Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'First Connecticut Bancorp, Inc. | ' |
Entity Central Index Key | '0001511198 | ' |
Trading Symbol | 'fbnk | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 16,456,142 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Statements_of_Con
Consolidated Statements of Condition (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $50,323 | $50,641 |
Securities held-to-maturity, at amortized cost | 3,002 | 3,006 |
Securities available-for-sale, at fair value | 120,382 | 138,241 |
Loans held for sale | 5,357 | 9,626 |
Loans, net | 1,712,507 | 1,520,170 |
Premises and equipment, net | 21,013 | 19,967 |
Federal Home Loan Bank of Boston stock, at cost | 8,383 | 8,939 |
Accrued income receivable | 4,579 | 4,415 |
Bank-owned life insurance | 38,255 | 37,449 |
Deferred income taxes | 16,095 | 15,682 |
Prepaid expenses and other assets | 12,305 | 14,810 |
Total assets | 1,992,201 | 1,822,946 |
Deposits | ' | ' |
Interest-bearing | 1,272,352 | 1,082,869 |
Noninterest-bearing | 278,275 | 247,586 |
Total deposits | 1,550,627 | 1,330,455 |
Federal Home Loan Bank of Boston advances | 104,000 | 128,000 |
Repurchase agreement borrowings | 21,000 | 21,000 |
Repurchase liabilities | 50,432 | 54,187 |
Accrued expenses and other liabilities | 38,606 | 47,782 |
Total liabilities | 1,764,665 | 1,581,424 |
Commitments and contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Common stock, $0.01 par value, 30,000,000 shares authorized; 18,035,335 shares issued and 16,416,427 shares outstanding at September 30, 2013 and 18,076,971 shares issued and 17,714,481 shares outstanding at December 31, 2012 | 181 | 181 |
Additional paid-in-capital | 174,817 | 172,247 |
Unallocated common stock held by ESOP | -14,014 | -14,806 |
Treasury stock, at cost (1,618,908 shares at September 30, 2013 and 362,490 shares at December 31, 2012) | -23,053 | -4,860 |
Retained earnings | 95,873 | 94,890 |
Accumulated other comprehensive loss | -6,268 | -6,130 |
Total stockholders' equity | 227,536 | 241,522 |
Total liabilities and stockholders' equity | $1,992,201 | $1,822,946 |
Consolidated_Statements_of_Con1
Consolidated Statements of Condition (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 18,035,335 | 18,076,971 |
Common stock, shares outstanding | 16,416,427 | 17,714,481 |
Treasury stock, shares | 1,618,908 | 362,490 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and fees on loans | ' | ' | ' | ' |
Mortgage | $12,381 | $11,460 | $35,721 | $33,452 |
Other | 3,199 | 3,927 | 9,746 | 11,675 |
Interest and dividends on investments | ' | ' | ' | ' |
United States Government and agency obligations | 103 | 234 | 344 | 749 |
Other bonds | 59 | 87 | 177 | 205 |
Corporate stocks | 62 | 69 | 188 | 209 |
Other interest income | 2 | 3 | 13 | 63 |
Total interest income | 15,806 | 15,780 | 46,189 | 46,353 |
Interest expense | ' | ' | ' | ' |
Deposits | 1,914 | 1,644 | 5,446 | 5,042 |
Federal Home Loan Bank of Boston advances | 383 | 499 | 1,253 | 1,442 |
Repurchase agreement borrowings | 181 | 179 | 532 | 540 |
Repurchase liabilities | 45 | 71 | 136 | 189 |
Total interest expense | 2,523 | 2,393 | 7,367 | 7,213 |
Net interest income | 13,283 | 13,387 | 38,822 | 39,140 |
Provision for allowance for loan losses | 215 | 215 | 870 | 1,065 |
Net interest income after provision for loan losses | 13,068 | 13,172 | 37,952 | 38,075 |
Noninterest income | ' | ' | ' | ' |
Fees for customer services | 1,230 | 950 | 3,309 | 2,666 |
Net gain on sales of investments | 304 | ' | 340 | ' |
Net gain on loans sold | 625 | 687 | 4,244 | 1,216 |
Brokerage and insurance fee income | 37 | 34 | 110 | 91 |
Bank owned life insurance income | 303 | 326 | 1,015 | 966 |
Other | -264 | 148 | -271 | 497 |
Total noninterest income | 2,235 | 2,145 | 8,747 | 5,436 |
Noninterest expense | ' | ' | ' | ' |
Salaries and employee benefits | 8,571 | 10,243 | 26,160 | 25,286 |
Occupancy expense | 1,175 | 1,108 | 3,541 | 3,396 |
Furniture and equipment expense | 998 | 1,120 | 3,115 | 3,331 |
FDIC assessment | 341 | 255 | 943 | 828 |
Marketing | 423 | 509 | 1,627 | 1,868 |
Other operating expenses | 2,602 | 3,670 | 7,978 | 7,958 |
Total noninterest expense | 14,110 | 16,905 | 43,364 | 42,667 |
Income (loss) before income taxes | 1,193 | -1,588 | 3,335 | 844 |
Income tax expense (benefit) | 292 | -519 | 819 | 91 |
Net income (loss) | $901 | ($1,069) | $2,516 | $753 |
Net earnings (loss) per share (See Note 3): | ' | ' | ' | ' |
Basic and Diluted (in dollars per share) | $0.06 | ($0.07) | $0.16 | $0.05 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic and Diluted (in shares) | 15,445,082 | 16,471,023 | 15,894,357 | 16,647,253 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income (Loss) and Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income (loss) | $901 | ($1,069) | $2,516 | $753 |
Unrealized (losses) gains on securities: | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during the period | -839 | 48 | -973 | -17 |
Less: reclassification adjustment for gains included in net income | 304 | ' | 340 | ' |
Net change in unrealized (losses) gains | -535 | 48 | -633 | -17 |
Change related to employee benefit plans | 141 | 133 | 424 | 398 |
Other comprehensive (loss) income, before tax | -394 | 181 | -209 | 381 |
Income tax (benefit) expense | -134 | 61 | -71 | 129 |
Other comprehensive (loss) income, net of tax | -260 | 120 | -138 | 252 |
Comprehensive income (loss) | $641 | ($949) | $2,378 | $1,005 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Common Stock | Additional Paid in Capital | Unallocated Common Shares Held by ESOP | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | $181 | $172,247 | ($14,806) | ($4,860) | $94,890 | ($6,130) | $241,522 |
Balance (in shares) at Dec. 31, 2012 | 17,714,481 | ' | ' | ' | ' | ' | 17,714,481 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
ESOP shares released and committed to be released | ' | 237 | 792 | ' | ' | ' | 1,029 |
Cash dividend paid ($0.09 per common share) | ' | ' | ' | ' | -1,533 | ' | -1,533 |
Treasury stock acquired | ' | ' | ' | -18,193 | ' | ' | -18,193 |
Treasury stock acquired (in shares) | -1,257,468 | ' | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | ' | 14 | ' | ' | 14 |
Stock options exercised (in shares) | 1,050 | ' | ' | ' | ' | ' | ' |
Cancellation of shares for tax withholding | ' | -570 | ' | -14 | ' | ' | -584 |
Cancellation of shares for tax withholding (in shares) | -41,636 | ' | ' | ' | ' | ' | ' |
Tax benefit on restricted stock | ' | 49 | ' | ' | ' | ' | 49 |
Share based compensation expense | ' | 2,854 | ' | ' | ' | ' | 2,854 |
Net income | ' | ' | ' | ' | 2,516 | ' | 2,516 |
Other comprehensive loss | ' | ' | ' | ' | ' | -138 | -138 |
Balance at Sep. 30, 2013 | $181 | $174,817 | ($14,014) | ($23,053) | $95,873 | ($6,268) | $227,536 |
Balance (in shares) at Sep. 30, 2013 | 16,416,427 | ' | ' | ' | ' | ' | 16,416,427 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parentheticals) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Statement Of Stockholders Equity [Abstract] | ' |
Cash dividend per share (in dollars per share) | $0.09 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $2,516 | $753 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for allowance for loan losses | 870 | 1,065 |
Provision for off-balance sheet commitments | 24 | 55 |
Depreciation and amortization | 2,293 | 2,558 |
Amortization of ESOP expense | 1,029 | 935 |
Share based compensation expense | 2,854 | 3,255 |
Gain on sale of investment | -304 | ' |
Loans originated for sale | -148,299 | -29,229 |
Proceeds from the sale of loans held for sale | 156,812 | 26,915 |
Loss on sale of premises and equipment | 2 | 367 |
Loss (gain) on fair value adjustment for mortgage banking derivatives | 319 | -177 |
Net gain on loans sold | -4,244 | -1,216 |
Loss on sale of foreclosed real estate | 55 | 8 |
Tax benefit on restricted stock | 49 | ' |
Accretion and amortization of investment security discounts and premiums, net | -43 | -111 |
Amortization and accretion of loan fees and discounts, net | 204 | -724 |
Decrease in accrued income receivable | -164 | -317 |
Deferred income tax | -340 | -243 |
Increase in cash surrender value of bank-owned life insurance | -906 | -966 |
Decrease (increase) in prepaid expenses and other assets | 2,134 | -4,516 |
(Decrease) increase in accrued expenses and other liabilities | -8,991 | 3,328 |
Net cash provided by operating activities | 5,870 | 1,740 |
Cash flow from investing activities | ' | ' |
Maturities of securities held-to-maturity | 4 | 209 |
Maturities, calls and principal payments of securities available-for-sale | 233,578 | 243,392 |
Purchases of securities available-for-sale | -216,007 | -233,982 |
Loan originations, net of principal repayments | -193,693 | -191,784 |
Redemption (purchases) of Federal Home Loan Bank of Boston stock, net | 556 | -607 |
Purchases of bank-owned life insurance | ' | -6,000 |
Proceeds from bank-owned life insurance | 100 | ' |
Proceeds from sale of premises and equipment | ' | 3,513 |
Proceeds from sale of foreclosed real estate | 494 | 393 |
Purchases of premises and equipment | -3,341 | -4,290 |
Net cash used in investing activities | -178,309 | -189,156 |
Cash flows from financing activities | ' | ' |
Purchase of common stock for ESOP | ' | -5,376 |
Net (decrease) increase in borrowings | -24,000 | 62,200 |
Net increase in demand deposits, NOW accounts, savings accounts and money market accounts | 220,236 | 108,202 |
Net decrease in certificates of deposit | -64 | -26,897 |
Net (decrease) increase in repurchase liabilities | -3,755 | 1,630 |
Cancellation of shares for tax withholding | -570 | -407 |
Repurchase of common stock | -18,193 | -7,597 |
Cash dividend paid | -1,533 | -1,614 |
Net cash provided by financing activities | 172,121 | 130,141 |
Net decrease in cash and cash equivalents | -318 | -57,275 |
Cash and cash equivalents at beginning of period | 50,641 | 90,296 |
Cash and cash equivalents at end of period | 50,323 | 33,021 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for interest | 7,329 | 7,144 |
Cash paid for income taxes | 4,285 | 6 |
Loans transferred to other real estate owned | $282 | $1,285 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||
1. | Summary of Significant Accounting Policies | ||||||||||||||||||||||||
Organization and Business | |||||||||||||||||||||||||
On June 29, 2011, the Boards of Directors of Farmington Bank, a Connecticut stock savings bank (the “Bank”), First Connecticut Bancorp, Inc., a Maryland-chartered corporation (the “Company”), First Connecticut Bancorp, Inc., a Connecticut-chartered nonstock corporation and mutual holding company (the “MHC”) and Farmington Holdings, Inc., a Connecticut-chartered corporation (the “Mid-Tier”) completed a Plan of Conversion and Reorganization whereby: (1) the MHC converted from the mutual holding company form of organization to the stock holding company form of organization, (2) the Company sold shares of common stock of the Company in a subscription offering, and (3) the Company contributed shares of Company common stock equal to 4.0% of the shares sold in the subscription offering to the Farmington Bank Community Foundation, Inc. (the “Conversion and Reorganization”). First Connecticut Bancorp, Inc. sold 17,192,500 shares of its common stock to eligible stock holders at $10.00 per share for proceeds of $167.8 million, net of offering costs of $4.1 million. On June 29, 2011, with the completion of the Conversion and Reorganization, First Connecticut Bancorp, Inc. is 100% owned by public shareholders and the MHC and the Mid-Tier ceased to exist. | |||||||||||||||||||||||||
As part of the reorganization, the Company established an Employee Stock Ownership Plan (“ESOP”) for eligible employees. The Company loaned the ESOP the amount needed to purchase up to 1,430,416 shares or 8.0% of the Company’s common stock issued in the offering. During 2012, the ESOP completed its purchase of 1,430,416 shares of common stock at a cost of $16.9 million. The Bank makes annual contributions adequate to fund the payment of regular debt service requirements attributable to the indebtedness of the ESOP. | |||||||||||||||||||||||||
On July 2, 2012, the Company received regulatory approval to repurchase up to 1,788,020 shares, or 10% of its current outstanding common stock. On May 30, 2013, the Company completed its repurchase of 1,788,020 shares at a cost of $24.9 million, of which 486,947 shares were reissued as part of the 2012 Stock Incentive Plan. On June 21, 2013, the Company received regulatory approval to repurchase up to an additional 1,676,452 shares, or 10% of its current outstanding common stock. As of September 30, 2013, the Company has repurchased 317,885 of these shares at a cost of $4.5 million. Repurchased shares are held as treasury stock and are available for general corporate purposes. | |||||||||||||||||||||||||
On September 5, 2012, the Company registered 2,503,228 shares to be reserved for issuance to the First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan. | |||||||||||||||||||||||||
The consolidated financial statements include the accounts of First Connecticut Bancorp, Inc. and its wholly-owned subsidiary, Farmington Bank, (collectively, the “Company”). Significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
First Connecticut Bancorp, Inc.’s only subsidiary is Farmington Bank. Farmington Bank’s main office is located in Farmington, Connecticut. Farmington Bank operates twenty-one full service branch offices and four limited services offices in central Connecticut. Farmington Bank’s primary source of income is interest accrued on loans to customers, which include small and middle market businesses and individuals residing within Farmington Bank’s service area. | |||||||||||||||||||||||||
Wholly-owned subsidiaries of Farmington Bank include Farmington Savings Loan Servicing, Inc., a passive investment company that was established to service and hold loans collateralized by real property; Village Investments, Inc. presently inactive; the Village Corp., Limited, a subsidiary that held certain real estate; 28 Main Street Corp., a subsidiary that holds residential other real estate owned; Village Management Corp., a subsidiary that held commercial other real estate owned and Village Square Holdings, Inc., a subsidiary that holds certain bank premises and other real estate. | |||||||||||||||||||||||||
The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has condensed or omitted certain information and footnote disclosures normally included in the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. All significant intercompany transactions and balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2012 included in the Company’s 10-K filed on March 18, 2013. The results of operations for the interim periods are not necessarily indicative of the results for the full year. | |||||||||||||||||||||||||
In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition and revenues and expenses for the interim period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, investment security other-than-temporary impairment judgments and investment security valuation. | |||||||||||||||||||||||||
Correction of Immaterial Error Related to Prior Period | |||||||||||||||||||||||||
During the quarter ended September 30, 2013, the Company identified an error related to the accounting for certain deferred loan costs and fees in the previously reported results for the quarter ended June 30, 2013. The Company determined that the error was due to processing errors that produced system generated entries to net gain on loans sold. The error also affected interest, fees and costs associated with mortgage loans sold. The Company reviewed the impact of this error on the prior period in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, and determined that the error was immaterial to previously reported amounts contained in its quarterly filing. In accordance with SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, the consolidated financial statements as of and for the three and six months ended June 30, 2013 have been revised in this filing and will be revised in the Company’s Form 10-Q for the period ending June 30, 2014. | |||||||||||||||||||||||||
The following tables summarize the effect of the correction of the error on the Company’s consolidated statement of operations for the three and six months ended June 30, 2013 and on the Company’s consolidated statement of condition as of June 30, 2013. | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Balance as | Correction | Balance as | Balance as | Correction | Balance as | ||||||||||||||||||||
reported | of error | revised | reported | of error | revised | ||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||
Interest and fees on loans | |||||||||||||||||||||||||
Mortgage | $ | 11,917 | $ | (45 | ) | $ | 11,872 | $ | 23,385 | $ | (45 | ) | $ | 23,340 | |||||||||||
Total interest income | 15,381 | (45 | ) | 15,336 | 30,428 | (45 | ) | 30,383 | |||||||||||||||||
Noninterest income | |||||||||||||||||||||||||
Net gain on loans sold | 1,739 | (150 | ) | 1,589 | 3,769 | (150 | ) | 3,619 | |||||||||||||||||
Total noninterest income | 3,124 | (150 | ) | 2,974 | 6,662 | (150 | ) | 6,512 | |||||||||||||||||
Income before income taxes | 1,245 | (195 | ) | 1,050 | 2,337 | (195 | ) | 2,142 | |||||||||||||||||
Income tax expense | 308 | (60 | ) | 248 | 587 | (60 | ) | 527 | |||||||||||||||||
Net income | 937 | (135 | ) | 802 | 1,750 | (135 | ) | 1,615 | |||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||||
Basic and Diluted | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | $ | 0.11 | $ | (0.01 | ) | $ | 0.1 | |||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Balance as | Correction | Balance as | |||||||||||||||||||||||
reported | of error | revised | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans, net | $ | 1,588,275 | $ | (195 | ) | $ | 1,588,080 | ||||||||||||||||||
Prepaid expenses and other assets | 12,298 | 60 | 12,358 | ||||||||||||||||||||||
Total assets | 1,845,251 | (135 | ) | 1,845,116 | |||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Retained earnings | 95,605 | (135 | ) | 95,470 | |||||||||||||||||||||
Total stockholders’ equity | 231,315 | (135 | ) | 231,180 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | 1,845,251 | (135 | ) | 1,845,116 | |||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
Marketable equity and debt securities are classified as either trading, available for sale, or held to maturity (applies only to debt securities). Management determines the appropriate classifications of securities at the time of purchase. At September 30, 2013 and December 31, 2012, the Company had no debt or equity securities classified as trading. Held to maturity securities are debt securities for which the Company has the ability and intent to hold until maturity. All other securities not included in held to maturity are classified as available for sale. Held to maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Premiums and discounts on debt securities are amortized or accreted into interest income over the term of the securities using the level yield method. Available for sale securities are recorded at fair value. Unrealized gains and losses, net of the related tax effect, on available for sale securities are excluded from earnings and are reported in accumulated other comprehensive income, a separate component of equity, until realized. Further information relating to the fair value of securities can be found within Note 4 of the Notes to Consolidated Financial Statements. In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 320-Debt and Equity Securities, a decline in market value of a debt security below amortized cost that is deemed other-than-temporary is charged to earnings for the credit related other-than-temporary impairment (“OTTI”), resulting in the establishment of a new cost basis for the security, while the non-credit related OTTI is recognized in other comprehensive income if there is no intent or requirement to sell the security. The securities portfolio is reviewed on a quarterly basis for the presence of other-than-temporary impairment. If an equity security is deemed other-than-temporary impaired, the full impairment is considered to be credit-related and a charge to earnings would be recorded. Gains and losses on sales of securities are recognized at the time of sale on a specific identification basis. | |||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of amortized cost or fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold on the trade date. | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
The Company’s loan portfolio segments include residential real estate, commercial real estate, construction, installment, commercial, collateral, home equity lines of credit, demand, revolving credit and resort. Construction includes classes for commercial and residential construction. | |||||||||||||||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. When loans are prepaid, sold or participated out, the unamortized portion is recognized as income or expense at that time. | |||||||||||||||||||||||||
Interest on loans is accrued and recognized in interest income based on contractual rates applied to principal amounts outstanding. Accrual of interest is discontinued, and previously accrued income is reversed, when loan payments are 90 days or more past due or when, in the judgment of management, collectability of the loan or loan interest becomes uncertain. Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within a reasonable period and there is a sustained period of repayment performance (generally a minimum of six months) by the borrower, in accordance with contractual terms involving payment of cash or cash equivalents. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. If a residential real estate, commercial real estate, construction, installment, commercial, collateral, home equity line of credit, demand, revolving credit and resort loan is on non-accrual status cash payments are applied towards the reduction of principal. If loans are considered impaired but accruing, cash payments are applied first to interest income and then as a reduction of principal as specified in the contractual agreement, unless the collection of the remaining principal amount due is considered doubtful. | |||||||||||||||||||||||||
The policy for determining past due or delinquency status for all loan portfolio segments is based on the number of days past due or the contractual terms of the loan. A loan is considered delinquent when the customer does not make their payments due according to their contractual terms. Generally, a loan can be demanded at any time if the loan is delinquent or if the borrower fails to meet any other agreed upon terms and conditions. | |||||||||||||||||||||||||
On a quarterly basis, our loan policy requires that we evaluate for impairment all commercial real estate, construction, commercial and resort loan segments that are classified as non-accrual, loans secured by real property in foreclosure or are otherwise likely to be impaired, non-accruing residential and installment loan segments greater than $100,000 and all troubled debt restructurings. | |||||||||||||||||||||||||
Nonperforming loans consist of non-accruing loans, non-accruing loans identified as trouble debt restructurings and loans past due more than 90 days and still accruing interest. | |||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
The allowance for loan losses is maintained at a level believed adequate by management to absorb potential losses inherent in the loan portfolio as of the statement of condition date. The allowance for loan losses consists of a formula allowance following FASB ASC 450 – Contingencies and FASB ASC 310 – Receivables. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components, as further described below. All reserves are available to cover any losses regardless of how they are allocated. | |||||||||||||||||||||||||
General component: | |||||||||||||||||||||||||
The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, construction, installment, commercial, collateral, home equity line of credit, demand, revolving credit and resort. Construction loans include classes for commercial investment real estate construction, commercial owner occupied construction, residential development and residential subdivision construction loans. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies and nonaccrual loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no material changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the nine months ended September 30, 2013. | |||||||||||||||||||||||||
The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||||||||||||||||||
Residential real estate – Residential real estate loans are generally originated in amounts up to 95.0% of the lesser of the appraised value or purchase price of the property, with private mortgage insurance required on loans with a loan-to-value ratio in excess of 80.0%. The Company does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. Typically, all fixed-rate residential mortgage loans are underwritten pursuant to secondary market underwriting guidelines which include minimum FICO standards. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Commercial real estate – Loans in this segment are primarily income-producing properties throughout New England. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, may have an effect on the credit quality in this segment. Management generally obtains rent rolls and other financial information, as appropriate on an annual basis and continually monitors the cash flows of these loans. | |||||||||||||||||||||||||
Construction loans – Loans in this segment include commercial construction loans, real estate subdivision development loans to developers, licensed contractors and builders for the construction and development of commercial real estate projects and residential properties. Construction lending contains a unique risk characteristic as loans are originated under market and economic conditions that may change between the time of origination and the completion and subsequent purchaser financing of the property. In addition, construction subdivision loans and commercial and residential construction loans to contractors and developers entail additional risks as compared to single-family residential mortgage lending to owner-occupants. These loans typically involve large loan balances concentrated in single borrowers or groups of related borrowers. Real estate subdivision development loans to developers, licensed contractors and builders are generally speculative real estate development loans for which payment is derived from sale of the property. Credit risk may be affected by cost overruns, time to sell at an adequate price, and market conditions. Construction financing is generally considered to involve a higher degree of credit risk than longer-term financing on improved, owner-occupied real estate. Residential construction credit quality may be impacted by the overall health of the economy, including unemployment rates and housing prices. | |||||||||||||||||||||||||
Installment, Collateral, Demand and Revolving Credit – Loans in these segments include installment, demand, revolving credit and collateral loans, principally to customers residing in our primary market area with acceptable credit ratings. Our installment and collateral consumer loans generally consist of loans on new and used automobiles, loans collateralized by deposit accounts and unsecured personal loans. The overall health of the economy, including unemployment rates and housing prices, may have an effect on the credit quality in this segment. Excluding collateral loans which are fully collateralized by a deposit account, repayment for loans in these segments is dependent on the credit quality of the individual borrower. | |||||||||||||||||||||||||
Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Home equity line of credit – Loans in this segment include home equity loans and lines of credit underwritten with a loan-to-value ratio generally limited to no more than 80%, including any first mortgage. Our home equity lines of credit have ten-year terms and adjustable rates of interest which are indexed to the prime rate. The overall health of the economy, including unemployment rates and housing prices, may have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Resort – Loans in this segment include direct receivable loans, loans to timeshare developer / operators and participations in timeshare loans originated by experienced timeshare lending institutions, which originate and sell timeshare participations to other lending institutions. Lending to this industry is generally done on a nationwide basis, as the majority of timeshare operators are located outside of the Northeast. Receivable loans, which account for 87% of the resort portfolio at September 30, 2013, are typically underwritten utilizing a lending formula in which loan advances are based on a percentage of eligible consumer notes. In addition, these loans generally contain provisions for recourse to the developer, the obligation of the developer to replace defaulted notes, and parameters with respect to minimum FICO scores or average weighted FICO scores of the portfolio of pledged notes. The overall health of the economy, including unemployment rates and housing prices, may have an effect on the credit quality in this segment. The Company has exited the resort financing market with a residual portfolio remaining. | |||||||||||||||||||||||||
Allocated component: | |||||||||||||||||||||||||
The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for commercial real estate, construction, commercial and resort loans by the present value of expected cash flows discounted at the effective interest rate; the fair value of the collateral, if applicable; or the observable market price for the loan. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. The Company does not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement or they are nonaccrual loans with outstanding balances of $100,000 or more. | |||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Management updates the analysis quarterly. The assumptions used in appraisals are reviewed for appropriateness. Updated appraisals or valuations are obtained as needed or adjusted to reflect the estimated decline in the fair value based upon current market conditions for comparable properties. | |||||||||||||||||||||||||
The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are classified as impaired. | |||||||||||||||||||||||||
Unallocated component: | |||||||||||||||||||||||||
An unallocated component is maintained, when needed, to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. The Company’s Loan Policy allows management to utilize a high and low range of 0.0% to 5.0% of our total allowance for loan losses when establishing an unallocated allowance, when considered necessary. The unallocated allowance is used to provide for an unidentified loss that may exist in emerging problem loans that cannot be fully quantified or may be affected by conditions not fully understood as of the balance sheet date. | |||||||||||||||||||||||||
During 2013, we have started to see a slight improvement in the real estate markets and the overall economic conditions which have led to an improvement in collateral values and cash flows of borrowers. The stabilization of these economic conditions have led to improvements in charge-offs, delinquencies and non-performing loans and improved valuations for the Company’s impaired loans as of September 30, 2013. The economy is still very fragile and uncertain. If the current trend reverses itself, it could impact significant estimates such as the allowance for loan losses and the effect could be material. | |||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Amounts in prior period consolidated financial statements are reclassified whenever necessary to conform to the current year presentation. | |||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” to improve the transparency of reporting these reclassifications. ASU No. 2013-02 does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. ASU No. 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income (e.g., unrealized gains or losses on available-for-sale investment securities) and separately present reclassification adjustments and current period other comprehensive income. The provisions of ASU No. 2013-02 also requires that entities present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., unrealized gains or losses on available-for-sale investment securities) and the income statement line item affected by the reclassification (e.g., realized gains (losses) on sales of investment securities). If a component is not required to be reclassified to net income in its entirety (e.g., amortization of defined benefit plan items), entities would instead cross reference to the related note to the financial statements for additional information (e.g., pension footnote). ASU No. 2013-02 is effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a material impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” (“ASU No. 2013-01”). ASU No. 2013-01 clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities,” and that ASU 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the ASC or subject to a master netting arrangement or similar agreement. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The adoption of ASU 2013-01 did not have an effect on the Company’s consolidated statement of condition or results of operations. |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Banks | 9 Months Ended | |
Sep. 30, 2013 | ||
Restrictions On Cash And Due From Banks [Abstract] | ' | |
Restrictions on Cash and Due from Banks | ' | |
2. | Restrictions on Cash and Due from Banks | |
The Company is required to maintain a percentage of transaction account balances on deposit in non-interest-earning reserves with the Federal Reserve Bank that was offset by the Company’s average vault cash. The Company also is required to maintain cash balances to collateralize the Company’s position with certain third parties. The Company was required to have cash and liquid assets of approximately $5.9 million and $11.9 million to meet these requirements at September 30, 2013 and December 31, 2012. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
3. | Earnings Per Share | |||||||||||||||||
Basic net earnings per common share is calculated by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding during the year. Diluted net earnings per common share is computed in a manner similar to basic net earnings per common share except that the weighted-average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the year. Unvested restricted stock are participating securities and are considered outstanding and included in the weighted-average number of common shares outstanding for purposes of calculating both basic and diluted earnings per common share since the shares participate in dividends and the right to dividends are non-forfeitable. Losses are not allocated to participating securities since there is not a contractual obligation to participate in the net loss. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating both basic and diluted earnings per common share. | ||||||||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share: | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(Dollars in thousands, except per share data): | ||||||||||||||||||
Net income (loss) | $ | 901 | $ | (1,069 | ) | $ | 2,516 | $ | 753 | |||||||||
Weighted-average shares outstanding | 18,040,414 | 17,935,809 | 18,060,462 | 17,898,872 | ||||||||||||||
Less: | Average unallocated ESOP shares | (1,184,134 | ) | (1,279,385 | ) | (1,207,737 | ) | (1,189,368 | ) | |||||||||
Average treasury stock | (1,411,198 | ) | (185,401 | ) | (958,368 | ) | (62,251 | ) | ||||||||||
Weighted-average basic shares outstanding | 15,445,082 | 16,471,023 | 15,894,357 | 16,647,253 | ||||||||||||||
Plus: | Dilutive stock options | - | - | - | - | |||||||||||||
Weighted-average diluted shares outstanding | 15,445,082 | 16,471,023 | 15,894,357 | 16,647,253 | ||||||||||||||
Net earnings (loss) per share: | ||||||||||||||||||
Basic and Diluted | $ | 0.06 | $ | (0.07 | ) | $ | 0.16 | $ | 0.05 |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||
4. | Investment Securities | ||||||||||||||||||||||||||||
Investment securities are summarized as follows: | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 101,000 | $ | 4 | $ | - | $ | 101,004 | |||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,450 | 446 | - | 10,896 | |||||||||||||||||||||||||
Corporate debt securities | 2,975 | 138 | - | 3,113 | |||||||||||||||||||||||||
Preferred equity securities | 2,100 | - | (404 | ) | 1,696 | ||||||||||||||||||||||||
Marketable equity securities | 108 | 34 | (2 | ) | 140 | ||||||||||||||||||||||||
Mutual funds | 3,678 | - | (145 | ) | 3,533 | ||||||||||||||||||||||||
Total securities available-for-sale | $ | 120,311 | $ | 622 | $ | (551 | ) | $ | 120,382 | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | $ | 2 | $ | - | $ | - | $ | 2 | |||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 3,002 | $ | - | $ | - | $ | 3,002 | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 118,984 | $ | 5 | $ | (9 | ) | $ | 118,980 | ||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 9,803 | 800 | - | 10,603 | |||||||||||||||||||||||||
Corporate debt securities | 2,958 | 195 | - | 3,153 | |||||||||||||||||||||||||
Preferred equity securities | 2,100 | 19 | (333 | ) | 1,786 | ||||||||||||||||||||||||
Marketable equity securities | 108 | 27 | (3 | ) | 132 | ||||||||||||||||||||||||
Mutual funds | 3,585 | 2 | - | 3,587 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 137,538 | $ | 1,048 | $ | (345 | ) | $ | 138,241 | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | $ | 6 | $ | - | $ | - | $ | 6 | |||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 3,006 | $ | - | $ | - | $ | 3,006 | |||||||||||||||||||||
The following table summarizes gross unrealized losses and fair value, aggregated by investment category and length of time the investments have been in a continuous unrealized loss position at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||
Number of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Securities | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||
Preferred equity securities | 1 | $ | - | $ | - | $ | 1,596 | $ | (404 | ) | $ | 1,596 | $ | (404 | ) | ||||||||||||||
Marketable equity securities | 1 | - | - | 5 | (2 | ) | 5 | (2 | ) | ||||||||||||||||||||
Mutual funds | 1 | 2,814 | (145 | ) | - | - | 2,814 | (145 | ) | ||||||||||||||||||||
3 | $ | 2,814 | $ | (145 | ) | $ | 1,601 | $ | (406 | ) | $ | 4,415 | $ | (551 | ) | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||
Number of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Securities | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||
U.S. Treasury obligations | 4 | $ | 52,985 | $ | (9 | ) | $ | - | $ | - | $ | 52,985 | $ | (9 | ) | ||||||||||||||
Preferred equity securities | 1 | - | - | 1,667 | (333 | ) | 1,667 | (333 | ) | ||||||||||||||||||||
Marketable equity securities | 1 | - | - | 4 | (3 | ) | 4 | (3 | ) | ||||||||||||||||||||
6 | $ | 52,985 | $ | (9 | ) | $ | 1,671 | $ | (336 | ) | $ | 54,656 | $ | (345 | ) | ||||||||||||||
Management believes that no individual unrealized loss as of September 30, 2013 represents an other-than-temporary impairment, based on its detailed review of the securities portfolio. The Company has no intent to sell nor is it more likely than not that the Company will be required to sell any of the securities contained in the table during the period of time necessary to recover the unrealized losses, which may be until maturity. | |||||||||||||||||||||||||||||
The unrealized loss on preferred equity securities in a loss position for 12 months or more relates to one preferred equity security that is rated Ba2 by Moody’s as of September 30, 2013. A detailed review of the preferred equity security was completed by management and procedures included an analysis of their most recent financial statements and management concluded that the preferred equity security is not other-than-temporarily impaired. | |||||||||||||||||||||||||||||
There were realized gains on sales of securities available for sale totaling $36,000 and $304,000 for the three and nine months ended September 30, 2013, respectively. There were no realized gains or losses on sales of securities available for sale for the three and nine months ended September 30, 2012. | |||||||||||||||||||||||||||||
The amortized cost and estimated market value of debt securities at September 30, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties: | |||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Due in one year or less | $ | 101,000 | $ | 101,004 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 2,975 | 3,113 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | - | - | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,450 | 10,896 | 2 | 2 | |||||||||||||||||||||||||
$ | 114,425 | $ | 115,013 | $ | 3,002 | $ | 3,002 | ||||||||||||||||||||||
The Company, as a member of the Federal Home Loan Bank of Boston (FHLBB), owned $8.4 million and $8.9 million of FHLBB capital stock at September 30, 2013 and December 31, 2012, respectively, which is equal to its FHLBB capital stock requirement. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
5. | Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
Loans consisted of the following: | |||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 674,804 | $ | 620,991 | |||||||||||||||||||||||||||||||||
Commercial | 585,628 | 473,788 | |||||||||||||||||||||||||||||||||||
Construction | 90,033 | 64,362 | |||||||||||||||||||||||||||||||||||
Installment | 4,671 | 6,719 | |||||||||||||||||||||||||||||||||||
Commercial | 213,103 | 192,210 | |||||||||||||||||||||||||||||||||||
Collateral | 1,819 | 2,086 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 147,026 | 142,543 | |||||||||||||||||||||||||||||||||||
Demand | - | 25 | |||||||||||||||||||||||||||||||||||
Revolving credit | 78 | 65 | |||||||||||||||||||||||||||||||||||
Resort | 9,849 | 31,232 | |||||||||||||||||||||||||||||||||||
Total loans | 1,727,011 | 1,534,021 | |||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (17,678 | ) | (17,229 | ) | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 3,174 | 3,378 | |||||||||||||||||||||||||||||||||||
Loans, net | $ | 1,712,507 | $ | 1,520,170 | |||||||||||||||||||||||||||||||||
A summary of changes in the allowance for loan losses for the three and nine months ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
For The Three Months Ended September 30, | For The Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,505 | $ | 17,927 | $ | 17,229 | $ | 17,533 | |||||||||||||||||||||||||||||
Provision for loan losses | 215 | 215 | 870 | 1,065 | |||||||||||||||||||||||||||||||||
Charge-offs | (51 | ) | (258 | ) | (450 | ) | (898 | ) | |||||||||||||||||||||||||||||
Recoveries | 9 | 36 | 29 | 220 | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 17,678 | $ | 17,920 | $ | 17,678 | $ | 17,920 | |||||||||||||||||||||||||||||
Changes in the allowance for loan losses by loan segment for the three and nine months ended September 30, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,728 | $ | (9 | ) | $ | 3 | $ | 39 | $ | 3,761 | ||||||||||||||||||||||||||
Commercial | 8,012 | - | - | (230 | ) | 7,782 | |||||||||||||||||||||||||||||||
Construction | 1,138 | - | - | 94 | 1,232 | ||||||||||||||||||||||||||||||||
Installment | 57 | - | - | (5 | ) | 52 | |||||||||||||||||||||||||||||||
Commercial | 2,999 | (26 | ) | 3 | 314 | 3,290 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,401 | - | - | 28 | 1,429 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (16 | ) | 3 | 13 | - | |||||||||||||||||||||||||||||||
Resort | 170 | - | - | (38 | ) | 132 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 17,505 | $ | (51 | ) | $ | 9 | $ | 215 | $ | 17,678 | |||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,771 | $ | (206 | ) | $ | 4 | $ | 476 | $ | 4,045 | ||||||||||||||||||||||||||
Commercial | 7,691 | - | 1 | 75 | 7,767 | ||||||||||||||||||||||||||||||||
Construction | 632 | - | - | 194 | 826 | ||||||||||||||||||||||||||||||||
Installment | 66 | (3 | ) | 1 | 20 | 84 | |||||||||||||||||||||||||||||||
Commercial | 2,920 | (33 | ) | 27 | (220 | ) | 2,694 | ||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,400 | - | - | 37 | 1,437 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (16 | ) | 3 | 13 | - | |||||||||||||||||||||||||||||||
Resort | 1,447 | - | - | (564 | ) | 883 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | 184 | 184 | ||||||||||||||||||||||||||||||||
$ | 17,927 | $ | (258 | ) | $ | 36 | $ | 215 | $ | 17,920 | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,778 | $ | (384 | ) | $ | 3 | $ | 364 | $ | 3,761 | ||||||||||||||||||||||||||
Commercial | 8,105 | - | - | (323 | ) | 7,782 | |||||||||||||||||||||||||||||||
Construction | 760 | - | - | 472 | 1,232 | ||||||||||||||||||||||||||||||||
Installment | 77 | - | - | (25 | ) | 52 | |||||||||||||||||||||||||||||||
Commercial | 2,654 | (26 | ) | 12 | 650 | 3,290 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,377 | - | - | 52 | 1,429 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (40 | ) | 14 | 26 | - | |||||||||||||||||||||||||||||||
Resort | 456 | - | - | (324 | ) | 132 | |||||||||||||||||||||||||||||||
Unallocated | 22 | - | - | (22 | ) | - | |||||||||||||||||||||||||||||||
$ | 17,229 | $ | (450 | ) | $ | 29 | $ | 870 | $ | 17,678 | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 2,874 | $ | (337 | ) | $ | 9 | $ | 1,499 | $ | 4,045 | ||||||||||||||||||||||||||
Commercial | 8,755 | (454 | ) | 4 | (538 | ) | 7,767 | ||||||||||||||||||||||||||||||
Construction | 590 | - | - | 236 | 826 | ||||||||||||||||||||||||||||||||
Installment | 92 | (9 | ) | 4 | (3 | ) | 84 | ||||||||||||||||||||||||||||||
Commercial | 2,140 | (33 | ) | 192 | 395 | 2,694 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,295 | (19 | ) | - | 161 | 1,437 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (46 | ) | 11 | 35 | - | |||||||||||||||||||||||||||||||
Resort | 1,787 | - | - | (904 | ) | 883 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | 184 | 184 | ||||||||||||||||||||||||||||||||
$ | 17,533 | $ | (898 | ) | $ | 220 | $ | 1,065 | $ | 17,920 | |||||||||||||||||||||||||||
The following table lists the allocation of the allowance by impairment methodology and by loan segment at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 11,220 | $ | 324 | $ | 10,695 | $ | 340 | |||||||||||||||||||||||||||||
Commercial | 21,349 | 56 | 17,546 | 126 | |||||||||||||||||||||||||||||||||
Construction | 187 | - | 1,179 | 6 | |||||||||||||||||||||||||||||||||
Installment | 35 | 9 | 7 | - | |||||||||||||||||||||||||||||||||
Commercial | 8,120 | 1,254 | 5,313 | 476 | |||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 388 | - | 491 | - | |||||||||||||||||||||||||||||||||
Demand | - | - | - | - | |||||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | |||||||||||||||||||||||||||||||||
Resort | 1,288 | - | 1,626 | 1 | |||||||||||||||||||||||||||||||||
Total | $ | 42,587 | $ | 1,643 | $ | 36,857 | $ | 949 | |||||||||||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 666,737 | $ | 3,437 | $ | 613,343 | $ | 3,438 | |||||||||||||||||||||||||||||
Commercial | 564,348 | 7,726 | 456,109 | 7,979 | |||||||||||||||||||||||||||||||||
Construction | 89,846 | 1,232 | 63,124 | 754 | |||||||||||||||||||||||||||||||||
Installment | 4,636 | 43 | 6,712 | 77 | |||||||||||||||||||||||||||||||||
Commercial | 204,935 | 2,036 | 187,466 | 2,178 | |||||||||||||||||||||||||||||||||
Collateral | 1,819 | - | 2,086 | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 146,638 | 1,429 | 142,056 | 1,377 | |||||||||||||||||||||||||||||||||
Demand | - | - | 25 | - | |||||||||||||||||||||||||||||||||
Revolving Credit | 78 | - | 65 | - | |||||||||||||||||||||||||||||||||
Resort | 8,561 | 132 | 29,556 | 455 | |||||||||||||||||||||||||||||||||
Total | $ | 1,687,598 | $ | 16,035 | $ | 1,500,542 | $ | 16,258 | |||||||||||||||||||||||||||||
Unallocated | - | - | - | 22 | |||||||||||||||||||||||||||||||||
Total | $ | 1,730,185 | $ | 17,678 | $ | 1,537,399 | $ | 17,229 | |||||||||||||||||||||||||||||
The following is a summary of loan aging at recorded investment values at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
60-89 Days | > 90 Days | Past Due 90 | |||||||||||||||||||||||||||||||||||
30-59 Days | Days or More | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Total | and Still | ||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | Number | Amount | Accruing | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 14 | $ | 2,793 | 4 | $ | 1,297 | 20 | $ | 8,314 | 38 | $ | 12,404 | $ | - | |||||||||||||||||||||||
Commercial | 1 | 126 | - | - | 2 | 920 | 3 | 1,046 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 187 | 1 | 187 | - | ||||||||||||||||||||||||||||
Installment | 1 | 19 | - | - | 2 | 47 | 3 | 66 | - | ||||||||||||||||||||||||||||
Commercial | 1 | 274 | 1 | 10 | 5 | 583 | 7 | 867 | - | ||||||||||||||||||||||||||||
Collateral | 3 | 13 | - | - | - | - | 3 | 13 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 2 | 218 | - | - | 3 | 223 | 5 | 441 | - | ||||||||||||||||||||||||||||
Demand | 1 | 8 | - | - | - | - | 1 | 8 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 23 | $ | 3,451 | 5 | $ | 1,307 | 33 | $ | 10,274 | 61 | $ | 15,032 | $ | - | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
60-89 Days | > 90 Days | Past Due 90 | |||||||||||||||||||||||||||||||||||
30-59 Days | Days or More | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Total | and Still | ||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | Number | Amount | Accruing | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 17 | $ | 3,080 | 6 | $ | 1,663 | 16 | $ | 7,803 | 39 | $ | 12,546 | $ | - | |||||||||||||||||||||||
Commercial | - | - | 1 | 349 | 2 | 925 | 3 | 1,274 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 419 | 1 | 419 | - | ||||||||||||||||||||||||||||
Installment | 1 | 14 | - | - | 2 | 73 | 3 | 87 | - | ||||||||||||||||||||||||||||
Commercial | 2 | 1,435 | 1 | 66 | 6 | 585 | 9 | 2,086 | - | ||||||||||||||||||||||||||||
Collateral | 7 | 57 | - | - | - | - | 7 | 57 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 1 | 75 | 2 | 94 | 3 | 379 | 6 | 548 | - | ||||||||||||||||||||||||||||
Demand | 1 | 6 | - | - | 2 | 40 | 3 | 46 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 29 | $ | 4,667 | 10 | $ | 2,172 | 32 | $ | 10,224 | 71 | $ | 17,063 | $ | - | |||||||||||||||||||||||
Nonperforming assets consist of non-accruing loans including non-accruing loans identified as trouble debt restructurings and loans past due more than 90 days and still accruing interest and other real estate owned. The following table lists nonperforming assets at: | |||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 9,729 | $ | 9,194 | |||||||||||||||||||||||||||||||||
Commercial | 920 | 925 | |||||||||||||||||||||||||||||||||||
Construction | 187 | 419 | |||||||||||||||||||||||||||||||||||
Installment | 169 | 157 | |||||||||||||||||||||||||||||||||||
Commercial | 2,292 | 2,351 | |||||||||||||||||||||||||||||||||||
Collateral | - | - | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 590 | 711 | |||||||||||||||||||||||||||||||||||
Demand | - | 25 | |||||||||||||||||||||||||||||||||||
Revolving Credit | - | - | |||||||||||||||||||||||||||||||||||
Resort | - | - | |||||||||||||||||||||||||||||||||||
Total nonaccruing loans | 13,887 | 13,782 | |||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | - | - | |||||||||||||||||||||||||||||||||||
Other real estate owned | 282 | 549 | |||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 14,169 | $ | 14,331 | |||||||||||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans at September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Cash-basis | |||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | Interest | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 5,630 | $ | 6,140 | $ | - | $ | 4,974 | $ | 16 | $ | 12 | |||||||||||||||||||||||||
Commercial | 16,238 | 15,733 | - | 6,776 | 540 | 538 | |||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Installment | 7 | 7 | - | 5 | - | - | |||||||||||||||||||||||||||||||
Commercial | 5,135 | 5,415 | - | 3,238 | 137 | 136 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 388 | 508 | - | 480 | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 27,398 | 27,803 | - | 15,473 | 693 | 686 | |||||||||||||||||||||||||||||||
Impaired loans with | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 5,590 | 6,019 | 324 | 6,199 | 43 | 43 | |||||||||||||||||||||||||||||||
Commercial | 5,111 | 5,799 | 56 | 11,614 | 256 | 255 | |||||||||||||||||||||||||||||||
Construction | 187 | 433 | - | 303 | - | - | |||||||||||||||||||||||||||||||
Installment | 28 | 28 | 9 | 22 | - | - | |||||||||||||||||||||||||||||||
Commercial | 2,985 | 2,787 | 1,254 | 3,978 | 54 | 54 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,288 | 1,287 | - | 1,097 | 40 | 40 | |||||||||||||||||||||||||||||||
Total | 15,189 | 16,353 | 1,643 | 23,213 | 393 | 392 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 42,587 | $ | 44,156 | $ | 1,643 | $ | 38,686 | $ | 1,086 | $ | 1,078 | |||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans at December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Cash-basis | |||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | Interest | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 4,061 | $ | 4,495 | $ | - | $ | 3,929 | $ | 10 | $ | 10 | |||||||||||||||||||||||||
Commercial | 2,787 | 2,973 | - | 6,048 | 315 | 304 | |||||||||||||||||||||||||||||||
Construction | 760 | 761 | - | 592 | 18 | 18 | |||||||||||||||||||||||||||||||
Installment | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 1,986 | 1,985 | - | 3,918 | 184 | 178 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 491 | 569 | - | 494 | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | 56 | 26 | 26 | |||||||||||||||||||||||||||||||
Total | 10,085 | 10,783 | - | 15,037 | 553 | 536 | |||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 6,634 | 6,882 | 340 | 6,864 | 78 | 68 | |||||||||||||||||||||||||||||||
Commercial | 14,759 | 14,753 | 126 | 11,594 | 818 | 814 | |||||||||||||||||||||||||||||||
Construction | 419 | 664 | 6 | 226 | - | - | |||||||||||||||||||||||||||||||
Installment | 7 | 7 | - | 4 | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,327 | 3,339 | 476 | 2,111 | 86 | 78 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,626 | 1,624 | 1 | 1,736 | 32 | 32 | |||||||||||||||||||||||||||||||
Total | 26,772 | 27,269 | 949 | 22,535 | 1,014 | 992 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 36,857 | $ | 38,052 | $ | 949 | $ | 37,572 | $ | 1,567 | $ | 1,528 | |||||||||||||||||||||||||
Troubled Debt Restructuring | |||||||||||||||||||||||||||||||||||||
A loan is considered a troubled debt restructuring (“TDR”) when we, for economic or legal reasons related to the borrower’s financial difficulties, grant a concession to the borrower in modifying or renewing the loan that we would not otherwise consider. In connection with troubled debt restructurings, terms may be modified to fit the ability of the borrower to repay in line with their current financial status, which may include a reduction in the interest rate to market rate or below, a change in the term or movement of past due amounts to the back-end of the loan or refinancing. A loan is placed on non-accrual status upon being restructured, even if it was not previously, unless the modified loan was current for the six months prior to its modification and we believe the loan is fully collectable in accordance with its new terms. Our policy to restore a restructured loan to performing status is dependent on the receipt of regular payments, generally for a period of six months and one calendar year-end. All troubled debt restructurings are classified as impaired loans and are reviewed for impairment by management on a quarterly basis per our policy. | |||||||||||||||||||||||||||||||||||||
The recorded investment balance of TDRs approximated $26.2 million and $29.7 million at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013 and December 31, 2012, the majority of the Company’s TDRs are on accrual status. TDRs on accrual status were $19.1 million and $22.1 million while TDRs on nonaccrual status were $7.1 million and $7.6 million at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013, 100% of the accruing TDRs have been performing in accordance with the restructured terms. At September 30, 2013 and December 31, 2012, the allowance for loan losses included specific reserves of $1.6 million and $889,000 related to TDRs, respectively. For the nine months ended September 30, 2013 and 2012, the Bank had charge-offs totaling $293,000 and $271,000, respectively, related to portions of TDRs deemed to be uncollectible. The amount of additional funds available to borrowers in TDR status was $402,000 and $872,000 at September 30, 2013 and December 31, 2012, respectively. The Bank in very rare circumstances may provide additional funds to borrowers in TDR status. | |||||||||||||||||||||||||||||||||||||
The following tables present information on loans whose terms had been modified in a troubled debt restructuring at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 4 | $ | 1,185 | 6 | $ | 4,908 | 10 | $ | 6,093 | ||||||||||||||||||||||||||||
Commercial | 12 | 11,621 | - | - | 12 | 11,621 | |||||||||||||||||||||||||||||||
Construction | - | - | 1 | 187 | 1 | 187 | |||||||||||||||||||||||||||||||
Installment | 2 | 35 | - | - | 2 | 35 | |||||||||||||||||||||||||||||||
Commercial | 7 | 4,923 | 5 | 1,814 | 12 | 6,737 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | 2 | 197 | 2 | 197 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 2 | 1,288 | - | - | 2 | 1,288 | |||||||||||||||||||||||||||||||
Total | 27 | $ | 19,052 | 14 | $ | 7,106 | 41 | $ | 26,158 | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | 1,068 | 6 | $ | 5,264 | 9 | $ | 6,332 | ||||||||||||||||||||||||||||
Commercial | 12 | 16,381 | - | - | 12 | 16,381 | |||||||||||||||||||||||||||||||
Construction | 2 | 999 | 1 | 419 | 3 | 1,418 | |||||||||||||||||||||||||||||||
Installment | 1 | 7 | - | - | 1 | 7 | |||||||||||||||||||||||||||||||
Commercial | 7 | 2,043 | 6 | 1,867 | 13 | 3,910 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 2 | 1,626 | - | - | 2 | 1,626 | |||||||||||||||||||||||||||||||
Total | 27 | $ | 22,124 | 13 | $ | 7,550 | 40 | $ | 29,674 | ||||||||||||||||||||||||||||
The following tables include the recorded investment and number of modifications for modified loans. The Company reports the recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 3 | $ | 588 | $ | 569 | |||||||||||||||||||||||||||
Commercial | - | - | - | 2 | 1,725 | 1,713 | |||||||||||||||||||||||||||||||
Construction | - | - | - | 1 | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | - | - | - | 2 | 36 | 35 | |||||||||||||||||||||||||||||||
Commercial | 1 | 51 | 52 | 7 | 5,704 | 6,004 | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | 2 | 244 | 197 | |||||||||||||||||||||||||||||||
Total | 1 | $ | 51 | $ | 52 | 17 | $ | 8,484 | $ | 8,705 | |||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 2 | $ | 579 | $ | 571 | |||||||||||||||||||||||||||
Commercial | 2 | 844 | 844 | 7 | 9,149 | 9,130 | |||||||||||||||||||||||||||||||
Construction | - | - | - | 1 | 242 | 240 | |||||||||||||||||||||||||||||||
Installment | - | - | - | 1 | 7 | 7 | |||||||||||||||||||||||||||||||
Commercial | 4 | 1,348 | 1,342 | 9 | 3,221 | 2,924 | |||||||||||||||||||||||||||||||
Total | 6 | $ | 2,192 | $ | 2,186 | 20 | $ | 13,198 | $ | 12,872 | |||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
The following tables provide TDR loans that were modified by means of extended maturity, below market adjusted interest rates, a combination of rate and maturity, or by other means including covenant modifications, forbearance and/or concessions for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | - | $ | - | $ | - | $ | 52 | $ | 52 | ||||||||||||||||||||||||||
Total | 1 | $ | - | $ | - | $ | - | $ | 52 | $ | 52 | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | - | $ | - | $ | 228 | $ | 341 | $ | 569 | ||||||||||||||||||||||||||
Commercial | 2 | 1,577 | - | - | 136 | 1,713 | |||||||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 2 | - | - | 35 | - | 35 | |||||||||||||||||||||||||||||||
Commercial | 7 | 5,849 | - | - | 155 | 6,004 | |||||||||||||||||||||||||||||||
Home equity line of credit | 2 | - | - | 14 | 183 | 197 | |||||||||||||||||||||||||||||||
Total | 17 | $ | 7,426 | $ | - | $ | 277 | $ | 1,002 | $ | 8,705 | ||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 844 | $ | - | $ | - | $ | - | $ | 844 | ||||||||||||||||||||||||||
Commercial | 4 | 1,342 | - | - | - | 1,342 | |||||||||||||||||||||||||||||||
Total | 6 | $ | 2,186 | $ | - | $ | - | $ | - | $ | 2,186 | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | - | $ | 114 | $ | - | $ | 457 | $ | 571 | ||||||||||||||||||||||||||
Commercial | 7 | 2,598 | 3,301 | - | 3,231 | 9,130 | |||||||||||||||||||||||||||||||
Construction | 1 | 240 | - | - | - | 240 | |||||||||||||||||||||||||||||||
Installment | 1 | - | 7 | - | - | 7 | |||||||||||||||||||||||||||||||
Commercial | 9 | 2,758 | - | 166 | - | 2,924 | |||||||||||||||||||||||||||||||
Total | 20 | $ | 5,596 | $ | 3,422 | $ | 166 | $ | 3,688 | $ | 12,872 | ||||||||||||||||||||||||||
A TDR is considered to be in re-default once it is more than 30 days past due following a modification. There were no loans that defaulted and had been modified as a TDR during the 12 month period preceding the default date during the nine months ended September 30, 2013. The following table shows loans modified as a TDR during the 12 month period preceding the default date during the three and nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
30-Sep-12 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment (1) | Number of Loans | Recorded Investment (1) | |||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 1 | $ | 1,115 | 1 | $ | 1,115 | |||||||||||||||||||||||||||||||
Commercial | 3 | 110 | 3 | 110 | |||||||||||||||||||||||||||||||||
Total | 4 | $ | 1,225 | 4 | $ | 1,225 | |||||||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. | |||||||||||||||||||||||||||||||||||||
TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||||||||||
At the time of loan origination, a risk rating based on a nine point grading system is assigned to each commercial-related loan based on the loan officer’s and management’s assessment of the risk associated with each particular loan. This risk assessment is based on an in depth analysis of a variety of factors. More complex loans and larger commitments require that our internal credit risk management department further evaluate the risk rating of the individual loan or relationship, with credit risk management having final determination of the appropriate risk rating. These more complex loans and relationships receive ongoing periodic review to assess the appropriate risk rating on a post-closing basis with changes made to the risk rating as the borrower’s and economic conditions warrant. Our risk rating system is designed to be a dynamic system and we grade loans on a “real time” basis. The Company places considerable emphasis on risk rating accuracy, risk rating justification, and risk rating triggers. Our risk rating process has been enhanced with our implementation of industry-based risk rating “cards.” The cards are used by our loan officers and promote risk rating accuracy and consistency on an institution-wide basis. Most loans are reviewed annually as part of a comprehensive portfolio review conducted by management and/or by our independent loan review firm. More frequent reviews of loans rated low pass, special mention, substandard and doubtful are conducted by our credit risk management department. We utilize an independent loan review consulting firm to review our rating accuracy and the overall credit quality of our loan portfolio. The review is designed to provide an evaluation of the portfolio with respect to risk rating profile as well as with regard to the soundness of individual loan files. The individual loan reviews include an analysis of the creditworthiness of obligors, via appropriate key ratios and cash flow analysis and an assessment of collateral protection. The consulting firm conducts two loan reviews per year aiming at a 65.0% or higher commercial and industrial loans and commercial real estate portfolio penetration. Summary findings of all loan reviews performed by the outside consulting firm are reported to our board of directors and senior management upon completion. | |||||||||||||||||||||||||||||||||||||
The Company utilizes a nine point risk rating scale as follows: | |||||||||||||||||||||||||||||||||||||
Risk Rating Definitions | |||||||||||||||||||||||||||||||||||||
Residential and consumer loans are not rated unless they are 45 days or more delinquent, in which case, depending on past-due days, they will be rated 6, 7 or 8. | |||||||||||||||||||||||||||||||||||||
Loans rated 1 – 5: | Commercial loans in these categories are considered “pass” rated loans with low to average risk. | ||||||||||||||||||||||||||||||||||||
Loans rated 6: | Residential, Consumer and Commercial loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. | ||||||||||||||||||||||||||||||||||||
Loans rated 7: | Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. | ||||||||||||||||||||||||||||||||||||
Loans rated 8: | Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. | ||||||||||||||||||||||||||||||||||||
Loans rated 9: | Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. | ||||||||||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 662,100 | $ | 1,386 | $ | 11,318 | $ | - | $ | 674,804 | |||||||||||||||||||||||||||
Commercial | 557,671 | 8,235 | 19,722 | - | 585,628 | ||||||||||||||||||||||||||||||||
Construction | 83,843 | - | 6,190 | - | 90,033 | ||||||||||||||||||||||||||||||||
Installment | 4,401 | 48 | 222 | - | 4,671 | ||||||||||||||||||||||||||||||||
Commercial | 194,925 | 5,183 | 11,336 | 1,659 | 213,103 | ||||||||||||||||||||||||||||||||
Collateral | 1,811 | - | 8 | - | 1,819 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 145,113 | 1,003 | 910 | - | 147,026 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving Credit | 78 | - | - | - | 78 | ||||||||||||||||||||||||||||||||
Resort | 8,562 | - | 1,287 | - | 9,849 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,658,504 | $ | 15,855 | $ | 50,993 | $ | 1,659 | $ | 1,727,011 | |||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 606,998 | $ | 2,425 | $ | 11,568 | $ | - | $ | 620,991 | |||||||||||||||||||||||||||
Commercial | 434,183 | 24,902 | 14,703 | - | 473,788 | ||||||||||||||||||||||||||||||||
Construction | 60,293 | 770 | 3,299 | - | 64,362 | ||||||||||||||||||||||||||||||||
Installment | 6,481 | 53 | 185 | - | 6,719 | ||||||||||||||||||||||||||||||||
Commercial | 171,776 | 10,125 | 10,020 | 289 | 192,210 | ||||||||||||||||||||||||||||||||
Collateral | 2,086 | - | - | - | 2,086 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 140,723 | 704 | 1,116 | - | 142,543 | ||||||||||||||||||||||||||||||||
Demand | - | - | 25 | - | 25 | ||||||||||||||||||||||||||||||||
Revolving Credit | 65 | - | - | - | 65 | ||||||||||||||||||||||||||||||||
Resort | 29,596 | 12 | 1,624 | - | 31,232 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,452,201 | $ | 38,991 | $ | 42,540 | $ | 289 | $ | 1,534,021 | |||||||||||||||||||||||||||
The Company places considerable emphasis on the early identification of problem assets, problem-resolution and minimizing loss exposure. Delinquency notices are mailed monthly to all delinquent borrowers, advising them of the amount of their delinquency. Residential and consumer lending borrowers are typically given 30 days to pay the delinquent payments or to contact us to make arrangements to bring the loan current over a longer period of time. Generally, if a residential or consumer lending borrower fails to bring the loan current within 90 days from the original due date or to make arrangements to cure the delinquency over a longer period of time, the matter is referred to legal counsel and foreclosure or other collection proceedings are initiated. The Company may consider forbearance or a loan restructuring in certain circumstances where a temporary loss of income is the primary cause of the delinquency, and if a reasonable plan is presented by the borrower to cure the delinquency in a reasonable period of time after his or her income resumes. Problem or delinquent borrowers in our commercial real estate, commercial business and resort portfolios are handled on a case-by-case basis, typically by our Special Assets Department. Appropriate problem-resolution and workout strategies are formulated based on the specific facts and circumstances. | |||||||||||||||||||||||||||||||||||||
Related Party Loans | |||||||||||||||||||||||||||||||||||||
During the regular course of its business, the Company makes loans to its executive officers, Directors and other related parties. These related party loans totaled $604,000 and $716,000 at September 30, 2013 and December 31, 2012, respectively. All related party loans were performing according to their credit terms. |
Credit_Arrangements
Credit Arrangements | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Credit Arrangements | ' |
6. Credit Arrangements | |
The Company has access to a pre-approved line of credit with the Federal Home Loan Bank of Boston (“FHLBB”) for $8.8 million, which was undrawn at September 30, 2013 and December 31, 2012. The Company has access to a pre-approved unsecured line of credit with a bank totaling $20.0 million, which was undrawn at September 30, 2013 and December 31, 2012. The Company has access to a $3.5 million unsecured line of credit agreement with a bank which expires on August 31, 2014. The Company maintains a cash balance of $262,500 with the bank to avoid fees associated with the above line. The line was undrawn at September 30, 2013 and December 31, 2012. | |
The Company participates in the Federal Reserve Bank’s discount window loan collateral program that enables the Company to borrow up to $82.1 million and $93.9 million on an overnight basis at September 30, 2013 and December 31, 2012, respectively, and was undrawn as of September 30, 2013 and December 31, 2012. The funding arrangement was collateralized by $127.3 million and $145.8 million in pledged commercial real estate loans as of September 30, 2013 and December 31, 2012, respectively. | |
FHLBB advances totaled $104.0 million and $128.0 million at September 30, 2013 and December 31, 2012, respectively. Advances from the FHLBB are collateralized by first mortgage loans with an estimated eligible collateral value of $659.2 million and $602.2 million at September 30, 2013 and December 31, 2012, respectively. The Company has available borrowings of $312.5 million and $294.3 million at September 30, 2013 and December 31, 2012, respectively, subject to collateral requirements of the FHLBB. The Company is required to acquire and hold shares of capital stock in the FHLBB in an amount at least equal to the sum of 0.35% of the aggregate principal amount of its unpaid residential mortgage loans and similar obligations at the beginning of each year, or up to 4.5% of its advances (borrowings) from the FHLBB. The carrying value of FHLBB stock approximates fair value based on the redemption provisions of the stock. | |
In accordance with an agreement with the FHLBB, the Company is required to maintain qualified collateral, as defined in the FHLBB Statement of Credit Policy, free and clear of liens, pledges and encumbrances, as collateral for the advances, if any, and the preapproved line of credit. The Company is in compliance with these collateral requirements. | |
The Bank has a Master Repurchase Agreement borrowing facility with a broker. Borrowings under the Master Repurchase Agreement are secured by the Company’s investments in certain treasury bill securities with a fair value of $24.0 million and cash of $451,000 at September 30, 2013. Outstanding borrowings totaled $21.0 million at September 30, 2013 and December 31, 2012. | |
The Bank offers overnight repurchase liability agreements to commercial or municipal customers whose excess deposit account balances are swept daily into collateralized repurchase liability accounts. The Bank had repurchase liabilities outstanding of $50.4 million and $54.2 million at September 30, 2013 and December 31, 2012, respectively. They are secured by the Company’s investment in specific issues of U.S. Treasury obligations and Government sponsored residential mortgage-backed securities with a market value of $60.2 million and $84.3 million as of September 30, 2013 and December 31, 2012, respectively. |
Deposits
Deposits | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Banking and Thrift [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
7. | Deposits | ||||||||
Deposit balances at September 30, 2013 and December 31, 2012 are as follows: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in thousands) | |||||||||
Noninterest-bearing demand deposits | $ | 278,275 | $ | 247,586 | |||||
Interest-bearing | |||||||||
NOW accounts | 339,350 | 227,205 | |||||||
Money market | 386,682 | 317,030 | |||||||
Savings accounts | 187,040 | 179,290 | |||||||
Time deposits | 359,280 | 359,344 | |||||||
Total interest-bearing deposits | 1,272,352 | 1,082,869 | |||||||
Total deposits | $ | 1,550,627 | $ | 1,330,455 | |||||
We have established a relationship to participate in a reciprocal deposit program with other financial institutions as a service to our customers. This program provides enhanced FDIC insurance to participating customers. As of September 30, 2013 and December 31, 2012, we have no reciprocal deposits. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefit Plans | ' | ||||||||||||||||
8. | Pension and Other Postretirement Benefit Plans | ||||||||||||||||
The following tables set forth the components of net periodic pension and benefit costs. | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | 125 | $ | 25 | $ | 16 | |||||||||
Interest cost | 238 | 271 | 32 | 35 | |||||||||||||
Expected return on plan assets | (284 | ) | (259 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 144 | 169 | 11 | - | |||||||||||||
Prior service cost | - | (31 | ) | (13 | ) | (12 | ) | ||||||||||
Net periodic benefit cost | $ | 98 | $ | 275 | $ | 55 | $ | 39 | |||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | 375 | $ | 76 | $ | 46 | |||||||||
Interest cost | 714 | 815 | 96 | 103 | |||||||||||||
Expected return on plan assets | (851 | ) | (777 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 430 | 507 | 32 | - | |||||||||||||
Prior service cost | - | (94 | ) | (38 | ) | (36 | ) | ||||||||||
Net periodic benefit cost | $ | 293 | $ | 826 | $ | 166 | $ | 113 | |||||||||
On December 27, 2012, the Company announced the freezing of the non-contributory defined-benefit pension plan and certain defined benefit postretirement plans as of February 28, 2013. All benefits under these plans were frozen as of that date and no additional benefits shall accrue. As a result, the Company recognized a $1.5 million reduction in pension and defined postretirement benefit expenses related to unrecognized prior service costs for the year ended December 31, 2012. | |||||||||||||||||
The Company expects to contribute a total of $1.4 million to the qualified defined benefit plan for the year ended December 31, 2013. Since the supplemental plan and the postretirement benefit plans are unfunded, the Company accrues for the estimated costs of these plans through charges to expense during the year that employees render service. The Company makes contributions to cover the current benefits paid under these plans. | |||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||
As part of the reorganization, the Company established the ESOP to provide eligible employees the opportunity to own Company stock. The Company provided a loan to the Farmington Bank Employee Stock Ownership Plan Trust in the amount needed to purchase up to 1,430,416 shares of the Company’s common stock in the open market subsequent to the initial public offering. The loan bears an interest rate equal to the Wall Street Journal Prime Rate plus one percentage point, adjusted annually, and provides for annual payments of interest and principal over the 15 year term of the loan. At September 30, 2013, the loan had an outstanding balance of $14.8 million and an interest rate of 4.25%. The Bank has committed to make contributions to the ESOP sufficient to support the debt service of the loan. The loan is secured by the unallocated shares purchased. The ESOP compensation expense was $1.0 million and $935,000 for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Shares held by the ESOP include the following as of September 30, 2013: | |||||||||||||||||
Allocated | 190,722 | ||||||||||||||||
Committed to be released | 71,325 | ||||||||||||||||
Unallocated | 1,168,369 | ||||||||||||||||
1,430,416 | |||||||||||||||||
The fair value of unallocated ESOP shares was $17.2 million at September 30, 2013. |
Stock_Incentive_Plan
Stock Incentive Plan | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||
Stock Incentive Plan | ' | ||||||||||||||||
9. | Stock Incentive Plan | ||||||||||||||||
In August 2012, the Company implemented the First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan (the “Plan”). The Plan provides for a total of 2,503,228 shares of common stock for issuance upon the grant or exercise of awards. The Plan allowed for the granting of 1,788,020 non-qualified stock options and 715,208 shares of restricted stock. | |||||||||||||||||
In accordance with generally accepted accounting principles for Share-Based Payments, the Company expenses the fair value of all share-based compensation grants over the requisite service periods. Stock options granted vested 20% immediately and will vest 20% at each annual anniversary of the grant date through 2016 and expire ten years after grant date. The Company recognizes compensation expense for the fair values of these awards, which vest on a straight-line basis over the requisite service period of the awards. Restricted shares granted vested 20% immediately and will vest 20% at each annual anniversary of the grant date through 2016. The product of the number of shares granted and the grant date market price of the Company’s common stock determines the fair value of restricted shares under the Company’s restricted stock plan. The Company recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period for the entire award. | |||||||||||||||||
The Company classifies share-based compensation for employees within “Salaries and employee benefits” and share-based payments for outside directors within “Other operating expenses” in the consolidated statement of operations. For the three months ended September 30, 2013 and 2012, the Company recorded $750,000 and $3.3 million of share-based compensation expense, respectively, comprised of $314,000 and $1.3 million of stock option expense, respectively and $436,000 and $2.0 million of restricted stock expense, respectively. For the nine months ended September 30, 2013 and 2012, the Company recorded $2.9 million and $3.3 million of share-based compensation expense, respectively, comprised of $1.1 million and $1.3 million of stock option expense, respectively and $1.7 million and $2.0 million of restricted stock expense, respectively. Expected future compensation expense relating to the 985,307 non-vested options outstanding at September 30, 2013, is $3.4 million over the remaining vesting period of 2.95 years. Expected future compensation expense relating to the 400,325 non-vested restricted shares at September 30, 2013, is $5.1 million over the remaining vesting period of 2.93 years. | |||||||||||||||||
The fair value of the options awarded is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Expected volatility is based on the Company’s historical volatility and the historical volatility of a peer group as the Company does not have reliably determined stock price for the period needed that is at least equal to its expected term and the Company’s recent historical volatility may not reflect future expectations. The peer group consisted of financial institutions located in New England and the Mid-Atlantic regions of the United States based on whose common stock is traded on a national securities exchange, asset size, tangible capital ratio and earnings factors. The expected term of options granted is derived from using the simplified method due to the Company not having sufficient historical share option experience upon which to estimate an expected term. The risk-free rate is based on the grant date for a traded zero-coupon U.S. Treasury bond with a term equal to the option’s expected term. | |||||||||||||||||
Weighted-average assumptions for the nine months ended September 30, 2013 and 2012: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted per share average fair value of options granted | $ | 3.86 | $ | 3.5 | |||||||||||||
Weighted-average assumptions: | |||||||||||||||||
Risk-free interest rate | 1.53 | % | 0.82 | % | |||||||||||||
Expected volatility | 31.36 | % | 33.69 | % | |||||||||||||
Expected dividend yield | 1.7 | % | 1.78 | % | |||||||||||||
Weighted-average dividend yield | 0.80% - 2.71 | % | 0.86% - 2.89 | % | |||||||||||||
Expected life of options granted | 6.0 years | 6.0 years | |||||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option grants for the nine months ended September 30, 2013. | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Stock Options | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | (in thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at December 31, 2012 | 1,696,357 | $ | 12.95 | ||||||||||||||
Granted | 26,750 | 14.48 | |||||||||||||||
Exercised | (1,050 | ) | 12.95 | ||||||||||||||
Forfeited | (2,400 | ) | 12.95 | ||||||||||||||
Outstanding at September 30, 2013 | 1,719,657 | $ | 12.97 | 8.51 | $ | 2,953 | |||||||||||
Exercisable at September 30, 2013 | 734,350 | ||||||||||||||||
The following is a summary of the status of the Company’s restricted stock for the nine months ended September 30, 2013. | |||||||||||||||||
Number of Restricted | Weighted-Average | ||||||||||||||||
Stock | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2012 | 572,167 | $ | 12.95 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (171,842 | ) | 12.95 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Unvested at September 30, 2013 | 400,325 | $ | 12.95 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||
10. | Derivative Financial Instruments | ||||||||||||||||||||||||||
Non-Hedge Accounting Derivatives/Non-designated Hedges: | |||||||||||||||||||||||||||
The Company does not use derivatives for trading or speculative purposes. Interest rate swap derivatives not designated as hedges are offered to certain qualifying commercial customers and to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting under FASB ASC 815, “Derivatives and Hedging”. The interest rate swap agreements enable these customers to synthetically fix the interest rate on variable interest rate loans. The customers pay a variable rate and enter into a fixed rate swap agreement with the Company. The credit risk associated with the interest rate swap derivatives executed with these customers is essentially the same as that involved in extending loans and is subject to the Company’s normal credit policies. The Company obtains collateral, if needed, based upon its assessment of the customers’ credit quality. Generally, interest rate swap agreements are offered to “pass” rated customers requesting long-term commercial loans or commercial mortgages in amounts generally of at least $1.0 million. The interest rate swap agreement with the Company’s customers is cross-collateralized by the loan collateral. The interest rate swap agreements do not have any embedded interest rate caps or floors. | |||||||||||||||||||||||||||
For every variable interest rate swap agreement entered into with a commercial customer, the Company simultaneously enters into a fixed rate interest rate swap agreement with a correspondent bank, agreeing to pay a fixed income stream and receive a variable interest rate swap. The Company is required to collateralize the fair value of its derivative liability. | |||||||||||||||||||||||||||
The Company has established a derivatives policy which sets forth the parameters for such transactions (including underwriting guidelines, rate setting process, maximum maturity, approval and documentation requirements), as well as identifies internal controls for the management of risks related to these hedging activities (such as approval of counterparties, limits on counterparty credit risk, maximum loan amounts, and limits to single dealer counterparties). | |||||||||||||||||||||||||||
The interest rate swap derivatives executed with our customers and our counterparties, are marked to market and are included with prepaid expenses and other assets and accrued expenses and other liabilities on our consolidated statements of condition at fair value. | |||||||||||||||||||||||||||
The Company had the following outstanding interest rate swaps that were not designated for hedge accounting: | |||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||
(Dollars in thousands) | Consolidated | # of | Notional | Estimated | # of | Notional | Estimated | ||||||||||||||||||||
Balance Sheet Location | Instruments | Amount | Fair | Instruments | Amount | Fair | |||||||||||||||||||||
Values | Values | ||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | Other Assets | 30 | $ | 96,913 | $ | 4,366 | 35 | $ | 105,828 | $ | 8,379 | ||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | Other Liabilities | 14 | 53,197 | (2,116 | ) | 2 | 7,731 | (24 | ) | ||||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||
rate swap position | Other Liabilities | 44 | 150,110 | (2,250 | ) | 37 | 113,559 | (8,355 | ) | ||||||||||||||||||
The Company recorded the changes in the fair value of non-hedge accounting derivatives as a component of other noninterest income except for interest received and paid which is reported in interest income in the accompanying consolidated statements of operations as follows: | |||||||||||||||||||||||||||
For The Three Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands) | Interest | MTM (Loss) | Net Impact | Interest | MTM (Loss) | Net Impact | |||||||||||||||||||||
Income | Gain | Income | Gain | ||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | $ | (835 | ) | $ | 56 | $ | (779 | ) | $ | 642 | $ | 620 | $ | 1,262 | |||||||||||||
Counterparty interest | |||||||||||||||||||||||||||
rate swap position | 835 | (56 | ) | 779 | (642 | ) | (620 | ) | (1,262 | ) | |||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
For The Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands) | Interest | MTM (Loss) | Net Impact | Interest | MTM (Loss) | Net Impact | |||||||||||||||||||||
Income | Gain | Income | Gain | ||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | $ | (2,223 | ) | $ | (4,013 | ) | $ | (6,236 | ) | $ | 1,763 | $ | 2,282 | $ | 4,045 | ||||||||||||
Counterparty interest | |||||||||||||||||||||||||||
rate swap position | 2,223 | 4,013 | 6,236 | (1,763 | ) | (2,282 | ) | (4,045 | ) | ||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Mortgage Banking Derivatives | |||||||||||||||||||||||||||
Certain derivative instruments, primarily forward sales of mortgage loans and mortgage-backed securities (“MBS”) are utilized by the Company in its efforts to manage risk of loss associated with its mortgage loan commitments and mortgage loans held for sale. Prior to closing and funding certain single-family residential mortgage loans, an interest-rate lock commitment is generally extended to the borrower. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans resulting in a reduction in the gain on sale of the loans or, possibly, a loss. In an effort to mitigate such risk, forward delivery sales commitments, under which the Company agrees to deliver whole mortgage loans to various investors or issue MBS, are established. At September 30, 2013, the notional amount of outstanding rate locks totaled approximately $17.3 million and the notional amount of outstanding commitments to sell residential mortgage loans totaled approximately $19.7 million. Forward sales, which include mandatory forward commitments, notional amount totaled approximately $13.1 million at September 30, 2013; establish the price to be received upon the sale of the related mortgage loan, thereby mitigating certain interest rate risk. There is, however, still certain execution risk specifically related to the Company’s ability to close and deliver to its investors the mortgage loans it has committed to sell. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk | ' | ||||||||
11. Financial Instruments with Off-Balance Sheet Risk | |||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and unused lines of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statement of condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | |||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Financial instruments whose contract amounts represent credit risk are as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Approved loan commitments | $ | 71,861 | $ | 14,761 | |||||
Unadvanced portion of construction loans | 47,697 | 61,923 | |||||||
Unadvanced portion of resort loans | 4,959 | 2,768 | |||||||
Unused lines for home equity loans | 160,716 | 146,078 | |||||||
Unused revolving lines of credit | 362 | 402 | |||||||
Unused commercial letters of credit | 3,840 | 8,462 | |||||||
Unused commercial lines of credit | 164,716 | 135,379 | |||||||
$ | 454,151 | $ | 369,773 | ||||||
Financial instruments with off-balance sheet risk had a valuation allowance of $419,000 and $394,000 as of September 30, 2013 and December 31, 2012, respectively. | |||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held is primarily residential property and commercial assets. | |||||||||
At September 30, 2013 and December 31, 2012, the Company had no off-balance sheet special purpose entities and participated in no securitizations of assets. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
12. Fair Value Measurements | |||||||||||||||||||||||||
Fair value estimates are made as of a specific point in time based on the characteristics of the financial instruments and relevant market information. In accordance with FASB ASC 820-10, the fair value estimates are measured within the fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820-10 are described as follows: | |||||||||||||||||||||||||
Basis of Fair Value Measurement | |||||||||||||||||||||||||
● | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||||||||||||||||||
● | Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; | ||||||||||||||||||||||||
● | Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||||||||||||||||||||||
When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and judgments made regarding risk characteristics of various financial instruments, discount rates, and estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates. Derived fair value estimates cannot be substantiated by comparison to independent markets and, in certain cases, could not be realized in an immediate sale of the instrument. | |||||||||||||||||||||||||
Fair value estimates are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts presented do not purport to represent the underlying market value of the Company. There are no transfers between levels during the three and nine months ended September 30, 2013 or during the year ended December 31, 2012. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
The following table details the financial instruments carried at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
(Dollars in thousands) | Total | Quoted Prices in | Significant | Significant Unobservable Inputs | |||||||||||||||||||||
Active Markets for | Observable | (Level 3) | |||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 101,004 | $ | 101,004 | $ | - | $ | - | |||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,896 | - | 10,896 | - | |||||||||||||||||||||
Corporate debt securities | 3,113 | - | 3,113 | - | |||||||||||||||||||||
Preferred equity securities | 1,696 | - | 1,696 | - | |||||||||||||||||||||
Marketable equity securities | 140 | 140 | - | - | |||||||||||||||||||||
Mutual funds | 3,533 | - | 3,533 | - | |||||||||||||||||||||
Securities available-for-sale | 120,382 | 101,144 | 19,238 | - | |||||||||||||||||||||
Interest rate swap derivative | 4,366 | - | 4,366 | - | |||||||||||||||||||||
Derivative loan commitments | 383 | - | - | 383 | |||||||||||||||||||||
Total | $ | 125,131 | $ | 101,144 | $ | 23,604 | $ | 383 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 4,366 | $ | - | $ | 4,366 | $ | - | |||||||||||||||||
Forward loan sales commitments | 215 | - | - | 215 | |||||||||||||||||||||
Total | $ | 4,581 | $ | - | $ | 4,366 | $ | 215 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(Dollars in thousands) | Total | Quoted Prices in | Significant | Significant Unobservable Inputs | |||||||||||||||||||||
Active Markets for | Observable | (Level 3) | |||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 118,980 | $ | 118,980 | $ | - | $ | - | |||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,603 | - | 10,603 | - | |||||||||||||||||||||
Corporate debt securities | 3,153 | - | 3,153 | - | |||||||||||||||||||||
Preferred equity securities | 1,786 | - | 1,786 | - | |||||||||||||||||||||
Marketable equity securities | 372 | 132 | 240 | - | |||||||||||||||||||||
Mutual funds | 3,587 | - | 3,587 | - | |||||||||||||||||||||
Securities available-for-sale | 138,481 | 119,112 | 19,369 | - | |||||||||||||||||||||
Interest rate swap derivative | 8,379 | - | 8,379 | - | |||||||||||||||||||||
Derivative loan commitments | 450 | - | - | 450 | |||||||||||||||||||||
Forward loan sales commitments | 38 | - | 38 | ||||||||||||||||||||||
Total | $ | 147,348 | $ | 119,112 | $ | 27,748 | $ | 488 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 8,379 | $ | - | $ | 8,379 | $ | - | |||||||||||||||||
Total | $ | 8,379 | $ | - | $ | 8,379 | $ | - | |||||||||||||||||
The following tables present additional information about assets measured at fair value for which the Company has utilized Level 3 inputs. | |||||||||||||||||||||||||
Securities Available-for-Sale | Derivative and Forward Loan Sales Commitments, Net | ||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of period | $ | - | $ | 37 | $ | 491 | $ | 124 | |||||||||||||||||
Paydowns | - | (37 | ) | - | - | ||||||||||||||||||||
Total (loss) gain - (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | - | - | (323 | ) | 9 | ||||||||||||||||||||
Balance, at the end of period | $ | - | $ | - | $ | 168 | $ | 133 | |||||||||||||||||
Securities Available-for-Sale | Derivative and Forward Loan Sales Commitments, Net | ||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of period | $ | - | $ | 42 | $ | 488 | $ | (44 | ) | ||||||||||||||||
Paydowns | - | (42 | ) | - | - | ||||||||||||||||||||
Total (loss) gain - (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | - | - | (320 | ) | 177 | ||||||||||||||||||||
Balance, at the end of period | $ | - | $ | - | $ | 168 | $ | 133 | |||||||||||||||||
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis at September 30, 2013: | |||||||||||||||||||||||||
Significant | Weighted Average | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Inputs | ||||||||||||||||||||
Derivative and forward loan sales commitments, net | $ | 168 | Discounted cash flows | embedded servicing value | 1.25 | % | 1.25 | % | |||||||||||||||||
The following is a description of the valuation methodologies used for instruments measured at fair value: | |||||||||||||||||||||||||
Securities Available for Sale: Investment securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models. Level 1 securities are those traded on active markets for identical securities including U.S. treasury obligations and, marketable equity securities. Level 2 securities include U.S. government agency obligations, government-sponsored residential mortgage-backed securities, corporate debt securities, preferred equity securities and mutual funds. When a market is illiquid or there is a lack of transparency around the inputs to valuation, the respective securities are classified as level 3 and reliance is placed upon internally developed models and management judgment and evaluation for valuation. | |||||||||||||||||||||||||
The Company utilizes a third party, nationally-recognized pricing service (“pricing service”); subject to review by management, to estimate fair value measurements for almost 100% of its investment securities portfolio. The pricing service evaluates each asset class based on relevant market information considering observable data that may include dealer quotes, reported trades, market spreads, cash flows, the U.S. Treasury yield curve, the LIBOR swap yield curve, trade execution data, market prepayment speeds, credit information and the bond’s terms and conditions, among other things. The fair value prices on all investment securities are reviewed for reasonableness by management. Also, management assessed the valuation techniques used by the pricing service based on a review of their pricing methodology to ensure proper hierarchy classifications. | |||||||||||||||||||||||||
Interest Rate Swap Derivative Receivable and Liability: The Company’s derivative positions are valued using proprietary models that use as their basis readily observable market parameters and are classified within Level 2 of the valuation hierarchy. Such derivatives are basic interest rate swaps that do not have any embedded interest rate caps and floors. | |||||||||||||||||||||||||
Forward loan sale commitments and derivative loan commitments: Forward loan sale commitments and derivative loan commitments are based on fair values of the underlying mortgage loans and the probability of such commitments being exercised. Significant management judgment and estimation is required in determining these fair value measurements. Derivatives that are valued based upon models with significant unobservable market parameters and that are normally traded less actively or have trade activity that is one way are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a non-recurring basis in accordance with generally accepted accounting principles. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period as well as assets that are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. | |||||||||||||||||||||||||
The following table details the financial instruments carried at fair value on a nonrecurring basis at September 30, 2013 and December 31, 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Quoted Prices in | Significant | Significant | ||||||||||||||||||||
Active Markets for | Observable | Unobservable | Active Markets for | Observable | Unobservable | ||||||||||||||||||||
Identical Assets | Inputs | Inputs | Identical Assets | Inputs | Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 40,944 | $ | - | $ | - | $ | 35,908 | |||||||||||||
Other real estate owned | - | - | 282 | - | - | 549 | |||||||||||||||||||
The following is a description of the valuation methodologies used for instruments measured at fair value: | |||||||||||||||||||||||||
Mortgage Servicing Rights: A mortgage servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans are expected to more than adequately compensate the Company for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. As such, measurement at fair value is on a nonrecurring basis. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. | |||||||||||||||||||||||||
Loans Held for Sale: Loans held for sale are accounted for at the lower of cost or market. The fair value of loans held for sale are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted as required for changes in loan characteristics. | |||||||||||||||||||||||||
Impaired Loans: Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records nonrecurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Nonrecurring adjustments also include certain impairment amounts for collateral-dependent loans calculated in accordance with FASB ASC 310-10 when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or other assumptions. Estimates of fair value based on collateral are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. Any impaired loan for which no specific valuation allowance was necessary at September 30, 2013 is the result of either sufficient cash flow or sufficient collateral coverage, or previous charge off amount that reduced the book value of the loan to an amount equal to or below the fair value of the collateral. Impaired loans are measured based on either collateral values supported by appraisals, observed market prices or where potential losses have been identified and reserved accordingly. Updated appraisals are obtained at least annually for impaired loans $250,000 or greater. Management performs a quarterly review of the valuation of impaired loans and considers the current market and collateral conditions for collateral dependent loans when estimating their fair value for purposes of determining whether an allowance for loan losses is necessary for impaired loans. When assessing the collateral coverage for an impaired loan, management discounts appraisals based upon the age of the appraisal, anticipated selling charges and any other costs needed to prepare the collateral for sale to determine its net realizable value. | |||||||||||||||||||||||||
Other Real Estate Owned: The Company classifies property acquired through foreclosure or acceptance of deed-in-lieu of foreclosure as other real estate owned in its financial statements. Upon foreclosure, the property securing the loan is written down to fair value less selling costs. The writedown is based upon the difference between the appraised value and the book value. Appraisals are based on observable market data such as comparable sales within the real estate market, however assumptions made in determining comparability are unobservable and therefore these assets are classified as Level 3 within the valuation hierarchy. | |||||||||||||||||||||||||
The following table present the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2013: | |||||||||||||||||||||||||
Significant | Weighted Average Inputs | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | |||||||||||||||||||||
Mortgage servicing rights | $ | 3,260 | Discounted cash flows | Prepayment speed | 0% - 29% | 8.8 | % | ||||||||||||||||||
Discount rate | n/a | 8 | % | ||||||||||||||||||||||
Impaired loans | $ | 40,944 | Appraisals | Discount for dated appraisal | 0% - 20% | 10 | % | ||||||||||||||||||
Discount for costs to sell | 8% - 15% | 11.5 | % | ||||||||||||||||||||||
Other real estate owned | $ | 282 | Appraisals | Discount for costs to sell | 8% - 10% | 9 | % | ||||||||||||||||||
Disclosures about Fair Value of Financial Instruments | |||||||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments: | |||||||||||||||||||||||||
Cash and cash equivalents: The carrying amounts reported in the statement of condition for cash and cash equivalents approximate those assets’ fair values. | |||||||||||||||||||||||||
Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. | |||||||||||||||||||||||||
Investment in Federal Home Loan Bank of Boston (“FHLBB”) stock: FHLBB stock does not have a readily determinable fair value and is assumed to have a fair value equal to its carrying value. Ownership of FHLBB stock is restricted to the FHLBB, and can only be purchased and redeemed at par value. | |||||||||||||||||||||||||
Loans: In general, discount rates used to calculate values for loan products were based on the Company’s pricing at the respective period end and included appropriate adjustments for expected credit losses. A higher discount rate was assumed with respect to estimated cash flows associated with nonaccrual loans. Projected loan cash flows were adjusted for estimated credit losses. However, such estimates made by the Company may not be indicative of assumptions and adjustments that a purchaser of the Company’s loans would seek. | |||||||||||||||||||||||||
Accrued interest: The carrying amount of accrued interest approximates its fair value. | |||||||||||||||||||||||||
Deposits: The fair values disclosed for demand deposits and savings accounts (e.g., interest and noninterest checking and passbook savings) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregate expected monthly maturities of time deposits. | |||||||||||||||||||||||||
Borrowed funds: The fair value for borrowed funds are estimated using discounted cash flow analysis based on the Company’s current incremental borrowing rate for similar types of agreements. | |||||||||||||||||||||||||
Repurchase liability: Repurchase liabilities represent a short-term customer sweep account product. Because of the short-term nature of these liabilities, the carrying amount approximates its fair value. | |||||||||||||||||||||||||
Interest Rate Swap Derivative: The fair values of interest rate swap agreements are calculated using a discounted cash flow approach and utilize observable inputs such as the LIBOR swap curve, effective date, maturity date, notional amount, and stated interest rate. | |||||||||||||||||||||||||
Derivative Loan Commitments: The fair values of derivative loan commitments are calculated based on the value of the underlying loan, which in turn is based on quoted prices for similar loans in the secondary market. However, this value is adjusted by a factor which considers the likelihood that the loan in a lock position will ultimately close. This factor, the closing ratio, is derived from the Company’s internal data and is adjusted using significant management judgment | |||||||||||||||||||||||||
Forward Loan Sale Commitments: Forward loan sale commitments are primarily based on quoted prices from the secondary market based on the settlement date of the contracts, interpolated or extrapolated, if necessary, to estimate a fair value as of the end of the reporting period. | |||||||||||||||||||||||||
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2013 and December 31, 2012. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Hierarchy Level | Amount | Value | Amount | Value | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Securities held-to-maturity | Level 2 | $ | 3,002 | $ | 3,002 | $ | 3,006 | $ | 3,006 | ||||||||||||||||
Securities available-for-sale | See previous table | 120,382 | 120,382 | 138,481 | 138,481 | ||||||||||||||||||||
Loans | Level 3 | 1,727,011 | 1,728,547 | 1,534,021 | 1,563,430 | ||||||||||||||||||||
Loans held-for-sale | Level 2 | 5,357 | 5,523 | 9,626 | 9,833 | ||||||||||||||||||||
Mortgage servicing rights | Level 3 | 2,888 | 3,260 | 1,327 | 1,709 | ||||||||||||||||||||
Federal Home Loan Bank of Boston stock | Level 2 | 8,383 | 8,383 | 8,939 | 8,939 | ||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||
Noninterest-bearing demand deposits | Level 1 | 278,275 | 278,275 | 247,586 | 247,586 | ||||||||||||||||||||
NOW accounts | Level 1 | 339,350 | 339,350 | 227,205 | 227,205 | ||||||||||||||||||||
Money market | Level 1 | 386,682 | 386,682 | 317,030 | 317,030 | ||||||||||||||||||||
Savings accounts | Level 1 | 187,040 | 187,040 | 179,290 | 179,290 | ||||||||||||||||||||
Time deposits | Level 2 | 359,280 | 361,914 | 359,344 | 363,156 | ||||||||||||||||||||
FHLB advances | Level 2 | 104,000 | 105,040 | 128,000 | 130,062 | ||||||||||||||||||||
Repurchase agreement borrowings | Level 2 | 21,000 | 22,281 | 21,000 | 22,819 | ||||||||||||||||||||
Repurchase liabilities | Level 2 | 50,432 | 50,432 | 54,187 | 54,189 | ||||||||||||||||||||
On-balance sheet derivative financial instruments | |||||||||||||||||||||||||
Forward loan sales commitments: | |||||||||||||||||||||||||
Assets | Level 3 | - | - | 38 | 38 | ||||||||||||||||||||
Liabilities | Level 3 | 215 | 215 | - | - | ||||||||||||||||||||
Interest rate swap derivative liability: | |||||||||||||||||||||||||
Assets | Level 2 | 4,366 | 4,366 | 8,379 | 8,379 | ||||||||||||||||||||
Liabilities | Level 2 | 4,366 | 4,366 | 8,379 | 8,379 | ||||||||||||||||||||
Derivative loan commitments: | |||||||||||||||||||||||||
Assets | Level 3 | 383 | 383 | 450 | 450 |
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Regulatory Matters Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
13. | Regulatory Matters | ||||||||||||||||||||||||
Capital guidelines of the Federal Reserve Board and the Federal Deposit Insurance Corporation (“FDIC”) require the Company and the Bank to maintain certain minimum ratios, as set forth below. At September 30, 2013 and December 31, 2012, the Company and the Bank were deemed to be “well capitalized” under the regulations of the Federal Reserve Board and the FDIC, respectively, and in compliance with the applicable capital requirements. | |||||||||||||||||||||||||
The following table presents the actual capital amounts and ratios for the Company and the Bank: | |||||||||||||||||||||||||
Actual | Minimum Required | To Be Well | |||||||||||||||||||||||
for Capital Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Farmington Bank: | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 206,960 | 13.29 | % | $ | 124,581 | 8 | % | $ | 155,726 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 188,863 | 12.13 | 62,280 | 4 | 93,419 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 188,863 | 9.88 | 76,463 | 4 | 95,578 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 203,344 | 14.44 | % | $ | 112,656 | 8 | % | $ | 140,820 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 185,743 | 13.19 | 56,328 | 4 | 84,493 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 185,743 | 10.44 | 71,166 | 4 | 88,957 | 5 | |||||||||||||||||||
First Connecticut Bancorp, Inc.: | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 251,385 | 16.12 | % | $ | 124,757 | 8 | % | $ | 155,946 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 233,288 | 14.96 | 62,376 | 4 | 93,565 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 233,288 | 12.18 | 76,613 | 4 | 95,767 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 264,987 | 18.78 | % | $ | 112,881 | 8 | % | $ | 141,101 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 247,364 | 17.53 | 56,444 | 4 | 84,665 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 247,364 | 13.88 | 71,286 | 4 | 89,108 | 5 | |||||||||||||||||||
Legal_Actions
Legal Actions | 9 Months Ended | |
Sep. 30, 2013 | ||
Loss Contingency [Abstract] | ' | |
Legal Actions | ' | |
14. | Legal Actions | |
The Company and its subsidiaries are involved in various legal proceedings which have arisen in the normal course of business. The Company believes there are no pending actions that will have a material adverse effect on the consolidated financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Organization and Business | ' | ||||||||||||||||||||||||
Organization and Business | |||||||||||||||||||||||||
On June 29, 2011, the Boards of Directors of Farmington Bank, a Connecticut stock savings bank (the “Bank”), First Connecticut Bancorp, Inc., a Maryland-chartered corporation (the “Company”), First Connecticut Bancorp, Inc., a Connecticut-chartered nonstock corporation and mutual holding company (the “MHC”) and Farmington Holdings, Inc., a Connecticut-chartered corporation (the “Mid-Tier”) completed a Plan of Conversion and Reorganization whereby: (1) the MHC converted from the mutual holding company form of organization to the stock holding company form of organization, (2) the Company sold shares of common stock of the Company in a subscription offering, and (3) the Company contributed shares of Company common stock equal to 4.0% of the shares sold in the subscription offering to the Farmington Bank Community Foundation, Inc. (the “Conversion and Reorganization”). First Connecticut Bancorp, Inc. sold 17,192,500 shares of its common stock to eligible stock holders at $10.00 per share for proceeds of $167.8 million, net of offering costs of $4.1 million. On June 29, 2011, with the completion of the Conversion and Reorganization, First Connecticut Bancorp, Inc. is 100% owned by public shareholders and the MHC and the Mid-Tier ceased to exist. | |||||||||||||||||||||||||
As part of the reorganization, the Company established an Employee Stock Ownership Plan (“ESOP”) for eligible employees. The Company loaned the ESOP the amount needed to purchase up to 1,430,416 shares or 8.0% of the Company’s common stock issued in the offering. During 2012, the ESOP completed its purchase of 1,430,416 shares of common stock at a cost of $16.9 million. The Bank makes annual contributions adequate to fund the payment of regular debt service requirements attributable to the indebtedness of the ESOP. | |||||||||||||||||||||||||
On July 2, 2012, the Company received regulatory approval to repurchase up to 1,788,020 shares, or 10% of its current outstanding common stock. On May 30, 2013, the Company completed its repurchase of 1,788,020 shares at a cost of $24.9 million, of which 486,947 shares were reissued as part of the 2012 Stock Incentive Plan. On June 21, 2013, the Company received regulatory approval to repurchase up to an additional 1,676,452 shares, or 10% of its current outstanding common stock. As of September 30, 2013, the Company has repurchased 317,885 of these shares at a cost of $4.5 million. Repurchased shares are held as treasury stock and are available for general corporate purposes. | |||||||||||||||||||||||||
On September 5, 2012, the Company registered 2,503,228 shares to be reserved for issuance to the First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan. | |||||||||||||||||||||||||
The consolidated financial statements include the accounts of First Connecticut Bancorp, Inc. and its wholly-owned subsidiary, Farmington Bank, (collectively, the “Company”). Significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
First Connecticut Bancorp, Inc.’s only subsidiary is Farmington Bank. Farmington Bank’s main office is located in Farmington, Connecticut. Farmington Bank operates twenty-one full service branch offices and four limited services offices in central Connecticut. Farmington Bank’s primary source of income is interest accrued on loans to customers, which include small and middle market businesses and individuals residing within Farmington Bank’s service area. | |||||||||||||||||||||||||
Wholly-owned subsidiaries of Farmington Bank include Farmington Savings Loan Servicing, Inc., a passive investment company that was established to service and hold loans collateralized by real property; Village Investments, Inc. presently inactive; the Village Corp., Limited, a subsidiary that held certain real estate; 28 Main Street Corp., a subsidiary that holds residential other real estate owned; Village Management Corp., a subsidiary that held commercial other real estate owned and Village Square Holdings, Inc., a subsidiary that holds certain bank premises and other real estate. | |||||||||||||||||||||||||
Basis of Financial Statement Presentation | ' | ||||||||||||||||||||||||
Basis of Financial Statement Presentation | |||||||||||||||||||||||||
The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has condensed or omitted certain information and footnote disclosures normally included in the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. All significant intercompany transactions and balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2012 included in the Company’s 10-K filed on March 18, 2013. The results of operations for the interim periods are not necessarily indicative of the results for the full year. | |||||||||||||||||||||||||
In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition and revenues and expenses for the interim period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, investment security other-than-temporary impairment judgments and investment security valuation. | |||||||||||||||||||||||||
Correction of Immaterial Error Related to Prior Period | ' | ||||||||||||||||||||||||
Correction of Immaterial Error Related to Prior Period | |||||||||||||||||||||||||
During the quarter ended September 30, 2013, the Company identified an error related to the accounting for certain deferred loan costs and fees in the previously reported results for the quarter ended June 30, 2013. The Company determined that the error was due to processing errors that produced system generated entries to net gain on loans sold. The error also affected interest, fees and costs associated with mortgage loans sold. The Company reviewed the impact of this error on the prior period in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, and determined that the error was immaterial to previously reported amounts contained in its quarterly filing. In accordance with SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, the consolidated financial statements as of and for the three and six months ended June 30, 2013 have been revised in this filing and will be revised in the Company’s Form 10-Q for the period ending June 30, 2014. | |||||||||||||||||||||||||
The following tables summarize the effect of the correction of the error on the Company’s consolidated statement of operations for the three and six months ended June 30, 2013 and on the Company’s consolidated statement of condition as of June 30, 2013. | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Balance as | Correction | Balance as | Balance as | Correction | Balance as | ||||||||||||||||||||
reported | of error | revised | reported | of error | revised | ||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||
Interest and fees on loans | |||||||||||||||||||||||||
Mortgage | $ | 11,917 | $ | (45 | ) | $ | 11,872 | $ | 23,385 | $ | (45 | ) | $ | 23,340 | |||||||||||
Total interest income | 15,381 | (45 | ) | 15,336 | 30,428 | (45 | ) | 30,383 | |||||||||||||||||
Noninterest income | |||||||||||||||||||||||||
Net gain on loans sold | 1,739 | (150 | ) | 1,589 | 3,769 | (150 | ) | 3,619 | |||||||||||||||||
Total noninterest income | 3,124 | (150 | ) | 2,974 | 6,662 | (150 | ) | 6,512 | |||||||||||||||||
Income before income taxes | 1,245 | (195 | ) | 1,050 | 2,337 | (195 | ) | 2,142 | |||||||||||||||||
Income tax expense | 308 | (60 | ) | 248 | 587 | (60 | ) | 527 | |||||||||||||||||
Net income | 937 | (135 | ) | 802 | 1,750 | (135 | ) | 1,615 | |||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||||
Basic and Diluted | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | $ | 0.11 | $ | (0.01 | ) | $ | 0.1 | |||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Balance as | Correction | Balance as | |||||||||||||||||||||||
reported | of error | revised | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans, net | $ | 1,588,275 | $ | (195 | ) | $ | 1,588,080 | ||||||||||||||||||
Prepaid expenses and other assets | 12,298 | 60 | 12,358 | ||||||||||||||||||||||
Total assets | 1,845,251 | (135 | ) | 1,845,116 | |||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Retained earnings | 95,605 | (135 | ) | 95,470 | |||||||||||||||||||||
Total stockholders’ equity | 231,315 | (135 | ) | 231,180 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | 1,845,251 | (135 | ) | 1,845,116 | |||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Investment Securities | |||||||||||||||||||||||||
Marketable equity and debt securities are classified as either trading, available for sale, or held to maturity (applies only to debt securities). Management determines the appropriate classifications of securities at the time of purchase. At September 30, 2013 and December 31, 2012, the Company had no debt or equity securities classified as trading. Held to maturity securities are debt securities for which the Company has the ability and intent to hold until maturity. All other securities not included in held to maturity are classified as available for sale. Held to maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Premiums and discounts on debt securities are amortized or accreted into interest income over the term of the securities using the level yield method. Available for sale securities are recorded at fair value. Unrealized gains and losses, net of the related tax effect, on available for sale securities are excluded from earnings and are reported in accumulated other comprehensive income, a separate component of equity, until realized. Further information relating to the fair value of securities can be found within Note 4 of the Notes to Consolidated Financial Statements. In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 320-Debt and Equity Securities, a decline in market value of a debt security below amortized cost that is deemed other-than-temporary is charged to earnings for the credit related other-than-temporary impairment (“OTTI”), resulting in the establishment of a new cost basis for the security, while the non-credit related OTTI is recognized in other comprehensive income if there is no intent or requirement to sell the security. The securities portfolio is reviewed on a quarterly basis for the presence of other-than-temporary impairment. If an equity security is deemed other-than-temporary impaired, the full impairment is considered to be credit-related and a charge to earnings would be recorded. Gains and losses on sales of securities are recognized at the time of sale on a specific identification basis. | |||||||||||||||||||||||||
Loans Held for Sale | ' | ||||||||||||||||||||||||
Loans Held for Sale | |||||||||||||||||||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of amortized cost or fair value, as determined by aggregate outstanding commitments from investors or current investor yield requirements. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains or losses on sales of mortgage loans are recognized based on the difference between the selling price and the carrying value of the related mortgage loans sold on the trade date. | |||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||
The Company’s loan portfolio segments include residential real estate, commercial real estate, construction, installment, commercial, collateral, home equity lines of credit, demand, revolving credit and resort. Construction includes classes for commercial and residential construction. | |||||||||||||||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. When loans are prepaid, sold or participated out, the unamortized portion is recognized as income or expense at that time. | |||||||||||||||||||||||||
Interest on loans is accrued and recognized in interest income based on contractual rates applied to principal amounts outstanding. Accrual of interest is discontinued, and previously accrued income is reversed, when loan payments are 90 days or more past due or when, in the judgment of management, collectability of the loan or loan interest becomes uncertain. Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within a reasonable period and there is a sustained period of repayment performance (generally a minimum of six months) by the borrower, in accordance with contractual terms involving payment of cash or cash equivalents. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. If a residential real estate, commercial real estate, construction, installment, commercial, collateral, home equity line of credit, demand, revolving credit and resort loan is on non-accrual status cash payments are applied towards the reduction of principal. If loans are considered impaired but accruing, cash payments are applied first to interest income and then as a reduction of principal as specified in the contractual agreement, unless the collection of the remaining principal amount due is considered doubtful. | |||||||||||||||||||||||||
The policy for determining past due or delinquency status for all loan portfolio segments is based on the number of days past due or the contractual terms of the loan. A loan is considered delinquent when the customer does not make their payments due according to their contractual terms. Generally, a loan can be demanded at any time if the loan is delinquent or if the borrower fails to meet any other agreed upon terms and conditions. | |||||||||||||||||||||||||
On a quarterly basis, our loan policy requires that we evaluate for impairment all commercial real estate, construction, commercial and resort loan segments that are classified as non-accrual, loans secured by real property in foreclosure or are otherwise likely to be impaired, non-accruing residential and installment loan segments greater than $100,000 and all troubled debt restructurings. | |||||||||||||||||||||||||
Nonperforming loans consist of non-accruing loans, non-accruing loans identified as trouble debt restructurings and loans past due more than 90 days and still accruing interest. | |||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
The allowance for loan losses is maintained at a level believed adequate by management to absorb potential losses inherent in the loan portfolio as of the statement of condition date. The allowance for loan losses consists of a formula allowance following FASB ASC 450 – Contingencies and FASB ASC 310 – Receivables. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components, as further described below. All reserves are available to cover any losses regardless of how they are allocated. | |||||||||||||||||||||||||
General component: | |||||||||||||||||||||||||
The general component of the allowance for loan losses is based on historical loss experience adjusted for qualitative factors stratified by the following loan segments: residential real estate, commercial real estate, construction, installment, commercial, collateral, home equity line of credit, demand, revolving credit and resort. Construction loans include classes for commercial investment real estate construction, commercial owner occupied construction, residential development and residential subdivision construction loans. Management uses a rolling average of historical losses based on a time frame appropriate to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels/trends in delinquencies and nonaccrual loans; trends in volume and terms of loans; effects of changes in risk selection and underwriting standards and other changes in lending policies, procedures and practices; experience/ability/depth of lending management and staff; and national and local economic trends and conditions. There were no material changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the nine months ended September 30, 2013. | |||||||||||||||||||||||||
The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||||||||||||||||||
Residential real estate – Residential real estate loans are generally originated in amounts up to 95.0% of the lesser of the appraised value or purchase price of the property, with private mortgage insurance required on loans with a loan-to-value ratio in excess of 80.0%. The Company does not grant subprime loans. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. Typically, all fixed-rate residential mortgage loans are underwritten pursuant to secondary market underwriting guidelines which include minimum FICO standards. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Commercial real estate – Loans in this segment are primarily income-producing properties throughout New England. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, may have an effect on the credit quality in this segment. Management generally obtains rent rolls and other financial information, as appropriate on an annual basis and continually monitors the cash flows of these loans. | |||||||||||||||||||||||||
Construction loans – Loans in this segment include commercial construction loans, real estate subdivision development loans to developers, licensed contractors and builders for the construction and development of commercial real estate projects and residential properties. Construction lending contains a unique risk characteristic as loans are originated under market and economic conditions that may change between the time of origination and the completion and subsequent purchaser financing of the property. In addition, construction subdivision loans and commercial and residential construction loans to contractors and developers entail additional risks as compared to single-family residential mortgage lending to owner-occupants. These loans typically involve large loan balances concentrated in single borrowers or groups of related borrowers. Real estate subdivision development loans to developers, licensed contractors and builders are generally speculative real estate development loans for which payment is derived from sale of the property. Credit risk may be affected by cost overruns, time to sell at an adequate price, and market conditions. Construction financing is generally considered to involve a higher degree of credit risk than longer-term financing on improved, owner-occupied real estate. Residential construction credit quality may be impacted by the overall health of the economy, including unemployment rates and housing prices. | |||||||||||||||||||||||||
Installment, Collateral, Demand and Revolving Credit – Loans in these segments include installment, demand, revolving credit and collateral loans, principally to customers residing in our primary market area with acceptable credit ratings. Our installment and collateral consumer loans generally consist of loans on new and used automobiles, loans collateralized by deposit accounts and unsecured personal loans. The overall health of the economy, including unemployment rates and housing prices, may have an effect on the credit quality in this segment. Excluding collateral loans which are fully collateralized by a deposit account, repayment for loans in these segments is dependent on the credit quality of the individual borrower. | |||||||||||||||||||||||||
Commercial – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Home equity line of credit – Loans in this segment include home equity loans and lines of credit underwritten with a loan-to-value ratio generally limited to no more than 80%, including any first mortgage. Our home equity lines of credit have ten-year terms and adjustable rates of interest which are indexed to the prime rate. The overall health of the economy, including unemployment rates and housing prices, may have an effect on the credit quality in this segment. | |||||||||||||||||||||||||
Resort – Loans in this segment include direct receivable loans, loans to timeshare developer / operators and participations in timeshare loans originated by experienced timeshare lending institutions, which originate and sell timeshare participations to other lending institutions. Lending to this industry is generally done on a nationwide basis, as the majority of timeshare operators are located outside of the Northeast. Receivable loans, which account for 87% of the resort portfolio at September 30, 2013, are typically underwritten utilizing a lending formula in which loan advances are based on a percentage of eligible consumer notes. In addition, these loans generally contain provisions for recourse to the developer, the obligation of the developer to replace defaulted notes, and parameters with respect to minimum FICO scores or average weighted FICO scores of the portfolio of pledged notes. The overall health of the economy, including unemployment rates and housing prices, may have an effect on the credit quality in this segment. The Company has exited the resort financing market with a residual portfolio remaining. | |||||||||||||||||||||||||
Allocated component: | |||||||||||||||||||||||||
The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for commercial real estate, construction, commercial and resort loans by the present value of expected cash flows discounted at the effective interest rate; the fair value of the collateral, if applicable; or the observable market price for the loan. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. The Company does not separately identify individual consumer and residential real estate loans for impairment disclosures, unless such loans are subject to a troubled debt restructuring agreement or they are nonaccrual loans with outstanding balances of $100,000 or more. | |||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Management updates the analysis quarterly. The assumptions used in appraisals are reviewed for appropriateness. Updated appraisals or valuations are obtained as needed or adjusted to reflect the estimated decline in the fair value based upon current market conditions for comparable properties. | |||||||||||||||||||||||||
The Company periodically may agree to modify the contractual terms of loans. When a loan is modified and a concession is made to a borrower experiencing financial difficulty, the modification is considered a troubled debt restructuring (“TDR”). All TDRs are classified as impaired. | |||||||||||||||||||||||||
Unallocated component: | |||||||||||||||||||||||||
An unallocated component is maintained, when needed, to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. The Company’s Loan Policy allows management to utilize a high and low range of 0.0% to 5.0% of our total allowance for loan losses when establishing an unallocated allowance, when considered necessary. The unallocated allowance is used to provide for an unidentified loss that may exist in emerging problem loans that cannot be fully quantified or may be affected by conditions not fully understood as of the balance sheet date. | |||||||||||||||||||||||||
During 2013, we have started to see a slight improvement in the real estate markets and the overall economic conditions which have led to an improvement in collateral values and cash flows of borrowers. The stabilization of these economic conditions have led to improvements in charge-offs, delinquencies and non-performing loans and improved valuations for the Company’s impaired loans as of September 30, 2013. The economy is still very fragile and uncertain. If the current trend reverses itself, it could impact significant estimates such as the allowance for loan losses and the effect could be material. | |||||||||||||||||||||||||
Reclassifications | ' | ||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Amounts in prior period consolidated financial statements are reclassified whenever necessary to conform to the current year presentation. | |||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” to improve the transparency of reporting these reclassifications. ASU No. 2013-02 does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. ASU No. 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income (e.g., unrealized gains or losses on available-for-sale investment securities) and separately present reclassification adjustments and current period other comprehensive income. The provisions of ASU No. 2013-02 also requires that entities present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., unrealized gains or losses on available-for-sale investment securities) and the income statement line item affected by the reclassification (e.g., realized gains (losses) on sales of investment securities). If a component is not required to be reclassified to net income in its entirety (e.g., amortization of defined benefit plan items), entities would instead cross reference to the related note to the financial statements for additional information (e.g., pension footnote). ASU No. 2013-02 is effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a material impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||
In January 2013, the FASB issued ASU No. 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” (“ASU No. 2013-01”). ASU No. 2013-01 clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities,” and that ASU 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the ASC or subject to a master netting arrangement or similar agreement. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The adoption of ASU 2013-01 did not have an effect on the Company’s consolidated statement of condition or results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Schedule of effect of the correction of the error on consolidated statement of operations | ' | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
Balance as | Correction | Balance as | Balance as | Correction | Balance as | ||||||||||||||||||||
reported | of error | revised | reported | of error | revised | ||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||
Interest and fees on loans | |||||||||||||||||||||||||
Mortgage | $ | 11,917 | $ | (45 | ) | $ | 11,872 | $ | 23,385 | $ | (45 | ) | $ | 23,340 | |||||||||||
Total interest income | 15,381 | (45 | ) | 15,336 | 30,428 | (45 | ) | 30,383 | |||||||||||||||||
Noninterest income | |||||||||||||||||||||||||
Net gain on loans sold | 1,739 | (150 | ) | 1,589 | 3,769 | (150 | ) | 3,619 | |||||||||||||||||
Total noninterest income | 3,124 | (150 | ) | 2,974 | 6,662 | (150 | ) | 6,512 | |||||||||||||||||
Income before income taxes | 1,245 | (195 | ) | 1,050 | 2,337 | (195 | ) | 2,142 | |||||||||||||||||
Income tax expense | 308 | (60 | ) | 248 | 587 | (60 | ) | 527 | |||||||||||||||||
Net income | 937 | (135 | ) | 802 | 1,750 | (135 | ) | 1,615 | |||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||||
Basic and Diluted | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | $ | 0.11 | $ | (0.01 | ) | $ | 0.1 | |||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Balance as | Correction | Balance as | |||||||||||||||||||||||
reported | of error | revised | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans, net | $ | 1,588,275 | $ | (195 | ) | $ | 1,588,080 | ||||||||||||||||||
Prepaid expenses and other assets | 12,298 | 60 | 12,358 | ||||||||||||||||||||||
Total assets | 1,845,251 | (135 | ) | 1,845,116 | |||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||
Retained earnings | 95,605 | (135 | ) | 95,470 | |||||||||||||||||||||
Total stockholders’ equity | 231,315 | (135 | ) | 231,180 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | 1,845,251 | (135 | ) | 1,845,116 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Schedule of calculation of basic and diluted earnings per common share | ' | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(Dollars in thousands, except per share data): | ||||||||||||||||||
Net income (loss) | $ | 901 | $ | (1,069 | ) | $ | 2,516 | $ | 753 | |||||||||
Weighted-average shares outstanding | 18,040,414 | 17,935,809 | 18,060,462 | 17,898,872 | ||||||||||||||
Less: | Average unallocated ESOP shares | (1,184,134 | ) | (1,279,385 | ) | (1,207,737 | ) | (1,189,368 | ) | |||||||||
Average treasury stock | (1,411,198 | ) | (185,401 | ) | (958,368 | ) | (62,251 | ) | ||||||||||
Weighted-average basic shares outstanding | 15,445,082 | 16,471,023 | 15,894,357 | 16,647,253 | ||||||||||||||
Plus: | Dilutive stock options | - | - | - | - | |||||||||||||
Weighted-average diluted shares outstanding | 15,445,082 | 16,471,023 | 15,894,357 | 16,647,253 | ||||||||||||||
Net earnings (loss) per share: | ||||||||||||||||||
Basic and Diluted | $ | 0.06 | $ | (0.07 | ) | $ | 0.16 | $ | 0.05 | |||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of investment securities | ' | ||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 101,000 | $ | 4 | $ | - | $ | 101,004 | |||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,450 | 446 | - | 10,896 | |||||||||||||||||||||||||
Corporate debt securities | 2,975 | 138 | - | 3,113 | |||||||||||||||||||||||||
Preferred equity securities | 2,100 | - | (404 | ) | 1,696 | ||||||||||||||||||||||||
Marketable equity securities | 108 | 34 | (2 | ) | 140 | ||||||||||||||||||||||||
Mutual funds | 3,678 | - | (145 | ) | 3,533 | ||||||||||||||||||||||||
Total securities available-for-sale | $ | 120,311 | $ | 622 | $ | (551 | ) | $ | 120,382 | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | $ | 2 | $ | - | $ | - | $ | 2 | |||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 3,002 | $ | - | $ | - | $ | 3,002 | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 118,984 | $ | 5 | $ | (9 | ) | $ | 118,980 | ||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 9,803 | 800 | - | 10,603 | |||||||||||||||||||||||||
Corporate debt securities | 2,958 | 195 | - | 3,153 | |||||||||||||||||||||||||
Preferred equity securities | 2,100 | 19 | (333 | ) | 1,786 | ||||||||||||||||||||||||
Marketable equity securities | 108 | 27 | (3 | ) | 132 | ||||||||||||||||||||||||
Mutual funds | 3,585 | 2 | - | 3,587 | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 137,538 | $ | 1,048 | $ | (345 | ) | $ | 138,241 | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | $ | 6 | $ | - | $ | - | $ | 6 | |||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | |||||||||||||||||||||||||
Total securities held-to-maturity | $ | 3,006 | $ | - | $ | - | $ | 3,006 | |||||||||||||||||||||
Schedule of gross unrealized losses and fair value aggregated by investment category | ' | ||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||
Number of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Securities | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||
Preferred equity securities | 1 | $ | - | $ | - | $ | 1,596 | $ | (404 | ) | $ | 1,596 | $ | (404 | ) | ||||||||||||||
Marketable equity securities | 1 | - | - | 5 | (2 | ) | 5 | (2 | ) | ||||||||||||||||||||
Mutual funds | 1 | 2,814 | (145 | ) | - | - | 2,814 | (145 | ) | ||||||||||||||||||||
3 | $ | 2,814 | $ | (145 | ) | $ | 1,601 | $ | (406 | ) | $ | 4,415 | $ | (551 | ) | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||||||||
Number of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
(Dollars in thousands) | Securities | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||||||
U.S. Treasury obligations | 4 | $ | 52,985 | $ | (9 | ) | $ | - | $ | - | $ | 52,985 | $ | (9 | ) | ||||||||||||||
Preferred equity securities | 1 | - | - | 1,667 | (333 | ) | 1,667 | (333 | ) | ||||||||||||||||||||
Marketable equity securities | 1 | - | - | 4 | (3 | ) | 4 | (3 | ) | ||||||||||||||||||||
6 | $ | 52,985 | $ | (9 | ) | $ | 1,671 | $ | (336 | ) | $ | 54,656 | $ | (345 | ) | ||||||||||||||
Schedule of amortized cost and estimated market value of debt securities by contractual maturity | ' | ||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Due in one year or less | $ | 101,000 | $ | 101,004 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 2,975 | 3,113 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | - | - | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,450 | 10,896 | 2 | 2 | |||||||||||||||||||||||||
$ | 114,425 | $ | 115,013 | $ | 3,002 | $ | 3,002 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of loans | ' | ||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 674,804 | $ | 620,991 | |||||||||||||||||||||||||||||||||
Commercial | 585,628 | 473,788 | |||||||||||||||||||||||||||||||||||
Construction | 90,033 | 64,362 | |||||||||||||||||||||||||||||||||||
Installment | 4,671 | 6,719 | |||||||||||||||||||||||||||||||||||
Commercial | 213,103 | 192,210 | |||||||||||||||||||||||||||||||||||
Collateral | 1,819 | 2,086 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 147,026 | 142,543 | |||||||||||||||||||||||||||||||||||
Demand | - | 25 | |||||||||||||||||||||||||||||||||||
Revolving credit | 78 | 65 | |||||||||||||||||||||||||||||||||||
Resort | 9,849 | 31,232 | |||||||||||||||||||||||||||||||||||
Total loans | 1,727,011 | 1,534,021 | |||||||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (17,678 | ) | (17,229 | ) | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 3,174 | 3,378 | |||||||||||||||||||||||||||||||||||
Loans, net | $ | 1,712,507 | $ | 1,520,170 | |||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses | ' | ||||||||||||||||||||||||||||||||||||
For The Three Months Ended September 30, | For The Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,505 | $ | 17,927 | $ | 17,229 | $ | 17,533 | |||||||||||||||||||||||||||||
Provision for loan losses | 215 | 215 | 870 | 1,065 | |||||||||||||||||||||||||||||||||
Charge-offs | (51 | ) | (258 | ) | (450 | ) | (898 | ) | |||||||||||||||||||||||||||||
Recoveries | 9 | 36 | 29 | 220 | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 17,678 | $ | 17,920 | $ | 17,678 | $ | 17,920 | |||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses by segments | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,728 | $ | (9 | ) | $ | 3 | $ | 39 | $ | 3,761 | ||||||||||||||||||||||||||
Commercial | 8,012 | - | - | (230 | ) | 7,782 | |||||||||||||||||||||||||||||||
Construction | 1,138 | - | - | 94 | 1,232 | ||||||||||||||||||||||||||||||||
Installment | 57 | - | - | (5 | ) | 52 | |||||||||||||||||||||||||||||||
Commercial | 2,999 | (26 | ) | 3 | 314 | 3,290 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,401 | - | - | 28 | 1,429 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (16 | ) | 3 | 13 | - | |||||||||||||||||||||||||||||||
Resort | 170 | - | - | (38 | ) | 132 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 17,505 | $ | (51 | ) | $ | 9 | $ | 215 | $ | 17,678 | |||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,771 | $ | (206 | ) | $ | 4 | $ | 476 | $ | 4,045 | ||||||||||||||||||||||||||
Commercial | 7,691 | - | 1 | 75 | 7,767 | ||||||||||||||||||||||||||||||||
Construction | 632 | - | - | 194 | 826 | ||||||||||||||||||||||||||||||||
Installment | 66 | (3 | ) | 1 | 20 | 84 | |||||||||||||||||||||||||||||||
Commercial | 2,920 | (33 | ) | 27 | (220 | ) | 2,694 | ||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,400 | - | - | 37 | 1,437 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (16 | ) | 3 | 13 | - | |||||||||||||||||||||||||||||||
Resort | 1,447 | - | - | (564 | ) | 883 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | 184 | 184 | ||||||||||||||||||||||||||||||||
$ | 17,927 | $ | (258 | ) | $ | 36 | $ | 215 | $ | 17,920 | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,778 | $ | (384 | ) | $ | 3 | $ | 364 | $ | 3,761 | ||||||||||||||||||||||||||
Commercial | 8,105 | - | - | (323 | ) | 7,782 | |||||||||||||||||||||||||||||||
Construction | 760 | - | - | 472 | 1,232 | ||||||||||||||||||||||||||||||||
Installment | 77 | - | - | (25 | ) | 52 | |||||||||||||||||||||||||||||||
Commercial | 2,654 | (26 | ) | 12 | 650 | 3,290 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,377 | - | - | 52 | 1,429 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (40 | ) | 14 | 26 | - | |||||||||||||||||||||||||||||||
Resort | 456 | - | - | (324 | ) | 132 | |||||||||||||||||||||||||||||||
Unallocated | 22 | - | - | (22 | ) | - | |||||||||||||||||||||||||||||||
$ | 17,229 | $ | (450 | ) | $ | 29 | $ | 870 | $ | 17,678 | |||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 2,874 | $ | (337 | ) | $ | 9 | $ | 1,499 | $ | 4,045 | ||||||||||||||||||||||||||
Commercial | 8,755 | (454 | ) | 4 | (538 | ) | 7,767 | ||||||||||||||||||||||||||||||
Construction | 590 | - | - | 236 | 826 | ||||||||||||||||||||||||||||||||
Installment | 92 | (9 | ) | 4 | (3 | ) | 84 | ||||||||||||||||||||||||||||||
Commercial | 2,140 | (33 | ) | 192 | 395 | 2,694 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,295 | (19 | ) | - | 161 | 1,437 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (46 | ) | 11 | 35 | - | |||||||||||||||||||||||||||||||
Resort | 1,787 | - | - | (904 | ) | 883 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | 184 | 184 | ||||||||||||||||||||||||||||||||
$ | 17,533 | $ | (898 | ) | $ | 220 | $ | 1,065 | $ | 17,920 | |||||||||||||||||||||||||||
Schedule of the allowance by impairment methodology and by loan segment allocation | ' | ||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 11,220 | $ | 324 | $ | 10,695 | $ | 340 | |||||||||||||||||||||||||||||
Commercial | 21,349 | 56 | 17,546 | 126 | |||||||||||||||||||||||||||||||||
Construction | 187 | - | 1,179 | 6 | |||||||||||||||||||||||||||||||||
Installment | 35 | 9 | 7 | - | |||||||||||||||||||||||||||||||||
Commercial | 8,120 | 1,254 | 5,313 | 476 | |||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 388 | - | 491 | - | |||||||||||||||||||||||||||||||||
Demand | - | - | - | - | |||||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | |||||||||||||||||||||||||||||||||
Resort | 1,288 | - | 1,626 | 1 | |||||||||||||||||||||||||||||||||
Total | $ | 42,587 | $ | 1,643 | $ | 36,857 | $ | 949 | |||||||||||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 666,737 | $ | 3,437 | $ | 613,343 | $ | 3,438 | |||||||||||||||||||||||||||||
Commercial | 564,348 | 7,726 | 456,109 | 7,979 | |||||||||||||||||||||||||||||||||
Construction | 89,846 | 1,232 | 63,124 | 754 | |||||||||||||||||||||||||||||||||
Installment | 4,636 | 43 | 6,712 | 77 | |||||||||||||||||||||||||||||||||
Commercial | 204,935 | 2,036 | 187,466 | 2,178 | |||||||||||||||||||||||||||||||||
Collateral | 1,819 | - | 2,086 | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 146,638 | 1,429 | 142,056 | 1,377 | |||||||||||||||||||||||||||||||||
Demand | - | - | 25 | - | |||||||||||||||||||||||||||||||||
Revolving Credit | 78 | - | 65 | - | |||||||||||||||||||||||||||||||||
Resort | 8,561 | 132 | 29,556 | 455 | |||||||||||||||||||||||||||||||||
Total | $ | 1,687,598 | $ | 16,035 | $ | 1,500,542 | $ | 16,258 | |||||||||||||||||||||||||||||
Unallocated | - | - | - | 22 | |||||||||||||||||||||||||||||||||
Total | $ | 1,730,185 | $ | 17,678 | $ | 1,537,399 | $ | 17,229 | |||||||||||||||||||||||||||||
Schedule of loan aging at recorded investment values | ' | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
60-89 Days | > 90 Days | Past Due 90 | |||||||||||||||||||||||||||||||||||
30-59 Days | Days or More | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Total | and Still | ||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | Number | Amount | Accruing | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 14 | $ | 2,793 | 4 | $ | 1,297 | 20 | $ | 8,314 | 38 | $ | 12,404 | $ | - | |||||||||||||||||||||||
Commercial | 1 | 126 | - | - | 2 | 920 | 3 | 1,046 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 187 | 1 | 187 | - | ||||||||||||||||||||||||||||
Installment | 1 | 19 | - | - | 2 | 47 | 3 | 66 | - | ||||||||||||||||||||||||||||
Commercial | 1 | 274 | 1 | 10 | 5 | 583 | 7 | 867 | - | ||||||||||||||||||||||||||||
Collateral | 3 | 13 | - | - | - | - | 3 | 13 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 2 | 218 | - | - | 3 | 223 | 5 | 441 | - | ||||||||||||||||||||||||||||
Demand | 1 | 8 | - | - | - | - | 1 | 8 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 23 | $ | 3,451 | 5 | $ | 1,307 | 33 | $ | 10,274 | 61 | $ | 15,032 | $ | - | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
60-89 Days | > 90 Days | Past Due 90 | |||||||||||||||||||||||||||||||||||
30-59 Days | Days or More | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Past Due | Past Due | Past Due | Total | and Still | ||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | Number | Amount | Accruing | |||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 17 | $ | 3,080 | 6 | $ | 1,663 | 16 | $ | 7,803 | 39 | $ | 12,546 | $ | - | |||||||||||||||||||||||
Commercial | - | - | 1 | 349 | 2 | 925 | 3 | 1,274 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 419 | 1 | 419 | - | ||||||||||||||||||||||||||||
Installment | 1 | 14 | - | - | 2 | 73 | 3 | 87 | - | ||||||||||||||||||||||||||||
Commercial | 2 | 1,435 | 1 | 66 | 6 | 585 | 9 | 2,086 | - | ||||||||||||||||||||||||||||
Collateral | 7 | 57 | - | - | - | - | 7 | 57 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 1 | 75 | 2 | 94 | 3 | 379 | 6 | 548 | - | ||||||||||||||||||||||||||||
Demand | 1 | 6 | - | - | 2 | 40 | 3 | 46 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 29 | $ | 4,667 | 10 | $ | 2,172 | 32 | $ | 10,224 | 71 | $ | 17,063 | $ | - | |||||||||||||||||||||||
Schedule of nonperforming assets | ' | ||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 9,729 | $ | 9,194 | |||||||||||||||||||||||||||||||||
Commercial | 920 | 925 | |||||||||||||||||||||||||||||||||||
Construction | 187 | 419 | |||||||||||||||||||||||||||||||||||
Installment | 169 | 157 | |||||||||||||||||||||||||||||||||||
Commercial | 2,292 | 2,351 | |||||||||||||||||||||||||||||||||||
Collateral | - | - | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 590 | 711 | |||||||||||||||||||||||||||||||||||
Demand | - | 25 | |||||||||||||||||||||||||||||||||||
Revolving Credit | - | - | |||||||||||||||||||||||||||||||||||
Resort | - | - | |||||||||||||||||||||||||||||||||||
Total nonaccruing loans | 13,887 | 13,782 | |||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | - | - | |||||||||||||||||||||||||||||||||||
Other real estate owned | 282 | 549 | |||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 14,169 | $ | 14,331 | |||||||||||||||||||||||||||||||||
Schedule of information pertaining to impaired loans | ' | ||||||||||||||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans at September 30, 2013: | |||||||||||||||||||||||||||||||||||||
Cash-basis | |||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | Interest | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 5,630 | $ | 6,140 | $ | - | $ | 4,974 | $ | 16 | $ | 12 | |||||||||||||||||||||||||
Commercial | 16,238 | 15,733 | - | 6,776 | 540 | 538 | |||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Installment | 7 | 7 | - | 5 | - | - | |||||||||||||||||||||||||||||||
Commercial | 5,135 | 5,415 | - | 3,238 | 137 | 136 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 388 | 508 | - | 480 | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 27,398 | 27,803 | - | 15,473 | 693 | 686 | |||||||||||||||||||||||||||||||
Impaired loans with | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 5,590 | 6,019 | 324 | 6,199 | 43 | 43 | |||||||||||||||||||||||||||||||
Commercial | 5,111 | 5,799 | 56 | 11,614 | 256 | 255 | |||||||||||||||||||||||||||||||
Construction | 187 | 433 | - | 303 | - | - | |||||||||||||||||||||||||||||||
Installment | 28 | 28 | 9 | 22 | - | - | |||||||||||||||||||||||||||||||
Commercial | 2,985 | 2,787 | 1,254 | 3,978 | 54 | 54 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,288 | 1,287 | - | 1,097 | 40 | 40 | |||||||||||||||||||||||||||||||
Total | 15,189 | 16,353 | 1,643 | 23,213 | 393 | 392 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 42,587 | $ | 44,156 | $ | 1,643 | $ | 38,686 | $ | 1,086 | $ | 1,078 | |||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans at December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Cash-basis | |||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | Interest | ||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Recognized | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 4,061 | $ | 4,495 | $ | - | $ | 3,929 | $ | 10 | $ | 10 | |||||||||||||||||||||||||
Commercial | 2,787 | 2,973 | - | 6,048 | 315 | 304 | |||||||||||||||||||||||||||||||
Construction | 760 | 761 | - | 592 | 18 | 18 | |||||||||||||||||||||||||||||||
Installment | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 1,986 | 1,985 | - | 3,918 | 184 | 178 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 491 | 569 | - | 494 | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | 56 | 26 | 26 | |||||||||||||||||||||||||||||||
Total | 10,085 | 10,783 | - | 15,037 | 553 | 536 | |||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 6,634 | 6,882 | 340 | 6,864 | 78 | 68 | |||||||||||||||||||||||||||||||
Commercial | 14,759 | 14,753 | 126 | 11,594 | 818 | 814 | |||||||||||||||||||||||||||||||
Construction | 419 | 664 | 6 | 226 | - | - | |||||||||||||||||||||||||||||||
Installment | 7 | 7 | - | 4 | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,327 | 3,339 | 476 | 2,111 | 86 | 78 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,626 | 1,624 | 1 | 1,736 | 32 | 32 | |||||||||||||||||||||||||||||||
Total | 26,772 | 27,269 | 949 | 22,535 | 1,014 | 992 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 36,857 | $ | 38,052 | $ | 949 | $ | 37,572 | $ | 1,567 | $ | 1,528 | |||||||||||||||||||||||||
Schedule of loans terms modified in a troubled debt restructuring | ' | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 4 | $ | 1,185 | 6 | $ | 4,908 | 10 | $ | 6,093 | ||||||||||||||||||||||||||||
Commercial | 12 | 11,621 | - | - | 12 | 11,621 | |||||||||||||||||||||||||||||||
Construction | - | - | 1 | 187 | 1 | 187 | |||||||||||||||||||||||||||||||
Installment | 2 | 35 | - | - | 2 | 35 | |||||||||||||||||||||||||||||||
Commercial | 7 | 4,923 | 5 | 1,814 | 12 | 6,737 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | 2 | 197 | 2 | 197 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 2 | 1,288 | - | - | 2 | 1,288 | |||||||||||||||||||||||||||||||
Total | 27 | $ | 19,052 | 14 | $ | 7,106 | 41 | $ | 26,158 | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | 1,068 | 6 | $ | 5,264 | 9 | $ | 6,332 | ||||||||||||||||||||||||||||
Commercial | 12 | 16,381 | - | - | 12 | 16,381 | |||||||||||||||||||||||||||||||
Construction | 2 | 999 | 1 | 419 | 3 | 1,418 | |||||||||||||||||||||||||||||||
Installment | 1 | 7 | - | - | 1 | 7 | |||||||||||||||||||||||||||||||
Commercial | 7 | 2,043 | 6 | 1,867 | 13 | 3,910 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 2 | 1,626 | - | - | 2 | 1,626 | |||||||||||||||||||||||||||||||
Total | 27 | $ | 22,124 | 13 | $ | 7,550 | 40 | $ | 29,674 | ||||||||||||||||||||||||||||
Schedule of recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 3 | $ | 588 | $ | 569 | |||||||||||||||||||||||||||
Commercial | - | - | - | 2 | 1,725 | 1,713 | |||||||||||||||||||||||||||||||
Construction | - | - | - | 1 | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | - | - | - | 2 | 36 | 35 | |||||||||||||||||||||||||||||||
Commercial | 1 | 51 | 52 | 7 | 5,704 | 6,004 | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | 2 | 244 | 197 | |||||||||||||||||||||||||||||||
Total | 1 | $ | 51 | $ | 52 | 17 | $ | 8,484 | $ | 8,705 | |||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 2 | $ | 579 | $ | 571 | |||||||||||||||||||||||||||
Commercial | 2 | 844 | 844 | 7 | 9,149 | 9,130 | |||||||||||||||||||||||||||||||
Construction | - | - | - | 1 | 242 | 240 | |||||||||||||||||||||||||||||||
Installment | - | - | - | 1 | 7 | 7 | |||||||||||||||||||||||||||||||
Commercial | 4 | 1,348 | 1,342 | 9 | 3,221 | 2,924 | |||||||||||||||||||||||||||||||
Total | 6 | $ | 2,192 | $ | 2,186 | 20 | $ | 13,198 | $ | 12,872 | |||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
Schedule of TDR loans modified by means of extended maturity, below market adjusted interest rates, a combination of rate and maturity, or by other means including covenant modifications, forbearance concessions | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Commercial | 1 | $ | - | $ | - | $ | - | $ | 52 | $ | 52 | ||||||||||||||||||||||||||
Total | 1 | $ | - | $ | - | $ | - | $ | 52 | $ | 52 | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | - | $ | - | $ | 228 | $ | 341 | $ | 569 | ||||||||||||||||||||||||||
Commercial | 2 | 1,577 | - | - | 136 | 1,713 | |||||||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 2 | - | - | 35 | - | 35 | |||||||||||||||||||||||||||||||
Commercial | 7 | 5,849 | - | - | 155 | 6,004 | |||||||||||||||||||||||||||||||
Home equity line of credit | 2 | - | - | 14 | 183 | 197 | |||||||||||||||||||||||||||||||
Total | 17 | $ | 7,426 | $ | - | $ | 277 | $ | 1,002 | $ | 8,705 | ||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 844 | $ | - | $ | - | $ | - | $ | 844 | ||||||||||||||||||||||||||
Commercial | 4 | 1,342 | - | - | - | 1,342 | |||||||||||||||||||||||||||||||
Total | 6 | $ | 2,186 | $ | - | $ | - | $ | - | $ | 2,186 | ||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | - | $ | 114 | $ | - | $ | 457 | $ | 571 | ||||||||||||||||||||||||||
Commercial | 7 | 2,598 | 3,301 | - | 3,231 | 9,130 | |||||||||||||||||||||||||||||||
Construction | 1 | 240 | - | - | - | 240 | |||||||||||||||||||||||||||||||
Installment | 1 | - | 7 | - | - | 7 | |||||||||||||||||||||||||||||||
Commercial | 9 | 2,758 | - | 166 | - | 2,924 | |||||||||||||||||||||||||||||||
Total | 20 | $ | 5,596 | $ | 3,422 | $ | 166 | $ | 3,688 | $ | 12,872 | ||||||||||||||||||||||||||
Schedule of troubled debt restructurings during the 12 month period preceding the default date | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
30-Sep-12 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment (1) | Number of Loans | Recorded Investment (1) | |||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 1 | $ | 1,115 | 1 | $ | 1,115 | |||||||||||||||||||||||||||||||
Commercial | 3 | 110 | 3 | 110 | |||||||||||||||||||||||||||||||||
Total | 4 | $ | 1,225 | 4 | $ | 1,225 | |||||||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. | |||||||||||||||||||||||||||||||||||||
TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
Schedule of loans by risk rating | ' | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 662,100 | $ | 1,386 | $ | 11,318 | $ | - | $ | 674,804 | |||||||||||||||||||||||||||
Commercial | 557,671 | 8,235 | 19,722 | - | 585,628 | ||||||||||||||||||||||||||||||||
Construction | 83,843 | - | 6,190 | - | 90,033 | ||||||||||||||||||||||||||||||||
Installment | 4,401 | 48 | 222 | - | 4,671 | ||||||||||||||||||||||||||||||||
Commercial | 194,925 | 5,183 | 11,336 | 1,659 | 213,103 | ||||||||||||||||||||||||||||||||
Collateral | 1,811 | - | 8 | - | 1,819 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 145,113 | 1,003 | 910 | - | 147,026 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving Credit | 78 | - | - | - | 78 | ||||||||||||||||||||||||||||||||
Resort | 8,562 | - | 1,287 | - | 9,849 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,658,504 | $ | 15,855 | $ | 50,993 | $ | 1,659 | $ | 1,727,011 | |||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 606,998 | $ | 2,425 | $ | 11,568 | $ | - | $ | 620,991 | |||||||||||||||||||||||||||
Commercial | 434,183 | 24,902 | 14,703 | - | 473,788 | ||||||||||||||||||||||||||||||||
Construction | 60,293 | 770 | 3,299 | - | 64,362 | ||||||||||||||||||||||||||||||||
Installment | 6,481 | 53 | 185 | - | 6,719 | ||||||||||||||||||||||||||||||||
Commercial | 171,776 | 10,125 | 10,020 | 289 | 192,210 | ||||||||||||||||||||||||||||||||
Collateral | 2,086 | - | - | - | 2,086 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 140,723 | 704 | 1,116 | - | 142,543 | ||||||||||||||||||||||||||||||||
Demand | - | - | 25 | - | 25 | ||||||||||||||||||||||||||||||||
Revolving Credit | 65 | - | - | - | 65 | ||||||||||||||||||||||||||||||||
Resort | 29,596 | 12 | 1,624 | - | 31,232 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,452,201 | $ | 38,991 | $ | 42,540 | $ | 289 | $ | 1,534,021 |
Deposits_Tables
Deposits (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Banking and Thrift [Abstract] | ' | ||||||||
Schedule of deposits | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Dollars in thousands) | |||||||||
Noninterest-bearing demand deposits | $ | 278,275 | $ | 247,586 | |||||
Interest-bearing | |||||||||
NOW accounts | 339,350 | 227,205 | |||||||
Money market | 386,682 | 317,030 | |||||||
Savings accounts | 187,040 | 179,290 | |||||||
Time deposits | 359,280 | 359,344 | |||||||
Total interest-bearing deposits | 1,272,352 | 1,082,869 | |||||||
Total deposits | $ | 1,550,627 | $ | 1,330,455 | |||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of components of net periodic pension and benefit costs | ' | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | 125 | $ | 25 | $ | 16 | |||||||||
Interest cost | 238 | 271 | 32 | 35 | |||||||||||||
Expected return on plan assets | (284 | ) | (259 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 144 | 169 | 11 | - | |||||||||||||
Prior service cost | - | (31 | ) | (13 | ) | (12 | ) | ||||||||||
Net periodic benefit cost | $ | 98 | $ | 275 | $ | 55 | $ | 39 | |||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | 375 | $ | 76 | $ | 46 | |||||||||
Interest cost | 714 | 815 | 96 | 103 | |||||||||||||
Expected return on plan assets | (851 | ) | (777 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 430 | 507 | 32 | - | |||||||||||||
Prior service cost | - | (94 | ) | (38 | ) | (36 | ) | ||||||||||
Net periodic benefit cost | $ | 293 | $ | 826 | $ | 166 | $ | 113 | |||||||||
Schedule of shares held by ESOP | ' | ||||||||||||||||
Allocated | 190,722 | ||||||||||||||||
Committed to be released | 71,325 | ||||||||||||||||
Unallocated | 1,168,369 | ||||||||||||||||
1,430,416 |
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of weighted-average estimated fair values of stock option grants | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted per share average fair value of options granted | $ | 3.86 | $ | 3.5 | |||||||||||||
Weighted-average assumptions: | |||||||||||||||||
Risk-free interest rate | 1.53 | % | 0.82 | % | |||||||||||||
Expected volatility | 31.36 | % | 33.69 | % | |||||||||||||
Expected dividend yield | 1.7 | % | 1.78 | % | |||||||||||||
Weighted-average dividend yield | 0.80% - 2.71 | % | 0.86% - 2.89 | % | |||||||||||||
Expected life of options granted | 6.0 years | 6.0 years | |||||||||||||||
Schedule of summary of the company's stock option activity and related information for its option grants | ' | ||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Stock Options | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | (in thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at December 31, 2012 | 1,696,357 | $ | 12.95 | ||||||||||||||
Granted | 26,750 | 14.48 | |||||||||||||||
Exercised | (1,050 | ) | 12.95 | ||||||||||||||
Forfeited | (2,400 | ) | 12.95 | ||||||||||||||
Outstanding at September 30, 2013 | 1,719,657 | $ | 12.97 | 8.51 | $ | 2,953 | |||||||||||
Exercisable at September 30, 2013 | 734,350 | ||||||||||||||||
Schedule of summary of status of company's restricted stock | ' | ||||||||||||||||
Number of Restricted | Weighted-Average | ||||||||||||||||
Stock | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Unvested at December 31, 2012 | 572,167 | $ | 12.95 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (171,842 | ) | 12.95 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Unvested at September 30, 2013 | 400,325 | $ | 12.95 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of interest rate swaps that were not designated for hedge accounting | ' | ||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||
(Dollars in thousands) | Consolidated | # of | Notional | Estimated | # of | Notional | Estimated | ||||||||||||||||||||
Balance Sheet Location | Instruments | Amount | Fair | Instruments | Amount | Fair | |||||||||||||||||||||
Values | Values | ||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | Other Assets | 30 | $ | 96,913 | $ | 4,366 | 35 | $ | 105,828 | $ | 8,379 | ||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | Other Liabilities | 14 | 53,197 | (2,116 | ) | 2 | 7,731 | (24 | ) | ||||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||
rate swap position | Other Liabilities | 44 | 150,110 | (2,250 | ) | 37 | 113,559 | (8,355 | ) | ||||||||||||||||||
Schedule of changes in the fair value of non-hedge accounting derivatives | ' | ||||||||||||||||||||||||||
For The Three Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands) | Interest | MTM (Loss) | Net Impact | Interest | MTM (Loss) | Net Impact | |||||||||||||||||||||
Income | Gain | Income | Gain | ||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | $ | (835 | ) | $ | 56 | $ | (779 | ) | $ | 642 | $ | 620 | $ | 1,262 | |||||||||||||
Counterparty interest | |||||||||||||||||||||||||||
rate swap position | 835 | (56 | ) | 779 | (642 | ) | (620 | ) | (1,262 | ) | |||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
For The Nine Months Ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
(Dollars in thousands) | Interest | MTM (Loss) | Net Impact | Interest | MTM (Loss) | Net Impact | |||||||||||||||||||||
Income | Gain | Income | Gain | ||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||
interest rate swap position | $ | (2,223 | ) | $ | (4,013 | ) | $ | (6,236 | ) | $ | 1,763 | $ | 2,282 | $ | 4,045 | ||||||||||||
Counterparty interest | |||||||||||||||||||||||||||
rate swap position | 2,223 | 4,013 | 6,236 | (1,763 | ) | (2,282 | ) | (4,045 | ) | ||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ||||||||
Schedule of financial instruments whose contract amounts represent credit risk | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Approved loan commitments | $ | 71,861 | $ | 14,761 | |||||
Unadvanced portion of construction loans | 47,697 | 61,923 | |||||||
Unadvanced portion of resort loans | 4,959 | 2,768 | |||||||
Unused lines for home equity loans | 160,716 | 146,078 | |||||||
Unused revolving lines of credit | 362 | 402 | |||||||
Unused commercial letters of credit | 3,840 | 8,462 | |||||||
Unused commercial lines of credit | 164,716 | 135,379 | |||||||
$ | 454,151 | $ | 369,773 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule of financial instruments carried at fair value on a recurring basis | ' | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
(Dollars in thousands) | Total | Quoted Prices in | Significant | Significant Unobservable Inputs | |||||||||||||||||||||
Active Markets for | Observable | (Level 3) | |||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 101,004 | $ | 101,004 | $ | - | $ | - | |||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,896 | - | 10,896 | - | |||||||||||||||||||||
Corporate debt securities | 3,113 | - | 3,113 | - | |||||||||||||||||||||
Preferred equity securities | 1,696 | - | 1,696 | - | |||||||||||||||||||||
Marketable equity securities | 140 | 140 | - | - | |||||||||||||||||||||
Mutual funds | 3,533 | - | 3,533 | - | |||||||||||||||||||||
Securities available-for-sale | 120,382 | 101,144 | 19,238 | - | |||||||||||||||||||||
Interest rate swap derivative | 4,366 | - | 4,366 | - | |||||||||||||||||||||
Derivative loan commitments | 383 | - | - | 383 | |||||||||||||||||||||
Total | $ | 125,131 | $ | 101,144 | $ | 23,604 | $ | 383 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 4,366 | $ | - | $ | 4,366 | $ | - | |||||||||||||||||
Forward loan sales commitments | 215 | - | - | 215 | |||||||||||||||||||||
Total | $ | 4,581 | $ | - | $ | 4,366 | $ | 215 | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(Dollars in thousands) | Total | Quoted Prices in | Significant | Significant Unobservable Inputs | |||||||||||||||||||||
Active Markets for | Observable | (Level 3) | |||||||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 118,980 | $ | 118,980 | $ | - | $ | - | |||||||||||||||||
Government sponsored residential mortgage-backed securities | 10,603 | - | 10,603 | - | |||||||||||||||||||||
Corporate debt securities | 3,153 | - | 3,153 | - | |||||||||||||||||||||
Preferred equity securities | 1,786 | - | 1,786 | - | |||||||||||||||||||||
Marketable equity securities | 372 | 132 | 240 | - | |||||||||||||||||||||
Mutual funds | 3,587 | - | 3,587 | - | |||||||||||||||||||||
Securities available-for-sale | 138,481 | 119,112 | 19,369 | - | |||||||||||||||||||||
Interest rate swap derivative | 8,379 | - | 8,379 | - | |||||||||||||||||||||
Derivative loan commitments | 450 | - | - | 450 | |||||||||||||||||||||
Forward loan sales commitments | 38 | - | 38 | ||||||||||||||||||||||
Total | $ | 147,348 | $ | 119,112 | $ | 27,748 | $ | 488 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 8,379 | $ | - | $ | 8,379 | $ | - | |||||||||||||||||
Total | $ | 8,379 | $ | - | $ | 8,379 | $ | - | |||||||||||||||||
Schedule of assets measured at fair value according to level 3 inputs | ' | ||||||||||||||||||||||||
Securities Available-for-Sale | Derivative and Forward Loan Sales Commitments, Net | ||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of period | $ | - | $ | 37 | $ | 491 | $ | 124 | |||||||||||||||||
Paydowns | - | (37 | ) | - | - | ||||||||||||||||||||
Total (loss) gain - (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | - | - | (323 | ) | 9 | ||||||||||||||||||||
Balance, at the end of period | $ | - | $ | - | $ | 168 | $ | 133 | |||||||||||||||||
Securities Available-for-Sale | Derivative and Forward Loan Sales Commitments, Net | ||||||||||||||||||||||||
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of period | $ | - | $ | 42 | $ | 488 | $ | (44 | ) | ||||||||||||||||
Paydowns | - | (42 | ) | - | - | ||||||||||||||||||||
Total (loss) gain - (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | - | - | (320 | ) | 177 | ||||||||||||||||||||
Balance, at the end of period | $ | - | $ | - | $ | 168 | $ | 133 | |||||||||||||||||
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||
Significant | Weighted Average | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Inputs | ||||||||||||||||||||
Derivative and forward loan sales commitments, net | $ | 168 | Discounted cash flows | embedded servicing value | 1.25 | % | 1.25 | % | |||||||||||||||||
Schedule of financial instruments carried at fair value on a nonrecurring basis | ' | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Quoted Prices in | Significant | Significant | ||||||||||||||||||||
Active Markets for | Observable | Unobservable | Active Markets for | Observable | Unobservable | ||||||||||||||||||||
Identical Assets | Inputs | Inputs | Identical Assets | Inputs | Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 40,944 | $ | - | $ | - | $ | 35,908 | |||||||||||||
Other real estate owned | - | - | 282 | - | - | 549 | |||||||||||||||||||
Schedule of valuation methodology and unobservable inputs for level 3 assets measured at fair value on a non-recurring basis | ' | ||||||||||||||||||||||||
Significant | Weighted Average Inputs | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | |||||||||||||||||||||
Mortgage servicing rights | $ | 3,260 | Discounted cash flows | Prepayment speed | 0% - 29% | 8.8 | % | ||||||||||||||||||
Discount rate | n/a | 8 | % | ||||||||||||||||||||||
Impaired loans | $ | 40,944 | Appraisals | Discount for dated appraisal | 0% - 20% | 10 | % | ||||||||||||||||||
Discount for costs to sell | 8% - 15% | 11.5 | % | ||||||||||||||||||||||
Other real estate owned | $ | 282 | Appraisals | Discount for costs to sell | 8% - 10% | 9 | % | ||||||||||||||||||
Schedule of carrying amount, fair value, and placement in the fair value hierarchy of company's financial instruments | ' | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Hierarchy Level | Amount | Value | Amount | Value | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Securities held-to-maturity | Level 2 | $ | 3,002 | $ | 3,002 | $ | 3,006 | $ | 3,006 | ||||||||||||||||
Securities available-for-sale | See previous table | 120,382 | 120,382 | 138,481 | 138,481 | ||||||||||||||||||||
Loans | Level 3 | 1,727,011 | 1,728,547 | 1,534,021 | 1,563,430 | ||||||||||||||||||||
Loans held-for-sale | Level 2 | 5,357 | 5,523 | 9,626 | 9,833 | ||||||||||||||||||||
Mortgage servicing rights | Level 3 | 2,888 | 3,260 | 1,327 | 1,709 | ||||||||||||||||||||
Federal Home Loan Bank of Boston stock | Level 2 | 8,383 | 8,383 | 8,939 | 8,939 | ||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||
Noninterest-bearing demand deposits | Level 1 | 278,275 | 278,275 | 247,586 | 247,586 | ||||||||||||||||||||
NOW accounts | Level 1 | 339,350 | 339,350 | 227,205 | 227,205 | ||||||||||||||||||||
Money market | Level 1 | 386,682 | 386,682 | 317,030 | 317,030 | ||||||||||||||||||||
Savings accounts | Level 1 | 187,040 | 187,040 | 179,290 | 179,290 | ||||||||||||||||||||
Time deposits | Level 2 | 359,280 | 361,914 | 359,344 | 363,156 | ||||||||||||||||||||
FHLB advances | Level 2 | 104,000 | 105,040 | 128,000 | 130,062 | ||||||||||||||||||||
Repurchase agreement borrowings | Level 2 | 21,000 | 22,281 | 21,000 | 22,819 | ||||||||||||||||||||
Repurchase liabilities | Level 2 | 50,432 | 50,432 | 54,187 | 54,189 | ||||||||||||||||||||
On-balance sheet derivative financial instruments | |||||||||||||||||||||||||
Forward loan sales commitments: | |||||||||||||||||||||||||
Assets | Level 3 | - | - | 38 | 38 | ||||||||||||||||||||
Liabilities | Level 3 | 215 | 215 | - | - | ||||||||||||||||||||
Interest rate swap derivative liability: | |||||||||||||||||||||||||
Assets | Level 2 | 4,366 | 4,366 | 8,379 | 8,379 | ||||||||||||||||||||
Liabilities | Level 2 | 4,366 | 4,366 | 8,379 | 8,379 | ||||||||||||||||||||
Derivative loan commitments: | |||||||||||||||||||||||||
Assets | Level 3 | 383 | 383 | 450 | 450 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Regulatory Matters Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of actual capital amounts and ratios for company and bank | ' | ||||||||||||||||||||||||
Actual | Minimum Required | To Be Well | |||||||||||||||||||||||
for Capital Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Farmington Bank: | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 206,960 | 13.29 | % | $ | 124,581 | 8 | % | $ | 155,726 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 188,863 | 12.13 | 62,280 | 4 | 93,419 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 188,863 | 9.88 | 76,463 | 4 | 95,578 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 203,344 | 14.44 | % | $ | 112,656 | 8 | % | $ | 140,820 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 185,743 | 13.19 | 56,328 | 4 | 84,493 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 185,743 | 10.44 | 71,166 | 4 | 88,957 | 5 | |||||||||||||||||||
First Connecticut Bancorp, Inc.: | |||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 251,385 | 16.12 | % | $ | 124,757 | 8 | % | $ | 155,946 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 233,288 | 14.96 | 62,376 | 4 | 93,565 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 233,288 | 12.18 | 76,613 | 4 | 95,767 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 264,987 | 18.78 | % | $ | 112,881 | 8 | % | $ | 141,101 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 247,364 | 17.53 | 56,444 | 4 | 84,665 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 247,364 | 13.88 | 71,286 | 4 | 89,108 | 5 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and fees on loans | ' | ' | ' | ' | ' | ' |
Mortgage | $12,381 | $11,872 | $11,460 | $23,340 | $35,721 | $33,452 |
Total interest income | 15,806 | 15,336 | 15,780 | 30,383 | 46,189 | 46,353 |
Noninterest income | ' | ' | ' | ' | ' | ' |
Net gain on loans sold | 625 | 1,589 | 687 | 3,619 | 4,244 | 1,216 |
Total noninterest income | 2,235 | 2,974 | 2,145 | 6,512 | 8,747 | 5,436 |
Income before income taxes | 1,193 | 1,050 | -1,588 | 2,142 | 3,335 | 844 |
Income tax expense | 292 | 248 | -519 | 527 | 819 | 91 |
Net income | 901 | 802 | -1,069 | 1,615 | 2,516 | 753 |
Net earnings per share: | ' | ' | ' | ' | ' | ' |
Basic and Diluted (in dollars per share) | $0.06 | $0.05 | ($0.07) | $0.10 | $0.16 | $0.05 |
Balance as reported | ' | ' | ' | ' | ' | ' |
Interest and fees on loans | ' | ' | ' | ' | ' | ' |
Mortgage | ' | 11,917 | ' | 23,385 | ' | ' |
Total interest income | ' | 15,381 | ' | 30,428 | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' |
Net gain on loans sold | ' | 1,739 | ' | 3,769 | ' | ' |
Total noninterest income | ' | 3,124 | ' | 6,662 | ' | ' |
Income before income taxes | ' | 1,245 | ' | 2,337 | ' | ' |
Income tax expense | ' | 308 | ' | 587 | ' | ' |
Net income | ' | 937 | ' | 1,750 | ' | ' |
Net earnings per share: | ' | ' | ' | ' | ' | ' |
Basic and Diluted (in dollars per share) | ' | $0.06 | ' | $0.11 | ' | ' |
Correction of error | ' | ' | ' | ' | ' | ' |
Interest and fees on loans | ' | ' | ' | ' | ' | ' |
Mortgage | ' | -45 | ' | -45 | ' | ' |
Total interest income | ' | -45 | ' | -45 | ' | ' |
Noninterest income | ' | ' | ' | ' | ' | ' |
Net gain on loans sold | ' | -150 | ' | -150 | ' | ' |
Total noninterest income | ' | -150 | ' | -150 | ' | ' |
Income before income taxes | ' | -195 | ' | -195 | ' | ' |
Income tax expense | ' | -60 | ' | -60 | ' | ' |
Net income | ' | ($135) | ' | ($135) | ' | ' |
Net earnings per share: | ' | ' | ' | ' | ' | ' |
Basic and Diluted (in dollars per share) | ' | ($0.01) | ' | ($0.01) | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Loans, net | $1,712,507 | $1,588,080 | $1,520,170 |
Prepaid expenses and other assets | 12,305 | 12,358 | 14,810 |
Total assets | 1,992,201 | 1,845,116 | 1,822,946 |
Stockholders' Equity | ' | ' | ' |
Retained earnings | 95,873 | 95,470 | 94,890 |
Total stockholders' equity | 227,536 | 231,180 | 241,522 |
Total liabilities and stockholders' equity | 1,992,201 | 1,845,116 | 1,822,946 |
Balance as reported | ' | ' | ' |
Assets | ' | ' | ' |
Loans, net | ' | 1,588,275 | ' |
Prepaid expenses and other assets | ' | 12,298 | ' |
Total assets | ' | 1,845,251 | ' |
Stockholders' Equity | ' | ' | ' |
Retained earnings | ' | 95,605 | ' |
Total stockholders' equity | ' | 231,315 | ' |
Total liabilities and stockholders' equity | ' | 1,845,251 | ' |
Correction of error | ' | ' | ' |
Assets | ' | ' | ' |
Loans, net | ' | -195 | ' |
Prepaid expenses and other assets | ' | 60 | ' |
Total assets | ' | -135 | ' |
Stockholders' Equity | ' | ' | ' |
Retained earnings | ' | -135 | ' |
Total stockholders' equity | ' | -135 | ' |
Total liabilities and stockholders' equity | ' | ($135) | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Detail Textuals) (USD $) | Jun. 21, 2013 | Jul. 02, 2012 | Jun. 29, 2011 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | Office | Farmington Bank | Employee Stock Ownership Plan (ESOP) | Employee Stock Ownership Plan (ESOP) | |
Common Stock | Farmington Bank | Farmington Bank | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' |
Percentage of common stock shares sold in the subscription offering to Farmington Bank Community Foundation, Inc. | ' | ' | 4.00% | ' | ' |
Number of shares of common stock sold | ' | ' | 17,192,500 | ' | ' |
Common stock value per share (in dollars per share) | ' | ' | $10 | ' | ' |
Proceeds of common stock sold | ' | ' | $167.80 | ' | ' |
Offering costs of common stock | ' | ' | 4.1 | ' | ' |
Percentage owned by public shareholders | ' | ' | 100.00% | ' | ' |
Number of shares purchased | ' | ' | ' | 1,430,416 | ' |
Percentage loaned ESOP the amount needed to purchase | ' | ' | ' | 8.00% | ' |
Purchase cost of common stock acquired under ESOP | ' | ' | ' | ' | $16.90 |
Number of shares of common stock purchased by ESOP | ' | ' | ' | ' | 1,430,416 |
Number of shares approved for repurchase | 1,676,452 | 1,788,020 | ' | ' | ' |
Shares to be repurchased in percentage | 10.00% | 10.00% | ' | ' | ' |
Number of branch offices | ' | 21 | ' | ' | ' |
Number of limited service offices | ' | 4 | ' | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Detail Textuals 1) (2012 Stock Incentive Plan, USD $) | 1 Months Ended | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | 31-May-13 | Sep. 30, 2013 | Sep. 05, 2012 |
2012 Stock Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares repurchased | 1,788,020 | 317,885 | ' |
Value of shares repurchased | $24.90 | $4.50 | ' |
Number of shares reissued, held as treasury stock | 486,947 | ' | ' |
Number of shares reserved for issuance | ' | ' | 2,503,228 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Detail Textuals 2) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ' |
Minimum limit of nonaccrual loans outstanding | 100,000 |
Minimum | ' |
Financing Receivable, Impaired [Line Items] | ' |
Percentage of unallocated allowances | 0.00% |
Maximum | ' |
Financing Receivable, Impaired [Line Items] | ' |
Percentage of unallocated allowances | 5.00% |
Real Estate Residential | ' |
Financing Receivable, Impaired [Line Items] | ' |
Threshold percentage limit of purchase price of the property | 95.00% |
Maximum limit loan-to-value ratio in percentage | 80.00% |
Home equity line of credit | ' |
Financing Receivable, Impaired [Line Items] | ' |
Maximum limit loan-to-value ratio in percentage | 80.00% |
Resort | ' |
Financing Receivable, Impaired [Line Items] | ' |
Percentage of receivable loans | 87.00% |
Restrictions_on_Cash_and_Due_f1
Restrictions on Cash and Due from Banks (Detail Textuals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Restrictions On Cash And Due From Banks [Abstract] | ' | ' |
Restricted cash and due from banks | $5.90 | $11.90 |
Earnings_Per_Share_Calculation
Earnings Per Share - Calculation of basic and diluted earnings per common share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | $901 | $802 | ($1,069) | $1,615 | $2,516 | $753 |
Weighted-average shares outstanding (in shares) | 18,040,414 | ' | 17,935,809 | ' | 18,060,462 | 17,898,872 |
Less: Average unallocated ESOP shares | -1,184,134 | ' | -1,279,385 | ' | -1,207,737 | -1,189,368 |
Average treasury stock | -1,411,198 | ' | -185,401 | ' | -958,368 | -62,251 |
Weighted-average basic shares outstanding | 15,445,082 | ' | 16,471,023 | ' | 15,894,357 | 16,647,253 |
Plus: Dilutive stock options | ' | ' | ' | ' | ' | ' |
Weighted-average diluted shares outstanding | 15,445,082 | ' | 16,471,023 | ' | 15,894,357 | 16,647,253 |
Net earnings (loss) per share: | ' | ' | ' | ' | ' | ' |
Basic and Diluted (in dollars per share) | $0.06 | $0.05 | ($0.07) | $0.10 | $0.16 | $0.05 |
Investment_Securities_Summary_
Investment Securities - Summary (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Available-for-sale | ' | ' |
Available-for-sale securities, amortized cost | $120,311 | $137,538 |
Available-for-sale securities, gross unrealized gains | 622 | 1,048 |
Available-for-sale securities, gross unrealized losses | -551 | -345 |
Available-for-sale securities, estimated market value | 120,382 | 138,241 |
Held-to-maturity | ' | ' |
Held-to-maturity securities, amortized cost | 3,002 | 3,006 |
Held-to-maturity securities, gross unrealized gains | ' | ' |
Held-to-maturity securities, gross unrealized losses | ' | ' |
Held-to-maturity securities, market value | 3,002 | 3,006 |
U.S. Treasury obligations | ' | ' |
Available-for-sale | ' | ' |
Available-for-sale securities, amortized cost | 101,000 | 118,984 |
Available-for-sale securities, gross unrealized gains | 4 | 5 |
Available-for-sale securities, gross unrealized losses | ' | -9 |
Available-for-sale securities, estimated market value | 101,004 | 118,980 |
Government sponsored residential mortgage-backed securities | ' | ' |
Available-for-sale | ' | ' |
Available-for-sale securities, amortized cost | 10,450 | 9,803 |
Available-for-sale securities, gross unrealized gains | 446 | 800 |
Available-for-sale securities, gross unrealized losses | ' | ' |
Available-for-sale securities, estimated market value | 10,896 | 10,603 |
Held-to-maturity | ' | ' |
Held-to-maturity securities, amortized cost | 2 | 6 |
Held-to-maturity securities, gross unrealized gains | ' | ' |
Held-to-maturity securities, gross unrealized losses | ' | ' |
Held-to-maturity securities, market value | 2 | 6 |
Corporate debt securities | ' | ' |
Available-for-sale | ' | ' |
Available-for-sale securities, amortized cost | 2,975 | 2,958 |
Available-for-sale securities, gross unrealized gains | 138 | 195 |
Available-for-sale securities, gross unrealized losses | ' | ' |
Available-for-sale securities, estimated market value | 3,113 | 3,153 |
Preferred equity securities | ' | ' |
Available-for-sale | ' | ' |
Available-for-sale securities, amortized cost | 2,100 | 2,100 |
Available-for-sale securities, gross unrealized gains | ' | 19 |
Available-for-sale securities, gross unrealized losses | -404 | -333 |
Available-for-sale securities, estimated market value | 1,696 | 1,786 |
Marketable equity securities | ' | ' |
Available-for-sale | ' | ' |
Available-for-sale securities, amortized cost | 108 | 108 |
Available-for-sale securities, gross unrealized gains | 34 | 27 |
Available-for-sale securities, gross unrealized losses | -2 | -3 |
Available-for-sale securities, estimated market value | 140 | 132 |
Mutual funds | ' | ' |
Available-for-sale | ' | ' |
Available-for-sale securities, amortized cost | 3,678 | 3,585 |
Available-for-sale securities, gross unrealized gains | ' | 2 |
Available-for-sale securities, gross unrealized losses | -145 | ' |
Available-for-sale securities, estimated market value | 3,533 | 3,587 |
Trust preferred debt security | ' | ' |
Held-to-maturity | ' | ' |
Held-to-maturity securities, amortized cost | 3,000 | 3,000 |
Held-to-maturity securities, gross unrealized gains | ' | ' |
Held-to-maturity securities, gross unrealized losses | ' | ' |
Held-to-maturity securities, market value | $3,000 | $3,000 |
Investment_Securities_Gross_un
Investment Securities - Gross unrealized losses and fair value (Details 1) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Derivative_Instrument | Derivative_Instrument | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 3 | 6 |
Available-for-sale securities less than 12 months, fair value | $2,814 | $52,985 |
Available-for-sale securities less than 12 months, gross unrealized loss | -145 | -9 |
Available-for-sale securities 12 months or more, fair value | 1,601 | 1,671 |
Available-for-sale securities 12 months or more, gross unrealized loss | -406 | -336 |
Available-for-sale securities, total fair value | 4,415 | 54,656 |
Available-for-sale securities, total gross unrealized loss | -551 | -345 |
U.S. Treasury obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | ' | 4 |
Available-for-sale securities less than 12 months, fair value | ' | 52,985 |
Available-for-sale securities less than 12 months, gross unrealized loss | ' | -9 |
Available-for-sale securities 12 months or more, fair value | ' | ' |
Available-for-sale securities 12 months or more, gross unrealized loss | ' | ' |
Available-for-sale securities, total fair value | ' | 52,985 |
Available-for-sale securities, total gross unrealized loss | ' | -9 |
Preferred equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 1 | 1 |
Available-for-sale securities less than 12 months, fair value | ' | ' |
Available-for-sale securities less than 12 months, gross unrealized loss | ' | ' |
Available-for-sale securities 12 months or more, fair value | 1,596 | 1,667 |
Available-for-sale securities 12 months or more, gross unrealized loss | -404 | -333 |
Available-for-sale securities, total fair value | 1,596 | 1,667 |
Available-for-sale securities, total gross unrealized loss | -404 | -333 |
Marketable equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 1 | 1 |
Available-for-sale securities less than 12 months, fair value | ' | ' |
Available-for-sale securities less than 12 months, gross unrealized loss | ' | ' |
Available-for-sale securities 12 months or more, fair value | 5 | 4 |
Available-for-sale securities 12 months or more, gross unrealized loss | -2 | -3 |
Available-for-sale securities, total fair value | 5 | 4 |
Available-for-sale securities, total gross unrealized loss | -2 | -3 |
Mutual funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 1 | ' |
Available-for-sale securities less than 12 months, fair value | 2,814 | ' |
Available-for-sale securities less than 12 months, gross unrealized loss | -145 | ' |
Available-for-sale securities 12 months or more, fair value | ' | ' |
Available-for-sale securities 12 months or more, gross unrealized loss | ' | ' |
Available-for-sale securities, total fair value | 2,814 | ' |
Available-for-sale securities, total gross unrealized loss | ($145) | ' |
Investment_Securities_Amortize
Investment Securities - Amortized cost and estimated market value of debt securities (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-Sale - Amortized Cost | ' | ' |
Due in one year or less | $101,000 | ' |
Due after one year through five years | 2,975 | ' |
Due after five years through ten years | ' | ' |
Due after ten years | ' | ' |
Government sponsored residential mortgage-backed securities | 10,450 | ' |
Available-for-sale securities amortized cost | 114,425 | ' |
Available-for-Sale - Estimated Fair Value | ' | ' |
Due in one year or less | 101,004 | ' |
Due after one year through five years | 3,113 | ' |
Due after five years through ten years | ' | ' |
Due after ten years | ' | ' |
Government sponsored residential mortgage-backed securities | 10,896 | ' |
Available for sale securities total estimated market value | 115,013 | ' |
Held-to-Maturity - Amortized Cost | ' | ' |
Due in one year or less | ' | ' |
Due after one year through five years | ' | ' |
Due after five years through ten years | ' | ' |
Due after ten years | 3,000 | ' |
Government sponsored residential mortgage-backed securities | 2 | ' |
Held-to-maturity securities, amortized cost | 3,002 | 3,006 |
Held-to-Maturity - Estimated Fair Value | ' | ' |
Due in one year or less | ' | ' |
Due after one year through five years | ' | ' |
Due after five years through ten years | ' | ' |
Due after ten years | 3,000 | ' |
Government sponsored residential mortgage-backed securities | 2 | ' |
Held-to-maturity securities, market value | $3,002 | $3,006 |
Investment_Securities_Detail_T
Investment Securities (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB stock | $8,383,000 | $8,383,000 | $8,939,000 |
Available-for-sale securities gross realized gains | 36,000 | 304,000 | ' |
Federal Home Loan Bank Of Boston | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB stock | $8,400,000 | $8,400,000 | $8,900,000 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Summary (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Less: Allowance for loan losses | ($17,678) | ($17,505) | ($17,229) | ($17,920) | ($17,927) | ($17,533) |
Loans, net | 1,712,507 | 1,588,080 | 1,520,170 | ' | ' | ' |
Loans receivable | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,727,011 | ' | 1,534,021 | ' | ' | ' |
Less: Allowance for loan losses | -17,678 | -17,505 | -17,229 | -17,920 | -17,927 | -17,533 |
Net deferred loan costs | 3,174 | ' | 3,378 | ' | ' | ' |
Loans, net | 1,712,507 | ' | 1,520,170 | ' | ' | ' |
Loans receivable | Real estate Residential | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 674,804 | ' | 620,991 | ' | ' | ' |
Less: Allowance for loan losses | -3,761 | -3,728 | -3,778 | -4,045 | -3,771 | -2,874 |
Loans receivable | Real estate Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 585,628 | ' | 473,788 | ' | ' | ' |
Less: Allowance for loan losses | -7,782 | -8,012 | -8,105 | -7,767 | -7,691 | -8,755 |
Loans receivable | Real estate Construction | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 90,033 | ' | 64,362 | ' | ' | ' |
Less: Allowance for loan losses | -1,232 | -1,138 | -760 | -826 | -632 | -590 |
Loans receivable | Installment | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 4,671 | ' | 6,719 | ' | ' | ' |
Less: Allowance for loan losses | -52 | -57 | -77 | -84 | -66 | -92 |
Loans receivable | Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 213,103 | ' | 192,210 | ' | ' | ' |
Less: Allowance for loan losses | -3,290 | -2,999 | -2,654 | -2,694 | -2,920 | -2,140 |
Loans receivable | Collateral | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,819 | ' | 2,086 | ' | ' | ' |
Less: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 147,026 | ' | 142,543 | ' | ' | ' |
Less: Allowance for loan losses | -1,429 | -1,401 | -1,377 | -1,437 | -1,400 | -1,295 |
Loans receivable | Demand | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | ' | ' | 25 | ' | ' | ' |
Less: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 78 | ' | 65 | ' | ' | ' |
Less: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 9,849 | ' | 31,232 | ' | ' | ' |
Less: Allowance for loan losses | ($132) | ($170) | ($456) | ($883) | ($1,447) | ($1,787) |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Changes in allowance for loan losses (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $17,505 | $17,927 | $17,229 | $17,533 |
Provision for loan losses | 215 | 215 | 870 | 1,065 |
Charge-offs | -51 | -258 | -450 | -898 |
Recoveries | 9 | 36 | 29 | 220 |
Balance at end of period | $17,678 | $17,920 | $17,678 | $17,920 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Changes in allowance for loan losses by segments (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $17,505 | $17,927 | $17,229 | $17,533 |
Charge-offs | -51 | -258 | -450 | -898 |
Recoveries | 9 | 36 | 29 | 220 |
Provision for allowance for loan losses | 215 | 215 | 870 | 1,065 |
Balance at end of period | 17,678 | 17,920 | 17,678 | 17,920 |
Loans receivable | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 17,505 | 17,927 | 17,229 | 17,533 |
Charge-offs | -51 | -258 | -450 | -898 |
Recoveries | 9 | 36 | 29 | 220 |
Provision for allowance for loan losses | 215 | 215 | 870 | 1,065 |
Balance at end of period | 17,678 | 17,920 | 17,678 | 17,920 |
Loans receivable | Real estate Residential | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 3,728 | 3,771 | 3,778 | 2,874 |
Charge-offs | -9 | -206 | -384 | -337 |
Recoveries | 3 | 4 | 3 | 9 |
Provision for allowance for loan losses | 39 | 476 | 364 | 1,499 |
Balance at end of period | 3,761 | 4,045 | 3,761 | 4,045 |
Loans receivable | Real estate Commercial | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 8,012 | 7,691 | 8,105 | 8,755 |
Charge-offs | ' | ' | ' | -454 |
Recoveries | ' | 1 | ' | 4 |
Provision for allowance for loan losses | -230 | 75 | -323 | -538 |
Balance at end of period | 7,782 | 7,767 | 7,782 | 7,767 |
Loans receivable | Real estate Construction | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 1,138 | 632 | 760 | 590 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for allowance for loan losses | 94 | 194 | 472 | 236 |
Balance at end of period | 1,232 | 826 | 1,232 | 826 |
Loans receivable | Installment | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 57 | 66 | 77 | 92 |
Charge-offs | ' | -3 | ' | -9 |
Recoveries | ' | 1 | ' | 4 |
Provision for allowance for loan losses | -5 | 20 | -25 | -3 |
Balance at end of period | 52 | 84 | 52 | 84 |
Loans receivable | Commercial | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 2,999 | 2,920 | 2,654 | 2,140 |
Charge-offs | -26 | -33 | -26 | -33 |
Recoveries | 3 | 27 | 12 | 192 |
Provision for allowance for loan losses | 314 | -220 | 650 | 395 |
Balance at end of period | 3,290 | 2,694 | 3,290 | 2,694 |
Loans receivable | Collateral | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for allowance for loan losses | ' | ' | ' | ' |
Balance at end of period | ' | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 1,401 | 1,400 | 1,377 | 1,295 |
Charge-offs | ' | ' | ' | -19 |
Recoveries | ' | ' | ' | ' |
Provision for allowance for loan losses | 28 | 37 | 52 | 161 |
Balance at end of period | 1,429 | 1,437 | 1,429 | 1,437 |
Loans receivable | Demand | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for allowance for loan losses | ' | ' | ' | ' |
Balance at end of period | ' | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' |
Charge-offs | -16 | -16 | -40 | -46 |
Recoveries | 3 | 3 | 14 | 11 |
Provision for allowance for loan losses | 13 | 13 | 26 | 35 |
Balance at end of period | ' | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 170 | 1,447 | 456 | 1,787 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for allowance for loan losses | -38 | -564 | -324 | -904 |
Balance at end of period | 132 | 883 | 132 | 883 |
Loans receivable | Unallocated | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 22 | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for allowance for loan losses | ' | 184 | -22 | 184 |
Balance at end of period | ' | $184 | ' | $184 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Allocation of the allowance by impairment methodology and by loan segment (Details 3) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | $17,678 | $17,505 | $17,229 | $17,920 | $17,927 | $17,533 |
Loans receivable | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 42,587 | ' | 36,857 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 1,643 | ' | 949 | ' | ' | ' |
Total loans collectively evaluated for impairment | 1,687,598 | ' | 1,500,542 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 16,035 | ' | 16,258 | ' | ' | ' |
Total loans collectively evaluated for impairment with unallocated | 1,730,185 | ' | 1,537,399 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 17,678 | 17,505 | 17,229 | 17,920 | 17,927 | 17,533 |
Loans receivable | Real estate Residential | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 11,220 | ' | 10,695 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 324 | ' | 340 | ' | ' | ' |
Total loans collectively evaluated for impairment | 666,737 | ' | 613,343 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 3,437 | ' | 3,438 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 3,761 | 3,728 | 3,778 | 4,045 | 3,771 | 2,874 |
Loans receivable | Real estate Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 21,349 | ' | 17,546 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 56 | ' | 126 | ' | ' | ' |
Total loans collectively evaluated for impairment | 564,348 | ' | 456,109 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 7,726 | ' | 7,979 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 7,782 | 8,012 | 8,105 | 7,767 | 7,691 | 8,755 |
Loans receivable | Real estate Construction | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 187 | ' | 1,179 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | 6 | ' | ' | ' |
Total loans collectively evaluated for impairment | 89,846 | ' | 63,124 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 1,232 | ' | 754 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 1,232 | 1,138 | 760 | 826 | 632 | 590 |
Loans receivable | Installment | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 35 | ' | 7 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 9 | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 4,636 | ' | 6,712 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 43 | ' | 77 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 52 | 57 | 77 | 84 | 66 | 92 |
Loans receivable | Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 8,120 | ' | 5,313 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 1,254 | ' | 476 | ' | ' | ' |
Total loans collectively evaluated for impairment | 204,935 | ' | 187,466 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 2,036 | ' | 2,178 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 3,290 | 2,999 | 2,654 | 2,694 | 2,920 | 2,140 |
Loans receivable | Collateral | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 1,819 | ' | 2,086 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | ' | ' | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 388 | ' | 491 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 146,638 | ' | 142,056 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 1,429 | ' | 1,377 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 1,429 | 1,401 | 1,377 | 1,437 | 1,400 | 1,295 |
Loans receivable | Demand | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | ' | ' | 25 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | ' | ' | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 78 | ' | 65 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | ' | ' | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 1,288 | ' | 1,626 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | 1 | ' | ' | ' |
Total loans collectively evaluated for impairment | 8,561 | ' | 29,556 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 132 | ' | 455 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 132 | 170 | 456 | 883 | 1,447 | 1,787 |
Loans receivable | Unallocated | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment with unallocated | ' | ' | 22 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | ' | $22 | $184 | ' | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Summary of loan delinquencies at recorded investment (Details 4) (Loans receivable, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Loan | Loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 23 | 29 |
Loan receivable, recorded investment, 30 to 59 days past due | $3,451 | $4,667 |
Number of loan receivable recorded investment 60 to 89 days past due | 5 | 10 |
Loan receivable, recorded investment, 60 to 89 days past due | 1,307 | 2,172 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 33 | 32 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 10,274 | 10,224 |
Number of loan receivable recorded investment past due | 61 | 71 |
Loan receivable, recorded investment, past due | 15,032 | 17,063 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 14 | 17 |
Loan receivable, recorded investment, 30 to 59 days past due | 2,793 | 3,080 |
Number of loan receivable recorded investment 60 to 89 days past due | 4 | 6 |
Loan receivable, recorded investment, 60 to 89 days past due | 1,297 | 1,663 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 20 | 16 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 8,314 | 7,803 |
Number of loan receivable recorded investment past due | 38 | 39 |
Loan receivable, recorded investment, past due | 12,404 | 12,546 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Real estate Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 1 | ' |
Loan receivable, recorded investment, 30 to 59 days past due | 126 | ' |
Number of loan receivable recorded investment 60 to 89 days past due | ' | 1 |
Loan receivable, recorded investment, 60 to 89 days past due | ' | 349 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 2 | 2 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 920 | 925 |
Number of loan receivable recorded investment past due | 3 | 3 |
Loan receivable, recorded investment, past due | 1,046 | 1,274 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Real estate Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | ' | ' |
Loan receivable, recorded investment, 30 to 59 days past due | ' | ' |
Number of loan receivable recorded investment 60 to 89 days past due | ' | ' |
Loan receivable, recorded investment, 60 to 89 days past due | ' | ' |
Number of loan receivable recorded investment equal to greater than 90 days past due | 1 | 1 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 187 | 419 |
Number of loan receivable recorded investment past due | 1 | 1 |
Loan receivable, recorded investment, past due | 187 | 419 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Installment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 1 | 1 |
Loan receivable, recorded investment, 30 to 59 days past due | 19 | 14 |
Number of loan receivable recorded investment 60 to 89 days past due | ' | ' |
Loan receivable, recorded investment, 60 to 89 days past due | ' | ' |
Number of loan receivable recorded investment equal to greater than 90 days past due | 2 | 2 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 47 | 73 |
Number of loan receivable recorded investment past due | 3 | 3 |
Loan receivable, recorded investment, past due | 66 | 87 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 1 | 2 |
Loan receivable, recorded investment, 30 to 59 days past due | 274 | 1,435 |
Number of loan receivable recorded investment 60 to 89 days past due | 1 | 1 |
Loan receivable, recorded investment, 60 to 89 days past due | 10 | 66 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 5 | 6 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 583 | 585 |
Number of loan receivable recorded investment past due | 7 | 9 |
Loan receivable, recorded investment, past due | 867 | 2,086 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 3 | 7 |
Loan receivable, recorded investment, 30 to 59 days past due | 13 | 57 |
Number of loan receivable recorded investment 60 to 89 days past due | ' | ' |
Loan receivable, recorded investment, 60 to 89 days past due | ' | ' |
Number of loan receivable recorded investment equal to greater than 90 days past due | ' | ' |
Loan receivable, recorded investment, equal to greater than 90 days past due | ' | ' |
Number of loan receivable recorded investment past due | 3 | 7 |
Loan receivable, recorded investment, past due | 13 | 57 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 2 | 1 |
Loan receivable, recorded investment, 30 to 59 days past due | 218 | 75 |
Number of loan receivable recorded investment 60 to 89 days past due | ' | 2 |
Loan receivable, recorded investment, 60 to 89 days past due | ' | 94 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 3 | 3 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 223 | 379 |
Number of loan receivable recorded investment past due | 5 | 6 |
Loan receivable, recorded investment, past due | 441 | 548 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Demand | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 1 | 1 |
Loan receivable, recorded investment, 30 to 59 days past due | 8 | 6 |
Number of loan receivable recorded investment 60 to 89 days past due | ' | ' |
Loan receivable, recorded investment, 60 to 89 days past due | ' | ' |
Number of loan receivable recorded investment equal to greater than 90 days past due | ' | 2 |
Loan receivable, recorded investment, equal to greater than 90 days past due | ' | 40 |
Number of loan receivable recorded investment past due | 1 | 3 |
Loan receivable, recorded investment, past due | 8 | 46 |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Revolving credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | ' | ' |
Loan receivable, recorded investment, 30 to 59 days past due | ' | ' |
Number of loan receivable recorded investment 60 to 89 days past due | ' | ' |
Loan receivable, recorded investment, 60 to 89 days past due | ' | ' |
Number of loan receivable recorded investment equal to greater than 90 days past due | ' | ' |
Loan receivable, recorded investment, equal to greater than 90 days past due | ' | ' |
Number of loan receivable recorded investment past due | ' | ' |
Loan receivable, recorded investment, past due | ' | ' |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Resort | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | ' | ' |
Loan receivable, recorded investment, 30 to 59 days past due | ' | ' |
Number of loan receivable recorded investment 60 to 89 days past due | ' | ' |
Loan receivable, recorded investment, 60 to 89 days past due | ' | ' |
Number of loan receivable recorded investment equal to greater than 90 days past due | ' | ' |
Loan receivable, recorded investment, equal to greater than 90 days past due | ' | ' |
Number of loan receivable recorded investment past due | ' | ' |
Loan receivable, recorded investment, past due | ' | ' |
Loan receivable, recorded investment, 90 days past due and still accruing | ' | ' |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Nonperforming assets (Details 5) (Loans receivable, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | $13,887 | $13,782 |
Loans 90 days past due and still accruing | ' | ' |
Other real estate owned | 282 | 549 |
Total nonperforming assets | 14,169 | 14,331 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 9,729 | 9,194 |
Loans 90 days past due and still accruing | ' | ' |
Real estate Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 920 | 925 |
Loans 90 days past due and still accruing | ' | ' |
Real estate Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 187 | 419 |
Loans 90 days past due and still accruing | ' | ' |
Installment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 169 | 157 |
Loans 90 days past due and still accruing | ' | ' |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 2,292 | 2,351 |
Loans 90 days past due and still accruing | ' | ' |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 590 | 711 |
Loans 90 days past due and still accruing | ' | ' |
Demand | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | 25 |
Loans 90 days past due and still accruing | ' | ' |
Revolving credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Resort | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Summary of impaired loans (Details 6) (Loans receivable, USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | $27,398 | $10,085 |
Unpaid Principal Balance | 27,803 | 10,783 |
Average Recorded Investment | 15,473 | 15,037 |
Interest Income Recognized | 693 | 553 |
Cash-basis Interest Income Recognized | 686 | 536 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 15,189 | 26,772 |
Unpaid Principal Balance | 16,353 | 27,269 |
Related Allowance | 1,643 | 949 |
Average Recorded Investment | 23,213 | 22,535 |
Interest Income Recognized | 393 | 1,014 |
Cash-basis Interest Income Recognized | 392 | 992 |
Total Recorded Investment | 42,587 | 36,857 |
Total Unpaid Principal Balance | 44,156 | 38,052 |
Total Related Allowance | 1,643 | 949 |
Total Average Recorded Investment | 38,686 | 37,572 |
Total Interest Income Recognized | 1,086 | 1,567 |
Total Cash-basis Interest Income Recognized | 1,078 | 1,528 |
Real estate Residential | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 5,630 | 4,061 |
Unpaid Principal Balance | 6,140 | 4,495 |
Average Recorded Investment | 4,974 | 3,929 |
Interest Income Recognized | 16 | 10 |
Cash-basis Interest Income Recognized | 12 | 10 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 5,590 | 6,634 |
Unpaid Principal Balance | 6,019 | 6,882 |
Related Allowance | 324 | 340 |
Average Recorded Investment | 6,199 | 6,864 |
Interest Income Recognized | 43 | 78 |
Cash-basis Interest Income Recognized | 43 | 68 |
Real estate Commercial | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 16,238 | 2,787 |
Unpaid Principal Balance | 15,733 | 2,973 |
Average Recorded Investment | 6,776 | 6,048 |
Interest Income Recognized | 540 | 315 |
Cash-basis Interest Income Recognized | 538 | 304 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 5,111 | 14,759 |
Unpaid Principal Balance | 5,799 | 14,753 |
Related Allowance | 56 | 126 |
Average Recorded Investment | 11,614 | 11,594 |
Interest Income Recognized | 256 | 818 |
Cash-basis Interest Income Recognized | 255 | 814 |
Real estate Construction | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | 760 |
Unpaid Principal Balance | ' | 761 |
Average Recorded Investment | ' | 592 |
Interest Income Recognized | ' | 18 |
Cash-basis Interest Income Recognized | ' | 18 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 187 | 419 |
Unpaid Principal Balance | 433 | 664 |
Related Allowance | ' | 6 |
Average Recorded Investment | 303 | 226 |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Installment | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 7 | ' |
Unpaid Principal Balance | 7 | ' |
Average Recorded Investment | 5 | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 28 | 7 |
Unpaid Principal Balance | 28 | 7 |
Related Allowance | 9 | ' |
Average Recorded Investment | 22 | 4 |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Commercial | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 5,135 | 1,986 |
Unpaid Principal Balance | 5,415 | 1,985 |
Average Recorded Investment | 3,238 | 3,918 |
Interest Income Recognized | 137 | 184 |
Cash-basis Interest Income Recognized | 136 | 178 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 2,985 | 3,327 |
Unpaid Principal Balance | 2,787 | 3,339 |
Related Allowance | 1,254 | 476 |
Average Recorded Investment | 3,978 | 2,111 |
Interest Income Recognized | 54 | 86 |
Cash-basis Interest Income Recognized | 54 | 78 |
Collateral | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Home equity line of credit | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 388 | 491 |
Unpaid Principal Balance | 508 | 569 |
Average Recorded Investment | 480 | 494 |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Demand | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Revolving credit | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Average Recorded Investment | ' | ' |
Interest Income Recognized | ' | ' |
Cash-basis Interest Income Recognized | ' | ' |
Resort | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Average Recorded Investment | ' | 56 |
Interest Income Recognized | ' | 26 |
Cash-basis Interest Income Recognized | ' | 26 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 1,288 | 1,626 |
Unpaid Principal Balance | 1,287 | 1,624 |
Related Allowance | ' | 1 |
Average Recorded Investment | 1,097 | 1,736 |
Interest Income Recognized | 40 | 32 |
Cash-basis Interest Income Recognized | $40 | $32 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Information modified in a troubled debt restructuring (Details 7) (Loans receivable, USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Loan | Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 27 | 27 |
TDRs on Accrual Status of Recorded Investment | $19,052 | $22,124 |
Number of TDRs on Nonaccrual Status of Loans | 14 | 13 |
TDRs on Nonaccrual Status of Recorded Investment | 7,106 | 7,550 |
Number of Total TDRs of Loans | 41 | 40 |
Total TDRs of Recorded Investment | 26,158 | 29,674 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 4 | 3 |
TDRs on Accrual Status of Recorded Investment | 1,185 | 1,068 |
Number of TDRs on Nonaccrual Status of Loans | 6 | 6 |
TDRs on Nonaccrual Status of Recorded Investment | 4,908 | 5,264 |
Number of Total TDRs of Loans | 10 | 9 |
Total TDRs of Recorded Investment | 6,093 | 6,332 |
Real estate Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 12 | 12 |
TDRs on Accrual Status of Recorded Investment | 11,621 | 16,381 |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | 12 | 12 |
Total TDRs of Recorded Investment | 11,621 | 16,381 |
Real estate Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | ' | 2 |
TDRs on Accrual Status of Recorded Investment | ' | 999 |
Number of TDRs on Nonaccrual Status of Loans | 1 | 1 |
TDRs on Nonaccrual Status of Recorded Investment | 187 | 419 |
Number of Total TDRs of Loans | 1 | 3 |
Total TDRs of Recorded Investment | 187 | 1,418 |
Installment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 2 | 1 |
TDRs on Accrual Status of Recorded Investment | 35 | 7 |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | 2 | 1 |
Total TDRs of Recorded Investment | 35 | 7 |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 7 | 7 |
TDRs on Accrual Status of Recorded Investment | 4,923 | 2,043 |
Number of TDRs on Nonaccrual Status of Loans | 5 | 6 |
TDRs on Nonaccrual Status of Recorded Investment | 1,814 | 1,867 |
Number of Total TDRs of Loans | 12 | 13 |
Total TDRs of Recorded Investment | 6,737 | 3,910 |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | ' | ' |
TDRs on Accrual Status of Recorded Investment | ' | ' |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | ' | ' |
Total TDRs of Recorded Investment | ' | ' |
Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | ' | ' |
TDRs on Accrual Status of Recorded Investment | ' | ' |
Number of TDRs on Nonaccrual Status of Loans | 2 | ' |
TDRs on Nonaccrual Status of Recorded Investment | 197 | ' |
Number of Total TDRs of Loans | 2 | ' |
Total TDRs of Recorded Investment | 197 | ' |
Demand | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | ' | ' |
TDRs on Accrual Status of Recorded Investment | ' | ' |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | ' | ' |
Total TDRs of Recorded Investment | ' | ' |
Revolving credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | ' | ' |
TDRs on Accrual Status of Recorded Investment | ' | ' |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | ' | ' |
Total TDRs of Recorded Investment | ' | ' |
Resort | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 2 | 2 |
TDRs on Accrual Status of Recorded Investment | 1,288 | 1,626 |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | 2 | 2 |
Total TDRs of Recorded Investment | $1,288 | $1,626 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Recorded investment and number of modifications for modified loans (Details 8) (Loans receivable, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Loan | Loan | Loan | Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 1 | 6 | 17 | 20 | ||||
Recorded Investment Prior to Modification | $51 | $2,192 | $8,484 | $13,198 | ||||
Recorded Investment After Modification | 52 | [1] | 2,186 | [1] | 8,705 | [1] | 12,872 | [1] |
Real estate Residential | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 3 | 2 | ||||
Recorded Investment Prior to Modification | ' | ' | 588 | 579 | ||||
Recorded Investment After Modification | ' | [1] | ' | [1] | 569 | [1] | 571 | [1] |
Real estate Commercial | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | 2 | 2 | 7 | ||||
Recorded Investment Prior to Modification | ' | 844 | 1,725 | 9,149 | ||||
Recorded Investment After Modification | ' | [1] | 844 | [1] | 1,713 | [1] | 9,130 | [1] |
Real estate Construction | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 1 | 1 | ||||
Recorded Investment Prior to Modification | ' | ' | 187 | 242 | ||||
Recorded Investment After Modification | ' | [1] | ' | [1] | 187 | [1] | 240 | [1] |
Installment | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 2 | 1 | ||||
Recorded Investment Prior to Modification | ' | ' | 36 | 7 | ||||
Recorded Investment After Modification | ' | [1] | ' | [1] | 35 | [1] | 7 | [1] |
Commercial | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 1 | 4 | 7 | 9 | ||||
Recorded Investment Prior to Modification | 51 | 1,348 | 5,704 | 3,221 | ||||
Recorded Investment After Modification | 52 | [1] | 1,342 | [1] | 6,004 | [1] | 2,924 | [1] |
Home equity line of credit | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 2 | ' | ||||
Recorded Investment Prior to Modification | ' | ' | 244 | ' | ||||
Recorded Investment After Modification | ' | [1] | ' | $197 | [1] | ' | ||
[1] | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. |
Recovered_Sheet2
Loans and Allowance for Loan Losses - TDR loans (Details 9) (Loans receivable, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Loan | Loan | Loan | Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 1 | 6 | 17 | 20 | ||||
Extended Maturity | ' | $2,186 | $7,426 | $5,596 | ||||
Adjusted Interest Rates | ' | ' | ' | 3,422 | ||||
Combination of Rate and Maturity | ' | ' | 277 | 166 | ||||
Other | 52 | ' | 1,002 | 3,688 | ||||
Recorded Investment After Modification | 52 | [1] | 2,186 | [1] | 8,705 | [1] | 12,872 | [1] |
Real estate Residential | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 3 | 2 | ||||
Extended Maturity | ' | ' | ' | ' | ||||
Adjusted Interest Rates | ' | ' | ' | 114 | ||||
Combination of Rate and Maturity | ' | ' | 228 | ' | ||||
Other | ' | ' | 341 | 457 | ||||
Recorded Investment After Modification | ' | [1] | ' | [1] | 569 | [1] | 571 | [1] |
Real estate Commercial | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | 2 | 2 | 7 | ||||
Extended Maturity | ' | 844 | 1,577 | 2,598 | ||||
Adjusted Interest Rates | ' | ' | ' | 3,301 | ||||
Combination of Rate and Maturity | ' | ' | ' | ' | ||||
Other | ' | ' | 136 | 3,231 | ||||
Recorded Investment After Modification | ' | [1] | 844 | [1] | 1,713 | [1] | 9,130 | [1] |
Real estate Construction | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 1 | 1 | ||||
Extended Maturity | ' | ' | ' | 240 | ||||
Adjusted Interest Rates | ' | ' | ' | ' | ||||
Combination of Rate and Maturity | ' | ' | ' | ' | ||||
Other | ' | ' | 187 | ' | ||||
Recorded Investment After Modification | ' | [1] | ' | [1] | 187 | [1] | 240 | [1] |
Installment | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 2 | 1 | ||||
Extended Maturity | ' | ' | ' | ' | ||||
Adjusted Interest Rates | ' | ' | ' | 7 | ||||
Combination of Rate and Maturity | ' | ' | 35 | ' | ||||
Other | ' | ' | ' | ' | ||||
Recorded Investment After Modification | ' | [1] | ' | [1] | 35 | [1] | 7 | [1] |
Commercial | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 1 | 4 | 7 | 9 | ||||
Extended Maturity | ' | 1,342 | 5,849 | 2,758 | ||||
Adjusted Interest Rates | ' | ' | ' | ' | ||||
Combination of Rate and Maturity | ' | ' | ' | 166 | ||||
Other | 52 | ' | 155 | ' | ||||
Recorded Investment After Modification | 52 | [1] | 1,342 | [1] | 6,004 | [1] | 2,924 | [1] |
Home equity line of credit | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | 2 | ' | ||||
Extended Maturity | ' | ' | ' | ' | ||||
Adjusted Interest Rates | ' | ' | ' | ' | ||||
Combination of Rate and Maturity | ' | ' | 14 | ' | ||||
Other | ' | ' | 183 | ' | ||||
Recorded Investment After Modification | ' | [1] | ' | $197 | [1] | ' | ||
[1] | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. |
Recovered_Sheet3
Loans and Allowance for Loan Losses - Loans modified as TDR (Details 10) (Loans Receivable, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | ||
Loan | Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Number of Loans | 4 | 4 | ||
Recorded Investment | $1,225 | [1] | $1,225 | [1] |
Real Estate Residential | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Number of Loans | 1 | 1 | ||
Recorded Investment | 1,115 | [1] | 1,115 | [1] |
Commercial | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Number of Loans | 3 | 3 | ||
Recorded Investment | $110 | [1] | $110 | [1] |
[1] | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. |
Recovered_Sheet4
Loans and Allowance for Loan Losses - Risk rating (Details 11) (Loans receivable, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,727,011 | $1,534,021 |
Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,658,504 | 1,452,201 |
Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 15,855 | 38,991 |
Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 50,993 | 42,540 |
Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,659 | 289 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 674,804 | 620,991 |
Real estate Residential | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 662,100 | 606,998 |
Real estate Residential | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,386 | 2,425 |
Real estate Residential | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 11,318 | 11,568 |
Real estate Residential | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Real estate Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 585,628 | 473,788 |
Real estate Commercial | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 557,671 | 434,183 |
Real estate Commercial | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 8,235 | 24,902 |
Real estate Commercial | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 19,722 | 14,703 |
Real estate Commercial | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Real estate Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 90,033 | 64,362 |
Real estate Construction | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 83,843 | 60,293 |
Real estate Construction | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 770 |
Real estate Construction | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 6,190 | 3,299 |
Real estate Construction | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Installment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4,671 | 6,719 |
Installment | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4,401 | 6,481 |
Installment | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 48 | 53 |
Installment | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 222 | 185 |
Installment | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 213,103 | 192,210 |
Commercial | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 194,925 | 171,776 |
Commercial | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 5,183 | 10,125 |
Commercial | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 11,336 | 10,020 |
Commercial | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,659 | 289 |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,819 | 2,086 |
Collateral | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,811 | 2,086 |
Collateral | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Collateral | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 8 | ' |
Collateral | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 147,026 | 142,543 |
Home equity line of credit | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 145,113 | 140,723 |
Home equity line of credit | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,003 | 704 |
Home equity line of credit | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 910 | 1,116 |
Home equity line of credit | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Demand | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 25 |
Demand | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Demand | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Demand | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 25 |
Demand | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Revolving credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 78 | 65 |
Revolving credit | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 78 | 65 |
Revolving credit | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Revolving credit | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Revolving credit | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Resort | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,849 | 31,232 |
Resort | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 8,562 | 29,596 |
Resort | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 12 |
Resort | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,287 | 1,624 |
Resort | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Recovered_Sheet5
Loans and Allowance for Loan Losses (Detail Textuals) (Loans Receivable, USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Loan | |||
Loans Receivable | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Recorded investment balance of TDRs approximated | $26,158,000 | ' | $29,674,000 |
TDRs on accrual status | 19,052,000 | ' | 22,124,000 |
TDRs on nonaccrual status | 7,106,000 | ' | 7,550,000 |
Percentage of accuring TDRs | 100.00% | ' | ' |
Allowance for loan losses included specific reserves | 1,600,000 | ' | 889,000 |
Bank had charge-offs totaling | 293,000 | 271,000 | ' |
Additional funds available to borrowers in TDR status | 402,000 | ' | 872,000 |
Number of loan reviews undertaken by consulting firms | 2 | ' | ' |
Threshold for percentage of market penetration for specified segment in loans of total lendings | 65.00% | ' | ' |
Related party loans | $604,000 | ' | $716,000 |
Credit_Arrangements_Detail_Tex
Credit Arrangements (Detail Textuals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Balance with bank | $262,500 | $262,500 |
Federal Home Loan Bank Of Boston | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Pre-approved line of credit | 8,800,000 | 8,800,000 |
Federal Home Loan Bank Of Boston | Unsecured Line Of Credit With Bank One | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Pre-approved line of credit | 20,000,000 | 20,000,000 |
Federal Home Loan Bank Of Boston | Unsecured Line Of Credit With Bank Two | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Amount under unsecured line of credit agreement | $3,500,000 | $3,500,000 |
Credit_Arrangements_Detail_Tex1
Credit Arrangements (Detail Textuals 1) (Discount Window Loan Collateral Program, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Discount Window Loan Collateral Program | ' | ' |
Line Of Program [Line Items] | ' | ' |
Amount borrowed through Federal Reserve Bank's discount window loan collateral program | $82.10 | $93.90 |
Pledged commercial real estate loans | $127.30 | $145.80 |
Credit_Arrangements_Detail_Tex2
Credit Arrangements (Detail Textuals 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLBB advances | $104,000,000 | $128,000,000 |
Federal Home Loan Bank Of Boston | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLBB advances | 104,000,000 | 128,000,000 |
Collateral value first mortgage loans | 659,200,000 | 602,200,000 |
Line of credit facility, remaining borrowing capacity | $312,500,000 | $294,300,000 |
Minimum percent of aggregate principal amount of unpaid residential mortgage loans for acquiring shares in FHLBB | 0.35% | ' |
Maximum percent of advances (borrowings) from the FHLBB to acquire shares in FHLBB | 4.50% | ' |
Credit_Arrangements_Detail_Tex3
Credit Arrangements (Detail Textuals 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Repurchase liabilities | $50,432,000 | $54,187,000 |
US Treasury Bill Securities | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Treasury bill securities with a fair value | 24,000,000 | ' |
Cash for securing repurchase agreement | 451,000 | ' |
Outstanding borrowings | 21,000,000 | 21,000,000 |
Repurchase liabilities | 50,400,000 | 54,200,000 |
Market value of investment for securing repurchase liability | $60,200,000 | $84,300,000 |
Deposits_Summary_Details
Deposits - Summary (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Noninterest-bearing demand deposits | $278,275 | $247,586 |
Interest-bearing | ' | ' |
NOW accounts | 339,350 | 227,205 |
Money market | 386,682 | 317,030 |
Savings accounts | 187,040 | 179,290 |
Time deposits | 359,280 | 359,344 |
Total interest-bearing deposits | 1,272,352 | 1,082,869 |
Total deposits | $1,550,627 | $1,330,455 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans - Components of net periodic pension and benefit costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | $125 | ' | $375 |
Interest cost | 238 | 271 | 714 | 815 |
Expected return on plan assets | -284 | -259 | -851 | -777 |
Amortization: | ' | ' | ' | ' |
Loss | 144 | 169 | 430 | 507 |
Prior service cost | ' | -31 | ' | -94 |
Net periodic benefit cost | 98 | 275 | 293 | 826 |
Other Postretirement Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 25 | 16 | 76 | 46 |
Interest cost | 32 | 35 | 96 | 103 |
Expected return on plan assets | ' | ' | ' | ' |
Amortization: | ' | ' | ' | ' |
Loss | 11 | ' | 32 | ' |
Prior service cost | -13 | -12 | -38 | -36 |
Net periodic benefit cost | $55 | $39 | $166 | $113 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans - Shares held by the ESOP (Details 1) | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
Allocated | 190,722 |
Committed to be released | 71,325 |
Unallocated | 1,168,369 |
Total shares held by the ESOP | 1,430,416 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans (Detail Textuals) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Qualified Defined Benefit Plan | ||
Forecast | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Reduction in pension and defined post retirement benefit expenses | $1.50 | ' |
Company's contribution to qualified defined benefit plan | ' | $1.40 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans (Detail Textuals 1) (Farmington Bank, USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Term of loan for annual payments of interest and principal | '15 years | ' |
Outstanding balance of Loan provided by the company to purchase common stock | $14,800,000 | ' |
Interest rate of outstanding balance of Loan provided by the company to purchase common stock | 4.25% | ' |
ESOP compensation expense | 1,000,000 | 935,000 |
Fair value of unallocated ESOP shares | $17,200,000 | ' |
Employee Stock Ownership Plan (ESOP) | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Loan provided by the company to purchase common stock (in shares) | 1,430,416 | ' |
Stock_Incentive_Plan_Weighteda
Stock Incentive Plan - Weighted-average estimated fair values of stock option grants (Details) (Stock options, USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted per share average fair value of options granted | $3.86 | $3.50 |
Risk-free interest rate | 1.53% | 0.82% |
Expected volatility | 31.36% | 33.69% |
Expected dividend yield | 1.70% | 1.78% |
Expected life of options granted | '6 years | '6 years |
Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average dividend yield | 0.80% | 0.86% |
Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average dividend yield | 2.71% | 2.89% |
Stock_Incentive_Plan_Summary_o
Stock Incentive Plan - Summary of stock option activity (Details 1) (Stock options, USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Stock options | ' |
Number of Stock Options | ' |
Outstanding at December 31, 2012 | 1,696,357 |
Granted | 26,750 |
Exercised | -1,050 |
Forfeited | -2,400 |
Outstanding at September 30, 2013 | 1,719,657 |
Exercisable at September 30, 2013 | 734,350 |
Weighted-Average Exercise Price | ' |
Outstanding at December 31, 2012 | $12.95 |
Granted | $14.48 |
Exercised | $12.95 |
Forfeited | $12.95 |
Outstanding at September 30, 2013 | $12.97 |
Weighted-average remaining contractual term (in years) | '8 years 6 months 4 days |
Aggregate intrinsic value | $2,953 |
Method used | 'Black-Scholes option pricing model |
Stock_Incentive_Plan_Summary_o1
Stock Incentive Plan - Summary of status of restricted stock (Details 2) (Restricted Stock, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock | ' |
Number of Restricted Stock | ' |
Unvested at December 31, 2012 | 572,167 |
Granted | ' |
Vested | -171,842 |
Forfeited | ' |
Outstanding at September 30, 2013 | 400,325 |
Weighted-Average Grant Date Fair Value | ' |
Unvested at December 31, 2012 | $12.95 |
Granted | ' |
Vested | $12.95 |
Forfeited | ' |
Unvested at September 30, 2013 | $12.95 |
Stock_Incentive_Plan_Detail_Te
Stock Incentive Plan (Detail Textuals) (2012 Stock Incentive Plan, USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | ' | ' | ' | ' | 2,503,228 |
Share-based compensation expense | $750,000 | $3,300,000 | $2,900,000 | $3,300,000 | ' |
Stock options | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Percentage of options vested immediately | ' | ' | 20.00% | ' | ' |
Percentage of options vested at each annual anniversary of the grant date | ' | ' | 20.00% | ' | ' |
Expiry term of stock options | ' | ' | '10 years | ' | ' |
Share-based compensation expense | 314,000 | 1,300,000 | 1,100,000 | 1,300,000 | ' |
Expected future compensation expense | ' | ' | 3,400,000 | ' | ' |
Number of non-vested options outstanding | 985,307 | ' | 985,307 | ' | ' |
Remaining vesting period of non-vested options | ' | ' | '2 years 11 months 12 days | ' | ' |
Restricted Stock | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | ' | ' | ' | ' | 715,208 |
Percentage of options vested immediately | ' | ' | 20.00% | ' | ' |
Percentage of options vested at each annual anniversary of the grant date | ' | ' | 20.00% | ' | ' |
Share-based compensation expense | 436,000 | 2,000,000 | 1,700,000 | 2,000,000 | ' |
Expected future compensation expense | ' | ' | $5,100,000 | ' | ' |
Number of non-vested options outstanding | 400,325 | ' | 400,325 | ' | ' |
Remaining vesting period of non-vested options | ' | ' | '2 years 11 months 5 days | ' | ' |
Non Qualified Stock Options | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | ' | ' | ' | ' | 1,788,020 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Not designated outstanding interest rate swaps (Details) (Not Designated as Hedging Instrument, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Derivative_Instrument | Derivative_Instrument |
Other Assets | Commercial loan customer interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of instruments | 30 | 35 |
Notional amount | $96,913 | $105,828 |
Estimated fair values | 4,366 | 8,379 |
Other Liabilities | Commercial loan customer interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of instruments | 14 | 2 |
Notional amount | 53,197 | 7,731 |
Estimated fair values | -2,116 | -24 |
Other Liabilities | Counterparty interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of instruments | 44 | 37 |
Notional amount | 150,110 | 113,559 |
Estimated fair values | ($2,250) | ($8,355) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Changes in the fair value of non-hedge accounting derivatives (Details 1) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ' | ' | ' | ' |
Interest Income | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ' | ' | ' | ' |
MTM (Loss) Gain | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ' | ' | ' | ' |
Commercial loan customer interest rate swap position | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | -779 | 1,262 | -6,236 | 4,045 |
Commercial loan customer interest rate swap position | Interest Income | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | -835 | 642 | -2,223 | 1,763 |
Commercial loan customer interest rate swap position | MTM (Loss) Gain | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | 56 | 620 | -4,013 | 2,282 |
Counterparty interest rate swap position | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | 779 | -1,262 | 6,236 | -4,045 |
Counterparty interest rate swap position | Interest Income | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | 835 | -642 | 2,223 | -1,763 |
Counterparty interest rate swap position | MTM (Loss) Gain | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ($56) | ($620) | $4,013 | ($2,282) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Detail Textuals) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Long term commercial loan | $1 |
Mortgage-backed securities outstanding rate locks totaled | 17.3 |
Sell residential mortgage-backed securities totaled | 19.7 |
Forward sales contract | $13.10 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | $454,151 | $369,773 |
Approved loan commitments | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 71,861 | 14,761 |
Unadvanced portion of construction loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 47,697 | 61,923 |
Unadvanced portion of resort loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 4,959 | 2,768 |
Unused lines for home equity loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 160,716 | 146,078 |
Unused revolving lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 362 | 402 |
Unused commercial letters of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 3,840 | 8,462 |
Unused commercial lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | $164,716 | $135,379 |
Financial_Instruments_with_Off3
Financial Instruments with Off-Balance Sheet Risk (Detail Textuals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk, valuation allowance | $419,000 | $394,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Securities available-for-sale, at fair value | $120,382 | $138,241 |
Fair value measurements recurring | Estimated Fair Value | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 120,382 | 138,481 |
Total Assets | 125,131 | 147,348 |
Liabilities | ' | ' |
Derivative Liabilities | 4,581 | 8,379 |
Total Liabilities | 4,581 | 8,379 |
Fair value measurements recurring | Estimated Fair Value | U.S. Treasury obligations | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 101,004 | 118,980 |
Fair value measurements recurring | Estimated Fair Value | Government sponsored residential mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 10,896 | 10,603 |
Fair value measurements recurring | Estimated Fair Value | Corporate debt securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 3,113 | 3,153 |
Fair value measurements recurring | Estimated Fair Value | Preferred equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 1,696 | 1,786 |
Fair value measurements recurring | Estimated Fair Value | Marketable equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 140 | 372 |
Fair value measurements recurring | Estimated Fair Value | Mutual funds | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 3,533 | 3,587 |
Fair value measurements recurring | Estimated Fair Value | Interest rate swap derivative | ' | ' |
Assets | ' | ' |
Derivative Assets | 4,366 | 8,379 |
Liabilities | ' | ' |
Derivative Liabilities | 4,366 | 8,379 |
Fair value measurements recurring | Estimated Fair Value | Derivative loan commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | 383 | 450 |
Fair value measurements recurring | Estimated Fair Value | Forward loan sales commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | 38 |
Liabilities | ' | ' |
Derivative Liabilities | 215 | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 101,144 | 119,112 |
Total Assets | 101,144 | 119,112 |
Liabilities | ' | ' |
Derivative Liabilities | ' | ' |
Total Liabilities | ' | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury obligations | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 101,004 | 118,980 |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government sponsored residential mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 140 | 132 |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swap derivative | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | ' |
Liabilities | ' | ' |
Derivative Liabilities | ' | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative loan commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | ' |
Fair value measurements recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Forward loan sales commitments | ' | ' |
Liabilities | ' | ' |
Derivative Liabilities | ' | ' |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 19,238 | 19,369 |
Total Assets | 23,604 | 27,748 |
Liabilities | ' | ' |
Derivative Liabilities | 4,366 | 8,379 |
Total Liabilities | 4,366 | 8,379 |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | U.S. Treasury obligations | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Government sponsored residential mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 10,896 | 10,603 |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Corporate debt securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 3,113 | 3,153 |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Preferred equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 1,696 | 1,786 |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Marketable equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | 240 |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Mutual funds | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | 3,533 | 3,587 |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Interest rate swap derivative | ' | ' |
Assets | ' | ' |
Derivative Assets | 4,366 | 8,379 |
Liabilities | ' | ' |
Derivative Liabilities | 4,366 | 8,379 |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Derivative loan commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | ' |
Fair value measurements recurring | Significant Observable Inputs (Level 2) | Forward loan sales commitments | ' | ' |
Liabilities | ' | ' |
Derivative Liabilities | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Total Assets | 383 | 488 |
Liabilities | ' | ' |
Derivative Liabilities | 215 | ' |
Total Liabilities | 215 | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury obligations | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Government sponsored residential mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Preferred equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Marketable equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Mutual funds | ' | ' |
Assets | ' | ' |
Securities available-for-sale, at fair value | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Interest rate swap derivative | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | ' |
Liabilities | ' | ' |
Derivative Liabilities | ' | ' |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Derivative loan commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | 383 | 450 |
Fair value measurements recurring | Significant Unobservable Inputs (Level 3) | Forward loan sales commitments | ' | ' |
Assets | ' | ' |
Total Assets | ' | 38 |
Liabilities | ' | ' |
Derivative Liabilities | $215 | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional information about assets measured at fair value (Details 1) (Fair value measurements recurring, Significant Unobservable Inputs (Level 3), USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Securities Available-for-Sale | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, at beginning of period | ' | $37 | ' | $42 |
Paydowns | ' | -37 | ' | -42 |
Total gains (losses) - (realized/unrealized) | ' | ' | ' | ' |
Included in earnings | ' | ' | ' | ' |
Balance, at the end of period | ' | ' | ' | ' |
Derivative and Forward Loan Sales Commitments, Net | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, at beginning of period | 491 | 124 | 488 | -44 |
Paydowns | ' | ' | ' | ' |
Total gains (losses) - (realized/unrealized) | ' | ' | ' | ' |
Included in earnings | -323 | 9 | -320 | 177 |
Balance, at the end of period | $168 | $133 | $168 | $133 |
Fair_Value_Measurements_Valuat
Fair Value Measurements - Valuation methodology and unobservable inputs for Level 3 assets measured at fair value on recurring basis(Details 2) (Significant Unobservable Inputs (Level 3), Fair value Measurements Recurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Derivative and Forward Loan Sales Commitments, Net | ||
Discounted cash flows | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Fair Value | $383 | $488 | $168 |
Fair Value Range of Input embedded servicing value Percent | ' | ' | 1.25% |
Fair Value Measurements, Valuation Methodology | ' | ' | 'Discounted cash flows |
Mortgage Serving Rights Percent Weighted Average Input | ' | ' | 1.25% |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details 3) (Fair value, measurements, nonrecurring, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Significant Observable Inputs (Level 2) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Impaired loans | 40,944 | 35,908 |
Other real estate owned | $282 | $549 |
Fair_Value_Measurements_Valuat1
Fair Value Measurements - Valuation methodology and unobservable inputs for Level 3 assets (Details 4) (Significant Unobservable Inputs (Level 3), Fair value, measurements, nonrecurring, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Mortgage servicing rights | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Fair Value | 3,260 |
Mortgage servicing rights | Discounted cash flows | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Prepayment speed | 8.80% |
Discount rate | 8.00% |
Fair Value Measurements, Valuation Methodology | 'Discounted cash flows |
Mortgage servicing rights | Discounted cash flows | Minimum | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Prepayment speed | 0.00% |
Mortgage servicing rights | Discounted cash flows | Maximum | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Prepayment speed | 29.00% |
Impaired loans | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Fair Value | 40,944 |
Impaired loans | Appraisals | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Discount for dated appraisal | 10.00% |
Discount for costs to sell | 11.50% |
Fair Value Measurements, Valuation Methodology | 'Appraisals |
Impaired loans | Appraisals | Minimum | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Discount for dated appraisal | 0.00% |
Discount for costs to sell | 8.00% |
Impaired loans | Appraisals | Maximum | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Discount for dated appraisal | 20.00% |
Discount for costs to sell | 15.00% |
Other real estate owned | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Fair Value | 282 |
Other real estate owned | Appraisals | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Discount for costs to sell | 9.00% |
Fair Value Measurements, Valuation Methodology | 'Appraisals |
Other real estate owned | Appraisals | Minimum | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Discount for costs to sell | 8.00% |
Other real estate owned | Appraisals | Maximum | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' |
Discount for costs to sell | 10.00% |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying amount, fair value of financial instruments (Details 5) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financial assets | ' | ' | ||
Securities held-to-maturity | $3,002 | $3,006 | ||
Securities available-for-sale | 120,382 | 138,241 | ||
Deposits | ' | ' | ||
Noninterest-bearing demand deposits | 278,275 | 247,586 | ||
NOW accounts | 339,350 | 227,205 | ||
Money market | 386,682 | 317,030 | ||
Savings accounts | 187,040 | 179,290 | ||
Time deposits | 359,280 | 359,344 | ||
FHLBB advances | 104,000 | 128,000 | ||
Repurchase agreement borrowings | 21,000 | 21,000 | ||
Repurchase liabilities | 50,432 | 54,187 | ||
Carrying Amount | ' | ' | ||
Financial assets | ' | ' | ||
Securities held-to-maturity | 3,002 | [1] | 3,006 | [1] |
Securities available-for-sale | 120,382 | 138,481 | ||
Loans | 1,727,011 | [2] | 1,534,021 | [2] |
Loans held for sale | 5,357 | [1] | 9,626 | [1] |
Mortgage servicing rights | 2,888 | [2] | 1,327 | [2] |
Federal Home Loan Bank of Boston stock | 8,383 | [1] | 8,939 | [1] |
Deposits | ' | ' | ||
Noninterest-bearing demand deposits | 278,275 | [3] | 247,586 | [3] |
NOW accounts | 339,350 | [3] | 227,205 | [3] |
Money market | 386,682 | [3] | 317,030 | [3] |
Savings accounts | 187,040 | [3] | 179,290 | [3] |
Time deposits | 359,280 | [1] | 359,344 | [1] |
FHLBB advances | 104,000 | [1] | 128,000 | [1] |
Repurchase agreement borrowings | 21,000 | [1] | 21,000 | [1] |
Repurchase liabilities | 50,432 | [1] | 54,187 | [1] |
Forward loan sales commitments assets | ' | ' | ||
Assets | ' | [2] | 38 | [2] |
Liabilities | 215 | [2] | ' | [2] |
Interest rate swap derivative liability: | ' | ' | ||
Assets | 4,366 | [1] | 8,379 | [1] |
Liabilities | 4,366 | [1] | 8,379 | [1] |
Derivative loan commitments | ' | ' | ||
Assets | 383 | [2] | 450 | [2] |
Estimated Fair Value | ' | ' | ||
Financial assets | ' | ' | ||
Securities held-to-maturity | 3,002 | [1] | 3,006 | [1] |
Securities available-for-sale | 120,382 | 138,481 | ||
Loans | 1,728,547 | [2] | 1,563,430 | [2] |
Loans held for sale | 5,523 | [1] | 9,833 | [1] |
Mortgage servicing rights | 3,260 | [2] | 1,709 | [2] |
Federal Home Loan Bank of Boston stock | 8,383 | [1] | 8,939 | [1] |
Deposits | ' | ' | ||
Noninterest-bearing demand deposits | 278,275 | [3] | 247,586 | [3] |
NOW accounts | 339,350 | [3] | 227,205 | [3] |
Money market | 386,682 | [3] | 317,030 | [3] |
Savings accounts | 187,040 | [3] | 179,290 | [3] |
Time deposits | 361,914 | [1] | 363,156 | [1] |
FHLBB advances | 105,040 | [1] | 130,062 | [1] |
Repurchase agreement borrowings | 22,281 | [1] | 22,819 | [1] |
Repurchase liabilities | 50,432 | [1] | 54,189 | [1] |
Forward loan sales commitments assets | ' | ' | ||
Assets | ' | [2] | 38 | [2] |
Liabilities | 215 | [2] | ' | [2] |
Interest rate swap derivative liability: | ' | ' | ||
Assets | 4,366 | [1] | 8,379 | [1] |
Liabilities | 4,366 | [1] | 8,379 | [1] |
Derivative loan commitments | ' | ' | ||
Assets | $383 | [2] | $450 | [2] |
[1] | Level 2 | |||
[2] | Level 3 | |||
[3] | Level 1 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail Textuals) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Securities Available for Sale | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Percentage of investment securities portfolio to estimate fair value measurements | 100.00% |
Impaired loans | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Minimum amount of impaired loans that are annually appraised | 250,000 |
Regulatory_Matters_Actual_capi
Regulatory Matters - Actual capital amounts and ratios (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk Weighted Assets) Actual Amount | $251,385 | $264,987 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 16.12% | 18.78% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 124,757 | 112,881 |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 155,946 | 141,101 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) Actual Amount | 233,288 | 247,364 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 14.96% | 17.53% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 62,376 | 56,444 |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 93,565 | 84,665 |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 6.00% | 6.00% |
Tier I Capital (to Average Assets) Actual Amount | 233,288 | 247,364 |
Tier I Capital (to Average Assets) Actual Ratio | 12.18% | 13.88% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 76,613 | 71,286 |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 95,767 | 89,108 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Farmington Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk Weighted Assets) Actual Amount | 206,960 | 203,344 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 13.29% | 14.44% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 124,581 | 112,656 |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 155,726 | 140,820 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) Actual Amount | 188,863 | 185,743 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 12.13% | 13.19% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 62,280 | 56,328 |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 93,419 | 84,493 |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 6.00% | 6.00% |
Tier I Capital (to Average Assets) Actual Amount | 188,863 | 185,743 |
Tier I Capital (to Average Assets) Actual Ratio | 9.88% | 10.44% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 76,463 | 71,166 |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | $95,578 | $88,957 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |