We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Camden National Corporation | NASDAQ:CAC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.03 | 12.88 | 50.92 | 0 | 09:09:35 |
Maine
|
01-0413282
|
||
(State or other jurisdiction of
|
(I.R.S. Employer
|
||
incorporation or organization)
|
Identification No.)
|
||
|
|
|
|
2 ELM STREET
|
CAMDEN
|
ME
|
04843
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, without par value
|
CAC
|
The NASDAQ Stock Market LLC
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
|
|
PAGE
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
|
|
|
|
Consolidated Statements of Condition (unaudited) - June 30, 2020 and December 31, 2019
|
|
|
|
|
|
Consolidated Statements of Income (unaudited) - Three and Six Months Ended June 30, 2020 and 2019
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income (unaudited) - Three and Six Months Ended June 30, 2020 and 2019
|
|
|
|
|
|
Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - Three and Six Months Ended June 30, 2020 and 2019
|
|
|
|
|
|
Consolidated Statements of Cash Flows (unaudited) - Six Months Ended June 30, 2020 and 2019
|
|
|
|
|
|
Notes to the Unaudited Consolidated Financial Statements
|
|
|
|
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
|
|
|
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
|
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
|
|
|
|
ITEM 1A.
|
RISK FACTORS
|
|
|
|
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
|
|
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
|
|
|
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
|
|
|
|
ITEM 5.
|
OTHER INFORMATION
|
|
|
|
|
ITEM 6.
|
EXHIBITS
|
|
|
|
|
SIGNATURES
|
CONSOLIDATED STATEMENTS OF CONDITION
(unaudited)
|
||||||||
(In thousands, except number of shares)
|
|
June 30,
2020
|
|
December 31,
2019
|
||||
ASSETS
|
|
|
|
|
|
|
||
Cash and due from banks
|
|
$
|
56,292
|
|
|
$
|
39,586
|
|
Interest-bearing deposits in other banks (including restricted cash)
|
|
99,536
|
|
|
36,050
|
|
||
Total cash, cash equivalents and restricted cash
|
|
155,828
|
|
|
75,636
|
|
||
Investments:
|
|
|
|
|
|
|
||
Available-for-sale securities, at fair value (book value of $1,010,325 and $913,978, respectively)
|
|
1,047,663
|
|
|
918,118
|
|
||
Held-to-maturity securities, at amortized cost (fair value of $1,388 and $1,359, respectively)
|
|
1,299
|
|
|
1,302
|
|
||
Other investments
|
|
15,127
|
|
|
13,649
|
|
||
Total investments
|
|
1,064,089
|
|
|
933,069
|
|
||
Loans held for sale, at fair value (book value of $35,909 and $11,915, respectively)
|
|
36,590
|
|
|
11,854
|
|
||
Loans
|
|
3,326,041
|
|
|
3,095,023
|
|
||
Less: allowance for loan losses
|
|
(35,539
|
)
|
|
(25,171
|
)
|
||
Net loans
|
|
3,290,502
|
|
|
3,069,852
|
|
||
Goodwill
|
|
94,697
|
|
|
94,697
|
|
||
Core deposit intangible assets
|
|
3,184
|
|
|
3,525
|
|
||
Bank-owned life insurance
|
|
93,647
|
|
|
92,344
|
|
||
Premises and equipment, net
|
|
41,109
|
|
|
41,836
|
|
||
Deferred tax assets
|
|
10,705
|
|
|
16,823
|
|
||
Other assets
|
|
168,665
|
|
|
89,885
|
|
||
Total assets
|
|
$
|
4,959,016
|
|
|
$
|
4,429,521
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
|
||
Non-interest checking
|
|
$
|
712,146
|
|
|
$
|
552,590
|
|
Interest checking
|
|
1,349,456
|
|
|
1,153,203
|
|
||
Savings and money market
|
|
1,278,603
|
|
|
1,119,193
|
|
||
Certificates of deposit
|
|
431,376
|
|
|
521,752
|
|
||
Brokered deposits
|
|
224,777
|
|
|
191,005
|
|
||
Total deposits
|
|
3,996,358
|
|
|
3,537,743
|
|
||
Short-term borrowings
|
|
245,998
|
|
|
268,809
|
|
||
Long-term borrowings
|
|
25,000
|
|
|
10,000
|
|
||
Subordinated debentures
|
|
59,231
|
|
|
59,080
|
|
||
Accrued interest and other liabilities
|
|
125,962
|
|
|
80,474
|
|
||
Total liabilities
|
|
4,452,549
|
|
|
3,956,106
|
|
||
Commitments and Contingencies
|
|
|
|
|
|
|
||
Shareholders’ Equity
|
|
|
|
|
|
|
||
Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 14,963,041 and 15,144,719 on June 30, 2020 and December 31, 2019, respectively
|
|
131,981
|
|
|
139,103
|
|
||
Retained earnings
|
|
355,130
|
|
|
340,580
|
|
||
Accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
||
Net unrealized gain on available-for-sale debt securities, net of tax
|
|
29,310
|
|
|
3,250
|
|
||
Net unrealized loss on cash flow hedging derivative instruments, net of tax
|
|
(6,750
|
)
|
|
(6,048
|
)
|
||
Net unrecognized loss on postretirement plans, net of tax
|
|
(3,204
|
)
|
|
(3,470
|
)
|
||
Total accumulated other comprehensive income (loss)
|
|
19,356
|
|
|
(6,268
|
)
|
||
Total shareholders’ equity
|
|
506,467
|
|
|
473,415
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
4,959,016
|
|
|
$
|
4,429,521
|
|
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
|
||||||||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands, except number of shares and per share data)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Interest Income
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest and fees on loans
|
|
$
|
33,120
|
|
|
$
|
36,092
|
|
|
$
|
67,165
|
|
|
$
|
71,813
|
|
Taxable interest on investments
|
|
4,883
|
|
|
4,941
|
|
|
9,761
|
|
|
9,935
|
|
||||
Nontaxable interest on investments
|
|
828
|
|
|
624
|
|
|
1,615
|
|
|
1,268
|
|
||||
Dividend income
|
|
167
|
|
|
174
|
|
|
335
|
|
|
404
|
|
||||
Other interest income
|
|
180
|
|
|
606
|
|
|
515
|
|
|
1,026
|
|
||||
Total interest income
|
|
39,178
|
|
|
42,437
|
|
|
79,391
|
|
|
84,446
|
|
||||
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest on deposits
|
|
3,392
|
|
|
9,156
|
|
|
10,054
|
|
|
17,579
|
|
||||
Interest on borrowings
|
|
359
|
|
|
885
|
|
|
1,197
|
|
|
1,859
|
|
||||
Interest on subordinated debentures
|
|
888
|
|
|
823
|
|
|
1,775
|
|
|
1,540
|
|
||||
Total interest expense
|
|
4,639
|
|
|
10,864
|
|
|
13,026
|
|
|
20,978
|
|
||||
Net interest income
|
|
34,539
|
|
|
31,573
|
|
|
66,365
|
|
|
63,468
|
|
||||
Provision for credit losses
|
|
9,398
|
|
|
1,173
|
|
|
11,173
|
|
|
1,917
|
|
||||
Net interest income after provision for credit losses
|
|
25,141
|
|
|
30,400
|
|
|
55,192
|
|
|
61,551
|
|
||||
Non-Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mortgage banking income, net
|
|
4,691
|
|
|
1,742
|
|
|
8,225
|
|
|
2,994
|
|
||||
Debit card income
|
|
2,391
|
|
|
2,281
|
|
|
4,532
|
|
|
4,291
|
|
||||
Service charges on deposit accounts
|
|
1,337
|
|
|
2,209
|
|
|
3,349
|
|
|
4,232
|
|
||||
Income from fiduciary services
|
|
1,603
|
|
|
1,545
|
|
|
3,105
|
|
|
2,937
|
|
||||
Bank-owned life insurance
|
|
614
|
|
|
603
|
|
|
1,303
|
|
|
1,197
|
|
||||
Brokerage and insurance commissions
|
|
622
|
|
|
732
|
|
|
1,279
|
|
|
1,317
|
|
||||
Customer loan swap fees
|
|
57
|
|
|
285
|
|
|
171
|
|
|
810
|
|
||||
Net gain on sale of securities
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||
Other income
|
|
745
|
|
|
613
|
|
|
1,499
|
|
|
1,621
|
|
||||
Total non-interest income
|
|
12,060
|
|
|
10,037
|
|
|
23,463
|
|
|
19,426
|
|
||||
Non-Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits
|
|
13,627
|
|
|
13,461
|
|
|
27,954
|
|
|
26,439
|
|
||||
Furniture, equipment and data processing
|
|
2,710
|
|
|
2,723
|
|
|
5,500
|
|
|
5,403
|
|
||||
Net occupancy costs
|
|
1,997
|
|
|
1,639
|
|
|
4,000
|
|
|
3,553
|
|
||||
Consulting and professional fees
|
|
1,181
|
|
|
974
|
|
|
1,964
|
|
|
1,787
|
|
||||
Debit card expense
|
|
878
|
|
|
883
|
|
|
1,812
|
|
|
1,706
|
|
||||
Regulatory assessments
|
|
299
|
|
|
437
|
|
|
461
|
|
|
909
|
|
||||
Amortization of core deposit intangible assets
|
|
171
|
|
|
176
|
|
|
341
|
|
|
352
|
|
||||
Other real estate owned and collection costs, net
|
|
98
|
|
|
409
|
|
|
199
|
|
|
102
|
|
||||
Other expenses
|
|
2,548
|
|
|
3,256
|
|
|
5,839
|
|
|
6,490
|
|
||||
Total non-interest expense
|
|
23,509
|
|
|
23,958
|
|
|
48,070
|
|
|
46,741
|
|
||||
Income before income tax expense
|
|
13,692
|
|
|
16,479
|
|
|
30,585
|
|
|
34,236
|
|
||||
Income Tax Expense
|
|
2,752
|
|
|
3,275
|
|
|
6,152
|
|
|
6,759
|
|
||||
Net Income
|
|
$
|
10,940
|
|
|
$
|
13,204
|
|
|
$
|
24,433
|
|
|
$
|
27,477
|
|
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share
|
|
$
|
0.73
|
|
|
$
|
0.85
|
|
|
$
|
1.62
|
|
|
$
|
1.76
|
|
Diluted earnings per share
|
|
$
|
0.73
|
|
|
$
|
0.85
|
|
|
$
|
1.62
|
|
|
$
|
1.76
|
|
Weighted average number of common shares outstanding
|
|
14,959,851
|
|
|
15,519,827
|
|
|
15,031,525
|
|
|
15,555,770
|
|
||||
Diluted weighted average number of common shares outstanding
|
|
14,997,611
|
|
|
15,559,760
|
|
|
15,069,132
|
|
|
15,595,654
|
|
||||
Cash dividends declared per share
|
|
$
|
0.33
|
|
|
$
|
0.30
|
|
|
$
|
0.66
|
|
|
$
|
0.60
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
|
||||||||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net Income
|
|
$
|
10,940
|
|
|
$
|
13,204
|
|
|
$
|
24,433
|
|
|
$
|
27,477
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|||||||
Net change in unrealized gain on available-for-sale securities, net of tax
|
|
7,130
|
|
|
10,839
|
|
|
26,060
|
|
|
21,738
|
|
||||
Net change in unrealized loss on cash flow hedging derivatives, net of tax
|
|
52
|
|
|
(1,046
|
)
|
|
(702
|
)
|
|
(1,877
|
)
|
||||
Net gain on postretirement plans, net of tax
|
|
133
|
|
|
48
|
|
|
266
|
|
|
96
|
|
||||
Other comprehensive income
|
|
7,315
|
|
|
9,841
|
|
|
25,624
|
|
|
19,957
|
|
||||
Comprehensive Income
|
|
$
|
18,255
|
|
|
$
|
23,045
|
|
|
$
|
50,057
|
|
|
$
|
47,434
|
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
|
|||||||||||||||||||
|
|
Three Months Ended
|
|||||||||||||||||
|
|
Common Stock
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive
Income (Loss)
|
|
Total Shareholders’
Equity
|
|||||||||||
(In thousands, except number of shares and per share data)
|
|
Shares
Outstanding
|
|
Amount
|
|
|
|
||||||||||||
Balance at March 31, 2019
|
|
15,560,565
|
|
|
$
|
156,152
|
|
|
$
|
311,870
|
|
|
$
|
(14,304
|
)
|
|
$
|
453,718
|
|
Net income
|
|
—
|
|
|
—
|
|
|
13,204
|
|
|
—
|
|
|
13,204
|
|
||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,841
|
|
|
9,841
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
477
|
|
|
—
|
|
|
—
|
|
|
477
|
|
||||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings
|
|
8,136
|
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
||||
Common stock repurchased
|
|
(111,221
|
)
|
|
(4,802
|
)
|
|
—
|
|
|
—
|
|
|
(4,802
|
)
|
||||
Cash dividends declared ($0.30 per share)
|
|
—
|
|
|
—
|
|
|
(4,653
|
)
|
|
—
|
|
|
(4,653
|
)
|
||||
Balance at June 30, 2019
|
|
15,457,480
|
|
|
$
|
151,801
|
|
|
$
|
320,421
|
|
|
$
|
(4,463
|
)
|
|
$
|
467,759
|
|
Balance at March 31, 2020
|
|
14,951,597
|
|
|
$
|
131,498
|
|
|
$
|
349,141
|
|
|
$
|
12,041
|
|
|
$
|
492,680
|
|
Net income
|
|
—
|
|
|
—
|
|
|
10,940
|
|
|
—
|
|
|
10,940
|
|
||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,315
|
|
|
7,315
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
530
|
|
|
—
|
|
|
—
|
|
|
530
|
|
||||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings
|
|
11,444
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
||||
Cash dividends declared ($0.33 per share)
|
|
—
|
|
|
—
|
|
|
(4,951
|
)
|
|
—
|
|
|
(4,951
|
)
|
||||
Balance at June 30, 2020
|
|
14,963,041
|
|
|
$
|
131,981
|
|
|
$
|
355,130
|
|
|
$
|
19,356
|
|
|
$
|
506,467
|
|
|
|
Six Months Ended
|
|||||||||||||||||
|
|
Common Stock
|
|
Retained
Earnings
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total Shareholders’
Equity
|
|||||||||||
(In thousands, except number of shares and per share data)
|
|
Shares
Outstanding
|
|
Amount
|
|
|
|
||||||||||||
Balance at December 31, 2018
|
|
15,591,914
|
|
|
$
|
158,215
|
|
|
$
|
302,030
|
|
|
$
|
(24,420
|
)
|
|
$
|
435,825
|
|
Cumulative-effect adjustment upon adoption of ASU 2016-02(1)
|
|
—
|
|
|
—
|
|
|
254
|
|
|
—
|
|
|
254
|
|
||||
Net income
|
|
—
|
|
|
—
|
|
|
27,477
|
|
|
—
|
|
|
27,477
|
|
||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,957
|
|
|
19,957
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
935
|
|
|
—
|
|
|
—
|
|
|
935
|
|
||||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings
|
|
32,344
|
|
|
(241
|
)
|
|
—
|
|
|
—
|
|
|
(241
|
)
|
||||
Common stock repurchased
|
|
(166,778
|
)
|
|
(7,108
|
)
|
|
—
|
|
|
—
|
|
|
(7,108
|
)
|
||||
Cash dividends declared ($0.60 per share)
|
|
—
|
|
|
—
|
|
|
(9,340
|
)
|
|
—
|
|
|
(9,340
|
)
|
||||
Balance at June 30, 2019
|
|
15,457,480
|
|
|
$
|
151,801
|
|
|
$
|
320,421
|
|
|
$
|
(4,463
|
)
|
|
$
|
467,759
|
|
Balance at December 31, 2019
|
|
15,144,719
|
|
|
$
|
139,103
|
|
|
$
|
340,580
|
|
|
$
|
(6,268
|
)
|
|
$
|
473,415
|
|
Net income
|
|
—
|
|
|
—
|
|
|
24,433
|
|
|
—
|
|
|
24,433
|
|
||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,624
|
|
|
25,624
|
|
||||
Stock-based compensation expense
|
|
—
|
|
|
951
|
|
|
—
|
|
|
—
|
|
|
951
|
|
||||
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings
|
|
35,353
|
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
||||
Common stock repurchased
|
|
(217,031
|
)
|
|
(7,973
|
)
|
|
—
|
|
|
—
|
|
|
(7,973
|
)
|
||||
Cash dividends declared ($0.66 per share)
|
|
—
|
|
|
—
|
|
|
(9,883
|
)
|
|
—
|
|
|
(9,883
|
)
|
||||
Balance at June 30, 2020
|
|
14,963,041
|
|
|
$
|
131,981
|
|
|
$
|
355,130
|
|
|
$
|
19,356
|
|
|
$
|
506,467
|
|
(1)
|
Effective January 1, 2019, the Company adopted ASU 2016-02, Leases, on a modified-retrospective basis.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
|
||||||||
|
|
Six Months Ended
June 30, |
||||||
(In thousands)
|
|
2020
|
|
2019
|
||||
Operating Activities
|
|
|
|
|
|
|
||
Net Income
|
|
$
|
24,433
|
|
|
$
|
27,477
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
|
|
||
Originations of mortgage loans held for sale
|
|
(194,149
|
)
|
|
(86,351
|
)
|
||
Proceeds from the sale of mortgage loans
|
|
176,250
|
|
|
79,575
|
|
||
Gain on sale of mortgage loans, net of origination costs
|
|
(6,095
|
)
|
|
(1,998
|
)
|
||
Provision for credit losses
|
|
11,173
|
|
|
1,917
|
|
||
Depreciation and amortization expense
|
|
1,892
|
|
|
1,901
|
|
||
Investment securities amortization and accretion, net
|
|
1,755
|
|
|
1,371
|
|
||
Stock-based compensation expense
|
|
951
|
|
|
935
|
|
||
Amortization of intangible assets
|
|
341
|
|
|
352
|
|
||
Purchase accounting accretion, net
|
|
(617
|
)
|
|
(817
|
)
|
||
Net increase in derivative collateral
|
|
(30,820
|
)
|
|
(26,050
|
)
|
||
Increase in other assets
|
|
(7,789
|
)
|
|
(4,245
|
)
|
||
Increase (decrease) in other liabilities
|
|
3,188
|
|
|
(374
|
)
|
||
Net cash used in operating activities
|
|
(19,487
|
)
|
|
(6,307
|
)
|
||
Investing Activities
|
|
|
|
|
|
|
||
Proceeds from sales and maturities of available-for-sale securities
|
|
108,396
|
|
|
115,715
|
|
||
Purchase of available-for-sale securities
|
|
(206,496
|
)
|
|
(98,755
|
)
|
||
Net increase in loans
|
|
(231,369
|
)
|
|
(74,556
|
)
|
||
Purchase of Federal Home Loan Bank stock
|
|
(9,232
|
)
|
|
(3,656
|
)
|
||
Proceeds from sale of Federal Home Loan Bank stock
|
|
7,754
|
|
|
6,706
|
|
||
Purchase of premises and equipment
|
|
(2,261
|
)
|
|
(1,896
|
)
|
||
Recoveries of previously charged-off loans
|
|
170
|
|
|
133
|
|
||
Proceeds from the sale of other real estate owned
|
|
—
|
|
|
554
|
|
||
Net cash used in investing activities
|
|
(333,038
|
)
|
|
(55,755
|
)
|
||
Financing Activities
|
|
|
|
|
|
|||
Net increase in deposits
|
|
458,624
|
|
|
127,169
|
|
||
Net repayments of borrowings less than 90 days
|
|
(22,811
|
)
|
|
(29,221
|
)
|
||
Proceeds from Federal Home Loan Bank long-term advances
|
|
25,000
|
|
|
—
|
|
||
Repayments of Federal Home Loan Bank long-term advances
|
|
(10,000
|
)
|
|
—
|
|
||
Common stock repurchases
|
|
(7,973
|
)
|
|
(6,997
|
)
|
||
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings
|
|
(100
|
)
|
|
(241
|
)
|
||
Cash dividends paid on common stock
|
|
(9,954
|
)
|
|
(9,358
|
)
|
||
Finance lease payments
|
|
(69
|
)
|
|
(53
|
)
|
||
Net cash provided by financing activities
|
|
432,717
|
|
|
81,299
|
|
||
Net increase in cash, cash equivalents and restricted cash
|
|
80,192
|
|
|
19,237
|
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
|
75,636
|
|
|
66,999
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
155,828
|
|
|
$
|
86,236
|
|
Supplemental information
|
|
|
|
|
|
|
||
Interest paid
|
|
$
|
13,528
|
|
|
$
|
20,214
|
|
Income taxes paid
|
|
279
|
|
|
5,351
|
|
||
Transfer from loans and premises to other real estate owned
|
|
24
|
|
|
543
|
|
||
Unsettled common stock repurchase
|
|
—
|
|
|
111
|
|
AFS:
|
Available-for-sale
|
|
HPFC:
|
Healthcare Professional Funding Corporation, a wholly-owned subsidiary of Camden National Bank
|
ALCO:
|
Asset/Liability Committee
|
|
HTM:
|
Held-to-maturity
|
ALL:
|
Allowance for loan losses
|
|
IRS:
|
Internal Revenue Service
|
AOCI:
|
Accumulated other comprehensive income (loss)
|
|
LIBOR:
|
London Interbank Offered Rate
|
ASC:
|
Accounting Standards Codification
|
|
LTIP:
|
Long-Term Performance Share Plan
|
ASU:
|
Accounting Standards Update
|
|
Management ALCO:
|
Management Asset/Liability Committee
|
Bank:
|
Camden National Bank, a wholly-owned subsidiary of Camden National Corporation
|
|
MBS:
|
Mortgage-backed security
|
BOLI:
|
Bank-owned life insurance
|
|
MSPP:
|
Management Stock Purchase Plan
|
Board ALCO:
|
Board of Directors' Asset/Liability Committee
|
|
N/A:
|
Not applicable
|
CCTA:
|
Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation
|
|
N.M.:
|
Not meaningful
|
CDs:
|
Certificate of deposits
|
|
OCC:
|
Office of the Comptroller of the Currency
|
Company:
|
Camden National Corporation
|
|
OCI:
|
Other comprehensive income (loss)
|
CMO:
|
Collateralized mortgage obligation
|
|
OREO:
|
Other real estate owned
|
DCRP:
|
Defined Contribution Retirement Plan
|
|
OTTI:
|
Other-than-temporary impairment
|
EPS:
|
Earnings per share
|
|
SBA:
|
Small Business Administration
|
FASB:
|
Financial Accounting Standards Board
|
|
SERP:
|
Supplemental executive retirement plans
|
FDIC:
|
Federal Deposit Insurance Corporation
|
|
Tax Act:
|
Tax Cuts and Jobs Act of 2017, enacted on December 22, 2017
|
FHLB:
|
Federal Home Loan Bank
|
|
TDR:
|
Troubled-debt restructured loan
|
FHLBB:
|
Federal Home Loan Bank of Boston
|
|
UBCT:
|
Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation
|
FRB:
|
Federal Reserve System Board of Governors
|
|
U.S.:
|
United States of America
|
FRBB:
|
Federal Reserve Bank of Boston
|
|
2003 Plan:
|
2003 Stock Option and Incentive Plan
|
GAAP:
|
Generally accepted accounting principles in the United States
|
|
2012 Plan:
|
2012 Equity and Incentive Plan
|
(In thousands)
|
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AFS Investments (carried at fair value):
|
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
|
$
|
121,347
|
|
|
$
|
5,973
|
|
|
$
|
(193
|
)
|
|
$
|
127,127
|
|
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
|
|
516,580
|
|
|
19,687
|
|
|
(42
|
)
|
|
536,225
|
|
||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
|
|
361,860
|
|
|
11,781
|
|
|
(109
|
)
|
|
373,532
|
|
||||
Subordinated corporate bonds
|
|
10,538
|
|
|
285
|
|
|
(44
|
)
|
|
10,779
|
|
||||
Total AFS investments
|
|
$
|
1,010,325
|
|
|
$
|
37,726
|
|
|
$
|
(388
|
)
|
|
$
|
1,047,663
|
|
HTM Investments (carried at amortized cost):
|
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
|
$
|
1,299
|
|
|
$
|
89
|
|
|
$
|
—
|
|
|
$
|
1,388
|
|
Total HTM investments
|
|
$
|
1,299
|
|
|
$
|
89
|
|
|
$
|
—
|
|
|
$
|
1,388
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AFS Investments (carried at fair value):
|
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
|
$
|
115,632
|
|
|
$
|
2,779
|
|
|
$
|
(328
|
)
|
|
$
|
118,083
|
|
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
|
|
462,593
|
|
|
3,398
|
|
|
(2,605
|
)
|
|
463,386
|
|
||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
|
|
325,200
|
|
|
3,183
|
|
|
(2,478
|
)
|
|
325,905
|
|
||||
Subordinated corporate bonds
|
|
10,553
|
|
|
191
|
|
|
—
|
|
|
10,744
|
|
||||
Total AFS investments
|
|
$
|
913,978
|
|
|
$
|
9,551
|
|
|
$
|
(5,411
|
)
|
|
$
|
918,118
|
|
HTM Investments (carried at amortized cost):
|
|
|
|
|
|
|
|
|
||||||||
Obligations of states and political subdivisions
|
|
$
|
1,302
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
1,359
|
|
Total HTM investments
|
|
$
|
1,302
|
|
|
$
|
57
|
|
|
$
|
—
|
|
|
$
|
1,359
|
|
|
|
|
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||||||
(In thousands, except number of holdings)
|
|
Number of
Holdings
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|||||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AFS Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Obligations of states and political subdivisions
|
|
4
|
|
|
$
|
8,249
|
|
|
$
|
(193
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,249
|
|
|
$
|
(193
|
)
|
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
|
|
8
|
|
|
16,635
|
|
|
(27
|
)
|
|
1,602
|
|
|
(15
|
)
|
|
18,237
|
|
|
(42
|
)
|
||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
|
|
5
|
|
|
22,156
|
|
|
(109
|
)
|
|
—
|
|
|
—
|
|
|
22,156
|
|
|
(109
|
)
|
||||||
Subordinated corporate bonds
|
|
2
|
|
|
1,956
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
1,956
|
|
|
(44
|
)
|
||||||
Total AFS investments
|
|
19
|
|
|
$
|
48,996
|
|
|
$
|
(373
|
)
|
|
$
|
1,602
|
|
|
$
|
(15
|
)
|
|
$
|
50,598
|
|
|
$
|
(388
|
)
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AFS Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Obligations of states and political subdivisions
|
|
11
|
|
|
$
|
30,459
|
|
|
$
|
(328
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,459
|
|
|
$
|
(328
|
)
|
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
|
|
59
|
|
|
162,964
|
|
|
(1,850
|
)
|
|
63,633
|
|
|
(755
|
)
|
|
226,597
|
|
|
(2,605
|
)
|
||||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
|
|
35
|
|
|
66,549
|
|
|
(733
|
)
|
|
68,614
|
|
|
(1,745
|
)
|
|
135,163
|
|
|
(2,478
|
)
|
||||||
Total AFS investments
|
|
105
|
|
|
$
|
259,972
|
|
|
$
|
(2,911
|
)
|
|
$
|
132,247
|
|
|
$
|
(2,500
|
)
|
|
$
|
392,219
|
|
|
$
|
(5,411
|
)
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Proceeds from sales of investments(1)
|
|
$
|
—
|
|
|
$
|
45,826
|
|
|
$
|
—
|
|
|
$
|
45,826
|
|
Gross realized gains
|
|
—
|
|
|
371
|
|
|
—
|
|
|
371
|
|
||||
Gross realized losses
|
|
—
|
|
|
(344
|
)
|
|
—
|
|
|
(344
|
)
|
(In thousands)
|
|
Amortized
Cost
|
|
Fair
Value
|
||||
AFS Investments
|
|
|
|
|
||||
Due in one year or less
|
|
$
|
4,439
|
|
|
$
|
4,487
|
|
Due after one year through five years
|
|
64,370
|
|
|
66,655
|
|
||
Due after five years through ten years
|
|
225,186
|
|
|
238,559
|
|
||
Due after ten years
|
|
716,330
|
|
|
737,962
|
|
||
Total
|
|
$
|
1,010,325
|
|
|
$
|
1,047,663
|
|
HTM Investments
|
|
|
|
|
||||
Due in one year or less
|
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
|
511
|
|
|
542
|
|
||
Due after five years through ten years
|
|
788
|
|
|
846
|
|
||
Due after ten years
|
|
—
|
|
|
—
|
|
||
Total
|
|
$
|
1,299
|
|
|
$
|
1,388
|
|
(In thousands)
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair Value /
Carrying Value
|
||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities - bank stock (carried at fair value)
|
|
$
|
544
|
|
|
$
|
1,130
|
|
|
$
|
—
|
|
|
$
|
1,674
|
|
FHLBB (carried at cost)
|
|
8,079
|
|
|
—
|
|
|
—
|
|
|
8,079
|
|
||||
FRB (carried at cost)
|
|
5,374
|
|
|
—
|
|
|
—
|
|
|
5,374
|
|
||||
Total other investments
|
|
$
|
13,997
|
|
|
$
|
1,130
|
|
|
$
|
—
|
|
|
$
|
15,127
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities - bank stock (carried at fair value)
|
|
$
|
544
|
|
|
$
|
1,130
|
|
|
$
|
—
|
|
|
$
|
1,674
|
|
FHLBB (carried at cost)
|
|
6,601
|
|
|
—
|
|
|
—
|
|
|
6,601
|
|
||||
FRB (carried at cost)
|
|
5,374
|
|
|
—
|
|
|
—
|
|
|
5,374
|
|
||||
Total other investments
|
|
$
|
12,519
|
|
|
$
|
1,130
|
|
|
$
|
—
|
|
|
$
|
13,649
|
|
(In thousands)
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
Commercial real estate
|
|
$
|
1,310,985
|
|
|
$
|
1,243,397
|
|
Commercial
|
|
411,225
|
|
|
421,108
|
|
||
SBA PPP
|
|
218,803
|
|
|
—
|
|
||
HPFC
|
|
16,961
|
|
|
21,593
|
|
||
Residential real estate
|
|
1,054,333
|
|
|
1,070,374
|
|
||
Home equity
|
|
290,815
|
|
|
312,779
|
|
||
Consumer
|
|
22,919
|
|
|
25,772
|
|
||
Total loans
|
|
$
|
3,326,041
|
|
|
$
|
3,095,023
|
|
(In thousands)
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
Net unamortized fair value mark discount on acquired loans
|
|
$
|
(1,970
|
)
|
|
$
|
(2,593
|
)
|
Net unamortized loan (fees) origination costs(1)
|
|
(4,045
|
)
|
|
3,111
|
|
||
Total
|
|
$
|
(6,015
|
)
|
|
$
|
518
|
|
(1)
|
The change in net unamortized loan (fees) origination costs from December 31, 2019 to June 30, 2020, was primarily driven by origination fees capitalized upon origination of SBA PPP loans during the second quarter of 2020. As of June 30, 2020, unamortized loan fees on originated SBA PPP loans were $7.0 million.
|
(In thousands)
|
|
Commercial
Real Estate
|
|
Commercial
|
|
SBA PPP
|
|
HPFC
|
|
Residential
Real Estate
|
|
Home
Equity
|
|
Consumer
|
|
Total
|
||||||||||||||||
At or For The Three Months Ended June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
ALL for the three months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
|
$
|
13,374
|
|
|
$
|
4,114
|
|
|
$
|
—
|
|
|
$
|
183
|
|
|
$
|
5,897
|
|
|
$
|
2,480
|
|
|
$
|
473
|
|
|
$
|
26,521
|
|
Loans charged off
|
|
(21
|
)
|
|
(420
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(26
|
)
|
|
(484
|
)
|
||||||||
Recoveries
|
|
3
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
15
|
|
|
102
|
|
||||||||
Provision (credit)(1)
|
|
5,030
|
|
|
922
|
|
|
113
|
|
|
(13
|
)
|
|
2,685
|
|
|
621
|
|
|
42
|
|
|
9,400
|
|
||||||||
Ending balance
|
|
$
|
18,386
|
|
|
$
|
4,679
|
|
|
$
|
113
|
|
|
$
|
170
|
|
|
$
|
8,603
|
|
|
$
|
3,084
|
|
|
$
|
504
|
|
|
$
|
35,539
|
|
ALL for the six months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Beginning balance
|
|
$
|
12,414
|
|
|
$
|
3,769
|
|
|
$
|
—
|
|
|
$
|
216
|
|
|
$
|
5,842
|
|
|
$
|
2,423
|
|
|
$
|
507
|
|
|
$
|
25,171
|
|
Loans charged off
|
|
(71
|
)
|
|
(673
|
)
|
|
—
|
|
|
—
|
|
|
(96
|
)
|
|
(51
|
)
|
|
(83
|
)
|
|
(974
|
)
|
||||||||
Recoveries
|
|
7
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
4
|
|
|
20
|
|
|
170
|
|
||||||||
Provision (credit)(1)
|
|
6,036
|
|
|
1,467
|
|
|
113
|
|
|
(46
|
)
|
|
2,834
|
|
|
708
|
|
|
60
|
|
|
11,172
|
|
||||||||
Ending balance
|
|
$
|
18,386
|
|
|
$
|
4,679
|
|
|
$
|
113
|
|
|
$
|
170
|
|
|
$
|
8,603
|
|
|
$
|
3,084
|
|
|
$
|
504
|
|
|
$
|
35,539
|
|
ALL balance attributable to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
338
|
|
|
$
|
89
|
|
|
$
|
—
|
|
|
$
|
462
|
|
Collectively evaluated for impairment
|
|
18,351
|
|
|
4,679
|
|
|
113
|
|
|
170
|
|
|
8,265
|
|
|
2,995
|
|
|
504
|
|
|
35,077
|
|
||||||||
Total ending ALL
|
|
$
|
18,386
|
|
|
$
|
4,679
|
|
|
$
|
113
|
|
|
$
|
170
|
|
|
$
|
8,603
|
|
|
$
|
3,084
|
|
|
$
|
504
|
|
|
$
|
35,539
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
461
|
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,153
|
|
|
$
|
370
|
|
|
$
|
—
|
|
|
$
|
4,163
|
|
Collectively evaluated for impairment
|
|
1,310,524
|
|
|
411,046
|
|
|
218,803
|
|
|
16,961
|
|
|
1,051,180
|
|
|
290,445
|
|
|
22,919
|
|
|
3,321,878
|
|
||||||||
Total ending loans balance
|
|
$
|
1,310,985
|
|
|
$
|
411,225
|
|
|
$
|
218,803
|
|
|
$
|
16,961
|
|
|
$
|
1,054,333
|
|
|
$
|
290,815
|
|
|
$
|
22,919
|
|
|
$
|
3,326,041
|
|
At or For The Three Months Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
ALL for the three months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Beginning balance
|
|
$
|
11,838
|
|
|
$
|
3,616
|
|
|
$
|
—
|
|
|
$
|
308
|
|
|
$
|
6,153
|
|
|
$
|
3,027
|
|
|
$
|
259
|
|
|
$
|
25,201
|
|
Loans charged off
|
|
—
|
|
|
(217
|
)
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(34
|
)
|
|
(6
|
)
|
|
(271
|
)
|
||||||||
Recoveries
|
|
3
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
58
|
|
||||||||
Provision (credit)(1)
|
|
311
|
|
|
659
|
|
|
—
|
|
|
(28
|
)
|
|
108
|
|
|
(1
|
)
|
|
126
|
|
|
1,175
|
|
||||||||
Ending balance
|
|
$
|
12,152
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
280
|
|
|
$
|
6,249
|
|
|
$
|
2,992
|
|
|
$
|
383
|
|
|
$
|
26,163
|
|
ALL for the six months ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Beginning balance
|
|
$
|
11,654
|
|
|
$
|
3,620
|
|
|
$
|
—
|
|
|
$
|
337
|
|
|
$
|
6,071
|
|
|
$
|
2,796
|
|
|
$
|
234
|
|
|
$
|
24,712
|
|
Loans charged off
|
|
(65
|
)
|
|
(453
|
)
|
|
—
|
|
|
—
|
|
|
(25
|
)
|
|
(44
|
)
|
|
(20
|
)
|
|
(607
|
)
|
||||||||
Recoveries
|
|
7
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
11
|
|
|
133
|
|
||||||||
Provision (credit)(1)
|
|
556
|
|
|
829
|
|
|
—
|
|
|
(57
|
)
|
|
199
|
|
|
240
|
|
|
158
|
|
|
1,925
|
|
||||||||
Ending balance
|
|
$
|
12,152
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
280
|
|
|
$
|
6,249
|
|
|
$
|
2,992
|
|
|
$
|
383
|
|
|
$
|
26,163
|
|
ALL balance attributable to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
27
|
|
|
$
|
322
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
524
|
|
|
$
|
310
|
|
|
$
|
—
|
|
|
$
|
1,183
|
|
Collectively evaluated for impairment
|
|
12,125
|
|
|
3,785
|
|
|
—
|
|
|
280
|
|
|
5,725
|
|
|
2,682
|
|
|
383
|
|
|
24,980
|
|
||||||||
Total ending ALL
|
|
$
|
12,152
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
280
|
|
|
$
|
6,249
|
|
|
$
|
2,992
|
|
|
$
|
383
|
|
|
$
|
26,163
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
409
|
|
|
$
|
675
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,472
|
|
|
$
|
887
|
|
|
$
|
—
|
|
|
$
|
6,443
|
|
Collectively evaluated for impairment
|
|
1,260,230
|
|
|
428,001
|
|
|
—
|
|
|
28,016
|
|
|
1,031,320
|
|
|
322,649
|
|
|
23,665
|
|
|
3,093,881
|
|
||||||||
Total ending loans balance
|
|
$
|
1,260,639
|
|
|
$
|
428,676
|
|
|
$
|
—
|
|
|
$
|
28,016
|
|
|
$
|
1,035,792
|
|
|
$
|
323,536
|
|
|
$
|
23,665
|
|
|
$
|
3,100,324
|
|
(In thousands)
|
|
Commercial
Real Estate
|
|
Commercial
|
|
SBA PPP
|
|
HPFC
|
|
Residential
Real Estate
|
|
Home
Equity
|
|
Consumer
|
|
Total
|
||||||||||||||||
At or For The Year Ended December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
ALL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
|
$
|
11,654
|
|
|
$
|
3,620
|
|
|
$
|
—
|
|
|
$
|
337
|
|
|
$
|
6,071
|
|
|
$
|
2,796
|
|
|
$
|
