Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BLMT | |
Entity Registrant Name | BSB BANCORP, INC. | |
Entity Central Index Key | 1,522,420 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,102,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 1,764 | $ 1,871 |
Interest-bearing deposits in other banks | 48,006 | 49,390 |
Cash and cash equivalents | 49,770 | 51,261 |
Interest-bearing time deposits with other banks | 134 | 131 |
Investments in available-for-sale securities | 22,216 | 21,876 |
Investments in held-to-maturity securities (fair value of $136,448 as of September 30, 2016 (unaudited) and $136,728 as of December 31, 2015) | 134,486 | 137,119 |
Loans held for sale | 900 | 1,245 |
Loans, net of allowance for loan losses of $12,969 as of September 30, 2016 (unaudited) and $11,240 as of December 31, 2015 | 1,786,362 | 1,534,957 |
Federal Home Loan Bank stock, at cost | 24,475 | 18,309 |
Premises and equipment, net | 2,449 | 2,657 |
Accrued interest receivable | 4,262 | 3,781 |
Deferred tax asset, net | 7,893 | 6,726 |
Income taxes receivable | 897 | |
Bank-owned life insurance | 35,554 | 29,787 |
Other assets | 4,351 | 5,067 |
Total assets | 2,073,749 | 1,812,916 |
Deposits: | ||
Noninterest-bearing | 184,501 | 192,476 |
Interest-bearing | 1,241,594 | 1,077,043 |
Total deposits | 1,426,095 | 1,269,519 |
Federal Home Loan Bank advances | 469,250 | 374,000 |
Securities sold under agreements to repurchase | 3,772 | 3,695 |
Other borrowed funds | 1,020 | |
Accrued interest payable | 1,013 | 993 |
Deferred compensation liability | 7,102 | 6,434 |
Income taxes payable | 184 | |
Other liabilities | 9,702 | 10,868 |
Total liabilities | 1,916,934 | 1,666,713 |
Stockholders' Equity: | ||
Common stock; $0.01 par value per share, 100,000,000 shares authorized; 9,102,016 and 9,086,639 shares issued and outstanding at September 30, 2016 (unaudited) and December 31, 2015, respectively | 91 | 91 |
Additional paid-in capital | 91,238 | 89,648 |
Retained earnings | 69,188 | 60,517 |
Accumulated other comprehensive income (loss) | 121 | (116) |
Unearned compensation - ESOP | (3,823) | (3,937) |
Total stockholders' equity | 156,815 | 146,203 |
Total liabilities and stockholders' equity | $ 2,073,749 | $ 1,812,916 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investments in held-to-maturity securities, fair value | $ 136,448 | $ 136,728 |
Loans, allowance for loan losses | $ 12,969 | $ 11,240 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,102,016 | 9,086,639 |
Common stock, shares outstanding | 9,102,016 | 9,086,639 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 14,696 | $ 11,459 | $ 42,247 | $ 32,368 |
Interest on taxable debt securities | 784 | 764 | 2,413 | 2,242 |
Dividends | 193 | 123 | 534 | 245 |
Other interest income | 53 | 15 | 136 | 59 |
Total interest and dividend income | 15,726 | 12,361 | 45,330 | 34,914 |
Interest expense: | ||||
Interest on deposits | 2,427 | 1,989 | 6,899 | 5,686 |
Interest on Federal Home Loan Bank advances | 1,271 | 567 | 3,407 | 1,624 |
Interest on securities sold under agreements to repurchase | 1 | 1 | 3 | 2 |
Interest on other borrowed funds | 7 | 5 | 21 | |
Total interest expense | 3,699 | 2,564 | 10,314 | 7,333 |
Net interest and dividend income | 12,027 | 9,797 | 35,016 | 27,581 |
Provision for loan losses | 443 | 727 | 1,783 | 1,430 |
Net interest and dividend income after provision for loan losses | 11,584 | 9,070 | 33,233 | 26,151 |
Noninterest income: | ||||
Customer service fees | 242 | 253 | 691 | 668 |
Income from bank-owned life insurance | 293 | 247 | 762 | 636 |
Net gain on sales of loans | 25 | 47 | 191 | 379 |
Loan servicing fee income | 49 | 159 | 253 | 462 |
Net gain (loss) on investments held in Rabbi Trust | 37 | (74) | 51 | (44) |
Other income | 34 | 61 | 99 | 295 |
Total noninterest income | 680 | 693 | 2,047 | 2,396 |
Noninterest expense: | ||||
Salaries and employee benefits | 4,445 | 4,357 | 13,404 | 13,078 |
Director compensation | 305 | 151 | 786 | 643 |
Occupancy expense | 250 | 262 | 742 | 819 |
Equipment expense | 112 | 138 | 326 | 422 |
Deposit insurance | 322 | 236 | 889 | 687 |
Data processing | 679 | 789 | 2,440 | 2,316 |
Professional fees | 259 | 155 | 681 | 544 |
Marketing | 220 | 190 | 648 | 708 |
Other expense | 474 | 451 | 1,389 | 1,433 |
Total noninterest expense | 7,066 | 6,729 | 21,305 | 20,650 |
Income before income tax expense | 5,198 | 3,034 | 13,975 | 7,897 |
Income tax expense | 2,018 | 1,166 | 5,304 | 3,052 |
Net income | $ 3,180 | $ 1,868 | $ 8,671 | $ 4,845 |
Earnings per share | ||||
Basic | $ 0.36 | $ 0.22 | $ 1 | $ 0.56 |
Diluted | $ 0.35 | $ 0.21 | $ 0.97 | $ 0.55 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 3,180 | $ 1,868 | $ 8,671 | $ 4,845 |
Other comprehensive income, net of tax: | ||||
Net change in fair value of securities available for sale | 67 | 11 | 237 | |
Total other comprehensive income | 67 | 11 | 237 | |
Total comprehensive income | $ 3,247 | $ 1,879 | $ 8,908 | $ 4,845 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Employee Stock Ownership Plan Unearned Compensation |
Balance (in shares) at Dec. 31, 2014 | 9,067,792 | |||||
Balance at Dec. 31, 2014 | $ 137,010 | $ 91 | $ 87,428 | $ 53,603 | $ (22) | $ (4,090) |
Net income | 4,845 | 4,845 | ||||
Release of ESOP stock | 235 | 121 | 114 | |||
Stock based compensation-restricted stock awards | 648 | 648 | ||||
Stock based compensation-stock options | 589 | 589 | ||||
Tax benefit from stock based compensation | 54 | 54 | ||||
Stock option exercises, net of shares surrendered | 190 | 190 | ||||
Stock option exercises, net of shares surrendered (in shares) | 18,696 | |||||
Balance (in shares) at Sep. 30, 2015 | 9,086,488 | |||||
Balance at Sep. 30, 2015 | $ 143,571 | $ 91 | 89,030 | 58,448 | (22) | (3,976) |
Balance (in shares) at Dec. 31, 2015 | 9,086,639 | 9,086,639 | ||||
Balance at Dec. 31, 2015 | $ 146,203 | $ 91 | 89,648 | 60,517 | (116) | (3,937) |
Net income | 8,671 | 8,671 | ||||
Other comprehensive income (loss) | 237 | 237 | ||||
Release of ESOP stock | 260 | 146 | 114 | |||
Stock based compensation-restricted stock awards | 648 | 648 | ||||
Stock based compensation-stock options | 591 | 591 | ||||
Tax benefit from stock based compensation | 58 | 58 | ||||
Stock option exercises, net of shares surrendered | $ 147 | 147 | ||||
Stock option exercises, net of shares surrendered (in shares) | 15,377 | |||||
Balance (in shares) at Sep. 30, 2016 | 9,102,016 | 9,102,016 | ||||
Balance at Sep. 30, 2016 | $ 156,815 | $ 91 | $ 91,238 | $ 69,188 | $ 121 | $ (3,823) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 8,671 | $ 4,845 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities, net | 595 | 539 |
Gain on sales of loans, net | (191) | (379) |
Loans originated for sale | (7,357) | (11,733) |
Proceeds from sales of loans | 7,892 | 22,228 |
Provision for loan losses | 1,783 | 1,430 |
Change in net unamortized mortgage premiums | (1,755) | (1,298) |
Change in net deferred loan costs | 849 | 213 |
ESOP expense | 260 | 235 |
Stock based compensation expense | 1,239 | 1,237 |
Excess tax benefit from stock based compensation | (58) | (54) |
Depreciation and amortization expense | 465 | 564 |
Impairment of fixed assets | 6 | |
Deferred income tax benefit | (1,327) | (694) |
Increase in bank-owned life insurance | (762) | (636) |
Net change in: | ||
Accrued interest receivable | (481) | (631) |
Other assets | 716 | (92) |
Income taxes receivable | (897) | 320 |
Income taxes payable | (126) | |
Accrued interest payable | 20 | 64 |
Deferred compensation liability | 668 | 424 |
Other liabilities | (1,926) | (279) |
Net cash provided by operating activities | 8,278 | 16,309 |
Cash flows from investing activities: | ||
Maturities of interest-bearing time deposits with other banks | 131 | |
Purchases of interest-bearing time deposits with other banks | (134) | |
Proceeds from maturities, payments, and calls of held-to-maturity securities | 18,323 | 15,659 |
Purchases of held-to-maturity securities | (16,228) | (32,944) |
Redemption of Federal Home Loan Bank stock | 1,240 | |
Purchases of Federal Home Loan Bank stock | (7,406) | (3,062) |
Recoveries of loans previously charged off | 30 | 252 |
Loan originations and principal collections, net | 25,258 | (48,339) |
Purchases of loans | (278,589) | (212,148) |
Capital expenditures | (257) | (218) |
Premiums paid on bank-owned life insurance | (5,005) | (5,005) |
Net cash used in investing activities | (262,637) | (285,805) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 91,328 | 192,488 |
Net increase in time deposits | 65,248 | 31,521 |
Net proceeds from long-term Federal Home Loan Bank borrowings | 166,250 | 27,500 |
Net change in short-term Federal Home Loan Bank advances | (71,000) | 7,000 |
Net increase in securities sold under agreement to repurchase | 77 | 994 |
Repayment of principal on other borrowed funds | (35) | |
Net increase in mortgagors' escrow accounts | 760 | 617 |
Net proceeds from exercise of stock options | 147 | 190 |
Excess tax benefit from stock based compensation | 58 | 54 |
Net cash provided by financing activities | 252,868 | 260,329 |
Net decrease in cash and cash equivalents | (1,491) | (9,167) |
Cash and cash equivalents at beginning of period | 51,261 | 51,767 |
Cash and cash equivalents at end of period | 49,770 | 42,600 |
Supplemental disclosures: | ||
Interest paid | 10,294 | 7,269 |
Income taxes paid | 7,654 | 3,426 |
Transfer of loans held for investment to loans held for sale | 10,116 | |
Transfer of loans to other real estate owned | $ 1,513 | |
Derecognition of loans and related recourse obligation in other borrowings | $ 1,020 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2016 | |
BASIS OF PRESENTATION | NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of BSB Bancorp, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements of BSB Bancorp, Inc. include the balances and results of operations of BSB Bancorp, Inc., a Maryland corporation, and its wholly-owned subsidiaries, Belmont Savings Bank and BSB Funding Corporation and the Bank’s wholly owned subsidiary, BSB Investment Corporation (referred to herein as “the Company,” “we,” “us,” or “our”). Intercompany transactions and balances are eliminated in the consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position as of September 30, 2016 and December 31, 2015 and the results of operations and cash flows for the interim periods ended September 30, 2016 and 2015. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Certain previously reported amounts have been reclassified to conform to the current period’s presentation. |
RECENT ACCOUNTING STANDARDS UPD
RECENT ACCOUNTING STANDARDS UPDATES | 9 Months Ended |
Sep. 30, 2016 | |
RECENT ACCOUNTING STANDARDS UPDATES | NOTE 2 – RECENT ACCOUNTING STANDARDS UPDATES In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The update changes the impairment model for most financial assets and sets forth a “current expected credit loss” (CECL) model which will require the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This method is forward-looking and will generally result in earlier recognition of allowances for losses. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and also applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of adopting the new guidance on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on the classification of certain cash receipts and cash payments for presentation in the statement of cash flows. The amendment is effective for the Company for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. The amendments will be applied using a retrospective transition method to each period presented unless impracticable. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
INVESTMENTS IN SECURITIES
INVESTMENTS IN SECURITIES | 9 Months Ended |
Sep. 30, 2016 | |
INVESTMENTS IN SECURITIES | NOTE 3 - INVESTMENTS IN SECURITIES The amortized cost basis of available-for-sale and held-to-maturity securities and their approximate fair values were as follows at the dates indicated (in thousands): September 30, 2016 December 31, 2015 Amortized Gross Gross Amortized Gross Gross Cost Unrealized Unrealized Fair Cost Unrealized Unrealized Fair Basis Gains Losses Value Basis Gains Losses Value (unaudited) Available-for-sale securities: Corporate debt securities $ 22,070 $ 146 $ — $ 22,216 $ 22,126 $ 35 $ (285 ) $ 21,876 $ 22,070 $ 146 $ — $ 22,216 $ 22,126 $ 35 $ (285 ) $ 21,876 Held-to-maturity securities: U.S. government sponsored mortgage-backed securities $ 116,845 $ 1,276 $ (90 ) $ 118,031 $ 119,517 $ 460 $ (965 ) $ 119,012 Corporate debt securities 17,641 776 — 18,417 17,602 141 (27 ) 17,716 $ 134,486 $ 2,052 $ (90 ) $ 136,448 $ 137,119 $ 601 $ (992 ) $ 136,728 The amortized cost basis and estimated fair value of debt securities by contractual maturity at September 30, 2016 is as follows (in thousands and unaudited). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2016 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Basis Value Cost Basis Value (unaudited) (unaudited) Due within one year $ — $ — $ 8 $ 8 Due after one year through five years 17,070 17,171 8,989 9,055 Due after five years through ten years 5,000 5,045 50,707 52,022 Due after ten years — — 74,782 75,363 $ 22,070 $ 22,216 $ 134,486 $ 136,448 When securities are sold, the adjusted cost basis of the specific security sold is used to compute the gain or loss on the sale. During the three and nine months ended September 30, 2016 (unaudited) and September 30, 2015 (unaudited), there were no sales of available-for-sale securities. Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows (in thousands): Less than 12 Months Over 12 Months # of Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses September 30, 2016 (unaudited): Held-to-maturity U.S. government sponsored mortgage-backed securities 18 $ 19,653 $ (46 ) $ 7,065 $ (44 ) Total temporarily impaired securities 18 $ 19,653 $ (46 ) $ 7,065 $ (44 ) December 31, 2015: Available-for-sale Corporate debt securities 4 $ 9,745 $ (75 ) $ 4,127 $ (210 ) Held-to-maturity Corporate debt securities 3 4,733 (27 ) — — U.S. government sponsored mortgage-backed securities 52 89,366 (822 ) 5,430 (143 ) Total temporarily impaired securities 59 $ 103,844 $ (924 ) $ 9,557 $ (353 ) The investment securities portfolio is generally evaluated for other-than-temporary impairment under Accounting Standards Codification (“ASC”) 320-10, “Investments - Debt and Equity Securities.” Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. At September 30, 2016 (unaudited), 18 debt securities were in an unrealized loss position. When there are securities in an unrealized loss position, consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Based on the Company’s September 30, 2016 (unaudited) quarterly review of securities in the investment portfolio, management has determined that unrealized losses related to 18 debt securities with aggregate depreciation of 0.34% from the Company’s amortized cost basis were caused primarily by changes in market interest rates. The contractual terms of these investments do not permit the companies to settle the security at a price less than the par value of the investment. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell the investments and it is more likely than not that the Company will not be required to sell the investments before recovery of their amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at September 30, 2016. At December 31, 2015, 59 debt securities had unrealized losses with aggregate depreciation of 1.11% from the Company’s amortized cost basis. The Company’s unrealized losses on investments in corporate bonds and mortgage-backed securities are primarily caused by changes in market interest rates. In addition to the securities listed above, the Company holds investments in a Rabbi Trust that are used to fund the executive and director non-qualified deferred compensation plan. These investments are available to satisfy the claims of general creditors of the Company in the event of bankruptcy and are included in our consolidated balance sheets in other assets. The investments consisted primarily of mutual funds and are classified as trading securities and recorded at fair value. The fair value of these investments at September 30, 2016 (unaudited) and December 31, 2015 was $2.6 million and $2.5 million, respectively. For the three and nine month periods ending September 30, 2016 (unaudited), the net gain on these investments still held at the reporting date was $37,000 and $51,000, respectively. For the three and nine month periods ending September 30, 2015 (unaudited), the net loss on these investments still held at the reporting date was $74,000 and $44,000, respectively. Refer to Note 7 – Employee and Director Benefit Plans, for more information. |
LOANS, ALLOWANCE FOR LOAN LOSSE
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 9 Months Ended |
Sep. 30, 2016 | |
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | NOTE 4 – LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY Loans 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, deferred fees or costs on originated loans, and any premiums or discounts on purchased 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. The accrual of interest on all loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Payments received on impaired loans are applied to reduce the recorded investment in the loan principal to the extent necessary to eliminate doubt as to the collectability of the net carrying amount of the loan. Some or all of the payments received on impaired loans are recognized as interest income if the remaining net carrying amount of the loan is deemed to be fully collectible. When recognition of interest income on an impaired loan on a cash basis is appropriate, the amount of income that is recognized is limited to that which would have been accrued on the net carrying amount of the loan at the contractual interest rate. Any cash interest payments received in excess of the limit and not applied to reduce the net carrying amount of the loan are recorded as recoveries of charge-offs until the charge-offs are fully recovered. Allowance for Loan Losses 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 uncollectability 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. 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, home equity lines of credit, commercial real estate, construction, commercial, indirect auto and other consumer. 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; 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 changes in the Company’s policies or methodology pertaining to the general component of the allowance for loan losses during the nine months ended September 30, 2016 or during fiscal year 2015. 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 loans and home equity lines of credit – The Company generally does not originate or purchase loans with a loan-to-value ratio greater than 80 percent and generally does not grant subprime loans. Loans in this segment are generally collateralized by owner-occupied residential real estate and repayment is dependent on the cash flow and credit quality of the individual borrower. 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 – Loans in this segment are primarily secured by income-producing properties in eastern Massachusetts. The underlying cash flows generated by the properties may be adversely impacted by a downturn in the economy and increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management generally obtains rent rolls annually and continually monitors the cash flows of these borrowers. Construction loans – Loans in this segment primarily include speculative real estate development loans for which payment is derived from sale and/or lease up of the property. Credit risk is affected by cost overruns, time to sell, or lease at adequate prices, and market conditions. Commercial loans – 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 and business spending, will have an effect on the credit quality in this segment. Indirect auto loans – Loans in this segment are secured installment loans that were originated through a network of select regional automobile dealerships. The Company’s interest in the vehicle is secured with a recorded lien on the state title of each automobile. Collections are sensitive to changes in borrower financial circumstances, and the collateral can depreciate or be damaged in the event of repossession. Repayment is primarily dependent on the credit worthiness and the cash flow of the individual borrower and secondarily, liquidation of the collateral. Other consumer loans - Loans in this segment include secured and unsecured consumer loans including passbook loans, consumer lines of credit and overdraft protection, and consumer unsecured loans. Repayment is dependent on the credit quality and the cash flow of the individual borrower. Allocated Component: The allocated component relates to loans that are classified as impaired. 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. 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. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. Generally, TDRs are measured for impairment using the discounted cash flow method except in instances where foreclosure is probable in which case the fair value of collateral method is used. When the fair value of the impaired loan is determined to be less than the recorded investment in the loan, the impairment is recorded through the valuation allowance. However, for collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectable. Unallocated Component: An unallocated component may be maintained 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. At September 30, 2016 (unaudited) and December 31, 2015, the Company had unallocated reserves of $492,000 and $213,000, respectively. Loans consisted of the following (dollars in thousands): September 30, 2016 December 31, 2015 Amount Percent Amount Percent (unaudited) Mortgage loans: Residential one-to-four family $ 947,667 52.96 % $ 709,426 46.15 % Commercial real estate loans (1) 462,600 25.85 449,391 29.24 Home equity lines of credit 170,857 9.55 160,040 10.41 Construction loans 76,681 4.29 60,722 3.95 Total mortgage loans 1,657,805 92.65 1,379,579 89.75 Commercial loans 61,314 3.43 53,192 3.46 Consumer loans: Indirect auto loans 69,865 3.90 103,965 6.76 Other consumer loans 433 0.02 453 0.03 131,612 7.35 157,610 10.25 Total loans 1,789,417 100.00 % 1,537,189 100.00 % Net deferred loan costs 3,814 4,663 Net unamortized mortgage premiums 6,100 4,345 Allowance for loan losses (12,969 ) (11,240 ) Total loans, net $ 1,786,362 $ 1,534,957 (1) Includes multi-family real estate loans. The following tables (in thousands) present the activity in the allowance for loan losses by portfolio class for the three and nine months ended September 30, 2016 and 2015 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at September 30, 2016 (unaudited) and December 31, 2015. The recorded investment in loans in any of the following tables does not include accrued and unpaid interest or any deferred loan fees or costs, as amounts are not significant. Three Months Ended September 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 4,155 $ 439 $ — $ — $ 4,594 Commercial real estate 4,810 (171 ) — — 4,639 Construction 864 187 — — 1,051 Commercial 698 12 — — 710 Home equity lines of credit 1,038 3 — — 1,041 Indirect auto 492 (43 ) (31 ) 15 433 Other consumer 10 — (3 ) 2 9 Unallocated 476 16 — — 492 Total $ 12,543 $ 443 $ (34 ) $ 17 $ 12,969 Three Months Ended September 30, 2015 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 2,740 $ 627 $ (64 ) $ — $ 3,303 Commercial real estate 4,122 14 — — 4,136 Construction 585 248 — — 833 Commercial 355 44 — 24 423 Home equity lines of credit 827 (196 ) — 199 830 Indirect auto 713 (27 ) (39 ) 5 652 Other consumer 12 — (3 ) 4 13 Unallocated 183 17 — — 200 Total $ 9,537 $ 727 $ (106 ) $ 232 $ 10,390 Nine Months Ended September 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 3,574 $ 1,020 $ — $ — $ 4,594 Commercial real estate 4,478 161 — — 4,639 Construction 801 250 — — 1,051 Commercial 613 97 — — 710 Home equity lines of credit 928 113 — — 1,041 Indirect auto 623 (143 ) (73 ) 26 433 Other consumer 10 6 (11 ) 4 9 Unallocated 213 279 — — 492 Total $ 11,240 $ 1,783 $ (84 ) $ 30 $ 12,969 Nine Months Ended September 30, 2015 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 2,364 $ 1,003 $ (64 ) $ — $ 3,303 Commercial real estate 4,043 93 — — 4,136 Construction 228 605 — — 833 Commercial 458 (59 ) — 24 423 Home equity lines of credit 828 (197 ) — 199 830 Indirect auto 778 (52 ) (98 ) 24 652 Other consumer 11 8 (11 ) 5 13 Unallocated 171 29 — — 200 Total $ 8,881 $ 1,430 $ (173 ) $ 252 $ 10,390 September 30, 2016 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four family $ 4,851 $ 163 $ 942,816 $ 4,431 $ 947,667 $ 4,594 Commercial real estate 3,456 2 459,144 4,637 462,600 4,639 Construction — — 76,681 1,051 76,681 1,051 Commercial — — 61,314 710 61,314 710 Home equity lines of credit 200 — 170,657 1,041 170,857 1,041 Indirect auto 7 — 69,858 433 69,865 433 Other consumer — — 433 9 433 9 Unallocated — — — 492 — 492 Total $ 8,514 $ 165 $ 1,780,903 $ 12,804 $ 1,789,417 $ 12,969 December 31, 2015 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four family $ 4,341 $ 260 $ 705,085 $ 3,314 $ 709,426 $ 3,574 Commercial real estate 6,083 133 443,308 4,345 449,391 4,478 Construction — — 60,722 801 60,722 801 Commercial — — 53,192 613 53,192 613 Home equity lines of credit 200 — 159,840 928 160,040 928 Indirect auto 15 — 103,950 623 103,965 623 Other consumer — — 453 10 453 10 Unallocated — — — 213 — 213 Total $ 10,639 $ 393 $ 1,526,550 $ 10,847 $ 1,537,189 $ 11,240 Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of September 30, 2016 (unaudited and in thousands): Impaired loans with a related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 1,111 $ 1,137 $ 163 Commercial real estate 2,957 2,957 2 Totals $ 4,068 $ 4,094 $ 165 Impaired loans with no related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 3,740 $ 3,820 $ — Commercial real estate 499 499 — Home equity lines of credit 200 200 Indirect Auto 7 7 — Totals $ 4,446 $ 4,526 $ — Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of December 31, 2015 (in thousands): Impaired loans with a related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 1,450 $ 1,476 $ 260 Commercial real estate 5,426 5,426 133 Totals $ 6,876 $ 6,902 $ 393 Impaired loans with no related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 2,891 $ 2,933 $ — Commercial real estate 657 657 — Home equity lines of credit 200 200 — Indirect auto 15 15 — Totals $ 3,763 $ 3,805 $ — The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated (unaudited and in thousands): Three months ended September 30, 2016 Three months ended September 30, 2015 With an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 1,295 $ 8 $ 1,248 $ 8 Commercial real estate 2,962 30 3,021 31 Totals $ 4,257 $ 38 $ 4,269 $ 39 Three months ended September 30, 2016 Three months ended September 30, 2015 Without an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 2,952 $ 19 $ 4,206 $ 24 Commercial real estate 517 6 727 8 Home equity lines of credit 200 2 291 2 Indirect auto 8 — 12 — Totals $ 3,677 $ 27 $ 5,236 $ 34 Nine months ended September 30, 2016 Nine months ended September 30, 2015 With an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 1,370 $ 25 $ 1,202 $ 25 Commercial real estate 3,509 115 3,036 93 Totals $ 4,879 $ 140 $ 4,238 $ 118 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Without an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 3,115 $ 58 $ 4,764 $ 74 Commercial real estate 569 19 767 23 Home equity lines of credit 200 6 293 6 Indirect auto 15 — 8 — Totals $ 3,899 $ 83 $ 5,832 $ 103 The following is a summary of past due and non-accrual loans (in thousands): September 30, 2016 (unaudited) 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four