Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'WFD | ' |
Entity Registrant Name | 'WESTFIELD FINANCIAL INC | ' |
Entity Central Index Key | '0001157647 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 19,522,097 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
CASH AND DUE FROM BANKS | $12,149 | $14,112 |
FEDERAL FUNDS SOLD | 93 | 521 |
INTEREST-BEARING DEPOSITS AND OTHER SHORT-TERM INVESTMENTS | 9,128 | 5,109 |
CASH AND CASH EQUIVALENTS | 21,370 | 19,742 |
SECURITIES AVAILABLE FOR SALE - AT FAIR VALUE | 233,899 | 243,204 |
SECURITIES HELD TO MATURITY (Fair value of $283,672 and $282,555 at March 31, 2014 and December 31,2013, respectively) | 292,019 | 295,013 |
FEDERAL HOME LOAN BANK OF BOSTON AND OTHER RESTRICTED STOCK - AT COST | 15,631 | 15,631 |
LOANS - Net of allowance for loan losses of $7,567 and $7,459 at March 31, 2014 and December 31, 2013, respectively | 640,673 | 629,968 |
PREMISES AND EQUIPMENT, Net | 11,004 | 10,995 |
ACCRUED INTEREST RECEIVABLE | 4,120 | 4,201 |
BANK-OWNED LIFE INSURANCE | 47,558 | 47,179 |
DEFERRED TAX ASSET, Net | 6,697 | 6,334 |
OTHER ASSETS | 2,045 | 4,574 |
TOTAL ASSETS | 1,275,016 | 1,276,841 |
DEPOSITS : | ' | ' |
Noninterest-bearing | 130,842 | 145,040 |
Interest-bearing | 675,853 | 672,072 |
Total deposits | 806,695 | 817,112 |
SHORT-TERM BORROWINGS | 58,460 | 48,197 |
LONG-TERM DEBT | 248,568 | 248,377 |
SECURITIES PENDING SETTLEMENT | 195 | 299 |
OTHER LIABILITIES | 9,512 | 8,712 |
TOTAL LIABILITIES | 1,123,430 | 1,122,697 |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock - $.01 par value, 5,000,000 shares authorized, none outstanding at March 31, 2014 and December 31, 2013 | ' | ' |
Common stock - $.01 par value, 75,000,000 shares authorized, 19,784,743 shares issued and outstanding at March 31, 2014; 20,140,669 shares issued and outstanding at December 31, 2013 | 197 | 201 |
Additional paid-in capital | 119,233 | 121,860 |
Unearned compensation - ESOP | -7,870 | -8,003 |
Unearned compensation - Equity Incentive Plan | -162 | -187 |
Retained earnings | 43,888 | 43,248 |
Accumulated other comprehensive loss | -3,700 | -2,975 |
Total shareholders' equity | 151,586 | 154,144 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,275,016 | $1,276,841 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
SECURITIES HELD TO MATURITY, Fair value | $283,672 | $282,555 |
LOANS, allowance for loan losses | $7,567 | $7,459 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 19,784,743 | 20,140,669 |
Common stock, shares outstanding | 19,784,743 | 20,140,669 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
INTEREST AND DIVIDEND INCOME: | ' | ' |
Residential and commercial real estate loans | $5,247 | $4,995 |
Commercial and industrial loans | 1,277 | 1,241 |
Consumer loans | 33 | 35 |
Debt securities, taxable | 3,160 | 3,716 |
Debt securities, tax-exempt | 210 | 304 |
Equity securities | 36 | 37 |
Other investments - at cost | 65 | 19 |
Federal funds sold, interest-bearing deposits and other short-term investments | 6 | 2 |
Total interest and dividend income | 10,034 | 10,349 |
INTEREST EXPENSE: | ' | ' |
Deposits | 1,291 | 1,387 |
Long-term debt | 1,011 | 1,258 |
Short-term borrowings | 77 | 34 |
Total interest expense | 2,379 | 2,679 |
Net interest and dividend income | 7,655 | 7,670 |
Provision (credit) for loan losses | 100 | -235 |
Net interest and dividend income after provision (credit) for loan losses | 7,555 | 7,905 |
NONINTEREST INCOME (LOSS): | ' | ' |
Service charges and fees | 670 | 572 |
Income from bank-owned life insurance | 379 | 385 |
Loss on prepayment of borrowings | ' | -1,426 |
Gain on sales of securities, net | 29 | 1,427 |
Total noninterest income | 1,078 | 958 |
NONINTEREST EXPENSE: | ' | ' |
Salaries and employees benefits | 3,778 | 3,808 |
Occupancy | 761 | 705 |
Computer operations | 515 | 526 |
Professional fees | 512 | 510 |
Other real estate owned expense | ' | 22 |
FDIC insurance assessment | 165 | 161 |
Other | 803 | 783 |
Total noninterest expense | 6,534 | 6,515 |
INCOME BEFORE INCOME TAXES | 2,099 | 2,348 |
INCOME TAX PROVISION | 451 | 566 |
NET INCOME | $1,648 | $1,782 |
EARNINGS PER COMMON SHARE: | ' | ' |
Basic earnings per share | $0.09 | $0.08 |
Weighted average shares outstanding | 18,812,795 | 21,102,021 |
Diluted earnings per share | $0.09 | $0.08 |
Weighted average diluted shares outstanding | 18,812,795 | 21,102,075 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net income | $1,648 | $1,782 | ||
Unrealized (loss) gains on securities: | ' | ' | ||
Unrealized holding (loss) gains on available for sale securities | 1,277 | -4,418 | ||
Reclassification adjustment for gains realized in income | -29 | -1,427 | ||
Amortization of net unrealized loss on securities transferred from available for sale to held to maturity | 12 | ' | ||
Net unrealized gain (loss) | 1,260 | -5,845 | ||
Tax effect | -434 | 2,007 | ||
Net-of-tax amount | 826 | -3,838 | ||
Derivative instruments: | ' | ' | ||
Change in fair value of derivatives used for cash flow hedges | -2,390 | ' | ||
Reclassification adjustment for loss realized in interest expense | 46 | ' | ||
Tax effect | 797 | ' | ||
Net-of-tax amount | -1,547 | ' | ||
Reclassification adjustments: | ' | ' | ||
Actuarial loss | ' | 12 | [1] | |
Transition asset | -5 | [1] | -3 | [1] |
Net adjustments pertaining to defined benefit plans | -5 | 9 | ||
Tax effect | 1 | -3 | ||
Net-of-tax amount | -4 | 6 | ||
Other comprehensive loss | -725 | -3,832 | ||
Comprehensive income (loss) | $923 | ($2,050) | ||
[1] | Amounts represent the reclassification of defined benefit plans amortization and have been recognized as a component of salaries and benefit expense. |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Unearned Compensation - ESOP | Unearned Compensation - Equity Incentive Plan | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | |||||||
BEGINNING BALANCE at Dec. 31, 2012 | $189,187 | $228 | $144,718 | ($8,553) | ($265) | $42,364 | $10,695 |
BEGINNING BALANCE (in shares) at Dec. 31, 2012 | ' | 22,843,722 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | -2,050 | ' | ' | ' | ' | 1,782 | -3,832 |
Common stock held by ESOP committed to be released (81,803 shares in 2013 and 79,345 shares in 2014) | 151 | ' | 14 | 137 | ' | ' | ' |
Share-based compensation - stock options | 13 | ' | 13 | ' | ' | ' | ' |
Share-based compensation - equity incentive plan | 25 | ' | ' | ' | 25 | ' | ' |
Excess tax benefit from equity incentive plan | 1 | ' | 1 | ' | ' | ' | ' |
Common stock repurchased (in shares) | ' | -941,080 | ' | ' | ' | ' | ' |
Common stock repurchased | -7,078 | -9 | -7,069 | ' | ' | ' | ' |
Cash dividends declared ($0.06 per share in 2014 and $0.06 per share in 2013) | -1,269 | ' | ' | ' | ' | -1,269 | ' |
ENDING BALANCE at Mar. 31, 2013 | 178,980 | 219 | 137,677 | -8,416 | -240 | 42,877 | 6,863 |
ENDING BALANCE (in shares) at Mar. 31, 2013 | ' | 21,902,642 | ' | ' | ' | ' | ' |
BEGINNING BALANCE at Dec. 31, 2013 | 154,144 | 201 | 121,860 | -8,003 | -187 | 43,248 | -2,975 |
BEGINNING BALANCE (in shares) at Dec. 31, 2013 | ' | 20,140,669 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 923 | ' | ' | ' | ' | 1,648 | -725 |
Common stock held by ESOP committed to be released (81,803 shares in 2013 and 79,345 shares in 2014) | 146 | ' | 13 | 133 | ' | ' | ' |
Share-based compensation - equity incentive plan | 25 | ' | ' | ' | 25 | ' | ' |
Excess tax benefit from equity incentive plan | 1 | ' | 1 | ' | ' | ' | ' |
Common stock repurchased (in shares) | ' | -355,926 | ' | ' | ' | ' | ' |
Common stock repurchased | -2,645 | -4 | -2,641 | ' | ' | ' | ' |
Return of dividends issued in connection with equity incentive plan | 121 | ' | ' | ' | ' | 121 | ' |
Cash dividends declared ($0.06 per share in 2014 and $0.06 per share in 2013) | -1,129 | ' | ' | ' | ' | -1,129 | ' |
ENDING BALANCE at Mar. 31, 2014 | $151,586 | $197 | $119,233 | ($7,870) | ($162) | $43,888 | ($3,700) |
ENDING BALANCE (in shares) at Mar. 31, 2014 | ' | 19,784,743 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Common stock held by ESOP committed to be released, shares | 79,345 | 81,803 |
Cash dividends declared, per share | $0.06 | $0.06 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $1,648 | $1,782 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision (credit) for loan losses | 100 | -235 |
Depreciation and amortization of premises and equipment | 281 | 260 |
Net amortization of premiums and discounts on securities and mortgage loans | 1,045 | 1,128 |
Net amortization of premiums on modified debt | 156 | 155 |
Share-based compensation expense | 25 | 38 |
ESOP expense | 146 | 151 |
Excess tax benefits from equity incentive plan | -1 | -1 |
Net gains on sales of securities | -29 | -1,427 |
Loss on sale of other real estate owned | ' | 6 |
Loss on prepayment of borrowings | ' | 1,426 |
Deferred income tax benefit | ' | -3 |
Income from bank-owned life insurance | -379 | -385 |
Changes in assets and liabilities: | ' | ' |
Accrued interest receivable | 81 | 125 |
Other assets | 169 | 580 |
Other liabilities | 207 | -95 |
Net cash provided by operating activities | 3,449 | 3,505 |
Securities, held to maturity: | ' | ' |
Proceeds from calls, maturities, and principal collections | 2,406 | ' |
Securities, available for sale: | ' | ' |
Purchases | -12,170 | -106,632 |
Proceeds from sales | 13,003 | 77,163 |
Proceeds from calls, maturities, and principal collections | 9,323 | 29,298 |
Purchase of residential mortgages | -7,468 | -13,089 |
Loan originations and principal payments, net | -2,750 | 11,726 |
Purchase of Federal Home Loan Bank of Boston stock | ' | -1,004 |
Proceeds from redemption of Federal Home Loan Bank of Boston stock | ' | 31 |
Proceeds from sale of other real estate owned | ' | 958 |
Purchases of premises and equipment | -313 | -310 |
Proceeds from sale of premises and equipment | 23 | ' |
Net cash provided by (used in) investing activities | 2,054 | -1,859 |
FINANCING ACTIVITIES: | ' | ' |
Net (decrease) increase in deposits | -10,417 | 18,783 |
Net change in short-term borrowings | 10,263 | -14,107 |
Repayment of long-term debt | ' | -22,876 |
Proceeds from long-term debt | 35 | 32,034 |
Return of dividends issued in connection with equity incentive plan | 121 | ' |
Cash dividends paid | -1,129 | -1,269 |
Common stock repurchased | -2,749 | -6,790 |
Excess tax shortfalls benefits in connection with equity incentive plan | 1 | 1 |
Net cash (used in) provided by financing activities | -3,875 | 5,776 |
NET CHANGE IN CASH AND CASH EQUIVALENTS: | 1,628 | 7,422 |
Beginning of period | 19,742 | 11,761 |
End of period | 21,370 | 19,183 |
Supplemental cashflow information: | ' | ' |
Securities reclassified to loan portfolio | 606 | ' |
Interest paid | 2,395 | 2,695 |
Taxes paid | 41 | 53 |
Net cash due to (from) broker for common stock repurchased | $195 | ($288) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations – Westfield Financial, Inc. (“Westfield Financial,” “we” or “us”) is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank (the “Bank”), a federally chartered stock savings bank (the “Bank”). | |
The Bank’s deposits are insured to the limits specified by the Federal Deposit Insurance Corporation (“FDIC”). The Bank operates 11 branches in western Massachusetts and 1 branch in Granby, Connecticut. The Bank’s primary source of revenue is income from securities and earnings on loans to small and middle-market businesses and to residential property homeowners. | |
Elm Street Securities Corporation and WFD Securities Corporation, Massachusetts-chartered security corporations, were formed by Westfield Financial for the primary purpose of holding qualified securities. WB Real Estate Holdings, LLC, a Massachusetts-chartered limited liability company was formed for the primary purpose of holding real property acquired as security for debts previously contracted by the Bank. | |
Principles of Consolidation – The unaudited consolidated financial statements include the accounts of Westfield Financial, the Bank, Elm Street Securities Corporation, WB Real Estate Holdings, LLC and WFD Securities Corporation. All material intercompany balances and transactions have been eliminated in consolidation. | |
Estimates – The preparation of unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of income and expenses for both at the date of the unaudited consolidated financial statements. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, other-than-temporary impairment of securities, and the valuation of deferred tax assets. | |
Basis of Presentation – In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2014, and the results of operations, changes in shareholders’ equity and cash flows for the interim periods presented. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations for the year ending December 31, 2014. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission. | |
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2013, included in our Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Annual Report”). | |
Reclassifications - Amounts in the prior period financial statements are reclassified when necessary to conform to the current year presentation. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
EARNINGS PER SHARE | ' | ||||||||
2. EARNINGS PER SHARE | |||||||||
Basic earnings per share represent income available to shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by us relate solely to outstanding stock options and are determined using the treasury stock method. | |||||||||
Earnings per common share for the three months ended March 31, 2014 and 2013 have been computed based on the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share data) | |||||||||
Net income applicable to common stock | $ | 1,648 | $ | 1,782 | |||||
Average number of common shares issued | 19,933 | 22,311 | |||||||
Less: Average unallocated ESOP Shares | (1,120 | ) | (1,202 | ) | |||||
Less: Average ungranted equity incentive plan shares | - | (7 | ) | ||||||
Average number of common shares outstanding used | |||||||||
to calculate basic earnings per common share | 18,813 | 21,102 | |||||||
Effect of dilutive stock options | - | - | |||||||
Average number of common shares outstanding used | |||||||||
to calculate diluted earnings per common share | 18,813 | 21,102 | |||||||
Basic earnings per share | $ | 0.09 | $ | 0.08 | |||||
Diluted earnings per share | $ | 0.09 | $ | 0.08 | |||||
Antidilutive shares (1) | - | 1,661 | |||||||
___________________ | |||||||||
-1 | Shares outstanding but not included in the computation of earnings per share because they were anti-dilutive, meaning the exercise price of such options exceeded the market value of the Company’s common stock. At March 31, 2014, there were no stock options outstanding. |
COMPREHENSIVE_INCOMELOSS
COMPREHENSIVE INCOME/LOSS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
COMPREHENSIVE INCOME/LOSS | ' | ||||||||||||||||
3. COMPREHENSIVE INCOME/LOSS | |||||||||||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income. | |||||||||||||||||
The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net unrealized loss on securities available for sale | $ | (1,162 | ) | $ | (2,410 | ) | |||||||||||
Tax effect | 407 | 837 | |||||||||||||||
Net-of-tax amount | (755 | ) | (1,573 | ) | |||||||||||||
Net unrealized losses on securities transferred from | |||||||||||||||||
available-for-sale to held-to-maturity (1) | (1,720 | ) | (1,732 | ) | |||||||||||||
Tax effect | 595 | 599 | |||||||||||||||
Net-of-tax amount | (1,125 | ) | (1,133 | ) | |||||||||||||
Fair value of derivatives used for cash flow hedges | (589 | ) | 1,755 | ||||||||||||||
Tax effect | 200 | (597 | ) | ||||||||||||||
Net-of-tax amount | (389 | ) | 1,158 | ||||||||||||||
Unrecognized transition asset pertaining to defined benefit plan | 5 | 10 | |||||||||||||||
Unrecognized deferred loss pertaining to defined benefit plan | (2,172 | ) | (2,172 | ) | |||||||||||||
Net adjustments pertaining to defined benefit plans | (2,167 | ) | (2,162 | ) | |||||||||||||
Tax effect | 736 | 735 | |||||||||||||||
Net-of-tax amount | (1,431 | ) | (1,427 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (3,700 | ) | $ | (2,975 | ) | |||||||||||
_________________________________ | |||||||||||||||||
(1) The net unrealized loss at the date of transfer before tax was $1.5 million for all securities transferred in 2013. The gains or losses on individual securities are amortized through comprehensive income over the remaining life of the security. | |||||||||||||||||
The following table presents changes in accumulated other comprehensive (loss) income for the periods ended March 31, 2014 and 2013 by component: | |||||||||||||||||
Securities | Derivatives | Defined | Accumulated Other | ||||||||||||||
Benefit Plans | Comprehensive | ||||||||||||||||
(Loss) Income | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 13,253 | $ | - | $ | (2,558 | ) | $ | 10,695 | ||||||||
Current-period other comprehensive income (loss) | (3,838 | ) | - | 6 | (3,832 | ) | |||||||||||
Balance at March 31, 2013 | $ | 9,415 | $ | - | $ | (2,552 | ) | $ | 6,863 | ||||||||
Balance at December 31, 2013 | $ | (2,706 | ) | $ | 1,158 | $ | (1,427 | ) | $ | (2,975 | ) | ||||||
Current-period other comprehensive income (loss) | 826 | (1,547 | ) | (4 | ) | (725 | ) | ||||||||||
Balance at March 31, 2014 | $ | (1,880 | ) | $ | (389 | ) | $ | (1,431 | ) | $ | (3,700 | ) |
SECURITIES
SECURITIES | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||
SECURITIES | ' | ||||||||||||||||||||||||||||||
4. SECURITIES | |||||||||||||||||||||||||||||||
Securities available for sale and held to maturity are summarized as follows: | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 137,860 | $ | 423 | $ | (2,848 | ) | $ | 135,435 | ||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 33,806 | 168 | (135 | ) | 33,839 | ||||||||||||||||||||||||||
Corporate bonds | 28,686 | 808 | (129 | ) | 29,365 | ||||||||||||||||||||||||||
State and municipal bonds | 16,501 | 660 | - | 17,161 | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 10,713 | 23 | (242 | ) | 10,494 | ||||||||||||||||||||||||||
Mutual funds | 6,186 | 7 | (214 | ) | 5,979 | ||||||||||||||||||||||||||
Common and preferred stock | 1,309 | 317 | - | 1,626 | |||||||||||||||||||||||||||
Total available for sale securities | 235,061 | 2,406 | (3,568 | ) | 233,899 | ||||||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 174,411 | 78 | (4,533 | ) | 169,956 | ||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 39,501 | - | (1,200 | ) | 38,301 | ||||||||||||||||||||||||||
Corporate bonds | 27,350 | 73 | (354 | ) | 27,069 | ||||||||||||||||||||||||||
State and municipal bonds | 7,334 | 34 | (226 | ) | 7,142 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 43,423 | 12 | (2,231 | ) | 41,204 | ||||||||||||||||||||||||||
Total held to maturity securities | 292,019 | 197 | (8,544 | ) | 283,672 | ||||||||||||||||||||||||||
Total | $ | 527,080 | $ | 2,603 | $ | (12,112 | ) | $ | 517,571 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 135,981 | $ | 419 | $ | (4,028 | ) | $ | 132,372 | ||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 46,225 | 240 | (137 | ) | 46,328 | ||||||||||||||||||||||||||
Corporate bonds | 26,716 | 766 | (93 | ) | 27,389 | ||||||||||||||||||||||||||
State and municipal bonds | 18,240 | 659 | (2 | ) | 18,897 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 10,992 | 18 | (310 | ) | 10,700 | ||||||||||||||||||||||||||
Mutual funds | 6,150 | 8 | (239 | ) | 5,919 | ||||||||||||||||||||||||||
Common and preferred stock | 1,310 | 289 | - | 1,599 | |||||||||||||||||||||||||||
Total available for sale securities | 245,614 | 2,399 | (4,809 | ) | 243,204 | ||||||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 176,986 | - | (6,819 | ) | 170,167 | ||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 39,705 | - | (1,391 | ) | 38,314 | ||||||||||||||||||||||||||
Corporate bonds | 27,566 | 30 | (567 | ) | 27,029 | ||||||||||||||||||||||||||
State and municipal bonds | 7,351 | 5 | (345 | ) | 7,011 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 43,405 | - | (3,371 | ) | 40,034 | ||||||||||||||||||||||||||
Total held to maturity securities | 295,013 | 35 | (12,493 | ) | 282,555 | ||||||||||||||||||||||||||
Total | $ | 540,627 | $ | 2,434 | $ | (17,302 | ) | $ | 525,759 | ||||||||||||||||||||||
U.S. government-sponsored and guaranteed mortgage-backed securities are collateralized by both residential and multifamily loans. | |||||||||||||||||||||||||||||||
Our repurchase agreements and advances from the Federal Home Loan Bank of Boston (“FHLBB”) are collateralized by government-sponsored enterprise obligations and certain mortgage-backed securities (see Note 7). | |||||||||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2014, by maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers have the right to call or repay obligations. | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
Due after five years through ten years | $ | 39,206 | $ | 38,117 | $ | 45,982 | $ | 43,823 | |||||||||||||||||||||||
Due after ten years | 132,460 | 131,157 | 167,930 | 164,434 | |||||||||||||||||||||||||||
Total | $ | 171,666 | $ | 169,274 | $ | 213,912 | $ | 208,257 | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||
Due in one year or less | $ | 1,245 | $ | 1,259 | $ | - | $ | - | |||||||||||||||||||||||
Due after one year through five years | 32,406 | 33,181 | 22,987 | 22,638 | |||||||||||||||||||||||||||
Due after five years through ten years | 22,064 | 22,378 | 39,578 | 38,086 | |||||||||||||||||||||||||||
Due after ten years | 185 | 202 | 15,542 | 14,691 | |||||||||||||||||||||||||||
Total | $ | 55,900 | $ | 57,020 | $ | 78,107 | $ | 75,415 | |||||||||||||||||||||||
Gross realized gains and losses on sales of securities available for sale for the three months ended March 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Gross gains realized | $ | 193 | $ | 1,442 | |||||||||||||||||||||||||||
Gross losses realized | (164 | ) | (15 | ) | |||||||||||||||||||||||||||
Net gain realized | $ | 29 | $ | 1,427 | |||||||||||||||||||||||||||
Proceeds from the sale of securities available for sale amounted to $13.0 million and $77.2 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
The tax provision applicable to net realized gains and losses was $9,000 and $488,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at March 31, 2014, and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows: | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Less Than 12 Months | Over 12 Months | ||||||||||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | ||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 2,242 | $ | 112,966 | $ | 606 | $ | 10,131 | |||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 135 | 9,507 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 129 | 8,217 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 242 | 7,258 | - | - | |||||||||||||||||||||||||||
Mutual funds | 66 | 3,240 | 148 | 1,678 | |||||||||||||||||||||||||||
Total available for sale | 2,814 | 141,188 | 754 | 11,809 | |||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 3,730 | 124,922 | 803 | 36,289 | |||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 1,200 | 38,301 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 354 | 22,065 | - | - | |||||||||||||||||||||||||||
State and municipal bonds | 226 | 5,044 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 1,830 | 34,107 | 401 | 4,568 | |||||||||||||||||||||||||||
Total held to maturity | 7,340 | 224,439 | 1,204 | 40,857 | |||||||||||||||||||||||||||
Total | $ | 10,154 | $ | 365,627 | $ | 1,958 | $ | 52,666 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||
Less Than 12 Months | Over 12 Months | ||||||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | ||||||||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | ||||||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 3,717 | $ | 118,846 | $ | 311 | $ | 2,761 | |||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 137 | 15,045 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 93 | 4,659 | - | - | |||||||||||||||||||||||||||
State and municipal bonds | 2 | 256 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 310 | 7,189 | - | - | |||||||||||||||||||||||||||
Mutual funds | 84 | 3,205 | 155 | 1,656 | |||||||||||||||||||||||||||
Total available for sale | 4,343 | 149,200 | 466 | 4,417 | |||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 5,866 | 145,438 | 953 | 24,729 | |||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 1,391 | 38,314 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 567 | 22,059 | - | - | |||||||||||||||||||||||||||
State and municipal bonds | 345 | 5,852 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 3,330 | 38,228 | 41 | 1,806 | |||||||||||||||||||||||||||
Total held to maturity | 11,499 | 249,891 | 994 | 26,535 | |||||||||||||||||||||||||||
Total | $ | 15,842 | $ | 399,091 | $ | 1,460 | $ | 30,952 | |||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Less Than 12 Months | Over 12 Months | ||||||||||||||||||||||||||||||
Number of | AC Basis | Gross | Depreciation | Number of | AC Basis | Gross | Depreciation | ||||||||||||||||||||||||
Securities | Loss | from AC Basis | Securities | Loss | from AC Basis | ||||||||||||||||||||||||||
(%) | (%) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Government sponsored mortgage-backed securities | 56 | $ | 243,860 | $ | (5,972 | ) | 2.4 | % | 13 | $ | 47,829 | $ | (1,409 | ) | 2.9 | % | |||||||||||||||
U.S. government guaranteed mortgage-backed securities | 8 | 49,143 | (1,335 | ) | 2.7 | - | - | - | - | ||||||||||||||||||||||
Government sponsored enterprise obligations | 11 | 43,437 | (2,072 | ) | 4.8 | 1 | 4,969 | (401 | ) | 8.1 | |||||||||||||||||||||
Corporate Bonds | 13 | 30,765 | (483 | ) | 1.6 | - | - | - | - | ||||||||||||||||||||||
State and municipal bonds | 11 | 5,270 | (226 | ) | 4.3 | - | - | - | - | ||||||||||||||||||||||
Mutual funds | 1 | 3,306 | (66 | ) | 2 | 1 | 1,826 | (148 | ) | 8.1 | |||||||||||||||||||||
These unrealized losses are the result of changes in interest rates and not credit quality. Because we do not intend to sell the securities and it is more likely than not that we will not be required to sell the investments before recovery of their amortized cost basis, no declines are deemed to be other-than-temporary. |
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR LOAN LOSSES | ' | ||||||||||||||||||||||||
5. LOANS AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||
Loans consisted of the following amounts: | March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial real estate | $ | 274,131 | $ | 264,476 | |||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 202,759 | 198,686 | |||||||||||||||||||||||
Home equity | 35,890 | 35,371 | |||||||||||||||||||||||
Commercial and industrial | 133,116 | 135,555 | |||||||||||||||||||||||
Consumer | 1,495 | 2,572 | |||||||||||||||||||||||
Total Loans | 647,391 | 636,660 | |||||||||||||||||||||||
Unearned premiums and deferred loan fees and costs, net | 849 | 767 | |||||||||||||||||||||||
Allowance for loan losses | (7,567 | ) | (7,459 | ) | |||||||||||||||||||||
$ | 640,673 | $ | 629,968 | ||||||||||||||||||||||
During the three months ended March 31, 2014 and 2013, we purchased residential real estate loans aggregating $7.5 million and $13.1 million, respectively. | |||||||||||||||||||||||||
We have transferred a portion of our originated commercial real estate loans to participating lenders. The amounts transferred have been accounted for as sales and are therefore not included in our accompanying unaudited consolidated balance sheets. We share ratably with our participating lenders in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. We continue to service the loans on behalf of the participating lenders and, as such, collect cash payments from the borrowers, remit payments (net of servicing fees) to participating lenders and disburse required escrow funds to relevant parties. At March 31, 2014 and December 31, 2013, we serviced loans for participants aggregating $16.3 million and $14.3 million, respectively. | |||||||||||||||||||||||||
Loans are recorded at the principal amount outstanding, adjusted for charge-offs, unearned premiums and deferred loan fees and costs. Interest on loans is calculated using the effective yield method on daily balances of the principal amount outstanding and is credited to income on the accrual basis to the extent it is deemed collectable. Our general policy is to discontinue the accrual of interest when principal or interest payments are delinquent 90 days or more based on the contractual terms of the loan, or earlier if the loan is considered impaired. Any unpaid amounts previously accrued on these loans are reversed from income. Subsequent cash receipts are applied to the outstanding principal balance or to interest income if, in the judgment of management, collection of the principal balance is not in question. Loans are returned to accrual status when they become current as to both principal and interest and perform in accordance with contractual terms for a period of at least six months, reducing the concern as to the collectability of principal and interest. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income over the estimated average lives of the related loans. | |||||||||||||||||||||||||
The allowance for loan losses is established through provisions for loan losses charged to expense. Loans are charged-off against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated, and unallocated components, as further described below. | |||||||||||||||||||||||||
General component | |||||||||||||||||||||||||
The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate (includes one-to-four family and home equity), commercial real estate, commercial and industrial, and consumer. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: trends in delinquencies and nonperforming loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; and national and local economic trends and industry conditions. There were no changes in our policies or methodology pertaining to the general component of the allowance for loan losses during the periods presented for disclosure. | |||||||||||||||||||||||||
The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||||||||||||||||||
Residential real estate – We require private mortgage insurance for all loans originated with a loan-to-value ratio greater than 80% and we do not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Home equity loans are secured by first or second mortgages on one-to-four family owner occupied properties. | |||||||||||||||||||||||||
Commercial real estate – Loans in this segment are primarily income-producing investment properties and owner occupied commercial properties throughout New England. The underlying cash flows generated by the properties or operations can be adversely impacted by a downturn in the economy due to increased vacancy rates or diminished cash flows, which in turn, would have an effect on the credit quality in this segment. Management obtains financial information annually and continually monitors the cash flows of these loans. | |||||||||||||||||||||||||
Commercial and industrial loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Consumer loans – Loans in this segment are secured or unsecured and repayment is dependent on the credit quality of the individual borrower. | |||||||||||||||||||||||||
Allocated component | |||||||||||||||||||||||||
The allocated component relates to loans that are classified as impaired. Impaired loans are identified by analysis of loan performance, internal credit ratings and watch list loans that management believes are subject to a higher risk of loss. Impairment is measured on a loan by loan basis for commercial real estate and commercial and industrial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement. | |||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. We determine the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||||||||||||||||
Unallocated component | |||||||||||||||||||||||||
An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. | |||||||||||||||||||||||||
An analysis of changes in the allowance for loan losses by segment for the periods ended March 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||
Commercial | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,406 | $ | 1,746 | $ | 2,167 | $ | 13 | $ | 462 | $ | 7,794 | |||||||||||||
Provision (credit) | (251 | ) | 33 | (23 | ) | 2 | 4 | (235 | ) | ||||||||||||||||
Charge-offs | (20 | ) | (57 | ) | (72 | ) | (5 | ) | - | (154 | ) | ||||||||||||||
Recoveries | 154 | - | 5 | 1 | - | 160 | |||||||||||||||||||
Balance at March 31, 2013 | $ | 3,289 | $ | 1,722 | $ | 2,077 | $ | 11 | $ | 466 | $ | 7,565 | |||||||||||||
Balance at December 31, 2013 | $ | 3,549 | $ | 1,707 | $ | 2,192 | $ | 13 | $ | (2 | ) | $ | 7,459 | ||||||||||||
Provision (credit) | 140 | 119 | (172 | ) | 7 | 6 | 100 | ||||||||||||||||||
Charge-offs | - | (15 | ) | (74 | ) | (10 | ) | - | (99 | ) | |||||||||||||||
Recoveries | - | 1 | 103 | 3 | - | 107 | |||||||||||||||||||
Balance at March 31, 2014 | $ | 3,689 | $ | 1,812 | $ | 2,049 | $ | 13 | $ | 4 | $ | 7,567 | |||||||||||||
Further information pertaining to the allowance for loan losses by segment at March 31, 2014 and December 31, 2013 follows: | |||||||||||||||||||||||||
Commercial | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real | and | |||||||||||||||||||||||
Estate | Industrial | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Amount of allowance for loans individually evaluated and | $ | 9 | $ | - | $ | 10 | $ | - | $ | - | $ | 19 | |||||||||||||
deemed impaired | |||||||||||||||||||||||||
Amount of allowance for loans collectively or individually | 3,680 | 1,812 | 2,039 | 13 | 4 | 7,548 | |||||||||||||||||||
evaluated for impairment and not deemed impaired | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,689 | $ | 1,812 | $ | 2,049 | $ | 13 | $ | 4 | $ | 7,567 | |||||||||||||
Loans individually evaluated and deemed impaired | $ | 14,860 | $ | 214 | $ | 1,727 | $ | - | $ | - | $ | 16,801 | |||||||||||||
Loans collectively or individually evaluated and not | 259,271 | 238,435 | 131,389 | 1,495 | - | 630,590 | |||||||||||||||||||
deemed impaired | |||||||||||||||||||||||||
Total loans | $ | 274,131 | $ | 238,649 | $ | 133,116 | $ | 1,495 | $ | - | $ | 647,391 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amount of allowance for loans individually evaluated and | $ | 82 | $ | - | $ | 15 | $ | - | $ | - | $ | 97 | |||||||||||||
deemed impaired | |||||||||||||||||||||||||
Amount of allowance for loans collectively or individually | 3,467 | 1,707 | 2,177 | 13 | (2 | ) | 7,362 | ||||||||||||||||||
evaluated for impairment and not deemed impaired | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,549 | $ | 1,707 | $ | 2,192 | $ | 13 | $ | (2 | ) | $ | 7,459 | ||||||||||||
Loans individually evaluated and deemed impaired | 14,962 | 234 | 1,352 | - | - | 16,548 | |||||||||||||||||||
Loans collectively or individually evaluated and not | 249,514 | 233,823 | 134,203 | 2,572 | - | 620,112 | |||||||||||||||||||
deemed impaired | |||||||||||||||||||||||||
Total loans | $ | 264,476 | $ | 234,057 | $ | 135,555 | $ | 2,572 | $ | - | $ | 636,660 | |||||||||||||
The following is a summary of past due and non-accrual loans by class at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30 – 59 Days | 60 – 89 Days | Greater than | Total Past | Past Due 90 | Loans on | ||||||||||||||||||||