234
|
|
|
$
|
24,712
|
|
Loans charged off
|
|
(300
|
)
|
|
(1,167
|
)
|
|
—
|
|
|
(71
|
)
|
|
(462
|
)
|
|
(412
|
)
|
|
(301
|
)
|
|
(2,713
|
)
|
||||||||
Recoveries
|
|
49
|
|
|
225
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
1
|
|
|
19
|
|
|
310
|
|
||||||||
Provision (credit)(1)
|
|
1,011
|
|
|
1,091
|
|
|
—
|
|
|
(50
|
)
|
|
217
|
|
|
38
|
|
|
555
|
|
|
2,862
|
|
||||||||
Ending balance
|
|
$
|
12,414
|
|
|
$
|
3,769
|
|
|
$
|
—
|
|
|
$
|
216
|
|
|
$
|
5,842
|
|
|
$
|
2,423
|
|
|
$
|
507
|
|
|
$
|
25,171
|
|
ALL balance attributable to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Individually evaluated for impairment
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
364
|
|
|
$
|
69
|
|
|
$
|
—
|
|
|
$
|
463
|
|
Collectively evaluated for impairment
|
|
12,384
|
|
|
3,769
|
|
|
—
|
|
|
216
|
|
|
5,478
|
|
|
2,354
|
|
|
507
|
|
|
24,708
|
|
||||||||
Total ending ALL
|
|
$
|
12,414
|
|
|
$
|
3,769
|
|
|
$
|
—
|
|
|
$
|
216
|
|
|
$
|
5,842
|
|
|
$
|
2,423
|
|
|
$
|
507
|
|
|
$
|
25,171
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
402
|
|
|
$
|
319
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,384
|
|
|
$
|
373
|
|
|
$
|
—
|
|
|
$
|
4,478
|
|
Collectively evaluated for impairment
|
|
1,242,995
|
|
|
420,789
|
|
|
—
|
|
|
21,593
|
|
|
1,066,990
|
|
|
312,406
|
|
|
25,772
|
|
|
3,090,545
|
|
||||||||
Total ending loans balance
|
|
$
|
1,243,397
|
|
|
$
|
421,108
|
|
|
$
|
—
|
|
|
$
|
21,593
|
|
|
$
|
1,070,374
|
|
|
$
|
312,779
|
|
|
$
|
25,772
|
|
|
$
|
3,095,023
|
|
(1)
|
The provision (credit) for loan losses excludes any impact for the change in the reserve for unfunded commitments, which represents management's estimate of the amount required to reflect the probable inherent losses on outstanding letters of credit and unused lines of credit. The reserve for unfunded commitments is presented within accrued interest and other liabilities on the consolidated statements of condition. At June 30, 2020 and 2019, and December 31, 2019, the reserve for unfunded commitments was $22,000, $14,000 and $21,000, respectively.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Year Ended December 31,
2019
|
||||||||||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|||||||||||
Provision for loan losses
|
|
$
|
9,400
|
|
|
$
|
1,175
|
|
|
$
|
11,172
|
|
|
$
|
1,925
|
|
|
$
|
2,862
|
|
Change in reserve for unfunded commitments
|
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
|
(8
|
)
|
|
(1
|
)
|
|||||
Provision for credit losses
|
|
$
|
9,398
|
|
|
$
|
1,173
|
|
|
$
|
11,173
|
|
|
$
|
1,917
|
|
|
$
|
2,861
|
|
•
|
Grade 1 through 6 — Grades 1 through 6 represent groups of loans that are not subject to adverse criticism as defined in regulatory guidance. Loans in these groups exhibit characteristics that represent low to moderate risks, which is measured using a variety of credit risk criteria, such as cash flow coverage, debt service coverage, balance sheet leverage, liquidity, management experience, industry position, prevailing economic conditions, support from secondary sources of repayment and other credit factors that may be relevant to a specific loan. In general, these loans are supported by properly margined collateral and guarantees of principal parties.
|
•
|
Grade 7 — Loans with potential weakness (Special Mention). Loans in this category are currently protected based on collateral and repayment capacity and do not constitute undesirable credit risk, but have potential weakness that may result in deterioration of the repayment process at some future date. This classification is used if a negative trend is evident in the obligor’s financial situation. Special mention loans do not sufficiently expose the Company to warrant adverse classification.
|
•
|
Grade 8 — Loans with definite weakness (Substandard). Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or by collateral pledged. Borrowers experience difficulty in meeting debt repayment requirements. Deterioration is sufficient to cause the Company to look to the sale of collateral.
|
•
|
Grade 9 — Loans with potential loss (Doubtful). Loans classified as doubtful have all the weaknesses inherent in the substandard grade with the added characteristic that the weaknesses make collection or liquidation of the loan in full highly questionable and improbable. The possibility of some loss is extremely high, but because of specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined.
|
•
|
Grade 10 — Loans with definite loss (Loss). Loans classified as loss are considered uncollectible. The loss classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset because recovery and collection time may be protracted.
|
(In thousands)
|
|
Commercial
Real Estate
|
|
Commercial
|
|
SBA PPP
|
|
HPFC
|
|
Residential
Real Estate
|
|
Home
Equity
|
|
Consumer
|
|
Total
|
||||||||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass (Grades 1-6)
|
|
$
|
1,260,532
|
|
|
$
|
406,475
|
|
|
$
|
218,803
|
|
|
$
|
16,111
|
|
|
$
|
1,046,718
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,948,639
|
|
Performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
288,451
|
|
|
22,914
|
|
|
311,365
|
|
||||||||
Special Mention (Grade 7)
|
|
15,711
|
|
|
1,154
|
|
|
—
|
|
|
—
|
|
|
409
|
|
|
—
|
|
|
—
|
|
|
17,274
|
|
||||||||
Substandard (Grade 8)
|
|
34,742
|
|
|
3,596
|
|
|
—
|
|
|
850
|
|
|
7,206
|
|
|
—
|
|
|
—
|
|
|
46,394
|
|
||||||||
Non-performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,364
|
|
|
5
|
|
|
2,369
|
|
||||||||
Total
|
|
$
|
1,310,985
|
|
|
$
|
411,225
|
|
|
$
|
218,803
|
|
|
$
|
16,961
|
|
|
$
|
1,054,333
|
|
|
$
|
290,815
|
|
|
$
|
22,919
|
|
|
$
|
3,326,041
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Pass (Grades 1-6)
|
|
$
|
1,196,683
|
|
|
$
|
415,870
|
|
|
$
|
—
|
|
|
$
|
20,667
|
|
|
$
|
1,062,825
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,696,045
|
|
Performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
310,653
|
|
|
25,748
|
|
|
336,401
|
|
||||||||
Special Mention (Grade 7)
|
|
31,753
|
|
|
2,544
|
|
|
—
|
|
|
89
|
|
|
473
|
|
|
—
|
|
|
—
|
|
|
34,859
|
|
||||||||
Substandard (Grade 8)
|
|
14,961
|
|
|
2,694
|
|
|
—
|
|
|
837
|
|
|
7,076
|
|
|
—
|
|
|
—
|
|
|
25,568
|
|
||||||||
Non-performing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,126
|
|
|
24
|
|
|
2,150
|
|
||||||||
Total
|
|
$
|
1,243,397
|
|
|
$
|
421,108
|
|
|
$
|
—
|
|
|
$
|
21,593
|
|
|
$
|
1,070,374
|
|
|
$
|
312,779
|
|
|
$
|
25,772
|
|
|
$
|
3,095,023
|
|
(In thousands)
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or Greater
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total Loans
Outstanding
|
|
Loans > 90
Days Past
Due and
Accruing
|
|
Non-Accrual
Loans
|
||||||||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
|
$
|
117
|
|
|
$
|
1,509
|
|
|
$
|
221
|
|
|
$
|
1,847
|
|
|
$
|
1,309,138
|
|
|
$
|
1,310,985
|
|
|
$
|
—
|
|
|
$
|
432
|
|
Commercial
|
|
4
|
|
|
91
|
|
|
657
|
|
|
752
|
|
|
410,473
|
|
|
411,225
|
|
|
—
|
|
|
699
|
|
||||||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
218,803
|
|
|
218,803
|
|
|
—
|
|
|
—
|
|
||||||||
HPFC
|
|
127
|
|
|
1
|
|
|
321
|
|
|
449
|
|
|
16,512
|
|
|
16,961
|
|
|
—
|
|
|
392
|
|
||||||||
Residential real estate
|
|
2,765
|
|
|
1,483
|
|
|
3,431
|
|
|
7,679
|
|
|
1,046,654
|
|
|
1,054,333
|
|
|
—
|
|
|
4,664
|
|
||||||||
Home equity
|
|
230
|
|
|
171
|
|
|
2,051
|
|
|
2,452
|
|
|
288,363
|
|
|
290,815
|
|
|
—
|
|
|
2,366
|
|
||||||||
Consumer
|
|
49
|
|
|
71
|
|
|
5
|
|
|
125
|
|
|
22,794
|
|
|
22,919
|
|
|
—
|
|
|
5
|
|
||||||||
Total
|
|
$
|
3,292
|
|
|
$
|
3,326
|
|
|
$
|
6,686
|
|
|
$
|
13,304
|
|
|
$
|
3,312,737
|
|
|
$
|
3,326,041
|
|
|
$
|
—
|
|
|
$
|
8,558
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
|
$
|
267
|
|
|
$
|
1,720
|
|
|
$
|
544
|
|
|
$
|
2,531
|
|
|
$
|
1,240,866
|
|
|
$
|
1,243,397
|
|
|
$
|
—
|
|
|
$
|
1,122
|
|
Commercial
|
|
548
|
|
|
—
|
|
|
417
|
|
|
965
|
|
|
420,143
|
|
|
421,108
|
|
|
—
|
|
|
420
|
|
||||||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
HPFC
|
|
—
|
|
|
243
|
|
|
288
|
|
|
531
|
|
|
21,062
|
|
|
21,593
|
|
|
—
|
|
|
364
|
|
||||||||
Residential real estate
|
|
2,297
|
|
|
627
|
|
|
2,598
|
|
|
5,522
|
|
|
1,064,852
|
|
|
1,070,374
|
|
|
—
|
|
|
4,096
|
|
||||||||
Home equity
|
|
681
|
|
|
238
|
|
|
1,459
|
|
|
2,378
|
|
|
310,401
|
|
|
312,779
|
|
|
—
|
|
|
2,130
|
|
||||||||
Consumer
|
|
108
|
|
|
31
|
|
|
23
|
|
|
162
|
|
|
25,610
|
|
|
25,772
|
|
|
—
|
|
|
24
|
|
||||||||
Total
|
|
$
|
3,901
|
|
|
$
|
2,859
|
|
|
$
|
5,329
|
|
|
$
|
12,089
|
|
|
$
|
3,082,934
|
|
|
$
|
3,095,023
|
|
|
$
|
—
|
|
|
$
|
8,156
|
|
|
|
Number of Contracts
|
|
Recorded Investment
|
|
Specific Reserve
|
||||||||||||||||
(In thousands, except number of contracts)
|
|
June 30,
2020
|
|
December 31,
2019
|
|
June 30,
2020
|
|
December 31,
2019
|
|
June 30,
2020
|
|
December 31,
2019
|
||||||||||
Residential real estate
|
|
21
|
|
|
22
|
|
|
$
|
2,683
|
|
|
$
|
2,869
|
|
|
$
|
338
|
|
|
$
|
364
|
|
Commercial real estate
|
|
2
|
|
|
2
|
|
|
335
|
|
|
338
|
|
|
35
|
|
|
30
|
|
||||
Commercial
|
|
2
|
|
|
2
|
|
|
114
|
|
|
123
|
|
|
—
|
|
|
—
|
|
||||
Consumer and home equity
|
|
1
|
|
|
1
|
|
|
299
|
|
|
299
|
|
|
89
|
|
|
69
|
|
||||
Total
|
|
26
|
|
|
27
|
|
|
$
|
3,431
|
|
|
$
|
3,629
|
|
|
$
|
462
|
|
|
$
|
463
|
|
1.
|
The Company may account for a loan modification in accordance with Section 4013 of the CARES Act if the loan modification (i) meets the criteria set forth in Section 4013 of the CARES Act and (ii) the Company elects to apply Section 4013 of the CARES Act. Section 4013 of the CARES Act suspended TDR designation for loan modifications related to the COVID-19 pandemic. In order for the loan modification to qualify under Section 4013 of the CARES Act, the loan must not have been more than 30 days past due as of December 31, 2019. This guidance is applicable for loan modifications beginning on March 1, 2020 and ending on the earlier of (i) December 31, 2020, or (ii) the date that is 60 days after the date the national emergency concerning the COVID-19 pandemic declared by the President on March 13, 2020 under the National Emergencies Act terminates.
|
2.
|
Should a loan modification (i) not meet the criteria set forth in Section 4013 of the CARES Act or (ii) the Company elects to not apply Section 4013 of the CARES Act, but the loan modification (a) meets the criteria provided in the "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)," issued by the banking agencies on April 7, 2020, and (b) the Company elects to apply this guidance, then the Company may account for the loan modification in accordance with the interagency guidance. Under this guidance, if the loan was no more than 30 days past due at the time the loan modification program was implemented, the modification was short-term in duration (generally, less than six months), and the modification was related to the COVID-19 pandemic, then it may be presumed that the borrower is not experiencing financial difficulty, and, therefore, that the modification does not qualify as a TDR.
|
3.
|
Should a loan modification (i) not meet the criteria set forth in Section 4013 of the CARES Act or the interagency guidance described above, or (ii) the Company elects not to apply the guidance, then the Company would assess the loan modification under its existing accounting policies (GAAP).
|
|
|
June 30,
2020
|
|
July 23,
2020
|
||||||||||
(In thousands, except number of units)
|
|
Units
|
|
Recorded Investment
|
|
Units
|
|
Recorded Investment
|
||||||
Original Loan Modification:
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
992
|
|
|
$
|
410,298
|
|
|
544
|
|
|
$
|
242,272
|
|
Retail
|
|
489
|
|
|
101,373
|
|
|
188
|
|
|
40,627
|
|
||
Total
|
|
1,481
|
|
|
511,671
|
|
|
732
|
|
|
282,899
|
|
||
Second Loan Modification:
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
31
|
|
|
5,308
|
|
|
57
|
|
|
15,041
|
|
||
Retail
|
|
251
|
|
|
29,743
|
|
|
412
|
|
|
53,039
|
|
||
Total
|
|
282
|
|
|
35,051
|
|
|
469
|
|
|
68,080
|
|
||
Total
|
|
1,763
|
|
|
$
|
546,722
|
|
|
1,201
|
|
|
$
|
350,979
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the
Six Months Ended
|
||||||||||||||||||
(In thousands)
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized(1)
|
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||||||
June 30, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
|
$
|
127
|
|
|
$
|
127
|
|
|
$
|
35
|
|
|
$
|
128
|
|
|
$
|
3
|
|
|
$
|
128
|
|
|
$
|
4
|
|
Commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Residential real estate
|
|
2,304
|
|
|
2,304
|
|
|
338
|
|
|
2,262
|
|
|
22
|
|
|
2,306
|
|
|
46
|
|
|||||||
Home equity
|
|
318
|
|
|
318
|
|
|
89
|
|
|
318
|
|
|
—
|
|
|
318
|
|
|
—
|
|
|||||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Ending balance
|
|
2,749
|
|
|
2,749
|
|
|
462
|
|
|
2,708
|
|
|
25
|
|
|
2,752
|
|
|
50
|
|
|||||||
Without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
|
334
|
|
|
514
|
|
|
—
|
|
|
303
|
|
|
3
|
|
|
293
|
|
|
6
|
|
|||||||
Commercial
|
|
179
|
|
|
242
|
|
|
—
|
|
|
239
|
|
|
1
|
|
|
266
|
|
|
3
|
|
|||||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Residential real estate
|
|
849
|
|
|
972
|
|
|
—
|
|
|
957
|
|
|
(1
|
)
|
|
968
|
|
|
2
|
|
|||||||
Home equity
|
|
52
|
|
|
189
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|||||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Ending balance
|
|
1,414
|
|
|
1,917
|
|
|
—
|
|
|
1,551
|
|
|
3
|
|
|
1,580
|
|
|
11
|
|
|||||||
Total impaired loans
|
|
$
|
4,163
|
|
|
$
|
4,666
|
|
|
$
|
462
|
|
|
$
|
4,259
|
|
|
$
|
28
|
|
|
$
|
4,332
|
|
|
$
|
61
|
|
June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
|
$
|
131
|
|
|
$
|
131
|
|
|
$
|
27
|
|
|
$
|
131
|
|
|
$
|
5
|
|
|
$
|
131
|
|
|
$
|
6
|
|
Commercial
|
|
461
|
|
|
461
|
|
|
322
|
|
|
230
|
|
|
—
|
|
|
339
|
|
|
—
|
|
|||||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Residential real estate
|
|
3,286
|
|
|
3,286
|
|
|
524
|
|
|
3,370
|
|
|
26
|
|
|
3,404
|
|
|
56
|
|
|||||||
Home equity
|
|
828
|
|
|
828
|
|
|
310
|
|
|
828
|
|
|
—
|
|
|
658
|
|
|
—
|
|
|||||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Ending Balance
|
|
4,706
|
|
|
4,706
|
|
|
1,183
|
|
|
4,559
|
|
|
31
|
|
|
4,532
|
|
|
62
|
|
|||||||
Without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
|
278
|
|
|
437
|
|
|
—
|
|
|
278
|
|
|
4
|
|
|
452
|
|
|
7
|
|
|||||||
Commercial
|
|
214
|
|
|
278
|
|
|
—
|
|
|
219
|
|
|
2
|
|
|
222
|
|
|
4
|
|
|||||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Residential real estate
|
|
1,186
|
|
|
1,310
|
|
|
—
|
|
|
1,234
|
|
|
7
|
|
|
1,253
|
|
|
17
|
|
|||||||
Home equity
|
|
59
|
|
|
197
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|||||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||||
Ending Balance
|
|
1,737
|
|
|
2,222
|
|
|
—
|
|
|
1,794
|
|
|
13
|
|
|
2,013
|
|
|
28
|
|
|||||||
Total impaired loans
|
|
$
|
6,443
|
|
|
$
|
6,928
|
|
|
$
|
1,183
|
|
|
$
|
6,353
|
|
|
$
|
44
|
|
|
$
|
6,545
|
|
|
$
|
90
|
|
(1)
|
Negative interest income represents the re-allocation of income between "with an allowance recorded" and "without an allowance recorded" (or vice versa) during the period.
