Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'RCKB | ' |
Entity Registrant Name | 'Rockville Financial, Inc. /CT/ | ' |
Entity Central Index Key | '0001501364 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 25,966,978 |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $22,729 | $19,966 |
Short-term investments | 31,742 | 15,349 |
Total cash and cash equivalents | 54,471 | 35,315 |
Available for sale securites-At fair value (note 5) | 370,127 | 241,389 |
Held to maturity securities-At amortized cost (note 5) | 14,141 | 6,084 |
Loans held for sale | 2,904 | 5,292 |
Loans receivable (Net of allowance for loan losses of $18,703 at September 30, 2013 and $18,477 at December 31, 2012) (note 7) | 1,637,325 | 1,586,985 |
Federal Home Loan Bank of Boston stock | 15,053 | 15,867 |
Accrued interest receivable | 5,879 | 4,862 |
Deferred tax asset, net | 14,056 | 10,720 |
Premises and equipment, net | 22,848 | 20,078 |
Goodwill | 1,070 | 1,070 |
Cash surrender value of bank-owned life insurance | 63,949 | 58,370 |
Other real estate owned | 2,129 | 2,846 |
Prepaid FDIC assessments | ' | 2,089 |
Federal income tax receivable | 306 | ' |
Other assets | 14,822 | 7,832 |
Total assets | 2,219,080 | 1,998,799 |
Deposits: | ' | ' |
Non-interest-bearing | 259,773 | 238,924 |
Interest-bearing | 1,432,299 | 1,265,756 |
Total deposits | 1,692,072 | 1,504,680 |
Mortgagors' and investors' escrow accounts | 3,635 | 6,776 |
Federal Home Loan Bank advances and other borrowings (note 8) | 196,246 | 143,106 |
Accrued expenses and other liabilities | 31,954 | 23,626 |
Total liabilities | 1,923,907 | 1,678,188 |
Commitments and contingencies (note 15) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock (no par value; 2,000,000 authorized; no shares issued) | ' | ' |
Common stock (no par value; authorized 60,000,000 shares; 29,457,104 and 29,487,363 shares issued and 26,057,978 and 28,156,897 outstanding at September 30, 2013 and December 31, 2012, respectively) | 243,776 | 243,776 |
Additional paid-in capital | 14,717 | 13,418 |
Unearned compensation-ESOP | -7,442 | -8,306 |
Retained earnings | 96,573 | 91,811 |
Accumulated other comprehensive loss, net of tax (note 12) | -9,250 | -4,047 |
Treasury stock, at cost (3,399,126 and 1,330,466 shares at September 30, 2013 and December 31, 2012, respectively) | -43,201 | -16,041 |
Total stockholders' equity | 295,173 | 320,611 |
Total liabilities and stockholders' equity | $2,219,080 | $1,998,799 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for loan losses, loans receivable | $18,703 | $18,477 |
Preferred stock par value | ' | ' |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 29,457,104 | 29,487,363 |
Common stock, shares outstanding | 26,057,978 | 28,156,897 |
Treasury stock, at cost | 3,399,126 | 1,330,466 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and dividend income: | ' | ' | ' | ' |
Loans | $16,898 | $17,883 | $50,854 | $53,377 |
Securities - taxable interest | 1,828 | 1,082 | 4,692 | 3,415 |
Securities - non-taxable interest | 685 | 651 | 1,985 | 1,327 |
Securities - dividends | 71 | 42 | 178 | 127 |
Interest-bearing deposits | 18 | 13 | 60 | 50 |
Total interest and dividend income | 19,500 | 19,671 | 57,769 | 58,296 |
Interest expense: | ' | ' | ' | ' |
Deposits | 2,000 | 2,149 | 5,862 | 6,646 |
Borrowed funds | 627 | 558 | 1,826 | 1,669 |
Total interest expense | 2,627 | 2,707 | 7,688 | 8,315 |
Net interest income | 16,873 | 16,964 | 50,081 | 49,981 |
Provision for loan losses | 532 | 793 | 1,326 | 2,678 |
Net interest income after provision for loan losses | 16,341 | 16,171 | 48,755 | 47,303 |
Non-interest income: | ' | ' | ' | ' |
Service charges and fees | 2,571 | 1,578 | 6,125 | 4,798 |
Net gain from sales of securities | 29 | 214 | 585 | 335 |
Net gain from sales of loans | 1,736 | 2,514 | 4,797 | 3,083 |
Bank-owned life insurance | 544 | 527 | 1,578 | 1,357 |
Other income (loss) | 220 | -219 | 1,007 | -30 |
Total non-interest income | 5,100 | 4,614 | 14,092 | 9,543 |
Non-interest expense: | ' | ' | ' | ' |
Salaries and employee benefits (notes 9 and 10) | 8,962 | 8,314 | 26,748 | 23,905 |
Service bureau fees | 888 | 946 | 2,624 | 3,234 |
Occupancy and equipment | 1,514 | 1,254 | 5,160 | 3,355 |
Professional fees | 608 | 1,049 | 1,948 | 2,595 |
Marketing and promotions | 266 | 70 | 434 | 287 |
FDIC insurance assessments | 247 | 268 | 871 | 774 |
Other real estate owned | 173 | 110 | 633 | 444 |
Other | 2,105 | 2,499 | 6,873 | 6,074 |
Total non-interest expense | 14,763 | 14,510 | 45,291 | 40,668 |
Income before income taxes | 6,678 | 6,275 | 17,556 | 16,178 |
Provision for income taxes (note 11) | 2,058 | 1,607 | 5,086 | 4,706 |
Net income | $4,620 | $4,668 | $12,470 | $11,472 |
Net income per share (note 14): | ' | ' | ' | ' |
Basic | $0.18 | $0.17 | $0.47 | $0.41 |
Diluted | $0.18 | $0.17 | $0.47 | $0.41 |
Weighted-average shares outstanding: | ' | ' | ' | ' |
Basic | 25,491,638 | 27,659,996 | 26,339,942 | 27,892,886 |
Diluted | 25,832,623 | 27,847,021 | 26,680,762 | 28,067,129 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $4,620 | $4,668 | $12,470 | $11,472 | ||||
Unrealized (losses) gains on securities: | ' | ' | ' | ' | ||||
Unrealized holding (losses) gains on available for sale securities | -1,525 | 2,800 | -13,924 | 3,294 | ||||
Reclassification adjustment for gains realized in net income | -29 | [1] | -214 | [1] | -585 | [1] | -335 | [1] |
Net unrealized (losses) gains | -1,554 | 2,586 | -14,509 | 2,959 | ||||
Tax effect - benefit (expense) | 544 | -906 | 5,077 | -1,035 | ||||
Net-of-tax amount - (losses) gains on securities | -1,010 | 1,680 | -9,432 | 1,924 | ||||
Unrealized (losses) gains on interest rate swaps designated as cash flow hedges accruing during period | -102 | -350 | 5,740 | -383 | ||||
Tax effect - benefit (expense) | 36 | 134 | -2,009 | 134 | ||||
Net-of-tax amount - interest rate swaps | -66 | -216 | 3,731 | -249 | ||||
Defined benefit pension plans: | ' | ' | ' | ' | ||||
Reclassification adjustment for losses recognized in net periodic benefit cost | 196 | [2] | 309 | [2] | 588 | [2] | 927 | [2] |
Prior service cost recognized during the period | ' | -12 | ' | -36 | ||||
Change in gains or losses and prior service costs or credits | 196 | 297 | 588 | 891 | ||||
Tax effect - expense | -68 | -104 | -206 | -312 | ||||
Net-of-tax amount - pension plans | 128 | 193 | 382 | 579 | ||||
Post-retirement plans: | ' | ' | ' | ' | ||||
Reclassification adjustment for prior service costs recognized in net periodic benefit cost | 5 | [3] | 7 | [3] | 18 | [3] | 21 | [3] |
Reclassification adjustment for losses recognized in net periodic benefit cost | 17 | [4] | 20 | [4] | 54 | [4] | 61 | [4] |
Prior service cost arising during the period | ' | ' | 106 | ' | ||||
Change in gains or losses and prior service costs or credits | 22 | 27 | 178 | 82 | ||||
Tax effect - expense | -8 | -9 | -62 | -29 | ||||
Net-of-tax amount - post-retirement plans | 14 | 18 | 116 | 53 | ||||
Net-of-tax amount - pension and post-retirement plans | 142 | 211 | 498 | 632 | ||||
Total other comprehensive (loss) income | -934 | 1,675 | -5,203 | 2,307 | ||||
Comprehensive income | $3,686 | $6,343 | $7,267 | $13,779 | ||||
[1] | Amounts are included in net gains on sales of securities in the unaudited Consolidated Statements of Net Income in total non-interest income. Income tax benefit associated with the reclassification adjustment for the three months ended September 30, 2013 and 2012 was $10 and $204, and $75 and $117 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | (2) Amounts are included in salaries and employee benefits in the unaudited Consolidated Statements of Net Income in total non-interest expense. Income tax expense associated with the reclassification adjustment for the three months ended September 30, 2013 and 2012 was $68 and $104, and $206 and $312 for the nine months ended September 30, 3013 and 2012, respectively. | |||||||
[3] | (3) Amounts are included in salaries and employee benefits in the unaudited Consolidated Statements of Net Income in total non-interest expense. Income tax expense associated with the reclassification adjustment for the three and nine months ended September 30, 2013 was $2 and $6, respectively. Income tax expense associated with the reclassification adjustment for the three and nine months ended September 30, 2012 was $2 and $7, respectively. | |||||||
[4] | (4) Amounts are included in salaries and employee benefits in the unaudited Consolidated Statements of Net Income in total non-interest expense. Income tax expense associated with the reclassification adjustment for the three and nine months ended September 30, 2013 was negligible and $2, respectively. Income tax expense associated with the reclassification adjustment for the three and nine months ended September 30, 2012 was negligible and $1, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Income tax benefit associated with the reclassification adjustment for gains realized in net income | $10 | $204 | $75 | $117 |
Income tax expense associated with the reclassification adjustment under salaries and employee benefits | 68 | 104 | 206 | 312 |
Income tax expense associated with the reclassification adjustment for prior service costs under post-retirement plans | 2 | 2 | 6 | 7 |
Income tax expense associated with the reclassification adjustment for losses recognized in net periodic benefit cost under post-retirement plans | ' | ' | $2 | $1 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Unearned Compensation - ESOP | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2011 | $333,471 | $243,776 | $15,189 | ($9,453) | $90,707 | ($6,748) | ' |
Balance, shares at Dec. 31, 2011 | ' | 29,514,468 | ' | ' | ' | ' | ' |
Comprehensive income | 13,779 | ' | ' | ' | 11,472 | 2,307 | ' |
Share-based compensation expense | 2,232 | ' | 2,232 | ' | ' | ' | ' |
ESOP shares released or committed to be released | 1,111 | ' | 250 | 861 | ' | ' | ' |
Cancellation of shares for tax withholding | -264 | ' | -484 | ' | -15 | ' | 235 |
Cancellation of shares for tax withholding, shares | ' | -6,097 | ' | ' | ' | ' | -20,036 |
Reissuance of treasury shares in connection with restricted stock grants | ' | ' | -4,434 | ' | -300 | ' | 4,734 |
Reissuance of treasury shares in connection with restricted stock grants, shares | ' | ' | ' | ' | ' | ' | -403,496 |
Reissuance of treasury shares in connection with stock options exercised, value | 218 | ' | -134 | ' | ' | ' | 352 |
Reissuance of treasury shares in connection with stock options exercised, share | ' | ' | ' | ' | ' | ' | -30,036 |
Treasury stock purchased | -15,751 | ' | ' | ' | ' | ' | -15,751 |
Treasury stock purchased, shares | ' | ' | ' | ' | ' | ' | 1,356,379 |
Dividends paid | -7,507 | ' | ' | ' | -7,507 | ' | ' |
Balance at Sep. 30, 2012 | 327,289 | 243,776 | 12,619 | -8,592 | 94,357 | -4,441 | -10,430 |
Balance, shares at Sep. 30, 2012 | ' | 29,508,371 | ' | ' | ' | ' | 902,811 |
Balance at Dec. 31, 2012 | 320,611 | 243,776 | 13,418 | -8,306 | 91,811 | -4,047 | -16,041 |
Balance, shares at Dec. 31, 2012 | 28,156,897 | 29,487,363 | ' | ' | ' | ' | 1,330,466 |
Comprehensive income | 7,267 | ' | ' | ' | 12,470 | -5,203 | ' |
Adoption of MSR fair value accounting | 502 | ' | ' | ' | 502 | ' | ' |
Share-based compensation expense | 2,129 | ' | 2,129 | ' | ' | ' | ' |
ESOP shares released or committed to be released | 1,262 | ' | 398 | 864 | ' | ' | ' |
Cancellation of shares for tax withholding | -410 | ' | -410 | ' | ' | ' | ' |
Cancellation of shares for tax withholding, shares | ' | -24,118 | ' | ' | ' | ' | ' |
Reissuance of treasury shares in connection with restricted stock grants | -9 | ' | -633 | ' | -9 | ' | 633 |
Reissuance of treasury shares in connection with restricted stock grants, shares | ' | ' | ' | ' | ' | ' | -53,834 |
Reissuance of treasury shares in connection with stock options exercised, value | 721 | ' | -245 | ' | ' | ' | 966 |
Reissuance of treasury shares in connection with stock options exercised, share | ' | ' | ' | ' | ' | ' | -82,171 |
Treasury stock purchased | -28,759 | ' | ' | ' | ' | ' | -28,759 |
Treasury stock purchased, shares | ' | ' | ' | ' | ' | ' | 2,204,665 |
Forfeited unvested restricted stock, shares | ' | -6,141 | ' | ' | ' | ' | ' |
Tax benefit from stock-based awards | 60 | ' | 60 | ' | ' | ' | ' |
Dividends paid | -8,201 | ' | ' | ' | -8,201 | ' | ' |
Balance at Sep. 30, 2013 | $295,173 | $243,776 | $14,717 | ($7,442) | $96,573 | ($9,250) | ($43,201) |
Balance, shares at Sep. 30, 2013 | 26,057,978 | 29,457,104 | ' | ' | ' | ' | 3,399,126 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (Retained Earnings, USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Retained Earnings | ' | ' |
Dividends paid per common share | $0.30 | $0.26 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $12,470 | $11,472 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Amortization of premiums and discounts on investments, net | 395 | 329 |
Share-based compensation expense | 2,129 | 2,232 |
ESOP expense | 1,262 | 1,111 |
Tax benefit from stock-based awards | 60 | ' |
Provision for loan losses | 1,326 | 2,678 |
Net gain from sales of securities | -585 | -335 |
Loans originated for sale | -169,307 | -81,551 |
Proceeds from sales of loans held for sale | 138,407 | 78,848 |
Net gain from sales of loans | -4,797 | -3,083 |
Loss on sales of other real estate owned | 81 | 64 |
Loss on disposal of equipment | 55 | 2 |
Write-downs of other real estate owned | 171 | 183 |
Depreciation and amortization | 1,871 | 986 |
Deferred income tax benefit | -535 | -718 |
Increase in cash surrender value of bank-owned life insurance | 1,578 | 1,357 |
Net change in: | ' | ' |
Deferred loan fees and premiums | -1,546 | 91 |
Accrued interest receivable | -1,017 | -1,432 |
Prepaid FDIC assessment | 2,089 | 700 |
Federal income tax receivable | -306 | 1,532 |
Other assets | -6,444 | -3,821 |
Accrued expenses and other liabilities | 12,229 | 5,228 |
Net cash (used in) provided by operating activities | -13,570 | 13,159 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of available for sale securities | 44,880 | 21,207 |
Proceeds from calls and maturities of available for sale securities | ' | 7,400 |
Principal payments on available for sale mortgage-backed securities | 21,183 | 24,454 |
Principal payments on held to maturity securities | 2,062 | 2,605 |
Purchases of available for sale securities | -209,191 | -144,844 |
Purchases of held to maturity securities | -10,093 | ' |
Redemption of FHLBB stock | 814 | 1,140 |
Proceeds from sale of other real estate owned | 3,290 | 1,637 |
Proceeds from portfolio loan sales | 63,743 | ' |
Purchases of loans | -9,788 | -1,108 |
Net loan originations | -66,413 | -76,374 |
Purchase of bank-owned life insurance | -4,000 | -25,000 |
Purchases of premises and equipment | -4,696 | -4,454 |
Proceeds from sale of other assets | ' | 3 |
Net cash used in investing activities | -168,209 | -193,334 |
Cash flows from financing activities: | ' | ' |
Net increase in non-interest-bearing deposits | 20,849 | 17,109 |
Net increase in interest-bearing deposits | 166,543 | 133,255 |
Net decrease in mortgagors' and investors' escrow accounts | -3,141 | -2,488 |
Net increase in short-term FHLBB advances | 304,000 | 60,000 |
Repayments of long-term FHLBB advances | -274,052 | -7,017 |
Net increase in repurchase agreements | 23,192 | ' |
Proceeds from exercise of stock options and stock purchase plan | 721 | 218 |
Common stock repurchased | -28,563 | -15,751 |
Cancellation of shares for tax withholding | -410 | -264 |
Cancellation of treasury shares | -9 | ' |
Deposits forfeited on other real estate owned property | 6 | ' |
Cash dividend paid on common stock | -8,201 | -7,507 |
Net cash provided by financing activities | 200,935 | 177,555 |
Net increase (decrease) in cash and cash equivalents | 19,156 | -2,620 |
Cash and cash equivalents, beginning of period | 35,315 | 40,985 |
Cash and cash equivalents, end of period | 54,471 | 38,365 |
Cash paid during the year for: | ' | ' |
Interest | 7,595 | 8,183 |
Income taxes, net | 6,717 | 4,131 |
Transfer of loans to other real estate owned | 2,831 | 1,494 |
Due on common stock repurchases | $196 | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1. Summary of Significant Accounting Policies | |
Nature of Operations. Rockville Financial, Inc. (the “Company”) is a bank holding company under the Bank Holding Company Act of 1956, as amended, headquartered in Rockville, Connecticut and incorporated under the laws of Connecticut in 2004. At September 30, 2013, the Company’s principal asset was all of the outstanding capital stock of Rockville Bank (the “Bank”), a wholly-owned subsidiary of the Company. | |
The Company, through Rockville Bank and various subsidiaries, delivers financial services to individuals, families and businesses primarily throughout Connecticut and the region through 22 banking offices, two loan production offices, 38 ATMs, telephone banking, mobile banking and its internet website (www.rockvillebank.com). | |
Basis of Presentation. The consolidated interim financial statements and the accompanying notes presented in this report include the accounts of Rockville Financial, Inc. and its wholly-owned subsidiary Rockville Bank, and the Bank’s wholly-owned subsidiaries, SBR Mortgage Company, SBR Investment Corp., Inc., Rockville Bank Commercial Properties, Inc., Rockville Bank Residential Properties, Inc., Rockville Financial Services, Inc. and Rockville Bank Investment Sub, Inc. | |
The consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to SEC Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the interim unaudited consolidated financial statements. The results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 or any future period. These interim unaudited consolidated financial statements should be read in conjunction with the Company’s 2012 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Reclassifications. Certain reclassifications have been made in prior periods’ consolidated financial statements to conform to the 2013 presentation. These reclassifications had no impact on the Company’s consolidated financial position, results of operations or net change in cash equivalents. All significant intercompany transactions have been eliminated. | |
Use of Estimates. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, pension and other post-retirement benefits, share-based compensation expense, valuation of deferred tax assets, the evaluation of securities for other-than-temporary impairment and derivatives. | |
Mutual_Holding_Company_Reorgan
Mutual Holding Company Reorganization and Minority Stock Issuance | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Mutual Holding Company Reorganization and Minority Stock Issuance | ' |
Note 2. Mutual Holding Company Reorganization and Minority Stock Issuance | |
On March 3, 2011, the Company completed the “second-step” conversion of the Bank from a mutual holding company structure to a stock holding company structure (the “Conversion”) pursuant to a Plan of Conversion and Reorganization (the “Plan”). As part of the Conversion, New Rockville Financial, Inc. succeeded Rockville Financial, Inc. as the stock holding company of Rockville Bank, and Rockville Financial MHC, Inc. was dissolved. Upon completion of the Conversion, the Company became the holding company for the Bank and acquired ownership of all the issued and outstanding shares of the Bank’s common stock. In connection with the Conversion, 17,109,886 shares of common stock of the Company (the “Common Stock”) were sold in a subscription offering to certain depositors of the Bank and its employee stock ownership plan for $10.00 per share, or $171,099,000 in the aggregate (the “Offering”) net of offering costs of $3,055,000. In accordance with the Plan, 1.5167 shares of Common Stock (without taking into consideration cash issued in lieu of fractional shares) were issued in exchange for each outstanding share of common stock of the Company’s predecessor, also named Rockville Financial, Inc. (“Old RFI”), the former state-chartered mid-tier holding company for the Bank, held by persons other than Rockville Financial MHC, Inc., the mutual holding company that owned the majority of Old RFI’s common stock. New Rockville Financial, Inc. changed its name to Rockville Financial, Inc. effective March 3, 2011. | |
In connection with the 2011 Plan, the Company contributed additional funds to Rockville Bank Foundation, Inc., a non-profit charitable organization dedicated to helping the communities that the Bank serves. The Foundation received $5.0 million, or 3.0%, of the net proceeds of the stock conversion offering. | |
The conversion was accounted for as a reorganization with no change to the historical basis of Rockville Financial, Inc.’s assets, liabilities, and equity. All number of shares outstanding and per share amounts are restated to give retroactive recognition to the exchange ratio (1.5167) applied in the conversion, where necessary. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Note 3. Recent Accounting Pronouncements | |
Derivatives and Hedging. In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-10, Inclusion of Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes which provides guidance on the risks that are permitted to be hedged in a fair value or cash flow hedge. The Update permits the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The Update also removes the restriction on using different benchmark rates for similar hedges. The Update was effective prospectively for qualifying new or redesigned hedging relationships entered into on or after July 17, 2013. Adoption did not have a material impact on the Company’s consolidated financial statements. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. In February 2013, FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. Adoption did not have a material impact on the Company’s consolidated financial statements. | |
Technical Corrections and Improvements. On October 1, 2012, the FASB released ASU No. 2012-04, Technical Corrections and Improvements, which clarifies the Codification or corrects unintended application of guidance and includes amendments identifying when the use of fair value should be linked to the definition of fair value in Topic 820, Fair Value Measurement. Amendments to the Codification without transition guidance are effective upon issuance; amendments subject to transitions guidance will be effective for the fiscal periods beginning after December 15, 2012. Adoption did not have a material impact on the Company’s consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 4. Fair Value Measurements | |||||||||||||||||||||
Fair value estimates are made as of a specific point in time based on the characteristics of the assets and liabilities and relevant market information. In accordance with FASB ASC 820, the fair value estimates are measured within the fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||||
Level 1: | Quoted prices are available in active markets for identical assets and liabilities as of the reporting date. The quoted price is not adjusted because of the size of the position relative to trading volume. | ||||||||||||||||||||
Level 2: | Pricing inputs are observable for assets and liabilities, either directly or indirectly but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies. | ||||||||||||||||||||
Level 3: | Pricing inputs are unobservable for assets and liabilities and include situations where there is little, if any, market activity and the determination of fair value requires significant judgment or estimation. | ||||||||||||||||||||
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such instances, the determination of which category within the fair value hierarchy is appropriate for any given asset and liability is based on the lowest level of input that is significant to the fair value of the asset and liability. | |||||||||||||||||||||
When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and could be material. Derived fair value estimates may not be substantiated by comparison to independent markets and, in certain cases, could not be realized in an immediate sale of the instrument. | |||||||||||||||||||||
Fair value estimates for financial instrument fair value disclosures are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts presented do not purport to represent the underlying market value of the Company. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis: The following tables detail the assets and liabilities carried at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. There were no transfers in and out of Level 1, Level 2 and Level 3 measurements during the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
(In thousands) | Total | Quoted | Other | Significant | |||||||||||||||||
Fair Value | Prices in | Observable | Unobservable | ||||||||||||||||||
Active | Inputs | Inputs | |||||||||||||||||||
Markets for | (Level 2) | (Level 3) | |||||||||||||||||||
Identical | |||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Available for Sale Securities: | |||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 6,142 | $ | — | $ | 6,142 | $ | — | |||||||||||||
Government-sponsored residential mortgage- backed securities | 90,475 | — | 90,475 | — | |||||||||||||||||
Government-sponsored residential collateralized debt obligations | 55,647 | — | 55,647 | — | |||||||||||||||||
Government-sponsored commercial mortgage- backed securities | 13,043 | — | 13,043 | — | |||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 4,743 | — | 4,743 | — | |||||||||||||||||
Asset-backed securities | 91,246 | — | 35,317 | 55,929 | |||||||||||||||||
Corporate debt securities | 39,622 | — | 38,280 | 1,342 | |||||||||||||||||
Obligations of states and political subdivisions | 62,902 | — | 62,902 | — | |||||||||||||||||
Marketable equity securities | 6,307 | 3,258 | 2,997 | 52 | |||||||||||||||||
Total available for sale securities | $ | 370,127 | $ | 3,258 | $ | 309,546 | $ | 57,323 | |||||||||||||
Mortgage loan derivative assets | $ | 207 | $ | — | $ | 207 | $ | — | |||||||||||||
Mortgage loan derivative liabilities | 112 | — | 112 | — | |||||||||||||||||
Mortgage servicing rights | 3,709 | — | — | 3,709 | |||||||||||||||||
Interest rate swap assets | 6,381 | — | 6,381 | — | |||||||||||||||||
Interest rate swap liabilities | 854 | — | 854 | — | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Available for Sale Securities: | |||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 12,717 | $ | — | $ | 12,717 | $ | — | |||||||||||||
Government-sponsored residential mortgage- backed securities | 91,144 | — | 91,144 | — | |||||||||||||||||
Government-sponsored residential collateralized- debt obligations | 20,947 | — | 20,947 | — | |||||||||||||||||
Government-sponsored commercial mortgage- backed securities | 9,302 | — | 9,302 | — | |||||||||||||||||
Government-sponsored commercial collateralized- debt obligations | 5,135 | — | 5,135 | — | |||||||||||||||||
Asset-backed securities | 11,200 | — | 4,174 | 7,026 | |||||||||||||||||
Corporate debt securities | 18,818 | — | 17,610 | 1,208 | |||||||||||||||||
Obligations of states and political subdivisions | 68,804 | — | 68,804 | — | |||||||||||||||||
Marketable equity securities | 3,322 | 3,244 | — | 78 | |||||||||||||||||
Total available for sale securities | $ | 241,389 | $ | 3,244 | $ | 229,833 | $ | 8,312 | |||||||||||||
Mortgage loan derivative assets | $ | 464 | $ | — | $ | 464 | $ | — | |||||||||||||
Mortgage loan derivative liabilities | 101 | — | 101 | — | |||||||||||||||||
Interest rate swap liabilities | 148 | — | 148 | — | |||||||||||||||||
The following table presents additional information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value. | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Available for Sale Securities: | |||||||||||||||||||||
Balance at beginning of period | $ | 54,819 | $ | 1,600 | $ | 8,312 | $ | 1,290 | |||||||||||||
Purchases | 2,785 | 8,000 | 49,729 | 8,000 | |||||||||||||||||
Principal payments | (550 | ) | — | (550 | ) | — | |||||||||||||||
Total unrealized gains (losses) included in other comprehensive loss | 269 | 247 | (168 | ) | 557 | ||||||||||||||||
Balance at end of period | $ | 57,323 | $ | 9,847 | $ | 57,323 | $ | 9,847 | |||||||||||||
Mortgage Servicing Rights: | |||||||||||||||||||||
Balance at beginning of period | $ | 3,336 | $ | — | |||||||||||||||||
Transfers to Level 3 | — | 1,554 | |||||||||||||||||||
Issuances | 460 | 1,032 | |||||||||||||||||||
Amortization | — | — | |||||||||||||||||||
Settlements | (36 | ) | (123 | ) | |||||||||||||||||
Change in fair value recognized in net income | (51 | ) | 1,246 | ||||||||||||||||||
Balance at end of period | $ | 3,709 | $ | 3,709 | |||||||||||||||||
The following valuation methodologies are used for assets that are recorded at fair value on a recurring basis. | |||||||||||||||||||||
Available for Sale Securities: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using an independent pricing service. Level 1 securities are those traded on active markets for identical securities including U.S. treasury debt securities, equity securities and mutual funds. Level 2 securities include U.S. Government agency obligations, U.S. Government-sponsored enterprises, mortgage-backed securities, obligations of states and political subdivisions, corporate and other debt securities. Level 3 securities include asset-backed securities, a pooled trust preferred security and thinly traded equity securities. All fair value measurements are obtained from a third party pricing service and are not adjusted by management. | |||||||||||||||||||||
Matrix pricing is used for pricing most obligations of states and political subdivisions, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on securities relationships to other benchmark quoted securities. The grouping of securities is completed according to insurer, credit support, state of issuance and rating to incorporate additional spreads and municipal bond yield curves. | |||||||||||||||||||||
The valuation of the Company’s asset-backed securities is obtained from a third party pricing provider and is determined utilizing an approach that combines advanced analytics with structural and fundamental cash flow analysis based upon observed market based yields. The third party provider’s model analyzes each instrument’s underlying collateral given observable collateral characteristics and credit statistics to extrapolate future performance and project cash flows, by incorporating expectations of default probabilities, recovery rates, prepayment speeds, loss severities and a derived discount rate. The Company has determined that due to the liquidity and significance of unobservable inputs, that asset-backed securities are classified in Level 3 of the valuation hierarchy. | |||||||||||||||||||||