family $ 79 $ 747 $ 497 $ 1,323 $ — $ 1,749 Home equity lines of credit 290 — — 290 — — Other loans: Indirect auto 367 30 7 404 — 7 Total $ 736 $ 777 $ 504 $ 2,017 $ — $ 1,756 December 31, 2015 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four family $ 1,579 $ 81 $ 411 $ 2,071 $ — $ 1,192 Commercial real estate — — — — — 2,424 Home equity lines of credit 634 — — 634 — — Other loans: Indirect auto 551 47 15 613 — 15 Total $ 2,764 $ 128 $ 426 $ 3,318 $ — $ 3,631 Credit Quality Information The Company utilizes a nine grade internal loan rating system for commercial, commercial real estate and construction loans, and a five grade internal loan rating system for certain residential real estate and home equity lines of credit that are rated if the loans become delinquent. Loans rated 1, 2, 2.5, 3 and 3.5: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4: 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 5: 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 6: 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 7: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial, commercial real estate loans, and construction loans. On an annual basis, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. On a quarterly basis, the Company formally reviews the ratings on all residential real estate and home equity lines of credit if they have become delinquent. Criteria used to determine the rating consists of loan-to-value and days delinquent. The following tables present the Company’s loans by risk rating at September 30, 2016 (unaudited and in thousands) and December 31, 2015 (in thousands). There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. September 30, 2016 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four family $ — $ 2,090 $ 2,460 $ 943,117 $ 947,667 Commercial real estate 443,732 14,452 4,416 — 462,600 Construction 76,681 — — — 76,681 Commercial 61,314 — — — 61,314 Home equity lines of credit — — 799 170,058 170,857 Indirect auto — — — 69,865 69,865 Other consumer — — — 433 433 Total $ 581,727 $ 16,542 $ 7,675 $ 1,183,473 $ 1,789,417 December 31, 2015 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four family $ — $ 359 $ 1,915 $ 707,152 $ 709,426 Commercial real estate 427,160 15,159 7,072 — 449,391 Construction 56,459 4,263 — — 60,722 Commercial 53,192 — — — 53,192 Home equity lines of credit — — 799 159,241 160,040 Indirect auto — — — 103,965 103,965 Consumer — — — 453 453 Total $ 536,811 $ 19,781 $ 9,786 $ 970,811 $ 1,537,189 (A) Residential real estate and home equity lines of credit are not formally risk rated by the Company unless the loans become delinquent. The Company periodically modifies loans to extend the term or make other concessions to help a borrower stay current on their loan and to avoid foreclosure. Any loans that are modified are reviewed by the Company to identify if a TDR has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. During the three and nine months ended September 30, 2016 (unaudited), there were no loans modified and determined to be a TDR. During the three and nine months ended September 30, 2015 (unaudited), there was one loan modified and determined to be a TDR. At September 30, 2016 (unaudited), the Company had $7.5 million of troubled debt restructurings related to ten loans. The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated (in thousands): September 30, 2016 December 31, 2015 (unaudited) TDRs on Accrual Status $ 6,758 $ 7,007 TDRs on Nonaccrual Status 766 781 Total TDRs $ 7,524 $ 7,788 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 159 $ 170 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ — The following tables show the troubled debt restructuring modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring (dollars in thousands and unaudited): Three months ended Three months ended # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Residential one-to-four family — $ — $ — 1 $ 463 $ 507 Total — $ — $ — 1 $ 463 $ 507 Nine months ended Nine months ended # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Residential one-to-four family — $ — $ — 1 $ 463 $ 507 Total — $ — $ — 1 $ 463 $ 507 The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated (in thousands): Three months ended Three months ended (unaudited) (unaudited) Interest only period $ — $ 507 Total $ — $ 507 Nine months ended Nine months ended (unaudited) (unaudited) Interest only period $ — $ 507 Total $ — $ 507 For purposes of this table the Company generally considers a loan to have defaulted when it reaches 90 days past due. The following table shows the loans that have been modified during the past twelve months which have subsequently defaulted during the periods indicated (unaudited and in thousands except for number of contracts): For the three months ended September 30, 2016 2015 Number Recorded Number Recorded Real estate loans: Residential one-to-four family — $ — — $ — Total — $ — — $ — For the nine months ended September 30, 2016 2015 Number Recorded Number Recorded Real estate loans: Residential one-to-four family 1 $ 497 — $ — Total 1 $ 497 — $ — Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $497,000 as of September 30, 2016 (unaudited) and $412,000 as of December 31, 2015. We did not have any foreclosed residential real estate property as of September 30, 2016 (unaudited) and as of December 31, 2015. |
TRANSFERS AND SERVICING
TRANSFERS AND SERVICING | 9 Months Ended |
Sep. 30, 2016 | |
TRANSFERS AND SERVICING | NOTE 5 – TRANSFERS AND SERVICING Certain residential mortgage loans are periodically sold by the Company to the secondary market. Generally, these loans are sold without recourse or other credit enhancements. The Company sells loans and both releases and retains the servicing rights. For loans sold with the servicing rights retained, we provide the servicing for the loans on a per-loan fee basis. The Company has also periodically sold auto loans to other financial institutions without recourse or other credit enhancements, and the Company generally provides servicing for these loans. At September 30, 2016 (unaudited) and December 31, 2015, residential loans previously sold and serviced by the Company were $61.3 million and $65.9 million, respectively. At September 30, 2016 (unaudited) and December 31, 2015, indirect auto loans previously sold and serviced by the Company were $34.5 million and $57.8 million, respectively. On March 16, 2006, seventeen loans with an aggregate principal balance of $10.5 million were sold to another financial institution. The agreement related to this sale contained provisions requiring the Company to repurchase any loan that became 90 days past due during the initial 120 months. The Company would repurchase the past due loan for 100 percent of the unpaid principal plus interest to repurchase date. During the nine months ended September 30, 2016, the recourse provision expired and both the loans and recourse obligation were derecognized from the consolidated balance sheet. As of September 30, 2016 (unaudited) and December 31, 2015, the Company’s recorded balance of these loans sold with recourse amounted to $0 and $1.0 million, respectively. The Company did not incur any losses related to these loans. Mortgage servicing rights (MSR) are initially recorded as an asset and measured at fair value when loans are sold to third parties with servicing rights retained. MSR assets are amortized in proportion to, and over the period of, estimated net servicing revenues. The carrying value of these assets is periodically reviewed for impairment using the lower of amortized cost or fair value methodology. The fair value of the servicing rights is determined by estimating the present value of future net cash flows, taking into consideration market loan prepayment speeds, discount rates, servicing costs and other economic factors. For purposes of measuring impairment, the underlying loans are stratified into relatively homogeneous pools based on predominant risk characteristics which include product type (i.e., fixed or adjustable) and interest rate bands. If the aggregate carrying value of the capitalized mortgage servicing rights for a stratum exceeds its fair value, MSR impairment is recognized in earnings through a valuation allowance for the difference. As the loans are repaid and net servicing revenue is earned, the MSR asset is amortized as an offset to loan servicing income. Servicing revenues are expected to exceed this amortization expense. However, if actual prepayment experience or defaults exceed what was originally anticipated, net servicing revenues may be less than expected and mortgage servicing rights may be impaired. No servicing assets or liabilities related to auto loans were recorded, as the contractual servicing fees are adequate to compensate the Company for its servicing responsibilities. Changes in mortgage servicing rights, which are included in other assets, were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (unaudited) (unaudited) Balance at beginning of period $ 457 $ 475 $ 479 $ 476 Capitalization 4 16 50 93 Amortization (27 ) (24 ) (72 ) (71 ) Valuation allowance adjustment (48 ) 13 (71 ) (18 ) Balance at end of period $ 386 $ 480 $ 386 $ 480 |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS | 9 Months Ended |
Sep. 30, 2016 | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS | NOTE 6 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS The securities sold under agreements to repurchase as of September 30, 2016 (unaudited) and December 31, 2015 are securities sold on a short-term basis by the Company that have been accounted for not as sales but as borrowings. The securities consisted of mortgage-backed securities issued by U.S. government sponsored entities. The securities were held in the Company’s safekeeping account at the Federal Home Loan Bank of Boston under the control of the Company. The securities are pledged to the purchasers of the securities. The purchasers have agreed to sell to the Company identical securities at the maturity of the agreements. The balance of securities sold under agreements to repurchase as of September 30, 2016 (unaudited) and December 31, 2015 was $3.8 million and $3.7 million, respectively. Other borrowed funds consist of the recourse obligation recorded in connection with the loans sold with recourse discussed in Note 5. The balance of the recourse obligation at September 30, 2016 (unaudited) and December 31, 2015 was $0 and $1.0 million, respectively. |
EMPLOYEE AND DIRECTOR BENEFIT P
EMPLOYEE AND DIRECTOR BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2016 | |
EMPLOYEE AND DIRECTOR BENEFIT PLANS | NOTE 7 – EMPLOYEE AND DIRECTOR BENEFIT PLANS Belmont Savings Bank Supplemental Executive Retirement Plan The purpose of the Belmont Savings Bank Supplemental Executive Retirement Plan is to remain competitive with our peers in our compensation arrangements and to help us retain certain executive officers of the Company. At September 30, 2016 (unaudited) and December 31, 2015, there were four participants in the Plan. Participants are fully vested after the completion of between five and ten years of service. The plan is unfunded. The estimated liability at September 30, 2016 (unaudited) and December 31, 2015 relating to this plan was $1.6 million and $1.3 million, respectively. Other Supplemental Retirement Plans The Company has supplemental retirement plans for eligible executive officers that provide for a lump sum benefit upon termination of employment at or after age 55 and completing 10 or more years of service (certain reduced benefits are available prior to attaining age 55 or fewer than 10 years of service), subject to certain limitations as set forth in the agreements. The present value of these future payments is being accrued over the service period. The estimated liability at September 30, 2016 (unaudited) and December 31, 2015 relating to these plans was $2.3 million and $2.0 million, respectively. The Company has a supplemental retirement plan for eligible directors that provides for monthly benefits based upon years of service to the Company, subject to certain limitations as set forth in the agreements. The present value of these future payments is being accrued over the estimated period of service. The estimated liability at September 30, 2016 (unaudited) and December 31, 2015 relating to this plan was $689,000 and $635,000, respectively. Incentive Compensation Plan The Incentive Compensation Plan is a discretionary annual cash-based incentive plan that is an integral part of the participant’s total compensation package and supports the continued growth, profitability and risk management of Belmont Savings Bank. Each year participants are awarded for the achievement of certain performance objectives on a company-wide and individual basis. Compensation expense recognized was $561,000 and $487,000 for the three months ended September 30, 2016 and 2015 (unaudited), respectively, and $1.5 million and $1.4 million for the nine months ended September 30, 2016 and 2015 (unaudited), respectively. Defined Contribution Plan The Company sponsors a 401(k) plan covering substantially all employees meeting certain eligibility requirements. Under the provisions of the plan, employees are able to contribute up to an annual limit of the lesser of 75% of eligible compensation or the maximum allowed by the Internal Revenue Service. The Company’s contributions for the three months ended September 30, 2016 and 2015 (unaudited) totaled $223,000 and $217,000, respectively, and $653,000 and $646,000 for the nine months ended September 30, 2016 and 2015 (unaudited), respectively. Deferred Compensation Plan The Company has a compensation deferral plan by which selected employees and directors of the Company are entitled to elect, prior to the beginning of each year, to defer the receipt of an amount of their compensation for the forthcoming year. Each agreement allows for the individual to elect to defer a portion of his or her compensation to an individual deferred compensation account established by Belmont Savings Bank. In April 2013, Belmont Savings Bank created a Rabbi Trust, or grantor trust. The Rabbi Trust is maintained by the Company primarily for purposes of holding deferred compensation for certain directors and employees of the Company. The plan is administered by a third party and permits participants to select from a number of investment options for the investment of their account balances. Each participant is always 100% vested in his or her deferred compensation account balance. As of September 30, 2016 (unaudited) and December 31, 2015, the recorded liability relating to the Rabbi Trust was $2.6 million and $2.5 million, respectively. Employee Stock Ownership Plan The Company maintains an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. This plan is a tax-qualified retirement plan for the benefit of all Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax law limits. The Company contributed funds to a subsidiary to enable it to grant a loan to the ESOP for the purchase of 458,643 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company’s subsidiary to purchase Company common stock is payable annually over 30 years at a rate per annum equal to the Prime Rate (3.5% at September 30, 2016, unaudited). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. Cash dividends paid on allocated shares are distributed to participants and cash dividends paid on unallocated shares are used to repay the outstanding debt of the ESOP. Shares used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. The Company incurred expenses of $89,000 and $79,000 for the three months ended September 30, 2016 and 2015 (unaudited), respectively, and $260,000 and $235,000 for the nine months ended September 30, 2016 and 2015 (unaudited), respectively. Severance Agreements The Company has entered into employment agreements and change in control agreements with certain executive officers which would provide the executive officers with severance payments based on salary, and the continuation of other benefits, upon a change in control as defined in the agreements. |
PLEDGED ASSETS
PLEDGED ASSETS | 9 Months Ended |
Sep. 30, 2016 | |
PLEDGED ASSETS | NOTE 8 – PLEDGED ASSETS The following securities and loans were pledged to secure securities sold under agreements to repurchase, Federal Home Loan Bank (“FHLB”) advances and credit facilities available (in thousands). September 30, 2016 (unaudited) Securities held to Loans Total pledged Repurchase agreements $ 4,970 $ — $ 4,970 FHLB borrowings 40,047 1,041,137 1,081,184 Federal Reserve Bank line of credit 15,730 — 15,730 Total pledged assets $ 60,747 $ 1,041,137 $ 1,101,884 December 31, 2015 Securities held to Loans Total pledged Repurchase agreements $ 5,731 $ — $ 5,731 FHLB borrowings 48,105 735,818 783,923 Federal Reserve Bank line of credit 15,700 — 15,700 Total pledged assets $ 69,536 $ 735,818 $ 805,354 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2016 | |
EARNINGS PER SHARE | NOTE 9 – EARNINGS PER SHARE Basic earnings per share (“EPS”) excludes dilution and is calculated by dividing net income allocated to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents (such as stock options and unvested restricted stock not meeting the definition of a participating security) were issued during the period. Earnings per share consisted of the following components for the periods indicated (unaudited and dollars in thousands except per share data): Three months ended Nine months ended 2016 2015 2016 2015 Net income $ 3,180 $ 1,868 $ 8,671 $ 4,845 Undistributed earnings attributable to participating securities (53 ) (47 ) (144 ) (121 ) Net income allocated to common stockholders $ 3,127 $ 1,821 $ 8,527 $ 4,724 Weighted average shares outstanding, basic 8,571,225 8,468,527 8,560,589 8,453,768 Effect of dilutive shares 284,340 221,465 268,826 205,419 Weighted average shares outstanding, assuming dilution 8,855,565 8,689,992 8,829,415 8,659,187 Basic EPS $ 0.36 $ 0.22 $ 1.00 $ 0.56 Effect of dilutive shares (0.01 ) (0.01 ) (0.03 ) (0.01 ) Diluted EPS $ 0.35 $ 0.21 $ 0.97 $ 0.55 The following table illustrates average options to purchase shares of common stock that were outstanding but not included in the computation of EPS because they were antidilutive under the treasury stock method (unaudited): Three months ended Nine months ended 2016 2015 2016 2015 Stock options 27,500 23,242 21,478 17,500 Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are not included in the weighted-average number of common shares outstanding for either basic or diluted earnings per share calculations. On June 22, 2013, the Company’s Board of Directors authorized a program to repurchase, from time-to-time |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2016 | |
STOCK BASED COMPENSATION | NOTE 10 – STOCK BASED COMPENSATION The following table presents the pre-tax expense associated with stock options and restricted stock awards and the related tax benefits recognized (in thousands and unaudited): Three months ended Nine months ended 2016 2015 2016 2015 Stock options $ 204 $ 203 $ 591 $ 589 Restricted stock awards 223 224 648 648 Total stock based compensation expense $ 427 $ 427 $ 1,239 $ 1,237 Related tax benefits recognized in earnings $ 126 $ 123 $ 367 $ 359 Total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized is as follows (in thousands): As of September 30, 2016 As of December 31, 2015 (unaudited) Amount Weighted Amount Weighted Stock options $ 1,016 1.65 $ 1,476 2.07 Restricted stock 976 1.21 1,562 1.95 Total $ 1,992 $ 3,038 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2016 | |
FAIR VALUE MEASUREMENTS | NOTE 11 – FAIR VALUE MEASUREMENTS Determination of Fair Value The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from one level to another. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value of cash flows or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability and reliability of the assumptions used to determine fair value. Level 1 - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Level 3 inputs are unobservable inputs for the asset or liability. For assets and liabilities, fair value is based upon the lowest level of input that is significant to the fair value measurement. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market based parameters. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for September 30, 2016 and December 31, 2015. There were no significant transfers between level 1 and level 2 of the fair value hierarchy during the nine months ended September 30, 2016 (unaudited) and the year ended December 31, 2015. Financial Assets and Financial Liabilities: Financial assets and financial liabilities measured at fair value on a recurring basis include the following: Securities Available for Sale Investments held in the Rabbi Trust non-qualified The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Level 1 Level 2 Level 3 Total At September 30, 2016 (unaudited) Securities available-for-sale Corporate debt securities $ — $ 22,216 $ — $ 22,216 Trading securities Rabbi trust investments 2,595 — — 2,595 Totals $ 2,595 $ 22,216 $ — $ 24,811 Level 1 Level 2 Level 3 Total At December 31, 2015 Securities available-for-sale Corporate debt securities $ — $ 21,876 $ — $ 21,876 Trading securities Rabbi trust investments 2,460 — — 2,460 Totals $ 2,460 $ 21,876 $ — $ 24,336 Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis during the reported periods include certain impaired loans reported at the fair value of the underlying collateral. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties. However, the choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Additionally, commercial real estate appraisals frequently involve discounting of projected cash flows, which relies inherently on unobservable data. Therefore, real estate collateral related nonrecurring fair value measurement adjustments have generally been classified as Level 3. Estimates of fair value used for other collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. Financial assets measured at fair value on a non-recurring basis during the reported periods also include loans held-for-sale. Residential mortgage loans held-for-sale are recorded at the lower of cost or fair value and are therefore measured at fair value on a non-recurring basis. The fair values for loans held-for-sale are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality and are included in Level 3. The following table (in thousands) presents certain impaired loans that were re-measured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses or charge off based upon the fair value of the underlying collateral and loans held-for-sale September 30, 2016 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 362 Loans held-for-sale — — 900 Totals $ — $ — $ 1,262 December 31, 2015 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 2,886 Loans held-for-sale — — 1,245 Totals $ — $ — $ 4,131 Non-Financial Assets and Non-Financial Liabilities non-financial non-recurring re-measured charge-off The following table (in thousands) presents the non-financial assets that were re-measured September 30, 2016 Level 1 Level 2 Level 3 (unaudited) Mortgage servicing rights $ — $ — $ 386 Totals $ — $ — $ 386 December 31, 2015 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 479 Totals $ — $ — $ 479 ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring Securities held to maturity-The Loans- For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Deposits- The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificate accounts are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on certificate accounts. FHLB advances- The fair values of the Company’s FHLB advances are estimated using discounted cash flow analyses based on the current incremental borrowing rates in the market for similar types of borrowing arrangements. Other borrowed funds-This balance represents the balance of loans sold with recourse. Fair values are determined consistent with that of our loans. Summary of Fair Values of Financial Instruments not Carried at Fair Value The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows (in thousands): September 30, 2016 Carrying Fair Level 1 Level 2 Level 3 (unaudited) Financial assets: Cash and cash equivalents $ 49,770 $ 49,770 $ 49,770 $ — $ — Interest-bearing time deposits with other banks 134 134 — 134 — Held-to-maturity securities 134,486 136,448 — 136,448 — Federal Home Loan Bank stock 24,475 24,475 — 24,475 — Loans, net 1,786,362 1,784,632 — — 1,784,632 Accrued interest receivable 4,262 4,262 4,262 — — Bank-owned life insurance 35,554 35,554 — 35,554 — Financial liabilities: Deposits 1,426,095 1,428,981 1,102,412 326,569 — Federal Home Loan Bank advances 469,250 471,749 — 471,749 — Securities sold under agreements to repurchase 3,772 3,772 — 3,772 — Accrued interest payable 1,013 1,013 1,013 — — Mortgagors’ escrow accounts 3,175 3,175 — 3,175 — December 31, 2015 Carrying Fair Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 51,261 $ 51,261 $ 51,261 $ — $ — Interest-bearing time deposits with other banks 131 131 — 131 — Held-to-maturity securities 137,119 136,728 — 136,728 — Federal Home Loan Bank stock 18,309 18,309 — 18,309 — Loans, net 1,534,957 1,518,476 — — 1,518,476 Accrued interest receivable 3,781 3,781 3,781 — — Bank-owned life insurance 29,787 29,787 — 29,787 — Financial liabilities: Deposits 1,269,519 1,271,278 1,011,084 260,194 — Federal Home Loan Bank advances 374,000 373,840 — 373,840 — Securities sold under agreements to repurchase 3,695 3,695 — 3,695 — Other borrowed funds 1,020 999 — 999 — Accrued interest payable 993 993 993 — — Mortgagors’ escrow accounts 2,414 2,414 — 2,414 — |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2016 | |
OTHER COMPREHENSIVE INCOME | NOTE 12 – OTHER COMPREHENSIVE INCOME The following table presents a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income: Three months ended September 30, 2016 Three months ended September 30, 2015 Pre Tax Tax Expense After Tax Pre Tax Tax Expense After Tax Securities available-for-sale: Change in fair value of securities available-for-sale $ 113 $ (46 ) $ 67 $ 18 $ (7 ) $ 11 Total other comprehensive income $ 113 $ (46 ) $ 67 $ 18 $ (7 ) $ 11 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Pre Tax Tax Expense After Tax Pre Tax Tax Expense After Tax Securities available-for-sale: Change in fair value of securities available-for-sale $ 397 $ (160 ) $ 237 $ — $ — $ — Total other comprehensive income $ 397 $ (160 ) $ 237 $ — $ — $ — The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: (in thousands): September 30, 2016 December 31, 2015 (unaudited) Net unrealized holding gain (loss) on available-for-sale securities, net of tax $ 87 $ (150 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 34 34 Accumulated other comprehensive income (loss) $ 121 $ (116 ) |
INVESTMENTS IN SECURITIES (Tabl
INVESTMENTS IN SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Amortized Cost Basis and Fair Value of Available for Sale and Held-to-Maturity Securities | The amortized cost basis of available-for-sale and held-to-maturity securities and their approximate fair values were as follows at the dates indicated (in thousands): September 30, 2016 December 31, 2015 Amortized Gross Gross Amortized Gross Gross Cost Unrealized Unrealized Fair Cost Unrealized Unrealized Fair Basis Gains Losses Value Basis Gains Losses Value (unaudited) Available-for-sale securities: Corporate debt securities $ 22,070 $ 146 $ — $ 22,216 $ 22,126 $ 35 $ (285 ) $ 21,876 $ 22,070 $ 146 $ — $ 22,216 $ 22,126 $ 35 $ (285 ) $ 21,876 Held-to-maturity securities: U.S. government sponsored mortgage-backed securities $ 116,845 $ 1,276 $ (90 ) $ 118,031 $ 119,517 $ 460 $ (965 ) $ 119,012 Corporate debt securities 17,641 776 — 18,417 17,602 141 (27 ) 17,716 $ 134,486 $ 2,052 $ (90 ) $ 136,448 $ 137,119 $ 601 $ (992 ) $ 136,728 |
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost basis and estimated fair value of debt securities by contractual maturity at September 30, 2016 is as follows (in thousands and unaudited). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2016 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Basis Value Cost Basis Value (unaudited) (unaudited) Due within one year $ — $ — $ 8 $ 8 Due after one year through five years 17,070 17,171 8,989 9,055 Due after five years through ten years 5,000 5,045 50,707 52,022 Due after ten years — — 74,782 75,363 $ 22,070 $ 22,216 $ 134,486 $ 136,448 |
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time | Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows (in thousands): Less than 12 Months Over 12 Months # of Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses September 30, 2016 (unaudited): Held-to-maturity U.S. government sponsored mortgage-backed securities 18 $ 19,653 $ (46 ) $ 7,065 $ (44 ) Total temporarily impaired securities 18 $ 19,653 $ (46 ) $ 7,065 $ (44 ) December 31, 2015: Available-for-sale Corporate debt securities 4 $ 9,745 $ (75 ) $ 4,127 $ (210 ) Held-to-maturity Corporate debt securities 3 4,733 (27 ) — — U.S. government sponsored mortgage-backed securities 52 89,366 (822 ) 5,430 (143 ) Total temporarily impaired securities 59 $ 103,844 $ (924 ) $ 9,557 $ (353 ) |
LOANS, ALLOWANCE FOR LOAN LOS21
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Loans | Loans consisted of the following (dollars in thousands): September 30, 2016 December 31, 2015 Amount Percent Amount Percent (unaudited) Mortgage loans: Residential one-to-four family $ 947,667 52.96 % $ 709,426 46.15 % Commercial real estate loans (1) 462,600 25.85 449,391 29.24 Home equity lines of credit 170,857 9.55 160,040 10.41 Construction loans 76,681 4.29 60,722 3.95 Total mortgage loans 1,657,805 92.65 1,379,579 89.75 Commercial loans 61,314 3.43 53,192 3.46 Consumer loans: Indirect auto loans 69,865 3.90 103,965 6.76 Other consumer loans 433 0.02 453 0.03 131,612 7.35 157,610 10.25 Total loans 1,789,417 100.00 % 1,537,189 100.00 % Net deferred loan costs 3,814 4,663 Net unamortized mortgage premiums 6,100 4,345 Allowance for loan losses (12,969 ) (11,240 ) Total loans, net $ 1,786,362 $ 1,534,957 (1) Includes multi-family real estate loans. |
Activity in Allowance for Loan Losses by Portfolio Class and Balances of Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Class | The following tables (in thousands) present the activity in the allowance for loan losses by portfolio class for the three and nine months ended September 30, 2016 and 2015 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at September 30, 2016 (unaudited) and December 31, 2015. The recorded investment in loans in any of the following tables does not include accrued and unpaid interest or any deferred loan fees or costs, as amounts are not significant. Three Months Ended September 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 4,155 $ 439 $ — $ — $ 4,594 Commercial real estate 4,810 (171 ) — — 4,639 Construction 864 187 — — 1,051 Commercial 698 12 — — 710 Home equity lines of credit 1,038 3 — — 1,041 Indirect auto 492 (43 ) (31 ) 15 433 Other consumer 10 — (3 ) 2 9 Unallocated 476 16 — — 492 Total $ 12,543 $ 443 $ (34 ) $ 17 $ 12,969 Three Months Ended September 30, 2015 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 2,740 $ 627 $ (64 ) $ — $ 3,303 Commercial real estate 4,122 14 — — 4,136 Construction 585 248 — — 833 Commercial 355 44 — 24 423 Home equity lines of credit 827 (196 ) — 199 830 Indirect auto 713 (27 ) (39 ) 5 652 Other consumer 12 — (3 ) 4 13 Unallocated 183 17 — — 200 Total $ 9,537 $ 727 $ (106 ) $ 232 $ 10,390 Nine Months Ended September 30, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 3,574 $ 1,020 $ — $ — $ 4,594 Commercial real estate 4,478 161 — — 4,639 Construction 801 250 — — 1,051 Commercial 613 97 — — 710 Home equity lines of credit 928 113 — — 1,041 Indirect auto 623 (143 ) (73 ) 26 433 Other consumer 10 6 (11 ) 4 9 Unallocated 213 279 — — 492 Total $ 11,240 $ 1,783 $ (84 ) $ 30 $ 12,969 Nine Months Ended September 30, 2015 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four family $ 2,364 $ 1,003 $ (64 ) $ — $ 3,303 Commercial real estate 4,043 93 — — 4,136 Construction 228 605 — — 833 Commercial 458 (59 ) — 24 423 Home equity lines of credit 828 (197 ) — 199 830 Indirect auto 778 (52 ) (98 ) 24 652 Other consumer 11 8 (11 ) 5 13 Unallocated 171 29 — — 200 Total $ 8,881 $ 1,430 $ (173 ) $ 252 $ 10,390 September 30, 2016 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four family $ 4,851 $ 163 $ 942,816 $ 4,431 $ 947,667 $ 4,594 Commercial real estate 3,456 2 459,144 4,637 462,600 4,639 Construction — — 76,681 1,051 76,681 1,051 Commercial — — 61,314 710 61,314 710 Home equity lines of credit 200 — 170,657 1,041 170,857 1,041 Indirect auto 7 — 69,858 433 69,865 433 Other consumer — — 433 9 433 9 Unallocated — — — 492 — 492 Total $ 8,514 $ 165 $ 1,780,903 $ 12,804 $ 1,789,417 $ 12,969 December 31, 2015 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four family $ 4,341 $ 260 $ 705,085 $ 3,314 $ 709,426 $ 3,574 Commercial real estate 6,083 133 443,308 4,345 449,391 4,478 Construction — — 60,722 801 60,722 801 Commercial — — 53,192 613 53,192 613 Home equity lines of credit 200 — 159,840 928 160,040 928 Indirect auto 15 — 103,950 623 103,965 623 Other consumer — — 453 10 453 10 Unallocated — — — 213 — 213 Total $ 10,639 $ 393 $ 1,526,550 $ 10,847 $ 1,537,189 $ 11,240 |
Information about Loans that Meet Definition of Impaired Loan | Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of September 30, 2016 (unaudited and in thousands): Impaired loans with a related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 1,111 $ 1,137 $ 163 Commercial real estate 2,957 2,957 2 Totals $ 4,068 $ 4,094 $ 165 Impaired loans with no related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 3,740 $ 3,820 $ — Commercial real estate 499 499 — Home equity lines of credit 200 200 Indirect Auto 7 7 — Totals $ 4,446 $ 4,526 $ — Information about loans that meet the definition of an impaired loan in ASC 310-10-35 is as follows as of December 31, 2015 (in thousands): Impaired loans with a related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 1,450 $ 1,476 $ 260 Commercial real estate 5,426 5,426 133 Totals $ 6,876 $ 6,902 $ 393 Impaired loans with no related allowance for credit losses Recorded Unpaid Specific Residential one-to-four family $ 2,891 $ 2,933 $ — Commercial real estate 657 657 — Home equity lines of credit 200 200 — Indirect auto 15 15 — Totals $ 3,763 $ 3,805 $ — |
Information regarding Interest Income Recognized on Impaired Loans | The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated (unaudited and in thousands): Three months ended September 30, 2016 Three months ended September 30, 2015 With an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 1,295 $ 8 $ 1,248 $ 8 Commercial real estate 2,962 30 3,021 31 Totals $ 4,257 $ 38 $ 4,269 $ 39 Three months ended September 30, 2016 Three months ended September 30, 2015 Without an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 2,952 $ 19 $ 4,206 $ 24 Commercial real estate 517 6 727 8 Home equity lines of credit 200 2 291 2 Indirect auto 8 — 12 — Totals $ 3,677 $ 27 $ 5,236 $ 34 Nine months ended September 30, 2016 Nine months ended September 30, 2015 With an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 1,370 $ 25 $ 1,202 $ 25 Commercial real estate 3,509 115 3,036 93 Totals $ 4,879 $ 140 $ 4,238 $ 118 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Without an allowance recorded Average Interest Income Average Interest Income Residential one-to-four family $ 3,115 $ 58 $ 4,764 $ 74 Commercial real estate 569 19 767 23 Home equity lines of credit 200 6 293 6 Indirect auto 15 — 8 — Totals $ 3,899 $ 83 $ 5,832 $ 103 |
Summary of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual loans (in thousands): September 30, 2016 (unaudited) 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four family $ 79 $ 747 $ 497 $ 1,323 $ — $ 1,749 Home equity lines of credit 290 — — 290 — — Other loans: Indirect auto 367 30 7 404 — 7 Total $ 736 $ 777 $ 504 $ 2,017 $ — $ 1,756 December 31, 2015 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four family $ 1,579 $ 81 $ 411 $ 2,071 $ — $ 1,192 Commercial real estate — — — — — 2,424 Home equity lines of credit 634 — — 634 — — Other loans: Indirect auto 551 47 15 613 — 15 Total $ 2,764 $ 128 $ 426 $ 3,318 $ — $ 3,631 |
Company's Loans by Risk Rating | The following tables present the Company’s loans by risk rating at September 30, 2016 (unaudited and in thousands) and December 31, 2015 (in thousands). There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. September 30, 2016 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four family $ — $ 2,090 $ 2,460 $ 943,117 $ 947,667 Commercial real estate 443,732 14,452 4,416 — 462,600 Construction 76,681 — — — 76,681 Commercial 61,314 — — — 61,314 Home equity lines of credit — — 799 170,058 170,857 Indirect auto — — — 69,865 69,865 Other consumer — — — 433 433 Total $ 581,727 $ 16,542 $ 7,675 $ 1,183,473 $ 1,789,417 December 31, 2015 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four family $ — $ 359 $ 1,915 $ 707,152 $ 709,426 Commercial real estate 427,160 15,159 7,072 — 449,391 Construction 56,459 4,263 — — 60,722 Commercial 53,192 — — — 53,192 Home equity lines of credit — — 799 159,241 160,040 Indirect auto — — — 103,965 103,965 Consumer — — — 453 453 Total $ 536,811 $ 19,781 $ 9,786 $ 970,811 $ 1,537,189 (A) Residential real estate and home equity lines of credit are not formally risk rated by the Company unless the loans become delinquent. |
Trouble Debt Restructuring Accrual Status | The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated (in thousands): September 30, 2016 December 31, 2015 (unaudited) TDRs on Accrual Status $ 6,758 $ 7,007 TDRs on Nonaccrual Status 766 781 Total TDRs $ 7,524 $ 7,788 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 159 $ 170 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ — |
Troubled Debt Restructurings on Financing Receivables | The following tables show the troubled debt restructuring modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring (dollars in thousands and unaudited): Three months ended Three months ended # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Residential one-to-four family — $ — $ — 1 $ 463 $ 507 Total — $ — $ — 1 $ 463 $ 507 Nine months ended Nine months ended # of Pre-modification Post-modification # of Pre-modification Post-modification Real estate loans: Residential one-to-four family — $ — $ — 1 $ 463 $ 507 Total — $ — $ — 1 $ 463 $ 507 |
Post Modification of Troubled Debt Restructuring Balance | The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated (in thousands): Three months ended Three months ended (unaudited) (unaudited) Interest only period $ — $ 507 Total $ — $ 507 Nine months ended Nine months ended (unaudited) (unaudited) Interest only period $ — $ 507 Total $ — $ 507 |
Modified and subsequently defaulted | |
Post Modification of Troubled Debt Restructuring Balance | The following table shows the loans that have been modified during the past twelve months which have subsequently defaulted during the periods indicated (unaudited and in thousands except for number of contracts): For the three months ended September 30, 2016 2015 Number Recorded Number Recorded Real estate loans: Residential one-to-four family — $ — — $ — Total — $ — — $ — For the nine months ended September 30, 2016 2015 Number Recorded Number Recorded Real estate loans: Residential one-to-four family 1 $ 497 — $ — Total 1 $ 497 — $ — |
TRANSFERS AND SERVICING (Tables
TRANSFERS AND SERVICING (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Changes in Mortgage Servicing Rights | Changes in mortgage servicing rights, which are included in other assets, were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (unaudited) (unaudited) Balance at beginning of period $ 457 $ 475 $ 479 $ 476 Capitalization 4 16 50 93 Amortization (27 ) (24 ) (72 ) (71 ) Valuation allowance adjustment (48 ) 13 (71 ) (18 ) Balance at end of period $ 386 $ 480 $ 386 $ 480 |
PLEDGED ASSETS (Tables)
PLEDGED ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Securities and Loans Pledged to Secure Securities Sold Under Agreements to Repurchase, Federal Home Loan Bank ("FHLB") Advances and Credit Facilities Available | The following securities and loans were pledged to secure securities sold under agreements to repurchase, Federal Home Loan Bank (“FHLB”) advances and credit facilities available (in thousands). September 30, 2016 (unaudited) Securities held to Loans Total pledged Repurchase agreements $ 4,970 $ — $ 4,970 FHLB borrowings 40,047 1,041,137 1,081,184 Federal Reserve Bank line of credit 15,730 — 15,730 Total pledged assets $ 60,747 $ 1,041,137 $ 1,101,884 December 31, 2015 Securities held to Loans Total pledged Repurchase agreements $ 5,731 $ — $ 5,731 FHLB borrowings 48,105 735,818 783,923 Federal Reserve Bank line of credit 15,700 — 15,700 Total pledged assets $ 69,536 $ 735,818 $ 805,354 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Components of Earning Per Share | Earnings per share consisted of the following components for the periods indicated (unaudited and dollars in thousands except per share data): Three months ended Nine months ended 2016 2015 2016 2015 Net income $ 3,180 $ 1,868 $ 8,671 $ 4,845 Undistributed earnings attributable to participating securities (53 ) (47 ) (144 ) (121 ) Net income allocated to common stockholders $ 3,127 $ 1,821 $ 8,527 $ 4,724 Weighted average shares outstanding, basic 8,571,225 8,468,527 8,560,589 8,453,768 Effect of dilutive shares 284,340 221,465 268,826 205,419 Weighted average shares outstanding, assuming dilution 8,855,565 8,689,992 8,829,415 8,659,187 Basic EPS $ 0.36 $ 0.22 $ 1.00 $ 0.56 Effect of dilutive shares (0.01 ) (0.01 ) (0.03 ) (0.01 ) Diluted EPS $ 0.35 $ 0.21 $ 0.97 $ 0.55 |
Options Excluded from Computation of EPS | The following table illustrates average options to purchase shares of common stock that were outstanding but not included in the computation of EPS because they were antidilutive under the treasury stock method (unaudited): Three months ended Nine months ended 2016 2015 2016 2015 Stock options 27,500 23,242 21,478 17,500 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized | The following table presents the pre-tax expense associated with stock options and restricted stock awards and the related tax benefits recognized (in thousands and unaudited): Three months ended Nine months ended 2016 2015 2016 2015 Stock options $ 204 $ 203 $ 591 $ 589 Restricted stock awards 223 224 648 648 Total stock based compensation expense $ 427 $ 427 $ 1,239 $ 1,237 Related tax benefits recognized in earnings $ 126 $ 123 $ 367 $ 359 |
Compensation Cost Related to Non-Vested Awards Not Yet Recognized and Weighted Average Recognition Period | Total compensation cost related to non-vested awards not yet recognized and the weighted average period (in years) over which it is expected to be recognized is as follows (in thousands): As of September 30, 2016 As of December 31, 2015 (unaudited) Amount Weighted Amount Weighted Stock options $ 1,016 1.65 $ 1,476 2.07 Restricted stock 976 1.21 1,562 1.95 Total $ 1,992 $ 3,038 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Level 1 Level 2 Level 3 Total At September 30, 2016 (unaudited) Securities available-for-sale Corporate debt securities $ — $ 22,216 $ — $ 22,216 Trading securities Rabbi trust investments 2,595 — — 2,595 Totals $ 2,595 $ 22,216 $ — $ 24,811 Level 1 Level 2 Level 3 Total At December 31, 2015 Securities available-for-sale Corporate debt securities $ — $ 21,876 $ — $ 21,876 Trading securities Rabbi trust investments 2,460 — — 2,460 Totals $ 2,460 $ 21,876 $ — $ 24,336 |
Schedule of Estimated Fair Values and Related Carrying or Notional Amounts of Financial Instruments | The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments are as follows (in thousands): September 30, 2016 Carrying Fair Level 1 Level 2 Level 3 (unaudited) Financial assets: Cash and cash equivalents $ 49,770 $ 49,770 $ 49,770 $ — $ — Interest-bearing time deposits with other banks 134 134 — 134 — Held-to-maturity securities 134,486 136,448 — 136,448 — Federal Home Loan Bank stock 24,475 24,475 — 24,475 — Loans, net 1,786,362 1,784,632 — — 1,784,632 Accrued interest receivable 4,262 4,262 4,262 — — Bank-owned life insurance 35,554 35,554 — 35,554 — Financial liabilities: Deposits 1,426,095 1,428,981 1,102,412 326,569 — Federal Home Loan Bank advances 469,250 471,749 — 471,749 — Securities sold under agreements to repurchase 3,772 3,772 — 3,772 — Accrued interest payable 1,013 1,013 1,013 — — Mortgagors’ escrow accounts 3,175 3,175 — 3,175 — December 31, 2015 Carrying Fair Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 51,261 $ 51,261 $ 51,261 $ — $ — Interest-bearing time deposits with other banks 131 131 — 131 — Held-to-maturity securities 137,119 136,728 — 136,728 — Federal Home Loan Bank stock 18,309 18,309 — 18,309 — Loans, net 1,534,957 1,518,476 — — 1,518,476 Accrued interest receivable 3,781 3,781 3,781 — — Bank-owned life insurance 29,787 29,787 — 29,787 — Financial liabilities: Deposits 1,269,519 1,271,278 1,011,084 260,194 — Federal Home Loan Bank advances 374,000 373,840 — 373,840 — Securities sold under agreements to repurchase 3,695 3,695 — 3,695 — Other borrowed funds 1,020 999 — 999 — Accrued interest payable 993 993 993 — — Mortgagors’ escrow accounts 2,414 2,414 — 2,414 — |
Loans Held for Sale and Impaired Loans | |
Fair Value of Assets Measured on Nonrecurring Basis | The following table (in thousands) presents certain impaired loans that were re-measured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses or charge off based upon the fair value of the underlying collateral and loans held-for-sale September 30, 2016 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 362 Loans held-for-sale — — 900 Totals $ — $ — $ 1,262 December 31, 2015 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 2,886 Loans held-for-sale — — 1,245 Totals $ — $ — $ 4,131 |
Other Real Estate Owned | |
Fair Value of Assets Measured on Nonrecurring Basis | The following table (in thousands) presents the non-financial assets that were re-measured September 30, 2016 Level 1 Level 2 Level 3 (unaudited) Mortgage servicing rights $ — $ — $ 386 Totals $ — $ — $ 386 December 31, 2015 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 479 Totals $ — $ — $ 479 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedules of Other Comprehensive Income | The following table presents a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income: Three months ended September 30, 2016 Three months ended September 30, 2015 Pre Tax Tax Expense After Tax Pre Tax Tax Expense After Tax Securities available-for-sale: Change in fair value of securities available-for-sale $ 113 $ (46 ) $ 67 $ 18 $ (7 ) $ 11 Total other comprehensive income $ 113 $ (46 ) $ 67 $ 18 $ (7 ) $ 11 Nine months ended September 30, 2016 Nine months ended September 30, 2015 Pre Tax Tax Expense After Tax Pre Tax Tax Expense After Tax Securities available-for-sale: Change in fair value of securities available-for-sale $ 397 $ (160 ) $ 237 $ — $ — $ — Total other comprehensive income $ 397 $ (160 ) $ 237 $ — $ — $ — |
Components of Accumulated Other Comprehensive Income (Loss), included in Stockholders' Equity | The components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: (in thousands): September 30, 2016 December 31, 2015 (unaudited) Net unrealized holding gain (loss) on available-for-sale securities, net of tax $ 87 $ (150 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 34 34 Accumulated other comprehensive income (loss) $ 121 $ (116 ) |
Amortized Cost Basis of Availab
Amortized Cost Basis of Available for Sale and Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 22,070 | $ 22,126 |
Available-for-sale Securities, Gross Unrealized Gains | 146 | 35 |
Available-for-sale Securities, Gross Unrealized Losses | (285) | |
Available-for-sale Securities, Fair Value | 22,216 | 21,876 |
Held-to-maturity securities, Amortized Cost Basis | 134,486 | 137,119 |
Held-to-maturity securities, Gross Unrealized Gains | 2,052 | 601 |
Held-to-maturity securities, Gross Unrealized Losses | (90) | (992) |
Held-to-maturity securities, Fair Value | 136,448 | 136,728 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 22,070 | 22,126 |
Available-for-sale Securities, Gross Unrealized Gains | 146 | 35 |
Available-for-sale Securities, Gross Unrealized Losses | (285) | |
Available-for-sale Securities, Fair Value | 22,216 | 21,876 |
Held-to-maturity securities, Amortized Cost Basis | 17,641 | 17,602 |
Held-to-maturity securities, Gross Unrealized Gains | 776 | 141 |
Held-to-maturity securities, Gross Unrealized Losses | (27) | |
Held-to-maturity securities, Fair Value | 18,417 | 17,716 |
U.S. government sponsored mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 116,845 | 119,517 |
Held-to-maturity securities, Gross Unrealized Gains | 1,276 | 460 |
Held-to-maturity securities, Gross Unrealized Losses | (90) | (965) |
Held-to-maturity securities, Fair Value | $ 118,031 | $ 119,012 |
Amortized Cost Basis and Estima
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due within one year, Available-for-sale Securities, Amortized Cost Basis | $ 0 | |
Due after one year through five years, Available-for-sale Securities, Amortized Cost Basis | 17,070 | |
Due after five years through ten years, Available-for-sale Securities, Amortized Cost Basis | 5,000 | |
Due after ten years, Available-for-sale Securities, Amortized Cost Basis | 0 | |
Available-for-sale Securities, Amortized Cost Basis | 22,070 | $ 22,126 |
Due within one year, Available-for-sale Securities, Fair Value | 0 | |
Due after one year through five years, Available-for-sale Securities, Fair Value | 17,171 | |
Due after five years through ten years, Available-for-sale Securities, Fair Value | 5,045 | |
Due after ten years, Available-for-sale Securities, Fair Value | 0 | |
Available-for-sale Securities, Fair Value | 22,216 | 21,876 |
Due within one year, Held-to-Maturity, Amortized Cost Basis | 8 | |
Due after one year through five years, Held-to-Maturity, Amortized Cost Basis | 8,989 | |
Due after five years through ten years, Held-to-Maturity, Amortized Cost Basis | 50,707 | |
Due after ten years, Held-to-Maturity, Amortized Cost Basis | 74,782 | |
Held-to-maturity securities, Amortized Cost Basis | 134,486 | 137,119 |
Due within one year, Held-to-Maturity, Fair Value | 8 | |
Due after one year through five years, Held-to-Maturity, Fair Value | 9,055 | |
Due after five years through ten years, Held-to-Maturity, Fair Value | 52,022 | |
Due after ten years, Held-to-Maturity, Fair Value | 75,363 | |
Held-to-Maturity, Fair Value | $ 136,448 | $ 136,728 |
Investments in Securities - Add
Investments in Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)SecuritiesEntity | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)SecuritiesEntity | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Investment | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of debt securities at unrealized losses | Securities | 18 | 18 | |||
Securities that had unrealized losses, aggregate depreciation percentage | 0.34% | 0.34% | 1.11% | ||
Number of securities that had unrealized losses | 18 | 18 | 59 | ||
Trading securities, unrealized holding gain (loss) | $ 37,000 | (74,000) | $ 51,000 | (44,000) | |
Rabbi Trust | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Trading securities, fair value | 2,595,000 | 2,595,000 | $ 2,460,000 | ||
Trading securities, unrealized holding gain (loss) | $ 37,000 | $ (74,000) | $ 51,000 | $ (44,000) |
Securities with Gross Unrealize
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time (Detail) $ in Thousands | Sep. 30, 2016USD ($)SecuritiesEntity | Dec. 31, 2015USD ($)EntityInvestment |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | 18 | 59 |
Less than 12 Months, Fair Value | $ 19,653 | $ 103,844 |
Less than 12 Months, Unrealized Losses | (46) | (924) |
12 Months or longer, Fair Value | 7,065 | 9,557 |
12 Months or longer, Unrealized Losses | $ (44) | $ (353) |
Number of Holdings | Securities | 18 | |
Corporate debt securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | Entity | 3 | |
Held-to-maturity, Less than 12 Months, Fair Value | $ 4,733 | |
Held-to-maturity, Less than 12 Months, Unrealized Losses | $ (27) | |
Number of Holdings | Entity | 4 | |
Available-for-sale, Less than 12 Months, Fair Value | $ 9,745 | |
Available-for-sale, Less than 12 Months, Unrealized Losses | (75) | |
Available-for-sale, 12 Months or longer, Fair Value | 4,127 | |
Available-for-sale, 12 Months or longer, Unrealized Losses | $ (210) | |
U.S. government sponsored mortgage-backed securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | Entity | 18 | 52 |
Held-to-maturity, Less than 12 Months, Fair Value | $ 19,653 | $ 89,366 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (46) | (822) |
Held-to-maturity, 12 Months or longer, Fair Value | 7,065 | 5,430 |
Held-to-maturity, 12 Months or longer, Unrealized Losses | $ (44) | $ (143) |
Loans, Allowance for Loan Los32
Loans, Allowance for Loan Losses and Credit Quality - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Due days of accrual of interest on all loans | 90 days | |||||||
Originate loans with a loan-to-value | 80.00% | 80.00% | ||||||
Loans, allowance for loan losses | $ 12,969 | $ 10,390 | $ 12,969 | $ 10,390 | $ 12,543 | $ 11,240 | $ 9,537 | $ 8,881 |
Troubled debt restructurings | 7,524 | 7,524 | 7,788 | |||||
Unallocated | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans, allowance for loan losses | $ 492 | $ 200 | $ 492 | $ 200 | $ 476 | 213 | $ 183 | $ 171 |
Financing Receivable Troubled Debt Restructurings | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Number of financing receivables modified by troubled debt restructurings | Contract | 0 | 1 | 0 | 1 | ||||
Residential one-to-four family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Consumer mortgage loans in the process of foreclosure amount | $ 497 | $ 497 | $ 412 |
Summary of Loans (Detail)
Summary of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 1,789,417 | $ 1,537,189 | |||||
Net deferred loan costs | 3,814 | 4,663 | |||||
Net unamortized mortgage premiums | 6,100 | 4,345 | |||||
Allowance for loan losses | (12,969) | $ (12,543) | (11,240) | $ (10,390) | $ (9,537) | $ (8,881) | |
Total loans, net | $ 1,786,362 | $ 1,534,957 | |||||
Commercial and consumer gross percent | 7.35% | 10.25% | |||||
Total loans, Percent | 100.00% | 100.00% | |||||
Mortgage Loan Portfolio Segment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 1,657,805 | $ 1,379,579 | |||||
Mortgage loans on real estate percent | 92.65% | 89.75% | |||||
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 947,667 | $ 709,426 | |||||
Mortgage loans on real estate percent | 52.96% | 46.15% | |||||
Allowance for loan losses | $ (4,594) | (4,155) | $ (3,574) | (3,303) | (2,740) | (2,364) | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | [1] | $ 462,600 | $ 449,391 | ||||
Mortgage loans on real estate percent | [1] | 25.85% | 29.24% | ||||
Allowance for loan losses | $ (4,639) | (4,810) | $ (4,478) | (4,136) | (4,122) | (4,043) | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 170,857 | $ 160,040 | |||||
Mortgage loans on real estate percent | 9.55% | 10.41% | |||||
Allowance for loan losses | $ (1,041) | (1,038) | $ (928) | (830) | (827) | (828) | |
Mortgage Loan Portfolio Segment | Construction loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 76,681 | $ 60,722 | |||||
Mortgage loans on real estate percent | 4.29% | 3.95% | |||||
Allowance for loan losses | $ (1,051) | (864) | $ (801) | (833) | (585) | (228) | |
Commercial Portfolio Segment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | 61,314 | 53,192 | |||||
Allowance for loan losses | $ (710) | (698) | $ (613) | (423) | (355) | (458) | |
Commercial loans, percentage | 3.43% | 3.46% | |||||
Consumer Portfolio Segment | Indirect auto loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 69,865 | $ 103,965 | |||||
consumer loans, percent | 3.90% | 6.76% | |||||
Allowance for loan losses | $ (433) | (492) | $ (623) | (652) | (713) | (778) | |
Consumer Portfolio Segment | Other Consumer Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 433 | $ 453 | |||||
consumer loans, percent | 0.02% | 0.03% | |||||
Allowance for loan losses | $ (9) | $ (10) | $ (10) | $ (13) | $ (12) | $ (11) | |
Commercial and Consumer Loan | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Total Loans Balance | $ 131,612 | $ 157,610 | |||||
[1] | Includes multi-family real estate loans. |
Allowance for Loan Losses by Po
Allowance for Loan Losses by Portfolio Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 12,543 | $ 9,537 | $ 11,240 | $ 8,881 |
Provision (benefit) | 443 | 727 | 1,783 | 1,430 |
Charge-offs | (34) | (106) | (84) | (173) |
Recoveries | 17 | 232 | 30 | 252 |
Ending balance | 12,969 | 10,390 | 12,969 | 10,390 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,155 | 2,740 | 3,574 | 2,364 |
Provision (benefit) | 439 | 627 | 1,020 | 1,003 |
Charge-offs | (64) | (64) | ||
Ending balance | 4,594 | 3,303 | 4,594 | 3,303 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 4,810 | 4,122 | 4,478 | 4,043 |
Provision (benefit) | (171) | 14 | 161 | 93 |
Ending balance | 4,639 | 4,136 | 4,639 | 4,136 |
Mortgage Loan Portfolio Segment | Construction loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 864 | 585 | 801 | 228 |
Provision (benefit) | 187 | 248 | 250 | 605 |
Ending balance | 1,051 | 833 | 1,051 | 833 |
Mortgage Loan Portfolio Segment | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,038 | 827 | 928 | 828 |
Provision (benefit) | 3 | (196) | 113 | (197) |
Recoveries | 199 | 199 | ||
Ending balance | 1,041 | 830 | 1,041 | 830 |
Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 698 | 355 | 613 | 458 |
Provision (benefit) | 12 | 44 | 97 | (59) |
Recoveries | 24 | 24 | ||
Ending balance | 710 | 423 | 710 | 423 |
Consumer Portfolio Segment | Indirect auto loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 492 | 713 | 623 | 778 |
Provision (benefit) | (43) | (27) | (143) | (52) |
Charge-offs | (31) | (39) | (73) | (98) |
Recoveries | 15 | 5 | 26 | 24 |
Ending balance | 433 | 652 | 433 | 652 |
Consumer Portfolio Segment | Other Consumer Loan | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 10 | 12 | 10 | 11 |
Provision (benefit) | 6 | 8 | ||
Charge-offs | (3) | (3) | (11) | (11) |
Recoveries | 2 | 4 | 4 | 5 |
Ending balance | 9 | 13 | 9 | 13 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 476 | 183 | 213 | 171 |
Provision (benefit) | 16 | 17 | 279 | 29 |
Ending balance | $ 492 | $ 200 | $ 492 | $ 200 |
Individually Impaired Loans by
Individually Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan balance | $ 8,514 | $ 10,639 | |||||
Individually evaluated for impairment, Loan allowance | 165 | 393 | |||||
Collectively evaluated for impairment, Loan balance | 1,780,903 | 1,526,550 | |||||
Collectively evaluated for impairment, Loan allowance | 12,804 | 10,847 | |||||
Total Loan balance | 1,789,417 | 1,537,189 | |||||
Total Loan, allowance | 12,969 | $ 12,543 | 11,240 | $ 10,390 | $ 9,537 | $ 8,881 | |
Mortgage Loan Portfolio Segment | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Total Loan balance | 1,657,805 | 1,379,579 | |||||
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan balance | 4,851 | 4,341 | |||||
Individually evaluated for impairment, Loan allowance | 163 | 260 | |||||
Collectively evaluated for impairment, Loan balance | 942,816 | 705,085 | |||||
Collectively evaluated for impairment, Loan allowance | 4,431 | 3,314 | |||||
Total Loan balance | 947,667 | 709,426 | |||||
Total Loan, allowance | 4,594 | 4,155 | 3,574 | 3,303 | 2,740 | 2,364 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan balance | 3,456 | 6,083 | |||||
Individually evaluated for impairment, Loan allowance | 2 | 133 | |||||
Collectively evaluated for impairment, Loan balance | 459,144 | 443,308 | |||||
Collectively evaluated for impairment, Loan allowance | 4,637 | 4,345 | |||||
Total Loan balance | [1] | 462,600 | 449,391 | ||||
Total Loan, allowance | 4,639 | 4,810 | 4,478 | 4,136 | 4,122 | 4,043 | |
Mortgage Loan Portfolio Segment | Construction loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan balance | 76,681 | 60,722 | |||||
Collectively evaluated for impairment, Loan allowance | 1,051 | 801 | |||||
Total Loan balance | 76,681 | 60,722 | |||||
Total Loan, allowance | 1,051 | 864 | 801 | 833 | 585 | 228 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan balance | 200 | 200 | |||||
Collectively evaluated for impairment, Loan balance | 170,657 | 159,840 | |||||
Collectively evaluated for impairment, Loan allowance | 1,041 | 928 | |||||
Total Loan balance | 170,857 | 160,040 | |||||
Total Loan, allowance | 1,041 | 1,038 | 928 | 830 | 827 | 828 | |
Commercial Portfolio Segment | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan balance | 61,314 | 53,192 | |||||
Collectively evaluated for impairment, Loan allowance | 710 | 613 | |||||
Total Loan balance | 61,314 | 53,192 | |||||
Total Loan, allowance | 710 | 698 | 613 | 423 | 355 | 458 | |
Consumer Portfolio Segment | Indirect auto loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment, Loan balance | 7 | 15 | |||||
Collectively evaluated for impairment, Loan balance | 69,858 | 103,950 | |||||
Collectively evaluated for impairment, Loan allowance | 433 | 623 | |||||
Total Loan balance | 69,865 | 103,965 | |||||
Total Loan, allowance | 433 | 492 | 623 | 652 | 713 | 778 | |
Consumer Portfolio Segment | Other Consumer Loan | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan balance | 433 | 453 | |||||
Collectively evaluated for impairment, Loan allowance | 9 | 10 | |||||
Total Loan balance | 433 | 453 | |||||
Total Loan, allowance | 9 | 10 | 10 | 13 | 12 | 11 | |
Unallocated | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Collectively evaluated for impairment, Loan allowance | 492 | 213 | |||||
Total Loan, allowance | $ 492 | $ 476 | $ 213 | $ 200 | $ 183 | $ 171 | |
[1] | Includes multi-family real estate loans. |
Impaired Loans (Detail)
Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with no related allowance for credit losses, Recorded Investment | $ 4,446 | $ 4,446 | $ 3,763 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 4,526 | 4,526 | 3,805 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | |||
Impaired loans with no related allowance for credit losses, Average recorded Investment | 3,677 | $ 5,236 | 3,899 | $ 5,832 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 27 | 34 | 83 | 103 | |
Indirect auto loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with no related allowance for credit losses, Recorded Investment | 7 | 7 | |||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 7 | 7 | |||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | |||
Mortgage Loan Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with a related allowance for credit losses at, Recorded Investment | 4,068 | 4,068 | 6,876 | ||
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 4,094 | 4,094 | 6,902 | ||
Impaired loans with a related allowance for credit losses at, Specific Allowance | 165 | 165 | 393 | ||
Impaired loans with a related allowance for credit losses, Average recorded Investment | 4,257 | 4,269 | 4,879 | 4,238 | |
Impaired loans with a related allowance for credit losses, Income Recognized | 38 | 39 | 140 | 118 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with a related allowance for credit losses at, Recorded Investment | 1,111 | 1,111 | 1,450 | ||
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 1,137 | 1,137 | 1,476 | ||
Impaired loans with a related allowance for credit losses at, Specific Allowance | 163 | 163 | 260 | ||
Impaired loans with no related allowance for credit losses, Recorded Investment | 3,740 | 3,740 | 2,891 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 3,820 | 3,820 | 2,933 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | |||
Impaired loans with a related allowance for credit losses, Average recorded Investment | 1,295 | 1,248 | 1,370 | 1,202 | |
Impaired loans with a related allowance for credit losses, Income Recognized | 8 | 8 | 25 | 25 | |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 2,952 | 4,206 | 3,115 | 4,764 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 19 | 24 | 58 | 74 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with a related allowance for credit losses at, Recorded Investment | 2,957 | 2,957 | 5,426 | ||
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 2,957 | 2,957 | 5,426 | ||
Impaired loans with a related allowance for credit losses at, Specific Allowance | 2 | 2 | 133 | ||
Impaired loans with no related allowance for credit losses, Recorded Investment | 499 | 499 | 657 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 499 | 499 | 657 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | |||
Impaired loans with a related allowance for credit losses, Average recorded Investment | 2,962 | 3,021 | 3,509 | 3,036 | |
Impaired loans with a related allowance for credit losses, Income Recognized | 30 | 31 | 115 | 93 | |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 517 | 727 | 569 | 767 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 6 | 8 | 19 | 23 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with no related allowance for credit losses, Recorded Investment | 200 | 200 | 200 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 200 | 200 | 200 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | 0 | |||
Impaired loans with no related allowance for credit losses, Average recorded Investment | 200 | 291 | 200 | 293 | |
Impaired loans with no related allowance for credit losses, Interest income recognized | 2 | 2 | 6 | 6 | |
Consumer Portfolio Segment | Indirect auto loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with no related allowance for credit losses, Recorded Investment | 15 | ||||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | $ 15 | ||||
Impaired loans with no related allowance for credit losses, Average recorded Investment | $ 8 | $ 12 | $ 15 | $ 8 |
Past Due and Non-Accrual Loans
Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | $ 2,017 | $ 3,318 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,756 | 3,631 |
Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 404 | 613 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 7 | 15 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 1,323 | 2,071 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,749 | 1,192 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
90 days or more and accruing | 0 | |
Loans on Non-accrual | 2,424 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | Commercial real estate loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 290 | 634 |
90 days or more and accruing | 0 | 0 |
30-59 Days | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 736 | 2,764 |
30-59 Days | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 367 | 551 |
30-59 Days | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 79 | 1,579 |
30-59 Days | Mortgage Loan Portfolio Segment | Home equity lines of credit | Commercial real estate loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 290 | 634 |
60-89 Days | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 777 | 128 |
60-89 Days | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 30 | 47 |
60-89 Days | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 747 | 81 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 504 | 426 |
Loans 90 Days Or More Past Due | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 7 | 15 |
Loans 90 Days Or More Past Due | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | $ 497 | $ 411 |
Loans Classified by Risk Rating
Loans Classified by Risk Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | $ 1,789,417 | $ 1,537,189 | |
Mortgage Loan Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 1,657,805 | 1,379,579 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 947,667 | 709,426 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [1] | 462,600 | 449,391 |
Mortgage Loan Portfolio Segment | Construction loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 76,681 | 60,722 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 170,857 | 160,040 | |
Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 61,314 | 53,192 | |
Consumer Portfolio Segment | Indirect auto loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 69,865 | 103,965 | |
Consumer Portfolio Segment | Other Consumer Loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 433 | 453 | |
Loans rated 1-3.5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 581,727 | 536,811 | |
Loans rated 1-3.5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 443,732 | 427,160 | |
Loans rated 1-3.5 | Mortgage Loan Portfolio Segment | Construction loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 76,681 | 56,459 | |
Loans rated 1-3.5 | Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 61,314 | 53,192 | |
Loans rated 4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 16,542 | 19,781 | |
Loans rated 4 | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 2,090 | 359 | |
Loans rated 4 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 14,452 | 15,159 | |
Loans rated 4 | Mortgage Loan Portfolio Segment | Construction loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 4,263 | ||
Loans rated 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 7,675 | 9,786 | |
Loans rated 5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 2,460 | 1,915 | |
Loans rated 5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 4,416 | 7,072 | |
Loans rated 5 | Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 799 | 799 | |
Loans not rated | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 1,183,473 | 970,811 |
Loans not rated | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 943,117 | 707,152 |
Loans not rated | Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 170,058 | 159,241 |
Loans not rated | Consumer Portfolio Segment | Indirect auto loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | 69,865 | 103,965 |
Loans not rated | Consumer Portfolio Segment | Other Consumer Loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [2] | $ 433 | $ 453 |
[1] | Includes multi-family real estate loans. | ||
[2] | Residential real estate and home equity lines of credit are not formally risk rated by the Company unless the loans become delinquent. |
Troubled Debt Restructuring Acc
Troubled Debt Restructuring Accrual Status (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | $ 7,524 | $ 7,788 |
Amount of specific allocation included in the allowance for loan losses associated with TDRs | 159 | 170 |
Additional commitments to lend to a borrower who has been a party to a TDR | 0 | 0 |
Accrual Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | 6,758 | 7,007 |
Non Accrual Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | $ 766 | $ 781 |
Troubled Debt Restructurings on
Troubled Debt Restructurings on Financing Receivables (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($)Contract | Sep. 30, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Post-modification outstanding recorded investment | $ 507 | $ 507 |
Mortgage Loan Portfolio Segment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | |
Pre-modification outstanding recorded investment | $ 463 | |
Post-modification outstanding recorded investment | $ 507 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | |
Pre-modification outstanding recorded investment | $ 463 | |
Post-modification outstanding recorded investment | $ 507 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Pre-modification outstanding recorded investment | $ 463 | $ 463 |
Post-modification outstanding recorded investment | $ 507 | $ 507 |
Post Modification of Troubled D
Post Modification of Troubled Debt Restructuring Balance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Post-modification outstanding recorded investment | $ 507 | $ 507 |
Interest only period | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Post-modification outstanding recorded investment | $ 507 | $ 507 |
Summary of Loans Modified and S
Summary of Loans Modified and Subsequently Defaulted (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 1 |
Recorded Investment | $ | $ 497 |
Residential one-to-four family | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 1 |
Recorded Investment | $ | $ 497 |
Transfers and Servicing - Addit
Transfers and Servicing - Additional Information (Detail) $ in Thousands | Mar. 16, 2006USD ($)Loan | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Principal balance of loans sold to another financial institution | $ 10,500 | ||
Number of loans sold to another financial institution | Loan | 17 | ||
Total principal balance of loans | $ 0 | $ 1,020 | |
Initial period for repurchase of loan | 120 months | ||
Repurchase Agreement | Loan that became 90 days past due | ||
Indirect auto loans | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Loans previously sold and serviced | $ 34,500 | 57,800 | |
Residential Mortgage | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Loans previously sold and serviced | 61,300 | 65,900 | |
Transferred Loans | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Total principal balance of loans | $ 0 | $ 1,000 |
Changes in Mortgage Servicing R
Changes in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Servicing Asset at Amortized Cost [Line Items] | ||||
Balance at beginning of period | $ 457 | $ 475 | $ 479 | $ 476 |
Capitalization | 4 | 16 | 50 | 93 |
Amortization | (27) | (24) | (72) | (71) |
Valuation allowance adjustment | (48) | 13 | (71) | (18) |
Balance at end of period | $ 386 | $ 480 | $ 386 | $ 480 |
Securities Sold Under Agreeme45
Securities Sold Under Agreements to Repurchase and Other Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Servicing Asset at Amortized Cost [Line Items] | ||
Balance of securities sold under agreements to repurchase | $ 3,772 | $ 3,695 |
Total principal balance of loans | $ 0 | $ 1,020 |
Employee and Director Benefit46
Employee and Director Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2011 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Estimated liability | $ 2,300 | $ 2,300 | $ 2,000 | |||
Compensation expense recognized | 561 | $ 487 | $ 1,500 | $ 1,400 | ||
Percentage of eligible compensation of employee | 75.00% | |||||
Contributions by the Company | $ 223 | 217 | $ 653 | 646 | ||
Percentage of deferred compensation vested | 100.00% | |||||
ESOP, purchase shares | 458,643 | |||||
Common stock price per share | $ 10 | |||||
Loan obtained by the ESOP, payable annually over | 30 years | |||||
Loan Obtained By ESOP Rate Per Annum Equal To Prime Rate | 3.50% | 3.50% | ||||
ESOP expense | $ 89 | $ 79 | $ 260 | $ 235 | ||
Deferred Compensation Plan | Rabbi Trust | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Recorded liability | 2,600 | 2,600 | 2,500 | |||
Executive Officers | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Estimated liability | 1,600 | $ 1,600 | 1,300 | |||
Benefit upon termination of employment at or after age | 55 years | |||||
Reduced benefits available prior to attaining age | 55 years | |||||
Executive Officers | Minimum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Fully vested participants, years of service to complete | 5 years | |||||
Number of years of service to complete | 10 years | |||||
Executive Officers | Maximum | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Fully vested participants, years of service to complete | 10 years | |||||
Number of years of service to complete | 10 years | |||||
Directors | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Estimated liability | $ 689 | $ 689 | $ 635 |
Securities and Loans Pledged to
Securities and Loans Pledged to Secure Securities Sold Under Agreements to Repurchase, Federal Home Loan Bank ("FHLB") Advances and Credit Facilities Available (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | $ 60,747 | $ 69,536 |
Loans receivable | 1,041,137 | 735,818 |
Total pledged assets | 1,101,884 | 805,354 |
Repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | 4,970 | 5,731 |
Total pledged assets | 4,970 | 5,731 |
FHLB borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | 40,047 | 48,105 |
Loans receivable | 1,041,137 | 735,818 |
Total pledged assets | 1,081,184 | 783,923 |
Federal Reserve Bank LOC | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities held-to- maturity (at cost) | 15,730 | 15,700 |
Total pledged assets | $ 15,730 | $ 15,700 |
Earning Per Share (Detail)
Earning Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Computation of Earnings Per Share [Line Items] | ||||
Net income | $ 3,180 | $ 1,868 | $ 8,671 | $ 4,845 |
Undistributed earnings attributable to participating securities | (53) | (47) | (144) | (121) |
Net income allocated to common stockholders | $ 3,127 | $ 1,821 | $ 8,527 | $ 4,724 |
Weighted average shares outstanding, basic | 8,571,225 | 8,468,527 | 8,560,589 | 8,453,768 |
Effect of dilutive shares | 284,340 | 221,465 | 268,826 | 205,419 |
Weighted average shares outstanding, assuming dilution | 8,855,565 | 8,689,992 | 8,829,415 | 8,659,187 |
Basic EPS | $ 0.36 | $ 0.22 | $ 1 | $ 0.56 |
Effect of dilutive shares | (0.01) | (0.01) | (0.03) | (0.01) |
Diluted EPS | $ 0.35 | $ 0.21 | $ 0.97 | $ 0.55 |
Options Outstanding Excluded Fr
Options Outstanding Excluded From Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 27,500 | 23,242 | 21,478 | 17,500 |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) | Jun. 22, 2013shares |
Maximum | |
Computation of Earnings Per Share [Line Items] | |
Share repurchase program, shares authorized to be repurchased | 500,000 |
Pre-Tax Expense Associated with
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options | $ 204 | $ 203 | $ 591 | $ 589 |
Restricted stock awards | 223 | 224 | 648 | 648 |
Total stock based compensation expense | 427 | 427 | 1,239 | 1,237 |
Related tax benefits recognized in earnings | $ 126 | $ 123 | $ 367 | $ 359 |
Compensation Cost Related to No
Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | $ 1,992 | $ 3,038 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options, amount | $ 1,016 | $ 1,476 |
Compensation cost not yet recognized, period for recognition | 1 year 7 months 24 days | 2 years 26 days |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock, amount | $ 976 | $ 1,562 |
Compensation cost not yet recognized, period for recognition | 1 year 2 months 16 days | 1 year 11 months 12 days |
Summary of Financial Assets Mea
Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 22,216 | $ 21,876 |
Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,595 | 2,460 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 24,811 | 24,336 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 22,216 | 21,876 |
Fair Value, Measurements, Recurring | Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,595 | 2,460 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,595 | 2,460 |
Fair Value, Measurements, Recurring | Level 1 | Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,595 | 2,460 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 22,216 | 21,876 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 22,216 | $ 21,876 |
Loans Remeasured and Reported a
Loans Remeasured and Reported at Fair Value (Detail) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 362 | $ 2,886 |
Loans held-for-sale | 900 | 1,245 |
Totals | $ 1,262 | $ 4,131 |
Assets Remeasured and Reported
Assets Remeasured and Reported at Lower of Cost or Fair Value (Detail) - Level 3 - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 386 | $ 479 |
Mortgage Servicing Rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 386 | $ 479 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 49,770 | $ 51,261 | $ 42,600 | $ 51,767 |
Interest-bearing time deposits with other banks | 134 | 131 | ||
Held-to-maturity securities | 134,486 | 137,119 | ||
Federal Home Loan Bank stock | 24,475 | 18,309 | ||
Loans, net | 1,786,362 | 1,534,957 | ||
Accrued interest receivable | 4,262 | 3,781 | ||
Bank-owned life insurance | 35,554 | 29,787 | ||
Liabilities | ||||
Deposits | 1,426,095 | 1,269,519 | ||
Federal Home Loan Bank advances | 469,250 | 374,000 | ||
Securities sold under agreements to repurchase | 3,772 | 3,695 | ||
Other borrowed funds | 1,020 | |||
Accrued interest payable | 1,013 | 993 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 49,770 | 51,261 | ||
Interest-bearing time deposits with other banks | 134 | 131 | ||
Held-to-maturity securities | 136,448 | 136,728 | ||
Federal Home Loan Bank stock | 24,475 | 18,309 | ||
Loans, net | 1,784,632 | 1,518,476 | ||
Accrued interest receivable | 4,262 | 3,781 | ||
Bank-owned life insurance | 35,554 | 29,787 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 1,428,981 | 1,271,278 | ||
Federal Home Loan Bank advances | 471,749 | 373,840 | ||
Securities sold under agreements to repurchase | 3,772 | 3,695 | ||
Other borrowed funds | 999 | |||
Accrued interest payable | 1,013 | 993 | ||
Mortgagors' escrow accounts | 3,175 | 2,414 | ||
Carrying Amount | ||||
ASSETS | ||||
Cash and cash equivalents | 49,770 | 51,261 | ||
Interest-bearing time deposits with other banks | 134 | 131 | ||
Held-to-maturity securities | 134,486 | 137,119 | ||
Federal Home Loan Bank stock | 24,475 | 18,309 | ||
Loans, net | 1,786,362 | 1,534,957 | ||
Accrued interest receivable | 4,262 | 3,781 | ||
Bank-owned life insurance | 35,554 | 29,787 | ||
Liabilities | ||||
Deposits | 1,426,095 | 1,269,519 | ||
Federal Home Loan Bank advances | 469,250 | 374,000 | ||
Securities sold under agreements to repurchase | 3,772 | 3,695 | ||
Other borrowed funds | 1,020 | |||
Accrued interest payable | 1,013 | 993 | ||
Mortgagors' escrow accounts | 3,175 | 2,414 | ||
Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 49,770 | 51,261 | ||
Accrued interest receivable | 4,262 | 3,781 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 1,102,412 | 1,011,084 | ||
Accrued interest payable | 1,013 | 993 | ||
Level 2 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Interest-bearing time deposits with other banks | 134 | 131 | ||
Held-to-maturity securities | 136,448 | 136,728 | ||
Federal Home Loan Bank stock | 24,475 | 18,309 | ||
Bank-owned life insurance | 35,554 | 29,787 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 326,569 | 260,194 | ||
Federal Home Loan Bank advances | 471,749 | 373,840 | ||
Securities sold under agreements to repurchase | 3,772 | 3,695 | ||
Other borrowed funds | 999 | |||
Mortgagors' escrow accounts | 3,175 | 2,414 | ||
Level 3 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Loans, net | $ 1,784,632 | $ 1,518,476 |
Other Comprehensive Income (Det
Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | |
Schedule of Other Comprehensive Income (Loss) [Line Items] | |||
Change in fair value of securities available for sale, Pre-Tax Amount | $ 113 | $ 18 | $ 397 |
Total other comprehensive income, Pre-Tax Amount | 113 | 18 | 397 |
Change in fair value of securities available for sale, Tax Expense | (46) | (7) | (160) |
Total other comprehensive income, Tax Expense | (46) | (7) | (160) |
Change in fair value of securities available for sale, After Tax Amount | 67 | 11 | 237 |
Total other comprehensive income, After Tax Amount | $ 67 | $ 11 | $ 237 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss) included in Stockholders' Equity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net unrealized holding gain (loss) on available-for-sale securities, net of tax | $ 87 | $ (150) |
Unrecognized benefit pertaining to defined benefit plan, net of tax | 34 | 34 |
Accumulated other comprehensive income (loss) | $ 121 | $ (116) |