Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Bankwell Financial Group, Inc. | ' |
Entity Central Index Key | '0001505732 | ' |
Trading Symbol | 'bwfg | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 7,068,382 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets - (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $35,566 | $82,013 |
Held to maturity investment securities, at amortized cost (Note 2) | 11,502 | 13,816 |
Available for sale investment securities, at fair value (Note 2) | 67,537 | 28,597 |
Loans held for sale | ' | 100 |
Loans receivable (net of allowance for loan losses of $9,552 at September 30, 2014 and $8,382 at December 31, 2013) (Note 3) | 730,148 | 621,830 |
Foreclosed real estate | 829 | 829 |
Accrued interest receivable | 2,670 | 2,360 |
Federal Home Loan Bank stock, at cost | 4,834 | 4,834 |
Premises and equipment, net | 7,787 | 7,060 |
Bank-owned life insurance | 22,837 | 10,031 |
Other intangible assets | 401 | 481 |
Deferred income taxes, net | 5,804 | 5,845 |
Other assets | 5,600 | 1,822 |
Total assets | 895,515 | 779,618 |
Deposits | ' | ' |
Noninterest bearing deposits | 151,146 | 118,618 |
Interest bearing deposits | 544,117 | 542,927 |
Total deposits | 695,263 | 661,545 |
Advances from the Federal Home Loan Bank | 77,000 | 44,000 |
Accrued expenses and other liabilities | 4,755 | 4,588 |
Total liabilities | 777,018 | 710,133 |
Shareholders' equity (Notes 4, 5 and 7) | ' | ' |
Preferred stock, senior noncumulative perpetual, Series C, no par; 10,980 shares issued at September 30, 2014 and December 31, 2013, respectively; liquidation value of $1,000 per share | 10,980 | 10,980 |
Common stock, no par value; 10,000,000 shares authorized, 6,559,995 and 3,876,393 shares issued at September 30, 2014 and December 31, 2013, respectively | 97,180 | 52,105 |
Retained earnings | 9,735 | 5,976 |
Accumulated other comprehensive income | 602 | 424 |
Total shareholders' equity | 118,497 | 69,485 |
Total liabilities and shareholders' equity | $895,515 | $779,618 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets - (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Net of allowance for loan losses (in dollars) | $9,552 | $8,382 |
Preferred stock, no par value (in dollars per share) | ' | ' |
Preferred stock, share issued | 10,980 | 10,980 |
Preferred stock, liquidation value (in dollars per share) | $1,000 | $1,000 |
Common stock, no par value (in dollars per share) | ' | ' |
Common stock, share authorized | 10,000,000 | 10,000,000 |
Common stock, share issued | 6,559,995 | 3,876,393 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income - (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest and dividend income | ' | ' | ' | ' |
Interest and fees on loans | $8,054 | $6,748 | $23,040 | $19,619 |
Interest and dividends on securities | 569 | 355 | 1,417 | 1,040 |
Interest on cash and cash equivalents | 45 | 18 | 116 | 39 |
Total interest income | 8,668 | 7,121 | 24,573 | 20,698 |
Interest expense | ' | ' | ' | ' |
Interest expense on deposits | 905 | 600 | 2,257 | 1,553 |
Interest on Borrowings | 168 | 127 | 427 | 417 |
Total interest expense | 1,073 | 727 | 2,684 | 1,970 |
Net interest income | 7,595 | 6,394 | 21,889 | 18,728 |
Provision for loan losses | 566 | 47 | 847 | 489 |
Net interest income after provision for loan losses | 7,029 | 6,347 | 21,042 | 18,239 |
Noninterest income | ' | ' | ' | ' |
Gains and fees from sales of loans | 366 | 972 | 1,008 | 1,737 |
Service charges and fees | 153 | 100 | 420 | 297 |
Bank owned life insurance | 135 | ' | 305 | ' |
Net gain on sale of available for sale securities | ' | ' | ' | 648 |
Gain (loss) on sale of foreclosed real estate, net | ' | -16 | ' | 49 |
Other | 103 | 27 | 475 | 141 |
Total noninterest income | 757 | 1,083 | 2,208 | 2,872 |
Noninterest expense | ' | ' | ' | ' |
Salaries and employee benefits | 2,786 | 2,894 | 9,412 | 8,146 |
Occupancy and equipment | 1,066 | 836 | 3,162 | 2,410 |
Professional services | 394 | 422 | 1,035 | 1,212 |
Data processing | 314 | 280 | 949 | 787 |
Director fees | 177 | 142 | 460 | 426 |
Merger and acquisition related expenses | 145 | ' | 408 | 64 |
Marketing | 135 | 378 | 463 | 776 |
FDIC insurance | 120 | 36 | 345 | 267 |
Amortization of intangibles | 27 | ' | 80 | ' |
Foreclosed real estate | 9 | 1 | 21 | 4 |
Other | 357 | 342 | 1,134 | 950 |
Total noninterest expense | 5,530 | 5,331 | 17,469 | 15,042 |
Income before income tax expense | 2,256 | 2,099 | 5,781 | 6,069 |
Income tax expense | 765 | 780 | 1,940 | 2,270 |
Net income | 1,491 | 1,319 | 3,841 | 3,799 |
Net income attributable to common shareholders | $1,441 | $1,271 | $3,677 | $3,660 |
Earnings per common share - basic (in dollars per share) | $0.22 | $0.38 | $0.72 | $1.12 |
Earnings per common share - diluted (in dollars per share) | $0.22 | $0.37 | $0.72 | $1.10 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income - (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $1,491 | $1,319 | $3,841 | $3,799 |
Unrealized gains (losses) on securities: | ' | ' | ' | ' |
Unrealized holding gains (losses) on available for sale securities | -253 | -13 | 180 | -920 |
Reclassification adjustment for (gain) loss realized in net income | ' | ' | ' | -648 |
Net change in unrealized gain (loss) | -253 | -13 | 180 | -1,568 |
Tax effect - (expense) benefit | 99 | 5 | -70 | 610 |
Unrealized gains (losses) on securities, net of tax | -154 | -8 | 110 | -958 |
Unrealized gains (losses) on interest rate swap: | ' | ' | ' | ' |
Unrealized gains (losses) on interest rate swaps designated as cash flow hedge | 218 | ' | 111 | ' |
Tax effect - (expense) benefit | -85 | ' | -43 | ' |
Unrealized gains (losses) on interest rate swap | 133 | ' | 68 | ' |
Total other comprehensive income (loss) | -21 | -8 | 178 | -958 |
Comprehensive income | $1,470 | $1,311 | $4,019 | $2,841 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity - (Unaudited) (USD $) | Preferred Stock | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2012 | $10,980 | $38,117 | $926 | $1,511 | $51,534 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | ' | ' | 3,799 | ' | 3,799 |
Other comprehensive income (loss), net of tax | ' | ' | ' | -958 | -958 |
Preferred stock dividends | ' | ' | -84 | ' | -84 |
Stock based compensation expense | ' | 205 | ' | ' | 205 |
Capital from exercise of stock options | ' | 471 | ' | ' | 471 |
Capital from private placement | ' | 13,178 | ' | ' | 13,178 |
Balance at Sep. 30, 2013 | 10,980 | 51,971 | 4,641 | 553 | 68,145 |
Balance at Dec. 31, 2013 | 10,980 | 52,105 | 5,976 | 424 | 69,485 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | ' | ' | 3,841 | ' | 3,841 |
Other comprehensive income (loss), net of tax | ' | ' | ' | 178 | 178 |
Preferred stock dividends | ' | ' | -82 | ' | -82 |
Stock based compensation expense | ' | 164 | ' | ' | 164 |
Capital from exercise of stock options | ' | 207 | ' | ' | 207 |
Issuance of 2,702,703 shares, net of expenses | ' | 44,704 | ' | ' | 44,704 |
Balance at Sep. 30, 2014 | $10,980 | $97,180 | $9,735 | $602 | $118,497 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity - (Unaudited) (Parentheticals) | 9 Months Ended |
Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Number of common shares issued | 2,702,703 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows - (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $3,841 | $3,799 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net amortization of premiums and discounts on investment securities | 82 | 151 |
Provision for loan losses | 847 | 489 |
Benefit for deferred taxes | -213 | -43 |
Net gain on sales of available for sale securities | ' | -648 |
Depreciation and amortization | 835 | 440 |
Increase in cash surrender value of bank-owned life insurance | -305 | ' |
Loans originated for sale | -22,465 | -59,580 |
Proceeds from sales of loans | 23,572 | 61,316 |
Net gain on sales of loans | -1,008 | -1,737 |
Equity-based compensation | 164 | 205 |
Net accretion of purchase accounting adjustments | -352 | ' |
Gain on sale of foreclosed real estate | ' | -49 |
Net change in: | ' | ' |
Deferred loan fees | 583 | 297 |
Accrued interest receivable | -311 | -55 |
Other assets | -3,524 | -71 |
Accrued expenses and other liabilities | 167 | -1,390 |
Net cash provided by operating activities | 1,913 | 3,124 |
Cash flows from investing activities | ' | ' |
Proceeds from principal repayments on available for sale securities | 3,307 | 638 |
Proceeds from principal repayments on held to maturity securities | 2,308 | 145 |
Net proceeds from sales and calls of available for sale securities | 1,620 | 10,194 |
Purchases of held to maturity securities | ' | -7,700 |
Purchase of available for sale securities | -43,763 | ' |
Purchase of bank-owned life insurance | -12,500 | ' |
Net increase in loans | -109,323 | -54,334 |
Purchases of premises and equipment | -1,562 | -450 |
Purchase of Federal Home Loan Bank stock | ' | -134 |
Proceeds from sale of foreclosed real estate | ' | 1,011 |
Net cash used by investing activities | -159,913 | -50,630 |
Cash flows from financing activities | ' | ' |
Net change in time certificates of deposit | 38,569 | 68,400 |
Net change in other deposits | -4,845 | 13,643 |
Net proceeds (repayments) from short term FHLB advances | 40,000 | -13,000 |
Net proceeds (repayments) from long term FHLB advances | -7,000 | -13,000 |
Proceeds from issuance of common stock | 44,704 | 13,178 |
Proceeds from exercise of options | 207 | 471 |
Dividends paid on preferred stock | -82 | -84 |
Net cash provided by financing activities | 111,553 | 69,608 |
Net increase (decrease) in cash and cash equivalents | -46,447 | 22,102 |
Cash and cash equivalents: | ' | ' |
Beginning of year | 82,013 | 28,927 |
End of period | 35,566 | 51,029 |
Cash paid for: | ' | ' |
Interest | 2,742 | 1,872 |
Income taxes | $450 | $2,042 |
NATURE_OF_OPERATIONS_AND_SUMMA
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
1 | Nature of Operations and Summary of Significant Accounting Policies | |
Bankwell Financial Group, Inc. (the “Company” or “Bankwell”) is a bank holding company headquartered in New Canaan, Connecticut. The Company offers a broad range of financial services through its banking subsidiary, Bankwell Bank, (the “Bank”). The Bank was originally chartered as two separate banks, The Bank of New Canaan (“BNC”) and The Bank of Fairfield (“TBF”). In September 2013, BNC and TBF were merged and rebranded as “Bankwell Bank.” In November 2013, the Bank acquired The Wilton Bank (“Wilton”), which added one branch and approximately $25.1 million in loans and $64.2 million in deposits. See Note 12, Mergers and Acquisitions, for further information on the acquisition. | ||
The Bank is a Connecticut state chartered commercial bank, founded in 2002, whose deposits are insured under the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation (“FDIC”). The Bank provides a full range of banking services to commercial and consumer customers, primarily concentrated in the Fairfield County region of Connecticut, with branch locations in New Canaan, Stamford, Fairfield and Wilton Connecticut. The Company has received approval from its regulators to establish a branch location in Norwalk, Connecticut, which is expected to open in the first quarter of 2015. In addition, The Company acquired Quinnipiac Bank and Trust Company on October 1, 2014. The acquisition expanded the Company’s branch locations to New Haven County, Connecticut, adding a branch in Hamden Connecticut and North Haven, Connecticut. See note 13, Subsequent Events for further information about the merger with Quinnipiac Bank and Trust Company. | ||
Principles of consolidation | ||
The consolidated interim financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Use of estimates | ||
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the interim consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities as of the date of the balance sheet and revenue and expenses for the period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to deferred taxes, the fair values of financial instruments and the determination of the allowance for loan losses. | ||
Basis of consolidated financial statement presentation | ||
The unaudited consolidated financial statements presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Rule 10-1 of Regulation S-X and do not include all of the information and note disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying unaudited interim consolidated financial statements have been included. Interim results are not necessarily reflective of the results that may be expected for the year ending December 31, 2014. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Registration Statement on Form S-1 for the year ended December 31, 2013. | ||
Significant concentrations of credit risk | ||
Most of the Company’s activities are with customers located within Fairfield County and the surrounding region of Connecticut, and declines in property values in these areas could significantly impact the Company. The Company has significant concentrations in commercial real estate loans. Management does not believe they present any special risk. The Company does not have any significant concentrations in any one industry or customer. | ||
Derivative Instruments | ||
The Company enters into interest rate swap agreements as part of the Company’s interest rate risk management strategy. Management applies the hedge accounting provisions of Accounting Standards Codification (“ASC”) Topic 815, and formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking the various hedges. Additionally, the Company uses dollar offset or regression analysis at the hedge’s inception and for each reporting period thereafter, to assess whether the derivative used in its hedging transaction is expected to be and has been highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative is not expected to be or has ceased to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship. | ||
The Company has characterized all of its interest rate swaps that qualify under Topic 815 hedge accounting as cash flow hedges. Cash flow hedges are used to minimize the variability in cash flows of assets or liabilities, or forecasted transactions caused by interest rate fluctuations, and are recorded at fair value in other assets within the consolidated balance sheet. Changes in the fair value of these cash flow hedges are initially recorded in accumulated other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. Any hedge ineffectiveness assessed as part of the Company’s quarterly analysis is recorded directly to earnings. | ||
Reclassification | ||
Certain prior period amounts have been reclassified to conform to the 2014 financial statement presentation. These reclassifications only changed the reporting categories and did not affect the results of operations or consolidated financial position. | ||
Recent accounting pronouncements | ||
The following section includes changes in accounting principles and potential effects of new accounting guidance and pronouncements. | ||
ASU No. 2013-11-Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). | ||
As a result of applying this ASU, an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss (“NOL”) or other tax credit carryforward when settlement in this manner is available under the tax law. The assessment of whether settlement is available under the tax law would be based on facts and circumstances as of the balance sheet reporting date and would not consider future events (e.g., upcoming expiration of related NOL carryforwards). This classification should not affect an entity’s analysis of the realization of its deferred tax assets. Gross presentation in the roll forward of unrecognized tax positions in the notes to the financial statements will still be required. For the Company, the update was effective prospectively for annual reporting periods beginning on or after January 1, 2014, and interim periods within those annual periods. Retrospective application is permitted. Adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | ||
ASU No. 2014-04 - Troubled Debt Restructuring by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). | ||
The amendments in this update apply to all creditors who obtain physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The objective of the amendments in this update is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to requirements of the applicable jurisdiction. The amendments in this update are effective for the Company for annual reporting periods beginning on or after January 1, 2015, and interim periods within those annual periods. Adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | ||
ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 660). | ||
This update requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | ||
ASU No. 2014-12 - Compensation-Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period a consensus of the FASB Emerging Issues Task Force. | ||
The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The amendments in this update are effective for the Company for annual periods and interim periods beginning on or after January 1, 2016. Earlier adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | ||
ASU No. 2014-14 - Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure a Consensus of the FASB Emerging Issues Task Force. | ||
The objective of this update is to reduce the diversity in classification of government-guaranteed mortgage loans, including FHA or VA guaranteed loans, upon foreclosure. The amendments in this update are effective for the Company for annual periods and interim periods beginning on or after January 1, 2016. Earlier adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENT SECURITIES | ' | ||||||||||||||||||||||||
2 | Investment Securities | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities at September 30, 2014 were as follows: | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | |||||||||||||||||||||||||
Due from one through five years | $ | 4,994 | $ | 5 | $ | (59 | ) | $ | 4,940 | ||||||||||||||||
Due from five through ten years | 20,995 | 15 | (174 | ) | 20,836 | ||||||||||||||||||||
Due after ten years | 7,961 | 2 | (4 | ) | 7,959 | ||||||||||||||||||||
33,950 | 22 | (237 | ) | 33,735 | |||||||||||||||||||||
State agency and municipal obligations | |||||||||||||||||||||||||
Due from five through ten years | 9,314 | 248 | (63 | ) | 9,499 | ||||||||||||||||||||
Due after ten years | 7,244 | 562 | (4 | ) | 7,802 | ||||||||||||||||||||
16,558 | 810 | (67 | ) | 17,301 | |||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||
Due in less than one year | 1,000 | 6 | - | 1,006 | |||||||||||||||||||||
Due from one through five years | 8,206 | 338 | (9 | ) | 8,535 | ||||||||||||||||||||
Due from five through ten years | 6,126 | - | (70 | ) | 6,056 | ||||||||||||||||||||
15,332 | 344 | (79 | ) | 15,597 | |||||||||||||||||||||
Government-sponsored mortgage-backed securities | 822 | 82 | - | 904 | |||||||||||||||||||||
Total available for sale securities | $ | 66,662 | $ | 1,258 | $ | (383 | ) | $ | 67,537 | ||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,013 | $ | 1 | $ | - | $ | 1,014 | |||||||||||||||||
Due from one through five years | |||||||||||||||||||||||||
State agency and municipal obligations | 9,210 | - | - | 9,210 | |||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||
Corporate bonds | 1,000 | 2 | - | 1,002 | |||||||||||||||||||||
Due from five through ten years | |||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 279 | 34 | - | 313 | |||||||||||||||||||||
Total held to maturity securities | $ | 11,502 | $ | 37 | $ | - | $ | 11,539 | |||||||||||||||||
The amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities at December 31, 2013 were as follows: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | |||||||||||||||||||||||||
Due from one through five years | $ | 1,000 | $ | - | $ | (17 | ) | $ | 983 | ||||||||||||||||
Due from five through ten years | 4,997 | - | (292 | ) | 4,705 | ||||||||||||||||||||
5,997 | - | (309 | ) | 5,688 | |||||||||||||||||||||
State agency and municipal obligations | |||||||||||||||||||||||||
Due from five through ten years | 3,125 | 152 | - | 3,277 | |||||||||||||||||||||
Due after ten years | 8,480 | 375 | - | 8,855 | |||||||||||||||||||||
11,605 | 527 | - | 12,132 | ||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||
Due from one through five years | 9,166 | 411 | (11 | ) | 9,566 | ||||||||||||||||||||
Government-sponsored mortgage-backed securities | 1,133 | 78 | - | 1,211 | |||||||||||||||||||||
Total available for sale securities | $ | 27,901 | $ | 1,016 | $ | (320 | ) | $ | 28,597 | ||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,021 | $ | - | $ | (2 | ) | $ | 1,019 | ||||||||||||||||
Due from one through five years | |||||||||||||||||||||||||
State agency and municipal obligations | 11,461 | - | - | 11,461 | |||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||
Corporate bonds | 1,000 | - | (27 | ) | 973 | ||||||||||||||||||||
Due from five through ten years | |||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 334 | 28 | - | 362 | |||||||||||||||||||||
Total held to maturity securities | $ | 13,816 | $ | 28 | $ | (29 | ) | $ | 13,815 | ||||||||||||||||
There were no sales of, or realized gains or losses on investment securities during the three and nine months ended September 30, 2014. The realized gain on the sale of investment securities totaled $0 and $648 thousand for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, securities with approximate fair values of $6.8 million and $6.2 million, respectively, were pledged as collateral for public deposits. | |||||||||||||||||||||||||
The following table provides information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Length of Time in Continuous Unrealized Loss Position | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 16,947 | $ | (54 | ) | $ | 5,815 | $ | (183 | ) | $ | 22,762 | $ | (237 | ) | ||||||||||
State agency & municipal obligations | 3,024 | (67 | ) | - | - | 3,024 | (67 | ) | |||||||||||||||||
Corporate bonds | 7,053 | (73 | ) | 993 | (6 | ) | 8,046 | (79 | ) | ||||||||||||||||
Total investment securities | $ | 27,024 | $ | (194 | ) | $ | 6,808 | $ | (189 | ) | $ | 33,832 | $ | (383 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 5,797 | $ | (222 | ) | $ | 910 | $ | (89 | ) | $ | 6,707 | $ | (311 | ) | ||||||||||
Corporate bonds | - | - | 1,961 | (38 | ) | 1,961 | (38 | ) | |||||||||||||||||
Total investment securities | $ | 5,797 | $ | (222 | ) | $ | 2,871 | $ | (127 | ) | $ | 8,668 | $ | (349 | ) | ||||||||||
There were thirty one and eight individual investment securities as of September 30, 2014 and December 31 2013, respectively, in which the fair value of the security was less than the amortized cost of the security. Management believes the unrealized losses are temporary and are the result of recent market conditions, and determined that there has been no deterioration in credit quality subsequent to purchase. | |||||||||||||||||||||||||
The U.S. Government and agency obligations owned are either direct obligations of the U.S. Government or are issued by one of the shareholder-owned corporations chartered by the U.S. Government and therefore the contractual cash flows are guaranteed. The Company continually monitors its municipal bond portfolio and at this time this portfolio has minimal default risk because corporate and municipal bonds are all rated above investment grade. The U.S. Government and agency obligations, state agency and municipal bonds, and corporate bonds have experienced declines due to general market conditions. Management determined that there has been no deterioration in credit quality subsequent to purchase and believes that unrealized losses are temporary, resulting from recent market conditions. |
LOANS_RECEIVABLE_AND_ALLOWANCE
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ' | ||||||||||||||||||||||||||||||||
3 | Loans Receivable and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
Loans acquired in connection with the Wilton acquisition in November 2013 are referred to as “acquired” loans as a result of the manner in which they are accounted for. All other loans are referred to as “originated” loans. Accordingly, selected credit quality disclosures that follow are presented separately for the originated loan portfolio and the acquired loan portfolio. | |||||||||||||||||||||||||||||||||
The following table sets forth a summary of the loan portfolio at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(In thousands) | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential | $ | 167,362 | $ | - | $ | 167,362 | $ | 155,874 | $ | - | $ | 155,874 | |||||||||||||||||||||
Commercial | 394,004 | 6,911 | 400,915 | 305,823 | 9,939 | 315,762 | |||||||||||||||||||||||||||
Construction | 52,387 | 893 | 53,280 | 44,187 | 7,308 | 51,495 | |||||||||||||||||||||||||||
Home equity | 9,539 | 3,294 | 12,833 | 9,625 | 3,872 | 13,497 | |||||||||||||||||||||||||||