The Company holds one pooled trust preferred security. The security’s fair value is based on unobservable issuer-provided financial information and discounted cash flow models derived from the underlying structured pool and therefore is classified as Level 3. | |||||||||||||||||||||
Mortgage Servicing Rights: A mortgage servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans are expected to more than adequately compensate the Company for performing the servicing. The fair value of servicing rights is provided by a third party and is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are recorded monthly, effective January 1, 2013, (See Note 7, “Loans Receivable and Allowance for Loan Losses” in the Notes to Unaudited Consolidated Financial Statements contained elsewhere in this report) as the cash flows derived from the valuation model change the fair value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. | |||||||||||||||||||||
Derivatives: Derivative instruments related to commitments for loans to be sold are carried at fair value. Fair value is determined through quotes obtained from actively traded mortgage markets. Any change in fair value for rate lock commitments to the borrower is based upon the change in market interest rates between making the rate lock commitment and the measurement date and, for forward loan sale commitments to the investor, is based upon the change in market interest rates from entering into the forward loan sales contract and the measurement date. Both the rate lock commitments to the borrowers and the forward loan sale commitments to investors are derivatives pursuant to the requirements of FASB ASC 815-10; however, the Company has not designated them as hedging instruments. Accordingly, they are marked to fair value through earnings. | |||||||||||||||||||||
The Company’s intention is to sell the majority of its fixed rate mortgage loans with original terms of 30 years on a servicing retained basis as well as certain 10, 15 and 20 year loans. The servicing value has been included in the pricing of the rate lock commitments. The Company estimates a fallout rate of approximately 14% based upon historical averages in determining the fair value of rate lock commitments. Although the use of historical averages is based upon unobservable data, the Company believes that this input is insignificant to the valuation and, therefore, has concluded that the fair value measurements meet the Level 2 criteria. The Company continually reassesses the significance of the fallout rate on the fair value measurement and updates the fallout rate accordingly. | |||||||||||||||||||||
Hedging derivatives include interest rate swaps as part of management’s strategy to manage interest rate risk. The valuation of the Company’s 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. The Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis: The Company may also be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower of amortized cost or fair value accounting or write-downs of individual assets. The following tables detail the assets carried at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation technique utilized by the Company to determine fair value. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
(In thousands) | Total | Quoted Prices in | Other | Significant | |||||||||||||||||
Fair Value | Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Impaired loans | $ | 2,186 | $ | — | $ | — | $ | 2,186 | |||||||||||||
Other real estate owned | 2,129 | — | — | 2,129 | |||||||||||||||||
Total | $ | 4,315 | $ | — | $ | — | $ | 4,315 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Impaired loans | $ | 1,211 | $ | — | $ | — | $ | 1,211 | |||||||||||||
Other real estate owned | 2,846 | — | — | 2,846 | |||||||||||||||||
Total | $ | 4,057 | $ | — | $ | — | $ | 4,057 | |||||||||||||
The following is a description of the valuation methodologies used for certain assets that are recorded at fair value on a non-recurring basis. | |||||||||||||||||||||
Impaired Loans: Accounting standards require that a creditor recognize the impairment of a loan if the present value of expected future cash flows discounted at the loan’s effective interest rate (or, alternatively, the observable market price of the loan or the fair value of the collateral) is less than the recorded investment in the impaired loan. Non-recurring fair value adjustments to collateral dependent loans are recorded, when necessary, to reflect partial write-downs and the specific reserve allocations based upon observable market price or current appraised value of the collateral less selling costs and discounts based on management’s judgment of current conditions. Based on the significance of management’s judgment, the Company records collateral dependent impaired loans as non-recurring Level 3 fair value measurements. | |||||||||||||||||||||
Other Real Estate Owned: The Company classifies property acquired through foreclosure or acceptance of deed-in-lieu of foreclosure, as other real estate owned (“OREO”) in its financial statements. Upon foreclosure, the property securing the loan is recorded at fair value as determined by real estate appraisals less the estimated selling expense. Appraisals are based upon observable market data such as comparable sales within the real estate market. Assumptions are also made based on management’s judgment of the appraisals and current real estate market conditions and therefore these assets are classified as non-recurring Level 3 assets in the fair value hierarchy. | |||||||||||||||||||||
Losses on assets recorded at fair value on a non-recurring basis are as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Impaired loans | $ | (209 | ) | $ | (127 | ) | $ | (821 | ) | $ | (337 | ) | |||||||||
Other real estate owned | (12 | ) | — | (81 | ) | (183 | ) | ||||||||||||||
Total | $ | (221 | ) | $ | (127 | ) | $ | (902 | ) | $ | (520 | ) | |||||||||
Disclosures about Fair Value of Financial Instruments: | |||||||||||||||||||||
The following methods and assumptions were used by management to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. | |||||||||||||||||||||
Cash and Cash Equivalents: Carrying value is assumed to represent fair value for cash and due from banks and short-term investments, which have original maturities of 90 days or less. | |||||||||||||||||||||
Securities: Refer to the above discussion on securities. | |||||||||||||||||||||
Loans Held for Sale: The fair value of residential mortgage loans held for sale is estimated using quoted market prices provided by government-sponsored entities as described above. | |||||||||||||||||||||
Loans Receivable – net: The fair value of the net loan portfolio is determined by discounting the estimated future cash flows using the prevailing interest rates and appropriate credit and prepayment risk adjustments as of period-end at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of nonperforming loans is estimated using the Bank’s prior credit experience. | |||||||||||||||||||||
Federal Home Loan Bank of Boston (“FHLBB”) stock: FHLBB stock is a non-marketable equity security which is assumed to have a fair value equal to its carrying value due to the fact that it can only be redeemed back to the FHLB of Boston at par value. | |||||||||||||||||||||
Accrued Interest Receivable: Carrying value is assumed to represent fair value. | |||||||||||||||||||||
Derivative Assets: Refer to the above discussion on derivatives. | |||||||||||||||||||||
Deposits and Mortgagors’ and Investors’ Escrow Accounts: The fair value of demand, non-interest-bearing checking, savings and certain money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using rates offered for deposits of similar remaining maturities as of period-end. | |||||||||||||||||||||
Federal Home Loan Bank Advances and Other Borrowings: The fair value of borrowed funds is estimated by discounting the future cash flows using market rates for similar borrowings. | |||||||||||||||||||||
Derivative Liabilities: Refer to the above discussion on derivatives. | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the carrying value and estimated fair values of the Company’s financial instruments are as described below. | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
(In thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 54,471 | $ | 54,471 | $ | — | $ | — | $ | 54,471 | |||||||||||
Available for sale securities | 370,127 | 3,258 | 309,546 | 57,323 | 370,127 | ||||||||||||||||
Held to maturity securities | 14,141 | — | 14,564 | — | 14,564 | ||||||||||||||||
Loans held for sale | 2,904 | — | 2,904 | — | 2,904 | ||||||||||||||||
Loans receivable-net | 1,637,325 | — | — | 1,639,076 | 1,639,076 | ||||||||||||||||
FHLBB stock | 15,053 | — | — | 15,053 | 15,053 | ||||||||||||||||
Accrued interest receivable | 5,879 | — | — | 5,879 | 5,879 | ||||||||||||||||
Mortgage loan derivative assets | 207 | — | 207 | — | 207 | ||||||||||||||||
Mortgage servicing rights | 3,709 | — | — | 3,709 | 3,709 | ||||||||||||||||
Interest rate swaps | 6,381 | — | 6,381 | — | 6,381 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,692,072 | — | — | 1,599,792 | 1,599,792 | ||||||||||||||||
Mortgagors’ and investors’ escrow accounts | 3,635 | — | — | 3,635 | 3,635 | ||||||||||||||||
FHLBB advances and other borrowings | 196,246 | — | — | 198,825 | 198,825 | ||||||||||||||||
Mortgage loan derivative liabilities | 112 | — | 112 | — | 112 | ||||||||||||||||
Interest rate swaps | 854 | — | 854 | — | 854 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | 35,315 | 35,315 | — | — | 35,315 | ||||||||||||||||
Available for sale securities | 241,389 | 3,244 | 229,833 | 8,312 | 241,389 | ||||||||||||||||
Held to maturity securities | 6,084 | — | 6,681 | — | 6,681 | ||||||||||||||||
Loans held for sale | 5,292 | — | 5,292 | — | 5,292 | ||||||||||||||||
Loans receivable-net | 1,586,985 | — | — | 1,624,001 | 1,624,001 | ||||||||||||||||
FHLBB stock | 15,867 | — | — | 15,867 | 15,867 | ||||||||||||||||
Accrued interest receivable | 4,862 | — | — | 4,862 | 4,862 | ||||||||||||||||
Mortgage loan derivative assets | 464 | — | 464 | — | 464 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,504,680 | — | — | 1,513,188 | 1,513,188 | ||||||||||||||||
Mortgagors’ and investors’ escrow accounts | 6,776 | — | — | 6,776 | 6,776 | ||||||||||||||||
Advances from FHLBB | 143,106 | — | — | 148,201 | 148,201 | ||||||||||||||||
Mortgage loan derivative liabilities | 101 | — | 101 | — | 101 | ||||||||||||||||
Interest rate swaps | 148 | — | 148 | — | 148 | ||||||||||||||||
Certain financial instruments and all nonfinancial investments are exempt from disclosure requirements. Accordingly, the aggregate fair value of amounts presented above may not necessarily represent the underlying fair value of the Company | |||||||||||||||||||||
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 5. Securities | |||||||||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available for sale and held to maturity securities at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross | Gross | Fair | |||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 6,804 | $ | 45 | $ | 707 | $ | 6,142 | |||||||||||||||||
Government-sponsored residential mortgage-backed securities | 90,469 | 1,803 | 1,797 | 90,475 | |||||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 56,559 | 193 | 1,105 | 55,647 | |||||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 13,908 | — | 865 | 13,043 | |||||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 5,045 | — | 302 | 4,743 | |||||||||||||||||||||
Asset-backed securities | 92,967 | 15 | 1,736 | 91,246 | |||||||||||||||||||||
Corporate debt securities | 40,868 | 790 | 2,036 | 39,622 | |||||||||||||||||||||
Obligations of states and political subdivisions | 67,222 | — | 4,320 | 62,902 | |||||||||||||||||||||
Total debt securities | 373,842 | 2,846 | 12,868 | 363,820 | |||||||||||||||||||||
Marketable equity securities, by sector: | |||||||||||||||||||||||||
Banks | 3,068 | — | 19 | 3,049 | |||||||||||||||||||||
Industrial | 109 | 85 | — | 194 | |||||||||||||||||||||
Mutual funds | 2,783 | 79 | 5 | 2,857 | |||||||||||||||||||||
Oil and gas | 131 | 76 | — | 207 | |||||||||||||||||||||
Total marketable equity securities | 6,091 | 240 | 24 | 6,307 | |||||||||||||||||||||
Total available for sale securities | $ | 379,933 | $ | 3,086 | $ | 12,892 | $ | 370,127 | |||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 10,092 | $ | 129 | $ | 94 | $ | 10,127 | |||||||||||||||||
Government-sponsored residential mortgage-backed securities | 4,049 | 388 | — | 4,437 | |||||||||||||||||||||
Total held to maturity securities | $ | 14,141 | $ | 517 | $ | 94 | $ | 14,564 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 12,413 | $ | 304 | $ | — | $ | 12,717 | |||||||||||||||||
Government-sponsored residential mortgage-backed securities | 87,769 | 3,445 | 70 | 91,144 | |||||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 20,798 | 150 | 1 | 20,947 | |||||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 9,179 | 123 | — | 9,302 | |||||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 5,048 | 87 | — | 5,135 | |||||||||||||||||||||
Asset-backed securities | 11,193 | 26 | 19 | 11,200 | |||||||||||||||||||||
Corporate debt securities | 19,760 | 695 | 1,637 | 18,818 | |||||||||||||||||||||
Obligations of states and political subdivisions | 67,458 | 1,473 | 127 | 68,804 | |||||||||||||||||||||
Total debt securities | 233,618 | 6,303 | 1,854 | 238,067 | |||||||||||||||||||||
Marketable equity securities, by sector: | 68 | 10 | — | 78 | |||||||||||||||||||||
Banks | 109 | 50 | — | 159 | |||||||||||||||||||||
Industrial | 2,756 | 131 | — | 2,887 | |||||||||||||||||||||
Mutual funds | 135 | 63 | — | 198 | |||||||||||||||||||||
Oil and gas | 3,068 | 254 | — | 3,322 | |||||||||||||||||||||
Total marketable equity securities | $ | 236,686 | $ | 6,557 | $ | 1,854 | $ | 241,389 | |||||||||||||||||
Total available for sale securities | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | 6,084 | $ | 597 | $ | — | $ | 6,681 | |||||||||||||||||
At September 30, 2013, the net unrealized loss on securities available for sale of $9.8 million, net of an income tax benefit of $3.4 million, or $6.4 million, is included in accumulated other comprehensive loss. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities at September 30, 2013 by contractual maturities are presented below. Actual maturities may differ from contractual maturities because the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Maturity: | |||||||||||||||||||||||||
Within 1 year | $ | 604 | $ | 608 | $ | — | $ | — | |||||||||||||||||
After 1 year through 5 years | 21,469 | 21,972 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 22,712 | 22,028 | — | — | |||||||||||||||||||||
After 10 years | 70,109 | 64,058 | 10,092 | 10,127 | |||||||||||||||||||||
114,894 | 108,666 | 10,092 | 10,127 | ||||||||||||||||||||||
Mortgage-backed securities | 90,469 | 90,475 | 4,049 | 4,437 | |||||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 56,559 | 55,647 | — | — | |||||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 13,908 | 13,043 | — | — | |||||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 5,045 | 4,743 | — | — | |||||||||||||||||||||
Asset-backed securities | 92,967 | 91,246 | — | — | |||||||||||||||||||||
Total debt securities | $ | 373,842 | $ | 363,820 | $ | 14,141 | $ | 14,564 | |||||||||||||||||
At September 30, 2013, the Company had nine encumbered securities, with a fair value of $25.9 million pledged as collateral for reverse repurchase borrowings. | |||||||||||||||||||||||||
For the three months ended September 30, 2013 and 2012, gross gains of $184,000 and $214,000, respectively, were realized on the sales of available for sale securities. There were gross losses of $155,000 and $0, respectively, realized on the sale of available for sale securities for the three months ended September 30, 2013 and 2012. For the nine months ended September 30, 2013 and 2012, gross gains of $805,000 and $363,000, respectively, were realized on the sales of available for sale securities. Gross losses realized on the sale of available for sale securities were $220,000 and $28,000 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
As of September 30, 2013, the Company did not own any investment or mortgage-backed securities of a single private label issuer, other than securities guaranteed by the U.S. Government or government-sponsored enterprises, which had an aggregate book value in excess of 10% of the Company’s stockholders’ equity. | |||||||||||||||||||||||||
The Company’s investment committee reviews state exposure in the obligations of states and political subdivisions portfolio on an ongoing basis. As of September 30, 2013, the estimated fair value of this portfolio was $73.0 million, with no significant geographic exposure concentrations. Of the total revenue and general obligations of $73.0 million, $25.2 million were representative of general obligation bonds for which $17.4 million are obligations of political subdivisions of the respective state. For all municipal debt purchases, the Management Investment Committee under the direction of the ALCO committee approved various conditions prior to purchase and quarterly thereafter, including the requirement that underlying ratings be A/A2 or higher. Generally, the Company does not utilize enhanced National Recognized Statistical Rating Organizations ratings, which include credit support provided by a state credit enhancement program. The Company analyzes the issuers’ credit trends and other factors that may impact the ability to service its debt and will proactively sell a position that shows potential weaknesses. At September 30, 2013, one security, with an estimated fair value of $1.0 million and an underlying rating of A2, was enhanced by the Texas Permanent School Fund, a AAA rated entity. | |||||||||||||||||||||||||
The following table summarizes gross unrealized losses and fair value, aggregated by category and length of time the securities have been in a continuous unrealized loss position, as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(In thousands) | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||
U.S. Government and government sponsored enterprise obligations | $ | 4,286 | $ | 707 | $ | — | $ | — | $ | 4,286 | $ | 707 | |||||||||||||
Government-sponsored residential mortgage-backed securities | 45,924 | 1,797 | — | — | 45,924 | 1,797 | |||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 36,376 | 1,105 | — | — | 36,376 | 1,105 | |||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 13,043 | 865 | — | — | 13,043 | 865 | |||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 4,743 | 302 | — | — | 4,743 | 302 | |||||||||||||||||||
Asset-backed securities | 87,197 | 1,736 | — | — | 87,197 | 1,736 | |||||||||||||||||||
Corporate debt securities | 16,100 | 531 | 1,342 | 1,505 | 17,442 | 2,036 | |||||||||||||||||||
Obligations of states and political subdivisions | 62,902 | 4,320 | — | — | 62,902 | 4,320 | |||||||||||||||||||
Total debt securities | 270,571 | 11,363 | 1,342 | 1,505 | 271,913 | 12,868 | |||||||||||||||||||
Marketable equity securities | 3,247 | 24 | — | — | 3,247 | 24 | |||||||||||||||||||
$ | 273,818 | $ | 11,387 | $ | 1,342 | $ | 1,505 | $ | 275,160 | $ | 12,892 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | 10,360 | $ | 70 | $ | — | $ | — | $ | 10,360 | $ | 70 | |||||||||||||
Government-sponsored residential collateralized debt obligations | 4,151 | 1 | — | — | 4,151 | 1 | |||||||||||||||||||
Asset-backed securities | 4,173 | 19 | — | — | 4,173 | 19 | |||||||||||||||||||
Corporate debt securities | — | — | 1,208 | 1,637 | 1,208 | 1,637 | |||||||||||||||||||
Obligations of states and political subdivisions | 6,632 | 127 | — | — | 6,632 | 127 | |||||||||||||||||||
Total debt securities | $ | 25,316 | $ | 217 | $ | 1,208 | $ | 1,637 | $ | 26,524 | $ | 1,854 | |||||||||||||
Of the securities summarized above as of September 30, 2013, 166 issues had unrealized losses equaling 4.0% of the cost basis for less than twelve months and one issue had an unrealized loss of 52.9% of the amortized cost basis for twelve months or more. As of December 31, 2012, nineteen issues had unrealized losses equaling 0.85% of the cost basis for less than twelve months and one issue had losses equaling 57.54% of the cost basis for twelve months or more. | |||||||||||||||||||||||||
As of September 30, 2012, two held to maturity securities had unrealized losses equaling 2.2% of the cost basis for less than twelve months. There were no held to maturity securities with unrealized losses at December 31, 2012. | |||||||||||||||||||||||||
Management believes that no individual unrealized loss as of September 30, 2013 represents an other-than-temporary impairment, based on its detailed quarterly review of the securities portfolio. Among other things, the other-than-temporary impairment review of the investment securities portfolio focuses on the combined factors of percentage and length of time by which an issue is below book value as well as consideration of issuer specific (present value of cash flows expected to be collected, issuer rating changes and trends, credit worthiness and review of underlying collateral), broad market details and the Company’s intent to sell the security or if it is more likely than not that the Company will be required to sell the debt security before recovering its cost. The Company also considers whether the depreciation is due to interest rates or credit risk. | |||||||||||||||||||||||||
The following paragraphs outline the Company’s position related to unrealized losses in its investment securities portfolio at September 30, 2013. | |||||||||||||||||||||||||
U.S. Government and government-sponsored enterprises and mortgage-backed securities. The unrealized losses on the Company’s U.S. Government and government-sponsored securities were caused by increases in the rate spread to comparable government securities. The Company does not expect these securities to settle at a price less than the par value of the securities. Because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis, which may be at maturity, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||
U.S. Government and government-sponsored collateralized debt obligations and commercial mortgage- backed securities. The unrealized losses on the Company’s U.S. Government and government-sponsored collateralized debt obligations and commercial mortgage backed securities were caused by increases in the rate spread to comparable government securities. The Company does not expect these securities to settle at a price less than the par value of the securities. Because the Company does not intend to sell the securities before the recovery of their amortized cost basis, which may be at maturity, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||
Obligations of states and political subdivisions. The unrealized loss on obligations of states and political subdivisions relates to twenty securities, with no geographic concentration. The unrealized loss was due to a shift in the municipal bond curve that resulted in a negative impact to the respective bonds’ pricing, relative to the time of purchase. | |||||||||||||||||||||||||
Corporate debt securities. The unrealized losses on corporate debt securities are related to one pooled trust preferred security, Preferred Term Security XXVIII, Ltd (“PRETSL XXVIII”). The unrealized loss on this security is caused by the low interest rate environment because it reprices quarterly to the three month LIBOR and market spreads on similar securities have increased. No loss of principal or break in yield is projected. Based on the existing credit profile, management does not believe that this security will suffer from any credit related losses. In addition, because the Company does not intend to sell the security and it is not probable that the Company will be required to sell the securities before recovery of its amortized cost basis, which may be at maturity, therefore the Company does not consider this security to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||
Asset-Backed Securities. The unrealized losses on the Company’s asset-backed securities were largely driven by increases in the spreads of the respective sectors’ asset classes over comparable securities. The majority of these securities have resetting coupons that adjust on quarterly basis and the market spreads on similar securities have increased. Based on the credit profiles and asset qualities of the individual securities, management does not believe that the securities will suffer from any credit related losses. The Company does not expect these securities to settle at a price less than the par value of the securities. Because the Company does not intend to sell the securities before the recovery of their amortized cost basis, which may be at maturity, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||
The Company will continue to review its entire portfolio for other-than-temporarily impaired securities with additional attention being given to high risk securities such as the one pooled trust preferred security that the Company owns. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||
Note 6. Derivatives and Hedging Activities | |||||||||||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters 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. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. | |||||||||||||||||||||
Information about interest rate swap agreements and non-hedging derivative assets and liabilities as of September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
Weighted- | |||||||||||||||||||||
Notional | Average | Weighted-Average Rate | Estimated | ||||||||||||||||||
Remaining | Fair Value | ||||||||||||||||||||
Amount | Maturity | Received | Paid | Asset (Liability) | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Cash flow hedge: | |||||||||||||||||||||
Forward starting interest rate swaps on future borrowings | $ | 100,000 | 7 | TBD | (1) | 2.4 | % | $ | 5,592 | ||||||||||||
Fair value hedge: | |||||||||||||||||||||
Interest rate swap | 20,000 | 4.27 | 1.1 | % | 0.23 | %(2) | (104 | ) | |||||||||||||
Non-hedging derivatives: | |||||||||||||||||||||
Forward loan sale commitments | 11,365 | — | (112 | ) | |||||||||||||||||
Derivative loan commitments | 9,309 | — | 207 | ||||||||||||||||||
Loan level swaps—dealer(3) | 25,340 | 8.77 | 2.06 | % | 4.56 | % | (746 | ) | |||||||||||||
Loan level swaps—borrowers(3) | 25,340 | 8.77 | 4.56 | % | 2.06 | % | 785 | ||||||||||||||
Total | $ | 191,354 | $ | 5,622 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Cash flow hedge: | |||||||||||||||||||||
Forward starting interest rate swaps on future borrowings | $ | 75,000 | 7 | TBD | (1) | 2.3 | % | $ | (148 | ) | |||||||||||
(1) | The receiver leg of the cash flow hedges is floating rate and indexed to the 3-month USD-LIBOR-BBA, as determined two London banking days prior to the first day of each calendar quarter, commencing with the earliest effective trade. The earliest effective trade date for the cash flow hedges is July 1, 2015. | ||||||||||||||||||||
(2) | The paying leg is one month LIBOR plus a fixed spread; above rate in effect as of September 30, 2013 | ||||||||||||||||||||
(3) | The Company offers a loan level hedging product to qualifying commercial borrowers that seek to mitigate risk to rising interest rates. As such, the Company enters into equal and offsetting trades with dealer counterparties. | ||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2013, the Company did not record any hedge ineffectiveness. | |||||||||||||||||||||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company does not expect to reclassify any amounts from accumulated other comprehensive loss to interest expense during the next 12 months as the Company’s earliest effective date is July 2015. | |||||||||||||||||||||
The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 36 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). | |||||||||||||||||||||
As of September 30, 2013, the Company had three outstanding interest rate derivatives with a notional value of $100.0 million that were designated as cash flow hedges of interest rate risk. | |||||||||||||||||||||
Fair Value Hedges of Interest Rate Risk | |||||||||||||||||||||
The Company is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. Interest rate swaps designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. | |||||||||||||||||||||
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related derivatives. During each of the three and nine months ended September 30, 2013, the Company recognized net losses of $2,000 in interest expense related to hedge ineffectiveness. The Company also recognized a net reduction to interest expense of approximately $37,000 and $40,000, respectively, for the three and nine months ended September 30, 2013 related to net settlements on the derivatives. | |||||||||||||||||||||
As of September 30, 2013, the Company had outstanding interest rate derivatives with a notional of $20.0 million that was designated as a fair value hedge of interest rate risk. | |||||||||||||||||||||
Non-Designated Hedges | |||||||||||||||||||||
Qualifying derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers, which the Company implemented during the second quarter of 2013. The Company executes interest rate derivatives with commercial banking customers to facilitate their respective risk management strategies. Those interest rate derivatives are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. | |||||||||||||||||||||
As of September 30, 2013, the Company had four borrower-facing rate derivatives with an aggregate notional amount of $25.3 million and four broker derivatives also with an aggregate notional value amount of $25.3 million related to this program. | |||||||||||||||||||||
Derivative Loan Commitments | |||||||||||||||||||||
Additionally, the Company enters into mortgage loan commitments that are also referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold in the secondary market. | |||||||||||||||||||||
Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. | |||||||||||||||||||||
Forward Loan Sale Commitments | |||||||||||||||||||||
To protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. | |||||||||||||||||||||
With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. | |||||||||||||||||||||
With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments will experience changes in fair value opposite to the change in fair value of derivative loan commitments. | |||||||||||||||||||||
Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of September 30, 2013. | |||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(In thousands) | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Interest rate swap—cash flow hedge | Other Assets | $ | 5,592 | $ | — | ||||||||||||||||
Interest rate swap—cash flow hedge | Other Liabilities | — | (148 | ) | |||||||||||||||||
Interest rate swap—fair value hedge | Other Assets | 4 | — | ||||||||||||||||||
Interest rate swap—fair value hedge | Other Liabilities | (108 | ) | — | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 5,488 | $ | (148 | ) | ||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Forward loan sale commitment | Other (Liabilities) / Assets | $ | (112 | ) | $ | 464 | |||||||||||||||
Derivative loan commitment | Other Assets / (Liabilities) | 207 | (101 | ) | |||||||||||||||||
Interest rate swap—non designated hedge | Other Assets | 785 | — | ||||||||||||||||||
Interest rate swap—non designated hedge | Other Liabilities | (746 | ) | — | |||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 134 | $ | 363 | |||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | |||||||||||||||||||||
Derivatives in Cash Flow | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest Rate Swaps | $ | (102 | ) | $ | (350 | ) | $ | 5,740 | $ | (383 | ) | ||||||||||
Total | $ | (102 | ) | $ | (350 | ) | $ | 5,740 | $ | (383 | ) | ||||||||||
Effect of Derivative Instruments on the Income Statement | |||||||||||||||||||||
The tables below present information pertaining to the Company’s derivatives on the Consolidated Statements of Net Income designated as hedging instruments for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||
Derivatives in Fair Value | Location on Gain (Loss) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
Hedging Relationships | Recognized in Income | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | 111 | $ | — | $ | (109 | ) | $ | — | |||||||||||
Amount of (Loss) Gain Recognized in Income on Hedged Items | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | (113 | ) | $ | — | $ | 107 | $ | — | |||||||||||
The table below presents information pertaining to the Company’s derivatives not designated as hedging instruments on the Consolidated Statements of Net Income as of September 30, 2013. | |||||||||||||||||||||
Amount of (Loss) Gain Recognized for the | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Derivative loan commitment | $ | 219 | $ | — | $ | (118 | ) | $ | — | ||||||||||||
Forward loan sale commitments | (493 | ) | (195 | ) | (150 | ) | (211 | ) | |||||||||||||
Interest rate swaps | 37 | — | 40 | — | |||||||||||||||||
$ | (237 | ) | $ | (195 | ) | $ | (228 | ) | $ | (211 | ) | ||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness or fails to maintain a well-capitalized rating, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. As of September 30, 2013, the counterparties related to these agreements posted $5.9 million of collateral to the Company. | |||||||||||||||||||||
The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. | |||||||||||||||||||||
As of September 30, 2013, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $865,000. As of September 30, 2013, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $585,000 against its obligations under these agreements. A degree of netting occurs on occasions where the Company has exposure to a counterparty and the counterparty has exposure to the Company. If the Company had breached any of these provisions at September 30, 2013, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. | |||||||||||||||||||||
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Note 7. Loans Receivable and Allowance for Loan Losses | |||||||||||||||||||||||||||||
A summary of the Company’s loan portfolio is as follows: | |||||||||||||||||||||||||||||
(In thousands) | September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 612,946 | $ | 683,195 | |||||||||||||||||||||||||
Commercial | 753,589 | 697,133 | |||||||||||||||||||||||||||
Construction—residential | 5,155 | 3,338 | |||||||||||||||||||||||||||
Construction—commercial | 56,961 | 46,642 | |||||||||||||||||||||||||||
Total real estate loans | 1,428,651 | 1,430,308 | |||||||||||||||||||||||||||
Commercial business loans | 222,784 | 171,632 | |||||||||||||||||||||||||||
Installment loans | 891 | 1,184 | |||||||||||||||||||||||||||
Collateral loans | 1,386 | 1,567 | |||||||||||||||||||||||||||
Total loans | 1,653,712 | 1,604,691 | |||||||||||||||||||||||||||
Net deferred loan costs and premiums | 2,316 | 771 | |||||||||||||||||||||||||||
Allowance for loan losses | (18,703 | ) | (18,477 | ) | |||||||||||||||||||||||||
Loans—net | $ | 1,637,325 | $ | 1,586,985 | |||||||||||||||||||||||||
Allowance for Loan Losses: Management has established a methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. The allowance for loan losses is established as embedded losses are estimated to have occurred through the provisions for losses charged against operations and is maintained at a level that management considers adequate to absorb losses in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is inherently subjective and is based on past loan loss experience, known and inherent losses and size of the loan portfolios, an assessment of current economic and real estate market conditions, estimates of the current value of underlying collateral, review of regulatory authority examination reports and other relevant factors. An allowance is maintained for impaired loans to reflect the difference, if any, between the carrying value of the loan and the present value of the projected cash flows, observable fair value or collateral value. Loans are charged-off against the allowance for loan losses when management believes that the uncollectibility of principal is confirmed. Any subsequent recoveries are credited to the allowance for loan losses when received. In connection with the determination of the allowance for loan losses, management obtains independent appraisals for significant properties, when considered necessary. | |||||||||||||||||||||||||||||
The allowance for loan losses and the reserve for unfunded credit commitments are maintained at a level estimated by management to provide for probable losses inherent within the loan portfolio. Probable losses are estimated based upon a quarterly review of the loan portfolio, which includes historic default and loss experience, specific problem loans, risk rating profile, economic conditions and other pertinent factors which, in management’s judgment, warrant current recognition in the loss estimation process. | |||||||||||||||||||||||||||||
The adequacy of the allowance for loan losses is subject to considerable assumptions and judgment used in its determination. Therefore, actual losses could differ materially from management’s estimate if actual conditions differ significantly from the assumptions utilized. These conditions include economic factors in the Company’s market and nationally, industry trends and concentrations, real estate values and trends, and the financial condition and performance of individual borrowers. | |||||||||||||||||||||||||||||
The Company’s general practice is to identify problem credits early and recognize full or partial charge-offs as promptly as practicable when it is determined that the collection of loan principal is unlikely. The Company recognized full or partial charge-offs on collateral dependent impaired loans when the collateral is deemed to be insufficient to support the carrying value of the loan. The Company does not recognize a recovery when an updated appraisal indicates a subsequent increase in value. | |||||||||||||||||||||||||||||
At September 30, 2013, the Company has a loan loss allowance of $18.7 million, or 1.13% of total loans as compared to a loan loss allowance of $18.5 million, or 1.15% of total loans at December 31, 2012. Management believes that the allowance for loan losses is adequate and consistent with asset quality indicators and that it represents the best estimate of probable losses inherent in the loan portfolio. There are three components for the allowance for loan loss calculation: | |||||||||||||||||||||||||||||
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, commercial real estate, construction, commercial 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: levels and trends in delinquencies; level and trend of charge-offs and recoveries; trends in volume and types of loans; effects of changes in risk selection and underwriting standards, changes in risk selection and underwriting standards; experience and depth of lending weighted-average risk rating; and national and local economic trends and conditions. The qualitative factors are determined based on the various risk characteristics of each loan segment. | |||||||||||||||||||||||||||||
Allocated component | |||||||||||||||||||||||||||||
The allocated component relates to loans that are classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Bank 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. | |||||||||||||||||||||||||||||
Impairment is measured on a loan-by-loan basis for commercial, commercial real estate and construction 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. Residential and consumer loans are evaluated for impairment if payments are 90 days or more delinquent. Updated property evaluations are obtained at time of impairment and serve as the basis for the loss allocation if foreclosure is probable or the loan is collateral dependent. | |||||||||||||||||||||||||||||
Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines 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 is 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. | |||||||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
The Company utilizes a nine grade internal loan rating system for residential and commercial real estate, construction, commercial and installment and collateral loans as follows: | |||||||||||||||||||||||||||||
Loans rated 1 – 5: Loans in these categories are considered “pass” rated loans with low to average risk. | |||||||||||||||||||||||||||||
Loans rated 6: Loans in this category are considered “special mention.” These loans reflect signs of potential weakness and are being closely monitored by management. | |||||||||||||||||||||||||||||
Loans rated 7: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. | |||||||||||||||||||||||||||||
Loans rated 8: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified as 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. | |||||||||||||||||||||||||||||
Loans rated 9: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. | |||||||||||||||||||||||||||||
At the time of loan origination, a risk rating based on this nine point grading system is assigned to each loan based on the loan officer’s assessment of risk. More complex loans, such as commercial business loans and commercial real estate loans require that our internal independent credit area further evaluate the risk rating of the individual loan, with the credit area and Chief Risk Officer having final determination of the appropriate risk rating. These more complex loans and relationships receive an in-depth analysis and periodic review to assess the appropriate risk rating on a post-closing basis with changes made to the risk rating as the borrower’s and economic conditions warrant. The credit quality of the Company’s loan portfolio is reviewed by a third-party risk assessment firm on a quarterly basis and by the Company’s internal credit management function. The internal and external analysis of the loan portfolio is utilized to identify and quantify loans with higher than normal risk. Loans having a higher risk profile are assigned a risk rating corresponding to the level of weakness identified in the loan. All loans risk rated Special Mention, Substandard or Doubtful are reviewed by management not less than on a quarterly basis to assess the level of risk and to ensure that appropriate actions are being taken to minimize potential loss exposure. Loans identified as being a loss are normally fully charged off. | |||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Commercial | Installment | ||||||||||||||||||||||||
Real Estate | Real Estate | Business | and | ||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 600,468 | $ | 728,345 | $ | 58,649 | $ | 208,405 | $ | 2,233 | |||||||||||||||||||
Loans rated 6 | 2,383 | 10,778 | 444 | 8,182 | — | ||||||||||||||||||||||||
Loans rated 7 | 10,095 | 14,466 | 3,023 | 6,197 | 44 | ||||||||||||||||||||||||
Loans rated 8 | — | — | — | — | — | ||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | ||||||||||||||||||||||||
$ | 612,946 | $ | 753,589 | $ | 62,116 | $ | 222,784 | $ | 2,277 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 669,905 | $ | 673,844 | $ | 43,488 | $ | 158,576 | $ | 2,699 | |||||||||||||||||||
Loans rated 6 | 2,182 | 14,121 | 4,310 | 5,366 | — | ||||||||||||||||||||||||
Loans rated 7 | 11,108 | 9,168 | 2,182 | 7,690 | 52 | ||||||||||||||||||||||||
Loans rated 8 | — | — | — | — | — | ||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | ||||||||||||||||||||||||
$ | 683,195 | $ | 697,133 | $ | 49,980 | $ | 171,632 | $ | 2,751 | ||||||||||||||||||||
Changes in the allowance for loan losses for the periods ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Commercial | Installment | Unallocated | Total | ||||||||||||||||||||||
Real Estate | Real Estate | Business | and | ||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||
Three Months Ended September 30,2013 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,974 | $ | 8,275 | $ | 740 | $ | 3,068 | $ | 28 | $ | 260 | $ | 18,345 | |||||||||||||||
Provision (credit) for loan losses | 58 | 28 | 308 | 342 | 36 | (240 | ) | 532 | |||||||||||||||||||||
Loans charged off | (145 | ) | — | (1 | ) | (65 | ) | (40 | ) | — | (251 | ) | |||||||||||||||||
Recoveries of loans previously charged off | 61 | — | — | 9 | 7 | — | 77 | ||||||||||||||||||||||
Balance, end of period | $ | 5,948 | $ | 8,303 | $ | 1,047 | $ | 3,354 | $ | 31 | $ | 20 | $ | 18,703 | |||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,818 | $ | 7,173 | $ | 1,088 | $ | 2,991 | $ | 44 | $ | 189 | $ | 17,303 | |||||||||||||||
Provision (credit) for loan losses | (146 | ) | 232 | 98 | 388 | (4 | ) | 225 | 793 | ||||||||||||||||||||
Loans charged off | (145 | ) | — | — | — | (9 | ) | — | (154 | ) | |||||||||||||||||||
Recoveries of loans previously charged off | 134 | — | — | — | 3 | — | 137 | ||||||||||||||||||||||
Balance, end of period | $ | 5,661 | $ | 7,405 | $ | 1,186 | $ | 3,379 | $ | 34 | $ | 414 | $ | 18,079 | |||||||||||||||
Nine Months Ended September 30,2013 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,194 | $ | 8,051 | $ | 807 | $ | 2,916 | $ | 29 | $ | 480 | $ | 18,477 | |||||||||||||||
Provision (credit) for loan losses | 285 | 397 | 490 | 571 | 43 | (460 | ) | 1,326 | |||||||||||||||||||||
Loans charged off | (613 | ) | (145 | ) | (250 | ) | (151 | ) | (63 | ) | — | (1,222 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 82 | — | — | 18 | 22 | — | 122 | ||||||||||||||||||||||
Balance, end of period | $ | 5,948 | $ | 8,303 | $ | 1,047 | $ | 3,354 | $ | 31 | $ | 20 | $ | 18,703 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,071 | $ | 6,694 | $ | 1,286 | $ | 2,515 | $ | 49 | $ | 410 | $ | 16,025 | |||||||||||||||
Provision (credit) for loan losses | 1,138 | 819 | (100 | ) | 817 | — | 4 | 2,678 | |||||||||||||||||||||
Loans charged off | (692 | ) | (108 | ) | — | (2 | ) | (28 | ) | — | (830 | ) | |||||||||||||||||
Recoveries of loans previously charged off | 144 | — | — | 49 | 13 | — | 206 | ||||||||||||||||||||||
Balance, end of period | $ | 5,661 | $ | 7,405 | $ | 1,186 | $ | 3,379 | $ | 34 | $ | 414 | $ | 18,079 | |||||||||||||||
Further information pertaining to the allowance for loan losses and impaired loans at September 30, 2013 and December 31, 2012 follows: | |||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Commercial | Installment | Unallocated | Total | ||||||||||||||||||||||
Real Estate | Real Estate | Business | and | ||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Allowance related to loans deemed impaired | $ | 145 | $ | — | $ | — | $ | 13 | $ | — | $ | — | $ | 158 | |||||||||||||||
Allowance related to loans not deemed impaired | 5,803 | 8,303 | 1,047 | 3,341 | 31 | 20 | 18,545 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 5,948 | $ | 8,303 | $ | 1,047 | $ | 3,354 | $ | 31 | $ | 20 | $ | 18,703 | |||||||||||||||
Loans deemed impaired | $ | 9,455 | $ | 4,040 | $ | 2,572 | $ | 1,398 | $ | 31 | $ | — | $ | 17,496 | |||||||||||||||
Loans not deemed impaired | 603,491 | 749,549 | 59,544 | 221,386 | 2,246 | — | 1,636,216 | ||||||||||||||||||||||
Total loans | $ | 612,946 | $ | 753,589 | $ | 62,116 | $ | 222,784 | $ | 2,277 | $ | — | $ | 1,653,712 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Allowance related to loans deemed impaired | $ | 97 | $ | — | $ | 1 | $ | 220 | $ | — | $ | — | $ | 318 | |||||||||||||||
Allowance related to loans not deemed impaired | 6,097 | 8,051 | 806 | 2,696 | 29 | 480 | 18,159 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 6,194 | $ | 8,051 | $ | 807 | $ | 2,916 | $ | 29 | $ | 480 | $ | 18,477 | |||||||||||||||
Loans deemed impaired | $ | 9,867 | $ | 1,108 | $ | 3,034 | $ | 2,627 | $ | 45 | $ | — | $ | 16,681 | |||||||||||||||
Loans not deemed impaired | 673,328 | 696,025 | 46,946 | 169,005 | 2,706 | — | 1,588,010 | ||||||||||||||||||||||
Total loans | $ | 683,195 | $ | 697,133 | $ | 49,980 | $ | 171,632 | $ | 2,751 | $ | — | $ | 1,604,691 | |||||||||||||||
The following is a summary of past due and non-accrual loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
(In thousands) | 30-59 Days | 60-89 Days | Past Due 90 | Total Past | Past Due | Loans on | |||||||||||||||||||||||
Past Due | Past Due | Days or | Due | 90 Days or | Non- | ||||||||||||||||||||||||
More | More and | accrual | |||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 552 | $ | 1,298 | $ | 3,348 | $ | 5,198 | $ | — | $ | 9,040 | |||||||||||||||||
Commercial | — | 811 | 1,086 | 1,897 | — | 1,086 | |||||||||||||||||||||||
Construction | — | — | 1,221 | 1,221 | — | 1,442 | |||||||||||||||||||||||
Commercial business loans | — | 23 | 319 | 342 | — | 915 | |||||||||||||||||||||||
Installment and collateral | 1 | 4 | 3 | 8 | — | 31 | |||||||||||||||||||||||
Total | $ | 553 | $ | 2,136 | $ | 5,977 | $ | 8,666 | $ | — | $ | 12,514 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 5,818 | $ | 3,087 | $ | 4,794 | $ | 13,699 | $ | — | $ | 9,867 | |||||||||||||||||
Commercial | 8,235 | 466 | 1,230 | 9,931 | — | 1,108 | |||||||||||||||||||||||
Construction | 1,046 | 121 | 1,497 | 2,664 | — | 2,409 | |||||||||||||||||||||||
Commercial business loans | 301 | 3 | 62 | 366 | — | 2,626 | |||||||||||||||||||||||
Installment and collateral | 16 | 5 | 46 | 67 | — | 46 | |||||||||||||||||||||||
Total | $ | 15,416 | $ | 3,682 | $ | 7,629 | $ | 26,727 | $ | — | $ | 16,056 | |||||||||||||||||
The following is a summary of impaired loans with and without a valuation allowance as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,145 | $ | 7,145 | $ | 9,170 | $ | 9,170 | |||||||||||||||||||||
Commercial | 4,040 | 4,040 | 1,108 | 1,108 | |||||||||||||||||||||||||
Construction | 2,572 | 2,572 | 2,538 | 2,538 | |||||||||||||||||||||||||
Commercial business loans | 1,365 | 1,365 | 2,291 | 2,291 | |||||||||||||||||||||||||
Installment and collateral loans | 31 | 31 | 45 | 45 | |||||||||||||||||||||||||
Total | 15,153 | 15,153 | 15,152 | 15,152 | |||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | 2,310 | 2,310 | $ | 145 | 697 | 697 | $ | 97 | |||||||||||||||||||||
Construction | — | — | — | 496 | 496 | 1 | |||||||||||||||||||||||
Commercial business loans | 33 | 33 | 13 | 336 | 336 | 220 | |||||||||||||||||||||||
Total | 2,343 | 2,343 | 158 | 1,529 | 1,529 | 318 | |||||||||||||||||||||||
Total | $ | 17,496 | $ | 17,496 | $ | 158 | $ | 16,681 | $ | 16,681 | $ | 318 | |||||||||||||||||
The following is a summary of average recorded investment in impaired loans with and without a valuation allowance and interest income recognized on those loans for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||
For the Three Months | For the Three Months | ||||||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2012 | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||
Average | Interest | Recognized | Average | Interest | Recognized | ||||||||||||||||||||||||
Recorded | Income | on a Cash | Recorded | Income | on a Cash | ||||||||||||||||||||||||
(In thousands) | Investment | Recognized | Basis | Investment | Recognized | Basis | |||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,938 | $ | 82 | $ | 82 | $ | 8,339 | $ | 87 | $ | 87 | |||||||||||||||||
Commercial | 4,270 | — | — | 1,991 | 11 | 11 | |||||||||||||||||||||||
Construction | 2,437 | 11 | 11 | 1,228 | 5 | 5 | |||||||||||||||||||||||
Commercial business loans | 1,213 | 6 | 6 | 1,050 | 10 | 10 | |||||||||||||||||||||||
Installment and collateral loans | 31 | — | — | 33 | — | — | |||||||||||||||||||||||
Total | 15,889 | 99 | 99 | 12,641 | 113 | 113 | |||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | 1,737 | 8 | 8 | 1,639 | 2 | 2 | |||||||||||||||||||||||
Commercial business loans | 17 | — | — | 357 | 5 | 5 | |||||||||||||||||||||||
Total | 1,754 | 8 | 8 | 1,996 | 7 | 7 | |||||||||||||||||||||||
$ | 17,643 | $ | 107 | $ | 107 | $ | 14,637 | $ | 120 | $ | 120 | ||||||||||||||||||
For the Nine Months | For the Nine Months | ||||||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2012 | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||
Average | Interest | Recognized | Average | Interest | Recognized | ||||||||||||||||||||||||
Recorded | Income | on a Cash | Recorded | Income | on a Cash | ||||||||||||||||||||||||
(In thousands) | Investment | Recognized | Basis | Investment | Recognized | Basis | |||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 8,342 | $ | 281 | $ | 281 | $ | 8,217 | $ | 277 | $ | 277 | |||||||||||||||||
Commercial | 2,917 | 45 | 45 | 1,588 | 57 | 57 | |||||||||||||||||||||||
Construction | 2,174 | 28 | 28 | 1,140 | 33 | 33 | |||||||||||||||||||||||
Commercial business loans | 1,474 | 37 | 37 | 1,372 | 51 | 51 | |||||||||||||||||||||||
Installment and collateral loans | 35 | 1 | 1 | 32 | 2 | 2 | |||||||||||||||||||||||
Total | 14,942 | 392 | 392 | 12,349 | 420 | 420 | |||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | 1,508 | 38 | 38 | 1,358 | 39 | 39 | |||||||||||||||||||||||
Construction | 321 | — | — | — | — | — | |||||||||||||||||||||||
Commercial business loans | 175 | 4 | 4 | 178 | 6 | 6 | |||||||||||||||||||||||
Installment and collateral loans | 3 | — | — | — | — | — | |||||||||||||||||||||||
Total | 2,007 | 42 | 42 | 1,536 | 45 | 45 | |||||||||||||||||||||||
$ | 16,949 | $ | 434 | $ | 434 | $ | 13,885 | $ | 465 | $ | 465 | ||||||||||||||||||
Management has established the allowance for loan loss in accordance with GAAP at September 30, 2013 based on the current risk assessment and level of loss that is believed to exist within the portfolio. This level of reserve is deemed an appropriate estimate of probable loan losses inherent in the loan portfolio as of September 30, 2013 based upon the analysis conducted and given the portfolio composition, delinquencies, charge offs and risk rating changes experienced during the first nine months of 2013 and the three-year evaluation period utilized in the analysis. Based on the qualitative assessment of the portfolio and in thorough consideration of non-performing loans, management believes that the allowance for loan losses properly supports the level of associated loss and risk. | |||||||||||||||||||||||||||||
Troubled Debt Restructurings: The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the restructuring constitutes a concession by the creditor and (ii) the debtor is experiencing financial difficulties. A troubled debt restructuring may include (i) a transfer from the debtor to the creditor of receivables from third parties, real estate, or other assets to satisfy fully or partially a debt, (ii) issuance or other granting of an equity interest to the creditor by the debtor to satisfy fully or partially a debt unless the equity interest is granted pursuant to existing terms for converting debt into an equity interest, and (iii) modifications of terms of a debt. | |||||||||||||||||||||||||||||
Troubled debt restructurings during the three and nine months ended September 30, 2013 and 2012 are set forth in the following table: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | ||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | |||||||||||||||||||||||
Residential real estate | 4 | $ | 508 | $ | 508 | 6 | $ | 1,001 | $ | 1,001 | |||||||||||||||||||
Commercial real estate | — | — | — | 2 | 3,159 | 3,159 | |||||||||||||||||||||||
Construction | 3 | 521 | 521 | 3 | 521 | 521 | |||||||||||||||||||||||
Commercial business | 1 | 50 | 50 | 1 | 50 | 50 | |||||||||||||||||||||||
Installment and collateral | — | — | — | 2 | 30 | 30 | |||||||||||||||||||||||
8 | $ | 1,079 | $ | 1,079 | 14 | $ | 4,761 | $ | 4,761 | ||||||||||||||||||||
Troubled debt restructurings that defaulted within twelve months of restructuring during the three and nine months ended September 30, 2013 follows: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||
Residential real estate | 2 | $ | 344 | 3 | $ | 408 | |||||||||||||||||||||||
2 | $ | 344 | 3 | $ | 408 | ||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | ||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | |||||||||||||||||||||||
Residential real estate | — | $ | — | $ | — | 1 | $ | 27 | $ | — | |||||||||||||||||||
Construction | — | — | — | 5 | 1,546 | 1,552 | |||||||||||||||||||||||
Total troubled debt restructuring | — | $ | — | $ | — | 6 | $ | 1,573 | $ | 1,552 | |||||||||||||||||||
Troubled debt restructurings that defaulted within twelve months of restructuring during the three and nine months ended September 30, 2012 follows: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||
Residential real estate | — | $ | — | 3 | $ | 490 | |||||||||||||||||||||||
Total troubled debt restructuring | — | $ | — | 3 | $ | 490 | |||||||||||||||||||||||
The majority of restructured loans were on non-accrual status as of September 30, 2013 and December 31, 2012. The financial impact of the trouble debt restructured loans has been minimal to date. Typically, residential loans are restructured with a modification and extension of the loan amortization and maturity at substantially the same interest rate as contained in the original credit extension. As part of the troubled debt restructuring process, the current value of the property is compared to the general ledger loan balance and if not fully supported, a write down is processed through the allowance for loan losses. Commercial real estate loans and commercial business loans also contain payment modification agreements and a like assessment of the underlying collateral value if the borrower’s cash flow may be inadequate to service the entire obligation. | |||||||||||||||||||||||||||||
Loan Servicing | |||||||||||||||||||||||||||||
The Company services certain loans for third parties. The aggregate of loans serviced for others was $395.6 million and $238.1 million as of September 30, 2013 and December 31, 2012, respectively. The balances of these loans are not included in the accompanying Consolidated Statements of Condition. | |||||||||||||||||||||||||||||
The risks inherent in mortgage servicing rights relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The fair value of mortgage servicing rights at September 30, 2013 and 2012 was determined using pretax internal rates of return ranging from 8.0% to 10.0% and the Public Securities Association (“PSA”) Standard Prepayment model to estimate prepayments on the portfolio with an average prepayment speed of 199 and 595, respectively. The fair value of mortgage servicing rights is obtained from a third party provider. | |||||||||||||||||||||||||||||
Mortgage servicing rights are included in other assets in the Consolidated Statements of Condition. The following table summarizes mortgage servicing rights activity for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Mortgage servicing rights: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,336 | $ | 836 | $ | 1,052 | $ | 944 | |||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | 502 | — | |||||||||||||||||||||||||
Change in fair value recognized in net income | (51 | ) | — | 1,246 | — | ||||||||||||||||||||||||
Issuances | 460 | 258 | 1,032 | 341 | |||||||||||||||||||||||||
Settlements | (36 | ) | — | (123 | ) | — | |||||||||||||||||||||||
Amortization | — | (100 | ) | — | (291 | ) | |||||||||||||||||||||||
Balance at end of period | 3,709 | 994 | 3,709 | 994 | |||||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||||||
Balance at beginning of period | — | (85 | ) | — | (166 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | 108 | |||||||||||||||||||||||||
Provisions | — | (39 | ) | — | (66 | ) | |||||||||||||||||||||||
Balance at end of period | — | (124 | ) | — | (124 | ) | |||||||||||||||||||||||
Mortgage servicing rights, net | $ | 3,709 | $ | 870 | $ | 3,709 | $ | 870 | |||||||||||||||||||||
Fair value of mortgage servicing rights at end of period | $ | 3,709 | $ | 1,013 | $ | 3,709 | $ | 1,013 | |||||||||||||||||||||
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances and Stock and Other Borrowings | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Federal Home Loan Bank Advances and Stock and Other Borrowings | ' | ||||||||||||||||
Note 8. Federal Home Loan Bank Advances and Stock and Other Borrowings | |||||||||||||||||
FHLB Advances and Stock | |||||||||||||||||
The Bank is a member of the FHLBB. Contractual maturities and weighted-average rates of outstanding advances from the FHLBB as of September 30, 2013 and December 31, 2012 are summarized below: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
(Dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||
2013 | $ | 76,000 | 0.25 | % | $ | 61,000 | 0.33 | % | |||||||||
2014 | 23,112 | 1.45 | 8,112 | 3.7 | |||||||||||||
2015 | 35,000 | 2.28 | 35,000 | 2.28 | |||||||||||||
2016 | 3,000 | 2.7 | 3,000 | 2.7 | |||||||||||||
2017 | 33,000 | 2.56 | 33,000 | 2.56 | |||||||||||||
Thereafter | 2,942 | 2.54 | 2,994 | 2.54 | |||||||||||||
$ | 173,054 | 1.34 | % | $ | 143,106 | 1.61 | % | ||||||||||
At September 30, 2013, FHLBB advances totaling $23.0 million with interest rates ranging from 3.19% to 4.39% which are scheduled to mature between 2014 and 2017 are callable. Advances are collateralized by first mortgage loans with an estimated eligible collateral value of $294.1 million and $350.6 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
In addition to the outstanding advances the Bank has access to an unsecured line of credit with the FHLBB amounting to $10.0 million at September 30, 2013 and December 31, 2012. At September 30, 2013 and December 31, 2012 there were no advances outstanding under the line of credit. | |||||||||||||||||
In accordance with an agreement with the FHLBB, the qualified collateral must be free and clear of liens, pledges and encumbrances. At September 30, 2013, the Bank could borrow immediately an additional $98.5 million from the FHLBB inclusive of the line of credit. | |||||||||||||||||
The Bank is required to acquire and hold shares of capital stock in the FHLBB in an amount at least equal to the sum of 0.35% of the aggregate principal amount of its unpaid residential mortgage loans and similar obligations at the beginning of each year, and up to 4.5% of its advances (borrowings) from the FHLBB. The carrying value of FHLBB stock approximates fair value based on the most recent redemption provisions of the stock. The FHLBB repurchased $814,000 of excess capital stock during the first quarter of 2013 as part of an announced program to repurchase $250.0 million of members’ excess stock, the second repurchase since it established a moratorium in 2008. | |||||||||||||||||
Other Borrowings | |||||||||||||||||
As of September 30, 2013, advances outstanding under reverse repurchase agreements totaled $23.2 million. The outstanding advances consisted of three individual borrowings with the remaining terms of five months or less and a weighted average cost of 0.45%. | |||||||||||||||||
In addition to the FHLBB advances, reverse repurchase borrowing agreements and committed fed funds lines of credit, the Bank has a relationship with a brokered sweep deposit provider by which funds are provided up to a maximum of 5% of the Bank’s assets. As of September 30, 2013, amounts under this agreement totaled $20.0 million at a cost of 0.50%. As of September 30, 2013, the Bank could borrow an additional $90.9 million through this relationship. |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefit Plans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Post-Retirement Benefit Plans | ' | ||||||||||||||||||||||||
Note 9. Pension and Other Post-Retirement Benefit Plans | |||||||||||||||||||||||||
Defined Benefit, Supplemental and Other Post-Retirement Plans | |||||||||||||||||||||||||
The Company offered a defined benefit noncontributory pension plan through December 31, 2012 for eligible employees who met certain minimum service and age requirements hired before January 1, 2005. Pension plan benefits were based upon employee earnings during the period of credited service. The pension plan was hard-frozen effective December 31, 2012. Employees hired on or after January 1, 2005 receive no benefits under the plan. All other employees will accrue no additional retirement benefits on or after January 1, 2013, and the amount of their qualified retirement income will not exceed the amount of benefits determined as of December 31, 2012. | |||||||||||||||||||||||||
The Company also has supplemental retirement plans (the “Supplemental Plans”) that provide benefits for certain key executive officers. Benefits under the Supplemental Plans are based on a predetermined formula and are reduced by other benefits. The liability arising from these plans is being accrued over the participants’ remaining periods of service so that at the expected retirement dates, the present value of the annual payments will have been expensed. | |||||||||||||||||||||||||
The Company also provides an unfunded post-retirement medical, health and life insurance benefit plan for retirees and employees hired prior to March 31, 1993. | |||||||||||||||||||||||||
The following table presents the amount of net periodic pension cost for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Supplemental | |||||||||||||||||||||||||
Executive | Other Post-Retirement | ||||||||||||||||||||||||
Qualified Pension | Retirement Plans | Benefits | |||||||||||||||||||||||
For the Quarter | For the Quarter | For the Quarter | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended September 30, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 13 | $ | 265 | $ | 8 | $ | 10 | $ | 9 | $ | 8 | |||||||||||||
Interest cost | 262 | 291 | 12 | 11 | 23 | 25 | |||||||||||||||||||
Expected return on plan assets | (434 | ) | (423 | ) | — | — | — | — | |||||||||||||||||
Amortization: | |||||||||||||||||||||||||
Loss | 196 | 309 | 1 | 1 | 16 | 19 | |||||||||||||||||||
Prior service (credit) cost | — | (12 | ) | 5 | 7 | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 37 | $ | 430 | $ | 26 | $ | 29 | $ | 48 | $ | 52 | |||||||||||||
Supplemental | |||||||||||||||||||||||||
Executive | Other Post-Retirement | ||||||||||||||||||||||||
Qualified Pension | Retirement Plans | Benefits | |||||||||||||||||||||||
For the Nine Months | For the Nine Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended September 30, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 38 | $ | 794 | $ | 29 | $ | 29 | $ | 27 | $ | 23 | |||||||||||||
Interest cost | 786 | 873 | 35 | 33 | 68 | 76 | |||||||||||||||||||
Expected return on plan assets | (1,301 | ) | (1,268 | ) | — | — | — | — | |||||||||||||||||
Amortization: | |||||||||||||||||||||||||
Loss | 588 | 927 | 5 | 3 | 49 | 58 | |||||||||||||||||||
Prior service (credit) cost | — | (36 | ) | 18 | 21 | — | — | ||||||||||||||||||
Additional amount recognized due to settlement or curtailment | — | — | 199 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 111 | $ | 1,290 | $ | 286 | $ | 86 | $ | 144 | $ | 157 | |||||||||||||
In addition to the above, the Company entered into a non-qualified, Supplemental Executive Retirement Plan with the Company’s president in December 2012. Plan expenses for the three and nine months ended September 30, 2013 were $18,000 and $54,000, respectively. The accrued liability was $114,000 as of September 30, 2013. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation Plans | ' | ||||||||||||||||
Note 10. Share-Based Compensation Plans | |||||||||||||||||
The Company maintains and operates the Rockville Financial, Inc. 2006 Stock Incentive Award Plan (the “Plan”) as approved by the Company’s Board of Directors and stockholders. The Plan allows the Company to use stock options, stock awards, stock appreciation rights and performance awards to attract, retain and reward performance of qualified employees and others who contribute to the success of the Company. Prior to the Company’s second-step stock offering effective March 3, 2011, the Plan allowed for the issuance of a maximum of 349,830 restricted stock shares and 874,575 stock options. After adjusting for the 1.5167 exchange ratio established as a result of the stock offering, the Plan allows for maximum issuances of 530,587 restricted stock shares and 1,326,467 stock options. As of December 31, 2012, 14,603 restricted stock shares and 161,841 stock options remained available for future grants. During the nine months ended September 30, 2013, there were no restricted stock shares and 94,419 stock options granted. Additionally, 1,717 restricted stock shares and 11,720 stock options were forfeited and re-entered the pool of available shares for future grants. As of September 30, 2013, 16,319 restricted stock shares and 79,142 stock options remain available for future grants under the Plan. | |||||||||||||||||
The Company maintains and operates the Rockville Financial, Inc. 2012 Stock Incentive Plan (the “2012 Plan”) as approved by the Company’s Board of Directors and stockholders. The 2012 Plan allows the Company to use stock options, stock awards, stock appreciation rights and performance awards to attract, retain and reward performance of qualified employees and others who contribute to the success of the Company. The 2012 Plan allows for the issuance of a maximum of 684,395 restricted stock shares and 1,710,989 stock options. As of December 31, 2012, 258,390 restricted stock shares and 810,537 stock options remained available for future grants. During the nine months ended September 30, 2013, there were 53,834 restricted stock shares and 342,817 stock options granted. Of the 53,834 restricted shares granted in 2013, 15,391 shares are performance-related. Additionally, 4,424 restricted stock shares and 14,328 stock options were forfeited and re-entered the pool of available shares for future grants. There was also an adjustment for performance-related restricted stock shares of 19,498 shares, which were removed from the pool of remaining shares in anticipation of a coming performance-related vestings. As of September 30, 2013, 189,482 restricted stock shares and 482,048 stock options remain available for future grants under the 2012 Plan. | |||||||||||||||||
Total employee and Director share-based compensation expense recognized for stock options and restricted stock was $475,000 with a related tax benefit recorded of $166,000 for the three months ended September 30, 2013, of which Director share-based compensation expense recognized (in the Consolidated Statements of Net Income as other non-interest expense) was $59,000 and officer share-based compensation expense recognized (in the Consolidated Statements of Net Income as salaries and employee benefit expense) was $416,000. The total charge of $475,000 for the three months ended September 30, 2013 includes $293,000 of cost related to 22,080 vested restricted shares used for income tax withholding on behalf of certain executives in the three months ended September 30, 2013. | |||||||||||||||||
Total employee and Director share-based compensation expense recognized for stock options and restricted stock was $2.1 million with a related tax benefit recorded of $743,000 for the nine months ended September 30, 2013, of which Director share-based compensation expense recognized (in the Consolidated Statements of Net Income as other non-interest expense) was $664,000 and officer share-based compensation expense recognized (in the Consolidated Statements of Net Income as salaries and employee benefit expense) was $1.5 million. The total charge of $2.1 million for the nine months ended September 30, 2013 includes $319,000 related to 24,118 vested restricted shares used for income tax withholding on behalf of certain executives which occurred in the first nine months of 2013. | |||||||||||||||||
Stock Options: The following table presents the activity related to stock options under the Plans for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted-Average | Aggregate | ||||||||||||||||
Number of | Weighted- | Remaining | Intrinsic | ||||||||||||||
Stock | Average | Contractual Term | Value | ||||||||||||||
Options | Exercise Price | (in years) | (in thousands) | ||||||||||||||
Outstanding at December 31, 2012 | 1,996,843 | $ | 10.12 | ||||||||||||||
Granted | 437,236 | 13.2 | |||||||||||||||
Exercised | (82,171 | ) | 8.77 | ||||||||||||||
Forfeited or expired | (26,048 | ) | 10.76 | ||||||||||||||
Outstanding at September 30, 2013 | 2,325,860 | $ | 10.74 | 7.5 | $ | 5,358 | |||||||||||
Stock options vested and exercisable at September 30, 2013 | 1,318,420 | $ | 10.04 | 6.3 | $ | — | |||||||||||
The aggregate fair value of options that vested was $764,000 and $541,000 during the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, the unrecognized cost related to the stock options awarded of $1.4 million will be recognized over a weighted-average period of 2.3 years. | |||||||||||||||||
For share-based compensation recognized for the nine months ended September 30, 2013, the Company used the Black-Scholes option pricing model for estimating the fair value of stock options granted. There were 437,236 stock options granted in the first nine months of 2013. The weighted-average estimated fair values of stock option grants and the assumptions that were used in calculating such fair values were based on estimates at September 30, 2013 as follows: | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Weighted per share average fair value of options granted | $ | 1.8 | $ | 1.47 | |||||||||||||
Assumptions: | |||||||||||||||||
Risk-free interest rate | 1.61 | % | 0.91 | % | |||||||||||||
Expected volatility | 20.33 | % | 22.27 | % | |||||||||||||
Expected dividend yield | 3.03 | % | 3.28 | % | |||||||||||||
Expected life of options granted | 6.0 years | 6.0 years | |||||||||||||||
There were no options granted in the three months ended September 30, 2013 and 2012. | |||||||||||||||||
Restricted Stock: Restricted stock provides grantees with rights to shares of common stock upon completion of a service period. During the restriction period, all shares are considered outstanding and dividends are paid on the restricted stock. The following table presents the activity for restricted stock for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted-Average | |||||||||||||||||
Number | Grant-Date | ||||||||||||||||
of Shares | Fair Value | ||||||||||||||||
Unvested as of December 31, 2012 | 378,604 | $ | 10.89 | ||||||||||||||
Granted | 53,834 | 13.2 | |||||||||||||||
Vested | (178,725 | ) | 10.97 | ||||||||||||||
Forfeited | (6,141 | ) | 10.27 | ||||||||||||||
Unvested as of September 30, 2013 | 247,572 | $ | 11.35 | ||||||||||||||
The fair value of restricted shares that vested during the nine months ended September 30, 2013 and 2012 was $2.0 million and $806,000, respectively. As of September 30, 2013, there was $2.1 million of total unrecognized compensation cost related to unvested restricted stock which was expected to be recognized over a weighted-average period of 1.8 years. | |||||||||||||||||
During the nine months ended September 30, 2013, the Company granted 53,834 shares of restricted stock out of Treasury stock. In conjunction with the grant, 5,780 shares of restricted stock vested immediately. | |||||||||||||||||
Of the remaining unvested restricted stock, 2,362 shares will vest in 2013, 90,763 in 2014, 133,269 in 2015 and 21,178 in 2016. All unvested restricted stock shares are expected to vest. | |||||||||||||||||
Employee Stock Ownership Plan: In connection with its reorganization and stock offering completed in 2005, the Company established an Employee Stock Ownership Plan (“ESOP”) to provide substantially all employees of the Company the opportunity to also become shareholders. The ESOP borrowed $7.8 million from the Company to purchase 699,659 shares of common stock in the subscription offering and in the open market. The outstanding loan balance of $1.9 million at September 30, 2013 will be repaid principally from the Bank’s discretionary contributions to the ESOP over a remaining period of two years. The 699,659 ESOP shares purchased in the initial reorganization in 2005 were exchanged for shares in the second-step conversion using an exchange ratio of 1.5167. | |||||||||||||||||
As part of the second-step conversion and stock offering completed in 2011, the ESOP borrowed an additional $7.1 million from the Company to purchase 684,395 shares of common stock during the initial public offering and in the open market. The outstanding loan balance of $6.8 million at September 30, 2013 will be repaid principally from the Bank’s discretionary contributions to the ESOP over a remaining period of 28 years. | |||||||||||||||||
The Company accounts for its ESOP in accordance with FASB ASC 718-40, Compensation – Stock Compensation. Under this guidance, unearned ESOP shares are not considered outstanding and are shown as a reduction of stockholders’ equity as unearned compensation. The Company will recognize compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, this difference will be credited or debited to equity. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a liability in the Company’s financial statements. Dividends on unallocated shares are used to pay the ESOP debt. | |||||||||||||||||
At September 30, 2013, the two loans had an outstanding balance of $8.7 million and the interest rate is the prime rate plus one percent. The unallocated ESOP shares are pledged as collateral on the loans. As the loans are repaid to the Company, shares will be released from collateral and will be allocated to the accounts of the participants. The ESOP compensation expense for the nine months ended September 30, 2013 and 2012 was $1.3 million and $1.1 million, respectively. | |||||||||||||||||
The ESOP shares as of September 30, 2013 were as follows: | |||||||||||||||||
Shares released for allocation | 991,262 | ||||||||||||||||
Unreleased shares | 754,306 | ||||||||||||||||
Total ESOP shares | 1,745,568 | ||||||||||||||||
Market value of unreleased shares at September 30, 2013 (in thousands) | $ | 9,806 | |||||||||||||||
In September 2013, the Company announced that it will be merging its ESOP with its Defined Contribution Plan, or 401(k) Plan, effective January 1, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 11. Income Taxes | |
As of September 30, 2013 and December 31, 2012, there were no material uncertain tax positions related to federal and state income tax matters. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended after December 31, 2009. | |
As of September 30, 2013 and December 31, 2012, the Company has not recorded any interest and penalties related to uncertain tax positions. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Note 12. Accumulated Other Comprehensive Loss | |||||||||||||||||
Components of accumulated other comprehensive loss, net of taxes, consist of the following: | |||||||||||||||||
Accumulated | |||||||||||||||||
Net Unrealized | Net Unrealized Gain | Net Unrealized (Loss) | Other | ||||||||||||||
(Loss) Gain on | (Loss) on Available | Gain on Interest | Comprehensive | ||||||||||||||
(In thousands) | Benefit Plans | For Sale Securities | Rate Swaps | Loss | |||||||||||||
31-Dec-12 | $ | (7,006 | ) | $ | 3,055 | $ | (96 | ) | $ | (4,047 | ) | ||||||
Change | 498 | (9,432 | ) | 3,731 | (5,203 | ) | |||||||||||
30-Sep-13 | $ | (6,508 | ) | $ | (6,377 | ) | $ | 3,635 | $ | (9,250 | ) |
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
Note 13. Regulatory Matters | |||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by Federal and State banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly, additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. The regulations require the Company and the Bank to meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items, as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. At September 30, 2013, the Bank exceeded all regulatory capital requirements and is considered “well-capitalized” under regulatory guidelines. | |||||||||||||||||||||||||
The following is a summary of the Company’s and the Bank’s regulatory capital amounts and ratios as of September 30, 2013 and December 31, 2012 compared to the Federal Deposit Insurance Corporation’s requirements for classification as a well-capitalized institution and for minimum capital adequacy: | |||||||||||||||||||||||||
Minimum To Be | |||||||||||||||||||||||||
Minimum For | Well-Capitalized | ||||||||||||||||||||||||
Capital | Under | ||||||||||||||||||||||||
Adequacy | Prompt Corrective | ||||||||||||||||||||||||
Actual | Purposes | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Rockville Bank: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 286,696 | 16.4 | % | $ | 139,937 | 8.0 | % | $ | 174,921 | 10.0 | % | |||||||||||||
Tier 1 capital to risk weighted assets | 267,249 | 15.3 | 70,006 | 4 | 105,009 | 6 | |||||||||||||||||||
Tier 1 capital to total average assets | 267,249 | 12.3 | 86,910 | 4 | 108,638 | 5 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 272,111 | 17.4 | % | $ | 124,893 | 8.0 | % | $ | 156,116 | 10.0 | % | |||||||||||||
Tier 1 capital to risk weighted assets | 253,089 | 16.2 | 62,453 | 4 | 93,679 | 6 | |||||||||||||||||||
Tier 1 capital to total average assets | 253,089 | 12.9 | 78,721 | 4 | 98,402 | 5 | |||||||||||||||||||
Rockville Financial, Inc.: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 322,429 | 18.4 | % | $ | 140,569 | 8.0 | % | N/A | N/A | |||||||||||||||
Tier 1 capital to risk weighted assets | 302,982 | 17.3 | 70,257 | 4 | N/A | N/A | |||||||||||||||||||
Tier 1 capital to total average assets | 302,982 | 13.9 | 87,064 | 4 | N/A | N/A | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 342,505 | 21.9 | % | $ | 125,345 | 8.0 | % | N/A | N/A | |||||||||||||||
Tier 1 capital to risk weighted assets | 323,483 | 20.6 | 62,691 | 4 | N/A | N/A | |||||||||||||||||||
Tier 1 capital to total average assets | 323,483 | 16.5 | 78,373 | 4 | N/A | N/A | |||||||||||||||||||
Connecticut law restricts the amount of dividends that the Bank can pay based on retained earnings for the current year and the preceding two years. As of September 30, 2013, $42.4 million is available for payment of dividends. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||
Note 14. Net Income Per Share | |||||||||||||||||
The following table sets forth the calculation of basic and diluted net income per share for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
(In thousands, except share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income available to common stockholders | $ | 4,620 | $ | 4,668 | $ | 12,470 | $ | 11,472 | |||||||||
Adjusted weighted-average common shares outstanding | 29,459,424 | 29,464,831 | 29,476,348 | 29,479,091 | |||||||||||||
Less: average number of treasury shares | (3,192,225 | ) | (900,344 | ) | (2,328,930 | ) | (649,679 | ) | |||||||||
Less: average number of unvested ESOP award shares | (775,561 | ) | (904,491 | ) | (807,476 | ) | (936,526 | ) | |||||||||
Weighted-average basic shares outstanding | 25,491,638 | 27,659,996 | 26,339,942 | 27,892,886 | |||||||||||||
Dilutive effect of stock options | 340,985 | 187,025 | 340,820 | 174,243 | |||||||||||||
Weighted-average diluted shares | 25,832,623 | 27,847,021 | 26,680,762 | 28,067,129 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.18 | $ | 0.17 | $ | 0.47 | $ | 0.41 | |||||||||
Diluted | $ | 0.18 | $ | 0.17 | $ | 0.47 | $ | 0.41 |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
Note 15. Commitments and Contingencies | |||||||||
Financial Instruments With Off-Balance Sheet Risk | |||||||||
In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit through issuing standby letters of credit and undisbursed portions of construction loans and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the statements of financial condition. The contractual amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | |||||||||
The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer defaults and the value of any existing collateral obligations is deemed worthless. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Off-balance sheet financial instruments whose contract amounts represent credit risk are as follows at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Commitments to extend credit: | |||||||||
Commitment to grant loans | $ | 76,925 | $ | 63,086 | |||||
Undisbursed construction loans | 101,026 | 71,459 | |||||||
Undisbursed home equity lines of credit | 140,700 | 139,238 | |||||||
Undisbursed commercial lines of credit | 26,989 | 76,673 | |||||||
Standby letters of credit | 8,608 | 8,691 | |||||||
Unused checking overdraft lines of credit | 39 | 51 | |||||||
$ | 354,287 | $ | 359,198 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include residential and commercial property, accounts receivable, inventory, property, plant and equipment, deposits, and securities. | |||||||||
Legal Matters: The Company is not involved in any legal proceedings deemed to be material as of September 30, 2013 which have arisen in the normal course of business. | |||||||||
Forward-Looking Statements | |||||||||
This Form 10-Q contains forward-looking statements that are within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. These risks and uncertainties could cause our results to differ materially from those set forth in such forward-looking statements. | |||||||||
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “estimates,” “targeted” and similar expressions, and future or conditional verbs, such as “will,” “would,” “should,” “could” or “may” are intended to identify forward-looking statements but are not the only means to identify these statements. | |||||||||
Factors that have a material adverse effect on operations include, but are not limited to, the following: | |||||||||
• | Local, regional, national and international business or economic conditions may differ from those expected. | ||||||||
• | The effects of and changes in trade, monetary and fiscal policies and laws, including the U.S. Federal Reserve Board’s interest rate policies, may adversely affect our business. | ||||||||
• | The ability to increase market share and control expenses may be more difficult than anticipated. | ||||||||
• | Changes in government regulations (including those concerning taxes, banking, securities and insurance) may adversely affect us or our businesses, including those under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the Basel III update to the Basel Accords. | ||||||||
• | Changes in accounting policies and practices, as may be adopted by regulatory agencies, the Public Company Accounting Oversight Board or the Financial Accounting Standards Board, may affect expected financial reporting. | ||||||||
• | Future changes in interest rates may reduce our profits which could have a negative impact on the value of our stock. | ||||||||
• | Technological changes and cyber-security matters. | ||||||||
• | Changes in demand for loan products, financial products and deposit flow could impact our financial performance. | ||||||||
• | The timely development and acceptance of new products and services and perceived overall value of these products and services by customers. | ||||||||
• | Adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio. | ||||||||
• | Strong competition within our market area may limit our growth and profitability. | ||||||||
• | We may plan to open new branches which may not become profitable as soon as anticipated, if at all. | ||||||||
• | If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could decrease. | ||||||||
• | Our stock value may be negatively affected by banking regulations and our Certificate of Incorporation restricting takeovers. | ||||||||
• | Changes in the level of non-performing assets and charge-offs. | ||||||||
• | Because we intend to continue to increase our commercial real estate and commercial business loan originations, our lending risk may increase, and downturns in the real estate market or local economy could adversely affect our earnings. | ||||||||
• | The trading volume in our stock is less than in larger publicly traded companies which can cause price volatility, hinder your ability to sell our common stock and may lower the market price of the stock. | ||||||||
• | We may not manage the risks involved in the foregoing as well as anticipated. | ||||||||
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except as required by applicable law or regulation, management undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations. Rockville Financial, Inc. (the “Company”) is a bank holding company under the Bank Holding Company Act of 1956, as amended, headquartered in Rockville, Connecticut and incorporated under the laws of Connecticut in 2004. At September 30, 2013, the Company’s principal asset was all of the outstanding capital stock of Rockville Bank (the “Bank”), a wholly-owned subsidiary of the Company. | |
The Company, through Rockville Bank and various subsidiaries, delivers financial services to individuals, families and businesses primarily throughout Connecticut and the region through 22 banking offices, two loan production offices, 38 ATMs, telephone banking, mobile banking and its internet website (www.rockvillebank.com). | |
Basis of Presentation | ' |
Basis of Presentation. The consolidated interim financial statements and the accompanying notes presented in this report include the accounts of Rockville Financial, Inc. and its wholly-owned subsidiary Rockville Bank, and the Bank’s wholly-owned subsidiaries, SBR Mortgage Company, SBR Investment Corp. Inc., Rockville Bank Commercial Properties, Inc., Rockville Bank Residential Properties, Inc., Rockville Financial Services, Inc. and Rockville Bank Investment Sub, Inc. | |
The consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to SEC Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the interim unaudited consolidated financial statements. The results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 or any future period. These interim unaudited consolidated financial statements should be read in conjunction with the Company’s 2012 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Reclassifications | ' |
Reclassifications. Certain reclassifications have been made in prior periods’ consolidated financial statements to conform to the 2013 presentation. These reclassifications had no impact on the Company’s consolidated financial position, results of operations or net change in cash equivalents. All significant intercompany transactions have been eliminated. | |
Use of Estimates | ' |
Use of Estimates. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, pension and other post-retirement benefits, share-based compensation expense, valuation of deferred tax assets, the evaluation of securities for other-than-temporary impairment and derivatives. | |
Derivatives and Hedging | ' |
Derivatives and Hedging. In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-10, Inclusion of Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes which provides guidance on the risks that are permitted to be hedged in a fair value or cash flow hedge. The Update permits the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The Update also removes the restriction on using different benchmark rates for similar hedges. The Update was effective prospectively for qualifying new or redesigned hedging relationships entered into on or after July 17, 2013. Adoption did not have a material impact on the Company’s consolidated financial statements. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. In February 2013, FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. Adoption did not have a material impact on the Company’s consolidated financial statements. | |
Technical Corrections and Improvements | ' |
Technical Corrections and Improvements. On October 1, 2012, the FASB released ASU No. 2012-04, Technical Corrections and Improvements, which clarifies the Codification or corrects unintended application of guidance and includes amendments identifying when the use of fair value should be linked to the definition of fair value in Topic 820, Fair Value Measurement. Amendments to the Codification without transition guidance are effective upon issuance; amendments subject to transitions guidance will be effective for the fiscal periods beginning after December 15, 2012. Adoption did not have a material impact on the Company’s consolidated financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Assets Recorded at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The following tables detail the assets and liabilities carried at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. There were no transfers in and out of Level 1, Level 2 and Level 3 measurements during the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Quoted | |||||||||||||||||||||
Prices in | |||||||||||||||||||||
Active | |||||||||||||||||||||
Markets for | Other | Significant | |||||||||||||||||||
Identical | Observable | Unobservable | |||||||||||||||||||
Total | Assets | Inputs | Inputs | ||||||||||||||||||
(In thousands) | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Available for Sale Securities: | |||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 6,142 | $ | — | $ | 6,142 | $ | — | |||||||||||||
Government-sponsored residential mortgage-backed securities | 90,475 | — | 90,475 | — | |||||||||||||||||
Government-sponsored residential collateralized debt obligations | 55,647 | — | 55,647 | — | |||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 13,043 | — | 13,043 | — | |||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 4,743 | — | 4,743 | — | |||||||||||||||||
Asset-backed securities | 91,246 | — | 35,317 | 55,959 | |||||||||||||||||
Corporate debt securities | 39,622 | — | 38,280 | 1,342 | |||||||||||||||||
Obligations of states and political subdivisions | 62,902 | — | 62,902 | — | |||||||||||||||||
Marketable equity securities | 6,307 | 3,258 | 2,997 | 52 | |||||||||||||||||
Total available for sale securities | $ | 370,127 | $ | 3,258 | $ | 309,546 | $ | 57,353 | |||||||||||||
Mortgage loan derivative assets | $ | 207 | $ | — | $ | 207 | $ | — | |||||||||||||
Mortgage loan derivative liabilities | 112 | — | 112 | — | |||||||||||||||||
Mortgage servicing rights | 3,709 | — | — | 3,709 | |||||||||||||||||
Interest rate swap assets | 6,381 | — | 6,381 | — | |||||||||||||||||
Interest rate swap liabilities | 854 | — | 854 | — | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Available for Sale Securities: | |||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 12,717 | $ | — | $ | 12,717 | $ | — | |||||||||||||
Government-sponsored residential mortgage-backed securities | 91,144 | — | 91,144 | — | |||||||||||||||||
Government-sponsored residential collateralized-debt obligations | 20,947 | — | 20,947 | — | |||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 9,302 | — | 9,302 | — | |||||||||||||||||
Government-sponsored commercial collateralized-debt obligations | 5,135 | — | 5,135 | — | |||||||||||||||||
Asset-backed securities | 11,200 | — | 4,174 | 7,026 | |||||||||||||||||
Corporate debt securities | 18,818 | — | 17,610 | 1,208 | |||||||||||||||||
Obligations of states and political subdivisions | 68,804 | — | 68,804 | — | |||||||||||||||||
Marketable equity securities | 3,322 | 3,244 | — | 78 | |||||||||||||||||
Total available for sale securities | $ | 241,389 | $ | 3,244 | $ | 229,833 | $ | 8,312 | |||||||||||||
Mortgage loan derivative assets | $ | 464 | $ | — | $ | 464 | $ | — | |||||||||||||
Mortgage loan derivative liabilities | 101 | — | 101 | — | |||||||||||||||||
Interest rate swap liabilities | 148 | — | 148 | — | |||||||||||||||||
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs | ' | ||||||||||||||||||||
The following table presents additional information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value. | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Available for Sale Securities: | |||||||||||||||||||||
Balance at beginning of period | $ | 54,819 | $ | 1,600 | $ | 8,312 | $ | 1,290 | |||||||||||||
Purchases | 2,785 | 8,000 | 49,729 | 8,000 | |||||||||||||||||
Principal payments | (550 | ) | — | (550 | ) | — | |||||||||||||||
Total unrealized gains (losses) included in other comprehensive loss | 269 | 247 | (168 | ) | 557 | ||||||||||||||||
Balance at end of period | $ | 57,323 | $ | 9,847 | $ | 57,323 | $ | 9,847 | |||||||||||||
Mortgage Servicing Rights: | |||||||||||||||||||||
Balance at beginning of period | $ | 3,336 | $ | — | |||||||||||||||||
Transfers to Level 3 | — | 1,554 | |||||||||||||||||||
Issuances | 460 | 1,032 | |||||||||||||||||||
Amortization | — | — | |||||||||||||||||||
Settlements | (36 | ) | (123 | ) | |||||||||||||||||
Change in fair value recognized in net income | (51 | ) | 1,246 | ||||||||||||||||||
Balance at end of period | $ | 3,709 | $ | 3,709 | |||||||||||||||||
Summary of Assets Recorded at Fair Value on a Non-Recurring Basis | ' | ||||||||||||||||||||
The following tables detail the assets carried at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation technique utilized by the Company to determine fair value. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
(In thousands) | Total | Quoted Prices in | Other | Significant | |||||||||||||||||
Fair Value | Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Impaired loans | $ | 2,186 | $ | — | $ | — | $ | 2,186 | |||||||||||||
Other real estate owned | 2,129 | — | — | 2,129 | |||||||||||||||||
Total | $ | 4,315 | $ | — | $ | — | $ | 4,315 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Impaired loans | $ | 1,211 | $ | — | $ | — | $ | 1,211 | |||||||||||||
Other real estate owned | 2,846 | — | — | 2,846 | |||||||||||||||||
Total | $ | 4,057 | $ | — | $ | — | $ | 4,057 | |||||||||||||
Summary of Losses on Assets Recorded at Fair Value on a Non-Recurring Basis | ' | ||||||||||||||||||||
Losses on assets recorded at fair value on a non-recurring basis are as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Impaired loans | $ | (209 | ) | $ | (127 | ) | $ | (821 | ) | $ | (337 | ) | |||||||||
Other real estate owned | (12 | ) | — | (81 | ) | (183 | ) | ||||||||||||||
Total | $ | (221 | ) | $ | (127 | ) | $ | (902 | ) | $ | (520 | ) | |||||||||
Summary of Carrying Value and Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the carrying value and estimated fair values of the Company’s financial instruments are as described below. | |||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||
(In thousands) | Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 54,471 | $ | 54,471 | $ | — | $ | — | $ | 54,471 | |||||||||||
Available for sale securities | 370,127 | 3,258 | 309,546 | 57,323 | 370,127 | ||||||||||||||||
Held to maturity securities | 14,141 | — | 14,564 | — | 14,564 | ||||||||||||||||
Loans held for sale | 2,904 | — | 2,904 | — | 2,904 | ||||||||||||||||
Loans receivable-net | 1,637,325 | — | — | 1,639,076 | 1,639,076 | ||||||||||||||||
FHLBB stock | 15,053 | — | — | 15,053 | 15,053 | ||||||||||||||||
Accrued interest receivable | 5,879 | — | — | 5,879 | 5,879 | ||||||||||||||||
Mortgage loan derivative assets | 207 | — | 207 | — | 207 | ||||||||||||||||
Mortgage servicing rights | 3,709 | — | — | 3,709 | 3,709 | ||||||||||||||||
Interest rate swaps | 6,381 | — | 6,381 | — | 6,381 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,692,072 | — | — | 1,599,792 | 1,599,792 | ||||||||||||||||
Mortgagors’ and investors’ escrow accounts | 3,635 | — | — | 3,635 | 3,635 | ||||||||||||||||
FHLBB advances and other borrowings | 196,246 | — | — | 198,825 | 198,825 | ||||||||||||||||
Mortgage loan derivative liabilities | 112 | — | 112 | — | 112 | ||||||||||||||||
Interest rate swaps | 854 | — | 854 | — | 854 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | 35,315 | 35,315 | — | — | 35,315 | ||||||||||||||||
Available for sale securities | 241,389 | 3,244 | 229,833 | 8,312 | 241,389 | ||||||||||||||||
Held to maturity securities | 6,084 | — | 6,681 | — | 6,681 | ||||||||||||||||
Loans held for sale | 5,292 | — | 5,292 | — | 5,292 | ||||||||||||||||
Loans receivable-net | 1,586,985 | — | — | 1,624,001 | 1,624,001 | ||||||||||||||||
FHLBB stock | 15,867 | — | — | 15,867 | 15,867 | ||||||||||||||||
Accrued interest receivable | 4,862 | — | — | 4,862 | 4,862 | ||||||||||||||||
Mortgage loan derivative assets | 464 | — | 464 | — | 464 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 1,504,680 | — | — | 1,513,188 | 1,513,188 | ||||||||||||||||
Mortgagors’ and investors’ escrow accounts | 6,776 | — | — | 6,776 | 6,776 | ||||||||||||||||
Advances from FHLBB | 143,106 | — | — | 148,201 | 148,201 | ||||||||||||||||
Mortgage loan derivative liabilities | 101 | — | 101 | — | 101 | ||||||||||||||||
Interest rate swaps | 148 | — | 148 | — | 148 |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Available for Sale and Held to Maturity Securities | ' | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available for sale and held to maturity securities at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross | Gross | Fair | |||||||||||||||||||||
Unrealized | Unrealized | Value | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 6,804 | $ | 45 | $ | 707 | $ | 6,142 | |||||||||||||||||
Government-sponsored residential mortgage-backed securities | 90,469 | 1,803 | 1,797 | 90,475 | |||||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 56,559 | 193 | 1,105 | 55,647 | |||||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 13,908 | — | 865 | 13,043 | |||||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 5,045 | — | 302 | 4,743 | |||||||||||||||||||||
Asset-backed securities | 92,967 | 15 | 1,736 | 91,246 | |||||||||||||||||||||
Corporate debt securities | 40,868 | 790 | 2,036 | 39,622 | |||||||||||||||||||||
Obligations of states and political subdivisions | 67,222 | — | 4,320 | 62,902 | |||||||||||||||||||||
Total debt securities | 373,842 | 2,846 | 12,868 | 363,820 | |||||||||||||||||||||
Marketable equity securities, by sector: | |||||||||||||||||||||||||
Banks | 3,068 | — | 19 | 3,049 | |||||||||||||||||||||
Industrial | 109 | 85 | — | 194 | |||||||||||||||||||||
Mutual funds | 2,783 | 79 | 5 | 2,857 | |||||||||||||||||||||
Oil and gas | 131 | 76 | — | 207 | |||||||||||||||||||||
Total marketable equity securities | 6,091 | 240 | 24 | 6,307 | |||||||||||||||||||||
Total available for sale securities | $ | 379,933 | $ | 3,086 | $ | 12,892 | $ | 370,127 | |||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 10,092 | $ | 129 | $ | 94 | $ | 10,127 | |||||||||||||||||
Government-sponsored residential mortgage-backed securities | 4,049 | 388 | — | 4,437 | |||||||||||||||||||||
Total held to maturity securities | $ | 14,141 | $ | 517 | $ | 94 | $ | 14,564 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
U.S. Government and government-sponsored enterprise obligations | $ | 12,413 | $ | 304 | $ | — | $ | 12,717 | |||||||||||||||||
Government-sponsored residential mortgage-backed securities | 87,769 | 3,445 | 70 | 91,144 | |||||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 20,798 | 150 | 1 | 20,947 | |||||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 9,179 | 123 | — | 9,302 | |||||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 5,048 | 87 | — | 5,135 | |||||||||||||||||||||
Asset-backed securities | 11,193 | 26 | 19 | 11,200 | |||||||||||||||||||||
Corporate debt securities | 19,760 | 695 | 1,637 | 18,818 | |||||||||||||||||||||
Obligations of states and political subdivisions | 67,458 | 1,473 | 127 | 68,804 | |||||||||||||||||||||
Total debt securities | 233,618 | 6,303 | 1,854 | 238,067 | |||||||||||||||||||||
Marketable equity securities, by sector: | 68 | 10 | — | 78 | |||||||||||||||||||||
Banks | 109 | 50 | — | 159 | |||||||||||||||||||||
Industrial | 2,756 | 131 | — | 2,887 | |||||||||||||||||||||
Mutual funds | 135 | 63 | — | 198 | |||||||||||||||||||||
Oil and gas | 3,068 | 254 | — | 3,322 | |||||||||||||||||||||
Total marketable equity securities | $ | 236,686 | $ | 6,557 | $ | 1,854 | $ | 241,389 | |||||||||||||||||
Total available for sale securities | |||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | 6,084 | $ | 597 | $ | — | $ | 6,681 | |||||||||||||||||
Amortized Cost and Fair Value of Debt Securities | ' | ||||||||||||||||||||||||
The amortized cost and fair value of debt securities at September 30, 2013 by contractual maturities are presented below. Actual maturities may differ from contractual maturities because the securities may be called or repaid without any penalties. Because mortgage-backed securities are not due at a single maturity date, they are not included in the maturity categories in the following maturity summary. | |||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | |||||||||||||||||||||
Maturity: | |||||||||||||||||||||||||
Within 1 year | $ | 604 | $ | 608 | $ | — | $ | — | |||||||||||||||||
After 1 year through 5 years | 21,469 | 21,972 | — | — | |||||||||||||||||||||
After 5 years through 10 years | 22,712 | 22,028 | — | — | |||||||||||||||||||||
After 10 years | 70,109 | 64,058 | 10,092 | 10,127 | |||||||||||||||||||||
114,894 | 108,666 | 10,092 | 10,127 | ||||||||||||||||||||||
Mortgage-backed securities | 90,469 | 90,475 | 4,049 | 4,437 | |||||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 56,559 | 55,647 | — | — | |||||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 13,908 | 13,043 | — | — | |||||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 5,045 | 4,743 | — | — | |||||||||||||||||||||
Asset-backed securities | 92,967 | 91,246 | — | — | |||||||||||||||||||||
Total debt securities | $ | 373,842 | $ | 363,820 | $ | 14,141 | $ | 14,564 | |||||||||||||||||
Summary of Gross Unrealized Losses and Fair Value | ' | ||||||||||||||||||||||||
The following table summarizes gross unrealized losses and fair value, aggregated by category and length of time the securities have been in a continuous unrealized loss position, as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
Less than 12 months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
(In thousands) | Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||
U.S. Government and government sponsored enterprise obligations | $ | 4,286 | $ | 707 | $ | — | $ | — | $ | 4,286 | $ | 707 | |||||||||||||
Government-sponsored residential mortgage-backed securities | 45,924 | 1,797 | — | — | 45,924 | 1,797 | |||||||||||||||||||
Government-sponsored residential collateralized debt obligations | 36,376 | 1,105 | — | — | 36,376 | 1,105 | |||||||||||||||||||
Government-sponsored commercial mortgage-backed securities | 13,043 | 865 | — | — | 13,043 | 865 | |||||||||||||||||||
Government-sponsored commercial collateralized debt obligations | 4,743 | 302 | — | — | 4,743 | 302 | |||||||||||||||||||
Asset-backed securities | 87,197 | 1,736 | — | — | 87,197 | 1,736 | |||||||||||||||||||
Corporate debt securities | 16,100 | 531 | 1,342 | 1,505 | 17,442 | 2,036 | |||||||||||||||||||
Obligations of states and political subdivisions | 62,902 | 4,320 | — | — | 62,902 | 4,320 | |||||||||||||||||||
Total debt securities | 270,571 | 11,363 | 1,342 | 1,505 | 271,913 | 12,868 | |||||||||||||||||||
Marketable equity securities | 3,247 | 24 | — | — | 3,247 | 24 | |||||||||||||||||||
$ | 273,818 | $ | 11,387 | $ | 1,342 | $ | 1,505 | $ | 275,160 | $ | 12,892 | ||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||
Debt Securities: | |||||||||||||||||||||||||
Government-sponsored residential mortgage-backed securities | $ | 10,360 | $ | 70 | $ | — | $ | — | $ | 10,360 | $ | 70 | |||||||||||||
Government-sponsored residential collateralized debt obligations | 4,151 | 1 | — | — | 4,151 | 1 | |||||||||||||||||||
Asset-backed securities | 4,173 | 19 | — | — | 4,173 | 19 | |||||||||||||||||||
Corporate debt securities | — | — | 1,208 | 1,637 | 1,208 | 1,637 | |||||||||||||||||||
Obligations of states and political subdivisions | 6,632 | 127 | — | — | 6,632 | 127 | |||||||||||||||||||
Total debt securities | $ | 25,316 | $ | 217 | $ | 1,208 | $ | 1,637 | $ | 26,524 | $ | 1,854 | |||||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities | ' | ||||||||||||||||||||
Information about interest rate swap agreements and non-hedging derivative assets and liabilities as of September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
Weighted- | |||||||||||||||||||||
Notional | Average | Weighted-Average Rate | Estimated | ||||||||||||||||||
Remaining | Fair Value | ||||||||||||||||||||
Amount | Maturity | Received | Paid | Asset (Liability) | |||||||||||||||||
(In thousands) | (In years) | (In thousands) | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Cash flow hedge: | |||||||||||||||||||||
Forward starting interest rate swaps on future borrowings | $ | 100,000 | 7 | TBD | (1) | 2.4 | % | $ | 5,592 | ||||||||||||
Fair value hedge: | |||||||||||||||||||||
Interest rate swap | 20,000 | 4.27 | 1.1 | % | 0.23 | %(2) | (104 | ) | |||||||||||||
Non-hedging derivatives: | |||||||||||||||||||||
Forward loan sale commitments | 11,365 | — | (112 | ) | |||||||||||||||||
Derivative loan commitments | 9,309 | — | 207 | ||||||||||||||||||
Loan level swaps—dealer(3) | 25,340 | 8.77 | 2.06 | % | 4.56 | % | (746 | ) | |||||||||||||
Loan level swaps—borrowers(3) | 25,340 | 8.77 | 4.56 | % | 2.06 | % | 785 | ||||||||||||||
Total | $ | 191,354 | $ | 5,622 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Cash flow hedge: | |||||||||||||||||||||
Forward starting interest rate swaps on future borrowings | $ | 75,000 | 7 | TBD | (1) | 2.3 | % | $ | (148 | ) | |||||||||||
(1) | The receiver leg of the cash flow hedges is floating rate and indexed to the 3-month USD-LIBOR-BBA, as determined two London banking days prior to the first day of each calendar quarter, commencing with the earliest effective trade. The earliest effective trade date for the cash flow hedges is July 1, 2015. | ||||||||||||||||||||
(2) | The paying leg is one month LIBOR plus a fixed spread; above rate in effect as of September 30, 2013 | ||||||||||||||||||||
(3) | The Company offers a loan level hedging product to qualifying commercial borrowers that seek to mitigate risk to rising interest rates. As such, the Company enters into equal and offsetting trades with dealer counterparties. | ||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments | ' | ||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of September 30, 2013. | |||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(In thousands) | Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Interest rate swap—cash flow hedge | Other Assets | $ | 5,592 | $ | — | ||||||||||||||||
Interest rate swap—cash flow hedge | Other Liabilities | — | (148 | ) | |||||||||||||||||
Interest rate swap—fair value hedge | Other Assets | 4 | — | ||||||||||||||||||
Interest rate swap—fair value hedge | Other Liabilities | (108 | ) | — | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 5,488 | $ | (148 | ) | ||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Forward loan sale commitment | Other (Liabilities) / Assets | $ | (112 | ) | $ | 464 | |||||||||||||||
Derivative loan commitment | Other Assets / (Liabilities) | 207 | (101 | ) | |||||||||||||||||
Interest rate swap—non designated hedge | Other Assets | 785 | — | ||||||||||||||||||
Interest rate swap—non designated hedge | Other Liabilities | (746 | ) | — | |||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 134 | $ | 363 | |||||||||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||
Schedule of Effect of Derivative Financial Instruments on the Income Statement | ' | ||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | |||||||||||||||||||||
Derivatives in Cash Flow | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Hedging Relationships | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest Rate Swaps | $ | (102 | ) | $ | (350 | ) | $ | 5,740 | $ | (383 | ) | ||||||||||
Total | $ | (102 | ) | $ | (350 | ) | $ | 5,740 | $ | (383 | ) | ||||||||||
Effect of Derivative Instruments on the Income Statement | |||||||||||||||||||||
The tables below present information pertaining to the Company’s derivatives on the Consolidated Statements of Net Income designated as hedging instruments for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||
Derivatives in Fair Value | Location on Gain (Loss) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
Hedging Relationships | Recognized in Income | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | 111 | $ | — | $ | (109 | ) | $ | — | |||||||||||
Amount of (Loss) Gain Recognized in Income on Hedged Items | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Interest Rate Swaps | Interest expense | $ | (113 | ) | $ | — | $ | 107 | $ | — | |||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||
Schedule of Effect of Derivative Financial Instruments on the Income Statement | ' | ||||||||||||||||||||
The table below presents information pertaining to the Company’s derivatives not designated as hedging instruments on the Consolidated Statements of Net Income as of September 30, 2013. | |||||||||||||||||||||
Amount of (Loss) Gain Recognized for the | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Derivative loan commitment | $ | 219 | $ | — | $ | (118 | ) | $ | — | ||||||||||||
Forward loan sale commitments | (493 | ) | (195 | ) | (150 | ) | (211 | ) | |||||||||||||
Interest rate swaps | 37 | — | 40 | — | |||||||||||||||||
$ | (237 | ) | $ | (195 | ) | $ | (228 | ) | $ | (211 | ) | ||||||||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Company's Loan Portfolio | ' | ||||||||||||||||||||||||||||
A summary of the Company’s loan portfolio is as follows: | |||||||||||||||||||||||||||||
(In thousands) | September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 612,946 | $ | 683,195 | |||||||||||||||||||||||||
Commercial | 753,589 | 697,133 | |||||||||||||||||||||||||||
Construction—residential | 5,155 | 3,338 | |||||||||||||||||||||||||||
Construction—commercial | 56,961 | 46,642 | |||||||||||||||||||||||||||
Total real estate loans | 1,428,651 | 1,430,308 | |||||||||||||||||||||||||||
Commercial business loans | 222,784 | 171,632 | |||||||||||||||||||||||||||
Installment loans | 891 | 1,184 | |||||||||||||||||||||||||||
Collateral loans | 1,386 | 1,567 | |||||||||||||||||||||||||||
Total loans | 1,653,712 | 1,604,691 | |||||||||||||||||||||||||||
Net deferred loan costs and premiums | 2,316 | 771 | |||||||||||||||||||||||||||
Allowance for loan losses | (18,703 | ) | (18,477 | ) | |||||||||||||||||||||||||
Loans—net | $ | 1,637,325 | $ | 1,586,985 | |||||||||||||||||||||||||
Company's Loans by Risk Rating | ' | ||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Commercial | Installment | ||||||||||||||||||||||||
Real Estate | Real Estate | Business | and | ||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 600,468 | $ | 728,345 | $ | 58,649 | $ | 208,405 | $ | 2,233 | |||||||||||||||||||
Loans rated 6 | 2,383 | 10,778 | 444 | 8,182 | — | ||||||||||||||||||||||||
Loans rated 7 | 10,095 | 14,466 | 3,023 | 6,197 | 44 | ||||||||||||||||||||||||
Loans rated 8 | — | — | — | — | — | ||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | ||||||||||||||||||||||||
$ | 612,946 | $ | 753,589 | $ | 62,116 | $ | 222,784 | $ | 2,277 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Loans rated 1-5 | $ | 669,905 | $ | 673,844 | $ | 43,488 | $ | 158,576 | $ | 2,699 | |||||||||||||||||||
Loans rated 6 | 2,182 | 14,121 | 4,310 | 5,366 | — | ||||||||||||||||||||||||
Loans rated 7 | 11,108 | 9,168 | 2,182 | 7,690 | 52 | ||||||||||||||||||||||||
Loans rated 8 | — | — | — | — | — | ||||||||||||||||||||||||
Loans rated 9 | — | — | — | — | — | ||||||||||||||||||||||||
$ | 683,195 | $ | 697,133 | $ | 49,980 | $ | 171,632 | $ | 2,751 | ||||||||||||||||||||
Summary of Changes in Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the periods ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Commercial | Installment | Unallocated | Total | ||||||||||||||||||||||
Real Estate | Real Estate | Business | and | ||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||
Three Months Ended September 30,2013 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,974 | $ | 8,275 | $ | 740 | $ | 3,068 | $ | 28 | $ | 260 | $ | 18,345 | |||||||||||||||
Provision (credit) for loan losses | 58 | 28 | 308 | 342 | 36 | (240 | ) | 532 | |||||||||||||||||||||
Loans charged off | (145 | ) | — | (1 | ) | (65 | ) | (40 | ) | — | (251 | ) | |||||||||||||||||
Recoveries of loans previously charged off | 61 | — | — | 9 | 7 | — | 77 | ||||||||||||||||||||||
Balance, end of period | $ | 5,948 | $ | 8,303 | $ | 1,047 | $ | 3,354 | $ | 31 | $ | 20 | $ | 18,703 | |||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,818 | $ | 7,173 | $ | 1,088 | $ | 2,991 | $ | 44 | $ | 189 | $ | 17,303 | |||||||||||||||
Provision (credit) for loan losses | (146 | ) | 232 | 98 | 388 | (4 | ) | 225 | 793 | ||||||||||||||||||||
Loans charged off | (145 | ) | — | — | — | (9 | ) | — | (154 | ) | |||||||||||||||||||
Recoveries of loans previously charged off | 134 | — | — | — | 3 | — | 137 | ||||||||||||||||||||||
Balance, end of period | $ | 5,661 | $ | 7,405 | $ | 1,186 | $ | 3,379 | $ | 34 | $ | 414 | $ | 18,079 | |||||||||||||||
Nine Months Ended September 30,2013 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,194 | $ | 8,051 | $ | 807 | $ | 2,916 | $ | 29 | $ | 480 | $ | 18,477 | |||||||||||||||
Provision (credit) for loan losses | 285 | 397 | 490 | 571 | 43 | (460 | ) | 1,326 | |||||||||||||||||||||
Loans charged off | (613 | ) | (145 | ) | (250 | ) | (151 | ) | (63 | ) | — | (1,222 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 82 | — | — | 18 | 22 | — | 122 | ||||||||||||||||||||||
Balance, end of period | $ | 5,948 | $ | 8,303 | $ | 1,047 | $ | 3,354 | $ | 31 | $ | 20 | $ | 18,703 | |||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,071 | $ | 6,694 | $ | 1,286 | $ | 2,515 | $ | 49 | $ | 410 | $ | 16,025 | |||||||||||||||
Provision (credit) for loan losses | 1,138 | 819 | (100 | ) | 817 | — | 4 | 2,678 | |||||||||||||||||||||
Loans charged off | (692 | ) | (108 | ) | — | (2 | ) | (28 | ) | — | (830 | ) | |||||||||||||||||
Recoveries of loans previously charged off | 144 | — | — | 49 | 13 | — | 206 | ||||||||||||||||||||||
Balance, end of period | $ | 5,661 | $ | 7,405 | $ | 1,186 | $ | 3,379 | $ | 34 | $ | 414 | $ | 18,079 | |||||||||||||||
Summary of Allowance for Loan Losses and Impaired Loans | ' | ||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses and impaired loans at September 30, 2013 and December 31, 2012 follows: | |||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Commercial | Installment | Unallocated | Total | ||||||||||||||||||||||
Real Estate | Real Estate | Business | and | ||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Allowance related to loans deemed impaired | $ | 145 | $ | — | $ | — | $ | 13 | $ | — | $ | — | $ | 158 | |||||||||||||||
Allowance related to loans not deemed impaired | 5,803 | 8,303 | 1,047 | 3,341 | 31 | 20 | 18,545 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 5,948 | $ | 8,303 | $ | 1,047 | $ | 3,354 | $ | 31 | $ | 20 | $ | 18,703 | |||||||||||||||
Loans deemed impaired | $ | 9,455 | $ | 4,040 | $ | 2,572 | $ | 1,398 | $ | 31 | $ | — | $ | 17,496 | |||||||||||||||
Loans not deemed impaired | 603,491 | 749,549 | 59,544 | 221,386 | 2,246 | — | 1,636,216 | ||||||||||||||||||||||
Total loans | $ | 612,946 | $ | 753,589 | $ | 62,116 | $ | 222,784 | $ | 2,277 | $ | — | $ | 1,653,712 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Allowance related to loans deemed impaired | $ | 97 | $ | — | $ | 1 | $ | 220 | $ | — | $ | — | $ | 318 | |||||||||||||||
Allowance related to loans not deemed impaired | 6,097 | 8,051 | 806 | 2,696 | 29 | 480 | 18,159 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 6,194 | $ | 8,051 | $ | 807 | $ | 2,916 | $ | 29 | $ | 480 | $ | 18,477 | |||||||||||||||
Loans deemed impaired | $ | 9,867 | $ | 1,108 | $ | 3,034 | $ | 2,627 | $ | 45 | $ | — | $ | 16,681 | |||||||||||||||
Loans not deemed impaired | 673,328 | 696,025 | 46,946 | 169,005 | 2,706 | — | 1,588,010 | ||||||||||||||||||||||
Total loans | $ | 683,195 | $ | 697,133 | $ | 49,980 | $ | 171,632 | $ | 2,751 | $ | — | $ | 1,604,691 | |||||||||||||||
Summary of Past Due and Non-Accrual Loans | ' | ||||||||||||||||||||||||||||
The following is a summary of past due and non-accrual loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
(In thousands) | 30-59 Days | 60-89 Days | Past Due 90 | Total Past | Past Due | Loans on | |||||||||||||||||||||||
Past Due | Past Due | Days or | Due | 90 Days or | Non- | ||||||||||||||||||||||||
More | More and | accrual | |||||||||||||||||||||||||||
Still | |||||||||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 552 | $ | 1,298 | $ | 3,348 | $ | 5,198 | $ | — | $ | 9,040 | |||||||||||||||||
Commercial | — | 811 | 1,086 | 1,897 | — | 1,086 | |||||||||||||||||||||||
Construction | — | — | 1,221 | 1,221 | — | 1,442 | |||||||||||||||||||||||
Commercial business loans | — | 23 | 319 | 342 | — | 915 | |||||||||||||||||||||||
Installment and collateral | 1 | 4 | 3 | 8 | — | 31 | |||||||||||||||||||||||
Total | $ | 553 | $ | 2,136 | $ | 5,977 | $ | 8,666 | $ | — | $ | 12,514 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 5,818 | $ | 3,087 | $ | 4,794 | $ | 13,699 | $ | — | $ | 9,867 | |||||||||||||||||
Commercial | 8,235 | 466 | 1,230 | 9,931 | — | 1,108 | |||||||||||||||||||||||
Construction | 1,046 | 121 | 1,497 | 2,664 | — | 2,409 | |||||||||||||||||||||||
Commercial business loans | 301 | 3 | 62 | 366 | — | 2,626 | |||||||||||||||||||||||
Installment and collateral | 16 | 5 | 46 | 67 | — | 46 | |||||||||||||||||||||||
Total | $ | 15,416 | $ | 3,682 | $ | 7,629 | $ | 26,727 | $ | — | $ | 16,056 | |||||||||||||||||
Summary of Impaired Loans with and without Valuation Allowance | ' | ||||||||||||||||||||||||||||
The following is a summary of impaired loans with and without a valuation allowance as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||||||
(In thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,145 | $ | 7,145 | $ | 9,170 | $ | 9,170 | |||||||||||||||||||||
Commercial | 4,040 | 4,040 | 1,108 | 1,108 | |||||||||||||||||||||||||
Construction | 2,572 | 2,572 | 2,538 | 2,538 | |||||||||||||||||||||||||
Commercial business loans | 1,365 | 1,365 | 2,291 | 2,291 | |||||||||||||||||||||||||
Installment and collateral loans | 31 | 31 | 45 | 45 | |||||||||||||||||||||||||
Total | 15,153 | 15,153 | 15,152 | 15,152 | |||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | 2,310 | 2,310 | $ | 145 | 697 | 697 | $ | 97 | |||||||||||||||||||||
Construction | — | — | — | 496 | 496 | 1 | |||||||||||||||||||||||
Commercial business loans | 33 | 33 | 13 | 336 | 336 | 220 | |||||||||||||||||||||||
Total | 2,343 | 2,343 | 158 | 1,529 | 1,529 | 318 | |||||||||||||||||||||||
Total | $ | 17,496 | $ | 17,496 | $ | 158 | $ | 16,681 | $ | 16,681 | $ | 318 | |||||||||||||||||
Average Recorded Investment in Impaired Loans | ' | ||||||||||||||||||||||||||||
The following is a summary of average recorded investment in impaired loans with and without a valuation allowance and interest income recognized on those loans for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||
For the Three Months | For the Three Months | ||||||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2012 | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||
Average | Interest | Recognized | Average | Interest | Recognized | ||||||||||||||||||||||||
Recorded | Income | on a Cash | Recorded | Income | on a Cash | ||||||||||||||||||||||||
(In thousands) | Investment | Recognized | Basis | Investment | Recognized | Basis | |||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 7,938 | $ | 82 | $ | 82 | $ | 8,339 | $ | 87 | $ | 87 | |||||||||||||||||
Commercial | 4,270 | — | — | 1,991 | 11 | 11 | |||||||||||||||||||||||
Construction | 2,437 | 11 | 11 | 1,228 | 5 | 5 | |||||||||||||||||||||||
Commercial business loans | 1,213 | 6 | 6 | 1,050 | 10 | 10 | |||||||||||||||||||||||
Installment and collateral loans | 31 | — | — | 33 | — | — | |||||||||||||||||||||||
Total | 15,889 | 99 | 99 | 12,641 | 113 | 113 | |||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | 1,737 | 8 | 8 | 1,639 | 2 | 2 | |||||||||||||||||||||||
Commercial business loans | 17 | — | — | 357 | 5 | 5 | |||||||||||||||||||||||
Total | 1,754 | 8 | 8 | 1,996 | 7 | 7 | |||||||||||||||||||||||
$ | 17,643 | $ | 107 | $ | 107 | $ | 14,637 | $ | 120 | $ | 120 | ||||||||||||||||||
For the Nine Months | For the Nine Months | ||||||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2012 | ||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||
Average | Interest | Recognized | Average | Interest | Recognized | ||||||||||||||||||||||||
Recorded | Income | on a Cash | Recorded | Income | on a Cash | ||||||||||||||||||||||||
(In thousands) | Investment | Recognized | Basis | Investment | Recognized | Basis | |||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 8,342 | $ | 281 | $ | 281 | $ | 8,217 | $ | 277 | $ | 277 | |||||||||||||||||
Commercial | 2,917 | 45 | 45 | 1,588 | 57 | 57 | |||||||||||||||||||||||
Construction | 2,174 | 28 | 28 | 1,140 | 33 | 33 | |||||||||||||||||||||||
Commercial business loans | 1,474 | 37 | 37 | 1,372 | 51 | 51 | |||||||||||||||||||||||
Installment and collateral loans | 35 | 1 | 1 | 32 | 2 | 2 | |||||||||||||||||||||||
Total | 14,942 | 392 | 392 | 12,349 | 420 | 420 | |||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | 1,508 | 38 | 38 | 1,358 | 39 | 39 | |||||||||||||||||||||||
Construction | 321 | — | — | — | — | — | |||||||||||||||||||||||
Commercial business loans | 175 | 4 | 4 | 178 | 6 | 6 | |||||||||||||||||||||||
Installment and collateral loans | 3 | — | — | — | — | — | |||||||||||||||||||||||
Total | 2,007 | 42 | 42 | 1,536 | 45 | 45 | |||||||||||||||||||||||
$ | 16,949 | $ | 434 | $ | 434 | $ | 13,885 | $ | 465 | $ | 465 | ||||||||||||||||||
Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||
Troubled debt restructurings during the three and nine months ended September 30, 2013 and 2012 are set forth in the following table: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | ||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | |||||||||||||||||||||||
Residential real estate | 4 | $ | 508 | $ | 508 | 6 | $ | 1,001 | $ | 1,001 | |||||||||||||||||||
Commercial real estate | — | — | — | 2 | 3,159 | 3,159 | |||||||||||||||||||||||
Construction | 3 | 521 | 521 | 3 | 521 | 521 | |||||||||||||||||||||||
Commercial business | 1 | 50 | 50 | 1 | 50 | 50 | |||||||||||||||||||||||
Installment and collateral | — | — | — | 2 | 30 | 30 | |||||||||||||||||||||||
8 | $ | 1,079 | $ | 1,079 | 14 | $ | 4,761 | $ | 4,761 | ||||||||||||||||||||
Troubled debt restructurings that defaulted within twelve months of restructuring during the three and nine months ended September 30, 2013 follows: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||
Residential real estate | 2 | $ | 344 | 3 | $ | 408 | |||||||||||||||||||||||
2 | $ | 344 | 3 | $ | 408 | ||||||||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | ||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | ||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Investment | Contracts | Investment | Investment | |||||||||||||||||||||||
Residential real estate | — | $ | — | $ | — | 1 | $ | 27 | $ | — | |||||||||||||||||||
Construction | — | — | — | 5 | 1,546 | 1,552 | |||||||||||||||||||||||
Total troubled debt restructuring | — | $ | — | $ | — | 6 | $ | 1,573 | $ | 1,552 | |||||||||||||||||||
Troubled debt restructurings that defaulted within twelve months of restructuring during the three and nine months ended September 30, 2012 follows: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | ||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||
(Dollars in thousands) | Contracts | Investment | Contracts | Investment | |||||||||||||||||||||||||
Residential real estate | — | $ | — | 3 | $ | 490 | |||||||||||||||||||||||
Total troubled debt restructuring | — | $ | — | 3 | $ | 490 | |||||||||||||||||||||||
Summary of Mortgage Servicing Rights Capitalized and Amortized | ' | ||||||||||||||||||||||||||||
Mortgage servicing rights are included in other assets in the Consolidated Statements of Condition. The following table summarizes mortgage servicing rights activity for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Mortgage servicing rights: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,336 | $ | 836 | $ | 1,052 | $ | 944 | |||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | 502 | — | |||||||||||||||||||||||||
Change in fair value recognized in net income | (51 | ) | — | 1,246 | — | ||||||||||||||||||||||||
Issuances | 460 | 258 | 1,032 | 341 | |||||||||||||||||||||||||
Settlements | (36 | ) | — | (123 | ) | — | |||||||||||||||||||||||
Amortization | — | (100 | ) | — | (291 | ) | |||||||||||||||||||||||
Balance at end of period | 3,709 | 994 | 3,709 | 994 | |||||||||||||||||||||||||
Valuation allowances: | |||||||||||||||||||||||||||||
Balance at beginning of period | — | (85 | ) | — | (166 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | 108 | |||||||||||||||||||||||||
Provisions | — | (39 | ) | — | (66 | ) | |||||||||||||||||||||||
Balance at end of period | — | (124 | ) | — | (124 | ) | |||||||||||||||||||||||
Mortgage servicing rights, net | $ | 3,709 | $ | 870 | $ | 3,709 | $ | 870 | |||||||||||||||||||||
Fair value of mortgage servicing rights at end of period | $ | 3,709 | $ | 1,013 | $ | 3,709 | $ | 1,013 | |||||||||||||||||||||
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances and Stock and Other Borrowings (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Contractual Maturities and Weighted-Average Rates of Outstanding Advances | ' | ||||||||||||||||
The Bank is a member of the FHLBB. Contractual maturities and weighted-average rates of outstanding advances from the FHLBB as of September 30, 2013 and December 31, 2012 are summarized below: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
(Dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||
2013 | $ | 76,000 | 0.25 | % | $ | 61,000 | 0.33 | % | |||||||||
2014 | 23,112 | 1.45 | 8,112 | 3.7 | |||||||||||||
2015 | 35,000 | 2.28 | 35,000 | 2.28 | |||||||||||||
2016 | 3,000 | 2.7 | 3,000 | 2.7 | |||||||||||||
2017 | 33,000 | 2.56 | 33,000 | 2.56 | |||||||||||||
Thereafter | 2,942 | 2.54 | 2,994 | 2.54 | |||||||||||||
$ | 173,054 | 1.34 | % | $ | 143,106 | 1.61 | % | ||||||||||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Net Periodic Pension Cost | ' | ||||||||||||||||||||||||
The following table presents the amount of net periodic pension cost for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Supplemental | |||||||||||||||||||||||||
Executive | Other Post-Retirement | ||||||||||||||||||||||||
Qualified Pension | Retirement Plans | Benefits | |||||||||||||||||||||||
For the Quarter | For the Quarter | For the Quarter | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended September 30, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 13 | $ | 265 | $ | 8 | $ | 10 | $ | 9 | $ | 8 | |||||||||||||
Interest cost | 262 | 291 | 12 | 11 | 23 | 25 | |||||||||||||||||||
Expected return on plan assets | (434 | ) | (423 | ) | — | — | — | — | |||||||||||||||||
Amortization: | |||||||||||||||||||||||||
Loss | 196 | 309 | 1 | 1 | 16 | 19 | |||||||||||||||||||
Prior service (credit) cost | — | (12 | ) | 5 | 7 | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 37 | $ | 430 | $ | 26 | $ | 29 | $ | 48 | $ | 52 | |||||||||||||
Supplemental | |||||||||||||||||||||||||
Executive | Other Post-Retirement | ||||||||||||||||||||||||
Qualified Pension | Retirement Plans | Benefits | |||||||||||||||||||||||
For the Nine Months | For the Nine Months | For the Nine Months | |||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended September 30, | |||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 38 | $ | 794 | $ | 29 | $ | 29 | $ | 27 | $ | 23 | |||||||||||||
Interest cost | 786 | 873 | 35 | 33 | 68 | 76 | |||||||||||||||||||
Expected return on plan assets | (1,301 | ) | (1,268 | ) | — | — | — | — | |||||||||||||||||
Amortization: | |||||||||||||||||||||||||
Loss | 588 | 927 | 5 | 3 | 49 | 58 | |||||||||||||||||||
Prior service (credit) cost | — | (36 | ) | 18 | 21 | — | — | ||||||||||||||||||
Additional amount recognized due to settlement or curtailment | — | — | 199 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 111 | $ | 1,290 | $ | 286 | $ | 86 | $ | 144 | $ | 157 |
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Activity Related to Stock Options | ' | ||||||||||||||||
The following table presents the activity related to stock options under the Plans for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted-Average | Aggregate | ||||||||||||||||
Number of | Weighted- | Remaining | Intrinsic | ||||||||||||||
Stock | Average | Contractual Term | Value | ||||||||||||||
Options | Exercise Price | (in years) | (in thousands) | ||||||||||||||
Outstanding at December 31, 2012 | 1,996,843 | $ | 10.12 | ||||||||||||||
Granted | 437,236 | 13.2 | |||||||||||||||
Exercised | (82,171 | ) | 8.77 | ||||||||||||||
Forfeited or expired | (26,048 | ) | 10.76 | ||||||||||||||
Outstanding at September 30, 2013 | 2,325,860 | $ | 10.74 | 7.5 | $ | 5,358 | |||||||||||
Stock options vested and exercisable at September 30, 2013 | 1,318,420 | $ | 10.04 | 6.3 | $ | — | |||||||||||
Weighted-Average Estimated Fair Values of Stock Option Grants | ' | ||||||||||||||||
The weighted-average estimated fair values of stock option grants and the assumptions that were used in calculating such fair values were based on estimates at September 30, 2013 as follows: | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Weighted per share average fair value of options granted | $ | 1.8 | $ | 1.47 | |||||||||||||
Assumptions: | |||||||||||||||||
Risk-free interest rate | 1.61 | % | 0.91 | % | |||||||||||||
Expected volatility | 20.33 | % | 22.27 | % | |||||||||||||
Expected dividend yield | 3.03 | % | 3.28 | % | |||||||||||||
Expected life of options granted | 6.0 years | 6.0 years | |||||||||||||||
Activity for Restricted Stock | ' | ||||||||||||||||
The following table presents the activity for restricted stock for the nine months ended September 30, 2013: | |||||||||||||||||
Number | Weighted-Average | ||||||||||||||||
of Shares | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Unvested as of December 31, 2012 | 378,604 | $ | 10.89 | ||||||||||||||
Granted | 53,834 | 13.2 | |||||||||||||||
Vested | (178,725 | ) | 10.97 | ||||||||||||||
Forfeited | (6,141 | ) | 10.27 | ||||||||||||||
Unvested as of September 30, 2013 | 247,572 | $ | 11.35 | ||||||||||||||
ESOP Shares | ' | ||||||||||||||||
The ESOP shares as of September 30, 2013 were as follows: | |||||||||||||||||
Shares released for allocation | 991,262 | ||||||||||||||||
Unreleased shares | 754,306 | ||||||||||||||||
Total ESOP shares | 1,745,568 | ||||||||||||||||
Market value of unreleased shares at September 30, 2013 (in thousands) | $ | 9,806 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes | ' | ||||||||||||||||
Components of accumulated other comprehensive loss, net of taxes, consist of the following: | |||||||||||||||||
Accumulated | |||||||||||||||||
Net Unrealized | Net Unrealized Gain | Net Unrealized (Loss) | Other | ||||||||||||||
(Loss) Gain on | (Loss) on Available | Gain on Interest | Comprehensive | ||||||||||||||
(In thousands) | Benefit Plans | For Sale Securities | Rate Swaps | Loss | |||||||||||||
31-Dec-12 | $ | (7,006 | ) | $ | 3,055 | $ | (96 | ) | $ | (4,047 | ) | ||||||
Change | 498 | (9,432 | ) | 3,731 | (5,203 | ) | |||||||||||
30-Sep-13 | $ | (6,508 | ) | $ | (6,377 | ) | $ | 3,635 | $ | (9,250 | ) | ||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Capital Amounts and Ratios | ' | ||||||||||||||||||||||||
The following is a summary of the Company’s and the Bank’s regulatory capital amounts and ratios as of September 30, 2013 and December 31, 2012 compared to the Federal Deposit Insurance Corporation’s requirements for classification as a well-capitalized institution and for minimum capital adequacy: | |||||||||||||||||||||||||
Minimum To Be | |||||||||||||||||||||||||
Minimum For | Well-Capitalized | ||||||||||||||||||||||||
Capital | Under | ||||||||||||||||||||||||
Adequacy | Prompt Corrective | ||||||||||||||||||||||||
Actual | Purposes | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Rockville Bank: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 286,696 | 16.4 | % | $ | 139,937 | 8.0 | % | $ | 174,921 | 10.0 | % | |||||||||||||
Tier 1 capital to risk weighted assets | 267,249 | 15.3 | 70,006 | 4 | 105,009 | 6 | |||||||||||||||||||
Tier 1 capital to total average assets | 267,249 | 12.3 | 86,910 | 4 | 108,638 | 5 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 272,111 | 17.4 | % | $ | 124,893 | 8.0 | % | $ | 156,116 | 10.0 | % | |||||||||||||
Tier 1 capital to risk weighted assets | 253,089 | 16.2 | 62,453 | 4 | 93,679 | 6 | |||||||||||||||||||
Tier 1 capital to total average assets | 253,089 | 12.9 | 78,721 | 4 | 98,402 | 5 | |||||||||||||||||||
Rockville Financial, Inc.: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 322,429 | 18.4 | % | $ | 140,569 | 8.0 | % | N/A | N/A | |||||||||||||||
Tier 1 capital to risk weighted assets | 302,982 | 17.3 | 70,257 | 4 | N/A | N/A | |||||||||||||||||||
Tier 1 capital to total average assets | 302,982 | 13.9 | 87,064 | 4 | N/A | N/A | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 342,505 | 21.9 | % | $ | 125,345 | 8.0 | % | N/A | N/A | |||||||||||||||
Tier 1 capital to risk weighted assets | 323,483 | 20.6 | 62,691 | 4 | N/A | N/A | |||||||||||||||||||
Tier 1 capital to total average assets | 323,483 | 16.5 | 78,373 | 4 | N/A | N/A |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Basic and Diluted Net Income Per Share | ' | ||||||||||||||||
The following table sets forth the calculation of basic and diluted net income per share for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
(In thousands, except share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income available to common stockholders | $ | 4,620 | $ | 4,668 | $ | 12,470 | $ | 11,472 | |||||||||
Adjusted weighted-average common shares outstanding | 29,459,424 | 29,464,831 | 29,476,348 | 29,479,091 | |||||||||||||
Less: average number of treasury shares | (3,192,225 | ) | (900,344 | ) | (2,328,930 | ) | (649,679 | ) | |||||||||
Less: average number of unvested ESOP award shares | (775,561 | ) | (904,491 | ) | (807,476 | ) | (936,526 | ) | |||||||||
Weighted-average basic shares outstanding | 25,491,638 | 27,659,996 | 26,339,942 | 27,892,886 | |||||||||||||
Dilutive effect of stock options | 340,985 | 187,025 | 340,820 | 174,243 | |||||||||||||
Weighted-average diluted shares | 25,832,623 | 27,847,021 | 26,680,762 | 28,067,129 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.18 | $ | 0.17 | $ | 0.47 | $ | 0.41 | |||||||||
Diluted | $ | 0.18 | $ | 0.17 | $ | 0.47 | $ | 0.41 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Financial Instruments Contract Amounts Represent Credit Risk | ' | ||||||||
The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Off-balance sheet financial instruments whose contract amounts represent credit risk are as follows at September 30, 2013 and December 31, 2012: | |||||||||
September 30, | December 31, | ||||||||
(In thousands) | 2013 | 2012 | |||||||
Commitments to extend credit: | |||||||||
Commitment to grant loans | $ | 76,925 | $ | 63,086 | |||||
Undisbursed construction loans | 101,026 | 71,459 | |||||||
Undisbursed home equity lines of credit | 140,700 | 139,238 | |||||||
Undisbursed commercial lines of credit | 26,989 | 76,673 | |||||||
Standby letters of credit | 8,608 | 8,691 | |||||||
Unused checking overdraft lines of credit | 39 | 51 | |||||||
$ | 354,287 | $ | 359,198 | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Office | |
ATM | |
Accounting Policies [Abstract] | ' |
Number of banking offices | 22 |
Loan production offices | 2 |
Number of ATMs | 38 |
Mutual_Holding_Company_Reorgan1
Mutual Holding Company Reorganization and Minority Stock Issuance - Additional Information (Detail) (USD $) | 1 Months Ended | |
Mar. 31, 2011 | Mar. 03, 2011 | |
Mutual Holding Company Reorganization And Minority Stock Issuance [Abstract] | ' | ' |
Common stock shares sold in subscription offering | 17,109,886 | ' |
Subscription under ESOP | ' | $10 |
Aggregate cost under ESOP | $171,099,000 | ' |
Net of offering cost | 3,055,000 | ' |
Exchange ratio of common shares | 1.5167 | ' |
Contribution of company to the Rockville Bank Foundation | $5,000,000 | ' |
Percentage of net proceeds of stock conversion offering | 3.00% | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' |
Transfers in and out of Level 1, Level 2 and Level 3 measurements | $0 | $0 | $0 | $0 | ' |
Fixed rate mortgage loans term | ' | ' | '30 years | ' | ' |
Maturity period, Term 1 | ' | ' | '10 years | ' | ' |
Maturity period, Term 2 | ' | ' | '15 years | ' | ' |
Maturity period, Term 3 | ' | ' | '20 years | ' | ' |
Estimate fallout rate based upon historical average | ' | ' | 14.00% | ' | ' |
Liabilities measured at fair value on a non-recurring basis | $0 | ' | $0 | ' | $0 |
Short-term investments, maturity period | ' | ' | '90 days or less | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets Recorded at Fair Value on a Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | $370,127 | $241,389 | ' |
Mortgage servicing rights | 3,709 | ' | 1,013 |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 370,127 | 241,389 | ' |
Mortgage servicing rights | 3,709 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Mortgage loan derivative assets & liabilities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mortgage loan derivative assets | 207 | 464 | ' |
Mortgage loan derivative liabilities | 112 | 101 | ' |
Fair Value, Measurements, Recurring [Member] | Government-sponsored residential collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 55,647 | 20,947 | ' |
Fair Value, Measurements, Recurring [Member] | Government-sponsored commercial collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 4,743 | 5,135 | ' |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 91,246 | 11,200 | ' |
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 39,622 | 18,818 | ' |
Fair Value, Measurements, Recurring [Member] | Obligations of states and political subdivisions [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 62,902 | 68,804 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. Government and government-sponsored enterprise obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 6,142 | 12,717 | ' |
Fair Value, Measurements, Recurring [Member] | Government-sponsored residential mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 90,475 | 91,144 | ' |
Fair Value, Measurements, Recurring [Member] | Government-sponsored commercial mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 13,043 | 9,302 | ' |
Fair Value, Measurements, Recurring [Member] | Marketable equity securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 6,307 | 3,322 | ' |
Fair Value, Measurements, Recurring [Member] | Interest rate swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Interest rate swap assets | 6,381 | ' | ' |
Interest rate swap liabilities | 854 | 148 | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 3,258 | 3,244 | ' |
Mortgage servicing rights | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage loan derivative assets & liabilities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mortgage loan derivative assets | ' | ' | ' |
Mortgage loan derivative liabilities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government-sponsored residential collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government-sponsored commercial collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate debt securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Obligations of states and political subdivisions [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government and government-sponsored enterprise obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government-sponsored residential mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government-sponsored commercial mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable equity securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 3,258 | 3,244 | ' |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest rate swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Interest rate swap assets | ' | ' | ' |
Interest rate swap liabilities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 309,546 | 229,833 | ' |
Mortgage servicing rights | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Mortgage loan derivative assets & liabilities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mortgage loan derivative assets | 207 | 464 | ' |
Mortgage loan derivative liabilities | 112 | 101 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Government-sponsored residential collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 55,647 | 20,947 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Government-sponsored commercial collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 4,743 | 5,135 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Asset-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 35,317 | 4,174 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Corporate debt securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 38,280 | 17,610 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Obligations of states and political subdivisions [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 62,902 | 68,804 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | U.S. Government and government-sponsored enterprise obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 6,142 | 12,717 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Government-sponsored residential mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 90,475 | 91,144 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Government-sponsored commercial mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 13,043 | 9,302 | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Marketable equity securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 2,997 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Other Observable Inputs (Level 2) [Member] | Interest rate swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Interest rate swap assets | 6,381 | ' | ' |
Interest rate swap liabilities | 854 | 148 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 57,323 | 8,312 | ' |
Mortgage servicing rights | 3,709 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage loan derivative assets & liabilities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mortgage loan derivative assets | ' | ' | ' |
Mortgage loan derivative liabilities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government-sponsored residential collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government-sponsored commercial collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Asset-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 55,929 | 7,026 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate debt securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 1,342 | 1,208 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Obligations of states and political subdivisions [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. Government and government-sponsored enterprise obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government-sponsored residential mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Government-sponsored commercial mortgage-backed securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Marketable equity securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total available for sale securities | 52 | 78 | ' |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest rate swap [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Interest rate swap assets | ' | ' | ' |
Interest rate swap liabilities | ' | ' | ' |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Available for Sale Securities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $54,819 | $1,600 | $8,312 | $1,290 |
Purchases | 2,785 | 8,000 | 49,729 | 8,000 |
Principal payments | -550 | ' | -550 | ' |
Total unrealized gains (losses) included in other comprehensive loss | 269 | 247 | -168 | 557 |
Balance at end of period | 57,323 | 9,847 | 57,323 | 9,847 |
Mortgage Servicing Rights [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 3,336 | ' | ' | ' |
Transfers to Level 3 | ' | ' | 1,554 | ' |
Issuances | 460 | ' | 1,032 | ' |
Amortization | ' | ' | ' | ' |
Settlements | -36 | ' | -123 | ' |
Change in fair value recognized in net income | -51 | ' | 1,246 | ' |
Balance at end of period | $3,709 | ' | $3,709 | ' |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Assets Recorded at Fair Value on a Non-Recurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $2,186 | $1,211 |
Other real estate owned | 2,129 | 2,846 |
Total | 4,315 | 4,057 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Total | ' | ' |
Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Total | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 2,186 | 1,211 |
Other real estate owned | 2,129 | 2,846 |
Total | $4,315 | $4,057 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Losses on Assets Recorded at Fair Value on a Non-Recurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Impaired loans | ($209) | ($127) | ($821) | ($337) |
Other real estate owned | -12 | ' | -81 | -183 |
Total | ($221) | ($127) | ($902) | ($520) |
Fair_Value_Measurements_Summar2
Fair Value Measurements - Summary of Carrying Value and Estimated Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Available for sale securities | $370,127 | $241,389 |
Held to maturity securities | 14,564 | ' |
Carrying Value [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 54,471 | 35,315 |
Available for sale securities | 370,127 | 241,389 |
Held to maturity securities | 14,141 | 6,084 |
Loans held for sale | 2,904 | 5,292 |
Loans receivable-net | 1,637,325 | 1,586,985 |
FHLBB stock | 15,053 | 15,867 |
Accrued interest receivable | 5,879 | 4,862 |
Mortgage loan derivative assets | 207 | 464 |
Mortgage servicing rights | 3,709 | ' |
Interest rate swaps | 6,381 | ' |
Financial liabilities: | ' | ' |
Deposits | 1,692,072 | 1,504,680 |
Mortgagors' and investors' escrow accounts | 3,635 | 6,776 |
FHLBB advances and other borrowings | 196,246 | 143,106 |
Mortgage loan derivative liabilities | 112 | 101 |
Interest rate swaps | 854 | 148 |
Fair Value [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 54,471 | 35,315 |
Available for sale securities | 370,127 | 241,389 |
Held to maturity securities | 14,564 | 6,681 |
Loans held for sale | 2,904 | 5,292 |
Loans receivable-net | 1,639,076 | 1,624,001 |
FHLBB stock | 15,053 | 15,867 |
Accrued interest receivable | 5,879 | 4,862 |
Mortgage loan derivative assets | 207 | 464 |
Mortgage servicing rights | 3,709 | ' |
Interest rate swaps | 6,381 | ' |
Financial liabilities: | ' | ' |
Deposits | 1,599,792 | 1,513,188 |
Mortgagors' and investors' escrow accounts | 3,635 | 6,776 |
FHLBB advances and other borrowings | 198,825 | 148,201 |
Mortgage loan derivative liabilities | 112 | 101 |
Interest rate swaps | 854 | 148 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 54,471 | 35,315 |
Available for sale securities | 3,258 | 3,244 |
Held to maturity securities | ' | ' |
Loans held for sale | ' | ' |
Loans receivable-net | ' | ' |
FHLBB stock | ' | ' |
Accrued interest receivable | ' | ' |
Mortgage loan derivative assets | ' | ' |
Mortgage servicing rights | ' | ' |
Interest rate swaps | ' | ' |
Financial liabilities: | ' | ' |
Deposits | ' | ' |
Mortgagors' and investors' escrow accounts | ' | ' |
FHLBB advances and other borrowings | ' | ' |
Mortgage loan derivative liabilities | ' | ' |
Interest rate swaps | ' | ' |
Fair Value [Member] | Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Available for sale securities | 309,546 | 229,833 |
Held to maturity securities | 14,564 | 6,681 |
Loans held for sale | 2,904 | 5,292 |
Loans receivable-net | ' | ' |
FHLBB stock | ' | ' |
Accrued interest receivable | ' | ' |
Mortgage loan derivative assets | 207 | 464 |
Mortgage servicing rights | ' | ' |
Interest rate swaps | 6,381 | ' |
Financial liabilities: | ' | ' |
Deposits | ' | ' |
Mortgagors' and investors' escrow accounts | ' | ' |
FHLBB advances and other borrowings | ' | ' |
Mortgage loan derivative liabilities | 112 | 101 |
Interest rate swaps | 854 | 148 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Available for sale securities | 57,323 | 8,312 |
Held to maturity securities | ' | ' |
Loans held for sale | ' | ' |
Loans receivable-net | 1,639,076 | 1,624,001 |
FHLBB stock | 15,053 | 15,867 |
Accrued interest receivable | 5,879 | 4,862 |
Mortgage loan derivative assets | ' | ' |
Mortgage servicing rights | 3,709 | ' |
Interest rate swaps | ' | ' |
Financial liabilities: | ' | ' |
Deposits | 1,599,792 | 1,513,188 |
Mortgagors' and investors' escrow accounts | 3,635 | 6,776 |
FHLBB advances and other borrowings | 198,825 | 148,201 |
Mortgage loan derivative liabilities | ' | ' |
Interest rate swaps | ' | ' |
Securities_Available_for_Sale_
Securities - Available for Sale and Held to Maturity Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | $373,842 | ' |
Total available for sale securities, Amortized Cost | 379,933 | 236,686 |
Available for sale securities, Gross Unrealized Gains | 2,846 | 6,557 |
Available for sale securities, Gross Unrealized Losses | 12,868 | 1,854 |
Available for Sale securities, Fair Value | 363,820 | ' |
Total available for sale securities, Fair Value | 370,127 | 241,389 |
Held to maturity securities, Amortized Cost | 14,141 | ' |
Held to maturity securities, Unrecognized Holding Gain | 517 | ' |
Held to maturity securities, Unrecognized Holding Loss | 94 | ' |
Held-to-maturity Securities, Fair Value | 14,564 | ' |
U.S. Government and government-sponsored enterprise obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 6,804 | ' |
Available for sale securities, Gross Unrealized Gains | 45 | ' |
Available for sale securities, Gross Unrealized Losses | 707 | ' |
Available for Sale securities, Fair Value | 6,142 | ' |
Government-sponsored residential mortgage-backed securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 90,469 | ' |
Available for sale securities, Gross Unrealized Gains | 1,803 | ' |
Available for sale securities, Gross Unrealized Losses | 1,797 | ' |
Available for Sale securities, Fair Value | 90,475 | ' |
Held to maturity securities, Amortized Cost | 4,049 | 6,084 |
Held to maturity securities, Unrecognized Holding Gain | 388 | 597 |
Held to maturity securities, Unrecognized Holding Loss | ' | ' |
Held-to-maturity Securities, Fair Value | 4,437 | 6,681 |
Government-sponsored residential collateralized debt obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 56,559 | ' |
Available for sale securities, Gross Unrealized Gains | 193 | ' |
Available for sale securities, Gross Unrealized Losses | 1,105 | ' |
Available for Sale securities, Fair Value | 55,647 | ' |
Government-sponsored commercial mortgage-backed securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 13,908 | ' |
Available for sale securities, Gross Unrealized Gains | ' | ' |
Available for sale securities, Gross Unrealized Losses | 865 | ' |
Available for Sale securities, Fair Value | 13,043 | ' |
Government-sponsored commercial collateralized debt obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 5,045 | ' |
Available for sale securities, Gross Unrealized Gains | ' | ' |
Available for sale securities, Gross Unrealized Losses | 302 | ' |
Available for Sale securities, Fair Value | 4,743 | ' |
Asset-backed securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 92,967 | ' |
Available for sale securities, Gross Unrealized Gains | 15 | ' |
Available for sale securities, Gross Unrealized Losses | 1,736 | ' |
Available for Sale securities, Fair Value | 91,246 | ' |
Corporate debt securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 40,868 | ' |
Available for sale securities, Gross Unrealized Gains | 790 | ' |
Available for sale securities, Gross Unrealized Losses | 2,036 | ' |
Available for Sale securities, Fair Value | 39,622 | ' |
Obligations of states and political subdivisions [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | 67,222 | ' |
Available for sale securities, Gross Unrealized Gains | ' | ' |
Available for sale securities, Gross Unrealized Losses | 4,320 | ' |
Available for Sale securities, Fair Value | 62,902 | ' |
Held to maturity securities, Amortized Cost | 10,092 | ' |
Held to maturity securities, Unrecognized Holding Gain | 129 | ' |
Held to maturity securities, Unrecognized Holding Loss | 94 | ' |
Held-to-maturity Securities, Fair Value | 10,127 | ' |
Marketable equity securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Total marketable equity securities, Amortized Cost | 6,091 | 3,068 |
Available for sale securities, Gross Unrealized Gains | 240 | 254 |
Available for sale securities, Gross Unrealized Losses | 24 | ' |
Total marketable equity securities, Fair Value | 6,307 | 3,322 |
Banks [Member] | Marketable equity securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Total marketable equity securities, Amortized Cost | 3,068 | 68 |
Available for sale securities, Gross Unrealized Gains | ' | 10 |
Available for sale securities, Gross Unrealized Losses | 19 | ' |
Total marketable equity securities, Fair Value | 3,049 | 78 |
Industrial [Member] | Marketable equity securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Total marketable equity securities, Amortized Cost | 109 | 109 |
Available for sale securities, Gross Unrealized Gains | 85 | 50 |
Available for sale securities, Gross Unrealized Losses | ' | ' |
Total marketable equity securities, Fair Value | 194 | 159 |
Mutual Funds [Member] | Marketable equity securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Total marketable equity securities, Amortized Cost | 2,783 | 2,756 |
Available for sale securities, Gross Unrealized Gains | 79 | 131 |
Available for sale securities, Gross Unrealized Losses | 5 | ' |
Total marketable equity securities, Fair Value | 2,857 | 2,887 |
Oil and gas [Member] | Marketable equity securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Total marketable equity securities, Amortized Cost | 131 | 135 |
Available for sale securities, Gross Unrealized Gains | 76 | 63 |
Available for sale securities, Gross Unrealized Losses | ' | ' |
Total marketable equity securities, Fair Value | 207 | 198 |
Debt Securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 233,618 |
Available for sale securities, Gross Unrealized Gains | ' | 6,303 |
Available for sale securities, Gross Unrealized Losses | ' | 1,854 |
Available for Sale securities, Fair Value | ' | 238,067 |
Debt Securities [Member] | U.S. Government and government-sponsored enterprise obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 12,413 |
Available for sale securities, Gross Unrealized Gains | ' | 304 |
Available for sale securities, Gross Unrealized Losses | ' | ' |
Available for Sale securities, Fair Value | ' | 12,717 |
Debt Securities [Member] | Government-sponsored residential mortgage-backed securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 87,769 |
Available for sale securities, Gross Unrealized Gains | ' | 3,445 |
Available for sale securities, Gross Unrealized Losses | ' | 70 |
Available for Sale securities, Fair Value | ' | 91,144 |
Debt Securities [Member] | Government-sponsored residential collateralized debt obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 20,798 |
Available for sale securities, Gross Unrealized Gains | ' | 150 |
Available for sale securities, Gross Unrealized Losses | ' | 1 |
Available for Sale securities, Fair Value | ' | 20,947 |
Debt Securities [Member] | Government-sponsored commercial mortgage-backed securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 9,179 |
Available for sale securities, Gross Unrealized Gains | ' | 123 |
Available for sale securities, Gross Unrealized Losses | ' | ' |
Available for Sale securities, Fair Value | ' | 9,302 |
Debt Securities [Member] | Government-sponsored commercial collateralized debt obligations [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 5,048 |
Available for sale securities, Gross Unrealized Gains | ' | 87 |
Available for sale securities, Gross Unrealized Losses | ' | ' |
Available for Sale securities, Fair Value | ' | 5,135 |
Debt Securities [Member] | Asset-backed securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 11,193 |
Available for sale securities, Gross Unrealized Gains | ' | 26 |
Available for sale securities, Gross Unrealized Losses | ' | 19 |
Available for Sale securities, Fair Value | ' | 11,200 |
Debt Securities [Member] | Corporate debt securities [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 19,760 |
Available for sale securities, Gross Unrealized Gains | ' | 695 |
Available for sale securities, Gross Unrealized Losses | ' | 1,637 |
Available for Sale securities, Fair Value | ' | 18,818 |
Debt Securities [Member] | Obligations of states and political subdivisions [Member] | ' | ' |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ' | ' |
Available for sale securities, Amortized Cost | ' | 67,458 |
Available for sale securities, Gross Unrealized Gains | ' | 1,473 |
Available for sale securities, Gross Unrealized Losses | ' | 127 |
Available for Sale securities, Fair Value | ' | $68,804 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Issues | Issues | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Net unrealized loss on securities available for sale | ' | ' | $9,800,000 | ' | ' |
Net unrealized loss on securities available for sale, income taxes | ' | ' | 3,400,000 | ' | ' |
Accumulated other comprehensive loss | ' | ' | 6,400,000 | ' | ' |
Encumbered securities | 9 | ' | 9 | ' | ' |
Fair value pledged for collateral | 25,900,000 | ' | 25,900,000 | ' | ' |
Gross gains realized on the sales of available for sale securities | 184,000 | 214,000 | 805,000 | 363,000 | ' |
Gross losses realized on the sale of available for sale securities | 155,000 | 0 | 220,000 | 28,000 | ' |
Aggregate book value of company's stockholders' equity | 10.00% | ' | 10.00% | ' | ' |
Estimated fair value of obligations of states and political subdivisions | 73,000,000 | ' | 73,000,000 | ' | ' |
General obligation bonds | 25,200,000 | ' | 25,200,000 | ' | ' |
Obligations of political subdivisions | 17,400,000 | ' | 17,400,000 | ' | ' |
Estimated fair value of security | 1,000,000 | ' | 1,000,000 | ' | ' |
Number of issues had unrealized losses for less than twelve months | ' | ' | 166 | ' | 19 |
Number of issues had unrealized losses for twelve months or more | ' | ' | 1 | ' | 1 |
Unrealized losses of amortized cost basis | 52.90% | ' | 52.90% | ' | ' |
Unrealized losses equaling cost basis for less than twelve months | 4.00% | 2.20% | 4.00% | 2.20% | 0.85% |
Unrealized losses equaling cost basis for twelve months or more | ' | ' | ' | ' | 57.54% |
Individual unrealized loss | ' | ' | $0 | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | 'Three month LIBOR | ' | ' |
Yield on security | 0.00% | ' | 0.00% | ' | ' |
Obligations of states and political subdivisions [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
The unrealized loss on obligations of states and political securities | 20 | ' | 20 | ' | ' |
Securities_Amortized_Cost_and_
Securities - Amortized Cost and Fair Value of Debt Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturity: | ' | ' |
Available for Sale, Amortized Cost, Within 1 year | $604 | ' |
Available for Sale, Amortized Cost, After 1 year through 5 years | 21,469 | ' |
Available for Sale, Amortized Cost, After 5 years through 10 years | 22,712 | ' |
Available for Sale, Amortized Cost, After 10 years | 70,109 | ' |
Available for Sale, Debt Maturities, Amortized Cost Basis | 114,894 | ' |
Available for Sale, Amortized Cost, Mortgage-backed securities | 90,469 | ' |
Available for sale securities, Amortized Cost | 373,842 | ' |
Available for Sale, Fair Value, Within 1 year | 608 | ' |
Available for Sale, Fair Value, After 1 year through 5 years | 21,972 | ' |
Available for Sale, Fair Value, After 5 years through 10 years | 22,028 | ' |
Available for Sale, Fair Value, After 10 years | 64,058 | ' |
Available for Sale Debt Maturities, Fair Value | 108,666 | ' |
Available for Sale, Fair Value, Mortgage-backed securities | 90,475 | ' |
Available for Sale securities, Fair Value | 363,820 | ' |
Held to Maturity, Amortized Cost, Within 1 year | ' | ' |
Held to Maturity, Amortized Cost, After 1 year through 5 years | ' | ' |
Held to Maturity, Amortized Cost, After 5 years through 10 years | ' | ' |
Held to Maturity, Amortized Cost, After 10 years | 10,092 | ' |
Held to Maturity Securities, Debt Maturities, Amortized Cost | 10,092 | ' |
Held to Maturity, Amortized Cost, Mortgage-backed securities | 4,049 | ' |
Held to Maturity Securities, Amortized Cost | 14,141 | 6,084 |
Held to Maturity, Fair Value, Within 1 year | ' | ' |
Held to Maturity, Fair Value, After 1 year through 5 years | ' | ' |
Held to Maturity, Fair Value, After 5 years through 10 years | ' | ' |
Held to Maturity, Fair Value, After 10 years | 10,127 | ' |
Held to Maturity Securities, Debt Maturities, Fair Value | 14,564 | ' |
Held to Maturity, Fair Value, Mortgage-backed securities | 4,437 | ' |
Held to Maturity Securities, Fair Value | 14,564 | ' |
Government-sponsored residential collateralized debt obligations [Member] | ' | ' |
Maturity: | ' | ' |
Available for sale securities, Amortized Cost | 56,559 | ' |
Available for Sale securities, Fair Value | 55,647 | ' |
Held to Maturity Securities, Amortized Cost | ' | ' |
Held to Maturity Securities, Fair Value | ' | ' |
Government-sponsored commercial mortgage-backed securities [Member] | ' | ' |
Maturity: | ' | ' |
Available for sale securities, Amortized Cost | 13,908 | ' |
Available for Sale securities, Fair Value | 13,043 | ' |
Held to Maturity Securities, Amortized Cost | ' | ' |
Held to Maturity Securities, Fair Value | ' | ' |
Government-sponsored commercial collateralized debt obligations [Member] | ' | ' |
Maturity: | ' | ' |
Available for sale securities, Amortized Cost | 5,045 | ' |
Available for Sale securities, Fair Value | 4,743 | ' |
Held to Maturity Securities, Amortized Cost | ' | ' |
Held to Maturity Securities, Fair Value | ' | ' |
Asset-backed securities [Member] | ' | ' |
Maturity: | ' | ' |
Available for sale securities, Amortized Cost | 92,967 | ' |
Available for Sale securities, Fair Value | 91,246 | ' |
Held to Maturity Securities, Amortized Cost | ' | ' |
Held to Maturity Securities, Fair Value | ' | ' |
Securities_Summary_of_Gross_Un
Securities - Summary of Gross Unrealized Losses and Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | $273,818 | ' |
Available for sale securities, Unrealized Loss Less than 12 Months | 11,387 | ' |
Available for sale securities, Fair value more than 12 months | 1,342 | ' |
Available for sale securities, Unrealized Loss More than 12 Months | 1,505 | ' |
Available for sale securities, Fair Value | 275,160 | ' |
Available for sale securities, Unrealized Losses | 12,892 | ' |
Debt Securities [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 270,571 | 25,316 |
Available for sale securities, Unrealized Loss Less than 12 Months | 11,363 | 217 |
Available for sale securities, Fair value more than 12 months | 1,342 | 1,208 |
Available for sale securities, Unrealized Loss More than 12 Months | 1,505 | 1,637 |
Available for sale securities, Fair Value | 271,913 | 26,524 |
Available for sale securities, Unrealized Losses | 12,868 | 1,854 |
Government-sponsored residential mortgage-backed securities [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 45,924 | 10,360 |
Available for sale securities, Unrealized Loss Less than 12 Months | 1,797 | 70 |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 45,924 | 10,360 |
Available for sale securities, Unrealized Losses | 1,797 | 70 |
Government-sponsored residential collateralized debt obligations [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 36,376 | 4,151 |
Available for sale securities, Unrealized Loss Less than 12 Months | 1,105 | 1 |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 36,376 | 4,151 |
Available for sale securities, Unrealized Losses | 1,105 | 1 |
Asset-backed securities [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 87,197 | 4,173 |
Available for sale securities, Unrealized Loss Less than 12 Months | 1,736 | 19 |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 87,197 | 4,173 |
Available for sale securities, Unrealized Losses | 1,736 | 19 |
Corporate debt securities [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 16,100 | ' |
Available for sale securities, Unrealized Loss Less than 12 Months | 531 | ' |
Available for sale securities, Fair value more than 12 months | 1,342 | 1,208 |
Available for sale securities, Unrealized Loss More than 12 Months | 1,505 | 1,637 |
Available for sale securities, Fair Value | 17,442 | 1,208 |
Available for sale securities, Unrealized Losses | 2,036 | 1,637 |
Obligations of states and political subdivisions [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 62,902 | 6,632 |
Available for sale securities, Unrealized Loss Less than 12 Months | 4,320 | 127 |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 62,902 | 6,632 |
Available for sale securities, Unrealized Losses | 4,320 | 127 |
U.S. Government and government-sponsored enterprise obligations [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 4,286 | ' |
Available for sale securities, Unrealized Loss Less than 12 Months | 707 | ' |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 4,286 | ' |
Available for sale securities, Unrealized Losses | 707 | ' |
Government-sponsored commercial mortgage-backed securities [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 13,043 | ' |
Available for sale securities, Unrealized Loss Less than 12 Months | 865 | ' |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 13,043 | ' |
Available for sale securities, Unrealized Losses | 865 | ' |
Government-sponsored commercial collateralized debt obligations [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 4,743 | ' |
Available for sale securities, Unrealized Loss Less than 12 Months | 302 | ' |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 4,743 | ' |
Available for sale securities, Unrealized Losses | 302 | ' |
Marketable equity securities [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Available for sale securities, Fair value less than 12 months | 3,247 | ' |
Available for sale securities, Unrealized Loss Less than 12 Months | 24 | ' |
Available for sale securities, Fair value more than 12 months | ' | ' |
Available for sale securities, Unrealized Loss More than 12 Months | ' | ' |
Available for sale securities, Fair Value | 3,247 | ' |
Available for sale securities, Unrealized Losses | $24 | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' |
Notional Amount | $191,354 | ' |
Estimated Fair Value Asset (Liability) | 5,622 | ' |
Cash Flow Hedges [Member] | Interest rate swap [Member] | Future borrowings [Member] | ' | ' |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' |
Notional Amount | 100,000 | 75,000 |
Weighted-Average Maturity | '7 years | '7 years |
Weighted-Average Interest Rate Swaps, Received | ' | ' |
Weighted-Average Interest Rate Swaps, Paid | 2.40% | 2.30% |
Estimated Fair Value Asset (Liability) | 5,592 | -148 |
Fair value hedge [Member] | Interest rate swap [Member] | ' | ' |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' |
Notional Amount | 20,000 | ' |
Weighted-Average Maturity | '4 years 3 months 7 days | ' |
Weighted-Average Interest Rate Swaps, Received | 1.10% | ' |
Weighted-Average Interest Rate Swaps, Paid | 0.23% | ' |
Estimated Fair Value Asset (Liability) | -104 | ' |
Non Hedging Derivatives [Member] | Forward loan sale commitment [Member] | ' | ' |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' |
Notional Amount | 11,365 | ' |
Estimated Fair Value Asset (Liability) | -112 | ' |
Non Hedging Derivatives [Member] | Derivative loan commitments [Member] | ' | ' |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' |
Notional Amount | 9,309 | ' |
Estimated Fair Value Asset (Liability) | 207 | ' |
Non Hedging Derivatives [Member] | Loan level swaps dealer [Member] | ' | ' |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' |
Notional Amount | 25,340 | ' |
Weighted-Average Maturity | '8 years 9 months 7 days | ' |
Weighted-Average Interest Rate Swaps, Received | 2.06% | ' |
Weighted-Average Interest Rate Swaps, Paid | 4.56% | ' |
Estimated Fair Value Asset (Liability) | -746 | ' |
Non Hedging Derivatives [Member] | Loan level swaps-borrowers [Member] | ' | ' |
Schedule Of Loans And Allowance For Loan By Class Individually And Collectively Evaluated For Impairment [Line Items] | ' | ' |
Notional Amount | 25,340 | ' |
Weighted-Average Maturity | '8 years 9 months 7 days | ' |
Weighted-Average Interest Rate Swaps, Received | 4.56% | ' |
Weighted-Average Interest Rate Swaps, Paid | 2.06% | ' |
Estimated Fair Value Asset (Liability) | $785 | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Interest rate swap description | 'One month LIBOR plus a fixed spread |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Hedge ineffectiveness in earnings | $0 | ' | $0 | ' |
Estimated reduction/increase to interest expense | 2,627,000 | 2,707,000 | 7,688,000 | 8,315,000 |
Forecasted transactions period | ' | ' | '36 months | ' |
Derivative Notional Amount | 191,354,000 | ' | 191,354,000 | ' |
Amount of collateral | 585,000 | ' | 585,000 | ' |
Fair value of net derivative | 865,000 | ' | 865,000 | ' |
Minimum [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Amount of collateral | 585,000 | ' | 585,000 | ' |
Interest rate swap [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Net losses in interest expense related to hedge ineffectiveness | 2,000 | ' | 2,000 | ' |
Interest rate swap [Member] | Derivative [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Net reduction to interest expense | 37,000 | ' | 40,000 | ' |
Designated as Hedging Instrument [Member] | Fair value hedge [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Derivative Notional Amount | 20,000,000 | ' | 20,000,000 | ' |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Derivative Notional Amount | 100,000,000 | ' | 100,000,000 | ' |
Not Designated as Hedging Instrument [Member] | Borrower derivatives [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Derivative Notional Amount | 25,300,000 | ' | 25,300,000 | ' |
Not Designated as Hedging Instrument [Member] | Broker Activities [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Derivative Notional Amount | 25,300,000 | ' | 25,300,000 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Hedging Transactions And Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Estimated reduction/increase to interest expense | ' | ' | $0 | ' |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities - Tabular Disclosure of Fair Values of Derivative Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives designated as hedging instruments | $5,488 | ($148) |
Total derivatives not designated as hedging instruments | 134 | 363 |
Other Assets [Member] | Cash flow hedge [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives designated as hedging instruments, Other Assets | 5,592 | ' |
Other Assets [Member] | Fair value hedge [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives designated as hedging instruments, Other Assets | 4 | ' |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments, Other Assets | 785 | ' |
Other Liabilities [Member] | Cash flow hedge [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives designated as hedging instruments, Other Liabilities | ' | -148 |
Other Liabilities [Member] | Fair value hedge [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives designated as hedging instruments, Other Liabilities | -108 | ' |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest rate swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments, Other Liabilities | -746 | ' |
Other (Liabilities) / Assets [Member] | Forward loan sale commitment [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments, Other Assets | -112 | 464 |
Other (Liabilities) / Assets [Member] | Derivative loan commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments, Other Liabilities | $207 | ($101) |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities - Schedule of Effect of Derivative Financial Instruments on the Income Statement (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Loss) Gain Recognized on Derivatives | ($237) | ($195) | ($228) | ($211) |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Loss) Gain Recognized on Derivatives | -102 | -350 | 5,740 | -383 |
Derivative loan commitments [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Loss) Gain Recognized on Derivatives | 219 | ' | -118 | ' |
Forward loan sale commitment [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Loss) Gain Recognized on Derivatives | -493 | -195 | -150 | -211 |
Interest rate swap [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Loss) Gain Recognized on Derivatives | 37 | ' | 40 | ' |
Interest rate swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Loss) Gain Recognized on Derivatives | -102 | -350 | 5,740 | -383 |
Interest rate swap [Member] | Designated as Hedging Instrument [Member] | Fair value hedge [Member] | Interest expense [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Loss) Gain Recognized on Derivatives | 111 | ' | -109 | ' |
Amount of (Loss)Gain Recognized in Income on Hedged Items | ($113) | ' | $107 | ' |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses - Summary of Company's Loan Portfolio (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Real estate loans: | ' | ' | ' | ' | ' | ' |
Total real estate loans | $1,428,651 | ' | $1,430,308 | ' | ' | ' |
Commercial business loans | 222,784 | ' | 171,632 | ' | ' | ' |
Installment loans | 891 | ' | 1,184 | ' | ' | ' |
Collateral loans | 1,386 | ' | 1,567 | ' | ' | ' |
Total loans | 1,653,712 | ' | 1,604,691 | ' | ' | ' |
Net deferred loan costs and premiums | 2,316 | ' | 771 | ' | ' | ' |
Allowance for loan losses | -18,703 | -18,345 | -18,477 | -18,079 | -17,303 | -16,025 |
Loans - net | 1,637,325 | ' | 1,586,985 | ' | ' | ' |
Residential [Member] | ' | ' | ' | ' | ' | ' |
Real estate loans: | ' | ' | ' | ' | ' | ' |
Total real estate loans | 612,946 | ' | 683,195 | ' | ' | ' |
Commercial Business [Member] | ' | ' | ' | ' | ' | ' |
Real estate loans: | ' | ' | ' | ' | ' | ' |
Total real estate loans | 753,589 | ' | 697,133 | ' | ' | ' |
Construction - residential [Member] | ' | ' | ' | ' | ' | ' |
Real estate loans: | ' | ' | ' | ' | ' | ' |
Total real estate loans | 5,155 | ' | 3,338 | ' | ' | ' |
Construction - commercial [Member] | ' | ' | ' | ' | ' | ' |
Real estate loans: | ' | ' | ' | ' | ' | ' |
Total real estate loans | $56,961 | ' | $46,642 | ' | ' | ' |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Prepayment_Speed | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | $18,703,000 | $18,345,000 | $18,477,000 | $18,079,000 | $17,303,000 | $16,025,000 | ' | ' | ' | ' |
Percentage allowance for loan losses in total loan | 1.13% | ' | 1.15% | ' | ' | ' | ' | ' | ' | ' |
Evaluation period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal balance of loans serviced for third parties | $395,600,000 | ' | $238,100,000 | ' | ' | ' | ' | ' | ' | ' |
Internal rates of return used for determination of fair value | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 8.00% | 8.00% |
Minimum average prepayment speed | 199 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum average prepayment speed | 595 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses - Company's Loans by Risk Rating (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | $1,428,651 | $1,430,308 |
Commercial business loans | 222,784 | 171,632 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 612,946 | 683,195 |
Residential Real Estate [Member] | Loans rated 1-5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 600,468 | 669,905 |
Residential Real Estate [Member] | Loans rated 6 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 2,383 | 2,182 |
Residential Real Estate [Member] | Loans rated 7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 10,095 | 11,108 |
Residential Real Estate [Member] | Loans rated 8 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | ' | ' |
Residential Real Estate [Member] | Loans rated 9 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | ' | ' |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 753,589 | 697,133 |
Commercial Real Estate [Member] | Loans rated 1-5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 728,345 | 673,844 |
Commercial Real Estate [Member] | Loans rated 6 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 10,778 | 14,121 |
Commercial Real Estate [Member] | Loans rated 7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 14,466 | 9,168 |
Commercial Real Estate [Member] | Loans rated 8 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | ' | ' |
Commercial Real Estate [Member] | Loans rated 9 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | ' | ' |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 62,116 | 49,980 |
Construction [Member] | Loans rated 1-5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 58,649 | 43,488 |
Construction [Member] | Loans rated 6 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 444 | 4,310 |
Construction [Member] | Loans rated 7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | 3,023 | 2,182 |
Construction [Member] | Loans rated 8 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | ' | ' |
Construction [Member] | Loans rated 9 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total real estate loans | ' | ' |
Commercial Business [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial business loans | 222,784 | 171,632 |
Commercial Business [Member] | Loans rated 1-5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial business loans | 208,405 | 158,576 |
Commercial Business [Member] | Loans rated 6 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial business loans | 8,182 | 5,366 |
Commercial Business [Member] | Loans rated 7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial business loans | 6,197 | 7,690 |
Commercial Business [Member] | Loans rated 8 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial business loans | ' | ' |
Commercial Business [Member] | Loans rated 9 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial business loans | ' | ' |
Installment and Collateral [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Installment and Collateral | 2,277 | 2,751 |
Installment and Collateral [Member] | Loans rated 1-5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Installment and Collateral | 2,233 | 2,699 |
Installment and Collateral [Member] | Loans rated 6 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Installment and Collateral | ' | ' |
Installment and Collateral [Member] | Loans rated 7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Installment and Collateral | 44 | 52 |
Installment and Collateral [Member] | Loans rated 8 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Installment and Collateral | ' | ' |