|
|
|
|
|
|
|
|
|
For the
Year Ended
|
||||||||||||
(In thousands)
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
$
|
128
|
|
|
$
|
128
|
|
|
$
|
30
|
|
|
$
|
130
|
|
|
$
|
11
|
|
Commercial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
292
|
|
|
—
|
|
|||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
2,395
|
|
|
2,395
|
|
|
364
|
|
|
2,989
|
|
|
110
|
|
|||||
Home equity
|
|
318
|
|
|
318
|
|
|
69
|
|
|
522
|
|
|
—
|
|
|||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Ending Balance
|
|
2,841
|
|
|
2,841
|
|
|
463
|
|
|
3,933
|
|
|
121
|
|
|||||
Without an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate
|
|
274
|
|
|
433
|
|
|
—
|
|
|
381
|
|
|
13
|
|
|||||
Commercial
|
|
319
|
|
|
685
|
|
|
—
|
|
|
238
|
|
|
7
|
|
|||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
989
|
|
|
1,116
|
|
|
—
|
|
|
1,258
|
|
|
21
|
|
|||||
Home equity
|
|
55
|
|
|
192
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|||||
Consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||||
Ending Balance
|
|
1,637
|
|
|
2,426
|
|
|
—
|
|
|
1,993
|
|
|
41
|
|
|||||
Total impaired loans
|
|
$
|
4,478
|
|
|
$
|
5,267
|
|
|
$
|
463
|
|
|
$
|
5,926
|
|
|
$
|
162
|
|
(In thousands)
|
|
June 30,
2020 |
|
December 31,
2019
|
||||
Short-Term Borrowings:
|
|
|
|
|
|
|
||
Customer repurchase agreements
|
|
$
|
195,998
|
|
|
$
|
237,984
|
|
FHLBB borrowings
|
|
50,000
|
|
|
25,000
|
|
||
Overnight borrowings
|
|
—
|
|
|
5,825
|
|
||
Total short-term borrowings
|
|
$
|
245,998
|
|
|
$
|
268,809
|
|
Long-Term Borrowings:
|
|
|
|
|
|
|
||
FHLBB borrowings
|
|
$
|
25,000
|
|
|
$
|
10,000
|
|
Total long-term borrowings
|
|
$
|
25,000
|
|
|
$
|
10,000
|
|
(In thousands)
|
|
June 30,
2020
|
|
December 31,
2019
|
||||
Customer Repurchase Agreements(1)(2):
|
|
|
|
|
||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
|
|
$
|
82,069
|
|
|
$
|
118,969
|
|
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
|
|
112,017
|
|
|
117,654
|
|
||
Obligations of states and political subdivisions
|
|
1,912
|
|
|
1,361
|
|
||
Total
|
|
$
|
195,998
|
|
|
$
|
237,984
|
|
(1)
|
Presented within short-term borrowings on the consolidated statements of condition.
|
(2)
|
All customer repurchase agreements mature continuously or overnight for the dates indicated.
|
(In thousands)
|
|
June 30,
2020
|
|
December 31,
2019
|
||||
Commitments to extend credit
|
|
$
|
687,915
|
|
|
$
|
734,649
|
|
Standby letters of credit
|
|
5,046
|
|
|
5,211
|
|
||
Total
|
|
$
|
692,961
|
|
|
$
|
739,860
|
|
(In thousands, except number of positions)
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||||||||
|
Presentation on Consolidated Statements of Condition
|
|
Number of Positions
|
|
Notional Amount
|
|
Fair Value
|
|
Number of Positions
|
|
Notional Amount
|
|
Fair Value
|
|||||||||||
Receive fixed, pay variable
|
|
Accrued interest and other liabilities
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
10
|
|
|
$
|
45,243
|
|
|
$
|
(514
|
)
|
Receive fixed, pay variable
|
|
Other assets
|
|
83
|
|
|
400,934
|
|
|
47,338
|
|
|
75
|
|
|
366,351
|
|
|
17,756
|
|
||||
Pay fixed, receive variable
|
|
Accrued interest and other liabilities
|
|
83
|
|
|
400,934
|
|
|
(47,338
|
)
|
|
85
|
|
|
411,594
|
|
|
(17,242
|
)
|
||||
Total
|
|
|
|
166
|
|
|
$
|
801,868
|
|
|
$
|
—
|
|
|
170
|
|
|
$
|
823,188
|
|
|
$
|
—
|
|
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||
(In thousands)
|
|
Presentation on Consolidated Statements of Condition
|
|
Notional Amount
|
|
Fair Value
|
|
Notional Amount
|
|
Fair Value
|
||||||||
Fixed-rate mortgage interest rate locks
|
|
Other assets
|
|
$
|
69,914
|
|
|
$
|
1,287
|
|
|
$
|
27,087
|
|
|
$
|
480
|
|
Fixed-rate mortgage interest rate locks
|
|
Accrued interest and other liabilities
|
|
34,138
|
|
|
(329
|
)
|
|
2,519
|
|
|
(18
|
)
|
||||
Total
|
|
|
|
$
|
104,052
|
|
|
$
|
958
|
|
|
$
|
29,606
|
|
|
$
|
462
|
|
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||
(In thousands)
|
|
Presentation on Consolidated Statements of Condition
|
|
Notional Amount
|
|
Fair Value
|
|
Notional Amount
|
|
Fair Value
|
||||||||
Forward delivery commitments ("best effort")
|
|
Other Assets
|
|
$
|
19,649
|
|
|
$
|
359
|
|
|
$
|
10,846
|
|
|
$
|
312
|
|
Forward delivery commitments ("best effort")
|
|
Accrued interest and other liabilities
|
|
16,260
|
|
|
(218
|
)
|
|
1,069
|
|
|
(15
|
)
|
||||
Total
|
|
|
|
$
|
35,909
|
|
|
$
|
141
|
|
|
$
|
11,915
|
|
|
$
|
297
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||||
Trade
Date |
|
Maturity Date
|
|
Variable Index
Paid |
|
Fixed Rate
Received |
|
Presentation on Consolidated
Statements of Condition
|
|
Notional
Amount |
|
Fair
Value
|
|
Notional
Amount |
|
Fair
Value
|
||||||||
6/12/2019
|
|
6/10/2024
|
|
1-Month
USD LIBOR
|
|
1.693%
|
|
Other assets
|
|
$
|
100,000
|
|
|
$
|
6,109
|
|
|
$
|
100,000
|
|
|
$
|
483
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
June 30, 2020
|
||||||||
Trade
Date |
|
Maturity Date
|
|
Variable Index
Received |
|
Fixed Rate
Paid |
|
Presentation on Consolidated
Statements of Condition
|
|
Notional
Amount |
|
Fair
Value
|
||||
3/2/2020
|
|
3/1/2023
|
|
Fed Funds Effective Rate
|
|
0.705%
|
|
Accrued interest and other liabilities
|
|
$
|
50,000
|
|
|
$
|
(952
|
)
|
3/26/2020
|
|
3/26/2030
|
|
3-Month
USD LIBOR
|
|
0.857%
|
|
Accrued interest and other liabilities
|
|
50,000
|
|
|
(1,171
|
)
|
||
|
|
|
|
|
|
|
|
|
|
$
|
100,000
|
|
|
$
|
(2,123
|
)
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||||
Trade
Date |
|
Maturity
Date |
|
Variable Index
Received |
|
Fixed Rate
Paid |
|
Presentation on Consolidated
Statements of Condition
|
|
Notional
Amount
|
|
Fair
Value
|
|
Notional
Amount
|
|
Fair
Value
|
||||||||
3/18/2009
|
|
6/30/2021
|
|
3-Month USD LIBOR
|
|
5.09%
|
|
Accrued interest and other liabilities
|
|
$
|
10,000
|
|
|
$
|
(346
|
)
|
|
$
|
10,000
|
|
|
$
|
(299
|
)
|
7/8/2009
|
|
6/30/2029
|
|
3-Month USD LIBOR
|
|
5.84%
|
|
Accrued interest and other liabilities
|
|
10,000
|
|
|
(3,497
|
)
|
|
10,000
|
|
|
(2,318
|
)
|
||||
5/6/2010
|
|
6/30/2030
|
|
3-Month USD LIBOR
|
|
5.71%
|
|
Accrued interest and other liabilities
|
|
10,000
|
|
|
(3,693
|
)
|
|
10,000
|
|
|
(2,384
|
)
|
||||
3/14/2011
|
|
3/30/2031
|
|
3-Month USD LIBOR
|
|
4.35%
|
|
Accrued interest and other liabilities
|
|
5,000
|
|
|
(1,988
|
)
|
|
5,000
|
|
|
(1,279
|
)
|
||||
5/4/2011
|
|
7/7/2031
|
|
3-Month USD LIBOR
|
|
4.14%
|
|
Accrued interest and other liabilities
|
|
8,000
|
|
|
(3,060
|
)
|
|
8,000
|
|
|
(1,907
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
$
|
43,000
|
|
|
$
|
(12,584
|
)
|
|
$
|
43,000
|
|
|
$
|
(8,187
|
)
|
|
|
For The
Three Months Ended
June 30,
|
|
For The
Six Months Ended June 30, |
||||||||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Derivatives designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||||
Effective portion of unrealized losses recognized within OCI during the period, net of tax
|
|
$
|
(11
|
)
|
|
$
|
(1,203
|
)
|
|
$
|
(912
|
)
|
|
$
|
(2,128
|
)
|
Net reclassification adjustment for effective portion of cash flow hedges included in interest expense, gross
|
|
$
|
327
|
|
|
$
|
201
|
|
|
$
|
567
|
|
|
$
|
320
|
|
Net reclassification adjustment for effective portion of cash flow hedges included in interest income, gross
|
|
$
|
(247
|
)
|
|
$
|
—
|
|
|
$
|
(299
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset in the Consolidated Statements of Condition
|
|
|
||||||||||||||
(In thousands)
|
|
Gross Amount Recognized in the Consolidated Statements of Condition
|
|
Gross Amount Offset in the Consolidated Statements of Condition
|
|
Net Amount Presented in the Consolidated Statements of Condition
|
|
Financial Instruments Pledged (Received)(1)
|
|
Cash Collateral Pledged (Received)(1)
|
|
Net Amount
|
||||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer loan swaps - commercial customer(2)
|
|
$
|
47,338
|
|
|
$
|
—
|
|
|
$
|
47,338
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
47,338
|
|
Interest rate swap on loans(3)
|
|
6,109
|
|
|
—
|
|
|
6,109
|
|
|
—
|
|
|
(6,109
|
)
|
|
—
|
|
||||||
Total
|
|
$
|
53,447
|
|
|
$
|
—
|
|
|
$
|
53,447
|
|
|
$
|
—
|
|
|
$
|
(6,109
|
)
|
|
$
|
47,338
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer loan swaps - dealer bank
|
|
$
|
47,338
|
|
|
$
|
—
|
|
|
$
|
47,338
|
|
|
$
|
—
|
|
|
$
|
47,338
|
|
|
—
|
|
|
Junior subordinated debt interest rate swaps
|
|
12,584
|
|
|
—
|
|
|
12,584
|
|
|
—
|
|
|
12,584
|
|
|
—
|
|
||||||
Interest rate swaps on borrowings(3)
|
|
2,123
|
|
|
—
|
|
|
2,123
|
|
|
—
|
|
|
2,123
|
|
|
—
|
|
||||||
Total
|
|
$
|
62,045
|
|
|
$
|
—
|
|
|
$
|
62,045
|
|
|
$
|
—
|
|
|
$
|
62,045
|
|
|
$
|
—
|
|
Customer repurchase agreements
|
|
$
|
195,998
|
|
|
$
|
—
|
|
|
$
|
195,998
|
|
|
$
|
195,998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer loan swaps - commercial customer(2)
|
|
17,756
|
|
|
—
|
|
|
17,756
|
|
|
—
|
|
|
—
|
|
|
17,756
|
|
||||||
Interest rate swap on loans
|
|
483
|
|
|
—
|
|
|
483
|
|
|
—
|
|
|
(483
|
)
|
|
—
|
|
||||||
Total
|
|
$
|
18,239
|
|
|
$
|
—
|
|
|
$
|
18,239
|
|
|
$
|
—
|
|
|
$
|
(483
|
)
|
|
$
|
17,756
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer loan swaps - dealer bank
|
|
$
|
17,242
|
|
|
$
|
—
|
|
|
$
|
17,242
|
|
|
$
|
—
|
|
|
$
|
17,242
|
|
|
$
|
—
|
|
Junior subordinated debt interest rate swaps
|
|
$
|
8,187
|
|
|
$
|
—
|
|
|
$
|
8,187
|
|
|
$
|
—
|
|
|
$
|
8,187
|
|
|
$
|
—
|
|
Customer loan swaps - commercial customer(2)
|
|
514
|
|
|
—
|
|
|
514
|
|
|
—
|
|
|
—
|
|
|
514
|
|
||||||
Total
|
|
$
|
25,943
|
|
|
$
|
—
|
|
|
$
|
25,943
|
|
|
$
|
—
|
|
|
$
|
25,429
|
|
|
$
|
514
|
|
Customer repurchase agreements
|
|
$
|
237,984
|
|
|
$
|
—
|
|
|
$
|
237,984
|
|
|
$
|
237,984
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
The amount presented was the lesser of the amount pledged (received) or the net amount presented in the consolidated statements of condition.
|
(3)
|
Interest rate swap contracts were completed with the same dealer bank. The Company maintains a master netting arrangement and settles collateral requested or pledged on a net basis for all contracts.
