Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 03, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'First Connecticut Bancorp, Inc. | ' | ' |
Entity Central Index Key | '0001511198 | ' | ' |
Trading Symbol | 'fbnk | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-Known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock Shares Outstanding | ' | 16,710,351 | ' |
Entity Public Float | ' | ' | $222.10 |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $38,799 | $50,641 |
Securities held-to-maturity, at amortized cost | 12,983 | 3,006 |
Securities available-for-sale, at fair value | 150,886 | 138,241 |
Loans held for sale | 3,186 | 9,626 |
Loans, net | 1,800,987 | 1,520,170 |
Premises and equipment, net | 20,619 | 19,967 |
Federal Home Loan Bank of Boston stock, at cost | 13,136 | 8,939 |
Accrued income receivable | 4,917 | 4,415 |
Bank-owned life insurance | 38,556 | 37,449 |
Deferred income taxes | 14,884 | 15,541 |
Prepaid expenses and other assets | 11,075 | 15,158 |
Total assets | 2,110,028 | 1,823,153 |
Deposits | ' | ' |
Interest-bearing | 1,205,042 | 1,082,869 |
Noninterest-bearing | 308,459 | 247,586 |
Total Deposits | 1,513,501 | 1,330,455 |
Federal Home Loan Bank of Boston advances | 259,000 | 128,000 |
Repurchase agreement borrowings | 21,000 | 21,000 |
Repurchase liabilities | 50,816 | 54,187 |
Accrued expenses and other liabilities | 33,502 | 47,716 |
Total liabilities | 1,877,819 | 1,581,358 |
Commitments and contingencies (Note 20) | ' | ' |
Stockholders' Equity | ' | ' |
Common stock, $0.01 par value, 30,000,000 shares authorized; 18,035,335 shares issued and 16,457,642 shares outstanding at December 31, 2013 and 18,076,971 shares issued and 17,714,481 shares outstanding at December 31, 2012 | 181 | 181 |
Additional paid-in-capital | 175,766 | 172,386 |
Unallocated common stock held by ESOP | -13,747 | -14,806 |
Treasury stock, at cost (1,577,693 shares at December 31, 2013 and 362,490 shares at December 31, 2012) | -22,599 | -4,860 |
Retained earnings | 96,832 | 95,006 |
Accumulated other comprehensive loss | -4,224 | -6,112 |
Total stockholders' equity | 232,209 | 241,795 |
Total liabilities and stockholders' equity | $2,110,028 | $1,823,153 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parentheticals) (USD $) | Dec. 31, 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 | 16,457,642 | 17,714,481 |
Treasury stock, shares | 1,577,693 | 362,490 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Interest and fees on loans | ' | ' | ' | |||
Mortgage | $48,728 | $45,867 | $42,552 | |||
Other | 13,183 | 15,445 | 14,331 | |||
Interest and dividends on investments | ' | ' | ' | |||
United States Government and agency obligations | 478 | 939 | 1,373 | |||
Other bonds | 230 | 266 | 191 | |||
Corporate stocks | 252 | 275 | 275 | |||
Other interest income | 15 | 68 | 303 | |||
Total interest income | 62,886 | 62,860 | 59,025 | |||
Interest expense | ' | ' | ' | |||
Deposits | 7,182 | 6,691 | 7,665 | |||
Federal Home Loan Bank of Boston advances | 1,651 | 1,953 | 2,061 | |||
Repurchase agreement borrowings | 713 | 727 | 721 | |||
Repurchase liabilities | 187 | 257 | 379 | |||
Total interest expense | 9,733 | 9,628 | 10,826 | |||
Net interest income | 53,153 | 53,232 | 48,199 | |||
Provision for loan losses | 1,530 | 1,380 | 4,090 | |||
Net interest income after provision for loan losses | 51,623 | 51,852 | 44,109 | |||
Noninterest income | ' | ' | ' | |||
Fees for customer services | 4,559 | 3,714 | 3,355 | |||
Net gain on sale of investments | 340 | ' | 89 | |||
Net gain on loans sold | 4,825 | 3,151 | 671 | |||
Brokerage and insurance fee income | 150 | 123 | 189 | |||
Bank owned life insurance income | 1,316 | 1,537 | 725 | |||
Other | -178 | 736 | 496 | |||
Total noninterest income | 11,012 | 9,261 | 5,525 | |||
Noninterest expense | ' | ' | ' | |||
Salaries and employee benefits | 34,851 | 32,856 | 28,742 | |||
Occupancy expense | 4,722 | 4,491 | 4,534 | |||
Furniture and equipment expense | 4,079 | 4,381 | 4,047 | |||
FDIC assessment | 1,272 | 1,170 | 1,466 | |||
Marketing | 1,995 | 2,455 | 2,474 | |||
Contribution to Farmington Bank Community Foundation, Inc. | ' | ' | 6,877 | |||
Other operating expenses | 10,843 | 10,753 | 8,310 | |||
Total noninterest expense | 57,762 | 56,106 | 56,450 | |||
Income (loss) before income taxes | 4,873 | 5,007 | -6,816 | |||
Income tax expense (benefit) | 1,169 | 1,300 | -2,577 | |||
Net income (loss) | $3,704 | $3,707 | ($4,239) | |||
Net earnings (loss) per share (See Note 3): | ' | ' | ' | |||
Basic (in dollars per share) | $0.24 | [1] | $0.22 | [1] | ($0.29) | [1] |
Diluted (in dollars per share) | $0.24 | [1] | $0.22 | [1] | ($0.29) | [1] |
Dividends per share (in dollars per share) | $0.12 | $0.12 | $0.03 | |||
Pro forma net income (loss) per share : | ' | ' | ' | |||
Basic and Diluted (in dollars per share) | ' | [2] | ' | [2] | ($0.24) | [2] |
[1] | Net loss per share for the year ended December 31, 2011 reflects earnings for the period from June 29, 2011, the date the Company completed a Plan of Conversion and Reorganization to December 31, 2011. | |||||
[2] | Pro forma net loss per share assumes the Company's shares are outstanding for all periods prior to the completion of the Plan of Conversion and Reorganization on June 29, 2011. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income (Loss) and Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income (loss) | $3,704 | $3,707 | ($4,239) |
Unrealized losses on securities: | ' | ' | ' |
Unrealized holding losses arising during the year | -1,263 | -353 | -715 |
Less: reclassification adjustment for gains included in net income | 340 | ' | 89 |
Net change in unrealized losses | -923 | -353 | -626 |
Change related to employee benefit plans | 3,783 | -674 | -3,789 |
Other comprehensive income (loss), before tax | 2,860 | -1,027 | -4,415 |
Income tax expense (benefit) | 972 | -349 | -1,501 |
Other comprehensive income (loss), net of tax | 1,888 | -678 | -2,914 |
Comprehensive income (loss) | $5,592 | $3,029 | ($7,153) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (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, 2010 | ' | ' | ' | ' | $98,044 | ($2,520) | $95,524 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock for initial public offering, net of expenses of $4.1 million (Note 1) | 172 | 167,805 | ' | ' | ' | ' | 167,977 |
Issuance of common stock for initial public offering, net of expenses of $4.1 million (Note 1) (in shares) | 17,192,500 | ' | ' | ' | ' | ' | ' |
Issuance of common stock to Farmington Bank Community Foundation, Inc. including additional tax benefit due to higher basis for tax purposes | 7 | 7,123 | ' | ' | ' | ' | 7,130 |
Issuance of common stock to Farmington Bank Community Foundation, Inc. including additional tax benefit due to higher basis for tax purposes (in shares) | 687,700 | ' | ' | ' | ' | ' | ' |
Purchase of common stock for Employee Stock Ownership Plan ("ESOP") | ' | ' | -11,545 | ' | ' | ' | -11,545 |
ESOP shares released and committed to be released | ' | 47 | 1,055 | ' | ' | ' | 1,102 |
Cash dividend paid ($0.03, $0.12 and $0.12 per common share for 2011, 2012 and 2013, respectively) | ' | ' | ' | ' | -536 | ' | -536 |
Net income (loss) | ' | ' | ' | ' | -4,239 | ' | -4,239 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -2,914 | -2,914 |
Balance at Dec. 31, 2011 | 179 | 174,975 | -10,490 | ' | 93,269 | -5,434 | 252,499 |
Balance (in shares) at Dec. 31, 2011 | 17,880,200 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock for Employee Stock Ownership Plan ("ESOP") | ' | ' | -5,376 | ' | ' | ' | -5,376 |
ESOP shares released and committed to be released | ' | 203 | 1,060 | ' | ' | ' | 1,263 |
Additional tax benefit related to the issuance of common stock to the Farmington Bank Community Foundation, Inc. | ' | 18 | ' | ' | ' | ' | 18 |
Cash dividend paid ($0.03, $0.12 and $0.12 per common share for 2011, 2012 and 2013, respectively) | ' | ' | ' | ' | -1,970 | ' | -1,970 |
Treasury stock acquired | ' | ' | ' | -11,283 | ' | ' | -11,283 |
Treasury stock acquired (in shares) | -849,437 | ' | ' | ' | ' | ' | ' |
Treasury stock issued for restricted stock | ' | -6,423 | ' | 6,423 | ' | ' | ' |
Treasury stock issued for restricted stock (in shares) | 486,947 | ' | ' | ' | ' | ' | ' |
Issuance of common stock for restricted stock | 2 | -2 | ' | ' | ' | ' | ' |
Issuance of common stock for restricted stock (in shares) | 228,261 | ' | ' | ' | ' | ' | ' |
Cancellation of shares for tax withholding | ' | -407 | ' | ' | ' | ' | -407 |
Cancellation of shares for tax withholding (in shares) | -31,490 | ' | ' | ' | ' | ' | ' |
Tax benefits from stock-based compensation | ' | 11 | ' | ' | ' | ' | 11 |
Share based compensation expense | ' | 4,011 | ' | ' | ' | ' | 4,011 |
Net income (loss) | ' | ' | ' | ' | 3,707 | ' | 3,707 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -678 | -678 |
Balance at Dec. 31, 2012 | 181 | 172,386 | -14,806 | -4,860 | 95,006 | -6,112 | 241,795 |
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 | ' | 345 | 1,059 | ' | ' | ' | 1,404 |
Cash dividend paid ($0.03, $0.12 and $0.12 per common share for 2011, 2012 and 2013, respectively) | ' | ' | ' | ' | -1,878 | ' | -1,878 |
Treasury stock acquired | ' | ' | ' | -18,910 | ' | ' | -18,910 |
Treasury stock acquired (in shares) | -1,306,053 | ' | ' | ' | ' | ' | ' |
Stock options exercised | ' | -6 | ' | 1,185 | ' | ' | 1,179 |
Stock options exercised (in shares) | 90,850 | ' | ' | ' | ' | ' | ' |
Cancellation of shares for tax withholding | ' | -570 | ' | -14 | ' | ' | -584 |
Cancellation of shares for tax withholding (in shares) | -41,636 | ' | ' | ' | ' | ' | ' |
Tax benefits from stock-based compensation | ' | 35 | ' | ' | ' | ' | 35 |
Share based compensation expense | ' | 3,576 | ' | ' | ' | ' | 3,576 |
Net income (loss) | ' | ' | ' | ' | 3,704 | ' | 3,704 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | 1,888 | 1,888 |
Balance at Dec. 31, 2013 | $181 | $175,766 | ($13,747) | ($22,599) | $96,832 | ($4,224) | $232,209 |
Balance (in shares) at Dec. 31, 2013 | 16,457,642 | ' | ' | ' | ' | ' | 16,457,642 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Expenses related to issuance of common stock for initial public offering (in dollars) | ' | ' | $4.10 |
Dividends per share (in dollars per share) | $0.12 | $0.12 | $0.03 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | $3,704 | $3,707 | ($4,239) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 1,530 | 1,380 | 4,090 |
Provision for off-balance sheet commitments | 41 | 124 | 28 |
Depreciation and amortization | 3,079 | 3,309 | 3,108 |
Gain on sale of investments | -340 | ' | -89 |
Amortization of ESOP expense | 1,404 | 1,263 | 1,102 |
Share based compensation expense | 3,576 | 4,011 | ' |
Contribution of stock to Farmington Bank Community Foundation, Inc. | ' | ' | 6,877 |
Loans originated for sale | -173,160 | -100,676 | -40,729 |
Proceeds from the sale of loans held for sale | 184,425 | 117,189 | 41,223 |
Loss (gain) on fair value adjustment for mortgage banking derivatives | 441 | -453 | -35 |
Loss on fair value adjustment for alternative investments | ' | 58 | ' |
Loss on sale of foreclosed real estate | 59 | 28 | ' |
Loss on sale of premises and equipment | 76 | 371 | ' |
Net gain on loans sold | -4,825 | -3,151 | -671 |
Accretion and amortization of investment security discounts and premiums, net | -51 | -153 | -110 |
Amortization and accretion of loan fees and discounts, net | 385 | -825 | -356 |
(Increase) decrease in accrued income receivable | -502 | -230 | 42 |
Deferred income tax | -313 | -1,485 | -804 |
Increase in cash surrender value of bank-owned life insurance | -1,207 | -1,286 | -725 |
Decrease (increase) in prepaid expenses and other assets | 3,486 | 1,791 | -7,288 |
(Decrease) increase in accrued expenses and other liabilities | -10,475 | 6,443 | 9,315 |
Net cash provided by operating activities | 11,333 | 31,415 | 10,739 |
Cash flow from investing activities | ' | ' | ' |
Maturities of securities held-to-maturity | 4 | 210 | 665 |
Maturities, calls and principal payments of securities available-for-sale | 317,867 | 360,553 | 422,414 |
Sales of securities available-for-sale | ' | ' | 50 |
Purchases of securities held-to-maturity | -9,981 | ' | -209 |
Purchases of securities available-for-sale | -331,043 | -363,991 | -395,126 |
Loan originations, net of principal repayments | -283,130 | -248,842 | -141,202 |
Purchases of Federal Home Loan Bank of Boston stock, net | -4,197 | -1,490 | ' |
Purchases of bank-owned life insurance | ' | -6,000 | -10,000 |
Proceeds from sale of premises and equipment | ' | 3,146 | ' |
Proceeds from bank-owned life insurance | 100 | 219 | ' |
Proceeds from sale of foreclosed real estate | 495 | 1,070 | 144 |
Purchases of premises and equipment | -3,807 | -5,414 | -2,580 |
Net cash used in investing activities | -313,692 | -260,539 | -125,844 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from common stock offering, net of offering cost | ' | ' | 167,977 |
Purchase of common stock for ESOP | ' | -5,376 | -11,545 |
Proceeds from Federal Home Loan Bank of Boston advances | 131,000 | 65,000 | -8,000 |
Net increase in demand deposits, NOW accounts, savings accounts and money market accounts | 203,902 | 180,303 | 126,263 |
Net decrease in certificates of deposit | -20,856 | -26,530 | -67,803 |
Net decrease in repurchase liabilities | -3,371 | -10,279 | -19,563 |
Stock options exercised | 1,185 | ' | ' |
Excess tax benefits from stock-based compensation | 35 | 11 | ' |
Cancellation of shares for tax withholding | -590 | -407 | ' |
Repurchase of common stock | -18,910 | -11,283 | ' |
Cash dividend paid | -1,878 | -1,970 | -536 |
Net cash provided by financing activities | 290,517 | 189,469 | 186,793 |
Net (decrease) increase in cash and cash equivalents | -11,842 | -39,655 | 71,688 |
Cash and cash equivalents at beginning of year | 50,641 | 90,296 | 18,608 |
Cash and cash equivalents at end of year | 38,799 | 50,641 | 90,296 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for interest | 9,785 | 6,712 | 10,825 |
Cash paid for income taxes | 4,300 | 6 | 858 |
Loans transferred to other real estate owned | $398 | $1,345 | $208 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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. As of December 31, 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 December 31, 2013, the Company has repurchased 367,470 of these shares at a cost of $5.3 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 opened its 22nd branch office in January 2014 completing its strategic de novo branch expansion. 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 | |||||||||||||||||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||||||||||
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 Errors Related to Prior Periods | |||||||||||||||||||||||||
During the year ended December 31, 2013, the Company identified an error related to the accounting for its alternative investments. The Company determined that distributions from the net accumulated earnings of certain funds within the alternative investment portfolio were not recorded as income, as required by ASC Topic 325, “Other Investments”, but were recorded as a reduction of the investment balance. As a result of the error, the Company’s non-interest income and other assets were misstated, as well as income tax expense and deferred income taxes. The Company also recorded the credit risk valuation on customer swaps for all prior periods and reclassified salary costs initially capitalized in the Company’s reorganization in 2011 from stockholders’ equity to compensation expense. The Company reclassified an alternative investment in securities available-for-sale to prepaid expenses and other assets in 2012 and 2011. The Company reviewed the impact of these errors on the prior periods in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, and determined that the errors, individually and in the aggregate, are immaterial to previously reported amounts contained in its periodic reports. Accordingly, the Company has revised its Consolidated Balance Sheet for the year ended December 31, 2012 and its Consolidated Statements of Operations for the years ended December 31, 2012 and 2011. An adjustment of $0.5 million was made to opening retained earnings as of January 1, 2010 to reflect the cumulative effect of the error on years prior to 2010. The effects of recording the immaterial corrections had no net impact on cash provided by or used in the operating, financing or investing activities on the Consolidated Statement of Cash Flows. | |||||||||||||||||||||||||
The effects of recording the immaterial corrections in the Consolidated Balance Sheet as of December 31, 2012 and 2011 and the Consolidated Statements of Operations for the years ended December 31, 2012 and 2011, and for fiscal 2013 quarterly filings to be reported in subsequent periodic filings and presented in Note 19, Quarterly Results of Operations are as follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As Previously | As Revised | As Previously | As Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Consolidated statements of condition information: | |||||||||||||||||||||||||
Securities available-for-sale, at fair value | $ | 138,481 | $ | 138,241 | $ | 135,170 | $ | 134,930 | |||||||||||||||||
Deferred income taxes | 15,682 | 15,541 | 13,907 | 13,691 | |||||||||||||||||||||
Prepaid expenses and other assets | 14,570 | 15,158 | 15,450 | 16,073 | |||||||||||||||||||||
Total assets | 1,822,946 | 1,823,153 | 1,617,650 | 1,618,129 | |||||||||||||||||||||
Other liabilities | 47,782 | 47,716 | 40,522 | 40,482 | |||||||||||||||||||||
Total liabilities | 1,581,424 | 1,581,358 | 1,365,670 | 1,365,630 | |||||||||||||||||||||
Additional paid-in-capital | 172,247 | 172,386 | 174,836 | 174,975 | |||||||||||||||||||||
Retained earnings | 94,890 | 95,006 | 92,937 | 93,269 | |||||||||||||||||||||
Total stockholders’ equity | 241,522 | 241,795 | 251,980 | 252,499 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | 1,822,946 | 1,823,153 | 1,617,650 | 1,618,129 | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As Previously | As Revised | As Previously | As Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Consolidated statements of operations information: | |||||||||||||||||||||||||
Other noninterest income | $ | 965 | $ | 736 | $ | 659 | $ | 496 | |||||||||||||||||
Total noninterest income | 9,490 | 9,261 | 5,688 | 5,525 | |||||||||||||||||||||
Salaries and employee benefits | 32,828 | 32,856 | 28,605 | 28,742 | |||||||||||||||||||||
Total noninterest expense | 56,078 | 56,106 | 56,312 | 56,450 | |||||||||||||||||||||
Net income (loss) before taxes | 5,264 | 5,007 | (6,515 | ) | (6,816 | ) | |||||||||||||||||||
Income tax expense (benefit) | 1,341 | 1,300 | (2,475 | ) | (2,577 | ) | |||||||||||||||||||
Net income (loss) | 3,923 | 3,707 | (4,040 | ) | (4,239 | ) | |||||||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||||||
Basic and diluted | 0.24 | 0.22 | (0.29 | ) | (0.29 | ) | |||||||||||||||||||
For the Three Months | For the Three Months | For the Three Months Ended | |||||||||||||||||||||||
Ended March 31, 2013 | Ended June 30, 2013 | 30-Sep-13 | |||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||
As Previously | As Previously | As Previously | |||||||||||||||||||||||
Reported | As Revised | Reported | As Revised | Reported | As Revised | ||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Consolidated statements of condition information: | |||||||||||||||||||||||||
Deferred income taxes | $ | 15,810 | $ | 15,632 | $ | 15,918 | $ | 15,732 | $ | 16,095 | $ | 15,926 | |||||||||||||
Prepaid expenses and other assets | 14,416 | 14,880 | 12,358 | 12,808 | 12,305 | 12,788 | |||||||||||||||||||
Total assets | 1,799,392 | 1,799,689 | 1,845,116 | 1,845,440 | 1,992,201 | 1,992,517 | |||||||||||||||||||
Other liabilities | 40,078 | 40,019 | 39,105 | 39,068 | 38,606 | 38,594 | |||||||||||||||||||
Total liabilities | 1,556,523 | 1,556,475 | 1,613,936 | 1,613,899 | 1,764,665 | 1,764,653 | |||||||||||||||||||
Retained earnings | 95,172 | 95,521 | 95,470 | 95,831 | 95,873 | 96,200 | |||||||||||||||||||
Total stockholders’ equity | 242,869 | 243,214 | 231,180 | 231,541 | 227,536 | 227,864 | |||||||||||||||||||
Total liabilities and stockholders’ equity | 1,799,392 | 1,799,689 | 1,845,116 | 1,845,440 | 1,992,201 | 1,992,517 | |||||||||||||||||||
Consolidated statements of operations information: | |||||||||||||||||||||||||
Other noninterest income | 85 | 197 | (92 | ) | (68 | ) | (264 | ) | (316 | ) | |||||||||||||||
Total noninterest income | 3,538 | 3,648 | 2,974 | 2,999 | 2,235 | 2,182 | |||||||||||||||||||
Net income before taxes | 1,092 | 1,202 | 1,050 | 1,075 | 1,193 | 1,140 | |||||||||||||||||||
Income tax expense | 279 | 316 | 248 | 256 | 292 | 275 | |||||||||||||||||||
Net income before taxes | 813 | 886 | 802 | 819 | 901 | 865 | |||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||||
Basic and diluted | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | |||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||
The Company defines cash and cash equivalents for consolidated cash flow purposes as cash due from banks, federal funds sold and money market funds. Cash flows from loans and deposits are reported net. The balances of cash and due from banks, federal funds sold and money market funds, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. | |||||||||||||||||||||||||
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 December 31, 2013 and 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-temporarily 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. | |||||||||||||||||||||||||
Federal Home Loan Bank of Boston Stock | |||||||||||||||||||||||||
The Company, which is a member of the Federal Home Loan Bank system, is required to maintain an investment in capital stock of the Federal Home Loan Bank of Boston (“FHLBB”). Based on redemption provisions of the FHLBB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. On February 23, 2012, the FHLBB notified its members it will begin repurchasing capital stock in excess of what is required from its members. The FHLBB repurchased $312,000 of capital stock from the Company on March 9, 2012. The Bank reviews for impairment based on the ultimate recoverability of the cost basis in the FHLBB stock. As of December 31, 2013 and 2012, no impairment has been recognized. | |||||||||||||||||||||||||
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, residential subdivision construction and residential owner occupied 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 year ended December 31, 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 – The remaining portfolio consists of direct receivable loans outside the Northeast which are amortizing to their contractual obligations. 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 greater than $100,000. | |||||||||||||||||||||||||
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. There was an unallocated allowance of $-0- and $22,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
The Company capitalizes mortgage servicing rights for loans originated and then sold with servicing retained based on the fair market value on the origination date. The cost basis of mortgage servicing rights is amortized on a straight-line basis over the period of estimated net servicing revenue and such amortization is included in the consolidated statements of income as a reduction of mortgage servicing fee income. Mortgage servicing rights are evaluated for impairment by comparing their aggregate carrying amount to their fair value. An independent appraisal of the fair value of the Company’s mortgage servicing rights is obtained annually and is used by management to evaluate the reasonableness of the fair value estimates. Management reviews the independent appraisal and performs procedures to determine appropriateness. Impairment is recognized as an adjustment to mortgage servicing rights and mortgage servicing income. | |||||||||||||||||||||||||
Bank Owned Life Insurance | |||||||||||||||||||||||||
Bank owned life insurance (“‘BOLI”) represents life insurance on certain employees who have consented to allow the Company to be the beneficiary of those policies. BOLI is recorded as an asset at cash surrender value. Increases in the cash value of the policies, as well as insurance proceeds received, are recorded in other non-interest income and are not subject to income tax. | |||||||||||||||||||||||||
Foreclosed Real Estate | |||||||||||||||||||||||||
Real estate acquired through foreclosure comprises properties acquired in partial or total satisfaction of problem loans. The properties are acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. At the time these properties are foreclosed, the properties are initially recorded at the lower of the related loan balance less any specific allowance for loss or fair value at the date of foreclosure less estimated selling costs. Losses arising at the time of acquisition of such properties are charged against the allowance for loan losses. Subsequent loss provisions are charged to the foreclosed real estate valuation allowance and expenses incurred to maintain the properties are charged to noninterest expense. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and a charge to operations is recorded as necessary to reduce the carrying amount to fair value less estimated costs to dispose. Revenue and expense from the operation of other real estate owned and the provision to establish and adjust valuation allowances are included in noninterest expenses. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. In the Consolidated Statements of Financial Condition, total prepaid expenses and other assets include foreclosed real estate of $393,000 and $549,000 as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Premises and Equipment | |||||||||||||||||||||||||
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three to ten years for furniture and equipment and five to forty years for premises. Leasehold improvements are amortized on a straight-line basis over the term of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. | |||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||
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 and do not meet the hedge accounting parameters under FASB ASC 815 “Derivatives and Hedging”. Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value. Changes in the fair value of derivatives not designated in hedging relationships are recognized directly in earnings. | |||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | |||||||||||||||||||||||||
On December 27, 2012, the Company announced it froze the non-contributory defined-benefit pension plan and certain other postretirement benefit plans as of February 28, 2013. All benefits under these plans were frozen as of that date and no additional benefits accrued. | |||||||||||||||||||||||||
We have a non-contributory defined benefit pension plan that provides benefits for substantially all employees hired before January 1, 2007 who meet certain requirements as to age and length of service. The benefits are based on years of service and average compensation, as defined in the Plan Document. Our funding policy is to contribute annually the maximum amount that could be deducted for federal income tax purposes, while meeting the minimum funding standards established by the Employee Retirement Security Act of 1974. | |||||||||||||||||||||||||
In addition to providing pension benefits, we provide certain health care and life insurance benefits for retired employees. Participants or eligible employees hired before January 1, 1993 become eligible for the benefits if they retire after reaching age 62 with fifteen or more years of service. A fixed percent of annual costs are paid depending on length of service at retirement. We accrue for the estimated costs of these other post-retirement benefits through charges to expense during the years that employees render service. We make contributions to cover the current benefits paid under this plan. Management believes the policy for determining pension and other post-retirement benefit expenses is critical because judgments are required with respect to the appropriate discount rate, rate of return on assets, salary increases and other items. Management reviews and updates the assumptions annually. If our estimate of pension and post-retirement expense is too low we may experience higher expenses in the future, reducing our net income. If our estimate is too high, we may experience lower expenses in the future, increasing our net income. | |||||||||||||||||||||||||
Repurchase Liabilities | |||||||||||||||||||||||||
Repurchase agreements are accounted for as secured borrowings since the Company maintains effective control over the transferred securities and the transfer meets the other criteria for such accounting. Securities are sold to a counterparty with an agreement to repurchase the same or substantially the same security at a specified price and date. The Company has repurchase agreements with commercial or municipal customers that are offered as a commercial banking service. Customer repurchase agreements are for a term of one day and are backed by the purchasers’ interest in certain U.S. Treasury Bills or other U.S. Government securities. Obligations to repurchase securities sold are reflected as a liability in the Consolidated Statements of Financial Condition. The Company does not record transactions of repurchase agreements as sales. The securities underlying the repurchase agreements remain in the available-for-sale investment securities portfolio. | |||||||||||||||||||||||||
Transfers of Financial Assets | |||||||||||||||||||||||||
Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. | |||||||||||||||||||||||||
During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. | |||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||
Fee income for customer services which are not deferred are recorded on an accrual basis when earned. | |||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||
Advertising costs are expensed as incurred. | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides a deferred tax asset valuation allowance for the estimated future tax effects attributable to temporary differences and carryforwards when realization is determined not to be more likely than not. | |||||||||||||||||||||||||
FASB ASC 740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. Pursuant to FASB ASC 740-10, the Company examines its financial statements, its income tax provision and its federal and state income tax returns and analyzes its tax positions, including permanent and temporary differences, as well as the major components of income and expense to determine whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties arising from income tax settlements as part of its provision for income taxes. | |||||||||||||||||||||||||
Employee Stock Ownership Plan (“ESOP”) | |||||||||||||||||||||||||
The Company accounts for its ESOP in accordance with FASB ASC 718-40, “Compensation – Stock Compensation”. Under this guidance, unearned ESOP shares are not considered outstanding and are shown as a reduction of stockholders’ equity as unearned compensation. The Company will recognize compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, this difference will be credited or debited to equity. The Company will receive a tax deduction equal to the cost of the shares released to the extent of the principal paydown on the loan by the ESOP. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a liability in the Company’s consolidated financial statements. | |||||||||||||||||||||||||
Stock Incentive Plan | |||||||||||||||||||||||||
During August 2012, the Company implemented the First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan to provide for issuance or granting of shares of common stock for stock options or restricted stock. The Company applies ASC 718, Compensation – “Stock Compensation”, and has recorded stock-based employee compensation cost using the fair value method. Management estimated the fair values of all option grants using the Black-Scholes option-pricing model. Management estimated the expected life of the options using the simplified method allowed under SAB No. 107. The risk-free rate was determined utilizing the treasury yield for the expected life of the option contract. | |||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
Earnings per common share is computed under the two-class method. Basic earnings per common share is computed by dividing net earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Non-vested restricted stock awards are participating securities as they have non-forfeitable rights to dividends or dividend equivalents. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock options for common stock using the treasury stock method. 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. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted-average common shares used in calculating diluted earnings per common share is provided in Note 3 - Earnings Per Share. | |||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||
The Company’s only business segment is Community Banking. For the years ended December 31, 2013, 2012 and 2011, this segment represented all the revenues and income of the consolidated group and therefore is the only reported segment as defined by FASB ASC 820, “Segment Reporting”. | |||||||||||||||||||||||||
Related Party Transactions | |||||||||||||||||||||||||
Directors and executive officers of the Company and its subsidiary and their associates have been customers of and have had transactions with the Company, and management expects that such persons will continue to have such transactions in the future. See Note 5 of the Notes to Consolidated Financial Statements for further information with respect to loans to related parties. | |||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Amounts in prior period consolidated financial statements are reclassified whenever necessary to conform to the current year presentation. | |||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||
In January 2014, the FASB issued ASU No. 2014-04 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”, an amendment to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar agreement. In addition, the amendments require interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure in accordance with local requirements of the applicable jurisdiction. ASU 2014-04 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods. An entity can elect to adopt the amendments using either a modified retrospective method or a prospective transition method. Early adoption is permitted. The adoption of ASU 2014-04 is expected to have no impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||
In January 2014, the FASB issued ASU No. 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects”, which permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional method, the investment should be accounted for as an equity method investment or a cost method investment. The decision to apply the proportional amortization method of accounting is an accounting policy decision that should be applied consistently to all qualifying affordable housing project investments rather than a decision to be applied to individual investments. This amendment should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. ASU 2014-01 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods. The adoption of ASU 2014-01 is expected to have no impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||
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 Company’s adoption of ASU No. 2013-02 had no 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 Company’s adoption of ASU 2013-01 had no 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 | 12 Months Ended |
Dec. 31, 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 $5.0 million and $11.9 million to meet these requirements at December 31, 2013 and December 31, 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
3. Earnings Per Share | ||||||||||||||
Earnings per share data is not presented in these consolidated financial statements prior to June 29, 2011 since shares of common stock were not issued until June 29, 2011. | ||||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share: | ||||||||||||||
For the Year Ended December 31, | For the Period from | |||||||||||||
June 29, 2011 to | ||||||||||||||
2013 | 2012 | 31-Dec-11 | ||||||||||||
(Dollars in thousands, except per share data): | ||||||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (5,039 | ) | |||||||
Less: | Dividends to participating shares | (56 | ) | (34 | ) | - | ||||||||
Income allocated to participating shares | (55 | ) | (19 | ) | - | |||||||||
Net income allocated to common stockholders | $ | 3,593 | $ | 3,654 | $ | (5,039 | ) | |||||||
Weighted-average shares outstanding | 18,059,089 | 17,943,640 | 17,880,200 | |||||||||||
Less: | Average unallocated ESOP shares | (1,195,730 | ) | (1,205,970 | ) | (735,169 | ) | |||||||
Average treasury stock | (1,118,785 | ) | (94,104 | ) | - | |||||||||
Average unvested restricted stock | (491,153 | ) | (184,975 | ) | - | |||||||||
Weighted-average basic shares outstanding | 15,253,421 | 16,458,591 | 17,145,031 | |||||||||||
Plus: | Average dilutive shares | 16,791 | - | - | ||||||||||
Weighted-average diluted shares outstanding | 15,270,212 | 16,458,591 | 17,145,031 | |||||||||||
Net earnings (loss) per share: | ||||||||||||||
Basic | $ | 0.24 | $ | 0.22 | $ | (0.29 | ) | |||||||
Diluted | $ | 0.24 | $ | 0.22 | $ | (0.29 | ) | |||||||
For the years ended December 31, 2013 and 2012, respectively, 26,750 and 1,696,357 options were anti-dilutive and therefore excluded from the earnings per share calculation. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||
4. Investment Securities | |||||||||||||||||||||||||||||
Investment securities are summarized as follows: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Carrying | Unrealized | Unrealized | Fair | |||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 126,000 | $ | 3 | $ | (3 | ) | $ | 126,000 | $ | - | $ | - | $ | 126,000 | ||||||||||||||
U.S. Government agency obligations | 7,006 | - | (84 | ) | 6,922 | - | - | 6,922 | |||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 9,199 | 417 | - | 9,616 | - | - | 9,616 | ||||||||||||||||||||||
Corporate debt securities | 2,982 | 122 | - | 3,104 | - | - | 3,104 | ||||||||||||||||||||||
Preferred equity securities | 2,100 | - | (531 | ) | 1,569 | - | - | 1,569 | |||||||||||||||||||||
Marketable equity securities | 108 | 42 | (2 | ) | 148 | - | - | 148 | |||||||||||||||||||||
Mutual funds | 3,710 | - | (183 | ) | 3,527 | - | - | 3,527 | |||||||||||||||||||||
Total securities available-for-sale | $ | 151,105 | $ | 584 | $ | (803 | ) | $ | 150,886 | $ | - | $ | - | $ | 150,886 | ||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | 5,000 | $ | - | $ | - | $ | 5,000 | $ | - | $ | (70 | ) | $ | 4,930 | ||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 4,983 | - | - | 4,983 | - | (27 | ) | 4,956 | |||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | - | - | 3,000 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 12,983 | $ | - | $ | - | $ | 12,983 | $ | - | $ | (97 | ) | $ | 12,886 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Carrying | Unrealized | Unrealized | Fair | |||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 118,984 | $ | 5 | $ | (9 | ) | $ | 118,980 | $ | - | $ | - | $ | 118,980 | ||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 9,803 | 800 | - | 10,603 | - | - | 10,603 | ||||||||||||||||||||||
Corporate debt securities | 2,958 | 195 | - | 3,153 | - | - | 3,153 | ||||||||||||||||||||||
Preferred equity securities | 2,100 | 19 | (333 | ) | 1,786 | - | - | 1,786 | |||||||||||||||||||||
Marketable equity securities | 108 | 27 | (3 | ) | 132 | - | - | 132 | |||||||||||||||||||||
Mutual funds | 3,585 | 2 | - | 3,587 | - | - | 3,587 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 137,538 | $ | 1,048 | $ | (345 | ) | $ | 138,241 | $ | - | $ | - | $ | 138,241 | ||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | $ | 6 | $ | - | $ | - | $ | 6 | $ | - | $ | - | $ | 6 | |||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | - | - | 3,000 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 3,006 | $ | - | $ | - | $ | 3,006 | $ | - | $ | - | $ | 3,006 | |||||||||||||||
At December 31, 2013, the net unrealized loss on securities available for sale of $219,000, net of a tax benefit of $75,000 or $144,000, is included in accumulated other comprehensive income. At December 31, 2012, the net unrealized gain on securities available for sale of $703,000, net of income taxes of $239,000 or $465,000, is included in accumulated other comprehensive income. | |||||||||||||||||||||||||||||
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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | 6 | $ | 63,994 | $ | (3 | ) | $ | - | $ | - | $ | 63,994 | $ | (3 | ) | ||||||||||||||
U.S. Government agency obligations | 1 | 6,923 | (84 | ) | - | - | 6,923 | (84 | ) | ||||||||||||||||||||
Government sponsored residential mortgage-backed securities | |||||||||||||||||||||||||||||
Preferred equity securities | 2 | 98 | (2 | ) | 1,471 | (529 | ) | 1,569 | (531 | ) | |||||||||||||||||||
Marketable equity securities | 1 | - | - | 5 | (2 | ) | 5 | (2 | ) | ||||||||||||||||||||
Mutual funds | 1 | 3,527 | (183 | ) | - | - | 3,527 | (183 | ) | ||||||||||||||||||||
11 | 74,542 | (272 | ) | 1,476 | (531 | ) | 76,018 | (803 | ) | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
U.S. Government agency obligations | 1 | 4,960 | (70 | ) | - | - | 4,930 | (70 | ) | ||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 1 | 4,956 | (27 | ) | - | - | 4,956 | (27 | ) | ||||||||||||||||||||
2 | 9,916 | (97 | ) | - | - | 9,886 | (97 | ) | |||||||||||||||||||||
Total investment securities in an unrealized loss position | 13 | $ | 84,458 | $ | (369 | ) | $ | 1,476 | $ | (531 | ) | $ | 85,904 | $ | (900 | ) | |||||||||||||
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 | ||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
Total investment securities in an unrealized loss position | 6 | $ | 52,985 | $ | (9 | ) | $ | 1,671 | $ | (336 | ) | $ | 54,656 | $ | (345 | ) | |||||||||||||
Management believes that no individual unrealized loss as of December 31, 2013 represents an other-than-temporary impairment (“OTTI”), 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 in a loss position during the period of time necessary to recover the unrealized losses, which may be until maturity. | |||||||||||||||||||||||||||||
The following summarizes the conclusions from our OTTI evaluation for those security types that incurred significant gross unrealized losses as of December 31, 2013: | |||||||||||||||||||||||||||||
Preferred equity securities - The unrealized loss on preferred equity securities in a loss position for 12 months or more relates to one preferred equity security. This investment is in a global financial institution. When estimating the recovery period for securities in an unrealized loss position, management utilizes analyst forecasts, earnings assumptions and other company-specific financial performance metrics. In addition, this assessment incorporates general market data, industry and sector cycles and related trends to determine a reasonable recovery period. Management evaluated the near-term prospects of the issuers in relation to the severity and duration of the impairment. Management concluded that the preferred equity security is not other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||||||
The Company recorded no other-than-temporary impairment charges during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||
There were gross realized gains of $340,000, $-0- and $89,000 on sales of securities available for sale for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, U.S. Treasury, U.S. Government agency obligations and Government sponsored residential mortgage-backed securities with a fair value of $116.7 million and $129.6 million, respectively, were pledged as collateral for loan derivatives, public funds, repurchase liabilities and repurchase agreement borrowings. | |||||||||||||||||||||||||||||
The amortized cost and estimated market value of debt securities at December 31, 2013 and 2012 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: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
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 | $ | 127,981 | $ | 128,003 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 8,007 | 8,023 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | 5,000 | 4,930 | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 9,199 | 9,616 | 4,983 | 4,956 | |||||||||||||||||||||||||
$ | 145,187 | $ | 145,642 | $ | 12,983 | $ | 12,886 | ||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Due in one year or less | $ | 118,984 | $ | 118,980 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 2,958 | 3,153 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | - | - | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 9,803 | 10,603 | 6 | 6 | |||||||||||||||||||||||||
$ | 131,745 | $ | 132,736 | $ | 3,006 | $ | 3,006 | ||||||||||||||||||||||
Federal Home Loan Bank of Boston (“FHLBB”) Stock - The Company, as a member of the FHLBB, owned $13.1 million and $8.9 million of FHLBB capital stock at December 31, 2013 and 2012, respectively, which is equal to its FHLBB capital stock requirement. The Company evaluated its FHLBB capital stock for potential other-than-temporary impairment at December 31, 2013 and 2012. Capital adequacy, credit ratings, the value of the stock, overall financial condition of both the FHLB system and FHLBB as well as current economic factors was analyzed in the impairment analysis. The Company concluded that its position in FHLBB capital stock is not other-than-temporarily impaired as of December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
Alternative Investments - In addition to investment securities, the Company has investments in certain non-public funds, which include limited partnerships, an equity fund and preferred share ownership in other equity ventures. These alternative investments, which totaled $2.4 million and $1.5 million at December 31, 2013 and 2012, respectively, are included in other assets in the accompanying Consolidated Statements of Financial Condition. The Company recognized a $58,000 loss on fair value adjustment in its limited partnerships for the year ended December 31, 2012, included in other noninterest income in the accompanying Consolidated Statements of Operations. These alternative investments are held at cost. See a further discussion of fair value in Note 16 - Fair Value Measurements. The Company recognized gains of $32,000 and $167,000 for the years ended December 31, 2013 and 2012, respectively. These amounts are included in other non-interest income in the accompanying Consolidated Statements of Operations. The Company has $539,000 in unfunded commitments remaining for its alternative investments as of December 31, 2013. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
5. Loans and Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||
Loans consisted of the following: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 693,046 | $ | 620,991 | |||||||||||||||||||||||||||||||||
Commercial | 633,764 | 473,788 | |||||||||||||||||||||||||||||||||||
Construction | 78,191 | 64,362 | |||||||||||||||||||||||||||||||||||
Installment | 4,516 | 6,719 | |||||||||||||||||||||||||||||||||||
Commercial | 252,032 | 192,210 | |||||||||||||||||||||||||||||||||||
Collateral | 1,600 | 2,086 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 151,606 | 142,543 | |||||||||||||||||||||||||||||||||||
Demand | 85 | 25 | |||||||||||||||||||||||||||||||||||
Revolving credit | 94 | 65 | |||||||||||||||||||||||||||||||||||
Resort | 1,374 | 31,232 | |||||||||||||||||||||||||||||||||||
Total loans | 1,816,308 | 1,534,021 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (18,314 | ) | (17,229 | ) | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 2,993 | 3,378 | |||||||||||||||||||||||||||||||||||
Loans, net | $ | 1,800,987 | $ | 1,520,170 | |||||||||||||||||||||||||||||||||
A summary of changes in the allowance for loan losses for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,229 | $ | 17,533 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 1,530 | 1,380 | |||||||||||||||||||||||||||||||||||
Charge-offs | (523 | ) | (1,913 | ) | |||||||||||||||||||||||||||||||||
Recoveries | 78 | 229 | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 18,314 | $ | 17,229 | |||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses by segments for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of year | |||||||||||||||||||||||||||||||||||
year | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,778 | $ | (430 | ) | $ | 6 | $ | 293 | $ | 3,647 | ||||||||||||||||||||||||||
Commercial | 8,105 | - | - | 148 | 8,253 | ||||||||||||||||||||||||||||||||
Construction | 760 | - | - | 392 | 1,152 | ||||||||||||||||||||||||||||||||
Installment | 77 | - | - | (29 | ) | 48 | |||||||||||||||||||||||||||||||
Commercial | 2,654 | (31 | ) | 52 | 1,071 | 3,746 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,377 | - | - | 88 | 1,465 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (62 | ) | 20 | 42 | - | |||||||||||||||||||||||||||||||
Resort | 456 | - | - | (453 | ) | 3 | |||||||||||||||||||||||||||||||
Unallocated | 22 | - | - | (22 | ) | - | |||||||||||||||||||||||||||||||
$ | 17,229 | $ | (523 | ) | $ | 78 | $ | 1,530 | $ | 18,314 | |||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of year | |||||||||||||||||||||||||||||||||||
year | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 2,874 | $ | (337 | ) | $ | 9 | $ | 1,232 | $ | 3,778 | ||||||||||||||||||||||||||
Commercial | 8,755 | (454 | ) | 4 | (200 | ) | 8,105 | ||||||||||||||||||||||||||||||
Construction | 590 | - | - | 170 | 760 | ||||||||||||||||||||||||||||||||
Installment | 92 | (9 | ) | 7 | (13 | ) | 77 | ||||||||||||||||||||||||||||||
Commercial | 2,140 | (33 | ) | 194 | 353 | 2,654 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,295 | (1,019 | ) | - | 1,101 | 1,377 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (61 | ) | 15 | 46 | - | |||||||||||||||||||||||||||||||
Resort | 1,787 | - | - | (1,331 | ) | 456 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | 22 | 22 | ||||||||||||||||||||||||||||||||
$ | 17,533 | $ | (1,913 | ) | $ | 229 | $ | 1,380 | $ | 17,229 | |||||||||||||||||||||||||||
The following table lists the allocation of the allowance by impairment methodology and by loan segment at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 12,225 | $ | 360 | $ | 10,695 | $ | 340 | |||||||||||||||||||||||||||||
Commercial | 21,143 | 62 | 17,546 | 126 | |||||||||||||||||||||||||||||||||
Construction | 187 | - | 1,179 | 6 | |||||||||||||||||||||||||||||||||
Installment | 215 | 9 | 7 | - | |||||||||||||||||||||||||||||||||
Commercial | 4,096 | 1,243 | 5,313 | 476 | |||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 538 | - | 491 | - | |||||||||||||||||||||||||||||||||
Demand | - | - | - | - | |||||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | |||||||||||||||||||||||||||||||||
Resort | 1,219 | - | 1,626 | 1 | |||||||||||||||||||||||||||||||||
Total | $ | 39,623 | $ | 1,674 | $ | 36,857 | $ | 949 | |||||||||||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 683,966 | $ | 3,287 | $ | 613,343 | $ | 3,438 | |||||||||||||||||||||||||||||
Commercial | 612,517 | 8,191 | 456,109 | 7,979 | |||||||||||||||||||||||||||||||||
Construction | 78,004 | 1,152 | 63,124 | 754 | |||||||||||||||||||||||||||||||||
Installment | 4,301 | 39 | 6,712 | 77 | |||||||||||||||||||||||||||||||||
Commercial | 247,888 | 2,503 | 187,466 | 2,178 | |||||||||||||||||||||||||||||||||
Collateral | 1,600 | - | 2,086 | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 151,068 | 1,465 | 142,056 | 1,377 | |||||||||||||||||||||||||||||||||
Demand | 85 | - | 25 | - | |||||||||||||||||||||||||||||||||
Revolving Credit | 94 | - | 65 | - | |||||||||||||||||||||||||||||||||
Resort | 155 | 3 | 29,556 | 455 | |||||||||||||||||||||||||||||||||
Total | $ | 1,779,678 | $ | 16,640 | $ | 1,500,542 | $ | 16,258 | |||||||||||||||||||||||||||||
Unallocated | - | - | - | 22 | |||||||||||||||||||||||||||||||||
Total | $ | 1,819,301 | $ | 18,314 | $ | 1,537,399 | $ | 17,229 | |||||||||||||||||||||||||||||
The following is a summary of loan delinquencies at recorded investment values at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | > 90 Days | Past Due 90 | ||||||||||||||||||||||||||||||||||
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 | 9 | $ | 2,586 | 8 | $ | 1,600 | 20 | $ | 8,518 | 37 | $ | 12,704 | $ | - | |||||||||||||||||||||||
Commercial | 1 | 231 | - | - | 1 | 827 | 2 | 1,058 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 187 | 1 | 187 | - | ||||||||||||||||||||||||||||
Installment | - | - | - | - | 2 | 47 | 2 | 47 | - | ||||||||||||||||||||||||||||
Commercial | 1 | 5 | - | - | 6 | 584 | 7 | 589 | - | ||||||||||||||||||||||||||||
Collateral | 2 | 9 | - | - | - | - | 2 | 9 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 1 | 283 | 1 | 183 | 5 | 441 | 7 | 907 | - | ||||||||||||||||||||||||||||
Demand | 1 | 10 | - | - | - | - | 1 | 10 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 15 | $ | 3,124 | 9 | $ | 1,783 | 35 | $ | 10,604 | 59 | $ | 15,511 | $ | - | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | > 90 Days | Past Due 90 | ||||||||||||||||||||||||||||||||||
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 troubled 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: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 10,599 | $ | 9,194 | |||||||||||||||||||||||||||||||||
Commercial | 827 | 925 | |||||||||||||||||||||||||||||||||||
Construction | 187 | 419 | |||||||||||||||||||||||||||||||||||
Installment | 162 | 157 | |||||||||||||||||||||||||||||||||||
Commercial | 2,285 | 2,351 | |||||||||||||||||||||||||||||||||||
Collateral | - | - | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 740 | 711 | |||||||||||||||||||||||||||||||||||
Demand | - | 25 | |||||||||||||||||||||||||||||||||||
Revolving Credit | - | - | |||||||||||||||||||||||||||||||||||
Resort | - | - | |||||||||||||||||||||||||||||||||||
Total nonaccruing loans | 14,800 | 13,782 | |||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | - | - | |||||||||||||||||||||||||||||||||||
Other real estate owned | 393 | 549 | |||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 15,193 | $ | 14,331 | |||||||||||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||
Impaired loans without | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 6,900 | $ | 7,442 | $ | - | $ | 4,061 | $ | 4,495 | $ | - | |||||||||||||||||||||||||
Commercial | 18,463 | 18,649 | - | 2,787 | 2,973 | - | |||||||||||||||||||||||||||||||
Construction | 187 | 433 | - | 760 | 761 | - | |||||||||||||||||||||||||||||||
Installment | 187 | 187 | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 1,268 | 1,307 | - | 1,986 | 1,985 | - | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 538 | 658 | - | 491 | 569 | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 27,543 | 28,676 | - | 10,085 | 10,783 | - | |||||||||||||||||||||||||||||||
Impaired loans with | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,325 | 5,804 | 360 | 6,634 | 6,882 | 340 | |||||||||||||||||||||||||||||||
Commercial | 2,680 | 2,679 | 62 | 14,759 | 14,753 | 126 | |||||||||||||||||||||||||||||||
Construction | - | - | - | 419 | 664 | 6 | |||||||||||||||||||||||||||||||
Installment | 28 | 28 | 9 | 7 | 7 | - | |||||||||||||||||||||||||||||||
Commercial | 2,828 | 2,888 | 1,243 | 3,327 | 3,339 | 476 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,219 | 1,218 | - | 1,626 | 1,624 | 1 | |||||||||||||||||||||||||||||||
Total | 12,080 | 12,617 | 1,674 | 26,772 | 27,269 | 949 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,623 | $ | 41,293 | $ | 1,674 | $ | 36,857 | $ | 38,052 | $ | 949 | |||||||||||||||||||||||||
The following table summarizes average recorded investment and interest income recognized on impaired loans: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 5,683 | $ | 28 | $ | 3,929 | $ | 10 | $ | 5,042 | $ | 425 | |||||||||||||||||||||||||
Commercial | 10,695 | 814 | 6,048 | 315 | 8,925 | 363 | |||||||||||||||||||||||||||||||
Construction | 237 | - | 592 | 18 | 128 | 7 | |||||||||||||||||||||||||||||||
Installment | 52 | 13 | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,059 | 28 | 3,918 | 184 | 4,806 | 230 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 491 | - | 494 | - | 844 | 7 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | 56 | 26 | 34 | - | |||||||||||||||||||||||||||||||
Total | 20,217 | 883 | 15,037 | 553 | 19,779 | 1,032 | |||||||||||||||||||||||||||||||
Impaired loans with | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,872 | 52 | 6,864 | 78 | 5,876 | 61 | |||||||||||||||||||||||||||||||
Commercial | 8,594 | 147 | 11,594 | 818 | 7,613 | 611 | |||||||||||||||||||||||||||||||
Construction | 198 | - | 226 | - | 574 | - | |||||||||||||||||||||||||||||||
Installment | 27 | 1 | 4 | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,854 | 66 | 2,111 | 86 | 398 | 22 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | 814 | 2 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 995 | 47 | 1,736 | 32 | 1,700 | 16 | |||||||||||||||||||||||||||||||
Total | 19,540 | 313 | 22,535 | 1,014 | 16,975 | 712 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,757 | $ | 1,196 | $ | 37,572 | $ | 1,567 | $ | 36,754 | $ | 1,744 | |||||||||||||||||||||||||
Troubled Debt Restructuring | |||||||||||||||||||||||||||||||||||||
A loan is considered a troubled debt restructuring (“TDR”) when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower in modifying or renewing the loan the Company 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. The Company’s 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 Company policy. | |||||||||||||||||||||||||||||||||||||
The recorded investment balance of TDRs approximated $23.4 million and $29.7 million at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, the majority of the Company’s TDRs are on accrual status. TDRs on accrual status were $15.8 million and $22.1 million while TDRs on nonaccrual status were $7.6 million and $7.6 million at December 31, 2013 and 2012, respectively. At December 31, 2013, 100% of the accruing TDRs have been performing in accordance with the restructured terms. At December 31, 2013 and 2012, the allowance for loan losses included specific reserves of $1.6 million and $889,000 related to TDRs, respectively. For the year ended December 31, 2013 and 2012, the Bank had charge-offs totaling $325,000 million and $1.3 million, respectively, related to portions of TDRs deemed to be uncollectible. The amount of additional funds available to borrowers in TDR status was $332,000 and $872,000 at December 31, 2013 and 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded Investment | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 6 | $ | 1,814 | 8 | $ | 5,285 | 14 | $ | 7,099 | ||||||||||||||||||||||||||||
Commercial | 12 | 11,509 | - | - | 12 | 11,509 | |||||||||||||||||||||||||||||||
Construction | - | - | 1 | 187 | 1 | 187 | |||||||||||||||||||||||||||||||
Installment | 3 | 215 | - | - | 3 | 215 | |||||||||||||||||||||||||||||||
Commercial | 6 | 1,033 | 5 | 1,799 | 11 | 2,832 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | 3 | 307 | 3 | 307 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 2 | 1,219 | - | - | 2 | 1,219 | |||||||||||||||||||||||||||||||
Total | 29 | $ | 15,790 | 17 | $ | 7,578 | 46 | $ | 23,368 | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded Investment | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
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 years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | ||||||||||||||||||||||||||||||||||
Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||||
After | |||||||||||||||||||||||||||||||||||||
Modification (1) | |||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | 1,640 | $ | 1,617 | ||||||||||||||||||||||||||||||||
Commercial | 4 | 2,242 | 2,231 | ||||||||||||||||||||||||||||||||||
Construction | 1 | 187 | 187 | ||||||||||||||||||||||||||||||||||
Installment | 3 | 216 | 215 | ||||||||||||||||||||||||||||||||||
Commercial | 6 | 2,076 | 2,101 | ||||||||||||||||||||||||||||||||||
Home equity line of credit | 3 | 353 | 307 | ||||||||||||||||||||||||||||||||||
Total | 24 | $ | 6,714 | $ | 6,658 | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||||
Prior to Modification | After Modification (1) | ||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | 579 | $ | 563 | ||||||||||||||||||||||||||||||||
Commercial | 7 | 9,149 | 8,945 | ||||||||||||||||||||||||||||||||||
Construction | 2 | 1,002 | 999 | ||||||||||||||||||||||||||||||||||
Commercial | 1 | 7 | 7 | ||||||||||||||||||||||||||||||||||
Resort | 8 | 2,721 | 2,332 | ||||||||||||||||||||||||||||||||||
Total | 20 | $ | 13,458 | $ | 12,846 | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||||
Prior to Modification | After Modification (1) | ||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | 6,094 | $ | 5,727 | ||||||||||||||||||||||||||||||||
Commercial | 6 | 7,410 | 7,339 | ||||||||||||||||||||||||||||||||||
Construction | 1 | 510 | 510 | ||||||||||||||||||||||||||||||||||
Commercial | 9 | 6,017 | 5,817 | ||||||||||||||||||||||||||||||||||
Resort | 2 | 2,077 | 2,054 | ||||||||||||||||||||||||||||||||||
Total | 25 | $ | 22,108 | $ | 21,447 | ||||||||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modication date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
The following table provides 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 the concessions and borrowers discharged in bankruptcy for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | - | $ | - | $ | 225 | $ | 1,392 | $ | 1,617 | ||||||||||||||||||||||||||
Commercial | 4 | 2,095 | - | - | 136 | 2,231 | |||||||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 3 | - | - | 34 | 181 | 215 | |||||||||||||||||||||||||||||||
Commercial | 6 | 1,951 | - | - | 150 | 2,101 | |||||||||||||||||||||||||||||||
Home equity line of credit | 3 | - | - | 14 | 293 | 307 | |||||||||||||||||||||||||||||||
Total | 24 | $ | 4,046 | $ | - | $ | 273 | $ | 2,339 | $ | 6,658 | ||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | - | $ | 113 | $ | - | $ | 450 | $ | 563 | ||||||||||||||||||||||||||
Commercial | 7 | 2,441 | 3,299 | - | 3,205 | 8,945 | |||||||||||||||||||||||||||||||
Construction | 2 | 999 | - | - | - | 999 | |||||||||||||||||||||||||||||||
Commercial | 1 | - | 7 | - | - | 7 | |||||||||||||||||||||||||||||||
Resort | 8 | 2,169 | - | 163 | - | 2,332 | |||||||||||||||||||||||||||||||
Total | 20 | $ | 5,609 | $ | 3,419 | $ | 163 | $ | 3,655 | $ | 12,846 | ||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | - | $ | 397 | $ | - | $ | 5,330 | $ | 5,727 | ||||||||||||||||||||||||||
Commercial | 6 | 3,678 | - | 3,661 | - | 7,339 | |||||||||||||||||||||||||||||||
Construction | 1 | 510 | - | - | - | 510 | |||||||||||||||||||||||||||||||
Commercial | 9 | 4,301 | - | 1,423 | 93 | 5,817 | |||||||||||||||||||||||||||||||
Resort | 2 | - | - | - | 2,054 | 2,054 | |||||||||||||||||||||||||||||||
Total | 25 | $ | 8,489 | $ | 397 | $ | 5,084 | $ | 7,477 | $ | 21,447 | ||||||||||||||||||||||||||
A TDR is considered to be in re-default once it is more than 30 days past due following a modification. The following table shows loans modified as a TDR that defaulted during the years ended December 31, 2013, 2012 and 2011, and within twelve months of their modification date. | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | 2 | $ | 1,374 | 1 | $ | 272 | ||||||||||||||||||||||||||||
Commercial | 2 | 1,758 | 1 | 349 | - | - | |||||||||||||||||||||||||||||||
Commercial | 2 | 100 | 5 | 1,587 | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 1 | 183 | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 5 | $ | 2,041 | 8 | $ | 3,310 | 1 | $ | 272 | ||||||||||||||||||||||||||||
(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 the Company’s 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. The Company’s 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. The Company’s risk rating process has been enhanced with its implementation of industry-based risk rating “cards.” The cards are used by the 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 an independent loan review firm. More frequent reviews of loans rated low pass, special mention, substandard and doubtful are conducted by the credit risk management department. The Company utilizes an independent loan review consulting firm to review its rating accuracy and the overall credit quality of its 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 the board of directors and senior management of the Company 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 December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 680,111 | $ | 1,089 | $ | 11,846 | $ | - | $ | 693,046 | |||||||||||||||||||||||||||
Commercial | 608,289 | 7,023 | 18,452 | - | 633,764 | ||||||||||||||||||||||||||||||||
Construction | 72,022 | - | 6,169 | - | 78,191 | ||||||||||||||||||||||||||||||||
Installment | 4,251 | 50 | 215 | - | 4,516 | ||||||||||||||||||||||||||||||||
Commercial | 237,755 | 970 | 11,659 | 1,648 | 252,032 | ||||||||||||||||||||||||||||||||
Collateral | 1,600 | - | - | - | 1,600 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 149,781 | 719 | 1,106 | - | 151,606 | ||||||||||||||||||||||||||||||||
Demand | 85 | - | - | - | 85 | ||||||||||||||||||||||||||||||||
Revolving Credit | 94 | - | - | - | 94 | ||||||||||||||||||||||||||||||||
Resort | 156 | - | 1,218 | - | 1,374 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,754,144 | $ | 9,851 | $ | 50,665 | $ | 1,648 | $ | 1,816,308 | |||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||||||||||||||
The Company services residential real estate mortgage loans that it has sold without recourse to third parties. The carrying value of mortgage servicing rights was $3.1 million and $1.3 million as of December 31, 2013 and 2012, respectively. The fair value of these mortgage servicing rights approximated $3.6 million and $1.7 million as of December 31, 2013 and 2012, respectively. Total loans sold with servicing rights retained were $158.5 million and $92.1 million for the years ended December 31, 2013 and 2012, respectively. The net gain on loans sold totaled $4.8 million, $3.2 million and $671,000 for the years ended December 31, 2013, 2012 and 2011, respectively, included in the accompanying Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
The principal balance of loans serviced for others, which are not included in the accompanying Consolidated Statements of Financial Condition totaled $299.0 million and $161.3 million at December 31, 2013 and 2012, respectively. Loan servicing fees for others totaling $608,000 and $305,000 for the years ended December 31, 2013 and 2012, respectively, is included as a component of other noninterest income in the accompanying Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
Related Party Loans | |||||||||||||||||||||||||||||||||||||
During the regular course of its business, the Company makes loans to its executive officers, Directors and other related parties. | |||||||||||||||||||||||||||||||||||||
Changes in loans to related parties were as follows: | |||||||||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Balance, at beginning of year | $ | 716 | $ | 702 | |||||||||||||||||||||||||||||||||
Loans to related parties who terminated services | (120 | ) | - | ||||||||||||||||||||||||||||||||||
Addition of related parties during the year | 69 | - | |||||||||||||||||||||||||||||||||||
Additional loans and advances | 81 | 55 | |||||||||||||||||||||||||||||||||||
Repayments | (99 | ) | (41 | ) | |||||||||||||||||||||||||||||||||
Balance, at end of year | $ | 647 | $ | 716 | |||||||||||||||||||||||||||||||||
All related party loans as of December 31, 2013 and 2012 were performing according to their credit terms. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
6. Premises and Equipment | |||||||||
The following is a summary of the premises and equipment accounts: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 1,751 | $ | 1,751 | |||||
Premises and leasehold improvements | 22,642 | 20,576 | |||||||
Furniture and equipment | 23,562 | 24,505 | |||||||
Software | 4,307 | 1,699 | |||||||
52,262 | 48,531 | ||||||||
Less: accumulated depreciation and amortization | (31,643 | ) | (28,564 | ) | |||||
$ | 20,619 | $ | 19,967 | ||||||
For the years ended December 31, 2013, 2012, and 2011 depreciation and amortization expense was $3.1 million, $3.3 million, and $3.1 million, respectively. |
Credit_Arrangements
Credit Arrangements | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Credit Arrangements | ' | ||||||||||||||
7. 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 December 31, 2013 and 2012. The Company has access to a pre-approved unsecured line of credit with a bank totaling $20.0 million, which was undrawn at December 31, 2013 and 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 line was undrawn at December 31, 2013 and 2012. The Company maintains a cash balance of $262,500 with the bank to avoid fees associated with the above line. | |||||||||||||||
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. | |||||||||||||||
FHLBB advances totaled $259.0 million and $128.0 million at December 31, 2013 and 2012, respectively. Advances from the FHLBB are collateralized by first mortgage loans with an estimated eligible collateral value of $677.4 million and $602.2 million at December 31, 2013 and 2012, respectively. The Company has available borrowings of $190.6 million and $294.3 million at December 31, 2013 and 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. | |||||||||||||||
FHLBB advances consist of the following: | |||||||||||||||
(Dollars in thousands) | As of December 31, | ||||||||||||||
Advance Date | Interest Rate | Maturity Date | 2013 | 2012 | |||||||||||
12/31/12 | 0.31 | % | 1/2/13 | $ | - | $ | 68,000 | ||||||||
4/11/08 | 3.4 | % | 4/11/13 | - | 9,000 | ||||||||||
8/29/08 | 4.26 | % | 8/29/13 | - | 5,000 | ||||||||||
12/26/08 | 3.31 | % | 12/26/13 | - | 8,000 | ||||||||||
12/26/08 | 3.17 | % | 12/26/13 | - | 2,000 | ||||||||||
12/31/13 | 0.28 | % | 1/2/14 | 68,000 | - | ||||||||||
12/19/13 | 0.18 | % | 1/17/14 | 30,000 | - | ||||||||||
10/24/13 | 0.19 | % | 1/24/14 | 30,000 | - | ||||||||||
12/31/13 | 0.16 | % | 1/29/14 | 55,000 | - | ||||||||||
10/5/09 | 2.72 | % | 4/7/14 | 10,000 | 10,000 | ||||||||||
10/24/13 | 0.22 | % | 4/25/14 | 20,000 | - | ||||||||||
10/29/13 | 0.23 | % | 4/30/14 | 20,000 | - | ||||||||||
1/25/10 | 2.52 | % | 7/25/14 | 7,000 | 7,000 | ||||||||||
4/11/08 | 3.83 | % | 4/13/15 | 6,000 | 6,000 | ||||||||||
7/12/10 | 2.25 | % | 7/13/15 | 7,000 | 7,000 | ||||||||||
7/20/10 | 2.11 | % | 7/20/15 | 6,000 | 6,000 | ||||||||||
$ | 259,000 | $ | 128,000 | ||||||||||||
The Company participates in the Federal Reserve Bank’s discount window loan collateral program that enables the Company to borrow up to $80.5 million and $93.9 million on an overnight basis at December 31, 2013 and 2012, respectively, and was undrawn as of December 31, 2013 and 2012. The funding arrangement was collateralized by $124.7 million and $145.8 million in pledged commercial real estate loans as of December 31, 2013 and 2012, respectively. | |||||||||||||||
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. | |||||||||||||||
Outstanding borrowings are as follows: | |||||||||||||||
(Dollars in thousands) | As of December 31, | ||||||||||||||
Advance Date | Interest Rate | Maturity Date | 2013 | 2012 | |||||||||||
13-Mar-08 | 3.34 | % | 3/13/18 | $ | 6,000 | $ | 6,000 | ||||||||
13-Mar-08 | 3.93 | % | 3/13/18 | 4,500 | 4,500 | ||||||||||
13-Mar-08 | 3.16 | % | 3/13/15 | 10,500 | 10,500 | ||||||||||
$ | 21,000 | $ | 21,000 | ||||||||||||
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 $50.8 million and $54.2 million at December 31, 2013 and 2012, respectively. They are secured by the Company’s investment in specific issues of U.S. Treasury obligations, Government sponsored residential mortgage-backed securities and U.S. Government agency obligations with a market value of $71.3 million and $84.3 million as of December 31, 2013 and 2012, respectively. |
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
8. Deposits | |||||||||||||||||
Deposit balances and weighted average interest rates at December 31, 2013 and 2012 are as follows: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Noninterest-bearing demand deposits | $ | 308,459 | $ | 247,586 | |||||||||||||
Interest-bearing | |||||||||||||||||
NOW accounts | 285,392 | 0.23 | % | 227,205 | 0.19 | % | |||||||||||
Money market | 387,225 | 0.79 | % | 317,030 | 0.73 | % | |||||||||||
Savings accounts | 193,937 | 0.11 | % | 179,290 | 0.17 | % | |||||||||||
Time deposits | 338,488 | 0.98 | % | 359,344 | 1.09 | % | |||||||||||
Total interest-bearing deposits | 1,205,042 | 0.61 | % | 1,082,869 | 0.65 | % | |||||||||||
Total deposits | $ | 1,513,501 | $ | 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 December 31, 2013 and December 31, 2012, we have no reciprocal deposits. | |||||||||||||||||
Time certificates of deposit in denominations of $100,000 or more approximated $147.7 million and $151.3 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Contractual maturities of time deposits are as follows: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Less than one year | $ | 227,606 | $ | 239,796 | |||||||||||||
One to two years | 50,179 | 48,285 | |||||||||||||||
Two to three years | 41,256 | 25,689 | |||||||||||||||
Three to four years | 11,931 | 33,102 | |||||||||||||||
Four to five years | 7,516 | 12,472 | |||||||||||||||
Five to six years | - | - | |||||||||||||||
$ | 338,488 | $ | 359,344 | ||||||||||||||
Interest expense on deposits are as follows: | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
NOW accounts | $ | 638 | $ | 389 | $ | 632 | |||||||||||
Money market | 2,878 | 2,017 | 1,993 | ||||||||||||||
Savings accounts | 206 | 291 | 334 | ||||||||||||||
Time deposits | 3,460 | 3,994 | 4,706 | ||||||||||||||
Total interest expense | $ | 7,182 | $ | 6,691 | $ | 7,665 |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefit Plans | ' | ||||||||||||||||
9. Pension and Other Postretirement Benefit Plans | |||||||||||||||||
The Company maintains a non-contributory defined-benefit pension plan covering eligible employees hired prior to January 1, 2007. | |||||||||||||||||
The Company also maintains a supplemental retirement plan (“supplemental plan”) to provide benefits to certain employees whose calculated benefit under the qualified plan exceeds the Internal Revenue Service limitation. | |||||||||||||||||
The Company sponsors two defined benefit postretirement plans that cover eligible employees. One plan provides health (medical and dental) benefits, and the other provides life insurance benefits. The accounting for the health care plan anticipates no future cost-sharing changes. The Company does not advance fund its postretirement plans. | |||||||||||||||||
On December 27, 2012, the Company announced it would freeze 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 will 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 measurement date for each plan is the Company’s year end. | |||||||||||||||||
The amounts related to the qualified plan and the supplemental plan is reflected in the tables that follow as “Pension Plans.” Both of these plans have projected and accumulated benefit obligations in excess of plan assets. | |||||||||||||||||
The following table sets forth the change in benefit obligation, plan assets and the funded status of the pension plans and other postretirement benefits: | |||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at | |||||||||||||||||
beginning of year | $ | 24,128 | $ | 23,603 | $ | 3,330 | $ | 3,394 | |||||||||
Service cost | - | 500 | 101 | 75 | |||||||||||||
Interest cost | 951 | 1,087 | 128 | 150 | |||||||||||||
Plan participants’ contributions | - | - | - | 39 | |||||||||||||
Plan amendments | - | - | - | (386 | ) | ||||||||||||
Actuarial (gain) loss | (2,213 | ) | 2,814 | (310 | ) | 175 | |||||||||||
Benefits paid | (957 | ) | (911 | ) | (93 | ) | (117 | ) | |||||||||
Curtailments | - | (2,963 | ) | - | - | ||||||||||||
Benefit obligation at | |||||||||||||||||
end of year | 21,909 | 24,130 | 3,156 | 3,330 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at | |||||||||||||||||
beginning of year | 15,403 | 14,169 | - | - | |||||||||||||
Actual return on plan assets | 1,828 | 919 | - | - | |||||||||||||
Employer contributions | 1,622 | 1,226 | 93 | 78 | |||||||||||||
Plan participants’ contributions | - | - | - | 39 | |||||||||||||
Benefits paid | (957 | ) | (911 | ) | (93 | ) | (117 | ) | |||||||||
Fair value of plan assets at | |||||||||||||||||
end of year | 17,896 | 15,403 | - | - | |||||||||||||
Funded status recognized in the | |||||||||||||||||
statements of condition | $ | (4,013 | ) | $ | (8,727 | ) | $ | (3,156 | ) | $ | (3,330 | ) | |||||
Accumulated benefit obligation | $ | (21,909 | ) | $ | (24,128 | ) | |||||||||||
The following table presents the amounts recognized in accumulated other comprehensive income that have not yet been recognized as a component of net period benefit cost as of December 31, 2013 and 2012: | |||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Prior Service Cost | $ | - | $ | - | $ | 222 | $ | 255 | |||||||||
Actuarial gain | (3,949 | ) | (6,246 | ) | (371 | ) | (604 | ) | |||||||||
Unrecognized components of net periodic | |||||||||||||||||
benefit cost in accumulated other | |||||||||||||||||
comprehensive income, net of tax | $ | (3,949 | ) | $ | (6,246 | ) | $ | (149 | ) | $ | (349 | ) | |||||
The following tables set forth the components of net periodic pension and benefit costs for the pension plans and other postretirement plans and other amounts recognized in accumulated other comprehensive loss for the retirement plans and post retirement plans for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Pension Plans | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | - | $ | 500 | $ | 689 | |||||||||||
Interest cost | 951 | 1,087 | 1,058 | ||||||||||||||
Expected return on plan assets | (1,135 | ) | (1,036 | ) | (1,078 | ) | |||||||||||
Amortization of unrecognized prior | |||||||||||||||||
service cost | - | (125 | ) | (125 | ) | ||||||||||||
Recognized net actuarial loss | 573 | 676 | 389 | ||||||||||||||
Curtailment charge | - | (1,208 | ) | - | |||||||||||||
Net periodic pension cost | 389 | (106 | ) | 933 | |||||||||||||
Change in Plan Assets and Benefit Obligations | |||||||||||||||||
Recognized in Other Comprehensive Income: | |||||||||||||||||
Net (gain) loss | (2,907 | ) | 2,931 | 3,366 | |||||||||||||
Amortization of net loss | (573 | ) | (676 | ) | (389 | ) | |||||||||||
Amortization of prior service cost | - | 1,333 | 125 | ||||||||||||||
Curtailment charge | - | (2,963 | ) | - | |||||||||||||
Total recognized in other comprehensive income | (3,480 | ) | 625 | 3,102 | |||||||||||||
Total recognized in net periodic pension | |||||||||||||||||
cost and other comprehensive income | $ | (3,091 | ) | $ | 519 | $ | 4,035 | ||||||||||
Other Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 101 | $ | 75 | $ | 61 | |||||||||||
Interest cost | 128 | 150 | 137 | ||||||||||||||
Recognized net loss | 42 | 32 | - | ||||||||||||||
Amortization of unrecognized prior service cost | (50 | ) | (41 | ) | (48 | ) | |||||||||||
Curtailment charge | - | (279 | ) | - | |||||||||||||
Net periodic pension cost | 221 | (63 | ) | 150 | |||||||||||||
Change in Plan Assets and Benefit Obligations | |||||||||||||||||
Recognized in Other Comprehensive Income: | |||||||||||||||||
Net (gain) loss | (310 | ) | 175 | 640 | |||||||||||||
Amortization of prior service cost (credit) | - | (107 | ) | 48 | |||||||||||||
Amortization of net loss | (42 | ) | (32 | ) | - | ||||||||||||
Change in prior service costs | 50 | 41 | - | ||||||||||||||
Total recognized in other comprehensive income | (302 | ) | 77 | 688 | |||||||||||||
Total recognized in net periodic pension | |||||||||||||||||
cost and other comprehensive income | $ | (81 | ) | $ | 14 | $ | 838 | ||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows: | |||||||||||||||||
(Dollars in thousands) | Pension Plans | Other Post Retirement | |||||||||||||||
Benefits | |||||||||||||||||
Prior service cost (credit) | $ | - | $ | (50 | ) | ||||||||||||
Actuarial loss | 308 | 18 | |||||||||||||||
Assumptions | |||||||||||||||||
The following table presents the significant actuarial assumptions used in preparing the required disclosures: | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average assumptions used to | |||||||||||||||||
determine funding status: | |||||||||||||||||
Discount rate (1) | 4.85 | % | 4.1 | % | 4.75 | % | 3.9 | % | |||||||||
Rate of compensation increase * (2) | n/a | 3 | % | - | - | ||||||||||||
Weighted-average assumptions used to | |||||||||||||||||
determine net periodic pension costs: | |||||||||||||||||
Discount rate | 4.1 | % | 4.65 | % | 3.9 | % | 4.5 | % | |||||||||
Expected return on plan assets (2) | 7.5 | % | 7.25 | % | - | - | |||||||||||
Rate of compensation increase * (2) | n/a | 3 | % | - | - | ||||||||||||
(1) Weighted average discount rate for the supplemental retirement plan was 4.15% for the year ended December 31, 2013. | |||||||||||||||||
(2) Rates not applicable to the supplemental retirement plan. | |||||||||||||||||
* The compensation rate increase is not applicable after the Pension Plan freeze on February 28, 2013. | |||||||||||||||||
Health Care Trend Assumptions | |||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Health care cost trend rate assumed for next year | 9.5 | % | 9.5 | % | |||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | |||||||||||||
Year that the rate reaches the rate it is assumed to remain at | 2023 | 2022 | |||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||
Effect of a Change in the Health Care Cost Trend Rates | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
One | One | One | One | ||||||||||||||
Percentage | Percentage | Percentage | Percentage | ||||||||||||||
Point Increase | Point Decrease | Point Increase | Point Decrease | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Effect on total of service and | |||||||||||||||||
interest components | $ | 14 | $ | (12 | ) | $ | 23 | $ | (19 | ) | |||||||
Effect on postretirement benefit | |||||||||||||||||
obligation | 247 | (211 | ) | 277 | (236 | ) | |||||||||||
Discount Rate | |||||||||||||||||
The discount rate at December 31, 2013, the plan’s projected benefit obligation cash flows were discounted to December 31, 2013 based on the spot rates from the “Above the Median” Citigroup Pension Discount Curve. The discount rate model produced a single weighted average discount rate of 4.85% that when used to discount the same plan benefit cash flows, resulted in the same aggregate present value. | |||||||||||||||||
Plan Assets | |||||||||||||||||
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, 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). | |||||||||||||||||
Basis of Fair Value Measurement | |||||||||||||||||
Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | |||||||||||||||||
Level 2 — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||||||||||||||||
Level 3 — Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | |||||||||||||||||
The following is a description of the valuation methodologies used for the pension plan assets measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. | |||||||||||||||||
Mutual funds: Valued at the net asset value (NAV) of shares held by the Plan at year end whose NAV ‘s are quoted in an active market. | |||||||||||||||||
Pooled Separate Accounts (PSA): Valued at its NAV based on the market value of its underlying investments. If there is no readily available market, its value is the fair value of the underlying investments held in such PSA as determined by the custodian using generally accepted accounting practices and applicable law. | |||||||||||||||||
The fair value of the Company’s pension plan assets at December 31, 2013 and 2012 by asset category are listed in the tables below: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Investments at Fair Value | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Mutual funds: | |||||||||||||||||
Fixed income | $ | 6,618 | $ | - | $ | - | $ | 6,618 | |||||||||
Equity | 10,283 | - | - | 10,283 | |||||||||||||
Pooled separate accounts: | |||||||||||||||||
Money market separate account | - | 394 | - | 394 | |||||||||||||
Prin high yield separate account | - | 601 | - | 601 | |||||||||||||
$ | 16,901 | $ | 995 | $ | - | $ | 17,896 | ||||||||||
31-Dec-12 | |||||||||||||||||
Investments at Fair Value | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Mutual funds: | |||||||||||||||||
Fixed income | $ | 6,411 | $ | - | $ | - | $ | 6,411 | |||||||||
Equity | 7,862 | - | - | 7,862 | |||||||||||||
Pooled separate accounts: | |||||||||||||||||
Money market separate account | - | 569 | - | 569 | |||||||||||||
Prin high yield separate account | - | 561 | - | 561 | |||||||||||||
$ | 14,273 | $ | 1,130 | $ | - | $ | 15,403 | ||||||||||
Investment Strategy and Asset Allocations | |||||||||||||||||
Plan assets are to be managed within an ERISA framework so as to provide the greatest probability that the following long-term objectives for the qualified pension plan are met in a prudent manner. The Company recognizes that, for any given time period, the attainment of these objectives is in large part dictated by the returns available from the capital markets in which plan assets are invested. | |||||||||||||||||
The asset allocation of plan assets reflects the Company’s long-term return expectations and risk tolerance in meeting the financial objectives of the plan. Plan assets should be adequately diversified by asset class, sector and industry to reduce the downside risk to total plan results over short-term time periods, while providing opportunities for long-term appreciation. The Company’s Human Resource Committee reserves the right to rebalance the assets at any time it deems it to be prudent. | |||||||||||||||||
The Company’s qualified defined benefit pension plan’s weighted-average asset allocations and the Plan’s long-term allocation structure by asset category are as follows: | |||||||||||||||||
Actual Percentage of Fair Value | |||||||||||||||||
At December 31, | Target | ||||||||||||||||
2013 | 2012 | Allocation | |||||||||||||||
High yield and money market funds | 5 | % | 7 | % | 5-15% | ||||||||||||
Equity funds | 58 | % | 51 | % | 30-70% | ||||||||||||
Fixed income funds | 37 | % | 42 | % | 30-70% | ||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Expected Contributions | |||||||||||||||||
The Company makes contributions to its funded qualified defined benefit plan as required by government regulation or as deemed appropriate by management after considering the fair value of plan assets, expected return on such assets and the present value of the benefit obligation of the plan. The Company expects to contribute approximately $1.4 million to the qualified defined benefit plan for the year ended December 31, 2014. Since the supplemental plan and the postretirement benefit plans are unfunded, the expected employer contributions for the year ending December 31, 2014 is equal to the Company’s estimated future benefit payment liabilities less any participant contributions. | |||||||||||||||||
Expected Benefit Payments | |||||||||||||||||
The following is a summary of benefit payments expected to be paid by the non-contributory defined benefit pension plans (dollars in thousands): | |||||||||||||||||
2014 | 1,029 | ||||||||||||||||
2015 | 1,065 | ||||||||||||||||
2016 | 1,099 | ||||||||||||||||
2017 | 1,119 | ||||||||||||||||
2018 | 1,162 | ||||||||||||||||
Years 2019 - 2023 | 6,547 | ||||||||||||||||
$ | 12,021 | ||||||||||||||||
The following is a summary of benefit payments expected to be paid by the medical, dental and life insurance plan (dollars in thousands): | |||||||||||||||||
2014 | 179 | ||||||||||||||||
2015 | 180 | ||||||||||||||||
2016 | 188 | ||||||||||||||||
2017 | 192 | ||||||||||||||||
2018 | 185 | ||||||||||||||||
Years 2019 - 2023 | 936 | ||||||||||||||||
$ | 1,860 | ||||||||||||||||
401(k) Plan | |||||||||||||||||
Employees who have completed six months of service and have attained the age of 21 are eligible to participate in the Company’s defined contribution savings plan (“401(k) plan”). Eligible employees may contribute an unlimited amount (not to exceed IRS limits) of their compensation. The Company may make matching contributions of 100% of the participant’s deferral not to exceed 4% of the participant’s compensation. Contributions by the Company for the year ended December 31, 2013 and 2012 were $765,000 and $702,000, respectively. On January 1, 2007, the Company made several significant changes to the 401(k) plan: 1) implemented a Safe Harbor provision, which provides a match of 100% for the first 4% of employee contribution and eliminated the vesting schedule for monies matched after January 1, 2007; 2) announced their plan to exercise a discretionary employer contribution which would range from 0% to 11% based on profits and determined by the Board of Directors and management (subject to a vesting schedule) and 3) the definition of compensation was changed to W-2 compensation and the entry dates were changed to quarterly from semi-annual. | |||||||||||||||||
Supplemental Plans | |||||||||||||||||
The Company has entered into agreements with certain current and retired executives to provide supplemental retirement benefits. The present values of these future payments, not included in the previous table, are included in accrued expenses and other liabilities in the Statements of Financial Condition. As of December 31 2013 and 2012, the accrued supplemental retirement liability was $2.8 million and $2.2 million, respectively. For the years ended December 31, 2013, 2012 and 2011 net expense for these supplemental retirement benefits were $720,000, $611,000 and $569,000, respectively. | |||||||||||||||||
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 December 31, 2013, the loan had an outstanding balance of $13.9 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 $1.4 million and $1.3 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
Shares held by the ESOP include the following as of December 31, 2013: | |||||||||||||||||
Allocated | 190,722 | ||||||||||||||||
Committed to be released | 95,361 | ||||||||||||||||
Unallocated | 1,144,333 | ||||||||||||||||
1,430,416 | |||||||||||||||||
The fair value of unallocated ESOP shares was $18.4 million at December 31, 2013. |
Stock_Incentive_Plan
Stock Incentive Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||
Stock Incentive Plan | ' | ||||||||||||||||
10 | 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 allows 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 years ended December 31, 2013 and 2012, the Company recorded $3.6 million and $4.0 million of share-based compensation expense, respectively, comprised of $1.4 million and $1.6 million of stock option expense, respectively and $2.2 million and $2.4 million of restricted stock expense, respectively. Expected future compensation expense relating to the 985,307 non-vested options outstanding at December 31, 2013, is $3.1 million over the remaining vesting period of 2.70 years. Expected future compensation expense relating to the 400,325 non-vested restricted shares at December 31, 2013, is $4.6 million over the remaining vesting period of 2.68 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 years ended December 31, 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 year ended December 31, 2013. | |||||||||||||||||
Weighted-Average | |||||||||||||||||
Remaining | Aggregate | ||||||||||||||||
Number of | Weighted-Average | Contractual Term | Intrinsic Value | ||||||||||||||
Stock Options | Exercise Price | (in years) | (in thousands) | ||||||||||||||
Outstanding at December 31, 2012 | 1,696,357 | $ | 12.95 | ||||||||||||||
Granted | 26,750 | 14.48 | |||||||||||||||
Exercised | (90,850 | ) | 12.95 | ||||||||||||||
Forfeited | (2,400 | ) | 12.95 | ||||||||||||||
Outstanding at December 31, 2013 | 1,629,857 | $ | 12.98 | 8.7 | $ | 5,095 | |||||||||||
Exercisable at December 31, 2013 | 644,550 | ||||||||||||||||
The total intrinsic value of options exercised during the year ended December 31, 2013 was $177,000. | |||||||||||||||||
The following is a summary of the status of the Company’s restricted stock for the year ended December 31, 2013. | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Restricted | Grant Date | ||||||||||||||||
Stock | Fair Value | ||||||||||||||||
Unvested at December 31, 2012 | 572,167 | $ | 12.95 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (171,842 | ) | 12.95 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Unvested at December 31, 2013 | 400,325 | $ | 12.95 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||
11 | 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 our 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 party to master netting agreements with its correspondent banks; however, the Company does not offset assets and liabilities for financial statement presentation purposes. The master netting agreements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral generally in the form of cash is received or posted by the counterparty with the net liability position, respectively, in accordance with contract thresholds. As of December 31, 2013, the Company maintained a cash balance of $2.0 million with a correspondent bank to collateralize its position. As of December 31, 2013, the Company’s agreement would require the correspondent bank to secure any outstanding receivable in excess of $10.0 million. | |||||||||||||||||||||||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||||||||||||||
The Company’s agreements with its derivative counterparties, contain the following provisions: | |||||||||||||||||||||||||||||||||||||
● | if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; | ||||||||||||||||||||||||||||||||||||
● | if the Company fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions, and the Company would be required to settle its obligations under the agreements; | ||||||||||||||||||||||||||||||||||||
● | if the Company fails to maintain a specified minimum leverage ratio, then the Company could be declared in default on its derivative obligations; and | ||||||||||||||||||||||||||||||||||||
● | if a specified event or condition occurs that materially changes the Company’s creditworthiness in an adverse manner, it may be required to fully collateralize its obligations under the derivative instrument. | ||||||||||||||||||||||||||||||||||||
The Company is in compliance with the above provisions as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||
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 Financial Condition at fair value. The Company had the following outstanding interest rate swaps that were not designated for hedge accounting: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Consolidated | Estimated | Estimated | |||||||||||||||||||||||||||||||||||
Balance Sheet | # of | Notional | Fair | # of | Notional | Fair | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Location | Instruments | Amount | Values | Instruments | Amount | Values | ||||||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||||||||||
interest rate swap position | Other Assets | 22 | $ | 66,635 | $ | 3,238 | 35 | $ | 105,828 | $ | 8,228 | ||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||||||||||
interest rate swap position | Other Liabilities | 22 | 82,535 | (3,294 | ) | 2 | 7,731 | 86 | |||||||||||||||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||||||||||||
rate swap position | Other Liabilities | 44 | 149,170 | 56 | 37 | 113,559 | (8,314 | ) | |||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
MTM (Loss) | MTM (Loss) | MTM (Loss) | |||||||||||||||||||||||||||||||||||
Interest Income | Gain Recorded | Interest Income | Gain Recorded | Interest Income | Gain Recorded | ||||||||||||||||||||||||||||||||
Recorded in | in Noninterest | Recorded in | in Noninterest | Recorded in | in Noninterest | ||||||||||||||||||||||||||||||||
Interest Income | Income | Net Impact | Interest Income | Income | Net Impact | Interest Income | Income | Net Impact | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||||||||||
interest rate swap position | $ | 3,078 | $ | (4,990 | ) | $ | (1,912 | ) | $ | 2,416 | $ | 1,416 | $ | 3,832 | $ | 2,143 | $ | 5,041 | $ | 7,184 | |||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||||||||||||
rate swap position | (3,078 | ) | 4,990 | 1,912 | (2,416 | ) | (1,416 | ) | (3,832 | ) | (2,143 | ) | (5,041 | ) | (7,184 | ) | |||||||||||||||||||||
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 December 31, 2013, the notional amount of outstanding rate locks totaled approximately $4.6 million and the notional amount of outstanding commitments to sell residential mortgage loans totaled approximately $6.3 million. Forward sales, which include mandatory forward commitments, notional amount totaled approximately $2.7 million at December 31, 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. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
12 | Income Taxes | ||||||||||||
The components of the income tax provision are as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current provision | |||||||||||||
Federal | $ | 1,480 | $ | 2,783 | $ | (1,782 | ) | ||||||
State | 2 | 2 | 9 | ||||||||||
1,482 | 2,785 | (1,773 | ) | ||||||||||
Deferred benefit | |||||||||||||
Federal | (313 | ) | (1,485 | ) | (804 | ) | |||||||
State | - | - | - | ||||||||||
(313 | ) | (1,485 | ) | (804 | ) | ||||||||
Total provision for income taxes | $ | 1,169 | $ | 1,300 | $ | (2,577 | ) | ||||||
The following is a reconciliation of the expected federal statutory tax to the income tax provision as reported in the statements of income: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income tax expense at statutory federal tax rate | $ | 1,657 | $ | 1,703 | $ | (2,317 | ) | ||||||
Changes in cash surrender value of life insurance | (410 | ) | (437 | ) | (247 | ) | |||||||
Dividends received deduction | (52 | ) | (57 | ) | (61 | ) | |||||||
State income taxes | 1 | 1 | 6 | ||||||||||
ESOP | 94 | 37 | - | ||||||||||
Death benefits | (37 | ) | (85 | ) | - | ||||||||
Municipal income - net | (114 | ) | - | - | |||||||||
Other - net | 30 | 138 | 42 | ||||||||||
Income tax provision as reported | $ | 1,169 | $ | 1,300 | $ | (2,577 | ) | ||||||
The components of the Company’s net deferred tax assets are as follows: | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets | |||||||||||||
Allowance for loan losses | $ | 6,227 | $ | 5,857 | |||||||||
Accrued pension | 213 | 430 | |||||||||||
Minimum pension liability and postretirement benefits | 3,107 | 4,350 | |||||||||||
Charitable contribution carryforward | 2,229 | 2,393 | |||||||||||
Deferred compensation | 2,599 | 2,439 | |||||||||||
Accrued bonus | 1,082 | 1,253 | |||||||||||
Other than temporary impairment on securities | |||||||||||||
available-for-sale | 990 | 990 | |||||||||||
Net unrealized loss on securities available-for-sale | 74 | - | |||||||||||
Investment in partnerships | 133 | 123 | |||||||||||
Stock compensation | 1,085 | 734 | |||||||||||
Allowance for off-balance sheet provision | 148 | 134 | |||||||||||
Other | 955 | 592 | |||||||||||
Gross deferred tax assets | 18,842 | 19,295 | |||||||||||
Valuation reserve | - | - | |||||||||||
Net deferred tax assets | 18,842 | 19,295 | |||||||||||
Deferred tax liabilities | |||||||||||||
Net origination fees | 2,229 | 2,028 | |||||||||||
Fixed assets | 608 | 995 | |||||||||||
Bond discount accretion | 34 | 23 | |||||||||||
Net unrealized gain on securities available-for-sale | - | 240 | |||||||||||
Other | 1,087 | 468 | |||||||||||
Gross deferred tax liabilities | 3,958 | 3,754 | |||||||||||
Net deferred tax assets | 14,884 | 15,541 | |||||||||||
The allocation of deferred tax expense (benefit) involving items charged to current year income and items charged directly to capital are as follows: | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax benefit allocated to capital | $ | 970 | $ | (365 | ) | ||||||||
Deferred tax benefit allocated to income | (313 | ) | (1,485 | ) | |||||||||
Total change in deferred taxes | $ | 657 | $ | (1,850 | ) | ||||||||
The Company will only recognize a deferred tax asset when, based upon available evidence, realization is more likely than not. At December 31, 2013 and 2012, the Company has not recorded a valuation allowance against the federal deferred tax assets. | |||||||||||||
As part of the Plan of Conversion and Reorganization completed on June 29, 2011, the Company contributed shares of Company common stock to the Farmington Bank Community Foundation, Inc. This contribution resulted in a charitable contribution deduction for federal income tax purposes. Use of that charitable contribution deduction is limited under Federal tax law to 10% of federal taxable income without regard to charitable contributions, net operating losses, and dividend received deductions. Annually, a corporation is permitted to carry over to the five succeeding tax years, contributions that exceeded the 10% limitation, but also subject to the maximum annual limitation. As a result, approximately $6.5 million of charitable contribution carryforward remains at December 31, 2013 resulting in a deferred tax asset of approximately $2.2 million. The Company believes it is more likely that not that this carryforward will be utilized before expiration in 2016. Therefore, no valuation allowance has been recorded against this deferred tax asset. Some of this charitable contribution carryforward could expire unutilized if the Company does not generate sufficient taxable income over the next three years. The Company monitors the need for a valuation allowance on a quarterly basis. | |||||||||||||
During 1999, the Bank formed a subsidiary, Farmington Savings Loan Servicing Inc., which qualifies and operates as a Connecticut passive investment company pursuant to legislation enacted in May 1998. Income earned by a passive investment company is exempt from Connecticut corporation business tax. In addition, dividends paid by Farmington Savings Loan Servicing, Inc. to its parent, Farmington Bank are also exempt from corporation business tax. The Bank expects the passive investment company to earn sufficient income to eliminate Connecticut income taxes in future years. As such, no state deferred tax assets or liabilities have been recorded. | |||||||||||||
The Company has not provided deferred taxes for the tax reserve for bad debts, of approximately $3.4 million, that arose in tax years beginning before 1987 because it is expected that the requirements of Internal Revenue Code Section 593 will be met in the foreseeable future. | |||||||||||||
The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013 and 2012: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | - | |||||||||||
Increases based on tax positions related to prior periods | 982 | ||||||||||||
Balance at December 31, 2012 | 982 | ||||||||||||
Settlements | (982 | ) | |||||||||||
Balance at December 31, 2013 | $ | - | |||||||||||
Interest expense related to uncertain tax positions recognized in income tax expense was $-0-, $61,000 and $-0- for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The Company had no uncertain tax positions as of December 31, 2013. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2010 through 2013. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Lease Commitments | ' | ||||
13 | Lease Commitments | ||||
The Company’s headquarters and certain of the Company’s branch offices are leased under non-cancelable operating leases, which expire at various dates through the year 2033. Various leases have renewal options of up to an additional thirty years. Payments on majority of the leases are subject to an escalating payment schedule. The future minimum rental commitments as of December 31, 2013 for these leases are as follows: | |||||
(Dollars in thousands) | |||||
2014 | $ | 2,470 | |||
2015 | 2,545 | ||||
2016 | 2,432 | ||||
2017 | 2,340 | ||||
2018 | 2,346 | ||||
Thereafter | 9,691 | ||||
$ | 21,824 | ||||
Total rental expense for all leases amounted to $2.8 million, $2.5 million and $2.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ||||||||
Financial Instruments with off-balance sheet risk | ' | ||||||||
14 | 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: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Approved loan commitments | $ | 25,667 | $ | 14,761 | |||||
Unadvanced portion of construction loans | 64,599 | 61,923 | |||||||
Unadvanced portion of resort loans | - | 2,768 | |||||||
Unused lines for home equity loans | 163,255 | 146,078 | |||||||
Unused revolving lines of credit | 354 | 402 | |||||||
Unused commercial letters of credit | 3,910 | 8,462 | |||||||
Unused commercial lines of credit | 153,673 | 135,379 | |||||||
$ | 411,458 | $ | 369,773 | ||||||
Financial instruments with off-balance sheet risk had a valuation allowance of $436,000 and $394,000 as of December 31, 2013 and 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 December 31, 2013 and 2012, the Company had no off-balance sheet special purpose entities and participated in no securitizations of assets. |
Significant_Group_Concentratio
Significant Group Concentrations of Credit Risk | 12 Months Ended | |
Dec. 31, 2013 | ||
Risks and Uncertainties [Abstract] | ' | |
Significant Group Concentrations of Credit Risk | ' | |
15 | Significant Group Concentrations of Credit Risk | |
The Company primarily grants commercial, residential and consumer loans to customers located within its primary market area in the state of Connecticut. The majority of the Company’s loan portfolio is comprised of commercial and residential mortgages. The Company has no negative amortization or option adjustable rate mortgage loans. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
16 | 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: | |||||||||||||||||||||||||
● | 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). | ||||||||||||||||||||||||
Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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 years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
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 had no Level 3 securities at December 31, 2013 and 2012. | |||||||||||||||||||||||||
The Company utilizes a third party, nationally-recognized pricing service (“pricing service”); subject to review by management, to estimate fair value measurements for the majority 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 pricing and hierarchy classifications. Management employs procedures to monitor the pricing service’s assumptions and establishes processes to challenge the pricing service’s valuations that appear unusual or unexpected. | |||||||||||||||||||||||||
Interest Rate Swap Derivatives: 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 therefore are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||||||||||
The following table details the financial instruments carried at fair value on a recurring basis as of December 31, 2013 and 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant | Significant Unobservable | |||||||||||||||||||||||
Observable | Inputs | ||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||
(Dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 126,000 | $ | 126,000 | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | 6,922 | 6,922 | - | - | |||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||
mortgage-backed securities | 9,616 | - | 9,616 | - | |||||||||||||||||||||
Corporate debt securities | 3,104 | - | 3,104 | - | |||||||||||||||||||||
Preferred equity securities | 1,569 | - | 1,569 | - | |||||||||||||||||||||
Marketable equity securities | 148 | 148 | - | - | |||||||||||||||||||||
Mutual funds | 3,527 | - | 3,527 | - | |||||||||||||||||||||
Securities available-for-sale | 150,886 | 133,070 | 17,816 | - | |||||||||||||||||||||
Interest rate swap derivative | 3,238 | - | 3,238 | - | |||||||||||||||||||||
Forward loan sales commitments | 36 | - | - | 36 | |||||||||||||||||||||
Derivative loan commitments | 11 | - | - | 11 | |||||||||||||||||||||
Total | $ | 154,171 | $ | 133,070 | $ | 21,054 | $ | 47 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 3,294 | $ | - | $ | 3,294 | $ | - | |||||||||||||||||
Total | $ | 3,294 | $ | - | $ | 3,294 | $ | - | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||||||
(Dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
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 | 8,228 | - | 8,228 | - | |||||||||||||||||||||
Derivative loan commitments | 450 | - | - | 450 | |||||||||||||||||||||
Forward loan sales commitments | 38 | - | 38 | ||||||||||||||||||||||
Total | $ | 147,197 | $ | 119,112 | $ | 27,597 | $ | 488 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 8,314 | $ | - | $ | 8,314 | $ | - | |||||||||||||||||
Total | $ | 8,314 | $ | - | $ | 8,314 | $ | - | |||||||||||||||||
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 | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of year | $ | - | $ | 42 | $ | 44 | |||||||||||||||||||
Paydowns | - | (42 | ) | (2 | ) | ||||||||||||||||||||
Total (loss) gain - (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | - | - | - | ||||||||||||||||||||||
Balance, at the end of year | $ | - | $ | - | $ | 42 | |||||||||||||||||||
Derivative and Forward Loan Sales Commitments, Net | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of year | $ | 488 | $ | 35 | $ | - | |||||||||||||||||||
Total realized (loss) gain: | |||||||||||||||||||||||||
Included in earnings | (441 | ) | 453 | 35 | |||||||||||||||||||||
Balance, at the end of year | $ | 47 | $ | 488 | $ | 35 | |||||||||||||||||||
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis at December 31, 2013: | |||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Input | |||||||||||||||||||||
Derivative and forward loan sales commitments, net | $ | 47 | Adjusted quoted prices in active markets | Embedded servicing value | 1.25 | % | |||||||||||||||||||
The embedded servicing value represents the value assigned for mortgage servicing rights and based on management’s judgment. When the embedded servicing value increases or decrease there is a direct correlation with fair value. | |||||||||||||||||||||||||
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 December 31, 2013 and 2012 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: | |||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | 5,910 | $ | - | $ | - | $ | 6,803 | |||||||||||||
Other real estate owned | - | - | 277 | - | - | - | |||||||||||||||||||
Mortgage servicing rights | - | - | 1,970 | - | - | 995 | |||||||||||||||||||
The following is a description of the valuation methodologies used for instruments measured on a non-recurring basis: | |||||||||||||||||||||||||
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 and are considered to be recognized at fair value when recorded at below cost. The fair value of loans held for sale is based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted as required for changes in loan characteristics. | |||||||||||||||||||||||||
Impaired Loans: Impaired loans for which repayment of the loan is expected to be provided solely by the value of the underlying collateral are considered collateral dependent and are valued based on the estimated fair value of such collateral using Level 3 inputs based on customized discounting criteria. | |||||||||||||||||||||||||
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 write down 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 presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2013: | |||||||||||||||||||||||||
Significant | Weighted | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Average Inputs | ||||||||||||||||||||
Mortgage servicing rights | $ | 1,970 | Discounted cash flows | Prepayment speed | 0% - 29% | 9.2 | % | ||||||||||||||||||
Discount rate | n/a | 7.8 | % | ||||||||||||||||||||||
Impaired loans | $ | 5,910 | Appraisals | Discount for dated appraisal | 0% - 20% | 10 | % | ||||||||||||||||||
Discount for costs to sell | 8% - 15% | 11.5 | % | ||||||||||||||||||||||
Other real estate owned | $ | 277 | 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. | |||||||||||||||||||||||||
Alternative Investments: The Company accounts for its percentage ownership of alternative investment funds at cost, subject to impairment testing. These are non-public investments which include limited partnerships, an equity fund and preferred share ownership in other equity ventures. These alternative investments totaled $2.4 million and $1.5 million at December 31, 2013 and 2012, respectively. The alternative investments are carried at cost and are considered to be measured at fair value on a non-recurring basis when there is impairment. The Company has $539,000 in unfunded commitments remaining for its alternative investments as of December 31, 2013. | |||||||||||||||||||||||||
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 December 31, 2013 and 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. | |||||||||||||||||||||||||
31-Dec-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 | $ | 12,983 | $ | 12,886 | $ | 3,006 | $ | 3,006 | ||||||||||||||||
Securities available-for-sale | See previous table | 150,886 | 150,886 | 138,481 | 138,481 | ||||||||||||||||||||
Loans | Level 3 | 1,816,308 | 1,803,424 | 1,534,021 | 1,563,430 | ||||||||||||||||||||
Loans held-for-sale | Level 2 | 3,186 | 3,188 | 9,626 | 9,833 | ||||||||||||||||||||
Mortgage servicing rights | Level 3 | 3,146 | 3,596 | 1,327 | 1,709 | ||||||||||||||||||||
Federal Home Loan Bank of Boston stock | Level 2 | 13,136 | 13,136 | 8,939 | 8,939 | ||||||||||||||||||||
Alternative investments | Level 3 | 2,352 | 2,778 | 1,508 | 2,206 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 3,238 | 3,238 | 8,228 | 8,228 | ||||||||||||||||||||
Forward loan sales commitments | Level 3 | 36 | 36 | 38 | 38 | ||||||||||||||||||||
Derivative loan commitments | Level 3 | 11 | 11 | 450 | 450 | ||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Deposits other than time deposits | Level 1 | 1,175,013 | 1,175,013 | 971,111 | 971,111 | ||||||||||||||||||||
Time deposits | Level 2 | 338,488 | 341,395 | 359,344 | 363,156 | ||||||||||||||||||||
Federal Home Loan Bank of Boston advances | Level 2 | 259,000 | 259,765 | 128,000 | 130,062 | ||||||||||||||||||||
Repurchase agreement borrowings | Level 2 | 21,000 | 21,992 | 21,000 | 22,819 | ||||||||||||||||||||
Repurchase liabilities | Level 2 | 50,816 | 50,816 | 54,187 | 54,189 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 3,294 | 3,294 | 8,314 | 8,314 | ||||||||||||||||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Matters Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
17. Regulatory Matters | |||||||||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. | |||||||||||||||||||||||||
Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to quantitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations) and of Tier I capital (as defined in the regulations) to average assets (as defined in the regulations). | |||||||||||||||||||||||||
Management believes, as of December 31, 2013 and 2012 that the Company meets all capital adequacy requirements to which it is subject. As of December 31, 2013, the Company was categorized as well capitalized under the regulatory framework for Prompt Corrective Action. | |||||||||||||||||||||||||
The Federal Deposit Insurance Corporation categorizes the Company as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institution’s category. | |||||||||||||||||||||||||
The actual capital amounts and ratios for the Company and the Bank are also presented in the table: | |||||||||||||||||||||||||
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 December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 209,174 | 12.76 | % | $ | 131,144 | 8 | % | $ | 163,929 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 190,424 | 11.62 | 65,550 | 4 | 98,326 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 190,424 | 9.28 | 82,079 | 4 | 102,599 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 203,612 | 14.46 | % | $ | 112,648 | 8 | % | $ | 140,811 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 185,998 | 13.21 | 56,320 | 4 | 84,481 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 185,998 | 10.45 | 71,195 | 4 | 88,994 | 5 | |||||||||||||||||||
First Connecticut Bancorp, Inc.: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 254,509 | 15.5 | % | $ | 131,359 | 8 | % | $ | 164,199 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 235,759 | 14.36 | 65,671 | 4 | 98,507 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 235,759 | 11.47 | 82,218 | 4 | 102,772 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 265,242 | 18.8 | % | $ | 112,869 | 8 | % | $ | 141,086 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 247,619 | 17.55 | 56,437 | 4 | 84,656 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 247,619 | 13.89 | 71,309 | 4 | 89,136 | 5 |
Parent_Company_Statements
Parent Company Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Statements | ' | ||||||||||||
18 | Parent Company Statements | ||||||||||||
The following represents the Parent Company’s condensed Statements of Financial Condition as of December 31, 2013 and 2012, and condensed statements of operations, condensed statements of comprehensive income (loss) and cash flows for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Condensed Statements of Financial Condition | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 36,151 | $ | 55,845 | |||||||||
Deferred income taxes | 2,321 | 2,607 | |||||||||||
Due from Farmington Bank | 6,118 | 3,484 | |||||||||||
Investment in Farmington Bank | 186,873 | 180,174 | |||||||||||
Prepaid expenses and other assets | 805 | 27 | |||||||||||
Total assets | $ | 232,268 | $ | 242,137 | |||||||||
Liabilities | $ | 59 | $ | 342 | |||||||||
Stockholders’ equity | 232,209 | 241,795 | |||||||||||
Total liabilities and shareholders’ equity | $ | 232,268 | $ | 242,137 | |||||||||
Condensed Statements of Operations | |||||||||||||
For The Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest income | $ | 157 | $ | 289 | $ | 132 | |||||||
Contribution to Farmington Bank Community Foundation Inc. | - | - | (6,877 | ) | |||||||||
Noninterest expense | (1,627 | ) | (609 | ) | (251 | ) | |||||||
Income tax benefit | 364 | 25 | 2,382 | ||||||||||
Loss before equity in undistributed earnings of Farmington Bank | (1,106 | ) | (295 | ) | (4,614 | ) | |||||||
Equity in undistributed earnings of Farmington Bank | 4,810 | 4,002 | 375 | ||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (4,239 | ) | ||||||
Condensed Statements of Comprehensive Income (Loss) | |||||||||||||
For The Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (4,239 | ) | ||||||
Other comprehensive income (loss), before tax | |||||||||||||
Net change in unrealized losses on securities | (923 | ) | (353 | ) | (626 | ) | |||||||
Change related to employee benefit plans | 3,783 | (674 | ) | (3,789 | ) | ||||||||
Other comprehensive income (loss), before tax | 2,860 | (1,027 | ) | (4,415 | ) | ||||||||
Income tax expense (benefit) | 972 | (349 | ) | (1,501 | ) | ||||||||
Other comprehensive income (loss), net of tax | 1,888 | (678 | ) | (2,914 | ) | ||||||||
Comprehensive income (loss) | $ | 5,592 | $ | 3,029 | $ | (7,153 | ) | ||||||
Condensed Statements of Cash Flows | |||||||||||||
For The Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (4,239 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Contribution of stock to Farmington Bank | |||||||||||||
Community Foundation, Inc. | - | - | 6,877 | ||||||||||
Amortization of ESOP expense | 1,404 | 1,263 | - | ||||||||||
Share based compensation expense | 3,576 | 4,011 | - | ||||||||||
Equity in undistributed net income of Farmington Bank | (4,811 | ) | (4,003 | ) | (375 | ) | |||||||
Deferred income tax | 286 | 13 | (2,338 | ) | |||||||||
Due from Farmington Bank | (2,634 | ) | (3,484 | ) | - | ||||||||
Increase in prepaid expenses and other assets | (778 | ) | 47 | (74 | ) | ||||||||
(Decrease) increase in accrued expenses and other liabilities | (283 | ) | 338 | 4 | |||||||||
Net cash provided by (used in) operating activities | 464 | 1,892 | (145 | ) | |||||||||
Cash flows from investing activities: | |||||||||||||
Payments received on ESOP note receivable | - | - | 1,102 | ||||||||||
Issuance of ESOP note receivable | - | - | (11,545 | ) | |||||||||
Capital contribution to Farmington Bank | - | - | (83,964 | ) | |||||||||
Net cash used in investing activities | - | - | (94,407 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from common stock offering, net of offering cost | - | - | 167,977 | ||||||||||
Purchase of common stock for ESOP | - | (5,376 | ) | - | |||||||||
Cancelation of shares for tax withholding | (576 | ) | (407 | ) | - | ||||||||
Repurchase of common stock | (18,910 | ) | (11,283 | ) | - | ||||||||
Excess tax benefits from stock-based compensation | 35 | - | - | ||||||||||
Exercise of stock options | 1,171 | - | - | ||||||||||
Cash dividend paid | (1,878 | ) | (1,970 | ) | (536 | ) | |||||||
Net cash (used in) provided by financing activities | (20,158 | ) | (19,036 | ) | 167,441 | ||||||||
Net (decrease) increase in cash and cash equivalents | (19,694 | ) | (17,144 | ) | 72,889 | ||||||||
Cash and cash equivalents at beginning of year | 55,845 | 72,989 | 100 | ||||||||||
Cash and cash equivalents at end of year | $ | 36,151 | $ | 55,845 | $ | 72,989 | |||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
19 | Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The following is a condensed summary of quarterly results of operations for the years ended December 31, 2013 and 2012. | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
(Dollars in thousands, except Per Share data) | |||||||||||||||||
Interest income | $ | 15,047 | $ | 15,336 | $ | 15,806 | $ | 16,697 | |||||||||
Interest expense | 2,395 | 2,449 | 2,523 | 2,366 | |||||||||||||
Net interest income | 12,652 | 12,887 | 13,283 | 14,331 | |||||||||||||
Provision for loan losses | 399 | 256 | 215 | 660 | |||||||||||||
Net interest income after provision for loan losses | 12,253 | 12,631 | 13,068 | 13,671 | |||||||||||||
Noninterest income | 3,648 | 2,999 | 2,182 | 2,183 | |||||||||||||
Noninterest expense | 14,699 | 14,555 | 14,110 | 14,398 | |||||||||||||
Income before income taxes | 1,202 | 1,075 | 1,140 | 1,456 | |||||||||||||
Income tax expense | 316 | 256 | 275 | 322 | |||||||||||||
Net income | $ | 886 | $ | 819 | $ | 865 | $ | 1,134 | |||||||||
Net earnings per share: | |||||||||||||||||
Basic and Diluted | $ | 0.05 | $ | 0.05 | $ | 0.06 | $ | 0.07 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
(Dollars in thousands, except Per Share data) | |||||||||||||||||
Interest income | $ | 15,427 | $ | 15,146 | $ | 15,780 | $ | 16,507 | |||||||||
Interest expense | 2,473 | 2,347 | 2,393 | 2,415 | |||||||||||||
Net interest income | 12,954 | 12,799 | 13,387 | 14,092 | |||||||||||||
Provision for loan losses | 330 | 520 | 215 | 315 | |||||||||||||
Net interest income after provision for loan losses | 12,624 | 12,279 | 13,172 | 13,777 | |||||||||||||
Noninterest income | 1,226 | 2,061 | 2,064 | 3,910 | |||||||||||||
Noninterest expense | 12,629 | 13,133 | 16,905 | 13,439 | |||||||||||||
Income (loss) before income taxes | 1,221 | 1,207 | (1,669 | ) | 4,248 | ||||||||||||
Income tax expense (benefit) | 287 | 321 | (546 | ) | 1,238 | ||||||||||||
Net income (loss) | $ | 934 | $ | 886 | $ | (1,123 | ) | $ | 3,010 | ||||||||
Net earnings (loss) per share: | |||||||||||||||||
Basic and Diluted | $ | 0.06 | $ | 0.05 | $ | (0.07 | ) | $ | 0.18 |
Legal_Actions
Legal Actions | 12 Months Ended | |
Dec. 31, 2013 | ||
Loss Contingency [Abstract] | ' | |
Legal Actions | ' | |
20 | Legal Actions | |
The Company and its subsidiary 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) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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. As of December 31, 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 December 31, 2013, the Company has repurchased 367,470 of these shares at a cost of $5.3 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 opened its 22nd branch office in January 2014 completing its strategic de novo branch expansion. 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 in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||||||||||
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 Periods | ' | ||||||||||||||||||||||||
Correction of Immaterial Errors Related to Prior Periods | |||||||||||||||||||||||||
During the year ended December 31, 2013, the Company identified an error related to the accounting for its alternative investments. The Company determined that distributions from the net accumulated earnings of certain funds within the alternative investment portfolio were not recorded as income, as required by ASC Topic 325, “Other Investments”, but were recorded as a reduction of the investment balance. As a result of the error, the Company’s non-interest income and other assets were misstated, as well as income tax expense and deferred income taxes. The Company also recorded the credit risk valuation on customer swaps for all prior periods and reclassified salary costs initially capitalized in the Company’s reorganization in 2011 from stockholders’ equity to compensation expense. The Company reclassified an alternative investment in securities available-for-sale to prepaid expenses and other assets in 2012 and 2011. The Company reviewed the impact of these errors on the prior periods in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, and determined that the errors, individually and in the aggregate, are immaterial to previously reported amounts contained in its periodic reports. Accordingly, the Company has revised its Consolidated Balance Sheet for the year ended December 31, 2012 and its Consolidated Statements of Operations for the years ended December 31, 2012 and 2011. An adjustment of $0.5 million was made to opening retained earnings as of January 1, 2010 to reflect the cumulative effect of the error on years prior to 2010. The effects of recording the immaterial corrections had no net impact on cash provided by or used in the operating, financing or investing activities on the Consolidated Statement of Cash Flows. | |||||||||||||||||||||||||
The effects of recording the immaterial corrections in the Consolidated Balance Sheet as of December 31, 2012 and 2011 and the Consolidated Statements of Operations for the years ended December 31, 2012 and 2011, and for fiscal 2013 quarterly filings to be reported in subsequent periodic filings and presented in Note 19, Quarterly Results of Operations are as follows: | |||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As Previously | As Revised | As Previously | As Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Consolidated statements of condition information: | |||||||||||||||||||||||||
Securities available-for-sale, at fair value | $ | 138,481 | $ | 138,241 | $ | 135,170 | $ | 134,930 | |||||||||||||||||
Deferred income taxes | 15,682 | 15,541 | 13,907 | 13,691 | |||||||||||||||||||||
Prepaid expenses and other assets | 14,570 | 15,158 | 15,450 | 16,073 | |||||||||||||||||||||
Total assets | 1,822,946 | 1,823,153 | 1,617,650 | 1,618,129 | |||||||||||||||||||||
Other liabilities | 47,782 | 47,716 | 40,522 | 40,482 | |||||||||||||||||||||
Total liabilities | 1,581,424 | 1,581,358 | 1,365,670 | 1,365,630 | |||||||||||||||||||||
Additional paid-in-capital | 172,247 | 172,386 | 174,836 | 174,975 | |||||||||||||||||||||
Retained earnings | 94,890 | 95,006 | 92,937 | 93,269 | |||||||||||||||||||||
Total stockholders’ equity | 241,522 | 241,795 | 251,980 | 252,499 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | 1,822,946 | 1,823,153 | 1,617,650 | 1,618,129 | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As Previously | As Revised | As Previously | As Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Consolidated statements of operations information: | |||||||||||||||||||||||||
Other noninterest income | $ | 965 | $ | 736 | $ | 659 | $ | 496 | |||||||||||||||||
Total noninterest income | 9,490 | 9,261 | 5,688 | 5,525 | |||||||||||||||||||||
Salaries and employee benefits | 32,828 | 32,856 | 28,605 | 28,742 | |||||||||||||||||||||
Total noninterest expense | 56,078 | 56,106 | 56,312 | 56,450 | |||||||||||||||||||||
Net income (loss) before taxes | 5,264 | 5,007 | (6,515 | ) | (6,816 | ) | |||||||||||||||||||
Income tax expense (benefit) | 1,341 | 1,300 | (2,475 | ) | (2,577 | ) | |||||||||||||||||||
Net income (loss) | 3,923 | 3,707 | (4,040 | ) | (4,239 | ) | |||||||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||||||
Basic and diluted | 0.24 | 0.22 | (0.29 | ) | (0.29 | ) | |||||||||||||||||||
For the Three Months | For the Three Months | For the Three Months Ended | |||||||||||||||||||||||
Ended March 31, 2013 | Ended June 30, 2013 | 30-Sep-13 | |||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||
As Previously | As Previously | As Previously | |||||||||||||||||||||||
Reported | As Revised | Reported | As Revised | Reported | As Revised | ||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Consolidated statements of condition information: | |||||||||||||||||||||||||
Deferred income taxes | $ | 15,810 | $ | 15,632 | $ | 15,918 | $ | 15,732 | $ | 16,095 | $ | 15,926 | |||||||||||||
Prepaid expenses and other assets | 14,416 | 14,880 | 12,358 | 12,808 | 12,305 | 12,788 | |||||||||||||||||||
Total assets | 1,799,392 | 1,799,689 | 1,845,116 | 1,845,440 | 1,992,201 | 1,992,517 | |||||||||||||||||||
Other liabilities | 40,078 | 40,019 | 39,105 | 39,068 | 38,606 | 38,594 | |||||||||||||||||||
Total liabilities | 1,556,523 | 1,556,475 | 1,613,936 | 1,613,899 | 1,764,665 | 1,764,653 | |||||||||||||||||||
Retained earnings | 95,172 | 95,521 | 95,470 | 95,831 | 95,873 | 96,200 | |||||||||||||||||||
Total stockholders’ equity | 242,869 | 243,214 | 231,180 | 231,541 | 227,536 | 227,864 | |||||||||||||||||||
Total liabilities and stockholders’ equity | 1,799,392 | 1,799,689 | 1,845,116 | 1,845,440 | 1,992,201 | 1,992,517 | |||||||||||||||||||
Consolidated statements of operations information: | |||||||||||||||||||||||||
Other noninterest income | 85 | 197 | (92 | ) | (68 | ) | (264 | ) | (316 | ) | |||||||||||||||
Total noninterest income | 3,538 | 3,648 | 2,974 | 2,999 | 2,235 | 2,182 | |||||||||||||||||||
Net income before taxes | 1,092 | 1,202 | 1,050 | 1,075 | 1,193 | 1,140 | |||||||||||||||||||
Income tax expense | 279 | 316 | 248 | 256 | 292 | 275 | |||||||||||||||||||
Net income before taxes | 813 | 886 | 802 | 819 | 901 | 865 | |||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||||
Basic and diluted | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | |||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||
The Company defines cash and cash equivalents for consolidated cash flow purposes as cash due from banks, federal funds sold and money market funds. Cash flows from loans and deposits are reported net. The balances of cash and due from banks, federal funds sold and money market funds, at times, may exceed federally insured limits. The Company has not experienced any losses from such concentrations. | |||||||||||||||||||||||||
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 December 31, 2013 and 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-temporarily 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. | |||||||||||||||||||||||||
Federal Home Loan Bank of Boston Stock | ' | ||||||||||||||||||||||||
Federal Home Loan Bank of Boston Stock | |||||||||||||||||||||||||
The Company, which is a member of the Federal Home Loan Bank system, is required to maintain an investment in capital stock of the Federal Home Loan Bank of Boston (“FHLBB”). Based on redemption provisions of the FHLBB, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. On February 23, 2012, the FHLBB notified its members it will begin repurchasing capital stock in excess of what is required from its members. The FHLBB repurchased $312,000 of capital stock from the Company on March 9, 2012. The Bank reviews for impairment based on the ultimate recoverability of the cost basis in the FHLBB stock. As of December 31, 2013 and 2012, no impairment has been recognized. | |||||||||||||||||||||||||
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, residential subdivision construction and residential owner occupied 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 year ended December 31, 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 – The remaining portfolio consists of direct receivable loans outside the Northeast which are amortizing to their contractual obligations. 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 greater than $100,000. | |||||||||||||||||||||||||
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. There was an unallocated allowance of $-0- and $22,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Mortgage Servicing Rights | ' | ||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
The Company capitalizes mortgage servicing rights for loans originated and then sold with servicing retained based on the fair market value on the origination date. The cost basis of mortgage servicing rights is amortized on a straight-line basis over the period of estimated net servicing revenue and such amortization is included in the consolidated statements of income as a reduction of mortgage servicing fee income. Mortgage servicing rights are evaluated for impairment by comparing their aggregate carrying amount to their fair value. An independent appraisal of the fair value of the Company’s mortgage servicing rights is obtained annually and is used by management to evaluate the reasonableness of the fair value estimates. Management reviews the independent appraisal and performs procedures to determine appropriateness. Impairment is recognized as an adjustment to mortgage servicing rights and mortgage servicing income. | |||||||||||||||||||||||||
Bank Owned Life Insurance | ' | ||||||||||||||||||||||||
Bank Owned Life Insurance | |||||||||||||||||||||||||
Bank owned life insurance (“‘BOLI”) represents life insurance on certain employees who have consented to allow the Company to be the beneficiary of those policies. BOLI is recorded as an asset at cash surrender value. Increases in the cash value of the policies, as well as insurance proceeds received, are recorded in other non-interest income and are not subject to income tax. | |||||||||||||||||||||||||
Foreclosed Real Estate | ' | ||||||||||||||||||||||||
Foreclosed Real Estate | |||||||||||||||||||||||||
Real estate acquired through foreclosure comprises properties acquired in partial or total satisfaction of problem loans. The properties are acquired through foreclosure proceedings or acceptance of a deed in lieu of foreclosure. At the time these properties are foreclosed, the properties are initially recorded at the lower of the related loan balance less any specific allowance for loss or fair value at the date of foreclosure less estimated selling costs. Losses arising at the time of acquisition of such properties are charged against the allowance for loan losses. Subsequent loss provisions are charged to the foreclosed real estate valuation allowance and expenses incurred to maintain the properties are charged to noninterest expense. Properties are evaluated regularly to ensure the recorded amounts are supported by current fair values, and a charge to operations is recorded as necessary to reduce the carrying amount to fair value less estimated costs to dispose. Revenue and expense from the operation of other real estate owned and the provision to establish and adjust valuation allowances are included in noninterest expenses. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the collateral. In the Consolidated Statements of Financial Condition, total prepaid expenses and other assets include foreclosed real estate of $393,000 and $549,000 as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Premises and Equipment | ' | ||||||||||||||||||||||||
Premises and Equipment | |||||||||||||||||||||||||
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three to ten years for furniture and equipment and five to forty years for premises. Leasehold improvements are amortized on a straight-line basis over the term of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. | |||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||
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 and do not meet the hedge accounting parameters under FASB ASC 815 “Derivatives and Hedging”. Derivative financial instruments are recognized as assets and liabilities on the consolidated balance sheet and measured at fair value. Changes in the fair value of derivatives not designated in hedging relationships are recognized directly in earnings. | |||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | |||||||||||||||||||||||||
On December 27, 2012, the Company announced it froze the non-contributory defined-benefit pension plan and certain other postretirement benefit plans as of February 28, 2013. All benefits under these plans were frozen as of that date and no additional benefits accrued. | |||||||||||||||||||||||||
We have a non-contributory defined benefit pension plan that provides benefits for substantially all employees hired before January 1, 2007 who meet certain requirements as to age and length of service. The benefits are based on years of service and average compensation, as defined in the Plan Document. Our funding policy is to contribute annually the maximum amount that could be deducted for federal income tax purposes, while meeting the minimum funding standards established by the Employee Retirement Security Act of 1974. | |||||||||||||||||||||||||
In addition to providing pension benefits, we provide certain health care and life insurance benefits for retired employees. Participants or eligible employees hired before January 1, 1993 become eligible for the benefits if they retire after reaching age 62 with fifteen or more years of service. A fixed percent of annual costs are paid depending on length of service at retirement. We accrue for the estimated costs of these other post-retirement benefits through charges to expense during the years that employees render service. We make contributions to cover the current benefits paid under this plan. Management believes the policy for determining pension and other post-retirement benefit expenses is critical because judgments are required with respect to the appropriate discount rate, rate of return on assets, salary increases and other items. Management reviews and updates the assumptions annually. If our estimate of pension and post-retirement expense is too low we may experience higher expenses in the future, reducing our net income. If our estimate is too high, we may experience lower expenses in the future, increasing our net income. | |||||||||||||||||||||||||
Repurchase Liabilities | ' | ||||||||||||||||||||||||
Repurchase Liabilities | |||||||||||||||||||||||||
Repurchase agreements are accounted for as secured borrowings since the Company maintains effective control over the transferred securities and the transfer meets the other criteria for such accounting. Securities are sold to a counterparty with an agreement to repurchase the same or substantially the same security at a specified price and date. The Company has repurchase agreements with commercial or municipal customers that are offered as a commercial banking service. Customer repurchase agreements are for a term of one day and are backed by the purchasers’ interest in certain U.S. Treasury Bills or other U.S. Government securities. Obligations to repurchase securities sold are reflected as a liability in the Consolidated Statements of Financial Condition. The Company does not record transactions of repurchase agreements as sales. The securities underlying the repurchase agreements remain in the available-for-sale investment securities portfolio. | |||||||||||||||||||||||||
Transfers of Financial Assets | ' | ||||||||||||||||||||||||
Transfers of Financial Assets | |||||||||||||||||||||||||
Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. | |||||||||||||||||||||||||
During the normal course of business, the Company may transfer a portion of a financial asset, for example, a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer must be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. | |||||||||||||||||||||||||
Fee Income | ' | ||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||
Fee income for customer services which are not deferred are recorded on an accrual basis when earned. | |||||||||||||||||||||||||
Advertising Costs | ' | ||||||||||||||||||||||||
Advertising Costs | |||||||||||||||||||||||||
Advertising costs are expensed as incurred. | |||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Deferred income taxes are provided for differences arising in the timing of income and expenses for financial reporting and for income tax purposes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company provides a deferred tax asset valuation allowance for the estimated future tax effects attributable to temporary differences and carryforwards when realization is determined not to be more likely than not. | |||||||||||||||||||||||||
FASB ASC 740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. Pursuant to FASB ASC 740-10, the Company examines its financial statements, its income tax provision and its federal and state income tax returns and analyzes its tax positions, including permanent and temporary differences, as well as the major components of income and expense to determine whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties arising from income tax settlements as part of its provision for income taxes. | |||||||||||||||||||||||||
Employee Stock Ownership Plan ("ESOP") | ' | ||||||||||||||||||||||||
Employee Stock Ownership Plan (“ESOP”) | |||||||||||||||||||||||||
The Company accounts for its ESOP in accordance with FASB ASC 718-40, “Compensation – Stock Compensation”. Under this guidance, unearned ESOP shares are not considered outstanding and are shown as a reduction of stockholders’ equity as unearned compensation. The Company will recognize compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be released. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, this difference will be credited or debited to equity. The Company will receive a tax deduction equal to the cost of the shares released to the extent of the principal paydown on the loan by the ESOP. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a liability in the Company’s consolidated financial statements. | |||||||||||||||||||||||||
Stock Incentive Plan | ' | ||||||||||||||||||||||||
Stock Incentive Plan | |||||||||||||||||||||||||
During August 2012, the Company implemented the First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan to provide for issuance or granting of shares of common stock for stock options or restricted stock. The Company applies ASC 718, Compensation – “Stock Compensation”, and has recorded stock-based employee compensation cost using the fair value method. Management estimated the fair values of all option grants using the Black-Scholes option-pricing model. Management estimated the expected life of the options using the simplified method allowed under SAB No. 107. The risk-free rate was determined utilizing the treasury yield for the expected life of the option contract. | |||||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||
Earnings per common share is computed under the two-class method. Basic earnings per common share is computed by dividing net earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Non-vested restricted stock awards are participating securities as they have non-forfeitable rights to dividends or dividend equivalents. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock options for common stock using the treasury stock method. 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. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted-average common shares used in calculating diluted earnings per common share is provided in Note 3 - Earnings Per Share. | |||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||
The Company’s only business segment is Community Banking. For the years ended December 31, 2013, 2012 and 2011, this segment represented all the revenues and income of the consolidated group and therefore is the only reported segment as defined by FASB ASC 820, “Segment Reporting”. | |||||||||||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||||||||||
Related Party Transactions | |||||||||||||||||||||||||
Directors and executive officers of the Company and its subsidiary and their associates have been customers of and have had transactions with the Company, and management expects that such persons will continue to have such transactions in the future. See Note 5 of the Notes to Consolidated Financial Statements for further information with respect to loans to related parties. | |||||||||||||||||||||||||
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 January 2014, the FASB issued ASU No. 2014-04 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”, an amendment to clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar agreement. In addition, the amendments require interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure in accordance with local requirements of the applicable jurisdiction. ASU 2014-04 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods. An entity can elect to adopt the amendments using either a modified retrospective method or a prospective transition method. Early adoption is permitted. The adoption of ASU 2014-04 is expected to have no impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||
In January 2014, the FASB issued ASU No. 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects”, which permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not accounted for using the proportional method, the investment should be accounted for as an equity method investment or a cost method investment. The decision to apply the proportional amortization method of accounting is an accounting policy decision that should be applied consistently to all qualifying affordable housing project investments rather than a decision to be applied to individual investments. This amendment should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. ASU 2014-01 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods. The adoption of ASU 2014-01 is expected to have no impact on the Company’s financial condition or results of operations. | |||||||||||||||||||||||||
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 Company’s adoption of ASU No. 2013-02 had no 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 Company’s adoption of ASU 2013-01 had no effect on the Company’s consolidated statement of condition or results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Schedule of the effects of recording the immaterial corrections in consolidated balance sheet and consolidated statements of operations | ' | ||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As Previously | As Revised | As Previously | As Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Consolidated statements of condition information: | |||||||||||||||||||||||||
Securities available-for-sale, at fair value | $ | 138,481 | $ | 138,241 | $ | 135,170 | $ | 134,930 | |||||||||||||||||
Deferred income taxes | 15,682 | 15,541 | 13,907 | 13,691 | |||||||||||||||||||||
Prepaid expenses and other assets | 14,570 | 15,158 | 15,450 | 16,073 | |||||||||||||||||||||
Total assets | 1,822,946 | 1,823,153 | 1,617,650 | 1,618,129 | |||||||||||||||||||||
Other liabilities | 47,782 | 47,716 | 40,522 | 40,482 | |||||||||||||||||||||
Total liabilities | 1,581,424 | 1,581,358 | 1,365,670 | 1,365,630 | |||||||||||||||||||||
Additional paid-in-capital | 172,247 | 172,386 | 174,836 | 174,975 | |||||||||||||||||||||
Retained earnings | 94,890 | 95,006 | 92,937 | 93,269 | |||||||||||||||||||||
Total stockholders’ equity | 241,522 | 241,795 | 251,980 | 252,499 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | 1,822,946 | 1,823,153 | 1,617,650 | 1,618,129 | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As Previously | As Revised | As Previously | As Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Consolidated statements of operations information: | |||||||||||||||||||||||||
Other noninterest income | $ | 965 | $ | 736 | $ | 659 | $ | 496 | |||||||||||||||||
Total noninterest income | 9,490 | 9,261 | 5,688 | 5,525 | |||||||||||||||||||||
Salaries and employee benefits | 32,828 | 32,856 | 28,605 | 28,742 | |||||||||||||||||||||
Total noninterest expense | 56,078 | 56,106 | 56,312 | 56,450 | |||||||||||||||||||||
Net income (loss) before taxes | 5,264 | 5,007 | (6,515 | ) | (6,816 | ) | |||||||||||||||||||
Income tax expense (benefit) | 1,341 | 1,300 | (2,475 | ) | (2,577 | ) | |||||||||||||||||||
Net income (loss) | 3,923 | 3,707 | (4,040 | ) | (4,239 | ) | |||||||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||||||
Basic and diluted | 0.24 | 0.22 | (0.29 | ) | (0.29 | ) | |||||||||||||||||||
For the Three Months | For the Three Months | For the Three Months Ended | |||||||||||||||||||||||
Ended March 31, 2013 | Ended June 30, 2013 | 30-Sep-13 | |||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||
As Previously | As Previously | As Previously | |||||||||||||||||||||||
Reported | As Revised | Reported | As Revised | Reported | As Revised | ||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||
Consolidated statements of condition information: | |||||||||||||||||||||||||
Deferred income taxes | $ | 15,810 | $ | 15,632 | $ | 15,918 | $ | 15,732 | $ | 16,095 | $ | 15,926 | |||||||||||||
Prepaid expenses and other assets | 14,416 | 14,880 | 12,358 | 12,808 | 12,305 | 12,788 | |||||||||||||||||||
Total assets | 1,799,392 | 1,799,689 | 1,845,116 | 1,845,440 | 1,992,201 | 1,992,517 | |||||||||||||||||||
Other liabilities | 40,078 | 40,019 | 39,105 | 39,068 | 38,606 | 38,594 | |||||||||||||||||||
Total liabilities | 1,556,523 | 1,556,475 | 1,613,936 | 1,613,899 | 1,764,665 | 1,764,653 | |||||||||||||||||||
Retained earnings | 95,172 | 95,521 | 95,470 | 95,831 | 95,873 | 96,200 | |||||||||||||||||||
Total stockholders’ equity | 242,869 | 243,214 | 231,180 | 231,541 | 227,536 | 227,864 | |||||||||||||||||||
Total liabilities and stockholders’ equity | 1,799,392 | 1,799,689 | 1,845,116 | 1,845,440 | 1,992,201 | 1,992,517 | |||||||||||||||||||
Consolidated statements of operations information: | |||||||||||||||||||||||||
Other noninterest income | 85 | 197 | (92 | ) | (68 | ) | (264 | ) | (316 | ) | |||||||||||||||
Total noninterest income | 3,538 | 3,648 | 2,974 | 2,999 | 2,235 | 2,182 | |||||||||||||||||||
Net income before taxes | 1,092 | 1,202 | 1,050 | 1,075 | 1,193 | 1,140 | |||||||||||||||||||
Income tax expense | 279 | 316 | 248 | 256 | 292 | 275 | |||||||||||||||||||
Net income before taxes | 813 | 886 | 802 | 819 | 901 | 865 | |||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||||
Basic and diluted | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | |||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Schedule of calculation of basic and diluted earnings per common share | ' | |||||||||||||
For the Year Ended December 31, | For the Period from | |||||||||||||
June 29, 2011 to | ||||||||||||||
2013 | 2012 | 31-Dec-11 | ||||||||||||
(Dollars in thousands, except per share data): | ||||||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (5,039 | ) | |||||||
Less: | Dividends to participating shares | (56 | ) | (34 | ) | - | ||||||||
Income allocated to participating shares | (55 | ) | (19 | ) | - | |||||||||
Net income allocated to common stockholders | $ | 3,593 | $ | 3,654 | $ | (5,039 | ) | |||||||
Weighted-average shares outstanding | 18,059,089 | 17,943,640 | 17,880,200 | |||||||||||
Less: | Average unallocated ESOP shares | (1,195,730 | ) | (1,205,970 | ) | (735,169 | ) | |||||||
Average treasury stock | (1,118,785 | ) | (94,104 | ) | - | |||||||||
Average unvested restricted stock | (491,153 | ) | (184,975 | ) | - | |||||||||
Weighted-average basic shares outstanding | 15,253,421 | 16,458,591 | 17,145,031 | |||||||||||
Plus: | Average dilutive shares | 16,791 | - | - | ||||||||||
Weighted-average diluted shares outstanding | 15,270,212 | 16,458,591 | 17,145,031 | |||||||||||
Net earnings (loss) per share: | ||||||||||||||
Basic | $ | 0.24 | $ | 0.22 | $ | (0.29 | ) | |||||||
Diluted | $ | 0.24 | $ | 0.22 | $ | (0.29 | ) |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of investment securities | ' | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Carrying | Unrealized | Unrealized | Fair | |||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 126,000 | $ | 3 | $ | (3 | ) | $ | 126,000 | $ | - | $ | - | $ | 126,000 | ||||||||||||||
U.S. Government agency obligations | 7,006 | - | (84 | ) | 6,922 | - | - | 6,922 | |||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 9,199 | 417 | - | 9,616 | - | - | 9,616 | ||||||||||||||||||||||
Corporate debt securities | 2,982 | 122 | - | 3,104 | - | - | 3,104 | ||||||||||||||||||||||
Preferred equity securities | 2,100 | - | (531 | ) | 1,569 | - | - | 1,569 | |||||||||||||||||||||
Marketable equity securities | 108 | 42 | (2 | ) | 148 | - | - | 148 | |||||||||||||||||||||
Mutual funds | 3,710 | - | (183 | ) | 3,527 | - | - | 3,527 | |||||||||||||||||||||
Total securities available-for-sale | $ | 151,105 | $ | 584 | $ | (803 | ) | $ | 150,886 | $ | - | $ | - | $ | 150,886 | ||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | 5,000 | $ | - | $ | - | $ | 5,000 | $ | - | $ | (70 | ) | $ | 4,930 | ||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 4,983 | - | - | 4,983 | - | (27 | ) | 4,956 | |||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | - | - | 3,000 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 12,983 | $ | - | $ | - | $ | 12,983 | $ | - | $ | (97 | ) | $ | 12,886 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | ||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Carrying | Unrealized | Unrealized | Fair | |||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 118,984 | $ | 5 | $ | (9 | ) | $ | 118,980 | $ | - | $ | - | $ | 118,980 | ||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | 9,803 | 800 | - | 10,603 | - | - | 10,603 | ||||||||||||||||||||||
Corporate debt securities | 2,958 | 195 | - | 3,153 | - | - | 3,153 | ||||||||||||||||||||||
Preferred equity securities | 2,100 | 19 | (333 | ) | 1,786 | - | - | 1,786 | |||||||||||||||||||||
Marketable equity securities | 108 | 27 | (3 | ) | 132 | - | - | 132 | |||||||||||||||||||||
Mutual funds | 3,585 | 2 | - | 3,587 | - | - | 3,587 | ||||||||||||||||||||||
Total securities available-for-sale | $ | 137,538 | $ | 1,048 | $ | (345 | ) | $ | 138,241 | $ | - | $ | - | $ | 138,241 | ||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||||||
mortgage-backed securities | $ | 6 | $ | - | $ | - | $ | 6 | $ | - | $ | - | $ | 6 | |||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | - | - | 3,000 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 3,006 | $ | - | $ | - | $ | 3,006 | $ | - | $ | - | $ | 3,006 | |||||||||||||||
Schedule of gross unrealized losses and fair value aggregated by investment category | ' | ||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury obligations | 6 | $ | 63,994 | $ | (3 | ) | $ | - | $ | - | $ | 63,994 | $ | (3 | ) | ||||||||||||||
U.S. Government agency obligations | 1 | 6,923 | (84 | ) | - | - | 6,923 | (84 | ) | ||||||||||||||||||||
Government sponsored residential mortgage-backed securities | |||||||||||||||||||||||||||||
Preferred equity securities | 2 | 98 | (2 | ) | 1,471 | (529 | ) | 1,569 | (531 | ) | |||||||||||||||||||
Marketable equity securities | 1 | - | - | 5 | (2 | ) | 5 | (2 | ) | ||||||||||||||||||||
Mutual funds | 1 | 3,527 | (183 | ) | - | - | 3,527 | (183 | ) | ||||||||||||||||||||
11 | 74,542 | (272 | ) | 1,476 | (531 | ) | 76,018 | (803 | ) | ||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
U.S. Government agency obligations | 1 | 4,960 | (70 | ) | - | - | 4,930 | (70 | ) | ||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 1 | 4,956 | (27 | ) | - | - | 4,956 | (27 | ) | ||||||||||||||||||||
2 | 9,916 | (97 | ) | - | - | 9,886 | (97 | ) | |||||||||||||||||||||
Total investment securities in an unrealized loss position | 13 | $ | 84,458 | $ | (369 | ) | $ | 1,476 | $ | (531 | ) | $ | 85,904 | $ | (900 | ) | |||||||||||||
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 | ||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||
Total investment securities in an unrealized loss position | 6 | $ | 52,985 | $ | (9 | ) | $ | 1,671 | $ | (336 | ) | $ | 54,656 | $ | (345 | ) | |||||||||||||
Schedule of amortized cost and estimated market value of debt securities by contractual maturity | ' | ||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
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 | $ | 127,981 | $ | 128,003 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 8,007 | 8,023 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | 5,000 | 4,930 | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 9,199 | 9,616 | 4,983 | 4,956 | |||||||||||||||||||||||||
$ | 145,187 | $ | 145,642 | $ | 12,983 | $ | 12,886 | ||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||
Amortized | Market | Amortized | Market | ||||||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Due in one year or less | $ | 118,984 | $ | 118,980 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 2,958 | 3,153 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | - | - | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 9,803 | 10,603 | 6 | 6 | |||||||||||||||||||||||||
$ | 131,745 | $ | 132,736 | $ | 3,006 | $ | 3,006 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of loans | ' | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 693,046 | $ | 620,991 | |||||||||||||||||||||||||||||||||
Commercial | 633,764 | 473,788 | |||||||||||||||||||||||||||||||||||
Construction | 78,191 | 64,362 | |||||||||||||||||||||||||||||||||||
Installment | 4,516 | 6,719 | |||||||||||||||||||||||||||||||||||
Commercial | 252,032 | 192,210 | |||||||||||||||||||||||||||||||||||
Collateral | 1,600 | 2,086 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 151,606 | 142,543 | |||||||||||||||||||||||||||||||||||
Demand | 85 | 25 | |||||||||||||||||||||||||||||||||||
Revolving credit | 94 | 65 | |||||||||||||||||||||||||||||||||||
Resort | 1,374 | 31,232 | |||||||||||||||||||||||||||||||||||
Total loans | 1,816,308 | 1,534,021 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (18,314 | ) | (17,229 | ) | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 2,993 | 3,378 | |||||||||||||||||||||||||||||||||||
Loans, net | $ | 1,800,987 | $ | 1,520,170 | |||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses | ' | ||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,229 | $ | 17,533 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 1,530 | 1,380 | |||||||||||||||||||||||||||||||||||
Charge-offs | (523 | ) | (1,913 | ) | |||||||||||||||||||||||||||||||||
Recoveries | 78 | 229 | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 18,314 | $ | 17,229 | |||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses by segments | ' | ||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of year | |||||||||||||||||||||||||||||||||||
year | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,778 | $ | (430 | ) | $ | 6 | $ | 293 | $ | 3,647 | ||||||||||||||||||||||||||
Commercial | 8,105 | - | - | 148 | 8,253 | ||||||||||||||||||||||||||||||||
Construction | 760 | - | - | 392 | 1,152 | ||||||||||||||||||||||||||||||||
Installment | 77 | - | - | (29 | ) | 48 | |||||||||||||||||||||||||||||||
Commercial | 2,654 | (31 | ) | 52 | 1,071 | 3,746 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,377 | - | - | 88 | 1,465 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (62 | ) | 20 | 42 | - | |||||||||||||||||||||||||||||||
Resort | 456 | - | - | (453 | ) | 3 | |||||||||||||||||||||||||||||||
Unallocated | 22 | - | - | (22 | ) | - | |||||||||||||||||||||||||||||||
$ | 17,229 | $ | (523 | ) | $ | 78 | $ | 1,530 | $ | 18,314 | |||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of year | |||||||||||||||||||||||||||||||||||
year | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 2,874 | $ | (337 | ) | $ | 9 | $ | 1,232 | $ | 3,778 | ||||||||||||||||||||||||||
Commercial | 8,755 | (454 | ) | 4 | (200 | ) | 8,105 | ||||||||||||||||||||||||||||||
Construction | 590 | - | - | 170 | 760 | ||||||||||||||||||||||||||||||||
Installment | 92 | (9 | ) | 7 | (13 | ) | 77 | ||||||||||||||||||||||||||||||
Commercial | 2,140 | (33 | ) | 194 | 353 | 2,654 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,295 | (1,019 | ) | - | 1,101 | 1,377 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (61 | ) | 15 | 46 | - | |||||||||||||||||||||||||||||||
Resort | 1,787 | - | - | (1,331 | ) | 456 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | 22 | 22 | ||||||||||||||||||||||||||||||||
$ | 17,533 | $ | (1,913 | ) | $ | 229 | $ | 1,380 | $ | 17,229 | |||||||||||||||||||||||||||
Schedule of the allowance by impairment methodology and by loan segment | ' | ||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 12,225 | $ | 360 | $ | 10,695 | $ | 340 | |||||||||||||||||||||||||||||
Commercial | 21,143 | 62 | 17,546 | 126 | |||||||||||||||||||||||||||||||||
Construction | 187 | - | 1,179 | 6 | |||||||||||||||||||||||||||||||||
Installment | 215 | 9 | 7 | - | |||||||||||||||||||||||||||||||||
Commercial | 4,096 | 1,243 | 5,313 | 476 | |||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 538 | - | 491 | - | |||||||||||||||||||||||||||||||||
Demand | - | - | - | - | |||||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | |||||||||||||||||||||||||||||||||
Resort | 1,219 | - | 1,626 | 1 | |||||||||||||||||||||||||||||||||
Total | $ | 39,623 | $ | 1,674 | $ | 36,857 | $ | 949 | |||||||||||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 683,966 | $ | 3,287 | $ | 613,343 | $ | 3,438 | |||||||||||||||||||||||||||||
Commercial | 612,517 | 8,191 | 456,109 | 7,979 | |||||||||||||||||||||||||||||||||
Construction | 78,004 | 1,152 | 63,124 | 754 | |||||||||||||||||||||||||||||||||
Installment | 4,301 | 39 | 6,712 | 77 | |||||||||||||||||||||||||||||||||
Commercial | 247,888 | 2,503 | 187,466 | 2,178 | |||||||||||||||||||||||||||||||||
Collateral | 1,600 | - | 2,086 | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 151,068 | 1,465 | 142,056 | 1,377 | |||||||||||||||||||||||||||||||||
Demand | 85 | - | 25 | - | |||||||||||||||||||||||||||||||||
Revolving Credit | 94 | - | 65 | - | |||||||||||||||||||||||||||||||||
Resort | 155 | 3 | 29,556 | 455 | |||||||||||||||||||||||||||||||||
Total | $ | 1,779,678 | $ | 16,640 | $ | 1,500,542 | $ | 16,258 | |||||||||||||||||||||||||||||
Unallocated | - | - | - | 22 | |||||||||||||||||||||||||||||||||
Total | $ | 1,819,301 | $ | 18,314 | $ | 1,537,399 | $ | 17,229 | |||||||||||||||||||||||||||||
Schedule of loan delinquencies at recorded investment values | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | > 90 Days | Past Due 90 | ||||||||||||||||||||||||||||||||||
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 | 9 | $ | 2,586 | 8 | $ | 1,600 | 20 | $ | 8,518 | 37 | $ | 12,704 | $ | - | |||||||||||||||||||||||
Commercial | 1 | 231 | - | - | 1 | 827 | 2 | 1,058 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 187 | 1 | 187 | - | ||||||||||||||||||||||||||||
Installment | - | - | - | - | 2 | 47 | 2 | 47 | - | ||||||||||||||||||||||||||||
Commercial | 1 | 5 | - | - | 6 | 584 | 7 | 589 | - | ||||||||||||||||||||||||||||
Collateral | 2 | 9 | - | - | - | - | 2 | 9 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 1 | 283 | 1 | 183 | 5 | 441 | 7 | 907 | - | ||||||||||||||||||||||||||||
Demand | 1 | 10 | - | - | - | - | 1 | 10 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 15 | $ | 3,124 | 9 | $ | 1,783 | 35 | $ | 10,604 | 59 | $ | 15,511 | $ | - | |||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | > 90 Days | Past Due 90 | ||||||||||||||||||||||||||||||||||
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 | ' | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 10,599 | $ | 9,194 | |||||||||||||||||||||||||||||||||
Commercial | 827 | 925 | |||||||||||||||||||||||||||||||||||
Construction | 187 | 419 | |||||||||||||||||||||||||||||||||||
Installment | 162 | 157 | |||||||||||||||||||||||||||||||||||
Commercial | 2,285 | 2,351 | |||||||||||||||||||||||||||||||||||
Collateral | - | - | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 740 | 711 | |||||||||||||||||||||||||||||||||||
Demand | - | 25 | |||||||||||||||||||||||||||||||||||
Revolving Credit | - | - | |||||||||||||||||||||||||||||||||||
Resort | - | - | |||||||||||||||||||||||||||||||||||
Total nonaccruing loans | 14,800 | 13,782 | |||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | - | - | |||||||||||||||||||||||||||||||||||
Other real estate owned | 393 | 549 | |||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 15,193 | $ | 14,331 | |||||||||||||||||||||||||||||||||
Schedule of summary of information pertaining to impaired loans | ' | ||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||
Impaired loans without | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 6,900 | $ | 7,442 | $ | - | $ | 4,061 | $ | 4,495 | $ | - | |||||||||||||||||||||||||
Commercial | 18,463 | 18,649 | - | 2,787 | 2,973 | - | |||||||||||||||||||||||||||||||
Construction | 187 | 433 | - | 760 | 761 | - | |||||||||||||||||||||||||||||||
Installment | 187 | 187 | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 1,268 | 1,307 | - | 1,986 | 1,985 | - | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 538 | 658 | - | 491 | 569 | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 27,543 | 28,676 | - | 10,085 | 10,783 | - | |||||||||||||||||||||||||||||||
Impaired loans with | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,325 | 5,804 | 360 | 6,634 | 6,882 | 340 | |||||||||||||||||||||||||||||||
Commercial | 2,680 | 2,679 | 62 | 14,759 | 14,753 | 126 | |||||||||||||||||||||||||||||||
Construction | - | - | - | 419 | 664 | 6 | |||||||||||||||||||||||||||||||
Installment | 28 | 28 | 9 | 7 | 7 | - | |||||||||||||||||||||||||||||||
Commercial | 2,828 | 2,888 | 1,243 | 3,327 | 3,339 | 476 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,219 | 1,218 | - | 1,626 | 1,624 | 1 | |||||||||||||||||||||||||||||||
Total | 12,080 | 12,617 | 1,674 | 26,772 | 27,269 | 949 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,623 | $ | 41,293 | $ | 1,674 | $ | 36,857 | $ | 38,052 | $ | 949 | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 5,683 | $ | 28 | $ | 3,929 | $ | 10 | $ | 5,042 | $ | 425 | |||||||||||||||||||||||||
Commercial | 10,695 | 814 | 6,048 | 315 | 8,925 | 363 | |||||||||||||||||||||||||||||||
Construction | 237 | - | 592 | 18 | 128 | 7 | |||||||||||||||||||||||||||||||
Installment | 52 | 13 | - | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,059 | 28 | 3,918 | 184 | 4,806 | 230 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 491 | - | 494 | - | 844 | 7 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | 56 | 26 | 34 | - | |||||||||||||||||||||||||||||||
Total | 20,217 | 883 | 15,037 | 553 | 19,779 | 1,032 | |||||||||||||||||||||||||||||||
Impaired loans with | |||||||||||||||||||||||||||||||||||||
a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,872 | 52 | 6,864 | 78 | 5,876 | 61 | |||||||||||||||||||||||||||||||
Commercial | 8,594 | 147 | 11,594 | 818 | 7,613 | 611 | |||||||||||||||||||||||||||||||
Construction | 198 | - | 226 | - | 574 | - | |||||||||||||||||||||||||||||||
Installment | 27 | 1 | 4 | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,854 | 66 | 2,111 | 86 | 398 | 22 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | 814 | 2 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 995 | 47 | 1,736 | 32 | 1,700 | 16 | |||||||||||||||||||||||||||||||
Total | 19,540 | 313 | 22,535 | 1,014 | 16,975 | 712 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 39,757 | $ | 1,196 | $ | 37,572 | $ | 1,567 | $ | 36,754 | $ | 1,744 | |||||||||||||||||||||||||
Schedule of loans terms modified in a troubled debt restructuring | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded Investment | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 6 | $ | 1,814 | 8 | $ | 5,285 | 14 | $ | 7,099 | ||||||||||||||||||||||||||||
Commercial | 12 | 11,509 | - | - | 12 | 11,509 | |||||||||||||||||||||||||||||||
Construction | - | - | 1 | 187 | 1 | 187 | |||||||||||||||||||||||||||||||
Installment | 3 | 215 | - | - | 3 | 215 | |||||||||||||||||||||||||||||||
Commercial | 6 | 1,033 | 5 | 1,799 | 11 | 2,832 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | 3 | 307 | 3 | 307 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 2 | 1,219 | - | - | 2 | 1,219 | |||||||||||||||||||||||||||||||
Total | 29 | $ | 15,790 | 17 | $ | 7,578 | 46 | $ | 23,368 | ||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||
TDRs on Accrual Status | TDRs on Nonaccrual Status | Total TDRs | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded Investment | Number of | Recorded Investment | Number of | Recorded Investment | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
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 Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | ||||||||||||||||||||||||||||||||||
Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||||
After | |||||||||||||||||||||||||||||||||||||
Modification (1) | |||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | 1,640 | $ | 1,617 | ||||||||||||||||||||||||||||||||
Commercial | 4 | 2,242 | 2,231 | ||||||||||||||||||||||||||||||||||
Construction | 1 | 187 | 187 | ||||||||||||||||||||||||||||||||||
Installment | 3 | 216 | 215 | ||||||||||||||||||||||||||||||||||
Commercial | 6 | 2,076 | 2,101 | ||||||||||||||||||||||||||||||||||
Home equity line of credit | 3 | 353 | 307 | ||||||||||||||||||||||||||||||||||
Total | 24 | $ | 6,714 | $ | 6,658 | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||||
Prior to Modification | After Modification (1) | ||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | 579 | $ | 563 | ||||||||||||||||||||||||||||||||
Commercial | 7 | 9,149 | 8,945 | ||||||||||||||||||||||||||||||||||
Construction | 2 | 1,002 | 999 | ||||||||||||||||||||||||||||||||||
Commercial | 1 | 7 | 7 | ||||||||||||||||||||||||||||||||||
Resort | 8 | 2,721 | 2,332 | ||||||||||||||||||||||||||||||||||
Total | 20 | $ | 13,458 | $ | 12,846 | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||||
Prior to Modification | After Modification (1) | ||||||||||||||||||||||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | 6,094 | $ | 5,727 | ||||||||||||||||||||||||||||||||
Commercial | 6 | 7,410 | 7,339 | ||||||||||||||||||||||||||||||||||
Construction | 1 | 510 | 510 | ||||||||||||||||||||||||||||||||||
Commercial | 9 | 6,017 | 5,817 | ||||||||||||||||||||||||||||||||||
Resort | 2 | 2,077 | 2,054 | ||||||||||||||||||||||||||||||||||
Total | 25 | $ | 22,108 | $ | 21,447 | ||||||||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modication 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 Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | - | $ | - | $ | 225 | $ | 1,392 | $ | 1,617 | ||||||||||||||||||||||||||
Commercial | 4 | 2,095 | - | - | 136 | 2,231 | |||||||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 3 | - | - | 34 | 181 | 215 | |||||||||||||||||||||||||||||||
Commercial | 6 | 1,951 | - | - | 150 | 2,101 | |||||||||||||||||||||||||||||||
Home equity line of credit | 3 | - | - | 14 | 293 | 307 | |||||||||||||||||||||||||||||||
Total | 24 | $ | 4,046 | $ | - | $ | 273 | $ | 2,339 | $ | 6,658 | ||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | - | $ | 113 | $ | - | $ | 450 | $ | 563 | ||||||||||||||||||||||||||
Commercial | 7 | 2,441 | 3,299 | - | 3,205 | 8,945 | |||||||||||||||||||||||||||||||
Construction | 2 | 999 | - | - | - | 999 | |||||||||||||||||||||||||||||||
Commercial | 1 | - | 7 | - | - | 7 | |||||||||||||||||||||||||||||||
Resort | 8 | 2,169 | - | 163 | - | 2,332 | |||||||||||||||||||||||||||||||
Total | 20 | $ | 5,609 | $ | 3,419 | $ | 163 | $ | 3,655 | $ | 12,846 | ||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Maturity | Interest | of Rate and Maturity | |||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 7 | $ | - | $ | 397 | $ | - | $ | 5,330 | $ | 5,727 | ||||||||||||||||||||||||||
Commercial | 6 | 3,678 | - | 3,661 | - | 7,339 | |||||||||||||||||||||||||||||||
Construction | 1 | 510 | - | - | - | 510 | |||||||||||||||||||||||||||||||
Commercial | 9 | 4,301 | - | 1,423 | 93 | 5,817 | |||||||||||||||||||||||||||||||
Resort | 2 | - | - | - | 2,054 | 2,054 | |||||||||||||||||||||||||||||||
Total | 25 | $ | 8,489 | $ | 397 | $ | 5,084 | $ | 7,477 | $ | 21,447 | ||||||||||||||||||||||||||
Schedule of loans modified as a TDR | ' | ||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | 2 | $ | 1,374 | 1 | $ | 272 | ||||||||||||||||||||||||||||
Commercial | 2 | 1,758 | 1 | 349 | - | - | |||||||||||||||||||||||||||||||
Commercial | 2 | 100 | 5 | 1,587 | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 1 | 183 | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 5 | $ | 2,041 | 8 | $ | 3,310 | 1 | $ | 272 | ||||||||||||||||||||||||||||
(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 | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 680,111 | $ | 1,089 | $ | 11,846 | $ | - | $ | 693,046 | |||||||||||||||||||||||||||
Commercial | 608,289 | 7,023 | 18,452 | - | 633,764 | ||||||||||||||||||||||||||||||||
Construction | 72,022 | - | 6,169 | - | 78,191 | ||||||||||||||||||||||||||||||||
Installment | 4,251 | 50 | 215 | - | 4,516 | ||||||||||||||||||||||||||||||||
Commercial | 237,755 | 970 | 11,659 | 1,648 | 252,032 | ||||||||||||||||||||||||||||||||
Collateral | 1,600 | - | - | - | 1,600 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 149,781 | 719 | 1,106 | - | 151,606 | ||||||||||||||||||||||||||||||||
Demand | 85 | - | - | - | 85 | ||||||||||||||||||||||||||||||||
Revolving Credit | 94 | - | - | - | 94 | ||||||||||||||||||||||||||||||||
Resort | 156 | - | 1,218 | - | 1,374 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,754,144 | $ | 9,851 | $ | 50,665 | $ | 1,648 | $ | 1,816,308 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Schedule of changes in loans to related parties | ' | ||||||||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Balance, at beginning of year | $ | 716 | $ | 702 | |||||||||||||||||||||||||||||||||
Loans to related parties who terminated services | (120 | ) | - | ||||||||||||||||||||||||||||||||||
Addition of related parties during the year | 69 | - | |||||||||||||||||||||||||||||||||||
Additional loans and advances | 81 | 55 | |||||||||||||||||||||||||||||||||||
Repayments | (99 | ) | (41 | ) | |||||||||||||||||||||||||||||||||
Balance, at end of year | $ | 647 | $ | 716 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of premises and equipment accounts | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 1,751 | $ | 1,751 | |||||
Premises and leasehold improvements | 22,642 | 20,576 | |||||||
Furniture and equipment | 23,562 | 24,505 | |||||||
Software | 4,307 | 1,699 | |||||||
52,262 | 48,531 | ||||||||
Less: accumulated depreciation and amortization | (31,643 | ) | (28,564 | ) | |||||
$ | 20,619 | $ | 19,967 |
Credit_Arrangements_Tables
Credit Arrangements (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Schedule of FHLBB advances | ' | ||||||||||||||
(Dollars in thousands) | As of December 31, | ||||||||||||||
Advance Date | Interest Rate | Maturity Date | 2013 | 2012 | |||||||||||
12/31/12 | 0.31 | % | 1/2/13 | $ | - | $ | 68,000 | ||||||||
4/11/08 | 3.4 | % | 4/11/13 | - | 9,000 | ||||||||||
8/29/08 | 4.26 | % | 8/29/13 | - | 5,000 | ||||||||||
12/26/08 | 3.31 | % | 12/26/13 | - | 8,000 | ||||||||||
12/26/08 | 3.17 | % | 12/26/13 | - | 2,000 | ||||||||||
12/31/13 | 0.28 | % | 1/2/14 | 68,000 | - | ||||||||||
12/19/13 | 0.18 | % | 1/17/14 | 30,000 | - | ||||||||||
10/24/13 | 0.19 | % | 1/24/14 | 30,000 | - | ||||||||||
12/31/13 | 0.16 | % | 1/29/14 | 55,000 | - | ||||||||||
10/5/09 | 2.72 | % | 4/7/14 | 10,000 | 10,000 | ||||||||||
10/24/13 | 0.22 | % | 4/25/14 | 20,000 | - | ||||||||||
10/29/13 | 0.23 | % | 4/30/14 | 20,000 | - | ||||||||||
1/25/10 | 2.52 | % | 7/25/14 | 7,000 | 7,000 | ||||||||||
4/11/08 | 3.83 | % | 4/13/15 | 6,000 | 6,000 | ||||||||||
7/12/10 | 2.25 | % | 7/13/15 | 7,000 | 7,000 | ||||||||||
7/20/10 | 2.11 | % | 7/20/15 | 6,000 | 6,000 | ||||||||||
$ | 259,000 | $ | 128,000 | ||||||||||||
Schedule of outstanding borrowings | ' | ||||||||||||||
(Dollars in thousands) | As of December 31, | ||||||||||||||
Advance Date | Interest Rate | Maturity Date | 2013 | 2012 | |||||||||||
13-Mar-08 | 3.34 | % | 3/13/18 | $ | 6,000 | $ | 6,000 | ||||||||
13-Mar-08 | 3.93 | % | 3/13/18 | 4,500 | 4,500 | ||||||||||
13-Mar-08 | 3.16 | % | 3/13/15 | 10,500 | 10,500 | ||||||||||
$ | 21,000 | $ | 21,000 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||
Schedule of deposit balances and weighted average interest rates | ' | ||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Noninterest-bearing demand deposits | $ | 308,459 | $ | 247,586 | |||||||||||||
Interest-bearing | |||||||||||||||||
NOW accounts | 285,392 | 0.23 | % | 227,205 | 0.19 | % | |||||||||||
Money market | 387,225 | 0.79 | % | 317,030 | 0.73 | % | |||||||||||
Savings accounts | 193,937 | 0.11 | % | 179,290 | 0.17 | % | |||||||||||
Time deposits | 338,488 | 0.98 | % | 359,344 | 1.09 | % | |||||||||||
Total interest-bearing deposits | 1,205,042 | 0.61 | % | 1,082,869 | 0.65 | % | |||||||||||
Total deposits | $ | 1,513,501 | $ | 1,330,455 | |||||||||||||
Schedule of contractual maturities of time deposits | ' | ||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Less than one year | $ | 227,606 | $ | 239,796 | |||||||||||||
One to two years | 50,179 | 48,285 | |||||||||||||||
Two to three years | 41,256 | 25,689 | |||||||||||||||
Three to four years | 11,931 | 33,102 | |||||||||||||||
Four to five years | 7,516 | 12,472 | |||||||||||||||
Five to six years | - | - | |||||||||||||||
$ | 338,488 | $ | 359,344 | ||||||||||||||
Schedule of interest expense on deposits | ' | ||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
NOW accounts | $ | 638 | $ | 389 | $ | 632 | |||||||||||
Money market | 2,878 | 2,017 | 1,993 | ||||||||||||||
Savings accounts | 206 | 291 | 334 | ||||||||||||||
Time deposits | 3,460 | 3,994 | 4,706 | ||||||||||||||
Total interest expense | $ | 7,182 | $ | 6,691 | $ | 7,665 |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of change in benefit obligation, plan assets and the funded status of the pension plans and other postretirement benefits | ' | ||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at | |||||||||||||||||
beginning of year | $ | 24,128 | $ | 23,603 | $ | 3,330 | $ | 3,394 | |||||||||
Service cost | - | 500 | 101 | 75 | |||||||||||||
Interest cost | 951 | 1,087 | 128 | 150 | |||||||||||||
Plan participants’ contributions | - | - | - | 39 | |||||||||||||
Plan amendments | - | - | - | (386 | ) | ||||||||||||
Actuarial (gain) loss | (2,213 | ) | 2,814 | (310 | ) | 175 | |||||||||||
Benefits paid | (957 | ) | (911 | ) | (93 | ) | (117 | ) | |||||||||
Curtailments | - | (2,963 | ) | - | - | ||||||||||||
Benefit obligation at | |||||||||||||||||
end of year | 21,909 | 24,130 | 3,156 | 3,330 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at | |||||||||||||||||
beginning of year | 15,403 | 14,169 | - | - | |||||||||||||
Actual return on plan assets | 1,828 | 919 | - | - | |||||||||||||
Employer contributions | 1,622 | 1,226 | 93 | 78 | |||||||||||||
Plan participants’ contributions | - | - | - | 39 | |||||||||||||
Benefits paid | (957 | ) | (911 | ) | (93 | ) | (117 | ) | |||||||||
Fair value of plan assets at | |||||||||||||||||
end of year | 17,896 | 15,403 | - | - | |||||||||||||
Funded status recognized in the | |||||||||||||||||
statements of condition | $ | (4,013 | ) | $ | (8,727 | ) | $ | (3,156 | ) | $ | (3,330 | ) | |||||
Accumulated benefit obligation | $ | (21,909 | ) | $ | (24,128 | ) | |||||||||||
Schedule of amounts recognized in accumulated other comprehensive income that have not yet been recognized as a component of net period benefit cost | ' | ||||||||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Prior Service Cost | $ | - | $ | - | $ | 222 | $ | 255 | |||||||||
Actuarial gain | (3,949 | ) | (6,246 | ) | (371 | ) | (604 | ) | |||||||||
Unrecognized components of net periodic | |||||||||||||||||
benefit cost in accumulated other | |||||||||||||||||
comprehensive income, net of tax | $ | (3,949 | ) | $ | (6,246 | ) | $ | (149 | ) | $ | (349 | ) | |||||
Schedule of components of net periodic pension and benefit costs | ' | ||||||||||||||||
Pension Plans | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | - | $ | 500 | $ | 689 | |||||||||||
Interest cost | 951 | 1,087 | 1,058 | ||||||||||||||
Expected return on plan assets | (1,135 | ) | (1,036 | ) | (1,078 | ) | |||||||||||
Amortization of unrecognized prior | |||||||||||||||||
service cost | - | (125 | ) | (125 | ) | ||||||||||||
Recognized net actuarial loss | 573 | 676 | 389 | ||||||||||||||
Curtailment charge | - | (1,208 | ) | - | |||||||||||||
Net periodic pension cost | 389 | (106 | ) | 933 | |||||||||||||
Change in Plan Assets and Benefit Obligations | |||||||||||||||||
Recognized in Other Comprehensive Income: | |||||||||||||||||
Net (gain) loss | (2,907 | ) | 2,931 | 3,366 | |||||||||||||
Amortization of net loss | (573 | ) | (676 | ) | (389 | ) | |||||||||||
Amortization of prior service cost | - | 1,333 | 125 | ||||||||||||||
Curtailment charge | - | (2,963 | ) | - | |||||||||||||
Total recognized in other comprehensive income | (3,480 | ) | 625 | 3,102 | |||||||||||||
Total recognized in net periodic pension | |||||||||||||||||
cost and other comprehensive income | $ | (3,091 | ) | $ | 519 | $ | 4,035 | ||||||||||
Other Postretirement Benefits | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Components of net periodic pension cost: | |||||||||||||||||
Service cost | $ | 101 | $ | 75 | $ | 61 | |||||||||||
Interest cost | 128 | 150 | 137 | ||||||||||||||
Recognized net loss | 42 | 32 | - | ||||||||||||||
Amortization of unrecognized prior service cost | (50 | ) | (41 | ) | (48 | ) | |||||||||||
Curtailment charge | - | (279 | ) | - | |||||||||||||
Net periodic pension cost | 221 | (63 | ) | 150 | |||||||||||||
Change in Plan Assets and Benefit Obligations | |||||||||||||||||
Recognized in Other Comprehensive Income: | |||||||||||||||||
Net (gain) loss | (310 | ) | 175 | 640 | |||||||||||||
Amortization of prior service cost (credit) | - | (107 | ) | 48 | |||||||||||||
Amortization of net loss | (42 | ) | (32 | ) | - | ||||||||||||
Change in prior service costs | 50 | 41 | - | ||||||||||||||
Total recognized in other comprehensive income | (302 | ) | 77 | 688 | |||||||||||||
Total recognized in net periodic pension | |||||||||||||||||
cost and other comprehensive income | $ | (81 | ) | $ | 14 | $ | 838 | ||||||||||
Schedule of estimated amounts amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year | ' | ||||||||||||||||
(Dollars in thousands) | Pension Plans | Other Post Retirement | |||||||||||||||
Benefits | |||||||||||||||||
Prior service cost (credit) | $ | - | $ | (50 | ) | ||||||||||||
Actuarial loss | 308 | 18 | |||||||||||||||
Schedule of significant actuarial assumptions | ' | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average assumptions used to | |||||||||||||||||
determine funding status: | |||||||||||||||||
Discount rate (1) | 4.85 | % | 4.1 | % | 4.75 | % | 3.9 | % | |||||||||
Rate of compensation increase * (2) | n/a | 3 | % | - | - | ||||||||||||
Weighted-average assumptions used to | |||||||||||||||||
determine net periodic pension costs: | |||||||||||||||||
Discount rate | 4.1 | % | 4.65 | % | 3.9 | % | 4.5 | % | |||||||||
Expected return on plan assets (2) | 7.5 | % | 7.25 | % | - | - | |||||||||||
Rate of compensation increase * (2) | n/a | 3 | % | - | - | ||||||||||||
(1) Weighted average discount rate for the supplemental retirement plan was 4.15% for the year ended December 31, 2013. | |||||||||||||||||
(2) Rates not applicable to the supplemental retirement plan. | |||||||||||||||||
* The compensation rate increase is not applicable after the Pension Plan freeze on February 28, 2013. | |||||||||||||||||
Schedule of percentage of health care trend assumptions | ' | ||||||||||||||||
At December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Health care cost trend rate assumed for next year | 9.5 | % | 9.5 | % | |||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | |||||||||||||
Year that the rate reaches the rate it is assumed to remain at | 2023 | 2022 | |||||||||||||||
Schedule of one-percentage point change in assumed health care cost trend rates | ' | ||||||||||||||||
Effect of a Change in the Health Care Cost Trend Rates | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
One | One | One | One | ||||||||||||||
Percentage | Percentage | Percentage | Percentage | ||||||||||||||
Point Increase | Point Decrease | Point Increase | Point Decrease | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Effect on total of service and | |||||||||||||||||
interest components | $ | 14 | $ | (12 | ) | $ | 23 | $ | (19 | ) | |||||||
Effect on postretirement benefit | |||||||||||||||||
obligation | 247 | (211 | ) | 277 | (236 | ) | |||||||||||
Schedule of fair value of the company's pension plan assets by asset category | ' | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
Investments at Fair Value | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Mutual funds: | |||||||||||||||||
Fixed income | $ | 6,618 | $ | - | $ | - | $ | 6,618 | |||||||||
Equity | 10,283 | - | - | 10,283 | |||||||||||||
Pooled separate accounts: | |||||||||||||||||
Money market separate account | - | 394 | - | 394 | |||||||||||||
Prin high yield separate account | - | 601 | - | 601 | |||||||||||||
$ | 16,901 | $ | 995 | $ | - | $ | 17,896 | ||||||||||
31-Dec-12 | |||||||||||||||||
Investments at Fair Value | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Mutual funds: | |||||||||||||||||
Fixed income | $ | 6,411 | $ | - | $ | - | $ | 6,411 | |||||||||
Equity | 7,862 | - | - | 7,862 | |||||||||||||
Pooled separate accounts: | |||||||||||||||||
Money market separate account | - | 569 | - | 569 | |||||||||||||
Prin high yield separate account | - | 561 | - | 561 | |||||||||||||
$ | 14,273 | $ | 1,130 | $ | - | $ | 15,403 | ||||||||||
Schedule of benefit pension plan's weighted-average asset allocations and the Plan's long-term allocation structure by asset category | ' | ||||||||||||||||
Actual Percentage of Fair Value | |||||||||||||||||
At December 31, | Target | ||||||||||||||||
2013 | 2012 | Allocation | |||||||||||||||
High yield and money market funds | 5 | % | 7 | % | 5-15% | ||||||||||||
Equity funds | 58 | % | 51 | % | 30-70% | ||||||||||||
Fixed income funds | 37 | % | 42 | % | 30-70% | ||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Schedule of summary of benefit payments expected to be paid by the non-contributory defined benefit pension plans | ' | ||||||||||||||||
2014 | 1,029 | ||||||||||||||||
2015 | 1,065 | ||||||||||||||||
2016 | 1,099 | ||||||||||||||||
2017 | 1,119 | ||||||||||||||||
2018 | 1,162 | ||||||||||||||||
Years 2019 - 2023 | 6,547 | ||||||||||||||||
$ | 12,021 | ||||||||||||||||
Schedule of summary of benefit payments expected to be paid by the medical, dental and life insurance plan | ' | ||||||||||||||||
2014 | 179 | ||||||||||||||||
2015 | 180 | ||||||||||||||||
2016 | 188 | ||||||||||||||||
2017 | 192 | ||||||||||||||||
2018 | 185 | ||||||||||||||||
Years 2019 - 2023 | 936 | ||||||||||||||||
$ | 1,860 | ||||||||||||||||
Schedule of shares held by the ESOP | ' | ||||||||||||||||
Allocated | 190,722 | ||||||||||||||||
Committed to be released | 95,361 | ||||||||||||||||
Unallocated | 1,144,333 | ||||||||||||||||
1,430,416 |
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of weighted-average assumptions | ' | ||||||||||||||||
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 | ' | ||||||||||||||||
Weighted-Average | |||||||||||||||||
Remaining | Aggregate | ||||||||||||||||
Number of | Weighted-Average | Contractual Term | Intrinsic Value | ||||||||||||||
Stock Options | Exercise Price | (in years) | (in thousands) | ||||||||||||||
Outstanding at December 31, 2012 | 1,696,357 | $ | 12.95 | ||||||||||||||
Granted | 26,750 | 14.48 | |||||||||||||||
Exercised | (90,850 | ) | 12.95 | ||||||||||||||
Forfeited | (2,400 | ) | 12.95 | ||||||||||||||
Outstanding at December 31, 2013 | 1,629,857 | $ | 12.98 | 8.7 | $ | 5,095 | |||||||||||
Exercisable at December 31, 2013 | 644,550 | ||||||||||||||||
Schedule of summary of the status of the Company's restricted stock | ' | ||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Restricted | Grant Date | ||||||||||||||||
Stock | Fair Value | ||||||||||||||||
Unvested at December 31, 2012 | 572,167 | $ | 12.95 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | (171,842 | ) | 12.95 | ||||||||||||||
Forfeited | - | - | |||||||||||||||
Unvested at December 31, 2013 | 400,325 | $ | 12.95 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of interest rate swaps that were not designated for hedge accounting | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Consolidated | Estimated | Estimated | |||||||||||||||||||||||||||||||||||
Balance Sheet | # of | Notional | Fair | # of | Notional | Fair | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Location | Instruments | Amount | Values | Instruments | Amount | Values | ||||||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||||||||||
interest rate swap position | Other Assets | 22 | $ | 66,635 | $ | 3,238 | 35 | $ | 105,828 | $ | 8,228 | ||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||||||||||
interest rate swap position | Other Liabilities | 22 | 82,535 | (3,294 | ) | 2 | 7,731 | 86 | |||||||||||||||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||||||||||||
rate swap position | Other Liabilities | 44 | 149,170 | 56 | 37 | 113,559 | (8,314 | ) | |||||||||||||||||||||||||||||
Schedule of changes in the fair value of non-hedge accounting derivatives | ' | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
MTM (Loss) | MTM (Loss) | MTM (Loss) | |||||||||||||||||||||||||||||||||||
Interest Income | Gain Recorded | Interest Income | Gain Recorded | Interest Income | Gain Recorded | ||||||||||||||||||||||||||||||||
Recorded in | in Noninterest | Recorded in | in Noninterest | Recorded in | in Noninterest | ||||||||||||||||||||||||||||||||
Interest Income | Income | Net Impact | Interest Income | Income | Net Impact | Interest Income | Income | Net Impact | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||||||||||
interest rate swap position | $ | 3,078 | $ | (4,990 | ) | $ | (1,912 | ) | $ | 2,416 | $ | 1,416 | $ | 3,832 | $ | 2,143 | $ | 5,041 | $ | 7,184 | |||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||||||||||||
rate swap position | (3,078 | ) | 4,990 | 1,912 | (2,416 | ) | (1,416 | ) | (3,832 | ) | (2,143 | ) | (5,041 | ) | (7,184 | ) | |||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of components of the income tax provision | ' | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current provision | |||||||||||||
Federal | $ | 1,480 | $ | 2,783 | $ | (1,782 | ) | ||||||
State | 2 | 2 | 9 | ||||||||||
1,482 | 2,785 | (1,773 | ) | ||||||||||
Deferred benefit | |||||||||||||
Federal | (313 | ) | (1,485 | ) | (804 | ) | |||||||
State | - | - | - | ||||||||||
(313 | ) | (1,485 | ) | (804 | ) | ||||||||
Total provision for income taxes | $ | 1,169 | $ | 1,300 | $ | (2,577 | ) | ||||||
Schedule of reconciliation of the expected federal statutory tax to the income tax provision | ' | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income tax expense at statutory federal tax rate | $ | 1,657 | $ | 1,703 | $ | (2,317 | ) | ||||||
Changes in cash surrender value of life insurance | (410 | ) | (437 | ) | (247 | ) | |||||||
Dividends received deduction | (52 | ) | (57 | ) | (61 | ) | |||||||
State income taxes | 1 | 1 | 6 | ||||||||||
ESOP | 94 | 37 | - | ||||||||||
Death benefits | (37 | ) | (85 | ) | - | ||||||||
Municipal income - net | (114 | ) | - | - | |||||||||
Other - net | 30 | 138 | 42 | ||||||||||
Income tax provision as reported | $ | 1,169 | $ | 1,300 | $ | (2,577 | ) | ||||||
Schedule of components of net deferred tax assets | ' | ||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets | |||||||||||||
Allowance for loan losses | $ | 6,227 | $ | 5,857 | |||||||||
Accrued pension | 213 | 430 | |||||||||||
Minimum pension liability and postretirement benefits | 3,107 | 4,350 | |||||||||||
Charitable contribution carryforward | 2,229 | 2,393 | |||||||||||
Deferred compensation | 2,599 | 2,439 | |||||||||||
Accrued bonus | 1,082 | 1,253 | |||||||||||
Other than temporary impairment on securities | |||||||||||||
available-for-sale | 990 | 990 | |||||||||||
Net unrealized loss on securities available-for-sale | 74 | - | |||||||||||
Investment in partnerships | 133 | 123 | |||||||||||
Stock compensation | 1,085 | 734 | |||||||||||
Allowance for off-balance sheet provision | 148 | 134 | |||||||||||
Other | 955 | 592 | |||||||||||
Gross deferred tax assets | 18,842 | 19,295 | |||||||||||
Valuation reserve | - | - | |||||||||||
Net deferred tax assets | 18,842 | 19,295 | |||||||||||
Deferred tax liabilities | |||||||||||||
Net origination fees | 2,229 | 2,028 | |||||||||||
Fixed assets | 608 | 995 | |||||||||||
Bond discount accretion | 34 | 23 | |||||||||||
Net unrealized gain on securities available-for-sale | - | 240 | |||||||||||
Other | 1,087 | 468 | |||||||||||
Gross deferred tax liabilities | 3,958 | 3,754 | |||||||||||
Net deferred tax assets | 14,884 | 15,541 | |||||||||||
Schedule of allocation of deferred tax expense (benefit) | ' | ||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax benefit allocated to capital | $ | 970 | $ | (365 | ) | ||||||||
Deferred tax benefit allocated to income | (313 | ) | (1,485 | ) | |||||||||
Total change in deferred taxes | $ | 657 | $ | (1,850 | ) | ||||||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ||||||||||||
(Dollars in thousands) | |||||||||||||
Balance at December 31, 2011 | $ | - | |||||||||||
Increases based on tax positions related to prior periods | 982 | ||||||||||||
Balance at December 31, 2012 | 982 | ||||||||||||
Settlements | (982 | ) | |||||||||||
Balance at December 31, 2013 | $ | - |
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of future minimum rental commitments | ' | ||||
(Dollars in thousands) | |||||
2014 | $ | 2,470 | |||
2015 | 2,545 | ||||
2016 | 2,432 | ||||
2017 | 2,340 | ||||
2018 | 2,346 | ||||
Thereafter | 9,691 | ||||
$ | 21,824 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ||||||||
Schedule of financial instruments whose contract amounts represent credit risk | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Approved loan commitments | $ | 25,667 | $ | 14,761 | |||||
Unadvanced portion of construction loans | 64,599 | 61,923 | |||||||
Unadvanced portion of resort loans | - | 2,768 | |||||||
Unused lines for home equity loans | 163,255 | 146,078 | |||||||
Unused revolving lines of credit | 354 | 402 | |||||||
Unused commercial letters of credit | 3,910 | 8,462 | |||||||
Unused commercial lines of credit | 153,673 | 135,379 | |||||||
$ | 411,458 | $ | 369,773 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule of financial instruments carried at fair value on a recurring basis | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant | Significant Unobservable | |||||||||||||||||||||||
Observable | Inputs | ||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||
(Dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 126,000 | $ | 126,000 | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | 6,922 | 6,922 | - | - | |||||||||||||||||||||
Government sponsored residential | |||||||||||||||||||||||||
mortgage-backed securities | 9,616 | - | 9,616 | - | |||||||||||||||||||||
Corporate debt securities | 3,104 | - | 3,104 | - | |||||||||||||||||||||
Preferred equity securities | 1,569 | - | 1,569 | - | |||||||||||||||||||||
Marketable equity securities | 148 | 148 | - | - | |||||||||||||||||||||
Mutual funds | 3,527 | - | 3,527 | - | |||||||||||||||||||||
Securities available-for-sale | 150,886 | 133,070 | 17,816 | - | |||||||||||||||||||||
Interest rate swap derivative | 3,238 | - | 3,238 | - | |||||||||||||||||||||
Forward loan sales commitments | 36 | - | - | 36 | |||||||||||||||||||||
Derivative loan commitments | 11 | - | - | 11 | |||||||||||||||||||||
Total | $ | 154,171 | $ | 133,070 | $ | 21,054 | $ | 47 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 3,294 | $ | - | $ | 3,294 | $ | - | |||||||||||||||||
Total | $ | 3,294 | $ | - | $ | 3,294 | $ | - | |||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||||||
(Dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
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 | 8,228 | - | 8,228 | - | |||||||||||||||||||||
Derivative loan commitments | 450 | - | - | 450 | |||||||||||||||||||||
Forward loan sales commitments | 38 | - | 38 | ||||||||||||||||||||||
Total | $ | 147,197 | $ | 119,112 | $ | 27,597 | $ | 488 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 8,314 | $ | - | $ | 8,314 | $ | - | |||||||||||||||||
Total | $ | 8,314 | $ | - | $ | 8,314 | $ | - | |||||||||||||||||
Schedule of assets measured at fair value according to Level 3 inputs | ' | ||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of year | $ | - | $ | 42 | $ | 44 | |||||||||||||||||||
Paydowns | - | (42 | ) | (2 | ) | ||||||||||||||||||||
Total (loss) gain - (realized/unrealized): | |||||||||||||||||||||||||
Included in earnings | - | - | - | ||||||||||||||||||||||
Balance, at the end of year | $ | - | $ | - | $ | 42 | |||||||||||||||||||
Derivative and Forward Loan Sales Commitments, Net | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of year | $ | 488 | $ | 35 | $ | - | |||||||||||||||||||
Total realized (loss) gain: | |||||||||||||||||||||||||
Included in earnings | (441 | ) | 453 | 35 | |||||||||||||||||||||
Balance, at the end of year | $ | 47 | $ | 488 | $ | 35 | |||||||||||||||||||
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Input | |||||||||||||||||||||
Derivative and forward loan sales commitments, net | $ | 47 | Adjusted quoted prices in active markets | Embedded servicing value | 1.25 | % | |||||||||||||||||||
Schedule of financial instruments carried at fair value on a nonrecurring basis | ' | ||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | - | $ | 5,910 | $ | - | $ | - | $ | 6,803 | |||||||||||||
Other real estate owned | - | - | 277 | - | - | - | |||||||||||||||||||
Mortgage servicing rights | - | - | 1,970 | - | - | 995 | |||||||||||||||||||
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis | ' | ||||||||||||||||||||||||
Significant | Weighted | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | Average Inputs | ||||||||||||||||||||
Mortgage servicing rights | $ | 1,970 | Discounted cash flows | Prepayment speed | 0% - 29% | 9.2 | % | ||||||||||||||||||
Discount rate | n/a | 7.8 | % | ||||||||||||||||||||||
Impaired loans | $ | 5,910 | Appraisals | Discount for dated appraisal | 0% - 20% | 10 | % | ||||||||||||||||||
Discount for costs to sell | 8% - 15% | 11.5 | % | ||||||||||||||||||||||
Other real estate owned | $ | 277 | Appraisals | Discount for costs to sell | 8% - 10% | 9 | % | ||||||||||||||||||
Schedule of carrying amount, fair value, and placement in the fair value hierarchy of the Company's financial instruments | ' | ||||||||||||||||||||||||
31-Dec-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 | $ | 12,983 | $ | 12,886 | $ | 3,006 | $ | 3,006 | ||||||||||||||||
Securities available-for-sale | See previous table | 150,886 | 150,886 | 138,481 | 138,481 | ||||||||||||||||||||
Loans | Level 3 | 1,816,308 | 1,803,424 | 1,534,021 | 1,563,430 | ||||||||||||||||||||
Loans held-for-sale | Level 2 | 3,186 | 3,188 | 9,626 | 9,833 | ||||||||||||||||||||
Mortgage servicing rights | Level 3 | 3,146 | 3,596 | 1,327 | 1,709 | ||||||||||||||||||||
Federal Home Loan Bank of Boston stock | Level 2 | 13,136 | 13,136 | 8,939 | 8,939 | ||||||||||||||||||||
Alternative investments | Level 3 | 2,352 | 2,778 | 1,508 | 2,206 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 3,238 | 3,238 | 8,228 | 8,228 | ||||||||||||||||||||
Forward loan sales commitments | Level 3 | 36 | 36 | 38 | 38 | ||||||||||||||||||||
Derivative loan commitments | Level 3 | 11 | 11 | 450 | 450 | ||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Deposits other than time deposits | Level 1 | 1,175,013 | 1,175,013 | 971,111 | 971,111 | ||||||||||||||||||||
Time deposits | Level 2 | 338,488 | 341,395 | 359,344 | 363,156 | ||||||||||||||||||||
Federal Home Loan Bank of Boston advances | Level 2 | 259,000 | 259,765 | 128,000 | 130,062 | ||||||||||||||||||||
Repurchase agreement borrowings | Level 2 | 21,000 | 21,992 | 21,000 | 22,819 | ||||||||||||||||||||
Repurchase liabilities | Level 2 | 50,816 | 50,816 | 54,187 | 54,189 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 3,294 | 3,294 | 8,314 | 8,314 | ||||||||||||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Matters Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of 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 December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 209,174 | 12.76 | % | $ | 131,144 | 8 | % | $ | 163,929 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 190,424 | 11.62 | 65,550 | 4 | 98,326 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 190,424 | 9.28 | 82,079 | 4 | 102,599 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 203,612 | 14.46 | % | $ | 112,648 | 8 | % | $ | 140,811 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 185,998 | 13.21 | 56,320 | 4 | 84,481 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 185,998 | 10.45 | 71,195 | 4 | 88,994 | 5 | |||||||||||||||||||
First Connecticut Bancorp, Inc.: | |||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 254,509 | 15.5 | % | $ | 131,359 | 8 | % | $ | 164,199 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 235,759 | 14.36 | 65,671 | 4 | 98,507 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 235,759 | 11.47 | 82,218 | 4 | 102,772 | 5 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 265,242 | 18.8 | % | $ | 112,869 | 8 | % | $ | 141,086 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 247,619 | 17.55 | 56,437 | 4 | 84,656 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 247,619 | 13.89 | 71,309 | 4 | 89,136 | 5 |
Parent_Company_Statements_Tabl
Parent Company Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule of condensed statements of condition | ' | ||||||||||||
Condensed Statements of Financial Condition | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 36,151 | $ | 55,845 | |||||||||
Deferred income taxes | 2,321 | 2,607 | |||||||||||
Due from Farmington Bank | 6,118 | 3,484 | |||||||||||
Investment in Farmington Bank | 186,873 | 180,174 | |||||||||||
Prepaid expenses and other assets | 805 | 27 | |||||||||||
Total assets | $ | 232,268 | $ | 242,137 | |||||||||
Liabilities | $ | 59 | $ | 342 | |||||||||
Stockholders’ equity | 232,209 | 241,795 | |||||||||||
Total liabilities and shareholders’ equity | $ | 232,268 | $ | 242,137 | |||||||||
Schedule of condensed statements of operations | ' | ||||||||||||
Condensed Statements of Operations | |||||||||||||
For The Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Interest income | $ | 157 | $ | 289 | $ | 132 | |||||||
Contribution to Farmington Bank Community Foundation Inc. | - | - | (6,877 | ) | |||||||||
Noninterest expense | (1,627 | ) | (609 | ) | (251 | ) | |||||||
Income tax benefit | 364 | 25 | 2,382 | ||||||||||
Loss before equity in undistributed earnings of Farmington Bank | (1,106 | ) | (295 | ) | (4,614 | ) | |||||||
Equity in undistributed earnings of Farmington Bank | 4,810 | 4,002 | 375 | ||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (4,239 | ) | ||||||
Schedule of condensed statements of comprehensive income (loss) | ' | ||||||||||||
Condensed Statements of Comprehensive Income (Loss) | |||||||||||||
For The Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (4,239 | ) | ||||||
Other comprehensive income (loss), before tax | |||||||||||||
Net change in unrealized losses on securities | (923 | ) | (353 | ) | (626 | ) | |||||||
Change related to employee benefit plans | 3,783 | (674 | ) | (3,789 | ) | ||||||||
Other comprehensive income (loss), before tax | 2,860 | (1,027 | ) | (4,415 | ) | ||||||||
Income tax expense (benefit) | 972 | (349 | ) | (1,501 | ) | ||||||||
Other comprehensive income (loss), net of tax | 1,888 | (678 | ) | (2,914 | ) | ||||||||
Comprehensive income (loss) | $ | 5,592 | $ | 3,029 | $ | (7,153 | ) | ||||||
Schedule of condensed statements of cash flows | ' | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
For The Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income (loss) | $ | 3,704 | $ | 3,707 | $ | (4,239 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||
Contribution of stock to Farmington Bank | |||||||||||||
Community Foundation, Inc. | - | - | 6,877 | ||||||||||
Amortization of ESOP expense | 1,404 | 1,263 | - | ||||||||||
Share based compensation expense | 3,576 | 4,011 | - | ||||||||||
Equity in undistributed net income of Farmington Bank | (4,811 | ) | (4,003 | ) | (375 | ) | |||||||
Deferred income tax | 286 | 13 | (2,338 | ) | |||||||||
Due from Farmington Bank | (2,634 | ) | (3,484 | ) | - | ||||||||
Increase in prepaid expenses and other assets | (778 | ) | 47 | (74 | ) | ||||||||
(Decrease) increase in accrued expenses and other liabilities | (283 | ) | 338 | 4 | |||||||||
Net cash provided by (used in) operating activities | 464 | 1,892 | (145 | ) | |||||||||
Cash flows from investing activities: | |||||||||||||
Payments received on ESOP note receivable | - | - | 1,102 | ||||||||||
Issuance of ESOP note receivable | - | - | (11,545 | ) | |||||||||
Capital contribution to Farmington Bank | - | - | (83,964 | ) | |||||||||
Net cash used in investing activities | - | - | (94,407 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from common stock offering, net of offering cost | - | - | 167,977 | ||||||||||
Purchase of common stock for ESOP | - | (5,376 | ) | - | |||||||||
Cancelation of shares for tax withholding | (576 | ) | (407 | ) | - | ||||||||
Repurchase of common stock | (18,910 | ) | (11,283 | ) | - | ||||||||
Excess tax benefits from stock-based compensation | 35 | - | - | ||||||||||
Exercise of stock options | 1,171 | - | - | ||||||||||
Cash dividend paid | (1,878 | ) | (1,970 | ) | (536 | ) | |||||||
Net cash (used in) provided by financing activities | (20,158 | ) | (19,036 | ) | 167,441 | ||||||||
Net (decrease) increase in cash and cash equivalents | (19,694 | ) | (17,144 | ) | 72,889 | ||||||||
Cash and cash equivalents at beginning of year | 55,845 | 72,989 | 100 | ||||||||||
Cash and cash equivalents at end of year | $ | 36,151 | $ | 55,845 | $ | 72,989 | |||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of summary of quarterly results of operations | ' | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
(Dollars in thousands, except Per Share data) | |||||||||||||||||
Interest income | $ | 15,047 | $ | 15,336 | $ | 15,806 | $ | 16,697 | |||||||||
Interest expense | 2,395 | 2,449 | 2,523 | 2,366 | |||||||||||||
Net interest income | 12,652 | 12,887 | 13,283 | 14,331 | |||||||||||||
Provision for loan losses | 399 | 256 | 215 | 660 | |||||||||||||
Net interest income after provision for loan losses | 12,253 | 12,631 | 13,068 | 13,671 | |||||||||||||
Noninterest income | 3,648 | 2,999 | 2,182 | 2,183 | |||||||||||||
Noninterest expense | 14,699 | 14,555 | 14,110 | 14,398 | |||||||||||||
Income before income taxes | 1,202 | 1,075 | 1,140 | 1,456 | |||||||||||||
Income tax expense | 316 | 256 | 275 | 322 | |||||||||||||
Net income | $ | 886 | $ | 819 | $ | 865 | $ | 1,134 | |||||||||
Net earnings per share: | |||||||||||||||||
Basic and Diluted | $ | 0.05 | $ | 0.05 | $ | 0.06 | $ | 0.07 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
(Dollars in thousands, except Per Share data) | |||||||||||||||||
Interest income | $ | 15,427 | $ | 15,146 | $ | 15,780 | $ | 16,507 | |||||||||
Interest expense | 2,473 | 2,347 | 2,393 | 2,415 | |||||||||||||
Net interest income | 12,954 | 12,799 | 13,387 | 14,092 | |||||||||||||
Provision for loan losses | 330 | 520 | 215 | 315 | |||||||||||||
Net interest income after provision for loan losses | 12,624 | 12,279 | 13,172 | 13,777 | |||||||||||||
Noninterest income | 1,226 | 2,061 | 2,064 | 3,910 | |||||||||||||
Noninterest expense | 12,629 | 13,133 | 16,905 | 13,439 | |||||||||||||
Income (loss) before income taxes | 1,221 | 1,207 | (1,669 | ) | 4,248 | ||||||||||||
Income tax expense (benefit) | 287 | 321 | (546 | ) | 1,238 | ||||||||||||
Net income (loss) | $ | 934 | $ | 886 | $ | (1,123 | ) | $ | 3,010 | ||||||||
Net earnings (loss) per share: | |||||||||||||||||
Basic and Diluted | $ | 0.06 | $ | 0.05 | $ | (0.07 | ) | $ | 0.18 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Effects of recording the immaterial corrections in financial statements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Consolidated statements of condition information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities available-for-sale, at fair value | $150,886 | ' | ' | ' | $138,241 | ' | ' | ' | $134,930 | $150,886 | $138,241 | $134,930 | ' |
Deferred income taxes | 14,884 | 15,926 | 15,732 | 15,632 | 15,541 | ' | ' | ' | 13,691 | 14,884 | 15,541 | 13,691 | ' |
Prepaid expenses and other assets | 11,075 | 12,788 | 12,808 | 14,880 | 15,158 | ' | ' | ' | 16,073 | 11,075 | 15,158 | 16,073 | ' |
Total assets | 2,110,028 | 1,992,517 | 1,845,440 | 1,799,689 | 1,823,153 | ' | ' | ' | 1,618,129 | 2,110,028 | 1,823,153 | 1,618,129 | ' |
Other liabilities | ' | 38,594 | 39,068 | 40,019 | 47,716 | ' | ' | ' | 40,482 | ' | 47,716 | 40,482 | ' |
Total liabilities | 1,877,819 | 1,764,653 | 1,613,899 | 1,556,475 | 1,581,358 | ' | ' | ' | 1,365,630 | 1,877,819 | 1,581,358 | 1,365,630 | ' |
Additional paid-in-capital | 175,766 | ' | ' | ' | 172,386 | ' | ' | ' | 174,975 | 175,766 | 172,386 | 174,975 | ' |
Retained earnings | 96,832 | 96,200 | 95,831 | 95,521 | 95,006 | ' | ' | ' | 93,269 | 96,832 | 95,006 | 93,269 | ' |
Total stockholders' equity | 232,209 | 227,864 | 231,541 | 243,214 | 241,795 | ' | ' | ' | 252,499 | 232,209 | 241,795 | 252,499 | 95,524 |
Total liabilities and shareholders' equity | 2,110,028 | 1,992,517 | 1,845,440 | 1,799,689 | 1,823,153 | ' | ' | ' | 1,618,129 | 2,110,028 | 1,823,153 | 1,618,129 | ' |
Consolidated statements of operations information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noninterest income | ' | -316 | -68 | 197 | ' | ' | ' | ' | ' | -178 | 736 | 496 | ' |
Total noninterest income | 2,183 | 2,182 | 2,999 | 3,648 | 3,910 | 2,064 | 2,061 | 1,226 | ' | 11,012 | 9,261 | 5,525 | ' |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,851 | 32,856 | 28,742 | ' |
Total noninterest expense | 14,398 | 14,110 | 14,555 | 14,699 | 13,439 | 16,905 | 13,133 | 12,629 | ' | 57,762 | 56,106 | 56,450 | ' |
Net income (loss) before taxes | 1,456 | 1,140 | 1,075 | 1,202 | 4,248 | -1,669 | 1,207 | 1,221 | ' | 4,873 | 5,007 | -6,816 | ' |
Income tax expense (benefit) | 322 | 275 | 256 | 316 | 1,238 | -546 | 321 | 287 | ' | 1,169 | 1,300 | -2,577 | ' |
Net income (loss) | 1,134 | 865 | 819 | 886 | 3,010 | -1,123 | 886 | 934 | -5,039 | 3,704 | 3,707 | -4,239 | ' |
Net earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted (in dollars per share) | $0.07 | $0.06 | $0.05 | $0.05 | $0.18 | ($0.07) | $0.05 | $0.06 | ' | ' | $0.22 | ($0.29) | ' |
As Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated statements of condition information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities available-for-sale, at fair value | ' | ' | ' | ' | 138,481 | ' | ' | ' | 135,170 | ' | 138,481 | 135,170 | ' |
Deferred income taxes | ' | 16,095 | 15,918 | 15,810 | 15,682 | ' | ' | ' | 13,907 | ' | 15,682 | 13,907 | ' |
Prepaid expenses and other assets | ' | 12,305 | 12,358 | 14,416 | 14,570 | ' | ' | ' | 15,450 | ' | 14,570 | 15,450 | ' |
Total assets | ' | 1,992,201 | 1,845,116 | 1,799,392 | 1,822,946 | ' | ' | ' | 1,617,650 | ' | 1,822,946 | 1,617,650 | ' |
Other liabilities | ' | 38,606 | 39,105 | 40,078 | 47,782 | ' | ' | ' | 40,522 | ' | 47,782 | 40,522 | ' |
Total liabilities | ' | 1,764,665 | 1,613,936 | 1,556,523 | 1,581,424 | ' | ' | ' | 1,365,670 | ' | 1,581,424 | 1,365,670 | ' |
Additional paid-in-capital | ' | ' | ' | ' | 172,247 | ' | ' | ' | 174,836 | ' | 172,247 | 174,836 | ' |
Retained earnings | ' | 95,873 | 95,470 | 95,172 | 94,890 | ' | ' | ' | 92,937 | ' | 94,890 | 92,937 | ' |
Total stockholders' equity | ' | 227,536 | 231,180 | 242,869 | 241,522 | ' | ' | ' | 251,980 | ' | 241,522 | 251,980 | ' |
Total liabilities and shareholders' equity | ' | 1,992,201 | 1,845,116 | 1,799,392 | 1,822,946 | ' | ' | ' | 1,617,650 | ' | 1,822,946 | 1,617,650 | ' |
Consolidated statements of operations information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other noninterest income | ' | -264 | -92 | 85 | ' | ' | ' | ' | ' | ' | 965 | 659 | ' |
Total noninterest income | ' | 2,235 | 2,974 | 3,538 | ' | ' | ' | ' | ' | ' | 9,490 | 5,688 | ' |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,828 | 28,605 | ' |
Total noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,078 | 56,312 | ' |
Net income (loss) before taxes | ' | 1,193 | 1,050 | 1,092 | ' | ' | ' | ' | ' | ' | 5,264 | -6,515 | ' |
Income tax expense (benefit) | ' | 292 | 248 | 279 | ' | ' | ' | ' | ' | ' | 1,341 | -2,475 | ' |
Net income (loss) | ' | $901 | $802 | $813 | ' | ' | ' | ' | ' | ' | $3,923 | ($4,040) | ' |
Net earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and diluted (in dollars per share) | ' | $0.06 | $0.05 | $0.05 | ' | ' | ' | ' | ' | ' | $0.24 | ($0.29) | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Common Stock | Farmington Bank | Farmington Bank | Farmington Bank Employee Stock Ownership Plan (ESOP) | Farmington Bank Employee Stock Ownership Plan (ESOP) | Farmington Bank Employee Stock Ownership Plan (ESOP) | ||
Office | 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 | ' | 17,192,500 | ' | ' | ' |
Common stock value per share (in dollars per share) | ' | ' | ' | $10 | ' | ' | ' |
Proceeds of common stock sold | $167,977,000 | ' | ' | $167,800,000 | ' | ' | ' |
Offering costs of common stock | ' | ' | ' | 4,100,000 | ' | ' | ' |
Percentage of ownership held by public shareholders | ' | ' | ' | 100.00% | ' | ' | ' |
Number of shares to be purchased under ESOP plan | ' | ' | ' | ' | 1,430,416 | ' | ' |
Percentage loaned the ESOP the amount needed to purchase | ' | ' | ' | ' | ' | ' | 8.00% |
Number of shares purchased under ESOP plan | ' | ' | ' | ' | ' | 1,430,416 | ' |
Purchase cost of common stock acquired under ESOP | ' | ' | ' | ' | ' | $16,900,000 | ' |
Number of branch offices | ' | ' | 21 | ' | ' | ' | ' |
Number of limited service offices | ' | ' | 4 | ' | ' | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Detail Textuals 1) (2012 Stock Incentive Plan, USD $) | 1 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | 30-May-13 | Dec. 31, 2013 | Jun. 21, 2013 | Sep. 05, 2012 | Aug. 31, 2012 | Jul. 02, 2012 |
2012 Stock Incentive Plan | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares approved for repurchase | ' | ' | 1,676,452 | ' | ' | 1,788,020 |
Shares to be repurchased in percentage | ' | ' | 10.00% | ' | ' | 10.00% |
Number of shares repurchased | 1,788,020 | 367,470 | ' | ' | ' | ' |
Value of shares repurchased | $24.90 | $5.30 | ' | ' | ' | ' |
Number of treasury stock shares reissued | 486,947 | ' | ' | ' | ' | ' |
Number of shares authorized for grants | ' | ' | ' | 2,503,228 | 2,503,228 | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Detail Textuals 2) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum | Maximum | Federal Home Loan Bank Of Boston | Real estate Residential | Home equity line of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to retained earning | $500,000 | ' | ' | ' | ' | ' | ' | ' |
Value of capital stock repurchased by Federal Home Loan Bank | ' | ' | ' | ' | ' | 312,000 | ' | ' |
Threshold percentage limit of purchase price of the property | ' | ' | ' | ' | ' | ' | 95.00% | ' |
Maximum limit loan-to-value ratio in percentage | ' | ' | ' | ' | ' | ' | 80.00% | 80.00% |
Minimum limit of nonaccrual loans outstanding | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Percentage of unallocated allowances | ' | ' | ' | 0.00% | 5.00% | ' | ' | ' |
Unallocated allowance | ' | 0 | 22,000 | ' | ' | ' | ' | ' |
Total prepaid expenses and other assets include foreclosed real estate | ' | $393,000 | $549,000 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Detail Textuals 3) | 12 Months Ended |
Dec. 31, 2013 | |
Furniture and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | 'three to ten years |
Premises | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | 'five to forty years |
Restrictions_on_Cash_and_Due_f1
Restrictions on Cash and Due from Banks (Detail Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Restrictions On Cash and Due From Banks [Abstract] | ' | ' |
Cash and liquid assets required | $5 | $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 | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | $1,134 | $865 | $819 | $886 | $3,010 | ($1,123) | $886 | $934 | ($5,039) | $3,704 | $3,707 | ($4,239) | |||
Less: Dividends to participating shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -56 | -34 | ' | |||
Income allocated to participating shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -19 | ' | |||
Net income allocated to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ($5,039) | $3,593 | $3,654 | ' | |||
Weighted-average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,880,200 | 18,059,089 | 17,943,640 | ' | |||
Less: Average unallocated ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | -735,169 | -1,195,730 | -1,205,970 | ' | |||
Average treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,118,785 | -94,104 | ' | |||
Average unvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -491,153 | -184,975 | ' | |||
Weighted-average basic shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,145,031 | 15,253,421 | 16,458,591 | 17,145,031 | |||
Plus: Average dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,791 | ' | ' | |||
Weighted-average diluted shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,145,031 | 15,270,212 | 16,458,591 | 17,145,031 | |||
Net earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.29) | $0.24 | [1] | $0.22 | [1] | ($0.29) | [1] |
Diluted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.29) | $0.24 | [1] | $0.22 | [1] | ($0.29) | [1] |
[1] | Net loss per share for the year ended December 31, 2011 reflects earnings for the period from June 29, 2011, the date the Company completed a Plan of Conversion and Reorganization to December 31, 2011. |
Earnings_Per_Share_Detail_Text
Earnings Per Share (Detail Textuals) (Stock options) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Number of antidilutive securities excluded from earnings per share calculation | 26,750 | 1,696,357 |
Investment_Securities_Summary_
Investment Securities - Summary (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Available-for-sale | ' | ' | ' |
Amortized Cost | $151,105 | $137,538 | ' |
Gross Unrealized Gains - Recognized in OCI | 584 | 1,048 | ' |
Gross Unrealized Losses - Recognized in OCI | -803 | -345 | ' |
Carrying Value | 150,886 | 138,241 | 134,930 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 150,886 | 138,241 | 134,930 |
Held-to-maturity | ' | ' | ' |
Amortized Cost | 12,983 | 3,006 | ' |
Gross Unrealized Gains - Recognized in OCI | ' | ' | ' |
Gross unrealized losses - Recognized in OCI | ' | ' | ' |
Carrying Value | 12,983 | 3,006 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses - Not Recognized in OCI | -97 | ' | ' |
Fair Value | 12,886 | 3,006 | ' |
U.S. Treasury obligations | ' | ' | ' |
Available-for-sale | ' | ' | ' |
Amortized Cost | 126,000 | 118,984 | ' |
Gross Unrealized Gains - Recognized in OCI | 3 | 5 | ' |
Gross Unrealized Losses - Recognized in OCI | -3 | -9 | ' |
Carrying Value | 126,000 | 118,980 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 126,000 | 118,980 | ' |
U.S. Government agency obligations | ' | ' | ' |
Available-for-sale | ' | ' | ' |
Amortized Cost | 7,006 | ' | ' |
Gross Unrealized Gains - Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses - Recognized in OCI | -84 | ' | ' |
Carrying Value | 6,922 | ' | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 6,922 | ' | ' |
Held-to-maturity | ' | ' | ' |
Amortized Cost | 5,000 | ' | ' |
Gross Unrealized Gains - Recognized in OCI | ' | ' | ' |
Gross unrealized losses - Recognized in OCI | ' | ' | ' |
Carrying Value | 5,000 | ' | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses - Not Recognized in OCI | -70 | ' | ' |
Fair Value | 4,930 | ' | ' |
Government sponsored residential mortgage-backed securities | ' | ' | ' |
Available-for-sale | ' | ' | ' |
Amortized Cost | 9,199 | 9,803 | ' |
Gross Unrealized Gains - Recognized in OCI | 417 | 800 | ' |
Gross Unrealized Losses - Recognized in OCI | ' | ' | ' |
Carrying Value | 9,616 | 10,603 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 9,616 | 10,603 | ' |
Held-to-maturity | ' | ' | ' |
Amortized Cost | 4,983 | 6 | ' |
Gross Unrealized Gains - Recognized in OCI | ' | ' | ' |
Gross unrealized losses - Recognized in OCI | ' | ' | ' |
Carrying Value | 4,983 | 6 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses - Not Recognized in OCI | -27 | ' | ' |
Fair Value | 4,956 | 6 | ' |
Corporate debt securities | ' | ' | ' |
Available-for-sale | ' | ' | ' |
Amortized Cost | 2,982 | 2,958 | ' |
Gross Unrealized Gains - Recognized in OCI | 122 | 195 | ' |
Gross Unrealized Losses - Recognized in OCI | ' | ' | ' |
Carrying Value | 3,104 | 3,153 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 3,104 | 3,153 | ' |
Preferred equity securities | ' | ' | ' |
Available-for-sale | ' | ' | ' |
Amortized Cost | 2,100 | 2,100 | ' |
Gross Unrealized Gains - Recognized in OCI | ' | 19 | ' |
Gross Unrealized Losses - Recognized in OCI | -531 | -333 | ' |
Carrying Value | 1,569 | 1,786 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 1,569 | 1,786 | ' |
Marketable equity securities | ' | ' | ' |
Available-for-sale | ' | ' | ' |
Amortized Cost | 108 | 108 | ' |
Gross Unrealized Gains - Recognized in OCI | 42 | 27 | ' |
Gross Unrealized Losses - Recognized in OCI | -2 | -3 | ' |
Carrying Value | 148 | 132 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 148 | 132 | ' |
Mutual funds | ' | ' | ' |
Available-for-sale | ' | ' | ' |
Amortized Cost | 3,710 | 3,585 | ' |
Gross Unrealized Gains - Recognized in OCI | ' | 2 | ' |
Gross Unrealized Losses - Recognized in OCI | -183 | ' | ' |
Carrying Value | 3,527 | 3,587 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' | ' |
Fair Value | 3,527 | 3,587 | ' |
Trust preferred debt securities | ' | ' | ' |
Held-to-maturity | ' | ' | ' |
Amortized Cost | 3,000 | 3,000 | ' |
Gross Unrealized Gains - Recognized in OCI | ' | ' | ' |
Gross unrealized losses - Recognized in OCI | ' | ' | ' |
Carrying Value | 3,000 | 3,000 | ' |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' | ' |
Gross Unrealized Losses - Not Recognized in OCI | ' | ' | ' |
Fair Value | $3,000 | $3,000 | ' |
Investment_Securities_Gross_un
Investment Securities - Gross unrealized losses and fair value (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Security | Security |
Available-for-sale: | ' | ' |
Number of Securities | 11 | ' |
Less than 12 Months Fair Value | $74,542 | ' |
Less than 12 months Gross Unrealized Loss | -272 | ' |
12 months or more Fair Value | 1,476 | ' |
12 months or more Gross Unrealized Loss | -531 | ' |
Total Fair Value | 76,018 | ' |
Total Gross Unrealized Loss | -803 | ' |
Held-to-maturity | ' | ' |
Number of Securities | 2 | ' |
Less than 12 months Fair Value | 9,916 | ' |
Less than 12 Months Gross Unrealized Loss | -97 | ' |
12 months or more Fair Value | ' | ' |
12 months or more Gross Unrealized Loss | ' | ' |
Total Fair Value | 9,886 | ' |
Total Gross Unrealized Loss | -97 | ' |
Total number of securities | 13 | 6 |
Total investment securities in an unrealized loss position less than 12 months fair value | 84,458 | 52,985 |
Total investment securities in an unrealized loss position less than 12 months gross unrealized loss | -369 | -9 |
Total investment securities in an unrealized loss position 12 months or more fair value | 1,476 | 1,671 |
Total investment securities in an unrealized loss position 12 months or more gross unrealized loss | -531 | -336 |
Total investment securities in an unrealized loss position fair value | 85,904 | 54,656 |
Total investment securities in an unrealized loss position gross unrealized loss | -900 | -345 |
U.S. Treasury obligations | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 6 | 4 |
Less than 12 Months Fair Value | 63,994 | 52,985 |
Less than 12 months Gross Unrealized Loss | -3 | -9 |
12 months or more Fair Value | ' | ' |
12 months or more Gross Unrealized Loss | ' | ' |
Total Fair Value | 63,994 | 52,985 |
Total Gross Unrealized Loss | -3 | -9 |
U.S. Government agency obligations | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 1 | ' |
Less than 12 Months Fair Value | 6,923 | ' |
Less than 12 months Gross Unrealized Loss | -84 | ' |
12 months or more Fair Value | ' | ' |
12 months or more Gross Unrealized Loss | ' | ' |
Total Fair Value | 6,923 | ' |
Total Gross Unrealized Loss | -84 | ' |
Held-to-maturity | ' | ' |
Number of Securities | 1 | ' |
Less than 12 months Fair Value | 4,960 | ' |
Less than 12 Months Gross Unrealized Loss | -70 | ' |
12 months or more Fair Value | ' | ' |
12 months or more Gross Unrealized Loss | ' | ' |
Total Fair Value | 4,930 | ' |
Total Gross Unrealized Loss | -70 | ' |
Government sponsored residential mortgage-backed securities | ' | ' |
Held-to-maturity | ' | ' |
Number of Securities | 1 | ' |
Less than 12 months Fair Value | 4,956 | ' |
Less than 12 Months Gross Unrealized Loss | -27 | ' |
12 months or more Fair Value | ' | ' |
12 months or more Gross Unrealized Loss | ' | ' |
Total Fair Value | 4,956 | ' |
Total Gross Unrealized Loss | -27 | ' |
Preferred equity securities | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 2 | 1 |
Less than 12 Months Fair Value | 98 | ' |
Less than 12 months Gross Unrealized Loss | -2 | ' |
12 months or more Fair Value | 1,471 | 1,667 |
12 months or more Gross Unrealized Loss | -529 | -333 |
Total Fair Value | 1,569 | 1,667 |
Total Gross Unrealized Loss | -531 | -333 |
Marketable equity securities | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 1 | 1 |
Less than 12 Months Fair Value | ' | ' |
Less than 12 months Gross Unrealized Loss | ' | ' |
12 months or more Fair Value | 5 | 4 |
12 months or more Gross Unrealized Loss | -2 | -3 |
Total Fair Value | 5 | 4 |
Total Gross Unrealized Loss | -2 | -3 |
Mutual funds | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 1 | ' |
Less than 12 Months Fair Value | 3,527 | ' |
Less than 12 months Gross Unrealized Loss | -183 | ' |
12 months or more Fair Value | ' | ' |
12 months or more Gross Unrealized Loss | ' | ' |
Total Fair Value | 3,527 | ' |
Total Gross Unrealized Loss | ($183) | ' |
Investment_Securities_Amortize
Investment Securities - Amortized cost and estimated market value of debt securities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-Sale - Amortized Cost | ' | ' |
Due in one year or less | $127,981 | $118,984 |
Due after one year through five years | 8,007 | 2,958 |
Due after five years through ten years | ' | ' |
Due after ten years | ' | ' |
Government sponsored residential mortgage-backed securities, available-for-sale, amortized cost | 9,199 | 9,803 |
Available-for-sale, Amortized Cost | 145,187 | 131,745 |
Available-for-Sale - Estimated Fair Value | ' | ' |
Due in one year or less | 128,003 | 118,980 |
Due after one year through five years | 8,023 | 3,153 |
Due after five years through ten years | ' | ' |
Due after ten years | ' | ' |
Government sponsored residential mortgage-backed securities, available-for-sale, fair value | 9,616 | 10,603 |
Available-for-Sale, Estimated Fair Value | 145,642 | 132,736 |
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 | 5,000 | ' |
Due after ten years | 3,000 | 3,000 |
Government sponsored residential mortgage-backed securities | 4,983 | 6 |
Held-to-Maturity, Amortized Cost | 12,983 | 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 | 4,930 | ' |
Due after ten years | 3,000 | 3,000 |
Government sponsored residential mortgage-backed securities, held-to-maturity, fair value | 4,956 | 6 |
Held-to-Maturity, Estimated Fair Value | $12,886 | $3,006 |
Investment_Securities_Detail_T
Investment Securities (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Net unrealized gain (loss) on securities available for sale | ($219,000) | $703,000 | ' |
Income tax expense (benefit) on net unrealized gain (loss) on securities available for sale | -75,000 | 239,000 | ' |
Income tax expense (benefit) on net unrealized gain (loss) on securities available for sale included in accumulated other comprehensive income | -144,000 | 465,000 | ' |
Gross realized gains on sales of securities available for sale | $340,000 | $0 | $89,000 |
Investment_Securities_Detail_T1
Investment Securities (Detail Textuals 1) (U.S. Treasury, U.S. Government agency obligations and Government sponsored residential mortgage-backed securities, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
U.S. Treasury, U.S. Government agency obligations and Government sponsored residential mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair value of securities | $116.70 | $129.60 |
Investment_Securities_Detail_T2
Investment Securities (Detail Textuals 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLB Stock | $13,136 | $8,939 |
Federal Home Loan Bank Of Boston | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLB Stock | $13,100 | $8,900 |
Investment_Securities_Detail_T3
Investment Securities (Detail Textuals 3) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other noninterest income | Other noninterest income | Other assets | Other assets | ||||
Schedule Of Available For Sale Securities and Held To Maturity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Alternative investments | $2,400,000 | ' | $1,500,000 | ' | ' | $2,400,000 | $1,500,000 |
Loss on fair value adjustments in its limited partnerships | ' | ' | ' | ' | 58,000 | ' | ' |
Net gain on sale of investments | 340,000 | 89,000 | ' | 32,000 | 167,000 | ' | ' |
Unfunded commitments for alternative investments | $539,000 | ' | ' | ' | ' | ' | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Summary (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans, net | $1,800,987 | $1,520,170 | ' |
Loans receivable | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,816,308 | 1,534,021 | ' |
Less: Allowance for loan losses | -18,314 | -17,229 | -17,533 |
Less: Net deferred loan costs | 2,993 | 3,378 | ' |
Loans, net | 1,800,987 | 1,520,170 | ' |
Loans receivable | Real estate Residential | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 693,046 | 620,991 | ' |
Less: Allowance for loan losses | -3,647 | -3,778 | -2,874 |
Loans receivable | Real estate Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 633,764 | 473,788 | ' |
Less: Allowance for loan losses | -8,253 | -8,105 | -8,755 |
Loans receivable | Real estate Construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 78,191 | 64,362 | ' |
Less: Allowance for loan losses | -1,152 | -760 | -590 |
Loans receivable | Installment | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 4,516 | 6,719 | ' |
Less: Allowance for loan losses | -48 | -77 | -92 |
Loans receivable | Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 252,032 | 192,210 | ' |
Less: Allowance for loan losses | -3,746 | -2,654 | -2,140 |
Loans receivable | Collateral | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,600 | 2,086 | ' |
Less: Allowance for loan losses | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 151,606 | 142,543 | ' |
Less: Allowance for loan losses | -1,465 | -1,377 | -1,295 |
Loans receivable | Demand | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 85 | 25 | ' |
Less: Allowance for loan losses | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 94 | 65 | ' |
Less: Allowance for loan losses | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,374 | 31,232 | ' |
Less: Allowance for loan losses | ($3) | ($456) | ($1,787) |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Changes in allowance for loan losses (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance For Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Provision for loan losses | $1,530 | $1,380 | $4,090 |
Loans receivable | ' | ' | ' |
Allowance For Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 17,229 | 17,533 | ' |
Provision for loan losses | 1,530 | 1,380 | ' |
Charge-offs | -523 | -1,913 | ' |
Recoveries | 78 | 229 | ' |
Balance at end of year | $18,314 | $17,229 | ' |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Changes in allowance for loan losses by segments (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Provision for (Reduction) loan losses | $1,530 | $1,380 | $4,090 |
Loans receivable | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 17,229 | 17,533 | ' |
Charge-offs | -523 | -1,913 | ' |
Recoveries | 78 | 229 | ' |
Provision for (Reduction) loan losses | 1,530 | 1,380 | ' |
Balance at end of year | 18,314 | 17,229 | ' |
Loans receivable | Real estate Residential | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 3,778 | 2,874 | ' |
Charge-offs | -430 | -337 | ' |
Recoveries | 6 | 9 | ' |
Provision for (Reduction) loan losses | 293 | 1,232 | ' |
Balance at end of year | 3,647 | 3,778 | ' |
Loans receivable | Real estate Commercial | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 8,105 | 8,755 | ' |
Charge-offs | ' | -454 | ' |
Recoveries | ' | 4 | ' |
Provision for (Reduction) loan losses | 148 | -200 | ' |
Balance at end of year | 8,253 | 8,105 | ' |
Loans receivable | Real estate Construction | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 760 | 590 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision for (Reduction) loan losses | 392 | 170 | ' |
Balance at end of year | 1,152 | 760 | ' |
Loans receivable | Installment | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 77 | 92 | ' |
Charge-offs | ' | -9 | ' |
Recoveries | ' | 7 | ' |
Provision for (Reduction) loan losses | -29 | -13 | ' |
Balance at end of year | 48 | 77 | ' |
Loans receivable | Commercial | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 2,654 | 2,140 | ' |
Charge-offs | -31 | -33 | ' |
Recoveries | 52 | 194 | ' |
Provision for (Reduction) loan losses | 1,071 | 353 | ' |
Balance at end of year | 3,746 | 2,654 | ' |
Loans receivable | Collateral | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | ' | ' | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision for (Reduction) loan losses | ' | ' | ' |
Balance at end of year | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 1,377 | 1,295 | ' |
Charge-offs | ' | -1,019 | ' |
Recoveries | ' | ' | ' |
Provision for (Reduction) loan losses | 88 | 1,101 | ' |
Balance at end of year | 1,465 | 1,377 | ' |
Loans receivable | Demand | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | ' | ' | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision for (Reduction) loan losses | ' | ' | ' |
Balance at end of year | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | ' | ' | ' |
Charge-offs | -62 | -61 | ' |
Recoveries | 20 | 15 | ' |
Provision for (Reduction) loan losses | 42 | 46 | ' |
Balance at end of year | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 456 | 1,787 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision for (Reduction) loan losses | -453 | -1,331 | ' |
Balance at end of year | 3 | 456 | ' |
Loans receivable | Unallocated | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 22 | ' | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision for (Reduction) loan losses | -22 | 22 | ' |
Balance at end of year | ' | $22 | ' |
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) (Loans receivable, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans individually evaluated for impairment | $39,623 | $36,857 | ' |
Reserve Allocation - loans individually evaluated for impairment | 1,674 | 949 | ' |
Total loans collectively evaluated for impairment | 1,779,678 | 1,500,542 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 16,640 | 16,258 | ' |
Total loans collectively evaluated for impairment with unallocated | 1,819,301 | 1,537,399 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 18,314 | 17,229 | 17,533 |
Real estate Residential | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans individually evaluated for impairment | 12,225 | 10,695 | ' |
Reserve Allocation - loans individually evaluated for impairment | 360 | 340 | ' |
Total loans collectively evaluated for impairment | 683,966 | 613,343 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 3,287 | 3,438 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 3,647 | 3,778 | 2,874 |
Real estate Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans individually evaluated for impairment | 21,143 | 17,546 | ' |
Reserve Allocation - loans individually evaluated for impairment | 62 | 126 | ' |
Total loans collectively evaluated for impairment | 612,517 | 456,109 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 8,191 | 7,979 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 8,253 | 8,105 | 8,755 |
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 | 78,004 | 63,124 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 1,152 | 754 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 1,152 | 760 | 590 |
Installment | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans individually evaluated for impairment | 215 | 7 | ' |
Reserve Allocation - loans individually evaluated for impairment | 9 | ' | ' |
Total loans collectively evaluated for impairment | 4,301 | 6,712 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 39 | 77 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 48 | 77 | 92 |
Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans individually evaluated for impairment | 4,096 | 5,313 | ' |
Reserve Allocation - loans individually evaluated for impairment | 1,243 | 476 | ' |
Total loans collectively evaluated for impairment | 247,888 | 187,466 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 2,503 | 2,178 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 3,746 | 2,654 | 2,140 |
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 | 1,600 | 2,086 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | ' | ' |
Home equity line of credit | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans individually evaluated for impairment | 538 | 491 | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' |
Total loans collectively evaluated for impairment | 151,068 | 142,056 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 1,465 | 1,377 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 1,465 | 1,377 | 1,295 |
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 | 85 | 25 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | ' | ' |
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 | 94 | 65 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | ' | ' |
Resort | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans individually evaluated for impairment | 1,219 | 1,626 | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | 1 | ' |
Total loans collectively evaluated for impairment | 155 | 29,556 | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 3 | 455 | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | 3 | 456 | 1,787 |
Unallocated | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans collectively evaluated for impairment with unallocated | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment with unallocated | ' | $22 | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Summary of loan delinquencies at recorded investment (Details 4) (Loans receivable, USD $) | Dec. 31, 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 | 15 | 29 |
Loan receivable, recorded investment, 30 to 59 days past due | $3,124 | $4,667 |
Number of loan receivable recorded investment 60 to 89 days past due | 9 | 10 |
Loan receivable, recorded investment, 60 to 89 days past due | 1,783 | 2,172 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 35 | 32 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 10,604 | 10,224 |
Number of loan receivable recorded investment past due | 59 | 71 |
Loan receivable, recorded investment, past due | 15,511 | 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 | 9 | 17 |
Loan receivable, recorded investment, 30 to 59 days past due | 2,586 | 3,080 |
Number of loan receivable recorded investment 60 to 89 days past due | 8 | 6 |
Loan receivable, recorded investment, 60 to 89 days past due | 1,600 | 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 | 8,518 | 7,803 |
Number of loan receivable recorded investment past due | 37 | 39 |
Loan receivable, recorded investment, past due | 12,704 | 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 | 231 | ' |
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 | 1 | 2 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 827 | 925 |
Number of loan receivable recorded investment past due | 2 | 3 |
Loan receivable, recorded investment, past due | 1,058 | 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 |
Loan receivable, recorded investment, 30 to 59 days past due | ' | 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 | 2 | 3 |
Loan receivable, recorded investment, past due | 47 | 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 | 5 | 1,435 |
Number of loan receivable recorded investment 60 to 89 days past due | ' | 1 |
Loan receivable, recorded investment, 60 to 89 days past due | ' | 66 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 6 | 6 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 584 | 585 |
Number of loan receivable recorded investment past due | 7 | 9 |
Loan receivable, recorded investment, past due | 589 | 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 | 2 | 7 |
Loan receivable, recorded investment, 30 to 59 days past due | 9 | 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 | 2 | 7 |
Loan receivable, recorded investment, past due | 9 | 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 | 1 | 1 |
Loan receivable, recorded investment, 30 to 59 days past due | 283 | 75 |
Number of loan receivable recorded investment 60 to 89 days past due | 1 | 2 |
Loan receivable, recorded investment, 60 to 89 days past due | 183 | 94 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 5 | 3 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 441 | 379 |
Number of loan receivable recorded investment past due | 7 | 6 |
Loan receivable, recorded investment, past due | 907 | 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 | 10 | 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 | 10 | 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) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Other real estate owned | $393 | $549 |
Loans receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 14,800 | 13,782 |
Loans 90 days past due and still accruing | ' | ' |
Other real estate owned | 393 | 549 |
Total nonperforming assets | 15,193 | 14,331 |
Loans receivable | Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 10,599 | 9,194 |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Real estate Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 827 | 925 |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Real estate Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 187 | 419 |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Installment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 162 | 157 |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 2,285 | 2,351 |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 740 | 711 |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Demand | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | 25 |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | Revolving credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Loans receivable | 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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | $27,543 | $10,085 | ' |
Unpaid Principal Balance | 28,676 | 10,783 | ' |
Average Recorded Investment | 20,217 | 15,037 | 19,779 |
Interest Income Recognized | 883 | 553 | 1,032 |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | 12,080 | 26,772 | ' |
Unpaid Principal Balance | 12,617 | 27,269 | ' |
Related Allowance | 1,674 | 949 | ' |
Average Recorded Investment | 19,540 | 22,535 | 16,975 |
Interest Income Recognized | 313 | 1,014 | 712 |
Total Recorded Investment | 39,623 | 36,857 | ' |
Total Unpaid Principal Balance | 41,293 | 38,052 | ' |
Total Related Allowance | 1,674 | 949 | ' |
Total Average Recorded Investment | 39,757 | 37,572 | 36,754 |
Total Interest Income Recognized | 1,196 | 1,567 | 1,744 |
Real estate Residential | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | 6,900 | 4,061 | ' |
Unpaid Principal Balance | 7,442 | 4,495 | ' |
Average Recorded Investment | 5,683 | 3,929 | 5,042 |
Interest Income Recognized | 28 | 10 | 425 |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | 5,325 | 6,634 | ' |
Unpaid Principal Balance | 5,804 | 6,882 | ' |
Related Allowance | 360 | 340 | ' |
Average Recorded Investment | 5,872 | 6,864 | 5,876 |
Interest Income Recognized | 52 | 78 | 61 |
Real estate Commercial | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | 18,463 | 2,787 | ' |
Unpaid Principal Balance | 18,649 | 2,973 | ' |
Average Recorded Investment | 10,695 | 6,048 | 8,925 |
Interest Income Recognized | 814 | 315 | 363 |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | 2,680 | 14,759 | ' |
Unpaid Principal Balance | 2,679 | 14,753 | ' |
Related Allowance | 62 | 126 | ' |
Average Recorded Investment | 8,594 | 11,594 | 7,613 |
Interest Income Recognized | 147 | 818 | 611 |
Real estate Construction | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | 187 | 760 | ' |
Unpaid Principal Balance | 433 | 761 | ' |
Average Recorded Investment | 237 | 592 | 128 |
Interest Income Recognized | ' | 18 | 7 |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | ' | 419 | ' |
Unpaid Principal Balance | ' | 664 | ' |
Related Allowance | ' | 6 | ' |
Average Recorded Investment | 198 | 226 | 574 |
Interest Income Recognized | ' | ' | ' |
Installment | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | 187 | ' | ' |
Unpaid Principal Balance | 187 | ' | ' |
Average Recorded Investment | 52 | ' | ' |
Interest Income Recognized | 13 | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | 28 | 7 | ' |
Unpaid Principal Balance | 28 | 7 | ' |
Related Allowance | 9 | ' | ' |
Average Recorded Investment | 27 | 4 | ' |
Interest Income Recognized | 1 | ' | ' |
Commercial | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | 1,268 | 1,986 | ' |
Unpaid Principal Balance | 1,307 | 1,985 | ' |
Average Recorded Investment | 3,059 | 3,918 | 4,806 |
Interest Income Recognized | 28 | 184 | 230 |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | 2,828 | 3,327 | ' |
Unpaid Principal Balance | 2,888 | 3,339 | ' |
Related Allowance | 1,243 | 476 | ' |
Average Recorded Investment | 3,854 | 2,111 | 398 |
Interest Income Recognized | 66 | 86 | 22 |
Collateral | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related Allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Home equity line of credit | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | 538 | 491 | ' |
Unpaid Principal Balance | 658 | 569 | ' |
Average Recorded Investment | 491 | 494 | 844 |
Interest Income Recognized | ' | ' | 7 |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related Allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | 814 |
Interest Income Recognized | ' | ' | 2 |
Demand | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related Allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Revolving credit | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Related Allowance | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Resort | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
Average Recorded Investment | ' | 56 | 34 |
Interest Income Recognized | ' | 26 | ' |
Impaired loans with a valuation allowance | ' | ' | ' |
Recorded Investment | 1,219 | 1,626 | ' |
Unpaid Principal Balance | 1,218 | 1,624 | ' |
Related Allowance | ' | 1 | ' |
Average Recorded Investment | 995 | 1,736 | 1,700 |
Interest Income Recognized | $47 | $32 | $16 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Information modified in a troubled debt restructuring (Details 7) (Loans receivable, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loan | Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 29 | 27 |
TDRs on Accrual Status of Recorded Investment | $15,790 | $22,124 |
Number of TDRs on Nonaccrual Status of Loans | 17 | 13 |
TDRs on Nonaccrual Status of Recorded Investment | 7,578 | 7,550 |
Number of Total TDRs of Loans | 46 | 40 |
Total TDRs of Recorded Investment | 23,368 | 29,674 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 6 | 3 |
TDRs on Accrual Status of Recorded Investment | 1,814 | 1,068 |
Number of TDRs on Nonaccrual Status of Loans | 8 | 6 |
TDRs on Nonaccrual Status of Recorded Investment | 5,285 | 5,264 |
Number of Total TDRs of Loans | 14 | 9 |
Total TDRs of Recorded Investment | 7,099 | 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 | 11,509 | 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 | 11,509 | 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 | 3 | 1 |
TDRs on Accrual Status of Recorded Investment | 215 | 7 |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | 3 | 1 |
Total TDRs of Recorded Investment | 215 | 7 |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 6 | 7 |
TDRs on Accrual Status of Recorded Investment | 1,033 | 2,043 |
Number of TDRs on Nonaccrual Status of Loans | 5 | 6 |
TDRs on Nonaccrual Status of Recorded Investment | 1,799 | 1,867 |
Number of Total TDRs of Loans | 11 | 13 |
Total TDRs of Recorded Investment | 2,832 | 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 | 3 | ' |
TDRs on Nonaccrual Status of Recorded Investment | 307 | ' |
Number of Total TDRs of Loans | 3 | ' |
Total TDRs of Recorded Investment | 307 | ' |
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 | 1,219 | 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 | $1,219 | $1,626 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Recorded investment and number of modifications for modified loans (Details 8) (Loans receivable, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Loan | Loan | Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 24 | 20 | 25 | |||
Recorded Investment Prior to Modification | $6,714 | $13,458 | $22,108 | |||
Recorded Investment After Modification | 6,658 | [1] | 12,846 | [1] | 21,447 | [1] |
Real estate Residential | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 7 | 2 | 7 | |||
Recorded Investment Prior to Modification | 1,640 | 579 | 6,094 | |||
Recorded Investment After Modification | 1,617 | [1] | 563 | [1] | 5,727 | [1] |
Real estate Commercial | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 4 | 7 | 6 | |||
Recorded Investment Prior to Modification | 2,242 | 9,149 | 7,410 | |||
Recorded Investment After Modification | 2,231 | [1] | 8,945 | [1] | 7,339 | [1] |
Real estate Construction | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 1 | 2 | 1 | |||
Recorded Investment Prior to Modification | 187 | 1,002 | 510 | |||
Recorded Investment After Modification | 187 | [1] | 999 | [1] | 510 | [1] |
Installment | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 3 | ' | ' | |||
Recorded Investment Prior to Modification | 216 | ' | ' | |||
Recorded Investment After Modification | 215 | [1] | ' | ' | ||
Commercial | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 6 | 1 | 9 | |||
Recorded Investment Prior to Modification | 2,076 | 7 | 6,017 | |||
Recorded Investment After Modification | 2,101 | [1] | 7 | [1] | 5,817 | [1] |
Home equity line of credit | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 3 | ' | ' | |||
Recorded Investment Prior to Modification | 353 | ' | ' | |||
Recorded Investment After Modification | 307 | [1] | ' | ' | ||
Resort | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | ' | 8 | 2 | |||
Recorded Investment Prior to Modification | ' | 2,721 | 2,077 | |||
Recorded Investment After Modification | ' | $2,332 | [1] | $2,054 | [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 $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Loan | Loan | Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 24 | 20 | 25 | |||
Extended Maturity | $4,046 | $5,609 | $8,489 | |||
Adjusted Interest Rates | ' | 3,419 | 397 | |||
Combination of Rate and Maturity | 273 | 163 | 5,084 | |||
Other | 2,339 | 3,655 | 7,477 | |||
Total | 6,658 | [1] | 12,846 | [1] | 21,447 | [1] |
Real estate Residential | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 7 | 2 | 7 | |||
Extended Maturity | ' | ' | ' | |||
Adjusted Interest Rates | ' | 113 | 397 | |||
Combination of Rate and Maturity | 225 | ' | ' | |||
Other | 1,392 | 450 | 5,330 | |||
Total | 1,617 | [1] | 563 | [1] | 5,727 | [1] |
Real estate Commercial | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 4 | 7 | 6 | |||
Extended Maturity | 2,095 | 2,441 | 3,678 | |||
Adjusted Interest Rates | ' | 3,299 | ' | |||
Combination of Rate and Maturity | ' | ' | 3,661 | |||
Other | 136 | 3,205 | ' | |||
Total | 2,231 | [1] | 8,945 | [1] | 7,339 | [1] |
Real estate Construction | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 1 | 2 | 1 | |||
Extended Maturity | ' | 999 | 510 | |||
Adjusted Interest Rates | ' | ' | ' | |||
Combination of Rate and Maturity | ' | ' | ' | |||
Other | 187 | ' | ' | |||
Total | 187 | [1] | 999 | [1] | 510 | [1] |
Installment | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 3 | ' | ' | |||
Extended Maturity | ' | ' | ' | |||
Adjusted Interest Rates | ' | ' | ' | |||
Combination of Rate and Maturity | 34 | ' | ' | |||
Other | 181 | ' | ' | |||
Total | 215 | [1] | ' | ' | ||
Commercial | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 6 | 1 | 9 | |||
Extended Maturity | 1,951 | ' | 4,301 | |||
Adjusted Interest Rates | ' | 7 | ' | |||
Combination of Rate and Maturity | ' | ' | 1,423 | |||
Other | 150 | ' | 93 | |||
Total | 2,101 | [1] | 7 | [1] | 5,817 | [1] |
Home equity line of credit | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | 3 | ' | ' | |||
Extended Maturity | ' | ' | ' | |||
Adjusted Interest Rates | ' | ' | ' | |||
Combination of Rate and Maturity | 14 | ' | ' | |||
Other | 293 | ' | ' | |||
Total | 307 | [1] | ' | ' | ||
Resort | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Modifications | ' | 8 | 2 | |||
Extended Maturity | ' | 2,169 | ' | |||
Adjusted Interest Rates | ' | ' | ' | |||
Combination of Rate and Maturity | ' | 163 | ' | |||
Other | ' | ' | 2,054 | |||
Total | ' | $2,332 | [1] | $2,054 | [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 a TDR (Details 10) (Loans receivable, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Loan | Loan | Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Loans | 5 | 8 | 1 | |||
Recorded Investment | $2,041 | [1] | $3,310 | [1] | $272 | [1] |
Real estate Residential | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Loans | ' | 2 | 1 | |||
Recorded Investment | ' | [1] | 1,374 | [1] | 272 | [1] |
Real estate Commercial | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Loans | 2 | 1 | ' | |||
Recorded Investment | 1,758 | [1] | 349 | [1] | ' | [1] |
Commercial | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Loans | 2 | 5 | ' | |||
Recorded Investment | 100 | [1] | 1,587 | [1] | ' | [1] |
Home equity line of credit | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | |||
Number of Loans | 1 | ' | ' | |||
Recorded Investment | $183 | [1] | ' | [1] | ' | [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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,816,308 | $1,534,021 |
Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,754,144 | 1,452,201 |
Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 9,851 | 38,991 |
Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 50,665 | 42,540 |
Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,648 | 289 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 693,046 | 620,991 |
Real estate Residential | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 680,111 | 606,998 |
Real estate Residential | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,089 | 2,425 |
Real estate Residential | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 11,846 | 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 | 633,764 | 473,788 |
Real estate Commercial | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 608,289 | 434,183 |
Real estate Commercial | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 7,023 | 24,902 |
Real estate Commercial | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 18,452 | 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 | 78,191 | 64,362 |
Real estate Construction | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 72,022 | 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 | 6,169 | 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 | 4,516 | 6,719 |
Installment | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4,251 | 6,481 |
Installment | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 50 | 53 |
Installment | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 215 | 185 |
Installment | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 252,032 | 192,210 |
Commercial | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 237,755 | 171,776 |
Commercial | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 970 | 10,125 |
Commercial | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 11,659 | 10,020 |
Commercial | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,648 | 289 |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,600 | 2,086 |
Collateral | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,600 | 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 | ' | ' |
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 | 151,606 | 142,543 |
Home equity line of credit | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 149,781 | 140,723 |
Home equity line of credit | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 719 | 704 |
Home equity line of credit | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,106 | 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 | 85 | 25 |
Demand | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 85 | ' |
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 | 94 | 65 |
Revolving credit | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 94 | 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 | 1,374 | 31,232 |
Resort | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 156 | 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 | 1,218 | 1,624 |
Resort | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Recovered_Sheet5
Loans and Allowance for Loan Losses - Summary of changes in loans to related parties (Details 12) (Executive officers, Directors and other related parties, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Executive officers, Directors and other related parties | ' | ' |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' | ' |
Balance, at beginning of year | $716 | $702 |
Loans to related parties who terminated services | -120 | ' |
Addition of related parties during the year | 69 | ' |
Additional loans and advances | 81 | 55 |
Repayments | -99 | -41 |
Balance, at end of year | $647 | $716 |
Recovered_Sheet6
Loans and Allowance for Loan Losses (Detail Textuals) (Loans receivable, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loan | ||
Loans receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Recorded investment balance of TDRs approximated | $23,368,000 | $29,674,000 |
TDRs on accrual status | 15,790,000 | 22,124,000 |
TDRs on nonaccrual status | 7,578,000 | 7,550,000 |
Percentage of accruing TDRs | 100.00% | ' |
Allowance for loan losses included specific reserves | 1,600,000 | 889,000 |
Bank charge-offs | 325,000 | 1,300,000 |
Additional funds available to borrowers in TDR status | $332,000 | $872,000 |
Number of loan reviews undertaken by consulting firms | 2 | ' |
Threshold for percentage of market penetration for specified segment in loans of total lending | 65.00% | ' |
Recovered_Sheet7
Loans and Allowance for Loan Losses (Detail Textuals 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Net gain on loans sold | $4,825,000 | $3,151,000 | $671,000 |
Mortgage servicing rights | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Carrying value of mortgage servicing rights | 3,100,000 | 1,300,000 | ' |
Fair value of mortgage servicing rights | 3,600,000 | 1,700,000 | ' |
Loans sold with servicing rights retained | 158,500,000 | 92,100,000 | ' |
Net gain on loans sold | 4,825,000 | 3,151,000 | 671,000 |
Principal balance of loans serviced for others | 299,000,000 | 161,300,000 | ' |
Mortgage servicing rights | Other noninterest income | ' | ' | ' |
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' |
Loan servicing fees | $608,000 | $305,000 | ' |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $52,262 | $48,531 |
Less: accumulated depreciation and amortization | -31,643 | -28,564 |
Premises and equipment, net | 20,619 | 19,967 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 1,751 | 1,751 |
Premises and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 22,642 | 20,576 |
Furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 23,562 | 24,505 |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $4,307 | $1,699 |
Premises_and_Equipment_Detail_
Premises and Equipment (Detail Textuals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $3,079 | $3,309 | $3,108 |
Credit_Arrangements_FHLBB_adva
Credit Arrangements - FHLBB advances (Details) (Federal Home Loan Bank Of Boston, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLB advances amount | $259,000 | $128,000 |
Maturity date 01/02/13 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 31-Dec-12 | ' |
Interest Rate | 0.31% | ' |
Maturity Date | 2-Jan-13 | ' |
FHLB advances amount | ' | 68,000 |
Maturity date 04/11/13 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 11-Apr-08 | ' |
Interest Rate | 3.40% | ' |
Maturity Date | 11-Apr-13 | ' |
FHLB advances amount | ' | 9,000 |
Maturity date 08/29/13 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 29-Aug-08 | ' |
Interest Rate | 4.26% | ' |
Maturity Date | 29-Aug-13 | ' |
FHLB advances amount | ' | 5,000 |
Maturity date 12/26/13 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 26-Dec-08 | ' |
Interest Rate | 3.31% | ' |
Maturity Date | 26-Dec-13 | ' |
FHLB advances amount | ' | 8,000 |
Maturity date 12/26/13 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 26-Dec-08 | ' |
Interest Rate | 3.17% | ' |
Maturity Date | 26-Dec-13 | ' |
FHLB advances amount | ' | 2,000 |
Maturity date 01/02/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 31-Dec-13 | ' |
Interest Rate | 0.28% | ' |
Maturity Date | 2-Jan-14 | ' |
FHLB advances amount | 68,000 | ' |
Maturity date 01/17/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 19-Dec-13 | ' |
Interest Rate | 0.18% | ' |
Maturity Date | 17-Jan-14 | ' |
FHLB advances amount | 30,000 | ' |
Maturity date 01/24/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 24-Oct-13 | ' |
Interest Rate | 0.19% | ' |
Maturity Date | 24-Jan-14 | ' |
FHLB advances amount | 30,000 | ' |
Maturity date 01/29/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 31-Dec-13 | ' |
Interest Rate | 0.16% | ' |
Maturity Date | 29-Jan-14 | ' |
FHLB advances amount | 55,000 | ' |
Maturity date 04/07/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 5-Oct-09 | ' |
Interest Rate | 2.72% | ' |
Maturity Date | 7-Apr-14 | ' |
FHLB advances amount | 10,000 | 10,000 |
Maturity date 04/25/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 24-Oct-13 | ' |
Interest Rate | 0.22% | ' |
Maturity Date | 25-Apr-14 | ' |
FHLB advances amount | 20,000 | ' |
Maturity date 04/30/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 29-Oct-13 | ' |
Interest Rate | 0.23% | ' |
Maturity Date | 30-Apr-14 | ' |
FHLB advances amount | 20,000 | ' |
Maturity date 07/25/14 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 25-Jan-10 | ' |
Interest Rate | 2.52% | ' |
Maturity Date | 25-Jul-14 | ' |
FHLB advances amount | 7,000 | 7,000 |
Maturity date 04/13/15 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 11-Apr-08 | ' |
Interest Rate | 3.83% | ' |
Maturity Date | 13-Apr-15 | ' |
FHLB advances amount | 6,000 | 6,000 |
Maturity date 07/13/15 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 12-Jul-10 | ' |
Interest Rate | 2.25% | ' |
Maturity Date | 13-Jul-15 | ' |
FHLB advances amount | 7,000 | 7,000 |
Maturity date 07/20/15 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 20-Jul-10 | ' |
Interest Rate | 2.11% | ' |
Maturity Date | 20-Jul-15 | ' |
FHLB advances amount | $6,000 | $6,000 |
Credit_Arrangements_Borrowings
Credit Arrangements - Borrowings under the Master Repurchase Agreement (Details 1) (Master Repurchase Agreement Borrowing Facility, Broker, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Outstanding borrowings | $21,000 | $21,000 |
Maturity date 3/13/2018 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 13-Mar-08 | ' |
Interest Rate | 3.34% | ' |
Maturity Date | 13-Mar-18 | ' |
Outstanding borrowings | 6,000 | 6,000 |
Maturity date 3/13/2018 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 13-Mar-08 | ' |
Interest Rate | 3.93% | ' |
Maturity Date | 13-Mar-18 | ' |
Outstanding borrowings | 4,500 | 4,500 |
Maturity date 3/13/2015 | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Advance Date | 13-Mar-08 | ' |
Interest Rate | 3.16% | ' |
Maturity Date | 13-Mar-15 | ' |
Outstanding borrowings | $10,500 | $10,500 |
Credit_Arrangements_Detail_Tex
Credit Arrangements (Detail Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Balance with the bank | $5,000,000 | $11,900,000 |
Federal Home Loan Bank Of Boston | Unsecured line of credit with bank | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Pre-approved line of credit | 20,000,000 | 20,000,000 |
Amount under unsecured line of credit agreement | 3,500,000 | 3,500,000 |
Balance with the bank | 262,500 | 262,500 |
Federal Home Loan Bank Of Boston | Line of credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Pre-approved line of credit | $8,800,000 | $8,800,000 |
Credit_Arrangements_Detail_Tex1
Credit Arrangements (Detail Textuals 1) (Federal Home Loan Bank Of Boston, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Federal Home Loan Bank Of Boston | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Federal Home Loan Bank of Boston advances | $259 | $128 |
Collateral value first mortgage loans | 677.4 | 602.2 |
Line of credit facility, remaining borrowing capacity | $190.60 | $294.30 |
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_Tex2
Credit Arrangements (Detail Textuals 2) (Discount Window Loan Collateral Program, Federal Reserve Bank Advances, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Discount Window Loan Collateral Program | Federal Reserve Bank Advances | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Amount borrowed under discount window loan collateral program | $80.50 | $93.90 |
Collateralized amount of funding arrangement in pledged commercial real estate loans | $124.70 | $145.80 |
Credit_Arrangements_Detail_Tex3
Credit Arrangements (Detail Textuals 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Treasury bill securities with a fair value | $71,300,000 | $84,300,000 |
Cash for securing repurchase agreement | 5,000,000 | 11,900,000 |
Repurchase liabilities | 50,816,000 | 54,187,000 |
Master Repurchase Agreement Borrowing Facility [Member] | Broker | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Treasury bill securities with a fair value | 24,000,000 | ' |
Cash for securing repurchase agreement | $451,000 | ' |
Deposits_Deposit_balances_and_
Deposits - Deposit balances and weighted average interest rates (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Noninterest-bearing demand deposits | $308,459 | $247,586 |
Interest-bearing | ' | ' |
NOW accounts | 285,392 | 227,205 |
Money market | 387,225 | 317,030 |
Savings accounts | 193,937 | 179,290 |
Time deposits | 338,488 | 359,344 |
Total interest-bearing deposits | 1,205,042 | 1,082,869 |
Total Deposits | $1,513,501 | $1,330,455 |
Rate | ' | ' |
NOW accounts | 0.23% | 0.19% |
Money market | 0.79% | 0.73% |
Savings accounts | 0.11% | 0.17% |
Time deposits | 0.98% | 1.09% |
Total interest-bearing deposits | 0.61% | 0.65% |
Deposits_Contractual_maturitie
Deposits - Contractual maturities of time deposits (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Less than one year | $227,606 | $239,796 |
One to two years | 50,179 | 48,285 |
Two to three years | 41,256 | 25,689 |
Three to four years | 11,931 | 33,102 |
Four to five years | 7,516 | 12,472 |
Five to six years | ' | ' |
Time Deposits | $338,488 | $359,344 |
Deposits_Interest_expense_on_d
Deposits - Interest expense on deposits (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking and Thrift [Abstract] | ' | ' | ' |
NOW accounts | $638 | $389 | $632 |
Money market | 2,878 | 2,017 | 1,993 |
Savings accounts | 206 | 291 | 334 |
Time deposits | 3,460 | 3,994 | 4,706 |
Total interest expense | $7,182 | $6,691 | $7,665 |
Deposits_Detail_Textuals
Deposits (Detail Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Time certificates of deposit in denominations of $100,000 or more | $147.70 | $151.30 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans - Plan assets and funded status of pension plans and other postretirement benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $24,130 | $23,603 | ' |
Service cost | ' | 500 | 689 |
Interest cost | 951 | 1,087 | 1,058 |
Plan participants' contributions | ' | ' | ' |
Plan amendments | ' | ' | ' |
Actuarial (gain) loss | -2,213 | 2,814 | ' |
Benefits paid | -957 | -911 | ' |
Curtailments | ' | -2,963 | ' |
Benefit obligation at end of year | 21,909 | 24,130 | 23,603 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 15,403 | 14,169 | ' |
Actual return on plan assets | 1,828 | 919 | ' |
Employer contributions | 1,622 | 1,226 | ' |
Plan participants' contributions | ' | ' | ' |
Benefits paid | -957 | -911 | ' |
Fair value of plan assets at end of year | 17,896 | 15,403 | 14,169 |
Funded status recognized in the statements of condition | -4,013 | -8,727 | ' |
Accumulated benefit obligation | -21,909 | -24,128 | ' |
Other Postretirement Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 3,330 | 3,394 | ' |
Service cost | 101 | 75 | 61 |
Interest cost | 128 | 150 | 137 |
Plan participants' contributions | ' | 39 | ' |
Plan amendments | ' | -386 | ' |
Actuarial (gain) loss | -310 | 175 | ' |
Benefits paid | -93 | -117 | ' |
Curtailments | ' | ' | ' |
Benefit obligation at end of year | 3,156 | 3,330 | 3,394 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' |
Actual return on plan assets | ' | ' | ' |
Employer contributions | 93 | 78 | ' |
Plan participants' contributions | ' | 39 | ' |
Benefits paid | -93 | -117 | ' |
Fair value of plan assets at end of year | ' | ' | ' |
Funded status recognized in the statements of condition | ($3,156) | ($3,330) | ' |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans - Accumulated other comprehensive income (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior Service Cost | ' | ' |
Actuarial gain | -3,949 | -6,246 |
Unrecognized components of net periodic benefit cost in accumulated other comprehensive income, net of tax | -3,949 | -6,246 |
Other Postretirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior Service Cost | 222 | 255 |
Actuarial gain | -371 | -604 |
Unrecognized components of net periodic benefit cost in accumulated other comprehensive income, net of tax | ($149) | ($349) |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans - Components of net periodic pension and benefit costs (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Components of net periodic pension cost | ' | ' | ' |
Service cost | ' | $500 | $689 |
Interest cost | 951 | 1,087 | 1,058 |
Expected return on plan assets | -1,135 | -1,036 | -1,078 |
Amortization of unrecognized prior service cost | ' | -125 | -125 |
Recognized net actuarial loss | 573 | 676 | 389 |
Curtailment charge | ' | -1,208 | ' |
Net periodic pension cost | 389 | -106 | 933 |
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ' | ' | ' |
Net (gain) loss | -2,907 | 2,931 | 3,366 |
Amortization of net loss | -573 | -676 | -389 |
Amortization of prior service cost (credit) | ' | 1,333 | 125 |
Curtailment charge | ' | -2,963 | ' |
Total recognized in other comprehensive income | -3,480 | 625 | 3,102 |
Total recognized in net periodic pension cost and other comprehensive income | -3,091 | 519 | 4,035 |
Other Postretirement Benefits | ' | ' | ' |
Components of net periodic pension cost | ' | ' | ' |
Service cost | 101 | 75 | 61 |
Interest cost | 128 | 150 | 137 |
Recognized net loss | 42 | 32 | ' |
Amortization of unrecognized prior service cost | -50 | -41 | -48 |
Curtailment charge | ' | -279 | ' |
Net periodic pension cost | 221 | -63 | 150 |
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ' | ' | ' |
Net (gain) loss | -310 | 175 | 640 |
Amortization of net loss | -42 | -32 | ' |
Amortization of prior service cost (credit) | ' | -107 | 48 |
Change in prior service costs | 50 | 41 | ' |
Total recognized in other comprehensive income | -302 | 77 | 688 |
Total recognized in net periodic pension cost and other comprehensive income | ($81) | $14 | $838 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans - Estimated amounts that will be amortized from accumulated other comprehensive income (Details 3) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost (credit) | ' |
Actuarial loss | 308 |
Other Postretirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost (credit) | -50 |
Actuarial loss | $18 |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefit Plans - Significant actuarial assumptions (Details 4) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Weighted-average assumptions used to determine net periodic pension costs: | ' | ' | ||
Discount rate | 4.85% | ' | ||
Pension Benefits | ' | ' | ||
Weighted-average assumptions used to determine funding status: | ' | ' | ||
Discount rate | 4.85% | [1] | 4.10% | [1] |
Rate of compensation increase | ' | [2],[3] | 3.00% | [2],[3] |
Weighted-average assumptions used to determine net periodic pension costs: | ' | ' | ||
Discount rate | 4.10% | 4.65% | ||
Expected return on plan assets | 7.50% | [3] | 7.25% | [3] |
Rate of compensation increase | ' | [2],[3] | 3.00% | [2],[3] |
Other Postretirement Benefits | ' | ' | ||
Weighted-average assumptions used to determine funding status: | ' | ' | ||
Discount rate | 4.75% | [1] | 3.90% | [1] |
Rate of compensation increase | ' | [2],[3] | ' | [2],[3] |
Weighted-average assumptions used to determine net periodic pension costs: | ' | ' | ||
Discount rate | 3.90% | 4.50% | ||
Expected return on plan assets | ' | [3] | ' | [3] |
Rate of compensation increase | ' | [2],[3] | ' | [2],[3] |
[1] | Weighted average discount rate for the supplemental retirement plan was 4.15% for the year ended December 31, 2013. | |||
[2] | The compensation rate increase is not applicable after the Pension Plan freeze on February 28, 2013. | |||
[3] | Rates not applicable to the supplemental retirement plan. |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefit Plans - Health Care Trend Assumptions (Details 5) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Health care cost trend rate assumed for next year | 9.50% | 9.50% |
Rate that the cost trend rate gradually declines to | 5.00% | 5.00% |
Year that the rate reaches the rate it is assumed to remain at | '2023 | '2022 |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefit Plans - One percentage point change in assumed health care cost trend rates (Details 6) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Effect on total of service and interest components, One Percentage Point Increase | $14 | $23 |
Effect on total of service and interest components, One Percentage Point Decrease | -12 | -19 |
Effect on postretirement benefit obligation, One Percentage Point Increase | 247 | 277 |
Effect on postretirement benefit obligation, One Percentage Point Decrease | ($211) | ($236) |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefit Plans - Fair value of pension plan assets (Details 7) (Pension Plans, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | $17,896 | $15,403 | $14,169 |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 16,901 | 14,273 | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 995 | 1,130 | ' |
Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Mutual funds - fixed income | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 6,618 | 6,411 | ' |
Mutual funds - fixed income | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 6,618 | 6,411 | ' |
Mutual funds - fixed income | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Mutual funds - fixed income | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Mutual funds - equity | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 10,283 | 7,862 | ' |
Mutual funds - equity | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 10,283 | 7,862 | ' |
Mutual funds - equity | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Mutual funds - equity | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Pooled separate accounts - Money market separate account | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 394 | 569 | ' |
Pooled separate accounts - Money market separate account | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Pooled separate accounts - Money market separate account | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 394 | 569 | ' |
Pooled separate accounts - Money market separate account | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Pooled separate accounts - Prin high yield separate account | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 601 | 561 | ' |
Pooled separate accounts - Prin high yield separate account | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Pooled separate accounts - Prin high yield separate account | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | 601 | 561 | ' |
Pooled separate accounts - Prin high yield separate account | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' |
Recovered_Sheet8
Pension and Other Postretirement Benefit Plans - Qualified defined benefit pension plan's weighted-average asset allocations (Details 8) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Percentage of Fair Value | 100.00% | 100.00% |
High yield and money market funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Percentage of Fair Value | 5.00% | 7.00% |
Target Allocation, Minimum | 5.00% | ' |
Target Allocation, Maximum | 15.00% | ' |
Equity funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Percentage of Fair Value | 58.00% | 51.00% |
Target Allocation, Minimum | 30.00% | ' |
Target Allocation, Maximum | 70.00% | ' |
Fixed income funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual Percentage of Fair Value | 37.00% | 42.00% |
Target Allocation, Minimum | 30.00% | ' |
Target Allocation, Maximum | 70.00% | ' |
Recovered_Sheet9
Pension and Other Postretirement Benefit Plans - summary of benefit payments expected to be paid by non contributory defined benefit pension plans (Details 9) (Pension Plans, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $1,029 |
2015 | 1,065 |
2016 | 1,099 |
2017 | 1,119 |
2018 | 1,162 |
Years 2019 - 2023 | 6,547 |
Defined benefit plan, expected future benefit payments, Total | $12,021 |
Recovered_Sheet10
Pension and Other Postretirement Benefit Plans - Benefit payments expected to be paid by medical, dental and life insurance plan (Details 10) (Medical, dental and life insurance plan, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Medical, dental and life insurance plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $179 |
2015 | 180 |
2016 | 188 |
2017 | 192 |
2018 | 185 |
Years 2019 - 2023 | 936 |
Defined benefit plan, expected future benefit payments, Total | $1,860 |
Recovered_Sheet11
Pension and Other Postretirement Benefit Plans - Shares held by ESOP (Details 11) (Farmington Bank Employee Stock Ownership Plan Member) | Dec. 31, 2013 |
Farmington Bank Employee Stock Ownership Plan Member | ' |
Employee Stock Ownership Plan (Esop) Disclosures [Line Items] | ' |
Allocated | 190,722 |
Committed to be released | 95,361 |
Unallocated | 1,144,333 |
Total shares held by the ESOP | 1,430,416 |
Recovered_Sheet12
Pension and Other Postretirement Benefit Plans (Detail Textuals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
plan | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Number of defined benefit postretirement plans | 2 | ' |
Reduction in pension and other postretirement benefit expense | ' | $1,500,000 |
Single weighted average discount rate | 4.85% | ' |
Qualified Defined Benefit Plan | Forecast | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Company's contribution to qualified defined benefit plan | 1,400,000 | ' |
Supplemental Employee Retirement Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Single weighted average discount rate | 4.15% | ' |
Recovered_Sheet13
Pension and Other Postretirement Benefit Plans (Detail Textuals 1) (Defined Contribution Savings Plan, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Contribution Plan Disclosure [Line Items] | ' | ' |
Minimum service period required of employees to participate in plan | '6 months | ' |
Minimum required age of employees to participate in plan | '21 years | ' |
Percentage of vesting of participant | 100.00% | ' |
Contributions to participants annual compensation | 4.00% | ' |
Contributions by company | $765,000 | $702,000 |
Minimum | ' | ' |
Defined Contribution Plan Disclosure [Line Items] | ' | ' |
Percentage of discretionary employer contribution | 0.00% | ' |
Maximum | ' | ' |
Defined Contribution Plan Disclosure [Line Items] | ' | ' |
Percentage of discretionary employer contribution | 11.00% | ' |
Recovered_Sheet14
Pension and Other Postretirement Benefit Plans (Detail Textuals 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accrued expenses and other liabilities | $33,502,000 | $47,716,000 | ' |
Supplemental Employee Retirement Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accrued expenses and other liabilities | 2,800,000 | 2,200,000 | ' |
Net expense for supplemental retirement benefits | $720,000 | $611,000 | $569,000 |
Recovered_Sheet15
Pension and Other Postretirement Benefit Plans (Detail Textuals 3) (Farmington Bank Employee Stock Ownership Plan (ESOP), USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Farmington Bank 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 | ' |
Term of loan for annual payments of interest and principal | '15 years | ' |
Outstanding balance of loan provided by the company to purchase common stock | $13.90 | ' |
Interest rate of outstanding balance of Loan provided by the company to purchase common stock | 4.25% | ' |
ESOP compensation expense | 1.4 | 1.3 |
Fair value of unallocated ESOP shares | $18.40 | ' |
Debt structure direct loan description of variable rate basis | ' | ' |
Wall Street Journal Prime Rate | ||
Debt structure direct loan basis spread on variable rate | 1.00% | ' |
Stock_Incentive_Plan_Weighteda
Stock Incentive Plan - Weighted-average estimated fair values of stock option grants (Details) (Stock options, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 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 |
Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average dividend yield | 2.71% | 2.89% |
Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average dividend yield | 0.80% | 0.86% |
Stock_Incentive_Plan_Summary_o
Stock Incentive Plan - Summary of Company's stock option activity (Details 1) (Stock options, USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock options | ' |
Number of Stock Options | ' |
Outstanding at December 31, 2012 | 1,696,357 |
Granted | 26,750 |
Exercised | -90,850 |
Forfeited | -2,400 |
Outstanding at December 31, 2013 | 1,629,857 |
Exercisable at December 31, 2013 | 644,550 |
Weighted-Average Exercise Price | ' |
Outstanding at December 31, 2012 | $12.95 |
Granted | $14.48 |
Exercised | $12.95 |
Forfeited | $12.95 |
Outstanding at December 31, 2013 | $12.98 |
Weighted-average remaining contractual term (in years) | '8 years 8 months 12 days |
Aggregate intrinsic value | $5,095 |
Method used | 'Black-Scholes option pricing model |
Stock_Incentive_Plan_Summary_o1
Stock Incentive Plan - Summary of status of Company's restricted stock (Details 2) (Restricted Stock, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock | ' |
Number of Restricted Stock | ' |
Unvested at December 31, 2012 | 572,167 |
Granted | ' |
Vested | -171,842 |
Forfeited | ' |
Unvested at December 31, 2013 | 400,325 |
Weighted-Average Grant Date Fair Value | ' |
Unvested at December 31, 2012 | $12.95 |
Granted | ' |
Vested | $12.95 |
Forfeited | ' |
Unvested at December 31, 2013 | $12.95 |
Stock_Incentive_Plan_Detail_Te
Stock Incentive Plan (Detail Textuals) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 05, 2012 | Aug. 31, 2012 | |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of non-vested restricted shares | 400,325 | 572,167 | ' | ' |
2012 Stock Incentive Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares authorized for grants | ' | ' | 2,503,228 | 2,503,228 |
Share-based compensation expense | $3,600,000 | $4,000,000 | ' | ' |
2012 Stock Incentive Plan | Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expiry term of stock options | '10 years | ' | ' | ' |
Share-based compensation expense | 1,400,000 | 1,600,000 | ' | ' |
Expected future compensation expense | 3,100,000 | ' | ' | ' |
Number of non-vested options outstanding | 985,307 | ' | ' | ' |
Remaining vesting period of non-vested options | '2 years 8 months 12 days | ' | ' | ' |
Total intrinsic value of options exercised | 177,000 | ' | ' | ' |
2012 Stock Incentive Plan | Stock options | Vested Immediately | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of stock awards | 20.00% | ' | ' | ' |
2012 Stock Incentive Plan | Stock options | Vest each annual anniversary of the grant date through 2016 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of stock awards | 20.00% | ' | ' | ' |
2012 Stock Incentive Plan | Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares authorized for grants | ' | ' | ' | 715,208 |
Share-based compensation expense | 2,200,000 | 2,400,000 | ' | ' |
Expected future compensation expense | $4,600,000 | ' | ' | ' |
Number of non-vested restricted shares | 400,325 | ' | ' | ' |
Remaining vesting period of non-vested options | '2 years 8 months 5 days | ' | ' | ' |
2012 Stock Incentive Plan | Restricted Stock | Vested Immediately | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of stock awards | 20.00% | ' | ' | ' |
2012 Stock Incentive Plan | Restricted Stock | Vest each annual anniversary of the grant date through 2016 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vesting percentage of stock awards | 20.00% | ' | ' | ' |
2012 Stock Incentive Plan | Non Qualified Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares authorized for grants | ' | ' | ' | 1,788,020 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Not designated outstanding interest rate swaps (Details) (Not Designated as Hedging Instrument, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Derivative | Derivative |
Other assets | Commercial loan customer interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number Of Instruments | 22 | 35 |
Notional Amount | $66,635 | $105,828 |
Estimated Fair Values | 3,238 | 8,228 |
Other Liabilities | Commercial loan customer interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number Of Instruments | 22 | 2 |
Notional Amount | 82,535 | 7,731 |
Estimated Fair Values | -3,294 | 86 |
Other Liabilities | Counterparty interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number Of Instruments | 44 | 37 |
Notional Amount | 149,170 | 113,559 |
Estimated Fair Values | $56 | ($8,314) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Changes in the fair value of non-hedge accounting derivatives (Details 1) (Not Designated as Hedging Instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commercial loan customer interest rate swap position | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ($1,912) | $3,832 | $7,184 |
Commercial loan customer interest rate swap position | Interest Income Recorded in Interest Income | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | 3,078 | 2,416 | 2,143 |
Commercial loan customer interest rate swap position | MTM (Loss) Gain Recorded in Noninterest Income | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | -4,990 | 1,416 | 5,041 |
Counterparty interest rate swap position | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | 1,912 | -3,832 | -7,184 |
Counterparty interest rate swap position | Interest Income Recorded in Interest Income | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | -3,078 | -2,416 | -2,143 |
Counterparty interest rate swap position | MTM (Loss) Gain Recorded in Noninterest Income | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | 4,990 | -1,416 | -5,041 |
Interest rate swap derivative | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ' | ' | ' |
Interest rate swap derivative | Interest Income Recorded in Interest Income | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ' | ' | ' |
Interest rate swap derivative | MTM (Loss) Gain Recorded in Noninterest Income | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | ' | ' | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Detail Textuals) (USD $) | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Minimum threshold amount of long-term commercial loans or commercial mortgages to offer interest rate swap agreements | $1,000,000 |
Cash balance maintained with a correspondent bank to collateralize company's position | 2,000,000 |
Outstanding receivables secured in excess of by a correspondent bank | 10,000,000 |
Forward Contracts | Outstanding rate locks | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Mortgage banking derivatives, Notional amount | 4,600,000 |
Forward Contracts | Outstanding commitments to sell residential mortgage loans | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Mortgage banking derivatives, Notional amount | 6,300,000 |
Forward Contracts | Mandatory forward commitments | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Mortgage banking derivatives, Notional amount | $2,700,000 |
Income_Taxes_Components_of_inc
Income Taxes - Components of income tax provision (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $1,480 | $2,783 | ($1,782) |
State | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 9 |
Total current provision | ' | ' | ' | ' | ' | ' | ' | ' | 1,482 | 2,785 | -1,773 |
Deferred benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -313 | -1,485 | -804 |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred benefit | ' | ' | ' | ' | ' | ' | ' | ' | -313 | -1,485 | -804 |
Total provision for income taxes | $322 | $275 | $256 | $316 | $1,238 | ($546) | $321 | $287 | $1,169 | $1,300 | ($2,577) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of expected federal statutory tax to income tax provision (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense at statutory federal tax rate | ' | ' | ' | ' | ' | ' | ' | ' | $1,657 | $1,703 | ($2,317) |
Changes in cash surrender value of life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -410 | -437 | -247 |
Dividends received deduction | ' | ' | ' | ' | ' | ' | ' | ' | -52 | -57 | -61 |
State income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 6 |
ESOP | ' | ' | ' | ' | ' | ' | ' | ' | 94 | 37 | ' |
Death benefits | ' | ' | ' | ' | ' | ' | ' | ' | -37 | -85 | ' |
Municipal income - net | ' | ' | ' | ' | ' | ' | ' | ' | -114 | ' | ' |
Other - net | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 138 | 42 |
Total provision for income taxes | $322 | $275 | $256 | $316 | $1,238 | ($546) | $321 | $287 | $1,169 | $1,300 | ($2,577) |
Income_Taxes_Components_of_net
Income Taxes - Components of net deferred tax assets (Details 2) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Deferred tax assets | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | $6,227 | ' | ' | ' | $5,857 | ' |
Accrued pension | 213 | ' | ' | ' | 430 | ' |
Minimum pension liability and postretirement benefits | 3,107 | ' | ' | ' | 4,350 | ' |
Charitable contribution carryforward | 2,229 | ' | ' | ' | 2,393 | ' |
Deferred compensation | 2,599 | ' | ' | ' | 2,439 | ' |
Accrued bonus | 1,082 | ' | ' | ' | 1,253 | ' |
Other than temporary impairment on securities available-for-sale | 990 | ' | ' | ' | 990 | ' |
Net unrealized loss on securities available-for-sale | 74 | ' | ' | ' | ' | ' |
Investment in partnerships | 133 | ' | ' | ' | 123 | ' |
Stock compensation | 1,085 | ' | ' | ' | 734 | ' |
Allowance for off-balance sheet provision | 148 | ' | ' | ' | 134 | ' |
Other | 955 | ' | ' | ' | 592 | ' |
Gross deferred tax assets | 18,842 | ' | ' | ' | 19,295 | ' |
Valuation reserve | ' | ' | ' | ' | ' | ' |
Net deferred tax assets | 18,842 | ' | ' | ' | 19,295 | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' |
Net origination fees | 2,229 | ' | ' | ' | 2,028 | ' |
Fixed assets | 608 | ' | ' | ' | 995 | ' |
Bond discount accretion | 34 | ' | ' | ' | 23 | ' |
Net unrealized gain on securities available-for-sale | ' | ' | ' | ' | 240 | ' |
Other | 1,087 | ' | ' | ' | 468 | ' |
Gross deferred tax liabilities | 3,958 | ' | ' | ' | 3,754 | ' |
Net deferred tax assets | $14,884 | $15,926 | $15,732 | $15,632 | $15,541 | $13,691 |
Income_Taxes_Allocation_of_def
Income Taxes - Allocation of deferred tax expense (benefit) involving items charged to current year income and items charged directly to capital (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred tax benefit allocated to capital | $970 | ($365) | ' |
Deferred tax benefit allocated to income | -313 | -1,485 | -804 |
Total change in deferred taxes | $657 | ($1,850) | ' |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the beginning and ending amount of unrecognized tax benefits (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Beginning Balance | $982 | ' |
Increases based on tax positions related to prior periods | ' | 982 |
Settlements | -982 | ' |
Ending Balance | ' | $982 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Deferred tax asset | $2,229,000 | $2,393,000 | ' |
Amount of deferred taxes for tax reserve for bad debts | 3,400,000 | ' | ' |
Interest expense related to uncertain tax positions recognized in income tax expense | 0 | 61,000 | 0 |
Charitable Contribution Deduction Carryforward | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Charitable contribution deduction limit description | 'Annually, a corporation is permitted to carry over to the five succeeding tax years, contributions that exceeded the 10% limitation. | ' | ' |
Tax credit carryforward limitation percent | 10.00% | ' | ' |
Tax credit carryforward period | '5 years | ' | ' |
Amount of charitable contribution carryforward | 6,500,000 | ' | ' |
Deferred tax asset | $2,200,000 | ' | ' |
Lease_Commitments_Future_minim
Lease Commitments - Future minimum rental commitments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $2,470 |
2015 | 2,545 |
2016 | 2,432 |
2017 | 2,340 |
2018 | 2,346 |
Thereafter | 9,691 |
Total, future minimum rental | $21,824 |
Lease_Commitments_Detail_Textu
Lease Commitments (Detail Textuals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Total rental expenses for all leases | $2.80 | $2.50 | $2.40 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk - Financial instruments whose contract amounts represent credit risk (Details) (USD $) | Dec. 31, 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 | $411,458 | $369,773 |
Approved loan commitments | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 25,667 | 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 | 64,599 | 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 | ' | 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 | 163,255 | 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 | 354 | 402 |
Unused commercial letters of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 3,910 | 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 | $153,673 | $135,379 |
Financial_Instruments_with_Off3
Financial Instruments with Off-Balance Sheet Risk (Details Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk, valuation allowance | $436,000 | $394,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Securities available-for-sale | $150,886 | $138,241 | $134,930 |
Fair Value Measurements Recurring | Total | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 150,886 | 138,481 | ' |
Total Assets | 154,171 | 147,197 | ' |
Liabilities | ' | ' | ' |
Total Liabilities | 3,294 | 8,314 | ' |
Fair Value Measurements Recurring | Total | U.S. Treasury obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 126,000 | 118,980 | ' |
Fair Value Measurements Recurring | Total | U.S. Government agency obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 6,922 | ' | ' |
Fair Value Measurements Recurring | Total | Government sponsored residential mortgage-backed securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 9,616 | 10,603 | ' |
Fair Value Measurements Recurring | Total | Corporate debt securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 3,104 | 3,153 | ' |
Fair Value Measurements Recurring | Total | Preferred equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 1,569 | 1,786 | ' |
Fair Value Measurements Recurring | Total | Marketable equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 148 | 372 | ' |
Fair Value Measurements Recurring | Total | Mutual funds | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 3,527 | 3,587 | ' |
Fair Value Measurements Recurring | Total | Interest rate swap derivative | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | 3,238 | 8,228 | ' |
Liabilities | ' | ' | ' |
Derivative Liabilities | 3,294 | 8,314 | ' |
Fair Value Measurements Recurring | Total | Forward loan sales commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | 36 | 38 | ' |
Fair Value Measurements Recurring | Total | Derivative loan commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | 11 | 450 | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 133,070 | 119,112 | ' |
Total Assets | 133,070 | 119,112 | ' |
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 | 126,000 | 118,980 | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agency obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 6,922 | ' | ' |
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 | ' | ' | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 148 | 132 | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
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) | Forward loan sales commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | ' | ' | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative loan commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | ' | ' | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 17,816 | 19,369 | ' |
Total Assets | 21,054 | 27,597 | ' |
Liabilities | ' | ' | ' |
Total Liabilities | 3,294 | 8,314 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | U.S. Treasury obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | U.S. Government agency obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Government sponsored residential mortgage-backed securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 9,616 | 10,603 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Corporate debt securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 3,104 | 3,153 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Preferred equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 1,569 | 1,786 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Marketable equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | 240 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Mutual funds | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | 3,527 | 3,587 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Interest rate swap derivative | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | 3,238 | 8,228 | ' |
Liabilities | ' | ' | ' |
Derivative Liabilities | 3,294 | 8,314 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Forward loan sales commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | ' | ' | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Derivative loan commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Total Assets | 47 | 488 | ' |
Liabilities | ' | ' | ' |
Total Liabilities | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government agency obligations | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Government sponsored residential mortgage-backed securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Preferred equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Marketable equity securities | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Mutual funds | ' | ' | ' |
Assets | ' | ' | ' |
Securities available-for-sale | ' | ' | ' |
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) | Forward loan sales commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | 36 | 38 | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Derivative loan commitments | ' | ' | ' |
Assets | ' | ' | ' |
Derivative Assets | $11 | $450 | ' |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Securities Available-for-Sale | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Balance, at beginning of year | ' | $42 | $44 |
Paydowns | ' | -42 | -2 |
Total (loss) gain - (realized/unrealized): | ' | ' | ' |
Included in earnings | ' | ' | ' |
Balance, at the end of year | ' | ' | 42 |
Derivative and Forward Loan Sales Commitments, Net | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Balance, at beginning of year | 488 | 35 | ' |
Total (loss) gain - (realized/unrealized): | ' | ' | ' |
Included in earnings | -441 | 453 | 35 |
Balance, at the end of year | $47 | $488 | $35 |
Fair_Value_Measurements_Valuat
Fair Value Measurements - Valuation methodology and unobservable inputs for Level 3 assets (Details 2) (Level 3, Fair Value Measurements Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Derivative and forward loan sales commitments, net | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Fair Value | $47 | $488 | $47 |
Valuation Methodology | ' | ' | 'Adjusted quoted prices in active markets |
Mortgage serving rights of input embedded servicing value percent | ' | ' | 1.25% |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details 3) (Fair value, measurements, nonrecurring, USD $) | Dec. 31, 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 | ' | ' |
Mortgage servicing rights | ' | ' |
Significant Observable Inputs (Level 2) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Mortgage servicing rights | ' | ' |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Impaired loans | 5,910 | 6,803 |
Other real estate owned | 277 | ' |
Mortgage servicing rights | $1,970 | $995 |
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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Impaired loans | Impaired loans | Impaired loans | Impaired loans | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | ||
Maximum | Minimum | Weighted Average | Maximum | Minimum | Weighted Average | Maximum | Minimum | Weighted Average | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | $47 | $488 | $1,970 | ' | ' | ' | $5,910 | ' | ' | ' | $277 | ' | ' | ' |
Prepayment speed | ' | ' | ' | 29.00% | 0.00% | 9.20% | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | 7.80% | ' | ' | ' | ' | ' | ' | ' | ' |
Discount for dated appraisal | ' | ' | ' | ' | ' | ' | ' | 20.00% | 0.00% | 10.00% | ' | ' | ' | ' |
Discount for costs to sell | ' | ' | ' | ' | ' | ' | ' | 15.00% | 8.00% | 11.50% | ' | 10.00% | 8.00% | 9.00% |
Fair Value Measurements, Valuation Techniques | ' | ' | 'Discounted cash flows | ' | ' | ' | 'Appraisals | ' | ' | ' | 'Appraisals | ' | ' | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying amount, fair value of financial instruments (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Financial assets | ' | ' | ' | ||
Securities held-to-maturity | $12,983 | $3,006 | ' | ||
Securities available-for-sale | 150,886 | 138,241 | 134,930 | ||
Alternative investments | 2,400 | 1,500 | ' | ||
Financial liabilities | ' | ' | ' | ||
Time deposits | 338,488 | 359,344 | ' | ||
Federal Home Loan Bank of Boston advances | 259,000 | 128,000 | ' | ||
Repurchase agreement borrowings | 21,000 | 21,000 | ' | ||
Repurchase liabilities | 50,816 | 54,187 | ' | ||
Carrying Amount | ' | ' | ' | ||
Financial assets | ' | ' | ' | ||
Securities held-to-maturity | 12,983 | 3,006 | ' | ||
Securities available-for-sale | 150,886 | 138,481 | ' | ||
Loans | 1,816,308 | 1,534,021 | ' | ||
Loans held-for-sale | 3,186 | 9,626 | ' | ||
Mortgage servicing rights | 3,146 | 1,327 | ' | ||
Federal Home Loan Bank of Boston advances | 13,136 | 8,939 | ' | ||
Alternative investments | 2,352 | 1,508 | ' | ||
Interest rate swap derivatives | 3,238 | 8,228 | ' | ||
Forward loan sales commitments | 36 | 38 | ' | ||
Derivative loan commitments | 11 | 450 | ' | ||
Financial liabilities | ' | ' | ' | ||
Deposits other than time deposits | 1,175,013 | 971,111 | ' | ||
Time deposits | 338,488 | 359,344 | ' | ||
Federal Home Loan Bank of Boston advances | 259,000 | 128,000 | ' | ||
Repurchase agreement borrowings | 21,000 | 21,000 | ' | ||
Repurchase liabilities | 50,816 | 54,187 | ' | ||
Interest rate swap derivatives | 3,294 | 8,314 | ' | ||
Estimated Fair Value | ' | ' | ' | ||
Financial assets | ' | ' | ' | ||
Securities held-to-maturity | 12,886 | [1] | 3,006 | [1] | ' |
Securities available-for-sale | 150,886 | 138,481 | ' | ||
Loans | 1,803,424 | [2] | 1,563,430 | [2] | ' |
Loans held-for-sale | 3,188 | [1] | 9,833 | [1] | ' |
Mortgage servicing rights | 3,596 | [2] | 1,709 | [2] | ' |
Federal Home Loan Bank of Boston advances | 13,136 | [1] | 8,939 | [1] | ' |
Alternative investments | 2,778 | [2] | 2,206 | [2] | ' |
Interest rate swap derivatives | 3,238 | [1] | 8,228 | [1] | ' |
Forward loan sales commitments | 36 | [2] | 38 | [2] | ' |
Derivative loan commitments | 11 | [2] | 450 | [2] | ' |
Financial liabilities | ' | ' | ' | ||
Deposits other than time deposits | 1,175,013 | [3] | 971,111 | [3] | ' |
Time deposits | 341,395 | [1] | 363,156 | [1] | ' |
Federal Home Loan Bank of Boston advances | 259,765 | [1] | 130,062 | [1] | ' |
Repurchase agreement borrowings | 21,992 | [1] | 22,819 | [1] | ' |
Repurchase liabilities | 50,816 | [1] | 54,189 | [1] | ' |
Interest rate swap derivatives | $3,294 | [1] | $8,314 | [1] | ' |
[1] | Level 2 | ||||
[2] | Level 3 | ||||
[3] | Level 1 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail Textuals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Total alternative investments | $2,400,000 | $1,500,000 |
Unfunded commitments for alternative investments | $539,000 | ' |
Regulatory_Matters_Actual_capi
Regulatory Matters - Actual capital amounts and ratios (Details) (USD $) | Dec. 31, 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 | $254,509 | $265,242 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 15.50% | 18.80% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 131,359 | 112,869 |
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 | 164,199 | 141,086 |
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 | 235,759 | 247,619 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 14.36% | 17.55% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 65,671 | 56,437 |
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 | 98,507 | 84,656 |
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 | 235,759 | 247,619 |
Tier I Capital (to Average Assets) Actual Ratio | 11.47% | 13.89% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 82,218 | 71,309 |
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 | 102,772 | 89,136 |
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 | 209,174 | 203,612 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 12.76% | 14.46% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 131,144 | 112,648 |
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 | 163,929 | 140,811 |
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 | 190,424 | 185,998 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 11.62% | 13.21% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 65,550 | 56,320 |
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 | 98,326 | 84,481 |
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 | 190,424 | 185,998 |
Tier I Capital (to Average Assets) Actual Ratio | 9.28% | 10.45% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 82,079 | 71,195 |
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 | $102,599 | $88,994 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Parent_Company_Statements_Cond
Parent Company Statements - Condensed Statements of Condition (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||||||
Assets | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $38,799 | ' | ' | ' | $50,641 | ' | ' |
Deferred income taxes | 14,884 | 15,926 | 15,732 | 15,632 | 15,541 | 13,691 | ' |
Prepaid expenses and other assets | 11,075 | 12,788 | 12,808 | 14,880 | 15,158 | 16,073 | ' |
Total assets | 2,110,028 | 1,992,517 | 1,845,440 | 1,799,689 | 1,823,153 | 1,618,129 | ' |
Liabilities | 1,877,819 | 1,764,653 | 1,613,899 | 1,556,475 | 1,581,358 | 1,365,630 | ' |
Stockholders' equity | 232,209 | 227,864 | 231,541 | 243,214 | 241,795 | 252,499 | 95,524 |
Total liabilities and shareholders' equity | 2,110,028 | 1,992,517 | 1,845,440 | 1,799,689 | 1,823,153 | 1,618,129 | ' |
Parent Company | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 36,151 | ' | ' | ' | 55,845 | ' | ' |
Deferred income taxes | 2,321 | ' | ' | ' | 2,607 | ' | ' |
Due from Farmington Bank | 6,118 | ' | ' | ' | 3,484 | ' | ' |
Investment in Farmington Bank | 186,873 | ' | ' | ' | 180,174 | ' | ' |
Prepaid expenses and other assets | 805 | ' | ' | ' | 27 | ' | ' |
Total assets | 232,268 | ' | ' | ' | 242,137 | ' | ' |
Liabilities | 59 | ' | ' | ' | 342 | ' | ' |
Stockholders' equity | 232,209 | ' | ' | ' | 241,795 | ' | ' |
Total liabilities and shareholders' equity | $232,268 | ' | ' | ' | $242,137 | ' | ' |
Parent_Company_Statements_Cond1
Parent Company Statements - Condensed Statements of Operations (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $16,697 | $15,806 | $15,336 | $15,047 | $16,507 | $15,780 | $15,146 | $15,427 | ' | $62,886 | $62,860 | $59,025 |
Contribution to Farmington Bank Community Foundation, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,877 |
Noninterest expense | 14,398 | 14,110 | 14,555 | 14,699 | 13,439 | 16,905 | 13,133 | 12,629 | ' | 57,762 | 56,106 | 56,450 |
Income tax benefit | 322 | 275 | 256 | 316 | 1,238 | -546 | 321 | 287 | ' | 1,169 | 1,300 | -2,577 |
Net income (loss) | 1,134 | 865 | 819 | 886 | 3,010 | -1,123 | 886 | 934 | -5,039 | 3,704 | 3,707 | -4,239 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157 | 289 | 132 |
Contribution to Farmington Bank Community Foundation, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,877 |
Noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,627 | -609 | -251 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 364 | 25 | 2,382 |
Loss before equity in undistributed earnings of Farmington Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,106 | -295 | -4,614 |
Equity in undistributed earnings of Farmington Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,811 | 4,003 | 375 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,704 | $3,707 | ($4,239) |
Parent_Company_Statements_Cond2
Parent Company Statements - Condensed Statements of Comprehensive Income (Loss) (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $1,134 | $865 | $819 | $886 | $3,010 | ($1,123) | $886 | $934 | ($5,039) | $3,704 | $3,707 | ($4,239) |
Other comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in unrealized losses on securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -923 | -353 | -626 |
Change related to employee benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,783 | 674 | 3,789 |
Other comprehensive (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,860 | -1,027 | -4,415 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 972 | -349 | -1,501 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,888 | -678 | -2,914 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,592 | 3,029 | -7,153 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,704 | 3,707 | -4,239 |
Other comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in unrealized losses on securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -923 | -353 | -626 |
Change related to employee benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,783 | -674 | -3,789 |
Other comprehensive (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,860 | -1,027 | -4,415 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 972 | -349 | -1,501 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,888 | -678 | -2,914 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,592 | $3,029 | ($7,153) |
Parent_Company_Statements_Cond3
Parent Company Statements - Condensed Statements of Cash Flows (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $3,704 | $3,707 | ($4,239) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Contribution of stock to Farmington Bank Community Foundation, Inc. | ' | ' | -6,877 |
Amortization of ESOP expense | 1,404 | 1,263 | 1,102 |
Share based compensation expense | 3,576 | 4,011 | ' |
Deferred income tax | 502 | 230 | -42 |
Increase in prepaid expenses and other assets | -3,486 | -1,791 | 7,288 |
(Decrease) increase in accrued expenses and other liabilities | -10,475 | 6,443 | 9,315 |
Net cash provided by (used in) operating activities | 11,333 | 31,415 | 10,739 |
Cash flows from investing activities: | ' | ' | ' |
Net cash used in investing activities | -313,692 | -260,539 | -125,844 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from common stock offering, net of offering cost | ' | ' | 167,977 |
Purchase of common stock for ESOP | ' | -5,376 | -11,545 |
Cancellation of shares for tax withholding | -590 | -407 | ' |
Repurchase of common stock | -18,910 | -11,283 | ' |
Excess tax benefits from stock-based compensation | 35 | 11 | ' |
Exercise of stock options | 1,185 | ' | ' |
Cash dividend paid | -1,878 | -1,970 | -536 |
Net cash (used in) provided by financing activities | 290,517 | 189,469 | 186,793 |
Net (decrease) increase in cash and cash equivalents | -11,842 | -39,655 | 71,688 |
Cash and cash equivalents at beginning of year | 50,641 | 90,296 | 18,608 |
Cash and cash equivalents at end of year | 38,799 | 50,641 | 90,296 |
Parent Company | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | 3,704 | 3,707 | -4,239 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Contribution of stock to Farmington Bank Community Foundation, Inc. | ' | ' | 6,877 |
Amortization of ESOP expense | 1,404 | 1,263 | ' |
Share based compensation expense | 3,576 | 4,011 | ' |
Equity in undistributed net income of Farmington Bank | -4,811 | -4,003 | -375 |
Deferred income tax | 286 | 13 | -2,338 |
Due from Farmington Bank | -2,634 | -3,484 | ' |
Increase in prepaid expenses and other assets | -778 | 47 | -74 |
(Decrease) increase in accrued expenses and other liabilities | -283 | 338 | 4 |
Net cash provided by (used in) operating activities | 464 | 1,892 | -145 |
Cash flows from investing activities: | ' | ' | ' |
Payments received on ESOP note receivable | ' | ' | 1,102 |
Issuance of ESOP note receivable | ' | ' | -11,545 |
Capital contribution to Farmington Bank | ' | ' | -83,964 |
Net cash used in investing activities | ' | ' | -94,407 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from common stock offering, net of offering cost | ' | ' | 167,977 |
Purchase of common stock for ESOP | ' | -5,376 | ' |
Cancellation of shares for tax withholding | -576 | -407 | ' |
Repurchase of common stock | -18,910 | -11,283 | ' |
Excess tax benefits from stock-based compensation | 35 | ' | ' |
Exercise of stock options | 1,171 | ' | ' |
Cash dividend paid | -1,878 | -1,970 | -536 |
Net cash (used in) provided by financing activities | -20,158 | -19,036 | 167,441 |
Net (decrease) increase in cash and cash equivalents | -19,694 | -17,144 | 72,889 |
Cash and cash equivalents at beginning of year | 55,845 | 72,989 | 100 |
Cash and cash equivalents at end of year | $36,151 | $55,845 | $72,989 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $16,697 | $15,806 | $15,336 | $15,047 | $16,507 | $15,780 | $15,146 | $15,427 | ' | $62,886 | $62,860 | $59,025 |
Interest expense | 2,366 | 2,523 | 2,449 | 2,395 | 2,415 | 2,393 | 2,347 | 2,473 | ' | 9,733 | 9,628 | 10,826 |
Net interest income | 14,331 | 13,283 | 12,887 | 12,652 | 14,092 | 13,387 | 12,799 | 12,954 | ' | 53,153 | 53,232 | 48,199 |
Provision for loan losses | 660 | 215 | 256 | 399 | 315 | 215 | 520 | 330 | ' | 1,530 | 1,380 | 4,090 |
Net interest income after provision for loan losses | 13,671 | 13,068 | 12,631 | 12,253 | 13,777 | 13,172 | 12,279 | 12,624 | ' | 51,623 | 51,852 | 44,109 |
Noninterest income | 2,183 | 2,182 | 2,999 | 3,648 | 3,910 | 2,064 | 2,061 | 1,226 | ' | 11,012 | 9,261 | 5,525 |
Noninterest expense | 14,398 | 14,110 | 14,555 | 14,699 | 13,439 | 16,905 | 13,133 | 12,629 | ' | 57,762 | 56,106 | 56,450 |
Income (loss) before income taxes | 1,456 | 1,140 | 1,075 | 1,202 | 4,248 | -1,669 | 1,207 | 1,221 | ' | 4,873 | 5,007 | -6,816 |
Income tax benefit | 322 | 275 | 256 | 316 | 1,238 | -546 | 321 | 287 | ' | 1,169 | 1,300 | -2,577 |
Net income (loss) | $1,134 | $865 | $819 | $886 | $3,010 | ($1,123) | $886 | $934 | ($5,039) | $3,704 | $3,707 | ($4,239) |
Net earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted | $0.07 | $0.06 | $0.05 | $0.05 | $0.18 | ($0.07) | $0.05 | $0.06 | ' | ' | $0.22 | ($0.29) |