Installment and Collateral [Member] | Loans rated 9 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Installment and Collateral | ' | ' |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses - Summary of Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | $18,345 | $17,303 | $18,477 | $16,025 |
Provision (credit) for loan losses | 532 | 793 | 1,326 | 2,678 |
Loans charged off | -251 | -154 | -1,222 | -830 |
Recoveries of loans previously charged off | 77 | 137 | 122 | 206 |
Balance, end of period | 18,703 | 18,079 | 18,703 | 18,079 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 5,974 | 5,818 | 6,194 | 5,071 |
Provision (credit) for loan losses | 58 | -146 | 285 | 1,138 |
Loans charged off | -145 | -145 | -613 | -692 |
Recoveries of loans previously charged off | 61 | 134 | 82 | 144 |
Balance, end of period | 5,948 | 5,661 | 5,948 | 5,661 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 8,275 | 7,173 | 8,051 | 6,694 |
Provision (credit) for loan losses | 28 | 232 | 397 | 819 |
Loans charged off | ' | ' | -145 | -108 |
Recoveries of loans previously charged off | ' | ' | ' | ' |
Balance, end of period | 8,303 | 7,405 | 8,303 | 7,405 |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 740 | 1,088 | 807 | 1,286 |
Provision (credit) for loan losses | 308 | 98 | 490 | -100 |
Loans charged off | -1 | ' | -250 | ' |
Recoveries of loans previously charged off | ' | ' | ' | ' |
Balance, end of period | 1,047 | 1,186 | 1,047 | 1,186 |
Commercial Business [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 3,068 | 2,991 | 2,916 | 2,515 |
Provision (credit) for loan losses | 342 | 388 | 571 | 817 |
Loans charged off | -65 | ' | -151 | -2 |
Recoveries of loans previously charged off | 9 | ' | 18 | 49 |
Balance, end of period | 3,354 | 3,379 | 3,354 | 3,379 |
Installment and Collateral [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 28 | 44 | 29 | 49 |
Provision (credit) for loan losses | 36 | -4 | 43 | ' |
Loans charged off | -40 | -9 | -63 | -28 |
Recoveries of loans previously charged off | 7 | 3 | 22 | 13 |
Balance, end of period | 31 | 34 | 31 | 34 |
Unallocated [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 260 | 189 | 480 | 410 |
Provision (credit) for loan losses | -240 | 225 | -460 | 4 |
Loans charged off | ' | ' | ' | ' |
Recoveries of loans previously charged off | ' | ' | ' | ' |
Balance, end of period | $20 | $414 | $20 | $414 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses - Summary of Allowance for Loan Losses and Impaired Loans (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance related to loans deemed impaired | $158 | ' | $318 | ' | ' | ' |
Allowance related to loans not deemed impaired | 18,545 | ' | 18,159 | ' | ' | ' |
Total allowance for loan losses | 18,703 | 18,345 | 18,477 | 18,079 | 17,303 | 16,025 |
Loans deemed impaired | 17,496 | ' | 16,681 | ' | ' | ' |
Loans not deemed impaired | 1,636,216 | ' | 1,588,010 | ' | ' | ' |
Total loans | 1,653,712 | ' | 1,604,691 | ' | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance related to loans deemed impaired | 145 | ' | 97 | ' | ' | ' |
Allowance related to loans not deemed impaired | 5,803 | ' | 6,097 | ' | ' | ' |
Total allowance for loan losses | 5,948 | 5,974 | 6,194 | 5,661 | 5,818 | 5,071 |
Loans deemed impaired | 9,455 | ' | 9,867 | ' | ' | ' |
Loans not deemed impaired | 603,491 | ' | 673,328 | ' | ' | ' |
Total loans | 612,946 | ' | 683,195 | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance related to loans deemed impaired | ' | ' | ' | ' | ' | ' |
Allowance related to loans not deemed impaired | 8,303 | ' | 8,051 | ' | ' | ' |
Total allowance for loan losses | 8,303 | 8,275 | 8,051 | 7,405 | 7,173 | 6,694 |
Loans deemed impaired | 4,040 | ' | 1,108 | ' | ' | ' |
Loans not deemed impaired | 749,549 | ' | 696,025 | ' | ' | ' |
Total loans | 753,589 | ' | 697,133 | ' | ' | ' |
Construction [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance related to loans deemed impaired | ' | ' | 1 | ' | ' | ' |
Allowance related to loans not deemed impaired | 1,047 | ' | 806 | ' | ' | ' |
Total allowance for loan losses | 1,047 | 740 | 807 | 1,186 | 1,088 | 1,286 |
Loans deemed impaired | 2,572 | ' | 3,034 | ' | ' | ' |
Loans not deemed impaired | 59,544 | ' | 46,946 | ' | ' | ' |
Total loans | 62,116 | ' | 49,980 | ' | ' | ' |
Commercial Business [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance related to loans deemed impaired | 13 | ' | 220 | ' | ' | ' |
Allowance related to loans not deemed impaired | 3,341 | ' | 2,696 | ' | ' | ' |
Total allowance for loan losses | 3,354 | 3,068 | 2,916 | 3,379 | 2,991 | 2,515 |
Loans deemed impaired | 1,398 | ' | 2,627 | ' | ' | ' |
Loans not deemed impaired | 221,386 | ' | 169,005 | ' | ' | ' |
Total loans | 222,784 | ' | 171,632 | ' | ' | ' |
Installment and Collateral [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance related to loans deemed impaired | ' | ' | ' | ' | ' | ' |
Allowance related to loans not deemed impaired | 31 | ' | 29 | ' | ' | ' |
Total allowance for loan losses | 31 | 28 | 29 | 34 | 44 | 49 |
Loans deemed impaired | 31 | ' | 45 | ' | ' | ' |
Loans not deemed impaired | 2,246 | ' | 2,706 | ' | ' | ' |
Total loans | 2,277 | ' | 2,751 | ' | ' | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance related to loans deemed impaired | ' | ' | ' | ' | ' | ' |
Allowance related to loans not deemed impaired | 20 | ' | 480 | ' | ' | ' |
Total allowance for loan losses | 20 | 260 | 480 | 414 | 189 | 410 |
Loans deemed impaired | ' | ' | ' | ' | ' | ' |
Loans not deemed impaired | ' | ' | ' | ' | ' | ' |
Total loans | ' | ' | ' | ' | ' | ' |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses - Summary of Past Due and Non-Accrual Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $553 | $15,416 |
60-89 Days Past Due | 2,136 | 3,682 |
Past Due 90 Days or More | 5,977 | 7,629 |
Total Past Due | 8,666 | 26,727 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-accrual | 12,514 | 16,056 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 552 | 5,818 |
60-89 Days Past Due | 1,298 | 3,087 |
Past Due 90 Days or More | 3,348 | 4,794 |
Total Past Due | 5,198 | 13,699 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-accrual | 9,040 | 9,867 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 8,235 |
60-89 Days Past Due | 811 | 466 |
Past Due 90 Days or More | 1,086 | 1,230 |
Total Past Due | 1,897 | 9,931 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-accrual | 1,086 | 1,108 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 1,046 |
60-89 Days Past Due | ' | 121 |
Past Due 90 Days or More | 1,221 | 1,497 |
Total Past Due | 1,221 | 2,664 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-accrual | 1,442 | 2,409 |
Commercial Business [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 301 |
60-89 Days Past Due | 23 | 3 |
Past Due 90 Days or More | 319 | 62 |
Total Past Due | 342 | 366 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-accrual | 915 | 2,626 |
Installment and Collateral [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 1 | 16 |
60-89 Days Past Due | 4 | 5 |
Past Due 90 Days or More | 3 | 46 |
Total Past Due | 8 | 67 |
Past Due 90 Days or More and Still Accruing | ' | ' |
Loans on Non-accrual | $31 | $46 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans with and without Valuation Allowance (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Impaired loans without a valuation allowance | $15,153 | $15,152 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 15,153 | 15,152 |
Related Allowance, Impaired loans without a valuation allowance | ' | ' |
Recorded Investment, Impaired loans with a valuation allowance | 2,343 | 1,529 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 2,343 | 1,529 |
Related Allowance, Impaired loans with a valuation allowance | 158 | 318 |
Recorded Investment, Total | 17,496 | 16,681 |
Unpaid Principal Balance, Total | 17,496 | 16,681 |
Related Allowance, Total | 158 | 318 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Impaired loans without a valuation allowance | 7,145 | 9,170 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 7,145 | 9,170 |
Related Allowance, Impaired loans without a valuation allowance | ' | ' |
Recorded Investment, Impaired loans with a valuation allowance | 2,310 | 697 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 2,310 | 697 |
Related Allowance, Impaired loans with a valuation allowance | 145 | 97 |
Recorded Investment, Total | 9,455 | 9,867 |
Related Allowance, Total | 145 | 97 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Impaired loans without a valuation allowance | 4,040 | 1,108 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 4,040 | 1,108 |
Related Allowance, Impaired loans without a valuation allowance | ' | ' |
Recorded Investment, Total | 4,040 | 1,108 |
Related Allowance, Total | ' | ' |
Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Impaired loans without a valuation allowance | 2,572 | 2,538 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 2,572 | 2,538 |
Related Allowance, Impaired loans without a valuation allowance | ' | ' |
Recorded Investment, Impaired loans with a valuation allowance | ' | 496 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | ' | 496 |
Related Allowance, Impaired loans with a valuation allowance | ' | 1 |
Recorded Investment, Total | 2,572 | 3,034 |
Related Allowance, Total | ' | 1 |
Commercial Business [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Impaired loans without a valuation allowance | 1,365 | 2,291 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 1,365 | 2,291 |
Related Allowance, Impaired loans without a valuation allowance | ' | ' |
Recorded Investment, Impaired loans with a valuation allowance | 33 | 336 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 33 | 336 |
Related Allowance, Impaired loans with a valuation allowance | 13 | 220 |
Recorded Investment, Total | 1,398 | 2,627 |
Related Allowance, Total | 13 | 220 |
Installment and Collateral [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Impaired loans without a valuation allowance | 31 | 45 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 31 | 45 |
Related Allowance, Impaired loans without a valuation allowance | ' | ' |
Recorded Investment, Total | 31 | 45 |
Related Allowance, Total | ' | ' |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses - Average Recorded Investment in Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment without a valuation allowance | $15,889 | $12,641 | $14,942 | $12,349 |
Interest Income Recognized without a valuation allowance | 99 | 113 | 392 | 420 |
Interest Income Recognized on a Cash Basis without a valuation allowance | 99 | 113 | 392 | 420 |
Average Recorded Investment with a valuation allowance | 1,754 | 1,996 | 2,007 | 1,536 |
Interest Income Recognized with a valuation allowance | 8 | 7 | 42 | 45 |
Interest Income Recognized on a Cash Basis with a valuation allowance | 8 | 7 | 42 | 45 |
Average Recorded Investment, Total | 17,643 | 14,637 | 16,949 | 13,885 |
Interest Income Recognized, Total | 107 | 120 | 434 | 465 |
Interest Income Recognized on a Cash Basis, Total | 107 | 120 | 434 | 465 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment without a valuation allowance | 7,938 | 8,339 | 8,342 | 8,217 |
Interest Income Recognized without a valuation allowance | 82 | 87 | 281 | 277 |
Interest Income Recognized on a Cash Basis without a valuation allowance | 82 | 87 | 281 | 277 |
Average Recorded Investment with a valuation allowance | 1,737 | 1,639 | 1,508 | 1,358 |
Interest Income Recognized with a valuation allowance | 8 | 2 | 38 | 39 |
Interest Income Recognized on a Cash Basis with a valuation allowance | 8 | 2 | 38 | 39 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment without a valuation allowance | 4,270 | 1,991 | 2,917 | 1,588 |
Interest Income Recognized without a valuation allowance | ' | 11 | 45 | 57 |
Interest Income Recognized on a Cash Basis without a valuation allowance | ' | 11 | 45 | 57 |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment without a valuation allowance | 2,437 | 1,228 | 2,174 | 1,140 |
Interest Income Recognized without a valuation allowance | 11 | 5 | 28 | 33 |
Interest Income Recognized on a Cash Basis without a valuation allowance | 11 | 5 | 28 | 33 |
Average Recorded Investment with a valuation allowance | ' | ' | 321 | ' |
Commercial Business [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment without a valuation allowance | 1,213 | 1,050 | 1,474 | 1,372 |
Interest Income Recognized without a valuation allowance | 6 | 10 | 37 | 51 |
Interest Income Recognized on a Cash Basis without a valuation allowance | 6 | 10 | 37 | 51 |
Average Recorded Investment with a valuation allowance | 17 | 357 | 175 | 178 |
Interest Income Recognized with a valuation allowance | ' | 5 | 4 | 6 |
Interest Income Recognized on a Cash Basis with a valuation allowance | ' | 5 | 4 | 6 |
Installment and Collateral [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment without a valuation allowance | 31 | 33 | 35 | 32 |
Interest Income Recognized without a valuation allowance | ' | ' | 1 | 2 |
Interest Income Recognized on a Cash Basis without a valuation allowance | ' | ' | 1 | 2 |
Average Recorded Investment with a valuation allowance | ' | ' | $3 | ' |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 8 | ' | 14 | 6 |
Pre-Modification Outstanding Recorded Investment | $1,079 | ' | $4,761 | $1,573 |
Post-Modification Outstanding Recorded Investment | 1,079 | ' | 4,761 | 1,552 |
Number of Contracts | 2 | ' | 3 | 3 |
Recorded Investment | 344 | ' | 408 | 490 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 4 | ' | 6 | 1 |
Pre-Modification Outstanding Recorded Investment | 508 | ' | -1,001 | 27 |
Post-Modification Outstanding Recorded Investment | 508 | ' | 1,001 | ' |
Number of Contracts | 2 | ' | 3 | 3 |
Recorded Investment | 344 | ' | 408 | 490 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | ' | ' | 2 | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | 3,159 | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | 3,159 | ' |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 3 | ' | 3 | 5 |
Pre-Modification Outstanding Recorded Investment | 521 | ' | 521 | 1,546 |
Post-Modification Outstanding Recorded Investment | 521 | ' | 521 | 1,552 |
Commercial Business [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 1 | ' | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 50 | ' | 50 | ' |
Post-Modification Outstanding Recorded Investment | 50 | ' | 50 | ' |
Installment and Collateral [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | ' | ' | 2 | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' | 30 | ' |
Post-Modification Outstanding Recorded Investment | ' | ' | $30 | ' |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses - Summary of Mortgage Servicing Rights Capitalized and Amortized (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Mortgage servicing rights: | ' | ' | ' | ' |
Balance at beginning of period | $3,336 | $836 | $1,052 | $944 |
Cumulative effect of change in accounting principle | ' | ' | 502 | ' |
Change in fair value recognized in net income | -51 | ' | 1,246 | ' |
Issuances | 460 | 258 | 1,032 | 341 |
Settlements | -36 | ' | -123 | ' |
Amortization | ' | -100 | ' | -291 |
Balance at end of period | 3,709 | 994 | 3,709 | 994 |
Valuation allowances: | ' | ' | ' | ' |
Balance at beginning of period | ' | -85 | ' | -166 |
Recoveries | ' | ' | ' | 108 |
Provisions | ' | -39 | ' | -66 |
Balance at end of period | ' | -124 | ' | -124 |
Mortgage servicing rights, net | 3,709 | 870 | 3,709 | 870 |
Fair value of mortgage servicing rights at end of period | $3,709 | $1,013 | $3,709 | $1,013 |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances and Stock and Other Borrowings - Contractual Maturities and Weighted-Average Rates of Outstanding Advances (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking And Thrift [Abstract] | ' | ' |
2013 | $76,000 | $61,000 |
2014 | 23,112 | 8,112 |
2015 | 35,000 | 35,000 |
2016 | 3,000 | 3,000 |
2017 | 33,000 | 33,000 |
Thereafter | 2,942 | 2,994 |
Federal Home Loan Bank, Advances, Total | $173,054 | $143,106 |
Weighted-Average Rate in 2013 | 0.25% | 0.33% |
Weighted-Average Rate in 2014 | 1.45% | 3.70% |
Weighted-Average Rate in 2015 | 2.28% | 2.28% |
Weighted-Average Rate in 2016 | 2.70% | 2.70% |
Weighted-Average Rate in 2017 | 2.56% | 2.56% |
Weighted-Average Rate thereafter | 2.54% | 2.54% |
Weighted-Average Rate, net | 1.34% | 1.61% |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances and Stock and Other Borrowings - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | |
Brokered Sweep Deposits [Member] | Federal Home Loan Bank Borrowings [Member] | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ' | ' | ' | ' |
Advances from Federal Home Loan Banks | $196,246,000 | $196,246,000 | ' | ' | ' | ' |
Interest rates, Minimum | 3.19% | 3.19% | ' | ' | ' | ' |
Interest rates, Maximum | 4.39% | 4.39% | ' | ' | ' | ' |
Estimated eligible collateral value | 294,100,000 | 294,100,000 | ' | 350,600,000 | ' | ' |
Unused line of credit | 10,000,000 | 10,000,000 | ' | 10,000,000 | ' | ' |
Advances outstanding under line of credit | 0 | 0 | ' | 0 | ' | ' |
Additional borrowings | 98,500,000 | 98,500,000 | ' | ' | ' | ' |
Aggregate principal amount | 0.35% | 0.35% | ' | ' | ' | ' |
Borrowings from the FHLBB | 4.50% | ' | ' | ' | ' | ' |
Excess of capital stock | ' | 28,759,000 | 15,751,000 | ' | ' | 814,000 |
Member's excess stock | 250,000,000 | 250,000,000 | ' | ' | ' | ' |
Other borrowings | 23,200,000 | 23,200,000 | ' | ' | ' | ' |
Weighted average cost | 0.45% | 0.45% | ' | ' | ' | ' |
Other borrowings | ' | ' | ' | ' | 20,000,000 | ' |
Borrowings | ' | ' | ' | ' | 0.50% | ' |
Maximum limit for deposits | ' | ' | ' | ' | 5.00% | ' |
Additional borrowing capacity | ' | ' | ' | ' | $90,900,000 | ' |
Pension_and_Other_PostRetireme2
Pension and Other Post-Retirement Benefit Plans - Components of Net Periodic Pension Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Qualified Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $13 | $265 | $38 | $794 |
Interest cost | 262 | 291 | 786 | 873 |
Expected return on plan assets | -434 | -423 | -1,301 | -1,268 |
Amortization: | ' | ' | ' | ' |
Loss | 196 | 309 | 588 | 927 |
Prior service (credit) cost | ' | -12 | ' | -36 |
Net periodic benefit cost | 37 | 430 | 111 | 1,290 |
Supplemental Executive Retirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 8 | 10 | 29 | 29 |
Interest cost | 12 | 11 | 35 | 33 |
Expected return on plan assets | ' | ' | ' | ' |
Amortization: | ' | ' | ' | ' |
Loss | 1 | 1 | 5 | 3 |
Prior service (credit) cost | 5 | 7 | 18 | 21 |
Additional amount recognized due to settlement or curtailment | ' | ' | 199 | ' |
Net periodic benefit cost | 26 | 29 | 286 | 86 |
Other Post-Retirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 9 | 8 | 27 | 23 |
Interest cost | 23 | 25 | 68 | 76 |
Expected return on plan assets | ' | ' | ' | ' |
Amortization: | ' | ' | ' | ' |
Loss | 16 | 19 | 49 | 58 |
Prior service (credit) cost | ' | ' | ' | ' |
Net periodic benefit cost | $48 | $52 | $144 | $157 |
Pension_and_Other_PostRetireme3
Pension and Other Post-Retirement Benefit Plans - Additional Information (Detail) (Non-Qualified Supplemental Retirement Plan [Member], USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Non-Qualified Supplemental Retirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan expenses | $18,000 | $54,000 |
Accrued liability | $114,000 | $114,000 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Ratio | Ratio | Director [Member] | Director [Member] | Officer [Member] | Officer [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Ownership Plan 2005 [Member] | Employee Stock Ownership Plan 2011 [Member] | 2006 Stock Incentive Award Plan [Member] | 2006 Stock Incentive Award Plan [Member] | 2006 Stock Incentive Award Plan [Member] | 2006 Stock Incentive Award Plan [Member] | 2012 Stock Incentive Award Plan [Member] | 2012 Stock Incentive Award Plan [Member] | 2012 Stock Incentive Award Plan [Member] | 2012 Stock Incentive Award Plan [Member] | 2012 Stock Incentive Award Plan [Member] | ||
Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,830 | ' | 874,575 | ' | ' | 684,395 | ' | 1,710,989 | ' |
Exchange ratio | 1.5167 | 1.5167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized under the plan after adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 530,587 | ' | 1,326,467 | ' | ' | ' | ' | ' | ' |
Shares available for future grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,319 | 14,603 | 79,142 | 161,841 | ' | 189,482 | 258,390 | 482,048 | 810,537 |
Stock awards, granted | ' | 437,236 | ' | ' | ' | ' | ' | ' | ' | ' | 437,236 | ' | ' | 0 | ' | 94,419 | ' | ' | 53,834 | ' | 342,817 | ' |
Stock Awards, Forfeited | ' | 26,048 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,717 | ' | 11,720 | ' | ' | 4,424 | ' | 14,328 | ' |
Performance vested shares granted | 19,498 | 19,498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance-related restricted stock shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,391 | ' | ' | ' | ' |
Share-based compensation expense | $475,000 | $2,100,000 | ' | $59,000 | $664,000 | $416,000 | $1,500,000 | $475,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recorded | 166,000 | 743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of Vested Restricted Shares used for income tax withholding | 293,000 | 319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested Restricted Shares used for income tax withholding | 22,080 | 24,118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of vested options, compensation | ' | 764,000 | 541,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, nonvested awards, total compensation cost not yet recognized | 1,400,000 | 1,400,000 | ' | ' | ' | ' | ' | 2,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | ' | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of vested options | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vested | ' | ' | ' | ' | ' | ' | ' | ' | 5,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested restricted stock expected to vest current | ' | 2,362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested restricted stock expected year one | ' | 90,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested restricted stock expected year two | ' | 133,269 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested restricted stock expected year three | ' | 21,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings from the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 699,659 | 684,395 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock ownership plan loan outstanding balance | 8,700,000 | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank's discretionary contributions to the ESOP over a remaining period | ' | '28 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP compensation expense | ' | $1,262,000 | $1,111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate for the ESOP loans | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans - Activity Related to Stock Options (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding, beginning balance | 1,996,843 |
Granted | 437,236 |
Exercised | -82,171 |
Forfeited or expired | -26,048 |
Outstanding, ending balance | 2,325,860 |
Stock options vested and exercisable at September 30, 2013 | 1,318,420 |
Weighted-Average Exercise Price, beginning balance | $10.12 |
Weighted-Average Exercise Price, Granted | $13.20 |
Weighted-Average Exercise Price, Exercised | $8.77 |
Weighted-Average Exercise Price, Forfeited or expired | $10.76 |
Weighted-Average Exercise Price, ending balance | $10.74 |
Weighted-Average Exercise Price, Stock options vested and exercisable at September 30, 2013 | $10.04 |
Weighted Average Remaining Contractual Term, Outstanding at September 30, 2013 | '7 years 6 months |
Weighted Average Remaining Contractual Term, Stock options vested and exercisable at September 30, 2013 | '6 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding at September 30, 2013 | $5,358 |
Aggregate Intrinsic Value, Stock options vested and exercisable at September 30, 2013 | ' |
ShareBased_Compensation_Plans_3
Share-Based Compensation Plans - Weighted-Average Estimated Fair Values of Stock Option Grants (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Weighted per share average fair value of options granted | $1.80 | $1.47 |
Assumptions: | ' | ' |
Risk-free interest rate | 1.61% | 0.91% |
Expected volatility | 20.33% | 22.27% |
Expected dividend yield | 3.03% | 3.28% |
Expected life of options granted | '6 years | '6 years |
ShareBased_Compensation_Plans_4
Share-Based Compensation Plans - Activity for Restricted Stock (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Unvested, Beginning Balance | 378,604 |
Number of Shares, Granted | 53,834 |
Number of Shares, Vested | -178,725 |
Number of Shares, Forfeited | -6,141 |
Number of Shares, Unvested, Ending Balance | 247,572 |
Weighted Average Grant-Date Fair Value, Beginning Balance | $10.89 |
Weighted Average Grant-Date Fair Value, Granted | $13.20 |
Weighted Average Grant-Date Fair Value, Vested | $10.97 |
Weighted Average Grant-Date Fair Value, Forfeited | $10.27 |
Weighted Average Grant-Date Fair Value, Ending Balance | $11.35 |
ShareBased_Compensation_Plans_5
Share-Based Compensation Plans - ESOP Shares (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares released for allocation | 991,262 |
Unreleased shares | 754,306 |
Total ESOP shares | 1,745,568 |
Market value of unreleased shares at September 30, 2013 (in thousands) | $9,806 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Uncertain tax positions | $0 | $0 |
Accrued interest and penalties | $0 | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning Balance | ' | ' | ($4,047) | ' |
Change in Accumulated Other Comprehensive Loss | -934 | 1,675 | -5,203 | 2,307 |
Accumulated Other Comprehensive Loss, Ending Balance | -9,250 | ' | -9,250 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning Balance | ' | ' | -7,006 | ' |
Change in Accumulated Other Comprehensive Loss | ' | ' | 498 | ' |
Accumulated Other Comprehensive Loss, Ending Balance | -6,508 | ' | -6,508 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning Balance | ' | ' | 3,055 | ' |
Change in Accumulated Other Comprehensive Loss | ' | ' | -9,432 | ' |
Accumulated Other Comprehensive Loss, Ending Balance | -6,377 | ' | -6,377 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss, Beginning Balance | ' | ' | -96 | ' |
Change in Accumulated Other Comprehensive Loss | ' | ' | 3,731 | ' |
Accumulated Other Comprehensive Loss, Ending Balance | $3,635 | ' | $3,635 | ' |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Banking And Thrift [Abstract] | ' |
Amount available for the payment of dividends | $42.40 |
Regulatory_Matters_Regulatory_
Regulatory Matters - Regulatory Capital Amounts and Ratios (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Rockville Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk weighted assets, Actual, Amount | $286,696 | $272,111 |
Tier 1 capital to risk weighted assets, Actual, Amount | 267,249 | 253,089 |
Tier 1 capital to total average assets, Actual, Amount | 267,249 | 253,089 |
Total capital to risk weighted assets, Actual, Ratio | 16.40% | 17.40% |
Tier 1 capital to risk weighted assets, Actual, Ratio | 15.30% | 16.20% |
Tier 1 capital to total average assets, Actual, Ratio | 12.30% | 12.90% |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | 139,937 | 124,893 |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | 70,006 | 62,453 |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Amount | 86,910 | 78,721 |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 174,921 | 156,116 |
Tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 105,009 | 93,679 |
Tier 1 capital to total average assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 108,638 | 98,402 |
Total capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier 1 capital to total average assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Rockville Financial, Inc [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital to risk weighted assets, Actual, Amount | 322,429 | 342,505 |
Tier 1 capital to risk weighted assets, Actual, Amount | 302,982 | 323,483 |
Tier 1 capital to total average assets, Actual, Amount | 302,982 | 323,483 |
Total capital to risk weighted assets, Actual, Ratio | 18.40% | 21.90% |
Tier 1 capital to risk weighted assets, Actual, Ratio | 17.30% | 20.60% |
Tier 1 capital to total average assets, Actual, Ratio | 13.90% | 16.50% |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | 140,569 | 125,345 |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | 70,257 | 62,691 |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Amount | $87,064 | $78,373 |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Net_Income_Per_Share_Schedule_
Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted Average Number Of Shares Outstanding Basic [Abstract] | ' | ' | ' | ' |
Net income available to common stockholders | $4,620 | $4,668 | $12,470 | $11,472 |
Adjusted weighted-average common shares outstanding | 29,459,424 | 29,464,831 | 29,476,348 | 29,479,091 |
Less: average number of treasury shares | -3,192,225 | -900,344 | -2,328,930 | -649,679 |
Less: average number of unvested ESOP award shares | -775,561 | -904,491 | -807,476 | -936,526 |
Weighted-average basic shares outstanding | 25,491,638 | 27,659,996 | 26,339,942 | 27,892,886 |
Dilutive effect of stock options | 340,985 | 187,025 | 340,820 | 174,243 |
Weighted-average diluted shares | 25,832,623 | 27,847,021 | 26,680,762 | 28,067,129 |
Net income per share: | ' | ' | ' | ' |
Basic | $0.18 | $0.17 | $0.47 | $0.41 |
Diluted | $0.18 | $0.17 | $0.47 | $0.41 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Financial Instruments Contract Amounts Represent Credit Risk (Detail) (Commitments to extend credit [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to extend credit: | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $354,287 | $359,198 |
Commitment to grant loans [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 76,925 | 63,086 |
Undisbursed construction loans [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 101,026 | 71,459 |
Undisbursed home equity lines of credit [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 140,700 | 139,238 |
Undisbursed commercial lines of credit [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 26,989 | 76,673 |
Standby letters of credit [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 8,608 | 8,691 |
Unused checking overdraft lines of credit [Member] | ' | ' |
Commitments to extend credit: | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $39 | $51 |