Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'First Connecticut Bancorp, Inc. | ' |
Entity Central Index Key | '0001511198 | ' |
Trading Symbol | 'fbnk | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 16,072,637 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $50,778 | $38,799 |
Securities held-to-maturity, at amortized cost | 12,715 | 12,983 |
Securities available-for-sale, at fair value | 160,784 | 150,886 |
Loans held for sale | 4,576 | 3,186 |
Loans, net | 1,930,502 | 1,800,987 |
Premises and equipment, net | 20,072 | 20,619 |
Federal Home Loan Bank of Boston stock, at cost | 17,724 | 13,136 |
Accrued income receivable | 5,133 | 4,917 |
Bank-owned life insurance | 39,120 | 38,556 |
Deferred income taxes | 14,756 | 14,884 |
Prepaid expenses and other assets | 11,549 | 11,075 |
Total assets | 2,267,709 | 2,110,028 |
Deposits | ' | ' |
Interest-bearing | 1,314,863 | 1,205,042 |
Noninterest-bearing | 315,916 | 308,459 |
Total deposits | 1,630,779 | 1,513,501 |
Federal Home Loan Bank of Boston advances | 291,000 | 259,000 |
Repurchase agreement borrowings | 21,000 | 21,000 |
Repurchase liabilities | 55,326 | 50,816 |
Accrued expenses and other liabilities | 38,335 | 33,502 |
Total liabilities | 2,036,440 | 1,877,819 |
Stockholders' Equity | ' | ' |
Common stock, $0.01 par value, 30,000,000 shares authorized; 18,035,335 shares issued and 16,072,637 shares outstanding at June 30, 2014 and 18,035,335 shares issued and 16,457,642 shares outstanding at December 31, 2013 | 181 | 181 |
Additional paid-in-capital | 177,431 | 175,766 |
Unallocated common stock held by ESOP | -13,218 | -13,747 |
Treasury stock, at cost (1,962,698 shares at June 30, 2014 and 1,577,693 shares at December 31, 2013) | -28,577 | -22,599 |
Retained earnings | 99,386 | 96,832 |
Accumulated other comprehensive loss | -3,934 | -4,224 |
Total stockholders' equity | 231,269 | 232,209 |
Total liabilities and stockholders' equity | $2,267,709 | $2,110,028 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 18,035,335 |
Common stock, shares outstanding | 16,072,637 | 16,457,642 |
Treasury stock, shares | 1,962,698 | 1,577,693 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Interest and fees on loans | ' | ' | ' | ' | ||||
Mortgage | $13,875 | $11,872 | $27,303 | $23,340 | ||||
Other | 3,573 | 3,233 | 6,781 | 6,547 | ||||
Interest and dividends on investments | ' | ' | ' | ' | ||||
United States Government and agency obligations | 218 | 102 | 407 | 241 | ||||
Other bonds | 81 | 59 | 139 | 118 | ||||
Corporate stocks | 105 | 64 | 198 | 126 | ||||
Other interest income | 2 | 6 | 6 | 11 | ||||
Total interest income | 17,854 | 15,336 | 34,834 | 30,383 | ||||
Interest expense | ' | ' | ' | ' | ||||
Deposits | 1,711 | 1,827 | 3,405 | 3,532 | ||||
Federal Home Loan Bank of Boston advances | 368 | 401 | 687 | 870 | ||||
Repurchase agreement borrowings | 179 | 180 | 356 | 351 | ||||
Repurchase liabilities | 32 | 41 | 72 | 91 | ||||
Total interest expense | 2,290 | 2,449 | 4,520 | 4,844 | ||||
Net interest income | 15,564 | 12,887 | 30,314 | 25,539 | ||||
Provision for loan losses | 410 | 256 | 915 | 655 | ||||
Net interest income after provision for loan losses | 15,154 | 12,631 | 29,399 | 24,884 | ||||
Noninterest income | ' | ' | ' | ' | ||||
Fees for customer services | 1,317 | 1,097 | 2,508 | 2,079 | ||||
Gain on sales of investments | ' | 36 | ' | 36 | ||||
Net gain on loans sold | 317 | 1,589 | 439 | 3,619 | ||||
Brokerage and insurance fee income | 49 | 41 | 93 | 73 | ||||
Bank owned life insurance income | 281 | 303 | 563 | 712 | ||||
Other | 102 | -67 | 225 | 128 | ||||
Total noninterest income | 2,066 | 2,999 | 3,828 | 6,647 | ||||
Noninterest expense | ' | ' | ' | ' | ||||
Salaries and employee benefits | 8,638 | 8,555 | 16,926 | 17,589 | ||||
Occupancy expense | 1,209 | 1,126 | 2,558 | 2,366 | ||||
Furniture and equipment expense | 1,106 | 1,099 | 2,124 | 2,117 | ||||
FDIC assessment | 321 | 311 | 649 | 602 | ||||
Marketing | 509 | 610 | 887 | 1,204 | ||||
Other operating expenses | 2,471 | 2,854 | 5,070 | 5,376 | ||||
Total noninterest expense | 14,254 | 14,555 | 28,214 | 29,254 | ||||
Income before income taxes | 2,966 | 1,075 | 5,013 | 2,277 | ||||
Income tax expense | 776 | 256 | 1,331 | 572 | ||||
Net income | $2,190 | $819 | $3,682 | $1,705 | ||||
Net earnings per share (See Note 3): | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $0.15 | [1] | $0.05 | [1] | $0.24 | [1] | $0.11 | [1] |
Diluted (in dollars per share) | $0.14 | [1] | $0.05 | [1] | $0.24 | [1] | $0.11 | [1] |
Dividends per share (in dollars per share) | $0.04 | $0.03 | $0.07 | $0.06 | ||||
[1] | Certain per share amounts may not appear to reconcile due to rounding. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income (Loss) and Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income | $2,190 | $819 | $3,682 | $1,705 |
Unrealized gains (losses) on securities: | ' | ' | ' | ' |
Unrealized holding gains (losses) arising during the period | 161 | -482 | 297 | -134 |
Less: reclassification adjustment for gains included in net income | ' | 36 | ' | 36 |
Net change in unrealized gains (losses) | 161 | -446 | 297 | -98 |
Change related to pension and other postretirement benefit plans | 86 | 148 | 142 | 283 |
Other comprehensive income (loss), before tax | 247 | -298 | 439 | 185 |
Income tax expense (benefit) | 84 | -101 | 149 | 63 |
Other comprehensive income (loss), net of tax | 163 | -197 | 290 | 122 |
Comprehensive income | $2,353 | $622 | $3,972 | $1,827 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (USD $) | Common Stock | Additional Paid in Capital | Unallocated Common Shares Held by ESOP | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
ESOP shares released and committed to be released | ' | 212 | 529 | ' | ' | ' | 741 |
Cash dividend paid ($0.07 per common share) | ' | ' | ' | ' | -1,128 | ' | -1,128 |
Treasury stock acquired | ' | ' | ' | -5,978 | ' | ' | -5,978 |
Treasury stock acquired (in shares) | -385,005 | ' | ' | ' | ' | ' | ' |
Tax benefits from stock-based compensation | ' | 9 | ' | ' | ' | ' | 9 |
Share based compensation expense | ' | 1,444 | ' | ' | ' | ' | 1,444 |
Net income | ' | ' | ' | ' | 3,682 | ' | 3,682 |
Other comprehensive income | ' | ' | ' | ' | ' | 290 | 290 |
Balance at Jun. 30, 2014 | $181 | $177,431 | ($13,218) | ($28,577) | $99,386 | ($3,934) | $231,269 |
Balance (in shares) at Jun. 30, 2014 | 16,072,637 | ' | ' | ' | ' | ' | 16,072,637 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' | ' |
Dividends per share (in dollars per share) | $0.04 | $0.03 | $0.07 | $0.06 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $3,682 | $1,705 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Provision for loan losses | 915 | 655 |
Provision for off-balance sheet commitments | 3 | 25 |
Depreciation and amortization | 1,578 | 1,465 |
Provision for foreclosed real estate | -5 | ' |
Amortization of ESOP expense | 741 | 678 |
Share based compensation expense | 1,444 | 2,101 |
Gain on sale of investments | ' | -36 |
Loans originated for sale | -30,308 | -119,819 |
Proceeds from the sale of loans held for sale | 29,357 | 128,160 |
Gain on fair value adjustment for mortgage banking derivatives | -2 | -4 |
Impairment losses on alternative investments | 41 | 103 |
(Gain) loss on foreclosed real estate | -2 | 84 |
Loss on sale of premises and equipment | ' | 2 |
Net gain on loans sold | -439 | -3,619 |
Accretion and amortization of investment security discounts and premiums, net | -40 | -37 |
Amortization and accretion of loan fees and discounts, net | -371 | 1,342 |
(Increase) decrease in accrued income receivable | -216 | 12 |
Deferred income tax | -3 | -248 |
Increase in cash surrender value of bank-owned life insurance | -564 | -603 |
(Increase) decrease in prepaid expenses and other assets | -373 | 2,259 |
Increase (decrease) in accrued expenses and other liabilities | 4,855 | -8,391 |
Net cash provided by operating activities | 10,293 | 5,834 |
Cash flow from investing activities | ' | ' |
Maturities of securities held-to-maturity | 5,268 | 3 |
Maturities, calls and principal payments of securities available-for-sale | 178,511 | 151,469 |
Purchases of securities held-to-maturity | -5,000 | ' |
Purchases of securities available-for-sale | -188,072 | -126,059 |
Loan originations, net of principal repayments | -130,494 | -70,189 |
(Purchases) redemption of Federal Home Loan Bank of Boston stock, net | -4,588 | 556 |
Proceeds from bank-owned life insurance | ' | 100 |
Proceeds from sale of foreclosed real estate | 401 | 233 |
Purchases of premises and equipment | -1,031 | -2,267 |
Net cash used in investing activities | -145,005 | -46,154 |
Cash flows from financing activities | ' | ' |
Increase (decrease) in Federal Home Loan Bank of Boston advances | 32,000 | -76,750 |
Net increase in demand deposits, NOW accounts, savings accounts and money market accounts | 123,137 | 126,441 |
Net decrease in certificates of deposit | -5,859 | -4,577 |
Net increase (decrease) in repurchase liabilities | 4,510 | -3,925 |
Excess tax benefits from stock-based compensation | 9 | ' |
Cancellation of shares for tax withholding | ' | -161 |
Repurchase of common stock | -5,978 | -13,664 |
Cash dividend paid | -1,128 | -1,035 |
Net cash provided by financing activities | 146,691 | 26,329 |
Net increase (decrease) in cash and cash equivalents | 11,979 | -13,991 |
Cash and cash equivalents at beginning of period | 38,799 | 50,641 |
Cash and cash equivalents at end of period | 50,778 | 36,650 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for interest | 4,526 | 4,662 |
Cash paid for income taxes | 2 | 4,282 |
Loans transferred to other real estate owned | $434 | $282 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
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. 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 June 30, 2014, the Company has repurchased 752,475 of these shares at a cost of $11.2 million. Repurchased shares are held as treasury stock and are available for general corporate purposes. | ||
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-two full service branch offices and four limited services offices in central Connecticut. Farmington Bank’s primary source of income is interest accrued on loans to customers, which include small and middle market businesses and individuals residing within Farmington Bank’s service area. | ||
Wholly-owned subsidiaries of Farmington Bank include Farmington Savings Loan Servicing, Inc., a passive investment company that was established to service and hold loans collateralized by real property; Village Investments, Inc. presently inactive; the Village Corp., Limited, a subsidiary that held certain real estate; 28 Main Street Corp., a subsidiary that holds residential other real estate owned; Village Management Corp., a subsidiary that held commercial other real estate owned and Village Square Holdings, Inc., a subsidiary that holds certain bank premises and other real estate. | ||
Basis of Financial Statement Presentation | ||
The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has condensed or omitted certain information and footnote disclosures normally included in the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. All significant intercompany transactions and balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2013 included in the Company’s 10-K filed on March 17, 2014. The results of operations for the interim periods are not necessarily indicative of the results for the full year. | ||
In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition and revenues and expenses for the interim period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, investment security other-than-temporary impairment judgments and investment security valuation. | ||
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 June 30, 2014 and December 31, 2013, 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. | ||
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 six months ended June 30, 2014. | ||
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 no unallocated allowance at June 30, 2014 and December 31, 2013. | ||
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. | ||
The Company has 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. The Company’s 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. The Company accrues for the estimated costs of these other post-retirement benefits through charges to expense during the years that employees render service. The Company makes contributions to cover the current benefits paid under this plan. The Company 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. The Company reviews and updates the assumptions annually. If the Company’s estimate of pension and post-retirement expense is too low it may experience higher expenses in the future, reducing its net income. If the Company’s estimate is too high, it may experience lower expenses in the future, increasing its net income. | ||
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. | ||
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 May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606).” The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application is not permitted. The Company is assessing the impact of ASU 2014-09 on its accounting and disclosures. | ||
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860) - Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures”, which aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. ASU 2014-11 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods. In addition the disclosure of certain transactions accounted for as a sale is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is prohibited. The Company is assessing the impact of ASU 2014-11 on its accounting and disclosures. |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Banks | 6 Months Ended | |
Jun. 30, 2014 | ||
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, 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 had cash and liquid assets of approximately $6.7 million and $5.0 million to meet these requirements at June 30, 2014 and December 31, 2013. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
3 | Earnings Per Share | |||||||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share: | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(Dollars in thousands, except per share data): | ||||||||||||||||||
Net income | $ | 2,190 | $ | 819 | $ | 3,682 | $ | 1,705 | ||||||||||
Less: | Dividends to participating shares | (16 | ) | (16 | ) | (28 | ) | (32 | ) | |||||||||
Income allocated to participating shares | (41 | ) | (10 | ) | (68 | ) | (21 | ) | ||||||||||
Net income allocated to common stockholders | $ | 2,133 | $ | 793 | $ | 3,586 | $ | 1,652 | ||||||||||
Weighted-average shares outstanding | 18,035,335 | 18,064,539 | 18,035,335 | 18,070,652 | ||||||||||||||
Less: | Average unallocated ESOP shares | (1,112,637 | ) | (1,205,641 | ) | (1,124,420 | ) | (1,219,735 | ) | |||||||||
Average treasury stock | (1,920,957 | ) | (1,084,513 | ) | (1,800,137 | ) | (728,709 | ) | ||||||||||
Average unvested restricted stock | (400,325 | ) | (533,767 | ) | (400,325 | ) | (534,828 | ) | ||||||||||
Weighted-average basic shares outstanding | 14,601,416 | 15,240,618 | 14,710,453 | 15,587,380 | ||||||||||||||
Plus: | Average dilutive shares | 106,056 | - | 103,113 | - | |||||||||||||
Weighted-average diluted shares outstanding | 14,707,472 | 15,240,618 | 14,813,566 | 15,587,380 | ||||||||||||||
Net earnings per share (1): | ||||||||||||||||||
Basic | $ | 0.15 | $ | 0.05 | $ | 0.24 | $ | 0.11 | ||||||||||
Diluted | $ | 0.14 | $ | 0.05 | $ | 0.24 | $ | 0.11 | ||||||||||
(1) Certain per share amounts may not appear to reconcile due to rounding. | ||||||||||||||||||
For the six months ended June 30, 2014 and 2013, respectively, 46,250 and 1,704,907 options were anti-dilutive and therefore excluded from the earnings per share calculation. |
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||
4 | Investment Securities | ||||||||||||||||||||||||||||
Investment securities are summarized as follows: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
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 | $ | 103,992 | $ | 2 | $ | (3 | ) | $ | 103,991 | $ | - | $ | - | $ | 103,991 | ||||||||||||||
U.S. Government agency obligations | 40,024 | 55 | (15 | ) | 40,064 | - | - | 40,064 | |||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 7,712 | 360 | - | 8,072 | - | - | 8,072 | ||||||||||||||||||||||
Corporate debt securities | 2,995 | 114 | - | 3,109 | - | - | 3,109 | ||||||||||||||||||||||
Preferred equity securities | 2,100 | 3 | (367 | ) | 1,736 | - | - | 1,736 | |||||||||||||||||||||
Marketable equity securities | 108 | 54 | (2 | ) | 160 | - | - | 160 | |||||||||||||||||||||
Mutual funds | 3,773 | - | (121 | ) | 3,652 | - | - | 3,652 | |||||||||||||||||||||
Total securities available-for-sale | $ | 160,704 | $ | 588 | $ | (508 | ) | $ | 160,784 | $ | - | $ | - | $ | 160,784 | ||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | 9,715 | $ | - | $ | - | $ | 9,715 | $ | 185 | $ | - | $ | 9,900 | |||||||||||||||
Government sponsored residential mortgage-backed securities | - | - | - | - | - | - | - | ||||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | - | - | 3,000 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 12,715 | $ | - | $ | - | $ | 12,715 | $ | 185 | $ | - | $ | 12,900 | |||||||||||||||
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 | ||||||||||||||
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 June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
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 | 2 | $ | 21,995 | $ | (3 | ) | $ | - | $ | - | $ | 21,995 | $ | (3 | ) | ||||||||||||||
U.S. Government agency obligations | 2 | 14,996 | (15 | ) | - | - | 14,996 | (15 | ) | ||||||||||||||||||||
Preferred equity securities | 1 | - | - | 1,633 | (367 | ) | 1,633 | (367 | ) | ||||||||||||||||||||
Marketable equity securities | 1 | - | - | 5 | (2 | ) | 5 | (2 | ) | ||||||||||||||||||||
Mutual funds | 1 | - | - | 3,653 | (121 | ) | 3,653 | (121 | ) | ||||||||||||||||||||
7 | 36,991 | (18 | ) | 5,291 | (490 | ) | 42,282 | (508 | ) | ||||||||||||||||||||
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 | ) | ||||||||||||||||||||
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 | 4,930 | (70 | ) | - | - | 4,930 | (70 | ) | ||||||||||||||||||||
Government sponsored residential | 1 | 4,956 | (27 | ) | - | - | 4,956 | (27 | ) | ||||||||||||||||||||
mortgage-backed securities | |||||||||||||||||||||||||||||
2 | 9,886 | (97 | ) | - | - | 9,886 | (97 | ) | |||||||||||||||||||||
Total investment securities in an unrealized loss position | 13 | $ | 84,428 | $ | (369 | ) | $ | 1,476 | $ | (531 | ) | $ | 85,904 | $ | (900 | ) | |||||||||||||
Management believes that no individual unrealized loss as of June 30, 2014 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 June 30, 2014: | |||||||||||||||||||||||||||||
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 issuer in relation to the severity and duration of the impairment. Management concluded that the preferred equity security is not other-than-temporarily impaired at June 30, 2014. | |||||||||||||||||||||||||||||
Mutual funds - The unrealized loss on mutual funds in a loss position for 12 months or more relates to one mutual fund. The mutual fund seeks to invest in geographically specific debt securities located in portions of the United States designated by fund shareholders. The fund invests primarily in high quality debt securities and other debt instruments supporting the affordable housing industry in areas of the United States designated by fund shareholders. When estimating the recovery period for securities in an unrealized loss position, management utilizes analyst forecasts, earnings assumptions and other fund-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 fund in relation to the severity and duration of the impairment. Management concluded that the mutual fund is not other-than-temporarily impaired at June 30, 2014. | |||||||||||||||||||||||||||||
The Company recorded no other-than-temporary impairment charges to the investment securities portfolios for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||
There were no gross realized gains on sales of securities available-for-sale for the three and six months ended June 30, 2014. There were gross realized gains on sales of securities available-for-sale totaling $36,000 for the three and six months ended June 30, 2013. | |||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, U.S. Treasury, U.S. Government agency obligations and Government sponsored residential mortgage-backed securities with a fair value of $113.3 million and $116.7 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 June 30, 2014 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
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 | $ | 105,987 | $ | 105,992 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 41,024 | 41,172 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | - | - | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 7,712 | 8,072 | 9,715 | 9,900 | |||||||||||||||||||||||||
$ | 154,723 | $ | 155,236 | $ | 12,715 | $ | 12,900 | ||||||||||||||||||||||
Federal Home Loan Bank of Boston (“FHLBB”) Stock | |||||||||||||||||||||||||||||
The Company, as a member of the FHLBB, owned $17.7 million and $13.1 million of FHLBB capital stock at June 30, 2014 and December 31, 2013, respectively, which is equal to its FHLBB capital stock requirement. The Company evaluated its FHLBB capital stock for potential other-than-temporary impairment at June 30, 2014. 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 June 30, 2014. | |||||||||||||||||||||||||||||
Alternative Investments | |||||||||||||||||||||||||||||
Alternative investments, which totaled $2.3 million and $2.4 million at June 30, 2014 and December 31, 2013, respectively, are included in other assets in the accompanying Consolidated Statements of Financial Condition. The Company’s alternative investments include certain non-public funds, which include limited partnerships, an equity fund and membership stocks. These investments are held at cost and evaluated for potential other-than-temporary impairment at June 30, 2014. The Company recognized a $41,000 other-than-temporary impairment charge in its limited partnerships for the six months ended June 30, 2014, included in other noninterest income in the accompanying condensed Consolidated Statements of Operations. See a further discussion of fair value in Note 13 - Fair Value Measurements. The Company recognized profit distributions in its limited partnerships of $27,000 and $91,000 for the six months ended June 30, 2014 and 2013, respectively. These amounts are included in other non-interest income in the accompanying condensed Consolidated Statements of Operations. The Company has $517,000 in unfunded commitments remaining for its alternative investments as of June 30, 2014. |
Loans_and_Allowance_for_Loan_L
Loans and Allowance for Loan Losses | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
5 | Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
Loans consisted of the following: | |||||||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 749,124 | $ | 693,046 | |||||||||||||||||||||||||||||||||
Commercial | 686,299 | 633,764 | |||||||||||||||||||||||||||||||||||
Construction | 69,047 | 78,191 | |||||||||||||||||||||||||||||||||||
Installment | 3,850 | 4,516 | |||||||||||||||||||||||||||||||||||
Commercial | 277,483 | 252,032 | |||||||||||||||||||||||||||||||||||
Collateral | 1,480 | 1,600 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 156,625 | 151,606 | |||||||||||||||||||||||||||||||||||
Demand | - | 85 | |||||||||||||||||||||||||||||||||||
Revolving credit | 75 | 94 | |||||||||||||||||||||||||||||||||||
Resort | 1,068 | 1,374 | |||||||||||||||||||||||||||||||||||
Total loans | 1,945,051 | 1,816,308 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (17,912 | ) | (18,314 | ) | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 3,363 | 2,993 | |||||||||||||||||||||||||||||||||||
Loans, net | $ | 1,930,502 | $ | 1,800,987 | |||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses by segments for the three and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,760 | $ | (123 | ) | $ | 1 | $ | (7 | ) | $ | 3,631 | |||||||||||||||||||||||||
Commercial | 8,601 | - | 1 | 180 | 8,782 | ||||||||||||||||||||||||||||||||
Construction | 927 | - | - | (27 | ) | 900 | |||||||||||||||||||||||||||||||
Installment | 42 | (3 | ) | - | 2 | 41 | |||||||||||||||||||||||||||||||
Commercial | 2,847 | (1 | ) | 6 | 237 | 3,089 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,453 | - | - | 15 | 1,468 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (12 | ) | 2 | 10 | - | |||||||||||||||||||||||||||||||
Resort | 1 | - | - | - | 1 | ||||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 17,631 | $ | (139 | ) | $ | 10 | $ | 410 | $ | 17,912 | |||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,901 | $ | (81 | ) | $ | - | $ | (92 | ) | $ | 3,728 | |||||||||||||||||||||||||
Commercial | 7,926 | - | - | 86 | 8,012 | ||||||||||||||||||||||||||||||||
Construction | 847 | - | - | 291 | 1,138 | ||||||||||||||||||||||||||||||||
Installment | 64 | - | - | (7 | ) | 57 | |||||||||||||||||||||||||||||||
Commercial | 2,990 | - | 4 | 5 | 2,999 | ||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,393 | - | - | 8 | 1,401 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (12 | ) | 6 | 6 | - | |||||||||||||||||||||||||||||||
Resort | 211 | - | - | (41 | ) | 170 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 17,332 | $ | (93 | ) | $ | 10 | $ | 256 | $ | 17,505 | |||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,647 | $ | (262 | ) | $ | 1 | $ | 245 | $ | 3,631 | ||||||||||||||||||||||||||
Commercial | 8,253 | (93 | ) | 1 | 621 | 8,782 | |||||||||||||||||||||||||||||||
Construction | 1,152 | - | - | (252 | ) | 900 | |||||||||||||||||||||||||||||||
Installment | 48 | (3 | ) | - | (4 | ) | 41 | ||||||||||||||||||||||||||||||
Commercial | 3,746 | (955 | ) | 13 | 285 | 3,089 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,465 | - | - | 3 | 1,468 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (26 | ) | 7 | 19 | - | |||||||||||||||||||||||||||||||
Resort | 3 | - | - | (2 | ) | 1 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 18,314 | $ | (1,339 | ) | $ | 22 | $ | 915 | $ | 17,912 | |||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,778 | $ | (375 | ) | $ | - | $ | 325 | $ | 3,728 | ||||||||||||||||||||||||||
Commercial | 8,105 | - | - | (93 | ) | 8,012 | |||||||||||||||||||||||||||||||
Construction | 760 | - | - | 378 | 1,138 | ||||||||||||||||||||||||||||||||
Installment | 77 | - | - | (20 | ) | 57 | |||||||||||||||||||||||||||||||
Commercial | 2,654 | - | 9 | 336 | 2,999 | ||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,377 | - | - | 24 | 1,401 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (24 | ) | 11 | 13 | - | |||||||||||||||||||||||||||||||
Resort | 456 | - | - | (286 | ) | 170 | |||||||||||||||||||||||||||||||
Unallocated | 22 | - | - | (22 | ) | - | |||||||||||||||||||||||||||||||
$ | 17,229 | $ | (399 | ) | $ | 20 | $ | 655 | $ | 17,505 | |||||||||||||||||||||||||||
The following table lists the allocation of the allowance by impairment methodology and by loan segment at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 12,477 | $ | 374 | $ | 12,225 | $ | 360 | |||||||||||||||||||||||||||||
Commercial | 20,848 | 183 | 21,143 | 62 | |||||||||||||||||||||||||||||||||
Construction | 187 | - | 187 | - | |||||||||||||||||||||||||||||||||
Installment | 223 | 8 | 215 | 9 | |||||||||||||||||||||||||||||||||
Commercial | 6,666 | 407 | 4,096 | 1,243 | |||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 423 | - | 538 | - | |||||||||||||||||||||||||||||||||
Demand | - | - | - | - | |||||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | |||||||||||||||||||||||||||||||||
Resort | 1,068 | 1 | 1,219 | - | |||||||||||||||||||||||||||||||||
41,892 | 973 | 39,623 | 1,674 | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 740,389 | $ | 3,257 | $ | 683,966 | $ | 3,287 | |||||||||||||||||||||||||||||
Commercial | 665,120 | 8,599 | 612,517 | 8,191 | |||||||||||||||||||||||||||||||||
Construction | 68,860 | 900 | 78,004 | 1,152 | |||||||||||||||||||||||||||||||||
Installment | 3,627 | 33 | 4,301 | 39 | |||||||||||||||||||||||||||||||||
Commercial | 270,769 | 2,682 | 247,888 | 2,503 | |||||||||||||||||||||||||||||||||
Collateral | 1,480 | - | 1,600 | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 156,202 | 1,468 | 151,068 | 1,465 | |||||||||||||||||||||||||||||||||
Demand | - | - | 85 | - | |||||||||||||||||||||||||||||||||
Revolving Credit | 75 | - | 94 | - | |||||||||||||||||||||||||||||||||
Resort | - | - | 155 | 3 | |||||||||||||||||||||||||||||||||
1,906,522 | 16,939 | 1,779,678 | 16,640 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,948,414 | $ | 17,912 | $ | 1,819,301 | $ | 18,314 | |||||||||||||||||||||||||||||
The following is a summary of loan delinquencies at recorded investment values at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
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 | 6 | $ | 1,228 | 6 | $ | 808 | 19 | $ | 8,584 | 31 | $ | 10,620 | $ | - | |||||||||||||||||||||||
Commercial | - | - | - | - | 4 | 2,170 | 4 | 2,170 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 187 | 1 | 187 | - | ||||||||||||||||||||||||||||
Installment | 1 | 3 | - | - | 4 | 75 | 5 | 78 | - | ||||||||||||||||||||||||||||
Commercial | 3 | 327 | 1 | 38 | 6 | 958 | 10 | 1,323 | - | ||||||||||||||||||||||||||||
Collateral | 7 | 57 | - | - | - | - | 7 | 57 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 2 | 74 | 1 | 283 | 6 | 459 | 9 | 816 | - | ||||||||||||||||||||||||||||
Demand | 1 | 6 | - | - | - | - | 1 | 6 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 20 | $ | 1,695 | 8 | $ | 1,129 | 40 | $ | 12,433 | 68 | $ | 15,257 | $ | - | |||||||||||||||||||||||
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 | $ | - | |||||||||||||||||||||||
Nonperforming assets consist of non-accruing loans including non-accruing loans identified as troubled debt restructurings, loans past due more than 90 days and still accruing interest and other real estate owned. The following table lists nonperforming assets at: | |||||||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 10,266 | $ | 10,599 | |||||||||||||||||||||||||||||||||
Commercial | 2,170 | 827 | |||||||||||||||||||||||||||||||||||
Construction | 187 | 187 | |||||||||||||||||||||||||||||||||||
Installment | 78 | 162 | |||||||||||||||||||||||||||||||||||
Commercial | 1,327 | 2,285 | |||||||||||||||||||||||||||||||||||
Collateral | - | - | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 624 | 740 | |||||||||||||||||||||||||||||||||||
Demand | - | - | |||||||||||||||||||||||||||||||||||
Revolving Credit | - | - | |||||||||||||||||||||||||||||||||||
Resort | - | - | |||||||||||||||||||||||||||||||||||
Total nonaccruing loans | 14,652 | 14,800 | |||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | - | - | |||||||||||||||||||||||||||||||||||
Other real estate owned | 434 | 393 | |||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 15,086 | $ | 15,193 | |||||||||||||||||||||||||||||||||
The following is a summary of information pertaining to impaired loans at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
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 | $ | 7,399 | $ | 7,942 | $ | - | $ | 6,900 | $ | 7,442 | $ | - | |||||||||||||||||||||||||
Commercial | 15,689 | 18,526 | - | 18,463 | 18,649 | - | |||||||||||||||||||||||||||||||
Construction | 187 | 433 | - | 187 | 433 | - | |||||||||||||||||||||||||||||||
Installment | 195 | 195 | - | 187 | 187 | - | |||||||||||||||||||||||||||||||
Commercial | 3,561 | 3,709 | - | 1,268 | 1,307 | - | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 423 | 546 | - | 538 | 658 | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 27,454 | 31,351 | - | 27,543 | 28,676 | - | |||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,078 | 5,595 | 374 | 5,325 | 5,804 | 360 | |||||||||||||||||||||||||||||||
Commercial | 5,159 | 2,597 | 183 | 2,680 | 2,679 | 62 | |||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Installment | 28 | 28 | 8 | 28 | 28 | 9 | |||||||||||||||||||||||||||||||
Commercial | 3,105 | 4,031 | 407 | 2,828 | 2,888 | 1,243 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,068 | 1,068 | 1 | 1,219 | 1,218 | - | |||||||||||||||||||||||||||||||
Total | 14,438 | 13,319 | 973 | 12,080 | 12,617 | 1,674 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 41,892 | $ | 44,670 | $ | 973 | $ | 39,623 | $ | 41,293 | $ | 1,674 | |||||||||||||||||||||||||
The following table summarizes average recorded investment and interest income recognized on impaired loans: | |||||||||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||||||||
Average | Interest | Interest | Average | Interest | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Income | Recorded | Income | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Recognized | Investment | Recognized | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 6,895 | $ | 20 | $ | 43 | $ | 4,254 | $ | 1 | $ | 1 | |||||||||||||||||||||||||
Commercial | 16,844 | 174 | 429 | 3,762 | 45 | 82 | |||||||||||||||||||||||||||||||
Construction | 140 | - | - | 380 | - | - | |||||||||||||||||||||||||||||||
Installment | 143 | 3 | 7 | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,658 | 27 | 84 | 2,988 | 60 | 96 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 470 | - | - | 506 | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 28,150 | 224 | 563 | 11,890 | 106 | 179 | |||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,275 | 7 | 27 | 6,712 | 24 | 41 | |||||||||||||||||||||||||||||||
Commercial | 4,080 | 15 | 47 | 13,733 | 223 | 470 | |||||||||||||||||||||||||||||||
Construction | 47 | - | - | 377 | - | - | |||||||||||||||||||||||||||||||
Installment | 28 | - | - | 17 | - | - | |||||||||||||||||||||||||||||||
Commercial | 2,717 | 30 | 53 | 3,702 | 23 | 40 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,175 | 8 | 19 | 1,199 | 16 | 29 | |||||||||||||||||||||||||||||||
Total | 13,322 | 60 | 146 | 25,740 | 286 | 580 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 41,472 | $ | 284 | $ | 709 | $ | 37,630 | $ | 392 | $ | 759 | |||||||||||||||||||||||||
There was no interest income recognized on a cash basis method of accounting for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
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 $25.0 million and $23.4 million at June 30, 2014 and December 31, 2013, respectively. At June 30, 2014 and December 31, 2013, the majority of the Company’s TDRs are on accrual status. TDRs on accrual status were $18.2 million and $15.8 million while TDRs on nonaccrual status were $6.8 million and $7.6 million at June 30, 2014 and December 31, 2013, respectively. At June 30, 2014, 100% of the accruing TDRs have been performing in accordance with the restructured terms. At June 30, 2014 and December 31, 2013, the allowance for loan losses included specific reserves of $721,000 and $1.6 million related to TDRs, respectively. For the six months ended June 30, 2014 and 2013, the Bank had charge-offs totaling $982,000 and $293,000, respectively, related to portions of TDRs deemed to be uncollectible. The Bank in very rare circumstances may provide additional funds to borrowers in TDR status. The amount of additional funds available to borrowers in TDR status was $219,000 and $332,000 at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||||||
The following tables present information on loans whose terms had been modified in a troubled debt restructuring at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
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 | 12 | $ | 2,419 | 9 | $ | 5,618 | 21 | $ | 8,037 | ||||||||||||||||||||||||||||
Commercial | 9 | 10,005 | - | - | 9 | 10,005 | |||||||||||||||||||||||||||||||
Construction | - | - | 1 | 187 | 1 | 187 | |||||||||||||||||||||||||||||||
Installment | 4 | 223 | - | - | 4 | 223 | |||||||||||||||||||||||||||||||
Commercial | 9 | 4,475 | 5 | 787 | 14 | 5,262 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | 2 | 197 | 2 | 197 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1 | 1,068 | - | - | 1 | 1,068 | |||||||||||||||||||||||||||||||
Total | 35 | $ | 18,190 | 17 | $ | 6,789 | 52 | $ | 24,979 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
The following tables include the recorded investment and number of modifications for modified loans. The Company reports the recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | 278 | $ | 278 | 9 | $ | 1,463 | $ | 1,450 | |||||||||||||||||||||||||||
Installment | 1 | 17 | 17 | 1 | 17 | 17 | |||||||||||||||||||||||||||||||
Commercial | 2 | 283 | 283 | 4 | 3,763 | 3,759 | |||||||||||||||||||||||||||||||
Total | 5 | $ | 578 | $ | 578 | 14 | $ | 5,243 | $ | 5,226 | |||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 3 | $ | 588 | $ | 570 | |||||||||||||||||||||||||||
Commercial | 2 | 1,726 | 1,725 | 2 | 1,725 | 1,725 | |||||||||||||||||||||||||||||||
Construction | 1 | 187 | 187 | 1 | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 1 | 29 | 29 | 2 | 36 | 35 | |||||||||||||||||||||||||||||||
Commercial | 5 | 2,026 | 2,025 | 6 | 5,653 | 5,603 | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | 2 | 244 | 200 | |||||||||||||||||||||||||||||||
Total | 9 | $ | 3,968 | $ | 3,966 | 16 | $ | 8,433 | $ | 8,320 | |||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
The following 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 three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | - | $ | - | $ | - | $ | 278 | $ | 278 | ||||||||||||||||||||||||||
Installment | 1 | - | - | - | 17 | 17 | |||||||||||||||||||||||||||||||
Commercial | 2 | 241 | - | - | 42 | 283 | |||||||||||||||||||||||||||||||
Total | 5 | $ | 241 | $ | - | $ | - | $ | 337 | $ | 578 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 9 | $ | - | $ | - | $ | - | $ | 1,450 | $ | 1,450 | ||||||||||||||||||||||||||
Installment | 1 | - | - | - | 17 | 17 | |||||||||||||||||||||||||||||||
Commercial | 4 | 2,621 | - | - | 1,138 | 3,759 | |||||||||||||||||||||||||||||||
Total | 14 | $ | 2,621 | $ | - | $ | - | $ | 2,605 | $ | 5,226 | ||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 1,577 | $ | - | $ | - | $ | 148 | $ | 1,725 | ||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 1 | - | - | 29 | - | 29 | |||||||||||||||||||||||||||||||
Commercial | 5 | 1,919 | - | - | 106 | 2,025 | |||||||||||||||||||||||||||||||
Total | 9 | $ | 3,496 | $ | - | $ | 29 | $ | 441 | $ | 3,966 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | - | $ | - | $ | 231 | $ | 339 | $ | 570 | ||||||||||||||||||||||||||
Commercial | 2 | 1,577 | - | - | 148 | 1,725 | |||||||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 2 | - | - | 35 | - | 35 | |||||||||||||||||||||||||||||||
Commercial | 6 | 5,497 | - | - | 106 | 5,603 | |||||||||||||||||||||||||||||||
Home equity line of credit | 2 | - | - | 14 | 186 | 200 | |||||||||||||||||||||||||||||||
Total | 16 | $ | 7,074 | $ | - | $ | 280 | $ | 966 | $ | 8,320 | ||||||||||||||||||||||||||
A TDR is considered to be in re-default once it is more than 30 days past due following a modification. The following loans defaulted and had been modified as a TDR during the twelve month period preceding the default date during the three and six months ended June 30, 2014. | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment (1) | Number of Loans | Recorded Investment (1) | |||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 1 | $ | 498 | 2 | $ | 711 | |||||||||||||||||||||||||||||||
Commercial | 2 | 454 | 2 | 454 | |||||||||||||||||||||||||||||||||
Total | 3 | $ | 952 | 4 | $ | 1,165 | |||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||||||
There were no loans that defaulted and had been modified as a TDR during the twelve month period preceding the default date during the three and six months ended June 30, 2013. | |||||||||||||||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 736,046 | $ | 1,073 | $ | 12,005 | $ | - | $ | 749,124 | |||||||||||||||||||||||||||
Commercial | 665,383 | 7,230 | 13,686 | - | 686,299 | ||||||||||||||||||||||||||||||||
Construction | 63,847 | 134 | 5,066 | - | 69,047 | ||||||||||||||||||||||||||||||||
Installment | 3,502 | 47 | 301 | - | 3,850 | ||||||||||||||||||||||||||||||||
Commercial | 263,293 | 2,817 | 10,716 | 657 | 277,483 | ||||||||||||||||||||||||||||||||
Collateral | 1,480 | - | - | - | 1,480 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 154,976 | 861 | 788 | - | 156,625 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving Credit | 75 | - | - | - | 75 | ||||||||||||||||||||||||||||||||
Resort | - | - | 1,068 | - | 1,068 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,888,602 | $ | 12,162 | $ | 43,630 | $ | 657 | $ | 1,945,051 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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 $3.2 million and $3.1 million at June 30, 2014 and December 31, 2013, respectively. The fair value of mortgage servicing rights approximated $3.6 million at June 30, 2014 and December 31, 2013. Total loans sold with servicing rights retained were $21.8 million and $117.5 million for the six months ended June 30, 2014 and 2013, respectively. The net gain on loans sold totaled $439,000 and $3.6 million for the six months ended June 30, 2014 and 2013, respectively, and is included in the accompanying condensed 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 $310.6 million and $299.0 million at June 30, 2014 and December 31, 2013, respectively. Loan servicing fees for others totaling $375,000 and $258,000 for the six months ended June 30, 2014 and 2013, respectively, and is included as a component of other noninterest income in the accompanying condensed 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. These related party loans totaled $980,000 and $647,000 at June 30, 2014 and December 31, 2013, respectively. All related party loans were performing according to their credit terms. |
Credit_Arrangements
Credit Arrangements | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Credit Arrangements | ' | |
6 | Credit Arrangements | |
The Company has access to a pre-approved line of credit with the Federal Home Loan Bank of Boston (“FHLBB”) for $8.8 million, which was undrawn at June 30, 2014 and December 31, 2013. The Company has access to a pre-approved unsecured line of credit with a financial institution totaling $20.0 million, which was undrawn at June 30, 2014 and December 31, 2013. 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 June 30, 2014 and December 31, 2013. 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 $291.0 million and $259.0 million at June 30, 2014 and December 31, 2013, respectively. Advances from the FHLBB are collateralized by first mortgage loans with an estimated eligible collateral value of $731.7 million and $677.4 million at June 30, 2014 and December 31, 2013, respectively. The Company has available borrowings of $193.2 million and $190.6 million at June 30, 2014 and December 31, 2013, 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. | ||
The Company participates in the Federal Reserve Bank’s discount window loan collateral program that enables the Company to borrow up to $97.3 million and $80.5 million on an overnight basis at June 30, 2014 and December 31, 2013, respectively, and was undrawn as of June 30, 2014 and December 31, 2013. The funding arrangement was collateralized by $149.5 million and $124.7 million in pledged commercial real estate loans as of June 30, 2014 and December 31, 2013, 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 $203,000. Outstanding borrowings totaled $21.0 million at June 30, 2014 and December 31, 2013. | ||
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 overnight repurchase liability agreements do not contain master netting arrangements. The Bank had repurchase liabilities outstanding of $55.3 million and $50.8 million at June 30, 2014 and December 31, 2013, 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 $62.6 million and $71.3 million as of June 30, 2014 and December 31, 2013, respectively. |
Deposits
Deposits | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Banking and Thrift [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
7 | Deposits | ||||||||
Deposit balances are as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Noninterest-bearing demand deposits | $ | 315,916 | $ | 308,459 | |||||
Interest-bearing | |||||||||
NOW accounts | 377,570 | 285,392 | |||||||
Money market | 401,694 | 387,225 | |||||||
Savings accounts | 202,970 | 193,937 | |||||||
Time deposits | 332,629 | 338,488 | |||||||
Total interest-bearing deposits | 1,314,863 | 1,205,042 | |||||||
Total deposits | $ | 1,630,779 | $ | 1,513,501 | |||||
Time certificates of deposit in denominations of $100,000 or more approximated $154.2 million and $147.7 million at June 30, 2014 and December 31, 2013, respectively. | |||||||||
At June 30, 2014, the scheduled maturities of time deposits were as follows: | |||||||||
(Dollars in thousands) | |||||||||
Years ending December 31, | |||||||||
2014 | $ | 165,907 | |||||||
2015 | 87,817 | ||||||||
2016 | 50,000 | ||||||||
2016 | 16,417 | ||||||||
2017 | 7,861 | ||||||||
Thereafter | 4,627 | ||||||||
Total time deposits | $ | 332,629 | |||||||
The Company has established a relationship to participate in a reciprocal deposit program with other financial institutions as a service to its customers. This program provides enhanced FDIC insurance to participating customers. As of June 30, 2014 and December 31, 2013, there have been no reciprocal deposits. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefit Plans | ' | ||||||||||||||||
8 | Pension and Other Postretirement Benefit Plans | ||||||||||||||||
The following tables set forth the components of net periodic pension and benefit costs. | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | - | $ | 15 | $ | 26 | |||||||||
Interest cost | 256 | 239 | 37 | 32 | |||||||||||||
Expected return on plan assets | (335 | ) | (283 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 76 | 140 | 5 | 10 | |||||||||||||
Prior service cost | - | - | (13 | ) | (12 | ) | |||||||||||
Net periodic benefit cost | $ | (3 | ) | $ | 96 | $ | 44 | $ | 56 | ||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | - | $ | 30 | $ | 51 | |||||||||
Interest cost | 511 | 476 | 73 | 64 | |||||||||||||
Expected return on plan assets | (670 | ) | (567 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 153 | 286 | 9 | 21 | |||||||||||||
Prior service cost | - | - | (25 | ) | (25 | ) | |||||||||||
Net periodic benefit cost | $ | (6 | ) | $ | 195 | $ | 87 | $ | 111 | ||||||||
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. | |||||||||||||||||
The Company expects to contribute a total of $1.5 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 Company accrues for the estimated costs of these plans through charges to expense during the year that employees render service. The Company makes contributions to cover the current benefits paid under these plans. | |||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||
As part of the reorganization, the Company established the ESOP to provide eligible employees the opportunity to own Company stock. The Company provided a loan to the Farmington Bank Employee Stock Ownership Plan Trust in the amount needed to purchase up to 1,430,416 shares of the Company’s common stock in the open market subsequent to the initial public offering. The loan bears an interest rate equal to the Wall Street Journal Prime Rate plus one percentage point, adjusted annually, and provides for annual payments of interest and principal over the 15 year term of the loan. At June 30, 2014, 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 $740,000 and $678,000 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Shares held by the ESOP include the following as of June 30, 2014: | |||||||||||||||||
Allocated | 286,083 | ||||||||||||||||
Committed to be released | 47,289 | ||||||||||||||||
Unallocated | 1,097,044 | ||||||||||||||||
1,430,416 | |||||||||||||||||
The fair value of unallocated ESOP shares was $17.6 million at June 30, 2014. |
Stock_Incentive_Plan
Stock Incentive Plan | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||||||||||
Stock Incentive Plan | ' | ||||||||||||||||
9 | Stock Incentive Plan | ||||||||||||||||
In August 2012, the Company implemented the First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan (the “Plan”). The Plan provides for a total of 2,503,228 shares of common stock for issuance upon the grant or exercise of awards. The Plan 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 six months ended June 30, 2014 and 2013, the Company recorded $1.4 million and $2.1 million of share-based compensation expense, respectively, comprised of $587,000 and $790,000 of stock option expense, respectively and $857,000 and $1.3 million of restricted stock expense, respectively. Expected future compensation expense relating to the 996,007 non-vested options outstanding at June 30, 2014, is $2.6 million over the remaining vesting period of 2.24 years. Expected future compensation expense relating to the 400,325 non-vested restricted shares at June 30, 2014, is $3.7 million over the remaining vesting period of 2.19 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 six months ended June 30, 2014 and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted per share average fair value of options granted | $ | 4.27 | $ | 3.99 | |||||||||||||
Weighted-average assumptions: | |||||||||||||||||
Risk-free interest rate | 1.9 | % | 1.12 | % | |||||||||||||
Expected volatility | 30.56 | % | 32.35 | % | |||||||||||||
Expected dividend yield | 1.89 | % | 1.67 | % | |||||||||||||
Weighted-average dividend yield | 1.09% - 2.51 | % | 0.80% - 2.71 | % | |||||||||||||
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 six months ended June 30, 2014. | |||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Stock Options | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | (in thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at December 31, 2013 | 1,629,857 | $ | 12.98 | ||||||||||||||
Granted | 21,500 | 16.39 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | (4,100 | ) | 14.63 | ||||||||||||||
Outstanding at June 30, 2014 | 1,647,257 | $ | 13.02 | 8.21 | $ | 4,984 | |||||||||||
Exercisable at June 30, 2014 | 651,250 | ||||||||||||||||
No options were exercised for the six months ended June 30, 2014 and 2013. | |||||||||||||||||
The following is a summary of the status of the Company’s restricted stock for the six months ended June 31, 2014. | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Restricted | Grant Date | ||||||||||||||||
Stock | Fair Value | ||||||||||||||||
Unvested at December 31, 2013 | 400,325 | $ | 12.95 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Unvested at June 30, 2014 | 400,325 | $ | 12.95 |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||
10 | Derivative Financial Instruments | ||||||||||||||||||||||||||||
Non-Hedge Accounting Derivatives/Non-designated Hedges: | |||||||||||||||||||||||||||||
The Company does not use derivatives for trading or speculative purposes. Interest rate swap derivatives not designated as hedges are offered to certain qualifying commercial customers and to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting under FASB ASC 815, “Derivatives and Hedging”. The interest rate swap agreements enable these customers to synthetically fix the interest rate on variable interest rate loans. The customers pay a variable rate and enter into a fixed rate swap agreement with the Company. The credit risk associated with the interest rate swap derivatives executed with these customers is essentially the same as that involved in extending loans and is subject to the Company’s normal credit policies. The Company obtains collateral, if needed, based upon its assessment of the customers’ credit quality. Generally, interest rate swap agreements are offered to “pass” rated customers requesting long-term commercial loans or commercial mortgages in amounts generally of at least $1.0 million. The interest rate swap agreement with 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, in accordance with contract thresholds. As of June, 2014, the Company maintained a cash balance of $4.0 million with a correspondent bank to collateralize its position. As of June 30, 2014, the Company has an agreement with a 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 June 30, 2014. | |||||||||||||||||||||||||||||
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 the condensed consolidated Statements of Financial Condition at fair value. The Company had the following outstanding interest rate swaps that were not designated for hedge accounting: | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Consolidated | # of | Notional | Estimated | # of | Notional | Estimated | ||||||||||||||||||||||
Balance Sheet | Instruments | Amount | Fair | Instruments | Amount | Fair | |||||||||||||||||||||||
Location | Values | Values | |||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||
interest rate swap position | Other Assets | 31 | $ | 94,978 | $ | 4,622 | 22 | $ | 66,635 | $ | 3,238 | ||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||
interest rate swap position | Other Liabilities | 13 | 50,760 | (4,681 | ) | 22 | 82,535 | (3,294 | ) | ||||||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||||
rate swap position | Other Liabilities | 44 | 145,738 | 59 | 44 | 149,170 | 56 | ||||||||||||||||||||||
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 condensed consolidated statements of operations as follows: | |||||||||||||||||||||||||||||
For The Three Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Interest Income | MTM (Loss) | Net Impact | Interest Income | MTM (Loss) | Net Impact | ||||||||||||||||||||||||
Recorded in | Gain Recorded | Recorded in | Gain Recorded | ||||||||||||||||||||||||||
Interest Income | in Noninterest | Interest Income | in Noninterest | ||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loan customer interest rate swap position | $ | (860 | ) | $ | 1,048 | $ | 188 | $ | 702 | $ | (3,061 | ) | $ | (2,359 | ) | ||||||||||||||
Counterparty interest rate swap position | 860 | (1,048 | ) | (188 | ) | (702 | ) | 3,061 | 2,359 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
For The Six Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Interest Income | MTM (Loss) | Net Impact | Interest Income | MTM (Loss) | Net Impact | ||||||||||||||||||||||||
Recorded in | Gain Recorded | Recorded in | Gain Recorded | ||||||||||||||||||||||||||
Interest Income | in Noninterest | Interest Income | in Noninterest Income | ||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loan customer interest rate swap position | $ | (1,715 | ) | $ | 1,384 | $ | (331 | ) | $ | 1,378 | $ | (3,975 | ) | $ | (2,597 | ) | |||||||||||||
Counterparty interest rate swap position | 1,715 | (1,384 | ) | 331 | (1,378 | ) | 3,975 | 2,597 | |||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Offsetting of Financial Assets and Liabilities | |||||||||||||||||||||||||||||
The following table presents the potential effect of rights of setoff associated with the Company’s recognized financial assets and liabilities at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of | Financial Instruments | Securities Collateral Received | Cash | Net | |||||||||||||||||||||||
Assets Presented in | Collateral Received | Amount | |||||||||||||||||||||||||||
the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 4,622 | $ | - | $ | 4,622 | $ | - | $ | - | $ | 4,000 | $ | 622 | |||||||||||||||
Total | $ | 4,622 | $ | - | $ | 4,622 | $ | - | $ | - | $ | 4,000 | $ | 622 | |||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments | Securities Collateral Pledged | Cash | Net | |||||||||||||||||||||||
Collateral Pledged | Amount | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 4,681 | $ | - | $ | 4,681 | $ | - | $ | - | $ | 4,000 | $ | 681 | |||||||||||||||
Repurchase agreement | |||||||||||||||||||||||||||||
borrowings | 21,000 | - | 21,000 | - | 21,000 | - | - | ||||||||||||||||||||||
Total | $ | 25,681 | $ | - | $ | 25,681 | $ | - | $ | 21,000 | $ | 4,000 | $ | 681 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount of Recognized Assets | Gross Amounts | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments | Securities Collateral Received | Cash | Net | |||||||||||||||||||||||
Offset in the | Collateral Received | Amount | |||||||||||||||||||||||||||
Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 3,238 | $ | - | $ | 3,238 | $ | - | $ | - | $ | 2,000 | $ | 1,238 | |||||||||||||||
Total | $ | 3,238 | $ | - | $ | 3,238 | $ | - | $ | - | $ | 2,000 | $ | 1,238 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount | Gross Amounts | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments | Securities Collateral Pledged | Cash | Net | |||||||||||||||||||||||
of Recognized | Offset in the | Collateral Pledged | Amount | ||||||||||||||||||||||||||
Liabilities | Statement of | ||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 3,294 | $ | - | $ | 3,294 | $ | - | $ | - | $ | 2,000 | $ | 1,294 | |||||||||||||||
Repurchase agreement | |||||||||||||||||||||||||||||
borrowings | 21,000 | - | 21,000 | - | 21,000 | - | - | ||||||||||||||||||||||
Total | $ | 24,294 | $ | - | $ | 24,294 | $ | - | $ | 21,000 | $ | 2,000 | $ | 1,294 | |||||||||||||||
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 June 30, 2014, the notional amount of outstanding rate locks totaled approximately $11.6 million and the notional amount of outstanding commitments to sell residential mortgage loans totaled approximately $11.3 million. Forward sales, which include mandatory forward commitments, notional amount totaled approximately $9.0 million at June 30, 2014; establish the price to be received upon the sale of the related mortgage loan, thereby mitigating certain interest rate risk. There is, however, still certain execution risk specifically related to the Company’s ability to close and deliver to its investors the mortgage loans it has committed to sell. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk | ' | ||||||||
11 | Financial Instruments with Off-Balance Sheet Risk | ||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and unused lines of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statement of condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. | |||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Financial instruments whose contract amounts represent credit risk are as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Approved loan commitments | $ | 60,065 | $ | 25,667 | |||||
Unadvanced portion of construction loans | 40,317 | 64,599 | |||||||
Unused lines for home equity loans | 174,843 | 163,255 | |||||||
Unused revolving lines of credit | 385 | 354 | |||||||
Unused commercial letters of credit | 3,384 | 3,910 | |||||||
Unused commercial lines of credit | 187,151 | 153,673 | |||||||
$ | 466,145 | $ | 411,458 | ||||||
Financial instruments with off-balance sheet risk had a valuation allowance of $439,000 and $436,000 as of June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, 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 | 6 Months Ended | |
Jun. 30, 2014 | ||
Risks and Uncertainties [Abstract] | ' | |
Significant Group Concentrations of Credit Risk | ' | |
12 | 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 | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
13 | 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 six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||
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, U.S. Government agency 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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
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 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, stated interest rate 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 June 30, 2014 and December 31, 2013 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Quoted Prices in | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Active Markets for | |||||||||||||||||||||||||
Identical Assets | |||||||||||||||||||||||||
(Dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 103,991 | $ | 103,991 | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | 40,064 | 40,064 | - | - | |||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 8,072 | - | 8,072 | - | |||||||||||||||||||||
Corporate debt securities | 3,109 | - | 3,109 | - | |||||||||||||||||||||
Preferred equity securities | 1,736 | - | 1,736 | - | |||||||||||||||||||||
Marketable equity securities | 160 | 160 | - | - | |||||||||||||||||||||
Mutual funds | 3,652 | - | 3,652 | - | |||||||||||||||||||||
Securities available-for-sale | 160,784 | 144,215 | 16,569 | - | |||||||||||||||||||||
Interest rate swap derivative | 4,622 | - | 4,622 | - | |||||||||||||||||||||
Derivative loan commitments | 149 | - | - | 149 | |||||||||||||||||||||
Total | $ | 165,555 | $ | 144,215 | $ | 21,191 | $ | 149 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 4,681 | $ | - | $ | 4,681 | $ | - | |||||||||||||||||
Forward loan sales commitments | 99 | - | - | 99 | |||||||||||||||||||||
Total | $ | 4,780 | $ | - | $ | 4,681 | $ | 99 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable 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 | - | |||||||||||||||||||||
Derivative loan commitments | 36 | - | - | 36 | |||||||||||||||||||||
Forward loan sales 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 | $ | - | |||||||||||||||||
The following table presents additional information about assets measured at fair value for which the Company has utilized Level 3 inputs. | |||||||||||||||||||||||||
Derivative and Forward Loan Sales Commitments, Net | |||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of period | $ | 96 | $ | 494 | $ | 47 | $ | 488 | |||||||||||||||||
Total realized gain: | |||||||||||||||||||||||||
Included in earnings | (46 | ) | (3 | ) | 3 | 3 | |||||||||||||||||||
Balance, at the end of period | $ | 50 | $ | 491 | $ | 50 | $ | 491 | |||||||||||||||||
The following tables present the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Input | |||||||||||||||||||||
Derivative and forward loan sales commitments, net | $ | 50 | Adjusted quoted prices in active markets | Embedded servicing value | 1.16% | ||||||||||||||||||||
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 decreases 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 June 30, 2014 and December 31, 2013 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value: | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 2,882 | $ | - | $ | - | $ | 5,910 | |||||||||||||
Other real estate owned | - | - | 208 | - | - | 277 | |||||||||||||||||||
Mortgage servicing rights | - | - | - | - | - | 1,970 | |||||||||||||||||||
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 tables present the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Significant | Weighted Average Inputs | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | |||||||||||||||||||||
Impaired loans | $ | 2,882 | Appraisals | Discount for dated appraisal | 0% - 20% | 10 | % | ||||||||||||||||||
Discount for costs to sell | 8% - 15% | 11.5 | % | ||||||||||||||||||||||
Other real estate owned | $ | 208 | Appraisals | Discount for costs to sell | 8% - 10% | 9 | % | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Significant | Weighted Average Inputs | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of 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 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 membership stocks. These alternative investments totaled $2.3 million and $2.4 million at June 30, 2014 and December 31, 2013, respectively. The Company recognized a $41,000 other-than-temporary impairment charge in its limited partnerships for the six months ended June 30, 2014, included in other noninterest income in the accompanying condensed Consolidated Statements of Operations. The Company has $517,000 in unfunded commitments remaining for its alternative investments as of June 30, 2014. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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, including FHLBB advances and repurchase borrowings, 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. | |||||||||||||||||||||||||
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2014 and December 31, 2013. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 12,715 | $ | 12,900 | $ | 12,983 | $ | 12,886 | ||||||||||||||||
Securities available-for-sale | See previous table | 160,784 | 160,784 | 150,886 | 150,886 | ||||||||||||||||||||
Loans | Level 3 | 1,945,051 | 1,936,984 | 1,816,308 | 1,803,424 | ||||||||||||||||||||
Loans held-for-sale | Level 2 | 4,576 | 4,686 | 3,186 | 3,188 | ||||||||||||||||||||
Mortgage servicing rights | Level 3 | 3,172 | 3,594 | 3,146 | 3,596 | ||||||||||||||||||||
Federal Home Loan Bank of Boston stock | Level 2 | 17,724 | 17,724 | 13,136 | 13,136 | ||||||||||||||||||||
Alternative investments | Level 3 | 2,344 | 2,337 | 2,352 | 2,778 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 4,622 | 4,622 | 3,238 | 3,238 | ||||||||||||||||||||
Forward loan sales commitments | Level 3 | - | - | 36 | 36 | ||||||||||||||||||||
Derivative loan commitments | Level 3 | 149 | 149 | 11 | 11 | ||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Deposits other than time deposits | Level 1 | 1,298,150 | 1,298,150 | 1,175,013 | 1,175,013 | ||||||||||||||||||||
Time deposits | Level 2 | 332,629 | 335,327 | 338,488 | 341,395 | ||||||||||||||||||||
Federal Home Loan Bank of Boston advances | Level 2 | 291,000 | 291,486 | 259,000 | 259,765 | ||||||||||||||||||||
Repurchase agreement borrowings | Level 2 | 21,000 | 21,813 | 21,000 | 21,992 | ||||||||||||||||||||
Repurchase liabilities | Level 2 | 55,326 | 55,326 | 50,816 | 50,816 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 4,681 | 4,681 | 3,294 | 3,294 | ||||||||||||||||||||
Forward loan sales commitments | Level 3 | 99 | 99 | - | - | ||||||||||||||||||||
Regulatory_Matters
Regulatory Matters | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Regulatory Matters Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
14 | Regulatory Matters | ||||||||||||||||||||||||
The Company and the Bank are 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 their financial statements. | |||||||||||||||||||||||||
Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’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 and the Bank 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 June 30, 2014 and December 31, 2013 that the Company and the Bank meet all capital adequacy requirements to which they are subject. The Federal Deposit Insurance Corporation categorizes the Company and the Bank as well capitalized under the regulatory framework for prompt corrective action as of June 30, 2014. To be categorized as well capitalized, the Company and the Bank 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 following table provides information on the 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 June 30, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 213,297 | 12.29 | % | $ | 138,843 | 8 | % | $ | 173,553 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 194,946 | 11.23 | 69,438 | 4 | 104,156 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 194,946 | 8.9 | 87,616 | 4 | 109,520 | 5 | |||||||||||||||||||
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 | |||||||||||||||||||
First Connecticut Bancorp, Inc.: | |||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 253,117 | 14.56 | % | $ | 139,075 | 8 | % | $ | 173,844 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 234,766 | 13.51 | 69,509 | 4 | 104,263 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 234,766 | 10.7 | 87,763 | 4 | 109,704 | 5 | |||||||||||||||||||
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 |
Other_Comprehensive_Income
Other Comprehensive Income | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||
Other Comprehensive Income | ' | |||||||||||||
15 | Other Comprehensive Income | |||||||||||||
The following table presents a reconciliation of the changes in components of other comprehensive income for periods indicated, including the amount of income tax expense allocated to each component of other comprehensive income: | ||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 161 | $ | (55 | ) | $ | 106 | |||||||
Less: net security gains reclassified into other noninterest income | - | - | - | |||||||||||
Net change in fair value of securities available-for-sale | 161 | (55 | ) | 106 | ||||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 86 | (29 | ) | 57 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive income (loss) | 247 | (84 | ) | 163 | ||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized (losses) gains on available-for-sale securities | $ | (482 | ) | $ | 164 | $ | (318 | ) | ||||||
Less: net security gains (losses) reclassified into other noninterest income | 36 | (12 | ) | 24 | ||||||||||
Net change in fair value of securities available-for-sale | (446 | ) | 152 | (294 | ) | |||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 148 | (51 | ) | 97 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive (loss) income | (298 | ) | 101 | (197 | ) | |||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 297 | $ | (101 | ) | $ | 196 | |||||||
Less: net security gains reclassified into other noninterest income | - | - | - | |||||||||||
Net change in fair value of securities available-for-sale | 297 | (101 | ) | 196 | ||||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 142 | (48 | ) | 94 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive income (loss) | 439 | (149 | ) | 290 | ||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized (losses) gains on available-for-sale securities | $ | (134 | ) | $ | 46 | $ | (88 | ) | ||||||
Less: net security gains (losses) reclassified into other noninterest income | 36 | (12 | ) | 24 | ||||||||||
Net change in fair value of securities available-for-sale | (98 | ) | 34 | (64 | ) | |||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 283 | (97 | ) | 186 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive income (loss) | 185 | (63 | ) | 122 | ||||||||||
-1 | Amounts are included in salaries and employee benefits in the unaudited Consolidated Statements of Income. |
Legal_Actions
Legal Actions | 6 Months Ended | |
Jun. 30, 2014 | ||
Loss Contingency [Abstract] | ' | |
Legal Actions | ' | |
16 | 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) | 6 Months Ended |
Jun. 30, 2014 | |
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. 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 June 30, 2014, the Company has repurchased 752,475 of these shares at a cost of $11.2 million. Repurchased shares are held as treasury stock and are available for general corporate purposes. | |
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-two full service branch offices and four limited services offices in central Connecticut. Farmington Bank’s primary source of income is interest accrued on loans to customers, which include small and middle market businesses and individuals residing within Farmington Bank’s service area. | |
Wholly-owned subsidiaries of Farmington Bank include Farmington Savings Loan Servicing, Inc., a passive investment company that was established to service and hold loans collateralized by real property; Village Investments, Inc. presently inactive; the Village Corp., Limited, a subsidiary that held certain real estate; 28 Main Street Corp., a subsidiary that holds residential other real estate owned; Village Management Corp., a subsidiary that held commercial other real estate owned and Village Square Holdings, Inc., a subsidiary that holds certain bank premises and other real estate. | |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation | |
The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has condensed or omitted certain information and footnote disclosures normally included in the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. All significant intercompany transactions and balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2013 included in the Company’s 10-K filed on March 17, 2014. The results of operations for the interim periods are not necessarily indicative of the results for the full year. | |
In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition and revenues and expenses for the interim period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, investment security other-than-temporary impairment judgments and investment security valuation. | |
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 June 30, 2014 and December 31, 2013, 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. | |
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 six months ended June 30, 2014. | |
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 no unallocated allowance at June 30, 2014 and December 31, 2013. | |
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. | |
The Company has 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. The Company’s 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. The Company accrues for the estimated costs of these other post-retirement benefits through charges to expense during the years that employees render service. The Company makes contributions to cover the current benefits paid under this plan. The Company 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. The Company reviews and updates the assumptions annually. If the Company’s estimate of pension and post-retirement expense is too low it may experience higher expenses in the future, reducing its net income. If the Company’s estimate is too high, it may experience lower expenses in the future, increasing its net income. | |
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. | |
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 May 2014, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606).” The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this Update recognized at the date of initial application. Early application is not permitted. The Company is assessing the impact of ASU 2014-09 on its accounting and disclosures. | |
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860) - Repurchase to Maturity Transactions, Repurchase Financings, and Disclosures”, which aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. ASU 2014-11 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods. In addition the disclosure of certain transactions accounted for as a sale is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those annual periods, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is prohibited. The Company is assessing the impact of ASU 2014-11 on its accounting and disclosures. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Schedule of calculation of basic and diluted earnings per common share | ' | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(Dollars in thousands, except per share data): | ||||||||||||||||||
Net income | $ | 2,190 | $ | 819 | $ | 3,682 | $ | 1,705 | ||||||||||
Less: | Dividends to participating shares | (16 | ) | (16 | ) | (28 | ) | (32 | ) | |||||||||
Income allocated to participating shares | (41 | ) | (10 | ) | (68 | ) | (21 | ) | ||||||||||
Net income allocated to common stockholders | $ | 2,133 | $ | 793 | $ | 3,586 | $ | 1,652 | ||||||||||
Weighted-average shares outstanding | 18,035,335 | 18,064,539 | 18,035,335 | 18,070,652 | ||||||||||||||
Less: | Average unallocated ESOP shares | (1,112,637 | ) | (1,205,641 | ) | (1,124,420 | ) | (1,219,735 | ) | |||||||||
Average treasury stock | (1,920,957 | ) | (1,084,513 | ) | (1,800,137 | ) | (728,709 | ) | ||||||||||
Average unvested restricted stock | (400,325 | ) | (533,767 | ) | (400,325 | ) | (534,828 | ) | ||||||||||
Weighted-average basic shares outstanding | 14,601,416 | 15,240,618 | 14,710,453 | 15,587,380 | ||||||||||||||
Plus: | Average dilutive shares | 106,056 | - | 103,113 | - | |||||||||||||
Weighted-average diluted shares outstanding | 14,707,472 | 15,240,618 | 14,813,566 | 15,587,380 | ||||||||||||||
Net earnings per share (1): | ||||||||||||||||||
Basic | $ | 0.15 | $ | 0.05 | $ | 0.24 | $ | 0.11 | ||||||||||
Diluted | $ | 0.14 | $ | 0.05 | $ | 0.24 | $ | 0.11 | ||||||||||
(1) Certain per share amounts may not appear to reconcile due to rounding. |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of investment securities | ' | ||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
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 | $ | 103,992 | $ | 2 | $ | (3 | ) | $ | 103,991 | $ | - | $ | - | $ | 103,991 | ||||||||||||||
U.S. Government agency obligations | 40,024 | 55 | (15 | ) | 40,064 | - | - | 40,064 | |||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 7,712 | 360 | - | 8,072 | - | - | 8,072 | ||||||||||||||||||||||
Corporate debt securities | 2,995 | 114 | - | 3,109 | - | - | 3,109 | ||||||||||||||||||||||
Preferred equity securities | 2,100 | 3 | (367 | ) | 1,736 | - | - | 1,736 | |||||||||||||||||||||
Marketable equity securities | 108 | 54 | (2 | ) | 160 | - | - | 160 | |||||||||||||||||||||
Mutual funds | 3,773 | - | (121 | ) | 3,652 | - | - | 3,652 | |||||||||||||||||||||
Total securities available-for-sale | $ | 160,704 | $ | 588 | $ | (508 | ) | $ | 160,784 | $ | - | $ | - | $ | 160,784 | ||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | 9,715 | $ | - | $ | - | $ | 9,715 | $ | 185 | $ | - | $ | 9,900 | |||||||||||||||
Government sponsored residential mortgage-backed securities | - | - | - | - | - | - | - | ||||||||||||||||||||||
Trust preferred debt security | 3,000 | - | - | 3,000 | - | - | 3,000 | ||||||||||||||||||||||
Total securities held-to-maturity | $ | 12,715 | $ | - | $ | - | $ | 12,715 | $ | 185 | $ | - | $ | 12,900 | |||||||||||||||
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 | ||||||||||||||
Schedule of gross unrealized losses and fair value aggregated by investment category | ' | ||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
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 | 2 | $ | 21,995 | $ | (3 | ) | $ | - | $ | - | $ | 21,995 | $ | (3 | ) | ||||||||||||||
U.S. Government agency obligations | 2 | 14,996 | (15 | ) | - | - | 14,996 | (15 | ) | ||||||||||||||||||||
Preferred equity securities | 1 | - | - | 1,633 | (367 | ) | 1,633 | (367 | ) | ||||||||||||||||||||
Marketable equity securities | 1 | - | - | 5 | (2 | ) | 5 | (2 | ) | ||||||||||||||||||||
Mutual funds | 1 | - | - | 3,653 | (121 | ) | 3,653 | (121 | ) | ||||||||||||||||||||
7 | 36,991 | (18 | ) | 5,291 | (490 | ) | 42,282 | (508 | ) | ||||||||||||||||||||
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 | ) | ||||||||||||||||||||
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 | 4,930 | (70 | ) | - | - | 4,930 | (70 | ) | ||||||||||||||||||||
Government sponsored residential | 1 | 4,956 | (27 | ) | - | - | 4,956 | (27 | ) | ||||||||||||||||||||
mortgage-backed securities | |||||||||||||||||||||||||||||
2 | 9,886 | (97 | ) | - | - | 9,886 | (97 | ) | |||||||||||||||||||||
Total investment securities in an unrealized loss position | 13 | $ | 84,428 | $ | (369 | ) | $ | 1,476 | $ | (531 | ) | $ | 85,904 | $ | (900 | ) | |||||||||||||
Schedule of amortized cost and estimated market value of debt securities by contractual maturity | ' | ||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
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 | $ | 105,987 | $ | 105,992 | $ | - | $ | - | |||||||||||||||||||||
Due after one year through five years | 41,024 | 41,172 | - | - | |||||||||||||||||||||||||
Due after five years through ten years | - | - | - | - | |||||||||||||||||||||||||
Due after ten years | - | - | 3,000 | 3,000 | |||||||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 7,712 | 8,072 | 9,715 | 9,900 | |||||||||||||||||||||||||
$ | 154,723 | $ | 155,236 | $ | 12,715 | $ | 12,900 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of loans | ' | ||||||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 749,124 | $ | 693,046 | |||||||||||||||||||||||||||||||||
Commercial | 686,299 | 633,764 | |||||||||||||||||||||||||||||||||||
Construction | 69,047 | 78,191 | |||||||||||||||||||||||||||||||||||
Installment | 3,850 | 4,516 | |||||||||||||||||||||||||||||||||||
Commercial | 277,483 | 252,032 | |||||||||||||||||||||||||||||||||||
Collateral | 1,480 | 1,600 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 156,625 | 151,606 | |||||||||||||||||||||||||||||||||||
Demand | - | 85 | |||||||||||||||||||||||||||||||||||
Revolving credit | 75 | 94 | |||||||||||||||||||||||||||||||||||
Resort | 1,068 | 1,374 | |||||||||||||||||||||||||||||||||||
Total loans | 1,945,051 | 1,816,308 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (17,912 | ) | (18,314 | ) | |||||||||||||||||||||||||||||||||
Net deferred loan costs | 3,363 | 2,993 | |||||||||||||||||||||||||||||||||||
Loans, net | $ | 1,930,502 | $ | 1,800,987 | |||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses by segments | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,760 | $ | (123 | ) | $ | 1 | $ | (7 | ) | $ | 3,631 | |||||||||||||||||||||||||
Commercial | 8,601 | - | 1 | 180 | 8,782 | ||||||||||||||||||||||||||||||||
Construction | 927 | - | - | (27 | ) | 900 | |||||||||||||||||||||||||||||||
Installment | 42 | (3 | ) | - | 2 | 41 | |||||||||||||||||||||||||||||||
Commercial | 2,847 | (1 | ) | 6 | 237 | 3,089 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,453 | - | - | 15 | 1,468 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (12 | ) | 2 | 10 | - | |||||||||||||||||||||||||||||||
Resort | 1 | - | - | - | 1 | ||||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 17,631 | $ | (139 | ) | $ | 10 | $ | 410 | $ | 17,912 | |||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,901 | $ | (81 | ) | $ | - | $ | (92 | ) | $ | 3,728 | |||||||||||||||||||||||||
Commercial | 7,926 | - | - | 86 | 8,012 | ||||||||||||||||||||||||||||||||
Construction | 847 | - | - | 291 | 1,138 | ||||||||||||||||||||||||||||||||
Installment | 64 | - | - | (7 | ) | 57 | |||||||||||||||||||||||||||||||
Commercial | 2,990 | - | 4 | 5 | 2,999 | ||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,393 | - | - | 8 | 1,401 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (12 | ) | 6 | 6 | - | |||||||||||||||||||||||||||||||
Resort | 211 | - | - | (41 | ) | 170 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 17,332 | $ | (93 | ) | $ | 10 | $ | 256 | $ | 17,505 | |||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,647 | $ | (262 | ) | $ | 1 | $ | 245 | $ | 3,631 | ||||||||||||||||||||||||||
Commercial | 8,253 | (93 | ) | 1 | 621 | 8,782 | |||||||||||||||||||||||||||||||
Construction | 1,152 | - | - | (252 | ) | 900 | |||||||||||||||||||||||||||||||
Installment | 48 | (3 | ) | - | (4 | ) | 41 | ||||||||||||||||||||||||||||||
Commercial | 3,746 | (955 | ) | 13 | 285 | 3,089 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,465 | - | - | 3 | 1,468 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (26 | ) | 7 | 19 | - | |||||||||||||||||||||||||||||||
Resort | 3 | - | - | (2 | ) | 1 | |||||||||||||||||||||||||||||||
Unallocated | - | - | - | - | - | ||||||||||||||||||||||||||||||||
$ | 18,314 | $ | (1,339 | ) | $ | 22 | $ | 915 | $ | 17,912 | |||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Balance at | Charge-offs | Recoveries | Provision for | Balance at | |||||||||||||||||||||||||||||||||
beginning of | (Reduction) | end of period | |||||||||||||||||||||||||||||||||||
period | loan losses | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | $ | 3,778 | $ | (375 | ) | $ | - | $ | 325 | $ | 3,728 | ||||||||||||||||||||||||||
Commercial | 8,105 | - | - | (93 | ) | 8,012 | |||||||||||||||||||||||||||||||
Construction | 760 | - | - | 378 | 1,138 | ||||||||||||||||||||||||||||||||
Installment | 77 | - | - | (20 | ) | 57 | |||||||||||||||||||||||||||||||
Commercial | 2,654 | - | 9 | 336 | 2,999 | ||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Home equity line of credit | 1,377 | - | - | 24 | 1,401 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving credit | - | (24 | ) | 11 | 13 | - | |||||||||||||||||||||||||||||||
Resort | 456 | - | - | (286 | ) | 170 | |||||||||||||||||||||||||||||||
Unallocated | 22 | - | - | (22 | ) | - | |||||||||||||||||||||||||||||||
$ | 17,229 | $ | (399 | ) | $ | 20 | $ | 655 | $ | 17,505 | |||||||||||||||||||||||||||
Schedule of the allowance by impairment methodology and by loan segment | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Total | Reserve | Total | Reserve | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocation | Allocation | |||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 12,477 | $ | 374 | $ | 12,225 | $ | 360 | |||||||||||||||||||||||||||||
Commercial | 20,848 | 183 | 21,143 | 62 | |||||||||||||||||||||||||||||||||
Construction | 187 | - | 187 | - | |||||||||||||||||||||||||||||||||
Installment | 223 | 8 | 215 | 9 | |||||||||||||||||||||||||||||||||
Commercial | 6,666 | 407 | 4,096 | 1,243 | |||||||||||||||||||||||||||||||||
Collateral | - | - | - | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 423 | - | 538 | - | |||||||||||||||||||||||||||||||||
Demand | - | - | - | - | |||||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | |||||||||||||||||||||||||||||||||
Resort | 1,068 | 1 | 1,219 | - | |||||||||||||||||||||||||||||||||
41,892 | 973 | 39,623 | 1,674 | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 740,389 | $ | 3,257 | $ | 683,966 | $ | 3,287 | |||||||||||||||||||||||||||||
Commercial | 665,120 | 8,599 | 612,517 | 8,191 | |||||||||||||||||||||||||||||||||
Construction | 68,860 | 900 | 78,004 | 1,152 | |||||||||||||||||||||||||||||||||
Installment | 3,627 | 33 | 4,301 | 39 | |||||||||||||||||||||||||||||||||
Commercial | 270,769 | 2,682 | 247,888 | 2,503 | |||||||||||||||||||||||||||||||||
Collateral | 1,480 | - | 1,600 | - | |||||||||||||||||||||||||||||||||
Home equity line of credit | 156,202 | 1,468 | 151,068 | 1,465 | |||||||||||||||||||||||||||||||||
Demand | - | - | 85 | - | |||||||||||||||||||||||||||||||||
Revolving Credit | 75 | - | 94 | - | |||||||||||||||||||||||||||||||||
Resort | - | - | 155 | 3 | |||||||||||||||||||||||||||||||||
1,906,522 | 16,939 | 1,779,678 | 16,640 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,948,414 | $ | 17,912 | $ | 1,819,301 | $ | 18,314 | |||||||||||||||||||||||||||||
Schedule of loan delinquencies at recorded investment values | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
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 | 6 | $ | 1,228 | 6 | $ | 808 | 19 | $ | 8,584 | 31 | $ | 10,620 | $ | - | |||||||||||||||||||||||
Commercial | - | - | - | - | 4 | 2,170 | 4 | 2,170 | - | ||||||||||||||||||||||||||||
Construction | - | - | - | - | 1 | 187 | 1 | 187 | - | ||||||||||||||||||||||||||||
Installment | 1 | 3 | - | - | 4 | 75 | 5 | 78 | - | ||||||||||||||||||||||||||||
Commercial | 3 | 327 | 1 | 38 | 6 | 958 | 10 | 1,323 | - | ||||||||||||||||||||||||||||
Collateral | 7 | 57 | - | - | - | - | 7 | 57 | - | ||||||||||||||||||||||||||||
Home equity line of credit | 2 | 74 | 1 | 283 | 6 | 459 | 9 | 816 | - | ||||||||||||||||||||||||||||
Demand | 1 | 6 | - | - | - | - | 1 | 6 | - | ||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total | 20 | $ | 1,695 | 8 | $ | 1,129 | 40 | $ | 12,433 | 68 | $ | 15,257 | $ | - | |||||||||||||||||||||||
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 | $ | - | |||||||||||||||||||||||
Schedule of nonperforming assets | ' | ||||||||||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 10,266 | $ | 10,599 | |||||||||||||||||||||||||||||||||
Commercial | 2,170 | 827 | |||||||||||||||||||||||||||||||||||
Construction | 187 | 187 | |||||||||||||||||||||||||||||||||||
Installment | 78 | 162 | |||||||||||||||||||||||||||||||||||
Commercial | 1,327 | 2,285 | |||||||||||||||||||||||||||||||||||
Collateral | - | - | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 624 | 740 | |||||||||||||||||||||||||||||||||||
Demand | - | - | |||||||||||||||||||||||||||||||||||
Revolving Credit | - | - | |||||||||||||||||||||||||||||||||||
Resort | - | - | |||||||||||||||||||||||||||||||||||
Total nonaccruing loans | 14,652 | 14,800 | |||||||||||||||||||||||||||||||||||
Loans 90 days past due and still accruing | - | - | |||||||||||||||||||||||||||||||||||
Other real estate owned | 434 | 393 | |||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 15,086 | $ | 15,193 | |||||||||||||||||||||||||||||||||
Schedule of summary of information pertaining to impaired loans | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
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 | $ | 7,399 | $ | 7,942 | $ | - | $ | 6,900 | $ | 7,442 | $ | - | |||||||||||||||||||||||||
Commercial | 15,689 | 18,526 | - | 18,463 | 18,649 | - | |||||||||||||||||||||||||||||||
Construction | 187 | 433 | - | 187 | 433 | - | |||||||||||||||||||||||||||||||
Installment | 195 | 195 | - | 187 | 187 | - | |||||||||||||||||||||||||||||||
Commercial | 3,561 | 3,709 | - | 1,268 | 1,307 | - | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 423 | 546 | - | 538 | 658 | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 27,454 | 31,351 | - | 27,543 | 28,676 | - | |||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,078 | 5,595 | 374 | 5,325 | 5,804 | 360 | |||||||||||||||||||||||||||||||
Commercial | 5,159 | 2,597 | 183 | 2,680 | 2,679 | 62 | |||||||||||||||||||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Installment | 28 | 28 | 8 | 28 | 28 | 9 | |||||||||||||||||||||||||||||||
Commercial | 3,105 | 4,031 | 407 | 2,828 | 2,888 | 1,243 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,068 | 1,068 | 1 | 1,219 | 1,218 | - | |||||||||||||||||||||||||||||||
Total | 14,438 | 13,319 | 973 | 12,080 | 12,617 | 1,674 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 41,892 | $ | 44,670 | $ | 973 | $ | 39,623 | $ | 41,293 | $ | 1,674 | |||||||||||||||||||||||||
Schedule of average recorded investment and interest income recognized on impaired loans | ' | ||||||||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||||||||
Average | Interest | Interest | Average | Interest | Interest | ||||||||||||||||||||||||||||||||
Recorded | Income | Income | Recorded | Income | Income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Recognized | Investment | Recognized | Recognized | |||||||||||||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 6,895 | $ | 20 | $ | 43 | $ | 4,254 | $ | 1 | $ | 1 | |||||||||||||||||||||||||
Commercial | 16,844 | 174 | 429 | 3,762 | 45 | 82 | |||||||||||||||||||||||||||||||
Construction | 140 | - | - | 380 | - | - | |||||||||||||||||||||||||||||||
Installment | 143 | 3 | 7 | - | - | - | |||||||||||||||||||||||||||||||
Commercial | 3,658 | 27 | 84 | 2,988 | 60 | 96 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | 470 | - | - | 506 | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 28,150 | 224 | 563 | 11,890 | 106 | 179 | |||||||||||||||||||||||||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | 5,275 | 7 | 27 | 6,712 | 24 | 41 | |||||||||||||||||||||||||||||||
Commercial | 4,080 | 15 | 47 | 13,733 | 223 | 470 | |||||||||||||||||||||||||||||||
Construction | 47 | - | - | 377 | - | - | |||||||||||||||||||||||||||||||
Installment | 28 | - | - | 17 | - | - | |||||||||||||||||||||||||||||||
Commercial | 2,717 | 30 | 53 | 3,702 | 23 | 40 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1,175 | 8 | 19 | 1,199 | 16 | 29 | |||||||||||||||||||||||||||||||
Total | 13,322 | 60 | 146 | 25,740 | 286 | 580 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 41,472 | $ | 284 | $ | 709 | $ | 37,630 | $ | 392 | $ | 759 | |||||||||||||||||||||||||
Schedule of loans terms modified in a troubled debt restructuring | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
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 | 12 | $ | 2,419 | 9 | $ | 5,618 | 21 | $ | 8,037 | ||||||||||||||||||||||||||||
Commercial | 9 | 10,005 | - | - | 9 | 10,005 | |||||||||||||||||||||||||||||||
Construction | - | - | 1 | 187 | 1 | 187 | |||||||||||||||||||||||||||||||
Installment | 4 | 223 | - | - | 4 | 223 | |||||||||||||||||||||||||||||||
Commercial | 9 | 4,475 | 5 | 787 | 14 | 5,262 | |||||||||||||||||||||||||||||||
Collateral | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | 2 | 197 | 2 | 197 | |||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Revolving Credit | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Resort | 1 | 1,068 | - | - | 1 | 1,068 | |||||||||||||||||||||||||||||||
Total | 35 | $ | 18,190 | 17 | $ | 6,789 | 52 | $ | 24,979 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Schedule of recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | 278 | $ | 278 | 9 | $ | 1,463 | $ | 1,450 | |||||||||||||||||||||||||||
Installment | 1 | 17 | 17 | 1 | 17 | 17 | |||||||||||||||||||||||||||||||
Commercial | 2 | 283 | 283 | 4 | 3,763 | 3,759 | |||||||||||||||||||||||||||||||
Total | 5 | $ | 578 | $ | 578 | 14 | $ | 5,243 | $ | 5,226 | |||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Recorded Investment | Recorded | Number of Modifications | Recorded Investment | Recorded | |||||||||||||||||||||||||||||||
Prior to Modification | Investment | Prior to Modification | Investment | ||||||||||||||||||||||||||||||||||
After | After | ||||||||||||||||||||||||||||||||||||
Modification (1) | Modification (1) | ||||||||||||||||||||||||||||||||||||
Trouble Debt Restructurings: | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | - | $ | - | $ | - | 3 | $ | 588 | $ | 570 | |||||||||||||||||||||||||||
Commercial | 2 | 1,726 | 1,725 | 2 | 1,725 | 1,725 | |||||||||||||||||||||||||||||||
Construction | 1 | 187 | 187 | 1 | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 1 | 29 | 29 | 2 | 36 | 35 | |||||||||||||||||||||||||||||||
Commercial | 5 | 2,026 | 2,025 | 6 | 5,653 | 5,603 | |||||||||||||||||||||||||||||||
Home equity line of credit | - | - | - | 2 | 244 | 200 | |||||||||||||||||||||||||||||||
Total | 9 | $ | 3,968 | $ | 3,966 | 16 | $ | 8,433 | $ | 8,320 | |||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
Schedule of TDR loans modified by means of extended maturity, below market adjusted interest rates, a combination of rate and maturity, or by other means including covenant modifications, forbearance concessions | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 2 | $ | - | $ | - | $ | - | $ | 278 | $ | 278 | ||||||||||||||||||||||||||
Installment | 1 | - | - | - | 17 | 17 | |||||||||||||||||||||||||||||||
Commercial | 2 | 241 | - | - | 42 | 283 | |||||||||||||||||||||||||||||||
Total | 5 | $ | 241 | $ | - | $ | - | $ | 337 | $ | 578 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 9 | $ | - | $ | - | $ | - | $ | 1,450 | $ | 1,450 | ||||||||||||||||||||||||||
Installment | 1 | - | - | - | 17 | 17 | |||||||||||||||||||||||||||||||
Commercial | 4 | 2,621 | - | - | 1,138 | 3,759 | |||||||||||||||||||||||||||||||
Total | 14 | $ | 2,621 | $ | - | $ | - | $ | 2,605 | $ | 5,226 | ||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Commercial | 2 | $ | 1,577 | $ | - | $ | - | $ | 148 | $ | 1,725 | ||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 1 | - | - | 29 | - | 29 | |||||||||||||||||||||||||||||||
Commercial | 5 | 1,919 | - | - | 106 | 2,025 | |||||||||||||||||||||||||||||||
Total | 9 | $ | 3,496 | $ | - | $ | 29 | $ | 441 | $ | 3,966 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Modifications | Extended Maturity | Adjusted | Combination | Other | Total | |||||||||||||||||||||||||||||||
Interest | of Rate and Maturity | ||||||||||||||||||||||||||||||||||||
Rates | |||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | - | $ | - | $ | 231 | $ | 339 | $ | 570 | ||||||||||||||||||||||||||
Commercial | 2 | 1,577 | - | - | 148 | 1,725 | |||||||||||||||||||||||||||||||
Construction | 1 | - | - | - | 187 | 187 | |||||||||||||||||||||||||||||||
Installment | 2 | - | - | 35 | - | 35 | |||||||||||||||||||||||||||||||
Commercial | 6 | 5,497 | - | - | 106 | 5,603 | |||||||||||||||||||||||||||||||
Home equity line of credit | 2 | - | - | 14 | 186 | 200 | |||||||||||||||||||||||||||||||
Total | 16 | $ | 7,074 | $ | - | $ | 280 | $ | 966 | $ | 8,320 | ||||||||||||||||||||||||||
Schedule of TDR re-default once it is more than 30 days post due modification | ' | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Recorded Investment (1) | Number of Loans | Recorded Investment (1) | |||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||
Residential | 1 | $ | 498 | 2 | $ | 711 | |||||||||||||||||||||||||||||||
Commercial | 2 | 454 | 2 | 454 | |||||||||||||||||||||||||||||||||
Total | 3 | $ | 952 | 4 | $ | 1,165 | |||||||||||||||||||||||||||||||
(1) The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. | |||||||||||||||||||||||||||||||||||||
Schedule of loans by risk rating | ' | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 736,046 | $ | 1,073 | $ | 12,005 | $ | - | $ | 749,124 | |||||||||||||||||||||||||||
Commercial | 665,383 | 7,230 | 13,686 | - | 686,299 | ||||||||||||||||||||||||||||||||
Construction | 63,847 | 134 | 5,066 | - | 69,047 | ||||||||||||||||||||||||||||||||
Installment | 3,502 | 47 | 301 | - | 3,850 | ||||||||||||||||||||||||||||||||
Commercial | 263,293 | 2,817 | 10,716 | 657 | 277,483 | ||||||||||||||||||||||||||||||||
Collateral | 1,480 | - | - | - | 1,480 | ||||||||||||||||||||||||||||||||
Home equity line of credit | 154,976 | 861 | 788 | - | 156,625 | ||||||||||||||||||||||||||||||||
Demand | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Revolving Credit | 75 | - | - | - | 75 | ||||||||||||||||||||||||||||||||
Resort | - | - | 1,068 | - | 1,068 | ||||||||||||||||||||||||||||||||
Total Loans | $ | 1,888,602 | $ | 12,162 | $ | 43,630 | $ | 657 | $ | 1,945,051 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Banking and Thrift [Abstract] | ' | ||||||||
Schedule of deposit | ' | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Noninterest-bearing demand deposits | $ | 315,916 | $ | 308,459 | |||||
Interest-bearing | |||||||||
NOW accounts | 377,570 | 285,392 | |||||||
Money market | 401,694 | 387,225 | |||||||
Savings accounts | 202,970 | 193,937 | |||||||
Time deposits | 332,629 | 338,488 | |||||||
Total interest-bearing deposits | 1,314,863 | 1,205,042 | |||||||
Total deposits | $ | 1,630,779 | $ | 1,513,501 | |||||
Scheduled maturities of time deposits | ' | ||||||||
(Dollars in thousands) | |||||||||
Years ending December 31, | |||||||||
2014 | $ | 165,907 | |||||||
2015 | 87,817 | ||||||||
2016 | 50,000 | ||||||||
2016 | 16,417 | ||||||||
2017 | 7,861 | ||||||||
Thereafter | 4,627 | ||||||||
Total time deposits | $ | 332,629 |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of components of net periodic pension and benefit costs | ' | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | - | $ | 15 | $ | 26 | |||||||||
Interest cost | 256 | 239 | 37 | 32 | |||||||||||||
Expected return on plan assets | (335 | ) | (283 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 76 | 140 | 5 | 10 | |||||||||||||
Prior service cost | - | - | (13 | ) | (12 | ) | |||||||||||
Net periodic benefit cost | $ | (3 | ) | $ | 96 | $ | 44 | $ | 56 | ||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Service cost | $ | - | $ | - | $ | 30 | $ | 51 | |||||||||
Interest cost | 511 | 476 | 73 | 64 | |||||||||||||
Expected return on plan assets | (670 | ) | (567 | ) | - | - | |||||||||||
Amortization: | |||||||||||||||||
Loss | 153 | 286 | 9 | 21 | |||||||||||||
Prior service cost | - | - | (25 | ) | (25 | ) | |||||||||||
Net periodic benefit cost | $ | (6 | ) | $ | 195 | $ | 87 | $ | 111 | ||||||||
Schedule of shares held by the ESOP | ' | ||||||||||||||||
Allocated | 286,083 | ||||||||||||||||
Committed to be released | 47,289 | ||||||||||||||||
Unallocated | 1,097,044 | ||||||||||||||||
1,430,416 |
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of weighted-average assumptions | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted per share average fair value of options granted | $ | 4.27 | $ | 3.99 | |||||||||||||
Weighted-average assumptions: | |||||||||||||||||
Risk-free interest rate | 1.9 | % | 1.12 | % | |||||||||||||
Expected volatility | 30.56 | % | 32.35 | % | |||||||||||||
Expected dividend yield | 1.89 | % | 1.67 | % | |||||||||||||
Weighted-average dividend yield | 1.09% - 2.51 | % | 0.80% - 2.71 | % | |||||||||||||
Expected life of options granted | 6.0 years | 6.0 years | |||||||||||||||
Schedule of summary of the company's stock option activity and related information for its option grants | ' | ||||||||||||||||
Number of | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Stock Options | Exercise Price | Remaining | Intrinsic Value | ||||||||||||||
Contractual Term | (in thousands) | ||||||||||||||||
(in years) | |||||||||||||||||
Outstanding at December 31, 2013 | 1,629,857 | $ | 12.98 | ||||||||||||||
Granted | 21,500 | 16.39 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited | (4,100 | ) | 14.63 | ||||||||||||||
Outstanding at June 30, 2014 | 1,647,257 | $ | 13.02 | 8.21 | $ | 4,984 | |||||||||||
Exercisable at June 30, 2014 | 651,250 | ||||||||||||||||
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, 2013 | 400,325 | $ | 12.95 | ||||||||||||||
Granted | - | - | |||||||||||||||
Vested | - | - | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Unvested at June 30, 2014 | 400,325 | $ | 12.95 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of interest rate swaps that were not designated for hedge accounting | ' | ||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Consolidated | # of | Notional | Estimated | # of | Notional | Estimated | ||||||||||||||||||||||
Balance Sheet | Instruments | Amount | Fair | Instruments | Amount | Fair | |||||||||||||||||||||||
Location | Values | Values | |||||||||||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||
interest rate swap position | Other Assets | 31 | $ | 94,978 | $ | 4,622 | 22 | $ | 66,635 | $ | 3,238 | ||||||||||||||||||
Commercial loan customer | |||||||||||||||||||||||||||||
interest rate swap position | Other Liabilities | 13 | 50,760 | (4,681 | ) | 22 | 82,535 | (3,294 | ) | ||||||||||||||||||||
Counterparty interest | |||||||||||||||||||||||||||||
rate swap position | Other Liabilities | 44 | 145,738 | 59 | 44 | 149,170 | 56 | ||||||||||||||||||||||
Schedule of changes in the fair value of non-hedge accounting derivatives | ' | ||||||||||||||||||||||||||||
For The Three Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Interest Income | MTM (Loss) | Net Impact | Interest Income | MTM (Loss) | Net Impact | ||||||||||||||||||||||||
Recorded in | Gain Recorded | Recorded in | Gain Recorded | ||||||||||||||||||||||||||
Interest Income | in Noninterest | Interest Income | in Noninterest | ||||||||||||||||||||||||||
Income | Income | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loan customer interest rate swap position | $ | (860 | ) | $ | 1,048 | $ | 188 | $ | 702 | $ | (3,061 | ) | $ | (2,359 | ) | ||||||||||||||
Counterparty interest rate swap position | 860 | (1,048 | ) | (188 | ) | (702 | ) | 3,061 | 2,359 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
For The Six Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Interest Income | MTM (Loss) | Net Impact | Interest Income | MTM (Loss) | Net Impact | ||||||||||||||||||||||||
Recorded in | Gain Recorded | Recorded in | Gain Recorded | ||||||||||||||||||||||||||
Interest Income | in Noninterest | Interest Income | in Noninterest Income | ||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loan customer interest rate swap position | $ | (1,715 | ) | $ | 1,384 | $ | (331 | ) | $ | 1,378 | $ | (3,975 | ) | $ | (2,597 | ) | |||||||||||||
Counterparty interest rate swap position | 1,715 | (1,384 | ) | 331 | (1,378 | ) | 3,975 | 2,597 | |||||||||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Schedule of potential effect of rights of setoff associated with recognized financial assets and liabilities | ' | ||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of | Financial Instruments | Securities Collateral Received | Cash | Net | |||||||||||||||||||||||
Assets Presented in | Collateral Received | Amount | |||||||||||||||||||||||||||
the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 4,622 | $ | - | $ | 4,622 | $ | - | $ | - | $ | 4,000 | $ | 622 | |||||||||||||||
Total | $ | 4,622 | $ | - | $ | 4,622 | $ | - | $ | - | $ | 4,000 | $ | 622 | |||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments | Securities Collateral Pledged | Cash | Net | |||||||||||||||||||||||
Collateral Pledged | Amount | ||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 4,681 | $ | - | $ | 4,681 | $ | - | $ | - | $ | 4,000 | $ | 681 | |||||||||||||||
Repurchase agreement | |||||||||||||||||||||||||||||
borrowings | 21,000 | - | 21,000 | - | 21,000 | - | - | ||||||||||||||||||||||
Total | $ | 25,681 | $ | - | $ | 25,681 | $ | - | $ | 21,000 | $ | 4,000 | $ | 681 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount of Recognized Assets | Gross Amounts | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments | Securities Collateral Received | Cash | Net | |||||||||||||||||||||||
Offset in the | Collateral Received | Amount | |||||||||||||||||||||||||||
Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 3,238 | $ | - | $ | 3,238 | $ | - | $ | - | $ | 2,000 | $ | 1,238 | |||||||||||||||
Total | $ | 3,238 | $ | - | $ | 3,238 | $ | - | $ | - | $ | 2,000 | $ | 1,238 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of | |||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
Gross Amount | Gross Amounts | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments | Securities Collateral Pledged | Cash | Net | |||||||||||||||||||||||
of Recognized | Offset in the | Collateral Pledged | Amount | ||||||||||||||||||||||||||
Liabilities | Statement of | ||||||||||||||||||||||||||||
Financial Condition | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Interest rate swap derivatives | $ | 3,294 | $ | - | $ | 3,294 | $ | - | $ | - | $ | 2,000 | $ | 1,294 | |||||||||||||||
Repurchase agreement | |||||||||||||||||||||||||||||
borrowings | 21,000 | - | 21,000 | - | 21,000 | - | - | ||||||||||||||||||||||
Total | $ | 24,294 | $ | - | $ | 24,294 | $ | - | $ | 21,000 | $ | 2,000 | $ | 1,294 | |||||||||||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ||||||||
Schedule of financial instruments whose contract amounts represent credit risk | ' | ||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Approved loan commitments | $ | 60,065 | $ | 25,667 | |||||
Unadvanced portion of construction loans | 40,317 | 64,599 | |||||||
Unused lines for home equity loans | 174,843 | 163,255 | |||||||
Unused revolving lines of credit | 385 | 354 | |||||||
Unused commercial letters of credit | 3,384 | 3,910 | |||||||
Unused commercial lines of credit | 187,151 | 153,673 | |||||||
$ | 466,145 | $ | 411,458 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Schedule of financial instruments carried at fair value on a recurring basis | ' | ||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Quoted Prices in | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||
Active Markets for | |||||||||||||||||||||||||
Identical Assets | |||||||||||||||||||||||||
(Dollars in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
U.S. Treasury obligations | $ | 103,991 | $ | 103,991 | $ | - | $ | - | |||||||||||||||||
U.S. Government agency obligations | 40,064 | 40,064 | - | - | |||||||||||||||||||||
Government sponsored residential mortgage-backed securities | 8,072 | - | 8,072 | - | |||||||||||||||||||||
Corporate debt securities | 3,109 | - | 3,109 | - | |||||||||||||||||||||
Preferred equity securities | 1,736 | - | 1,736 | - | |||||||||||||||||||||
Marketable equity securities | 160 | 160 | - | - | |||||||||||||||||||||
Mutual funds | 3,652 | - | 3,652 | - | |||||||||||||||||||||
Securities available-for-sale | 160,784 | 144,215 | 16,569 | - | |||||||||||||||||||||
Interest rate swap derivative | 4,622 | - | 4,622 | - | |||||||||||||||||||||
Derivative loan commitments | 149 | - | - | 149 | |||||||||||||||||||||
Total | $ | 165,555 | $ | 144,215 | $ | 21,191 | $ | 149 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swap derivative | $ | 4,681 | $ | - | $ | 4,681 | $ | - | |||||||||||||||||
Forward loan sales commitments | 99 | - | - | 99 | |||||||||||||||||||||
Total | $ | 4,780 | $ | - | $ | 4,681 | $ | 99 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable 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 | - | |||||||||||||||||||||
Derivative loan commitments | 36 | - | - | 36 | |||||||||||||||||||||
Forward loan sales 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 | $ | - | |||||||||||||||||
Schedule of assets measured at fair value according to Level 3 inputs | ' | ||||||||||||||||||||||||
Derivative and Forward Loan Sales Commitments, Net | |||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, at beginning of period | $ | 96 | $ | 494 | $ | 47 | $ | 488 | |||||||||||||||||
Total realized gain: | |||||||||||||||||||||||||
Included in earnings | (46 | ) | (3 | ) | 3 | 3 | |||||||||||||||||||
Balance, at the end of period | $ | 50 | $ | 491 | $ | 50 | $ | 491 | |||||||||||||||||
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a recurring basis | ' | ||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Significant | |||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Input | |||||||||||||||||||||
Derivative and forward loan sales commitments, net | $ | 50 | Adjusted quoted prices in active markets | Embedded servicing value | 1.16% | ||||||||||||||||||||
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% | ||||||||||||||||||||
Schedule of financial instruments carried at fair value on a nonrecurring basis | ' | ||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 2,882 | $ | - | $ | - | $ | 5,910 | |||||||||||||
Other real estate owned | - | - | 208 | - | - | 277 | |||||||||||||||||||
Mortgage servicing rights | - | - | - | - | - | 1,970 | |||||||||||||||||||
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a non-recurring basis | ' | ||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Significant | Weighted Average Inputs | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | |||||||||||||||||||||
Impaired loans | $ | 2,882 | Appraisals | Discount for dated appraisal | 0% - 20% | 10 | % | ||||||||||||||||||
Discount for costs to sell | 8% - 15% | 11.5 | % | ||||||||||||||||||||||
Other real estate owned | $ | 208 | Appraisals | Discount for costs to sell | 8% - 10% | 9 | % | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Significant | Weighted Average Inputs | ||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Methodology | Unobservable Inputs | Range of 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 | ' | ||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
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 | $ | 12,715 | $ | 12,900 | $ | 12,983 | $ | 12,886 | ||||||||||||||||
Securities available-for-sale | See previous table | 160,784 | 160,784 | 150,886 | 150,886 | ||||||||||||||||||||
Loans | Level 3 | 1,945,051 | 1,936,984 | 1,816,308 | 1,803,424 | ||||||||||||||||||||
Loans held-for-sale | Level 2 | 4,576 | 4,686 | 3,186 | 3,188 | ||||||||||||||||||||
Mortgage servicing rights | Level 3 | 3,172 | 3,594 | 3,146 | 3,596 | ||||||||||||||||||||
Federal Home Loan Bank of Boston stock | Level 2 | 17,724 | 17,724 | 13,136 | 13,136 | ||||||||||||||||||||
Alternative investments | Level 3 | 2,344 | 2,337 | 2,352 | 2,778 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 4,622 | 4,622 | 3,238 | 3,238 | ||||||||||||||||||||
Forward loan sales commitments | Level 3 | - | - | 36 | 36 | ||||||||||||||||||||
Derivative loan commitments | Level 3 | 149 | 149 | 11 | 11 | ||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Deposits other than time deposits | Level 1 | 1,298,150 | 1,298,150 | 1,175,013 | 1,175,013 | ||||||||||||||||||||
Time deposits | Level 2 | 332,629 | 335,327 | 338,488 | 341,395 | ||||||||||||||||||||
Federal Home Loan Bank of Boston advances | Level 2 | 291,000 | 291,486 | 259,000 | 259,765 | ||||||||||||||||||||
Repurchase agreement borrowings | Level 2 | 21,000 | 21,813 | 21,000 | 21,992 | ||||||||||||||||||||
Repurchase liabilities | Level 2 | 55,326 | 55,326 | 50,816 | 50,816 | ||||||||||||||||||||
Interest rate swap derivatives | Level 2 | 4,681 | 4,681 | 3,294 | 3,294 | ||||||||||||||||||||
Forward loan sales commitments | Level 3 | 99 | 99 | - | - |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 213,297 | 12.29 | % | $ | 138,843 | 8 | % | $ | 173,553 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 194,946 | 11.23 | 69,438 | 4 | 104,156 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 194,946 | 8.9 | 87,616 | 4 | 109,520 | 5 | |||||||||||||||||||
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 | |||||||||||||||||||
First Connecticut Bancorp, Inc.: | |||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 253,117 | 14.56 | % | $ | 139,075 | 8 | % | $ | 173,844 | 10 | % | |||||||||||||
Tier I Capital (to Risk Weighted Assets) | 234,766 | 13.51 | 69,509 | 4 | 104,263 | 6 | |||||||||||||||||||
Tier I Capital (to Average Assets) | 234,766 | 10.7 | 87,763 | 4 | 109,704 | 5 | |||||||||||||||||||
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 | |||||||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||
Schedule of reconciliation of the changes in components of other comprehensive income | ' | |||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 161 | $ | (55 | ) | $ | 106 | |||||||
Less: net security gains reclassified into other noninterest income | - | - | - | |||||||||||
Net change in fair value of securities available-for-sale | 161 | (55 | ) | 106 | ||||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 86 | (29 | ) | 57 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive income (loss) | 247 | (84 | ) | 163 | ||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized (losses) gains on available-for-sale securities | $ | (482 | ) | $ | 164 | $ | (318 | ) | ||||||
Less: net security gains (losses) reclassified into other noninterest income | 36 | (12 | ) | 24 | ||||||||||
Net change in fair value of securities available-for-sale | (446 | ) | 152 | (294 | ) | |||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 148 | (51 | ) | 97 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive (loss) income | (298 | ) | 101 | (197 | ) | |||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 297 | $ | (101 | ) | $ | 196 | |||||||
Less: net security gains reclassified into other noninterest income | - | - | - | |||||||||||
Net change in fair value of securities available-for-sale | 297 | (101 | ) | 196 | ||||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 142 | (48 | ) | 94 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive income (loss) | 439 | (149 | ) | 290 | ||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||
Pre Tax | Tax Expense | After Tax | ||||||||||||
Amount | Amount | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Unrealized (losses) gains on available-for-sale securities | $ | (134 | ) | $ | 46 | $ | (88 | ) | ||||||
Less: net security gains (losses) reclassified into other noninterest income | 36 | (12 | ) | 24 | ||||||||||
Net change in fair value of securities available-for-sale | (98 | ) | 34 | (64 | ) | |||||||||
Reclassification adjustment for prior service costs and net gain included in net periodic | 283 | (97 | ) | 186 | ||||||||||
pension costs (1) | ||||||||||||||
Total other comprehensive income (loss) | 185 | (63 | ) | 122 | ||||||||||
-1 | Amounts are included in salaries and employee benefits in the unaudited Consolidated Statements of Income. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail Textuals) (Farmington Bank, USD $) | Jun. 30, 2014 | Jun. 29, 2011 | Jun. 30, 2014 |
In Millions, except Share data, unless otherwise specified | Office | Common Stock | Farmington Bank Employee Stock Ownership Plan (ESOP) |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Percentage of common stock shares sold in the subscription offering to Farmington Bank Community Foundation, Inc. | ' | 4.00% | ' |
Number of shares of common stock sold | ' | 17,192,500 | ' |
Common stock value per share (in dollars per share) | ' | $10 | ' |
Proceeds of common stock sold | ' | $167.80 | ' |
Offering costs of common stock | ' | 4.1 | ' |
Percentage of ownership held by parent | ' | 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 | ' | ' | $16.90 |
Number of branch offices | 22 | ' | ' |
Number of limited service offices | 4 | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Detail Textuals 1) (USD $) | 1 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | 30-May-13 | Jun. 30, 2014 | Jun. 21, 2013 | Jul. 02, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Treasury stock acquired | ' | $5,978 | ' | ' |
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% |
Treasury stock acquired (in shares) | 1,788,020 | 752,475 | ' | ' |
Treasury stock acquired | $24,900 | $11,200 | ' | ' |
Number of treasury stock shares reissued | 486,947 | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Detail Textuals 2) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Minimum limit of nonaccrual loans outstanding | $100,000 |
Defined benefit plans, general information | '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. |
Minimum | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Percentage of unallocated allowances | 0.00% |
Maximum | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Percentage of unallocated allowances | 5.00% |
Real estate Residential | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Threshold percentage limit of purchase price of the property | 95.00% |
Maximum limit loan-to-value ratio in percentage | 80.00% |
Home equity line of credit | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Maximum limit loan-to-value ratio in percentage | 80.00% |
Restrictions_on_Cash_and_Due_f1
Restrictions on Cash and Due from Banks (Detail Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Restrictions On Cash and Due From Banks [Abstract] | ' | ' |
Cash and liquid assets required | $6.70 | $5 |
Earnings_Per_Share_Calculation
Earnings Per Share - Calculation of basic and diluted earnings per common share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Net income | $2,190 | $819 | $3,682 | $1,705 | ||||
Less: Dividends to participating shares | -16 | -16 | -28 | -32 | ||||
Income allocated to participating shares | -41 | -10 | -68 | -21 | ||||
Net income allocated to common stockholders | $2,133 | $793 | $3,586 | $1,652 | ||||
Weighted-average shares outstanding | 18,035,335 | 18,064,539 | 18,035,335 | 18,070,652 | ||||
Less: Average unallocated ESOP shares | -1,112,637 | -1,205,641 | -1,124,420 | -1,219,735 | ||||
Average treasury stock | -1,920,957 | -1,084,513 | -1,800,137 | -728,709 | ||||
Average unvested restricted stock | -400,325 | -533,767 | -400,325 | -534,828 | ||||
Weighted-average basic shares outstanding | 14,601,416 | 15,240,618 | 14,710,453 | 15,587,380 | ||||
Plus: Average dilutive shares | 106,056 | ' | 103,113 | ' | ||||
Weighted-average diluted shares outstanding | 14,707,472 | 15,240,618 | 14,813,566 | 15,587,380 | ||||
Net earnings per share: | ' | ' | ' | ' | ||||
Basic (in dollars per share) | $0.15 | [1] | $0.05 | [1] | $0.24 | [1] | $0.11 | [1] |
Diluted (in dollars per share) | $0.14 | [1] | $0.05 | [1] | $0.24 | [1] | $0.11 | [1] |
[1] | Certain per share amounts may not appear to reconcile due to rounding. |
Earnings_Per_Share_Detail_Text
Earnings Per Share (Detail Textuals) (Stock options) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Stock options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Number of antidilutive securities excluded from earnings per share calculation | 46,250 | 1,704,907 |
Investment_Securities_Summary_
Investment Securities - Summary (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale | ' | ' |
Amortized Cost | $160,704 | $151,105 |
Gross Unrealized Gains - Recognized in OCI | 588 | 584 |
Gross Unrealized Losses - Recognized in OCI | -508 | -803 |
Carrying Value | 160,784 | 150,886 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 160,784 | 150,886 |
Held-to-maturity | ' | ' |
Amortized Cost | 12,715 | 12,983 |
Gross Unrealized Gains - Recognized in OCI | ' | ' |
Gross unrealized losses - Recognized in OCI | ' | ' |
Carrying Value | 12,715 | 12,983 |
Gross Unrealized Gains - Not Recognized in OCI | 185 | ' |
Gross Unrealized Losses - Not Recognized in OCI | ' | -97 |
Fair Value | 12,900 | 12,886 |
U.S. Treasury obligations | ' | ' |
Available-for-sale | ' | ' |
Amortized Cost | 103,992 | 126,000 |
Gross Unrealized Gains - Recognized in OCI | 2 | 3 |
Gross Unrealized Losses - Recognized in OCI | -3 | -3 |
Carrying Value | 103,991 | 126,000 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 103,991 | 126,000 |
U.S. Government agency obligations | ' | ' |
Available-for-sale | ' | ' |
Amortized Cost | 40,024 | 7,006 |
Gross Unrealized Gains - Recognized in OCI | 55 | ' |
Gross Unrealized Losses - Recognized in OCI | -15 | -84 |
Carrying Value | 40,064 | 6,922 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 40,064 | 6,922 |
Held-to-maturity | ' | ' |
Amortized Cost | 9,715 | 5,000 |
Gross Unrealized Gains - Recognized in OCI | ' | ' |
Gross unrealized losses - Recognized in OCI | ' | ' |
Carrying Value | 9,715 | 5,000 |
Gross Unrealized Gains - Not Recognized in OCI | 185 | ' |
Gross Unrealized Losses - Not Recognized in OCI | ' | -70 |
Fair Value | 9,900 | 4,930 |
Government sponsored residential mortgage-backed securities | ' | ' |
Available-for-sale | ' | ' |
Amortized Cost | 7,712 | 9,199 |
Gross Unrealized Gains - Recognized in OCI | 360 | 417 |
Gross Unrealized Losses - Recognized in OCI | ' | ' |
Carrying Value | 8,072 | 9,616 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 8,072 | 9,616 |
Held-to-maturity | ' | ' |
Amortized Cost | ' | 4,983 |
Gross Unrealized Gains - Recognized in OCI | ' | ' |
Gross unrealized losses - Recognized in OCI | ' | ' |
Carrying Value | ' | 4,983 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses - Not Recognized in OCI | ' | -27 |
Fair Value | ' | 4,956 |
Corporate debt securities | ' | ' |
Available-for-sale | ' | ' |
Amortized Cost | 2,995 | 2,982 |
Gross Unrealized Gains - Recognized in OCI | 114 | 122 |
Gross Unrealized Losses - Recognized in OCI | ' | ' |
Carrying Value | 3,109 | 3,104 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 3,109 | 3,104 |
Preferred equity securities | ' | ' |
Available-for-sale | ' | ' |
Amortized Cost | 2,100 | 2,100 |
Gross Unrealized Gains - Recognized in OCI | 3 | ' |
Gross Unrealized Losses - Recognized in OCI | -367 | -531 |
Carrying Value | 1,736 | 1,569 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 1,736 | 1,569 |
Marketable equity securities | ' | ' |
Available-for-sale | ' | ' |
Amortized Cost | 108 | 108 |
Gross Unrealized Gains - Recognized in OCI | 54 | 42 |
Gross Unrealized Losses - Recognized in OCI | -2 | -2 |
Carrying Value | 160 | 148 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 160 | 148 |
Mutual funds | ' | ' |
Available-for-sale | ' | ' |
Amortized Cost | 3,773 | 3,710 |
Gross Unrealized Gains - Recognized in OCI | ' | ' |
Gross Unrealized Losses - Recognized in OCI | -121 | -183 |
Carrying Value | 3,652 | 3,527 |
Gross Unrealized Gains - Not Recognized in OCI | ' | ' |
Gross Unrealized Losses -Not Recognized in OCI | ' | ' |
Fair Value | 3,652 | 3,527 |
Trust preferred debt security | ' | ' |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Security | Security |
Available-for-sale: | ' | ' |
Number of Securities | 7 | 11 |
Less than 12 Months, Fair Value | $36,991 | $74,542 |
Less than 12 months, Gross Unrealized Loss | -18 | -272 |
12 months or more, Fair Value | 5,291 | 1,476 |
12 months or more, Gross Unrealized Loss | -490 | -531 |
Total Fair Value | 42,282 | 76,018 |
Total Gross Unrealized Loss | -508 | -803 |
Held-to-maturity | ' | ' |
Number of Securities | ' | 2 |
Less than 12 months, Fair Value | ' | 9,886 |
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 |
Total investment securities in an unrealized loss position less than 12 months fair value | ' | 84,428 |
Total investment securities in an unrealized loss position less than 12 months gross unrealized loss | ' | -369 |
Total investment securities in an unrealized loss position 12 months or more fair value | ' | 1,476 |
Total investment securities in an unrealized loss position 12 months or more gross unrealized loss | ' | -531 |
Total investment securities in an unrealized loss position fair value | ' | 85,904 |
Total investment securities in an unrealized loss position gross unrealized loss | ' | -900 |
U.S. Treasury obligations | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 2 | 6 |
Less than 12 Months, Fair Value | 21,995 | 63,994 |
Less than 12 months, Gross Unrealized Loss | -3 | -3 |
12 months or more, Fair Value | ' | ' |
12 months or more, Gross Unrealized Loss | ' | ' |
Total Fair Value | 21,995 | 63,994 |
Total Gross Unrealized Loss | -3 | -3 |
U.S. Government agency obligations | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 2 | 1 |
Less than 12 Months, Fair Value | 14,996 | 6,923 |
Less than 12 months, Gross Unrealized Loss | -15 | -84 |
12 months or more, Fair Value | ' | ' |
12 months or more, Gross Unrealized Loss | ' | ' |
Total Fair Value | 14,996 | 6,923 |
Total Gross Unrealized Loss | -15 | -84 |
Held-to-maturity | ' | ' |
Number of Securities | ' | 1 |
Less than 12 months, Fair Value | ' | 4,930 |
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 |
Preferred equity securities | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 1 | 2 |
Less than 12 Months, Fair Value | ' | 98 |
Less than 12 months, Gross Unrealized Loss | ' | -2 |
12 months or more, Fair Value | 1,633 | 1,471 |
12 months or more, Gross Unrealized Loss | -367 | -529 |
Total Fair Value | 1,633 | 1,569 |
Total Gross Unrealized Loss | -367 | -531 |
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 | 5 |
12 months or more, Gross Unrealized Loss | -2 | -2 |
Total Fair Value | 5 | 5 |
Total Gross Unrealized Loss | -2 | -2 |
Mutual funds | ' | ' |
Available-for-sale: | ' | ' |
Number of Securities | 1 | 1 |
Less than 12 Months, Fair Value | ' | 3,527 |
Less than 12 months, Gross Unrealized Loss | ' | -183 |
12 months or more, Fair Value | 3,653 | ' |
12 months or more, Gross Unrealized Loss | -121 | ' |
Total Fair Value | 3,653 | 3,527 |
Total Gross Unrealized Loss | -121 | -183 |
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) |
Investment_Securities_Amortize
Investment Securities - Amortized cost and estimated market value of debt securities (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-Sale - Amortized Cost | ' | ' |
Due in one year or less | $105,987 | ' |
Due after one year through five years | 41,024 | ' |
Due after five years through ten years | ' | ' |
Due after ten years | ' | ' |
Government sponsored residential mortgage-backed securities | 7,712 | ' |
Available-for-sale, Amortized Cost | 154,723 | ' |
Available-for-Sale - Estimated Fair Value | ' | ' |
Due in one year or less | 105,992 | ' |
Due after one year through five years | 41,172 | ' |
Due after five years through ten years | ' | ' |
Due after ten years | ' | ' |
Government sponsored residential mortgage-backed securities | 8,072 | ' |
Available-for-Sale, Estimated Fair Value | 155,236 | ' |
Held-to-Maturity - Amortized Cost | ' | ' |
Due in one year or less | ' | ' |
Due after one year through five years | ' | ' |
Due after five years through ten years | ' | ' |
Due after ten years | 3,000 | ' |
Government sponsored residential mortgage-backed securities | 9,715 | ' |
Held-to-Maturity, Amortized Cost | 12,715 | 12,983 |
Held-to-Maturity - Estimated Fair Value | ' | ' |
Due in one year or less | ' | ' |
Due after one year through five years | ' | ' |
Due after five years through ten years | ' | ' |
Due after ten years | 3,000 | ' |
Government sponsored residential mortgage-backed securities | 9,900 | ' |
Held-to-Maturity, Estimated Fair Value | $12,900 | $12,886 |
Investment_Securities_Detail_T
Investment Securities (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
U.S. Treasury, U.S. Government agency obligations and Government sponsored residential mortgage-backed securities | U.S. Treasury, U.S. Government agency obligations and Government sponsored residential mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Gross realized gains on sales of securities available-for-sale | $36,000 | $36,000 | ' | ' |
Fair value of securities | ' | ' | $113,300,000 | $116,700,000 |
Investment_Securities_Detail_T1
Investment Securities (Detail Textuals 1) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLB Stock | $17,724 | $13,136 |
Federal Home Loan Bank of Boston ("FHLBB") Stock | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
FHLB Stock | $17,700 | $13,100 |
Investment_Securities_Detail_T2
Investment Securities (Detail Textuals 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Other noninterest income | Other noninterest income | Other assets | Other assets | |||
Schedule Of Available For Sale Securities and Held To Maturity [Line Items] | ' | ' | ' | ' | ' | ' |
Alternative investments | $2,300,000 | $2,400,000 | ' | ' | $2,300,000 | $2,400,000 |
Loss on fair value adjustments in its limited partnerships | ' | ' | 41,000 | ' | ' | ' |
Net gain on sale of investments | ' | ' | 27,000 | 91,000 | ' | ' |
Unfunded commitments for alternative investments | $517,000 | ' | ' | ' | ' | ' |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Summary (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Loans, net | $1,930,502 | ' | $1,800,987 | ' | ' | ' |
Loans receivable | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,945,051 | ' | 1,816,308 | ' | ' | ' |
Allowance for loan losses | -17,912 | -17,631 | -18,314 | -17,505 | -17,332 | -17,229 |
Net deferred loan costs | 3,363 | ' | 2,993 | ' | ' | ' |
Loans, net | 1,930,502 | ' | 1,800,987 | ' | ' | ' |
Loans receivable | Real estate Residential | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 749,124 | ' | 693,046 | ' | ' | ' |
Allowance for loan losses | -3,631 | -3,760 | -3,647 | -3,728 | -3,901 | -3,778 |
Loans receivable | Real estate Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 686,299 | ' | 633,764 | ' | ' | ' |
Allowance for loan losses | -8,782 | -8,601 | -8,253 | -8,012 | -7,926 | -8,105 |
Loans receivable | Real estate Construction | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 69,047 | ' | 78,191 | ' | ' | ' |
Allowance for loan losses | -900 | -927 | -1,152 | -1,138 | -847 | -760 |
Loans receivable | Installment | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 3,850 | ' | 4,516 | ' | ' | ' |
Allowance for loan losses | -41 | -42 | -48 | -57 | -64 | -77 |
Loans receivable | Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 277,483 | ' | 252,032 | ' | ' | ' |
Allowance for loan losses | -3,089 | -2,847 | -3,746 | -2,999 | -2,990 | -2,654 |
Loans receivable | Collateral | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,480 | ' | 1,600 | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 156,625 | ' | 151,606 | ' | ' | ' |
Allowance for loan losses | -1,468 | -1,453 | -1,465 | -1,401 | -1,393 | -1,377 |
Loans receivable | Demand | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | ' | ' | 85 | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 75 | ' | 94 | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,068 | ' | 1,374 | ' | ' | ' |
Allowance for loan losses | ($1) | ($1) | ($3) | ($170) | ($211) | ($456) |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Changes in allowance for loan losses by segments (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Provision for (Reduction) loan losses | ' | ' | $915 | $655 |
Loans receivable | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 17,631 | 17,332 | 18,314 | 17,229 |
Charge-offs | -139 | -93 | -1,339 | -399 |
Recoveries | 10 | 10 | 22 | 20 |
Provision for (Reduction) loan losses | 410 | 256 | 915 | 655 |
Balance at end of period | 17,912 | 17,505 | 17,912 | 17,505 |
Loans receivable | Real estate Residential | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 3,760 | 3,901 | 3,647 | 3,778 |
Charge-offs | -123 | -81 | -262 | -375 |
Recoveries | 1 | ' | 1 | ' |
Provision for (Reduction) loan losses | -7 | -92 | 245 | 325 |
Balance at end of period | 3,631 | 3,728 | 3,631 | 3,728 |
Loans receivable | Real estate Commercial | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 8,601 | 7,926 | 8,253 | 8,105 |
Charge-offs | ' | ' | -93 | ' |
Recoveries | 1 | ' | 1 | ' |
Provision for (Reduction) loan losses | 180 | 86 | 621 | -93 |
Balance at end of period | 8,782 | 8,012 | 8,782 | 8,012 |
Loans receivable | Real estate Construction | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 927 | 847 | 1,152 | 760 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for (Reduction) loan losses | -27 | 291 | -252 | 378 |
Balance at end of period | 900 | 1,138 | 900 | 1,138 |
Loans receivable | Installment | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 42 | 64 | 48 | 77 |
Charge-offs | -3 | ' | -3 | ' |
Recoveries | ' | ' | ' | ' |
Provision for (Reduction) loan losses | 2 | -7 | -4 | -20 |
Balance at end of period | 41 | 57 | 41 | 57 |
Loans receivable | Commercial | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 2,847 | 2,990 | 3,746 | 2,654 |
Charge-offs | -1 | ' | -955 | ' |
Recoveries | 6 | 4 | 13 | 9 |
Provision for (Reduction) loan losses | 237 | 5 | 285 | 336 |
Balance at end of period | 3,089 | 2,999 | 3,089 | 2,999 |
Loans receivable | Collateral | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for (Reduction) loan losses | ' | ' | ' | ' |
Balance at end of period | ' | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 1,453 | 1,393 | 1,465 | 1,377 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for (Reduction) loan losses | 15 | 8 | 3 | 24 |
Balance at end of period | 1,468 | 1,401 | 1,468 | 1,401 |
Loans receivable | Demand | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for (Reduction) loan losses | ' | ' | ' | ' |
Balance at end of period | ' | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' |
Charge-offs | -12 | -12 | -26 | -24 |
Recoveries | 2 | 6 | 7 | 11 |
Provision for (Reduction) loan losses | 10 | 6 | 19 | 13 |
Balance at end of period | ' | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 1 | 211 | 3 | 456 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for (Reduction) loan losses | ' | -41 | -2 | -286 |
Balance at end of period | 1 | 170 | 1 | 170 |
Loans receivable | Unallocated | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 22 |
Charge-offs | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' |
Provision for (Reduction) loan losses | ' | ' | ' | -22 |
Balance at end of period | ' | ' | ' | ' |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Allocation of the allowance by impairment methodology and by loan segment (Details 2) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | $18,314 | ' | ' | ' |
Loans receivable | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 41,892 | ' | 39,623 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 973 | ' | 1,674 | ' | ' | ' |
Total loans collectively evaluated for impairment | 1,906,522 | ' | 1,779,678 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 16,939 | ' | 16,640 | ' | ' | ' |
Total loans | 1,948,414 | ' | 1,819,301 | ' | ' | ' |
Total Reserve Allocation | 17,912 | 17,631 | 18,314 | 17,505 | 17,332 | 17,229 |
Loans receivable | Real estate Residential | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 12,477 | ' | 12,225 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 374 | ' | 360 | ' | ' | ' |
Total loans collectively evaluated for impairment | 740,389 | ' | 683,966 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 3,257 | ' | 3,287 | ' | ' | ' |
Total Reserve Allocation | 3,631 | 3,760 | 3,647 | 3,728 | 3,901 | 3,778 |
Loans receivable | Real estate Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 20,848 | ' | 21,143 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 183 | ' | 62 | ' | ' | ' |
Total loans collectively evaluated for impairment | 665,120 | ' | 612,517 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 8,599 | ' | 8,191 | ' | ' | ' |
Total Reserve Allocation | 8,782 | 8,601 | 8,253 | 8,012 | 7,926 | 8,105 |
Loans receivable | Real estate Construction | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 187 | ' | 187 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 68,860 | ' | 78,004 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 900 | ' | 1,152 | ' | ' | ' |
Total Reserve Allocation | 900 | 927 | 1,152 | 1,138 | 847 | 760 |
Loans receivable | Installment | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 223 | ' | 215 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 8 | ' | 9 | ' | ' | ' |
Total loans collectively evaluated for impairment | 3,627 | ' | 4,301 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 33 | ' | 39 | ' | ' | ' |
Total Reserve Allocation | 41 | 42 | 48 | 57 | 64 | 77 |
Loans receivable | Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 6,666 | ' | 4,096 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 407 | ' | 1,243 | ' | ' | ' |
Total loans collectively evaluated for impairment | 270,769 | ' | 247,888 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 2,682 | ' | 2,503 | ' | ' | ' |
Total Reserve Allocation | 3,089 | 2,847 | 3,746 | 2,999 | 2,990 | 2,654 |
Loans receivable | Collateral | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 1,480 | ' | 1,600 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total Reserve Allocation | ' | ' | ' | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 423 | ' | 538 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 156,202 | ' | 151,068 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | 1,468 | ' | 1,465 | ' | ' | ' |
Total Reserve Allocation | 1,468 | 1,453 | 1,465 | 1,401 | 1,393 | 1,377 |
Loans receivable | Demand | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | ' | ' | 85 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total Reserve Allocation | ' | ' | ' | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | 75 | ' | 94 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | ' | ' | ' | ' |
Total Reserve Allocation | ' | ' | ' | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans individually evaluated for impairment | 1,068 | ' | 1,219 | ' | ' | ' |
Reserve Allocation - loans individually evaluated for impairment | 1 | ' | ' | ' | ' | ' |
Total loans collectively evaluated for impairment | ' | ' | 155 | ' | ' | ' |
Reserve Allocation - Loans collectively evaluated for impairment | ' | ' | 3 | ' | ' | ' |
Total Reserve Allocation | $1 | $1 | $3 | $170 | $211 | $456 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Summary of loan delinquencies at recorded investment (Details 3) (Loans receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 20 | 15 |
Loan receivable, recorded investment, 30 to 59 days past due | $1,695 | $3,124 |
Number of loan receivable recorded investment 60 to 89 days past due | 8 | 9 |
Loan receivable, recorded investment, 60 to 89 days past due | 1,129 | 1,783 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 40 | 35 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 12,433 | 10,604 |
Number of loan receivable recorded investment past due | 68 | 59 |
Loan receivable, recorded investment, past due | 15,257 | 15,511 |
Loan receivable, recorded investment, past due 90 days or more 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 | 6 | 9 |
Loan receivable, recorded investment, 30 to 59 days past due | 1,228 | 2,586 |
Number of loan receivable recorded investment 60 to 89 days past due | 6 | 8 |
Loan receivable, recorded investment, 60 to 89 days past due | 808 | 1,600 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 19 | 20 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 8,584 | 8,518 |
Number of loan receivable recorded investment past due | 31 | 37 |
Loan receivable, recorded investment, past due | 10,620 | 12,704 |
Loan receivable, recorded investment, past due 90 days or more 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 | ' | ' |
Loan receivable, recorded investment, 60 to 89 days past due | ' | ' |
Number of loan receivable recorded investment equal to greater than 90 days past due | 4 | 1 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 2,170 | 827 |
Number of loan receivable recorded investment past due | 4 | 2 |
Loan receivable, recorded investment, past due | 2,170 | 1,058 |
Loan receivable, recorded investment, past due 90 days or more 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 | 187 |
Number of loan receivable recorded investment past due | 1 | 1 |
Loan receivable, recorded investment, past due | 187 | 187 |
Loan receivable, recorded investment, past due 90 days or more 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 | 3 | ' |
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 | 4 | 2 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 75 | 47 |
Number of loan receivable recorded investment past due | 5 | 2 |
Loan receivable, recorded investment, past due | 78 | 47 |
Loan receivable, recorded investment, past due 90 days or more and still accruing | ' | ' |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 3 | 1 |
Loan receivable, recorded investment, 30 to 59 days past due | 327 | 5 |
Number of loan receivable recorded investment 60 to 89 days past due | 1 | ' |
Loan receivable, recorded investment, 60 to 89 days past due | 38 | ' |
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 | 958 | 584 |
Number of loan receivable recorded investment past due | 10 | 7 |
Loan receivable, recorded investment, past due | 1,323 | 589 |
Loan receivable, recorded investment, past due 90 days or more and still accruing | ' | ' |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 7 | 2 |
Loan receivable, recorded investment, 30 to 59 days past due | 57 | 9 |
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 | 7 | 2 |
Loan receivable, recorded investment, past due | 57 | 9 |
Loan receivable, recorded investment, past due 90 days or more and still accruing | ' | ' |
Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loan receivable, recorded investment, 30 to 59 days past due | 2 | 1 |
Loan receivable, recorded investment, 30 to 59 days past due | 74 | 283 |
Number of loan receivable recorded investment 60 to 89 days past due | 1 | 1 |
Loan receivable, recorded investment, 60 to 89 days past due | 283 | 183 |
Number of loan receivable recorded investment equal to greater than 90 days past due | 6 | 5 |
Loan receivable, recorded investment, equal to greater than 90 days past due | 459 | 441 |
Number of loan receivable recorded investment past due | 9 | 7 |
Loan receivable, recorded investment, past due | 816 | 907 |
Loan receivable, recorded investment, past due 90 days or more 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 | 6 | 10 |
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 | 1 | 1 |
Loan receivable, recorded investment, past due | 6 | 10 |
Loan receivable, recorded investment, past due 90 days or more 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, past due 90 days or more 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, past due 90 days or more and still accruing | ' | ' |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Nonperforming assets (Details 4) (Loans receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | $14,652 | $14,800 |
Loans 90 days past due and still accruing | ' | ' |
Other real estate owned | 434 | 393 |
Total nonperforming assets | 15,086 | 15,193 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 10,266 | 10,599 |
Loans 90 days past due and still accruing | ' | ' |
Real estate Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 2,170 | 827 |
Loans 90 days past due and still accruing | ' | ' |
Real estate Construction | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 187 | 187 |
Loans 90 days past due and still accruing | ' | ' |
Installment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 78 | 162 |
Loans 90 days past due and still accruing | ' | ' |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 1,327 | 2,285 |
Loans 90 days past due and still accruing | ' | ' |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | 624 | 740 |
Loans 90 days past due and still accruing | ' | ' |
Demand | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Revolving credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Resort | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total nonaccruing loans | ' | ' |
Loans 90 days past due and still accruing | ' | ' |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Summary of impaired loans (Details 5) (Loans receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | $27,454 | $27,543 |
Unpaid Principal Balance | 31,351 | 28,676 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 14,438 | 12,080 |
Unpaid Principal Balance | 13,319 | 12,617 |
Related Allowance | 973 | 1,674 |
Total Recorded Investment | 41,892 | 39,623 |
Total Unpaid Principal Balance | 44,670 | 41,293 |
Total Related Allowance | 973 | 1,674 |
Real estate Residential | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 7,399 | 6,900 |
Unpaid Principal Balance | 7,942 | 7,442 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 5,078 | 5,325 |
Unpaid Principal Balance | 5,595 | 5,804 |
Related Allowance | 374 | 360 |
Real estate Commercial | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 15,689 | 18,463 |
Unpaid Principal Balance | 18,526 | 18,649 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 5,159 | 2,680 |
Unpaid Principal Balance | 2,597 | 2,679 |
Related Allowance | 183 | 62 |
Real estate Construction | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 187 | 187 |
Unpaid Principal Balance | 433 | 433 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Installment | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 195 | 187 |
Unpaid Principal Balance | 195 | 187 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 28 | 28 |
Unpaid Principal Balance | 28 | 28 |
Related Allowance | 8 | 9 |
Commercial | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 3,561 | 1,268 |
Unpaid Principal Balance | 3,709 | 1,307 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 3,105 | 2,828 |
Unpaid Principal Balance | 4,031 | 2,888 |
Related Allowance | 407 | 1,243 |
Collateral | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Home equity line of credit | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | 423 | 538 |
Unpaid Principal Balance | 546 | 658 |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Demand | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Revolving credit | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Related Allowance | ' | ' |
Resort | ' | ' |
Impaired loans without a valuation allowance | ' | ' |
Recorded Investment | ' | ' |
Unpaid Principal Balance | ' | ' |
Impaired loans with a valuation allowance | ' | ' |
Recorded Investment | 1,068 | 1,219 |
Unpaid Principal Balance | 1,068 | 1,218 |
Related Allowance | $1 | ' |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Summary of information pertaining to impaired loans (Details 6) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | $284 | ' |
Loans receivable | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 28,150 | 11,890 |
Interest Income Recognized | 224 | 106 | 563 | 179 |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 13,322 | 25,740 |
Interest Income Recognized | 60 | 286 | 146 | 580 |
Total Average Recorded Investment | ' | ' | 41,472 | 37,630 |
Total Interest Income Recognized | 284 | 392 | 709 | 759 |
Loans receivable | Real estate Residential | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 6,895 | 4,254 |
Interest Income Recognized | 20 | 1 | 43 | 1 |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 5,275 | 6,712 |
Interest Income Recognized | 7 | 24 | 27 | 41 |
Loans receivable | Real estate Commercial | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 16,844 | 3,762 |
Interest Income Recognized | 174 | 45 | 429 | 82 |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 4,080 | 13,733 |
Interest Income Recognized | 15 | 223 | 47 | 470 |
Loans receivable | Real estate Construction | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 140 | 380 |
Interest Income Recognized | ' | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 47 | 377 |
Interest Income Recognized | ' | ' | ' | ' |
Loans receivable | Installment | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 143 | ' |
Interest Income Recognized | 3 | ' | 7 | ' |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 28 | 17 |
Interest Income Recognized | ' | ' | ' | ' |
Loans receivable | Commercial | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 3,658 | 2,988 |
Interest Income Recognized | 27 | 60 | 84 | 96 |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 2,717 | 3,702 |
Interest Income Recognized | 30 | 23 | 53 | 40 |
Loans receivable | Collateral | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Loans receivable | Home equity line of credit | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 470 | 506 |
Interest Income Recognized | ' | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Loans receivable | Demand | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Loans receivable | Revolving credit | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Loans receivable | Resort | ' | ' | ' | ' |
Impaired loans without a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest Income Recognized | ' | ' | ' | ' |
Impaired loans with a valuation allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | 1,175 | 1,199 |
Interest Income Recognized | $8 | $16 | $19 | $29 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - Information modified in a troubled debt restructuring (Details 7) (Loans receivable, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Loan | Loan |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 35 | 29 |
TDRs on Accrual Status of Recorded Investment | $18,190 | $15,790 |
Number of TDRs on Nonaccrual Status of Loans | 17 | 17 |
TDRs on Nonaccrual Status of Recorded Investment | 6,789 | 7,578 |
Number of Total TDRs of Loans | 52 | 46 |
Total TDRs of Recorded Investment | 24,979 | 23,368 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 12 | 6 |
TDRs on Accrual Status of Recorded Investment | 2,419 | 1,814 |
Number of TDRs on Nonaccrual Status of Loans | 9 | 8 |
TDRs on Nonaccrual Status of Recorded Investment | 5,618 | 5,285 |
Number of Total TDRs of Loans | 21 | 14 |
Total TDRs of Recorded Investment | 8,037 | 7,099 |
Real estate Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 9 | 12 |
TDRs on Accrual Status of Recorded Investment | 10,005 | 11,509 |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | 9 | 12 |
Total TDRs of Recorded Investment | 10,005 | 11,509 |
Real estate Construction | ' | ' |
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 | 1 | 1 |
TDRs on Nonaccrual Status of Recorded Investment | 187 | 187 |
Number of Total TDRs of Loans | 1 | 1 |
Total TDRs of Recorded Investment | 187 | 187 |
Installment | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 4 | 3 |
TDRs on Accrual Status of Recorded Investment | 223 | 215 |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | 4 | 3 |
Total TDRs of Recorded Investment | 223 | 215 |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | 9 | 6 |
TDRs on Accrual Status of Recorded Investment | 4,475 | 1,033 |
Number of TDRs on Nonaccrual Status of Loans | 5 | 5 |
TDRs on Nonaccrual Status of Recorded Investment | 787 | 1,799 |
Number of Total TDRs of Loans | 14 | 11 |
Total TDRs of Recorded Investment | 5,262 | 2,832 |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | ' | ' |
TDRs on Accrual Status of Recorded Investment | ' | ' |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | ' | ' |
Total TDRs of Recorded Investment | ' | ' |
Home equity line of credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of TDRs on Accrual Status of Loans | ' | ' |
TDRs on Accrual Status of Recorded Investment | ' | ' |
Number of TDRs on Nonaccrual Status of Loans | 2 | 3 |
TDRs on Nonaccrual Status of Recorded Investment | 197 | 307 |
Number of Total TDRs of Loans | 2 | 3 |
Total TDRs of Recorded Investment | 197 | 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 | 1 | 2 |
TDRs on Accrual Status of Recorded Investment | 1,068 | 1,219 |
Number of TDRs on Nonaccrual Status of Loans | ' | ' |
TDRs on Nonaccrual Status of Recorded Investment | ' | ' |
Number of Total TDRs of Loans | 1 | 2 |
Total TDRs of Recorded Investment | $1,068 | $1,219 |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Recorded investment and number of modifications for modified loans (Details 8) (Loans receivable, USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Loan | Loan | Loan | Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 5 | 9 | 14 | 16 | ||||
Recorded Investment Prior to Modification | $578 | $3,968 | $5,243 | $8,433 | ||||
Recorded Investment After Modification | 578 | [1] | 3,966 | [1] | 5,226 | [1] | 8,320 | [1] |
Real estate Residential | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 2 | ' | 9 | 3 | ||||
Recorded Investment Prior to Modification | 278 | ' | 1,463 | 588 | ||||
Recorded Investment After Modification | 278 | [1] | ' | [1] | 1,450 | [1] | 570 | [1] |
Real estate Commercial | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | 2 | ' | 2 | ||||
Recorded Investment Prior to Modification | ' | 1,726 | ' | 1,725 | ||||
Recorded Investment After Modification | ' | 1,725 | [1] | ' | 1,725 | [1] | ||
Real estate Construction | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | 1 | ' | 1 | ||||
Recorded Investment Prior to Modification | ' | 187 | ' | 187 | ||||
Recorded Investment After Modification | ' | 187 | [1] | ' | 187 | [1] | ||
Installment | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 1 | 1 | 1 | 2 | ||||
Recorded Investment Prior to Modification | 17 | 29 | 17 | 36 | ||||
Recorded Investment After Modification | 17 | [1] | 29 | [1] | 17 | [1] | 35 | [1] |
Commercial | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | 2 | 5 | 4 | 6 | ||||
Recorded Investment Prior to Modification | 283 | 2,026 | 3,763 | 5,653 | ||||
Recorded Investment After Modification | 283 | [1] | 2,025 | [1] | 3,759 | [1] | 5,603 | [1] |
Home equity line of credit | ' | ' | ' | ' | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ||||
Number of Modifications | ' | ' | ' | 2 | ||||
Recorded Investment Prior to Modification | ' | ' | ' | 244 | ||||
Recorded Investment After Modification | ' | ' | [1] | ' | $200 | [1] | ||
[1] | The period end balances are inclusive of all partial paydowns and charge-offs since the modification date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included. |
Recovered_Sheet2
Loans and Allowance for Loan Losses - TDR loans (Details 9) (Loans receivable, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Loan | Loan | Loan | Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Modifications | 5 | 9 | 14 | 16 |
Extended Maturity | $241 | $3,496 | $2,621 | $7,074 |
Adjusted Interest Rates | ' | ' | ' | ' |
Combination of Rate and Maturity | ' | 29 | ' | 280 |
Other | 337 | 441 | 2,605 | 966 |
Total | 578 | 3,966 | 5,226 | 8,320 |
Real estate Residential | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Modifications | 2 | ' | 9 | 3 |
Extended Maturity | ' | ' | ' | ' |
Adjusted Interest Rates | ' | ' | ' | ' |
Combination of Rate and Maturity | ' | ' | ' | 231 |
Other | 278 | ' | 1,450 | 339 |
Total | 278 | ' | 1,450 | 570 |
Real estate Commercial | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Modifications | ' | 2 | ' | 2 |
Extended Maturity | ' | 1,577 | ' | 1,577 |
Adjusted Interest Rates | ' | ' | ' | ' |
Combination of Rate and Maturity | ' | ' | ' | ' |
Other | ' | 148 | ' | 148 |
Total | ' | 1,725 | ' | 1,725 |
Real estate Construction | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Modifications | ' | 1 | ' | 1 |
Extended Maturity | ' | ' | ' | ' |
Adjusted Interest Rates | ' | ' | ' | ' |
Combination of Rate and Maturity | ' | ' | ' | ' |
Other | ' | 187 | ' | 187 |
Total | ' | 187 | ' | 187 |
Installment | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Modifications | 1 | 1 | 1 | 2 |
Extended Maturity | ' | ' | ' | ' |
Adjusted Interest Rates | ' | ' | ' | ' |
Combination of Rate and Maturity | ' | 29 | ' | 35 |
Other | 17 | ' | 17 | ' |
Total | 17 | 29 | 17 | 35 |
Commercial | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Modifications | 2 | 5 | 4 | 6 |
Extended Maturity | 241 | 1,919 | 2,621 | 5,497 |
Adjusted Interest Rates | ' | ' | ' | ' |
Combination of Rate and Maturity | ' | ' | ' | ' |
Other | 42 | 106 | 1,138 | 106 |
Total | 283 | 2,025 | 3,759 | 5,603 |
Home equity line of credit | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Modifications | ' | ' | ' | 2 |
Extended Maturity | ' | ' | ' | ' |
Adjusted Interest Rates | ' | ' | ' | ' |
Combination of Rate and Maturity | ' | ' | ' | 14 |
Other | ' | ' | ' | 186 |
Total | ' | ' | ' | $200 |
Recovered_Sheet3
Loans and Allowance for Loan Losses - TDR (Details 10) (Loans receivable, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | ||
Loan | Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Number of Loans | 3 | 4 | ||
Recorded Investment | $952 | [1] | $1,165 | [1] |
Real Estate Residential | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Number of Loans | 1 | 2 | ||
Recorded Investment | 498 | [1] | 711 | [1] |
Commercial | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Number of Loans | 2 | 2 | ||
Recorded Investment | $454 | [1] | $454 | [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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $1,945,051 | $1,816,308 |
Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,888,602 | 1,754,144 |
Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 12,162 | 9,851 |
Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 43,630 | 50,665 |
Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 657 | 1,648 |
Real estate Residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 749,124 | 693,046 |
Real estate Residential | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 736,046 | 680,111 |
Real estate Residential | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,073 | 1,089 |
Real estate Residential | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 12,005 | 11,846 |
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 | 686,299 | 633,764 |
Real estate Commercial | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 665,383 | 608,289 |
Real estate Commercial | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 7,230 | 7,023 |
Real estate Commercial | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 13,686 | 18,452 |
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 | 69,047 | 78,191 |
Real estate Construction | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 63,847 | 72,022 |
Real estate Construction | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 134 | ' |
Real estate Construction | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 5,066 | 6,169 |
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 | 3,850 | 4,516 |
Installment | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,502 | 4,251 |
Installment | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 47 | 50 |
Installment | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 301 | 215 |
Installment | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 277,483 | 252,032 |
Commercial | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 263,293 | 237,755 |
Commercial | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,817 | 970 |
Commercial | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 10,716 | 11,659 |
Commercial | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 657 | 1,648 |
Collateral | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,480 | 1,600 |
Collateral | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,480 | 1,600 |
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 | 156,625 | 151,606 |
Home equity line of credit | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 154,976 | 149,781 |
Home equity line of credit | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 861 | 719 |
Home equity line of credit | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 788 | 1,106 |
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 |
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 | ' | ' |
Demand | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Revolving credit | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 75 | 94 |
Revolving credit | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 75 | 94 |
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 | 1,068 | 1,374 |
Resort | Pass | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | 156 |
Resort | Special Mention | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Resort | Substandard | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,068 | 1,218 |
Resort | Doubtful | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | ' | ' |
Recovered_Sheet5
Loans and Allowance for Loan Losses (Detail Textuals) (Loans receivable, USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Loan | |||
Loans receivable | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Recorded investment balance of TDRs approximated | $24,979 | ' | $23,368 |
TDRs on accrual status | 18,190 | ' | 15,790 |
TDRs on nonaccrual status | 6,789 | ' | 7,578 |
Percentage of accruing TDRs | 100.00% | ' | ' |
Allowance for loan losses included specific reserves | 721 | ' | 1,600 |
Bank charge-offs | 982 | 293 | ' |
Additional funds available to borrowers in TDR status | $219 | ' | $332 |
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_Sheet6
Loans and Allowance for Loan Losses (Detail Textuals 1) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Executive officers, Directors and other related parties | Executive officers, Directors and other related parties | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | |||||
Other noninterest income | Other noninterest income | ||||||||||
Servicing Assets at Amortized Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of mortgage servicing rights | ' | ' | ' | ' | ' | ' | $3,200,000 | ' | $3,100,000 | ' | ' |
Fair value of mortgage servicing rights | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | 3,600,000 | ' | ' |
Loans sold with servicing rights retained | ' | ' | ' | ' | ' | ' | 21,800,000 | 117,500,000 | ' | ' | ' |
Net gain on loans sold | 317,000 | 1,589,000 | 439,000 | 3,619,000 | ' | ' | 439,000 | 3,600,000 | ' | ' | ' |
Principal balance of loans serviced for others | ' | ' | ' | ' | ' | ' | 310,600,000 | ' | 299,000,000 | ' | ' |
Loan servicing fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375,000 | 258,000 |
Loans and leases receivable, related parties | ' | ' | ' | ' | $980,000 | $647,000 | ' | ' | ' | ' | ' |
Credit_Arrangements_Detail_Tex
Credit Arrangements (Detail Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Balance with the bank | $6,700,000 | $5,000,000 |
Federal Home Loan Bank of Boston ("FHLBB") Stock | Line of credit | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Pre-approved line of credit | 8,800,000 | 8,800,000 |
Federal Home Loan Bank of Boston ("FHLBB") Stock | 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 |
Credit_Arrangements_Detail_Tex1
Credit Arrangements (Detail Textuals 1) (Federal Home Loan Bank of Boston ("FHLBB") Stock, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Federal Home Loan Bank of Boston ("FHLBB") Stock | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' |
Federal Home Loan Bank of Boston advances | $291 | $259 |
Collateral value first mortgage loans | 731.7 | 677.4 |
Line of credit facility, remaining borrowing capacity | $193.20 | $190.60 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | $97.30 | $80.50 |
Collateralized amount of funding arrangement in pledged commercial real estate loans | $149.50 | $124.70 |
Credit_Arrangements_Detail_Tex3
Credit Arrangements (Detail Textuals 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Treasury bill securities with a fair value | $62,600,000 | $71,300,000 |
Cash for securing repurchase agreement | 6,700,000 | 5,000,000 |
Repurchase liabilities | 55,326,000 | 50,816,000 |
Master Repurchase Agreement Borrowing Facility | Broker | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Treasury bill securities with a fair value | 24,000,000 | ' |
Cash for securing repurchase agreement | 203,000 | ' |
Outstanding borrowings | $21,000,000 | $21,000,000 |
Deposits_Deposit_balances_and_
Deposits - Deposit balances and weighted average interest rates (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Noninterest-bearing demand deposits | $315,916 | $308,459 |
Interest-bearing | ' | ' |
NOW accounts | 377,570 | 285,392 |
Money market | 401,694 | 387,225 |
Savings accounts | 202,970 | 193,937 |
Time deposits | 332,629 | 338,488 |
Total interest-bearing deposits | 1,314,863 | 1,205,042 |
Total deposits | $1,630,779 | $1,513,501 |
Deposits_Scheduled_maturities_
Deposits - Scheduled maturities of time deposits (Details 1) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Banking and Thrift [Abstract] | ' |
2014 | $165,907 |
2015 | 87,817 |
2016 | 50,000 |
2016 | 16,417 |
2017 | 7,861 |
Thereafter | 4,627 |
Total time deposits | $332,629 |
Deposits_Detail_Textuals
Deposits (Detail Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Time certificates of deposit in denominations of $100,000 or more | $154.20 | $147.70 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans - Components of net periodic pension and benefit costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits | ' | ' | ' | ' |
Components of net periodic pension cost | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' |
Interest cost | 256 | 239 | 511 | 476 |
Expected return on plan assets | -335 | -283 | -670 | -567 |
Amortization: | ' | ' | ' | ' |
Loss | 76 | 140 | 153 | 286 |
Prior service cost | ' | ' | ' | ' |
Net periodic pension cost | -3 | 96 | -6 | 195 |
Other Postretirement Benefits | ' | ' | ' | ' |
Components of net periodic pension cost | ' | ' | ' | ' |
Service cost | 15 | 26 | 30 | 51 |
Interest cost | 37 | 32 | 73 | 64 |
Expected return on plan assets | ' | ' | ' | ' |
Amortization: | ' | ' | ' | ' |
Loss | 5 | 10 | 9 | 21 |
Prior service cost | -13 | -12 | -25 | -25 |
Net periodic pension cost | $44 | $56 | $87 | $111 |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans - Shares held by ESOP (Details 1) (Farmington Bank Employee Stock Ownership Plan (ESOP)) | Jun. 30, 2014 |
Farmington Bank Employee Stock Ownership Plan (ESOP) | ' |
Employee Stock Ownership Plan (Esop) Disclosures [Line Items] | ' |
Allocated | 286,083 |
Committed to be released | 47,289 |
Unallocated | 1,097,044 |
Total shares held by the ESOP | 1,430,416 |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans (Detail Textuals) (Qualified Defined Benefit Plan, Forecast, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Qualified Defined Benefit Plan | Forecast | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Company's contribution to qualified defined benefit plan | $1.50 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans (Detail Textuals 1) (Farmington Bank, USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Fair value of unallocated ESOP shares | $17,600,000 | ' |
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 | ' |
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% | ' |
Term of loan for annual payments of interest and principal | '15 years | ' |
Outstanding balance of loan provided by the company to purchase common stock | 13,900,000 | ' |
Interest rate of outstanding balance of Loan provided by the company to purchase common stock | 4.25% | ' |
ESOP compensation expense | $740,000 | $678,000 |
Stock_Incentive_Plan_Weighteda
Stock Incentive Plan - Weighted-average estimated fair values of stock option grants (Details) (Stock options, USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted per share average fair value of options granted | $4.27 | $3.99 |
Weighted-average assumptions: | ' | ' |
Risk-free interest rate | 1.90% | 1.12% |
Expected volatility | 30.56% | 32.35% |
Expected dividend yield | 1.89% | 1.67% |
Expected life of options granted | '6 years | '6 years |
Minimum | ' | ' |
Weighted-average assumptions: | ' | ' |
Weighted-average dividend yield | 1.09% | 0.80% |
Maximum | ' | ' |
Weighted-average assumptions: | ' | ' |
Weighted-average dividend yield | 2.51% | 2.71% |
Stock_Incentive_Plan_Summary_o
Stock Incentive Plan - Summary of Company's stock option activity (Details 1) (Stock options, USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Stock options | ' |
Number of Stock Options | ' |
Outstanding at December 31, 2013 | 1,629,857 |
Granted | 21,500 |
Exercised | ' |
Forfeited | -4,100 |
Outstanding at June 30, 2014 | 1,647,257 |
Exercisable at June 30, 2014 | 651,250 |
Weighted-Average Exercise Price | ' |
Outstanding at December 31, 2013 | $12.98 |
Granted | $16.39 |
Exercised | ' |
Forfeited | $14.63 |
Outstanding at June 30, 2014 | $13.02 |
Weighted-Average Remaining Contractual Term (in years) | '8 years 2 months 16 days |
Aggregate Intrinsic Value (in thousands) | $4,984 |
Stock_Incentive_Plan_Summary_o1
Stock Incentive Plan - Summary of status of Company's restricted stock (Details 2) (Restricted Stock, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock | ' |
Number of Restricted Stock | ' |
Unvested at December 31, 2013 | 400,325 |
Granted | ' |
Vested | ' |
Forfeited | ' |
Unvested at June 30, 2014 | 400,325 |
Weighted-Average Grant Date Fair Value | ' |
Unvested at December 31, 2013 | $12.95 |
Granted | ' |
Vested | ' |
Forfeited | ' |
Unvested at June 30, 2014 | $12.95 |
Stock_Incentive_Plan_Detail_Te
Stock Incentive Plan (Detail Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Aug. 31, 2012 |
Restricted Stock | Restricted Stock | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | 2012 Stock Incentive Plan | |
Stock options | Stock options | Stock options | Stock options | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Non Qualified Stock Options | ||||||
Vested Immediately | Vest each annual anniversary of the grant date through 2016 | Vested Immediately | Vest each annual anniversary of the grant date through 2016 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for grants | ' | ' | ' | ' | 2,503,228 | ' | ' | ' | ' | ' | ' | 715,208 | ' | ' | 1,788,020 |
Vesting percentage of stock awards | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | 20.00% | 20.00% | ' |
Expiry term of stock options | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | $1,400,000 | $2,100,000 | ' | $587,000 | $790,000 | ' | ' | $857,000 | $1,300,000 | ' | ' | ' | ' |
Number of non-vested options outstanding | ' | ' | ' | ' | ' | 996,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future compensation expense | ' | ' | ' | ' | ' | $2,600,000 | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' |
Number of non-vested restricted shares | 400,325 | 400,325 | ' | ' | ' | ' | ' | ' | ' | 400,325 | ' | ' | ' | ' | ' |
Remaining vesting period of non-vested options | ' | ' | ' | ' | ' | '2 years 2 months 27 days | ' | ' | ' | '2 years 2 months 9 days | ' | ' | ' | ' | ' |
Method used | ' | ' | 'Black-Scholes option pricing model | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Not designated outstanding interest rate swaps (Details) (Not Designated as Hedging Instrument, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Derivative | Derivative |
Other assets | Commercial loan customer interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of Instruments | 31 | 22 |
Notional Amount | $94,978 | $66,635 |
Estimated Fair Values | 4,622 | 3,238 |
Other Liabilities | Commercial loan customer interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of Instruments | 13 | 22 |
Notional Amount | 50,760 | 82,535 |
Estimated Fair Values | -4,681 | -3,294 |
Other Liabilities | Counterparty interest rate swap position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Number of Instruments | 44 | 44 |
Notional Amount | 145,738 | 149,170 |
Estimated Fair Values | $59 | $56 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Changes in the fair value of non-hedge accounting derivatives (Details 1) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Commercial loan customer interest rate swap position | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | $188 | ($2,359) | ($331) | ($2,597) |
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 | -860 | 702 | -1,715 | 1,378 |
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 | 1,048 | -3,061 | 1,384 | -3,975 |
Counterparty interest rate swap position | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | -188 | 2,359 | 331 | 2,597 |
Counterparty interest rate swap position | Interest Income Recorded in Interest Income | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | 860 | -702 | 1,715 | -1,378 |
Counterparty interest rate swap position | MTM (Loss) Gain Recorded in Noninterest Income | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Changes in fair value of non-hedge accounting derivatives | -1,048 | 3,061 | -1,384 | 3,975 |
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 - Potential effect of rights of setoff associated with recognized financial assets and liabilities (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Interest rate swap derivatives, gross amount of recognized assets | $4,622 | $3,238 |
Interest rate swap derivatives, gross amounts offset in statement of financial condition | ' | ' |
Interest rate swap derivatives, Net amounts of assets presented in statement of financial condition | 4,622 | 3,238 |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition, Financial instruments | ' | ' |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition, securities collateral received | ' | ' |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition, cash collateral received | 4,000 | 2,000 |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition, Net | 622 | 1,238 |
Gross amount of recognized assets | 4,622 | 3,238 |
Gross amounts offset in statement of financial condition | ' | ' |
Net amounts of assets presented in statement of financial condition | 4,622 | 3,238 |
Gross amounts not offset in statement of financial condition, financial instruments | ' | ' |
Gross amounts not offset in statement of financial condition, securities collateral received | ' | ' |
Gross amounts not offset in statement of financial condition, cash collateral received | 4,000 | 2,000 |
Gross amounts not offset in statement of financial condition, Net amount | 622 | 1,238 |
Interest rate swap derivatives, Gross amount of recognized liabilities | 4,681 | 3,294 |
Interest rate swap derivatives, Gross amounts offset in statement of financial condition | ' | ' |
Interest rate swap derivatives, Net amounts of liabilities presented in statement of financial condition | 4,681 | 3,294 |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition liabilities, Financial instruments | ' | ' |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition, securities collateral pledged | ' | ' |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition, cash collateral pledged | 4,000 | 2,000 |
Interest rate swap derivatives, Gross amounts not offset in statement of financial condition liabilities, Net | 681 | 1,294 |
Repurchase agreement borrowings, Gross amount of recognized liabilities | 21,000 | 21,000 |
Repurchase agreement borrowings, Gross amounts offset in statement of financial condition | ' | ' |
Repurchase agreement borrowings, Net amounts of liabilities presented in statement of financial condition | 21,000 | 21,000 |
Repurchase agreement borrowings, Gross amounts not offset in statement of financial condition liabilities, financial instruments | ' | ' |
Repurchase agreement borrowings, Gross amounts not offset in statement of financial condition, securities collateral pledged | 21,000 | 21,000 |
Repurchase agreement borrowings, Gross amounts not offset in statement of financial condition, cash collateral pledged | ' | ' |
Repurchase agreement borrowings, Net | ' | ' |
Gross amount of recognized liabilities | 25,681 | 24,294 |
Gross amounts offset in statement of financial condition | ' | ' |
Gross Amounts not offset in statement of financial condition liabilities, Financial instruments | 25,681 | 24,294 |
Gross amounts not offset in statement of financial condition liabilities, Financial instruments | ' | ' |
Gross amounts not offset in statement of financial condition, securities collateral pledged | 21,000 | 21,000 |
Gross amounts not offset in statement of financial condition, cash collateral pledged | 4,000 | 2,000 |
Gross amounts not offset in statement of financial condition liabilities, Net amount | $681 | $1,294 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Detail Textuals) (USD $) | Jun. 30, 2014 |
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 | 4,000,000 |
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 | 11,600,000 |
Forward Contracts | Outstanding commitments to sell residential mortgage loans | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Mortgage banking derivatives, notional amount | 11,300,000 |
Forward Contracts | Mandatory forward commitments | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Mortgage banking derivatives, notional amount | $9,000,000 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk - Financial instruments whose contract amounts represent credit risk (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | $466,145 | $411,458 |
Approved loan commitments | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 60,065 | 25,667 |
Unadvanced portion of construction loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 40,317 | 64,599 |
Unused lines for home equity loans | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 174,843 | 163,255 |
Unused revolving lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 385 | 354 |
Unused commercial letters of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | 3,384 | 3,910 |
Unused commercial lines of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair value, off-balance sheet risks, amount, liability | $187,151 | $153,673 |
Financial_Instruments_with_Off3
Financial Instruments with Off-Balance Sheet Risk (Details Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Instruments With Off Balance Sheet Risk Disclosure [Abstract] | ' | ' |
Financial instruments with off-balance sheet risk, valuation allowance | $439,000 | $436,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Securities available-for-sale | $160,784 | $150,886 |
Fair Value Measurements Recurring | Total | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 160,784 | 150,886 |
Total Assets | 165,555 | 154,171 |
Liabilities | ' | ' |
Total Liabilities | 4,780 | 3,294 |
Fair Value Measurements Recurring | Total | U.S. Treasury obligations | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 103,991 | 126,000 |
Fair Value Measurements Recurring | Total | U.S. Government agency obligations | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 40,064 | 6,922 |
Fair Value Measurements Recurring | Total | Government sponsored residential mortgage-backed securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 8,072 | 9,616 |
Fair Value Measurements Recurring | Total | Corporate debt securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 3,109 | 3,104 |
Fair Value Measurements Recurring | Total | Preferred equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 1,736 | 1,569 |
Fair Value Measurements Recurring | Total | Marketable equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 160 | 148 |
Fair Value Measurements Recurring | Total | Mutual funds | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 3,652 | 3,527 |
Fair Value Measurements Recurring | Total | Interest rate swap derivative | ' | ' |
Assets | ' | ' |
Derivative Assets | 4,622 | 3,238 |
Liabilities | ' | ' |
Derivative Liabilities | 4,681 | 3,294 |
Fair Value Measurements Recurring | Total | Forward loan sales commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | 11 |
Liabilities | ' | ' |
Derivative Liabilities | 99 | ' |
Fair Value Measurements Recurring | Total | Derivative loan commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | 149 | 36 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 144,215 | 133,070 |
Total Assets | 144,215 | 133,070 |
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 | 103,991 | 126,000 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agency obligations | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 40,064 | 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 | 160 | 148 |
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 | ' | ' |
Total Liabilities | ' | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Forward loan sales commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | ' |
Liabilities | ' | ' |
Total Liabilities | ' | ' |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative loan commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 16,569 | 17,816 |
Total Assets | 21,191 | 21,054 |
Liabilities | ' | ' |
Total Liabilities | 4,681 | 3,294 |
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 | 8,072 | 9,616 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Corporate debt securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 3,109 | 3,104 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Preferred equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 1,736 | 1,569 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Marketable equity securities | ' | ' |
Assets | ' | ' |
Securities available-for-sale | ' | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Mutual funds | ' | ' |
Assets | ' | ' |
Securities available-for-sale | 3,652 | 3,527 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Interest rate swap derivative | ' | ' |
Assets | ' | ' |
Derivative Assets | 4,622 | ' |
Liabilities | ' | ' |
Derivative Liabilities | 4,681 | ' |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Forward loan sales commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | ' |
Liabilities | ' | ' |
Derivative Liabilities | ' | ' |
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 | 149 | 47 |
Liabilities | ' | ' |
Total Liabilities | 99 | ' |
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 | ' | 3,238 |
Liabilities | ' | ' |
Derivative Liabilities | ' | 3,238 |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Forward loan sales commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | ' | 11 |
Liabilities | ' | ' |
Derivative Liabilities | 99 | ' |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Derivative loan commitments | ' | ' |
Assets | ' | ' |
Derivative Assets | $149 | $36 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional information about assets measured at fair value (Details 1) (Fair Value Measurements Recurring, Derivative and Forward Loan Sales Commitments, Net, Significant Unobservable Inputs (Level 3), USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value Measurements Recurring | Derivative and Forward Loan Sales Commitments, Net | Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance, at beginning of period | $96 | $494 | $47 | $488 |
Total realized gain: | ' | ' | ' | ' |
Included in earnings | -46 | -3 | 3 | 3 |
Balance, at the end of period | $50 | $491 | $50 | $491 |
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 $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Fair Value | $149 | ' | $47 |
Derivative and forward loan sales commitments, net | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Fair Value | $50 | ' | $47 |
Valuation Methodology | 'Adjusted quoted prices in active markets | 'Adjusted quoted prices in active markets | ' |
Mortgage serving rights of input embedded servicing value percent | 1.16% | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 2,882 | 5,910 |
Other real estate owned | 208 | 277 |
Mortgage servicing rights | ' | $1,970 |
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 $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Mortgage servicing rights | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | ' | $1,970 |
Valuation Methodology | ' | 'Discounted cash flows |
Mortgage servicing rights | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Prepayment speed | ' | 0.00% |
Mortgage servicing rights | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Prepayment speed | ' | 29.00% |
Mortgage servicing rights | Weighted Average | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Prepayment speed | ' | 9.20% |
Discount rate | ' | 7.80% |
Impaired loans | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 2,882 | 5,910 |
Valuation Methodology | 'Appraisals | 'Appraisals |
Impaired loans | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount for dated appraisal | 0.00% | 0.00% |
Discount for costs to sell | 8.00% | 8.00% |
Impaired loans | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount for dated appraisal | 20.00% | 20.00% |
Discount for costs to sell | 15.00% | 15.00% |
Impaired loans | Weighted Average | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount for dated appraisal | 10.00% | 10.00% |
Discount for costs to sell | 11.50% | 11.50% |
Other real estate owned | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | $208 | $277 |
Valuation Methodology | 'Appraisals | 'Appraisals |
Other real estate owned | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount for costs to sell | 8.00% | 8.00% |
Other real estate owned | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount for costs to sell | 10.00% | 10.00% |
Other real estate owned | Weighted Average | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Discount for costs to sell | 9.00% | 9.00% |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying amount, fair value of financial instruments (Details 5) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financial assets | ' | ' | ||
Securities held-to-maturity | $12,715 | $12,983 | ||
Securities available-for-sale | 160,784 | 150,886 | ||
Alternative investments | 2,300 | 2,400 | ||
Financial liabilities | ' | ' | ||
Time deposits | 332,629 | 338,488 | ||
Federal Home Loan Bank of Boston advances | 291,000 | 259,000 | ||
Repurchase agreement borrowings | 21,000 | 21,000 | ||
Repurchase liabilities | 55,326 | 50,816 | ||
Carrying Amount | ' | ' | ||
Financial assets | ' | ' | ||
Securities held-to-maturity | 12,715 | [1] | 12,983 | [1] |
Securities available-for-sale | 160,784 | 150,886 | ||
Loans | 1,945,051 | [2] | 1,816,308 | [2] |
Loans held-for-sale | 4,576 | [1] | 3,186 | [1] |
Mortgage servicing rights | 3,172 | [2] | 3,146 | [2] |
Federal Home Loan Bank of Boston advances | 17,724 | [1] | 13,136 | [1] |
Alternative investments | 2,344 | [2] | 2,352 | [2] |
Interest rate swap derivatives | 4,622 | [1] | 3,238 | [1] |
Forward loan sales commitments | ' | [2] | 36 | [2] |
Derivative loan commitments | 149 | [2] | 11 | [2] |
Financial liabilities | ' | ' | ||
Deposits other than time deposits | 1,298,150 | [3] | 1,175,013 | [3] |
Time deposits | 332,629 | [1] | 338,488 | [1] |
Federal Home Loan Bank of Boston advances | 291,000 | [1] | 259,000 | [1] |
Repurchase agreement borrowings | 21,000 | [1] | 21,000 | [1] |
Repurchase liabilities | 55,326 | [1] | 50,816 | [1] |
Interest rate swap derivatives | 4,681 | [1] | 3,294 | [1] |
Forward loan sales commitments | 99 | [2] | ' | [2] |
Estimated Fair Value | ' | ' | ||
Financial assets | ' | ' | ||
Securities held-to-maturity | 12,900 | [1] | 12,886 | [1] |
Securities available-for-sale | 160,784 | 150,886 | ||
Loans | 1,936,984 | [2] | 1,803,424 | [2] |
Loans held-for-sale | 4,686 | [1] | 3,188 | [1] |
Mortgage servicing rights | 3,594 | [2] | 3,596 | [2] |
Federal Home Loan Bank of Boston advances | 17,724 | [1] | 13,136 | [1] |
Alternative investments | 2,337 | [2] | 2,778 | [2] |
Interest rate swap derivatives | 4,622 | [1] | 3,238 | [1] |
Forward loan sales commitments | ' | [2] | 36 | [2] |
Derivative loan commitments | 149 | [2] | 11 | [2] |
Financial liabilities | ' | ' | ||
Deposits other than time deposits | 1,298,150 | [3] | 1,175,013 | [3] |
Time deposits | 335,327 | [1] | 341,395 | [1] |
Federal Home Loan Bank of Boston advances | 291,486 | [1] | 259,765 | [1] |
Repurchase agreement borrowings | 21,813 | [1] | 21,992 | [1] |
Repurchase liabilities | 55,326 | [1] | 50,816 | [1] |
Interest rate swap derivatives | 4,681 | [1] | 3,294 | [1] |
Forward loan sales commitments | $99 | [2] | ' | [2] |
[1] | Level 2 | |||
[2] | Level 3 | |||
[3] | Level 1 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Detail Textuals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Other noninterest income | |||
Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Total alternative investments | $2,300,000 | $2,400,000 | ' |
Unfunded commitments for alternative investments | 517,000 | ' | ' |
Loss on fair value adjustments in its limited partnerships | ' | ' | $41,000 |
Regulatory_Matters_Actual_capi
Regulatory Matters - Actual capital amounts and ratios (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk Weighted Assets) Actual Amount | $253,117 | $254,509 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.56% | 15.50% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 139,075 | 131,359 |
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 | 173,844 | 164,199 |
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 | 234,766 | 235,759 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 13.51% | 14.36% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 69,509 | 65,671 |
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 | 104,263 | 98,507 |
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 | 234,766 | 235,759 |
Tier I Capital (to Average Assets) Actual Ratio | 10.70% | 11.47% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 87,763 | 82,218 |
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 | 109,704 | 102,772 |
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 | 213,297 | 209,174 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 12.29% | 12.76% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 138,843 | 131,144 |
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 | 173,553 | 163,929 |
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 | 194,946 | 190,424 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 11.23% | 11.62% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 69,438 | 65,550 |
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 | 104,156 | 98,326 |
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 | 194,946 | 190,424 |
Tier I Capital (to Average Assets) Actual Ratio | 8.90% | 9.28% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 87,616 | 82,079 |
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 | $109,520 | $102,599 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Other_Comprehensive_Income_rec
Other Comprehensive Income - reconciliation of changes in components of other comprehensive income for periods indicated, including amount of income tax expense allocated to each component of other comprehensive income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' | ' | ||||
Unrealized gains (losses) on available-for-sale securities, Pre Tax Amount | $161 | ($482) | $297 | ($134) | ||||
Unrealized gains (losses) on available-for-sale securities, Tax Expense | -55 | 164 | -101 | 46 | ||||
Unrealized gains (losses) on available-for-sale securities, After Tax Amount | 106 | -318 | 196 | -88 | ||||
Less: net security gains reclassified into other noninterest income, Pre Tax Amount | ' | -36 | ' | -36 | ||||
Less: net security gains reclassified into other noninterest income, Tax Expense | ' | -12 | ' | -12 | ||||
Less: net security gains reclassified into other noninterest income, After Tax Amount | ' | 24 | ' | 24 | ||||
Net change in fair value of securities available-for-sale, Pre Tax Amount | 161 | -446 | 297 | -98 | ||||
Net change in fair value of securities available-for-sale, Tax Expense | -55 | 152 | -101 | 34 | ||||
Net change in fair value of securities available-for-sale, After Tax Amount | 106 | -294 | 196 | -64 | ||||
Reclassification adjustment for prior service costs and net gain included in net periodic pension costs, Pre Tax Amount | 86 | [1] | 148 | [1] | 142 | [1] | 283 | [1] |
Reclassification adjustment for prior service costs and net gain included in net periodic pension costs, Tax Expense | -29 | [1] | -51 | [1] | -48 | [1] | -97 | [1] |
Reclassification adjustment for prior service costs and net gain included in net periodic pension costs, After Tax Amount | 57 | [1] | 97 | [1] | 94 | [1] | 186 | [1] |
Total other comprehensive income (loss), Pre Tax Amount | 247 | -298 | 439 | 185 | ||||
Total other comprehensive income (loss), Tax Expense | -84 | 101 | -149 | -63 | ||||
Total other comprehensive income (loss), After Tax Amount | $163 | ($197) | $290 | $122 | ||||
[1] | Amounts are included in salaries and employee benefits in the unaudited Consolidated Statements of Income. |