BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Federal Home Loan Bank Borrowings

Advances payable to the Federal Home Loan Bank as of December 31 of the years below are summarized as follows:

	2019				2018
			Weighted				Weighted
			Average				Average
	Total		Contractual		Total		Contractual
	Outstanding		Rate		Outstanding		Rate
	(Dollars in thousands)
Stated Maturity
2019	$	—	—	%	$	147,046	2.68	%
2020	104,976		1.79	%	—		—	%
2021	10,042		2.95	%	—		—	%
Subtotal	115,018		1.89	%	147,046		2.68	%
Amortizing advances	730				760
Total Federal Home Loan Bank Advances	$	115,748			$	147,806

Schedule of Long-term Borrowings

The following table summarizes long-term debt, net of debt issuances costs, as of the dates indicated:

	December 31
	2019		2018
	(Dollars in thousands)
Long term borrowings, net	$	74,906	$	—
Junior subordinated debentures
Capital Trust V	51,507		51,505
Slades Ferry Trust I	—		10,234
Central Trust I	5,258		5,258
Central Trust II	6,083		6,083
East Main Street Trust	—		3,093
Subordinated debentures	49,601		34,728
Total long-term debt	$	187,355	$	110,901

     

Information relating to Trust Preferred Securities [Table Text Block]

Information relating to these trust preferred securities is as follows:

Trust	Description of Capital Securities
Capital Trust V	$50.0 million due in 2037, interest at a variable rate of 3 month LIBOR plus 1.48% (3.37% at December 31, 2019),which, effective on January 17, 2017, has been converted to a fixed rate of 2.84% through the use of an interest rate swap.
Central Trust I	$5.1 million due in 2034, bearing interest at a variable rate of 3 month LIBOR plus 2.44% (4.33% at December 31, 2019). These securities are callable quarterly, until maturity.
Central Trust II	$5.9 million due in 2037, bearing interest at a variable rate of 3 month LIBOR plus 1.65% (3.54% at December 31, 2019). These securities are callable quarterly, until maturity.

Schedule of Maturities of Borrowings

The following table sets forth the contractual maturities of long-term debt over the next five years:

	2020		2021		2022		2023		2024		Thereafter		Total
	(Dollars in thousands)
Long term borrowings	$	—	$	—	$	75,000	$	—	$	—	$	—	$	75,000
Junior subordinated debentures
Capital trust V	—		—		—		—		—		51,547		51,547
Central trust I	—		—		—		—		—		5,258		5,258
Central trust II	—		—		—		—		—		6,083		6,083
Subordinated debentures	—		—		—		—		—		50,000		50,000
Total (1)	$	—	$	—	$	75,000	$	—	$	—	$	112,888	$	187,888

(1)

Amounts in this table are presented on a gross basis, and do not include the capitalized issuance costs as presented in the Company's Consolidated Balance Sheet.