Past Due | Past Due | 90 Days Past | Due | Days or More | Non-Accrual | ||||||||||||||||||||
Due | and Still | ||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Commercial real estate | $ | 3,260 | $ | 145 | $ | 782 | $ | 4,187 | $ | - | $ | 1,310 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 746 | 224 | 611 | 1,581 | - | 931 | |||||||||||||||||||
Home equity | 304 | - | 22 | 326 | - | 56 | |||||||||||||||||||
Commercial and industrial | 619 | 65 | 139 | 823 | - | 798 | |||||||||||||||||||
Consumer | 4 | 15 | 1 | 20 | - | 2 | |||||||||||||||||||
Total | $ | 4,933 | $ | 449 | $ | 1,555 | $ | 6,937 | $ | - | $ | 3,097 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Commercial real estate | $ | 430 | $ | 146 | $ | 793 | $ | 1,369 | $ | - | $ | 1,449 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,004 | 325 | 311 | 1,640 | - | 712 | |||||||||||||||||||
Home equity | 217 | - | 2 | 219 | - | 38 | |||||||||||||||||||
Commercial and industrial | 516 | 780 | 140 | 1,436 | - | 386 | |||||||||||||||||||
Consumer | 25 | 16 | 1 | 42 | - | 1 | |||||||||||||||||||
Total | $ | 2,192 | $ | 1,267 | $ | 1,247 | $ | 4,706 | $ | - | $ | 2,586 | |||||||||||||
The following is a summary of impaired loans by class at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
At March 31, 2014 | 31-Mar-14 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | $ | 1,431 | $ | 1,747 | $ | - | $ | 1,440 | $ | - | |||||||||||||||
Residential real estate | 214 | 305 | - | 224 | - | ||||||||||||||||||||
Commercial and industrial | 766 | 789 | - | 576 | - | ||||||||||||||||||||
Total | 2,411 | 2,841 | - | 2,240 | - | ||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | 13,429 | 13,429 | 9 | 13,471 | 143 | ||||||||||||||||||||
Commercial and industrial | 961 | 961 | 10 | 964 | 10 | ||||||||||||||||||||
Total | 14,390 | 14,390 | 19 | 14,435 | 153 | ||||||||||||||||||||
Total impaired loans | $ | 16,801 | $ | 17,231 | $ | 19 | $ | 16,675 | $ | 153 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
At December 31, 2013 | 31-Mar-13 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | $ | 1,449 | $ | 1,756 | $ | - | $ | 1,542 | $ | - | |||||||||||||||
Residential real estate | 234 | 306 | - | 273 | - | ||||||||||||||||||||
Commercial and industrial | 385 | 487 | - | 392 | - | ||||||||||||||||||||
Total | 2,068 | 2,549 | - | 2,207 | - | ||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | 13,513 | 13,513 | 82 | 13,800 | 147 | ||||||||||||||||||||
Commercial and industrial | 967 | 967 | 15 | 988 | 11 | ||||||||||||||||||||
Total | 14,480 | 14,480 | 97 | 14,788 | 158 | ||||||||||||||||||||
Total impaired loans | $ | 16,548 | $ | 17,029 | $ | 97 | $ | 16,995 | $ | 158 | |||||||||||||||
All interest income recognized for impaired loans was recognized on the accrual basis during the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
We may periodically agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). These concessions could include a reduction in the interest rate on the loan, payment extensions, postponement or forgiveness of principal, forbearance or other actions intended to maximize collection. All TDRs are initially classified as impaired. | |||||||||||||||||||||||||
When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, or use the current fair value of the collateral, less selling costs for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment and recognize impairment through the allowance. | |||||||||||||||||||||||||
Nonperforming TDRs are shown as nonperforming assets. No loans were modified as a TDR during the three months ended March 31, 2014 and 2013. | |||||||||||||||||||||||||
A default occurs when a loan is 30 days or more past due and is within 12 months of restructuring. The following is a summary of troubled debt restructurings that have subsequently defaulted within one year of modification: | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Commercial and Industrial | 1 | $ | 44 | ||||||||||||||||||||||
Total | 1 | $ | 44 | ||||||||||||||||||||||
No TDRs defaulted during the three months ended March 31, 2014. | |||||||||||||||||||||||||
There were no charge-offs on TDRs during the three months ended March 31, 2014. There was $36,000 in charge-offs on TDRs during the three months ended March 31, 2013. | |||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||
We utilize an eight-grade internal loan rating system for commercial real estate and commercial and industrial loans. Performing residential real estate, home equity and consumer loans are grouped with “Pass” rated loans. Nonperforming residential real estate, home equity and consumer loans are monitored individually for impairment and risk rated as “Substandard.” | |||||||||||||||||||||||||
Loans rated 1 – 3 are considered “Pass” rated loans with low to average risk. | |||||||||||||||||||||||||
Loans rated 4 are considered “Pass Watch,” which represent loans to borrowers with declining earnings, losses, or strained cash flow. | |||||||||||||||||||||||||
Loans rated 5 are considered “Special Mention.” These loans exhibit potential credit weaknesses or downward trends and are being closely monitored by us. | |||||||||||||||||||||||||
Loans rated 6 are considered “Substandard.” Generally, a loan is considered substandard if the borrower exhibits a well-defined weakness that may be inadequately protected by the current net worth and cash flow capacity to pay the current debt. | |||||||||||||||||||||||||
Loans rated 7 are considered “Doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable and that a partial loss of principal is likely. | |||||||||||||||||||||||||
Loans rated 8 are considered uncollectible and of such little value that their continuance as loans is not warranted. | |||||||||||||||||||||||||
On an annual basis, or more often if needed, we formally review the ratings on all commercial real estate and commercial and industrial loans. Construction loans are reported within commercial real estate loans and total $27.7 million and $23.4 million at March 31, 2014 and December 31, 2013, respectively. We engage an independent third party to review a significant portion of loans within these segments on a semi-annual basis. We use the results of these reviews as part of our annual review process. | |||||||||||||||||||||||||
The following table presents our loans by risk rating at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Commercial | Residential | Home | Commercial | Consumer | Total | ||||||||||||||||||||
Real Estate | 1-4 Family | Equity | and Industrial | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Loans rated 1 – 3 | $ | 223,071 | $ | 201,828 | $ | 35,834 | $ | 112,975 | $ | 1,495 | $ | 575,203 | |||||||||||||
Loans rated 4 | 42,407 | - | - | 8,498 | - | 50,905 | |||||||||||||||||||
Loans rated 5 | 693 | - | - | 417 | - | 1,110 | |||||||||||||||||||
Loans rated 6 | 7,960 | 931 | 56 | 11,226 | - | 20,173 | |||||||||||||||||||
$ | 274,131 | $ | 202,759 | $ | 35,890 | $ | 133,116 | $ | 1,495 | $ | 647,391 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Loans rated 1 – 3 | $ | 213,985 | $ | 197,974 | $ | 35,333 | $ | 108,671 | $ | 2,571 | $ | 558,534 | |||||||||||||
Loans rated 4 | 41,459 | - | - | 15,722 | - | 57,181 | |||||||||||||||||||
Loans rated 5 | 1,972 | - | - | 3,509 | - | 5,481 | |||||||||||||||||||
Loans rated 6 | 7,060 | 712 | 38 | 7,653 | 1 | 15,464 | |||||||||||||||||||
$ | 264,476 | $ | 198,686 | $ | 35,371 | $ | 135,555 | $ | 2,572 | $ | 636,660 | ||||||||||||||
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||||
6. SHARE-BASED COMPENSATION | |||||||||||||||||
Under our 2007 Recognition and Retention Plan and our 2007 Stock Option Plan, we may grant up to 624,041 stock awards and 1,560,101 stock options, respectively, to our directors, officers, and employees. | |||||||||||||||||
During the third quarter of 2013, we completed a tender offer to purchase for cancellation 1,665,415 outstanding options to purchase common stock. The recipients of each eligible option tendered received a cash payment equal to the current fair valuation of the option as measured under the binomial model. The total cash paid to purchase the options was $2.1 million, which resulted in a decrease to cash and shareholders’ equity. A deferred tax asset of $566,000 was charged to shareholders’ equity as a result of the tender offer. As of December 31, 2013, 57,232 stock options that had been available for future grants were returned to the 2007 Stock Option Plan reserve and the 2002 and 2007 Stock Option Plans were frozen. | |||||||||||||||||
Stock awards are recorded as unearned compensation based on the market price at the date of grant. Unearned compensation is amortized over the vesting period. No stock awards were granted during the three months ended March 31, 2014. At March 31, 2014, no stock awards were available for future grants. | |||||||||||||||||
No stock options were granted during the three months ended March 31, 2014. | |||||||||||||||||
Our stock award and stock option plans activity for the three months ended March 31, 2014 and 2013 is summarized below: | |||||||||||||||||
Unvested Stock Awards | Stock Options | ||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||
Shares | Shares | Weighted | |||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Exercise | ||||||||||||||||
Grant Date | Price | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2013 | 25,720 | $ | 7.93 | - | - | ||||||||||||
No activity | - | - | - | - | |||||||||||||
Outstanding at March 31, 2014 | 25,720 | $ | 7.93 | - | - | ||||||||||||
Outstanding at December 31, 2012 | 33,800 | $ | 8.23 | 1,669,431 | $ | 10.02 | |||||||||||
No activity | - | - | - | - | |||||||||||||
Outstanding at March 31, 2013 | 33,800 | $ | 8.23 | 1,669,431 | $ | 10.02 | |||||||||||
We recorded compensation cost related to the stock awards of $25,000 for the three months ended March 31, 2014. |
SHORTTERM_BORROWINGS_AND_LONGT
SHORT-TERM BORROWINGS AND LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2014 | |
SHORT-TERM BORROWINGS AND LONG-TERM DEBT | ' |
7. SHORT-TERM BORROWINGS AND LONG-TERM DEBT | |
We utilize short-term borrowings and long-term debt as an additional source of funds to finance our lending and investing activities and to provide liquidity for daily operations. | |
Short-term borrowings are made up of FHLBB advances with an original maturity of less than one year as well as customer repurchase agreements, which have an original maturity of one day. Short-term borrowings issued by the FHLBB were $20.0 million at March 31, 2014 and December 31, 2013, respectively. There were no advances outstanding on the line of credit as of March 31, 2014 and December 31, 2013, respectively. Customer repurchase agreements were $38.5 million at March 31, 2014 and $28.2 million at December 31, 2013. A customer repurchase agreement is an agreement by us to sell to and repurchase from the customer an interest in specific securities issued by or guaranteed by the U.S. government. This transaction settles immediately on a same day basis in immediately available funds. Interest paid is commensurate with other products of equal interest and credit risk. All of our customer repurchase agreements at March 31, 2014 and December 31, 2013, were held by commercial customers. In addition, we have lines of credit of $4.0 million and $50.0 million with Bankers Bank Northeast (“BBN”) and PNC Bank, respectively. The interest rates on these lines are determined and reset on a daily basis by each respective bank. There were no advances outstanding under this line of credit at March 31, 2014 or December 31, 2013. As part of our contract with BBN, we are required to maintain a reserve balance of $300,000 with BBN for our use of this line of credit. | |
Long-term debt consists of FHLBB advances, securities sold under repurchase agreements and customer repurchase agreements with an original maturity of one year or more. At March 31, 2014, we had $232.9 million in long-term debt with the FHLBB and $10.0 million in securities sold under repurchase agreements with an approved broker-dealer. This compares to $232.7 million in long-term debt with FHLBB advances and $10.0 million in securities sold under repurchase agreements with an approved broker-dealer at December 31, 2013. The agreement to repurchase is callable at the issuer’s option beginning in the year 2014. Customer repurchase agreements were $5.6 million at March 31, 2014 and December 31, 2013, respectively. | |
For the three months ended March 31, 2013, we prepaid repurchase agreements in the amount $9.0 million and incurred a prepayment expense of $1.4 million. The repurchase agreements had a weighted average cost of 3.77%. The prepayments of repurchase agreements resulted in a decrease to the cost of funds and an increase to the net interest margin. There were no such prepayments on any repurchase agreements for the three months ended March 31, 2014. | |
All FHLBB advances are collateralized by a blanket lien on our owner occupied residential real estate loans and certain mortgage-backed securities. |
PENSION_BENEFITS
PENSION BENEFITS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
PENSION BENEFITS | ' | ||||||||
8. PENSION BENEFITS | |||||||||
The following table provides information regarding net pension benefit costs for the periods shown: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Service cost | $ | 250 | $ | 277 | |||||
Interest cost | 206 | 178 | |||||||
Expected return on assets | (240 | ) | (232 | ) | |||||
Transition asset | (3 | ) | (3 | ) | |||||
Actuarial loss | - | 12 | |||||||
Net periodic pension cost | $ | 213 | $ | 232 | |||||
We maintain a pension plan for our eligible employees. We plan to contribute to the pension plan the amount required to meet the minimum funding standards under Section 412 of the Internal Revenue Code of 1986, as amended. Additional contributions will be made as deemed appropriate by management in conjunction with the pension plan’s actuaries. We have not yet determined how much we expect to contribute to our pension plan in 2014. No contributions have been made to the plan for the three months ended March 31, 2014. The pension plan assets are invested in group annuity contracts with the Principal Financial Group, who also acts as our 401(k) plan provider. |
DERIVATIVES_AND_HEDGING_ACTIVI
DERIVATIVES AND HEDGING ACTIVITIES | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | ' | ||||||||||||||||||||
9. DERIVATIVES AND HEDGING ACTIVITIES | |||||||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||||||
We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our assets and liabilities and the use of derivative financial instruments. Specifically, we entered into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to certain variable rate loan assets and variable rate borrowings. | |||||||||||||||||||||
Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||
The table below presents the fair value of our derivative financial instruments designated as hedging instruments as well as our classification on the balance sheet as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
March 31, 2014 | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||||||||||
Location | Location | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 31 | Other Liabilities | $ | 620 | |||||||||||||||
Total derivatives designated as hedging instruments | $ | 31 | $ | 620 | |||||||||||||||||
December 31, 2013 | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||||||||||
Location | Location | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 1,755 | N/A | $ | - | |||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,755 | $ | - | |||||||||||||||||
At March 31, 2014, we held no derivatives that were not designated as hedging instruments. | |||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||
Our objectives in using interest rate derivatives are to add stability to interest income and expense and to manage our exposure to interest rate movements. To accomplish this objective, we entered into interest rate swaps in September 2013 as part of our interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for our making fixed payments. As of March 31, 2014, we had six forward-starting interest rate swaps with a notional amount of $155.0 million related to our cash outflows associated with various FHLB advances. The forward-starting interest rate swaps are effective between October 2013 and September 2016, and they mature between October 2017 and September 2022. | |||||||||||||||||||||
The following table presents information about our cash flow hedges at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
March 31, 2014 | Notional | Weighted Average | Weighted Average Rate | Estimated Fair | |||||||||||||||||
Amount | Maturity | Receive | Pay | Value | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||
Interest rate swaps on FHLBB borrowings | $ | 20,000 | 3.5 | 0.24 | % | 1.17 | % | $ | 31 | ||||||||||||
Forward starting interest rate swaps on FHLBB borrowings | 135,000 | 7 | - | 2.93 | % | (620 | ) | ||||||||||||||
Total cash flow hedges | $ | 155,000 | 6.5 | $ | (589 | ) | |||||||||||||||
December 31, 2013 | Notional | Weighted Average | Weighted Average Rate | Estimated Fair | |||||||||||||||||
Amount | Maturity | Receive | Pay | Value | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||
Interest rate swaps on FHLBB borrowings | $ | 20,000 | 3.8 | 0.24 | % | 1.17 | % | $ | 40 | ||||||||||||
Forward starting interest rate swaps on FHLBB borrowings | 135,000 | 7.2 | - | 2.93 | % | 1,715 | |||||||||||||||
Total cash flow hedges | $ | 155,000 | 6.8 | $ | 1,755 | ||||||||||||||||