|
|
|
June 30,
2020 |
|
Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer
|
|
Minimum Regulatory Provision To Be "Well Capitalized" Under Prompt Corrective Action Provisions
|
|
December 31,
2019 |
|
Minimum Regulatory Capital Required for Capital Adequacy plus Capital Conservation Buffer
|
|
Minimum Regulatory Provision To Be "Well Capitalized" Under Prompt Corrective Action Provisions
|
||||||||||||||
(Dollars in thousands)
|
|
Amount
|
|
Ratio
|
|
|
|
Amount
|
|
Ratio
|
|
|
||||||||||||||
Camden National Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total risk-based capital ratio
|
|
$
|
474,226
|
|
|
14.56
|
%
|
|
10.50
|
%
|
|
N/A
|
|
|
$
|
455,702
|
|
|
14.44
|
%
|
|
10.50
|
%
|
|
N/A
|
|
Tier 1 risk-based capital ratio
|
|
423,667
|
|
|
13.01
|
%
|
|
8.50
|
%
|
|
N/A
|
|
|
415,511
|
|
|
13.16
|
%
|
|
8.50
|
%
|
|
N/A
|
|
||
Common equity Tier 1 risk-based capital ratio
|
|
380,667
|
|
|
11.69
|
%
|
|
7.00
|
%
|
|
N/A
|
|
|
372,511
|
|
|
11.80
|
%
|
|
7.00
|
%
|
|
N/A
|
|
||
Tier 1 leverage capital ratio
|
|
423,667
|
|
|
8.95
|
%
|
|
4.00
|
%
|
|
N/A
|
|
|
415,511
|
|
|
9.55
|
%
|
|
4.00
|
%
|
|
N/A
|
|
||
Camden National Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total risk-based capital ratio
|
|
$
|
446,322
|
|
|
13.75
|
%
|
|
10.50
|
%
|
|
10.00
|
%
|
|
$
|
423,540
|
|
|
13.45
|
%
|
|
10.50
|
%
|
|
10.00
|
%
|
Tier 1 risk-based capital ratio
|
|
410,763
|
|
|
12.65
|
%
|
|
8.50
|
%
|
|
8.00
|
%
|
|
398,349
|
|
|
12.65
|
%
|
|
8.50
|
%
|
|
8.00
|
%
|
||
Common equity Tier 1 risk-based capital ratio
|
|
410,763
|
|
|
12.65
|
%
|
|
7.00
|
%
|
|
6.50
|
%
|
|
398,349
|
|
|
12.65
|
%
|
|
7.00
|
%
|
|
6.50
|
%
|
||
Tier 1 leverage capital ratio
|
|
410,763
|
|
|
8.71
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
|
398,349
|
|
|
9.19
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
|
|
For The Three Months Ended
|
||||||||||||||||||||||
|
|
June 30, 2020
|
|
June 30, 2019
|
||||||||||||||||||||
(In thousands)
|
|
Pre-Tax
Amount
|
|
Tax (Expense)
Benefit
|
|
After-Tax
Amount
|
|
Pre-Tax
Amount
|
|
Tax (Expense)
Benefit
|
|
After-Tax
Amount
|
||||||||||||
AFS Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized holdings gains
|
|
$
|
9,082
|
|
|
$
|
(1,952
|
)
|
|
$
|
7,130
|
|
|
$
|
13,835
|
|
|
$
|
(2,975
|
)
|
|
$
|
10,860
|
|
Less: reclassification adjustment for net realized losses(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
(6
|
)
|
|
21
|
|
||||||
Net unrealized gains
|
|
9,082
|
|
|
(1,952
|
)
|
|
7,130
|
|
|
13,808
|
|
|
(2,969
|
)
|
|
10,839
|
|
||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net decrease in fair value
|
|
(14
|
)
|
|
3
|
|
|
(11
|
)
|
|
(1,533
|
)
|
|
330
|
|
|
(1,203
|
)
|
||||||
Less: effective portion reclassified into interest expense(2)
|
|
(327
|
)
|
|
70
|
|
|
(257
|
)
|
|
(201
|
)
|
|
44
|
|
|
(157
|
)
|
||||||
Less: effective portion reclassified into interest income(3)
|
|
247
|
|
|
(53
|
)
|
|
194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net increase (decrease) in fair value
|
|
66
|
|
|
(14
|
)
|
|
52
|
|
|
(1,332
|
)
|
|
286
|
|
|
(1,046
|
)
|
||||||
Postretirement Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net actuarial gain
|
|
175
|
|
|
(37
|
)
|
|
138
|
|
|
67
|
|
|
(15
|
)
|
|
52
|
|
||||||
Less: Amortization of net prior service credits(4)
|
|
6
|
|
|
(1
|
)
|
|
5
|
|
|
6
|
|
|
(2
|
)
|
|
4
|
|
||||||
Net gain on postretirement plans
|
|
169
|
|
|
(36
|
)
|
|
133
|
|
|
61
|
|
|
(13
|
)
|
|
48
|
|
||||||
Other comprehensive income
|
|
$
|
9,317
|
|
|
$
|
(2,002
|
)
|
|
$
|
7,315
|
|
|
$
|
12,537
|
|
|
$
|
(2,696
|
)
|
|
$
|
9,841
|
|
|
|
For The Six Months Ended
|
||||||||||||||||||||||
|
|
June 30, 2020
|
|
June 30, 2019
|
||||||||||||||||||||
(In thousands)
|
|
Pre-Tax
Amount
|
|
Tax (Expense)
Benefit
|
|
After-Tax
Amount
|
|
Pre-Tax
Amount
|
|
Tax (Expense)
Benefit
|
|
After-Tax
Amount
|
||||||||||||
AFS Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized holdings gains
|
|
$
|
33,197
|
|
|
$
|
(7,137
|
)
|
|
$
|
26,060
|
|
|
$
|
27,719
|
|
|
$
|
(5,960
|
)
|
|
$
|
21,759
|
|
Less: reclassification adjustment for net realized gains(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
(6
|
)
|
|
21
|
|
||||||
Net unrealized gains
|
|
33,197
|
|
|
(7,137
|
)
|
|
26,060
|
|
|
27,692
|
|
|
(5,954
|
)
|
|
21,738
|
|
||||||
Cash Flow Hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net decrease in fair value
|
|
(1,162
|
)
|
|
250
|
|
|
(912
|
)
|
|
(2,711
|
)
|
|
583
|
|
|
(2,128
|
)
|
||||||
Less: effective portion reclassified into interest expense(2)
|
|
(567
|
)
|
|
122
|
|
|
(445
|
)
|
|
(320
|
)
|
|
69
|
|
|
(251
|
)
|
||||||
Less: effective portion reclassified into interest income(3)
|
|
299
|
|
|
(64
|
)
|
|
235
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net decrease in fair value
|
|
(894
|
)
|
|
192
|
|
|
(702
|
)
|
|
(2,391
|
)
|
|
514
|
|
|
(1,877
|
)
|
||||||
Postretirement Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net actuarial gain
|
|
351
|
|
|
(76
|
)
|
|
275
|
|
|
134
|
|
|
(29
|
)
|
|
105
|
|
||||||
Less: Amortization of net prior service credits(4)
|
|
12
|
|
|
(3
|
)
|
|
9
|
|
|
12
|
|
|
(3
|
)
|
|
9
|
|
||||||
Net gain on postretirement plans
|
|
339
|
|
|
(73
|
)
|
|
266
|
|
|
122
|
|
|
(26
|
)
|
|
96
|
|
||||||
Other comprehensive income
|
|
$
|
32,642
|
|
|
$
|
(7,018
|
)
|
|
$
|
25,624
|
|
|
$
|
25,423
|
|
|
$
|
(5,466
|
)
|
|
$
|
19,957
|
|
(1)
|
Reclassified into net gain on sale of securities on the consolidated statements of income.
|
(2)
|
Reclassified into interest on borrowings and/or subordinated debentures on the consolidated statements of income.
|
(3)
|
Reclassified into interest and fees on loans on the consolidated statements of income.
|
(4)
|
Reclassified into compensation and related benefits and other expense on the consolidated statements of income.
|
(In thousands)
|
|
Net Unrealized Gains (Losses) on AFS Securities(1)
|
|
Net Unrealized Losses on Cash Flow Hedges(1)
|
|
Defined Benefit Postretirement Plans(1)
|
|
AOCI(1)
|
||||||||
Balance at December 31, 2018
|
|
$
|
(17,826
|
)
|
|
$
|
(4,437
|
)
|
|
$
|
(2,157
|
)
|
|
$
|
(24,420
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
21,759
|
|
|
(2,128
|
)
|
|
105
|
|
|
19,736
|
|
||||
Less: Amounts reclassified from AOCI
|
|
21
|
|
|
(251
|
)
|
|
9
|
|
|
(221
|
)
|
||||
Other comprehensive income (loss)
|
|
21,738
|
|
|
(1,877
|
)
|
|
96
|
|
|
19,957
|
|
||||
Balance at June 30, 2019
|
|
$
|
3,912
|
|
|
$
|
(6,314
|
)
|
|
$
|
(2,061
|
)
|
|
$
|
(4,463
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2019
|
|
$
|
3,250
|
|
|
$
|
(6,048
|
)
|
|
$
|
(3,470
|
)
|
|
$
|
(6,268
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
26,060
|
|
|
(912
|
)
|
|
275
|
|
|
25,423
|
|
||||
Less: Amounts reclassified from AOCI
|
|
—
|
|
|
(210
|
)
|
|
9
|
|
|
(201
|
)
|
||||
Other comprehensive income (loss)
|
|
26,060
|
|
|
(702
|
)
|
|
266
|
|
|
25,624
|
|
||||
Balance at June 30, 2020
|
|
$
|
29,310
|
|
|
$
|
(6,750
|
)
|
|
$
|
(3,204
|
)
|
|
$
|
19,356
|
|
(1)
|
All amounts are net of tax.
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
Income Statement
Line Item
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Debit card interchange income
|
|
Debit card income
|
|
$
|
2,391
|
|
|
$
|
2,281
|
|
|
$
|
4,532
|
|
|
$
|
4,291
|
|
Services charges on deposit accounts
|
|
Service charges on
deposit accounts
|
|
1,337
|
|
|
2,209
|
|
|
3,349
|
|
|
4,232
|
|
||||
Fiduciary services income
|
|
Income from
fiduciary services
|
|
1,603
|
|
|
1,545
|
|
|
3,105
|
|
|
2,937
|
|
||||
Investment program income
|
|
Brokerage and
insurance commissions
|
|
622
|
|
|
732
|
|
|
1,279
|
|
|
1,317
|
|
||||
Other non-interest income
|
|
Other income
|
|
423
|
|
|
415
|
|
|
806
|
|
|
798
|
|
||||
Total non-interest income within the scope of ASC 606
|
|
|
|
6,376
|
|
|
7,182
|
|
|
13,071
|
|
|
13,575
|
|
||||
Total non-interest income not in scope of ASC 606
|
|
|
|
5,684
|
|
|
2,855
|
|
|
10,392
|
|
|
5,851
|
|
||||
Total non-interest income
|
|
|
|
$
|
12,060
|
|
|
$
|
10,037
|
|
|
$
|
23,463
|
|
|
$
|
19,426
|
|
(In thousands)
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
Net periodic pension cost
|
|
Income Statement Presentation
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Service cost
|
|
Salaries and employee benefits
|
|
$
|
116
|
|
|
$
|
99
|
|
|
$
|
232
|
|
|
$
|
198
|
|
Interest cost
|
|
Other expenses
|
|
115
|
|
|
130
|
|
|
230
|
|
|
261
|
|
||||
Recognized net actuarial loss
|
|
Other expenses
|
|
156
|
|
|
61
|
|
|
312
|
|
|
122
|
|
||||
Total
|
|
|
|
$
|
387
|
|
|
$
|
290
|
|
|
$
|
774
|
|
|
$
|
581
|
|
(In thousands)
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
Net periodic postretirement benefit cost
|
|
Income Statement Presentation
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Service cost
|
|
Salaries and employee benefits
|
|
$
|
7
|
|
|
$
|
12
|
|
|
$
|
14
|
|
|
$
|
24
|
|
Interest cost
|
|
Other expenses
|
|
31
|
|
|
37
|
|
|
62
|
|
|
74
|
|
||||
Recognized net actuarial loss
|
|
Other expenses
|
|
20
|
|
|
6
|
|
|
39
|
|
|
12
|
|
||||
Amortization of prior service credit
|
|
Other expenses
|
|
(6
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(12
|
)
|
||||
Total
|
|
|
|
$
|
52
|
|
|
$
|
49
|
|
|
$
|
103
|
|
|
$
|
98
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands, except number of shares and per share data)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income
|
|
$
|
10,940
|
|
|
$
|
13,204
|
|
|
$
|
24,433
|
|
|
$
|
27,477
|
|
Dividends and undistributed earnings allocated to participating securities(1)
|
|
(27
|
)
|
|
(26
|
)
|
|
(55
|
)
|
|
(54
|
)
|
||||
Net income available to common shareholders
|
|
$
|
10,913
|
|
|
$
|
13,178
|
|
|
$
|
24,378
|
|
|
$
|
27,423
|
|
Weighted-average common shares outstanding for basic EPS
|
|
14,959,851
|
|
|
15,519,827
|
|
|
15,031,525
|
|
|
15,555,770
|
|
||||
Dilutive effect of stock-based awards(2)
|
|
37,760
|
|
|
39,933
|
|
|
37,607
|
|
|
39,884
|
|
||||
Weighted-average common and potential common shares for diluted EPS
|
|
14,997,611
|
|
|
15,559,760
|
|
|
15,069,132
|
|
|
15,595,654
|
|
||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic EPS
|
|
$
|
0.73
|
|
|
$
|
0.85
|
|
|
$
|
1.62
|
|
|
$
|
1.76
|
|
Diluted EPS
|
|
$
|
0.73
|
|
|
$
|
0.85
|
|
|
$
|
1.62
|
|
|
$
|
1.76
|
|
Awards excluded from the calculation of diluted EPS(3):
|
|
|
|
|
|
|
|
|
||||||||
Stock options
|
|
11,202
|
|
|
—
|
|
|
3,429
|
|
|
—
|
|
(1)
|
Represents dividends paid and undistributed earnings allocated to nonvested stock-based awards that contain non-forfeitable rights to dividends.
|
(2)
|
Represents the assumed dilutive effect of unexercised and/or unvested stock options, restricted shares, restricted share units and contingently issuable performance-based awards utilizing the treasury stock method.
|
(3)
|
Represents stock-based awards not included in the computation of potential common shares for purposes of calculating diluted EPS as the exercise prices were greater than the average market price of the Company's common stock, and, therefore, are considered anti-dilutive.
|
(In thousands)
|
|
Fair
Value
|
|
Readily
Available
Market
Prices
(Level 1)
|
|
Observable
Market
Data
(Level 2)
|
|
Company
Determined
Fair Value
(Level 3)
|
||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans held for sale
|
|
$
|
36,590
|
|
|
$
|
—
|
|
|
$
|
36,590
|
|
|
$
|
—
|
|
AFS investments:
|
|
|
|
|
|
|
|
|
|
|
||||||
Obligations of states and political subdivisions
|
|
127,127
|
|
|
—
|
|
|
127,127
|
|
|
—
|
|
||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
|
|
536,225
|
|
|
—
|
|
|
536,225
|
|
|
—
|
|
||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
|
|
373,532
|
|
|
—
|
|
|
373,532
|
|
|
—
|
|
||||
Subordinated corporate bonds
|
|
10,779
|
|
|
—
|
|
|
10,779
|
|
|
—
|
|
||||
Equity securities - bank stock
|
|
1,674
|
|
|
—
|
|
|
1,674
|
|
|
—
|
|
||||
Customer loan swaps
|
|
47,338
|
|
|
—
|
|
|
47,338
|
|
|
—
|
|
||||
Interest rate swap on loans
|
|
6,109
|
|
|
—
|
|
|
6,109
|
|
|
—
|
|
||||
Fixed-rate mortgage interest rate lock commitments
|
|
1,287
|
|
|
—
|
|
|
1,287
|
|
|
—
|
|
||||
Forward delivery commitments
|
|
359
|
|
|
—
|
|
|
359
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Junior subordinated debt interest rate swaps
|
|
12,584
|
|
|
—
|
|
|
12,584
|
|
|
—
|
|
||||
Customer loan swaps
|
|
47,338
|
|
|
—
|
|
|
47,338
|
|
|
—
|
|
||||
Interest rate swap on borrowings
|
|
2,123
|
|
|
—
|
|
|
2,123
|
|
|
—
|
|
||||
Fixed-rate mortgage interest rate lock commitments
|
|
329
|
|
|
—
|
|
|
329
|
|
|
—
|
|
||||
Forward delivery commitments
|
|
218
|
|
|
—
|
|
|
218
|
|
|
—
|
|
||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans held for sale
|
|
$
|
11,854
|
|
|
$
|
—
|
|
|
$
|
11,854
|
|
|
$
|
—
|
|
AFS investments:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Obligations of states and political subdivisions
|
|
118,083
|
|
|
—
|
|
|
118,083
|
|
|
—
|
|
||||
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises
|
|
463,386
|
|
|
—
|
|
|
463,386
|
|
|
—
|
|
||||
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises
|
|
325,905
|
|
|
—
|
|
|
325,905
|
|
|
—
|
|
||||
Subordinated corporate bonds
|
|
10,744
|
|
|
—
|
|
|
10,744
|
|
|
—
|
|
||||
Equity securities - bank stock
|
|
1,674
|
|
|
—
|
|
|
1,674
|
|
|
—
|
|
||||
Customer loan swaps
|
|
17,756
|
|
|
—
|
|
|
17,756
|
|
|
—
|
|
||||
Interest rate swap on loans
|
|
483
|
|
|
—
|
|
|
483
|
|
|
—
|
|
||||
Fixed-rate mortgage interest rate lock commitments
|
|
480
|
|
|
—
|
|
|
480
|
|
|
—
|
|
||||
Forward delivery commitments
|
|
312
|
|
|
—
|
|
|
312
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Junior subordinated debt interest rate swaps
|
|
8,187
|
|
|
—
|
|
|
8,187
|
|
|
—
|
|
||||
Customer loan swaps
|
|
17,756
|
|
|
—
|
|
|
17,756
|
|
|
—
|
|
||||
Fixed-rate mortgage interest rate lock commitments
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
Forward delivery commitments
|
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
(In thousands)
|
|
Fair
Value
|
|
Readily
Available
Market
Prices
(Level 1)
|
|
Observable
Market
Data
(Level 2)
|
|
Company
Determined
Fair Value
(Level 3)
|
||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-financial assets:
|
|
|
|
|
|
|
|
|
||||||||
OREO
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-financial assets:
|
|
|
|
|
|
|
|
|
||||||||
OREO
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94
|
|
(Dollars in thousands)
|
|
Fair Value
|
|
Valuation Methodology
|
|
Unobservable Input
|
|
Discount
|
||
June 30, 2020
|
|
|
|
|
|
|
|
|
||
OREO
|
|
$
|
94
|
|
|
Market approach appraisal of
collateral |
|
Management adjustment of
appraisal
|
|
18%
|
|
|
|
|
|
|
Estimated selling cost
|
|
13%
|
||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
OREO
|
|
$
|
94
|
|
|
Market approach appraisal of
collateral
|
|
Management adjustment of
appraisal
|
|
18%
|
|
|
|
|
|
|
Estimated selling cost
|
|
13%
|
(In thousands)
|
|
Carrying
Amount
|
|
Fair Value
|
|
Readily
Available
Market
Prices
(Level 1)
|
|
Observable
Market
Prices
(Level 2)
|
|
Company
Determined
Market
Prices
(Level 3)
|
||||||||||
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
HTM securities
|
|
$
|
1,299
|
|
|
$
|
1,388
|
|
|
$
|
—
|
|
|
$
|
1,388
|
|
|
$
|
—
|
|
Commercial real estate loans(1)
|
|
1,292,599
|
|
|
$
|
1,247,001
|
|
|
—
|
|
|
—
|
|
|
1,247,001
|
|
||||
Commercial loans(1)(2)
|
|
423,337
|
|
|
$
|
416,406
|
|
|
—
|
|
|
—
|
|
|
416,406
|
|
||||
SBA PPP loans(1)
|
|
218,690
|
|
|
$
|
225,707
|
|
|
—
|
|
|
—
|
|
|
225,707
|
|
||||
Residential real estate loans(1)
|
|
1,045,730
|
|
|
1,058,558
|
|
|
—
|
|
|
—
|
|
|
1,058,558
|
|
|||||
Home equity loans(1)
|
|
287,731
|
|
|
280,674
|
|
|
—
|
|
|
—
|
|
|
280,674
|
|
|||||
Consumer loans(1)
|
|
22,415
|
|
|
20,552
|
|
|
—
|
|
|
—
|
|
|
20,552
|
|
|||||
Servicing assets
|
|
1,486
|
|
|
1,849
|
|
|
—
|
|
|
—
|
|
|
1,849
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Time deposits
|
|
$
|
481,396
|
|
|
$
|
485,240
|
|
|
$
|
—
|
|
|
$
|
485,240
|
|
|
$
|
—
|
|
Short-term borrowings
|
|
245,998
|
|
|
245,976
|
|
|
—
|
|
|
245,976
|
|
|
—
|
|
|||||
Long-term borrowings
|
|
25,000
|
|
|
25,362
|
|
|
—
|
|
|
25,362
|
|
|
—
|
|
|||||
Subordinated debentures
|
|
59,231
|
|
|
45,588
|
|
|
—
|
|
|
45,588
|
|
|
—
|
|
|||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
HTM securities
|
|
$
|
1,302
|
|
|
$
|
1,359
|
|
|
$
|
—
|
|
|
$
|
1,359
|
|
|
$
|
—
|
|
Commercial real estate loans(1)
|
|
1,230,983
|
|
|
1,196,297
|
|
|
—
|
|
|
—
|
|
|
1,196,297
|
|
|||||
Commercial loans(1)(2)
|
|
438,716
|
|
|
431,892
|
|
|
—
|
|
|
—
|
|
|
431,892
|
|
|||||
Residential real estate loans(1)
|
|
1,064,532
|
|
|
1,066,544
|
|
|
—
|
|
|
—
|
|
|
1,066,544
|
|
|||||
Home equity loans(1)
|
|
310,356
|
|
|
293,565
|
|
|
—
|
|
|
—
|
|
|
293,565
|
|
|||||
Consumer loans(1)
|
|
25,265
|
|
|
23,355
|
|
|
—
|
|
|
—
|
|
|
23,355
|
|
|||||
Servicing assets
|
|
877
|
|
|
1,496
|
|
|
—
|
|
|
—
|
|
|
1,496
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Time deposits
|
|
$
|
595,549
|
|
|
$
|
594,881
|
|
|
$
|
—
|
|
|
$
|
594,881
|
|
|
$
|
—
|
|
Short-term borrowings
|
|
268,809
|
|
|
268,631
|
|
|
—
|
|
|
268,631
|
|
|
—
|
|
|||||
Long-term borrowings
|
|
10,000
|
|
|
10,002
|
|
|
—
|
|
|
10,002
|
|
|
—
|
|
|||||
Subordinated debentures
|
|
59,080
|
|
|
50,171
|
|
|
—
|
|
|
50,171
|
|
|
—
|
|
(1)
|
The presented carrying amount is net of the allocated ALL.
|
(2)
|
Includes the HPFC loan portfolio.
|
•
|
weakness in the United States economy in general and the regional and local economies within the New England region and Maine, which could result in a deterioration of credit quality, an increase in the allowance for loan losses or a reduced demand for the Company’s credit or fee-based products and services;
|
•
|
changes in trade, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
|
•
|
inflation, interest rate, market, and monetary fluctuations;
|
•
|
competitive pressures, including continued industry consolidation and the increased financial services provided by non-banks;
|
•
|
volatility in the securities markets that could adversely affect the value or credit quality of the Company’s assets, impairment of goodwill, the availability and terms of funding necessary to meet the Company’s liquidity needs, and which could lead to impairment in the value of securities in the Company's investment portfolio;
|
•
|
changes in information technology and other operational risks, including cybersecurity, that require increased capital spending;
|
•
|
changes in consumer spending and savings habits;
|
•
|
changes in tax, banking, securities and insurance laws and regulations; and
|
•
|
changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board ("FASB"), and other accounting standard setters.
|
•
|
the continued effectiveness of our Pandemic Work Group;
|
•
|
the continuing ability of our employees to work remotely;
|
•
|
our continuing ability to staff our branches and keep our branches open;
|
•
|
the continuing strength of our capital and liquidity positions;
|
•
|
our continued ability to access sources of contingent liquidity;
|
•
|
the continuing strength of the asset quality in our lending portfolios; and
|
•
|
the potential effectiveness of relief measures and programs for customers affected by COVID-19.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income, as presented
|
|
$
|
10,940
|
|
|
$
|
13,204
|
|
|
$
|
24,433
|
|
|
$
|
27,477
|
|
Add: amortization of core deposit intangible assets, net of tax(1)
|
|
135
|
|
|
139
|
|
|
269
|
|
|
278
|
|
||||
Net income, adjusted for amortization of core deposit intangible assets
|
|
$
|
11,075
|
|
|
$
|
13,343
|
|
|
$
|
24,702
|
|
|
$
|
27,755
|
|
Average equity, as presented
|
|
$
|
499,449
|
|
|
$
|
455,529
|
|
|
$
|
489,811
|
|
|
$
|
448,318
|
|
Less: average goodwill and core deposit intangible assets
|
|
(97,965
|
)
|
|
(98,660
|
)
|
|
(98,054
|
)
|
|
(98,749
|
)
|
||||
Average tangible equity
|
|
$
|
401,484
|
|
|
$
|
356,869
|
|
|
$
|
391,757
|
|
|
$
|
349,569
|
|
Return on average equity
|
|
8.81
|
%
|
|
11.63
|
%
|
|
10.03
|
%
|
|
12.36
|
%
|
||||
Return on average tangible equity
|
|
11.09
|
%
|
|
15.00
|
%
|
|
12.68
|
%
|
|
16.01
|
%
|
(1)
|
Assumed a 21% tax rate.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Non-interest expense, as presented
|
|
$
|
23,509
|
|
|
$
|
23,958
|
|
|
$
|
48,070
|
|
|
$
|
46,741
|
|
Net interest income, as presented
|
|
$
|
34,539
|
|
|
$
|
31,573
|
|
|
$
|
66,365
|
|
|
$
|
63,468
|
|
Add: effect of tax-exempt income(1)
|
|
295
|
|
|
248
|
|
|
574
|
|
|
491
|
|
||||
Non-interest income, as presented
|
|
12,060
|
|
|
10,037
|
|
|
23,463
|
|
|
19,426
|
|
||||
Less: net gain on sale of securities
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
||||
Adjusted net interest income plus non-interest income
|
|
$
|
46,894
|
|
|
$
|
41,831
|
|
|
$
|
90,402
|
|
|
$
|
83,358
|
|
Ratio of non-interest expense to total revenues(2)
|
|
50.45
|
%
|
|
57.58
|
%
|
|
53.51
|
%
|
|
56.39
|
%
|
||||
Efficiency ratio
|
|
50.13
|
%
|
|
57.27
|
%
|
|
53.17
|
%
|
|
56.07
|
%
|
(1)
|
Assumed a 21% tax rate.
|
(2)
|
Revenue is the sum of net interest income and non-interest income.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net interest income, as presented
|
|
$
|
34,539
|
|
|
$
|
31,573
|
|
|
$
|
66,365
|
|
|
$
|
63,468
|
|
Add: effect of tax-exempt income(1)
|
|
295
|
|
|
248
|
|
|
574
|
|
|
491
|
|
||||
Net interest income (fully-taxable equivalent)
|
|
$
|
34,834
|
|
|
$
|
31,821
|
|
|
$
|
66,939
|
|
|
$
|
63,959
|
|
(1)
|
Assumed a 21% tax rate.
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income, as presented
|
|
$
|
10,940
|
|
|
$
|
13,204
|
|
|
$
|
24,433
|
|
|
$
|
27,477
|
|
Add: provision for credit losses
|
|
9,398
|
|
|
1,173
|
|
|
11,173
|
|
|
1,917
|
|
||||
Add: income tax expense
|
|
2,752
|
|
|
3,275
|
|
|
6,152
|
|
|
6,759
|
|
||||
Pre-tax, pre-provision earnings
|
|
$
|
23,090
|
|
|
$
|
17,652
|
|
|
$
|
41,758
|
|
|
$
|
36,153
|
|
(In thousands, except number of shares, per share data and ratios)
|
|
June 30,
2020
|
|
December 31,
2019
|
||||
Tangible Book Value Per Share:
|
|
|
|
|
||||
Shareholders’ equity, as presented
|
|
$
|
506,467
|
|
|
$
|
473,415
|
|
Less: goodwill and other intangible assets
|
|
(97,881
|
)
|
|
(98,222
|
)
|
||
Tangible shareholders’ equity
|
|
$
|
408,586
|
|
|
$
|
375,193
|
|
Shares outstanding at period end
|
|
14,963,041
|
|
|
15,144,719
|
|
||
Book value per share
|
|
$
|
33.85
|
|
|
$
|
31.26
|
|
Tangible book value per share
|
|
$
|
27.31
|
|
|
$
|
24.77
|
|
Tangible Common Equity Ratio:
|
|
|
|
|
||||
Total assets
|
|
$
|
4,959,016
|
|
|
$
|
4,429,521
|
|
Less: goodwill and other intangible assets
|
|
(97,881
|
)
|
|
(98,222
|
)
|
||
Tangible assets
|
|
$
|
4,861,135
|
|
|
$
|
4,331,299
|
|
Common equity ratio
|
|
10.21
|
%
|
|
10.69
|
%
|
||
Tangible common equity ratio
|
|
8.41
|
%
|
|
8.66
|
%
|
(In thousands)
|
|
June 30,
2020
|
|
December 31,
2019
|
||||
Total deposits
|
|
$
|
3,996,358
|
|
|
$
|
3,537,743
|
|
Less: certificates of deposit
|
|
(431,376
|
)
|
|
(521,752
|
)
|
||
Less: brokered deposits
|
|
(224,777
|
)
|
|
(191,005
|
)
|
||
Core deposits
|
|
$
|
3,340,205
|
|
|
$
|
2,824,986
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Total average deposits
|
|
$
|
3,676,000
|
|
|
$
|
3,171,005
|
|
|
$
|
3,515,798
|
|
|
$
|
3,129,294
|
|
Less: average certificates of deposit
|
|
(477,068
|
)
|
|
(516,972
|
)
|
|
(514,573
|
)
|
|
(480,244
|
)
|
||||
Average core deposits
|
|
$
|
3,198,932
|
|
|
$
|
2,654,033
|
|
|
$
|
3,001,225
|
|
|
$
|
2,649,050
|
|
•
|
Developed procedures and policies to provide for the safety of our employees and customers, which included (i) devising and executing a plan that swiftly shifted over half of our employees to work remotely and (ii) transitioning our branch network to serve customers through our drive-up windows by eliminating lobby visits other than by appointment, and temporarily closing certain branches to maximize staffing resources and ensure contingency plans are in place. By the end of June 2020, we had re-opened all branches to the public with limited operating hours, and we continue to apply necessary safety and health protocols.
|
•
|
Developed temporary loan payment deferral programs to assist customers impacted by the pandemic. Through June 30, 2020, we had modified 2,064 business and retail customer loans to provide temporary debt relief to customers impacted by the COVID-19 pandemic. As of June 30, 2020, 1,763 customer loans with total loan balances of $546.7 million were still under the terms of a loan modification.
|
•
|
Oversaw the roll-out of the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP") issued by the federal government as part of its stimulus plan to respond to the pandemic. Through June 30, 2020, the Company originated 2,919 PPP loans with total balances of $237.0 million, of which $217.0 million was issued to qualifying small businesses in Maine, representing approximately 10% of the PPP loans originated in Maine, according to SBA data. At June 30, 2020, outstanding PPP loan balances were $225.8 million.
|
•
|
Diluted EPS for the three and six months ended June 30, 2020, was $0.73 and $1.62, respectively, compared to $0.85 and $1.76 for the same periods last year, respectively;
|
•
|
Pre-tax, pre-provision earnings (non-GAAP) for the three and six months ended June 30, 2020, increased 31% and 16% over the same periods last year, respectively;
|
•
|
Return on average assets for the three and six months ended June 30, 2020, was 0.90% and 1.05%, respectively, compared to 1.21% and 1.27% for the same periods last year, respectively; and
|
•
|
Return on average equity for the three and six months ended June 30, 2020, was 8.81% and 10.03%, respectively, compared to 11.63% and 12.36% for the same periods last year, respectively.
|
•
|
Non-performing assets were 0.23% of total assets at June 30, 2020, compared to 0.23% and 0.25% at March 31, 2020 and December 31, 2019, respectively.
|
•
|
Past due loans were 0.19% of total loans at June 30, 2020, compared to 0.24% and 0.17% at March 31, 2020 and December 31, 2019, respectively.
|
•
|
Net charge-offs (annualized) for the second quarter of 2020 were 0.05% of average loans, compared to 0.05% for the first quarter of 2020 and 0.09% for the fourth quarter of 2019.
|
•
|
Interest income on a fully-taxable equivalent basis. Interest income on a fully-taxable equivalent basis for the second quarter decreased $3.2 million, or 8%, to $39.5 million, compared to the second quarter of 2019. Our interest-earning asset yield decreased 0.65% between periods to 3.53% for the second quarter of 2020, as loan yields decreased 0.71% between periods, which was reflective of the change in interest rate environment. The average 10-year U.S. Treasury interest rate for the second quarter of 2020 was 0.69%, compared to 2.34% for the second quarter of 2019. The growth in average interest-earning assets partially offset the decrease in asset yield between periods. Average loans grew $255.0 million, or 8%, between periods to $3.3 billion for the second quarter of 2020, and was primarily driven by SBA PPP loans funded in the second quarter of 2020 in response to the COVID-19 pandemic. For the second quarter of 2020, average SBA PPP loans were $178.1 million, for which we recognized $1.7 million of interest income.
|
•
|
Interest expense. Interest expense for the second quarter of 2020 decreased $6.2 million, or 57%, to $4.6 million, compared to the second quarter of 2019. Cost of funds for the second quarter of 2020 decreased 0.69% between periods to 0.44% for the second quarter of 2020 driven by: (i) a decrease in deposit costs of 0.51% between periods to 0.35% for the second quarter of 2020; (ii) a decrease in borrowing costs of 1.36% between periods to 0.98% for the second quarter of 2020; and (iii) a shift in funding mix as average deposits grew $505.0 million, or 16%, between periods to $3.7 billion for the second quarter of 2020, while average borrowings decreased $112.0 million, or 16%, between periods to $580.3 million for the second quarter of 2020. The Federal Funds rate through the second quarter of 2020 was 0.25%, compared to 2.50% for the second quarter of 2019.
|
•
|
Interest income on a fully-taxable equivalent basis. Interest income on a fully-taxable equivalent basis for the six months ended June 30, 2020 decreased $5.0 million, or 6%, to $80.0 million, compared to the same period of 2019. Our interest-earning asset yield decreased 0.48% between periods to 3.71% for the six months ended June 30, 2020, as loan yields decreased 0.55% between periods, which was reflective of the change in interest rate environment. The growth in average interest-earning assets was able to partially offset the decrease in asset yield between periods. Average loans grew $170.8 million, or 6%, between periods to $3.2 billion for the six months ended June 30, 2020, and was primarily driven by average SBA PPP loans of $89.0 million, for which we recognized $1.7 million of interest income, average residential mortgage growth of $61.6 million and commercial growth of $31.0 million.
|
•
|
Interest expense. Interest expense for the six months ended June 30, 2020 decreased $8.0 million, or 38%, to $13.0 million, compared to the same period of 2019. Cost of funds for the six months ended June 30, 2020 decreased 0.46% between periods to 0.64% for the six months ended June 30, 2020 driven by: (i) a decrease in deposit costs of 0.30% between periods to 0.52% for the six months ended June 30, 2020; (ii) a decrease in borrowing costs of 0.46% between periods to 1.38% for the six months ended June 30, 2020; and (iii) a shift in funding mix as average deposits grew $386.5 million, or 12%, between periods to $3.5 billion for the six months ended June 30, 2020, while average borrowings decreased $148.5 million, or 21%, between periods to $571.6 million for the six months ended June 30, 2020. The Federal Funds rate was cut twice in the first quarter of 2020 to 0.25%.
|
Quarterly Average Balance, Interest and Yield/Rate Analysis
|
||||||||||||||||||||||
|
|
For The Three Months Ended
|
||||||||||||||||||||
|
|
June 30, 2020
|
|
June 30, 2019
|
||||||||||||||||||
(Dollars in thousands)
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits in other banks and other interest-earning assets
|
|
$
|
168,221
|
|
|
$
|
26
|
|
|
0.06
|
%
|
|
$
|
59,901
|
|
|
$
|
355
|
|
|
2.34
|
%
|
Investments - taxable
|
|
836,885
|
|
|
5,203
|
|
|
2.49
|
%
|
|
839,714
|
|
|
5,366
|
|
|
2.56
|
%
|
||||
Investments - nontaxable(1)
|
|
124,101
|
|
|
1,049
|
|
|
3.38
|
%
|
|
90,087
|
|
|
790
|
|
|
3.51
|
%
|
||||
Loans(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
|
1,302,393
|
|
|
12,609
|
|
|
3.83
|
%
|
|
1,255,172
|
|
|
14,840
|
|
|
4.68
|
%
|
||||
Commercial(1)
|
|
404,545
|
|
|
3,868
|
|
|
3.78
|
%
|
|
389,166
|
|
|
4,639
|
|
|
4.72
|
%
|
||||
SBA PPP
|
|
178,119
|
|
|
1,706
|
|
|
3.79
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
HPFC
|
|
17,659
|
|
|
414
|
|
|
9.28
|
%
|
|
29,472
|
|
|
584
|
|
|
7.83
|
%
|
||||
Municipal(1)
|
|
19,567
|
|
|
176
|
|
|
3.62
|
%
|
|
20,117
|
|
|
179
|
|
|
3.56
|
%
|
||||
Residential real estate
|
|
1,084,931
|
|
|
11,002
|
|
|
4.06
|
%
|
|
1,032,215
|
|
|
11,200
|
|
|
4.34
|
%
|
||||
Consumer and home equity
|
|
321,019
|
|
|
3,420
|
|
|
4.29
|
%
|
|
347,141
|
|
|
4,732
|
|
|
5.47
|
%
|
||||
Total loans
|
|
3,328,233
|
|
|
33,195
|
|
|
3.97
|
%
|
|
3,073,283
|
|
|
36,174
|
|
|
4.68
|
%
|
||||
Total interest-earning assets
|
|
4,457,440
|
|
|
39,473
|
|
|
3.53
|
%
|
|
4,062,985
|
|
|
42,685
|
|
|
4.18
|
%
|
||||
Cash and due from banks
|
|
49,777
|
|
|
|
|
|
|
40,835
|
|
|
|
|
|
||||||||
Other assets
|
|
392,271
|
|
|
|
|
|
|
300,256
|
|
|
|
|
|
||||||||
Less: ALL
|
|
(27,823
|
)
|
|
|
|
|
|
(25,487
|
)
|
|
|
|
|
||||||||
Total assets
|
|
$
|
4,871,665
|
|
|
|
|
|
|
$
|
4,378,589
|
|
|
|
|
|
||||||
Liabilities & Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest checking
|
|
$
|
664,605
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
485,724
|
|
|
$
|
—
|
|
|
—
|
%
|
Interest checking
|
|
1,298,468
|
|
|
906
|
|
|
0.28
|
%
|
|
1,110,567
|
|
|
2,791
|
|
|
1.01
|
%
|
||||
Savings
|
|
518,803
|
|
|
76
|
|
|
0.06
|
%
|
|
476,104
|
|
|
104
|
|
|
0.09
|
%
|
||||
Money market
|
|
717,056
|
|
|
659
|
|
|
0.37
|
%
|
|
581,638
|
|
|
1,863
|
|
|
1.28
|
%
|
||||
Certificates of deposit
|
|
477,068
|
|
|
1,588
|
|
|
1.34
|
%
|
|
516,972
|
|
|
2,064
|
|
|
1.60
|
%
|
||||
Total deposits
|
|
3,676,000
|
|
|
3,229
|
|
|
0.35
|
%
|
|
3,171,005
|
|
|
6,822
|
|
|
0.86
|
%
|
||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Brokered deposits
|
|
234,823
|
|
|
163
|
|
|
0.28
|
%
|
|
370,448
|
|
|
2,334
|
|
|
2.53
|
%
|
||||
Customer repurchase agreements
|
|
209,302
|
|
|
291
|
|
|
0.56
|
%
|
|
246,935
|
|
|
799
|
|
|
1.30
|
%
|
||||
Subordinated debentures
|
|
59,194
|
|
|
888
|
|
|
6.03
|
%
|
|
58,985
|
|
|
823
|
|
|
5.60
|
%
|
||||
Other borrowings
|
|
76,983
|
|
|
68
|
|
|
0.35
|
%
|
|
15,940
|
|
|
86
|
|
|
2.17
|
%
|
||||
Total borrowings
|
|
580,302
|
|
|
1,410
|
|
|
0.98
|
%
|
|
692,308
|
|
|
4,042
|
|
|
2.34
|
%
|
||||
Total funding liabilities
|
|
4,256,302
|
|
|
4,639
|
|
|
0.44
|
%
|
|
3,863,313
|
|
|
10,864
|
|
|
1.13
|
%
|
||||
Other liabilities
|
|
115,914
|
|
|
|
|
|
|
59,747
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
499,449
|
|
|
|
|
|
|
455,529
|
|
|
|
|
|
||||||||
Total liabilities & shareholders' equity
|
|
$
|
4,871,665
|
|
|
|
|
|
|
$
|
4,378,589
|
|
|
|
|
|
||||||
Net interest income (fully-taxable equivalent)
|
|
|
|
34,834
|
|
|
|
|
|
|
31,821
|
|
|
|
||||||||
Less: fully-taxable equivalent adjustment
|
|
|
|
(295
|
)
|
|
|
|
|
|
(248
|
)
|
|
|
||||||||
Net interest income
|
|
|
|
$
|
34,539
|
|
|
|
|
|
|
$
|
31,573
|
|
|
|
||||||
Net interest rate spread (fully-taxable equivalent)
|
|
|
|
|
|
3.09
|
%
|
|
|
|
|
|
3.05
|
%
|
||||||||
Net interest margin (fully-taxable equivalent)
|
|
|
|
|
|
3.11
|
%
|
|
|
|
|
|
3.11
|
%
|
||||||||
Net interest margin (fully-taxable equivalent), excluding fair value mark accretion and collection of previously charged-off acquired loans(3)
|
|
|
|
|
|
3.07
|
%
|
|
|
|
|
|
3.07
|
%
|
(1)
|
Reported on tax-equivalent basis calculated using a 21% tax rate, including certain commercial loans.
|
(2)
|
Non-accrual loans and loans held for sale are included in total average loans.
|
(3)
|
Excludes the impact of the fair value mark accretion on loans and CDs generated in purchase accounting and collection of previously charged-off acquired loans for the three months ended June 30, 2020 and 2019, totaling $403,000 and $439,000, respectively.
|
Year-To-Date Average Balance, Interest and Yield/Rate Analysis
|
||||||||||||||||||||||
|
|
For The Six Months Ended
|
||||||||||||||||||||
|
|
June 30, 2020
|
|
June 30, 2019
|
||||||||||||||||||
(Dollars in thousands)
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits in other banks and other interest-earning assets
|
|
$
|
117,201
|
|
|
$
|
233
|
|
|
0.39
|
%
|
|
$
|
48,301
|
|
|
$
|
552
|
|
|
2.27
|
%
|
Investments - taxable
|
|
822,963
|
|
|
10,377
|
|
|
2.52
|
%
|
|
845,583
|
|
|
10,814
|
|
|
2.56
|
%
|
||||
Investments - nontaxable(1)
|
|
120,819
|
|
|
2,044
|
|
|
3.38
|
%
|
|
92,386
|
|
|
1,606
|
|
|
3.48
|
%
|
||||
Loans(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
|
1,287,965
|
|
|
26,255
|
|
|
4.03
|
%
|
|
1,268,264
|
|
|
30,006
|
|
|
4.71
|
%
|
||||
Commercial(1)
|
|
410,563
|
|
|
8,302
|
|
|
4.00
|
%
|
|
379,552
|
|
|
8,983
|
|
|
4.71
|
%
|
||||
SBA PPP
|
|
89,033
|
|
|
1,706
|
|
|
3.79
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
HPFC
|
|
18,997
|
|
|
817
|
|
|
8.50
|
%
|
|
30,814
|
|
|
1,220
|
|
|
7.87
|
%
|
||||
Municipal(1)
|
|
18,279
|
|
|
331
|
|
|
3.64
|
%
|
|
17,738
|
|
|
315
|
|
|
3.58
|
%
|
||||
Residential real estate
|
|
1,081,884
|
|
|
22,294
|
|
|
4.12
|
%
|
|
1,020,316
|
|
|
22,038
|
|
|
4.32
|
%
|
||||
Consumer and home equity
|
|
327,895
|
|
|
7,606
|
|
|
4.66
|
%
|
|
347,097
|
|
|
9,403
|
|
|
5.46
|
%
|
||||
Total loans
|
|
3,234,616
|
|
|
67,311
|
|
|
4.14
|
%
|
|
3,063,781
|
|
|
71,965
|
|
|
4.69
|
%
|
||||
Total interest-earning assets
|
|
4,295,599
|
|
|
79,965
|
|
|
3.71
|
%
|
|
4,050,051
|
|
|
84,937
|
|
|
4.19
|
%
|
||||
Cash and due from banks
|
|
46,323
|
|
|
|
|
|
|
40,600
|
|
|
|
|
|
||||||||
Other assets
|
|
364,544
|
|
|
|
|
|
|
293,114
|
|
|
|
|
|
||||||||
Less: ALL
|
|
(26,537
|
)
|
|
|
|
|
|
(25,135
|
)
|
|
|
|
|
||||||||
Total assets
|
|
$
|
4,679,929
|
|
|
|
|
|
|
$
|
4,358,630
|
|
|
|
|
|
||||||
Liabilities & Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest checking
|
|
$
|
597,053
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
488,040
|
|
|
$
|
—
|
|
|
—
|
%
|
Interest checking
|
|
1,222,626
|
|
|
2,893
|
|
|
0.48
|
%
|
|
1,098,003
|
|
|
5,411
|
|
|
0.99
|
%
|
||||
Savings
|
|
497,826
|
|
|
162
|
|
|
0.07
|
%
|
|
480,849
|
|
|
199
|
|
|
0.08
|
%
|
||||
Money market
|
|
683,720
|
|
|
2,245
|
|
|
0.66
|
%
|
|
582,158
|
|
|
3,603
|
|
|
1.25
|
%
|
||||
Certificates of deposit
|
|
514,573
|
|
|
3,796
|
|
|
1.48
|
%
|
|
480,244
|
|
|
3,529
|
|
|
1.48
|
%
|
||||
Total deposits
|
|
3,515,798
|
|
|
9,096
|
|
|
0.52
|
%
|
|
3,129,294
|
|
|
12,742
|
|
|
0.82
|
%
|
||||
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Brokered deposits
|
|
221,454
|
|
|
958
|
|
|
0.87
|
%
|
|
388,045
|
|
|
4,837
|
|
|
2.51
|
%
|
||||
Customer repurchase agreements
|
|
222,827
|
|
|
925
|
|
|
0.83
|
%
|
|
242,740
|
|
|
1,528
|
|
|
1.27
|
%
|
||||
Subordinated debentures
|
|
59,157
|
|
|
1,775
|
|
|
6.03
|
%
|
|
58,996
|
|
|
1,540
|
|
|
5.26
|
%
|
||||
Other borrowings
|
|
68,120
|
|
|
272
|
|
|
0.80
|
%
|
|
30,237
|
|
|
331
|
|
|
2.21
|
%
|
||||
Total borrowings
|
|
571,558
|
|
|
3,930
|
|
|
1.38
|
%
|
|
720,018
|
|
|
8,236
|
|
|
2.31
|
%
|
||||
Total funding liabilities
|
|
4,087,356
|
|
|
13,026
|
|
|
0.64
|
%
|
|
3,849,312
|
|
|
20,978
|
|
|
1.10
|
%
|
||||
Other liabilities
|
|
102,762
|
|
|
|
|
|
|
61,000
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
489,811
|
|
|
|
|
|
|
448,318
|
|
|
|
|
|
||||||||
Total liabilities & shareholders' equity
|
|
$
|
4,679,929
|
|
|
|
|
|
|
$
|
4,358,630
|
|
|
|
|
|
||||||
Net interest income (fully-taxable equivalent)
|
|
|
|
66,939
|
|
|
|
|
|
|
63,959
|
|
|
|
||||||||
Less: fully-taxable equivalent adjustment
|
|
|
|
(574
|
)
|
|
|
|
|
|
(491
|
)
|
|
|
||||||||
Net interest income
|
|
|
|
$
|
66,365
|
|
|
|
|
|
|
$
|
63,468
|
|
|
|
||||||
Net interest rate spread (fully-taxable equivalent)
|
|
|
|
|
|
3.07
|
%
|
|
|
|
|
|
3.09
|
%
|
||||||||
Net interest margin (fully-taxable equivalent)
|
|
|
|
|
|
3.10
|
%
|
|
|
|
|
|
3.14
|
%
|
||||||||
Net interest margin (fully-taxable equivalent), excluding fair value mark accretion and collection of previously charged-off acquired loans(3)
|
|
|
|
|
|
3.06
|
%
|
|
|
|
|
|
3.10
|
%
|
(1)
|
Reported on tax-equivalent basis calculated using a 21% tax rate, including certain commercial loans.
|
(2)
|
Non-accrual loans and loans held for sale are included in total average loans.
|
(3)
|
Excludes the impact of the fair value mark accretion on loans and CDs generated in purchase accounting and collection of previously charged-off acquired loans for the six months ended June 30, 2020 and 2019, totaling $687,000 and $829,000, respectively.
|
|
|
For The Three Months Ended
June 30, 2020 vs. June 30, 2019
|
|
For The Six Months Ended
June 30, 2020 vs. June 30, 2019
|
||||||||||||||||||||
|
|
Increase (Decrease) Due to:
|
|
Net Increase (Decrease)
|
|
Increase (Decrease) Due to:
|
|
Net Increase (Decrease)
|
||||||||||||||||
(In thousands)
|
|
Volume
|
|
Rate
|
|
|
Volume
|
|
Rate
|
|
||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing deposits in other banks and other interest-earning assets
|
|
$
|
634
|
|
|
$
|
(963
|
)
|
|
$
|
(329
|
)
|
|
$
|
782
|
|
|
$
|
(1,101
|
)
|
|
$
|
(319
|
)
|
Investments – taxable
|
|
(18
|
)
|
|
(145
|
)
|
|
(163
|
)
|
|
(290
|
)
|
|
(147
|
)
|
|
(437
|
)
|
||||||
Investments – nontaxable
|
|
298
|
|
|
(39
|
)
|
|
259
|
|
|
495
|
|
|
(57
|
)
|
|
438
|
|
||||||
Commercial real estate
|
|
559
|
|
|
(2,790
|
)
|
|
(2,231
|
)
|
|
467
|
|
|
(4,218
|
)
|
|
(3,751
|
)
|
||||||
Commercial
|
|
125
|
|
|
(896
|
)
|
|
(771
|
)
|
|
734
|
|
|
(1,415
|
)
|
|
(681
|
)
|
||||||
SBA PPP
|
|
1,706
|
|
|
—
|
|
|
1,706
|
|
|
1,706
|
|
|
—
|
|
|
1,706
|
|
||||||
HPFC
|
|
(234
|
)
|
|
64
|
|
|
(170
|
)
|
|
(468
|
)
|
|
65
|
|
|
(403
|
)
|
||||||
Municipal
|
|
(5
|
)
|
|
2
|
|
|
(3
|
)
|
|
10
|
|
|
6
|
|
|
16
|
|
||||||
Residential real estate
|
|
572
|
|
|
(770
|
)
|
|
(198
|
)
|
|
1,330
|
|
|
(1,074
|
)
|
|
256
|
|
||||||
Consumer and home equity
|
|
(356
|
)
|
|
(956
|
)
|
|
(1,312
|
)
|
|
(520
|
)
|
|
(1,277
|
)
|
|
(1,797
|
)
|
||||||
Total interest income (fully-taxable equivalent)
|
|
3,281
|
|
|
(6,493
|
)
|
|
(3,212
|
)
|
|
4,246
|
|
|
(9,218
|
)
|
|
(4,972
|
)
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest checking
|
|
473
|
|
|
(2,358
|
)
|
|
(1,885
|
)
|
|
612
|
|
|
(3,130
|
)
|
|
(2,518
|
)
|
||||||
Savings
|
|
10
|
|
|
(38
|
)
|
|
(28
|
)
|
|
7
|
|
|
(44
|
)
|
|
(37
|
)
|
||||||
Money market
|
|
432
|
|
|
(1,636
|
)
|
|
(1,204
|
)
|
|
630
|
|
|
(1,988
|
)
|
|
(1,358
|
)
|
||||||
Certificates of deposit
|
|
(159
|
)
|
|
(317
|
)
|
|
(476
|
)
|
|
252
|
|
|
15
|
|
|
267
|
|
||||||
Brokered deposits
|
|
(855
|
)
|
|
(1,316
|
)
|
|
(2,171
|
)
|
|
(2,074
|
)
|
|
(1,805
|
)
|
|
(3,879
|
)
|
||||||
Customer repurchase agreements
|
|
(122
|
)
|
|
(386
|
)
|
|
(508
|
)
|
|
(125
|
)
|
|
(478
|
)
|
|
(603
|
)
|
||||||
Subordinated debentures
|
|
3
|
|
|
62
|
|
|
65
|
|
|
4
|
|
|
231
|
|
|
235
|
|
||||||
Other borrowings
|
|
330
|
|
|
(348
|
)
|
|
(18
|
)
|
|
415
|
|
|
(474
|
)
|
|
(59
|
)
|
||||||
Total interest expense
|
|
112
|
|
|
(6,337
|
)
|
|
(6,225
|
)
|
|
(279
|
)
|
|
(7,673
|
)
|
|
(7,952
|
)
|
||||||
Net interest income (fully-taxable equivalent)
|
|
$
|
3,169
|
|
|
$
|
(156
|
)
|
|
$
|
3,013
|
|
|
$
|
4,525
|
|
|
$
|
(1,545
|
)
|
|
$
|
2,980
|
|
|
Three Months Ended
June 30, |
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||||||||
(Dollars in thousands)
|
2020
|
|
2019
|
|
$
|
|
%
|
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||||||||||
Mortgage banking income, net(1)
|
$
|
4,691
|
|
|
$
|
1,742
|
|
|
2,949
|
|
|
169
|
%
|
|
$
|
8,225
|
|
|
$
|
2,994
|
|
|
$
|
5,231
|
|
|
175
|
%
|
|
Debit card income
|
2,391
|
|
|
2,281
|
|
|
110
|
|
|
5
|
%
|
|
4,532
|
|
|
4,291
|
|
|
241
|
|
|
6
|
%
|
||||||
Service charges on deposit accounts(2)
|
1,337
|
|
|
2,209
|
|
|
(872
|
)
|
|
(39
|
)%
|
|
3,349
|
|
|
4,232
|
|
|
(883
|
)
|
|
(21
|
)%
|
||||||
Income from fiduciary services
|
1,603
|
|
|
1,545
|
|
|
58
|
|
|
4
|
%
|
|
3,105
|
|
|
2,937
|
|
|
168
|
|
|
6
|
%
|
||||||
Bank-owned life insurance
|
614
|
|
|
603
|
|
|
11
|
|
|
2
|
%
|
|
1,303
|
|
|
1,197
|
|
|
106
|
|
|
9
|
%
|
||||||
Brokerage and insurance commissions
|
622
|
|
|
732
|
|
|
(110
|
)
|
|
(15
|
)%
|
|
1,279
|
|
|
1,317
|
|
|
(38
|
)
|
|
(3
|
)%
|
||||||
Customer loan swap fees(3)
|
57
|
|
|
285
|
|
|
(228
|
)
|
|
(80
|
)%
|
|
171
|
|
|
810
|
|
|
(639
|
)
|
|
(79
|
)%
|
||||||
Net gain on sale of securities
|
—
|
|
|
27
|
|
|
(27
|
)
|
|
(100
|
)%
|
|
—
|
|
|
27
|
|
|
(27
|
)
|
|
(100
|
)%
|
||||||
Other income
|
745
|
|
|
613
|
|
|
132
|
|
|
22
|
%
|
|
1,499
|
|
|
1,621
|
|
|
(122
|
)
|
|
(8
|
)%
|
||||||
Total non-interest income
|
$
|
12,060
|
|
|
$
|
10,037
|
|
|
$
|
2,023
|
|
|
20
|
%
|
|
$
|
23,463
|
|
|
$
|
19,426
|
|
|
$
|
4,037
|
|
|
21
|
%
|
Non-interest income as a percentage of total revenues
|
26
|
%
|
|
24
|
%
|
|
|
|
|
|
26
|
%
|
|
23
|
%
|
|
|
|
|
(3)
|
Customer loan swap fees: The decrease for the three and six months ended June 30, 2020, compared to the same periods of 2019, was driven by a change in appetite by the Company for this loan product and structure as interest rates have decreased significantly to historically low levels.
|
|
|
Three Months Ended
June 30, |
|
Change
|
|
Six Months Ended
June 30, |
|
Change
|
||||||||||||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
$
|
|
%
|
|
2020
|
|
2019
|
|
$
|
|
%
|
||||||||||||||
Salaries and employee benefits(1)
|
|
$
|
13,627
|
|
|
$
|
13,461
|
|
|
$
|
166
|
|
|
1
|
%
|
|
$
|
27,954
|
|
|
$
|
26,439
|
|
|
$
|
1,515
|
|
|
6
|
%
|
Furniture, equipment and data processing
|
|
2,710
|
|
|
2,723
|
|
|
(13
|
)
|
|
—
|
%
|
|
5,500
|
|
|
5,403
|
|
|
97
|
|
|
2
|
%
|
||||||
Net occupancy costs
|
|
1,997
|
|
|
1,639
|
|
|
358
|
|
|
22
|
%
|
|
4,000
|
|
|
3,553
|
|
|
447
|
|
|
13
|
%
|
||||||
Consulting and professional fees
|
|
1,181
|
|
|
974
|
|
|
207
|
|
|
21
|
%
|
|
1,964
|
|
|
1,787
|
|
|
177
|
|
|
10
|
%
|
||||||
Debit card expense
|
|
878
|
|
|
883
|
|
|
(5
|
)
|
|
(1
|
)%
|
|
1,812
|
|
|
1,706
|
|
|
106
|
|
|
6
|
%
|
||||||
Regulatory assessments(2)
|
|
299
|
|
|
437
|
|
|
(138
|
)
|
|
(32
|
)%
|
|
461
|
|
|
909
|
|
|
(448
|
)
|
|
(49
|
)%
|
||||||
Amortization of core deposit intangible assets
|
|
171
|
|
|
176
|
|
|
(5
|
)
|
|
(3
|
)%
|
|
341
|
|
|
352
|
|
|
(11
|
)
|
|
(3
|
)%
|
||||||
Other real estate owned and collection costs, net(3)
|
|
98
|
|
|
409
|
|
|
(311
|
)
|
|
(76
|
)%
|
|
199
|
|
|
102
|
|
|
97
|
|
|
95
|
%
|
||||||
Other expenses(4)
|
|
2,548
|
|
|
3,256
|
|
|
(708
|
)
|
|
(22
|
)%
|
|
5,839
|
|
|
6,490
|
|
|
(651
|
)
|
|
(10
|
)%
|
||||||
Total non-interest expense
|
|
$
|
23,509
|
|
|
$
|
23,958
|
|
|
$
|
(449
|
)
|
|
(2
|
)%
|
|
$
|
48,070
|
|
|
$
|
46,741
|
|
|
$
|
1,329
|
|
|
3
|
%
|
GAAP efficiency ratio
|
|
50.45
|
%
|
|
57.58
|
%
|
|
|
|
|
|
53.51
|
%
|
|
56.39
|
%
|
|
|
|
|
||||||||||
Non-GAAP efficiency ratio
|
|
50.13
|
%
|
|
57.27
|
%
|
|
|
|
|
|
53.17
|
%
|
|
56.07
|
%
|
|
|
|
|
(1)
|
Salaries and employee benefits: The increase for the six months ended June 30, 2020, compared to the same period of 2019, was driven by annual merit cycle, an increase in wages of $219,000 in the second quarter of 2020 for those employees that continued to service our customers as an essential business during the COVID-19 pandemic, an increase in the number of employees and an 8% increase in health insurance-related costs. The increases were partially offset by lower performance-based incentive accruals for the six months ended June 30, 2020, compared to the same period of 2019.
|
(2)
|
Regulatory assessments: The decrease for the three and six months ended June 30, 2020 compared to the same periods last year, was driven by the receipt of a Small Bank Assessment Credit from the FDIC, as the FDIC Deposit Insurance Fund ("DIF") reserve ratio exceeded its regulatory limit for the prior assessment periods. As of June 30, 2020, the Company has no remaining Small Bank Assessment Credits, and anticipates its regulatory assessment costs will revert back to historical levels.
|
(4)
|
Other expenses: The decrease for the three and six months ended June 30, 2020, compared to the same periods of 2019, was driven by (i) lower employee-related costs, including hiring, training and travel, as employees transitioned to remote working in the second quarter of 2020; and (ii) marketing costs as programs were put on hold in the second quarter of 2020 as we prioritized our response to the COVID-19 pandemic, including the health and safety of our employee and customers. Second quarter 2020 employee-related costs were $392,000 lower than the second quarter of 2019, and $457,000 lower for the six months ended June 30, 2020, compared to the same period of 2019. Second quarter 2020 market costs were $210,000 lower than the second quarter of 2019, and $131,000 lower for the six months ended June 30, 2020, compared to the same period of 2019.
|
•
|
The purchase of $206.5 million of investments in the first six months of 2020 with a weighted-average life of 5.0 years;
|
•
|
A net increase in the fair value of the AFS debt securities portfolio of $33.2 million driven by the change in general market conditions, specifically a decrease in long-term interest rates at June 30, 2020, compared to December 31, 2019;
|
•
|
Partially offset by paydowns and calls of $108.4 million.
|
|
|
|
|
|
|
Change
|
|||||||||
(Dollars in thousands)
|
|
June 30,
2020 |
|
December 31,
2019 |
|
($)
|
|
(%)
|
|||||||
Commercial real estate
|
|
$
|
1,310,985
|
|
|
$
|
1,243,397
|
|
|
$
|
67,588
|
|
|
5
|
%
|
Commercial
|
|
411,225
|
|
|
421,108
|
|
|
(9,883
|
)
|
|
(2
|
)%
|
|||
SBA PPP
|
|
218,803
|
|
|
—
|
|
|
218,803
|
|
|
N.M.
|
|
|||
HPFC
|
|
16,961
|
|
|
21,593
|
|
|
(4,632
|
)
|
|
(21
|
)%
|
|||
Residential real estate
|
|
1,054,333
|
|
|
1,070,374
|
|
|
(16,041
|
)
|
|
(1
|
)%
|
|||
Consumer and home equity
|
|
313,734
|
|
|
338,551
|
|
|
(24,817
|
)
|
|
(7
|
)%
|
|||
Total loans
|
|
$
|
3,326,041
|
|
|
$
|
3,095,023
|
|
|
$
|
231,018
|
|
|
7
|
%
|
Commercial Loan Portfolio
|
|
$
|
1,957,974
|
|
|
$
|
1,686,098
|
|
|
$
|
271,876
|
|
|
16
|
%
|
Retail Loan Portfolio
|
|
$
|
1,368,067
|
|
|
$
|
1,408,925
|
|
|
$
|
(40,858
|
)
|
|
(3
|
)%
|
Commercial Portfolio Mix
|
|
59
|
%
|
|
54
|
%
|
|
|
|
|
|||||
Retail Portfolio Mix
|
|
41
|
%
|
|
46
|
%
|
|
|
|
|
(Dollars in thousands)
|
|
June 30,
2020
|
|
December 31,
2019
|
||||
Non-accrual loans:
|
|
|
|
|
|
|
||
Commercial real estate
|
|
$
|
432
|
|
|
$
|
1,122
|
|
Commercial
|
|
699
|
|
|
420
|
|
||
SBA PPP
|
|
—
|
|
|
—
|
|
||
HPFC
|
|
392
|
|
|
364
|
|
||
Residential real estate
|
|
4,664
|
|
|
4,096
|
|
||
Consumer and home equity
|
|
2,371
|
|
|
2,154
|
|
||
Total non-accrual loans
|
|
8,558
|
|
|
8,156
|
|
||
Accruing loans past due 90 days
|
|
—
|
|
|
—
|
|
||
Accruing TDRs not included above
|
|
2,874
|
|
|
2,993
|
|
||
Total non-performing loans
|
|
11,432
|
|
|
11,149
|
|
||
Other real estate owned
|
|
118
|
|
|
94
|
|
||
Total non-performing assets
|
|
$
|
11,550
|
|
|
$
|
11,243
|
|
Non-accrual loans to total loans
|
|
0.26
|
%
|
|
0.26
|
%
|
||
Non-performing loans to total loans
|
|
0.34
|
%
|
|
0.36
|
%
|
||
ALL to non-performing loans
|
|
310.87
|
%
|
|
225.77
|
%
|
||
Non-performing assets to total assets
|
|
0.23
|
%
|
|
0.25
|
%
|
||
ALL to non-performing assets
|
|
307.70
|
%
|
|
223.88
|
%
|
(Dollars in thousands)
|
|
June 30,
2020
|
|
December 31,
2019
|
||||
Accruing loans 30-89 days past due:
|
|
|
|
|
|
|
||
Commercial real estate
|
|
$
|
1,625
|
|
|
$
|
1,582
|
|
Commercial
|
|
95
|
|
|
548
|
|
||
SBA PPP
|
|
—
|
|
|
—
|
|
||
HPFC
|
|
128
|
|
|
243
|
|
||
Residential real estate
|
|
4,016
|
|
|
2,227
|
|
||
Consumer and home equity
|
|
388
|
|
|
750
|
|
||
Total
|
|
$
|
6,252
|
|
|
$
|
5,350
|
|
Accruing loans 30-89 days past due to total loans
|
|
0.19
|
%
|
|
0.17
|
%
|
|
|
At or For The
Three Months Ended June 30, |
|
At or For The
Six Months Ended June 30, |
|
At or For The
Year Ended
December 31, 2019
|
||||||||||||||
(Dollars in thousands)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|||||||||||
ALL at the beginning of the period
|
|
$
|
26,521
|
|
|
$
|
25,201
|
|
|
$
|
25,171
|
|
|
$
|
24,712
|
|
|
$
|
24,712
|
|
Provision for loan losses
|
|
9,400
|
|
|
1,175
|
|
|
11,172
|
|
|
1,925
|
|
|
2,862
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
|
21
|
|
|
—
|
|
|
71
|
|
|
65
|
|
|
300
|
|
|||||
Commercial
|
|
420
|
|
|
217
|
|
|
673
|
|
|
453
|
|
|
1,167
|
|
|||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71
|
|
|||||
Residential real estate
|
|
—
|
|
|
14
|
|
|
96
|
|
|
25
|
|
|
462
|
|
|||||
Consumer and home equity
|
|
43
|
|
|
40
|
|
|
134
|
|
|
64
|
|
|
713
|
|
|||||
Total charge-offs
|
|
484
|
|
|
271
|
|
|
974
|
|
|
607
|
|
|
2,713
|
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
|
3
|
|
|
3
|
|
|
7
|
|
|
7
|
|
|
49
|
|
|||||
Commercial
|
|
63
|
|
|
49
|
|
|
116
|
|
|
111
|
|
|
225
|
|
|||||
SBA PPP
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
HPFC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
|
21
|
|
|
2
|
|
|
23
|
|
|
4
|
|
|
16
|
|
|||||
Consumer and home equity
|
|
15
|
|
|
4
|
|
|
24
|
|
|
11
|
|
|
20
|
|
|||||
Total recoveries
|
|
102
|
|
|
58
|
|
|
170
|
|
|
133
|
|
|
310
|
|
|||||
Net charge-offs
|
|
382
|
|
|
213
|
|
|
804
|
|
|
474
|
|
|
2,403
|
|
|||||
ALL at the end of the period
|
|
$
|
35,539
|
|
|
$
|
26,163
|
|
|
$
|
35,539
|
|
|
$
|
26,163
|
|
|
$
|
25,171
|
|
Components of allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Allowance for loan losses
|
|
$
|
35,539
|
|
|
$
|
26,163
|
|
|
$
|
35,539
|
|
|
$
|
26,163
|
|
|
$
|
25,171
|
|
Liability for unfunded credit commitments
|
|
22
|
|
|
14
|
|
|
22
|
|
|
14
|
|
|
21
|
|
|||||
Balance of allowance for credit losses at end of the period
|
|
$
|
35,561
|
|
|
$
|
26,177
|
|
|
$
|
35,561
|
|
|
$
|
26,177
|
|
|
$
|
25,192
|
|
Net charge-offs (annualized) to average loans
|
|
0.05
|
%
|
|
0.03
|
%
|
|
0.05
|
%
|
|
0.03
|
%
|
|
0.08
|
%
|
|||||
Provision for loan losses (annualized) to average loans
|
|
1.13
|
%
|
|
0.15
|
%
|
|
0.46
|
%
|
|
0.13
|
%
|
|
0.09
|
%
|
|||||
ALL to total loans
|
|
1.07
|
%
|
|
0.84
|
%
|
|
1.07
|
%
|
|
0.84
|
%
|
|
0.81
|
%
|
|||||
ALL to net charge-offs (annualized)
|
|
2,325.85
|
%
|
|
3,070.77
|
%
|
|
2,210.14
|
%
|
|
2,759.81
|
%
|
|
1,047.48
|
%
|
|
|
At or For The
Three Months Ended
June 30,
|
|
At or For The
Six Months Ended
June 30,
|
|
At or For The
Year Ended
December 31,
2019
|
||||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|||||||||||
Financial Ratios
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average equity to average assets
|
|
10.25
|
%
|
|
10.40
|
%
|
|
10.47
|
%
|
|
10.29
|
%
|
|
10.43
|
%
|
|||||
Common equity ratio
|
|
10.21
|
%
|
|
10.52
|
%
|
|
10.21
|
%
|
|
10.52
|
%
|
|
10.69
|
%
|
|||||
Tangible common equity ratio(1)
|
|
8.41
|
%
|
|
8.49
|
%
|
|
8.41
|
%
|
|
8.49
|
%
|
|
8.66
|
%
|
|||||
Dividend payout ratio
|
|
45.21
|
%
|
|
35.29
|
%
|
|
40.74
|
%
|
|
34.09
|
%
|
|
33.24
|
%
|
|||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per share
|
|
$
|
33.85
|
|
|
$
|
30.26
|
|
|
$
|
33.85
|
|
|
$
|
30.26
|
|
|
$
|
31.26
|
|
Tangible book value per share(1)
|
|
27.31
|
|
|
23.88
|
|
|
27.31
|
|
|
23.88
|
|
|
24.77
|
|
|||||
Dividends declared per share
|
|
0.33
|
|
|
0.30
|
|
|
0.66
|
|
|
0.60
|
|
|
1.23
|
|
(In thousands)
|
|
Total Amount
|
|
Commitment Expires in:
|
||||||||||||||||
Off-Balance Sheet Financial Instruments
|
|
Committed
|
|
<1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
>5 Years
|
||||||||||
Commitments to extend credit
|
|
$
|
687,915
|
|
|
$
|
301,269
|
|
|
$
|
63,020
|
|
|
$
|
20,280
|
|
|
$
|
303,346
|
|
Standby letters of credit
|
|
5,046
|
|
|
2,305
|
|
|
1,719
|
|
|
—
|
|
|
1,022
|
|
|||||
Customer loan swaps - notional value
|
|
801,868
|
|
|
2,238
|
|
|
73,912
|
|
|
75,309
|
|
|
650,409
|
|
|||||
Interest rate swap on loans - notional value
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
|
—
|
|
|||||
Interest rate swaps on borrowings - notional value
|
|
100,000
|
|
|
—
|
|
|
50,000
|
|
|
—
|
|
|
50,000
|
|
|||||
Fixed-rate mortgage interest rate lock commitments - notional value
|
|
104,052
|
|
|
104,052
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Junior subordinated debt interest rate swaps - notional value
|
|
43,000
|
|
|
—
|
|
|
10,000
|
|
|
—
|
|
|
33,000
|
|
|||||
Forward delivery commitments - notional value
|
|
35,909
|
|
|
35,909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
1,877,790
|
|
|
$
|
445,773
|
|
|
$
|
198,651
|
|
|
$
|
195,589
|
|
|
$
|
1,037,777
|
|
(In thousands)
|
|
Total Amount
|
|
Payments Due per Period
|
||||||||||||||||
Contractual obligations and commitments
|
|
Committed
|
|
<1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
>5 Years
|
||||||||||
Operating leases
|
|
$
|
16,206
|
|
|
$
|
1,381
|
|
|
$
|
2,672
|
|
|
$
|
2,334
|
|
|
$
|
9,819
|
|
Finance leases
|
|
7,888
|
|
|
305
|
|
|
618
|
|
|
628
|
|
|
6,337
|
|
|||||
FHLBB advances less than 90 days
|
|
50,000
|
|
|
50,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
FHLBB advances - other
|
|
25,000
|
|
|
—
|
|
|
—
|
|
|
25,000
|
|
|
—
|
|
|||||
Retail repurchase agreements
|
|
195,998
|
|
|
195,998
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
|
44,331
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,331
|
|
|||||
Subordinated debentures
|
|
14,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,900
|
|
|||||
Other contractual obligations
|
|
1,386
|
|
|
1,386
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
355,709
|
|
|
$
|
249,070
|
|
|
$
|
3,290
|
|
|
$
|
27,962
|
|
|
$
|
75,387
|
|
|
|
Estimated Changes In
Net Interest Income |
||||
Rate Change from Year 1 — Base
|
|
June 30,
2020 |
|
June 30,
2019 |
||
Year 1
|
|
|
|
|
|
|
+200 basis points
|
|
0.28
|
%
|
|
(0.49
|
)%
|
-100 basis points
|
|
0.55
|
%
|
|
(0.47
|
)%
|
Year 2
|
|
|
|
|
||
+200 basis points
|
|
6.04
|
%
|
|
5.10
|
%
|
-100 basis points
|
|
(4.44
|
)%
|
|
(2.81
|
)%
|
Exhibit No.
|
|
Definition
|
|
||
31.1*
|
|
|
31.2*
|
|
|
32.1**
|
|
|
32.2**
|
|
|
101*
|
|
iXBRL (Inline eXtensible Business Reporting Language).
The following materials from Camden National Corporation’s Quarterly Report on Form 10-Q for the period ended June 30, 2020, formatted in iXBRL: (i) Consolidated Statements of Condition - June 30, 2020 and December 31, 2019; (ii) Consolidated Statements of Income - Three and Six Months Ended June 30, 2020 and 2019; (iii) Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2020 and 2019; (iv) Consolidated Statements of Changes in Shareholders’ Equity - Three and Six Months Ended June 30, 2020 and 2019; (v) Consolidated Statements of Cash Flows - Six Months Ended June 30, 2020 and 2019; and (vi) Notes to the Unaudited Consolidated Financial Statements.
|
104*
|
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
|
*
|
|
Filed herewith.
|
**
|
|
Furnished herewith.
|
+
|
|
Management contract or a compensatory plan or arrangement.
|
CAMDEN NATIONAL CORPORATION
|
|||
(Registrant)
|
|||
|
|||
/s/ Gregory A. Dufour
|
|
August 10, 2020
|
|
Gregory A. Dufour
|
|
Date
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Gregory A. White
|
|
August 10, 2020
|
|
Gregory A. White
|
|
Date
|
|
Chief Financial Officer and Principal Financial & Accounting Officer
|
|
|
|
|
|
|
1 Year Camden National Chart |
1 Month Camden National Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions