||||||||||||||||||||||||||
Borrowed funds | 8,631 | 10.3 | % | 4,774 | 6.0 | % | 84,169 | 100.0 | % | |||||||||||||||||||||||||||||
Wholesale funding | $ | 83,646 | 100.0 | % | $ | 79,769 | 100.0 | % | $ | 84,169 | 100.0 | % |
Actual | Minimum Capital for Capital Adequacy Purposes(1) | Minimum Capital To Be Well Capitalized(2) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
The Company | ||||||||||||||||||||||||||||||||||||||
Total Capital (to risk weighted assets) | $ | 403,462 | 14.28 | % | $ | 226,032 | 8.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Capital (to risk weighted assets) | $ | 309,044 | 10.94 | % | $ | 169,524 | 6.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 Capital (to average assets) or Leverage ratio | $ | 309,044 | 7.62 | % | $ | 162,333 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | $ | 309,044 | 10.94 | % | $ | 127,143 | 4.50 | % | N/A | N/A | ||||||||||||||||||||||||||||
The Bank | ||||||||||||||||||||||||||||||||||||||
Total Capital (to risk weighted assets) | $ | 403,252 | 14.27 | % | $ | 226,032 | 8.00 | % | $ | 282,540 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 Capital (to risk weighted assets) | $ | 367,723 | 13.01 | % | $ | 169,524 | 6.00 | % | $ | 226,032 | 8.00 | % | ||||||||||||||||||||||||||
Tier 1 Capital (to average assets) or Leverage ratio | $ | 367,723 | 9.06 | % | $ | 162,333 | 4.00 | % | $ | 202,916 | 5.00 | % | ||||||||||||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | $ | 367,723 | 13.01 | % | $ | 127,143 | 4.50 | % | $ | 183,651 | 6.50 | % |
Basel III Minimum for Capital Adequacy Purposes | Basel III Additional Capital Conservation Buffer | Basel III "Adequate" Ratio with Capital Conservation Buffer | ||||||||||||||||||
Total Capital (to risk weighted assets) | 8.00% | 2.50% | 10.50% | |||||||||||||||||
Tier 1 Capital (to risk weighted assets) | 6.00% | 2.50% | 8.50% | |||||||||||||||||
Tier 1 Capital (to average assets) or Leverage ratio | 4.00% | —% | 4.00% | |||||||||||||||||
Common equity tier 1 capital (to risk weighted assets) | 4.50% | 2.50% | 7.00% |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||
Total assets | $ | 4,257,761 | $ | 4,014,324 | $ | 3,367,153 | ||||||||||||||
Loans serviced for others | 80,176 | 78,991 | 97,195 | |||||||||||||||||
Investment assets under management | 930,226 | 1,003,841 | 793,185 | |||||||||||||||||
Total assets under management | $ | 5,268,163 | $ | 5,097,156 | $ | 4,257,533 |
Increase (decrease) due to | ||||||||||||||||||||
(Dollars in thousands) | Net Change | Volume | Rate | |||||||||||||||||
Interest Income | ||||||||||||||||||||
Loans and loans held for sale (tax equivalent) | $ | 2,346 | $ | 5,353 | $ | (3,007) | ||||||||||||||
Investment securities (tax equivalent) | (99) | 598 | (697) | |||||||||||||||||
Other interest-earning assets(1) | (100) | 180 | (280) | |||||||||||||||||
Total interest-earning assets (tax equivalent) | $ | 2,147 | $ | 6,131 | $ | (3,984) | ||||||||||||||
Interest Expense | ||||||||||||||||||||
Interest checking, savings and money market | $ | (2,430) | $ | 528 | $ | (2,958) | ||||||||||||||
CDs | (906) | (281) | (625) | |||||||||||||||||
Brokered deposits | 253 | 253 | — | |||||||||||||||||
Borrowed funds | (407) | (237) | (170) | |||||||||||||||||
Subordinated debt | 811 | 833 | (22) | |||||||||||||||||
Total interest-bearing funding | (2,679) | 1,096 | (3,775) | |||||||||||||||||
Change in net interest income (tax equivalent) | $ | 4,826 | $ | 5,035 | $ | (209) |
Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest(1) | Average Yield(1) | Average Balance | Interest(1) | Average Yield(1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Loans and loans held for sale(2) (tax equivalent) | $ | 3,066,648 | $ | 33,771 | 4.46 | % | $ | 2,597,931 | $ | 31,426 | 4.86 | % | ||||||||||||||||||||||||||
Investment securities(3) (tax equivalent) | 575,775 | 3,618 | 2.51 | % | 488,523 | 3,716 | 3.04 | % | ||||||||||||||||||||||||||||||
Other interest-earning assets(4) | 281,730 | 65 | 0.09 | % | 40,947 | 165 | 1.62 | % | ||||||||||||||||||||||||||||||
Total interest-earnings assets (tax equivalent) | 3,924,153 | 37,454 | 3.86 | % | 3,127,401 | 35,307 | 4.54 | % | ||||||||||||||||||||||||||||||
Other assets | 158,595 | 148,926 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,082,748 | $ | 3,276,327 | ||||||||||||||||||||||||||||||||||
Liabilities and stockholders' equity: | ||||||||||||||||||||||||||||||||||||||
Interest checking, savings and money market | $ | 2,098,846 | 471 | 0.09 | % | $ | 1,711,192 | 2,900 | 0.68 | % | ||||||||||||||||||||||||||||
CDs | 240,207 | 599 | 1.01 | % | 307,781 | 1,505 | 1.97 | % | ||||||||||||||||||||||||||||||
Brokered deposits | 74,999 | 253 | 1.37 | % | — | — | — | % | ||||||||||||||||||||||||||||||
Borrowed funds | 5,964 | 8 | 0.56 | % | 97,192 | 415 | 1.72 | % | ||||||||||||||||||||||||||||||
Subordinated debt(5) | 73,592 | 1,042 | 5.68 | % | 14,874 | 231 | 6.24 | % | ||||||||||||||||||||||||||||||
Total interest-bearing funding | 2,493,608 | 2,373 | 0.38 | % | 2,131,039 | 5,051 | 0.95 | % | ||||||||||||||||||||||||||||||
Net interest-rate spread (tax equivalent) | 3.48 | % | 3.59 | % | ||||||||||||||||||||||||||||||||||
Non-interest checking | 1,213,764 | — | 802,594 | — | ||||||||||||||||||||||||||||||||||
Total deposits, borrowed funds and subordinated debt | 3,707,372 | 2,373 | 0.26 | % | 2,933,633 | 5,051 | 0.69 | % | ||||||||||||||||||||||||||||||
Other liabilities | 46,829 | 40,230 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 3,754,201 | 2,973,863 | ||||||||||||||||||||||||||||||||||||
Stockholders' equity | 328,547 | 302,464 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 4,082,748 | $ | 3,276,327 | ||||||||||||||||||||||||||||||||||
Net interest income (tax equivalent) | 35,081 | 30,256 | ||||||||||||||||||||||||||||||||||||
Net interest margin (tax equivalent) | 3.62 | % | 3.89 | % | ||||||||||||||||||||||||||||||||||
Less tax equivalent adjustment | 345 | 360 | ||||||||||||||||||||||||||||||||||||
Net interest income | $ | 34,736 | $ | 29,896 | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.58 | % | 3.84 | % |
Total number of shares repurchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Announced | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||
January | 1,541 | $25.87 | — | — | ||||||||||||||||||||||
February | — | — | — | — | ||||||||||||||||||||||
March | 3,616 | $32.73 | — | — |
ENTERPRISE BANCORP, INC. | |||||||||||
DATE: | May 10, 2021 | By: | /s/ Joseph R. Lussier | ||||||||
Joseph R. Lussier | |||||||||||
Executive Vice President, Treasurer | |||||||||||
and Chief Financial Officer | |||||||||||
Date: | May 10, 2021 | /s/ John P. Clancy, Jr. | ||||||
John P. Clancy, Jr. | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: | May 10, 2021 | /s/ Joseph R. Lussier | ||||||
Joseph R. Lussier | ||||||||
Executive Vice President, Chief Financial Officer and Treasurer, (Principal Financial Officer) |
/s/ John P. Clancy, Jr. | ||
John P. Clancy, Jr. | ||
Chief Executive Officer (Principal Executive Officer) | ||
/s/ Joseph R. Lussier | ||
Joseph R. Lussier | ||
Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt securities, amortized cost | $ 581,360 | $ 551,191 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 12,007,998 | 11,937,795 |
Common stock, outstanding (in shares) | 12,007,998 | 11,937,795 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 10,352 | $ 4,017 |
Other comprehensive (loss) income, net of tax | ||
Net change in fair value of debt securities | (8,721) | 7,360 |
Net change in fair value of cash flow hedges | 583 | (2,063) |
Total other comprehensive (loss) income, net of tax | (8,138) | 5,297 |
Total comprehensive income, net | $ 2,214 | $ 9,314 |
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends declared (in usd per share) | $ 0.185 | $ 0.175 |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Organization of the Company and Basis of Presentation The accompanying unaudited consolidated interim financial statements and these notes should be read in conjunction with the December 31, 2020 audited consolidated financial statements and notes thereto contained in the 2020 Annual Report on Form 10-K of Enterprise Bancorp, Inc. (the "Company," "Enterprise," "we," or "our") as filed with the Securities and Exchange Commission (the "SEC") on March 10, 2021 (the "2020 Annual Report on Form 10-K"). The Company has not materially changed its significant accounting policies from those disclosed in its 2020 Annual Report on Form 10-K, other than to elect options for the temporary deferral of certain accounting guidance as allowed under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as discussed under Item (c), "Recent Accounting Pronouncements," below in this Note 1. The accompanying unaudited consolidated interim financial statements of Enterprise Bancorp, Inc., a Massachusetts corporation, include the accounts of the Company and its wholly owned subsidiary, Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank (the "Bank"). The Bank is a Massachusetts trust company and state chartered commercial bank organized in 1989. Substantially all of the Company's operations are conducted through the Bank and its subsidiaries. The Bank's subsidiaries include Enterprise Insurance Services, LLC and Enterprise Wealth Services, LLC, both organized under the laws of the State of Delaware, to engage in insurance sales activities and offer non-deposit investment products and services, respectively. In addition, the Bank has the following subsidiaries that are incorporated in the Commonwealth of Massachusetts and classified as security corporations in accordance with applicable Massachusetts General Laws: Enterprise Security Corporation; Enterprise Security Corporation II; and Enterprise Security Corporation III. The security corporations, which hold various types of qualifying securities, are limited to conducting investment activities that the Bank itself would be allowed to conduct under applicable laws. In April 2021, the Bank formed a Massachusetts limited liability company, with the Bank as sole member, in order to hold a commercial property taken by deed-in-lieu of foreclosure. The accompanying unaudited consolidated interim financial statements, and notes thereto, in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 (this "Form 10-Q"), have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the SEC instructions for Quarterly Reports on Form 10-Q. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all necessary adjustments, consisting of normal recurring accruals and elimination of intercompany balances, for a fair presentation. Certain previous years' amounts in the unaudited consolidated financial statements, and notes thereto, have been reclassified to conform to the current year's presentation. Interim results are not necessarily indicative of results to be expected for the entire year, or any future period. (b) Uses of Estimates In preparing the unaudited consolidated interim financial statements in conformity with GAAP, management is required to exercise judgment in determining many of the methodologies, assumptions and estimates to be utilized. These assumptions and estimates affect the reported values of assets and liabilities as of the balance sheet dates and income and expenses for the period then ended. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates should the assumptions and estimates used be incorrect or change over time due to changes in circumstances. Changes in those estimates resulting from continuing changes in the economic environment and other factors will be reflected in the consolidated financial statements and results of operations in future periods. Effective January 1, 2021,the Company adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU No. 2016-13"), including the current expected credit loss ("CECL") methodology for estimating allowances for credit losses. See Item (c), “Recent Accounting Pronouncements,” below. As discussed in the Company's 2020 Annual Report on Form 10-K and updated in this Form 10Q for the adoption of CECL, the most significant areas in which management applies critical assumptions and estimates are: the estimates of the allowance for credit losses for loans, unfunded commitments, available-for-sale securities, and the impairment review of goodwill. (c) Recent Accounting Pronouncements On January 1, 2021, the Company adopted ASU 2016-13 including the CECL methodology for estimating the allowance for credit losses ("ACL"). The CECL methodology requires earlier recognition of credit losses using a lifetime credit loss measurement approach that also requires the consideration of reasonable and supportable forecasts in the estimate. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost. It applies to the loan portfolio, off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments, which are not unconditionally cancellable. In addition, this standard made changes to the accounting for available-for-sale debt securities, including the requirement for credit losses be presented as an allowance rather than as a write-down. See the following footnotes for more information on the Company's adoption of CECL: Note 2, "Investment Securities," Note 3, "Loans," and Note 4, "Allowance for Credit Losses for Loans." In February 2019, the federal bank regulatory agencies issued a final rule (the "2019 CECL Rule") that revised certain capital regulations to account for changes to credit loss accounting under GAAP. The 2019 CECL Rule included a transition option that allows banking organizations to phase in, over a three-year period, the day-one adverse effects of adopting the new accounting standard related to the measurement of current expected credit losses on their regulatory capital ratios (three-year transition option). Upon the adoption of CECL on January 1, 2021, the Company has not elected to delay the impact of CECL on regulatory capital. (d) Subsequent Events The Company has evaluated subsequent events and transactions from March 31, 2021 through the date this Form 10-Q was filed with the SEC for potential recognition or disclosure as required by U.S. GAAP and determined, except as noted below, there were no material subsequent events requiring recognition or disclosure. In April 2021, the Company transferred one loan with a net fair value of $2.4 million to OREO.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities As of March 31, 2021, and December 31, 2020, the Company's investment portfolio was comprised primarily of debt securities, with a small portion of the portfolio invested in equity securities. See also the section "Restricted Cash and Investments," under Item (d), contained in Note 1, "Summary of Significant Accounting Policies," of the Company's 2020 Annual Report on Form 10-K, for further information regarding the Company's investment in FHLB stock. See Note 14, "Fair Value Measurements," of this Form 10-Q, contained below, for further information regarding the Company's fair value measurements for investment securities. Debt Securities All of the Company's debt securities were classified as available-for-sale and carried at fair value as of the dates specified in the tables below. The amortized cost and fair values of debt securities at the dates specified are summarized as follows:
__________________________________________ (1)These categories may include investments issued or guaranteed by government sponsored enterprises such as Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), Federal Farm Credit Bank ("FFCB"), or one of several Federal Home Loan Banks, as well as investments guaranteed by Ginnie Mae ("GNMA"), a wholly owned government entity. As of the dates reflected in the tables above, the majority of investments in the residential and commercial federal agency mortgage back securities ("MBS") categories were collateralized mortgage obligations ("CMOs") issued by U.S. government agencies. The remaining MBS investments totaled $23.3 million and $18.7 million at March 31, 2021 and December 31, 2020, respectively. Net unrealized appreciation and depreciation on debt securities available-for-sale, net of applicable income taxes, are reflected as a component of accumulated other comprehensive income (loss). The net unrealized gain or loss in the Company's debt security portfolio fluctuates as market interest rates rise and fall. Due to the fixed rate nature of this portfolio, as market rates fall, the value of the portfolio rises, and as market rates rise, the value of the portfolio declines. The unrealized gains or losses on debt securities will also decline as the securities approach maturity. ACL for Available-for-Sale Securities The Company measures expected credit losses on available-for-sale securities based upon the unrealized gain or loss position of the security. For available-for-sale debt securities in an unrealized loss position, the Company evaluates qualitative criteria to determine any expected loss unless the Company intends to sell, or it is more likely than not that the Company will be required to sell before recovery of the amortized cost. In the latter two circumstances, the Company recognizes the entire difference between the security’s amortized cost basis and its fair value as a write-down of the investment balance with a charge to earnings. Otherwise, management’s analysis considers various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, and (4) structure of the security. If the Company does not expect to recover the entire amortized cost basis of the security, an allowance for credit losses for available-for-sale securities would be recorded, with a related charge to earnings, limited by the amount of the fair value of the security less its amortized cost. At March 31, 2021, management performed its quarterly analysis of all securities with unrealized losses, which were attributable to increases in market yields. Management has concluded that no ACL for available-for-sale securities was considered necessary as of March 31, 2021. The Company has elected, under CECL, to continue to present the accrued interest receivable balance on investment securities separate from amortized cost and to exclude accrued interest from the measurement of the allowance for credit losses for available-for-sale securities, and to continue to write-off uncollectible accrued interest receivable by reversing interest income. Accrued interest receivable on available-for-sale debt securities, included in the "Accrued Interest Receivable” line item on the Company’s Consolidated Balance Sheets, totaled $2.9 million at March 31, 2021. The following tables summarize debt securities with unrealized losses, due to the fair values having declined below the amortized costs of the individual investments by the duration of their continuous unrealized loss positions at March 31, 2021 and December 31, 2020:
The contractual maturity distribution at March 31, 2021 of debt securities was as follows:
Scheduled contractual maturities shown above may not reflect the actual maturities of the investments. The actual MBS/CMO cash flows likely will be faster than presented above due to prepayments and amortization. Similarly, included in the table above are callable securities, comprised of municipal securities and corporate bonds, with a fair value of $125.8 million, which can be redeemed by the issuers prior to the maturity presented above. Management considers these factors when evaluating the interest-rate risk in the Company's asset-liability management program. From time to time, the Company may pledge debt securities as collateral for deposit account balances of municipal customers, and for borrowing capacity with the FHLB and the Federal Reserve Bank of Boston ("FRB"). The fair value of debt securities pledged as collateral for these purposes was $596.1 million at March 31, 2021. Sales of debt securities for the three months ended March 31, 2021 and March 31, 2020 are summarized as follows:
_________________________________________ (1)Amortized cost of investments sold is determined on a specific identification basis and includes pending trades based on trade date, if applicable. Equity Securities Equity securities are accounted for under ASC Topic 321, "Investments-Equity Securities," and are recorded on the Company's Consolidated Balance Sheets at fair value with changes in fair value recognized in the Company's Consolidated Statements of Income as a component of "Other income." The amount recognized in "Other income" is dependent primarily on the amount of dollars invested in equities and the magnitude of changes in equity market values. The Company held equity securities with a fair value of $1.2 million at March 31, 2021 and $746 thousand at December 31, 2020. At March 31, 2021, the equity portfolio consisted primarily of investments in common stock of individual entities in the financial services industry and mutual funds held in conjunction with the Company's supplemental executive retirement and deferred compensation plan. Gains and losses on equity securities for the three months ended March 31, 2021 and March 31, 2020 are summarized as follows:
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Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans The Company manages its loan portfolio to avoid concentration by industry, relationship size and source of repayment to lessen its credit risk exposure. For additional information on the Company's lending products, including risk characteristics and types of collateral, see the heading "Lending Products" under Item 1, "Business," contained in the Company's 2020 Annual Report on Form 10-K. As part of the adoption of CECL, management evaluated the Company’s loan portfolio classifications and determined that the Company’s loan classifications under CECL are consistent with those previously reported. See also Note 4, "Allowance for Credit Losses for Loans," of this Form 10-Q, contained below, for information on the Company's adoption of CECL, credit risk management, non-accrual, individually evaluated and troubled debt restructured loans. See Note 8, "Derivatives and Hedging Activities," of this Form 10-Q, contained below, for information regarding interest-rate swap agreements related to certain commercial loans, and see Note 14, "Fair Value Measurements," of this Form 10-Q, contained below, for further information regarding the Company's fair value measurements for loans. Loan Portfolio Classifications Major classifications of loans at the dates indicated were as follows(1):
__________________________________________ (1) Upon the adoption of CECL, the Company includes deferred fees as part of the portfolio classification balances at amortized cost to align with the CECL presentation. For this Note 3, the prior period balances have been adjusted. Net deferred loan origination fees amounted to $15.8 million, including $12.3 million of deferred PPP fees, at March 31, 2021. Upon the adoption of CECL, effective as of January 1, 2021, the Company elected to continue to present the accrued interest receivable balance separate from amortized costs and to exclude accrued interest from the measurement of the allowance for credit losses for loans and to continue to write-off uncollectible accrued interest receivable by reversing interest income. Accrued interest receivable on loans at March 31, 2021 amounted to $13.0 million, and was included in the "Accrued interest receivable” line item on the Company’s Consolidated Balance Sheets. Commercial loans originated by other banks in which the Company is a participating institution are carried at the pro-rata share of ownership and amounted to $77.0 million at March 31, 2021 and $77.1 million at December 31, 2020. In each case, the participating bank funds a percentage of the loan commitment and takes on the related pro-rata risk. The rights and obligations of each participating bank are divided proportionately among the participating banks in an amount equal to their share of ownership and with equal priority among all banks. Each participation is governed by individual participation agreements executed by the lead bank and the participant at loan origination. Participating loans with other institutions provide banks the opportunity to retain customer relationships and reduce credit risk exposure among each participating bank, while providing customers with larger credit vehicles than the individual bank might be willing or able to offer independently. See also "Loans serviced for others" below for information related to commercial loans participated out to various other institutions. Paycheck Protection Program ("PPP") The PPP was created by the CARES Act and instituted by the Small Business Administration (“SBA”). The PPP allows entities to apply for a 1.00% interest rate loan with payments generally deferred until the date the lender receives the applicable forgiveness amount from the SBA. The PPP loans may be partially or fully forgiven by the SBA if the entity meets certain conditions. In addition, PPP loans carry a put-back provision in the event that a PPP loan is fraudulently originated and the Bank is at fault. The maturity term for any principal portion left unforgiven is either 2 or 5 years from the funding date, depending on when the loan was originated. All PPP loans are fully guaranteed by the SBA and are included in total loans outstanding. Management believes the SBA PPP loan portfolio, which has an average loan size of approximately $158 thousand and was limited to existing bank customers, to be of minimal credit risk. Management expects the majority of balances will be forgiven, with any remaining balance fully guaranteed by the SBA. Management has segmented the PPP loan portfolio as a group of loans with similar risk characteristics in its assessment for loan losses and, as of March 31, 2021, has not recorded an allowance for credit losses on these loans but will continue to monitor the portfolio. Loans serviced for others At March 31, 2021 and December 31, 2020, the Company was servicing residential mortgage loans owned by investors amounting to $12.9 million and $13.7 million, respectively. Additionally, the Company was servicing commercial loans originated by the Company and participated out to various other institutions amounting to $67.2 million and $65.3 million at March 31, 2021 and December 31, 2020, respectively. See the discussion above in this Note 3 under the heading "Loan Portfolio Classifications" for further information regarding commercial participations. Loans serving as collateral Loans designated as qualified collateral and pledged to the FHLB for borrowing capacity as of the dates indicated are summarized below:
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Allowance For Credit Losses for Loans | Allowance for Credit Losses for Loans Inherent in the lending process is the risk of loss due to customer non-payment, or "credit risk." The Company's commercial lending focus may entail significant additional credit risks compared to long-term financing on existing, owner-occupied residential real estate. The Company seeks to lessen its credit risk exposure by managing its loan portfolio to avoid concentration by industry, relationship size and source of repayment, and through sound underwriting practices and the credit risk management function; however, management recognizes that loan losses will occur and that the amount of these losses will fluctuate depending on the risk characteristics of the loan portfolio and economic conditions. On January 1, 2021, the Company adopted CECL under the modified retrospective approach. Upon adoption, the Company recorded a reduction to retained earnings of $6.5 million, net of $2.5 million in deferred income taxes. The ACL for loans increased by $6.6 million and the ACL for unfunded commitments (included in other liabilities) increased by $2.4 million. Prior to 2020, the Company measured the allowance under the incurred loss method. The ACL for loans to total loans ratio was 1.60% at March 31, 2021. Excluding PPP loans, which are fully guaranteed by the SBA, the ACL for loans to total loan ratio was 1.90% at March 31, 2021. There have been no material changes to the Company's underwriting practices or credit risk management system used to estimate loan loss exposure. See Note 4, "Allowance for Loan Losses," to the Company's audited consolidated financial statements contained the 2020 Annual Report on Form 10-K. ACL for Loans Methodology The CECL methodology requires early recognition of credit losses using an estimated lifetime credit loss measurement that takes into consideration reasonable and supportable forecasts. The ACL for loans is established through a provision for credit losses, a direct charge to earnings. The ACL for loans is a valuation account that is deducted from the amortized cost to present the net amount of the loan portfolio expected to be collected. Loan losses are charged against the allowance when management believes that the collectability of the amortized cost of the loan principal is unlikely. Recoveries on loans previously charged-off are credited to the allowance, generally at the time cash is received on a charged-off account. Arriving at an appropriate level of ACL for loans involves a high degree of management judgement. The underlying assumptions, estimates and assessments used to estimate the ACL for loans reflects the Company’s best estimate of model assumptions and forecasted conditions at that time. Changes in such estimates can significantly affect the ACL and the provision for credit losses. It is possible and likely that the Company will experience credit losses that are different from the current estimates. On a quarterly basis, the Company makes an assessment to estimate the ACL necessary to cover expected credit losses for the loan portfolio as of the specified balance sheet dates. The adequacy of the ACL for loans is reviewed and evaluated on a regular basis by an internal management committee, a sub-committee of the Company's Board of Directors (the "Board") and the full Board. While management uses available information to recognize losses on loans, future additions to the ACL for loans may be necessary. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company's ACL for loans. Such agencies may require the Company to recognize additions to the ACL for loans based on judgments different from those of management. In making its assessment on the adequacy of the allowance, management considers several quantitative and qualitative factors from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts, including: the expected duration of the loans, the trends in risk classification of individual loans; individual review of larger and higher risk problem assets; the level of delinquent loans and non-performing loans; impaired and restructured loans; the level of foreclosure activity; net charge-offs; commercial concentrations by industry and property type and by real estate location; the growth and composition of the loan portfolio; as well as trends in the general levels of these indicators. In addition, management monitors expansion in geographic market area, the experience level of lenders and any changes in underwriting criteria, the strength of the local and national economy, including general conditions in the multi-family, commercial real estate and development and construction markets in the Company's local region as well as for changes in current and forecasted economic conditions, such as changes in gross domestic product, the unemployment rate, real estate values, commercial vacancy rates and other relevant factors. Management also performs a qualitative assessment beyond model estimates and applies qualitative adjustments as management deems necessary. The Company uses a systematic methodology to measure the amount of estimated loan losses. The methodology uses a two-tiered approach that applies specific reserves for loans individually evaluated and general reserves for larger groups of non-adversely classified homogeneous loans and for adversely classified loans not individually evaluated. Loans collectively evaluated Loans that share risk characteristics are evaluated on a pool basis. Management has segmented the portfolio for groups of loans with similar risk characteristics by loan type for non-adversely classified loans (loans risk rated "pass") and by internal risk rating for adversely classified loans not individually evaluated. The general loss allocation factors consider the quantitative historic loss experience, qualitative or environmental factors such as those identified above, as well as regulatory guidance and industry data. The Company uses a two-year reasonable and supportable forecast that considers a weighted average of various economic results. For periods beyond the forecast period, the Company reverts immediately to historical loss rates. Loans individually evaluated Loans individually evaluated consist primarily of loans which management considers it probable that not all amounts due (principals and interest) will be collected in accordance with the original contractual terms and loans designated as troubled debt restructurings ("TDRs") and to a lesser extent, if applicable, loans that management deems as individually significant or with unique risk characteristics or for some other reason based on management’s judgement. Management considers the individual payment status, net worth and earnings potential of the borrower, and the value and cash flow of the collateral as factors to determine if a loan will be paid in accordance with its contractual terms. Management estimates the credit loss by comparing the loan's carrying value against either (i) the present value of the expected future cash flows discounted at the loan's effective interest rate; (ii) the loan's observable market price; or (iii) the expected realizable fair value of the collateral, in the case of collateral dependent loans. A specific allowance is assigned to the loan for the amount of estimated credit loss. Individually evaluated loans are charged-off, in whole or in part, when management believes that the recorded investment in the loan is uncollectible. ACL for unfunded commitments ASU 2016-13 also applies to off-balance sheet credit exposure for unfunded commitments (commitments to originate loans, additional funding commitments on existing loans, standby letters of credit, financial guarantees and other similar investments) that are not unconditionally cancellable. The ACL for unfunded commitments is classified with "Accrued expenses and other liabilities" on the Company’s Consolidated Balance Sheets. The estimate of credit loss incorporates assumptions for both the likelihood and amount of funding over the estimated life of the commitments, including adjustments for current conditions and reasonable and supportable forecasts. Management periodically reviews and updates its assumptions for estimated funding rates. Based on the foregoing, management believes that the Company's ACL for loans and for unfunded commitments is adequate as of March 31, 2021. Credit Risk Management As noted above, the credit risk management function focuses on a wide variety of factors and early detection of credit issues is critical to minimize credit losses. Accordingly, management regularly monitors these factors, among others, through ongoing credit reviews by the Credit Department, an external loan review service, reviews by members of senior management as well as reviews by the Loan Committee and the Board. This review includes the assessment of internal credit quality indicators such as, among others, the risk classification of loans, past due and non-accrual loans, individually evaluated and troubled-debt restructured loans, and the level of foreclosure activity. These credit quality indicators are discussed below. Credit quality indicators Risk ratings and adversely classified loans The Company's loan risk rating system classifies loans depending on risk of loss characteristics. The classifications for "pass" risk rated loans range from "substantially risk free" for the highest quality loans and loans that are secured by cash collateral, through a satisfactory range of "minimal," "moderate," "better than average," and "average" risk to "border-line pass." Adversely classified ratings for loans determined to be of weaker credit range from "special mention," for loans that may need additional monitoring, to the more severe adverse classifications of "substandard," "doubtful," and "loss" based on criteria established under banking regulations. Loans which are evaluated to be of weaker credit quality are placed on the "watch credit list" and reviewed on a more frequent basis, with risk ratings adjusted as warranted by management. Loans classified as special mention include loans currently protected by the sound net worth and paying capacity of the guarantor but are potentially weakened due to adverse business circumstances or unfavorable economic conditions. Supporting financial information for the business may be too stale or insufficient to accurately assess borrower ability to support the loan. Borrower cash flow may be impacted by adverse operating trends or an unbalanced financial condition which has not yet jeopardized loan payments, or the trend of payment delinquencies or deposit account overdraft activity may be increasing. Loans classified as substandard include those loans characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. These loans are inadequately protected by the sound net worth and paying capacity of the borrower; repayment has become increasingly reliant on collateral liquidation or reliance on guaranties; credit weaknesses are well-defined; borrower cash flow is insufficient to meet the required debt service specified in the loan terms and to meet other obligations, such as trade debt and tax payments. Loans classified as doubtful have all the weaknesses inherent in a substandard rated loan with the added characteristic that the weaknesses make collection or full payment from liquidation, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The probability of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the loan, its classification as an estimated loss is deferred until more exact status may be determined. Loans classified as loss are generally considered uncollectible at present, although long term recovery of part or all of loan proceeds may be possible. These "loss" loans would require a specific loss reserve or charge-off. Adversely classified loans may be accruing or on non-accrual status and may be individually evaluated or restructured, or some combination thereof. Management does not set any minimum delay of payments as a factor in its review but considers the individual payment status, net worth and earnings potential of the borrower, and the value and cash flow of the collateral as factors to determine if a loan will be paid in accordance with its contractual terms. An adverse classification will be considered for upgrade based on the borrower's sustained performance over time and their improving financial condition. Consistent with the criteria for returning non-accrual loans to accrual status, the borrower must demonstrate the ability to continue to service the loan in accordance with the original or modified terms and, in the judgment of management, the collectability of the remaining balances, both principal and interest, are reasonably assured. In the case of TDR loans having had a modified interest rate, that rate must be at, or greater than, a market rate for a similar credit at the time of modification for an upgrade to be considered. Current year information is presented below in accordance with CECL; prior year disclosures are reported under legacy GAAP and are included below in this Note 4 under the heading “Prior Period Disclosures under the Incurred Loss Methodology.” The following tables presents the amortized cost basis of the Company's loan portfolio risk ratings within portfolio classifications, by origination date, or revolving status as of March 31, 2021:
__________________________________________ (1)All SBA PPP loans were "pass" rated at March 31, 2021, as these loans are 100% guaranteed by the federal government via the SBA. The total amortized cost basis of adversely classified loans amounted to $72.6 million, or 2.34% of total loans, at March 31, 2021. As of March 31, 2021, the Company had no loans rated as "loss." Past due and non-accrual loans Loans on which the accrual of interest has been discontinued are designated as non-accrual and the classified portions are credit downgraded to one of the adversely classified categories noted above. Accrual of interest on loans is generally discontinued when a loan becomes contractually past due, with respect to interest or principal, by 90 days, or when reasonable doubt exists as to the full and timely collection of interest or principal. Interest payments received on loans in a non-accrual status are generally applied to principal on the books of the Company. When a loan is placed on non-accrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest accruals are resumed on such loans only when payments are brought current and have remained current for a period of 180 days and when, in the judgment of management, the collectability of both principal and interest is reasonably assured. At March 31, 2021, short term payment deferrals related to the COVID-19 pandemic were active on 29 "pass" rated loans amounting to $38.2 million, or 1.23% of the total loans. Under the terms of the CARES Act and the Consolidated Appropriations Act, 2021 as discussed below, these loans remain on accrual status. The following table presents an age analysis of past due loans by portfolio classification as of the date indicated:
_______________________________________ (1)The loan balances in the table above include non-accrual loans. The following table presents non-accrual loans by portfolio classification as of March 31, 2021:
At March 31, 2021, all loans past due 90 days or more were carried as non-accrual, in addition to those loans that were less than 90 days past due where reasonable doubt existed as to the full and timely collection of interest or principal that have also been designated as non-accrual, despite their payment due status. Non-accrual loans that were not adversely classified amounted to $182 thousand at March 31, 2021. These balances primarily represented the guaranteed portions of non-performing SBA loans. The ratio of non-accrual loans to total loans amounted to 1.15% at March 31, 2021. At March 31, 2021, additional funding commitments for non-accrual loans were not material. Collateral-dependent loans Loans that have been individually evaluated and repayment is expected substantially from the operations or ultimate sale of the underlying collateral are deemed to be collateral-dependent loans. Collateral-dependent loans are adversely classified loans that may also be TDRs. These loans may be accruing or in non-accrual status. Collateral-dependent loans are carried at the lower of the recorded investment in the loan or the estimated fair value. When the estimate fair value of the underlying collateral, less estimated costs to sell, is not sufficient to cover the outstanding carrying balance on the loan a specific reserve is assigned for the amount of the estimated probable credit loss. These estimated credit losses are charged-off, in whole or in part, when management believes that the recorded investment in the loan is uncollectible. Underlying collateral will vary by type of loan. Commercial real estate loans include loans secured by both owner-use and non-owner occupied (investor) real estate. These loans are typically secured by a variety of commercial and industrial property types, including one-to-four and multi-family apartment buildings, office, industrial, or mixed-use facilities, strip shopping centers, or other commercial properties. Commercial and industrial credits may be unsecured loans and lines to financially strong borrowers, loans secured in whole or in part by real estate unrelated to the principal purpose of the loan or secured by inventories, equipment, or receivables. Commercial construction loans include the development of residential housing and condominium projects, the development of commercial and industrial use property, and loans for the purchase and improvement of raw land. These loans are secured in whole or in part by underlying real estate collateral. Residential mortgage loans and home equity loans and lines may be secured by one-to-four family residential properties serving as the borrower's primary residence, or as vacation homes or investment properties. Consumer loans consist primarily of secured or unsecured personal loans, loans under energy efficiency financing programs in conjunction with Massachusetts public utilities, and overdraft protection lines on checking accounts. The carrying value of collateral dependent loans amounted to $44.3 million at March 31, 2021. Total accruing collateral dependent loans amounted to $9.4 million while non-accrual collateral dependent loans amounted to $34.9 million as of March 31, 2021. The following table presents the recorded investment in collateral dependent individually evaluated loans and the related specific allowance by portfolio allocation as of the date indicated:
At March 31, 2021, additional funding commitments for collateral dependent loans was not material. Troubled debt restructurings Loans are designated as a TDR when, as part of an agreement to modify the original contractual terms of the loan as a result of financial difficulties of the borrower, the Company grants the borrower a concession on the terms that would not otherwise be considered. Typically, such concessions may consist of one or a combination of the following: a reduction in interest rate to a below market rate, taking into account the credit quality of the note; extension of additional credit based on receipt of adequate collateral; or a deferment or reduction of payments (principal or interest) which materially alters the Bank's position or significantly extends the note's maturity date, such that the present value of cash flows to be received is materially less than those contractually established at the loan's origination. All loans that are modified are reviewed by the Company to identify if a TDR has occurred. TDR loans are individually reviewed and evaluated, and a specific reserve is assigned for the amount of the estimated probable credit loss. Section 4013 of the CARES Act provides financial institutions the option to suspend the application of GAAP to any loan modification related to COVID-19 from treatment as a TDR for the period between March 1, 2020 and the earlier of (i) 60 days after the end of the national emergency proclamation or (ii) January 1, 2022 (as amended by the Consolidated Appropriations Act, 2021). A financial institution may elect to suspend GAAP only for a loan that was not more than 30 days past due as of December 31, 2019. In addition, the temporary suspension of GAAP does not apply to any adverse impact on the credit of a borrower that is not related to COVID-19. The suspension of GAAP is applicable for the entire term of the modification, including an interest rate modification, a forbearance agreement, a repayment plan, or other agreement that defers or delays the payment of principal and/or interest. Accordingly, a financial institution that elects to suspend GAAP pursuant to the CARES Act is not required to increase its reported TDRs at the end of the period of relief, unless the loans require further modification after the expiration of that period. Total TDR loans as of March 31, 2021 were $17.5 million. TDR loans on accrual status amounted to $9.5 million and TDR loans included in non-accrual loans amounted to $8.0 million at March 31, 2021. The Company continues to work with customers and enter into loan modifications (which may or may not be TDRs) to the extent deemed to be necessary or appropriate while attempting to achieve the best mutual outcome given the individual financial circumstances and future prospects of the borrower. At March 31, 2021, additional funding commitments for TDR loans was not material. The following table presents number and balance of loans modified as TDRs, by portfolio classification, during the three months indicated:
There were no subsequent charge-offs associated with the new TDRs noted in the table above during the three months ended March 31, 2021. The Company had no loans modified as TDRs within the preceding twelve months, for which the customer defaulted during the three months ended March 31, 2021. The following table sets forth the post modification balances of TDRs listed by type of modification for TDRs that occurred during the three-month period indicated:
See "Financial Condition" in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," under the headings "Credit Risk" and "Allowance for Credit Losses" in this Form 10-Q for additional information about changes in the Company's credit quality indicators since December 31, 2020. ACL activity For the three months ended March 31, 2021, the provision for credit losses amounted to $680 thousand. The provision consisted of $610 thousand and $70 thousand for loans and unfunded commitments, respectively. The provision related to the ACL for loans resulted from an increase in specific reserves and a change in loan mix, partially offset by a slight decrease in core loans during the period. The ACL for loans amounted to $49.9 million at March 31, 2021 and the ACL for loans to total loans ratio was 1.60% at March 31, 2021. The net charge-offs for the quarter ended March 31, 2021, related primarily to an individually evaluated commercial real estate loan, which was fully reserved in late 2020. The charge-off resulted in the loan being recorded at the estimated fair value less cost to sell the underlying collateral. The Company transferred the property to other real estate owned (“OREO”) in April 2021 by accepting the deed in-lieu of foreclosure. Changes in the ACL for loans by portfolio classification for the three months ended March 31, 2021 are presented below:
ACL for unfunded commitments The Company’s ACL for unfunded commitments amount to $2.5 million as of March 31, 2021 and the associated provision was $70 thousand for the three months ended March 31, 2021. Other real estate owned The Company had no OREO at March 31, 2021 or December 31, 2020. In April 2021, the Company transferred one loan with a net fair value of $2.4 million to OREO. There were no OREO additions, no sales and no subsequent write downs of OREO during the three months ended March 31, 2021 or the three months ended March 31, 2020. At March 31, 2021, the Company had consumer mortgage loans secured by residential real estate property for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdictions with carrying amounts totaling $87 thousand. The company had no consumer mortgage loans in the process of foreclosure at December 31, 2020. See also Item (i), "Other Real Estate Owned," contained in Note 1, "Summary of Significant Accounting Policies," to the Company's consolidated financial statements contained in the Company's 2020 Annual Report on Form 10-K, for further information regarding the Company's accounting for OREO. Prior Period Disclosures under the Incurred Methodology The prior year disclosures below were prepared under the incurred methodology, before the Company adopted CECL. See Note 4, "Allowance for Loan Losses," to the Company's audited consolidated financial statements contained the 2020 Annual Report on Form 10-K for additional information about the incurred methodology. The balances of loans as of December 31, 2020 by portfolio classification and evaluation method are summarized as follows:
Adversely classified loans-Prior Period The following table presents the Company's credit risk profile for each portfolio classification by internally assigned adverse risk rating category as of the period indicated:
__________________________________ (1) Prior to the adoption of CECL, the Company did not include special-mention risk rated loans as adversely classified. Total adversely classified loans amounted to 1.79% at December 31, 2020. Past due and non-accrual loans-Prior period The following tables present an age analysis of past due loans by portfolio classification as of the date indicated:
At December 31, 2020, all loans past due 90 days or more were carried as non-accrual, in addition to those loans that were less than 90 days past due where reasonable doubt existed as to the full and timely collection of interest or principal that have also been designated as non-accrual, despite their payment due status shown in the tables above. Non-accrual loans that were not adversely classified amounted to $137 thousand at December 31, 2020. These balances primarily represented the guaranteed portions of non-performing SBA loans. The majority of the non-accrual loan balances were also carried as impaired loans during the periods noted and are discussed further below. The ratio of non-accrual loans to total loans amounted to 1.24% at December 31, 2020. Impaired Loans-Prior Period The carrying value of impaired loans amounted to $48.3 million at December 31, 2020. Total accruing impaired loans amounted to $10.3 million while non-accrual impaired loans amounted to $38.0 million as of December 31, 2020. The following table sets forth the recorded investment in impaired loans and the related specific allowance allocated by portfolio classification as of the date indicated:
The following table presents the average recorded investment in impaired loans by portfolio classification and the related interest recognized during the three months indicated:
TDRs-Prior Period Total TDR loans, included in the impaired loan balances above, as of December 31, 2020, were $17.7 million. TDR loans on accrual status amounted to $10.3 million at December 31, 2020. TDR loans included in non-performing loans amounted to $7.5 million at December 31, 2020. The following table sets forth the post modification balances of TDRs listed by type of modification for TDRs that occurred during the three-month periods indicated:
The following table presents number and balance of loans modified as TDRs, by portfolio classification, during the three months indicated:
There were no subsequent charge-offs associated with the new TDRs noted in the table above during the three months ended March 31, 2020. The following table presents loans modified as TDRs within the preceding twelve months, which had defaulted on the modified terms during the three months indicated:
Allowance for loan loss activity-Prior Period The allowance for loan losses amounted to $44.6 million at December 31, 2020 and $39.8 million at March 31, 2020. The allowance for loan losses to total loans ratio was 1.45% at December 31, 2020, and 1.48% at March 31, 2020. Changes in the allowance for loan losses by portfolio classification for the three months ended March 31, 2020 are presented below:
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Leases | Leases For the Company, material leases consist of operating leases on our facilities, mainly leased branch locations; leases 12 months or less and immaterial equipment leases have been excluded. As of March 31, 2021, the Company had 15 operating real estate leases. In addition, the Company has entered into lease agreements which are not included in the table below as the leases have not commenced. The Company is relocating two branches, with lease agreements that are expected to commence in late 2021. The Company has also entered into a lease agreement for a new branch location which commenced in April 2021. The Company's leased facilities are contracted under various non-cancelable operating leases, most of which provide options to the Company to extend the lease periods and include periodic rent adjustments. While the Company typically exercises its option to extend lease terms, the lease contains provisions that allow the Company, upon notification, to terminate the lease at the end of the lease term, or any option period. Several real estate leases also provide the Company the right of first refusal should the property be offered for sale. Lease expense for the three months ended March 31, 2021 and March 31, 2020 were $329 thousand and $325 thousand, respectively. Variable lease costs and short-term lease expenses included in lease expense during these periods were immaterial. The weighted average remaining lease term for operating leases at March 31, 2021 and March 31, 2020 was 26.4 years and 27.1 years, respectively. The weighted average discount rate was 3.8% at both March 31, 2021 and March 31, 2020. At March 31, 2021, the remaining undiscounted cash flows by year of these lease liabilities were as follows:
In addition, the Company currently collects rent through non-cancellable leases for a small portion of the overall square-footage within its Lowell, Massachusetts campus headquarters and at one of its branch locations. These leases are deemed immaterial. See also Item (k), "Leases," contained in Note 1, "Summary of Significant Accounting Policies," to the Company's consolidated financial statements contained in the Company's 2020 Annual Report on Form 10-K, for further information regarding the accounting for the Company's leases.
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Deposits | Deposits Deposits are summarized as follows:
Total customer deposits include reciprocal balances from checking, money market deposits and CDs received from participating banks in nationwide deposit networks due to our customers electing to participate in Company offered programs which allow for enhanced FDIC insurance. Essentially, the equivalent of the customers' original deposited funds comes back to the Company and are carried within the appropriate category under deposits. The Company's balances in these reciprocal products were $533.7 million and $508.4 million at March 31, 2021 and December 31, 2020, respectively. The Company's brokered deposit balance at March 31, 2021 and December 31, 2020 consisted of balances used in conjunction with interest-rate-swaps to hedge against adverse interest rate movements. See Note 8, "Derivatives and Hedging Activities," of this Form 10-Q, contained below, for additional information on the Company's interest-rate swaps. See Note 14, "Fair Value Measurements," of this Form 10-Q, contained below, for further information regarding the Company's fair value measurements for deposits.
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds and Subordinated Debt | Borrowed Funds and Subordinated Debt The Company's borrowed funds amounted to $8.6 million and $4.8 million at March 31, 2021 and December 31, 2020, respectively, in FHLB advances. Borrowed funds at March 31, 2021 and December 31, 2020 are summarized, as follows:
The Company's borrowings at March 31, 2021 and December 31, 2020 were related to specific lending projects under the FHLB's community development programs. The Company also had outstanding subordinated debt (net of deferred issuance costs) of $58.9 million and $73.7 million at March 31, 2021 and December 31, 2020, respectively. In January 2015, the Company issued $15.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes, with a 15-year term, callable by the Company at a premium ("the "January 2015 Notes"). Original debt issuance costs were $190 thousand and have been netted against the subordinated debt on the consolidated balance sheet in accordance with accounting guidance. On March 31, 2021, the Company redeemed the January 2015 Notes which were due in January 2030. The redemption of the January 2015 Notes was recorded as a loss on the extinguishment of subordinated debt in the amount of $713 thousand, consisting of $600 thousand in prepayment penalties and $113 thousand in unamortized issuance costs. The January 2015 Notes were outstanding at December 31, 2020. In July 2020, the Company issued $60.0 million in fixed-to-floating rate subordinated notes, with a 10-year term and callable at the Company's option on or after July 15, 2025 (the "July 2020 Notes"). Original debt issuance costs related to the July 2020 Notes were $1.2 million and have been netted against the subordinated debt on the consolidated balance sheet in accordance with accounting guidance. These costs are being amortized to interest expense over the life of the notes. The July 2020 Notes are intended to qualify as Tier 2 capital for regulatory purposes and pay interest at a fixed rate of 5.25% per annum through October 15, 2025, after which floating rates apply. See Note 2, "Investment Securities," and Note 3, "Loans," of this Form 10-Q, contained above, for further information regarding securities and loans pledged for borrowed funds. Refer to the "Liquidity" and "Borrowed Funds" sections in the "Financial Condition" section in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operation," of this Form 10-Q for additional information about other sources of funding available to the Company and the Company's borrowing capacity.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and unknown cash amounts, the value of which are determined by interest rates. In addition, the Company provides certain commercial customers back-to-back swaps, which do not meet hedge accounting requirements and therefore changes in the fair value of both the customer swaps and the counterparty swaps, which have an offsetting relationship, are recognized directly in earnings. See also Item (p), "Derivatives and Hedging," contained in Note 1, "Summary of Significant Accounting Policies," to the Company's consolidated financial statements contained in the Company's 2020 Annual Report on Form 10-K, for further information regarding the accounting for the Company's derivatives and hedging activities. The tables below present a summary of the Company's derivative financial instruments, notional amounts and fair values for the periods presented:
__________________________________________ (1) Accrued interest balances related to the Company’s interest rate swaps are not included in the fair values above and are immaterial. The Company had no derivative fair value hedges at either March 31, 2021 or December 31, 2020. Cash flow hedges Interest-rate swap agreements may be entered into as hedges against adverse interest-rate fluctuations on specifically identified assets or liabilities. The Company’s cash flow hedges are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s wholesale funding. The Company’s objectives in using these interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. During the first quarter of 2020, the Company entered into three pay fixed, receive float interest rate swaps to hedge against adverse interest-rate changes. Each swap has a notional value of $25.0 million with respective maturities from 2023 to 2025. At March 31, 2021, these interest rate swaps are designated as cash flow hedges and involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In relation to the Company's cash flow hedges, the Company estimates that an additional $954 thousand (pre-tax) will be reclassified out of AOCI as an increase to interest expense during the next twelve months. Back-to-Back swaps The Company has a "Back-to-Back Swap" program whereby the Bank enters into an interest-rate swap with qualified commercial banking customers and simultaneously enters into equal and opposite interest-rate swap with a swap counterparty. The customer interest-rate swap agreement allows commercial banking customers to convert a floating-rate loan payment to a fixed-rate payment. Each Back-to-Back swap consists of two interest-rate swaps (a customer swap and offsetting counterparty swap) and amounted to a total number of 10 interest-rate swaps outstanding at both March 31, 2021 and December 31, 2020. The transaction structure effectively minimizes the Bank's interest rate risk exposure resulting from such transactions. Customer-related credit risk is minimized by the cross collateralization of the loan and the interest-rate swap agreement to the customer's underlying collateral. Interest-rate swaps with the counterparty are subject to master netting agreements, while interest-rate swaps with customers are not. As a result of this offsetting relationship, there were no net gains or losses recognized in income on Back-to-Back swaps during the three months ended March 31, 2021 or March 31, 2020. At March 31, 2021 and December 31, 2020, all the Back-to-Back swaps with the counterparty were in the same liability position, therefore there was no netting reflected in the Company’s Consolidated Balance Sheets. Credit Risk By using derivative financial instruments, the Company exposes itself to counterparty-credit risk. Credit risk is the risk of failure by the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative is negative, the Company owes the counterparty and, therefore, it does not possess credit risk. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties that management believes to be creditworthy. Additionally, counterparty interest rate swaps contain provisions for collateral to be posted if the derivative exposure exceeds a threshold amount. The Company had one counterparty and it was rated A and A2 by Standard & Poor's and Moody's, respectively, at March 31, 2021. The Company had no credit risk exposure at either March 31, 2021 or December 31, 2020 relating to interest-rate swaps with counterparties. When the Company has credit risk exposure, collateral is received from the counterparty and held by the Company. Collateral held by the Company is restricted and not considered an asset of the Company. Therefore, it is not carried on the Company's Consolidated Balance Sheets. If the Company posts collateral, the cash is restricted, is considered an asset of the Company and is carried on the Company's Consolidated Balance Sheets. The Company posted cash collateral of $2.9 million and $5.3 million at March 31, 2021 and December 31, 2020, respectively. Credit-risk-related Contingent Features The Company's interest-rate swaps with counterparties contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness. As of March 31, 2021, the fair value of derivatives in a net liability position, which excludes any adjustment for nonperformance risk, related to these agreements was $2.5 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral at March 31, 2021 as noted above. Other Derivative Related Activity The Company also participates in loans originated by third party banks, where the originating bank utilizes a back-to-back interest-rate swap structure; however, the Company is not a party to the swap agreements. Under the terms of the loan participations, the Company has accepted contingent liabilities that would only be realized if the swaps were terminated early and there were outstanding losses not covered by the underlying borrowers and the borrowers' pledged collateral. If applicable, the Company's swap-loss exposure would be equal to a percentage of the originating bank's swap loss based on the ratio of the Company's loan participation to the underlying loan. At both March 31, 2021 and December 31, 2020, the Company had one participation loan where the originating bank utilizes a back-to-back interest-rate swap structure. At March 31, 2021, management considers the risk of material swap-loss exposure related to this participation loan to be unlikely based on the borrower's financial and collateral strength. Management continues to closely monitor for credit changes resulting from the pandemic. Interest-rate lock commitments related to the origination of mortgage loans that will be sold are considered derivative instruments. The commitments to sell loans are also considered derivative instruments. The Company generally does not pool mortgage loans for sale, but instead sells the loans on an individual basis. To reduce the net interest-rate exposure arising from its loan sale activity, the Company enters into the commitment to sell these loans at essentially the same time that the interest-rate lock commitment is quoted on the origination of the loan. The Company estimates the fair value of these derivatives based on current secondary mortgage market prices. At March 31, 2021 and December 31, 2020, the estimated fair value of the Company's interest-rate lock commitments and commitments to sell these mortgage loans were deemed immaterial.
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Stockholder's Equity |
3 Months Ended |
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Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Shares Authorized and Share Issuance The Company's authorized capital is divided into common stock and preferred stock. The Company is authorized to issue 40,000,000 shares of common stock, with a par value of $0.01 per share, and as of March 31, 2021 had 12,007,998 shares issued and outstanding. Holders of common stock are entitled to one vote per share and are entitled to receive dividends if, as, and when declared by the Board. Dividend and liquidation rights of the common stock may be subject to the rights of any outstanding preferred stock. The Company is also authorized to issue 1,000,000 shares of preferred stock, with a par value of $0.01 per share. No preferred stock has been issued as of the date of this Form 10-Q. The Company has a stockholders' rights plan. Under the plan, each share of common stock includes a right to purchase under certain circumstances one one-hundredth of a share of the Company's Series A Junior Participating Preferred Stock, par value $0.01 per share, at a purchase price of $122.50 per one one-hundredth of a preferred share, subject to adjustment, or, in certain circumstances, to receive cash, property, shares of common stock or other securities of the Company. The rights are not presently exercisable and remain attached to the shares of common stock until the occurrence of certain triggering events that would ordinarily be associated with an unsolicited acquisition or attempted acquisition of 10% or more of the Company's outstanding shares of common stock. The rights have no voting or dividend privileges, and unless and until they become exercisable, have no dilutive effect on the earnings of the Company. The rights will expire, unless earlier redeemed, exchanged, or otherwise rescinded by the Company, on January 13, 2028. The Company's stock incentive plans permit the Board to grant, under various terms, stock options (for the purchase of newly issued shares of common stock), common stock, restricted stock awards, restricted stock units and stock appreciation rights to officers and other employees, non-employee directors and consultants. The Company issues stock options and restricted stock awards to officers and other employees and restricted stock awards and stock compensation in lieu of cash fees to non-employee directors. The restricted stock awards allow for the non-forfeitable receipt of dividends, and the voting of all shares, whether or not vested, throughout the vesting periods at the same proportional level as common shares outstanding. The unvested restricted stock awards are the Company's only participating securities and are included in shares outstanding. Unvested participating restricted awards amounted to 137,914 shares and 116,174 shares as of March 31, 2021 and December 31, 2020, respectively. See Note 13, "Earnings per Share," of this Form 10-Q, contained below, for further information regarding unvested participating restricted awards and the Company's earnings per share calculation. Upon vesting, restricted stock awards may be net settled to cover payment for employee tax obligations, resulting in shares of common stock being reacquired by the Company and returned to the pool of shares reserved for issuance under the incentive plans. In accordance with Massachusetts law, shares reacquired by the Company will be treated as authorized but unissued shares. The Company's stock incentive plans also allow for newly issued shares of common stock to be issued without restrictions to officers and other employees, non-employee directors and consultants. From time to time, the Company issues shares to community members for consulting on regional advisory councils and grants shares of fully vested stock as employee anniversary awards. These shares vest immediately and the cost, which is based on the market price on the date of grant and deemed to be immaterial, is expensed in the period in which the services are rendered. See Note 12, "Stock-Based Compensation," to the Company's unaudited consolidated interim financial statements of this Form 10-Q, contained below, for additional information regarding the Company's stock incentive plans. In addition, the Company maintains a dividend reinvestment and direct stock purchase plan ("DRSPP") which enables stockholders, at their discretion, to elect to reinvest cash dividends paid on their shares of the Company's common stock by purchasing additional shares of common stock from the Company at a purchase price equal to fair market value. Under the DRSPP, stockholders and new investors also can purchase shares of the Company's common stock without brokerage fees, subject to monthly minimums and maximums.See "Capital Resources" in Item 2, "Management's Discussion and Analysis," of this Form 10-Q for the Company's capital ratios and capital adequacy assessment as of March 31, 2021. See Note 10, "Comprehensive (Loss) Income," of this Form 10-Q for changes to stockholders' equity from comprehensive income (loss) as of March 31, 2021. Refer to Note 11, "Stockholders' Equity," to the Company's audited consolidated financial statements included in the Company's 2020 Annual Report on Form 10-K for additional information relating to capital adequacy requirements, dividends and the DRSPP.
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Comprehensive (Loss) Income |
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Comprehensive (Loss) Income | Comprehensive (Loss) Income Comprehensive income is defined as all changes to stockholders' equity except investments by and distributions to stockholders. Net income is one component of comprehensive income, with other components referred to in the aggregate as other comprehensive income. See below for the Company's other components of comprehensive income at the respective dates. Pursuant to GAAP, the Company initially excludes these unrealized holding gains and losses from net income; however, they are later reported as reclassifications out of accumulated other comprehensive income into net income when the losses or gains are realized. The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax benefit (expense) allocated to each component of other comprehensive income (loss):
Information on the Company's accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the periods indicated:
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Supplemental Retirement Plans and Other Post-Retirement Benefit Obligations |
3 Months Ended |
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Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Supplemental Retirement Plans and Other Post-Retirement Benefit Obligations | Supplemental Retirement Plans and Other Post-Retirement Benefit Obligations Supplemental Employee Retirement Plan ("SERP") The Company has salary continuation agreements with two of its current executive officers and one former executive officer. These salary continuation agreements provide for predetermined fixed-cash supplemental retirement benefits to be provided for a period of 20 years after each individual reaches a defined "benefit age." The individuals covered under the SERP have reached the defined benefit age and are receiving payments under the SERP. Additionally, the Company has not recognized service costs in the current or prior year as each officer had previously attained their individually defined benefit age and was fully vested under the SERP. This non-qualified plan represents a direct liability of the Company, and as such, the Company has no specific assets set aside to settle the benefit obligation. The aggregate amount accrued, or the "accumulated benefit obligation," is equal to the present value of the benefits to be provided to the employee or any beneficiary. Because the Company's benefit obligations provide for predetermined fixed-cash payments, the Company does not have any unrecognized costs to be included as a component of accumulated other comprehensive income. Benefits paid under the SERP amounted to $69 thousand for the three months ended March 31, 2021 and 2020. Total expenses for the SERP were $15 thousand for the three months ended March 31, 2021, compared to $20 thousand for the three months ended March 31, 2020. The Company anticipates accruing an additional $45 thousand related to the SERP during the remainder of 2021. Supplemental Life Insurance The Company has provided supplemental life insurance through split-dollar life insurance arrangements for certain executive and senior officers on whom the Bank owns bank-owned life insurance. These arrangements provide a death benefit to the officer's designated beneficiaries that extend to post-retirement periods for some of the supplemental life insurance plans. The Company has recognized a liability for these future post-retirement benefits. These non-qualified plans represent a direct liability of the Company and, as such, the Company has no specific assets set aside to settle the benefit obligation. The funded status is the aggregate amount accrued, or the "accumulated post-retirement benefit obligation," which is the present value of the post-retirement benefits associated with this arrangement. Total net periodic post-retirement benefit cost for supplemental life insurance plans, which consisted mainly of interest costs, was $16 thousand for the three months ended March 31, 2021, compared to $23 thousand for the three months ended March 31, 2020. See also Note 12, "Stock-Based Compensation," of this Form 10-Q, contained below, for further information regarding employee benefits offered in the form of stock options and stock awards.
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company currently has one active stock incentive plan: The Enterprise Bancorp, Inc. 2016 Stock Incentive Plan, as amended (the "2016 plan"). As of March 31, 2021, 103,398 shares of Company common stock remained available for future grants under the 2016 plan. Awards previously granted under an earlier, now expired, plan remain outstanding and may be exercised through 2028. The Company's stock-based compensation expense related to these plans includes stock options and stock awards to officers and other employees included in salary and benefits expense, and stock awards and stock compensation in lieu of cash fees to non-employee directors, both included in other operating expenses. Non-employee director fees are accrued and carried in "Accrued expenses and other liabilities" during the year and distributed to those directors in January of the following year. Total stock-based compensation expense was $451 thousand for the three months ended March 31, 2021, compared to $426 thousand for the three months ended March 31, 2020. A tax benefit of $16 thousand associated with employee exercises and vesting of stock compensation was recorded as an adjustment to the Company's income tax expense for the three months ended March 31, 2021, compared with a tax expense of $32 thousand for the three months ended March 31, 2020. These amounts, treated as discrete tax items in the period in which they occur, will vary from year to year as a function of the volume of share-based payments vested or exercised and the then-current market price of the Company's stock in comparison to the compensation cost recognized in the Company's unaudited consolidated interim financial statements. Stock Option Awards The table below provides a summary of the options granted, including the weighted average fair value, the fair value as a percentage of the market value of the stock at the date of grant and the average assumptions used in the model for the periods indicated:
Options granted during the first three months of 2021 and 2020 generally vest 50% in year two and 50% in year four, on or about the anniversary date of the awards. The Company utilizes the Black-Scholes option valuation model to determine the per share grant date fair value of stock option grants. The Company recognized stock-based compensation expense related to stock option awards of $45 thousand for the three months ended March 31, 2021 and March 31, 2020. Restricted Stock Awards Restricted stock awards are granted at the market price of the Company's common stock on the date of the grant. Employee restricted stock awards generally vest over four years in equal portions beginning on or about the first anniversary date of the restricted stock award or are performance-based restricted stock awards that vest upon the Company achieving certain predefined performance objectives. Non-employee director restricted stock awards generally vest over two years in equal portions beginning on or about the first anniversary date of the restricted stock award. The table below provides a summary of restricted stock awards granted during the periods indicated:
Stock-based compensation expense recognized in association with stock awards, mainly restricted stock awards, amounted to $340 thousand for the three months ended March 31, 2021, compared to $309 thousand for the three months ended March 31, 2020. Stock in Lieu of Directors' Fees In addition to restricted stock awards discussed above, the non-employee members of the Company's Board may opt to receive newly issued shares of the Company's common stock in lieu of cash compensation for attendance at Board and Board committee meetings. Stock-based compensation expense related to these directors' fees amounted to $66 thousand for the three months ended March 31, 2021, compared to $72 thousand for the three months ended March 31, 2020, and is included in other operating expenses and in "Accrued expenses and other liabilities." In January 2021, non-employee directors were issued 11,532 shares of the Company's common stock in lieu of 2020 annual cash fees of $286 thousand at a price of $24.77 per share, based on the Company's average quarterly close prices during 2020. For further information regarding the Company's stock awards, see Note 9, "Stockholders' Equity," of this Form 10-Q, contained above, under the caption "Shares Authorized and Share Issuance." There have been no material changes to the terms of the Company's stock incentive plans or the terms for vesting, forfeiture and settlement for options and restricted stock awards granted and outstanding under such plans as reported in the 2020 Annual Report on Form 10-K. Refer to Note 13, "Stock-Based Compensation Plans," to the Company's audited consolidated financial statements in the Company's 2020 Annual Report on Form 10-K for further information on the Company's stock incentive plans, stock options and restricted awards including descriptions of the assumptions used in the valuation model for stock options.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share Basic earnings per share are calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding (including participating securities) during the year. The Company's only participating securities are unvested restricted stock awards that contain non-forfeitable rights to dividends. See Note 9, "Stockholders' Equity," under the caption "Shares Authorized and Share Issuance," of this Form 10-Q above for further information regarding the Company's participating securities. Diluted earnings per share reflects the effect on weighted average shares outstanding of the number of additional shares outstanding if dilutive stock options were converted into common stock using the treasury stock method. The table below presents the increase in average shares outstanding, using the treasury stock method, for the diluted earnings per share calculation for the periods indicated:
There were 92,712 stock options outstanding for the three months ended March 31, 2021, that were determined to be anti-dilutive and therefore excluded from the calculation of dilutive shares for those periods. There were 75,545 stock options outstanding for the three months ended March 31, 2020, respectively, that were determined to be anti-dilutive and therefore excluded from the calculation of dilutive shares for those periods. These stock options, which were not dilutive at those dates, may potentially dilute earnings per share in the future.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements The FASB defines the fair value of an asset or liability to be the price which a seller would receive in an orderly transaction between market participants (an exit price) and also establishes a fair value hierarchy segregating fair value measurements using three levels of inputs: (Level 1) quoted market prices in active markets for identical assets or liabilities; (Level 2) significant other observable inputs, including quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs such as interest rates and yield curves, volatilities, prepayment speeds, credit risks and default rates which provide a reasonable basis for fair value determination or inputs derived principally from observed market data; and (Level 3) significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability. Unobservable inputs must reflect reasonable assumptions that market participants would use in pricing the asset or liability, which are developed based on the best information available under the circumstances. The following tables summarize significant assets and liabilities carried at fair value and placement in the fair value hierarchy at the dates specified:
All the Company's debt securities are considered available-for-sale and are carried at fair value. The debt security category above includes federal agency obligations, commercial and residential federal agency MBS, municipal securities, corporate bonds, and CDs, as held at those dates. The Company utilizes third-party pricing vendors to provide valuations on its debt securities. Fair values provided by the vendors were generally determined based upon pricing matrices utilizing observable market data inputs for similar or benchmark securities in active markets and/or based on a matrix pricing methodology which employs The Bond Market Association's standard calculations for cash flow and price/yield analysis, live benchmark bond pricing and terms/condition data available from major pricing sources. Therefore, management regards the inputs and methods used by third-party pricing vendors to be "Level 2 inputs and methods" as defined in the "fair value hierarchy." The Company periodically obtains a second price from an impartial third party on debt securities to assess the reasonableness of prices provided by the primary independent pricing vendor. The Company's equity portfolio fair value is measured based on quoted market prices for the shares; therefore, these securities are categorized as Level 1 within the fair value hierarchy. The Bank is required to purchase FHLB stock at par value in association with advances from the FHLB. The stock is issued, redeemed, repurchased and transferred by the FHLB only at their fixed par value. This stock is classified as a restricted investment and carried at FHLB par value which management believes approximates fair value; therefore, these securities are categorized as Level 2 measures. For loans individually assessed and deemed to be collateral dependent management has estimated the value and the probable credit loss by comparing the loan's amortized cost against the expected realizable fair value of the collateral (appraised value, or internal analysis, less estimated cost to sell, adjusted as necessary for changes in relevant valuation factors subsequent to the measurement date). Certain inputs used in these assessments, and possible subsequent adjustments, are not always observable, and therefore, collateral dependent loans carried at realizable fair value are categorized as Level 3 within the fair value hierarchy. A specific reserve is assigned to the collateral dependent loan for the amount of management's estimated probable credit loss. The specific reserve assigned to individually evaluated loans that are collateral dependent amounted to $4.0 million at March 31, 2021 compared to $5.8 million at December 31, 2020. The fair values for the interest-rate swap assets and liabilities, which is comprised of back-to-back swaps and cash flow hedges, represent a FASB Level 2 measurement and are based on settlement values adjusted for credit risks and observable market interest rate curves. The settlement values are based on discounted cash flow analysis, a widely accepted valuation technique, reflecting the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures and remaining contractual life. The change in value of interest-rate swap assets and liabilities attributable to credit risk was not significant during the reported periods. Refer also to Note 8, "Derivatives and Hedging Activities," this Form 10-Q, contained above, for additional information on the Company's interest-rate swaps. Letters of credit are conditional commitments issued by the Company to guarantee the financial obligation or performance of a customer to a third party. The fair value of these commitments was estimated to be the fees charged to enter into similar agreements, and accordingly these fair value measures are deemed to be FASB Level 2 measurements. In accordance with the FASB, the estimated fair values of these commitments are carried on the Consolidated Balance Sheets as a liability and amortized to income over the life of the letters of credit, which are typically one year. The estimated fair value of these commitments carried on the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 were deemed immaterial. Interest-rate lock commitments related to the origination of mortgage loans that will be sold are considered derivative instruments. The commitments to sell loans are also considered derivative instruments. The Company generally does not pool mortgage loans for sale, but instead sells the loans on an individual basis. To reduce the net interest-rate exposure arising from its loan sale activity, the Company enters into the commitment to sell these loans at essentially the same time that the interest-rate lock commitment is quoted on the origination of the loan. The Company estimates the fair value of these derivatives based on current secondary mortgage market prices. These commitments are accounted for in accordance with FASB guidance. The fair values of the Company's derivative instruments are deemed to be FASB Level 2 measurements. At March 31, 2021 and December 31, 2020, the estimated fair value of the Company's interest-rate lock commitments and commitments to sell these mortgage loans were deemed immaterial. The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company utilized Level 3 inputs (significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability) to determine fair value as of March 31, 2021 and December 31, 2020:
__________________________________________ (1)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. Estimated Fair Values of Assets and Liabilities In addition to disclosures regarding the measurement of assets and liabilities carried at fair value on the Consolidated Balance Sheet, the Company is also required to disclose fair value information about financial instruments for which it is practicable to estimate that value, whether or not recognized on the Consolidated Balance Sheets. The carrying values, estimated fair values and placement in the fair value hierarchy of the Company's consolidated financial instruments for which fair value is only disclosed but not recognized on the Consolidated Balance Sheets at the dates indicated are summarized as follows:
Excluded from the tables above are certain financial instruments with carrying values that approximated their fair value at the dates indicated, as they were short-term in nature or payable on demand. These include cash and cash equivalents, accrued interest and non-term deposit accounts. The respective carrying values of these instruments would all be classified within Level 1 of their fair value hierarchy. Also excluded from these tables are the fair values of commitments for unused portions of lines of credit and commitments to originate loans that were short-term, at current market rates and estimated to have no significant change in fair value.
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | Supplemental Cash Flow Information The supplemental cash flow information for the three months ended March 31, 2021 and March 31, 2020 is as follows:
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Summary of Significant Accounting Policies (Policies) |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization of the Company and Basis of Presentation - Principles of Consolidation | Organization of the Company and Basis of Presentation The accompanying unaudited consolidated interim financial statements and these notes should be read in conjunction with the December 31, 2020 audited consolidated financial statements and notes thereto contained in the 2020 Annual Report on Form 10-K of Enterprise Bancorp, Inc. (the "Company," "Enterprise," "we," or "our") as filed with the Securities and Exchange Commission (the "SEC") on March 10, 2021 (the "2020 Annual Report on Form 10-K"). The Company has not materially changed its significant accounting policies from those disclosed in its 2020 Annual Report on Form 10-K, other than to elect options for the temporary deferral of certain accounting guidance as allowed under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as discussed under Item (c), "Recent Accounting Pronouncements," below in this Note 1. The accompanying unaudited consolidated interim financial statements of Enterprise Bancorp, Inc., a Massachusetts corporation, include the accounts of the Company and its wholly owned subsidiary, Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank (the "Bank"). The Bank is a Massachusetts trust company and state chartered commercial bank organized in 1989. Substantially all of the Company's operations are conducted through the Bank and its subsidiaries. The Bank's subsidiaries include Enterprise Insurance Services, LLC and Enterprise Wealth Services, LLC, both organized under the laws of the State of Delaware, to engage in insurance sales activities and offer non-deposit investment products and services, respectively. In addition, the Bank has the following subsidiaries that are incorporated in the Commonwealth of Massachusetts and classified as security corporations in accordance with applicable Massachusetts General Laws: Enterprise Security Corporation; Enterprise Security Corporation II; and Enterprise Security Corporation III. The security corporations, which hold various types of qualifying securities, are limited to conducting investment activities that the Bank itself would be allowed to conduct under applicable laws. In April 2021, the Bank formed a Massachusetts limited liability company, with the Bank as sole member, in order to hold a commercial property taken by deed-in-lieu of foreclosure.
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Organization of the Company and Basis of Presentation - Basis of Accounting | The accompanying unaudited consolidated interim financial statements, and notes thereto, in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 (this "Form 10-Q"), have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the SEC instructions for Quarterly Reports on Form 10-Q. In the opinion of management, the accompanying unaudited consolidated interim financial statements reflect all necessary adjustments, consisting of normal recurring accruals and elimination of intercompany balances, for a fair presentation. Interim results are not necessarily indicative of results to be expected for the entire year, or any future period. |
Organization of the Company and Basis of Presentation - Reclassifications | Certain previous years' amounts in the unaudited consolidated financial statements, and notes thereto, have been reclassified to conform to the current year's presentation. |
Uses of Estimates | Uses of Estimates In preparing the unaudited consolidated interim financial statements in conformity with GAAP, management is required to exercise judgment in determining many of the methodologies, assumptions and estimates to be utilized. These assumptions and estimates affect the reported values of assets and liabilities as of the balance sheet dates and income and expenses for the period then ended. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates should the assumptions and estimates used be incorrect or change over time due to changes in circumstances. Changes in those estimates resulting from continuing changes in the economic environment and other factors will be reflected in the consolidated financial statements and results of operations in future periods. Effective January 1, 2021,the Company adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU No. 2016-13"), including the current expected credit loss ("CECL") methodology for estimating allowances for credit losses. See Item (c), “Recent Accounting Pronouncements,” below. As discussed in the Company's 2020 Annual Report on Form 10-K and updated in this Form 10Q for the adoption of CECL, the most significant areas in which management applies critical assumptions and estimates are: the estimates of the allowance for credit losses for loans, unfunded commitments, available-for-sale securities, and the impairment review of goodwill.
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Recent Accounting Pronouncements | Recent Accounting PronouncementsOn January 1, 2021, the Company adopted ASU 2016-13 including the CECL methodology for estimating the allowance for credit losses ("ACL"). The CECL methodology requires earlier recognition of credit losses using a lifetime credit loss measurement approach that also requires the consideration of reasonable and supportable forecasts in the estimate. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost. It applies to the loan portfolio, off-balance sheet credit exposures such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments, which are not unconditionally cancellable. In addition, this standard made changes to the accounting for available-for-sale debt securities, including the requirement for credit losses be presented as an allowance rather than as a write-down. See the following footnotes for more information on the Company's adoption of CECL: Note 2, "Investment Securities," Note 3, "Loans," and Note 4, "Allowance for Credit Losses for Loans."In February 2019, the federal bank regulatory agencies issued a final rule (the "2019 CECL Rule") that revised certain capital regulations to account for changes to credit loss accounting under GAAP. The 2019 CECL Rule included a transition option that allows banking organizations to phase in, over a three-year period, the day-one adverse effects of adopting the new accounting standard related to the measurement of current expected credit losses on their regulatory capital ratios (three-year transition option). Upon the adoption of CECL on January 1, 2021, the Company has not elected to delay the impact of CECL on regulatory capital. |
Subsequent events | Subsequent Events The Company has evaluated subsequent events and transactions from March 31, 2021 through the date this Form 10-Q was filed with the SEC for potential recognition or disclosure as required by U.S. GAAP and determined, except as noted below, there were no material subsequent events requiring recognition or disclosure.In April 2021, the Company transferred one loan with a net fair value of $2.4 million to OREO. |
Comprehensive Income | Comprehensive income is defined as all changes to stockholders' equity except investments by and distributions to stockholders. Net income is one component of comprehensive income, with other components referred to in the aggregate as other comprehensive income. See below for the Company's other components of comprehensive income at the respective dates. Pursuant to GAAP, the Company initially excludes these unrealized holding gains and losses from net income; however, they are later reported as reclassifications out of accumulated other comprehensive income into net income when the losses or gains are realized. |
Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Securities, Available-for-Sale Investments Reconciliation | The amortized cost and fair values of debt securities at the dates specified are summarized as follows:
__________________________________________ (1)These categories may include investments issued or guaranteed by government sponsored enterprises such as Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), Federal Farm Credit Bank ("FFCB"), or one of several Federal Home Loan Banks, as well as investments guaranteed by Ginnie Mae ("GNMA"), a wholly owned government entity.
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Schedule of Unrealized Loss on Debt Securities, Available-for-Sale Investments | The following tables summarize debt securities with unrealized losses, due to the fair values having declined below the amortized costs of the individual investments by the duration of their continuous unrealized loss positions at March 31, 2021 and December 31, 2020:
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Debt Securities, Available-for-Sale Investments Classified by Contractual Maturity Date | The contractual maturity distribution at March 31, 2021 of debt securities was as follows:
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Schedule of Realized Gain (Loss) on Sales of Debt Securities, Available-for-Sale Investments | Sales of debt securities for the three months ended March 31, 2021 and March 31, 2020 are summarized as follows:
_________________________________________ (1)Amortized cost of investments sold is determined on a specific identification basis and includes pending trades based on trade date, if applicable.
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Gain (Loss) on Equity Securities | Gains and losses on equity securities for the three months ended March 31, 2021 and March 31, 2020 are summarized as follows:
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Loans (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans by Loan Classification | Major classifications of loans at the dates indicated were as follows(1):
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Schedule of Loans Pledged as Collateral | Loans designated as qualified collateral and pledged to the FHLB for borrowing capacity as of the dates indicated are summarized below:
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Allowance for Loan Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | The following tables presents the amortized cost basis of the Company's loan portfolio risk ratings within portfolio classifications, by origination date, or revolving status as of March 31, 2021:
__________________________________________ (1)All SBA PPP loans were "pass" rated at March 31, 2021, as these loans are 100% guaranteed by the federal government via the SBA. The following table presents the Company's credit risk profile for each portfolio classification by internally assigned adverse risk rating category as of the period indicated:
__________________________________ (1) Prior to the adoption of CECL, the Company did not include special-mention risk rated loans as adversely classified.
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Past Due Financing Receivables | The following table presents an age analysis of past due loans by portfolio classification as of the date indicated:
_______________________________________ (1)The loan balances in the table above include non-accrual loans. The following tables present an age analysis of past due loans by portfolio classification as of the date indicated:
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Financing Receivable, Nonaccrual | The following table presents non-accrual loans by portfolio classification as of March 31, 2021:
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Impaired Financing Receivables | The following table presents the recorded investment in collateral dependent individually evaluated loans and the related specific allowance by portfolio allocation as of the date indicated:
The following table sets forth the recorded investment in impaired loans and the related specific allowance allocated by portfolio classification as of the date indicated:
The following table presents the average recorded investment in impaired loans by portfolio classification and the related interest recognized during the three months indicated:
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Troubled Debt Restructurings on Financing Receivables | The following table presents number and balance of loans modified as TDRs, by portfolio classification, during the three months indicated:
The following table sets forth the post modification balances of TDRs listed by type of modification for TDRs that occurred during the three-month period indicated:
The following table sets forth the post modification balances of TDRs listed by type of modification for TDRs that occurred during the three-month periods indicated:
The following table presents number and balance of loans modified as TDRs, by portfolio classification, during the three months indicated:
The following table presents loans modified as TDRs within the preceding twelve months, which had defaulted on the modified terms during the three months indicated:
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Allowance for Credit Losses on Financing Receivables | Changes in the ACL for loans by portfolio classification for the three months ended March 31, 2021 are presented below:
Changes in the allowance for loan losses by portfolio classification for the three months ended March 31, 2020 are presented below:
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Financing Receivables by Evaluation Method | The balances of loans as of December 31, 2020 by portfolio classification and evaluation method are summarized as follows:
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Liability Maturity Table as Lessee | At March 31, 2021, the remaining undiscounted cash flows by year of these lease liabilities were as follows:
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Deposits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift, Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposit Liabilities | Deposits are summarized as follows:
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Borrowed Funds (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Borrowed Funds Maturity | Borrowed funds at March 31, 2021 and December 31, 2020 are summarized, as follows:
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Derivatives and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivatives, Fair Value and Classification | The tables below present a summary of the Company's derivative financial instruments, notional amounts and fair values for the periods presented:
__________________________________________ (1) Accrued interest balances related to the Company’s interest rate swaps are not included in the fair values above and are immaterial.
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Comprehensive (Loss) Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Reconciliation of Changes | The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax benefit (expense) allocated to each component of other comprehensive income (loss):
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Schedule of Accumulated Other Comprehensive Income (Loss) | Information on the Company's accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the periods indicated:
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Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The table below provides a summary of the options granted, including the weighted average fair value, the fair value as a percentage of the market value of the stock at the date of grant and the average assumptions used in the model for the periods indicated:
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Schedule of Restricted Stock Awards Granted | The table below provides a summary of restricted stock awards granted during the periods indicated:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The table below presents the increase in average shares outstanding, using the treasury stock method, for the diluted earnings per share calculation for the periods indicated:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following tables summarize significant assets and liabilities carried at fair value and placement in the fair value hierarchy at the dates specified:
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Quantitative Information About Significant Unobservable Inputs for Fair Value Measurements | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company utilized Level 3 inputs (significant unobservable inputs for situations in which there is little, if any, market activity for the asset or liability) to determine fair value as of March 31, 2021 and December 31, 2020:
__________________________________________ (1)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses.
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Fair Value, by Balance Sheet Grouping | The carrying values, estimated fair values and placement in the fair value hierarchy of the Company's consolidated financial instruments for which fair value is only disclosed but not recognized on the Consolidated Balance Sheets at the dates indicated are summarized as follows:
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Supplemental Cash Flow (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | The supplemental cash flow information for the three months ended March 31, 2021 and March 31, 2020 is as follows:
|
Investment Securities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities at fair value (amortized cost of $581,360 and $551,191, respectively) | $ 601,264 | $ 582,303 |
Callable debt securities, fair value | 125,800 | |
Equity securities at fair value | 1,197 | 746 |
Accrued interest related to AFS debt securities | 2,900 | |
Collateral Pledged | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, pledged as collateral | 596,100 | |
Mortgage backed securities, excluding CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities at fair value (amortized cost of $581,360 and $551,191, respectively) | $ 23,300 | $ 18,700 |
Investment Securities - Debt Securities Continuous Loss Position (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
investment
|
Dec. 31, 2020
USD ($)
investment
|
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, temporarily impaired, less than 12 months, fair value | $ 156,947 | $ 53,393 |
Debt securities, temporarily impaired, less than 12 months, unrealized loss | 4,793 | 287 |
Debt securities, temporarily impaired, 12 months or longer, fair value | 0 | 2,107 |
Debt securities, temporarily impaired, 12 months or longer, unrealized loss | 0 | 3 |
Debt securities, temporarily impaired, fair value | 156,947 | 55,500 |
Debt securities, temporarily impaired, unrealized loss | $ 4,793 | $ 290 |
Number of holdings | investment | 66 | 14 |
Residential federal agency MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, temporarily impaired, less than 12 months, fair value | $ 100,686 | $ 51,396 |
Debt securities, temporarily impaired, less than 12 months, unrealized loss | 3,215 | 284 |
Debt securities, temporarily impaired, 12 months or longer, fair value | 0 | 2,107 |
Debt securities, temporarily impaired, 12 months or longer, unrealized loss | 0 | 3 |
Debt securities, temporarily impaired, fair value | 100,686 | 53,503 |
Debt securities, temporarily impaired, unrealized loss | $ 3,215 | $ 287 |
Number of holdings | investment | 15 | 10 |
Commercial federal agency MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, temporarily impaired, less than 12 months, fair value | $ 4,887 | |
Debt securities, temporarily impaired, less than 12 months, unrealized loss | 58 | |
Debt securities, temporarily impaired, 12 months or longer, fair value | 0 | |
Debt securities, temporarily impaired, 12 months or longer, unrealized loss | 0 | |
Debt securities, temporarily impaired, fair value | 4,887 | |
Debt securities, temporarily impaired, unrealized loss | $ 58 | |
Number of holdings | investment | 1 | |
Taxable municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, temporarily impaired, less than 12 months, fair value | $ 51,374 | $ 1,997 |
Debt securities, temporarily impaired, less than 12 months, unrealized loss | 1,520 | 3 |
Debt securities, temporarily impaired, 12 months or longer, fair value | 0 | 0 |
Debt securities, temporarily impaired, 12 months or longer, unrealized loss | 0 | 0 |
Debt securities, temporarily impaired, fair value | 51,374 | 1,997 |
Debt securities, temporarily impaired, unrealized loss | $ 1,520 | $ 3 |
Number of holdings | investment | 50 | 4 |
Investment Securities - Debt Securities Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 3,066 | |
Due after one, but within five years | 107,316 | |
Due after five, but within ten years | 181,924 | |
Due after ten years | 289,054 | |
Amortized cost | 581,360 | $ 551,191 |
Fair Value | ||
Due in one year or less | 3,097 | |
Due after one, but within five years | 114,347 | |
Due after five, but within ten years | 191,792 | |
Due after ten years | 292,028 | |
Total debt securities | $ 601,264 | $ 582,303 |
Investment Securities - Debt Securities Sales (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
Investments, Debt and Equity Securities [Abstract] | ||||
Amortized cost of debt securities sold | [1] | $ 2,931 | $ 2,527 | |
Gross realized gains on sales | 128 | 100 | ||
Gross realized losses on sales | 0 | 0 | ||
Total proceeds from sales of debt securities | $ 3,059 | $ 2,627 | ||
|
Investment Securities - Equity Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Net gains (losses) recognized during the period on equity securities | $ 84 | $ (198) |
Less: Net losses recognized on equity securities sold during the period | 0 | 0 |
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the end of the period | $ 84 | $ (198) |
Loans - Balance by Class of Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | $ 3,109,360 | $ 3,073,860 | ||
Allowance for credit losses | (49,899) | (44,565) | ||
Net loans | 3,059,461 | 3,029,295 | ||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 3,073,860 | |||
Allowance for credit losses | (44,565) | $ (39,764) | $ (33,614) | |
Net loans | 3,029,295 | |||
Commercial | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 2,771,753 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 2,726,710 | |||
Commercial real estate | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 1,516,287 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 1,476,236 | |||
Allowance for credit losses | (20,861) | (18,338) | ||
Commercial and industrial | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 417,436 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 435,548 | |||
Allowance for credit losses | (10,235) | (9,129) | ||
Commercial construction | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 353,855 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 371,856 | |||
Allowance for credit losses | (6,161) | (4,149) | ||
SBA paycheck protection program | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 484,175 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 443,070 | |||
Retail | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 337,607 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 347,150 | |||
Residential mortgages | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 247,591 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 252,995 | |||
Allowance for credit losses | (1,598) | (1,195) | ||
Home equity loans and lines | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | 81,437 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | 85,178 | |||
Allowance for credit losses | (636) | (536) | ||
Consumer | ||||
Loan Portfolio Classifications, Adoption of CECL | ||||
Total loans | $ 8,579 | |||
Loan Portfolio Classifications, Prior to Adoption of CECL | ||||
Total loans | $ 8,977 | |||
Allowance for credit losses | $ (273) | $ (267) |
Loans - Loan Categories Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Schedule of Loans by Loan Classification [Line Items] | ||
Loan origination fees | $ 15,800 | |
Deferred fees | 12,300 | |
Accrued interest receivable on loans | 13,000 | |
Financing receivable, average loan size | 3,109,360 | $ 3,073,860 |
Commercial | ||
Schedule of Loans by Loan Classification [Line Items] | ||
Participation loans amount | 77,000 | 77,100 |
Financing receivable, average loan size | 2,771,753 | |
Participations loans sold that are still serviced amount | $ 67,200 | 65,300 |
SBA paycheck protection program | ||
Schedule of Loans by Loan Classification [Line Items] | ||
Interest rate | 1.00% | |
Finance receivable term, minimum | 2 years | |
Finance receivable term, maximum | 5 years | |
Financing receivable, average loan size | $ 484,175 | |
SBA paycheck protection program | Quarterly Average | ||
Schedule of Loans by Loan Classification [Line Items] | ||
Financing receivable, average loan size | 158 | |
Residential mortgages | ||
Schedule of Loans by Loan Classification [Line Items] | ||
Financing receivable, average loan size | 247,591 | |
Amount of loans serviced for others | $ 12,900 | $ 13,700 |
Loans - Loans Serving as Collateral (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans pledged to the FHLB for borrowing capacity | $ 422,494 | $ 434,957 |
Commercial real estate | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans pledged to the FHLB for borrowing capacity | 190,147 | 195,936 |
Residential mortgages | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans pledged to the FHLB for borrowing capacity | 226,648 | 233,050 |
Home equity | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Loans pledged to the FHLB for borrowing capacity | $ 5,699 | $ 5,971 |
Allowance For Credit Losses for Loans - Additional Information (Details) |
3 Months Ended | |||
---|---|---|---|---|
Jan. 01, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
contract
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Retained earnings | $ (216,610,000) | $ (214,977,000) | ||
Allowance for credit losses | $ 49,899,000 | 44,565,000 | ||
Allowance for credit losses to total loans ratio | 1.60% | |||
Allowance for credit losses to total loans, excluding PPP loans, ratio | 1.90% | |||
Total loans | $ 3,109,360,000 | 3,073,860,000 | ||
Adversely classified loans to all loans, ratio | 2.34% | |||
Interest accrual resumed on nonaccrual loans after brought current, term | 180 days | |||
Pass classified loans to all loans, ratio | 1.23% | |||
Non-accrual Loans | $ 35,630,000 | $ 38,050,000 | ||
The ratio of non-accrual loans to total loans | 1.15% | 1.24% | ||
Total accruing impaired loans | $ 9,400,000 | |||
Total non accruing impaired loans | 34,900,000 | $ 10,300,000 | ||
Total troubled debt restructure (TDR) loans | 17,500,000 | 17,700,000 | ||
TDR loans on accrual status | 9,500,000 | 10,300,000 | ||
TDR loans included in non-performing loans | 8,000,000.0 | 7,500,000 | ||
Post- modification outstanding recorded investment | 0 | $ 2,070,000 | ||
Charge-offs associated with new TDRs | 0 | 0 | ||
Provision for credit losses | 680,000 | $ 6,147,000 | ||
Collateral Pledged | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 44,300,000 | |||
Criticized | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | $ 72,600,000 | |||
Pass | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of loans with short-term payment deferrals | contract | 29 | |||
Amount of short-term payment deferrals | $ 38,200,000 | |||
Non-accrual Loans | 182,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Retained earnings | $ 6,500,000 | |||
Deferred income taxes | 2,500,000 | |||
Allowance for credit losses | 6,600,000 | |||
Unfunded Loan Commitment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 2,500,000 | |||
Provision for credit losses | 70,000 | |||
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | $ 2,400,000 | |||
Loans Excluding Unfunded Commitments | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | 49,899,000 | 44,565,000 | ||
Provision for credit losses | $ 610,000 | |||
Loans Excluding Unfunded Commitments | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses | $ 6,560,000 |
Allowance For Credit Losses for Loans - Credit Risk Indicators (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | $ 293,227 | |||
2020 | 778,564 | |||
2019 | 463,419 | |||
2018 | 248,665 | |||
2017 | 266,865 | |||
Prior | 775,147 | |||
Revolving Loans | 283,023 | |||
Revolving Loans Converted to Term | 450 | |||
Total loans | 3,109,360 | $ 3,073,860 | ||
Commercial Real Estate | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 64,956 | |||
2020 | 246,121 | |||
2019 | 259,065 | |||
2018 | 135,383 | |||
2017 | 214,329 | |||
Prior | 596,168 | |||
Revolving Loans | 265 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 1,516,287 | |||
Commercial Real Estate | Pass | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 64,956 | |||
2020 | 246,121 | |||
2019 | 255,881 | |||
2018 | 131,110 | |||
2017 | 200,363 | |||
Prior | 567,086 | |||
Revolving Loans | 265 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 1,465,782 | |||
Commercial Real Estate | Special mention | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 907 | |||
2018 | 822 | |||
2017 | 232 | |||
Prior | 11,923 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 13,884 | |||
Commercial Real Estate | Substandard | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 2,277 | |||
2018 | 3,256 | |||
2017 | 13,734 | |||
Prior | 17,159 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 36,426 | |||
Commercial Real Estate | Doubtful | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 195 | |||
2017 | 0 | |||
Prior | 0 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 195 | |||
Commercial and industrial | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 7,070 | |||
2020 | 49,691 | |||
2019 | 51,174 | |||
2018 | 28,458 | |||
2017 | 25,967 | |||
Prior | 70,816 | |||
Revolving Loans | 183,810 | |||
Revolving Loans Converted to Term | 450 | |||
Total loans | 417,436 | |||
Commercial and industrial | Pass | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 7,070 | |||
2020 | 49,002 | |||
2019 | 51,153 | |||
2018 | 26,666 | |||
2017 | 25,717 | |||
Prior | 64,689 | |||
Revolving Loans | 176,394 | |||
Revolving Loans Converted to Term | 382 | |||
Total loans | 401,073 | |||
Commercial and industrial | Special mention | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 689 | |||
2019 | 0 | |||
2018 | 1,617 | |||
2017 | 8 | |||
Prior | 1,451 | |||
Revolving Loans | 3,046 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 6,811 | |||
Commercial and industrial | Substandard | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 21 | |||
2018 | 175 | |||
2017 | 242 | |||
Prior | 4,676 | |||
Revolving Loans | 2,103 | |||
Revolving Loans Converted to Term | 68 | |||
Total loans | 7,285 | |||
Commercial and industrial | Doubtful | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 0 | |||
Revolving Loans | 2,267 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 2,267 | |||
Commercial construction | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 28,098 | |||
2020 | 109,078 | |||
2019 | 113,840 | |||
2018 | 46,310 | |||
2017 | 6,494 | |||
Prior | 28,868 | |||
Revolving Loans | 21,167 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 353,855 | |||
Commercial construction | Pass | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 28,098 | |||
2020 | 109,078 | |||
2019 | 113,840 | |||
2018 | 44,719 | |||
2017 | 6,494 | |||
Prior | 28,223 | |||
Revolving Loans | 19,968 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 350,420 | |||
Commercial construction | Substandard | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 1,591 | |||
2017 | 0 | |||
Prior | 645 | |||
Revolving Loans | 1,199 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 3,435 | |||
SBA paycheck protection program | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
Total loans | 484,175 | |||
SBA paycheck protection program | Pass | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | [1] | 178,209 | ||
2020 | [1] | 305,966 | ||
2019 | [1] | 0 | ||
2018 | [1] | 0 | ||
2017 | [1] | 0 | ||
Prior | [1] | 0 | ||
Revolving Loans | [1] | 0 | ||
Revolving Loans Converted to Term | [1] | 0 | ||
Total loans | [1] | 484,175 | ||
Residential mortgages | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 13,655 | |||
2020 | 65,170 | |||
2019 | 36,809 | |||
2018 | 37,124 | |||
2017 | 19,172 | |||
Prior | 75,661 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 247,591 | |||
Residential mortgages | Pass | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 13,655 | |||
2020 | 65,170 | |||
2019 | 36,809 | |||
2018 | 37,124 | |||
2017 | 19,172 | |||
Prior | 73,710 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 245,640 | |||
Residential mortgages | Special mention | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 602 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 602 | |||
Residential mortgages | Substandard | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 1,349 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 1,349 | |||
Home equity loans and lines | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 23 | |||
2020 | 487 | |||
2019 | 376 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 2,770 | |||
Revolving Loans | 77,781 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 81,437 | |||
Home equity loans and lines | Pass | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 23 | |||
2020 | 487 | |||
2019 | 376 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 2,499 | |||
Revolving Loans | 77,694 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 81,079 | |||
Home equity loans and lines | Substandard | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 0 | |||
2017 | 0 | |||
Prior | 271 | |||
Revolving Loans | 87 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 358 | |||
Consumer | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 1,216 | |||
2020 | 2,051 | |||
2019 | 2,155 | |||
2018 | 1,390 | |||
2017 | 903 | |||
Prior | 864 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 8,579 | |||
Consumer | Pass | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 1,216 | |||
2020 | 2,051 | |||
2019 | 2,155 | |||
2018 | 1,376 | |||
2017 | 903 | |||
Prior | 849 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | 8,550 | |||
Consumer | Substandard | ||||
Financing Receivable, Credit Quality Indicators [Line Items] | ||||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
2018 | 14 | |||
2017 | 0 | |||
Prior | 15 | |||
Revolving Loans | 0 | |||
Revolving Loans Converted to Term | 0 | |||
Total loans | $ 29 | |||
|
Allowance For Credit Losses for Loans - Past Due and Non-Accrual Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Aging of Financing Receivables | ||
Total loans | $ 3,109,360 | $ 3,073,860 |
Total Past Due Loans | 11,129 | |
Current Loans | 3,098,231 | 3,057,758 |
Non-Accrual Loans without an allowance for credit loss | 15,856 | |
Non-Accrual Loans with an allowance for credit loss | 19,774 | |
Total Non-Accrual Loans | 35,630 | 38,050 |
Commercial real estate | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 1,516,287 | |
Total Past Due Loans | 7,075 | |
Current Loans | 1,509,212 | 1,466,039 |
Non-Accrual Loans without an allowance for credit loss | 10,601 | |
Non-Accrual Loans with an allowance for credit loss | 16,592 | |
Total Non-Accrual Loans | 27,193 | 29,680 |
Commercial and industrial | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 417,436 | |
Total Past Due Loans | 974 | |
Current Loans | 416,462 | 434,623 |
Non-Accrual Loans without an allowance for credit loss | 1,554 | |
Non-Accrual Loans with an allowance for credit loss | 3,181 | |
Total Non-Accrual Loans | 4,735 | 4,574 |
Commercial construction | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 353,855 | |
Total Past Due Loans | 1,398 | |
Current Loans | 352,457 | 358,492 |
Non-Accrual Loans without an allowance for credit loss | 2,945 | |
Non-Accrual Loans with an allowance for credit loss | 0 | |
Total Non-Accrual Loans | 2,945 | 2,999 |
SBA paycheck protection program | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 484,175 | |
Total Past Due Loans | 0 | |
Current Loans | 484,175 | 453,084 |
Non-Accrual Loans without an allowance for credit loss | 0 | |
Non-Accrual Loans with an allowance for credit loss | 0 | |
Total Non-Accrual Loans | 0 | 0 |
Residential mortgages | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 247,591 | |
Total Past Due Loans | 1,460 | |
Current Loans | 246,131 | 251,791 |
Non-Accrual Loans without an allowance for credit loss | 398 | |
Non-Accrual Loans with an allowance for credit loss | 0 | |
Total Non-Accrual Loans | 398 | 414 |
Home equity loans and lines | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 81,437 | |
Total Past Due Loans | 215 | |
Current Loans | 81,222 | 84,751 |
Non-Accrual Loans without an allowance for credit loss | 358 | |
Non-Accrual Loans with an allowance for credit loss | 0 | |
Total Non-Accrual Loans | 358 | 381 |
Consumer | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 8,579 | |
Total Past Due Loans | 7 | |
Current Loans | 8,572 | 8,978 |
Non-Accrual Loans without an allowance for credit loss | 0 | |
Non-Accrual Loans with an allowance for credit loss | 1 | |
Total Non-Accrual Loans | 1 | 2 |
30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 5,178 | |
30-59 Days Past Due | Commercial real estate | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 3,323 | |
30-59 Days Past Due | Commercial and industrial | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 292 | |
30-59 Days Past Due | Commercial construction | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 49 | |
30-59 Days Past Due | SBA paycheck protection program | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
30-59 Days Past Due | Residential mortgages | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 1,460 | |
30-59 Days Past Due | Home equity loans and lines | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 48 | |
30-59 Days Past Due | Consumer | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 6 | |
60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 164 | |
60-89 Days Past Due | Commercial real estate | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
60-89 Days Past Due | Commercial and industrial | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 83 | |
60-89 Days Past Due | Commercial construction | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
60-89 Days Past Due | SBA paycheck protection program | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
60-89 Days Past Due | Residential mortgages | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
60-89 Days Past Due | Home equity loans and lines | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 80 | |
60-89 Days Past Due | Consumer | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 1 | |
Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 5,787 | |
Total Past Due Loans | 29,488 | |
Past Due 90 days or more | Commercial real estate | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 3,752 | |
Total Past Due Loans | 12,196 | |
Past Due 90 days or more | Commercial and industrial | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 599 | |
Total Past Due Loans | 1,037 | |
Past Due 90 days or more | Commercial construction | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 1,349 | |
Total Past Due Loans | 14,817 | |
Past Due 90 days or more | SBA paycheck protection program | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Total Past Due Loans | 0 | |
Past Due 90 days or more | Residential mortgages | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Total Past Due Loans | 1,180 | |
Past Due 90 days or more | Home equity loans and lines | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 87 | |
Total Past Due Loans | 255 | |
Past Due 90 days or more | Consumer | ||
Schedule of Aging of Financing Receivables | ||
Total loans | $ 0 | |
Total Past Due Loans | $ 3 |
Allowance For Credit Losses for Loans - Impaired Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | $ 50,515 | $ 52,736 |
Total recorded investment in collateral dependent loans | 44,254 | 48,318 |
Recorded investment with no allowance | 24,264 | 23,400 |
Recorded investment with allowance | 19,990 | 24,918 |
Related specific allowance | 3,951 | 6,185 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | 35,842 | 37,184 |
Total recorded investment in collateral dependent loans | 32,624 | 35,915 |
Recorded investment with no allowance | 15,758 | 14,728 |
Recorded investment with allowance | 16,866 | 21,187 |
Related specific allowance | 1,732 | 3,454 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | 9,568 | 10,628 |
Total recorded investment in collateral dependent loans | 7,524 | 8,409 |
Recorded investment with no allowance | 4,400 | 4,696 |
Recorded investment with allowance | 3,124 | 3,713 |
Related specific allowance | 2,219 | 2,713 |
Commercial construction | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | 3,668 | 3,668 |
Total recorded investment in collateral dependent loans | 2,945 | 2,999 |
Recorded investment with no allowance | 2,945 | 2,999 |
Recorded investment with allowance | 0 | 0 |
Related specific allowance | 0 | 0 |
SBA paycheck protection program | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | 0 | 0 |
Total recorded investment in collateral dependent loans | 0 | 0 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Related specific allowance | 0 | 0 |
Residential mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | 916 | 699 |
Total recorded investment in collateral dependent loans | 803 | 596 |
Recorded investment with no allowance | 803 | 596 |
Recorded investment with allowance | 0 | 0 |
Related specific allowance | 0 | 0 |
Home equity loans and lines | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | 521 | 539 |
Total recorded investment in collateral dependent loans | 358 | 381 |
Recorded investment with no allowance | 358 | 381 |
Recorded investment with allowance | 0 | 0 |
Related specific allowance | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid contractual principal balance | 0 | 18 |
Total recorded investment in collateral dependent loans | 0 | 18 |
Recorded investment with no allowance | 0 | 0 |
Recorded investment with allowance | 0 | 18 |
Related specific allowance | $ 0 | $ 18 |
Allowance For Credit Losses for Loans - Troubled Debt Restructures and Prior Period Trouble Debt Restructures (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
restructuring
|
Mar. 31, 2020
USD ($)
restructuring
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 3 | 6 |
Pre-modification outstanding recorded investment | $ 1,215,000 | $ 3,915,000 |
Number of TDRs that defaulted | restructuring | 6 | |
Post-modification outstanding recorded investment | 1,138,000 | $ 3,697,000 |
Post- modification outstanding recorded investment | 0 | 2,070,000 |
Amount of allowance for credit losses for loans associated with TDRs listed above | $ 0 | $ 1,275,000 |
Extended maturity date | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 1 | 2 |
Post-modification outstanding recorded investment | $ 234,000 | $ 1,697,000 |
Temporary payment reduction and payment re-amortization of remaining principal over extended term | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 2 | 2 |
Post-modification outstanding recorded investment | $ 904,000 | $ 978,000 |
Temporary interest only payment plan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | |
Post-modification outstanding recorded investment | $ 0 | |
Forbearance of post default rights | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | 2 |
Post-modification outstanding recorded investment | $ 0 | $ 1,022,000 |
Other payment concessions | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | |
Post-modification outstanding recorded investment | $ 0 | |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 2 | 0 |
Pre-modification outstanding recorded investment | $ 991,000 | $ 0 |
Number of TDRs that defaulted | restructuring | 1 | |
Post-modification outstanding recorded investment | $ 914,000 | $ 0 |
Post- modification outstanding recorded investment | $ 218,000 | |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | 1 |
Pre-modification outstanding recorded investment | $ 0 | $ 474,000 |
Number of TDRs that defaulted | restructuring | 1 | |
Post-modification outstanding recorded investment | $ 0 | $ 409,000 |
Post- modification outstanding recorded investment | $ 151,000 | |
Commercial construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | 4 |
Pre-modification outstanding recorded investment | $ 0 | $ 3,440,000 |
Number of TDRs that defaulted | restructuring | 2 | |
Post-modification outstanding recorded investment | $ 0 | $ 3,287,000 |
Post- modification outstanding recorded investment | $ 1,697,000 | |
SBA paycheck protection program | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | 0 |
Pre-modification outstanding recorded investment | $ 0 | $ 0 |
Number of TDRs that defaulted | restructuring | 0 | |
Post-modification outstanding recorded investment | $ 0 | $ 0 |
Post- modification outstanding recorded investment | $ 0 | |
Residential mortgages | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 1 | 0 |
Pre-modification outstanding recorded investment | $ 224,000 | $ 0 |
Number of TDRs that defaulted | restructuring | 0 | |
Post-modification outstanding recorded investment | $ 224,000 | $ 0 |
Post- modification outstanding recorded investment | $ 0 | |
Home equity loans and lines | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | 0 |
Pre-modification outstanding recorded investment | $ 0 | $ 0 |
Number of TDRs that defaulted | restructuring | 0 | |
Post-modification outstanding recorded investment | $ 0 | $ 0 |
Post- modification outstanding recorded investment | $ 0 | |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of restructurings | restructuring | 0 | 1 |
Pre-modification outstanding recorded investment | $ 0 | $ 1,000 |
Number of TDRs that defaulted | restructuring | 2 | |
Post-modification outstanding recorded investment | $ 0 | $ 1,000 |
Post- modification outstanding recorded investment | $ 4,000 |
Allowance For Credit Losses for Loans - ACL Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | $ 44,565 | |
Provision for credit losses for loans | 680 | $ 6,147 |
Allowance for credit loss, ending balance | 49,899 | |
Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 44,565 | |
Provision for credit losses for loans | 610 | |
Recoveries | 61 | |
Less: Charge offs | 1,897 | |
Allowance for credit loss, ending balance | 49,899 | |
Cumulative Effect, Period of Adoption, Adjustment | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 6,560 | |
Commercial real estate | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 26,755 | |
Provision for credit losses for loans | 1,081 | |
Recoveries | 0 | |
Less: Charge offs | 1,825 | |
Allowance for credit loss, ending balance | 33,675 | |
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 7,664 | |
Commercial and industrial | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 9,516 | |
Provision for credit losses for loans | (263) | |
Recoveries | 55 | |
Less: Charge offs | 70 | |
Allowance for credit loss, ending balance | 11,226 | |
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 1,988 | |
Commercial construction | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 6,129 | |
Provision for credit losses for loans | (230) | |
Recoveries | 0 | |
Less: Charge offs | 0 | |
Allowance for credit loss, ending balance | 3,483 | |
Commercial construction | Cumulative Effect, Period of Adoption, Adjustment | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | (2,416) | |
Residential mortgages | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 1,530 | |
Provision for credit losses for loans | 54 | |
Recoveries | 0 | |
Less: Charge offs | 0 | |
Allowance for credit loss, ending balance | 889 | |
Residential mortgages | Cumulative Effect, Period of Adoption, Adjustment | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | (695) | |
Home equity loans and lines | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 467 | |
Provision for credit losses for loans | (22) | |
Recoveries | 5 | |
Less: Charge offs | 0 | |
Allowance for credit loss, ending balance | 292 | |
Home equity loans and lines | Cumulative Effect, Period of Adoption, Adjustment | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | (158) | |
Consumer | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | 168 | |
Provision for credit losses for loans | (10) | |
Recoveries | 1 | |
Less: Charge offs | 2 | |
Allowance for credit loss, ending balance | 334 | |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | Loans Excluding Unfunded Commitments | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit loss, beginning balance | $ 177 |
Allowance For Credit Losses for Loans - Other Real Estate Owned (Details) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021
USD ($)
property
|
Mar. 31, 2020
USD ($)
property
|
Apr. 30, 2021
USD ($)
loan
|
Dec. 31, 2020
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value of OREO | $ 0 | $ 0 | ||
OREO Additions | property | 0 | 0 | ||
OREO Sold | property | 0 | 0 | ||
Consumer mortgage loans in process of foreclosure, amount | $ 87,000 | $ 0 | ||
Subsequent Event | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value of OREO | $ 2,400,000 | |||
OREO loans transferred | loan | 1 | |||
Other real estate owned | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
OREO fair value adjustment | $ 0 | $ 0 |
Allowance For Credit Losses for Loans - Prior Period Evaluation Method (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | $ 48,318 |
Loans collectively evaluated for impairment | 3,038,928 |
Gross Loans | 3,087,246 |
Commercial real estate | |
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | 35,915 |
Loans collectively evaluated for impairment | 1,442,320 |
Gross Loans | 1,478,235 |
Commercial and industrial | |
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | 8,409 |
Loans collectively evaluated for impairment | 427,251 |
Gross Loans | 435,660 |
Commercial construction | |
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | 2,999 |
Loans collectively evaluated for impairment | 370,310 |
Gross Loans | 373,309 |
SBA paycheck protection program | |
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | 0 |
Loans collectively evaluated for impairment | 453,084 |
Gross Loans | 453,084 |
Residential mortgages | |
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | 596 |
Loans collectively evaluated for impairment | 252,375 |
Gross Loans | 252,971 |
Home equity loans and lines | |
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | 381 |
Loans collectively evaluated for impairment | 84,625 |
Gross Loans | 85,006 |
Consumer | |
Schedule of Financing Receivable by Evaluation Method [Line Items] | |
Loans individually evaluated for impairment | 18 |
Loans collectively evaluated for impairment | 8,963 |
Gross Loans | $ 8,981 |
Allowance For Credit Losses for Loans - Prior Period Adversely Classified Loans (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | $ 3,087,246 |
Commercial real estate | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 1,478,235 |
Commercial and industrial | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 435,660 |
Commercial construction | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 373,309 |
SBA paycheck protection program | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 453,084 |
Residential mortgages | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 252,971 |
Home equity loans and lines | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 85,006 |
Consumer | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 8,981 |
Substandard | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 52,386 |
Substandard | Commercial real estate | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 40,088 |
Substandard | Commercial and industrial | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 7,901 |
Substandard | Commercial construction | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 3,501 |
Substandard | SBA paycheck protection program | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Substandard | Residential mortgages | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 474 |
Substandard | Home equity loans and lines | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 381 |
Substandard | Consumer | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 41 |
Doubtful | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 2,490 |
Doubtful | Commercial real estate | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 197 |
Doubtful | Commercial and industrial | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 2,293 |
Doubtful | Commercial construction | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Doubtful | SBA paycheck protection program | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Doubtful | Residential mortgages | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Doubtful | Home equity loans and lines | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Doubtful | Consumer | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | Commercial real estate | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | Commercial and industrial | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | Commercial construction | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | SBA paycheck protection program | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | Residential mortgages | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | Home equity loans and lines | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Loss | Consumer | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 0 |
Pass | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 3,032,370 |
Pass | Commercial real estate | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 1,437,950 |
Pass | Commercial and industrial | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 425,466 |
Pass | Commercial construction | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 369,808 |
Pass | SBA paycheck protection program | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 453,084 |
Pass | Residential mortgages | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 252,497 |
Pass | Home equity loans and lines | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | 84,625 |
Pass | Consumer | |
Financing Receivable, Credit Quality Indicators [Line Items] | |
Total loans | $ 8,940 |
Allowance For Credit Losses for Loans - Prior Period Past Due and Nonaccrual (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Aging of Financing Receivables | ||
Total loans | $ 3,087,246 | |
Total Past Due Loans | $ 11,129 | |
Current Loans | 3,098,231 | 3,057,758 |
Non-accrual Loans | 35,630 | 38,050 |
30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 20,880 | |
60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 513 | |
Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 8,095 | |
Total Past Due Loans | 29,488 | |
Commercial real estate | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 1,478,235 | |
Total Past Due Loans | 7,075 | |
Current Loans | 1,509,212 | 1,466,039 |
Non-accrual Loans | 27,193 | 29,680 |
Commercial real estate | 30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 6,105 | |
Commercial real estate | 60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 499 | |
Commercial real estate | Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 5,592 | |
Total Past Due Loans | 12,196 | |
Commercial and industrial | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 435,660 | |
Total Past Due Loans | 974 | |
Current Loans | 416,462 | 434,623 |
Non-accrual Loans | 4,735 | 4,574 |
Commercial and industrial | 30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 417 | |
Commercial and industrial | 60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 13 | |
Commercial and industrial | Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 607 | |
Total Past Due Loans | 1,037 | |
Commercial construction | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 373,309 | |
Total Past Due Loans | 1,398 | |
Current Loans | 352,457 | 358,492 |
Non-accrual Loans | 2,945 | 2,999 |
Commercial construction | 30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 13,466 | |
Commercial construction | 60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Commercial construction | Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 1,351 | |
Total Past Due Loans | 14,817 | |
SBA paycheck protection program | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 453,084 | |
Total Past Due Loans | 0 | |
Current Loans | 484,175 | 453,084 |
Non-accrual Loans | 0 | 0 |
SBA paycheck protection program | 30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
SBA paycheck protection program | 60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
SBA paycheck protection program | Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Total Past Due Loans | 0 | |
Residential mortgages | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 252,971 | |
Total Past Due Loans | 1,460 | |
Current Loans | 246,131 | 251,791 |
Non-accrual Loans | 398 | 414 |
Residential mortgages | 30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 890 | |
Residential mortgages | 60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Residential mortgages | Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 290 | |
Total Past Due Loans | 1,180 | |
Home equity loans and lines | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 85,006 | |
Total Past Due Loans | 215 | |
Current Loans | 81,222 | 84,751 |
Non-accrual Loans | 358 | 381 |
Home equity loans and lines | 30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Home equity loans and lines | 60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Home equity loans and lines | Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 255 | |
Total Past Due Loans | 255 | |
Consumer | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 8,981 | |
Total Past Due Loans | 7 | |
Current Loans | 8,572 | 8,978 |
Non-accrual Loans | $ 1 | 2 |
Consumer | 30-59 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 2 | |
Consumer | 60-89 Days Past Due | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 1 | |
Consumer | Past Due 90 days or more | ||
Schedule of Aging of Financing Receivables | ||
Total loans | 0 | |
Total Past Due Loans | $ 3 |
Allowance For Credit Losses for Loans - Prior Period Impairment (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | $ 50,515 | $ 52,736 | |
Total recorded investment in impaired loans | 44,254 | 48,318 | |
Recorded investment with no allowance | 24,264 | 23,400 | |
Recorded investment with allowance | 19,990 | 24,918 | |
Related specific allowance | 3,951 | 6,185 | |
Average recorded investment | $ 29,499 | ||
Interest income recognized | 102 | ||
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | 35,842 | 37,184 | |
Total recorded investment in impaired loans | 32,624 | 35,915 | |
Recorded investment with no allowance | 15,758 | 14,728 | |
Recorded investment with allowance | 16,866 | 21,187 | |
Related specific allowance | 1,732 | 3,454 | |
Average recorded investment | 15,273 | ||
Interest income recognized | 72 | ||
Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | 9,568 | 10,628 | |
Total recorded investment in impaired loans | 7,524 | 8,409 | |
Recorded investment with no allowance | 4,400 | 4,696 | |
Recorded investment with allowance | 3,124 | 3,713 | |
Related specific allowance | 2,219 | 2,713 | |
Average recorded investment | 7,808 | ||
Interest income recognized | 28 | ||
Commercial construction | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | 3,668 | 3,668 | |
Total recorded investment in impaired loans | 2,945 | 2,999 | |
Recorded investment with no allowance | 2,945 | 2,999 | |
Recorded investment with allowance | 0 | 0 | |
Related specific allowance | 0 | 0 | |
Average recorded investment | 4,755 | ||
Interest income recognized | 0 | ||
SBA paycheck protection program | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | 0 | 0 | |
Total recorded investment in impaired loans | 0 | 0 | |
Recorded investment with no allowance | 0 | 0 | |
Recorded investment with allowance | 0 | 0 | |
Related specific allowance | 0 | 0 | |
Average recorded investment | 0 | ||
Interest income recognized | 0 | ||
Residential mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | 916 | 699 | |
Total recorded investment in impaired loans | 803 | 596 | |
Recorded investment with no allowance | 803 | 596 | |
Recorded investment with allowance | 0 | 0 | |
Related specific allowance | 0 | 0 | |
Average recorded investment | 1,220 | ||
Interest income recognized | 2 | ||
Home equity loans and lines | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | 521 | 539 | |
Total recorded investment in impaired loans | 358 | 381 | |
Recorded investment with no allowance | 358 | 381 | |
Recorded investment with allowance | 0 | 0 | |
Related specific allowance | 0 | 0 | |
Average recorded investment | 402 | ||
Interest income recognized | 0 | ||
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid contractual principal balance | 0 | 18 | |
Total recorded investment in impaired loans | 0 | 18 | |
Recorded investment with no allowance | 0 | 0 | |
Recorded investment with allowance | 0 | 18 | |
Related specific allowance | $ 0 | $ 18 | |
Average recorded investment | 41 | ||
Interest income recognized | $ 0 |
Allowance For Credit Losses for Loans - Prior Period Allowance for Loan Losses (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
| |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | $ 33,614 |
Provision for credit losses | 6,147 |
Recoveries | 120 |
Less: Charge offs | 117 |
Ending balance | 39,764 |
Allocated to loans individually evaluated for impairment | 2,448 |
Allocated to loans collectively evaluated for impairment | 37,316 |
Commercial real estate | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | 18,338 |
Provision for credit losses | 2,523 |
Recoveries | 0 |
Less: Charge offs | 0 |
Ending balance | 20,861 |
Allocated to loans individually evaluated for impairment | 29 |
Allocated to loans collectively evaluated for impairment | 20,832 |
Commercial and industrial | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | 9,129 |
Provision for credit losses | 1,104 |
Recoveries | 107 |
Less: Charge offs | 105 |
Ending balance | 10,235 |
Allocated to loans individually evaluated for impairment | 908 |
Allocated to loans collectively evaluated for impairment | 9,327 |
Commercial construction | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | 4,149 |
Provision for credit losses | 2,012 |
Recoveries | 0 |
Less: Charge offs | 0 |
Ending balance | 6,161 |
Allocated to loans individually evaluated for impairment | 1,473 |
Allocated to loans collectively evaluated for impairment | 4,688 |
Residential mortgages | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | 1,195 |
Provision for credit losses | 403 |
Recoveries | 0 |
Less: Charge offs | 0 |
Ending balance | 1,598 |
Allocated to loans individually evaluated for impairment | 0 |
Allocated to loans collectively evaluated for impairment | 1,598 |
Home equity loans and lines | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | 536 |
Provision for credit losses | 97 |
Recoveries | 3 |
Less: Charge offs | 0 |
Ending balance | 636 |
Allocated to loans individually evaluated for impairment | 0 |
Allocated to loans collectively evaluated for impairment | 636 |
Consumer | |
Allowance for Loan and Lease Losses [Roll Forward] | |
Beginning balance | 267 |
Provision for credit losses | 8 |
Recoveries | 10 |
Less: Charge offs | 12 |
Ending balance | 273 |
Allocated to loans individually evaluated for impairment | 38 |
Allocated to loans collectively evaluated for impairment | $ 235 |
Allowance For Credit Losses for Loans - Prior Period Additional Information (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Adversely classified loans to total loans | 1.79% | |||
The ratio of non-accrual loans to total loans | 1.15% | 1.24% | ||
Total recorded investment in impaired loans | $ 44,254,000 | $ 48,318,000 | ||
Total non accruing impaired loans | 34,900,000 | 10,300,000 | ||
Impaired non-accrual loans | 38,000,000.0 | |||
Total troubled debt restructure (TDR) loans | 17,500,000 | 17,700,000 | ||
TDR loans on accrual status | 9,500,000 | 10,300,000 | ||
TDR loans included in non-performing loans | 8,000,000.0 | 7,500,000 | ||
Charge-offs associated with new TDRs | $ 0 | $ 0 | ||
Allowance for loan losses | $ 39,764,000 | $ 44,565,000 | $ 33,614,000 | |
Allowance for loan losses to total loans ratio | 1.48% | 1.45% | ||
Pass | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Non-accrual loans not adversely classified | $ 137,000 |
Leases - Narrative (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
branch
property
|
Mar. 31, 2020
USD ($)
|
|
Leases [Abstract] | ||
Number of operating leases | property | 15 | |
Number of relocated branches | branch | 2 | |
Operating lease expense | $ | $ 329 | $ 325 |
Weighted average remaining lease term on operating leases | 26 years 4 months 24 days | 27 years 1 month 6 days |
Weighted average discount rate for operating leases | 3.80% | 3.80% |
Leases - Leases Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 (nine remaining months) | $ 938 | |
2022 | 1,245 | |
2023 | 1,252 | |
2024 | 1,255 | |
2025 | 1,255 | |
Thereafter | 22,088 | |
Total lease payments | 28,033 | |
Less: Imputed interest | 10,636 | |
Total lease liability | $ 17,397 | $ 17,539 |
Deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Banking and Thrift, Interest [Abstract] | ||
Non-interest checking | $ 1,297,973 | $ 1,164,908 |
Interest-bearing checking | 630,961 | 599,630 |
Savings | 284,006 | 256,347 |
Money market | 1,292,756 | 1,210,414 |
CDs $250,000 or less | 171,383 | 176,895 |
CDs greater than $250,000 | 64,067 | 68,074 |
Total customer deposits | 3,741,146 | 3,476,268 |
Brokered deposits | 75,015 | 74,995 |
Total deposits | 3,816,161 | 3,551,263 |
Reciprocal deposits | $ 533,700 | $ 508,400 |
Borrowed Funds and Subordinated Debt (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 30, 2020 |
Jan. 31, 2015 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Jul. 31, 2020 |
|
Debt Instrument [Line Items] | ||||||
Borrowed funds | $ 8,631 | $ 4,774 | ||||
Subordinated debt | 58,889 | $ 73,744 | ||||
Loss on extinguishment of subordinated debt | $ 713 | $ 0 | ||||
Fixed-to Floating Rate Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Subordinated debt | $ 15,000 | $ 60,000 | ||||
Subordinated debt, term | 10 years | 15 years | ||||
Original debt issuance costs | $ 1,200 | $ 190 | ||||
Subordinated debt, rate | 5.25% | |||||
Loss on extinguishment of subordinated debt | 713 | |||||
Loss on extinguishment of debt related to unamortized issuance costs | 600 | |||||
Loss on extinguishment of subordinated debt related to prepayment penalties | $ 113 |
Borrowed Funds and Subordinated Debt - Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Balance | ||
Within 12 months | $ 5,576 | $ 4,316 |
Over 5 years | $ 3,055 | $ 458 |
Rate | ||
Within 12 months | 0.32% | 0.33% |
Over 5 years | 1.70% | 0.00% |
Derivative Instruments and Hedging Activities - Fair Value Classification (Details) - Interest-rate swaps - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
|||
---|---|---|---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Asset Notional Amount | $ 37,587 | $ 38,027 | |||
Asset Derivative | [1] | 507 | 2,286 | ||
Liability Notional Amount | 37,587 | 38,027 | |||
Derivative Liability | [1] | 507 | 2,286 | ||
Pay Fixed, Receive Floating | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Asset Notional Amount | 0 | 0 | |||
Asset Derivative | [1] | 0 | 0 | ||
Liability Notional Amount | 37,587 | 38,027 | |||
Derivative Liability | [1] | 507 | 2,286 | ||
Pay Floating, Receive Fixed | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Asset Notional Amount | 37,587 | 38,027 | |||
Asset Derivative | [1] | 507 | 2,286 | ||
Liability Notional Amount | 0 | 0 | |||
Derivative Liability | [1] | 0 | 0 | ||
Cash Flow Hedging | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Asset Notional Amount | 0 | 0 | |||
Asset Derivative | 0 | [1] | 0 | ||
Liability Notional Amount | 75,000 | 75,000 | |||
Derivative Liability | 2,002 | [1] | 2,814 | ||
Cash Flow Hedging | Pay Fixed, Receive Floating | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Asset Notional Amount | 0 | 0 | |||
Asset Derivative | 0 | [1] | 0 | ||
Liability Notional Amount | 75,000 | 75,000 | |||
Derivative Liability | $ 2,002 | [1] | $ 2,814 | ||
|
Derivatives and Hedging Activities (Details) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021
USD ($)
derivativeInstrument
loan
counterparty
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
derivativeInstrument
loan
|
|
Derivative [Line Items] | |||
Interest expense on cash flow hedges expected to be reclassified in 12 months | $ 954,000 | ||
Number of counterparties | counterparty | 1 | ||
Fair value of swaps in a net liability position | $ 2,500,000 | ||
Number of participation loans with swap contingent liabilities | loan | 1 | 1 | |
Interest-rate swaps | |||
Derivative [Line Items] | |||
Number of interest rate swaps | derivativeInstrument | 10 | 10 | |
Gain (loss) on interest rate swaps | $ 0 | $ 0 | |
Counterparty credit risk exposure on interest rate swaps | 0 | $ 0 | |
Collateral posted for interest-rate swaps | $ 2,900,000 | $ 5,300,000 | |
Interest-rate swaps | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Number of interest rate swaps | derivativeInstrument | 3 | ||
Derivative, individual notional amount | $ 25,000,000.0 |
Stockholder's Equity (Details) |
Mar. 31, 2021
vote
$ / shares
shares
|
Dec. 31, 2020
$ / shares
shares
|
---|---|---|
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 12,007,998 | 11,937,795 |
Common stock, outstanding (in shares) | 12,007,998 | 11,937,795 |
Common stock, votes per share, number | vote | 1 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Unvested participating restricted stock awards (in shares) | 137,914 | 116,174 |
Series A Junior Participating Preferred Stock | ||
Class of Stock [Line Items] | ||
Price per one one-hundredth of a share (in usd per share) | $ / shares | $ 122.50 | |
Minimum acquisition percentage to trigger the exercise of the right to purchase | 10.00% |
Comprehensive (Loss) Income - Reconciliation of Changes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Equity [Abstract] | ||
Change in fair value of debt securities, pre tax | $ (11,080) | $ 9,574 |
Change in fair value of debt securities, tax (expense) benefit | 2,458 | (2,136) |
Change in fair value of debt securities, after tax amount | (8,622) | 7,438 |
Less: net security gains reclassified into non-interest income, pre tax | 128 | 100 |
Less: net security gains reclassified into non-interest income, tax expense (benefit) | (29) | (22) |
Less: net security gains reclassified into non-interest income, after tax amount | 99 | 78 |
Net change in fair value of debt securities, pre tax | (11,208) | 9,474 |
Net change in fair value of debt securities, tax expense (benefit) | 2,487 | (2,114) |
Net change in fair value of debt securities, after tax amount | (8,721) | 7,360 |
Change in fair value of cash flow hedges, pre tax | 1,047 | (2,844) |
Change in fair value of cash flow hedges, tax expense (benefit) | (294) | 799 |
Change in fair value of cash flow hedges, after tax amount | 753 | (2,045) |
Less: net cash flow hedges gains (losses) reclassified into interest expense, pre tax | 236 | 25 |
Less: net cash flow hedges gains (losses) reclassified into interest expense, tax expense (benefit) | (66) | (7) |
Less: net cash flow hedges losses reclassified into interest expense, after tax amount | 170 | 18 |
Net change in fair value of cash flow hedges, pre tax | 811 | (2,869) |
Net change in fair value of cash flow hedges, tax expense (benefit) | (228) | 806 |
Net change in fair value of cash flow hedges, after tax amount | 583 | (2,063) |
Other comprehensive income (loss), net, pre tax | (10,397) | 6,605 |
Other comprehensive income (loss), net, tax expense (benefit) | 2,259 | (1,308) |
Total other comprehensive (loss) income, net of tax | $ (8,138) | $ 5,297 |
Comprehensive (Loss) Income - AOCI Rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income - beginning balance | $ 22,193 | |
Total other comprehensive income (loss), net | (8,138) | $ 5,297 |
Accumulated other comprehensive income - ending balance | 14,055 | |
Unrealized gains on debt securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income - beginning balance | 24,216 | 10,510 |
Total other comprehensive income (loss), net | (8,721) | 7,360 |
Accumulated other comprehensive income - ending balance | 15,495 | 17,870 |
Unrealized losses on cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income - beginning balance | (2,023) | 0 |
Total other comprehensive income (loss), net | 583 | (2,063) |
Accumulated other comprehensive income - ending balance | (1,440) | (2,063) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income - beginning balance | 22,193 | 10,510 |
Total other comprehensive income (loss), net | (8,138) | 5,297 |
Accumulated other comprehensive income - ending balance | $ 14,055 | $ 15,807 |
Supplemental Retirement Plans and Other Post-Retirement Benefit Obligations (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
officer
|
Mar. 31, 2020
USD ($)
|
|
Supplemental Employee Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of active executive officers under plan | officer | 2 | |
Number of former executive officers under plan | officer | 1 | |
Term of SERP benefits | 20 years | |
Benefits paid | $ 69 | $ 69 |
Net periodic benefit cost | 15 | 20 |
Remaining expected SERP accrual in current year | 45 | |
Supplemental Life Insurance Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost | $ 16 | $ 23 |
Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jan. 31, 2020
shares
|
Mar. 31, 2021
USD ($)
plan
shares
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
$ / shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of individual stock incentive plans | plan | 1 | |||
Stock-based compensation expense | $ 451 | $ 426 | ||
Income tax (expense) benefit for stock compensation in Income Statement | 16 | (32) | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 45 | 45 | ||
Restricted stock | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Restricted stock | Non-Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 2 years | |||
Restricted stock and common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 340 | 309 | ||
Common stock in lieu of cash | Non-Employee Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 66 | $ 72 | $ 286 | |
Number of shares issued in lieu of cash to directors (in shares) | shares | 11,532 | |||
Vesting, Year Two | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted, vesting percentage | 50.00% | 50.00% | ||
Vesting, Year Four | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted, vesting percentage | 50.00% | 50.00% | ||
2016 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares remain available for future grants (in shares) | shares | 103,398 | |||
Quarterly Average | Common stock in lieu of cash | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair market share price (in usd per share) | $ / shares | $ 24.77 |
Stock-Based Compensation - Summary Information for Options Granted (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted (in shares) | 17,385 | 24,208 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term in years | 10 years | 10 years |
Weighted average assumptions used in the fair value model: | ||
Expected volatility | 44.00% | 37.00% |
Weighted average market price on date of grants (in usd per share) | $ 32.73 | $ 28.22 |
Per share weighted average fair value (in usd per share) | $ 11.95 | $ 8.41 |
Weighted Average | Stock options | ||
Weighted average assumptions used in the fair value model: | ||
Expected dividend yield | 3.00% | 3.43% |
Expected life in years | 6 years 6 months | 6 years 6 months |
Risk-free interest rate | 1.28% | 1.02% |
Fair value as a percentage of market value at grant date | 37.00% | 30.00% |
Stock-Based Compensation - Restricted Stock Grants (Details) - Restricted stock - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards in the period (in shares) | 53,588 | 59,311 |
Weighted average grant date fair value, stock awards (in usd per share) | $ 32.73 | $ 28.22 |
Non-Employee Director | Two-year vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards in the period (in shares) | 8,109 | 8,295 |
Employee | Four-year vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards in the period (in shares) | 23,920 | 26,015 |
Employee | Performance-based vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards in the period (in shares) | 21,559 | 25,001 |
Earnings Per Share (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Basic weighted average common shares outstanding (in shares) | 11,959,469 | 11,841,392 |
Dilutive shares (in shares) | 34,968 | 35,639 |
Diluted weighted average common shares outstanding (in shares) | 11,994,437 | 11,877,031 |
Antidilutive shares excluded from EPS (in shares) | 92,712 | 75,545 |
Fair Value Measurements - Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Liabilities, Fair Value Disclosure [Abstract] | ||
Specific reserve for individually evaluated collateral dependent loans | $ 4,000 | $ 5,800 |
Financial Standby Letter of Credit | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Estimated fair value, amortization period | 1 year | |
Fair Value, Measurements, Recurring | Level 1 Inputs | Interest-rate swaps | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair value of liabilities | $ 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 Inputs | Debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 Inputs | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 1,197 | 746 |
Fair Value, Measurements, Recurring | Level 1 Inputs | FHLB stock | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 Inputs | Interest-rate swaps | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 Inputs | Interest-rate swaps | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair value of liabilities | 2,509 | 5,100 |
Fair Value, Measurements, Recurring | Level 2 Inputs | Debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 601,264 | 582,303 |
Fair Value, Measurements, Recurring | Level 2 Inputs | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 Inputs | FHLB stock | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 2,010 | 1,905 |
Fair Value, Measurements, Recurring | Level 2 Inputs | Interest-rate swaps | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 507 | 2,286 |
Fair Value, Measurements, Recurring | Level 3 Inputs | Interest-rate swaps | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair value of liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 Inputs | Debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 Inputs | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 Inputs | FHLB stock | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 Inputs | Interest-rate swaps | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 Inputs | ||
Assets, Fair Value Disclosure [Abstract] | ||
Individually evaluated loans (collateral dependent) | 0 | |
Collateral dependent loans carried at fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 Inputs | ||
Assets, Fair Value Disclosure [Abstract] | ||
Individually evaluated loans (collateral dependent) | 0 | |
Collateral dependent loans carried at fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Level 3 Inputs | ||
Assets, Fair Value Disclosure [Abstract] | ||
Individually evaluated loans (collateral dependent) | 16,039 | |
Collateral dependent loans carried at fair value | 18,733 | |
Fair Value | Fair Value, Measurements, Recurring | Interest-rate swaps | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Fair value of liabilities | 2,509 | 5,100 |
Fair Value | Fair Value, Measurements, Recurring | Debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 601,264 | 582,303 |
Fair Value | Fair Value, Measurements, Recurring | Equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 1,197 | 746 |
Fair Value | Fair Value, Measurements, Recurring | FHLB stock | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 2,010 | 1,905 |
Fair Value | Fair Value, Measurements, Recurring | Interest-rate swaps | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fair value of assets | 507 | 2,286 |
Fair Value | Fair Value, Measurements, Nonrecurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Individually evaluated loans (collateral dependent) | $ 16,039 | |
Collateral dependent loans carried at fair value | $ 18,733 |
Fair Value Measurements - Quantitative (Details) - Fair Value, Measurements, Nonrecurring - Level 3 Inputs - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Individually evaluated loans (collateral dependent) | $ 16,039 | |||
Individually evaluated loans (collateral dependent) | Appraisal of collateral | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Individually evaluated loans (collateral dependent) | [1] | $ 16,039 | $ 18,733 | |
Appraisal adjustments | Individually evaluated loans (collateral dependent) | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Individually evaluated loans (collateral dependent), unobservable input value or range | 15.00% | |||
Appraisal adjustments | Individually evaluated loans (collateral dependent) | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Individually evaluated loans (collateral dependent), unobservable input value or range | 50.00% | |||
|
Fair Value Measurements - Balance Sheet Grouping (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Carrying Amount | ||
Financial assets: | ||
Loans held for sale | $ 7,545 | $ 371 |
Loans, net | 3,059,461 | 3,029,295 |
Financial liabilities: | ||
Borrowed funds | 8,631 | 4,774 |
Subordinated debt | 58,889 | 73,744 |
Carrying Amount | CDs | ||
Financial liabilities: | ||
Deposits | 235,450 | 244,969 |
Carrying Amount | Brokered Deposit | ||
Financial liabilities: | ||
Deposits | 75,015 | 74,995 |
Fair Value | ||
Financial assets: | ||
Loans held for sale | 7,349 | 372 |
Loans, net | 3,106,376 | 3,064,791 |
Financial liabilities: | ||
Borrowed funds | 8,195 | 4,684 |
Subordinated debt | 57,896 | 76,769 |
Fair Value | CDs | ||
Financial liabilities: | ||
Deposits | 236,523 | 246,498 |
Fair Value | Brokered Deposit | ||
Financial liabilities: | ||
Deposits | 74,992 | 76,652 |
Level 1 Inputs | ||
Financial assets: | ||
Loans held for sale | 0 | 0 |
Loans, net | 0 | 0 |
Financial liabilities: | ||
Borrowed funds | 0 | 0 |
Subordinated debt | 0 | 0 |
Level 1 Inputs | CDs | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
Level 1 Inputs | Brokered Deposit | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
Level 2 Inputs | ||
Financial assets: | ||
Loans held for sale | 7,349 | 372 |
Loans, net | 0 | 0 |
Financial liabilities: | ||
Borrowed funds | 8,195 | 4,684 |
Subordinated debt | 57,896 | 76,769 |
Level 2 Inputs | CDs | ||
Financial liabilities: | ||
Deposits | 236,523 | 246,498 |
Level 2 Inputs | Brokered Deposit | ||
Financial liabilities: | ||
Deposits | 74,992 | 76,652 |
Level 3 Inputs | ||
Financial assets: | ||
Loans held for sale | 0 | 0 |
Loans, net | 3,106,376 | 3,064,791 |
Financial liabilities: | ||
Borrowed funds | 0 | 0 |
Subordinated debt | 0 | 0 |
Level 3 Inputs | CDs | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
Level 3 Inputs | Brokered Deposit | ||
Financial liabilities: | ||
Deposits | $ 0 | $ 0 |
Supplemental Cash Flow (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Supplemental financial data: | ||
Cash paid for: interest | $ 3,364 | $ 5,000 |
Cash paid for: income taxes | 4,624 | 3,292 |
Cash paid for: lease liability | $ 304 | $ 322 |
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