The five forward-starting interest rate swaps will become effective in 2014, 2015, and 2016 with notional amounts of $20.0 million, $47.5 million and $67.5 million, respectively. | |||||||||||||||||||||
For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. We did not recognize any hedge ineffectiveness in earnings during the three months ended March 31, 2014. | |||||||||||||||||||||
We are hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of six years (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). | |||||||||||||||||||||
Amounts reported in accumulated other comprehensive loss related to these derivatives will be reclassified to interest expense as interest payments are made on our rate sensitive assets/liabilities. The amount reclassified from accumulated comprehensive income into income for the effective portion of interest rate swaps was $46,000 during the three months ended March 31, 2014. We had no gain or loss reclassified from accumulated comprehensive income into income during the three months ended March 31, 2013. During the next 12 months, we estimate that $326,000 will be reclassified as an increase in interest expense. | |||||||||||||||||||||
The table below presents the pre-tax net gains (losses) of our cash flow hedges for the periods indicated. | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI | |||||||||||||||||||||
on Derivative (Effective Portion) | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest rate swaps | $ | (2,390 | ) | $ | - | ||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||
By using derivative financial instruments, we expose ourselves to credit risk. Credit risk is the risk of failure by the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk for us. When the fair value of a derivative is negative, we owe the counterparty and, therefore, it does not possess credit risk. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties that we believe to be creditworthy and by limiting the amount of exposure to each counterparty. | |||||||||||||||||||||
We have agreements with our derivative counterparties that contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. We also have agreements with certain of our derivative counterparties that contain a provision where if we fail to maintain our status as well capitalized, then the counterparty could terminate the derivative positions and we would be required to settle our obligations under the agreements. Certain of our agreements with our derivative counterparties contain provisions where if a formal administrative action by a federal or state regulatory agency occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument. | |||||||||||||||||||||
As of March 31, 2014, the termination value of derivatives in a net liability position related to these agreements, which includes accrued interest but excludes any adjustment for nonperformance risk, was $628,000. As of March 31, 2014, we have minimum collateral posting thresholds with certain of our derivative counterparties and have no collateral posted against our obligations under these agreements. If we had breached any of these provisions at March 31, 2014, we could have been required to settle our obligations under the agreements at the termination value. |
FAIR_VALUE_OF_ASSETS_AND_LIABI
FAIR VALUE OF ASSETS AND LIABILITIES | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | ' | ||||||||||||||||||||
10. FAIR VALUE OF ASSETS AND LIABILITIES | |||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||
We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for our various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||||||
Fair Value Hierarchy - We group our assets and liabilities that are measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. | |||||||||||||||||||||
Level 1 – Valuation is based on quoted prices in active markets for identical assets. Level 1 assets generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets. | |||||||||||||||||||||
Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets. | |||||||||||||||||||||
Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||||||
Methods and assumptions for valuing our financial instruments are set forth below. Estimated fair values are calculated based on the value without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications or estimated transaction cost. | |||||||||||||||||||||
Cash and cash equivalents – The carrying amounts of cash and short-term instruments approximate fair values based on the short-term nature of the assets. | |||||||||||||||||||||
Securities – Fair value of securities are primarily measured using unadjusted information from an independent pricing service. The securities measured at fair value in Level 1 are based on quoted market prices in an active exchange market. These securities include marketable equity securities. All other securities are measured at fair value in Level 2 and are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. | |||||||||||||||||||||
Federal Home Loan Bank and other restricted stock - These investments are carried at cost which is their estimated redemption value. | |||||||||||||||||||||
Loans receivable – For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values for other loans (e.g., commercial real estate and investment property mortgage loans, commercial and industrial loans and residential real estate loans) are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for nonperforming loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. | |||||||||||||||||||||
Accrued interest – The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||||||
Deposit liabilities – The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
Short-term borrowings and long-term debt – The fair values of our debt instruments are estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements. | |||||||||||||||||||||
Interest rate swaps - The valuation of our interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. We have determined that the majority of the inputs used to value our interest rate derivatives fall within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
Commitments to extend credit - Fair values for off-balance sheet lending commitments are based on fees currently charged to enter into similar agreements, taking into account the term and credit risk. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. Such differences are not considered significant. | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | (In thousands) | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | - | $ | 135,435 | $ | - | $ | 135,435 | |||||||||||||
U.S. government guaranteed residential mortgage-backed securities | - | 33,839 | - | 33,839 | |||||||||||||||||
Corporate bonds | - | 29,365 | - | 29,365 | |||||||||||||||||
State and municipal bonds | - | 17,161 | - | 17,161 | |||||||||||||||||
Government-sponsored enterprise obligations | - | 10,494 | - | 10,494 | |||||||||||||||||
Mutual funds | 5,979 | - | - | 5,979 | |||||||||||||||||
Common and preferred stock | 1,626 | - | - | 1,626 | |||||||||||||||||
Total assets | $ | 7,605 | $ | 226,294 | $ | - | $ | 233,899 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swaps, net | $ | - | $ | 589 | $ | - | $ | 589 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Securities available for sale: | (In thousands) | ||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | - | $ | 132,372 | $ | - | $ | 132,372 | |||||||||||||
U.S. government guaranteed residential mortgage-backed securities | - | 46,328 | - | 46,328 | |||||||||||||||||
Corporate bonds | - | 27,389 | - | 27,389 | |||||||||||||||||
State and municipal bonds | - | 18,897 | - | 18,897 | |||||||||||||||||
Government-sponsored enterprise obligations | - | 10,700 | - | 10,700 | |||||||||||||||||
Mutual funds | 5,919 | - | - | 5,919 | |||||||||||||||||
Common and preferred stock | 1,599 | - | - | 1,599 | |||||||||||||||||
Total securities available for sale | 7,518 | 235,686 | - | 243,204 | |||||||||||||||||
Interest rate swaps | - | 1,755 | - | 1,755 | |||||||||||||||||
Total assets | $ | 7,518 | $ | 237,441 | $ | - | $ | 244,959 | |||||||||||||
Also, we may be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with U.S. GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets at March 31, 2014 and 2013. Total losses represent the change in carrying value as a result of fair value adjustments related to assets still held at March 31, 2014 and 2013. | |||||||||||||||||||||
At | Three Months Ended | ||||||||||||||||||||
31-Mar-14 | 31-Mar-14 | ||||||||||||||||||||
Total | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Losses | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 96 | $ | (15 | ) | ||||||||||||
Total assets | $ | - | $ | - | $ | 96 | $ | (15 | ) | ||||||||||||
At | Three Months Ended | ||||||||||||||||||||
31-Mar-13 | 31-Mar-13 | ||||||||||||||||||||
Total | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Losses | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 2,166 | $ | 69 | |||||||||||||
Total assets | $ | - | $ | - | $ | 2,166 | $ | 69 | |||||||||||||
The amount of impaired loans represents the carrying value and related write-down and valuation allowance of impaired loans for which adjustments are based on the estimated fair value of the underlying collateral. The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on real estate appraisals performed by independent licensed or certified appraisers. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management will discount appraisals as deemed necessary based on the date of the appraisal and new information deemed relevant to the valuation. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. The resulting losses were recognized in earnings through the provision for loan losses. Impaired loans with adjustments resulting from discounted cash flows or without a specific reserve are not included in this disclosure. | |||||||||||||||||||||
There were no transfers to or from Level 1 and 2 during the three months ended March 31, 2014 and 2013. We did not measure any liabilities at fair value on a recurring or non-recurring basis on the consolidated balance sheets. | |||||||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. Where quoted market prices are not available, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment. Changes in assumptions could significantly affect the estimates. The estimated fair values of our financial instruments are as follows: | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 21,370 | $ | 21,370 | $ | - | $ | - | $ | 21,370 | |||||||||||
Securities available for sale | 233,899 | 7,605 | 226,294 | - | 233,899 | ||||||||||||||||
Securities held to maturity | 292,019 | - | 283,672 | - | 283,672 | ||||||||||||||||
Federal Home Loan Bank of Boston | 15,631 | - | - | 15,631 | 15,631 | ||||||||||||||||
and other restricted stock | |||||||||||||||||||||
Loans - net | 640,673 | - | - | 643,402 | 643,402 | ||||||||||||||||
Accrued interest receivable | 4,120 | - | - | 4,120 | 4,120 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | 806,695 | - | - | 808,147 | 808,147 | ||||||||||||||||
Short-term borrowings | 58,460 | - | 58,459 | - | 58,459 | ||||||||||||||||
Long-term debt | 248,568 | - | 252,368 | - | 252,368 | ||||||||||||||||
Accrued interest payable | 376 | - | - | 376 | 376 | ||||||||||||||||
Derivative liabilities, net | 589 | - | 589 | - | 589 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 19,742 | $ | 19,742 | $ | - | $ | - | $ | 19,742 | |||||||||||
Securities available for sale | 243,204 | 7,518 | 235,686 | - | 243,204 | ||||||||||||||||
Securities held to maturity | 295,013 | - | 282,555 | - | 282,555 | ||||||||||||||||
Federal Home Loan Bank of Boston | 15,631 | - | - | 15,631 | 15,631 | ||||||||||||||||
and other restricted stock | |||||||||||||||||||||
Loans - net | 629,968 | - | - | 631,417 | 631,417 | ||||||||||||||||
Accrued interest receivable | 4,201 | - | - | 4,201 | 4,201 | ||||||||||||||||
Derivative assets | 1,755 | - | 1,755 | - | 1,755 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | 817,112 | - | - | 819,109 | 819,109 | ||||||||||||||||
Short-term borrowings | 48,197 | - | 48,197 | - | 48,197 | ||||||||||||||||
Long-term debt | 248,377 | - | 251,678 | - | 251,678 | ||||||||||||||||
Accrued interest payable | 392 | - | - | 392 | 392 |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2014 | |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
11. RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, FASB issued ASU 2014-04- Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure.” This ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar agreement. In addition, the amendments require disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure in accordance with local requirements of the applicable jurisdiction. An entity can elect to adopt the amendments using either a modified retrospective method or a prospective transition method. The amendments are effective for annual and interim periods beginning after December 15, 2014. We do not expect the application of this guidance to have a material impact on our consolidated financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Nature of Operations | ' |
Nature of Operations – Westfield Financial, Inc. (“Westfield Financial,” “we” or “us”) is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank (the “Bank”), a federally chartered stock savings bank (the “Bank”). | |
The Bank’s deposits are insured to the limits specified by the Federal Deposit Insurance Corporation (“FDIC”). The Bank operates 11 branches in western Massachusetts and 1 branch in Granby, Connecticut. The Bank’s primary source of revenue is income from securities and earnings on loans to small and middle-market businesses and to residential property homeowners. | |
Elm Street Securities Corporation and WFD Securities Corporation, Massachusetts-chartered security corporations, were formed by Westfield Financial for the primary purpose of holding qualified securities. WB Real Estate Holdings, LLC, a Massachusetts-chartered limited liability company was formed for the primary purpose of holding real property acquired as security for debts previously contracted by the Bank. | |
Principles of Consolidation | ' |
Principles of Consolidation – The unaudited consolidated financial statements include the accounts of Westfield Financial, the Bank, Elm Street Securities Corporation, WB Real Estate Holdings, LLC and WFD Securities Corporation. All material intercompany balances and transactions have been eliminated in consolidation. | |
Estimates | ' |
Estimates – The preparation of unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of income and expenses for both at the date of the unaudited consolidated financial statements. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, other-than-temporary impairment of securities, and the valuation of deferred tax assets. | |
Basis of Presentation | ' |
Basis of Presentation – In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of our financial condition as of March 31, 2014, and the results of operations, changes in shareholders’ equity and cash flows for the interim periods presented. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations for the year ending December 31, 2014. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission. | |
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2013, included in our Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Annual Report”). | |
Reclassifications | ' |
Reclassifications - Amounts in the prior period financial statements are reclassified when necessary to conform to the current year presentation. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Common Share | ' | ||||||||
Earnings per common share for the three months ended March 31, 2014 and 2013 have been computed based on the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share data) | |||||||||
Net income applicable to common stock | $ | 1,648 | $ | 1,782 | |||||
Average number of common shares issued | 19,933 | 22,311 | |||||||
Less: Average unallocated ESOP Shares | (1,120 | ) | (1,202 | ) | |||||
Less: Average ungranted equity incentive plan shares | - | (7 | ) | ||||||
Average number of common shares outstanding used | |||||||||
to calculate basic earnings per common share | 18,813 | 21,102 | |||||||
Effect of dilutive stock options | - | - | |||||||
Average number of common shares outstanding used | |||||||||
to calculate diluted earnings per common share | 18,813 | 21,102 | |||||||
Basic earnings per share | $ | 0.09 | $ | 0.08 | |||||
Diluted earnings per share | $ | 0.09 | $ | 0.08 | |||||
Antidilutive shares (1) | - | 1,661 | |||||||
___________________ | |||||||||
-1 | Shares outstanding but not included in the computation of earnings per share because they were anti-dilutive, meaning the exercise price of such options exceeded the market value of the Company’s common stock. At March 31, 2014, there were no stock options outstanding. |
COMPREHENSIVE_INCOMELOSS_Table
COMPREHENSIVE INCOME/LOSS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net unrealized loss on securities available for sale | $ | (1,162 | ) | $ | (2,410 | ) | |||||||||||
Tax effect | 407 | 837 | |||||||||||||||
Net-of-tax amount | (755 | ) | (1,573 | ) | |||||||||||||
Net unrealized losses on securities transferred from | |||||||||||||||||
available-for-sale to held-to-maturity (1) | (1,720 | ) | (1,732 | ) | |||||||||||||
Tax effect | 595 | 599 | |||||||||||||||
Net-of-tax amount | (1,125 | ) | (1,133 | ) | |||||||||||||
Fair value of derivatives used for cash flow hedges | (589 | ) | 1,755 | ||||||||||||||
Tax effect | 200 | (597 | ) | ||||||||||||||
Net-of-tax amount | (389 | ) | 1,158 | ||||||||||||||
Unrecognized transition asset pertaining to defined benefit plan | 5 | 10 | |||||||||||||||
Unrecognized deferred loss pertaining to defined benefit plan | (2,172 | ) | (2,172 | ) | |||||||||||||
Net adjustments pertaining to defined benefit plans | (2,167 | ) | (2,162 | ) | |||||||||||||
Tax effect | 736 | 735 | |||||||||||||||
Net-of-tax amount | (1,431 | ) | (1,427 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (3,700 | ) | $ | (2,975 | ) | |||||||||||
_________________________________ | |||||||||||||||||
(1) The net unrealized loss at the date of transfer before tax was $1.5 million for all securities transferred in 2013. The gains or losses on individual securities are amortized through comprehensive income over the remaining life of the security. | |||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income by Component | ' | ||||||||||||||||
The following table presents changes in accumulated other comprehensive (loss) income for the periods ended March 31, 2014 and 2013 by component: | |||||||||||||||||
Securities | Derivatives | Defined | Accumulated Other | ||||||||||||||
Benefit Plans | Comprehensive | ||||||||||||||||
(Loss) Income | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 13,253 | $ | - | $ | (2,558 | ) | $ | 10,695 | ||||||||
Current-period other comprehensive income (loss) | (3,838 | ) | - | 6 | (3,832 | ) | |||||||||||
Balance at March 31, 2013 | $ | 9,415 | $ | - | $ | (2,552 | ) | $ | 6,863 | ||||||||
Balance at December 31, 2013 | $ | (2,706 | ) | $ | 1,158 | $ | (1,427 | ) | $ | (2,975 | ) | ||||||
Current-period other comprehensive income (loss) | 826 | (1,547 | ) | (4 | ) | (725 | ) | ||||||||||
Balance at March 31, 2014 | $ | (1,880 | ) | $ | (389 | ) | $ | (1,431 | ) | $ | (3,700 | ) |
SECURITIES_Tables
SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||
Securities Available for Sale and Held to Maturity | ' | ||||||||||||||||||||||||||||||
Securities available for sale and held to maturity are summarized as follows: | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 137,860 | $ | 423 | $ | (2,848 | ) | $ | 135,435 | ||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 33,806 | 168 | (135 | ) | 33,839 | ||||||||||||||||||||||||||
Corporate bonds | 28,686 | 808 | (129 | ) | 29,365 | ||||||||||||||||||||||||||
State and municipal bonds | 16,501 | 660 | - | 17,161 | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 10,713 | 23 | (242 | ) | 10,494 | ||||||||||||||||||||||||||
Mutual funds | 6,186 | 7 | (214 | ) | 5,979 | ||||||||||||||||||||||||||
Common and preferred stock | 1,309 | 317 | - | 1,626 | |||||||||||||||||||||||||||
Total available for sale securities | 235,061 | 2,406 | (3,568 | ) | 233,899 | ||||||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 174,411 | 78 | (4,533 | ) | 169,956 | ||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 39,501 | - | (1,200 | ) | 38,301 | ||||||||||||||||||||||||||
Corporate bonds | 27,350 | 73 | (354 | ) | 27,069 | ||||||||||||||||||||||||||
State and municipal bonds | 7,334 | 34 | (226 | ) | 7,142 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 43,423 | 12 | (2,231 | ) | 41,204 | ||||||||||||||||||||||||||
Total held to maturity securities | 292,019 | 197 | (8,544 | ) | 283,672 | ||||||||||||||||||||||||||
Total | $ | 527,080 | $ | 2,603 | $ | (12,112 | ) | $ | 517,571 | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 135,981 | $ | 419 | $ | (4,028 | ) | $ | 132,372 | ||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 46,225 | 240 | (137 | ) | 46,328 | ||||||||||||||||||||||||||
Corporate bonds | 26,716 | 766 | (93 | ) | 27,389 | ||||||||||||||||||||||||||
State and municipal bonds | 18,240 | 659 | (2 | ) | 18,897 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 10,992 | 18 | (310 | ) | 10,700 | ||||||||||||||||||||||||||
Mutual funds | 6,150 | 8 | (239 | ) | 5,919 | ||||||||||||||||||||||||||
Common and preferred stock | 1,310 | 289 | - | 1,599 | |||||||||||||||||||||||||||
Total available for sale securities | 245,614 | 2,399 | (4,809 | ) | 243,204 | ||||||||||||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 176,986 | - | (6,819 | ) | 170,167 | ||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 39,705 | - | (1,391 | ) | 38,314 | ||||||||||||||||||||||||||
Corporate bonds | 27,566 | 30 | (567 | ) | 27,029 | ||||||||||||||||||||||||||
State and municipal bonds | 7,351 | 5 | (345 | ) | 7,011 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 43,405 | - | (3,371 | ) | 40,034 | ||||||||||||||||||||||||||
Total held to maturity securities | 295,013 | 35 | (12,493 | ) | 282,555 | ||||||||||||||||||||||||||
Total | $ | 540,627 | $ | 2,434 | $ | (17,302 | ) | $ | 525,759 | ||||||||||||||||||||||
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity by Maturity | ' | ||||||||||||||||||||||||||||||
The amortized cost and fair value of securities available for sale and held to maturity at March 31, 2014, by maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers have the right to call or repay obligations. | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Securities | Securities | ||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
Due after five years through ten years | $ | 39,206 | $ | 38,117 | $ | 45,982 | $ | 43,823 | |||||||||||||||||||||||
Due after ten years | 132,460 | 131,157 | 167,930 | 164,434 | |||||||||||||||||||||||||||
Total | $ | 171,666 | $ | 169,274 | $ | 213,912 | $ | 208,257 | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||
Due in one year or less | $ | 1,245 | $ | 1,259 | $ | - | $ | - | |||||||||||||||||||||||
Due after one year through five years | 32,406 | 33,181 | 22,987 | 22,638 | |||||||||||||||||||||||||||
Due after five years through ten years | 22,064 | 22,378 | 39,578 | 38,086 | |||||||||||||||||||||||||||
Due after ten years | 185 | 202 | 15,542 | 14,691 | |||||||||||||||||||||||||||
Total | $ | 55,900 | $ | 57,020 | $ | 78,107 | $ | 75,415 | |||||||||||||||||||||||
Gross Realized Gains and Losses on Sales of Securities Available for Sale | ' | ||||||||||||||||||||||||||||||
Gross realized gains and losses on sales of securities available for sale for the three months ended March 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Gross gains realized | $ | 193 | $ | 1,442 | |||||||||||||||||||||||||||
Gross losses realized | (164 | ) | (15 | ) | |||||||||||||||||||||||||||
Net gain realized | $ | 29 | $ | 1,427 | |||||||||||||||||||||||||||
Securities with Gross Unrealized Losses in Continuous Loss Position | ' | ||||||||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at March 31, 2014, and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows: | |||||||||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Less Than 12 Months | Over 12 Months | ||||||||||||||||||||||||||||||
Gross | Fair Value | Gross | Fair Value | ||||||||||||||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 2,242 | $ | 112,966 | $ | 606 | $ | 10,131 | |||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 135 | 9,507 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 129 | 8,217 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 242 | 7,258 | - | - | |||||||||||||||||||||||||||
Mutual funds | 66 | 3,240 | 148 | 1,678 | |||||||||||||||||||||||||||
Total available for sale | 2,814 | 141,188 | 754 | 11,809 | |||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 3,730 | 124,922 | 803 | 36,289 | |||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 1,200 | 38,301 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 354 | 22,065 | - | - | |||||||||||||||||||||||||||
State and municipal bonds | 226 | 5,044 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 1,830 | 34,107 | 401 | 4,568 | |||||||||||||||||||||||||||
Total held to maturity | 7,340 | 224,439 | 1,204 | 40,857 | |||||||||||||||||||||||||||
Total | $ | 10,154 | $ | 365,627 | $ | 1,958 | $ | 52,666 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||
Less Than 12 Months | Over 12 Months | ||||||||||||||||||||||||||||||
Gross | Fair | Gross | Fair | ||||||||||||||||||||||||||||
Unrealized | Value | Unrealized | Value | ||||||||||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | $ | 3,717 | $ | 118,846 | $ | 311 | $ | 2,761 | |||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 137 | 15,045 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 93 | 4,659 | - | - | |||||||||||||||||||||||||||
State and municipal bonds | 2 | 256 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 310 | 7,189 | - | - | |||||||||||||||||||||||||||
Mutual funds | 84 | 3,205 | 155 | 1,656 | |||||||||||||||||||||||||||
Total available for sale | 4,343 | 149,200 | 466 | 4,417 | |||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 5,866 | 145,438 | 953 | 24,729 | |||||||||||||||||||||||||||
U.S. government guaranteed mortgage-backed securities | 1,391 | 38,314 | - | - | |||||||||||||||||||||||||||
Corporate bonds | 567 | 22,059 | - | - | |||||||||||||||||||||||||||
State and municipal bonds | 345 | 5,852 | - | - | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 3,330 | 38,228 | 41 | 1,806 | |||||||||||||||||||||||||||
Total held to maturity | 11,499 | 249,891 | 994 | 26,535 | |||||||||||||||||||||||||||
Total | $ | 15,842 | $ | 399,091 | $ | 1,460 | $ | 30,952 | |||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||||||||
Less Than 12 Months | Over 12 Months | ||||||||||||||||||||||||||||||
Number of | AC Basis | Gross | Depreciation | Number of | AC Basis | Gross | Depreciation | ||||||||||||||||||||||||
Securities | Loss | from AC Basis | Securities | Loss | from AC Basis | ||||||||||||||||||||||||||
(%) | (%) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Government sponsored mortgage-backed securities | 56 | $ | 243,860 | $ | (5,972 | ) | 2.4 | % | 13 | $ | 47,829 | $ | (1,409 | ) | 2.9 | % | |||||||||||||||
U.S. government guaranteed mortgage-backed securities | 8 | 49,143 | (1,335 | ) | 2.7 | - | - | - | - | ||||||||||||||||||||||
Government sponsored enterprise obligations | 11 | 43,437 | (2,072 | ) | 4.8 | 1 | 4,969 | (401 | ) | 8.1 | |||||||||||||||||||||
Corporate Bonds | 13 | 30,765 | (483 | ) | 1.6 | - | - | - | - | ||||||||||||||||||||||
State and municipal bonds | 11 | 5,270 | (226 | ) | 4.3 | - | - | - | - | ||||||||||||||||||||||
Mutual funds | 1 | 3,306 | (66 | ) | 2 | 1 | 1,826 | (148 | ) | 8.1 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
Loans consisted of the following amounts: | March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial real estate | $ | 274,131 | $ | 264,476 | |||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 202,759 | 198,686 | |||||||||||||||||||||||
Home equity | 35,890 | 35,371 | |||||||||||||||||||||||
Commercial and industrial | 133,116 | 135,555 | |||||||||||||||||||||||
Consumer | 1,495 | 2,572 | |||||||||||||||||||||||
Total Loans | 647,391 | 636,660 | |||||||||||||||||||||||
Unearned premiums and deferred loan fees and costs, net | 849 | 767 | |||||||||||||||||||||||
Allowance for loan losses | (7,567 | ) | (7,459 | ) | |||||||||||||||||||||
$ | 640,673 | $ | 629,968 | ||||||||||||||||||||||
Allowance for Loan Losses by Segment | ' | ||||||||||||||||||||||||
An analysis of changes in the allowance for loan losses by segment for the periods ended March 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||
Commercial | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real Estate | and | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,406 | $ | 1,746 | $ | 2,167 | $ | 13 | $ | 462 | $ | 7,794 | |||||||||||||
Provision (credit) | (251 | ) | 33 | (23 | ) | 2 | 4 | (235 | ) | ||||||||||||||||
Charge-offs | (20 | ) | (57 | ) | (72 | ) | (5 | ) | - | (154 | ) | ||||||||||||||
Recoveries | 154 | - | 5 | 1 | - | 160 | |||||||||||||||||||
Balance at March 31, 2013 | $ | 3,289 | $ | 1,722 | $ | 2,077 | $ | 11 | $ | 466 | $ | 7,565 | |||||||||||||
Balance at December 31, 2013 | $ | 3,549 | $ | 1,707 | $ | 2,192 | $ | 13 | $ | (2 | ) | $ | 7,459 | ||||||||||||
Provision (credit) | 140 | 119 | (172 | ) | 7 | 6 | 100 | ||||||||||||||||||
Charge-offs | - | (15 | ) | (74 | ) | (10 | ) | - | (99 | ) | |||||||||||||||
Recoveries | - | 1 | 103 | 3 | - | 107 | |||||||||||||||||||
Balance at March 31, 2014 | $ | 3,689 | $ | 1,812 | $ | 2,049 | $ | 13 | $ | 4 | $ | 7,567 | |||||||||||||
Past Due and Non-Accrual Loans by Class | ' | ||||||||||||||||||||||||
The following is a summary of past due and non-accrual loans by class at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30 – 59 Days | 60 – 89 Days | Greater than | Total Past | Past Due 90 | Loans on | ||||||||||||||||||||
Past Due | Past Due | 90 Days Past | Due | Days or More | Non-Accrual | ||||||||||||||||||||
Due | and Still | ||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Commercial real estate | $ | 3,260 | $ | 145 | $ | 782 | $ | 4,187 | $ | - | $ | 1,310 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 746 | 224 | 611 | 1,581 | - | 931 | |||||||||||||||||||
Home equity | 304 | - | 22 | 326 | - | 56 | |||||||||||||||||||
Commercial and industrial | 619 | 65 | 139 | 823 | - | 798 | |||||||||||||||||||
Consumer | 4 | 15 | 1 | 20 | - | 2 | |||||||||||||||||||
Total | $ | 4,933 | $ | 449 | $ | 1,555 | $ | 6,937 | $ | - | $ | 3,097 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Commercial real estate | $ | 430 | $ | 146 | $ | 793 | $ | 1,369 | $ | - | $ | 1,449 | |||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Residential | 1,004 | 325 | 311 | 1,640 | - | 712 | |||||||||||||||||||
Home equity | 217 | - | 2 | 219 | - | 38 | |||||||||||||||||||
Commercial and industrial | 516 | 780 | 140 | 1,436 | - | 386 | |||||||||||||||||||
Consumer | 25 | 16 | 1 | 42 | - | 1 | |||||||||||||||||||
Total | $ | 2,192 | $ | 1,267 | $ | 1,247 | $ | 4,706 | $ | - | $ | 2,586 | |||||||||||||
Impaired Loans by Class | ' | ||||||||||||||||||||||||
The following is a summary of impaired loans by class at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
At March 31, 2014 | 31-Mar-14 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | $ | 1,431 | $ | 1,747 | $ | - | $ | 1,440 | $ | - | |||||||||||||||
Residential real estate | 214 | 305 | - | 224 | - | ||||||||||||||||||||
Commercial and industrial | 766 | 789 | - | 576 | - | ||||||||||||||||||||
Total | 2,411 | 2,841 | - | 2,240 | - | ||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | 13,429 | 13,429 | 9 | 13,471 | 143 | ||||||||||||||||||||
Commercial and industrial | 961 | 961 | 10 | 964 | 10 | ||||||||||||||||||||
Total | 14,390 | 14,390 | 19 | 14,435 | 153 | ||||||||||||||||||||
Total impaired loans | $ | 16,801 | $ | 17,231 | $ | 19 | $ | 16,675 | $ | 153 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
At December 31, 2013 | 31-Mar-13 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | $ | 1,449 | $ | 1,756 | $ | - | $ | 1,542 | $ | - | |||||||||||||||
Residential real estate | 234 | 306 | - | 273 | - | ||||||||||||||||||||
Commercial and industrial | 385 | 487 | - | 392 | - | ||||||||||||||||||||
Total | 2,068 | 2,549 | - | 2,207 | - | ||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||
Commercial real estate | 13,513 | 13,513 | 82 | 13,800 | 147 | ||||||||||||||||||||
Commercial and industrial | 967 | 967 | 15 | 988 | 11 | ||||||||||||||||||||
Total | 14,480 | 14,480 | 97 | 14,788 | 158 | ||||||||||||||||||||
Total impaired loans | $ | 16,548 | $ | 17,029 | $ | 97 | $ | 16,995 | $ | 158 | |||||||||||||||
Summary of Troubled Debt Restructurings that Subsequently Defaulted | ' | ||||||||||||||||||||||||
A default occurs when a loan is 30 days or more past due and is within 12 months of restructuring. The following is a summary of troubled debt restructurings that have subsequently defaulted within one year of modification: | |||||||||||||||||||||||||
31-Mar-13 | |||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Commercial and Industrial | 1 | $ | 44 | ||||||||||||||||||||||
Total | 1 | $ | 44 | ||||||||||||||||||||||
Loans by Risk Rating | ' | ||||||||||||||||||||||||
The following table presents our loans by risk rating at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Commercial | Residential | Home | Commercial | Consumer | Total | ||||||||||||||||||||
Real Estate | 1-4 Family | Equity | and Industrial | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Loans rated 1 – 3 | $ | 223,071 | $ | 201,828 | $ | 35,834 | $ | 112,975 | $ | 1,495 | $ | 575,203 | |||||||||||||
Loans rated 4 | 42,407 | - | - | 8,498 | - | 50,905 | |||||||||||||||||||
Loans rated 5 | 693 | - | - | 417 | - | 1,110 | |||||||||||||||||||
Loans rated 6 | 7,960 | 931 | 56 | 11,226 | - | 20,173 | |||||||||||||||||||
$ | 274,131 | $ | 202,759 | $ | 35,890 | $ | 133,116 | $ | 1,495 | $ | 647,391 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Loans rated 1 – 3 | $ | 213,985 | $ | 197,974 | $ | 35,333 | $ | 108,671 | $ | 2,571 | $ | 558,534 | |||||||||||||
Loans rated 4 | 41,459 | - | - | 15,722 | - | 57,181 | |||||||||||||||||||
Loans rated 5 | 1,972 | - | - | 3,509 | - | 5,481 | |||||||||||||||||||
Loans rated 6 | 7,060 | 712 | 38 | 7,653 | 1 | 15,464 | |||||||||||||||||||
$ | 264,476 | $ | 198,686 | $ | 35,371 | $ | 135,555 | $ | 2,572 | $ | 636,660 | ||||||||||||||
Further Information | ' | ||||||||||||||||||||||||
Allowance for Loan Losses by Segment | ' | ||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses by segment at March 31, 2014 and December 31, 2013 follows: | |||||||||||||||||||||||||
Commercial | Residential | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||
Real Estate | Real | and | |||||||||||||||||||||||
Estate | Industrial | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Amount of allowance for loans individually evaluated and | $ | 9 | $ | - | $ | 10 | $ | - | $ | - | $ | 19 | |||||||||||||
deemed impaired | |||||||||||||||||||||||||
Amount of allowance for loans collectively or individually | 3,680 | 1,812 | 2,039 | 13 | 4 | 7,548 | |||||||||||||||||||
evaluated for impairment and not deemed impaired | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,689 | $ | 1,812 | $ | 2,049 | $ | 13 | $ | 4 | $ | 7,567 | |||||||||||||
Loans individually evaluated and deemed impaired | $ | 14,860 | $ | 214 | $ | 1,727 | $ | - | $ | - | $ | 16,801 | |||||||||||||
Loans collectively or individually evaluated and not | 259,271 | 238,435 | 131,389 | 1,495 | - | 630,590 | |||||||||||||||||||
deemed impaired | |||||||||||||||||||||||||
Total loans | $ | 274,131 | $ | 238,649 | $ | 133,116 | $ | 1,495 | $ | - | $ | 647,391 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amount of allowance for loans individually evaluated and | $ | 82 | $ | - | $ | 15 | $ | - | $ | - | $ | 97 | |||||||||||||
deemed impaired | |||||||||||||||||||||||||
Amount of allowance for loans collectively or individually | 3,467 | 1,707 | 2,177 | 13 | (2 | ) | 7,362 | ||||||||||||||||||
evaluated for impairment and not deemed impaired | |||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,549 | $ | 1,707 | $ | 2,192 | $ | 13 | $ | (2 | ) | $ | 7,459 | ||||||||||||
Loans individually evaluated and deemed impaired | 14,962 | 234 | 1,352 | - | - | 16,548 | |||||||||||||||||||
Loans collectively or individually evaluated and not | 249,514 | 233,823 | 134,203 | 2,572 | - | 620,112 | |||||||||||||||||||
deemed impaired | |||||||||||||||||||||||||
Total loans | $ | 264,476 | $ | 234,057 | $ | 135,555 | $ | 2,572 | $ | - | $ | 636,660 |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock Award and Option Plans Activity | ' | ||||||||||||||||
Our stock award and stock option plans activity for the three months ended March 31, 2014 and 2013 is summarized below: | |||||||||||||||||
Unvested Stock Awards | Stock Options | ||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||
Shares | Shares | Weighted | |||||||||||||||
Weighted | Average | ||||||||||||||||
Average | Exercise | ||||||||||||||||
Grant Date | Price | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at December 31, 2013 | 25,720 | $ | 7.93 | - | - | ||||||||||||
No activity | - | - | - | - | |||||||||||||
Outstanding at March 31, 2014 | 25,720 | $ | 7.93 | - | - | ||||||||||||
Outstanding at December 31, 2012 | 33,800 | $ | 8.23 | 1,669,431 | $ | 10.02 | |||||||||||
No activity | - | - | - | - | |||||||||||||
Outstanding at March 31, 2013 | 33,800 | $ | 8.23 | 1,669,431 | $ | 10.02 |
PENSION_BENEFITS_Tables
PENSION BENEFITS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Net Pension Benefit Costs | ' | ||||||||
The following table provides information regarding net pension benefit costs for the periods shown: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Service cost | $ | 250 | $ | 277 | |||||
Interest cost | 206 | 178 | |||||||
Expected return on assets | (240 | ) | (232 | ) | |||||
Transition asset | (3 | ) | (3 | ) | |||||
Actuarial loss | - | 12 | |||||||
Net periodic pension cost | $ | 213 | $ | 232 |
DERIVATIVES_AND_HEDGING_ACTIVI1
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value of Derivative Financial Instruments Designated as Hedging Instruments and their Classification on Balance Sheet | ' | ||||||||||||||||||||
The table below presents the fair value of our derivative financial instruments designated as hedging instruments as well as our classification on the balance sheet as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
March 31, 2014 | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||||||||||
Location | Location | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 31 | Other Liabilities | $ | 620 | |||||||||||||||
Total derivatives designated as hedging instruments | $ | 31 | $ | 620 | |||||||||||||||||
December 31, 2013 | Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||||||||||
Location | Location | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 1,755 | N/A | $ | - | |||||||||||||||
Total derivatives designated as hedging instruments | $ | 1,755 | $ | - | |||||||||||||||||
Schedule of Cash Flow Hedges | ' | ||||||||||||||||||||
The following table presents information about our cash flow hedges at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||
March 31, 2014 | Notional | Weighted Average | Weighted Average Rate | Estimated Fair | |||||||||||||||||
Amount | Maturity | Receive | Pay | Value | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||
Interest rate swaps on FHLBB borrowings | $ | 20,000 | 3.5 | 0.24 | % | 1.17 | % | $ | 31 | ||||||||||||
Forward starting interest rate swaps on FHLBB borrowings | 135,000 | 7 | - | 2.93 | % | (620 | ) | ||||||||||||||
Total cash flow hedges | $ | 155,000 | 6.5 | $ | (589 | ) | |||||||||||||||
December 31, 2013 | Notional | Weighted Average | Weighted Average Rate | Estimated Fair | |||||||||||||||||
Amount | Maturity | Receive | Pay | Value | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||
Interest rate swaps on FHLBB borrowings | $ | 20,000 | 3.8 | 0.24 | % | 1.17 | % | $ | 40 | ||||||||||||
Forward starting interest rate swaps on FHLBB borrowings | 135,000 | 7.2 | - | 2.93 | % | 1,715 | |||||||||||||||
Total cash flow hedges | $ | 155,000 | 6.8 | $ | 1,755 | ||||||||||||||||
Pre-Tax Net Gains (losses) of Cash Flow Hedges | ' | ||||||||||||||||||||
The table below presents the pre-tax net gains (losses) of our cash flow hedges for the periods indicated. | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI | |||||||||||||||||||||
on Derivative (Effective Portion) | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest rate swaps | $ | (2,390 | ) | $ | - |
FAIR_VALUE_OF_ASSETS_AND_LIABI1
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | (In thousands) | ||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | - | $ | 135,435 | $ | - | $ | 135,435 | |||||||||||||
U.S. government guaranteed residential mortgage-backed securities | - | 33,839 | - | 33,839 | |||||||||||||||||
Corporate bonds | - | 29,365 | - | 29,365 | |||||||||||||||||
State and municipal bonds | - | 17,161 | - | 17,161 | |||||||||||||||||
Government-sponsored enterprise obligations | - | 10,494 | - | 10,494 | |||||||||||||||||
Mutual funds | 5,979 | - | - | 5,979 | |||||||||||||||||
Common and preferred stock | 1,626 | - | - | 1,626 | |||||||||||||||||
Total assets | $ | 7,605 | $ | 226,294 | $ | - | $ | 233,899 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate swaps, net | $ | - | $ | 589 | $ | - | $ | 589 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Securities available for sale: | (In thousands) | ||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | - | $ | 132,372 | $ | - | $ | 132,372 | |||||||||||||
U.S. government guaranteed residential mortgage-backed securities | - | 46,328 | - | 46,328 | |||||||||||||||||
Corporate bonds | - | 27,389 | - | 27,389 | |||||||||||||||||
State and municipal bonds | - | 18,897 | - | 18,897 | |||||||||||||||||
Government-sponsored enterprise obligations | - | 10,700 | - | 10,700 | |||||||||||||||||
Mutual funds | 5,919 | - | - | 5,919 | |||||||||||||||||
Common and preferred stock | 1,599 | - | - | 1,599 | |||||||||||||||||
Total securities available for sale | 7,518 | 235,686 | - | 243,204 | |||||||||||||||||
Interest rate swaps | - | 1,755 | - | 1,755 | |||||||||||||||||
Total assets | $ | 7,518 | $ | 237,441 | $ | - | $ | 244,959 | |||||||||||||
Fair Value Hierarchy used to Determine each Adjustment and Carrying Value of Assets Measured on Non-Recurring Basis | ' | ||||||||||||||||||||
The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets at March 31, 2014 and 2013. | |||||||||||||||||||||
At | Three Months Ended | ||||||||||||||||||||
31-Mar-14 | 31-Mar-14 | ||||||||||||||||||||
Total | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Losses | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 96 | $ | (15 | ) | ||||||||||||
Total assets | $ | - | $ | - | $ | 96 | $ | (15 | ) | ||||||||||||
At | Three Months Ended | ||||||||||||||||||||
31-Mar-13 | 31-Mar-13 | ||||||||||||||||||||
Total | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Losses | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 2,166 | $ | 69 | |||||||||||||
Total assets | $ | - | $ | - | $ | 2,166 | $ | 69 | |||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of our financial instruments are as follows: | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 21,370 | $ | 21,370 | $ | - | $ | - | $ | 21,370 | |||||||||||
Securities available for sale | 233,899 | 7,605 | 226,294 | - | 233,899 | ||||||||||||||||
Securities held to maturity | 292,019 | - | 283,672 | - | 283,672 | ||||||||||||||||
Federal Home Loan Bank of Boston | 15,631 | - | - | 15,631 | 15,631 | ||||||||||||||||
and other restricted stock | |||||||||||||||||||||
Loans - net | 640,673 | - | - | 643,402 | 643,402 | ||||||||||||||||
Accrued interest receivable | 4,120 | - | - | 4,120 | 4,120 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | 806,695 | - | - | 808,147 | 808,147 | ||||||||||||||||
Short-term borrowings | 58,460 | - | 58,459 | - | 58,459 | ||||||||||||||||
Long-term debt | 248,568 | - | 252,368 | - | 252,368 | ||||||||||||||||
Accrued interest payable | 376 | - | - | 376 | 376 | ||||||||||||||||
Derivative liabilities, net | 589 | - | 589 | - | 589 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying Value | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 19,742 | $ | 19,742 | $ | - | $ | - | $ | 19,742 | |||||||||||
Securities available for sale | 243,204 | 7,518 | 235,686 | - | 243,204 | ||||||||||||||||
Securities held to maturity | 295,013 | - | 282,555 | - | 282,555 | ||||||||||||||||
Federal Home Loan Bank of Boston | 15,631 | - | - | 15,631 | 15,631 | ||||||||||||||||
and other restricted stock | |||||||||||||||||||||
Loans - net | 629,968 | - | - | 631,417 | 631,417 | ||||||||||||||||
Accrued interest receivable | 4,201 | - | - | 4,201 | 4,201 | ||||||||||||||||
Derivative assets | 1,755 | - | 1,755 | - | 1,755 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | 817,112 | - | - | 819,109 | 819,109 | ||||||||||||||||
Short-term borrowings | 48,197 | - | 48,197 | - | 48,197 | ||||||||||||||||
Long-term debt | 248,377 | - | 251,678 | - | 251,678 | ||||||||||||||||
Accrued interest payable | 392 | - | - | 392 | 392 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Location | |
MASSACHUSETTS | ' |
Significant Accounting Policies [Line Items] | ' |
Number of banking offices in which bank operates | 11 |
CONNECTICUT | ' |
Significant Accounting Policies [Line Items] | ' |
Number of banking offices in which bank operates | 1 |
Earning_Per_Common_Share_Detai
Earning Per Common Share (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share Disclosure [Line Items] | ' | ' | |
Net income applicable to common stock | $1,648 | $1,782 | |
Average number of common shares issued | 19,933,000 | 22,311,000 | |
Less: Average unallocated ESOP Shares | -1,120,000 | -1,202,000 | |
Less: Average ungranted equity incentive plan shares | ' | -7,000 | |
Average number of common shares outstanding used to calculate basic earnings per common share | 18,812,795 | 21,102,021 | |
Effect of dilutive stock options | ' | ' | |
Average number of common shares outstanding used to calculate diluted earnings per common share | 18,812,795 | 21,102,075 | |
Basic earnings per share | $0.09 | $0.08 | |
Diluted earnings per share | $0.09 | $0.08 | |
Antidilutive shares | ' | 1,661,000 | [1] |
[1] | Shares outstanding but not included in the computation of earnings per share because they were anti-dilutive, meaning the exercise price of such options exceeded the market value of the Company's common stock. At March 31, 2014, there were no stock options outstanding. |
Earning_Per_Common_Share_Paren
Earning Per Common Share (Parenthetical) (Detail) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 | |
Equity Option | |||
Earnings Per Share Disclosure [Line Items] | ' | ' | |
Antidilutive shares | 1,661 | [1] | 0 |
[1] | Shares outstanding but not included in the computation of earnings per share because they were anti-dilutive, meaning the exercise price of such options exceeded the market value of the Company's common stock. At March 31, 2014, there were no stock options outstanding. |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||
Net unrealized loss on securities available for sale | ($1,162) | ($2,410) | ' | ' | ||
Tax effect | 407 | 837 | ' | ' | ||
Net-of-tax amount | -755 | -1,573 | ' | ' | ||
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity | -1,720 | [1] | -1,732 | [1] | ' | ' |
Tax effect | 595 | 599 | ' | ' | ||
Net-of-tax amount | -1,125 | -1,133 | ' | ' | ||
Fair value of derivatives used for cash flow hedges | -589 | 1,755 | ' | ' | ||
Tax effect | 200 | -597 | ' | ' | ||
Net-of-tax amount | -389 | 1,158 | ' | ' | ||
Unrecognized transition asset pertaining to defined benefit plan | 5 | 10 | ' | ' | ||
Unrecognized deferred loss pertaining to defined benefit plan | -2,172 | -2,172 | ' | ' | ||
Net adjustments pertaining to defined benefit plans | -2,167 | -2,162 | ' | ' | ||
Tax effect | 736 | 735 | ' | ' | ||
Net-of-tax amount | -1,431 | -1,427 | ' | ' | ||
Accumulated other comprehensive loss | ($3,700) | ($2,975) | $6,863 | $10,695 | ||
[1] | The net unrealized loss at the date of transfer before tax was $1.5 million for all securities transferred in 2013. The gains or losses on individual securities are amortized through comprehensive income over the remaining life of the security. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | ($2,975) | $10,695 |
Current-period other comprehensive income (loss) | -725 | -3,832 |
Ending Balance | -3,700 | 6,863 |
Derivatives | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | 1,158 | ' |
Current-period other comprehensive income (loss) | -1,547 | ' |
Ending Balance | -389 | ' |
Defined Benefit Plans | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -1,427 | -2,558 |
Current-period other comprehensive income (loss) | -4 | 6 |
Ending Balance | -1,431 | -2,552 |
Securities | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -2,706 | 13,253 |
Current-period other comprehensive income (loss) | 826 | -3,838 |
Ending Balance | ($1,880) | $9,415 |
Marketable_Securities_Detail
Marketable Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Marketable Securities [Line Items] | ' | ' |
Marketable Securities, Amortized Cost | $527,080 | $540,627 |
Marketable Securities, Gross Unrealized Gains | 2,603 | 2,434 |
Marketable Securities, Gross Unrealized Losses | -12,112 | -17,302 |
Marketable Securities, Fair Value | $517,571 | $525,759 |
Securities_Available_for_Sale_
Securities Available for Sale (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | $235,061 | $245,614 |
Available for sale, Gross Unrealized Gains | 2,406 | 2,399 |
Available for sale, Gross Unrealized Losses | -3,568 | -4,809 |
Available for sale, Fair Value | 233,899 | 243,204 |
Government sponsored residential mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 137,860 | 135,981 |
Available for sale, Gross Unrealized Gains | 423 | 419 |
Available for sale, Gross Unrealized Losses | -2,848 | -4,028 |
Available for sale, Fair Value | 135,435 | 132,372 |
U.S. government guaranteed mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 33,806 | 46,225 |
Available for sale, Gross Unrealized Gains | 168 | 240 |
Available for sale, Gross Unrealized Losses | -135 | -137 |
Available for sale, Fair Value | 33,839 | 46,328 |
Corporate bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 28,686 | 26,716 |
Available for sale, Gross Unrealized Gains | 808 | 766 |
Available for sale, Gross Unrealized Losses | -129 | -93 |
Available for sale, Fair Value | 29,365 | 27,389 |
State and municipal bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 16,501 | 18,240 |
Available for sale, Gross Unrealized Gains | 660 | 659 |
Available for sale, Gross Unrealized Losses | ' | -2 |
Available for sale, Fair Value | 17,161 | 18,897 |
Government sponsored enterprise obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 10,713 | 10,992 |
Available for sale, Gross Unrealized Gains | 23 | 18 |
Available for sale, Gross Unrealized Losses | -242 | -310 |
Available for sale, Fair Value | 10,494 | 10,700 |
Mutual funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 6,186 | 6,150 |
Available for sale, Gross Unrealized Gains | 7 | 8 |
Available for sale, Gross Unrealized Losses | -214 | -239 |
Available for sale, Fair Value | 5,979 | 5,919 |
Common and preferred stock | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 1,309 | 1,310 |
Available for sale, Gross Unrealized Gains | 317 | 289 |
Available for sale, Fair Value | $1,626 | $1,599 |
Securities_Held_to_Maturity_De
Securities Held to Maturity (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | $292,019 | $295,013 |
Held to maturity, Gross Unrealized Gains | 197 | 35 |
Held to maturity, Gross Unrealized Losses | -8,544 | -12,493 |
Held to Maturity Securities, Fair Value, Total | 283,672 | 282,555 |
Government sponsored residential mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 174,411 | 176,986 |
Held to maturity, Gross Unrealized Gains | 78 | ' |
Held to maturity, Gross Unrealized Losses | -4,533 | -6,819 |
Held to Maturity Securities, Fair Value, Total | 169,956 | 170,167 |
U.S. government guaranteed mortgage-backed securities | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 39,501 | 39,705 |
Held to maturity, Gross Unrealized Losses | -1,200 | -1,391 |
Held to Maturity Securities, Fair Value, Total | 38,301 | 38,314 |
Corporate bonds | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 27,350 | 27,566 |
Held to maturity, Gross Unrealized Gains | 73 | 30 |
Held to maturity, Gross Unrealized Losses | -354 | -567 |
Held to Maturity Securities, Fair Value, Total | 27,069 | 27,029 |
State and municipal bonds | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 7,334 | 7,351 |
Held to maturity, Gross Unrealized Gains | 34 | 5 |
Held to maturity, Gross Unrealized Losses | -226 | -345 |
Held to Maturity Securities, Fair Value, Total | 7,142 | 7,011 |
Government sponsored enterprise obligations | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held to maturity, Amortized Cost | 43,423 | 43,405 |
Held to maturity, Gross Unrealized Gains | 12 | ' |
Held to maturity, Gross Unrealized Losses | -2,231 | -3,371 |
Held to Maturity Securities, Fair Value, Total | $41,204 | $40,034 |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Securities Available for Sale and Held to Maturity by Maturity (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Held to Maturity Securities, Amortized Cost, Total | $292,019 | $295,013 |
Held to Maturity Securities, Fair Value, Total | 283,672 | 282,555 |
Mortgage Backed Securities | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost, Due after five years through ten years | 39,206 | ' |
Available for Sale Securities, Amortized Cost, Due after ten years | 132,460 | ' |
Available for Sale Securities, Amortized Cost, Total | 171,666 | ' |
Available for Sale Securities, Fair Value, Due after five years through ten years | 38,117 | ' |
Available for Sale Securities, Fair Value, Due after ten years | 131,157 | ' |
Available for Sale Securities, Fair Value, Total | 169,274 | ' |
Held to Maturity Securities, Amortized Cost, Due after five years through ten years | 45,982 | ' |
Held to Maturity Securities, Amortized Cost, Due after ten years | 167,930 | ' |
Held to Maturity Securities, Amortized Cost, Total | 213,912 | ' |
Held to Maturity Securities, Fair Value, Due after five years through ten years | 43,823 | ' |
Held to Maturity Securities, Fair Value, Due after ten years | 164,434 | ' |
Held to Maturity Securities, Fair Value, Total | 208,257 | ' |
Debt Securities, Excluding Mortgage-Backed Securities | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for Sale Securities, Amortized Cost, Due in one year or less | 1,245 | ' |
Available for Sale Securities, Amortized Cost, Due after one year through five years | 32,406 | ' |
Available for Sale Securities, Amortized Cost, Due after five years through ten years | 22,064 | ' |
Available for Sale Securities, Amortized Cost, Due after ten years | 185 | ' |
Available for Sale Securities, Amortized Cost, Total | 55,900 | ' |
Available for Sale Securities, Fair Value, Due in one year or less | 1,259 | ' |
Available for Sale Securities, Fair Value, Due after one year through five years | 33,181 | ' |
Available for Sale Securities, Fair Value, Due after five years through ten years | 22,378 | ' |
Available for Sale Securities, Fair Value, Due after ten years | 202 | ' |
Available for Sale Securities, Fair Value, Total | 57,020 | ' |
Held to Maturity Securities, Amortized Cost, Due in one year or less | ' | ' |
Held to Maturity Securities, Amortized Cost, Due after one year through five years | 22,987 | ' |
Held to Maturity Securities, Amortized Cost, Due after five years through ten years | 39,578 | ' |
Held to Maturity Securities, Amortized Cost, Due after ten years | 15,542 | ' |
Held to Maturity Securities, Amortized Cost, Total | 78,107 | ' |
Held to Maturity Securities, Fair Value, Due in one year or less | ' | ' |
Held to Maturity Securities, Fair Value, Due after one year through five years | 22,638 | ' |
Held to Maturity Securities, Fair Value, Due after five years through ten years | 38,086 | ' |
Held to Maturity Securities, Fair Value, Due after ten years | 14,691 | ' |
Held to Maturity Securities, Fair Value, Total | $75,415 | ' |
Gross_Realized_Gains_and_Losse
Gross Realized Gains and Losses on Sales of Securities Available for Sale (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' |
Gross gains realized | $193 | $1,442 |
Gross losses realized | -164 | -15 |
Net gain realized | $29 | $1,427 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Investments [Line Items] | ' | ' |
Proceeds from sales | $13,003,000 | $77,163,000 |
Provision of tax applicable to net realized gains and losses on sale of securities | $9,000 | $488,000 |
Securities_with_Gross_Unrealiz
Securities with Gross Unrealized Losses in Continuous Loss Position (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale, Less Than 12 Months Gross Unrealized Losses | $2,814 | $4,343 |
Available for sale, Less Than 12 Months Fair Value | 141,188 | 149,200 |
Available for sale, Over 12 Months Gross Unrealized Losses | 754 | 466 |
Available for sale, Over 12 Months Fair Value | 11,809 | 4,417 |
Held to maturity, Less Than 12 Months Gross Unrealized Losses | 7,340 | 11,499 |
Held to maturity, Less Than 12 Months Fair Value | 224,439 | 249,891 |
Held to maturity, Over 12 Months Gross Unrealized Losses | 1,204 | 994 |
Held to maturity, Over 12 Months Fair Value | 40,857 | 26,535 |
Marketable Securities, Less Than 12 Months Gross Unrealized Losses | 10,154 | 15,842 |
Marketable Securities, Less Than 12 Months Fair Value | 365,627 | 399,091 |
Marketable Securities, Over 12 Months Gross Unrealized Losses | 1,958 | 1,460 |
Marketable Securities, Over 12 Months Fair Value | 52,666 | 30,952 |
Government sponsored residential mortgage-backed securities | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale, Less Than 12 Months Gross Unrealized Losses | 2,242 | 3,717 |
Available for sale, Less Than 12 Months Fair Value | 112,966 | 118,846 |
Available for sale, Over 12 Months Gross Unrealized Losses | 606 | 311 |
Available for sale, Over 12 Months Fair Value | 10,131 | 2,761 |
Held to maturity, Less Than 12 Months Gross Unrealized Losses | 3,730 | 5,866 |
Held to maturity, Less Than 12 Months Fair Value | 124,922 | 145,438 |
Held to maturity, Over 12 Months Gross Unrealized Losses | 803 | 953 |
Held to maturity, Over 12 Months Fair Value | 36,289 | 24,729 |
Number of Securities | 56 | ' |
AC Basis | 243,860 | ' |
Gross Loss | -5,972 | ' |
Depreciation from AC Basis (%) | 2.40% | ' |
Number of Securities | 13 | ' |
AC Basis | 47,829 | ' |
Gross Loss | -1,409 | ' |
Depreciation from AC Basis (%) | 2.90% | ' |
U.S. government guaranteed mortgage-backed securities | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale, Less Than 12 Months Gross Unrealized Losses | 135 | 137 |
Available for sale, Less Than 12 Months Fair Value | 9,507 | 15,045 |
Held to maturity, Less Than 12 Months Gross Unrealized Losses | 1,200 | 1,391 |
Held to maturity, Less Than 12 Months Fair Value | 38,301 | 38,314 |
Number of Securities | 8 | ' |
AC Basis | 49,143 | ' |
Gross Loss | -1,335 | ' |
Depreciation from AC Basis (%) | 2.70% | ' |
Government sponsored enterprise obligations | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale, Less Than 12 Months Gross Unrealized Losses | 242 | 310 |
Available for sale, Less Than 12 Months Fair Value | 7,258 | 7,189 |
Held to maturity, Less Than 12 Months Gross Unrealized Losses | 1,830 | 3,330 |
Held to maturity, Less Than 12 Months Fair Value | 34,107 | 38,228 |
Held to maturity, Over 12 Months Gross Unrealized Losses | 401 | 41 |
Held to maturity, Over 12 Months Fair Value | 4,568 | 1,806 |
Number of Securities | 11 | ' |
AC Basis | 43,437 | ' |
Gross Loss | -2,072 | ' |
Depreciation from AC Basis (%) | 4.80% | ' |
Number of Securities | 1 | ' |
AC Basis | 4,969 | ' |
Gross Loss | -401 | ' |
Depreciation from AC Basis (%) | 8.10% | ' |
Corporate bonds | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale, Less Than 12 Months Gross Unrealized Losses | 129 | 93 |
Available for sale, Less Than 12 Months Fair Value | 8,217 | 4,659 |
Held to maturity, Less Than 12 Months Gross Unrealized Losses | 354 | 567 |
Held to maturity, Less Than 12 Months Fair Value | 22,065 | 22,059 |
Number of Securities | 13 | ' |
AC Basis | 30,765 | ' |
Gross Loss | -483 | ' |
Depreciation from AC Basis (%) | 1.60% | ' |
Mutual funds | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale, Less Than 12 Months Gross Unrealized Losses | 66 | 84 |
Available for sale, Less Than 12 Months Fair Value | 3,240 | 3,205 |
Available for sale, Over 12 Months Gross Unrealized Losses | 148 | 155 |
Available for sale, Over 12 Months Fair Value | 1,678 | 1,656 |
Number of Securities | 1 | ' |
AC Basis | 3,306 | ' |
Gross Loss | -66 | ' |
Depreciation from AC Basis (%) | 2.00% | ' |
Number of Securities | 1 | ' |
AC Basis | 1,826 | ' |
Gross Loss | -148 | ' |
Depreciation from AC Basis (%) | 8.10% | ' |
State and municipal bonds | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale, Less Than 12 Months Gross Unrealized Losses | ' | 2 |
Available for sale, Less Than 12 Months Fair Value | ' | 256 |
Held to maturity, Less Than 12 Months Gross Unrealized Losses | 226 | 345 |
Held to maturity, Less Than 12 Months Fair Value | 5,044 | 5,852 |
Number of Securities | 11 | ' |
AC Basis | 5,270 | ' |
Gross Loss | ($226) | ' |
Depreciation from AC Basis (%) | 4.30% | ' |
Loans_Detail
Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans | $647,391 | $636,660 | ' | ' |
Unearned premiums and deferred loan fees and costs, net | 849 | 767 | ' | ' |
Allowance for loan losses | -7,567 | -7,459 | -7,565 | -7,794 |
Loans, net | 640,673 | 629,968 | ' | ' |
Commercial real estate | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans | 274,131 | 264,476 | ' | ' |
Allowance for loan losses | -3,689 | -3,549 | -3,289 | -3,406 |
Residential real estate | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans | 202,759 | 198,686 | ' | ' |
Home equity | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans | 35,890 | 35,371 | ' | ' |
Commercial and industrial | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans | 133,116 | 135,555 | ' | ' |
Consumer | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Loans | 1,495 | 2,572 | ' | ' |
Allowance for loan losses | ($13) | ($13) | ($11) | ($13) |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Troubled Debt Restructuring | Troubled Debt Restructuring | Residential real estate | Commercial Real Estate Loans Sold | Commercial Real Estate Loans Sold | Commercial real estate | Commercial real estate | |||
Contract | Contract | Minimum | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of residential mortgages | $7,468,000 | $13,089,000 | ' | ' | ' | ' | ' | ' | ' |
Balance of loans serviced for participants | ' | ' | ' | ' | ' | 16,300,000 | 14,300,000 | ' | ' |
Requirement for private mortgage insurance, loan-to-value ratio | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' |
Number of Contracts | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Charge off on TDRs | ' | ' | 0 | 36,000 | ' | ' | ' | ' | ' |
Construction loan | ' | ' | ' | ' | ' | ' | ' | $27,700,000 | $23,400,000 |
Changes_in_Allowance_for_Loan_
Changes in Allowance for Loan Losses by Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | $7,459 | $7,794 |
Provision (credit) | 100 | -235 |
Charge-offs | -99 | -154 |
Recoveries | 107 | 160 |
Ending Balance | 7,567 | 7,565 |
Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 1,707 | 1,746 |
Provision (credit) | 119 | 33 |
Charge-offs | -15 | -57 |
Recoveries | 1 | ' |
Ending Balance | 1,812 | 1,722 |
Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 2,192 | 2,167 |
Provision (credit) | -172 | -23 |
Charge-offs | -74 | -72 |
Recoveries | 103 | 5 |
Ending Balance | 2,049 | 2,077 |
Unallocated | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | -2 | 462 |
Provision (credit) | 6 | 4 |
Ending Balance | 4 | 466 |
Commercial real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 3,549 | 3,406 |
Provision (credit) | 140 | -251 |
Charge-offs | ' | -20 |
Recoveries | ' | 154 |
Ending Balance | 3,689 | 3,289 |
Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 13 | 13 |
Provision (credit) | 7 | 2 |
Charge-offs | -10 | -5 |
Recoveries | 3 | 1 |
Ending Balance | $13 | $11 |
Allowance_for_Loan_Losses_by_S
Allowance for Loan Losses by Segment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Amount of allowance for loans individually evaluated and deemed impaired | $19 | $97 | ' | ' |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | 7,548 | 7,362 | ' | ' |
Total allowance for loan losses | 7,567 | 7,459 | 7,565 | 7,794 |
Loans individually evaluated and deemed impaired | 16,801 | 16,548 | ' | ' |
Loan collectively or individually evaluated and not deemed impaired | 630,590 | 620,112 | ' | ' |
Total loans | 647,391 | 636,660 | ' | ' |
Residential real estate | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | 1,812 | 1,707 | ' | ' |
Total allowance for loan losses | 1,812 | 1,707 | 1,722 | 1,746 |
Loans individually evaluated and deemed impaired | 214 | 234 | ' | ' |
Loan collectively or individually evaluated and not deemed impaired | 238,435 | 233,823 | ' | ' |
Total loans | 238,649 | 234,057 | ' | ' |
Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Amount of allowance for loans individually evaluated and deemed impaired | 10 | 15 | ' | ' |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | 2,039 | 2,177 | ' | ' |
Total allowance for loan losses | 2,049 | 2,192 | 2,077 | 2,167 |
Loans individually evaluated and deemed impaired | 1,727 | 1,352 | ' | ' |
Loan collectively or individually evaluated and not deemed impaired | 131,389 | 134,203 | ' | ' |
Total loans | 133,116 | 135,555 | ' | ' |
Unallocated | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | 4 | -2 | ' | ' |
Total allowance for loan losses | 4 | -2 | 466 | 462 |
Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Amount of allowance for loans individually evaluated and deemed impaired | 9 | 82 | ' | ' |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | 3,680 | 3,467 | ' | ' |
Total allowance for loan losses | 3,689 | 3,549 | 3,289 | 3,406 |
Loans individually evaluated and deemed impaired | 14,860 | 14,962 | ' | ' |
Loan collectively or individually evaluated and not deemed impaired | 259,271 | 249,514 | ' | ' |
Total loans | 274,131 | 264,476 | ' | ' |
Consumer | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Amount of allowance for loans collectively or individually evaluated for impairment and not deemed impaired | 13 | 13 | ' | ' |
Total allowance for loan losses | 13 | 13 | 11 | 13 |
Loan collectively or individually evaluated and not deemed impaired | 1,495 | 2,572 | ' | ' |
Total loans | $1,495 | $2,572 | ' | ' |
Past_Due_and_NonAccrual_Loans_
Past Due and Non-Accrual Loans by Class (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $4,933 | $2,192 |
60-89 Days Past Due | 449 | 1,267 |
Greater than 90 Days Past Due | 1,555 | 1,247 |
Total Past Due | 6,937 | 4,706 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-Accrual | 3,097 | 2,586 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 3,260 | 430 |
60-89 Days Past Due | 145 | 146 |
Greater than 90 Days Past Due | 782 | 793 |
Total Past Due | 4,187 | 1,369 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-Accrual | 1,310 | 1,449 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 4 | 25 |
60-89 Days Past Due | 15 | 16 |
Greater than 90 Days Past Due | 1 | 1 |
Total Past Due | 20 | 42 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-Accrual | 2 | 1 |
Residential real estate | Residential real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 746 | 1,004 |
60-89 Days Past Due | 224 | 325 |
Greater than 90 Days Past Due | 611 | 311 |
Total Past Due | 1,581 | 1,640 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-Accrual | 931 | 712 |
Residential real estate | Home equity | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 304 | 217 |
60-89 Days Past Due | ' | ' |
Greater than 90 Days Past Due | 22 | 2 |
Total Past Due | 326 | 219 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-Accrual | 56 | 38 |
Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 619 | 516 |
60-89 Days Past Due | 65 | 780 |
Greater than 90 Days Past Due | 139 | 140 |
Total Past Due | 823 | 1,436 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-Accrual | $798 | $386 |
Impaired_Loans_by_Class_Detail
Impaired Loans by Class (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance | $2,411 | ' | $2,068 |
Recorded Investment, With related allowance | 14,390 | ' | 14,480 |
Recorded Investment | 16,801 | ' | 16,548 |
Unpaid Principal Balance, With no related allowance | 2,841 | ' | 2,549 |
Unpaid Principal Balance, With related allowance | 14,390 | ' | 14,480 |
Unpaid Principal Balance | 17,231 | ' | 17,029 |
Related Allowance | 19 | ' | 97 |
Average Recorded Investment, With no related allowance | 2,240 | 2,207 | ' |
Average Recorded Investment, With related allowance | 14,435 | 14,788 | ' |
Average Recorded Investment | 16,675 | 16,995 | ' |
Interest Income Recognized, With no related allowance | ' | ' | ' |
Interest Income Recognized, With related allowance | 153 | 158 | ' |
Interest Income Recognized | 153 | 158 | ' |
Commercial and industrial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance | 766 | ' | 385 |
Recorded Investment, With related allowance | 961 | ' | 967 |
Unpaid Principal Balance, With no related allowance | 789 | ' | 487 |
Unpaid Principal Balance, With related allowance | 961 | ' | 967 |
Related Allowance | 10 | ' | 15 |
Average Recorded Investment, With no related allowance | 576 | 392 | ' |
Average Recorded Investment, With related allowance | 964 | 988 | ' |
Interest Income Recognized, With no related allowance | ' | ' | ' |
Interest Income Recognized, With related allowance | 10 | 11 | ' |
Residential real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance | 214 | ' | 234 |
Unpaid Principal Balance, With no related allowance | 305 | ' | 306 |
Average Recorded Investment, With no related allowance | 224 | 273 | ' |
Interest Income Recognized, With no related allowance | ' | ' | ' |
Commercial real estate | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment, With no related allowance | 1,431 | ' | 1,449 |
Recorded Investment, With related allowance | 13,429 | ' | 13,513 |
Unpaid Principal Balance, With no related allowance | 1,747 | ' | 1,756 |
Unpaid Principal Balance, With related allowance | 13,429 | ' | 13,513 |
Related Allowance | 9 | ' | 82 |
Average Recorded Investment, With no related allowance | 1,440 | 1,542 | ' |
Average Recorded Investment, With related allowance | 13,471 | 13,800 | ' |
Interest Income Recognized, With no related allowance | ' | ' | ' |
Interest Income Recognized, With related allowance | $143 | $147 | ' |
Summary_of_Troubled_Debt_Restr
Summary of Troubled Debt Restructurings that Subsequently Defaulted (Detail) (Troubled Debt Restructuring, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Contract | |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 1 |
Recorded investment | $44 |
Commercial and industrial | ' |
Financing Receivable, Modifications [Line Items] | ' |
Number of Contracts | 1 |
Recorded investment | $44 |
Loans_by_Risk_Rating_Detail
Loans by Risk Rating (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | $647,391 | $636,660 |
Residential 1-4 family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 202,759 | 198,686 |
Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 133,116 | 135,555 |
Loans rated 1 - 3 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 575,203 | 558,534 |
Loans rated 1 - 3 | Residential 1-4 family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 201,828 | 197,974 |
Loans rated 1 - 3 | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 112,975 | 108,671 |
Loans rated 4 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 50,905 | 57,181 |
Loans rated 4 | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 8,498 | 15,722 |
Loans rated 5 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 1,110 | 5,481 |
Loans rated 5 | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 417 | 3,509 |
Loans rated 6 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 20,173 | 15,464 |
Loans rated 6 | Residential 1-4 family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 931 | 712 |
Loans rated 6 | Commercial and industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 11,226 | 7,653 |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 274,131 | 264,476 |
Commercial real estate | Loans rated 1 - 3 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 223,071 | 213,985 |
Commercial real estate | Loans rated 4 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 42,407 | 41,459 |
Commercial real estate | Loans rated 5 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 693 | 1,972 |
Commercial real estate | Loans rated 6 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 7,960 | 7,060 |
Home equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 35,890 | 35,371 |
Home equity | Loans rated 1 - 3 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 35,834 | 35,333 |
Home equity | Loans rated 6 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 56 | 38 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 1,495 | 2,572 |
Consumer | Loans rated 1 - 3 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | 1,495 | 2,571 |
Consumer | Loans rated 6 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans | ' | $1 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Stock awards | Stock options | Stock options | Stock options | Directors, Officers and Employees Plan | Directors, Officers and Employees Plan | |||
Stock awards | Stock options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, original shares available for grant | ' | ' | ' | ' | ' | ' | 624,041 | 1,560,101 |
Tender offer to purchase outstanding options | ' | ' | ' | ' | 1,665,415 | ' | ' | ' |
Common stock repurchased | ' | ' | ' | ' | $2,100,000 | ' | ' | ' |
Deferred tax asset charged to shareholders' equity as a result of tender offer | ' | ' | ' | ' | ' | 566,000 | ' | ' |
Share based compensation, shares available for grant | ' | ' | 0 | ' | ' | 57,232 | ' | ' |
Stock options granted | ' | ' | ' | 0 | ' | ' | ' | ' |
Share-based compensation expense | $25,000 | $38,000 | $25,000 | ' | ' | ' | ' | ' |
Stock_Award_and_Option_Plans_A
Stock Award and Option Plans Activity (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Unvested Stock Awards Outstanding, Shares | ' | ' | ' | ' |
Beginning Balance | 25,720 | 25,720 | 33,800 | 33,800 |
Ending Balance | 25,720 | 25,720 | 33,800 | 33,800 |
Unvested Stock Awards Outstanding, Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Beginning Balance | $7.93 | $7.93 | $8.23 | $8.23 |
Ending Balance | $7.93 | $7.93 | $8.23 | $8.23 |
Stock Options Outstanding, Shares | ' | ' | ' | ' |
Beginning Balance | ' | ' | 1,669,431 | 1,669,431 |
Ending Balance | ' | ' | 1,669,431 | 1,669,431 |
Stock Options Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' |
Beginning Balance | ' | ' | $10.02 | $10.02 |
Ending Balance | ' | ' | $10.02 | $10.02 |
Recovered_Sheet3
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Bankers Bank Northeast | Bankers Bank Northeast | Pnc Bank | Line of Credit | Line of Credit | Securities sold under repurchase agreements | Securities sold under repurchase agreements | Federal Home Loan Bank Certificates and Obligations (FHLB) | Federal Home Loan Bank Certificates and Obligations (FHLB) | Federal Home Loan Bank Certificates and Obligations (FHLB) | Federal Home Loan Bank Certificates and Obligations (FHLB) | Repurchase Agreements | Repurchase Agreements | Customer Repurchase Agreements | Customer Repurchase Agreements | ||||
Maximum | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SHORT-TERM BORROWINGS | ' | $58,460,000 | $48,197,000 | ' | ' | ' | $0 | $0 | ' | ' | $20,000,000 | $20,000,000 | ' | ' | ' | ' | $38,500,000 | $28,200,000 |
Original maturity period of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | '1 day | '1 day |
Total amount available to borrow from BBN | ' | ' | ' | 4,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding advance under line of credit | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required cash reserve | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LONG-TERM DEBT | ' | 248,568,000 | 248,377,000 | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 | 232,900,000 | 232,700,000 | ' | ' | ' | ' | 5,600,000 | 5,600,000 |
Weighted Average rate on debt restructuring | 3.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase agreements prepaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 9,000,000 | ' | ' |
Prepayment penalty on debt | ($1,426,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,426,000) | ' | ' |
Net_Pension_Cost_Detail
Net Pension Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $250 | $277 |
Interest cost | 206 | 178 |
Expected return on assets | -240 | -232 |
Transition asset | -3 | -3 |
Actuarial loss | ' | 12 |
Net periodic pension cost | $213 | $232 |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments Designated as Hedging Instruments and their Classification on Balance Sheet (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative assets | $31 | $1,755 |
Fair value of derivative liability | 620 | ' |
Derivatives designated as hedging instruments | Interest Rate Swaps | Other Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative assets | 31 | 1,755 |
Derivatives designated as hedging instruments | Interest Rate Swaps | Other Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative liability | $620 | ' |
Recovered_Sheet4
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Derivative | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Number of forward-starting interest rate swaps | 5 | ' | ' |
Derivative notional amount | $155,000,000 | ' | $155,000,000 |
Forecasted transactions hedging period | '6 years | ' | ' |
Estimated amount to be reclassified during the next 12 month period | 326,000 | ' | ' |
Reclassifications amount, effective portion | 46,000 | 0 | ' |
Collateral or assets required to settle interest rate swap obligations, estimated termination value | 628,000 | ' | ' |
2014 | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative notional amount | 20,000,000 | ' | ' |
2015 | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative notional amount | 47,500,000 | ' | ' |
2016 | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative notional amount | 67,500,000 | ' | ' |
Derivatives Not Designated as Hedging Instruments | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Number of derivative instruments | 0 | ' | ' |
Derivatives Designated As Cash Flow Hedges | Interest Rate Swaps | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Number of forward-starting interest rate swaps | 6 | ' | ' |
Derivative notional amount | $155,000,000 | ' | ' |
Derivatives Designated As Cash Flow Hedges | Minimum | Interest Rate Swaps | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Forward-starting interest rate swaps , maturity period | '2017-10 | ' | ' |
Forward-starting interest rate swaps , effective date | '2013-10 | ' | ' |
Derivatives Designated As Cash Flow Hedges | Maximum | Interest Rate Swaps | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Forward-starting interest rate swaps , maturity period | '2022-09 | ' | ' |
Forward-starting interest rate swaps , effective date | '2016-09 | ' | ' |
Schedule_of_Cash_Flow_Hedges_D
Schedule of Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Notional Amount | $155,000 | $155,000 |
Weighted Average Maturity | '6 years 6 months | '6 years 9 months 18 days |
Estimated Fair Value | -589 | 1,755 |
Interest rate swaps on FHLBB borrowings | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 20,000 | 20,000 |
Weighted Average Maturity | '3 years 6 months | '3 years 9 months 18 days |
Weighted Average Rate Receive | 0.24% | 0.24% |
Weighted Average Rate Pay | 1.17% | 1.17% |
Estimated Fair Value | 31 | 40 |
Forward Starting interest rate swaps on FHLBB borrowings | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | 135,000 | 135,000 |
Weighted Average Maturity | '7 years | '7 years 2 months 12 days |
Weighted Average Rate Pay | 2.93% | 2.93% |
Estimated Fair Value | ($620) | $1,715 |
PreTax_Net_Gains_losses_of_Cas
Pre-Tax Net Gains (losses) of Cash Flow Hedges (Detail) (Derivatives Designated As Cash Flow Hedges, Interest Rate Swaps, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives Designated As Cash Flow Hedges | Interest Rate Swaps | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of gain (loss) recognized in OCI on derivative | ($2,390) | ' |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | $233,899 | $243,204 |
Derivative Liability | 589 | ' |
Derivative asset | 31 | 1,755 |
Total assets | ' | 244,959 |
Government sponsored residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 135,435 | 132,372 |
U.S. government guaranteed residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 33,839 | 46,328 |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 29,365 | 27,389 |
State and municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 17,161 | 18,897 |
Government sponsored enterprise obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 10,494 | 10,700 |
Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 5,979 | 5,919 |
Common and preferred stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 1,626 | 1,599 |
Interest Rate Swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative Liability | 589 | ' |
Derivative asset | ' | 1,755 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 7,605 | 7,518 |
Total assets | ' | 7,518 |
Level 1 | Government sponsored residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 1 | U.S. government guaranteed residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 1 | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 1 | State and municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 1 | Government sponsored enterprise obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 1 | Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 5,979 | 5,919 |
Level 1 | Common and preferred stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 1,626 | 1,599 |
Level 1 | Interest Rate Swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative Liability | ' | ' |
Derivative asset | ' | ' |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 226,294 | 235,686 |
Derivative Liability | 589 | ' |
Total assets | ' | 237,441 |
Level 2 | Government sponsored residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 135,435 | 132,372 |
Level 2 | U.S. government guaranteed residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 33,839 | 46,328 |
Level 2 | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 29,365 | 27,389 |
Level 2 | State and municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 17,161 | 18,897 |
Level 2 | Government sponsored enterprise obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | 10,494 | 10,700 |
Level 2 | Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 2 | Common and preferred stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 2 | Interest Rate Swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative Liability | 589 | ' |
Derivative asset | ' | 1,755 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Total assets | ' | ' |
Level 3 | Government sponsored residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | U.S. government guaranteed residential mortgage-backed securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | State and municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | Government sponsored enterprise obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | Common and preferred stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Available-for-sale securities | ' | ' |
Level 3 | Interest Rate Swaps | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Derivative Liability | ' | ' |
Derivative asset | ' | ' |
Fair_Value_Hierarchy_used_to_D
Fair Value Hierarchy used to Determine Each Adjustment and Carrying Value of Assets Measured on Non-Recurring Basis (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Gains (losses) arising from fair value adjustment of assets | ($15) | $69 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets Measured at Fair Value on Non-Recurring Basis | 96 | 2,166 |
Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Gains (losses) arising from fair value adjustment of assets | -15 | 69 |
Impaired Loans | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Assets Measured at Fair Value on Non-Recurring Basis | $96 | $2,166 |
Estimated_Fair_Values_of_Finan
Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets, carrying value: | ' | ' | ' | ' |
Cash and cash equivalents | $21,370 | $19,742 | $19,183 | $11,761 |
Securities available for sale, carrying value | 233,899 | 243,204 | ' | ' |
Securities held to maturity | 292,019 | 295,013 | ' | ' |
Federal Home Loan Bank of Boston and other restricted stock, carrying value | 15,631 | 15,631 | ' | ' |
Loans - net, carrying value | 640,673 | 629,968 | ' | ' |
Accrued interest receivable, carrying value | 4,120 | 4,201 | ' | ' |
Derivative assets | 31 | 1,755 | ' | ' |
Assets, estimated fair value: | ' | ' | ' | ' |
Cash and cash equivalents | 21,370 | 19,742 | ' | ' |
Securities available for sale, estimated fair value | 233,899 | 243,204 | ' | ' |
Securities held to maturity | 283,672 | 282,555 | ' | ' |
Federal Home Loan Bank of Boston and other restricted stock, estimated fair value | 15,631 | 15,631 | ' | ' |
Loans - net, estimated fair value | 643,402 | 631,417 | ' | ' |
Accrued interest receivable, estimated fair value | 4,120 | 4,201 | ' | ' |
Derivative assets | ' | 1,755 | ' | ' |
Liabilities, carrying value: | ' | ' | ' | ' |
Deposits, carrying value | 806,695 | 817,112 | ' | ' |
Short-term borrowings, carrying value | 58,460 | 48,197 | ' | ' |
Long-term debt, carrying value | 248,568 | 248,377 | ' | ' |
Accrued interest payable, carrying value | 376 | 392 | ' | ' |
Derivative liabilities, net | 589 | ' | ' | ' |
Liabilities, estimated fair value: | ' | ' | ' | ' |
Deposits, estimated fair value | 808,147 | 819,109 | ' | ' |
Short-term borrowings, estimated fair value | 58,459 | 48,197 | ' | ' |
Long-term debt, estimated fair value | 252,368 | 251,678 | ' | ' |
Accrued interest payable, estimated fair value | 376 | 392 | ' | ' |
Derivative liabilities, net | 589 | ' | ' | ' |
Level 1 | ' | ' | ' | ' |
Assets, estimated fair value: | ' | ' | ' | ' |
Cash and cash equivalents | 21,370 | 19,742 | ' | ' |
Securities available for sale, estimated fair value | 7,605 | 7,518 | ' | ' |
Level 2 | ' | ' | ' | ' |
Assets, estimated fair value: | ' | ' | ' | ' |
Securities available for sale, estimated fair value | 226,294 | 235,686 | ' | ' |
Securities held to maturity | 283,672 | 282,555 | ' | ' |
Derivative assets | ' | 1,755 | ' | ' |
Liabilities, carrying value: | ' | ' | ' | ' |
Derivative liabilities, net | 589 | ' | ' | ' |
Liabilities, estimated fair value: | ' | ' | ' | ' |
Short-term borrowings, estimated fair value | 58,459 | 48,197 | ' | ' |
Long-term debt, estimated fair value | 252,368 | 251,678 | ' | ' |
Derivative liabilities, net | 589 | ' | ' | ' |
Level 3 | ' | ' | ' | ' |
Assets, estimated fair value: | ' | ' | ' | ' |
Securities available for sale, estimated fair value | ' | ' | ' | ' |
Federal Home Loan Bank of Boston and other restricted stock, estimated fair value | 15,631 | 15,631 | ' | ' |
Loans - net, estimated fair value | 643,402 | 631,417 | ' | ' |
Accrued interest receivable, estimated fair value | 4,120 | 4,201 | ' | ' |
Liabilities, estimated fair value: | ' | ' | ' | ' |
Deposits, estimated fair value | 808,147 | 819,109 | ' | ' |
Accrued interest payable, estimated fair value | $376 | $392 | ' | ' |