623,292 | 11,098 | 634,390 | 515,509 | 21,119 | 536,628 | ||||||||||||||||||||||||||||
Commercial business | 105,123 | 2,038 | 107,161 | 92,173 | 2,374 | 94,547 | |||||||||||||||||||||||||||
Consumer | 190 | 343 | 533 | 225 | 612 | 837 | |||||||||||||||||||||||||||
Total loans | 728,605 | 13,479 | 742,084 | 607,907 | 24,105 | 632,012 | |||||||||||||||||||||||||||
Allowance for loan losses | (9,552 | ) | - | (9,552 | ) | (8,382 | ) | - | (8,382 | ) | |||||||||||||||||||||||
Deferred loan origination fees, net | (2,400 | ) | - | (2,400 | ) | (1,785 | ) | (31 | ) | (1,816 | ) | ||||||||||||||||||||||
Unamortized loan premiums | 16 | - | 16 | 16 | - | 16 | |||||||||||||||||||||||||||
Loans receivable, net | $ | 716,669 | $ | 13,479 | $ | 730,148 | $ | 597,756 | $ | 24,074 | $ | 621,830 | |||||||||||||||||||||
Lending activities are conducted principally in the Fairfield County region of Connecticut, and consist of residential and commercial real estate loans, commercial business loans and a variety of consumer loans. Loans may also be granted for the construction of residential homes and commercial properties. All residential and commercial mortgage loans are collateralized by first or second mortgages on real estate. | |||||||||||||||||||||||||||||||||
The following table summarizes activity in the accretable yields for the acquired loan portfolio for the three and nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 817 | |||||||||||||||||||||||||||||||
Acquisition | - | ||||||||||||||||||||||||||||||||
Accretion | (81 | ) | |||||||||||||||||||||||||||||||
Other (a) | - | ||||||||||||||||||||||||||||||||
Balance at end of period | $ | 736 | |||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,418 | |||||||||||||||||||||||||||||||
Acquisition | - | ||||||||||||||||||||||||||||||||
Accretion | (338 | ) | |||||||||||||||||||||||||||||||
Other (a) | (344 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | $ | 736 | |||||||||||||||||||||||||||||||
a) | Represents changes in cash flows expected to be collected due to loan sales or payoffs. | ||||||||||||||||||||||||||||||||
Risk management | |||||||||||||||||||||||||||||||||
The Company has established credit policies applicable to each type of lending activity in which it engages. The Company evaluates the creditworthiness of each customer and, in most cases, extends credit of up to 80% of the market value of the collateral, depending on the borrowers’ creditworthiness and the type of collateral. The market value of collateral is monitored on an ongoing basis and additional collateral is obtained when warranted. Real estate is the primary form of collateral. Other important forms of collateral are business assets, time deposits and marketable securities. While collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment to be based on the borrower’s ability to generate continuing cash flows. The Company's policy for residential lending allows that, generally, the amount of the loan may not exceed 80% of the original appraised value of the property. In certain situations, the amount may be up to 90-95% LTV either with private mortgage insurance being required for that portion of the residential loan in excess of 80% of the appraised value of the property or where secondary financing is provided by a housing authority program second mortgage, a community's low/moderate income housing program, or a religious or civic organization. Private mortgage insurance is required for that portion of the residential loan in excess of 80% of the appraised value of the property. | |||||||||||||||||||||||||||||||||
Credit quality of loans and the allowance for loan losses | |||||||||||||||||||||||||||||||||
Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Company develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. | |||||||||||||||||||||||||||||||||
The Company’s loan portfolio is segregated into the following portfolio segments: | |||||||||||||||||||||||||||||||||
Residential Real Estate: This portfolio segment consists of the origination of first mortgage loans secured by one-to four-family owner occupied residential properties and residential construction loans to individuals to finance the construction of residential dwellings for personal use located in our market area. | |||||||||||||||||||||||||||||||||
Commercial Real Estate: This portfolio segment includes loans secured by commercial real estate, non-owner occupied one-to four-family and multi-family dwellings for property owners and businesses in our market area. Loans secured by commercial real estate generally have larger loan balances and more credit risk than owner occupied one-to four-family mortgage loans. | |||||||||||||||||||||||||||||||||
Construction: This portfolio segment includes commercial construction loans for commercial development projects, including condominiums, apartment buildings, and single family subdivisions as well as office buildings, retail and other income producing properties and land loans, which are loans made with land as security. Construction and land development financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost proves to be inaccurate, the Company may be required to advance additional funds beyond the amount originally committed in order to protect the value of the property. Moreover, if the estimated value of the completed project proves to be inaccurate, the borrower may hold a property with a value that is insufficient to assure full repayment. Construction loans also expose the Company to the risks that improvements will not be completed on time in accordance with specifications and projected costs and that repayment will depend on the successful operation or sale of the properties, which may cause some borrowers to be unable to continue with debt service which exposes the Company to greater risk of non-payment and loss. | |||||||||||||||||||||||||||||||||
Home Equity: This portfolio segment primarily includes home equity loans and home equity lines of credit secured by owner occupied one-to four-family residential properties. Loans of this type are written at a maximum of 80% of the appraised value of the property and the Company requires a second lien position on the property. These loans can be affected by economic conditions and the values of the underlying properties. | |||||||||||||||||||||||||||||||||
Commercial Business: This portfolio segment includes commercial business loans secured by assignments of corporate assets and personal guarantees of the business owners. Commercial business loans generally have higher interest rates and shorter terms than other loans, but they also may involve higher average balances, increased difficulty of loan monitoring and a higher risk of default since their repayment generally depends on the successful operation of the borrower’s business. | |||||||||||||||||||||||||||||||||
Consumer: This portfolio segment includes loans secured by savings or certificate accounts, or automobiles, as well as unsecured personal loans and overdraft lines of credit. This type of loan entails greater risk than residential mortgage loans, particularly in the case of loans that are unsecured or secured by assets that depreciate rapidly. | |||||||||||||||||||||||||||||||||
An unallocated component is maintained, when needed, 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. The unallocated allowance is used to provide for an unidentified loss that may exist in emerging problem loans that cannot be fully quantified or may be affected by conditions not fully understood as of the balance sheet date. The unallocated allowance was $0 at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||
The following tables set forth the activity in the Company’s allowance for loan losses for the three and nine months ended September 30, 2014 and 2013, by portfolio segment: | |||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,392 | $ | 4,024 | $ | 776 | $ | 188 | $ | 2,291 | $ | 6 | $ | 307 | $ | 8,984 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||
Provisions | 19 | 637 | 115 | 3 | 100 | - | (307 | ) | 567 | ||||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provisions | - | - | - | - | (1 | ) | - | - | (1 | ) | |||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,392 | $ | 4,024 | $ | 776 | $ | 188 | $ | 2,292 | $ | 6 | $ | 307 | $ | 8,985 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||
Provisions | 19 | 637 | 115 | 3 | 99 | - | (307 | ) | 566 | ||||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,326 | $ | 3,672 | $ | 1,013 | $ | 213 | $ | 1,766 | $ | 91 | $ | 143 | 8,224 | ||||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | 6 | - | 6 | |||||||||||||||||||||||||
Provisions | 143 | (81 | ) | (85 | ) | (1 | ) | 286 | (87 | ) | (128 | ) | 47 | ||||||||||||||||||||
Ending balance | $ | 1,469 | $ | 3,591 | $ | 928 | $ | 212 | $ | 2,052 | $ | 10 | $ | 15 | $ | 8,277 | |||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,310 | $ | 3,616 | $ | 1,032 | $ | 190 | $ | 2,225 | $ | 9 | $ | - | $ | 8,382 | |||||||||||||||||
Charge-offs | - | - | - | - | - | (1 | ) | - | (1 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | 424 | - | 424 | |||||||||||||||||||||||||
Provisions | 101 | 1,045 | (141 | ) | 1 | 166 | (425 | ) | - | 747 | |||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Charge-offs | - | - | (100 | ) | - | - | - | - | (100 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provisions | - | - | 100 | - | - | - | - | 100 | |||||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,310 | $ | 3,616 | $ | 1,032 | $ | 190 | $ | 2,225 | $ | 9 | $ | - | $ | 8,382 | |||||||||||||||||
Charge-offs | - | - | (100 | ) | - | - | (1 | ) | - | (101 | ) | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | 424 | - | 424 | |||||||||||||||||||||||||
Provisions | 101 | 1,045 | (41 | ) | 1 | 166 | (425 | ) | - | 847 | |||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,230 | $ | 3,842 | $ | 929 | $ | 220 | $ | 1,718 | $ | 2 | $ | - | $ | 7,941 | |||||||||||||||||
Charge-offs | - | (166 | ) | - | - | - | (3 | ) | - | (169 | ) | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | 16 | - | 16 | |||||||||||||||||||||||||
Provisions | 239 | (85 | ) | (1 | ) | (8 | ) | 334 | (5 | ) | 15 | 489 | |||||||||||||||||||||
Ending balance | $ | 1,469 | $ | 3,591 | $ | 928 | $ | 212 | $ | 2,052 | $ | 10 | $ | 15 | $ | 8,277 | |||||||||||||||||
With respect to the originated portfolio, the allocation to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. | |||||||||||||||||||||||||||||||||
The following tables are a summary, by portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio balances at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Originated Loans | Acquired Loans | Total | |||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 864 | $ | - | $ | - | $ | - | $ | 864 | $ | - | |||||||||||||||||||||
Commercial real estate | 2,895 | 22 | - | - | 2,895 | 22 | |||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||
Home equity | 94 | - | - | - | 94 | - | |||||||||||||||||||||||||||
Commercial business | 1,977 | 17 | 631 | - | 2,608 | 17 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Subtotal | $ | 5,830 | $ | 39 | $ | 631 | $ | - | $ | 6,461 | $ | 39 | |||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 166,498 | $ | 1,411 | $ | - | $ | - | $ | 166,498 | $ | 1,411 | |||||||||||||||||||||
Commercial real estate | 391,109 | 4,639 | 6,911 | - | 398,020 | 4,639 | |||||||||||||||||||||||||||
Construction | 52,387 | 891 | 893 | - | 53,280 | 891 | |||||||||||||||||||||||||||
Home equity | 9,445 | 191 | 3,294 | - | 12,739 | 191 | |||||||||||||||||||||||||||
Commercial business | 103,146 | 2,374 | 1,407 | - | 104,553 | 2,374 | |||||||||||||||||||||||||||
Consumer | 190 | 7 | 343 | - | 533 | 7 | |||||||||||||||||||||||||||
Subtotal | $ | 722,775 | $ | 9,513 | $ | 12,848 | $ | - | $ | 735,623 | $ | 9,513 | |||||||||||||||||||||
Unallocated Allowance | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total | $ | 728,605 | $ | 9,552 | $ | 13,479 | $ | - | $ | 742,084 | $ | 9,552 | |||||||||||||||||||||
Originated Loans | Acquired Loans | Total | |||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,867 | $ | 73 | $ | - | $ | - | $ | 1,867 | $ | 73 | |||||||||||||||||||||
Commercial real estate | 1,117 | 56 | - | - | 1,117 | 56 | |||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||
Home equity | 97 | 4 | - | - | 97 | 4 | |||||||||||||||||||||||||||
Commercial business | 642 | 12 | - | - | 642 | 12 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Subtotal | $ | 3,723 | $ | 145 | $ | - | $ | - | $ | 3,723 | $ | 145 | |||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 154,007 | $ | 1,237 | $ | - | $ | - | $ | 154,007 | $ | 1,237 | |||||||||||||||||||||
Commercial real estate | 304,706 | 3,560 | 9,939 | - | 314,645 | 3,560 | |||||||||||||||||||||||||||
Construction | 44,187 | 1,032 | 7,308 | - | 51,495 | 1,032 | |||||||||||||||||||||||||||
Home equity | 9,528 | 187 | 3,872 | - | 13,400 | 187 | |||||||||||||||||||||||||||
Commercial business | 91,531 | 2,212 | 2,374 | - | 93,905 | 2,212 | |||||||||||||||||||||||||||
Consumer | 225 | 9 | 612 | - | 837 | 9 | |||||||||||||||||||||||||||
Subtotal | $ | 604,184 | $ | 8,237 | $ | 24,105 | $ | - | $ | 628,289 | $ | 8,237 | |||||||||||||||||||||
Total | $ | 607,907 | $ | 8,382 | $ | 24,105 | $ | - | $ | 632,012 | $ | 8,382 | |||||||||||||||||||||
Credit quality indicators | |||||||||||||||||||||||||||||||||
The Company’s policies provide for the classification of loans into the following categories: pass, special mention, substandard, doubtful and loss. Consistent with regulatory guidelines, loans that are considered to be of lesser quality are classified as substandard, doubtful, or loss assets. A loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans include those loans characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loans classified as loss are those considered uncollectible and of such little value that their continuance as loans is not warranted. Loans that do not expose the Company to risk sufficient to warrant classification in one of the aforementioned categories, but which possess potential weaknesses that deserve close attention, are designated as special mention. | |||||||||||||||||||||||||||||||||
Loans that are considered to be impaired are analyzed to determine whether a loss is possible and if so, a calculation is performed to determine the possible loss amount. If it is determined that the loss amount is $0, no reserve is held against the asset. If a loss is calculated, then a specific reserve for that asset is determined. | |||||||||||||||||||||||||||||||||
The following tables are a summary of the loan portfolio quality indicators by portfolio segment at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Commercial Credit Quality Indicators | |||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||
Real Estate | Construction | Business | Real Estate | Construction | Business | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 387,877 | $ | 52,387 | $ | 99,354 | $ | 304,469 | $ | 44,187 | $ | 91,093 | |||||||||||||||||||||
Special mention | 1,571 | - | 5,191 | 237 | - | 438 | |||||||||||||||||||||||||||
Substandard | 4,556 | - | 578 | 1,117 | - | 642 | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total originated loans | 394,004 | 52,387 | 105,123 | 305,823 | 44,187 | 92,173 | |||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | 5,878 | - | 1,138 | 9,580 | 4,639 | 1,806 | |||||||||||||||||||||||||||
Special mention | - | - | 53 | 24 | 161 | 252 | |||||||||||||||||||||||||||
Substandard | 1,033 | 893 | 847 | 335 | 2,508 | 316 | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total acquired loans | 6,911 | 893 | 2,038 | 9,939 | 7,308 | 2,374 | |||||||||||||||||||||||||||
Total | $ | 400,915 | $ | 53,280 | $ | 107,161 | $ | 315,762 | $ | 51,495 | $ | 94,547 | |||||||||||||||||||||
Residential and Consumer Credit Quality Indicators | |||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||
Real Estate | Home Equity | Consumer | Real Estate | Home Equity | Consumer | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 166,498 | $ | 9,372 | $ | 190 | $ | 153,443 | $ | 9,447 | $ | 225 | |||||||||||||||||||||
Special mention | 864 | 167 | - | 2,431 | 178 | - | |||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total originated loans | 167,362 | 9,539 | 190 | 155,874 | 9,625 | 225 | |||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | - | 3,294 | 343 | - | 3,826 | 469 | |||||||||||||||||||||||||||
Special mention | - | - | - | - | - | 143 | |||||||||||||||||||||||||||
Substandard | - | - | - | - | 46 | - | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total acquired loans | - | 3,294 | 343 | - | 3,872 | 612 | |||||||||||||||||||||||||||
Total | $ | 167,362 | $ | 12,833 | $ | 533 | $ | 155,874 | $ | 13,497 | $ | 837 | |||||||||||||||||||||
Loan portfolio aging analysis | |||||||||||||||||||||||||||||||||
When a loan is 15 days past due, the Company sends the borrower a late notice. The Company also contacts the borrower by phone if the delinquency is not corrected promptly after the notice has been sent. When the loan is 30 days past due, the Company mails the borrower a letter reminding the borrower of the delinquency, and attempts to contact the borrower personally to determine the reason for the delinquency and ensure the borrower understands the terms of the loan. If necessary, subsequent delinquency notices are issued and the account will be monitored on a regular basis thereafter. By the 90th day of delinquency, the Company will send the borrower a final demand for payment and may recommend foreclosure. A summary report of all loans 30 days or more past due is provided to the board of directors of the Company each month. Loans greater than 90 days past due are generally put on nonaccrual status. A nonaccrual loan is restored to accrual status when it is no longer delinquent and collectability of interest and principal is no longer in doubt. A loan is considered to be no longer delinquent when timely payments are made for a period of at least six months (one year for loans providing for quarterly or semi-annual payments) by the borrower in accordance with the contractual terms. | |||||||||||||||||||||||||||||||||
The following tables set forth certain information with respect to our loan portfolio delinquencies by portfolio segment and amount as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount > 90 | |||||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than | Total Past | Days and | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Accruing | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | - | $ | - | $ | - | $ | 167,362 | $ | - | |||||||||||||||||||||
Commercial real estate | - | - | 1,102 | 1,102 | 392,902 | - | |||||||||||||||||||||||||||
Construction | - | - | - | - | 52,387 | - | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 9,539 | - | |||||||||||||||||||||||||||
Commercial business | - | - | - | - | 105,123 | - | |||||||||||||||||||||||||||
Consumer | - | 1 | - | 1 | 189 | - | |||||||||||||||||||||||||||
Total originated loans | - | 1 | 1,102 | 1,103 | 727,502 | - | |||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial real estate | - | - | 416 | 416 | 6,495 | 416 | |||||||||||||||||||||||||||
Construction | - | - | 893 | 893 | - | 893 | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 3,294 | - | |||||||||||||||||||||||||||
Commercial business | - | - | - | - | 2,038 | - | |||||||||||||||||||||||||||
Consumer | 1 | - | - | 1 | 342 | - | |||||||||||||||||||||||||||
Total acquired loans | 1 | - | 1,309 | 1,310 | 12,169 | 1,309 | |||||||||||||||||||||||||||
Total loans | $ | 1 | $ | 1 | $ | 2,411 | $ | 2,413 | $ | 739,671 | $ | 1,309 | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount > 90 | |||||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than | Total Past | Days and | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Accruing | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | - | $ | 1,003 | $ | 1,003 | $ | 154,871 | $ | - | |||||||||||||||||||||
Commercial real estate | - | - | - | - | 305,823 | - | |||||||||||||||||||||||||||
Construction | - | - | - | - | 44,187 | - | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 9,625 | - | |||||||||||||||||||||||||||
Commercial business | - | - | - | - | 92,173 | - | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 225 | - | |||||||||||||||||||||||||||
Total originated loans | - | - | 1,003 | 1,003 | 606,904 | - | |||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial real estate | - | - | 797 | 797 | 9,142 | 797 | |||||||||||||||||||||||||||
Construction | - | - | 2,508 | 2,508 | 4,800 | 2,508 | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 3,872 | - | |||||||||||||||||||||||||||
Commercial business | - | - | 315 | 315 | 2,059 | 315 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 612 | - | |||||||||||||||||||||||||||
Total acquired loans | - | - | 3,620 | 3,620 | 20,485 | 3,620 | |||||||||||||||||||||||||||
Total loans | $ | - | $ | - | $ | 4,623 | $ | 4,623 | $ | 627,389 | $ | 3,620 | |||||||||||||||||||||
Loans on nonaccrual status | |||||||||||||||||||||||||||||||||
The following is a summary of nonaccrual loans by portfolio segment as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,003 | |||||||||||||||||||||||||||||
Commercial real estate | 1,246 | - | |||||||||||||||||||||||||||||||
Total | $ | 1,246 | $ | 1,003 | |||||||||||||||||||||||||||||
The amount of income that was contractually due but not recognized on originated nonaccrual loans totaled $51 thousand, and $67 thousand, respectively for the nine months ended September 30, 2014, and 2013. The amount of income that was contractually due but not recognized on originated nonaccrual loans totaled $18 thousand, and $27 thousand, respectively for the three months ended September 30, 2014 and 2013. There was $4 thousand and $8 thousand actual interest income recognized on these loans for the nine months ended September 30, 2014, and 2013. | |||||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, there were no commitments to lend additional funds to any borrower on nonaccrual status. | |||||||||||||||||||||||||||||||||
The preceding table excludes acquired loans that are accounted for as purchased credit impaired loans totaling $1.9 million and $6.2 million, respectively at September 30, 2014 and December 31, 2013. Such loans otherwise meet the Company’s definition of a nonperforming loan but are excluded because the loans are included in loan pools that are considered performing. The discounts arising from recording these loans at fair value were due, in part, to credit quality. The acquired loans are accounted for on either a pool or individual basis and the accretable yield is being recognized as interest income over the life of the loans based on expected cash flows. | |||||||||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||||||
An impaired loan generally is one for which it is probable, based on current information, the Company will not collect all the amounts due under the contractual terms of the loan. Loans are individually evaluated for impairment. When the Company classifies a problem loan as impaired, it provides a specific valuation allowance for that portion of the asset that is deemed uncollectible. | |||||||||||||||||||||||||||||||||
The following table summarizes impaired loans by portfolio segment as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
Carrying | Unpaid Principal | Associated | |||||||||||||||||||||||||||||||
Amount | Balance | Allowance | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 864 | $ | - | $ | 864 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Commercial real estate | 2,440 | - | 2,455 | - | - | - | |||||||||||||||||||||||||||
Home equity | 94 | - | 94 | - | - | - | |||||||||||||||||||||||||||
Commercial business | 1,344 | - | 1,350 | - | - | - | |||||||||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 4,742 | $ | - | $ | 4,763 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,867 | $ | - | $ | 1,880 | $ | - | $ | 73 | |||||||||||||||||||||
Commercial real estate | 455 | 1,117 | 455 | 1,117 | 22 | 56 | |||||||||||||||||||||||||||
Home equity | - | 97 | - | 97 | - | 4 | |||||||||||||||||||||||||||
Commercial business | 633 | 642 | 633 | 642 | 17 | 12 | |||||||||||||||||||||||||||
Total impaired loans with a valuation allowance | $ | 1,088 | $ | 3,723 | $ | 1,088 | $ | 3,736 | $ | 39 | $ | 145 | |||||||||||||||||||||
Total originated impaired loans | $ | 5,830 | $ | 3,723 | $ | 5,851 | $ | 3,736 | $ | 39 | $ | 145 | |||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Commercial business | $ | 631 | $ | - | $ | 631 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 631 | $ | - | $ | 631 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Total acquired impaired loans | $ | 631 | $ | - | $ | 631 | $ | - | $ | - | $ | - | |||||||||||||||||||||
The following table summarizes the average recorded investment balance of impaired loans and interest income recognized on impaired loans by portfolio segment for the nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
Nine months ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 864 | $ | - | $ | 21 | $ | - | |||||||||||||||||||||||||
Commercial real estate | 1,714 | - | 21 | - | |||||||||||||||||||||||||||||
Home equity | 96 | - | 2 | - | |||||||||||||||||||||||||||||
Commercial business | 1,434 | - | 48 | - | |||||||||||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 4,108 | $ | - | $ | 92 | $ | - | |||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,900 | $ | - | $ | 29 | |||||||||||||||||||||||||
Commercial real estate | 459 | 1,131 | 24 | 38 | |||||||||||||||||||||||||||||
Home equity | 665 | 246 | - | 6 | |||||||||||||||||||||||||||||
Commercial business | - | 690 | 27 | 28 | |||||||||||||||||||||||||||||
Total impaired loans with a valuation allowance | $ | 1,124 | $ | 3,967 | $ | 51 | $ | 101 | |||||||||||||||||||||||||
Total originated impaired loans | $ | 5,232 | $ | 3,967 | $ | 143 | $ | 101 | |||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Commercial business | $ | 599 | $ | - | $ | 20 | $ | - | |||||||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 599 | $ | - | $ | 20 | $ | - | |||||||||||||||||||||||||
Total acquired impaired loans | $ | 599 | $ | - | $ | 20 | $ | - | |||||||||||||||||||||||||
Troubled debt restructurings (TDRs) | |||||||||||||||||||||||||||||||||
Modifications to a loan are considered to be a troubled debt restructuring when one or both of the following conditions is met: 1) the borrower is experiencing financial difficulties and/or 2) the modification constitutes a concession that is not in line with market rates and/or terms. Modified terms are dependent upon the financial position and needs of the individual borrower. Trouble debt restructurings are classified as impaired loans. If a performing loan is restructured into a TDR it remains in performing status. | |||||||||||||||||||||||||||||||||
If a nonperforming loan is restructured into a TDR, it continues to be carried in nonaccrual status. Nonaccrual classification may be removed if the borrower demonstrates compliance with the modified terms for a minimum of six months. Troubled debt restructured loans are reported as such for at least one year from the date of restructuring. In years after the restructuring, troubled debt restructured loans are removed from this classification if the restructuring agreement specifies a market rate of interest equal to that which would be provided to a borrower with similar credit at the time of restructuring and the loan is not deemed to be impaired based on the modified terms. | |||||||||||||||||||||||||||||||||
The recorded investment in TDRs was $2.1 million at September 30, 2014 and $1.6 million at December 31, 2013. | |||||||||||||||||||||||||||||||||
The following table presents loans whose terms were modified as TDRs during the periods presented: | |||||||||||||||||||||||||||||||||
Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||||||||||
Commercial business | 1 | - | $ | 241 | $ | - | $ | 241 | $ | - | |||||||||||||||||||||||
Total | 1 | - | $ | 241 | $ | - | $ | 241 | $ | - | |||||||||||||||||||||||
Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||
Commercial real estate | 2 | - | $ | 1,324 | $ | - | $ | 1,324 | $ | - | |||||||||||||||||||||||
Home equity | - | 1 | - | 94 | - | 94 | |||||||||||||||||||||||||||
Commercial business | 4 | - | 796 | - | 796 | - | |||||||||||||||||||||||||||
Total | 6 | 1 | $ | 2,120 | $ | 94 | $ | 2,120 | $ | 94 | |||||||||||||||||||||||
All TDRs at September 30, 2014 and December 31, 2013 were performing in compliance under their modified terms. | |||||||||||||||||||||||||||||||||
27 | |||||||||||||||||||||||||||||||||
Bankwell Financial Group, Inc. | |||||||||||||||||||||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Unaudited) | |||||||||||||||||||||||||||||||||
The following table provides information on how loans were modified as a TDR during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||
Three months | Nine months | ||||||||||||||||||||||||||||||||
Periods ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Maturity/amortization concession | $ | 241 | $ | - | $ | 962 | $ | 94 | |||||||||||||||||||||||||
Payment concession | $ | - | $ | - | $ | 1,158 | $ | - | |||||||||||||||||||||||||
Total | $ | 241 | $ | - | $ | 2,120 | $ | 94 | |||||||||||||||||||||||||
There was $1.1 million and no loans modified in a troubled debt restructuring, for which there was a payment default during the three or nine months ended September 30, 2014 and 2013, respectively. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
SHAREHOLDERS' EQUITY | ' |
4. Shareholders’ Equity | |
Common stock | |
On May 15, 2014, the Company priced 2,702,703 common shares in its initial public offering (“IPO”) at $18.00 per share, and on May 15, 2014, Bankwell common shares began trading on the Nasdaq Stock Market. The Company issued a total of 2,702,703 common shares in its IPO, which closed on May 20, 2014. The net proceeds from the IPO were approximately $44.7 million, after deducting the underwriting discount of approximately $2.5 million and approximately $1.3 million of expenses. | |
Between 2007 and 2013, four private placements for the sale of common stock were completed for the purpose of capitalizing the Company and allowing for continued growth. The private placement offerings were in addition to the initial and secondary offerings completed in 2002 and 2007, respectively. A total of 3,429,623 shares were issued and net proceeds of $47.8 million were received in connection with these offerings. | |
Preferred stock | |
In 2011, the Company elected to participate in the U.S. Treasury’s Small Business Lending Fund Program (“SBLF”). The SBLF is a $30 billion fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. The SBLF is intended to expand the ability to lend to small businesses, in order to help stimulate the economy and promote job growth. The transaction resulted in net capital proceeds to the Company of $5.9 million, of which at least 90% was invested in the Banks as Tier 1 Capital. | |
The Series C Preferred stock pays noncumulative dividends. The dividend rate on the Series C Preferred Stock for the initial ten quarterly dividend periods, commencing with the period ended September 30, 2011 and ending with the period ended December 31, 2013, was determined each quarter based on the increase in the Banks’ Qualified Small Business Lending over a baseline amount. The Company has paid dividends at a rate of 1.0% since issuance. For the eleventh quarterly dividend payment through four and one-half years after its issuance, the dividend rate on the Series C Preferred Stock will be fixed at the rate in effect at the end of the ninth quarterly dividend period, which is 1.0%. In the second quarter of 2016, four and one-half years from its issuance, the dividend rate will be fixed at 9.0% per annum. | |
The Series C Preferred Stock has no maturity date and ranks senior to the Company’s common stock with respect to the payment of dividends and distributions and amounts payable upon liquidation, dissolution and winding up of the Company. The Series C Preferred Stock is non-voting, other than voting rights on matters that could adversely affect the Series C Preferred Stock, and is redeemable at any time by the Company, subject to the approval of its federal banking regulator. The redemption price is the aggregate liquidation preference of the SBLF Preferred Stock plus accrued but unpaid dividends and pro rata portion of any lending incentive fee. All redemptions must be in an amount at least equal to 25% of the number of originally issued shares of SBLF Preferred Stock, or 100% of the then-outstanding shares if less than 25% of the number of shares originally issued. In connection with the IPO, the U.S. Treasury exercised its piggyback registration rights under the SBLF and the Series C Preferred Stock held by the U.S. Treasury was registered under the Securities Act of 1933, as amended. | |
Warrants | |
The initial and secondary offerings completed in 2002 and 2007 each call for the issuance of Units. Each Unit issued pursuant to these two offerings represented one share of common stock and one non-transferable Warrant. The Warrants were exercisable at any time from and including October 1, 2009 and prior to or on November 30, 2009, unless extended or accelerated by the board of directors in their discretion. The board of directors has extended the exercise period to October 1, 2015 through December 1, 2015. Each Warrant allows a holder to purchase. 3221 shares of common stock at an exercise price of $14.00 per share. None of the Warrants have been exercised as of September 30, 2014. Assuming that all of the Warrants issued are exercised in full during the exercise period, the Company would receive $4.3 million in gross capital and issue 304,640 shares of common stock. | |
Dividends | |
The Company’s shareholders are entitled to dividends when and if declared by the board of directors, out of funds legally available. The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. In accordance with Connecticut statutes, regulatory approval is required to pay dividends in excess of the Bank’s profits retained in the current year plus retained profits from the previous two years. The bank is also prohibited from paying dividends that would reduce its capital ratios below minimum regulatory requirements. | |
The payment of dividends is subject to additional restrictions in connection with the SBLF preferred stock. | |
For the nine months ended September 30, 2014 and 2013, the Company declared and paid cash dividends on preferred stock of $82 thousand and $84 thousand, respectively. To date, the Company has not declared or paid dividends on its common stock, nor has it repurchased any of its common stock. |
COMPREHENSIVE_INCOME
COMPREHENSIVE INCOME | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||
COMPREHENSIVE INCOME | ' | ||||||||||||
5. Comprehensive Income | |||||||||||||
Comprehensive income represents the sum of net income and items of other comprehensive income or loss, including net unrealized gains or losses on securities available for sale and net gains or losses on derivatives accounted for as cash flow hedges. The Company’s total comprehensive income or loss for the three and nine months ended September 30, 2014 and 2013 is reported in the Consolidated Statements of Comprehensive Income. | |||||||||||||
The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||
Net Unrealized Gain | Net Unrealized Gain | Total | |||||||||||
(Loss) on Available | (Loss) on Interest | ||||||||||||
for Sale Securities | Rate Swap | ||||||||||||
(In thousands) | |||||||||||||
Balance at June 30, 2014 | $ | 689 | $ | (66 | ) | $ | 623 | ||||||
Other comprehensive income (loss) before reclassifications | (154 | ) | 133 | (21 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | ||||||||||
Net other comprehensive income (loss) | (154 | ) | 133 | (21 | ) | ||||||||
Balance at September 30, 2014 | $ | 535 | $ | 67 | $ | 602 | |||||||
Net Unrealized Gain | Net Unrealized Gain | ||||||||||||
(Loss) on Available | (Loss) on Interest | ||||||||||||
for Sale Securities | Rate Swap | Total | |||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2013 | $ | 424 | $ | - | $ | 424 | |||||||
Other comprehensive income (loss) before reclassifications | 110 | 68 | 178 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | ||||||||||
Net other comprehensive income (loss) | 110 | 68 | 178 | ||||||||||
Balance at September 30, 2014 | $ | 534 | $ | 68 | $ | 602 | |||||||
Net Unrealized Gain | |||||||||||||
(Loss) on Available | |||||||||||||
for Sale Securities | |||||||||||||
(In thousands) | |||||||||||||
Balance at June 30, 2013 | $ | 561 | |||||||||||
Other comprehensive loss before reclassifications | (8 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | - | ||||||||||||
Net other comprehensive loss | (8 | ) | |||||||||||
Balance at September 30, 2013 | $ | 553 | |||||||||||
Net Unrealized Gain | |||||||||||||
(Loss) on Available | |||||||||||||
for Sale Securities | |||||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2012 | $ | 1,511 | |||||||||||
Other comprehensive loss before reclassifications | (958 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | - | ||||||||||||
Net other comprehensive loss | (958 | ) | |||||||||||
Balance at September 30, 2013 | $ | 553 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
6. Earnings per share | |||||||||||||||||
Basic earnings per share (“EPS”) is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or converted into common stock or resulted in the issuance of common stock that then shared in earnings. Unvested share-based payment awards, which include the right to receive non-forfeitable dividends, are considered to participate with common stock in undistributed earnings for purposes of computing EPS. | |||||||||||||||||
The Company’s unvested restricted stock awards are participating securities, and therefore, are included in the computation of both basic and diluted earnings per common share. EPS is calculated using the two-class method, under which calculations (1) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (2) exclude from the denominator the dilutive impact of the participating securities. | |||||||||||||||||
The following is a reconciliation of earnings available to common shareholders and basic weighted-average common shares outstanding to diluted weighted average common shares outstanding, reflecting the application of the two-class method: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Net income | $ | 1,491 | $ | 1,319 | $ | 3,841 | $ | 3,799 | |||||||||
Preferred stock dividends | (27 | ) | (29 | ) | (82 | ) | (84 | ) | |||||||||
Dividends and undistributed earnings allocated to participating securities | (23 | ) | (19 | ) | (82 | ) | (55 | ) | |||||||||
Net income available to common shareholders | $ | 1,441 | $ | 1,271 | $ | 3,677 | $ | 3,660 | |||||||||
Weighted average shares outstanding, basic | 6,483 | 3,355 | 5,099 | 3,278 | |||||||||||||
Effect of dilutive equity-based awards | 19 | 58 | 25 | 60 | |||||||||||||
Weighted average shares outstanding, diluted | 6,502 | 3,413 | 5,124 | 3,338 | |||||||||||||
Net earnings per common share: | |||||||||||||||||
Basic earnings per common share | $ | 0.22 | $ | 0.38 | $ | 0.72 | $ | 1.12 | |||||||||
Diluted earnings per common share | 0.22 | 0.37 | 0.72 | 1.1 | |||||||||||||
REGULATORY_MATTERS
REGULATORY MATTERS | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||
REGULATORY MATTERS | ' | ||||||||||||||||||||||||
7 | Regulatory Matters | ||||||||||||||||||||||||
The Bank and Company 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 consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank and Company to maintain minimum amounts and ratios of total and Tier I capital to risk-weighted assets and of Tier I capital to average assets, as defined by regulation. Management believes, as of September 30, 2014, the Bank and Company meet all capital adequacy requirements to which they are subject. As of September 30, 2014, the Bank was well capitalized under the regulatory framework for prompt corrective action, as shown in the following schedules. There are no conditions or events since then that management believes have changed this category. | |||||||||||||||||||||||||
The capital amounts and ratios for the Bank and Company at September 30, 2014 and December 31, 2013, were as follows: | |||||||||||||||||||||||||
To be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual Capital | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Bankwell Bank | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 112,989 | 15.27 | % | $ | 59,199 | 8 | % | $ | 73,999 | 10 | % | |||||||||||||
Tier I Capital to Risk-Weighted Assets | 103,735 | 14.02 | % | 29,599 | 4 | % | 44,399 | 6 | % | ||||||||||||||||
Tier I Capital to Average Assets | 103,735 | 11.93 | % | 34,793 | 4 | % | 43,491 | 5 | % | ||||||||||||||||
Bankwell Financial Group, Inc. | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 126,846 | 16.96 | % | $ | 59,829 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital to Risk-Weighted Assets | 117,495 | 15.71 | % | 29,914 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital to Average Assets | 117,495 | 13.38 | % | 35,131 | 4 | % | N/A | N/A | |||||||||||||||||
To be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual Capital | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Bankwell Bank | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 66,674 | 10.74 | % | $ | 49,682 | 8 | % | $ | 62,103 | 10 | % | |||||||||||||
Tier I Capital to Risk-Weighted Assets | 58,908 | 9.49 | % | 24,841 | 4 | % | 37,262 | 6 | % | ||||||||||||||||
Tier I Capital to Average Assets | 58,908 | 7.91 | % | 29,772 | 4 | % | 37,215 | 5 | % | ||||||||||||||||
Bankwell Financial Group, Inc. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 76,537 | 12.32 | % | $ | 49,683 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital to Risk-Weighted Assets | 68,766 | 11.07 | % | 24,841 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital to Average Assets | 68,766 | 9.15 | % | 30,068 | 4 | % | N/A | N/A | |||||||||||||||||
Restrictions on dividends | |||||||||||||||||||||||||
The ability of the Company to pay dividends depends, in part, on the ability of the Bank to pay dividends to the Company. In accordance with Connecticut statutes, regulatory approval is required to pay dividends in excess of the Bank’s profits retained in the current year plus retained profits from the previous two years. The Bank is also prohibited from paying dividends that would reduce its capital ratios below minimum regulatory requirements. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
STOCK-BASED COMPENSATION | ' | ||||||||
8 | Stock-Based Compensation | ||||||||
Equity award plans | |||||||||
The Company has five equity award plans, which are collectively referred to as the “Plan.” The current plan under which any future issuances of equity awards will be made is the 2012 BNC Financial Group, Inc. Stock Plan, or the “2012 Plan,” amended on June 26, 2013. All equity awards made under the 2012 Plan are made by means of an award agreement, which contains the specific terms and conditions of the grant. To date, all equity awards have been in the form of share options or restricted stock. At September 30, 2014, there were 448,885 shares reserved for future issuance under the 2012 Plan. | |||||||||
Share Options: The Company accounts for stock options based on the fair value at the date of grant over the vesting period of such awards on a straight line basis. For the nine months ended September 30, 2014 and 2013, the Company recorded expense related to options granted under the various plans of approximately $24 thousand and $62 thousand, respectively. | |||||||||
There were no options granted during the nine months ended September 30, 2014. | |||||||||
A summary of the status of outstanding stock options as of and for the nine months ended September 30, 2014 is presented below: | |||||||||
Nine Months Ended | |||||||||
30-Sep-14 | |||||||||
Weighted | |||||||||
Number | Average | ||||||||
of | Exercise | ||||||||
Shares | Price | ||||||||
Options outstanding at beginning of period | 208,568 | $ | 16.67 | ||||||
Granted | - | - | |||||||
Forfeited | (4,270 | ) | 18.32 | ||||||
Exercised | (20,305 | ) | 10.17 | ||||||
Expired | (480 | ) | 10 | ||||||
Options outstanding at end of period | 183,513 | 17.37 | |||||||
Options exercisable at end of period | 172,152 | 17.51 | |||||||
Weighted-average fair value of options granted during the period | N/A | ||||||||
Intrinsic value is the amount by which the fair value of the underlying stock exceeds the exercise price of an option on the exercise date. The total intrinsic value of share options exercised during the nine months ended September 30, 2014 was $214 thousand. | |||||||||
Restricted Stock: Restricted stock provides grantees with rights to shares of common stock upon completion of a service period and certain performance goals. Shares of unvested restricted stock are considered participating securities. Restricted stock awards generally vest over one to five years. | |||||||||
The following table presents the activity for restricted stock for the nine months ended September 30, 2014: | |||||||||
Nine Months Ended | |||||||||
30-Sep-14 | |||||||||
Weighted | |||||||||
Number | Average | ||||||||
of | Grant Date | ||||||||
Shares | Fair Value | ||||||||
Unvested at beginning of period | 122,140 | $ | 15.98 | ||||||
Granted | 10,510 | 17.12 | |||||||
Vested | (6,456 | ) | 14.66 | ||||||
Forfeited | (49,916 | ) | 15.89 | ||||||
Unvested at end of period | 76,278 | 16.31 | |||||||
The Company’s restricted stock expense for the nine months ended September 30, 2014 and 2013 was $141 thousand and $143 thousand, respectively. |
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS | ' | ||||||||||||||||
9 | Derivative Instruments | ||||||||||||||||
The Company entered into a derivative transaction in February, 2014. Information about derivative instruments at September 30, 2014 is as follows: | |||||||||||||||||
Notional | Fair | ||||||||||||||||
(Dollars in thousands) | Amount | Maturity | Received | Paid | Value | ||||||||||||
Cash flow hedge: | |||||||||||||||||
Interest rate swap on FHLB advance | $25,000 | 4.7 years | 0.23% | 1.62% | $111 | ||||||||||||
The effective portion of unrealized changes in the fair value of derivatives accounted for as cash flow hedges is reported in other comprehensive income and subsequently reclassified to earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The Bank assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction. The ineffective portion of changes in the fair value of the derivatives is recognized directly in earnings. | |||||||||||||||||
The Bank’s cash flow hedge positions are all forward starting interest rate swap transactions. As of February 6, 2014 the Bank entered into the following forward starting interest rate swap transactions: | |||||||||||||||||
Notional | Effective Date of | Duration of | |||||||||||||||
(Dollars in thousands) | Amount | Hedged Borrowing | Borrowing | Counterparty | |||||||||||||
Type of borrowing: | |||||||||||||||||
FHLB 90-day advance | $25,000 | 1-Apr-14 | 4.7 years | Bank of Montreal | |||||||||||||
This hedge strategy converts the LIBOR based rate of interest on certain FHLB advances to fixed interest rates, thereby protecting the Bank from floating interest rate variability. | |||||||||||||||||
Changes in the consolidated statements of comprehensive income related to interest rate derivatives designated as hedges of cash flows were as follows for the three and nine months ended September 30, 2014: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(In thousands) | 30-Sep-14 | 30-Sep-14 | |||||||||||||||
Interest rate swap on FHLB advance: | |||||||||||||||||
Unrealized loss recognized in accumulated other comprehensive income | $ | 218 | $ | 111 | |||||||||||||
Income tax benefit on items recognized in accumulated other comprehensive income | (85 | ) | (43 | ) | |||||||||||||
Other comprehensive income | $ | 133 | $ | 68 | |||||||||||||
Interest expense recognized on hedged FHLB advance | $ | 88 | $ | 176 |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||
10 | Fair Value of Financial Instruments | ||||||||||||||||||||
GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the statements of condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rates and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparisons to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. | |||||||||||||||||||||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at either September 30, 2014 or December 31, 2013. The estimated fair value amounts have been measured as of the respective period-ends, and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. | |||||||||||||||||||||
The carrying values, fair values and placement in the fair value hierarchy of the Company’s financial instruments at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 35,566 | $ | 35,566 | $ | 35,566 | $ | - | $ | - | |||||||||||
Available for sale securities | 67,537 | 67,537 | - | 67,537 | - | ||||||||||||||||
Held to maturity securities | 11,502 | 11,539 | - | 11,539 | - | ||||||||||||||||
Loans held for sale | - | - | - | - | - | ||||||||||||||||
Loans receivable, net | 730,148 | 731,394 | - | - | 731,394 | ||||||||||||||||
Accrued interest receivable | 2,670 | 2,670 | - | - | 2,670 | ||||||||||||||||
FHLB stock | 4,834 | 4,834 | - | - | 4,834 | ||||||||||||||||
Derivative Asset | 111 | 111 | - | 111 | - | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Demand deposits | 151,146 | 151,146 | - | - | 151,146 | ||||||||||||||||
NOW and money market | 233,994 | 233,994 | - | - | 233,994 | ||||||||||||||||
Savings | 74,556 | 74,556 | - | - | 74,556 | ||||||||||||||||
Time deposits | 235,567 | 236,834 | - | - | 236,834 | ||||||||||||||||
Advances from the FHLB | 77,000 | 76,780 | - | - | 76,780 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 82,013 | $ | 82,013 | $ | 82,013 | $ | - | $ | - | |||||||||||
Available for sale securities | 28,597 | 28,597 | - | 28,597 | - | ||||||||||||||||
Held to maturity securities | 13,816 | 13,815 | - | 13,815 | - | ||||||||||||||||
Loans held for sale | 100 | 100 | - | 100 | - | ||||||||||||||||
Loans receivable, net | 621,830 | 623,876 | - | - | 623,876 | ||||||||||||||||
Accrued interest receivable | 2,360 | 2,360 | - | - | 2,360 | ||||||||||||||||
FHLB stock | 4,834 | 4,834 | - | - | 4,834 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Demand deposits | 118,618 | 118,618 | - | - | 118,618 | ||||||||||||||||
NOW and money market | 238,231 | 238,231 | - | - | 238,231 | ||||||||||||||||
Savings | 107,692 | 107,692 | - | - | 107,692 | ||||||||||||||||
Time deposits | 197,004 | 197,762 | - | - | 197,762 | ||||||||||||||||
Advances from the FHLB | 44,000 | 43,902 | - | - | 43,902 | ||||||||||||||||
The following methods and assumptions were used by management in estimating the fair value of its financial instruments: | |||||||||||||||||||||
Cash and due from banks and accrued interest receivable: The carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Investment securities: Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. | |||||||||||||||||||||
FHLB stock: The carrying value of FHLB stock approximates fair value based on the most recent redemption provisions of the FHLB. | |||||||||||||||||||||
Loans held for sale: The fair value is based upon prevailing market prices. | |||||||||||||||||||||
Loans receivable: For variable rate loans which reprice frequently and have no significant change in credit risk, fair values are based on carrying values. The fair value of fixed rate loans are estimated by discounting the future cash flows using the year end rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. | |||||||||||||||||||||
Derivative asset (liability): The valuation of the Company’s interest rate swap 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. | |||||||||||||||||||||
Deposits: The fair value of demand deposits, regular savings and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposit and other time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities to a schedule of aggregated expected maturities on such deposits. | |||||||||||||||||||||
Advances from the FHLB: The fair value of the advances is estimated using a discounted cash flow calculation that applies current FHLB interest rates for advances of similar maturity to a schedule of maturities of such advances. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||
11. Fair Value Measurements | |||||||||||||
The Company is required to account for certain assets and liabilities at fair value on a recurring or non-recurring basis. As discussed in Note 1, the Company determines fair value in accordance with GAAP, which defines fair value and establishes a framework for measuring fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: | |||||||||||||
Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||
Level 2 — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||
Level 3 — Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||
Valuation techniques based on unobservable inputs are highly subjective and require judgments regarding significant matters such as the amount and timing of future cash flows and the selection of discount rates that may appropriately reflect market and credit risks. Changes in these judgments often have a material impact on the fair value estimates. In addition, since these estimates are as of a specific point in time they are susceptible to material near-term changes. | |||||||||||||
Financial instruments measured at fair value on a recurring basis | |||||||||||||
The following tables detail the financial instruments carried at fair value on a recurring basis at September 30, 2014 and December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. The Company had no transfers into or out of Levels 1, 2 or 3 during the nine months ended September 30, 2014 and the year ended December 31, 2013. | |||||||||||||
Fair Value | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||
September 30, 2014: | |||||||||||||
Available-for-sale investment securities: | |||||||||||||
U.S. Government and agency obligations | $ | - | $ | 33,735 | $ | - | |||||||
State agency and municipal obligations | - | 17,301 | - | ||||||||||
Corporate bonds | - | 15,597 | - | ||||||||||
Mortgage backed securities | - | 904 | - | ||||||||||
Derivative asset | - | 111 | - | ||||||||||
December 31, 2013: | |||||||||||||
Available-for-sale investment securities: | |||||||||||||
U.S. Government and agency obligations | $ | - | $ | 5,688 | $ | - | |||||||
State agency and municipal obligations | - | 12,132 | - | ||||||||||
Corporate bonds | - | 9,566 | - | ||||||||||
Mortgage backed securities | - | 1,211 | - | ||||||||||
Available for sale investment securities: The fair value of the Company’s investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics (i.e. matrix pricing) and are classified within Level 2 of the valuation hierarchy. | |||||||||||||
Derivative asset: The Company’s derivative asset is an interest rate swap, initiated in February 2014 as part of management’s strategy to manage interest rate risk. The valuation of the Company’s interest rate swap 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. | |||||||||||||
Financial instruments measured at fair value on a nonrecurring basis | |||||||||||||
Certain assets are measured at fair value on a non-recurring basis in accordance with GAAP. These include assets that are measured at the-lower-of-cost-or-market that were recognized at fair value below cost at the end of the period as well as assets that are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. | |||||||||||||
The following table details the financial instruments carried at fair value on a nonrecurring basis at September 30, 2014 and December 31, 2013, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: | |||||||||||||
Fair Value | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||
September 30, 2014: | |||||||||||||
Impaired loans | $ | - | $ | - | $ | 6,461 | |||||||
Foreclosed real estate | - | - | 829 | ||||||||||
December 31, 2013: | |||||||||||||
Impaired loans | $ | - | $ | - | $ | 3,723 | |||||||
Foreclosed real estate | - | - | 829 | ||||||||||
The following table presents information about quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on a nonrecurring basis at September 30, 2014 and December 31, 2013: | |||||||||||||
Fair | Valuation | Unobservable | Range | ||||||||||
(Dollars in thousands) | Value | Methodology | Input | (Weighted Average) | |||||||||
September 30, 2014: | |||||||||||||
Impaired loans | $ | 6,461 | Appraisals | Discount for dated appraisals | 0% | ||||||||
Discounted cash flows | Discount rate | 3.25% to 7.0% | |||||||||||
Foreclosed real estate | $ | 829 | Appraisals | Discount for dated appraisals | 34.8% to 66.6% | ||||||||
December 31, 2013: | |||||||||||||
Impaired loans | $ | 3,723 | Appraisals | Discount for dated appraisals | 0% to 20.0% | ||||||||
Discounted cash flows | Discount rate | 6.00% | |||||||||||
Foreclosed real estate | $ | 829 | Appraisals | Discount for dated appraisals | 34.8% to 66.6% | ||||||||
Impaired loans: Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated in accordance with ASC 310-10 when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or other assumptions. Estimates of fair value based on collateral are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. For those loans where the primary source of repayment is cash flow from operations, adjustments include impairment amounts calculated based on the perceived collectability of interest payments on the basis of a discounted cash flow analysis utilizing a discount rate equivalent to the original note rate. | |||||||||||||
Foreclosed real estate: The Company classifies property acquired through foreclosure or acceptance of deed-in-lieu of foreclosure as foreclosed real estate and repossessed assets in its financial statements. Upon foreclosure, the property securing the loan is written down to fair value less selling costs. The write-down is based upon differences between the appraised value and the book value. Appraisals are based on observable market data such as comparable sales, however assumptions made in determining comparability are unobservable and therefore these assets are classified as Level 3 within the valuation hierarchy |
MERGERS_AND_ACQUISITIONS
MERGERS AND ACQUISITIONS | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
MERGERS AND ACQUISITIONS | ' | ||||||||||||
12. Mergers and Acquisitions | |||||||||||||
On November 5, 2013, the Company acquired all of the outstanding common shares of Wilton. This business combination expanded the Bank’s presence in Fairfield County and enhanced opportunities for businesses, customer relationships, employees and the communities served by the Bank. | |||||||||||||
On the acquisition date, Wilton had 372,985 outstanding common shares, net of 108,260 shares of treasury stock, and shareholders’ equity of $6.3 million. Wilton shareholders received $13.50 per share in cash resulting in a consideration value of $5.0 million. | |||||||||||||
The assets and liabilities in the Wilton acquisition were recorded at their fair value based on management’s best estimate using information available at the date of acquisition. Consideration paid and fair values of Wilton’s assets acquired and liabilities assumed are summarized in the following tables: | |||||||||||||
Consideration paid: (In thousands) | Amount | ||||||||||||
Cash consideration paid to Wilton shareholders | $ | 5,035 | |||||||||||
Recognized amounts of identifiable assets acquired | Fair Value | As Recorded | |||||||||||
and (liabilities) assumed: (In thousands) | As Acquired | Adjustments | at Acquisition | ||||||||||
Cash | $ | 35,919 | $ | - | $ | 35,919 | |||||||
Held to maturity investments securities | 1,022 | - | 1,022 | ||||||||||
Loans | 27,097 | (2,008 | )a | 25,089 | |||||||||
Premises and equipment | 4,303 | - | 4,303 | ||||||||||
Other real estate owned | 1,895 | (450 | )b | 1,445 | |||||||||
Core deposit intangibles | - | 499 | c | 499 | |||||||||
Deferred tax assets, net | - | 1,997 | d | 1,997 | |||||||||
Other assets | 587 | - | 587 | ||||||||||
Deposits | (64,145 | ) | (12 | )e | (64,157 | ) | |||||||
Other liabilities | (336 | ) | - | (336 | ) | ||||||||
Total identifiable net assets | $ | 6,342 | $ | 26 | $ | 6,368 | |||||||
Gain on purchase | $ | (1,333 | ) | ||||||||||
Explanation of fair value adjustments: | |||||||||||||
a) | The adjustment represents the write down of the book value of loans to their estimated fair value based on current interest rates and expected cash flows, which includes an estimate of expected loan loss inherent in the portfolio. | ||||||||||||
b) | The adjustment represents the write down of the book value of foreclosed real estate to their estimated fair value based on current appraisals. | ||||||||||||
c) | Represents the economic value of the acquired core deposit base (total deposits less jumbo time deposits). The core deposit intangible will be amortized over an estimated life of 9.3 years based on the double declining balance method of amortization. | ||||||||||||
d) | Represents net deferred tax assets resulting from the fair value adjustments related to the acquired assets and liabilities, identifiable intangibles and other purchase accounting adjustments. | ||||||||||||
e) | The adjustment represents the fair value of time deposits, which were valued at a premium of 0.11% as they bore slightly higher rates than the prevailing market. | ||||||||||||
Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from Wilton were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, to estimate the fair value, the Company analyzed the value of the underlying collateral of the loans, assuming the fair values of the loans were derived from the eventual sale of the collateral. Those values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of Wilton’s allowance for credit losses associated with the loans that were acquired as the loans were initially recorded at fair value. | |||||||||||||
Information about the acquired loan portfolio subject to purchased credit impaired accounting guidance (ASC 310-30) as of November 5, 2013 was as follows: | |||||||||||||
November 5, | |||||||||||||
(In thousands) | 2013 | ||||||||||||
Contractually required principal and interest at acquisition | $ | 14,528 | |||||||||||
Contractual cash flows not expected to be collected (nonaccretable discount) | (1,412 | ) | |||||||||||
Expected cash flows at acquisition | 13,116 | ||||||||||||
Interest component of expected cash flows (accretable discount) | (1,513 | ) | |||||||||||
Fair value of acquired loans | $ | 11,603 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | |
Sep. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
13 | Subsequent events | |
On October 1, 2014, the Company acquired all of the outstanding common shares of Quinnipiac Bank & Trust Company (“Quinnipiac”). Quinnipiac had two banking offices primarily serving south-central Connecticut and has merged with and into Bankwell Bank. | ||
Quinnipiac shareholders received 510,122 shares of the Company common stock and $3.6 million in cash. As of September 30, 2014, Quinnipiac had assets with a carrying value of approximately $117.8 million, including loans outstanding with a carrying value of approximately $97.1 million, as well as deposits with a carrying value of approximately $100.4 million and a book value of $10.1 million. The results of Quinnipiac’s operations will be included in the Company’s Consolidated Statement of Income from the date of acquisition. The Company incurred $343 thousand of merger and acquisition expenses related to the Quinnipiac merger for the nine months ended September 30, 2014. The Company anticipates that it will incur approximately an additional $1.1 million of merger and acquisition expenses in the quarter ended December 31, 2014. | ||
As a result of the proximity of the closing of the merger with Quinnipiac to the date these consolidated financial statements are available to be issued, the Company is still evaluating the estimated fair values of the assets acquired and the liabilities assumed. Accordingly, the amount of any goodwill and other intangible assets to be recognized in connection with this transaction is also yet to be determined. | ||
The effect of the merger will be reflected in the Company’s results beginning with the fourth quarter of 2014. |
NATURE_OF_OPERATIONS_AND_SUMMA1
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Principles of consolidation | ' |
Principles of consolidation | |
The consolidated interim financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of estimates | ' |
Use of estimates | |
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. In preparing the interim consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities as of the date of the balance sheet and revenue and expenses for the period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to deferred taxes, the fair values of financial instruments and the determination of the allowance for loan losses. | |
Basis of consolidated financial statement presentation | ' |
Basis of consolidated financial statement presentation | |
The unaudited consolidated financial statements presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Rule 10-1 of Regulation S-X and do not include all of the information and note disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying unaudited interim consolidated financial statements have been included. Interim results are not necessarily reflective of the results that may be expected for the year ending December 31, 2014. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Registration Statement on Form S-1 for the year ended December 31, 2013. | |
Significant concentrations of credit risk | ' |
Significant concentrations of credit risk | |
Most of the Company’s activities are with customers located within Fairfield County and the surrounding region of Connecticut, and declines in property values in these areas could significantly impact the Company. The Company has significant concentrations in commercial real estate loans. Management does not believe they present any special risk. The Company does not have any significant concentrations in any one industry or customer. | |
Derivative Instruments | ' |
Derivative Instruments | |
The Company enters into interest rate swap agreements as part of the Company’s interest rate risk management strategy. Management applies the hedge accounting provisions of Accounting Standards Codification (“ASC”) Topic 815, and formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking the various hedges. Additionally, the Company uses dollar offset or regression analysis at the hedge’s inception and for each reporting period thereafter, to assess whether the derivative used in its hedging transaction is expected to be and has been highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative is not expected to be or has ceased to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship. | |
The Company has characterized all of its interest rate swaps that qualify under Topic 815 hedge accounting as cash flow hedges. Cash flow hedges are used to minimize the variability in cash flows of assets or liabilities, or forecasted transactions caused by interest rate fluctuations, and are recorded at fair value in other assets within the consolidated balance sheet. Changes in the fair value of these cash flow hedges are initially recorded in accumulated other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. Any hedge ineffectiveness assessed as part of the Company’s quarterly analysis is recorded directly to earnings. | |
Reclassification | ' |
Reclassification | |
Certain prior period amounts have been reclassified to conform to the 2014 financial statement presentation. These reclassifications only changed the reporting categories and did not affect the results of operations or consolidated financial position. | |
Recent accounting pronouncements | ' |
Recent accounting pronouncements | |
The following section includes changes in accounting principles and potential effects of new accounting guidance and pronouncements. | |
ASU No. 2013-11-Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). | |
As a result of applying this ASU, an unrecognized tax benefit should be presented as a reduction of a deferred tax asset for a net operating loss (“NOL”) or other tax credit carryforward when settlement in this manner is available under the tax law. The assessment of whether settlement is available under the tax law would be based on facts and circumstances as of the balance sheet reporting date and would not consider future events (e.g., upcoming expiration of related NOL carryforwards). This classification should not affect an entity’s analysis of the realization of its deferred tax assets. Gross presentation in the roll forward of unrecognized tax positions in the notes to the financial statements will still be required. For the Company, the update was effective prospectively for annual reporting periods beginning on or after January 1, 2014, and interim periods within those annual periods. Retrospective application is permitted. Adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |
ASU No. 2014-04 - Troubled Debt Restructuring by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (a consensus of the FASB Emerging Issues Task Force). | |
The amendments in this update apply to all creditors who obtain physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The objective of the amendments in this update is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to requirements of the applicable jurisdiction. The amendments in this update are effective for the Company for annual reporting periods beginning on or after January 1, 2015, and interim periods within those annual periods. Adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | |
ASU No. 2014-09 - Revenue from Contracts with Customers (Topic 660). | |
This update requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
ASU No. 2014-12 - Compensation-Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period a consensus of the FASB Emerging Issues Task Force. | |
The amendments in this update require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The amendments in this update are effective for the Company for annual periods and interim periods beginning on or after January 1, 2016. Earlier adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. | |
ASU No. 2014-14 - Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure a Consensus of the FASB Emerging Issues Task Force. | |
The objective of this update is to reduce the diversity in classification of government-guaranteed mortgage loans, including FHA or VA guaranteed loans, upon foreclosure. The amendments in this update are effective for the Company for annual periods and interim periods beginning on or after January 1, 2016. Earlier adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities | ' | ||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | |||||||||||||||||||||||||
Due from one through five years | $ | 4,994 | $ | 5 | $ | (59 | ) | $ | 4,940 | ||||||||||||||||
Due from five through ten years | 20,995 | 15 | (174 | ) | 20,836 | ||||||||||||||||||||
Due after ten years | 7,961 | 2 | (4 | ) | 7,959 | ||||||||||||||||||||
33,950 | 22 | (237 | ) | 33,735 | |||||||||||||||||||||
State agency and municipal obligations | |||||||||||||||||||||||||
Due from five through ten years | 9,314 | 248 | (63 | ) | 9,499 | ||||||||||||||||||||
Due after ten years | 7,244 | 562 | (4 | ) | 7,802 | ||||||||||||||||||||
16,558 | 810 | (67 | ) | 17,301 | |||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||
Due in less than one year | 1,000 | 6 | - | 1,006 | |||||||||||||||||||||
Due from one through five years | 8,206 | 338 | (9 | ) | 8,535 | ||||||||||||||||||||
Due from five through ten years | 6,126 | - | (70 | ) | 6,056 | ||||||||||||||||||||
15,332 | 344 | (79 | ) | 15,597 | |||||||||||||||||||||
Government-sponsored mortgage-backed securities | 822 | 82 | - | 904 | |||||||||||||||||||||
Total available for sale securities | $ | 66,662 | $ | 1,258 | $ | (383 | ) | $ | 67,537 | ||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,013 | $ | 1 | $ | - | $ | 1,014 | |||||||||||||||||
Due from one through five years | |||||||||||||||||||||||||
State agency and municipal obligations | 9,210 | - | - | 9,210 | |||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||
Corporate bonds | 1,000 | 2 | - | 1,002 | |||||||||||||||||||||
Due from five through ten years | |||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 279 | 34 | - | 313 | |||||||||||||||||||||
Total held to maturity securities | $ | 11,502 | $ | 37 | $ | - | $ | 11,539 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | |||||||||||||||||||||||||
Due from one through five years | $ | 1,000 | $ | - | $ | (17 | ) | $ | 983 | ||||||||||||||||
Due from five through ten years | 4,997 | - | (292 | ) | 4,705 | ||||||||||||||||||||
5,997 | - | (309 | ) | 5,688 | |||||||||||||||||||||
State agency and municipal obligations | |||||||||||||||||||||||||
Due from five through ten years | 3,125 | 152 | - | 3,277 | |||||||||||||||||||||
Due after ten years | 8,480 | 375 | - | 8,855 | |||||||||||||||||||||
11,605 | 527 | - | 12,132 | ||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||
Due from one through five years | 9,166 | 411 | (11 | ) | 9,566 | ||||||||||||||||||||
Government-sponsored mortgage-backed securities | 1,133 | 78 | - | 1,211 | |||||||||||||||||||||
Total available for sale securities | $ | 27,901 | $ | 1,016 | $ | (320 | ) | $ | 28,597 | ||||||||||||||||
Held to maturity securities: | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,021 | $ | - | $ | (2 | ) | $ | 1,019 | ||||||||||||||||
Due from one through five years | |||||||||||||||||||||||||
State agency and municipal obligations | 11,461 | - | - | 11,461 | |||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||||
Corporate bonds | 1,000 | - | (27 | ) | 973 | ||||||||||||||||||||
Due from five through ten years | |||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 334 | 28 | - | 362 | |||||||||||||||||||||
Total held to maturity securities | $ | 13,816 | $ | 28 | $ | (29 | ) | $ | 13,815 | ||||||||||||||||
Schedule of fair value and related unrealized losses of temporarily impaired investment securities, aggregated by investment category | ' | ||||||||||||||||||||||||
Length of Time in Continuous Unrealized Loss Position | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 16,947 | $ | (54 | ) | $ | 5,815 | $ | (183 | ) | $ | 22,762 | $ | (237 | ) | ||||||||||
State agency & municipal obligations | 3,024 | (67 | ) | - | - | 3,024 | (67 | ) | |||||||||||||||||
Corporate bonds | 7,053 | (73 | ) | 993 | (6 | ) | 8,046 | (79 | ) | ||||||||||||||||
Total investment securities | $ | 27,024 | $ | (194 | ) | $ | 6,808 | $ | (189 | ) | $ | 33,832 | $ | (383 | ) | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
U.S. Government and agency obligations | $ | 5,797 | $ | (222 | ) | $ | 910 | $ | (89 | ) | $ | 6,707 | $ | (311 | ) | ||||||||||
Corporate bonds | - | - | 1,961 | (38 | ) | 1,961 | (38 | ) | |||||||||||||||||
Total investment securities | $ | 5,797 | $ | (222 | ) | $ | 2,871 | $ | (127 | ) | $ | 8,668 | $ | (349 | ) |
LOANS_RECEIVABLE_AND_ALLOWANCE1
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of summary of the loan portfolio | ' | ||||||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
(In thousands) | Originated | Acquired | Total | Originated | Acquired | Total | |||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential | $ | 167,362 | $ | - | $ | 167,362 | $ | 155,874 | $ | - | $ | 155,874 | |||||||||||||||||||||
Commercial | 394,004 | 6,911 | 400,915 | 305,823 | 9,939 | 315,762 | |||||||||||||||||||||||||||
Construction | 52,387 | 893 | 53,280 | 44,187 | 7,308 | 51,495 | |||||||||||||||||||||||||||
Home equity | 9,539 | 3,294 | 12,833 | 9,625 | 3,872 | 13,497 | |||||||||||||||||||||||||||
623,292 | 11,098 | 634,390 | 515,509 | 21,119 | 536,628 | ||||||||||||||||||||||||||||
Commercial business | 105,123 | 2,038 | 107,161 | 92,173 | 2,374 | 94,547 | |||||||||||||||||||||||||||
Consumer | 190 | 343 | 533 | 225 | 612 | 837 | |||||||||||||||||||||||||||
Total loans | 728,605 | 13,479 | 742,084 | 607,907 | 24,105 | 632,012 | |||||||||||||||||||||||||||
Allowance for loan losses | (9,552 | ) | - | (9,552 | ) | (8,382 | ) | - | (8,382 | ) | |||||||||||||||||||||||
Deferred loan origination fees, net | (2,400 | ) | - | (2,400 | ) | (1,785 | ) | (31 | ) | (1,816 | ) | ||||||||||||||||||||||
Unamortized loan premiums | 16 | - | 16 | 16 | - | 16 | |||||||||||||||||||||||||||
Loans receivable, net | $ | 716,669 | $ | 13,479 | $ | 730,148 | $ | 597,756 | $ | 24,074 | $ | 621,830 | |||||||||||||||||||||
Schedule of activity in the accretable yields for the acquired loan portfolio | ' | ||||||||||||||||||||||||||||||||
(In thousands) | Three Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 817 | |||||||||||||||||||||||||||||||
Acquisition | - | ||||||||||||||||||||||||||||||||
Accretion | (81 | ) | |||||||||||||||||||||||||||||||
Other (a) | - | ||||||||||||||||||||||||||||||||
Balance at end of period | $ | 736 | |||||||||||||||||||||||||||||||
(In thousands) | Nine Months Ended | ||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,418 | |||||||||||||||||||||||||||||||
Acquisition | - | ||||||||||||||||||||||||||||||||
Accretion | (338 | ) | |||||||||||||||||||||||||||||||
Other (a) | (344 | ) | |||||||||||||||||||||||||||||||
Balance at end of period | $ | 736 | |||||||||||||||||||||||||||||||
a) | Represents changes in cash flows expected to be collected due to loan sales or payoffs. | ||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses | ' | ||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,392 | $ | 4,024 | $ | 776 | $ | 188 | $ | 2,291 | $ | 6 | $ | 307 | $ | 8,984 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||
Provisions | 19 | 637 | 115 | 3 | 100 | - | (307 | ) | 567 | ||||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | 1 | $ | - | $ | - | $ | 1 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provisions | - | - | - | - | (1 | ) | - | - | (1 | ) | |||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,392 | $ | 4,024 | $ | 776 | $ | 188 | $ | 2,292 | $ | 6 | $ | 307 | $ | 8,985 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | 1 | - | 1 | |||||||||||||||||||||||||
Provisions | 19 | 637 | 115 | 3 | 99 | - | (307 | ) | 566 | ||||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,326 | $ | 3,672 | $ | 1,013 | $ | 213 | $ | 1,766 | $ | 91 | $ | 143 | 8,224 | ||||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | - | - | 6 | - | 6 | |||||||||||||||||||||||||
Provisions | 143 | (81 | ) | (85 | ) | (1 | ) | 286 | (87 | ) | (128 | ) | 47 | ||||||||||||||||||||
Ending balance | $ | 1,469 | $ | 3,591 | $ | 928 | $ | 212 | $ | 2,052 | $ | 10 | $ | 15 | $ | 8,277 | |||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,310 | $ | 3,616 | $ | 1,032 | $ | 190 | $ | 2,225 | $ | 9 | $ | - | $ | 8,382 | |||||||||||||||||
Charge-offs | - | - | - | - | - | (1 | ) | - | (1 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | 424 | - | 424 | |||||||||||||||||||||||||
Provisions | 101 | 1,045 | (141 | ) | 1 | 166 | (425 | ) | - | 747 | |||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Beginning balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Charge-offs | - | - | (100 | ) | - | - | - | - | (100 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provisions | - | - | 100 | - | - | - | - | 100 | |||||||||||||||||||||||||
Ending balance | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,310 | $ | 3,616 | $ | 1,032 | $ | 190 | $ | 2,225 | $ | 9 | $ | - | $ | 8,382 | |||||||||||||||||
Charge-offs | - | - | (100 | ) | - | - | (1 | ) | - | (101 | ) | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | 424 | - | 424 | |||||||||||||||||||||||||
Provisions | 101 | 1,045 | (41 | ) | 1 | 166 | (425 | ) | - | 847 | |||||||||||||||||||||||
Ending balance | $ | 1,411 | $ | 4,661 | $ | 891 | $ | 191 | $ | 2,391 | $ | 7 | $ | - | $ | 9,552 | |||||||||||||||||
Residential | Commercial | Construction | Home Equity | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
Real Estate | Real Estate | Business | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,230 | $ | 3,842 | $ | 929 | $ | 220 | $ | 1,718 | $ | 2 | $ | - | $ | 7,941 | |||||||||||||||||
Charge-offs | - | (166 | ) | - | - | - | (3 | ) | - | (169 | ) | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | 16 | - | 16 | |||||||||||||||||||||||||
Provisions | 239 | (85 | ) | (1 | ) | (8 | ) | 334 | (5 | ) | 15 | 489 | |||||||||||||||||||||
Ending balance | $ | 1,469 | $ | 3,591 | $ | 928 | $ | 212 | $ | 2,052 | $ | 10 | $ | 15 | $ | 8,277 | |||||||||||||||||
Schedule of portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio | ' | ||||||||||||||||||||||||||||||||
Originated Loans | Acquired Loans | Total | |||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 864 | $ | - | $ | - | $ | - | $ | 864 | $ | - | |||||||||||||||||||||
Commercial real estate | 2,895 | 22 | - | - | 2,895 | 22 | |||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||
Home equity | 94 | - | - | - | 94 | - | |||||||||||||||||||||||||||
Commercial business | 1,977 | 17 | 631 | - | 2,608 | 17 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Subtotal | $ | 5,830 | $ | 39 | $ | 631 | $ | - | $ | 6,461 | $ | 39 | |||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 166,498 | $ | 1,411 | $ | - | $ | - | $ | 166,498 | $ | 1,411 | |||||||||||||||||||||
Commercial real estate | 391,109 | 4,639 | 6,911 | - | 398,020 | 4,639 | |||||||||||||||||||||||||||
Construction | 52,387 | 891 | 893 | - | 53,280 | 891 | |||||||||||||||||||||||||||
Home equity | 9,445 | 191 | 3,294 | - | 12,739 | 191 | |||||||||||||||||||||||||||
Commercial business | 103,146 | 2,374 | 1,407 | - | 104,553 | 2,374 | |||||||||||||||||||||||||||
Consumer | 190 | 7 | 343 | - | 533 | 7 | |||||||||||||||||||||||||||
Subtotal | $ | 722,775 | $ | 9,513 | $ | 12,848 | $ | - | $ | 735,623 | $ | 9,513 | |||||||||||||||||||||
Unallocated Allowance | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total | $ | 728,605 | $ | 9,552 | $ | 13,479 | $ | - | $ | 742,084 | $ | 9,552 | |||||||||||||||||||||
Originated Loans | Acquired Loans | Total | |||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 1,867 | $ | 73 | $ | - | $ | - | $ | 1,867 | $ | 73 | |||||||||||||||||||||
Commercial real estate | 1,117 | 56 | - | - | 1,117 | 56 | |||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||
Home equity | 97 | 4 | - | - | 97 | 4 | |||||||||||||||||||||||||||
Commercial business | 642 | 12 | - | - | 642 | 12 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | - | - | |||||||||||||||||||||||||||
Subtotal | $ | 3,723 | $ | 145 | $ | - | $ | - | $ | 3,723 | $ | 145 | |||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 154,007 | $ | 1,237 | $ | - | $ | - | $ | 154,007 | $ | 1,237 | |||||||||||||||||||||
Commercial real estate | 304,706 | 3,560 | 9,939 | - | 314,645 | 3,560 | |||||||||||||||||||||||||||
Construction | 44,187 | 1,032 | 7,308 | - | 51,495 | 1,032 | |||||||||||||||||||||||||||
Home equity | 9,528 | 187 | 3,872 | - | 13,400 | 187 | |||||||||||||||||||||||||||
Commercial business | 91,531 | 2,212 | 2,374 | - | 93,905 | 2,212 | |||||||||||||||||||||||||||
Consumer | 225 | 9 | 612 | - | 837 | 9 | |||||||||||||||||||||||||||
Subtotal | $ | 604,184 | $ | 8,237 | $ | 24,105 | $ | - | $ | 628,289 | $ | 8,237 | |||||||||||||||||||||
Total | $ | 607,907 | $ | 8,382 | $ | 24,105 | $ | - | $ | 632,012 | $ | 8,382 | |||||||||||||||||||||
Schedule of loan portfolio quality indicators by portfolio segment | ' | ||||||||||||||||||||||||||||||||
Commercial Credit Quality Indicators | |||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||
Real Estate | Construction | Business | Real Estate | Construction | Business | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 387,877 | $ | 52,387 | $ | 99,354 | $ | 304,469 | $ | 44,187 | $ | 91,093 | |||||||||||||||||||||
Special mention | 1,571 | - | 5,191 | 237 | - | 438 | |||||||||||||||||||||||||||
Substandard | 4,556 | - | 578 | 1,117 | - | 642 | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total originated loans | 394,004 | 52,387 | 105,123 | 305,823 | 44,187 | 92,173 | |||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | 5,878 | - | 1,138 | 9,580 | 4,639 | 1,806 | |||||||||||||||||||||||||||
Special mention | - | - | 53 | 24 | 161 | 252 | |||||||||||||||||||||||||||
Substandard | 1,033 | 893 | 847 | 335 | 2,508 | 316 | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total acquired loans | 6,911 | 893 | 2,038 | 9,939 | 7,308 | 2,374 | |||||||||||||||||||||||||||
Total | $ | 400,915 | $ | 53,280 | $ | 107,161 | $ | 315,762 | $ | 51,495 | $ | 94,547 | |||||||||||||||||||||
Residential and Consumer Credit Quality Indicators | |||||||||||||||||||||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential | Residential | ||||||||||||||||||||||||||||||||
Real Estate | Home Equity | Consumer | Real Estate | Home Equity | Consumer | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated loans: | |||||||||||||||||||||||||||||||||
Pass | $ | 166,498 | $ | 9,372 | $ | 190 | $ | 153,443 | $ | 9,447 | $ | 225 | |||||||||||||||||||||
Special mention | 864 | 167 | - | 2,431 | 178 | - | |||||||||||||||||||||||||||
Substandard | - | - | - | - | - | - | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total originated loans | 167,362 | 9,539 | 190 | 155,874 | 9,625 | 225 | |||||||||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||||||||||||||
Pass | - | 3,294 | 343 | - | 3,826 | 469 | |||||||||||||||||||||||||||
Special mention | - | - | - | - | - | 143 | |||||||||||||||||||||||||||
Substandard | - | - | - | - | 46 | - | |||||||||||||||||||||||||||
Doubtful | - | - | - | - | - | - | |||||||||||||||||||||||||||
Loss | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total acquired loans | - | 3,294 | 343 | - | 3,872 | 612 | |||||||||||||||||||||||||||
Total | $ | 167,362 | $ | 12,833 | $ | 533 | $ | 155,874 | $ | 13,497 | $ | 837 | |||||||||||||||||||||
Schedule of information with respect to our loan portfolio delinquencies by portfolio segment and amount | ' | ||||||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount > 90 | |||||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than | Total Past | Days and | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Accruing | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | - | $ | - | $ | - | $ | 167,362 | $ | - | |||||||||||||||||||||
Commercial real estate | - | - | 1,102 | 1,102 | 392,902 | - | |||||||||||||||||||||||||||
Construction | - | - | - | - | 52,387 | - | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 9,539 | - | |||||||||||||||||||||||||||
Commercial business | - | - | - | - | 105,123 | - | |||||||||||||||||||||||||||
Consumer | - | 1 | - | 1 | 189 | - | |||||||||||||||||||||||||||
Total originated loans | - | 1 | 1,102 | 1,103 | 727,502 | - | |||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial real estate | - | - | 416 | 416 | 6,495 | 416 | |||||||||||||||||||||||||||
Construction | - | - | 893 | 893 | - | 893 | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 3,294 | - | |||||||||||||||||||||||||||
Commercial business | - | - | - | - | 2,038 | - | |||||||||||||||||||||||||||
Consumer | 1 | - | - | 1 | 342 | - | |||||||||||||||||||||||||||
Total acquired loans | 1 | - | 1,309 | 1,310 | 12,169 | 1,309 | |||||||||||||||||||||||||||
Total loans | $ | 1 | $ | 1 | $ | 2,411 | $ | 2,413 | $ | 739,671 | $ | 1,309 | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
Carrying | |||||||||||||||||||||||||||||||||
Amount > 90 | |||||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than | Total Past | Days and | |||||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Current | Accruing | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | - | $ | 1,003 | $ | 1,003 | $ | 154,871 | $ | - | |||||||||||||||||||||
Commercial real estate | - | - | - | - | 305,823 | - | |||||||||||||||||||||||||||
Construction | - | - | - | - | 44,187 | - | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 9,625 | - | |||||||||||||||||||||||||||
Commercial business | - | - | - | - | 92,173 | - | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 225 | - | |||||||||||||||||||||||||||
Total originated loans | - | - | 1,003 | 1,003 | 606,904 | - | |||||||||||||||||||||||||||
Acquired Loans | |||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
Residential real estate | - | - | - | - | - | - | |||||||||||||||||||||||||||
Commercial real estate | - | - | 797 | 797 | 9,142 | 797 | |||||||||||||||||||||||||||
Construction | - | - | 2,508 | 2,508 | 4,800 | 2,508 | |||||||||||||||||||||||||||
Home equity | - | - | - | - | 3,872 | - | |||||||||||||||||||||||||||
Commercial business | - | - | 315 | 315 | 2,059 | 315 | |||||||||||||||||||||||||||
Consumer | - | - | - | - | 612 | - | |||||||||||||||||||||||||||
Total acquired loans | - | - | 3,620 | 3,620 | 20,485 | 3,620 | |||||||||||||||||||||||||||
Total loans | $ | - | $ | - | $ | 4,623 | $ | 4,623 | $ | 627,389 | $ | 3,620 | |||||||||||||||||||||
Schedule of nonaccrual loans by portfolio segment | ' | ||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,003 | |||||||||||||||||||||||||||||
Commercial real estate | 1,246 | - | |||||||||||||||||||||||||||||||
Total | $ | 1,246 | $ | 1,003 | |||||||||||||||||||||||||||||
Schedule of summarizes impaired loans | ' | ||||||||||||||||||||||||||||||||
Carrying | Unpaid Principal | Associated | |||||||||||||||||||||||||||||||
Amount | Balance | Allowance | |||||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 864 | $ | - | $ | 864 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Commercial real estate | 2,440 | - | 2,455 | - | - | - | |||||||||||||||||||||||||||
Home equity | 94 | - | 94 | - | - | - | |||||||||||||||||||||||||||
Commercial business | 1,344 | - | 1,350 | - | - | - | |||||||||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 4,742 | $ | - | $ | 4,763 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,867 | $ | - | $ | 1,880 | $ | - | $ | 73 | |||||||||||||||||||||
Commercial real estate | 455 | 1,117 | 455 | 1,117 | 22 | 56 | |||||||||||||||||||||||||||
Home equity | - | 97 | - | 97 | - | 4 | |||||||||||||||||||||||||||
Commercial business | 633 | 642 | 633 | 642 | 17 | 12 | |||||||||||||||||||||||||||
Total impaired loans with a valuation allowance | $ | 1,088 | $ | 3,723 | $ | 1,088 | $ | 3,736 | $ | 39 | $ | 145 | |||||||||||||||||||||
Total originated impaired loans | $ | 5,830 | $ | 3,723 | $ | 5,851 | $ | 3,736 | $ | 39 | $ | 145 | |||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Commercial business | $ | 631 | $ | - | $ | 631 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 631 | $ | - | $ | 631 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Total acquired impaired loans | $ | 631 | $ | - | $ | 631 | $ | - | $ | - | $ | - | |||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
Nine months ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Originated | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 864 | $ | - | $ | 21 | $ | - | |||||||||||||||||||||||||
Commercial real estate | 1,714 | - | 21 | - | |||||||||||||||||||||||||||||
Home equity | 96 | - | 2 | - | |||||||||||||||||||||||||||||
Commercial business | 1,434 | - | 48 | - | |||||||||||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 4,108 | $ | - | $ | 92 | $ | - | |||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | - | $ | 1,900 | $ | - | $ | 29 | |||||||||||||||||||||||||
Commercial real estate | 459 | 1,131 | 24 | 38 | |||||||||||||||||||||||||||||
Home equity | 665 | 246 | - | 6 | |||||||||||||||||||||||||||||
Commercial business | - | 690 | 27 | 28 | |||||||||||||||||||||||||||||
Total impaired loans with a valuation allowance | $ | 1,124 | $ | 3,967 | $ | 51 | $ | 101 | |||||||||||||||||||||||||
Total originated impaired loans | $ | 5,232 | $ | 3,967 | $ | 143 | $ | 101 | |||||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||
Commercial business | $ | 599 | $ | - | $ | 20 | $ | - | |||||||||||||||||||||||||
Total impaired loans without a valuation allowance | $ | 599 | $ | - | $ | 20 | $ | - | |||||||||||||||||||||||||
Total acquired impaired loans | $ | 599 | $ | - | $ | 20 | $ | - | |||||||||||||||||||||||||
Schedule of loans whose terms were modified as TDRs during the periods | ' | ||||||||||||||||||||||||||||||||
Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||||||||||
Commercial business | 1 | - | $ | 241 | $ | - | $ | 241 | $ | - | |||||||||||||||||||||||
Total | 1 | - | $ | 241 | $ | - | $ | 241 | $ | - | |||||||||||||||||||||||
Outstanding Recorded Investment | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||
Commercial real estate | 2 | - | $ | 1,324 | $ | - | $ | 1,324 | $ | - | |||||||||||||||||||||||
Home equity | - | 1 | - | 94 | - | 94 | |||||||||||||||||||||||||||
Commercial business | 4 | - | 796 | - | 796 | - | |||||||||||||||||||||||||||
Total | 6 | 1 | $ | 2,120 | $ | 94 | $ | 2,120 | $ | 94 | |||||||||||||||||||||||
Schedule of information on how loans were modified as a TDR | ' | ||||||||||||||||||||||||||||||||
Three months | Nine months | ||||||||||||||||||||||||||||||||
Periods ended September 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Maturity/amortization concession | $ | 241 | $ | - | $ | 962 | $ | 94 | |||||||||||||||||||||||||
Payment concession | $ | - | $ | - | $ | 1,158 | $ | - | |||||||||||||||||||||||||
Total | $ | 241 | $ | - | $ | 2,120 | $ | 94 |
COMPREHENSIVE_INCOME_Tables
COMPREHENSIVE INCOME (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) by component | ' | ||||||||||||
Net Unrealized Gain | Net Unrealized Gain | Total | |||||||||||
(Loss) on Available | (Loss) on Interest | ||||||||||||
for Sale Securities | Rate Swap | ||||||||||||
(In thousands) | |||||||||||||
Balance at June 30, 2014 | $ | 689 | $ | (66 | ) | $ | 623 | ||||||
Other comprehensive income (loss) before reclassifications | (154 | ) | 133 | (21 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | ||||||||||
Net other comprehensive income (loss) | (154 | ) | 133 | (21 | ) | ||||||||
Balance at September 30, 2014 | $ | 535 | $ | 67 | $ | 602 | |||||||
Net Unrealized Gain | Net Unrealized Gain | ||||||||||||
(Loss) on Available | (Loss) on Interest | ||||||||||||
for Sale Securities | Rate Swap | Total | |||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2013 | $ | 424 | $ | - | $ | 424 | |||||||
Other comprehensive income (loss) before reclassifications | 110 | 68 | 178 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | - | - | - | ||||||||||
Net other comprehensive income (loss) | 110 | 68 | 178 | ||||||||||
Balance at September 30, 2014 | $ | 534 | $ | 68 | $ | 602 | |||||||
Net Unrealized Gain | |||||||||||||
(Loss) on Available | |||||||||||||
for Sale Securities | |||||||||||||
(In thousands) | |||||||||||||
Balance at June 30, 2013 | $ | 561 | |||||||||||
Other comprehensive loss before reclassifications | (8 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | - | ||||||||||||
Net other comprehensive loss | (8 | ) | |||||||||||
Balance at September 30, 2013 | $ | 553 | |||||||||||
Net Unrealized Gain | |||||||||||||
(Loss) on Available | |||||||||||||
for Sale Securities | |||||||||||||
(In thousands) | |||||||||||||
Balance at December 31, 2012 | $ | 1,511 | |||||||||||
Other comprehensive loss before reclassifications | (958 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | - | ||||||||||||
Net other comprehensive loss | (958 | ) | |||||||||||
Balance at September 30, 2013 | $ | 553 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of reconciliation of earnings available to common stockholders and basic weighted-average common shares outstanding to diluted weighted average common shares outstanding | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Net income | $ | 1,491 | $ | 1,319 | $ | 3,841 | $ | 3,799 | |||||||||
Preferred stock dividends | (27 | ) | (29 | ) | (82 | ) | (84 | ) | |||||||||
Dividends and undistributed earnings allocated to participating securities | (23 | ) | (19 | ) | (82 | ) | (55 | ) | |||||||||
Net income available to common shareholders | $ | 1,441 | $ | 1,271 | $ | 3,677 | $ | 3,660 | |||||||||
Weighted average shares outstanding, basic | 6,483 | 3,355 | 5,099 | 3,278 | |||||||||||||
Effect of dilutive equity-based awards | 19 | 58 | 25 | 60 | |||||||||||||
Weighted average shares outstanding, diluted | 6,502 | 3,413 | 5,124 | 3,338 | |||||||||||||
Net earnings per common share: | |||||||||||||||||
Basic earnings per common share | $ | 0.22 | $ | 0.38 | $ | 0.72 | $ | 1.12 | |||||||||
Diluted earnings per common share | 0.22 | 0.37 | 0.72 | 1.1 |
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||
Schedule of capital amounts and ratios | ' | ||||||||||||||||||||||||
To be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual Capital | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Bankwell Bank | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 112,989 | 15.27 | % | $ | 59,199 | 8 | % | $ | 73,999 | 10 | % | |||||||||||||
Tier I Capital to Risk-Weighted Assets | 103,735 | 14.02 | % | 29,599 | 4 | % | 44,399 | 6 | % | ||||||||||||||||
Tier I Capital to Average Assets | 103,735 | 11.93 | % | 34,793 | 4 | % | 43,491 | 5 | % | ||||||||||||||||
Bankwell Financial Group, Inc. | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 126,846 | 16.96 | % | $ | 59,829 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital to Risk-Weighted Assets | 117,495 | 15.71 | % | 29,914 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital to Average Assets | 117,495 | 13.38 | % | 35,131 | 4 | % | N/A | N/A | |||||||||||||||||
To be Well | |||||||||||||||||||||||||
Capitalized Under | |||||||||||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||||||||||
Actual Capital | Adequacy Purposes | Action Provisions | |||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Bankwell Bank | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 66,674 | 10.74 | % | $ | 49,682 | 8 | % | $ | 62,103 | 10 | % | |||||||||||||
Tier I Capital to Risk-Weighted Assets | 58,908 | 9.49 | % | 24,841 | 4 | % | 37,262 | 6 | % | ||||||||||||||||
Tier I Capital to Average Assets | 58,908 | 7.91 | % | 29,772 | 4 | % | 37,215 | 5 | % | ||||||||||||||||
Bankwell Financial Group, Inc. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | $ | 76,537 | 12.32 | % | $ | 49,683 | 8 | % | N/A | N/A | |||||||||||||||
Tier I Capital to Risk-Weighted Assets | 68,766 | 11.07 | % | 24,841 | 4 | % | N/A | N/A | |||||||||||||||||
Tier I Capital to Average Assets | 68,766 | 9.15 | % | 30,068 | 4 | % | N/A | N/A |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of status of outstanding stock options | ' | ||||||||
Nine Months Ended | |||||||||
30-Sep-14 | |||||||||
Weighted | |||||||||
Number | Average | ||||||||
of | Exercise | ||||||||
Shares | Price | ||||||||
Options outstanding at beginning of period | 208,568 | $ | 16.67 | ||||||
Granted | - | - | |||||||
Forfeited | (4,270 | ) | 18.32 | ||||||
Exercised | (20,305 | ) | 10.17 | ||||||
Expired | (480 | ) | 10 | ||||||
Options outstanding at end of period | 183,513 | 17.37 | |||||||
Options exercisable at end of period | 172,152 | 17.51 | |||||||
Weighted-average fair value of options granted during the period | N/A | ||||||||
Schedule of activity for restricted stock | ' | ||||||||
Nine Months Ended | |||||||||
30-Sep-14 | |||||||||
Weighted | |||||||||
Number | Average | ||||||||
of | Grant Date | ||||||||
Shares | Fair Value | ||||||||
Unvested at beginning of period | 122,140 | $ | 15.98 | ||||||
Granted | 10,510 | 17.12 | |||||||
Vested | (6,456 | ) | 14.66 | ||||||
Forfeited | (49,916 | ) | 15.89 | ||||||
Unvested at end of period | 76,278 | 16.31 |
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of derivative instruments | ' | ||||||||||||||||
Information about derivative instruments at September 30, 2014 is as follows: | |||||||||||||||||
Notional | Fair | ||||||||||||||||
(Dollars in thousands) | Amount | Maturity | Received | Paid | Value | ||||||||||||
Cash flow hedge: | |||||||||||||||||
Interest rate swap on FHLB advance | $25,000 | 4.7 years | 0.23% | 1.62% | $111 | ||||||||||||
Schedule of interest rate swap transactions | ' | ||||||||||||||||
Notional | Effective Date of | Duration of | |||||||||||||||
(Dollars in thousands) | Amount | Hedged Borrowing | Borrowing | Counterparty | |||||||||||||
Type of borrowing: | |||||||||||||||||
FHLB 90-day advance | $25,000 | 1-Apr-14 | 4.7 years | Bank of Montreal | |||||||||||||
Schedule of changes in the consolidated statements of comprehensive income related to interest rate derivatives designated as hedges of cash flows | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(In thousands) | 30-Sep-14 | 30-Sep-14 | |||||||||||||||
Interest rate swap on FHLB advance: | |||||||||||||||||
Unrealized loss recognized in accumulated other comprehensive income | $ | 218 | $ | 111 | |||||||||||||
Income tax benefit on items recognized in accumulated other comprehensive income | (85 | ) | (43 | ) | |||||||||||||
Other comprehensive income | $ | 133 | $ | 68 | |||||||||||||
Interest expense recognized on hedged FHLB advance | $ | 88 | $ | 176 |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of carrying values and fair values of the Company s financial instruments | ' | ||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 35,566 | $ | 35,566 | $ | 35,566 | $ | - | $ | - | |||||||||||
Available for sale securities | 67,537 | 67,537 | - | 67,537 | - | ||||||||||||||||
Held to maturity securities | 11,502 | 11,539 | - | 11,539 | - | ||||||||||||||||
Loans held for sale | - | - | - | - | - | ||||||||||||||||
Loans receivable, net | 730,148 | 731,394 | - | - | 731,394 | ||||||||||||||||
Accrued interest receivable | 2,670 | 2,670 | - | - | 2,670 | ||||||||||||||||
FHLB stock | 4,834 | 4,834 | - | - | 4,834 | ||||||||||||||||
Derivative Asset | 111 | 111 | - | 111 | - | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Demand deposits | 151,146 | 151,146 | - | - | 151,146 | ||||||||||||||||
NOW and money market | 233,994 | 233,994 | - | - | 233,994 | ||||||||||||||||
Savings | 74,556 | 74,556 | - | - | 74,556 | ||||||||||||||||
Time deposits | 235,567 | 236,834 | - | - | 236,834 | ||||||||||||||||
Advances from the FHLB | 77,000 | 76,780 | - | - | 76,780 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 82,013 | $ | 82,013 | $ | 82,013 | $ | - | $ | - | |||||||||||
Available for sale securities | 28,597 | 28,597 | - | 28,597 | - | ||||||||||||||||
Held to maturity securities | 13,816 | 13,815 | - | 13,815 | - | ||||||||||||||||
Loans held for sale | 100 | 100 | - | 100 | - | ||||||||||||||||
Loans receivable, net | 621,830 | 623,876 | - | - | 623,876 | ||||||||||||||||
Accrued interest receivable | 2,360 | 2,360 | - | - | 2,360 | ||||||||||||||||
FHLB stock | 4,834 | 4,834 | - | - | 4,834 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Demand deposits | 118,618 | 118,618 | - | - | 118,618 | ||||||||||||||||
NOW and money market | 238,231 | 238,231 | - | - | 238,231 | ||||||||||||||||
Savings | 107,692 | 107,692 | - | - | 107,692 | ||||||||||||||||
Time deposits | 197,004 | 197,762 | - | - | 197,762 | ||||||||||||||||
Advances from the FHLB | 44,000 | 43,902 | - | - | 43,902 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of financial instruments carried at fair value on a recurring basis | ' | ||||||||||||
Fair Value | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||
September 30, 2014: | |||||||||||||
Available-for-sale investment securities: | |||||||||||||
U.S. Government and agency obligations | $ | - | $ | 33,735 | $ | - | |||||||
State agency and municipal obligations | - | 17,301 | - | ||||||||||
Corporate bonds | - | 15,597 | - | ||||||||||
Mortgage backed securities | - | 904 | - | ||||||||||
Derivative asset | - | 111 | - | ||||||||||
December 31, 2013: | |||||||||||||
Available-for-sale investment securities: | |||||||||||||
U.S. Government and agency obligations | $ | - | $ | 5,688 | $ | - | |||||||
State agency and municipal obligations | - | 12,132 | - | ||||||||||
Corporate bonds | - | 9,566 | - | ||||||||||
Mortgage backed securities | - | 1,211 | - | ||||||||||
Schedule of financial instruments carried at fair value on a nonrecurring basis | ' | ||||||||||||
Fair Value | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||
September 30, 2014: | |||||||||||||
Impaired loans | $ | - | $ | - | $ | 6,461 | |||||||
Foreclosed real estate | - | - | 829 | ||||||||||
December 31, 2013: | |||||||||||||
Impaired loans | $ | - | $ | - | $ | 3,723 | |||||||
Foreclosed real estate | - | - | 829 | ||||||||||
Schedule of quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on a nonrecurring basis | ' | ||||||||||||
Fair | Valuation | Unobservable | Range | ||||||||||
(Dollars in thousands) | Value | Methodology | Input | (Weighted Average) | |||||||||
September 30, 2014: | |||||||||||||
Impaired loans | $ | 6,461 | Appraisals | Discount for dated appraisals | 0% | ||||||||
Discounted cash flows | Discount rate | 3.25% to 7.0% | |||||||||||
Foreclosed real estate | $ | 829 | Appraisals | Discount for dated appraisals | 34.8% to 66.6% | ||||||||
December 31, 2013: | |||||||||||||
Impaired loans | $ | 3,723 | Appraisals | Discount for dated appraisals | 0% to 20.0% | ||||||||
Discounted cash flows | Discount rate | 6.00% | |||||||||||
Foreclosed real estate | $ | 829 | Appraisals | Discount for dated appraisals | 34.8% to 66.6% |
MERGERS_AND_ACQUISITIONS_Table
MERGERS AND ACQUISITIONS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Schedule of recognized amounts of identifiable assets acquired and (liabilities) assumed | ' | ||||||||||||
Consideration paid: (In thousands) | Amount | ||||||||||||
Cash consideration paid to Wilton shareholders | $ | 5,035 | |||||||||||
Recognized amounts of identifiable assets acquired | Fair Value | As Recorded | |||||||||||
and (liabilities) assumed: (In thousands) | As Acquired | Adjustments | at Acquisition | ||||||||||
Cash | $ | 35,919 | $ | - | $ | 35,919 | |||||||
Held to maturity investments securities | 1,022 | - | 1,022 | ||||||||||
Loans | 27,097 | (2,008 | )a | 25,089 | |||||||||
Premises and equipment | 4,303 | - | 4,303 | ||||||||||
Other real estate owned | 1,895 | (450 | )b | 1,445 | |||||||||
Core deposit intangibles | - | 499 | c | 499 | |||||||||
Deferred tax assets, net | - | 1,997 | d | 1,997 | |||||||||
Other assets | 587 | - | 587 | ||||||||||
Deposits | (64,145 | ) | (12 | )e | (64,157 | ) | |||||||
Other liabilities | (336 | ) | - | (336 | ) | ||||||||
Total identifiable net assets | $ | 6,342 | $ | 26 | $ | 6,368 | |||||||
Gain on purchase | $ | (1,333 | ) | ||||||||||
Schedule of acquired loan portfolio subject to purchased credit impaired accounting guidance | ' | ||||||||||||
November 5, | |||||||||||||
(In thousands) | 2013 | ||||||||||||
Contractually required principal and interest at acquisition | $ | 14,528 | |||||||||||
Contractual cash flows not expected to be collected (nonaccretable discount) | (1,412 | ) | |||||||||||
Expected cash flows at acquisition | 13,116 | ||||||||||||
Interest component of expected cash flows (accretable discount) | (1,513 | ) | |||||||||||
Fair value of acquired loans | $ | 11,603 |
NATURE_OF_OPERATIONS_AND_SUMMA2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (Wilton Bank ("Wilton"), USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Nov. 05, 2013 |
Branch | |
Wilton Bank ("Wilton") | ' |
Business Acquisition [Line Items] | ' |
Number of branch acquired | 1 |
Amount of loans acquired | $25,089 |
Amount of deposits acquired | $64,157 |
INVESTMENT_SECURITIES_Summary_
INVESTMENT SECURITIES - Summary of amortized cost, gross unrealized gains and losses and fair values of available for sale and held to maturity securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale securities: | ' | ' |
Amortized Cost | $66,662 | $27,901 |
Gross Unrealized Gains | 1,258 | 1,016 |
Gross Unrealized Losses | -383 | -320 |
Fair Value | 67,537 | 28,597 |
Held to maturity securities: | ' | ' |
Amortized Cost | 11,502 | 13,816 |
Gross Unrealized Gains | 37 | 28 |
Gross Unrealized Losses | ' | -29 |
Fair value | 11,539 | 13,815 |
U.S. Government and agency obligations | ' | ' |
Available for sale securities: | ' | ' |
Due from one through five years, Amortized Cost | 4,994 | 1,000 |
Due from one through five years, Gross Unrealized Gains | 5 | ' |
Due from one through five years, Gross Unrealized Losses | -59 | -17 |
Due from one through five years, Fair Value | 4,940 | 983 |
Due from five through ten years, Amortized Cost | 20,995 | 4,997 |
Due from five through ten years, Gross Unrealized Gains | 15 | ' |
Due from five through ten years, Gross Unrealized Losses | -174 | -292 |
Due from five through ten years, Fair Value | 20,836 | 4,705 |
Due after ten years, Amortized Cost | 7,961 | ' |
Due after ten years, Gross Unrealized Gains | 2 | ' |
Due after ten years, Gross Unrealized Losses | -4 | ' |
Due after ten years, Fair Value | 7,959 | ' |
Amortized Cost | 33,950 | 5,997 |
Gross Unrealized Gains | 22 | ' |
Gross Unrealized Losses | -237 | -309 |
Fair Value | 33,735 | 5,688 |
Held to maturity securities: | ' | ' |
Due from one through five years, Amortized Cost | 1,013 | 1,021 |
Due from one through five years, Gross Unrealized Gains | 1 | ' |
Due from one through five years, Gross Unrealized Losses | ' | -2 |
Due from one through five years, Fair Value | 1,014 | 1,019 |
State agency and municipal obligations | ' | ' |
Available for sale securities: | ' | ' |
Due from five through ten years, Amortized Cost | 9,314 | 3,125 |
Due from five through ten years, Gross Unrealized Gains | 248 | 152 |
Due from five through ten years, Gross Unrealized Losses | -63 | ' |
Due from five through ten years, Fair Value | 9,499 | 3,277 |
Due after ten years, Amortized Cost | 7,244 | 8,480 |
Due after ten years, Gross Unrealized Gains | 562 | 375 |
Due after ten years, Gross Unrealized Losses | -4 | ' |
Due after ten years, Fair Value | 7,802 | 8,855 |
Amortized Cost | 16,558 | 11,605 |
Gross Unrealized Gains | 810 | 527 |
Gross Unrealized Losses | -67 | ' |
Fair Value | 17,301 | 12,132 |
Held to maturity securities: | ' | ' |
Due after ten years, Amortized Cost | 9,210 | 11,461 |
Due after ten years, Gross Unrealized Gains | ' | ' |
Due after ten years, Gross Unrealized Losses | ' | ' |
Due after ten years, Fair Value | 9,210 | 11,461 |
Corporate bonds | ' | ' |
Available for sale securities: | ' | ' |
Due in less than one year, Amortized Cost | 1,000 | ' |
Due in less than one year, Gross Unrealized Gains | 6 | ' |
Due in less than one year, Gross Unrealized Losses | ' | ' |
Due in less than one year, Fair Value | 1,006 | ' |
Due from one through five years, Amortized Cost | 8,206 | 9,166 |
Due from one through five years, Gross Unrealized Gains | 338 | 411 |
Due from one through five years, Gross Unrealized Losses | -9 | -11 |
Due from one through five years, Fair Value | 8,535 | 9,566 |
Due from five through ten years, Amortized Cost | 6,126 | ' |
Due from five through ten years, Gross Unrealized Gains | ' | ' |
Due from five through ten years, Gross Unrealized Losses | -70 | ' |
Due from five through ten years, Fair Value | 6,056 | ' |
Amortized Cost | 15,332 | ' |
Gross Unrealized Gains | 344 | ' |
Gross Unrealized Losses | -79 | ' |
Fair Value | 15,597 | ' |
Held to maturity securities: | ' | ' |
Due from five through ten years, Amortized Cost | 1,000 | 1,000 |
Due from five through ten years, Gross Unrealized Gains | 2 | ' |
Due from five through ten years, Gross Unrealized Losses | ' | -27 |
Due from five through ten years, Fair Value | 1,002 | 973 |
Government-sponsored mortgage backed securities | ' | ' |
Available for sale securities: | ' | ' |
Amortized Cost | 822 | 1,133 |
Gross Unrealized Gains | 82 | 78 |
Gross Unrealized Losses | ' | ' |
Fair Value | 904 | 1,211 |
Held to maturity securities: | ' | ' |
Amortized Cost | 279 | 334 |
Gross Unrealized Gains | 34 | 28 |
Gross Unrealized Losses | ' | ' |
Fair value | $313 | $362 |
INVESTMENT_SECURITIES_Informat
INVESTMENT SECURITIES - Information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Less than 12 months - Fair Value | $27,024 | $5,797 |
Less than 12 months - Unrealized Loss | -194 | -222 |
12 Months or More - Fair Value | 6,808 | 2,871 |
12 Months or More - Unrealized Loss | -189 | -127 |
Fair value - Total | 33,832 | 8,668 |
Unrealized Loss - Total | -383 | -349 |
U.S. Government and agency obligations | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Less than 12 months - Fair Value | 16,947 | 5,797 |
Less than 12 months - Unrealized Loss | -54 | -222 |
12 Months or More - Fair Value | 5,815 | 910 |
12 Months or More - Unrealized Loss | -183 | -89 |
Fair value - Total | 22,762 | 6,707 |
Unrealized Loss - Total | -237 | -311 |
State agency and municipal obligations | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Less than 12 months - Fair Value | 3,024 | ' |
Less than 12 months - Unrealized Loss | -67 | ' |
12 Months or More - Fair Value | ' | ' |
12 Months or More - Unrealized Loss | ' | ' |
Fair value - Total | 3,024 | ' |
Unrealized Loss - Total | -67 | ' |
Corporate bonds | ' | ' |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ' | ' |
Less than 12 months - Fair Value | 7,053 | ' |
Less than 12 months - Unrealized Loss | -73 | ' |
12 Months or More - Fair Value | 993 | 1,961 |
12 Months or More - Unrealized Loss | -6 | -38 |
Fair value - Total | 8,046 | 1,961 |
Unrealized Loss - Total | ($79) | ($38) |
INVESTMENT_SECURITIES_Detail_T
INVESTMENT SECURITIES (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Public deposits | Public deposits | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' | ' |
Realized gain on the sale of investment securities | $0 | $648,000 | ' | ' |
Securities pledged as collateral | ' | ' | $6,800,000 | $6,200,000 |
LOANS_RECEIVABLE_AND_ALLOWANCE2
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of loan portfolio (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ($9,552) | ' | ($8,382) | ' | ' | ' |
Loans receivable, net | 730,148 | ' | 621,830 | ' | ' | ' |
Loans receivable | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 742,084 | ' | 632,012 | ' | ' | ' |
Allowance for loan losses | -9,552 | -8,985 | -8,382 | -8,277 | -8,224 | -7,941 |
Deferred loan origination fees, net | -2,400 | ' | -1,816 | ' | ' | ' |
Unamortized loan premiums | 16 | ' | 16 | ' | ' | ' |
Loans receivable, net | 730,148 | ' | 621,830 | ' | ' | ' |
Loans receivable | Residential | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 167,362 | ' | 155,874 | ' | ' | ' |
Allowance for loan losses | -1,411 | -1,392 | -1,310 | -1,469 | -1,326 | -1,230 |
Loans receivable | Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 400,915 | ' | 315,762 | ' | ' | ' |
Allowance for loan losses | -4,661 | -4,024 | -3,616 | -3,591 | -3,672 | -3,842 |
Loans receivable | Construction | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 53,280 | ' | 51,495 | ' | ' | ' |
Allowance for loan losses | -891 | -776 | -1,032 | -928 | -1,013 | -929 |
Loans receivable | Home equity | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 12,833 | ' | 13,497 | ' | ' | ' |
Allowance for loan losses | -191 | -188 | -190 | -212 | -213 | -220 |
Loans receivable | Real estate loans | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 634,390 | ' | 536,628 | ' | ' | ' |
Loans receivable | Commercial business | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 107,161 | ' | 94,547 | ' | ' | ' |
Allowance for loan losses | -2,391 | -2,292 | -2,225 | -2,052 | -1,766 | -1,718 |
Loans receivable | Consumer | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 533 | ' | 837 | ' | ' | ' |
Allowance for loan losses | -7 | -6 | -9 | -10 | -91 | -2 |
Loans receivable | Originated | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 728,605 | ' | 607,907 | ' | ' | ' |
Allowance for loan losses | -9,552 | -8,984 | -8,382 | ' | ' | ' |
Deferred loan origination fees, net | -2,400 | ' | -1,785 | ' | ' | ' |
Unamortized loan premiums | 16 | ' | 16 | ' | ' | ' |
Loans receivable, net | 716,669 | ' | 597,756 | ' | ' | ' |
Loans receivable | Originated | Residential | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 167,362 | ' | 155,874 | ' | ' | ' |
Allowance for loan losses | -1,411 | -1,392 | -1,310 | ' | ' | ' |
Loans receivable | Originated | Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 394,004 | ' | 305,823 | ' | ' | ' |
Allowance for loan losses | -4,661 | -4,024 | -3,616 | ' | ' | ' |
Loans receivable | Originated | Construction | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 52,387 | ' | 44,187 | ' | ' | ' |
Allowance for loan losses | -891 | -776 | -1,032 | ' | ' | ' |
Loans receivable | Originated | Home equity | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 9,539 | ' | 9,625 | ' | ' | ' |
Allowance for loan losses | -191 | -188 | -190 | ' | ' | ' |
Loans receivable | Originated | Real estate loans | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 623,292 | ' | 515,509 | ' | ' | ' |
Loans receivable | Originated | Commercial business | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 105,123 | ' | 92,173 | ' | ' | ' |
Allowance for loan losses | -2,391 | -2,291 | -2,225 | ' | ' | ' |
Loans receivable | Originated | Consumer | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 190 | ' | 225 | ' | ' | ' |
Allowance for loan losses | -7 | -6 | -9 | ' | ' | ' |
Loans receivable | Acquired | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 13,479 | ' | 24,105 | ' | ' | ' |
Allowance for loan losses | ' | -1 | ' | ' | ' | ' |
Deferred loan origination fees, net | ' | ' | -31 | ' | ' | ' |
Unamortized loan premiums | ' | ' | ' | ' | ' | ' |
Loans receivable, net | 13,479 | ' | 24,074 | ' | ' | ' |
Loans receivable | Acquired | Residential | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired | Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 6,911 | ' | 9,939 | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired | Construction | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 893 | ' | 7,308 | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired | Home equity | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 3,294 | ' | 3,872 | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired | Real estate loans | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 11,098 | ' | 21,119 | ' | ' | ' |
Loans receivable | Acquired | Commercial business | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 2,038 | ' | 2,374 | ' | ' | ' |
Allowance for loan losses | ' | -1 | ' | ' | ' | ' |
Loans receivable | Acquired | Consumer | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 343 | ' | 612 | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE3
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of activity in accretable yields for acquired loan portfolio (Details 1) (Loans receivable, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | ||
Loans receivable | ' | ' | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ||
Balance at beginning of period | $817 | $1,418 | ||
Acquisition | ' | ' | ||
Accretion | -81 | -338 | ||
Other | ' | [1] | -344 | [1] |
Balance at end of period | $736 | $736 | ||
[1] | Represents changes in cash flows expected to be collected due to loan sales or payoffs. |
LOANS_RECEIVABLE_AND_ALLOWANCE4
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of allowance for loan losses by portfolio segment (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | $8,382 | ' |
Provisions | ' | ' | 847 | 489 |
Ending balance | 9,552 | ' | 9,552 | ' |
Loans receivable | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 8,985 | 8,224 | 8,382 | 7,941 |
Charge-offs | ' | ' | -101 | -169 |
Recoveries | 1 | 6 | 424 | 16 |
Provisions | 566 | 47 | 847 | 489 |
Ending balance | 9,552 | 8,277 | 9,552 | 8,277 |
Loans receivable | Residential Real Estate | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1,392 | 1,326 | 1,310 | 1,230 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 19 | 143 | 101 | 239 |
Ending balance | 1,411 | 1,469 | 1,411 | 1,469 |
Loans receivable | Commercial Real Estate | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 4,024 | 3,672 | 3,616 | 3,842 |
Charge-offs | ' | ' | ' | -166 |
Recoveries | ' | ' | ' | ' |
Provisions | 637 | -81 | 1,045 | -85 |
Ending balance | 4,661 | 3,591 | 4,661 | 3,591 |
Loans receivable | Construction | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 776 | 1,013 | 1,032 | 929 |
Charge-offs | ' | ' | -100 | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 115 | -85 | -41 | -1 |
Ending balance | 891 | 928 | 891 | 928 |
Loans receivable | Home Equity | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 188 | 213 | 190 | 220 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 3 | -1 | 1 | -8 |
Ending balance | 191 | 212 | 191 | 212 |
Loans receivable | Commercial Business | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 2,292 | 1,766 | 2,225 | 1,718 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 99 | 286 | 166 | 334 |
Ending balance | 2,391 | 2,052 | 2,391 | 2,052 |
Loans receivable | Consumer | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 6 | 91 | 9 | 2 |
Charge-offs | ' | ' | -1 | -3 |
Recoveries | 1 | 6 | 424 | 16 |
Provisions | ' | -87 | -425 | -5 |
Ending balance | 7 | 10 | 7 | 10 |
Loans receivable | Unallocated | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 307 | 143 | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | -307 | -128 | ' | 15 |
Ending balance | ' | 15 | ' | 15 |
Loans receivable | Originated | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 8,984 | ' | 8,382 | ' |
Charge-offs | ' | ' | -1 | ' |
Recoveries | 1 | ' | 424 | ' |
Provisions | 567 | ' | 747 | ' |
Ending balance | 9,552 | ' | 9,552 | ' |
Loans receivable | Originated | Residential Real Estate | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1,392 | ' | 1,310 | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 19 | ' | 101 | ' |
Ending balance | 1,411 | ' | 1,411 | ' |
Loans receivable | Originated | Commercial Real Estate | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 4,024 | ' | 3,616 | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 637 | ' | 1,045 | ' |
Ending balance | 4,661 | ' | 4,661 | ' |
Loans receivable | Originated | Construction | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 776 | ' | 1,032 | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 115 | ' | -141 | ' |
Ending balance | 891 | ' | 891 | ' |
Loans receivable | Originated | Home Equity | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 188 | ' | 190 | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 3 | ' | 1 | ' |
Ending balance | 191 | ' | 191 | ' |
Loans receivable | Originated | Commercial Business | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 2,291 | ' | 2,225 | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | 100 | ' | 166 | ' |
Ending balance | 2,391 | ' | 2,391 | ' |
Loans receivable | Originated | Consumer | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 6 | ' | 9 | ' |
Charge-offs | ' | ' | -1 | ' |
Recoveries | 1 | ' | 424 | ' |
Provisions | ' | ' | -425 | ' |
Ending balance | 7 | ' | 7 | ' |
Loans receivable | Originated | Unallocated | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 307 | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | -307 | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1 | ' | ' | ' |
Charge-offs | ' | ' | -100 | ' |
Recoveries | ' | ' | ' | ' |
Provisions | -1 | ' | 100 | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | Residential Real Estate | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | Commercial Real Estate | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | Construction | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Charge-offs | ' | ' | -100 | ' |
Recoveries | ' | ' | ' | ' |
Provisions | ' | ' | 100 | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | Home Equity | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | Commercial Business | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 1 | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | -1 | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | Consumer | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
Loans receivable | Acquired | Unallocated | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE5
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary, by portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio (Details 3) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Allowance, Total | $9,552 | ' | $8,382 | ' | ' | ' |
Loans receivable | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 6,461 | ' | 3,723 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | 39 | ' | 145 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 735,623 | ' | 628,289 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 9,513 | ' | 8,237 | ' | ' | ' |
Unallocated Allowance, Portfolio | ' | ' | ' | ' | ' | ' |
Unallocated Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 742,084 | ' | 632,012 | ' | ' | ' |
Allowance, Total | 9,552 | 8,985 | 8,382 | 8,277 | 8,224 | 7,941 |
Loans receivable | Residential Real Estate | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 864 | ' | 1,867 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | 73 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 166,498 | ' | 154,007 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 1,411 | ' | 1,237 | ' | ' | ' |
Portfolio, Total | 167,362 | ' | 155,874 | ' | ' | ' |
Allowance, Total | 1,411 | 1,392 | 1,310 | 1,469 | 1,326 | 1,230 |
Loans receivable | Commercial Real Estate | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 2,895 | ' | 1,117 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | 22 | ' | 56 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 398,020 | ' | 314,645 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 4,639 | ' | 3,560 | ' | ' | ' |
Portfolio, Total | 400,915 | ' | 315,762 | ' | ' | ' |
Allowance, Total | 4,661 | 4,024 | 3,616 | 3,591 | 3,672 | 3,842 |
Loans receivable | Construction | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 53,280 | ' | 51,495 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 891 | ' | 1,032 | ' | ' | ' |
Portfolio, Total | 53,280 | ' | 51,495 | ' | ' | ' |
Allowance, Total | 891 | 776 | 1,032 | 928 | 1,013 | 929 |
Loans receivable | Home equity | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 94 | ' | 97 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | 4 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 12,739 | ' | 13,400 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 191 | ' | 187 | ' | ' | ' |
Portfolio, Total | 12,833 | ' | 13,497 | ' | ' | ' |
Allowance, Total | 191 | 188 | 190 | 212 | 213 | 220 |
Loans receivable | Commercial business | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 2,608 | ' | 642 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | 17 | ' | 12 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 104,553 | ' | 93,905 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 2,374 | ' | 2,212 | ' | ' | ' |
Portfolio, Total | 107,161 | ' | 94,547 | ' | ' | ' |
Allowance, Total | 2,391 | 2,292 | 2,225 | 2,052 | 1,766 | 1,718 |
Loans receivable | Consumer | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 533 | ' | 837 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 7 | ' | 9 | ' | ' | ' |
Portfolio, Total | 533 | ' | 837 | ' | ' | ' |
Allowance, Total | 7 | 6 | 9 | 10 | 91 | 2 |
Loans receivable | Originated Loans | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 5,830 | ' | 3,723 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | 39 | ' | 145 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 722,775 | ' | 604,184 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 9,513 | ' | 8,237 | ' | ' | ' |
Unallocated Allowance, Portfolio | ' | ' | ' | ' | ' | ' |
Unallocated Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 728,605 | ' | 607,907 | ' | ' | ' |
Allowance, Total | 9,552 | 8,984 | 8,382 | ' | ' | ' |
Loans receivable | Originated Loans | Residential Real Estate | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 864 | ' | 1,867 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | 73 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 166,498 | ' | 154,007 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 1,411 | ' | 1,237 | ' | ' | ' |
Portfolio, Total | 167,362 | ' | 155,874 | ' | ' | ' |
Allowance, Total | 1,411 | 1,392 | 1,310 | ' | ' | ' |
Loans receivable | Originated Loans | Commercial Real Estate | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 2,895 | ' | 1,117 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | 22 | ' | 56 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 391,109 | ' | 304,706 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 4,639 | ' | 3,560 | ' | ' | ' |
Portfolio, Total | 394,004 | ' | 305,823 | ' | ' | ' |
Allowance, Total | 4,661 | 4,024 | 3,616 | ' | ' | ' |
Loans receivable | Originated Loans | Construction | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 52,387 | ' | 44,187 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 891 | ' | 1,032 | ' | ' | ' |
Portfolio, Total | 52,387 | ' | 44,187 | ' | ' | ' |
Allowance, Total | 891 | 776 | 1,032 | ' | ' | ' |
Loans receivable | Originated Loans | Home equity | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 94 | ' | 97 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | 4 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 9,445 | ' | 9,528 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 191 | ' | 187 | ' | ' | ' |
Portfolio, Total | 9,539 | ' | 9,625 | ' | ' | ' |
Allowance, Total | 191 | 188 | 190 | ' | ' | ' |
Loans receivable | Originated Loans | Commercial business | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 1,977 | ' | 642 | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | 17 | ' | 12 | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 103,146 | ' | 91,531 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 2,374 | ' | 2,212 | ' | ' | ' |
Portfolio, Total | 105,123 | ' | 92,173 | ' | ' | ' |
Allowance, Total | 2,391 | 2,291 | 2,225 | ' | ' | ' |
Loans receivable | Originated Loans | Consumer | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 190 | ' | 225 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | 7 | ' | 9 | ' | ' | ' |
Portfolio, Total | 190 | ' | 225 | ' | ' | ' |
Allowance, Total | 7 | 6 | 9 | ' | ' | ' |
Loans receivable | Acquired Loans | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 631 | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 12,848 | ' | 24,105 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Unallocated Allowance, Portfolio | ' | ' | ' | ' | ' | ' |
Unallocated Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 13,479 | ' | 24,105 | ' | ' | ' |
Allowance, Total | ' | 1 | ' | ' | ' | ' |
Loans receivable | Acquired Loans | Residential Real Estate | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | ' | ' | ' | ' | ' | ' |
Allowance, Total | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired Loans | Commercial Real Estate | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 6,911 | ' | 9,939 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 6,911 | ' | 9,939 | ' | ' | ' |
Allowance, Total | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired Loans | Construction | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 893 | ' | 7,308 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 893 | ' | 7,308 | ' | ' | ' |
Allowance, Total | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired Loans | Home equity | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 3,294 | ' | 3,872 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 3,294 | ' | 3,872 | ' | ' | ' |
Allowance, Total | ' | ' | ' | ' | ' | ' |
Loans receivable | Acquired Loans | Commercial business | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | 631 | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 1,407 | ' | 2,374 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 2,038 | ' | 2,374 | ' | ' | ' |
Allowance, Total | ' | 1 | ' | ' | ' | ' |
Loans receivable | Acquired Loans | Consumer | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Portfolio | ' | ' | ' | ' | ' | ' |
Loans individually evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment: | ' | ' | ' | ' | ' | ' |
Loans collectively evaluated for impairment, Portfolio | 343 | ' | 612 | ' | ' | ' |
Loans collectively evaluated for impairment, Allowance | ' | ' | ' | ' | ' | ' |
Portfolio, Total | 343 | ' | 612 | ' | ' | ' |
Allowance, Total | ' | ' | ' | ' | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE6
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of the loan portfolio quality indicators by portfolio segment (Details 4) (Loans receivable, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $742,084 | $632,012 |
Commercial Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 400,915 | 315,762 |
Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 53,280 | 51,495 |
Commercial business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 107,161 | 94,547 |
Residential Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 167,362 | 155,874 |
Home equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 12,833 | 13,497 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 533 | 837 |
Originated Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 728,605 | 607,907 |
Originated Loans | Commercial Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 394,004 | 305,823 |
Originated Loans | Commercial Real Estate | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 387,877 | 304,469 |
Originated Loans | Commercial Real Estate | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,571 | 237 |
Originated Loans | Commercial Real Estate | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4,556 | 1,117 |
Originated Loans | Commercial Real Estate | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Commercial Real Estate | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 52,387 | 44,187 |
Originated Loans | Construction | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 52,387 | 44,187 |
Originated Loans | Construction | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Construction | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Construction | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Construction | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Commercial business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 105,123 | 92,173 |
Originated Loans | Commercial business | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 99,354 | 91,093 |
Originated Loans | Commercial business | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 5,191 | 438 |
Originated Loans | Commercial business | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 578 | 642 |
Originated Loans | Commercial business | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Commercial business | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Residential Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 167,362 | 155,874 |
Originated Loans | Residential Real Estate | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 166,498 | 153,443 |
Originated Loans | Residential Real Estate | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 864 | 2,431 |
Originated Loans | Residential Real Estate | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Residential Real Estate | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Residential Real Estate | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Home equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,539 | 9,625 |
Originated Loans | Home equity | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,372 | 9,447 |
Originated Loans | Home equity | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 167 | 178 |
Originated Loans | Home equity | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Home equity | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Home equity | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 190 | 225 |
Originated Loans | Consumer | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 190 | 225 |
Originated Loans | Consumer | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Consumer | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Consumer | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Originated Loans | Consumer | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 13,479 | 24,105 |
Acquired Loans | Commercial Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 6,911 | 9,939 |
Acquired Loans | Commercial Real Estate | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 5,878 | 9,580 |
Acquired Loans | Commercial Real Estate | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 24 |
Acquired Loans | Commercial Real Estate | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,033 | 335 |
Acquired Loans | Commercial Real Estate | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Commercial Real Estate | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 893 | 7,308 |
Acquired Loans | Construction | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 4,639 |
Acquired Loans | Construction | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 161 |
Acquired Loans | Construction | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 893 | 2,508 |
Acquired Loans | Construction | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Construction | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Commercial business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,038 | 2,374 |
Acquired Loans | Commercial business | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,138 | 1,806 |
Acquired Loans | Commercial business | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 53 | 252 |
Acquired Loans | Commercial business | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 847 | 316 |
Acquired Loans | Commercial business | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Commercial business | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Residential Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Residential Real Estate | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Residential Real Estate | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Residential Real Estate | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Residential Real Estate | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Residential Real Estate | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Home equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,294 | 3,872 |
Acquired Loans | Home equity | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,294 | 3,826 |
Acquired Loans | Home equity | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Home equity | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 46 |
Acquired Loans | Home equity | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Home equity | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 343 | 612 |
Acquired Loans | Consumer | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 343 | 469 |
Acquired Loans | Consumer | Special mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 143 |
Acquired Loans | Consumer | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Consumer | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Acquired Loans | Consumer | Loss | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE7
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of loan portfolio delinquencies by portfolio segment and amount (Details 5) (Loans receivable, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | $1 | ' |
61- 90 Days Past Due | 1 | ' |
Greater Than 90 Days | 2,411 | 4,623 |
Total Past Due | 2,413 | 4,623 |
Current | 739,671 | 627,389 |
Carrying Amount > 90 Days and Accruing | 1,309 | 3,620 |
Originated Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | 1 | ' |
Greater Than 90 Days | 1,102 | 1,003 |
Total Past Due | 1,103 | 1,003 |
Current | 727,502 | 606,904 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Originated Loans | Residential Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | 1,003 |
Total Past Due | ' | 1,003 |
Current | 167,362 | 154,871 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Originated Loans | Commercial Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,102 | ' |
Total Past Due | 1,102 | ' |
Current | 392,902 | 305,823 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Originated Loans | Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | 52,387 | 44,187 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Originated Loans | Home equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | 9,539 | 9,625 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Originated Loans | Commercial business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | 105,123 | 92,173 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Originated Loans | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | 1 | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | 1 | ' |
Current | 189 | 225 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Acquired Loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | 1 | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | 1,309 | 3,620 |
Total Past Due | 1,310 | 3,620 |
Current | 12,169 | 20,485 |
Carrying Amount > 90 Days and Accruing | 1,309 | 3,620 |
Acquired Loans | Residential Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | ' | ' |
Carrying Amount > 90 Days and Accruing | ' | ' |
Acquired Loans | Commercial Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | 416 | 797 |
Total Past Due | 416 | 797 |
Current | 6,495 | 9,142 |
Carrying Amount > 90 Days and Accruing | 416 | 797 |
Acquired Loans | Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | 893 | 2,508 |
Total Past Due | 893 | 2,508 |
Current | ' | 4,800 |
Carrying Amount > 90 Days and Accruing | 893 | 2,508 |
Acquired Loans | Home equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | ' | ' |
Current | 3,294 | 3,872 |
Carrying Amount > 90 Days and Accruing | ' | ' |
Acquired Loans | Commercial business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | ' | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | 315 |
Total Past Due | ' | 315 |
Current | 2,038 | 2,059 |
Carrying Amount > 90 Days and Accruing | ' | 315 |
Acquired Loans | Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
31- 60 Days Past Due | 1 | ' |
61- 90 Days Past Due | ' | ' |
Greater Than 90 Days | ' | ' |
Total Past Due | 1 | ' |
Current | 342 | 612 |
Carrying Amount > 90 Days and Accruing | ' | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE8
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of nonaccrual loans by portfolio segment (Details 6) (Loans receivable, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccrual loans | $1,246 | $1,003 |
Residential Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccrual loans | ' | 1,003 |
Commercial Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccrual loans | $1,246 | ' |
LOANS_RECEIVABLE_AND_ALLOWANCE9
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of impaired loans (Details 7) (Loans receivable, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Originated | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Carrying Amount | $4,742 | ' |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 4,763 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Carrying Amount | 1,088 | 3,723 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 1,088 | 3,736 |
Impaired loans with a valuation allowance, Associated Allowance | 39 | 145 |
Total impaired loans | ' | ' |
Total impaired loans, Carrying Amount | 5,830 | 3,723 |
Total impaired loans, Unpaid Principal Balance | 5,851 | 3,736 |
Total impaired loans, Associated Allowance | 39 | 145 |
Originated | Residential Real Estate | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Carrying Amount | 864 | ' |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 864 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Carrying Amount | ' | 1,867 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | ' | 1,880 |
Impaired loans with a valuation allowance, Associated Allowance | ' | 73 |
Originated | Commercial Real Estate | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Carrying Amount | 2,440 | ' |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 2,455 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Carrying Amount | 455 | 1,117 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 455 | 1,117 |
Impaired loans with a valuation allowance, Associated Allowance | 22 | 56 |
Originated | Home equity | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Carrying Amount | 94 | ' |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 94 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Carrying Amount | ' | 97 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | ' | 97 |
Impaired loans with a valuation allowance, Associated Allowance | ' | 4 |
Originated | Commercial business | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Carrying Amount | 1,344 | ' |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 1,350 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Carrying Amount | 633 | 642 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 633 | 642 |
Impaired loans with a valuation allowance, Associated Allowance | 17 | 12 |
Acquired | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Carrying Amount | 631 | ' |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 631 | ' |
Total impaired loans | ' | ' |
Total impaired loans, Carrying Amount | 631 | ' |
Total impaired loans, Unpaid Principal Balance | 631 | ' |
Total impaired loans, Associated Allowance | ' | ' |
Acquired | Commercial business | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Carrying Amount | 631 | ' |
Impaired loans without a valuation allowance, Unpaid Principal Balance | $631 | ' |
Recovered_Sheet1
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of average recorded investment balance of impaired loans and interest income recognized on impaired loans by portfolio segment (Details 8) (Loans receivable, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Originated | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Average Recorded Investment | $4,108 | ' |
Impaired loans without a valuation allowance, Interest Income Recognized | 92 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Average Recorded Investment | 1,124 | 3,967 |
Impaired loans with a valuation allowance, Interest Income Recognized | 51 | 101 |
Total impaired loans | ' | ' |
Total impaired loans, Average Recorded Investment | 5,232 | 3,967 |
Total impaired loans, Interest Income Recognized | 143 | 101 |
Originated | Residential Real Estate | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Average Recorded Investment | 864 | ' |
Impaired loans without a valuation allowance, Interest Income Recognized | 21 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Average Recorded Investment | ' | 1,900 |
Impaired loans with a valuation allowance, Interest Income Recognized | ' | 29 |
Originated | Commercial Real Estate | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Average Recorded Investment | 1,714 | ' |
Impaired loans without a valuation allowance, Interest Income Recognized | 21 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Average Recorded Investment | 459 | 1,131 |
Impaired loans with a valuation allowance, Interest Income Recognized | 24 | 38 |
Originated | Home equity | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Average Recorded Investment | 96 | ' |
Impaired loans without a valuation allowance, Interest Income Recognized | 2 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Average Recorded Investment | 665 | 246 |
Impaired loans with a valuation allowance, Interest Income Recognized | ' | 6 |
Originated | Commercial business | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Average Recorded Investment | 1,434 | ' |
Impaired loans without a valuation allowance, Interest Income Recognized | 48 | ' |
Impaired loans with a valuation allowance: | ' | ' |
Impaired loans with a valuation allowance, Average Recorded Investment | ' | 690 |
Impaired loans with a valuation allowance, Interest Income Recognized | 27 | 28 |
Acquired | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Average Recorded Investment | 599 | ' |
Impaired loans without a valuation allowance, Interest Income Recognized | 20 | ' |
Total impaired loans | ' | ' |
Total impaired loans, Average Recorded Investment | 599 | ' |
Total impaired loans, Interest Income Recognized | 20 | ' |
Acquired | Commercial business | ' | ' |
Impaired loans without a valuation allowance: | ' | ' |
Impaired loans without a valuation allowance, Average Recorded Investment | 599 | ' |
Impaired loans without a valuation allowance, Interest Income Recognized | $20 | ' |
Recovered_Sheet2
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of loans whose terms were modified as TDRs (Details 9) (Loans receivable, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Loan | Loan | Loan | Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | ' | 6 | 1 |
Outstanding Recorded Investment Pre-Modification | $241 | ' | $2,120 | $94 |
Outstanding Recorded Investment Post-Modification | 241 | ' | 2,120 | 94 |
Commercial Real Estate | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 2 | ' |
Outstanding Recorded Investment Pre-Modification | ' | ' | 1,324 | ' |
Outstanding Recorded Investment Post-Modification | ' | ' | 1,324 | ' |
Home equity | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | ' | 1 |
Outstanding Recorded Investment Pre-Modification | ' | ' | ' | 94 |
Outstanding Recorded Investment Post-Modification | ' | ' | ' | 94 |
Commercial business | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | ' | 4 | ' |
Outstanding Recorded Investment Pre-Modification | 241 | ' | 796 | ' |
Outstanding Recorded Investment Post-Modification | $241 | ' | $796 | ' |
Recovered_Sheet3
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of loans were modified as TDR (Details 10) (Loans receivable, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Loans receivable | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Maturity/amortization concession | $241 | ' | $962 | $94 |
Payment concession | ' | ' | 1,158 | ' |
Total | $241 | ' | $2,120 | $94 |
Recovered_Sheet4
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Detail Textuals) (Loans receivable, USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Percentage of market value of the collateral | ' | ' | 80.00% | ' | ' |
Maximum percent of the loan in comparison with original appraised value of the property | ' | ' | 80.00% | ' | ' |
Unallocated allowances | ' | ' | '0 | ' | '0 |
Income contractually due but not recognized on originated nonaccrual loans | $18,000 | $27,000 | $51,000 | $67,000 | ' |
Actual interest recognized | ' | ' | 4,000 | 8,000 | ' |
Purchased credit impaired loans | 1,900,000 | ' | 1,900,000 | ' | 6,200,000 |
Recorded investment in TDR | 2,100,000 | ' | 2,100,000 | ' | 1,600,000 |
Loss amount to determine reserve held against asset | ' | ' | 0 | ' | ' |
Loans modified in troubled debt restructuring | $1,100,000 | ' | $1,100,000 | ' | ' |
Residential loan | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Private mortgage minimum percentage of appraised value property | ' | ' | 80.00% | ' | ' |
SHAREHOLDERS_EQUITY_Detail_Tex
SHAREHOLDERS' EQUITY (Detail Textuals) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 5 Months Ended | 84 Months Ended | 45 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2011 | 15-May-14 | 20-May-14 | Dec. 31, 2013 | Sep. 30, 2014 | |
Initial Public Offering ("IPO") | Initial Public Offering ("IPO") | Private Placement Offerings | Senior Non Cumulative Perpetual Preferred Stock Series C | ||||
Private_Placement | |||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of common shares authorized to issue in initial public offering | 2,702,703 | ' | ' | 2,702,703 | ' | ' | ' |
Price per share of shares issued (in dollars per share) | ' | ' | ' | $18 | ' | ' | ' |
Number of common shares issued | ' | ' | ' | ' | 2,702,703 | 3,429,623 | ' |
Net proceeds from the IPO | ' | ' | ' | $44,700,000 | ' | ' | ' |
Underwriting discount | ' | ' | ' | 2,500,000 | ' | ' | ' |
Amount of expenses incurred in public offering | ' | ' | ' | 1,300,000 | ' | ' | ' |
Number of private placements | ' | ' | ' | ' | ' | 4 | ' |
Proceeds from offering | 44,704,000 | 13,178,000 | ' | ' | ' | 47,800,000 | ' |
Small business lending fund limit | ' | ' | 30,000,000,000 | ' | ' | ' | ' |
Tier 1 capital to be provided to qualified community banks with asset less than limit from SBLF | ' | ' | 10,000,000,000 | ' | ' | ' | ' |
Net capital proceeds from issuance and repurchase of preferred stock | ' | ' | $5,900,000 | ' | ' | ' | ' |
Percentage of proceeds invested as Tier 1 Capital | ' | ' | 90.00% | ' | ' | ' | ' |
Preferred stock dividend rate percentage | ' | ' | ' | ' | ' | ' | 1.00% |
Preferred stock dividend rate percentage after four and one half years | ' | ' | ' | ' | ' | ' | 9.00% |
Preferred stock redemption, terms | ' | ' | ' | ' | ' | ' | 'All redemptions must be in an amount at least equal to 25% of the number of originally issued shares of SBLF Preferred Stock, or 100% of the then-outstanding shares if less than 25% of the number of shares originally issued. |
Recovered_Sheet5
SHAREHOLDERS' EQUITY (Detail textuals 1) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' |
Number of common stock share included in each unit issued | 1 | ' |
Number of non-transferable warrant included in each unit issued | 1 | ' |
Number of common stock shares purchased under each warrant | 0.3221 | ' |
Exercise price of warrant | $14 | ' |
Amount received for issuance of common stock for warrants exercised | $4,300,000 | ' |
Number of common stock shares issued on exercise of warrants | 304,640 | ' |
Declared and paid cash dividends on preferred stock | $82,000 | $84,000 |
COMPREHENSIVE_INCOME_Summary_o
COMPREHENSIVE INCOME - Summary of changes in accumulated other comprehensive income (loss) by component, net of tax (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Balance | $623 | ' | $424 | ' |
Other comprehensive income (loss) before reclassifications | -21 | ' | 178 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Net other comprehensive income (loss) | -21 | -8 | 178 | -958 |
Balance | 602 | ' | 602 | ' |
Net Unrealized Gain (Loss) on Available for Sale Securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Balance | 689 | 561 | 424 | 1,511 |
Other comprehensive income (loss) before reclassifications | -154 | -8 | 110 | -958 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Net other comprehensive income (loss) | -154 | -8 | 110 | -958 |
Balance | 534 | 553 | 534 | 553 |
Net Unrealized loss on Interest Rate Swap | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' | ' |
Balance | -66 | ' | ' | ' |
Other comprehensive income (loss) before reclassifications | 133 | ' | 68 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Net other comprehensive income (loss) | 133 | ' | 68 | ' |
Balance | $67 | ' | $67 | ' |
EARNINGS_PER_SHARE_Reconciliat
EARNINGS PER SHARE - Reconciliation of earnings available to common stockholders and basic weighted-average common shares outstanding to diluted weighted average common shares outstanding (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $1,491 | $1,319 | $3,841 | $3,799 |
Preferred stock dividends | -27 | -29 | -82 | -84 |
Dividends and undistributed earnings allocated to participating securities | -23 | -19 | -82 | -55 |
Net income available to common shareholders | $1,441 | $1,271 | $3,677 | $3,660 |
Weighted average shares outstanding, basic | 6,483 | 3,355 | 5,099 | 3,278 |
Effect of dilutive equity-based awards | 19 | 58 | 25 | 60 |
Weighted average shares outstanding, diluted | 6,502 | 3,413 | 5,124 | 3,338 |
Net earnings per common share: | ' | ' | ' | ' |
Basic earnings per common share (in dollars per share) | $0.22 | $0.38 | $0.72 | $1.12 |
Diluted earnings per common share (in dollars per share) | $0.22 | $0.37 | $0.72 | $1.10 |
REGULATORY_MATTERS_Capital_amo
REGULATORY MATTERS - Capital amounts and ratios for Bank (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Bankwell Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital to Risk-Weighted Assets, Actual Capital, Amount | $112,989 | $66,674 |
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio | 15.27% | 10.74% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 59,199 | 49,682 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 73,999 | 62,103 |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount | 103,735 | 58,908 |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio | 14.02% | 9.49% |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 29,599 | 24,841 |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 44,399 | 37,262 |
Tier I Capital to Risk-Weighted AssetsTo be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Tier I Capital to Average Assets, Actual Capital, Amount | 103,735 | 58,908 |
Tier I Capital to Average Assets, Actual Capital, Ratio | 11.93% | 7.91% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | 34,793 | 29,772 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 43,491 | 37,215 |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Bankwell Financial Group Inc. | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital to Risk-Weighted Assets, Actual Capital, Amount | 126,846 | 76,537 |
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio | 16.96% | 12.32% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 59,829 | 49,683 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ' | ' |
Total Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ' | ' |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Amount | 117,495 | 68,766 |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio | 15.71% | 11.07% |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 29,914 | 24,841 |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ' | ' |
Tier I Capital to Risk-Weighted AssetsTo be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ' | ' |
Tier I Capital to Average Assets, Actual Capital, Amount | 117,495 | 68,766 |
Tier I Capital to Average Assets, Actual Capital, Ratio | 13.38% | 9.15% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | 35,131 | 30,068 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ' | ' |
Tier I Capital to Average Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ' | ' |
STOCKBASED_COMPENSATION_Outsta
STOCK-BASED COMPENSATION - Outstanding stock options (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Number of Shares | ' |
Options outstanding at beginning of period | 208,568 |
Granted | ' |
Forfeited | -4,270 |
Exercised | -20,305 |
Expired | -480 |
Options outstanding at end of period | 183,513 |
Options exercisable at end of period | 172,152 |
Weighted Average Exercise Price | ' |
Options outstanding at beginning of period | $16.67 |
Granted | ' |
Forfeited | $18.32 |
Exercised | $10.17 |
Expired | $10 |
Options outstanding at end of period | $17.37 |
Options exercisable at end of period | $17.51 |
Weighted-average fair value of options granted during the period | ' |
STOCKBASED_COMPENSATION_Activi
STOCK-BASED COMPENSATION - Activity for restricted stock (Details 1) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Number of Shares | ' |
Unvested at beginning of period | 122,140 |
Granted | 10,510 |
Vested | -6,456 |
Forfeited | -49,916 |
Unvested at end of period | 76,278 |
Weighted Average Grant Date Fair Value | ' |
Unvested at beginning of period | $15.98 |
Granted | $17.12 |
Vested | $14.66 |
Forfeited | $15.89 |
Unvested at end of period | $16.31 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Detail Textuals) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Employee Stock Option | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation expenses | $24 | $62 |
Total intrinsic value of share options exercised | 214 | ' |
Restricted Stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation expenses | $141 | $143 |
Restricted Stock | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based payment award, vesting period | '1 year | ' |
Restricted Stock | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based payment award, vesting period | '5 years | ' |
BNC Financial Group Inc Stock Option Plan 2012 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of common stock reserved for issuance | 448,885 | ' |
DERIVATIVE_INSTRUMENTS_Informa
DERIVATIVE INSTRUMENTS - Information about derivative instruments (Details) (Interest rate swap, Cash Flow Hedging, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Interest rate swap | Cash Flow Hedging | ' |
Derivative [Line Items] | ' |
Notional Amount | $25,000 |
Maturity | '4 years 8 months 12 days |
Received | 0.23% |
Paid | 1.62% |
Fair Value | $111 |
DERIVATIVE_INSTRUMENTS_Forward
DERIVATIVE INSTRUMENTS - Forward starting interest rate swap transactions (Details 1) (Interest rate swap, Cash Flow Hedging, USD $) | 9 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Feb. 06, 2014 |
FHLB 90-day advance | ||
Derivative [Line Items] | ' | ' |
Notional Amount | $25,000 | $25,000 |
Effective Date of Hedged Borrowing | ' | 1-Apr-14 |
Duration of Borrowing | '4 years 8 months 12 days | '4 years 8 months 12 days |
Counterparty | ' | 'Bank of Montreal |
DERIVATIVE_INSTRUMENTS_Changes
DERIVATIVE INSTRUMENTS - Changes in consolidated statements of comprehensive income related to interest rate derivatives (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest rate swap on FHLB advance: | ' | ' | ' | ' |
Unrealized loss recognized in accumulated other comprehensive income | $218 | ' | $111 | ' |
Income tax benefit on items recognized in accumulated other comprehensive income | -85 | ' | -43 | ' |
Other comprehensive income | 133 | ' | 68 | ' |
Interest expense recognized on hedged FHLB advance | $88 | ' | $176 | ' |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying values and fair values of financial instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets: | ' | ' |
Available for sale securities | $67,537 | $28,597 |
Held to maturity securities | 11,539 | 13,815 |
Carrying Value | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | 35,566 | 82,013 |
Available for sale securities | 67,537 | 28,597 |
Held to maturity securities | 11,502 | 13,816 |
Loans held for sale | ' | 100 |
Loans receivable, net | 730,148 | 621,830 |
Accrued interest receivable | 2,670 | 2,360 |
FHLB stock | 4,834 | 4,834 |
Derivative Asset | 111 | ' |
Financial Liabilities: | ' | ' |
Demand deposits | 151,146 | 118,618 |
NOW and money market | 233,994 | 238,231 |
Savings | 74,556 | 107,692 |
Time deposits | 235,567 | 197,004 |
Advances from the FHLB | 77,000 | 44,000 |
Fair Value | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | 35,566 | 82,013 |
Available for sale securities | 67,537 | 28,597 |
Held to maturity securities | 11,539 | 13,815 |
Loans held for sale | ' | 100 |
Loans receivable, net | 731,394 | 623,876 |
Accrued interest receivable | 2,670 | 2,360 |
FHLB stock | 4,834 | 4,834 |
Derivative Asset | 111 | ' |
Financial Liabilities: | ' | ' |
Demand deposits | 151,146 | 118,618 |
NOW and money market | 233,994 | 238,231 |
Savings | 74,556 | 107,692 |
Time deposits | 236,834 | 197,762 |
Advances from the FHLB | 76,780 | 43,902 |
Level 1 | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | 35,566 | 82,013 |
Available for sale securities | ' | ' |
Held to maturity securities | ' | ' |
Loans held for sale | ' | ' |
Loans receivable, net | ' | ' |
Accrued interest receivable | ' | ' |
FHLB stock | ' | ' |
Derivative Asset | ' | ' |
Financial Liabilities: | ' | ' |
Demand deposits | ' | ' |
NOW and money market | ' | ' |
Savings | ' | ' |
Time deposits | ' | ' |
Advances from the FHLB | ' | ' |
Level 2 | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | ' | ' |
Available for sale securities | 67,537 | 28,597 |
Held to maturity securities | 11,539 | 13,815 |
Loans held for sale | ' | 100 |
Loans receivable, net | ' | ' |
Accrued interest receivable | ' | ' |
FHLB stock | ' | ' |
Derivative Asset | 111 | ' |
Financial Liabilities: | ' | ' |
Demand deposits | ' | ' |
NOW and money market | ' | ' |
Savings | ' | ' |
Time deposits | ' | ' |
Advances from the FHLB | ' | ' |
Level 3 | ' | ' |
Financial Assets: | ' | ' |
Cash and due from banks | ' | ' |
Available for sale securities | ' | ' |
Held to maturity securities | ' | ' |
Loans held for sale | ' | ' |
Loans receivable, net | 731,394 | 623,876 |
Accrued interest receivable | 2,670 | 2,360 |
FHLB stock | 4,834 | 4,834 |
Derivative Asset | ' | ' |
Financial Liabilities: | ' | ' |
Demand deposits | 151,146 | 118,618 |
NOW and money market | 233,994 | 238,231 |
Savings | 74,556 | 107,692 |
Time deposits | 236,834 | 197,762 |
Advances from the FHLB | $76,780 | $43,902 |
FAIR_VALUE_MEASUREMENTS_Financ
FAIR VALUE MEASUREMENTS - Financial instruments carried at fair value on recurring basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale investment securities: | ' | ' |
Available for sale securities | $67,537 | $28,597 |
Fair Value Measurements Recurring | Level 1 | ' | ' |
Available-for-sale investment securities: | ' | ' |
Derivative Asset | ' | ' |
Fair Value Measurements Recurring | Level 1 | U.S. Government and agency obligations | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements Recurring | Level 1 | State agency and municipal obligations | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements Recurring | Level 1 | Corporate bonds | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements Recurring | Level 1 | Mortgage backed securities | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements Recurring | Level 2 | ' | ' |
Available-for-sale investment securities: | ' | ' |
Derivative Asset | 111 | ' |
Fair Value Measurements Recurring | Level 2 | U.S. Government and agency obligations | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | 33,735 | 5,688 |
Fair Value Measurements Recurring | Level 2 | State agency and municipal obligations | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | 17,301 | 12,132 |
Fair Value Measurements Recurring | Level 2 | Corporate bonds | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | 15,597 | 9,566 |
Fair Value Measurements Recurring | Level 2 | Mortgage backed securities | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | 904 | 1,211 |
Fair Value Measurements Recurring | Level 3 | ' | ' |
Available-for-sale investment securities: | ' | ' |
Derivative Asset | ' | ' |
Fair Value Measurements Recurring | Level 3 | U.S. Government and agency obligations | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements Recurring | Level 3 | State agency and municipal obligations | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements Recurring | Level 3 | Corporate bonds | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
Fair Value Measurements Recurring | Level 3 | Mortgage backed securities | ' | ' |
Available-for-sale investment securities: | ' | ' |
Available for sale securities | ' | ' |
FAIR_VALUE_MEASUREMENTS_Financ1
FAIR VALUE MEASUREMENTS - Financial instruments carried at fair value on nonrecurring basis (Details 1) (Fair Value Measurements Nonrecurring, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | ' | ' |
Foreclosed real estate | ' | ' |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | ' | ' |
Foreclosed real estate | ' | ' |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 6,461 | 3,723 |
Foreclosed real estate | $829 | $829 |
FAIR_VALUE_MEASUREMENTS_Quanti
FAIR VALUE MEASUREMENTS - Quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on nonrecurring basis (Details 2) (Level 3, Fair Value Measurements Nonrecurring, USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $6,461 | $3,723 |
Foreclosed real estate | 829 | 829 |
Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 6,461 | 3,723 |
Valuation Methodology, Appraisals | 'Appraisals | 'Appraisals |
Valuation Methodology, Discounted cash flows | 'Discounted cash flows | 'Discounted cash flows |
Unobservable Input, Discount for dated appraisals | 0.00% | ' |
Unobservable Input, Discount rate | ' | 6.00% |
Impaired loans | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unobservable Input, Discount for dated appraisals | ' | 0.00% |
Unobservable Input, Discount rate | 3.25% | ' |
Impaired loans | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unobservable Input, Discount for dated appraisals | ' | 20.00% |
Unobservable Input, Discount rate | 7.00% | ' |
Foreclosed Real Estate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreclosed real estate | $829 | $829 |
Valuation Methodology, Appraisals | 'Appraisals | 'Appraisals |
Foreclosed Real Estate | Minimum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unobservable Input, Discount for dated appraisals | 34.80% | 34.80% |
Foreclosed Real Estate | Maximum | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unobservable Input, Discount for dated appraisals | 66.60% | 66.60% |
MERGERS_AND_ACQUISITIONS_Consi
MERGERS AND ACQUISITIONS - Consideration paid (Details) (Wilton Bank ("Wilton"), USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Nov. 05, 2013 |
Wilton Bank ("Wilton") | ' |
Business Acquisition [Line Items] | ' |
Cash consideration paid to Wilton shareholders | $5,035 |
MERGERS_AND_ACQUISITIONS_Recog
MERGERS AND ACQUISITIONS - Recognized amounts of identifiable assets acquired and (liabilities) assumed (Details 1) (Wilton Bank ("Wilton"), USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Nov. 05, 2013 | |
Business Acquisition [Line Items] | ' | |
Cash | $35,919 | |
Held to maturity investments securities | 1,022 | |
Loans | 25,089 | |
Premises and equipment | 4,303 | |
Other real estate owned | 1,445 | |
Core deposit intangibles | 499 | |
Deferred tax assets, net | 1,997 | |
Other assets | 587 | |
Deposits | -64,157 | |
Other liabilities | -336 | |
Total identifiable net assets | 6,368 | |
Gain on purchase | -1,333 | |
As Acquired | ' | |
Business Acquisition [Line Items] | ' | |
Cash | 35,919 | |
Held to maturity investments securities | 1,022 | |
Loans | 27,097 | |
Premises and equipment | 4,303 | |
Other real estate owned | 1,895 | |
Core deposit intangibles | ' | |
Deferred tax assets, net | ' | |
Other assets | 587 | |
Deposits | -64,145 | |
Other liabilities | -336 | |
Total identifiable net assets | 6,342 | |
Fair Value Adjustments | ' | |
Business Acquisition [Line Items] | ' | |
Cash | ' | |
Held to maturity investments securities | ' | |
Loans | -2,008 | [1] |
Premises and equipment | ' | |
Other real estate owned | -450 | [2] |
Core deposit intangibles | 499 | [3] |
Deferred tax assets, net | 1,997 | [4] |
Other assets | ' | |
Deposits | -12 | [5] |
Other liabilities | ' | |
Total identifiable net assets | $26 | |
[1] | The adjustment represents the write down of the book value of loans to their estimated fair value based on current interest rates and expected cash flows, which includes an estimate of expected loan loss inherent in the portfolio. | |
[2] | The adjustment represents the write down of the book value of foreclosed real estate to their estimated fair value based on current appraisals. | |
[3] | Represents the economic value of the acquired core deposit base (total deposits less jumbo time deposits). The core deposit intangible will be amortized over an estimated life of 9.3 years based on the double declining balance method of amortization. | |
[4] | Represents net deferred tax assets resulting from the fair value adjustments related to the acquired assets and liabilities, identifiable intangibles and other purchase accounting adjustments. | |
[5] | The adjustment represents the fair value of time deposits, which were valued at a premium of 0.11% as they bore slightly higher rates than the prevailing market. |
MERGERS_AND_ACQUISITIONS_Infor
MERGERS AND ACQUISITIONS - Information about acquired loan portfolio subject to purchased credit impaired accounting guidance (Details 2) (Wilton Bank ("Wilton"), USD $) | Nov. 05, 2013 |
In Thousands, unless otherwise specified | |
Wilton Bank ("Wilton") | ' |
Business Acquisition [Line Items] | ' |
Contractually required principal and interest at acquisition | $14,528 |
Contractual cash flows not expected to be collected (nonaccretable discount) | -1,412 |
Expected cash flows at acquisition | 13,116 |
Interest component of expected cash flows (accretable discount) | -1,513 |
Fair value of acquired loans | $11,603 |
MERGERS_AND_ACQUISITIONS_Detai
MERGERS AND ACQUISITIONS (Detail textuals) (Wilton Bank ("Wilton"), USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 05, 2013 |
Business Acquisition [Line Items] | ' |
Number of shares treasury stock of acquiree at the time of acquisition | 108,260 |
Value of stockholders equity of acquiree at the time of acquisition | $6,368 |
Share price of shares issuable in merger | $13.50 |
Total consideration paid for acquisition | 5,035 |
As Acquired | ' |
Business Acquisition [Line Items] | ' |
Value of stockholders equity of acquiree at the time of acquisition | $6,342 |
Common shares | ' |
Business Acquisition [Line Items] | ' |
Number of outstanding shares of acquiree at the time of acquisition | 372,985 |
MERGERS_AND_ACQUISITIONS_Detai1
MERGERS AND ACQUISITIONS (Detail textuals 1) (Wilton Bank ("Wilton"), Core Deposit) | 0 Months Ended |
Nov. 05, 2013 | |
Wilton Bank ("Wilton") | Core Deposit | ' |
Business Acquisition [Line Items] | ' |
Estimated life of core deposit | '9 years 3 months 18 days |
Premium rate on time deposits | 0.11% |
SUBSEQUENT_EVENTS_Detail_Textu
SUBSEQUENT EVENTS (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Oct. 01, 2014 | Dec. 31, 2014 | |
Quinnipiac Bank & Trust Company | Quinnipiac Bank & Trust Company | Quinnipiac Bank & Trust Company | |||||
Subsequent Event | Subsequent Event | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | 510,122 | ' |
Cash | ' | ' | ' | ' | ' | $3,600,000 | ' |
Amount of assets assumed | ' | ' | ' | ' | 117,800,000 | ' | ' |
Amount of loan | ' | ' | ' | ' | 97,100,000 | ' | ' |
Amount of deposits | ' | ' | ' | ' | 100,400,000 | ' | ' |
Book value | ' | ' | ' | ' | 10,100,000 | ' | ' |
Merger and acquisition related expenses | $145,000 | ' | $408,000 | $64,000 | $343,000 | ' | $1,100,000 |