Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Bankwell Financial Group, Inc. | |
Entity Central Index Key | 1,505,732 | |
Trading Symbol | bwfg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,651,806 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets - (
Consolidated Balance Sheets - (unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 63,675 | $ 96,026 |
Federal funds sold | 10,280 | 329 |
Cash and cash equivalents | 73,955 | 96,355 |
Held to maturity investment securities, at amortized cost | 16,808 | 16,859 |
Available for sale investment securities, at fair value | 87,434 | 87,751 |
Loans held for sale | 254 | |
Loans receivable (net of allowance for loan losses of $18,511 at March 31, 2017 and $17,982 at December 31, 2016) | 1,406,407 | 1,343,895 |
Foreclosed real estate | 272 | 272 |
Accrued interest receivable | 5,180 | 4,958 |
Federal Home Loan Bank stock, at cost | 8,033 | 7,943 |
Premises and equipment, net | 17,618 | 17,835 |
Bank-owned life insurance | 38,740 | 33,448 |
Goodwill | 2,589 | 2,589 |
Other intangible assets | 469 | 501 |
Deferred income taxes, net | 8,954 | 9,085 |
Other assets | 5,783 | 7,174 |
Total assets | 1,672,242 | 1,628,919 |
Deposits | ||
Noninterest bearing deposits | 170,572 | 187,593 |
Interest bearing deposits | 1,156,888 | 1,101,444 |
Total deposits | 1,327,460 | 1,289,037 |
Advances from the Federal Home Loan Bank | 160,000 | 160,000 |
Subordinated debentures | 25,064 | 25,051 |
Accrued expenses and other liabilities | 10,046 | 8,936 |
Total liabilities | 1,522,570 | 1,483,024 |
Commitments and Contingencies | ||
Shareholders' equity | ||
Common stock, no par value; 10,000,000 shares authorized, 7,638,706 and 7,620,663 shares issued at March 31, 2017 and December 31, 2016, respectively | 115,823 | 115,353 |
Retained earnings | 32,820 | 29,652 |
Accumulated other comprehensive income | 1,029 | 890 |
Total shareholders' equity | 149,672 | 145,895 |
Total liabilities and shareholders' equity | $ 1,672,242 | $ 1,628,919 |
Consolidated Balance Sheets - 3
Consolidated Balance Sheets - (unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses (in dollars) | $ 18,511 | $ 17,982 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,638,706 | 7,620,663 |
Consolidated Statements of Inco
Consolidated Statements of Income - (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and dividend income | ||
Interest and fees on loans | $ 15,513 | $ 13,283 |
Interest and dividends on securities | 809 | 684 |
Interest on cash and cash equivalents | 114 | 37 |
Total interest income | 16,436 | 14,004 |
Interest expense | ||
Interest expense on deposits | 2,581 | 1,740 |
Interest on borrowings | 907 | 866 |
Total interest expense | 3,488 | 2,606 |
Net interest income | 12,948 | 11,398 |
Provision for loan losses | 543 | 646 |
Net interest income after provision for loan losses | 12,405 | 10,752 |
Noninterest income | ||
Gains and fees from sales of loans | 324 | 110 |
Bank owned life insurance | 291 | 174 |
Service charges and fees | 240 | 245 |
Net gain on sale of available for sale securities | 165 | |
Other | 246 | 143 |
Total noninterest income | 1,266 | 672 |
Noninterest expense | ||
Salaries and employee benefits | 3,929 | 3,811 |
Occupancy and equipment | 1,692 | 1,408 |
Data processing | 445 | 407 |
Professional services | 412 | 366 |
FDIC insurance | 383 | 169 |
Marketing | 266 | 139 |
Director fees | 233 | 155 |
Amortization of intangibles | 31 | 40 |
Foreclosed real estate | 7 | 72 |
Other | 836 | 513 |
Total noninterest expense | 8,234 | 7,080 |
Income before income tax expense | 5,437 | 4,344 |
Income tax expense | 1,735 | 1,353 |
Net income | $ 3,702 | $ 2,991 |
Earnings Per Common Share: | ||
Basic (in dollars per share) | $ 0.49 | $ 0.40 |
Diluted (in dollars per share) | $ 0.48 | $ 0.40 |
Weighted Average Common Shares Outstanding: | ||
Basic (in shares) | 7,525,268 | 7,380,217 |
Diluted (in shares) | 7,632,123 | 7,431,747 |
Dividends per common share | $ 0.07 | $ 0.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,702 | $ 2,991 |
Unrealized (losses) gains on securities: | ||
Unrealized holding gains on available for sale securities | 160 | 1,024 |
Reclassification adjustment for gain realized in net income | (165) | |
Net change in unrealized gains | (5) | 1,024 |
Income tax benefit (expense) | 2 | (358) |
Unrealized (losses) gains on securities, net of tax | (3) | 666 |
Unrealized gains (losses) on interest rate swaps: | ||
Unrealized gains (losses) on interest rate swaps designated as cash flow hedges | 218 | (1,408) |
Income tax (expense) benefit | (76) | 493 |
Unrealized gains (losses) on interest rate swaps, net of tax | 142 | (915) |
Total other comprehensive income (loss), net of tax | 139 | (249) |
Comprehensive income | $ 3,841 | $ 2,742 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - (unaudited) - USD ($) $ in Thousands | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2015 | $ 112,579 | $ 18,963 | $ 227 | $ 131,769 |
Balance (in shares) at Dec. 31, 2015 | 7,516,291 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 2,991 | 2,991 | ||
Other comprehensive income (loss), net of tax | (249) | (249) | ||
Cash dividends declared ($0.05 and $0.07 per share for 2016 and 2017 respectively) | (376) | (376) | ||
Stock-based compensation expense | $ 249 | 249 | ||
Forfeitures of restricted stock (in shares) | ||||
Issuance of restricted stock (in shares) | ||||
Stock options exercised | $ 224 | 224 | ||
Stock options exercised (in shares) | 14,500 | |||
Balance at Mar. 31, 2016 | $ 113,052 | 21,578 | (22) | 134,608 |
Balance (in shares) at Mar. 31, 2016 | 7,530,791 | |||
Balance at Dec. 31, 2016 | $ 115,353 | 29,652 | 890 | 145,895 |
Balance (in shares) at Dec. 31, 2016 | 7,620,663 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 3,702 | 3,702 | ||
Other comprehensive income (loss), net of tax | 139 | 139 | ||
Cash dividends declared ($0.05 and $0.07 per share for 2016 and 2017 respectively) | (534) | (534) | ||
Stock-based compensation expense | $ 216 | 216 | ||
Forfeitures of restricted stock (in shares) | (10,518) | |||
Issuance of restricted stock (in shares) | 15,000 | |||
Stock options exercised | $ 254 | 254 | ||
Stock options exercised (in shares) | 13,561 | |||
Balance at Mar. 31, 2017 | $ 115,823 | $ 32,820 | $ 1,029 | $ 149,672 |
Balance (in shares) at Mar. 31, 2017 | 7,638,706 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity - (unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.07 | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income | $ 3,702 | $ 2,991 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net (accretion) amortization of premiums and discounts on investment securities | (12) | 130 |
Provision for loan losses | 543 | 646 |
Provision for (benefit from) deferred taxes | 56 | (343) |
Net gain on sales of available for sale securities | 165 | |
Depreciation and amortization | 412 | 428 |
Increase in cash surrender value of bank-owned life insurance | (291) | (174) |
Loan principal sold | (4,543) | (1,268) |
Proceeds from sales of loans | 5,121 | 1,378 |
Net gain on sales of loans | (324) | (110) |
Stock-based compensation | 216 | 249 |
Net accretion of purchase accounting adjustments | (32) | (35) |
Gain on sale and write-downs of foreclosed real estate | 51 | |
Net change in: | ||
Deferred loan fees | (249) | 166 |
Accrued interest receivable | (222) | (299) |
Other assets | 1,671 | (358) |
Accrued expenses and other liabilities | 1,110 | 195 |
Net cash provided by operating activities | 7,323 | 3,647 |
Cash flows from investing activities | ||
Proceeds from principal repayments on available for sale securities | 902 | 273 |
Proceeds from principal repayments on held to maturity securities | 52 | 52 |
Net proceeds from sales and calls of available for sale securities | 49,226 | 900 |
Purchases of available for sale securities | (49,969) | (51,228) |
Purchases of held to maturity securities | (6,835) | |
Purchase of bank-owned life insurance | (5,000) | |
Net increase in loans | (62,820) | (48,995) |
Purchases of premises and equipment | (195) | (95) |
Purchase of Federal Home Loan Bank stock | (90) | (604) |
Proceeds from sale of foreclosed real estate | 320 | |
Net cash used by investing activities | (67,894) | (106,212) |
Cash flows from financing activities | ||
Net change in time certificates of deposit | 13,329 | 38,025 |
Net change in other deposits | 25,109 | 8,788 |
Amortization of debt issuance costs | 13 | 13 |
Net change in FHLB advances | 40,000 | |
Proceeds from exercise of options | 254 | 224 |
Dividends paid on common stock | (534) | (376) |
Net cash provided by financing activities | 38,171 | 86,674 |
Net decrease in cash and cash equivalents | (22,400) | (15,891) |
Cash and cash equivalents: | ||
Beginning of year | 96,355 | 88,597 |
End of period | 73,955 | 72,706 |
Cash paid for: | ||
Interest | $ 3,447 | 2,616 |
Income taxes | $ 1,063 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2017 | |
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. In October 2014, the Bank acquired Quinnipiac Bank and Trust Company (“Quinnipiac”) which added two branches and approximately $97.8 million in loans and $100.6 million in deposits. On May 15, 2014, the Company priced 2,702,703 common shares in its initial public offering (“IPO”) at $18.00 per share and 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. 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 New York metropolitan area, including Fairfield and New Haven Counties, Connecticut, with branch locations in New Canaan, Stamford, Fairfield, Wilton, Norwalk, Hamden and North Haven, Connecticut. 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 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 consolidated 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 the allowance for loan losses, stock-based compensation and derivative instrument valuation. 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, 2017. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2016. Significant concentrations of credit risk Most of the Company's activities are with customers located within the New York metropolitan area, including Fairfield and New Haven Counties, 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. Reclassification Certain prior period amounts have been reclassified to conform to the 2017 financial statement presentation. These reclassifications only changed the reporting categories and did not affect the consolidated 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. 2014-09 – Revenue from Contracts with Customers (Topic 606) ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-20): “Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-02, Leases (Topic 842). ASU 2016-09, Compensation Stock – Compensation (Topic 718): “Improvements to Employee Share Based Payment Accounting.” ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2016-15, Statement of Cash Flows (Topic 230): “Classification of Certain Cash Receipts and Cash Payments.” ASU No. 2016-18, Statement of Cash Flows (Topic 230): “Restricted Cash” ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment: ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities: |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 2. Investment Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at March 31, 2017 were as follows: March 31, 2017 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 $ 12,982 $ 53 $ (31 ) $ 13,004 Due after ten years 49,526 80 (4 ) 49,602 62,508 133 (35 ) 62,606 State agency and municipal obligations Due from one through five years 1,037 26 - 1,063 Due from five through ten years 9,824 341 - 10,165 Due after ten years 3,291 97 (73 ) 3,315 14,152 464 (73 ) 14,543 Corporate bonds Due in less than one year 3,027 49 - 3,076 Due from one through five years 7,121 88 - 7,209 10,148 137 - 10,285 Total available for sale securities $ 86,808 $ 734 $ (108 ) $ 87,434 Held to maturity securities: State agency and municipal obligations Due from one through five years $ 2,135 $ - $ - $ 2,135 Due after ten years 13,535 - - 13,535 15,670 - - 15,670 Corporate bonds Due from one through five years 1,000 - (9 ) 991 Government-sponsored mortgage backed securities No contractual maturity 138 14 - 152 Total held to maturity securities $ 16,808 $ 14 $ (9 ) $ 16,813 The amortized cost, gross unrealized gains and losses and fair value of available for sale and held to maturity securities at December 31, 2016 were as follows: December 31, 2016 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 $ 62,357 $ 295 $ (49 ) $ 62,603 Due after ten years 100 - (5 ) 95 62,457 295 (54 ) 62,698 State agency and municipal obligations Due from one through five years 827 24 (3 ) 848 Due from five through ten years 8,045 189 (1 ) 8,233 Due after ten years 5,623 178 (119 ) 5,682 14,495 391 (123 ) 14,763 Corporate bonds Due in less than one year 2,022 56 - 2,078 Due from one through five years 8,145 67 - 8,212 10,167 123 - 10,290 Total available for sale securities $ 87,119 $ 809 $ (177 ) $ 87,751 Held to maturity securities: U.S. Government and agency obligations State agency, U.S. Territories and municipal obligations Due from one through five years $ 2,135 $ - $ - $ 2,135 Due after ten years 13,575 - - 13,575 15,710 - - 15,710 Corporate bonds Due from one through five years 1,000 - (23 ) 977 Government-sponsored mortgage backed securities No contractual maturity 149 15 - 164 Total held to maturity securities $ 16,859 $ 15 $ (23 ) $ 16,851 The gross realized gains on the sale of investment securities totaled $165 thousand for the three months ended March 31, 2017. There were no gross realized losses on the sale of investment securities for the three months ended March 31, 2017. There were no sales of or realized gains or losses on investment securities during the three months ended March 31, 2016. At March 31, 2017 there were no securities pledged as collateral with the FHLB. At December 31, 2016, securities with approximate fair values of $60.0 million were pledged as collateral with the FHLB. 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 March 31, 2017 and December 31, 2016: 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) March 31, 2017 U.S. Government and agency obligations $ 3,065 $ (35 ) $ - $ - $ 3,065 $ (35 ) State agency and municipal obligations 879 (73 ) - - 879 (73 ) Corporate bonds - - 991 (9 ) 991 (9 ) Total investment securities $ 3,944 $ (108 ) $ 991 $ (9 ) $ 4,935 $ (117 ) December 31, 2016 U.S. Government and agency obligations $ 3,045 $ (54 ) $ - $ - $ 3,045 $ (54 ) State agency and municipal obligations 2,756 (123 ) - - 2,756 (123 ) Corporate bonds 978 (23 ) - - 978 (23 ) Total investment securities $ 6,779 $ (200 ) $ - $ - $ 6,779 $ (200 ) There were eight and eleven investment securities as of March 31, 2017 and December 31, 2016, respectively, in which the fair value of the security was less than the amortized cost of the security. The U.S. Government and agency obligations owned are either direct obligations of the U.S. Government or guaranteed by the U.S. Government, therefore the contractual cash flows are guaranteed and as a result the unrealized losses in this portfolio are not considered other than temporarily impaired. The Company continually monitors its state agency, municipal and corporate bond portfolios and at this time these portfolios have minimal default risk because state agency, municipal and corporate bonds are all rated above investment grade. |
LOANS RECEIVABLE AND ALLOWANCE
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | 3 Months Ended |
Mar. 31, 2017 | |
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 and the Quinnipiac acquisition in October 2014 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 March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 (In thousands) Originated Acquired Total Originated Acquired Total Real estate loans: Residential $ 178,303 $ 2,731 $ 181,034 $ 178,549 $ 2,761 $ 181,310 Commercial 846,674 40,259 886,933 802,156 43,166 845,322 Construction 107,656 110 107,766 107,329 112 107,441 Home equity 8,456 5,652 14,108 8,549 5,870 14,419 1,141,089 48,752 1,189,841 1,096,583 51,909 1,148,492 Commercial business 221,594 16,233 237,827 198,456 17,458 215,914 Consumer 878 185 1,063 672 861 1,533 Total loans 1,363,561 65,170 1,428,731 1,295,711 70,228 1,365,939 Allowance for loan losses (18,398 ) (113 ) (18,511 ) (17,883 ) (99 ) (17,982 ) Deferred loan origination fees, net (3,822 ) - (3,822 ) (4,071 ) - (4,071 ) Unamortized loan premiums 9 - 9 9 - 9 Loans receivable, net $ 1,341,350 $ 65,057 $ 1,406,407 $ 1,273,766 $ 70,129 $ 1,343,895 Lending activities are conducted principally in the New York metropolitan area, including Fairfield and New Haven Counties, 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 typically collateralized by first or second mortgages on real estate. Certain acquired loans were determined to have evidence of credit deterioration at the acquisition date. Such loans are accounted for in accordance with ASC 310-30. The following table summarizes activity in the accretable yields for the acquired loan portfolio that falls under the purview of ASC 310-30: (In thousands) Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 666 $ 871 Accretion (30 ) (49 ) Other (a) - (51 ) Balance at end of period $ 636 $ 771 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 extends credit of up to 80% of the market value of the collateral, depending on the borrowers’ creditworthiness and the type of collateral. The borrower’s ability to service the debt is monitored on an ongoing basis. 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 for commercial loans, 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 exceed 80% 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 may be required for that portion of the residential first mortgage 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 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: Commercial Real Estate: Construction: Home Equity: Commercial Business: Consumer: Allowance for loan losses The following tables set forth the activity in the Company’s allowance for loan losses for the three months ended March 31, 2017 and 2016, by portfolio segment: Residential Commercial Construction Home Commercial Consumer Total (In thousands) Three Months Ended March 31, 2017 Originated Beginning balance $ 1,498 $ 9,534 $ 2,105 $ 156 $ 4,240 $ 350 $ 17,883 Charge-offs - - - - - - - Recoveries - - - - - 1 1 Provisions (4 ) 7 17 (3 ) 502 (5 ) 514 Ending balance $ 1,494 $ 9,541 $ 2,122 $ 153 $ 4,742 $ 346 $ 18,398 Acquired Beginning balance $ - $ 29 $ - $ - $ 43 $ 27 $ 99 Charge-offs - - - - - (15 ) (15 ) Recoveries - - - - - - - Provisions - (21 ) - - 36 14 29 Ending balance $ - $ 8 $ - $ - $ 79 $ 26 $ 113 Total Beginning balance $ 1,498 $ 9,563 $ 2,105 $ 156 $ 4,283 $ 377 $ 17,982 Charge-offs - - - - - (15 ) (15 ) Recoveries - - - - - 1 1 Provisions (4 ) (14 ) 17 (3 ) 538 9 543 Ending balance $ 1,494 $ 9,549 $ 2,122 $ 153 $ 4,821 $ 372 $ 18,511 Residential Commercial Construction Home Commercial Consumer Total (In thousands) Three Months Ended March 31, 2016 Originated Beginning balance $ 1,444 $ 7,693 $ 1,504 $ 174 $ 3,310 $ 3 $ 14,128 Charge-offs - - - - - (1 ) (1 ) Recoveries - - - - - 5 5 Provisions 59 741 79 4 (224 ) (4 ) 655 Ending balance $ 1,503 $ 8,434 $ 1,583 $ 178 $ 3,086 $ 3 $ 14,787 Acquired Beginning balance $ - $ 12 $ - $ - $ 24 $ 5 $ 41 Charge-offs - - (7 ) - - (2 ) (9 ) Recoveries - - - - - - - Provisions - 1 7 - (18 ) 1 (9 ) Ending balance $ - $ 13 $ - $ - $ 6 $ 4 $ 23 Total Beginning balance $ 1,444 $ 7,705 $ 1,504 $ 174 $ 3,334 $ 8 $ 14,169 Charge-offs - - (7 ) - - (3 ) (10 ) Recoveries - - - - - 5 5 Provisions 59 742 86 4 (242 ) (3 ) 646 Ending balance $ 1,503 $ 8,447 $ 1,583 $ 178 $ 3,092 $ 7 $ 14,810 The following tables are a summary, by portfolio segment and impairment methodology, of the allowance for loan losses and related portfolio balances at March 31, 2017 and December 31, 2016: Originated Loans Acquired Loans Total Portfolio Allowance Portfolio Allowance Portfolio Allowance (In thousands) March 31, 2017 Loans individually evaluated for impairment: Residential real estate $ 969 $ - $ - $ - $ 969 $ - Commercial real estate 1,028 3 1,454 7 2,482 10 Home equity 255 - 450 - 705 - Commercial business 1,048 4 542 79 1,590 83 Consumer 341 341 30 26 371 367 Subtotal 3,641 348 2,476 112 6,117 460 Loans collectively evaluated for impairment: Residential real estate 177,334 1,494 2,731 - 180,065 1,494 Commercial real estate 845,646 9,538 38,805 1 884,451 9,539 Construction 107,656 2,122 110 - 107,766 2,122 Home equity 8,201 153 5,202 - 13,403 153 Commercial business 220,546 4,738 15,691 - 236,237 4,738 Consumer 537 5 155 - 692 5 Subtotal 1,359,920 18,050 62,694 1 1,422,614 18,051 Total $ 1,363,561 $ 18,398 $ 65,170 $ 113 $ 1,428,731 $ 18,511 Originated Loans Acquired Loans Total Portfolio Allowance Portfolio Allowance Portfolio Allowance (In thousands) December 31, 2016 Loans individually evaluated for impairment: Residential real estate $ 969 $ - $ - $ - $ 969 $ - Commercial real estate 774 1 144 7 918 8 Home equity 259 - 453 - 712 - Commercial business 920 5 962 37 1,882 42 Consumer 341 341 27 27 368 368 Subtotal 3,263 347 1,586 71 4,849 418 Loans collectively evaluated for impairment: Residential real estate 177,580 1,498 2,761 - 180,341 1,498 Commercial real estate 801,382 9,533 43,022 22 844,404 9,555 Construction 107,329 2,105 112 - 107,441 2,105 Home equity 8,290 156 5,417 - 13,707 156 Commercial business 197,536 4,235 16,496 6 214,032 4,241 Consumer 331 9 834 - 1,165 9 Subtotal 1,292,448 17,536 68,642 28 1,361,090 17,564 Total $ 1,295,711 $ 17,883 $ 70,228 $ 99 $ 1,365,939 $ 17,982 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 allocated. The following tables are a summary of the loan portfolio quality indicators by portfolio segment at March 31, 2017 and December 31, 2016: Commercial Credit Quality Indicators At March 31, 2017 At December 31, 2016 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Originated loans: Pass $ 834,097 $ 107,656 $ 219,484 $ 1,161,237 $ 797,249 $ 107,329 $ 196,436 $ 1,101,014 Special mention 11,549 - 105 11,654 4,605 - 115 4,720 Substandard 1,028 - 2,005 3,033 302 - 1,905 2,207 Doubtful - - - - - - - - Loss - - - - - - - - Total originated loans 846,674 107,656 221,594 1,175,924 802,156 107,329 198,456 1,107,941 Acquired loans: Pass 38,943 110 15,682 54,735 41,582 112 16,836 58,530 Special mention 1,008 - 147 1,155 1,584 - 86 1,670 Substandard 308 - 399 707 - - 536 536 Doubtful - - 5 5 - - - - Loss - - - - - - - - Total acquired loans 40,259 110 16,233 56,602 43,166 112 17,458 60,736 Total loans: Pass 873,040 107,766 235,166 1,215,972 838,831 107,441 213,272 1,159,544 Special mention 12,557 - 252 12,809 6,189 - 201 6,390 Substandard 1,336 - 2,404 3,740 302 - 2,441 2,743 Doubtful - - 5 5 - - - - Loss - - - - - - - - Total loans $ 886,933 $ 107,766 $ 237,827 $ 1,232,526 $ 845,322 $ 107,441 $ 215,914 $ 1,168,677 Residential and Consumer Credit Quality Indicators At March 31, 2017 At December 31, 2016 Residential Home Equity Consumer Total Residential Home Equity Consumer Total (In thousands) Originated loans: Pass $ 177,334 $ 8,200 $ 490 $ 186,024 $ 176,961 $ 8,291 $ 331 $ 185,583 Special mention - 68 - 68 147 69 - 216 Substandard 969 188 - 1,157 1,441 189 - 1,630 Doubtful - - - - - - - - Loss - - 388 388 - - 341 341 Total originated loans 178,303 8,456 878 187,637 178,549 8,549 672 187,770 Acquired loans: Pass 2,731 5,201 155 8,087 2,229 5,417 835 8,481 Special mention - - - - 49 - - 49 Substandard - 451 6 457 483 453 2 938 Doubtful - - - - - - - - Loss - - 24 24 - - 24 24 Total acquired loans 2,731 5,652 185 8,568 2,761 5,870 861 9,492 Total loans: Pass 180,065 13,401 645 194,111 179,190 13,708 1,166 194,064 Special mention - 68 - 68 196 69 - 265 Substandard 969 639 6 1,614 1,924 642 2 2,568 Doubtful - - - - - - - - Loss - - 412 412 - - 365 365 Total loans $ 181,034 $ 14,108 $ 1,063 $ 196,205 $ 181,310 $ 14,419 $ 1,533 $ 197,262 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 or may take other appropriate legal action. 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 March 31, 2017 and December 31, 2016: As of March 31, 2017 31-60 Days 61-90 Days Greater Total Past Current Total Loans (In thousands) Originated Loans Real estate loans: Residential real estate $ 798 $ - $ 969 $ 1,767 $ 176,536 $ 178,303 Commercial real estate 1,987 147 290 2,424 844,250 846,674 Construction - - - - 107,656 107,656 Home equity 173 - - 173 8,283 8,456 Commercial business 200 - 378 578 221,016 221,594 Consumer - - - - 878 878 Total originated loans 3,158 147 1,637 4,942 1,358,619 1,363,561 Acquired Loans Real estate loans: Residential real estate 118 - - 118 2,613 2,731 Commercial real estate - 359 828 1,187 39,072 40,259 Construction - - - - 110 110 Home equity 96 - 355 451 5,201 5,652 Commercial business 97 - 186 283 15,950 16,233 Consumer 4 - - 4 181 185 Total acquired loans 315 359 1,369 2,043 63,127 65,170 Total loans $ 3,473 $ 506 $ 3,006 $ 6,985 $ 1,421,746 $ 1,428,731 As of December 31, 2016 31-60 Days 61-90 Days Greater Total Past Current Total Loans (In thousands) Originated Loans Real estate loans: Residential real estate $ - $ - $ 969 $ 969 $ 177,580 $ 178,549 Commercial real estate 147 1,848 302 2,297 799,859 802,156 Construction - - - - 107,329 107,329 Home equity - 173 - 173 8,376 8,549 Commercial business - - 378 378 198,078 198,456 Consumer - - - - 672 672 Total originated loans 147 2,021 1,649 3,817 1,291,894 1,295,711 Acquired Loans Real estate loans: Residential real estate - - - - 2,761 2,761 Commercial real estate 866 722 143 1,731 41,435 43,166 Construction - - - - 112 112 Home equity - - 453 453 5,417 5,870 Commercial business 99 249 - 348 17,110 17,458 Consumer 6 - - 6 855 861 Total acquired loans 971 971 596 2,538 67,690 70,228 Total loans $ 1,118 $ 2,992 $ 2,245 $ 6,355 $ 1,359,584 $ 1,365,939 There were no loans delinquent greater than 90 days and still accruing as of March 31, 2017 and December 31, 2016. Loans on nonaccrual status The following is a summary of nonaccrual loans by portfolio segment as of March 31, 2017 and December 31, 2016: March 31, December 31, 2017 2016 (In thousands) Residential real estate $ 969 $ 969 Commercial real estate 1,743 446 Home equity 638 643 Commercial business 738 538 Consumer 346 341 Total $ 4,434 $ 2,937 At March 31, 2017 and December 31, 2016, there were no commitments to lend additional funds to any borrower on nonaccrual status. 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 March 31, 2017 and December 31, 2016: Carrying Amount Unpaid Principal Balance Associated Allowance March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Originated (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 969 $ 969 $ 969 $ 969 $ - $ - Commercial real estate 694 651 700 651 - - Home equity 255 259 267 269 - - Commercial business 703 551 737 584 - - Total impaired loans without a valuation allowance 2,621 2,430 2,673 2,473 - - Impaired loans with a valuation allowance: Commercial real estate 334 123 334 123 3 1 Commercial business 345 369 345 369 4 5 Consumer 341 341 341 341 341 341 Total impaired loans with a valuation allowance 1,020 833 1,020 833 348 347 Total originated impaired loans $ 3,641 $ 3,263 $ 3,693 $ 3,306 $ 348 $ 347 Acquired Impaired loans without a valuation allowance: Commercial real estate $ 1,310 $ - $ 1,328 $ - $ - $ - Home equity 450 453 462 462 - - Commercial business 438 572 462 593 - - Consumer 4 - 4 - - - Total impaired loans without a valuation allowance 2,202 1,025 2,256 1,055 - - Impaired loans with a valuation allowance: Commercial Real Estate $ 144 $ 144 $ 144 $ 144 $ 7 $ 7 Commercial business 104 390 105 390 79 37 Consumer 26 27 26 27 26 27 Total impaired loans with a valuation allowance 274 561 275 561 112 71 Total acquired impaired loans $ 2,476 $ 1,586 $ 2,531 $ 1,616 $ 112 $ 71 The following table summarizes the average recorded investment balance of impaired loans and interest income recognized on impaired loans by portfolio segment as of March 31, 2017 and December 31, 2016: Average Recorded Investment Interest Income Recognized March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Originated (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 969 $ 969 $ - $ - Commercial real estate 706 668 5 29 Home equity 256 267 1 10 Commercial business 724 987 4 76 Total impaired loans without a valuation allowance 2,655 2,891 10 115 Impaired loans with a valuation allowance: Commercial real estate 337 128 4 6 Commercial business 357 417 5 22 Consumer 341 341 - - Total impaired loans with a valuation allowance 1,035 886 9 28 Total originated impaired loans $ 3,690 $ 3,777 $ 19 $ 143 Acquired Impaired loans without a valuation allowance: Commercial real estate $ 1,328 $ - $ 10 $ - Home equity 456 456 - 9 Commercial business 459 629 3 36 Consumer 5 - - - Total impaired loans without a valuation allowance 2,248 1,085 13 45 Impaired loans with a valuation allowance: Commercial real estate 144 $ 144 - - Commercial business 105 406 1 19 Consumer 26 27 - - Total impaired loans with a valuation allowance 275 577 1 19 Total acquired impaired loans $ 2,523 $ 1,662 $ 14 $ 64 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. Troubled 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. The recorded investment in TDRs was $1.4 million at March 31, 2017 and December 31, 2016. There were no loans modified as TDRs during the three months ended March 31, 2017 or 2016. All TDRs at March 31, 2017 and December 31, 2016 were performing in compliance with their modified terms, except for one non-accrual loan totaling $60 thousand at March 31, 2017 and $66 thousand at December 31, 2016. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2017 | |
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 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. Prior to the public offering, the Company issued shares in various offerings. Warrants As a result of the acquisition of Quinnipiac on October 1, 2014 the Company issued 68,600 warrants to former Quinnipiac warrant holders in accordance with the merger agreement. Each warrant was automatically converted into a warrant to purchase 0.56 shares of the Company’s common stock for an exercise price of $17.86. A total of 11,200 warrants have been exercised as of March 31, 2017. The warrants expire on March 6, 2018. 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 Company did not repurchase any of its common stock during 2017 or 2016. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2017 | |
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 unrealized gains or losses on derivatives accounted for as cash flow hedges. The Company’s total comprehensive income or loss for the three months ended March 31, 2017 and 2016 is reported in the Consolidated Statements of Comprehensive Income. The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax for the three months ended March 31, 2017 and 2016: Net Unrealized Gain Net Unrealized Gain (Loss) on Available (Loss) on Interest for Sale Securities Rate Swap Total (In thousands) Balance at December 31, 2016 $ 409 $ 481 $ 890 Other comprehensive income before reclassifications 162 142 304 Amounts reclassified from accumulated other comprehensive income (165 ) - (165 ) Net other comprehensive (loss) income (3 ) 142 139 Balance at March 31, 2017 $ 406 $ 623 $ 1,029 Net Unrealized Gain Net Unrealized Gain (Loss) on Available (Loss) on Interest for Sale Securities Rate Swap Total (In thousands) Balance at December 31, 2015 $ 405 $ (178 ) $ 227 Other comprehensive (loss) income before reclassifications 666 (915 ) (249 ) Amounts reclassified from accumulated other comprehensive income - - - Net other comprehensive (loss) income 666 (915 ) (249 ) Balance at March 31, 2016 $ 1,071 $ (1,093 ) $ (22 ) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2017 | |
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. Restricted stock awards include the right to receive non forfeitable dividends, and are therefore, 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 March 31, 2017 2016 (In thousands, except per share data) Net income $ 3,702 $ 2,991 Dividends to participating securities (7 ) (6 ) Undistributed earnings allocated to participating securities (43 ) (49 ) Net income for earnings per share calculation $ 3,652 $ 2,936 Weighted average shares outstanding, basic 7,525 7,380 Effect of dilutive equity-based awards 107 52 Weighted average shares outstanding, diluted 7,632 7,432 Net earnings per common share: Basic earnings per common share $ 0.49 $ 0.40 Diluted earnings per common share 0.48 0.40 |
REGULATORY MATTERS
REGULATORY MATTERS | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
REGULATORY MATTERS | 7. Regulatory Matters The Federal Reserve, the FDIC and the other federal and state bank regulatory agencies establish regulatory capital guidelines for U.S. banking organizations. As of January 1, 2015, the Company and the Bank became subject to new capital rules set forth by the Federal Reserve, the FDIC and the other federal and state bank regulatory agencies. The capital rules revise the banking agencies’ leverage and risk-based capital requirements and the method for calculating risk weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act (the Basel III Capital Rules). The Basel III Capital Rules establish a minimum common equity Tier 1 capital requirement of 4.5% of risk-weighted assets; set the minimum leverage ratio at 4% of total assets; increased the minimum Tier 1 capital to risk-weighted assets requirement from 4% to 6%; and retained the minimum total capital to risk weighted assets requirement at 8.0%. A “well-capitalized” institution must generally maintain capital ratios 100-200 basis points higher than the minimum guidelines. The Basel III Capital Rules also change the risk weights assigned to certain assets. The Basel III Capital Rules assigned a higher risk weight (150%) to loans that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The Basel III Capital Rules also alter the risk weighting for other assets, including marketable equity securities that are risk weighted generally at 300%. The Basel III Capital Rules require certain components of accumulated other comprehensive income (loss) to be included for purposes of calculating regulatory capital requirements unless a one-time opt-out is exercised. The Bank did exercise its opt-out option and will exclude the unrealized gain (loss) on investment securities component of accumulated other comprehensive income (loss) from regulatory capital. The Basel III Capital Rules limit a banking organization’s capital distributions and certain discretionary bonus payments to executive officers if the banking organization does not hold a “capital conservation buffer” consisting of 2.5% of regulatory risk based capital ratios in addition to the amount necessary to meet its minimum risk-based capital requirements. The required minimum conservation buffer began to be phased in incrementally, starting at 0.625% on January 1, 2016 and will increase to 1.25% on January 1, 2017, 1.875% on January 1, 2018 and 2.5% on January 1, 2019. 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. Management believes, as of March 31, 2017, the Bank and Company meet all capital adequacy requirements to which they are subject and satisfies the criteria for a “well capitalized” institution. There are no conditions or events since then that management believes have changed this conclusion. The capital amounts and ratios for the Bank and the Company at March 31, 2017 and December 31, 2016 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 March 31, 2017 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 162,052 11.16 % $ 65,346 4.50 % $ 94,389 6.50 % Total Capital to Risk-Weighted Assets 180,208 12.41 % 116,171 8.00 % 145,213 10.00 % Tier I Capital to Risk-Weighted Assets 162,052 11.16 % 87,128 6.00 % 116,171 8.00 % Tier I Capital to Average Assets 162,052 10.06 % 64,440 4.00 % 80,550 5.00 % Bankwell Financial Group, Inc. March 31, 2017 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 144,937 9.93 % $ 65,657 4.50 % N/A N/A Total Capital to Risk-Weighted Assets 188,157 12.90 % 116,723 8.00 % N/A N/A Tier I Capital to Risk-Weighted Assets 144,937 9.93 % 87,542 6.00 % N/A N/A Tier I Capital to Average Assets 144,937 9.00 % 64,440 4.00 % 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 December 31, 2016 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 157,604 11.59 % $ 61,168 4.50 % $ 88,353 6.50 % Total Capital to Risk-Weighted Assets 174,610 12.85 % 108,742 8.00 % 135,928 10.00 % Tier I Capital to Risk-Weighted Assets 157,604 11.59 % 81,557 6.00 % 108,742 8.00 % Tier I Capital to Average Assets 157,604 10.10 % 62,428 4.00 % 78,035 5.00 % Bankwell Financial Group, Inc. December 31, 2016 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 141,338 10.82 % $ 58,789 4.50 % N/A N/A Total Capital to Risk-Weighted Assets 184,371 14.11 % 104,513 8.00 % N/A N/A Tier I Capital to Risk-Weighted Assets 141,338 10.82 % 78,385 6.00 % N/A N/A Tier I Capital to Average Assets 141,338 9.06 % 62,415 4.00 % 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. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017, there were 482,802 shares reserved for future issuance under the 2012 Plan. Stock Options: There were no options granted during the three months ended March 31, 2017. A summary of the status of outstanding share options as of and for the three months ended March 31, 2017 is presented below: Three Months Ended Weighted Number Average of Exercise Shares Price Options outstanding at beginning of period 120,988 $ 18.58 Exercised (13,561 ) 18.77 Forfeited (200 ) 15.00 Options outstanding at end of period 107,227 18.56 Options exercisable at end of period 107,227 18.56 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 three months ended March 31, 2017 was $175 thousand. Restricted Stock: The following table presents the activity for restricted stock for the three months ended March 31, 2017: Three Months Ended March 31, Weighted Number Average of Grant Date Shares Fair Value Unvested at beginning of period 96,594 $ 19.80 Granted 15,000 31.55 Vested (2,900 ) 14.66 Forfeited (10,518 ) 19.28 Unvested at end of period 98,176 21.81 The Company's restricted stock expense for the three months ended March 31, 2017 and 2016 was $216 thousand and $247 thousand, respectively. Market Conditions Restricted Stock In January 2016 the Company modified the market conditions restricted stock grant. The total shares originally granted for the $29.00 price target have been modified to a time based restricted stock grant. The shares will vest over a four year period with the first installment having vested on December 1, 2016 and the remaining shares to vest on each annual anniversary thereafter. In addition, the shares originally granted for the $25.00 and $27.00 price targets have been modified. These shares vest over a period from the date of the modification to December 1, 2019 based on meeting the price targets. The price targets will be met when the 30 day average stock price meets or exceeds the price targets. The Company determined the fair market value of the modified awards for the $25.00 and $27.00 price targets in accordance with ASC 718 Stock Compensation using the Monte Carlo simulation model deemed appropriate for this type of modification. The Company expensed an incremental cost associated with this modification of $2.19 for the awards that vest at the $25 stock price, $2.03 for the awards that vest at the $27 stock price and $13.66 for the awards that were modified to a time based grant. The shares granted for the $25.00 and $27.00 price targets fully vested in the fourth quarter of 2016 based on meeting the vesting terms of the grant. The Company recognized $0 and $49 thousand in stock compensation expense for the three months ended March 31, 2017 and 2016, respectively, for these restricted stock awards. As of March 31, 2017 the Company had no outstanding market conditions restricted stock. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | 9. Derivative Instruments Information about derivative instruments at March 31, 2017 and December 31, 2016 is as follows: March 31, 2017: (Dollars in thousands) Notional Original Received Paid Fair Value Cash flow hedge: Interest rate swap on FHLB advance $ 25,000 4.7 years 3-month LIBOR 1.62 % $ (33 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.83 % (62 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.48 % 299 Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.22 % 751 $ 955 December 31, 2016: (Dollars in thousands) Notional Original Received Paid Fair Value Cash flow hedge: Interest rate swap on FHLB advance $ 25,000 4.7 years 3-month LIBOR 1.62 % $ (91 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.83 % (138 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.48 % 249 Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.22 % 717 $ 737 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. The Bank entered into the following forward starting interest rate swap transactions: Original Effective Date of (Dollars in thousands) Notional Hedged Duration of Counterparty Type of borrowing: FHLB 90-day advance $ 25,000 April 1, 2014 4.7 years Bank of Montreal FHLB 90-day advance $ 25,000 January 2, 2015 5.0 years Bank of Montreal FHLB 90-day advance $ 25,000 August 26, 2015 5.0 years Bank of Montreal FHLB 90-day advance $ 25,000 July 1, 2016 5.0 years Bank of Montreal This hedge strategy converts the floating 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 months ended March 31, 2017 and 2016: Three Months Ended March 31, (In thousands) 2017 2016 Interest rate swap on FHLB advance: Unrealized gains (losses) recognized in accumulated other comprehensive income $ 218 $ (1,408 ) Income tax (expense) benefit on items recognized in accumulated other comprehensive income (76 ) 493 Other comprehensive income (loss) $ 142 $ (915 ) Interest expense recognized on hedged FHLB advance $ 384 $ 308 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2017 | |
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 statement 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 March 31, 2017 or December 31, 2016. 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 March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 Carrying Fair Value Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 63,675 $ 63,675 $ 63,675 $ - $ - Federal funds sold 10,280 10,280 10,280 - - Available for sale securities 87,434 87,434 - 87,434 - Held to maturity securities 16,808 16,813 - 16,813 - Loans receivable, net 1,406,407 1,392,407 - - 1,392,407 Accrued interest receivable 5,180 5,180 - - 5,180 FHLB stock 8,033 8,033 - - 8,033 Derivative asset, net 955 955 - 955 - Financial Liabilities: Demand deposits $ 170,572 $ 170,572 $ - $ - $ 170,572 NOW and money market 424,318 424,318 - - 424,318 Savings 117,395 117,395 - - 117,395 Time deposits 615,175 616,548 - - 616,548 Advances from the FHLB 160,000 160,112 - - 160,112 Subordinated debentures 25,064 25,572 - - 25,572 December 31, 2016 Carrying Fair Value Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 96,026 $ 96,026 $ 96,026 $ - $ - Federal funds sold 329 329 329 - - Available for sale securities 87,751 87,751 - 87,751 - Held to maturity securities 16,859 16,851 - 16,851 - Loans held for sale 254 254 - 254 - Loans receivable, net 1,343,895 1,339,055 - - 1,339,055 Accrued interest receivable 4,958 4,958 - - 4,958 FHLB stock 7,943 7,943 - - 7,943 Derivative asset, net 737 737 - 737 - Financial Liabilities: Demand deposits $ 187,593 $ 187,593 $ - $ - $ 187,593 NOW and money market 402,982 402,982 - - 402,982 Savings 96,601 96,601 - - 96,601 Time deposits 601,861 603,456 - - 603,456 Advances from the FHLB 160,000 160,118 - - 160,118 Subordinated debentures 25,051 25,645 - - 25,645 The following methods and assumptions were used by management in estimating the fair value of its financial instruments: Cash and due from banks, federal funds sold and accrued interest receivable: Investment securities: FHLB stock: Loans held for sale: Loans receivable Derivative asset (liability): Deposits: Borrowings and Subordinated Debentures: |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2017 | |
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 as s 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 March 31, 2017 and December 31, 2016, 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 three months ended March 31, 2017 and the year ended December 31, 2016. Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2017: Available for sale investment securities: U.S. Government and agency obligations $ - $ 62,606 $ - State agency and municipal obligations - 14,543 - Corporate bonds - 10,285 - Derivative asset, net - 955 - December 31, 2016: Available for sale investment securities: U.S. Government and agency obligations $ - $ 62,698 $ - State agency and municipal obligations - 14,763 - Corporate bonds - 10,290 - Derivative asset, net - 737 - Available for sale investment securities Derivative Assets and liabilities: 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 March 31, 2017 and December 31, 2016, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2017: Impaired loans $ - $ - $ 6,117 Foreclosed real estate - - 272 December 31, 2016: Impaired loans $ - $ - $ 4,849 Foreclosed real estate - - 272 The following table presents information about quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on a nonrecurring basis at March 31, 2017 and December 31, 2016: (Dollars in thousands) Fair Value Valuation Unobservable Input Range March 31, 2017: Impaired loans $ 6,117 Appraisals Discount to appraised value 8.00 - 28.00 % Discounted cash flows Discount rate 4.25 - 6.25 % Foreclosed real estate $ 272 Appraisals Discount to appraised value 20 % December 31, 2016: Impaired loans $ 4,849 Appraisals Discount to appraised value 8.00 - 28.00 % Discounted cash flows Discount rate 4.25 - 6.25 % Foreclosed real estate $ 272 Appraisals Discount to appraised value 20 % Impaired loans: Foreclosed real estate: |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 3 Months Ended |
Mar. 31, 2017 | |
Subordinated Borrowings [Abstract] | |
SUBORDINATED DEBENTURES | 12. Subordinated debentures On August 19, 2015 the Company completed a private placement of $25.5 million in aggregate principal amount of fixed rate subordinated notes (the “Notes”) to certain institutional investors. The Notes are non-callable for five years, have a stated maturity of August 15, 2025, and bear interest at a quarterly pay fixed rate of 5.75% per annum to the maturity date or the early redemption date. The Notes have been structured to qualify for the Company as Tier 2 capital under regulatory guidelines. We used the net proceeds for general corporate purposes, which included maintaining liquidity at the holding company, providing equity capital to the Bank to fund balance sheet growth, our working capital needs, and funding acquisitions of branches and whole financial institutions in or around our existing market that furthered our objectives. |
NATURE OF OPERATIONS AND SUMM21
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 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 consolidated 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 the allowance for loan losses, stock-based compensation and derivative instrument valuation. |
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, 2017. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included on Form 10-K for the year ended December 31, 2016. |
Significant concentrations of credit risk | Significant concentrations of credit risk Most of the Company's activities are with customers located within the New York metropolitan area, including Fairfield and New Haven Counties, 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. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to the 2017 financial statement presentation. These reclassifications only changed the reporting categories and did not affect the consolidated 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. 2014-09 – Revenue from Contracts with Customers (Topic 606) ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-20): “Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-02, Leases (Topic 842). ASU 2016-09, Compensation Stock – Compensation (Topic 718): “Improvements to Employee Share Based Payment Accounting.” ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2016-15, Statement of Cash Flows (Topic 230): “Classification of Certain Cash Receipts and Cash Payments.” ASU No. 2016-18, Statement of Cash Flows (Topic 230): “Restricted Cash” ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment: ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities: |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 | March 31, 2017 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 $ 12,982 $ 53 $ (31 ) $ 13,004 Due after ten years 49,526 80 (4 ) 49,602 62,508 133 (35 ) 62,606 State agency and municipal obligations Due from one through five years 1,037 26 - 1,063 Due from five through ten years 9,824 341 - 10,165 Due after ten years 3,291 97 (73 ) 3,315 14,152 464 (73 ) 14,543 Corporate bonds Due in less than one year 3,027 49 - 3,076 Due from one through five years 7,121 88 - 7,209 10,148 137 - 10,285 Total available for sale securities $ 86,808 $ 734 $ (108 ) $ 87,434 Held to maturity securities: State agency and municipal obligations Due from one through five years $ 2,135 $ - $ - $ 2,135 Due after ten years 13,535 - - 13,535 15,670 - - 15,670 Corporate bonds Due from one through five years 1,000 - (9 ) 991 Government-sponsored mortgage backed securities No contractual maturity 138 14 - 152 Total held to maturity securities $ 16,808 $ 14 $ (9 ) $ 16,813 December 31, 2016 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 $ 62,357 $ 295 $ (49 ) $ 62,603 Due after ten years 100 - (5 ) 95 62,457 295 (54 ) 62,698 State agency and municipal obligations Due from one through five years 827 24 (3 ) 848 Due from five through ten years 8,045 189 (1 ) 8,233 Due after ten years 5,623 178 (119 ) 5,682 14,495 391 (123 ) 14,763 Corporate bonds Due in less than one year 2,022 56 - 2,078 Due from one through five years 8,145 67 - 8,212 10,167 123 - 10,290 Total available for sale securities $ 87,119 $ 809 $ (177 ) $ 87,751 Held to maturity securities: U.S. Government and agency obligations State agency, U.S. Territories and municipal obligations Due from one through five years $ 2,135 $ - $ - $ 2,135 Due after ten years 13,575 - - 13,575 15,710 - - 15,710 Corporate bonds Due from one through five years 1,000 - (23 ) 977 Government-sponsored mortgage backed securities No contractual maturity 149 15 - 164 Total held to maturity securities $ 16,859 $ 15 $ (23 ) $ 16,851 |
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) March 31, 2017 U.S. Government and agency obligations $ 3,065 $ (35 ) $ - $ - $ 3,065 $ (35 ) State agency and municipal obligations 879 (73 ) - - 879 (73 ) Corporate bonds - - 991 (9 ) 991 (9 ) Total investment securities $ 3,944 $ (108 ) $ 991 $ (9 ) $ 4,935 $ (117 ) December 31, 2016 U.S. Government and agency obligations $ 3,045 $ (54 ) $ - $ - $ 3,045 $ (54 ) State agency and municipal obligations 2,756 (123 ) - - 2,756 (123 ) Corporate bonds 978 (23 ) - - 978 (23 ) Total investment securities $ 6,779 $ (200 ) $ - $ - $ 6,779 $ (200 ) |
LOANS RECEIVABLE AND ALLOWANC23
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of summary of the loan portfolio | March 31, 2017 December 31, 2016 (In thousands) Originated Acquired Total Originated Acquired Total Real estate loans: Residential $ 178,303 $ 2,731 $ 181,034 $ 178,549 $ 2,761 $ 181,310 Commercial 846,674 40,259 886,933 802,156 43,166 845,322 Construction 107,656 110 107,766 107,329 112 107,441 Home equity 8,456 5,652 14,108 8,549 5,870 14,419 1,141,089 48,752 1,189,841 1,096,583 51,909 1,148,492 Commercial business 221,594 16,233 237,827 198,456 17,458 215,914 Consumer 878 185 1,063 672 861 1,533 Total loans 1,363,561 65,170 1,428,731 1,295,711 70,228 1,365,939 Allowance for loan losses (18,398 ) (113 ) (18,511 ) (17,883 ) (99 ) (17,982 ) Deferred loan origination fees, net (3,822 ) - (3,822 ) (4,071 ) - (4,071 ) Unamortized loan premiums 9 - 9 9 - 9 Loans receivable, net $ 1,341,350 $ 65,057 $ 1,406,407 $ 1,273,766 $ 70,129 $ 1,343,895 |
Schedule of activity in the accretable yields for the acquired loan portfolio | (In thousands) Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 666 $ 871 Accretion (30 ) (49 ) Other (a) - (51 ) Balance at end of period $ 636 $ 771 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 Commercial Consumer Total (In thousands) Three Months Ended March 31, 2017 Originated Beginning balance $ 1,498 $ 9,534 $ 2,105 $ 156 $ 4,240 $ 350 $ 17,883 Charge-offs - - - - - - - Recoveries - - - - - 1 1 Provisions (4 ) 7 17 (3 ) 502 (5 ) 514 Ending balance $ 1,494 $ 9,541 $ 2,122 $ 153 $ 4,742 $ 346 $ 18,398 Acquired Beginning balance $ - $ 29 $ - $ - $ 43 $ 27 $ 99 Charge-offs - - - - - (15 ) (15 ) Recoveries - - - - - - - Provisions - (21 ) - - 36 14 29 Ending balance $ - $ 8 $ - $ - $ 79 $ 26 $ 113 Total Beginning balance $ 1,498 $ 9,563 $ 2,105 $ 156 $ 4,283 $ 377 $ 17,982 Charge-offs - - - - - (15 ) (15 ) Recoveries - - - - - 1 1 Provisions (4 ) (14 ) 17 (3 ) 538 9 543 Ending balance $ 1,494 $ 9,549 $ 2,122 $ 153 $ 4,821 $ 372 $ 18,511 Residential Commercial Construction Home Commercial Consumer Total (In thousands) Three Months Ended March 31, 2016 Originated Beginning balance $ 1,444 $ 7,693 $ 1,504 $ 174 $ 3,310 $ 3 $ 14,128 Charge-offs - - - - - (1 ) (1 ) Recoveries - - - - - 5 5 Provisions 59 741 79 4 (224 ) (4 ) 655 Ending balance $ 1,503 $ 8,434 $ 1,583 $ 178 $ 3,086 $ 3 $ 14,787 Acquired Beginning balance $ - $ 12 $ - $ - $ 24 $ 5 $ 41 Charge-offs - - (7 ) - - (2 ) (9 ) Recoveries - - - - - - - Provisions - 1 7 - (18 ) 1 (9 ) Ending balance $ - $ 13 $ - $ - $ 6 $ 4 $ 23 Total Beginning balance $ 1,444 $ 7,705 $ 1,504 $ 174 $ 3,334 $ 8 $ 14,169 Charge-offs - - (7 ) - - (3 ) (10 ) Recoveries - - - - - 5 5 Provisions 59 742 86 4 (242 ) (3 ) 646 Ending balance $ 1,503 $ 8,447 $ 1,583 $ 178 $ 3,092 $ 7 $ 14,810 |
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) March 31, 2017 Loans individually evaluated for impairment: Residential real estate $ 969 $ - $ - $ - $ 969 $ - Commercial real estate 1,028 3 1,454 7 2,482 10 Home equity 255 - 450 - 705 - Commercial business 1,048 4 542 79 1,590 83 Consumer 341 341 30 26 371 367 Subtotal 3,641 348 2,476 112 6,117 460 Loans collectively evaluated for impairment: Residential real estate 177,334 1,494 2,731 - 180,065 1,494 Commercial real estate 845,646 9,538 38,805 1 884,451 9,539 Construction 107,656 2,122 110 - 107,766 2,122 Home equity 8,201 153 5,202 - 13,403 153 Commercial business 220,546 4,738 15,691 - 236,237 4,738 Consumer 537 5 155 - 692 5 Subtotal 1,359,920 18,050 62,694 1 1,422,614 18,051 Total $ 1,363,561 $ 18,398 $ 65,170 $ 113 $ 1,428,731 $ 18,511 Originated Loans Acquired Loans Total Portfolio Allowance Portfolio Allowance Portfolio Allowance (In thousands) December 31, 2016 Loans individually evaluated for impairment: Residential real estate $ 969 $ - $ - $ - $ 969 $ - Commercial real estate 774 1 144 7 918 8 Home equity 259 - 453 - 712 - Commercial business 920 5 962 37 1,882 42 Consumer 341 341 27 27 368 368 Subtotal 3,263 347 1,586 71 4,849 418 Loans collectively evaluated for impairment: Residential real estate 177,580 1,498 2,761 - 180,341 1,498 Commercial real estate 801,382 9,533 43,022 22 844,404 9,555 Construction 107,329 2,105 112 - 107,441 2,105 Home equity 8,290 156 5,417 - 13,707 156 Commercial business 197,536 4,235 16,496 6 214,032 4,241 Consumer 331 9 834 - 1,165 9 Subtotal 1,292,448 17,536 68,642 28 1,361,090 17,564 Total $ 1,295,711 $ 17,883 $ 70,228 $ 99 $ 1,365,939 $ 17,982 |
Schedule of loan portfolio quality indicators by portfolio segment | Commercial Credit Quality Indicators At March 31, 2017 At December 31, 2016 Commercial Construction Commercial Total Commercial Construction Commercial Total (In thousands) Originated loans: Pass $ 834,097 $ 107,656 $ 219,484 $ 1,161,237 $ 797,249 $ 107,329 $ 196,436 $ 1,101,014 Special mention 11,549 - 105 11,654 4,605 - 115 4,720 Substandard 1,028 - 2,005 3,033 302 - 1,905 2,207 Doubtful - - - - - - - - Loss - - - - - - - - Total originated loans 846,674 107,656 221,594 1,175,924 802,156 107,329 198,456 1,107,941 Acquired loans: Pass 38,943 110 15,682 54,735 41,582 112 16,836 58,530 Special mention 1,008 - 147 1,155 1,584 - 86 1,670 Substandard 308 - 399 707 - - 536 536 Doubtful - - 5 5 - - - - Loss - - - - - - - - Total acquired loans 40,259 110 16,233 56,602 43,166 112 17,458 60,736 Total loans: Pass 873,040 107,766 235,166 1,215,972 838,831 107,441 213,272 1,159,544 Special mention 12,557 - 252 12,809 6,189 - 201 6,390 Substandard 1,336 - 2,404 3,740 302 - 2,441 2,743 Doubtful - - 5 5 - - - - Loss - - - - - - - - Total loans $ 886,933 $ 107,766 $ 237,827 $ 1,232,526 $ 845,322 $ 107,441 $ 215,914 $ 1,168,677 Residential and Consumer Credit Quality Indicators At March 31, 2017 At December 31, 2016 Residential Home Equity Consumer Total Residential Home Equity Consumer Total (In thousands) Originated loans: Pass $ 177,334 $ 8,200 $ 490 $ 186,024 $ 176,961 $ 8,291 $ 331 $ 185,583 Special mention - 68 - 68 147 69 - 216 Substandard 969 188 - 1,157 1,441 189 - 1,630 Doubtful - - - - - - - - Loss - - 388 388 - - 341 341 Total originated loans 178,303 8,456 878 187,637 178,549 8,549 672 187,770 Acquired loans: Pass 2,731 5,201 155 8,087 2,229 5,417 835 8,481 Special mention - - - - 49 - - 49 Substandard - 451 6 457 483 453 2 938 Doubtful - - - - - - - - Loss - - 24 24 - - 24 24 Total acquired loans 2,731 5,652 185 8,568 2,761 5,870 861 9,492 Total loans: Pass 180,065 13,401 645 194,111 179,190 13,708 1,166 194,064 Special mention - 68 - 68 196 69 - 265 Substandard 969 639 6 1,614 1,924 642 2 2,568 Doubtful - - - - - - - - Loss - - 412 412 - - 365 365 Total loans $ 181,034 $ 14,108 $ 1,063 $ 196,205 $ 181,310 $ 14,419 $ 1,533 $ 197,262 |
Schedule of information with respect to our loan portfolio delinquencies by portfolio segment and amount | As of March 31, 2017 31-60 Days 61-90 Days Greater Total Past Current Total Loans (In thousands) Originated Loans Real estate loans: Residential real estate $ 798 $ - $ 969 $ 1,767 $ 176,536 $ 178,303 Commercial real estate 1,987 147 290 2,424 844,250 846,674 Construction - - - - 107,656 107,656 Home equity 173 - - 173 8,283 8,456 Commercial business 200 - 378 578 221,016 221,594 Consumer - - - - 878 878 Total originated loans 3,158 147 1,637 4,942 1,358,619 1,363,561 Acquired Loans Real estate loans: Residential real estate 118 - - 118 2,613 2,731 Commercial real estate - 359 828 1,187 39,072 40,259 Construction - - - - 110 110 Home equity 96 - 355 451 5,201 5,652 Commercial business 97 - 186 283 15,950 16,233 Consumer 4 - - 4 181 185 Total acquired loans 315 359 1,369 2,043 63,127 65,170 Total loans $ 3,473 $ 506 $ 3,006 $ 6,985 $ 1,421,746 $ 1,428,731 As of December 31, 2016 31-60 Days 61-90 Days Greater Total Past Current Total Loans (In thousands) Originated Loans Real estate loans: Residential real estate $ - $ - $ 969 $ 969 $ 177,580 $ 178,549 Commercial real estate 147 1,848 302 2,297 799,859 802,156 Construction - - - - 107,329 107,329 Home equity - 173 - 173 8,376 8,549 Commercial business - - 378 378 198,078 198,456 Consumer - - - - 672 672 Total originated loans 147 2,021 1,649 3,817 1,291,894 1,295,711 Acquired Loans Real estate loans: Residential real estate - - - - 2,761 2,761 Commercial real estate 866 722 143 1,731 41,435 43,166 Construction - - - - 112 112 Home equity - - 453 453 5,417 5,870 Commercial business 99 249 - 348 17,110 17,458 Consumer 6 - - 6 855 861 Total acquired loans 971 971 596 2,538 67,690 70,228 Total loans $ 1,118 $ 2,992 $ 2,245 $ 6,355 $ 1,359,584 $ 1,365,939 |
Schedule of nonaccrual loans by portfolio segment | March 31, December 31, 2017 2016 (In thousands) Residential real estate $ 969 $ 969 Commercial real estate 1,743 446 Home equity 638 643 Commercial business 738 538 Consumer 346 341 Total $ 4,434 $ 2,937 |
Schedule of summarizes impaired loans | Carrying Amount Unpaid Principal Balance Associated Allowance March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Originated (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 969 $ 969 $ 969 $ 969 $ - $ - Commercial real estate 694 651 700 651 - - Home equity 255 259 267 269 - - Commercial business 703 551 737 584 - - Total impaired loans without a valuation allowance 2,621 2,430 2,673 2,473 - - Impaired loans with a valuation allowance: Commercial real estate 334 123 334 123 3 1 Commercial business 345 369 345 369 4 5 Consumer 341 341 341 341 341 341 Total impaired loans with a valuation allowance 1,020 833 1,020 833 348 347 Total originated impaired loans $ 3,641 $ 3,263 $ 3,693 $ 3,306 $ 348 $ 347 Acquired Impaired loans without a valuation allowance: Commercial real estate $ 1,310 $ - $ 1,328 $ - $ - $ - Home equity 450 453 462 462 - - Commercial business 438 572 462 593 - - Consumer 4 - 4 - - - Total impaired loans without a valuation allowance 2,202 1,025 2,256 1,055 - - Impaired loans with a valuation allowance: Commercial Real Estate $ 144 $ 144 $ 144 $ 144 $ 7 $ 7 Commercial business 104 390 105 390 79 37 Consumer 26 27 26 27 26 27 Total impaired loans with a valuation allowance 274 561 275 561 112 71 Total acquired impaired loans $ 2,476 $ 1,586 $ 2,531 $ 1,616 $ 112 $ 71 Average Recorded Investment Interest Income Recognized March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Originated (In thousands) Impaired loans without a valuation allowance: Residential real estate $ 969 $ 969 $ - $ - Commercial real estate 706 668 5 29 Home equity 256 267 1 10 Commercial business 724 987 4 76 Total impaired loans without a valuation allowance 2,655 2,891 10 115 Impaired loans with a valuation allowance: Commercial real estate 337 128 4 6 Commercial business 357 417 5 22 Consumer 341 341 - - Total impaired loans with a valuation allowance 1,035 886 9 28 Total originated impaired loans $ 3,690 $ 3,777 $ 19 $ 143 Acquired Impaired loans without a valuation allowance: Commercial real estate $ 1,328 $ - $ 10 $ - Home equity 456 456 - 9 Commercial business 459 629 3 36 Consumer 5 - - - Total impaired loans without a valuation allowance 2,248 1,085 13 45 Impaired loans with a valuation allowance: Commercial real estate 144 $ 144 - - Commercial business 105 406 1 19 Consumer 26 27 - - Total impaired loans with a valuation allowance 275 577 1 19 Total acquired impaired loans $ 2,523 $ 1,662 $ 14 $ 64 |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income (loss) by component | Net Unrealized Gain Net Unrealized Gain (Loss) on Available (Loss) on Interest for Sale Securities Rate Swap Total (In thousands) Balance at December 31, 2016 $ 409 $ 481 $ 890 Other comprehensive income before reclassifications 162 142 304 Amounts reclassified from accumulated other comprehensive income (165 ) - (165 ) Net other comprehensive (loss) income (3 ) 142 139 Balance at March 31, 2017 $ 406 $ 623 $ 1,029 Net Unrealized Gain Net Unrealized Gain (Loss) on Available (Loss) on Interest for Sale Securities Rate Swap Total (In thousands) Balance at December 31, 2015 $ 405 $ (178 ) $ 227 Other comprehensive (loss) income before reclassifications 666 (915 ) (249 ) Amounts reclassified from accumulated other comprehensive income - - - Net other comprehensive (loss) income 666 (915 ) (249 ) Balance at March 31, 2016 $ 1,071 $ (1,093 ) $ (22 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 2016 (In thousands, except per share data) Net income $ 3,702 $ 2,991 Dividends to participating securities (7 ) (6 ) Undistributed earnings allocated to participating securities (43 ) (49 ) Net income for earnings per share calculation $ 3,652 $ 2,936 Weighted average shares outstanding, basic 7,525 7,380 Effect of dilutive equity-based awards 107 52 Weighted average shares outstanding, diluted 7,632 7,432 Net earnings per common share: Basic earnings per common share $ 0.49 $ 0.40 Diluted earnings per common share 0.48 0.40 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 162,052 11.16 % $ 65,346 4.50 % $ 94,389 6.50 % Total Capital to Risk-Weighted Assets 180,208 12.41 % 116,171 8.00 % 145,213 10.00 % Tier I Capital to Risk-Weighted Assets 162,052 11.16 % 87,128 6.00 % 116,171 8.00 % Tier I Capital to Average Assets 162,052 10.06 % 64,440 4.00 % 80,550 5.00 % Bankwell Financial Group, Inc. March 31, 2017 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 144,937 9.93 % $ 65,657 4.50 % N/A N/A Total Capital to Risk-Weighted Assets 188,157 12.90 % 116,723 8.00 % N/A N/A Tier I Capital to Risk-Weighted Assets 144,937 9.93 % 87,542 6.00 % N/A N/A Tier I Capital to Average Assets 144,937 9.00 % 64,440 4.00 % 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 December 31, 2016 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 157,604 11.59 % $ 61,168 4.50 % $ 88,353 6.50 % Total Capital to Risk-Weighted Assets 174,610 12.85 % 108,742 8.00 % 135,928 10.00 % Tier I Capital to Risk-Weighted Assets 157,604 11.59 % 81,557 6.00 % 108,742 8.00 % Tier I Capital to Average Assets 157,604 10.10 % 62,428 4.00 % 78,035 5.00 % Bankwell Financial Group, Inc. December 31, 2016 Common Equity Tier 1 Capital to Risk-Weighted Assets $ 141,338 10.82 % $ 58,789 4.50 % N/A N/A Total Capital to Risk-Weighted Assets 184,371 14.11 % 104,513 8.00 % N/A N/A Tier I Capital to Risk-Weighted Assets 141,338 10.82 % 78,385 6.00 % N/A N/A Tier I Capital to Average Assets 141,338 9.06 % 62,415 4.00 % N/A N/A |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of status of outstanding stock options | Three Months Ended Weighted Number Average of Exercise Shares Price Options outstanding at beginning of period 120,988 $ 18.58 Exercised (13,561 ) 18.77 Forfeited (200 ) 15.00 Options outstanding at end of period 107,227 18.56 Options exercisable at end of period 107,227 18.56 |
Schedule of activity for restricted stock | Three Months Ended March 31, Weighted Number Average of Grant Date Shares Fair Value Unvested at beginning of period 96,594 $ 19.80 Granted 15,000 31.55 Vested (2,900 ) 14.66 Forfeited (10,518 ) 19.28 Unvested at end of period 98,176 21.81 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | March 31, 2017: (Dollars in thousands) Notional Original Received Paid Fair Value Cash flow hedge: Interest rate swap on FHLB advance $ 25,000 4.7 years 3-month LIBOR 1.62 % $ (33 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.83 % (62 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.48 % 299 Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.22 % 751 $ 955 December 31, 2016: (Dollars in thousands) Notional Original Received Paid Fair Value Cash flow hedge: Interest rate swap on FHLB advance $ 25,000 4.7 years 3-month LIBOR 1.62 % $ (91 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.83 % (138 ) Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.48 % 249 Interest rate swap on FHLB advance $ 25,000 5.0 years 3-month LIBOR 1.22 % 717 $ 737 |
Schedule of interest rate swap transactions | Original Effective Date of (Dollars in thousands) Notional Hedged Duration of Counterparty Type of borrowing: FHLB 90-day advance $ 25,000 April 1, 2014 4.7 years Bank of Montreal FHLB 90-day advance $ 25,000 January 2, 2015 5.0 years Bank of Montreal FHLB 90-day advance $ 25,000 August 26, 2015 5.0 years Bank of Montreal FHLB 90-day advance $ 25,000 July 1, 2016 5.0 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 March 31, (In thousands) 2017 2016 Interest rate swap on FHLB advance: Unrealized gains (losses) recognized in accumulated other comprehensive income $ 218 $ (1,408 ) Income tax (expense) benefit on items recognized in accumulated other comprehensive income (76 ) 493 Other comprehensive income (loss) $ 142 $ (915 ) Interest expense recognized on hedged FHLB advance $ 384 $ 308 |
FAIR VALUE OF FINANCIAL INSTR29
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of carrying values and fair values of the Company s financial instruments | March 31, 2017 Carrying Fair Value Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 63,675 $ 63,675 $ 63,675 $ - $ - Federal funds sold 10,280 10,280 10,280 - - Available for sale securities 87,434 87,434 - 87,434 - Held to maturity securities 16,808 16,813 - 16,813 - Loans receivable, net 1,406,407 1,392,407 - - 1,392,407 Accrued interest receivable 5,180 5,180 - - 5,180 FHLB stock 8,033 8,033 - - 8,033 Derivative asset, net 955 955 - 955 - Financial Liabilities: Demand deposits $ 170,572 $ 170,572 $ - $ - $ 170,572 NOW and money market 424,318 424,318 - - 424,318 Savings 117,395 117,395 - - 117,395 Time deposits 615,175 616,548 - - 616,548 Advances from the FHLB 160,000 160,112 - - 160,112 Subordinated debentures 25,064 25,572 - - 25,572 December 31, 2016 Carrying Fair Value Value Level 1 Level 2 Level 3 (In thousands) Financial Assets: Cash and due from banks $ 96,026 $ 96,026 $ 96,026 $ - $ - Federal funds sold 329 329 329 - - Available for sale securities 87,751 87,751 - 87,751 - Held to maturity securities 16,859 16,851 - 16,851 - Loans held for sale 254 254 - 254 - Loans receivable, net 1,343,895 1,339,055 - - 1,339,055 Accrued interest receivable 4,958 4,958 - - 4,958 FHLB stock 7,943 7,943 - - 7,943 Derivative asset, net 737 737 - 737 - Financial Liabilities: Demand deposits $ 187,593 $ 187,593 $ - $ - $ 187,593 NOW and money market 402,982 402,982 - - 402,982 Savings 96,601 96,601 - - 96,601 Time deposits 601,861 603,456 - - 603,456 Advances from the FHLB 160,000 160,118 - - 160,118 Subordinated debentures 25,051 25,645 - - 25,645 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments carried at fair value on a recurring basis | Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2017: Available for sale investment securities: U.S. Government and agency obligations $ - $ 62,606 $ - State agency and municipal obligations - 14,543 - Corporate bonds - 10,285 - Derivative asset, net - 955 - December 31, 2016: Available for sale investment securities: U.S. Government and agency obligations $ - $ 62,698 $ - State agency and municipal obligations - 14,763 - Corporate bonds - 10,290 - Derivative asset, net - 737 - |
Schedule of financial instruments carried at fair value on a nonrecurring basis | Fair Value (In thousands) Level 1 Level 2 Level 3 March 31, 2017: Impaired loans $ - $ - $ 6,117 Foreclosed real estate - - 272 December 31, 2016: Impaired loans $ - $ - $ 4,849 Foreclosed real estate - - 272 |
Schedule of quantitative inputs and assumptions for Level 3 financial instruments carried at fair value on a nonrecurring basis | (Dollars in thousands) Fair Value Valuation Unobservable Input Range March 31, 2017: Impaired loans $ 6,117 Appraisals Discount to appraised value 8.00 - 28.00 % Discounted cash flows Discount rate 4.25 - 6.25 % Foreclosed real estate $ 272 Appraisals Discount to appraised value 20 % December 31, 2016: Impaired loans $ 4,849 Appraisals Discount to appraised value 8.00 - 28.00 % Discounted cash flows Discount rate 4.25 - 6.25 % Foreclosed real estate $ 272 Appraisals Discount to appraised value 20 % |
NATURE OF OPERATIONS AND SUMM31
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) $ / shares in Units, $ in Millions | May 15, 2014USD ($)$ / sharesshares | Oct. 31, 2014USD ($)Branch | Nov. 30, 2013USD ($)Branch | Aug. 19, 2015USD ($) |
Business Acquisition [Line Items] | ||||
Debt issuance costs as direct deduction from debt liability | $ 0.5 | |||
Initial Public Offering ("IPO") | ||||
Business Acquisition [Line Items] | ||||
Number of common shares authorized to issue in initial public offering | shares | 2,702,703 | |||
Price per share of shares issued (in dollars per share) | $ / shares | $ 18 | |||
Issuance of shares | shares | 2,702,703 | |||
Net proceeds from the IPO | $ 44.7 | |||
Underwriting discount | 2.5 | |||
Amount of expenses incurred in public offering | $ 1.3 | |||
Wilton Bank ("Wilton") | ||||
Business Acquisition [Line Items] | ||||
Number of branch acquired | Branch | 1 | |||
Amount of loans acquired | $ 25.1 | |||
Amount of deposits acquired | $ 64.2 | |||
Quinnipiac | ||||
Business Acquisition [Line Items] | ||||
Number of branch acquired | Branch | 2 | |||
Amount of loans acquired | $ 97.8 | |||
Amount of deposits acquired | $ 100.6 |
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 ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available for sale securities: | ||
Amortized Cost | $ 86,808 | $ 87,119 |
Gross Unrealized Gains | 734 | 809 |
Gross Unrealized Losses | (108) | (177) |
Fair Value | 87,434 | 87,751 |
Held to maturity securities: | ||
Fair value | 16,808 | 16,859 |
Gross Unrealized Gains | 14 | 15 |
Gross Unrealized Losses | (9) | (23) |
Fair value | 16,813 | 16,851 |
U.S. Government and agency obligations | ||
Available for sale securities: | ||
Due from one through five years, Amortized Cost | 12,982 | 62,357 |
Due from one through five years, Gross Unrealized Gains | 53 | 295 |
Due from one through five years, Gross Unrealized Losses | (31) | (49) |
Due from one through five years, Fair Value | 13,004 | 62,603 |
Due after ten years, Amortized Cost | 49,526 | 100 |
Due after ten years, Gross Unrealized Gains | 80 | |
Due after ten years, Gross Unrealized Losses | (4) | (5) |
Due after ten years, Fair Value | 49,602 | 95 |
Amortized Cost | 62,508 | 62,457 |
Gross Unrealized Gains | 133 | 295 |
Gross Unrealized Losses | (35) | (54) |
Fair Value | 62,606 | 62,698 |
State agency, U.S. territories and municipal obligations | ||
Available for sale securities: | ||
Due from one through five years, Amortized Cost | 1,037 | 827 |
Due from one through five years, Gross Unrealized Gains | 26 | 24 |
Due from one through five years, Gross Unrealized Losses | (3) | |
Due from one through five years, Fair Value | 1,063 | 848 |
Due from five through ten years, Amortized Cost | 9,824 | 8,045 |
Due from five through ten years, Gross Unrealized Gains | 341 | 189 |
Due from five through ten years, Gross Unrealized Losses | (1) | |
Due from five through ten years, Fair Value | 10,165 | 8,233 |
Due after ten years, Amortized Cost | 3,291 | 5,623 |
Due after ten years, Gross Unrealized Gains | 97 | 178 |
Due after ten years, Gross Unrealized Losses | (73) | (119) |
Due after ten years, Fair Value | 3,315 | 5,682 |
Amortized Cost | 14,152 | 14,495 |
Gross Unrealized Gains | 464 | 391 |
Gross Unrealized Losses | (73) | (123) |
Fair Value | 14,543 | 14,763 |
Held to maturity securities: | ||
Due from one through five years, Amortized Cost | 2,135 | 2,135 |
Due from one through five years, Gross Unrealized Gains | ||
Due from one through five years, Gross Unrealized Losses | ||
Due from one through five years, Fair Value | 2,135 | 2,135 |
Due after ten years, Amortized Cost | 13,535 | 13,575 |
Due after ten years, Gross Unrealized Gains | ||
Due after ten years, Gross Unrealized Losses | ||
Due after ten years, Fair Value | 13,535 | 13,575 |
Fair value | 15,670 | 15,710 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair value | 15,670 | 15,710 |
Corporate bonds | ||
Available for sale securities: | ||
Due in less than one year, Amortized Cost | 3,027 | 2,022 |
Due in less than one year, Gross Unrealized Gains | 49 | 56 |
Due in less than one year, Gross Unrealized Losses | ||
Due in less than one year, Fair Value | 3,076 | 2,078 |
Due from one through five years, Amortized Cost | 7,121 | 8,145 |
Due from one through five years, Gross Unrealized Gains | 88 | 67 |
Due from one through five years, Gross Unrealized Losses | ||
Due from one through five years, Fair Value | 7,209 | 8,212 |
Amortized Cost | 10,148 | 10,167 |
Gross Unrealized Gains | 137 | 123 |
Gross Unrealized Losses | ||
Fair Value | 10,285 | 10,290 |
Held to maturity securities: | ||
Due from one through five years, Amortized Cost | 1,000 | 1,000 |
Due from one through five years, Gross Unrealized Gains | ||
Due from one through five years, Gross Unrealized Losses | (9) | (23) |
Due from one through five years, Fair Value | 991 | 977 |
Government-sponsored mortgage backed securities | ||
Held to maturity securities: | ||
No contractual maturity, Amortized Cost | 138 | 149 |
No contractual maturity, Gross Unrealized Gains | 14 | 15 |
No contractual maturity, Gross Unrealized Losses | ||
No contractual maturity, Fair Value | $ 152 | $ 164 |
INVESTMENT SECURITIES - Informa
INVESTMENT SECURITIES - Information regarding investment securities with unrealized losses, aggregated by investment category and length of time that individual securities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Less than 12 months - Fair Value | $ 3,944 | $ 6,779 |
Less than 12 months - Unrealized Loss | (108) | (200) |
12 Months or More - Fair Value | 991 | |
12 Months or More - Unrealized Loss | (9) | |
Fair value - Total | 4,935 | 6,779 |
Unrealized Loss - Total | (117) | (200) |
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 | 3,065 | 3,045 |
Less than 12 months - Unrealized Loss | (35) | (54) |
12 Months or More - Fair Value | ||
12 Months or More - Unrealized Loss | ||
Fair value - Total | 3,065 | 3,045 |
Unrealized Loss - Total | (35) | (54) |
State agency, U.S. territories and municipal obligations | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Less than 12 months - Fair Value | 879 | 2,756 |
Less than 12 months - Unrealized Loss | (73) | (123) |
12 Months or More - Fair Value | ||
12 Months or More - Unrealized Loss | ||
Fair value - Total | 879 | 2,756 |
Unrealized Loss - Total | (73) | (123) |
Corporate bonds | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Less than 12 months - Fair Value | 978 | |
Less than 12 months - Unrealized Loss | (23) | |
12 Months or More - Fair Value | 991 | |
12 Months or More - Unrealized Loss | (9) | |
Fair value - Total | 991 | 978 |
Unrealized Loss - Total | $ (9) | $ (23) |
INVESTMENT SECURITIES (Detail T
INVESTMENT SECURITIES (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Realized gain on investment securities | $ 165 | |
Securities pledged as collateral | $ 60,000 |
LOANS RECEIVABLE AND ALLOWANC35
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of loan portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | $ 1,428,731 | $ 1,365,939 | ||
Allowance for loan losses | (18,511) | (17,982) | $ (14,810) | $ (14,169) |
Deferred loan origination fees, net | (3,822) | (4,071) | ||
Unamortized loan premiums | 9 | 9 | ||
Loans receivable, net | 1,406,407 | 1,343,895 | ||
Commercial business | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 237,827 | 215,914 | ||
Allowance for loan losses | (4,821) | (4,283) | (3,092) | (3,334) |
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,063 | 1,533 | ||
Allowance for loan losses | (372) | (377) | (7) | (8) |
Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,189,841 | 1,148,492 | ||
Residential | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 181,034 | 181,310 | ||
Allowance for loan losses | (1,494) | (1,498) | (1,503) | (1,444) |
Commercial | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 886,933 | 845,322 | ||
Allowance for loan losses | (9,549) | (9,563) | (8,447) | (7,705) |
Construction | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 107,766 | 107,441 | ||
Allowance for loan losses | (2,122) | (2,105) | (1,583) | (1,504) |
Home equity | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 14,108 | 14,419 | ||
Allowance for loan losses | (153) | (156) | (178) | (174) |
Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,363,561 | 1,295,711 | ||
Allowance for loan losses | (18,398) | (17,883) | (14,787) | (14,128) |
Deferred loan origination fees, net | (3,822) | (4,071) | ||
Unamortized loan premiums | 9 | 9 | ||
Loans receivable, net | 1,341,350 | 1,273,766 | ||
Originated | Commercial business | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 221,594 | 198,456 | ||
Allowance for loan losses | (4,742) | (4,240) | (3,086) | (3,310) |
Originated | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 878 | 672 | ||
Allowance for loan losses | (346) | (350) | (3) | (3) |
Originated | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,141,089 | 1,096,583 | ||
Originated | Residential | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 178,303 | 178,549 | ||
Allowance for loan losses | (1,494) | (1,498) | (1,503) | (1,444) |
Originated | Commercial | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 846,674 | 802,156 | ||
Allowance for loan losses | (9,541) | (9,534) | (8,434) | (7,693) |
Originated | Construction | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 107,656 | 107,329 | ||
Allowance for loan losses | (2,122) | (2,105) | (1,583) | (1,504) |
Originated | Home equity | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 8,456 | 8,549 | ||
Allowance for loan losses | (153) | (156) | (178) | (174) |
Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 65,170 | 70,228 | ||
Allowance for loan losses | (113) | (99) | (23) | (41) |
Deferred loan origination fees, net | ||||
Unamortized loan premiums | ||||
Loans receivable, net | 65,057 | 70,129 | ||
Acquired | Commercial business | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 16,233 | 17,458 | ||
Allowance for loan losses | (79) | (43) | (6) | (24) |
Acquired | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 185 | 861 | ||
Allowance for loan losses | (26) | (27) | (4) | (5) |
Acquired | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 48,752 | 51,909 | ||
Acquired | Residential | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 2,731 | 2,761 | ||
Allowance for loan losses | ||||
Acquired | Commercial | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 40,259 | 43,166 | ||
Allowance for loan losses | (8) | (29) | (13) | (12) |
Acquired | Construction | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 110 | 112 | ||
Allowance for loan losses | ||||
Acquired | Home equity | Real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 5,652 | 5,870 | ||
Allowance for loan losses |
LOANS RECEIVABLE AND ALLOWANC36
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of activity in accretable yields for acquired loan portfolio (Details 1) - Acquired - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 666 | $ 871 | |
Accretion | (30) | (49) | |
Other | [1] | (51) | |
Balance at end of period | $ 636 | $ 771 | |
[1] | Represents changes in cash flows expected to be collected due to loan sales or payoffs. |
LOANS RECEIVABLE AND ALLOWANC37
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of allowance for loan losses by portfolio segment (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 17,982 | $ 14,169 |
Charge-offs | (15) | (10) |
Recoveries | 1 | 5 |
Provisions | 543 | 646 |
Ending balance | 18,511 | 14,810 |
Commercial business | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 4,283 | 3,334 |
Charge-offs | ||
Recoveries | ||
Provisions | 538 | (242) |
Ending balance | 4,821 | 3,092 |
Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 377 | 8 |
Charge-offs | (15) | (3) |
Recoveries | 1 | 5 |
Provisions | 9 | (3) |
Ending balance | 372 | 7 |
Residential | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,498 | 1,444 |
Charge-offs | ||
Recoveries | ||
Provisions | (4) | 59 |
Ending balance | 1,494 | 1,503 |
Commercial | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 9,563 | 7,705 |
Charge-offs | ||
Recoveries | ||
Provisions | (14) | 742 |
Ending balance | 9,549 | 8,447 |
Construction | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 2,105 | 1,504 |
Charge-offs | (7) | |
Recoveries | ||
Provisions | 17 | 86 |
Ending balance | 2,122 | 1,583 |
Home equity | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 156 | 174 |
Charge-offs | ||
Recoveries | ||
Provisions | (3) | 4 |
Ending balance | 153 | 178 |
Originated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 17,883 | 14,128 |
Charge-offs | (1) | |
Recoveries | 1 | 5 |
Provisions | 514 | 655 |
Ending balance | 18,398 | 14,787 |
Originated | Commercial business | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 4,240 | 3,310 |
Charge-offs | ||
Recoveries | ||
Provisions | 502 | (224) |
Ending balance | 4,742 | 3,086 |
Originated | Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 350 | 3 |
Charge-offs | (1) | |
Recoveries | 1 | 5 |
Provisions | (5) | (4) |
Ending balance | 346 | 3 |
Originated | Residential | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 1,498 | 1,444 |
Charge-offs | ||
Recoveries | ||
Provisions | (4) | 59 |
Ending balance | 1,494 | 1,503 |
Originated | Commercial | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 9,534 | 7,693 |
Charge-offs | ||
Recoveries | ||
Provisions | 7 | 741 |
Ending balance | 9,541 | 8,434 |
Originated | Construction | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 2,105 | 1,504 |
Charge-offs | ||
Recoveries | ||
Provisions | 17 | 79 |
Ending balance | 2,122 | 1,583 |
Originated | Home equity | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 156 | 174 |
Charge-offs | ||
Recoveries | ||
Provisions | (3) | 4 |
Ending balance | 153 | 178 |
Acquired | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 99 | 41 |
Charge-offs | (15) | (9) |
Recoveries | ||
Provisions | 29 | (9) |
Ending balance | 113 | 23 |
Acquired | Commercial business | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 43 | 24 |
Charge-offs | ||
Recoveries | ||
Provisions | 36 | (18) |
Ending balance | 79 | 6 |
Acquired | Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 27 | 5 |
Charge-offs | (15) | (2) |
Recoveries | ||
Provisions | 14 | 1 |
Ending balance | 26 | 4 |
Acquired | Residential | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | ||
Charge-offs | ||
Recoveries | ||
Provisions | ||
Ending balance | ||
Acquired | Commercial | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 29 | 12 |
Charge-offs | ||
Recoveries | ||
Provisions | (21) | 1 |
Ending balance | 8 | 13 |
Acquired | Construction | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | ||
Charge-offs | (7) | |
Recoveries | ||
Provisions | 7 | |
Ending balance | ||
Acquired | Home equity | Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | ||
Charge-offs | ||
Recoveries | ||
Provisions | ||
Ending balance |
LOANS RECEIVABLE AND ALLOWANC38
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 ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | $ 6,117 | $ 4,849 | ||
Loans individually evaluated for impairment, Allowance | 460 | 418 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 1,422,614 | 1,361,090 | ||
Loans collectively evaluated for impairment, Allowance | 18,051 | 17,564 | ||
Portfolio, Total | 1,428,731 | 1,365,939 | ||
Allowance, Total | 18,511 | 17,982 | $ 14,810 | $ 14,169 |
Commercial business | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 1,590 | 1,882 | ||
Loans individually evaluated for impairment, Allowance | 83 | 42 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 236,237 | 214,032 | ||
Loans collectively evaluated for impairment, Allowance | 4,738 | 4,241 | ||
Portfolio, Total | 237,827 | 215,914 | ||
Allowance, Total | 4,821 | 4,283 | 3,092 | 3,334 |
Consumer | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 371 | 368 | ||
Loans individually evaluated for impairment, Allowance | 367 | 368 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 692 | 1,165 | ||
Loans collectively evaluated for impairment, Allowance | 5 | 9 | ||
Portfolio, Total | 1,063 | 1,533 | ||
Allowance, Total | 372 | 377 | 7 | 8 |
Real estate | ||||
Loans collectively evaluated for impairment: | ||||
Portfolio, Total | 1,189,841 | 1,148,492 | ||
Residential | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 969 | 969 | ||
Loans individually evaluated for impairment, Allowance | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 180,065 | 180,341 | ||
Loans collectively evaluated for impairment, Allowance | 1,494 | 1,498 | ||
Portfolio, Total | 181,034 | 181,310 | ||
Allowance, Total | 1,494 | 1,498 | 1,503 | 1,444 |
Commercial | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 2,482 | 918 | ||
Loans individually evaluated for impairment, Allowance | 10 | 8 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 884,451 | 844,404 | ||
Loans collectively evaluated for impairment, Allowance | 9,539 | 9,555 | ||
Portfolio, Total | 886,933 | 845,322 | ||
Allowance, Total | 9,549 | 9,563 | 8,447 | 7,705 |
Construction | Real estate | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 107,766 | 107,441 | ||
Loans collectively evaluated for impairment, Allowance | 2,122 | 2,105 | ||
Portfolio, Total | 107,766 | 107,441 | ||
Allowance, Total | 2,122 | 2,105 | 1,583 | 1,504 |
Home equity | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 705 | 712 | ||
Loans individually evaluated for impairment, Allowance | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 13,403 | 13,707 | ||
Loans collectively evaluated for impairment, Allowance | 153 | 156 | ||
Portfolio, Total | 14,108 | 14,419 | ||
Allowance, Total | 153 | 156 | 178 | 174 |
Originated | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 3,641 | 3,263 | ||
Loans individually evaluated for impairment, Allowance | 348 | 347 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 1,359,920 | 1,292,448 | ||
Loans collectively evaluated for impairment, Allowance | 18,050 | 17,536 | ||
Portfolio, Total | 1,363,561 | 1,295,711 | ||
Allowance, Total | 18,398 | 17,883 | 14,787 | 14,128 |
Originated | Commercial business | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 1,048 | 920 | ||
Loans individually evaluated for impairment, Allowance | 4 | 5 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 220,546 | 197,536 | ||
Loans collectively evaluated for impairment, Allowance | 4,738 | 4,235 | ||
Portfolio, Total | 221,594 | 198,456 | ||
Allowance, Total | 4,742 | 4,240 | 3,086 | 3,310 |
Originated | Consumer | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 341 | 341 | ||
Loans individually evaluated for impairment, Allowance | 341 | 341 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 537 | 331 | ||
Loans collectively evaluated for impairment, Allowance | 5 | 9 | ||
Portfolio, Total | 878 | 672 | ||
Allowance, Total | 346 | 350 | 3 | 3 |
Originated | Real estate | ||||
Loans collectively evaluated for impairment: | ||||
Portfolio, Total | 1,141,089 | 1,096,583 | ||
Originated | Residential | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 969 | 969 | ||
Loans individually evaluated for impairment, Allowance | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 177,334 | 177,580 | ||
Loans collectively evaluated for impairment, Allowance | 1,494 | 1,498 | ||
Portfolio, Total | 178,303 | 178,549 | ||
Allowance, Total | 1,494 | 1,498 | 1,503 | 1,444 |
Originated | Commercial | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 1,028 | 774 | ||
Loans individually evaluated for impairment, Allowance | 3 | 1 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 845,646 | 801,382 | ||
Loans collectively evaluated for impairment, Allowance | 9,538 | 9,533 | ||
Portfolio, Total | 846,674 | 802,156 | ||
Allowance, Total | 9,541 | 9,534 | 8,434 | 7,693 |
Originated | Construction | Real estate | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 107,656 | 107,329 | ||
Loans collectively evaluated for impairment, Allowance | 2,122 | 2,105 | ||
Portfolio, Total | 107,656 | 107,329 | ||
Allowance, Total | 2,122 | 2,105 | 1,583 | 1,504 |
Originated | Home equity | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 255 | 259 | ||
Loans individually evaluated for impairment, Allowance | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 8,201 | 8,290 | ||
Loans collectively evaluated for impairment, Allowance | 153 | 156 | ||
Portfolio, Total | 8,456 | 8,549 | ||
Allowance, Total | 153 | 156 | 178 | 174 |
Acquired | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 2,476 | 1,586 | ||
Loans individually evaluated for impairment, Allowance | 112 | 71 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 62,694 | 68,642 | ||
Loans collectively evaluated for impairment, Allowance | 1 | 28 | ||
Portfolio, Total | 65,170 | 70,228 | ||
Allowance, Total | 113 | 99 | 23 | 41 |
Acquired | Commercial business | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 542 | 962 | ||
Loans individually evaluated for impairment, Allowance | 79 | 37 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 15,691 | 16,496 | ||
Loans collectively evaluated for impairment, Allowance | 6 | |||
Portfolio, Total | 16,233 | 17,458 | ||
Allowance, Total | 79 | 43 | 6 | 24 |
Acquired | Consumer | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 30 | 27 | ||
Loans individually evaluated for impairment, Allowance | 26 | 27 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 155 | 834 | ||
Loans collectively evaluated for impairment, Allowance | ||||
Portfolio, Total | 185 | 861 | ||
Allowance, Total | 26 | 27 | 4 | 5 |
Acquired | Real estate | ||||
Loans collectively evaluated for impairment: | ||||
Portfolio, Total | 48,752 | 51,909 | ||
Acquired | 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 | 2,731 | 2,761 | ||
Loans collectively evaluated for impairment, Allowance | ||||
Portfolio, Total | 2,731 | 2,761 | ||
Allowance, Total | ||||
Acquired | Commercial | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 1,454 | 144 | ||
Loans individually evaluated for impairment, Allowance | 7 | 7 | ||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 38,805 | 43,022 | ||
Loans collectively evaluated for impairment, Allowance | 1 | 22 | ||
Portfolio, Total | 40,259 | 43,166 | ||
Allowance, Total | 8 | 29 | 13 | 12 |
Acquired | Construction | Real estate | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 110 | 112 | ||
Loans collectively evaluated for impairment, Allowance | ||||
Portfolio, Total | 110 | 112 | ||
Allowance, Total | ||||
Acquired | Home equity | Real estate | ||||
Loans individually evaluated for impairment: | ||||
Loans individually evaluated for impairment, Portfolio | 450 | 453 | ||
Loans individually evaluated for impairment, Allowance | ||||
Loans collectively evaluated for impairment: | ||||
Loans collectively evaluated for impairment, Portfolio | 5,202 | 5,417 | ||
Loans collectively evaluated for impairment, Allowance | ||||
Portfolio, Total | 5,652 | 5,870 | ||
Allowance, Total |
LOANS RECEIVABLE AND ALLOWANC39
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of the loan portfolio quality indicators by portfolio segment (Details 4) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,428,731 | $ 1,365,939 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 237,827 | 215,914 |
Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,189,841 | 1,148,492 |
Commercial | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 886,933 | 845,322 |
Construction | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 107,766 | 107,441 |
Originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,363,561 | 1,295,711 |
Originated | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 221,594 | 198,456 |
Originated | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,141,089 | 1,096,583 |
Originated | Commercial | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 846,674 | 802,156 |
Originated | Construction | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 107,656 | 107,329 |
Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 65,170 | 70,228 |
Acquired | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,233 | 17,458 |
Acquired | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 48,752 | 51,909 |
Acquired | Commercial | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 40,259 | 43,166 |
Acquired | Construction | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 110 | 112 |
Commercial credit quality indicators | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,232,526 | 1,168,677 |
Commercial credit quality indicators | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,215,972 | 1,159,544 |
Commercial credit quality indicators | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,809 | 6,390 |
Commercial credit quality indicators | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,740 | 2,743 |
Commercial credit quality indicators | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5 | |
Commercial credit quality indicators | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 237,827 | 215,914 |
Commercial credit quality indicators | Commercial business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 235,166 | 213,272 |
Commercial credit quality indicators | Commercial business | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 252 | 201 |
Commercial credit quality indicators | Commercial business | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,404 | 2,441 |
Commercial credit quality indicators | Commercial business | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5 | |
Commercial credit quality indicators | Commercial business | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Commercial | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 886,933 | 845,322 |
Commercial credit quality indicators | Commercial | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 873,040 | 838,831 |
Commercial credit quality indicators | Commercial | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,557 | 6,189 |
Commercial credit quality indicators | Commercial | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,336 | 302 |
Commercial credit quality indicators | Commercial | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Commercial | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Construction | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 107,766 | 107,441 |
Commercial credit quality indicators | Construction | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 107,766 | 107,441 |
Commercial credit quality indicators | Construction | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Construction | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Construction | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Construction | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,175,924 | 1,107,941 |
Commercial credit quality indicators | Originated | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,161,237 | 1,101,014 |
Commercial credit quality indicators | Originated | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,654 | 4,720 |
Commercial credit quality indicators | Originated | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,033 | 2,207 |
Commercial credit quality indicators | Originated | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 221,594 | 198,456 |
Commercial credit quality indicators | Originated | Commercial business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 219,484 | 196,436 |
Commercial credit quality indicators | Originated | Commercial business | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 105 | 115 |
Commercial credit quality indicators | Originated | Commercial business | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,005 | 1,905 |
Commercial credit quality indicators | Originated | Commercial business | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Commercial business | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Commercial | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 846,674 | 802,156 |
Commercial credit quality indicators | Originated | Commercial | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 834,097 | 797,249 |
Commercial credit quality indicators | Originated | Commercial | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,549 | 4,605 |
Commercial credit quality indicators | Originated | Commercial | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,028 | 302 |
Commercial credit quality indicators | Originated | Commercial | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Commercial | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Construction | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 107,656 | 107,329 |
Commercial credit quality indicators | Originated | Construction | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 107,656 | 107,329 |
Commercial credit quality indicators | Originated | Construction | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Construction | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Construction | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Originated | Construction | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 56,602 | 60,736 |
Commercial credit quality indicators | Acquired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 54,735 | 58,530 |
Commercial credit quality indicators | Acquired | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,155 | 1,670 |
Commercial credit quality indicators | Acquired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 707 | 536 |
Commercial credit quality indicators | Acquired | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5 | |
Commercial credit quality indicators | Acquired | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,233 | 17,458 |
Commercial credit quality indicators | Acquired | Commercial business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,682 | 16,836 |
Commercial credit quality indicators | Acquired | Commercial business | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 147 | 86 |
Commercial credit quality indicators | Acquired | Commercial business | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 399 | 536 |
Commercial credit quality indicators | Acquired | Commercial business | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5 | |
Commercial credit quality indicators | Acquired | Commercial business | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | Commercial | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 40,259 | 43,166 |
Commercial credit quality indicators | Acquired | Commercial | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 38,943 | 41,582 |
Commercial credit quality indicators | Acquired | Commercial | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,008 | 1,584 |
Commercial credit quality indicators | Acquired | Commercial | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 308 | |
Commercial credit quality indicators | Acquired | Commercial | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | Commercial | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | Construction | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 110 | 112 |
Commercial credit quality indicators | Acquired | Construction | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 110 | 112 |
Commercial credit quality indicators | Acquired | Construction | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | Construction | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | Construction | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Commercial credit quality indicators | Acquired | Construction | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans |
LOANS RECEIVABLE AND ALLOWANC40
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of the loan portfolio quality indicators by portfolio segment (Details 5) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,428,731 | $ 1,365,939 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,063 | 1,533 |
Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,189,841 | 1,148,492 |
Residential | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 181,034 | 181,310 |
Home Equity | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,108 | 14,419 |
Originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,363,561 | 1,295,711 |
Originated | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 878 | 672 |
Originated | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,141,089 | 1,096,583 |
Originated | Residential | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 178,303 | 178,549 |
Originated | Home Equity | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,456 | 8,549 |
Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 65,170 | 70,228 |
Acquired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 185 | 861 |
Acquired | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 48,752 | 51,909 |
Acquired | Residential | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,731 | 2,761 |
Acquired | Home Equity | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,652 | 5,870 |
Residential and Consumer credit quality indicators | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 196,205 | 197,262 |
Residential and Consumer credit quality indicators | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 194,111 | 194,064 |
Residential and Consumer credit quality indicators | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 68 | 265 |
Residential and Consumer credit quality indicators | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,614 | 2,568 |
Residential and Consumer credit quality indicators | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 412 | 365 |
Residential and Consumer credit quality indicators | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,063 | 1,533 |
Residential and Consumer credit quality indicators | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 645 | 1,166 |
Residential and Consumer credit quality indicators | Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6 | 2 |
Residential and Consumer credit quality indicators | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Consumer | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 412 | 365 |
Residential and Consumer credit quality indicators | Residential | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 181,034 | 181,310 |
Residential and Consumer credit quality indicators | Residential | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 180,065 | 179,190 |
Residential and Consumer credit quality indicators | Residential | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 196 | |
Residential and Consumer credit quality indicators | Residential | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 969 | 1,924 |
Residential and Consumer credit quality indicators | Residential | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Residential | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Home Equity | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,108 | 14,419 |
Residential and Consumer credit quality indicators | Home Equity | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,401 | 13,708 |
Residential and Consumer credit quality indicators | Home Equity | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 68 | 69 |
Residential and Consumer credit quality indicators | Home Equity | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 639 | 642 |
Residential and Consumer credit quality indicators | Home Equity | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Home Equity | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 187,637 | 187,770 |
Residential and Consumer credit quality indicators | Originated | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 186,024 | 185,583 |
Residential and Consumer credit quality indicators | Originated | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 68 | 216 |
Residential and Consumer credit quality indicators | Originated | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,157 | 1,630 |
Residential and Consumer credit quality indicators | Originated | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 388 | 341 |
Residential and Consumer credit quality indicators | Originated | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 878 | 672 |
Residential and Consumer credit quality indicators | Originated | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 490 | 331 |
Residential and Consumer credit quality indicators | Originated | Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | Consumer | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 388 | 341 |
Residential and Consumer credit quality indicators | Originated | Residential | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 178,303 | 178,549 |
Residential and Consumer credit quality indicators | Originated | Residential | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 177,334 | 176,961 |
Residential and Consumer credit quality indicators | Originated | Residential | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 147 | |
Residential and Consumer credit quality indicators | Originated | Residential | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 969 | 1,441 |
Residential and Consumer credit quality indicators | Originated | Residential | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | Residential | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | Home Equity | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,456 | 8,549 |
Residential and Consumer credit quality indicators | Originated | Home Equity | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,200 | 8,291 |
Residential and Consumer credit quality indicators | Originated | Home Equity | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 68 | 69 |
Residential and Consumer credit quality indicators | Originated | Home Equity | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 188 | 189 |
Residential and Consumer credit quality indicators | Originated | Home Equity | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Originated | Home Equity | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,568 | 9,492 |
Residential and Consumer credit quality indicators | Acquired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,087 | 8,481 |
Residential and Consumer credit quality indicators | Acquired | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 49 | |
Residential and Consumer credit quality indicators | Acquired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 457 | 938 |
Residential and Consumer credit quality indicators | Acquired | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24 | 24 |
Residential and Consumer credit quality indicators | Acquired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 185 | 861 |
Residential and Consumer credit quality indicators | Acquired | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 155 | 835 |
Residential and Consumer credit quality indicators | Acquired | Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6 | 2 |
Residential and Consumer credit quality indicators | Acquired | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | Consumer | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24 | 24 |
Residential and Consumer credit quality indicators | Acquired | Residential | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,731 | 2,761 |
Residential and Consumer credit quality indicators | Acquired | Residential | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,731 | 2,229 |
Residential and Consumer credit quality indicators | Acquired | Residential | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 49 | |
Residential and Consumer credit quality indicators | Acquired | Residential | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 483 | |
Residential and Consumer credit quality indicators | Acquired | Residential | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | Residential | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | Home Equity | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,652 | 5,870 |
Residential and Consumer credit quality indicators | Acquired | Home Equity | Real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,201 | 5,417 |
Residential and Consumer credit quality indicators | Acquired | Home Equity | Real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | Home Equity | Real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 451 | 453 |
Residential and Consumer credit quality indicators | Acquired | Home Equity | Real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Residential and Consumer credit quality indicators | Acquired | Home Equity | Real estate | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans |
LOANS RECEIVABLE AND ALLOWANC41
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of loan portfolio delinquencies by portfolio segment and amount (Details 6) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 6,985 | $ 6,355 |
Current | 1,421,746 | 1,359,584 |
Total Loans | 1,428,731 | 1,365,939 |
31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,473 | 1,118 |
61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 506 | 2,992 |
Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,006 | 2,245 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 237,827 | 215,914 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,063 | 1,533 |
Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,189,841 | 1,148,492 |
Residential | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 181,034 | 181,310 |
Commercial | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 886,933 | 845,322 |
Construction | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 107,766 | 107,441 |
Home equity | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 14,108 | 14,419 |
Originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,942 | 3,817 |
Current | 1,358,619 | 1,291,894 |
Total Loans | 1,363,561 | 1,295,711 |
Originated | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,158 | 147 |
Originated | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 147 | 2,021 |
Originated | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,637 | 1,649 |
Originated | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 578 | 378 |
Current | 221,016 | 198,078 |
Total Loans | 221,594 | 198,456 |
Originated | Commercial business | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 200 | |
Originated | Commercial business | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Commercial business | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 378 | 378 |
Originated | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current | 878 | 672 |
Total Loans | 878 | 672 |
Originated | Consumer | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Consumer | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Consumer | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,141,089 | 1,096,583 |
Originated | Residential | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,767 | 969 |
Current | 176,536 | 177,580 |
Total Loans | 178,303 | 178,549 |
Originated | Residential | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 798 | |
Originated | Residential | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Residential | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 969 | 969 |
Originated | Commercial | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,424 | 2,297 |
Current | 844,250 | 799,859 |
Total Loans | 846,674 | 802,156 |
Originated | Commercial | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,987 | 147 |
Originated | Commercial | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 147 | 1,848 |
Originated | Commercial | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 290 | 302 |
Originated | Construction | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current | 107,656 | 107,329 |
Total Loans | 107,656 | 107,329 |
Originated | Construction | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Construction | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Construction | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Originated | Home equity | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 173 | 173 |
Current | 8,283 | 8,376 |
Total Loans | 8,456 | 8,549 |
Originated | Home equity | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 173 | |
Originated | Home equity | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 173 | |
Originated | Home equity | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,043 | 2,538 |
Current | 63,127 | 67,690 |
Total Loans | 65,170 | 70,228 |
Acquired | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 315 | 971 |
Acquired | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 359 | 971 |
Acquired | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,369 | 596 |
Acquired | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 283 | 348 |
Current | 15,950 | 17,110 |
Total Loans | 16,233 | 17,458 |
Acquired | Commercial business | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 97 | 99 |
Acquired | Commercial business | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 249 | |
Acquired | Commercial business | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 186 | |
Acquired | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4 | 6 |
Current | 181 | 855 |
Total Loans | 185 | 861 |
Acquired | Consumer | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4 | 6 |
Acquired | Consumer | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Consumer | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 48,752 | 51,909 |
Acquired | Residential | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118 | |
Current | 2,613 | 2,761 |
Total Loans | 2,731 | 2,761 |
Acquired | Residential | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118 | |
Acquired | Residential | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Residential | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Commercial | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,187 | 1,731 |
Current | 39,072 | 41,435 |
Total Loans | 40,259 | 43,166 |
Acquired | Commercial | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 866 | |
Acquired | Commercial | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 359 | 722 |
Acquired | Commercial | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 828 | 143 |
Acquired | Construction | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Current | 110 | 112 |
Total Loans | 110 | 112 |
Acquired | Construction | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Construction | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Construction | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Home equity | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 451 | 453 |
Current | 5,201 | 5,417 |
Total Loans | 5,652 | 5,870 |
Acquired | Home equity | Real estate | 31-60 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 96 | |
Acquired | Home equity | Real estate | 61-90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Acquired | Home equity | Real estate | Greater Than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 355 | $ 453 |
LOANS RECEIVABLE AND ALLOWANC42
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of nonaccrual loans by portfolio segment (Details 7) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total nonaccrual loans | $ 4,434 | $ 2,937 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total nonaccrual loans | 738 | 538 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total nonaccrual loans | 346 | 341 |
Residential | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total nonaccrual loans | 969 | 969 |
Commercial | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total nonaccrual loans | 1,743 | 446 |
Home equity | Real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total nonaccrual loans | $ 638 | $ 643 |
LOANS RECEIVABLE AND ALLOWANC43
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Summary of impaired loans (Details 8) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Originated | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | $ 2,621 | $ 2,430 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 2,673 | 2,473 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 1,020 | 833 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 1,020 | 833 |
Impaired loans with a valuation allowance, Associated Allowance | 348 | 347 |
Total impaired loans | ||
Total impaired loans, Carrying Amount | 3,641 | 3,263 |
Total impaired loans, Unpaid Principal Balance | 3,693 | 3,306 |
Total impaired loans, Associated Allowance | 348 | 347 |
Originated | Commercial business | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 703 | 551 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 737 | 584 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 345 | 369 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 345 | 369 |
Impaired loans with a valuation allowance, Associated Allowance | 4 | 5 |
Originated | Consumer | ||
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 341 | 341 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 341 | 341 |
Impaired loans with a valuation allowance, Associated Allowance | 341 | 341 |
Originated | Residential | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 969 | 969 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 969 | 969 |
Originated | Commercial | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 694 | 651 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 700 | 651 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 334 | 123 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 334 | 123 |
Impaired loans with a valuation allowance, Associated Allowance | 3 | 1 |
Originated | Home equity | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 255 | 259 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 267 | 269 |
Acquired | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 2,202 | 1,025 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 2,256 | 1,055 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 274 | 561 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 275 | 561 |
Impaired loans with a valuation allowance, Associated Allowance | 112 | 71 |
Total impaired loans | ||
Total impaired loans, Carrying Amount | 2,476 | 1,586 |
Total impaired loans, Unpaid Principal Balance | 2,531 | 1,616 |
Total impaired loans, Associated Allowance | 112 | 71 |
Acquired | Commercial business | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 438 | 572 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 462 | 593 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 104 | 390 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 105 | 390 |
Impaired loans with a valuation allowance, Associated Allowance | 79 | 37 |
Acquired | Consumer | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 4 | |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 4 | |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 26 | 27 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 26 | 27 |
Impaired loans with a valuation allowance, Associated Allowance | 26 | 27 |
Acquired | Commercial | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 1,310 | |
Impaired loans without a valuation allowance, Unpaid Principal Balance | 1,328 | |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Carrying Amount | 144 | 144 |
Impaired loans with a valuation allowance, Unpaid Principal Balance | 144 | 144 |
Impaired loans with a valuation allowance, Associated Allowance | 7 | 7 |
Acquired | Home equity | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Carrying Amount | 450 | 453 |
Impaired loans without a valuation allowance, Unpaid Principal Balance | $ 462 | $ 462 |
LOANS RECEIVABLE AND ALLOWANC44
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 9) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Originated | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | $ 2,655 | $ 2,891 |
Impaired loans without a valuation allowance, Interest Income Recognized | 10 | 115 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 1,035 | 886 |
Impaired loans with a valuation allowance, Interest Income Recognized | 9 | 28 |
Total impaired loans | ||
Total impaired loans, Average Recorded Investment | 3,690 | 3,777 |
Total impaired loans, Interest Income Recognized | 19 | 143 |
Originated | Commercial business | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 724 | 987 |
Impaired loans without a valuation allowance, Interest Income Recognized | 4 | 76 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 357 | 417 |
Impaired loans with a valuation allowance, Interest Income Recognized | 5 | 22 |
Originated | Consumer | ||
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 341 | 341 |
Impaired loans with a valuation allowance, Interest Income Recognized | ||
Originated | Residential | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 969 | 969 |
Impaired loans without a valuation allowance, Interest Income Recognized | ||
Originated | Commercial | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 706 | 668 |
Impaired loans without a valuation allowance, Interest Income Recognized | 5 | 29 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 337 | 128 |
Impaired loans with a valuation allowance, Interest Income Recognized | 4 | 6 |
Originated | Home equity | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 256 | 267 |
Impaired loans without a valuation allowance, Interest Income Recognized | 1 | 10 |
Acquired | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 2,248 | 1,085 |
Impaired loans without a valuation allowance, Interest Income Recognized | 13 | 45 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 275 | 577 |
Impaired loans with a valuation allowance, Interest Income Recognized | 1 | 19 |
Total impaired loans | ||
Total impaired loans, Average Recorded Investment | 2,523 | 1,662 |
Total impaired loans, Interest Income Recognized | 14 | 64 |
Acquired | Commercial business | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 459 | 629 |
Impaired loans without a valuation allowance, Interest Income Recognized | 3 | 36 |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 105 | 406 |
Impaired loans with a valuation allowance, Interest Income Recognized | 1 | 19 |
Acquired | Consumer | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 5 | |
Impaired loans without a valuation allowance, Interest Income Recognized | ||
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 26 | 27 |
Impaired loans with a valuation allowance, Interest Income Recognized | ||
Acquired | Commercial | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 1,328 | |
Impaired loans without a valuation allowance, Interest Income Recognized | 10 | |
Impaired loans with a valuation allowance: | ||
Impaired loans with a valuation allowance, Average Recorded Investment | 144 | 144 |
Impaired loans with a valuation allowance, Interest Income Recognized | ||
Acquired | Home equity | Real estate | ||
Impaired loans without a valuation allowance: | ||
Impaired loans without a valuation allowance, Average Recorded Investment | 456 | 456 |
Impaired loans without a valuation allowance, Interest Income Recognized | $ 9 |
LOANS RECEIVABLE AND ALLOWANC45
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [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% | |
Possible loss amount determined as a result of an impairment analysis | $ 0 | |
Recorded investment in TDR | 1,400 | $ 1,400 |
TDR on non accrual status | $ 60 | $ 66 |
Minimum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Private mortgage percentage of appraised value property | 80.00% | |
Real estate | Residential loan | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Private mortgage percentage of appraised value property | 80.00% | |
Real estate | Home equity | Maximum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Private mortgage percentage of appraised value property | 80.00% |
SHAREHOLDERS' EQUITY (Detail Te
SHAREHOLDERS' EQUITY (Detail Textuals) - Initial Public Offering ("IPO") $ / shares in Units, $ in Millions | May 15, 2014USD ($)$ / sharesshares |
Stockholders Equity Note [Line Items] | |
Number of common shares authorized to issue in initial public offering | shares | 2,702,703 |
Price per share of shares issued (in dollars per share) | $ / shares | $ 18 |
Issuance of shares | shares | 2,702,703 |
Net proceeds from the IPO | $ 44.7 |
Underwriting discount | 2.5 |
Amount of expenses incurred in public offering | $ 1.3 |
SHAREHOLDERS' EQUITY (Detail 47
SHAREHOLDERS' EQUITY (Detail Textuals 1) - $ / shares | Oct. 01, 2014 | Mar. 31, 2017 |
Stockholders Equity Note [Line Items] | ||
Number of warrants exercised | 11,200 | |
Quinnipiac Bank And Trust Company | ||
Stockholders Equity Note [Line Items] | ||
Number of warrants issued | 68,600 | |
Number of common stock shares purchased under each warrant | 0.56 | |
Exercise price of warrant | $ 17.86 |
COMPREHENSIVE INCOME - Summary
COMPREHENSIVE INCOME - Summary of changes in accumulated other comprehensive income (loss) by component, net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Balance | $ 890 | $ 227 |
Other comprehensive (loss) income before reclassifications | 304 | (249) |
Amounts reclassified from accumulated other comprehensive income | (165) | |
Net other comprehensive (loss) income | 139 | (249) |
Balance | 1,029 | (22) |
Net Unrealized Gain (Loss) on Available for Sale Securities | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Balance | 409 | 405 |
Other comprehensive (loss) income before reclassifications | 162 | 666 |
Amounts reclassified from accumulated other comprehensive income | (165) | |
Net other comprehensive (loss) income | (3) | 666 |
Balance | 406 | 1,071 |
Net Unrealized Gain (Loss) on Interest Rate Swap | ||
Accumulated Other Comprehensive Income Loss [Roll Forward] | ||
Balance | 481 | (178) |
Other comprehensive (loss) income before reclassifications | 142 | (915) |
Amounts reclassified from accumulated other comprehensive income | ||
Net other comprehensive (loss) income | 142 | (915) |
Balance | $ 623 | $ (1,093) |
EARNINGS PER SHARE - Reconcilia
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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 3,702 | $ 2,991 |
Dividends to participating securities | (7) | (6) |
Undistributed earnings allocated to participating securities | (43) | (49) |
Net income for earnings per share calculation | $ 3,652 | $ 2,936 |
Weighted average shares outstanding, basic | 7,525,268 | 7,380,217 |
Effect of dilutive equity-based awards | 107,000 | 52,000 |
Weighted average shares outstanding, diluted | 7,632,123 | 7,431,747 |
Net earnings per common share: | ||
Basic earnings per common share (in dollars per share) | $ 0.49 | $ 0.40 |
Diluted earnings per common share (in dollars per share) | $ 0.48 | $ 0.40 |
REGULATORY MATTERS - Capital am
REGULATORY MATTERS - Capital amounts and ratios for Bank (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Bankwell Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 162,052 | $ 157,604 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Ratio | 11.16% | 11.59% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 65,346 | $ 61,168 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 94,389 | $ 88,353 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Total Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 180,208 | $ 174,610 |
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio | 12.41% | 12.85% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 116,171 | $ 108,742 |
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 | $ 145,213 | $ 135,928 |
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 | $ 162,052 | $ 157,604 |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio | 11.16% | 11.59% |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 87,128 | $ 81,557 |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier I Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 116,171 | $ 108,742 |
Tier I Capital to Risk-Weighted AssetsTo be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier I Capital to Average Assets, Actual Capital, Amount | $ 162,052 | $ 157,604 |
Tier I Capital to Average Assets, Actual Capital, Ratio | 10.06% | 10.10% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 64,440 | $ 62,428 |
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 | $ 80,550 | $ 78,035 |
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] | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 144,937 | $ 141,338 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Capital, Ratio | 9.93% | 10.82% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 65,657 | $ 58,789 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, To be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ||
Total Capital to Risk-Weighted Assets, Actual Capital, Amount | $ 188,157 | $ 184,371 |
Total Capital to Risk-Weighted Assets, Actual Capital, Ratio | 12.90% | 14.11% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 116,723 | $ 104,513 |
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 | $ 144,937 | $ 141,338 |
Tier I Capital to Risk-Weighted Assets, Actual Capital, Ratio | 9.93% | 10.82% |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 87,542 | $ 78,385 |
Tier I Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
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 | $ 144,937 | $ 141,338 |
Tier I Capital to Average Assets, Actual Capital, Ratio | 9.00% | 9.06% |
Tier I Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 64,440 | $ 62,415 |
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 |
REGULATORY MATTERS (Detail Text
REGULATORY MATTERS (Detail Textuals) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of higher risk weight | 150.00% | |
Risk weight of marketable equity securities | 300.00% | |
Required minimum conservation buffer on January 1, 2016 | 0.625% | |
Required minimum conservation buffer on January 1, 2017 | 1.25% | |
Required minimum conservation buffer on January 1, 2018 | 1.875% | |
Required minimum conservation buffer on January 1, 2019 | 2.50% | |
Minimum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier I capital to Risk-weighted Assets | 4.50% | |
Leverage ratio | 4.00% | |
Tier 1 capital to risk-weighted assets requirement | 6.00% | 4.00% |
Total capital to risk-weighted assets requirement | 8.00% | |
Regulatory risk based capital conservation buffer | 2.50% |
STOCK-BASED COMPENSATION - Outs
STOCK-BASED COMPENSATION - Outstanding share options (Details) - Employee Stock Options | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Number of Shares | |
Options outstanding at beginning of period | shares | 120,988 |
Exercised | shares | (13,561) |
Expired | shares | (200) |
Options outstanding at end of period | shares | 107,227 |
Options exercisable at end of period | shares | 107,227 |
Weighted Average Exercise Price | |
Options outstanding at beginning of period | $ / shares | $ 18.58 |
Exercised | $ / shares | 18.77 |
Expired | $ / shares | 15 |
Options outstanding at end of period | $ / shares | 18.56 |
Options exercisable at end of period | $ / shares | $ 18.56 |
STOCK-BASED COMPENSATION - Acti
STOCK-BASED COMPENSATION - Activity for restricted stock (Details 1) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Number of Shares | |
Unvested at beginning of period | shares | 96,594 |
Granted | shares | 15,000 |
Vested | shares | (2,900) |
Forfeited | shares | (10,518) |
Unvested at end of period | shares | 98,176 |
Weighted Average Grant Date Fair Value | |
Unvested at beginning of period | $ / shares | $ 19.80 |
Granted | $ / shares | 31.55 |
Vested | $ / shares | 14.66 |
Forfeited | $ / shares | 19.28 |
Unvested at end of period | $ / shares | $ 21.81 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | Dec. 09, 2014 | Jan. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares vested | 2,900 | |||
Share based compensation plan modification description and terms | The total shares originally granted for the $29.00 price target have been modified to a time based restricted stock grant. The shares will vest over a four year period with the first installment to vest on December 1, 2016 and the remaining shares to vest on each annual anniversary thereafter. In addition, the shares originally granted for the $25.00 and $27.00 price targets have been modified. These shares may vest over a period from the date of the modification to December 1, 2019 based on meeting the price targets. | |||
Maximum time for price target | 30 days | |||
Method used to measure share awards | Monte Carlo simulation model | |||
Employee Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of share options exercised | $ 175 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expenses | $ 216 | $ 247 | ||
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 | 482,802 | |||
BNC Financial Group Inc Stock Option Plan 2012 | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expenses | $ 0 | $ 49 | ||
Grant date fair value for shares granted | $ 18.99 | |||
Incremental cost | $ 13.66 | |||
BNC Financial Group Inc Stock Option Plan 2012 | Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares vested | 49,400 | |||
BNC Financial Group Inc Stock Option Plan 2012 | Restricted Stock | Stock price $25.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | $ 25 | |||
Grant date fair value for shares granted | 11.63 | |||
Incremental cost | 2.19 | |||
BNC Financial Group Inc Stock Option Plan 2012 | Restricted Stock | Stock price $27.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | 27 | |||
Grant date fair value for shares granted | 10.30 | |||
Incremental cost | $ 2.03 | |||
BNC Financial Group Inc Stock Option Plan 2012 | Restricted Stock | Stock price $29.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | 29 | |||
Grant date fair value for shares granted | $ 9.10 |
DERIVATIVE INSTRUMENTS - Inform
DERIVATIVE INSTRUMENTS - Information about derivative instruments (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Fair Value Asset (Liability) | $ 955 | $ 737 |
Interest rate swap on FHLB advance | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | $ 25,000 |
Original Maturity | 4 years 8 months 12 days | 4 years 8 months 12 days |
Received | 3-month LIBOR | 3-month LIBOR |
Paid | 1.62% | 1.62% |
Fair Value Asset (Liability) | $ (33) | $ (91) |
Interest rate swap on FHLB advance | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | $ 25,000 |
Original Maturity | 5 years | 5 years |
Received | 3-month LIBOR | 3-month LIBOR |
Paid | 1.83% | 1.83% |
Fair Value Asset (Liability) | $ (62) | $ (138) |
Interest rate swap on FHLB advance | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | $ 25,000 |
Original Maturity | 5 years | 5 years |
Received | 3-month LIBOR | 3-month LIBOR |
Paid | 1.48% | 1.48% |
Fair Value Asset (Liability) | $ 299 | $ 249 |
Interest rate swap on FHLB advance | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | $ 25,000 |
Original Maturity | 5 years | 5 years |
Received | 3-month LIBOR | 3-month LIBOR |
Paid | 1.22% | 1.22% |
Fair Value Asset (Liability) | $ 751 | $ 717 |
DERIVATIVE INSTRUMENTS - Forwar
DERIVATIVE INSTRUMENTS - Forward starting interest rate swap transactions (Details 1) - Interest rate swap - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | $ 25,000 |
Duration of Borrowing | 4 years 8 months 12 days | 4 years 8 months 12 days |
FHLB 90-day advance | April 1, 2014 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Original Effective Date of Hedged Borrowing | Apr. 1, 2014 | |
Duration of Borrowing | 4 years 8 months 12 days | |
Counterparty | Bank of Montreal | |
FHLB 90-day advance | January 2, 2015 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Original Effective Date of Hedged Borrowing | Jan. 2, 2015 | |
Duration of Borrowing | 5 years | |
Counterparty | Bank of Montreal | |
FHLB 90-day advance | August 26, 2015 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Original Effective Date of Hedged Borrowing | Aug. 26, 2015 | |
Duration of Borrowing | 5 years | |
Counterparty | Bank of Montreal | |
FHLB 90-day advance | July 1, 2016 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Original Effective Date of Hedged Borrowing | Jul. 1, 2016 | |
Duration of Borrowing | 5 years | |
Counterparty | Bank of Montreal |
DERIVATIVE INSTRUMENTS - Change
DERIVATIVE INSTRUMENTS - Changes in consolidated statements of comprehensive income related to interest rate derivatives (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest rate swap on FHLB advance: | ||
Unrealized gains (losses) recognized in accumulated other comprehensive income | $ 218 | $ (1,408) |
Income tax (expense) benefit on items recognized in accumulated other comprehensive income | (76) | 493 |
Other comprehensive income (loss) | 142 | (915) |
Interest expense recognized on hedged FHLB advance | $ 384 | $ 308 |
FAIR VALUE OF FINANCIAL INSTR58
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying values and fair values of financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Federal funds sold | $ 10,280 | $ 329 |
Available for sale securities | 87,434 | 87,751 |
Held to maturity securities | 16,808 | 16,859 |
Level 1 | ||
Financial Assets: | ||
Cash and due from banks | 63,675 | 96,026 |
Federal funds sold | 10,280 | 329 |
Available for sale securities | ||
Held to maturity securities | ||
Loans held for sale | ||
Loans receivable, net | ||
Accrued interest receivable | ||
FHLB stock | ||
Derivative asset, net | ||
Financial Liabilities: | ||
Demand deposits | ||
NOW and money market | ||
Savings | ||
Time deposits | ||
Advances from the FHLB | ||
Subordinated debentures | ||
Level 2 | ||
Financial Assets: | ||
Cash and due from banks | ||
Federal funds sold | ||
Available for sale securities | 87,434 | 87,751 |
Held to maturity securities | 16,813 | 16,851 |
Loans held for sale | 254 | |
Loans receivable, net | ||
Accrued interest receivable | ||
FHLB stock | ||
Derivative asset, net | 955 | 737 |
Financial Liabilities: | ||
Demand deposits | ||
NOW and money market | ||
Savings | ||
Time deposits | ||
Advances from the FHLB | ||
Subordinated debentures | ||
Level 3 | ||
Financial Assets: | ||
Cash and due from banks | ||
Federal funds sold | ||
Available for sale securities | ||
Held to maturity securities | ||
Loans held for sale | ||
Loans receivable, net | 1,392,407 | 1,339,055 |
Accrued interest receivable | 5,180 | 4,958 |
FHLB stock | 8,033 | 7,943 |
Derivative asset, net | ||
Financial Liabilities: | ||
Demand deposits | 170,572 | 187,593 |
NOW and money market | 424,318 | 402,982 |
Savings | 117,395 | 96,601 |
Time deposits | 616,548 | 603,456 |
Advances from the FHLB | 160,112 | 160,118 |
Subordinated debentures | 25,572 | 25,645 |
Carrying Value | ||
Financial Assets: | ||
Cash and due from banks | 63,675 | 96,026 |
Federal funds sold | 10,280 | 329 |
Available for sale securities | 87,434 | 87,751 |
Held to maturity securities | 16,808 | 16,859 |
Loans held for sale | 254 | |
Loans receivable, net | 1,406,407 | 1,343,895 |
Accrued interest receivable | 5,180 | 4,958 |
FHLB stock | 8,033 | 7,943 |
Derivative asset, net | 955 | 737 |
Financial Liabilities: | ||
Demand deposits | 170,572 | 187,593 |
NOW and money market | 424,318 | 402,982 |
Savings | 117,395 | 96,601 |
Time deposits | 615,175 | 601,861 |
Advances from the FHLB | 160,000 | 160,000 |
Subordinated debentures | 25,064 | 25,051 |
Fair Value | ||
Financial Assets: | ||
Cash and due from banks | 63,675 | 96,026 |
Federal funds sold | 10,280 | 329 |
Available for sale securities | 87,434 | 87,751 |
Held to maturity securities | 16,813 | 16,851 |
Loans held for sale | 254 | |
Loans receivable, net | 1,392,407 | 1,339,055 |
Accrued interest receivable | 5,180 | 4,958 |
FHLB stock | 8,033 | 7,943 |
Derivative asset, net | 955 | 737 |
Financial Liabilities: | ||
Demand deposits | 170,572 | 187,593 |
NOW and money market | 424,318 | 402,982 |
Savings | 117,395 | 96,601 |
Time deposits | 616,548 | 603,456 |
Advances from the FHLB | 160,112 | 160,118 |
Subordinated debentures | $ 25,572 | $ 25,645 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial instruments carried at fair value on recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale investment securities: | ||
Available for sale securities | $ 87,434 | $ 87,751 |
Level 1 | ||
Available-for-sale investment securities: | ||
Available for sale securities | ||
Derivative asset, net | ||
Level 2 | ||
Available-for-sale investment securities: | ||
Available for sale securities | 87,434 | 87,751 |
Derivative asset, net | 955 | 737 |
Level 3 | ||
Available-for-sale investment securities: | ||
Available for sale securities | ||
Derivative asset, net | ||
Fair Value Measurements Recurring | Level 1 | ||
Available-for-sale investment securities: | ||
Derivative asset, net | ||
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 2 | ||
Available-for-sale investment securities: | ||
Derivative asset, net | 955 | 737 |
Fair Value Measurements Recurring | Level 2 | U.S. Government and agency obligations | ||
Available-for-sale investment securities: | ||
Available for sale securities | 62,606 | 62,698 |
Fair Value Measurements Recurring | Level 2 | State agency and municipal obligations | ||
Available-for-sale investment securities: | ||
Available for sale securities | 14,543 | 14,763 |
Fair Value Measurements Recurring | Level 2 | Corporate bonds | ||
Available-for-sale investment securities: | ||
Available for sale securities | 10,285 | 10,290 |
Fair Value Measurements Recurring | Level 3 | ||
Available-for-sale investment securities: | ||
Derivative asset, net | ||
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 - Fin60
FAIR VALUE MEASUREMENTS - Financial instruments carried at fair value on nonrecurring basis (Details 1) - Fair Value Measurements Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 6,117 | 4,849 |
Foreclosed real estate | $ 272 | $ 272 |
FAIR VALUE MEASUREMENTS - Quant
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 ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 6,117 | $ 4,849 |
Foreclosed real estate | 272 | 272 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 6,117 | $ 4,849 |
Valuation Methodology, Appraisals | Appraisals | Appraisals |
Valuation Methodology, Discounted cash flows | Discounted cash flows | Discounted cash flows |
Impaired loans | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input, Discount to appraised value | 8.00% | 8.00% |
Unobservable Input, Discount rate | 4.25% | 4.25% |
Impaired loans | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input, Discount to appraised value | 28.00% | 28.00% |
Unobservable Input, Discount rate | 6.25% | 6.25% |
Foreclosed Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed real estate | $ 272 | $ 272 |
Valuation Methodology, Appraisals | Appraisals | Appraisals |
Foreclosed Real Estate | Weighted average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input, Discount to appraised value | 20.00% | 20.00% |
SUBORDINATED DEBENTURES (Detail
SUBORDINATED DEBENTURES (Detail Textuals) - Fixed rated subordinated notes $ in Millions | 1 Months Ended |
Aug. 19, 2015USD ($) | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 25.5 |
Notes non-callable term (in years) | 5 years |
Stated maturity date of notes | Aug. 15, 2025 |
Quarterly pay fixed interest rate of notes | 5.75% |