BSB Bancorp 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		9,688,451

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and due from banks	$ 2,265	$ 2,211
Interest-bearing deposits in other banks	58,186	56,665
Cash and cash equivalents	60,451	58,876
Interest-bearing time deposits with other banks	235	234
Investments in available-for-sale securities	22,142	22,048
Investments in held-to-maturity securities (fair value of $133,447 as of March 31, 2017 (unaudited) and $129,465 as of December 31, 2016)	134,007	130,197
Loans held for sale	25,631
Loans, net of allowance for loan losses of $14,382 as of March 31, 2017 (unaudited) and $13,585 as of December 31, 2016	1,958,011	1,866,035
Federal Home Loan Bank stock, at cost	29,605	25,071
Premises and equipment, net	2,340	2,355
Accrued interest receivable	4,857	4,635
Deferred tax asset, net	8,022	8,321
Income taxes receivable	1,071	423
Bank-owned life insurance	36,099	35,842
Other assets	4,397	4,667
Total assets	2,286,868	2,158,704
Deposits:
Noninterest-bearing	204,364	208,082
Interest-bearing	1,361,505	1,261,340
Total deposits	1,565,869	1,469,422
Federal Home Loan Bank advances	532,250	508,850
Securities sold under agreements to repurchase	2,225	1,985
Accrued interest payable	1,113	1,023
Deferred compensation liability	7,241	7,043
Other liabilities	13,217	9,460
Total liabilities	2,121,915	1,997,783
Stockholders' Equity:
Common stock; $0.01 par value per share, 100,000,000 shares authorized; 9,688,451 and 9,110,077 shares issued and outstanding at March 31, 2017 (unaudited) and December 31, 2016, respectively	97	91
Additional paid-in capital	92,268	92,013
Retained earnings	76,164	72,498
Accumulated other comprehensive income	170	103
Unearned compensation - ESOP	(3,746)	(3,784)
Total stockholders' equity	164,953	160,921
Total liabilities and stockholders' equity	$ 2,286,868	$ 2,158,704

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments in held-to-maturity securities, fair value	$ 133,447	$ 129,465
Loans, allowance for loan losses	$ 14,382	$ 13,585
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	9,688,451	9,110,077
Common stock, shares outstanding	9,688,451	9,110,077

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest and dividend income:
Interest and fees on loans	$ 16,387	$ 13,412
Interest on taxable debt securities	778	828
Dividends	256	155
Other interest income	85	44
Total interest and dividend income	17,506	14,439
Interest expense:
Interest on deposits	2,613	2,125
Interest on Federal Home Loan Bank advances	1,631	1,027
Interest on securities sold under agreements to repurchase	1	1
Interest on other borrowed funds		5
Total interest expense	4,245	3,158
Net interest and dividend income	13,261	11,281
Provision for loan losses	829	599
Net interest and dividend income after provision for loan losses	12,432	10,682
Noninterest income:
Customer service fees	182	225
Income from bank-owned life insurance	252	233
Net gain on sales of loans	8	60
Loan servicing fee income	116	112
Other income	72	30
Total noninterest income	630	660
Noninterest expense:
Salaries and employee benefits	4,672	4,600
Director compensation	303	234
Occupancy expense	266	251
Equipment expense	123	104
Deposit insurance	402	280
Data processing	694	882
Professional fees	288	234
Marketing	278	221
Other expense	450	446
Total noninterest expense	7,476	7,252
Income before income tax expense	5,586	4,090
Income tax expense	1,920	1,551
Net income	$ 3,666	$ 2,539
Earnings per share
Basic	$ 0.42	$ 0.29
Diluted	$ 0.40	$ 0.28

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 3,666	$ 2,539
Other comprehensive income, net of tax:
Net change in fair value of securities available for sale	67	77
Total other comprehensive income	67	77
Total comprehensive income	$ 3,733	$ 2,616

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	Unearned Compensation - ESOP
Balance (in shares) at Dec. 31, 2015		9,086,639
Balance at Dec. 31, 2015	$ 146,203	$ 91	$ 89,648	$ 60,517	$ (116)	$ (3,937)
Net income	2,539			2,539
Other comprehensive income	77				77
ESOP shares committed to be released	83		46			37
Stock based compensation-restricted stock awards	210		210
Stock based compensation-stock options	189		189
Tax benefit from stock based compensation	21		21
Proceeds from exercises of stock options, net of cash paid	22		22
Proceeds from exercises of stock options, net of cash paid (in shares)		5,368
Balance (in shares) at Mar. 31, 2016		9,092,007
Balance at Mar. 31, 2016	$ 149,344	$ 91	90,136	63,056	(39)	(3,900)
Balance (in shares) at Dec. 31, 2016	9,110,077	9,110,077
Balance at Dec. 31, 2016	$ 160,921	$ 91	92,013	72,498	103	(3,784)
Net income	3,666			3,666
Other comprehensive income	67				67
ESOP shares committed to be released	106		68			38
Stock based compensation-restricted stock awards	268		268
Stock based compensation-stock options	189		189
Restricted stock awards granted		$ 5	(5)
Restricted stock awards granted (in shares)		487,200
Proceeds from exercises of stock options, net of cash paid	$ (264)	$ 1	(265)
Proceeds from exercises of stock options, net of cash paid (in shares)		91,174
Balance (in shares) at Mar. 31, 2017	9,688,451	9,688,451
Balance at Mar. 31, 2017	$ 164,953	$ 97	$ 92,268	$ 76,164	$ 170	$ (3,746)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 3,666	$ 2,539
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of securities, net	206	174
Gain on sales of loans, net	(8)	(60)
Loans originated for sale	(268)	(997)
Proceeds from sales of loans	276	2,301
Provision for loan losses	829	599
Change in net unamortized mortgage premiums	(666)	(775)
Change in net deferred loan costs	128	263
ESOP expense	106	83
Stock based compensation expense	457	399
Excess tax benefit from stock based compensation		(21)
Depreciation and amortization expense	153	154
Impairment of fixed assets	18
Deferred income tax benefit	254	259
Increase in bank-owned life insurance	(252)	(233)
Net change in:
Accrued interest receivable	(222)	(407)
Other assets	270	558
Income taxes receivable	(648)
Income taxes payable		649
Accrued interest payable	90	54
Deferred compensation liability	198	371
Other liabilities	3,038	(2,856)
Net cash provided by operating activities	7,625	3,054
Cash flows from investing activities:
Maturities of interest-bearing time deposits with other banks	134	131
Purchases of interest-bearing time deposits with other banks	(135)	(134)
Proceeds from maturities, payments, and calls of held-to-maturity securities	6,527	5,152
Purchases of held-to-maturity securities	(10,525)	(3,392)
Redemption of Federal Home Loan Bank stock		679
Purchases of Federal Home Loan Bank stock	(4,534)	(2,981)
Recoveries of loans previously charged off	4	10
Loan originations and principal collections, net	(15,765)	(2,302)
Purchases of loans	(102,137)	(98,230)
Capital expenditures	(156)	(128)
Premiums paid on bank-owned life insurance	(5)	(4)
Net cash used in investing activities	(126,592)	(101,199)
Cash flows from financing activities:
Net increase in demand deposits, NOW and savings accounts	66,304	51,810
Net increase in time deposits	30,143	33,954
Net proceeds from long-term Federal Home Loan Bank borrowings	15,000	62,500
Net change in short-term Federal Home Loan Bank advances	8,400	(44,000)
Net increase (decrease) in securities sold under agreement to repurchase	240	(1,453)
Net increase in mortgagors' escrow accounts	719	178
Net proceeds from exercise of stock options	184	22
Payment of income taxes for shares withheld in stock based award activity	(448)
Excess tax benefit from stock based compensation		21
Net cash provided by financing activities	120,542	103,032
Net increase in cash and cash equivalents	1,575	4,887
Cash and cash equivalents at beginning of period	58,876	51,261
Cash and cash equivalents at end of period	60,451	56,148
Supplemental disclosures:
Interest paid	4,155	3,104
Income taxes paid	2,327	643
Transfer of loans held for investment to loans held for sale	$ 25,634
Derecognition of loans and related recourse obligation in other borrowings		$ 1,020

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2017
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 10-01 S-X. 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 March 31, 2017 and December 31, 2016 and the results of operations and cash flows for the interim periods ended March 31, 2017 and 2016. 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 Certain previously reported amounts have been reclassified to conform to the current period’s presentation.

RECENT ACCOUNTING STANDARDS UPD

RECENT ACCOUNTING STANDARDS UPDATES	3 Months Ended
	Mar. 31, 2017
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, 825-10): ASU 2016-01, available-for-sale In February 2016, the FASB issued ASU 2016-02, Leases . In March 2016, the FASB issued ASU 2016-09, Compensation-Stock . 2016-09 In June 2016, the FASB issued ASU 2016-13, off-balance In August 2016, the FASB issued ASU 2016-15, In November 2016, the FASB issued ASU 2016-18, beginning-of-period end-of-period In February 2017, the FASB issued ASU 2017-05, 610-20): 610-20, 2014-09. In March 2017, the FASB issued ASU 2017-07, In March 2017, the FASB issued ASU 2017-08, 310-20):

INVESTMENTS IN SECURITIES

INVESTMENTS IN SECURITIES	3 Months Ended
	Mar. 31, 2017
INVESTMENTS IN SECURITIES	NOTE 3 - INVESTMENTS IN SECURITIES The amortized cost basis of available-for-sale held-to-maturity March 31, 2017 December 31, 2016 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 Corporate debt securities $ 22,032 $ 214 $ (104 ) $ 22,142 $ 22,051 $ 147 $ (150 ) $ 22,048 $ 22,032 $ 214 $ (104 ) $ 22,142 $ 22,051 $ 147 $ (150 ) $ 22,048 Held-to-maturity U.S. government sponsored mortgage-backed securities $ 116,340 $ 297 $ (1,099 ) $ 115,538 $ 112,543 $ 306 $ (1,289 ) $ 111,560 Corporate debt securities 17,667 242 — 17,909 17,654 251 — 17,905 $ 134,007 $ 539 $ (1,099 ) $ 133,447 $ 130,197 $ 557 $ (1,289 ) $ 129,465 The amortized cost basis and estimated fair value of debt securities by contractual maturity at March 31, 2017 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. March 31, 2017 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Basis Value Cost Basis Value (unaudited) (unaudited) Due within one year $ 4,808 $ 4,829 $ 5,002 $ 5,035 Due after one year through five years 12,224 12,187 7,006 7,056 Due after five years through ten years 5,000 5,126 44,179 44,102 Due after ten years — — 77,820 77,254 $ 22,032 $ 22,142 $ 134,007 $ 133,447 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 months ended March 31, 2017 (unaudited) and March 31, 2016 (unaudited), there were no sales of available-for-sale 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 March 31, 2017 (unaudited): Available-for-sale Corporate debt securities 1 $ 4,162 $ (104 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 60 89,825 (923 ) 6,190 (176 ) Total temporarily impaired securities 61 $ 93,987 $ (1,027 ) $ 6,190 $ (176 ) December 31, 2016: Available-for-sale Corporate debt securities 1 $ 4,130 $ (150 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 57 77,474 (1,097 ) 6,518 (192 ) Total temporarily impaired securities 58 $ 81,604 $ (1,247 ) $ 6,518 $ (192 ) The investment securities portfolio is generally evaluated for other-than-temporary impairment under ASC 320-10, 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 March 31, 2017 (unaudited), 61 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 March 31, 2017 (unaudited) quarterly review of securities in the investment portfolio, management has determined that unrealized losses related to 61 debt securities with aggregate depreciation of 1.19% 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 March 31, 2017. At December 31, 2016, 58 debt securities had unrealized losses with aggregate depreciation of 1.61% 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

LOANS, ALLOWANCE FOR LOAN LOSSE

LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY	3 Months Ended
	Mar. 31, 2017
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 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 three months ended March 31, 2017 or during fiscal year 2016. 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 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 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 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 March 31, 2017 (unaudited) and December 31, 2016, the Company had unallocated reserves of $545,000 and $517,000, respectively. Loans consisted of the following (dollars in thousands): March 31, 2017 December 31, 2016 Amount Percent Amount Percent (unaudited) Mortgage loans: Residential one-to-four $ 1,066,251 54.35 % $ 997,336 53.34 % Commercial real estate loans (1) 523,090 26.66 491,838 26.31 Home equity lines of credit 165,870 8.45 167,465 8.96 Construction loans 94,000 4.79 89,003 4.76 Total mortgage loans 1,849,211 94.25 1,745,642 93.37 Commercial loans 61,542 3.14 63,404 3.39 Consumer loans: Indirect auto loans 50,783 2.59 60,240 3.22 Other consumer loans 424 0.02 439 0.02 112,749 5.75 124,083 6.63 Total loans 1,961,960 100.00 % 1,869,725 100.00 % Net deferred loan costs 3,494 3,622 Net unamortized mortgage premiums 6,939 6,273 Allowance for loan losses (14,382 ) (13,585 ) Total loans, net $ 1,958,011 $ 1,866,035 (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 months ended March 31, 2017 and 2016 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at March 31, 2017 (unaudited) and December 31, 2016. 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 March 31, 2017 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 4,828 $ 395 $ — $ — $ 5,223 Commercial real estate 4,885 365 — — 5,250 Construction 1,219 78 — — 1,297 Commercial 728 (15 ) — — 713 Home equity lines of credit 1,037 (26 ) — — 1,011 Indirect auto 362 — (31 ) 4 335 Other consumer 9 4 (5 ) — 8 Unallocated 517 28 — — 545 Total $ 13,585 $ 829 $ (36 ) $ 4 $ 14,382 Three Months Ended March 31, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 3,574 $ 406 $ — $ — $ 3,980 Commercial real estate 4,478 390 — — 4,868 Construction 801 (122 ) — — 679 Commercial 613 (108 ) — — 505 Home equity lines of credit 928 80 — — 1,008 Indirect auto 623 (64 ) (14 ) 9 554 Other consumer 10 2 (4 ) 1 9 Unallocated 213 15 — — 228 Total $ 11,240 $ 599 $ (18 ) $ 10 $ 11,831 March 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 3,363 $ 227 $ 1,062,888 $ 4,996 $ 1,066,251 $ 5,223 Commercial real estate 3,274 — 519,816 5,250 523,090 5,250 Construction — — 94,000 1,297 94,000 1,297 Commercial — — 61,542 713 61,542 713 Home equity lines of credit 196 — 165,674 1,011 165,870 1,011 Indirect auto 10 — 50,773 335 50,783 335 Other consumer — — 424 8 424 8 Unallocated — — — 545 — 545 Total $ 6,843 $ 227 $ 1,955,117 $ 14,155 $ 1,961,960 $ 14,382 December 31, 2016 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 2,896 $ 154 $ 994,440 $ 4,674 $ 997,336 $ 4,828 Commercial real estate 3,364 — 488,474 4,885 491,838 4,885 Construction — — 89,003 1,219 89,003 1,219 Commercial — — 63,404 728 63,404 728 Home equity lines of credit 200 — 167,265 1,037 167,465 1,037 Indirect auto 15 — 60,225 362 60,240 362 Other consumer — — 439 9 439 9 Unallocated — — — 517 — 517 Total $ 6,475 $ 154 $ 1,863,250 $ 13,431 $ 1,869,725 $ 13,585 Information about loans that meet the definition of an impaired loan in ASC 310-10-35 Impaired loans with a related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 1,232 $ 1,232 $ 227 Totals $ 1,232 $ 1,232 $ 227 Impaired loans with no related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 2,131 $ 2,267 $ — Commercial real estate 3,274 3,274 — Home equity lines of credit 196 196 Indirect Auto 10 10 — Totals $ 5,611 $ 5,747 $ — Information about loans that meet the definition of an impaired loan in ASC 310-10-35 Impaired loans with a related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 740 $ 740 $ 154 Totals $ 740 $ 740 $ 154 Impaired loans with no related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 2,156 $ 2,278 $ — Commercial real estate 3,364 3,364 — Home equity lines of credit 200 200 — Indirect auto 15 15 — Totals $ 5,735 $ 5,857 $ — 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 March 31, 2017 Three months ended March 31, 2016 Average Interest Average Interest Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 903 $ 8 $ 1,415 $ 8 Commercial real estate — — 4,590 54 Totals $ 903 $ 8 $ 6,005 $ 62 Three months ended March 31, 2017 Three months ended March 31, 2016 Average Interest Average Interest Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 2,139 $ 4 $ 2,891 $ 19 Commercial real estate 3,305 36 622 7 Home equity lines of credit 360 11 200 2 Indirect auto 9 — 22 — Totals $ 5,813 $ 51 $ 3,735 $ 28 The following is a summary of past due and non-accrual March 31, 2017 (unaudited) 90 days 90 Days Total or more Loans on 30–59 Days 60–89 Days or More Past Due and accruing Non-accrual Real estate loans: Residential one-to-four $ 495 $ — $ 497 $ 992 $ — $ 2,277 Home equity lines of credit 277 — — 277 — — Other loans: Indirect auto 448 83 10 541 — 10 Total $ 1,220 $ 83 $ 507 $ 1,810 $ — $ 2,287 December 31, 2016 90 days 90 Days Total or more Loans on 30–59 Days 60–89 Days or More Past Due and accruing Non-accrual Real estate loans: Residential one-to-four $ — $ — $ 497 $ 497 $ — $ 1,804 Commercial real estate — — — — — — Home equity lines of credit 57 486 — 543 — — Other loans: Indirect auto 460 106 15 581 — 15 Total $ 517 $ 592 $ 512 $ 1,621 $ — $ 1,819 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 The following tables present the Company’s loans by risk rating at March 31, 2017 (unaudited and in thousands) and December 31, 2016 (in thousands). There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. March 31, 2017 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 350 $ 2,979 $ 1,062,922 $ 1,066,251 Commercial real estate 513,915 4,960 4,215 — 523,090 Construction 94,000 — — — 94,000 Commercial 61,542 — — — 61,542 Home equity lines of credit — — 799 165,071 165,870 Indirect auto — — — 50,783 50,783 Other consumer — — — 424 424 Total $ 669,457 $ 5,310 $ 7,993 $ 1,279,200 $ 1,961,960 December 31, 2016 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 351 $ 2,509 $ 994,476 $ 997,336 Commercial real estate 471,491 16,032 4,315 — 491,838 Construction 89,003 — — — 89,003 Commercial 63,404 — — — 63,404 Home equity lines of credit — — 799 166,666 167,465 Indirect auto — — — 60,240 60,240 Consumer — — — 439 439 Total $ 623,898 $ 16,383 $ 7,623 $ 1,221,821 $ 1,869,725 (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 months ended March 31, 2017 (unaudited) and March 31, 2016, there were no loans modified and determined to be TDRs. At March 31, 2017 (unaudited), the Company had $6.0 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): March 31, 2017 December 31, 2016 (unaudited) TDRs on Accrual Status $ 4,557 $ 4,656 TDRs on Nonaccrual Status 1,427 1,442 Total TDRs $ 5,984 $ 6,098 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 154 $ 154 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ — 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 March 31, 2017 2016 Number Recorded Number Recorded of Contracts Investment of Contracts Investment Real estate loans: Residential one-to-four — $ — 1 $ 497 Total — $ — 1 $ 497 The impact of TDRs and subsequently defaulted TDRs did not have a material impact on the allowance for loan losses. Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $497,000 as of March 31, 2017 (unaudited) and $497,000 as of December 31, 2016. We did not have any foreclosed residential real estate property as of March 31, 2017 (unaudited) and as of December 31, 2016.

TRANSFERS AND SERVICING

TRANSFERS AND SERVICING	3 Months Ended
	Mar. 31, 2017
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 At March 31, 2017 (unaudited) and December 31, 2016, residential loans previously sold and serviced by the Company were $57.6 million and $59.8 million, respectively. At March 31, 2017 (unaudited) and December 31, 2016, indirect auto loans previously sold and serviced by the Company were $22.6 million and $28.2 million, respectively. 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 March 31, 2017 2016 (unaudited) Balance at beginning of period $ 403 $ 479 Capitalization 5 17 Amortization (24 ) (21 ) Valuation allowance adjustment 30 (9 ) Balance at end of period $ 414 $ 466

SECURITIES SOLD UNDER AGREEMENT

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED FUNDS	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 (unaudited) and December 31, 2016 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 March 31, 2017 (unaudited) and December 31, 2016 was $2.2 million and $2.0 million, respectively.

EMPLOYEE AND DIRECTOR BENEFIT P

EMPLOYEE AND DIRECTOR BENEFIT PLANS	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 (unaudited) and December 31, 2016, 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 March 31, 2017 (unaudited) and December 31, 2016 relating to this plan was $1.6 million and $1.5 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 March 31, 2017 (unaudited) and December 31, 2016 relating to these plans was $2.3 million and $2.3 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 March 31, 2017 (unaudited) and December 31, 2016 relating to this plan was $662,000 and $661,000, 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 $512,000 and $398,000 for the three months ended March 31, 2017 and 2016 (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 March 31, 2017 and 2016 (unaudited) totaled $242,000 and $234,000, 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 March 31, 2017 (unaudited) and December 31, 2016, the recorded liability relating to the Rabbi Trust was $2.7 million and $2.6 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 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 (4.0% at March 31, 2017, 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 $106,000 and $83,000 for the three months ended March 31, 2017 and 2016 (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	3 Months Ended
	Mar. 31, 2017
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). March 31, 2017 (unaudited) Securities held to Loans Total pledged Repurchase agreements $ 4,460 $ — $ 4,460 FHLB borrowings 35,062 1,176,407 1,211,469 Federal Reserve Bank line of credit 15,749 — 15,749 Total pledged assets $ 55,271 $ 1,176,407 $ 1,231,678 December 31, 2016 Securities held to Loans Total pledged Repurchase agreements $ 4,721 $ — $ 4,721 FHLB borrowings 37,561 1,132,476 1,170,037 Federal Reserve Bank line of credit 15,739 — 15,739 Total pledged assets $ 58,021 $ 1,132,476 $ 1,190,497

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 Net income $ 3,666 $ 2,539 Undistributed earnings attributable to participating securities (30 ) (42 ) Net income allocated to common stockholders $ 3,636 $ 2,497 Weighted average shares outstanding, basic 8,675,915 8,550,385 Effect of dilutive shares 408,066 253,737 Weighted average shares outstanding, assuming dilution 9,083,981 8,804,122 Basic EPS $ 0.42 $ 0.29 Effect of dilutive shares (0.02 ) (0.01 ) Diluted EPS $ 0.40 $ 0.28 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 March 31, 2017 2016 Stock options — 9,368 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	3 Months Ended
	Mar. 31, 2017
STOCK BASED COMPENSATION	NOTE 10 – STOCK BASED COMPENSATION The following table presents the pre-tax Three months ended 2017 2016 Stock options $ 189 $ 189 Restricted stock awards 268 210 Total stock based compensation expense $ 457 $ 399 Related tax benefits recognized in earnings $ 143 $ 117 On February 8, 2017, the stockholders of the Company approved the Company’s 2017 Equity Incentive Plan (“the Plan”). On March 15, 2017, 487,200 restricted stock awards were granted under the Plan at $27.10 with a ten year vesting period and an estimated 2.64% forfeiture rate . The awards are not deemed to be participating securities. Total compensation cost related to non-vested As of March 31, 2017 As of December 31, 2016 (unaudited) Amount Weighted Amount Weighted Stock options $ 641 1.34 $ 819 1.48 Restricted stock 11,959 9.51 772 0.97 Total $ 12,600 $ 1,591

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016. There were no significant transfers between level 1 and level 2 of the fair value hierarchy during the three months ended March 31, 2017 (unaudited) and the year ended December 31, 2016. 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 March 31, 2017 and December 31, 2016, 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 March 31, 2017 (unaudited) Securities available-for-sale Corporate debt securities $ — $ 22,142 $ — $ 22,142 Trading securities Rabbi trust investments 2,662 — — 2,662 Totals $ 2,662 $ 22,142 $ — $ 24,804 Level 1 Level 2 Level 3 Total At December 31, 2016 Securities available-for-sale Corporate debt securities $ — $ 22,048 $ — $ 22,048 Trading securities Rabbi trust investments 2,606 — — 2,606 Totals $ 2,606 $ 22,048 $ — $ 24,654 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 non-recurring held-for-sale. held-for-sale non-recurring held-for-sale The following table (in thousands) presents certain impaired loans that were re-measured held-for-sale March 31, 2017 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 422 Loans held-for-sale — — 25,631 Totals $ — $ — $ 26,053 December 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ — Loans held-for-sale — — — Totals $ — $ — $ — The following table presents the valuation methodology and unobservable inputs for level 3 assets measured at fair value on a nonrecurring basis at March 31, 2017: Fair Value Valuation Methodology Unobservable input Discount Range March 31, 2017 Collateral-dependent impaired loans: Specifically reserved $ 422 Market approach appraisal of Management adjustment of 30 % (30 %) Estimate selling costs 5 % (5 %) Non-Financial Non-Financial non-financial non-financial The following table (in thousands) presents the non-financial re-measured March 31, 2017 Level 1 Level 2 Level 3 (unaudited) Mortgage servicing rights $ — $ — $ 414 Totals $ — $ — $ 414 December 31, 2016 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 403 Totals $ — $ — $ 403 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 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 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. 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): March 31, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 (unaudited) Financial assets: Cash and cash equivalents $ 60,451 $ 60,451 $ 60,451 $ — $ — Interest-bearing time deposits with other banks 235 235 — 235 — Held-to-maturity securities 134,007 133,447 — 133,447 — Federal Home Loan Bank stock 29,605 29,605 — 29,605 — Loans, net 1,958,011 1,929,775 — — 1,929,775 Accrued interest receivable 4,857 4,857 4,857 — — Bank-owned life insurance 36,099 36,099 — 36,099 — Financial liabilities: Deposits 1,565,869 1,566,030 1,200,125 365,905 — Federal Home Loan Bank advances 532,250 531,378 — 531,378 — Securities sold under agreements to repurchase 2,225 2,225 — 2,225 — Accrued interest payable 1,113 1,113 1,113 — — Mortgagors’ escrow accounts 4,060 4,060 — 4,060 — December 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 58,876 $ 58,876 $ 58,876 $ — $ — Interest-bearing time deposits with other banks 234 233 — 233 — Held-to-maturity 130,197 129,465 — 129,465 — Federal Home Loan Bank stock 25,071 25,071 — 25,071 — Loans, net 1,866,035 1,837,068 — — 1,837,068 Accrued interest receivable 4,635 4,635 4,635 — — Bank-owned life insurance 35,842 35,842 — 35,842 — Financial liabilities: Deposits 1,469,422 1,469,906 1,133,821 336,085 — Federal Home Loan Bank advances 508,850 507,773 — 507,773 — Securities sold under agreements to repurchase 1,985 1,985 — 1,985 — Accrued interest payable 1,023 1,023 1,023 — — Mortgagors’ escrow accounts 3,341 3,341 — 3,341 — The financial instruments in the tables above are included in the consolidated balance sheets under the indicated captions except for mortgagors’s escrow accounts which are included in other liabilities.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2017
OTHER COMPREHENSIVE INCOME	NOTE 12 – OTHER COMPREHENSIVE INCOME The following table presents a reconciliation of the changes in the components of other comprehensive income for the dates indicated, including the amount of income tax expense allocated to each component of other comprehensive income: Three months ended March 31, 2017 Three months ended March 31, 2016 (unaudited and in thousands) (unaudited and in thousands) Pre Tax Tax After Tax Pre Tax Tax After Tax Amount Expense Amount Amount Expense Amount Securities available-for-sale: Change in fair value of securities available-for-sale $ 113 $ (46 ) $ 67 $ 128 $ (51 ) $ 77 Total other comprehensive income $ 113 $ (46 ) $ 67 $ 128 $ (51 ) $ 77 The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: (in thousands): March 31, 2017 December 31, 2016 (unaudited) Net unrealized holding gain (loss) on available-for-sale $ 66 $ (1 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 104 104 Accumulated other comprehensive income $ 170 $ 103

INVESTMENTS IN SECURITIES (Tabl

INVESTMENTS IN SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Amortized Cost Basis and Fair Value of Available for Sale and Held-to-Maturity Securities	The amortized cost basis of available-for-sale held-to-maturity March 31, 2017 December 31, 2016 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 Corporate debt securities $ 22,032 $ 214 $ (104 ) $ 22,142 $ 22,051 $ 147 $ (150 ) $ 22,048 $ 22,032 $ 214 $ (104 ) $ 22,142 $ 22,051 $ 147 $ (150 ) $ 22,048 Held-to-maturity U.S. government sponsored mortgage-backed securities $ 116,340 $ 297 $ (1,099 ) $ 115,538 $ 112,543 $ 306 $ (1,289 ) $ 111,560 Corporate debt securities 17,667 242 — 17,909 17,654 251 — 17,905 $ 134,007 $ 539 $ (1,099 ) $ 133,447 $ 130,197 $ 557 $ (1,289 ) $ 129,465
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 March 31, 2017 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. March 31, 2017 Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Basis Value Cost Basis Value (unaudited) (unaudited) Due within one year $ 4,808 $ 4,829 $ 5,002 $ 5,035 Due after one year through five years 12,224 12,187 7,006 7,056 Due after five years through ten years 5,000 5,126 44,179 44,102 Due after ten years — — 77,820 77,254 $ 22,032 $ 22,142 $ 134,007 $ 133,447
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 March 31, 2017 (unaudited): Available-for-sale Corporate debt securities 1 $ 4,162 $ (104 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 60 89,825 (923 ) 6,190 (176 ) Total temporarily impaired securities 61 $ 93,987 $ (1,027 ) $ 6,190 $ (176 ) December 31, 2016: Available-for-sale Corporate debt securities 1 $ 4,130 $ (150 ) $ — $ — Held-to-maturity U.S. government sponsored mortgage-backed securities 57 77,474 (1,097 ) 6,518 (192 ) Total temporarily impaired securities 58 $ 81,604 $ (1,247 ) $ 6,518 $ (192 )

LOANS, ALLOWANCE FOR LOAN LOS21

LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Loans	Loans consisted of the following (dollars in thousands): March 31, 2017 December 31, 2016 Amount Percent Amount Percent (unaudited) Mortgage loans: Residential one-to-four $ 1,066,251 54.35 % $ 997,336 53.34 % Commercial real estate loans (1) 523,090 26.66 491,838 26.31 Home equity lines of credit 165,870 8.45 167,465 8.96 Construction loans 94,000 4.79 89,003 4.76 Total mortgage loans 1,849,211 94.25 1,745,642 93.37 Commercial loans 61,542 3.14 63,404 3.39 Consumer loans: Indirect auto loans 50,783 2.59 60,240 3.22 Other consumer loans 424 0.02 439 0.02 112,749 5.75 124,083 6.63 Total loans 1,961,960 100.00 % 1,869,725 100.00 % Net deferred loan costs 3,494 3,622 Net unamortized mortgage premiums 6,939 6,273 Allowance for loan losses (14,382 ) (13,585 ) Total loans, net $ 1,958,011 $ 1,866,035 (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 months ended March 31, 2017 and 2016 (unaudited); and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at March 31, 2017 (unaudited) and December 31, 2016. 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 March 31, 2017 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 4,828 $ 395 $ — $ — $ 5,223 Commercial real estate 4,885 365 — — 5,250 Construction 1,219 78 — — 1,297 Commercial 728 (15 ) — — 713 Home equity lines of credit 1,037 (26 ) — — 1,011 Indirect auto 362 — (31 ) 4 335 Other consumer 9 4 (5 ) — 8 Unallocated 517 28 — — 545 Total $ 13,585 $ 829 $ (36 ) $ 4 $ 14,382 Three Months Ended March 31, 2016 Beginning balance Provision (benefit) Charge-offs Recoveries Ending balance Residential one-to-four $ 3,574 $ 406 $ — $ — $ 3,980 Commercial real estate 4,478 390 — — 4,868 Construction 801 (122 ) — — 679 Commercial 613 (108 ) — — 505 Home equity lines of credit 928 80 — — 1,008 Indirect auto 623 (64 ) (14 ) 9 554 Other consumer 10 2 (4 ) 1 9 Unallocated 213 15 — — 228 Total $ 11,240 $ 599 $ (18 ) $ 10 $ 11,831 March 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 3,363 $ 227 $ 1,062,888 $ 4,996 $ 1,066,251 $ 5,223 Commercial real estate 3,274 — 519,816 5,250 523,090 5,250 Construction — — 94,000 1,297 94,000 1,297 Commercial — — 61,542 713 61,542 713 Home equity lines of credit 196 — 165,674 1,011 165,870 1,011 Indirect auto 10 — 50,773 335 50,783 335 Other consumer — — 424 8 424 8 Unallocated — — — 545 — 545 Total $ 6,843 $ 227 $ 1,955,117 $ 14,155 $ 1,961,960 $ 14,382 December 31, 2016 Individually evaluated for impairment Collectively evaluated for impairment Total Loan balance Allowance Loan balance Allowance Loan balance Allowance Residential one-to-four $ 2,896 $ 154 $ 994,440 $ 4,674 $ 997,336 $ 4,828 Commercial real estate 3,364 — 488,474 4,885 491,838 4,885 Construction — — 89,003 1,219 89,003 1,219 Commercial — — 63,404 728 63,404 728 Home equity lines of credit 200 — 167,265 1,037 167,465 1,037 Indirect auto 15 — 60,225 362 60,240 362 Other consumer — — 439 9 439 9 Unallocated — — — 517 — 517 Total $ 6,475 $ 154 $ 1,863,250 $ 13,431 $ 1,869,725 $ 13,585
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 Impaired loans with a related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 1,232 $ 1,232 $ 227 Totals $ 1,232 $ 1,232 $ 227 Impaired loans with no related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 2,131 $ 2,267 $ — Commercial real estate 3,274 3,274 — Home equity lines of credit 196 196 Indirect Auto 10 10 — Totals $ 5,611 $ 5,747 $ — Information about loans that meet the definition of an impaired loan in ASC 310-10-35 Impaired loans with a related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 740 $ 740 $ 154 Totals $ 740 $ 740 $ 154 Impaired loans with no related allowance for credit losses Unpaid Recorded Principal Specific Investment Balance Allowance Residential one-to-four $ 2,156 $ 2,278 $ — Commercial real estate 3,364 3,364 — Home equity lines of credit 200 200 — Indirect auto 15 15 — Totals $ 5,735 $ 5,857 $ —
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 March 31, 2017 Three months ended March 31, 2016 Average Interest Average Interest Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 903 $ 8 $ 1,415 $ 8 Commercial real estate — — 4,590 54 Totals $ 903 $ 8 $ 6,005 $ 62 Three months ended March 31, 2017 Three months ended March 31, 2016 Average Interest Average Interest Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Residential one-to-four $ 2,139 $ 4 $ 2,891 $ 19 Commercial real estate 3,305 36 622 7 Home equity lines of credit 360 11 200 2 Indirect auto 9 — 22 — Totals $ 5,813 $ 51 $ 3,735 $ 28
Summary of Past Due and Non-Accrual Loans	The following is a summary of past due and non-accrual March 31, 2017 (unaudited) 90 days 90 Days Total or more Loans on 30–59 Days 60–89 Days or More Past Due and accruing Non-accrual Real estate loans: Residential one-to-four $ 495 $ — $ 497 $ 992 $ — $ 2,277 Home equity lines of credit 277 — — 277 — — Other loans: Indirect auto 448 83 10 541 — 10 Total $ 1,220 $ 83 $ 507 $ 1,810 $ — $ 2,287 December 31, 2016 90 days 90 Days Total or more Loans on 30–59 Days 60–89 Days or More Past Due and accruing Non-accrual Real estate loans: Residential one-to-four $ — $ — $ 497 $ 497 $ — $ 1,804 Commercial real estate — — — — — — Home equity lines of credit 57 486 — 543 — — Other loans: Indirect auto 460 106 15 581 — 15 Total $ 517 $ 592 $ 512 $ 1,621 $ — $ 1,819
Company's Loans by Risk Rating	The following tables present the Company’s loans by risk rating at March 31, 2017 (unaudited and in thousands) and December 31, 2016 (in thousands). There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. March 31, 2017 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 350 $ 2,979 $ 1,062,922 $ 1,066,251 Commercial real estate 513,915 4,960 4,215 — 523,090 Construction 94,000 — — — 94,000 Commercial 61,542 — — — 61,542 Home equity lines of credit — — 799 165,071 165,870 Indirect auto — — — 50,783 50,783 Other consumer — — — 424 424 Total $ 669,457 $ 5,310 $ 7,993 $ 1,279,200 $ 1,961,960 December 31, 2016 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 351 $ 2,509 $ 994,476 $ 997,336 Commercial real estate 471,491 16,032 4,315 — 491,838 Construction 89,003 — — — 89,003 Commercial 63,404 — — — 63,404 Home equity lines of credit — — 799 166,666 167,465 Indirect auto — — — 60,240 60,240 Consumer — — — 439 439 Total $ 623,898 $ 16,383 $ 7,623 $ 1,221,821 $ 1,869,725 (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): March 31, 2017 December 31, 2016 (unaudited) TDRs on Accrual Status $ 4,557 $ 4,656 TDRs on Nonaccrual Status 1,427 1,442 Total TDRs $ 5,984 $ 6,098 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 154 $ 154 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ —
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 March 31, 2017 2016 Number Recorded Number Recorded of Contracts Investment of Contracts Investment Real estate loans: Residential one-to-four — $ — 1 $ 497 Total — $ — 1 $ 497

TRANSFERS AND SERVICING (Tables

TRANSFERS AND SERVICING (Tables)	3 Months Ended
	Mar. 31, 2017
Changes in Mortgage Servicing Rights	Changes in mortgage servicing rights, which are included in other assets, were as follows (in thousands): Three months ended March 31, 2017 2016 (unaudited) Balance at beginning of period $ 403 $ 479 Capitalization 5 17 Amortization (24 ) (21 ) Valuation allowance adjustment 30 (9 ) Balance at end of period $ 414 $ 466

PLEDGED ASSETS (Tables)

PLEDGED ASSETS (Tables)	3 Months Ended
	Mar. 31, 2017
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). March 31, 2017 (unaudited) Securities held to Loans Total pledged Repurchase agreements $ 4,460 $ — $ 4,460 FHLB borrowings 35,062 1,176,407 1,211,469 Federal Reserve Bank line of credit 15,749 — 15,749 Total pledged assets $ 55,271 $ 1,176,407 $ 1,231,678 December 31, 2016 Securities held to Loans Total pledged Repurchase agreements $ 4,721 $ — $ 4,721 FHLB borrowings 37,561 1,132,476 1,170,037 Federal Reserve Bank line of credit 15,739 — 15,739 Total pledged assets $ 58,021 $ 1,132,476 $ 1,190,497

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 Net income $ 3,666 $ 2,539 Undistributed earnings attributable to participating securities (30 ) (42 ) Net income allocated to common stockholders $ 3,636 $ 2,497 Weighted average shares outstanding, basic 8,675,915 8,550,385 Effect of dilutive shares 408,066 253,737 Weighted average shares outstanding, assuming dilution 9,083,981 8,804,122 Basic EPS $ 0.42 $ 0.29 Effect of dilutive shares (0.02 ) (0.01 ) Diluted EPS $ 0.40 $ 0.28
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 March 31, 2017 2016 Stock options — 9,368

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2017
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized	The following table presents the pre-tax Three months ended 2017 2016 Stock options $ 189 $ 189 Restricted stock awards 268 210 Total stock based compensation expense $ 457 $ 399 Related tax benefits recognized in earnings $ 143 $ 117
Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period	Total compensation cost related to non-vested As of March 31, 2017 As of December 31, 2016 (unaudited) Amount Weighted Amount Weighted Stock options $ 641 1.34 $ 819 1.48 Restricted stock 11,959 9.51 772 0.97 Total $ 12,600 $ 1,591

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016, 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 March 31, 2017 (unaudited) Securities available-for-sale Corporate debt securities $ — $ 22,142 $ — $ 22,142 Trading securities Rabbi trust investments 2,662 — — 2,662 Totals $ 2,662 $ 22,142 $ — $ 24,804 Level 1 Level 2 Level 3 Total At December 31, 2016 Securities available-for-sale Corporate debt securities $ — $ 22,048 $ — $ 22,048 Trading securities Rabbi trust investments 2,606 — — 2,606 Totals $ 2,606 $ 22,048 $ — $ 24,654
Summary of Valuation Methodology and Unobservable Inputs for Level 3 Assets Measured at Fair Value on Nonrecurring Basis	The following table presents the valuation methodology and unobservable inputs for level 3 assets measured at fair value on a nonrecurring basis at March 31, 2017: Fair Value Valuation Methodology Unobservable input Discount Range March 31, 2017 Collateral-dependent impaired loans: Specifically reserved $ 422 Market approach appraisal of Management adjustment of 30 % (30 %) Estimate selling costs 5 % (5 %)
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): March 31, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 (unaudited) Financial assets: Cash and cash equivalents $ 60,451 $ 60,451 $ 60,451 $ — $ — Interest-bearing time deposits with other banks 235 235 — 235 — Held-to-maturity securities 134,007 133,447 — 133,447 — Federal Home Loan Bank stock 29,605 29,605 — 29,605 — Loans, net 1,958,011 1,929,775 — — 1,929,775 Accrued interest receivable 4,857 4,857 4,857 — — Bank-owned life insurance 36,099 36,099 — 36,099 — Financial liabilities: Deposits 1,565,869 1,566,030 1,200,125 365,905 — Federal Home Loan Bank advances 532,250 531,378 — 531,378 — Securities sold under agreements to repurchase 2,225 2,225 — 2,225 — Accrued interest payable 1,113 1,113 1,113 — — Mortgagors’ escrow accounts 4,060 4,060 — 4,060 — December 31, 2016 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 58,876 $ 58,876 $ 58,876 $ — $ — Interest-bearing time deposits with other banks 234 233 — 233 — Held-to-maturity 130,197 129,465 — 129,465 — Federal Home Loan Bank stock 25,071 25,071 — 25,071 — Loans, net 1,866,035 1,837,068 — — 1,837,068 Accrued interest receivable 4,635 4,635 4,635 — — Bank-owned life insurance 35,842 35,842 — 35,842 — Financial liabilities: Deposits 1,469,422 1,469,906 1,133,821 336,085 — Federal Home Loan Bank advances 508,850 507,773 — 507,773 — Securities sold under agreements to repurchase 1,985 1,985 — 1,985 — Accrued interest payable 1,023 1,023 1,023 — — Mortgagors’ escrow accounts 3,341 3,341 — 3,341 —
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 held-for-sale March 31, 2017 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ 422 Loans held-for-sale — — 25,631 Totals $ — $ — $ 26,053 December 31, 2016 Level 1 Level 2 Level 3 Impaired loans $ — $ — $ — Loans held-for-sale — — — Totals $ — $ — $ —
Non-financial Assets
Fair Value of Assets Measured on Nonrecurring Basis	The following table (in thousands) presents the non-financial re-measured March 31, 2017 Level 1 Level 2 Level 3 (unaudited) Mortgage servicing rights $ — $ — $ 414 Totals $ — $ — $ 414 December 31, 2016 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 403 Totals $ — $ — $ 403

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2017
Schedules of Other Comprehensive Income	The following table presents a reconciliation of the changes in the components of other comprehensive income for the dates indicated, including the amount of income tax expense allocated to each component of other comprehensive income: Three months ended March 31, 2017 Three months ended March 31, 2016 (unaudited and in thousands) (unaudited and in thousands) Pre Tax Tax After Tax Pre Tax Tax After Tax Amount Expense Amount Amount Expense Amount Securities available-for-sale: Change in fair value of securities available-for-sale $ 113 $ (46 ) $ 67 $ 128 $ (51 ) $ 77 Total other comprehensive income $ 113 $ (46 ) $ 67 $ 128 $ (51 ) $ 77
Components of Accumulated Other Comprehensive Income, included in Stockholders' Equity	The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: (in thousands): March 31, 2017 December 31, 2016 (unaudited) Net unrealized holding gain (loss) on available-for-sale $ 66 $ (1 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 104 104 Accumulated other comprehensive income $ 170 $ 103

Recent Accounting Standards U28

Recent Accounting Standards Updates - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefit from stock-based compensation		$ 21,000
ASU 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefit from stock-based compensation	$ 718,000

Amortized Cost Basis of Availab

Amortized Cost Basis of Available for Sale and Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 22,032	$ 22,051
Available-for-sale Securities, Gross Unrealized Gains	214	147
Available-for-sale Securities, Gross Unrealized Losses	(104)	(150)
Available-for-sale Securities, Fair Value	22,142	22,048
Held-to-maturity securities, Amortized Cost Basis	134,007	130,197
Held-to-maturity securities, Gross Unrealized Gains	539	557
Held-to-maturity securities, Gross Unrealized Losses	(1,099)	(1,289)
Held-to-maturity securities, Fair Value	133,447	129,465
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	22,032	22,051
Available-for-sale Securities, Gross Unrealized Gains	214	147
Available-for-sale Securities, Gross Unrealized Losses	(104)	(150)
Available-for-sale Securities, Fair Value	22,142	22,048
Held-to-maturity securities, Amortized Cost Basis	17,667	17,654
Held-to-maturity securities, Gross Unrealized Gains	242	251
Held-to-maturity securities, Fair Value	17,909	17,905
U.S. government sponsored mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Held-to-maturity securities, Amortized Cost Basis	116,340	112,543
Held-to-maturity securities, Gross Unrealized Gains	297	306
Held-to-maturity securities, Gross Unrealized Losses	(1,099)	(1,289)
Held-to-maturity securities, Fair Value	$ 115,538	$ 111,560

Amortized Cost Basis and Estima

Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Due within one year, Available-for-sale Securities, Amortized Cost Basis	$ 4,808
Due after one year through five years, Available-for-sale Securities, Amortized Cost Basis	12,224
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	22,032	$ 22,051
Due within one year, Available-for-sale Securities, Fair Value	4,829
Due after one year through five years, Available-for-sale Securities, Fair Value	12,187
Due after five years through ten years, Available-for-sale Securities, Fair Value	5,126
Due after ten years, Available-for-sale Securities, Fair Value	0
Available-for-sale Securities, Fair Value	22,142	22,048
Due within one year, Held-to-Maturity, Amortized Cost Basis	5,002
Due after one year through five years, Held-to-Maturity, Amortized Cost Basis	7,006
Due after five years through ten years, Held-to-Maturity, Amortized Cost Basis	44,179
Due after ten years, Held-to-Maturity, Amortized Cost Basis	77,820
Held-to-maturity securities, Amortized Cost Basis	134,007	130,197
Due within one year, Held-to-Maturity, Fair Value	5,035
Due after one year through five years, Held-to-Maturity, Fair Value	7,056
Due after five years through ten years, Held-to-Maturity, Fair Value	44,102
Due after ten years, Held-to-Maturity, Fair Value	77,254
Held-to-Maturity, Fair Value	$ 133,447	$ 129,465

Investments in Securities - Add

Investments in Securities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Entity	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)Entity
Investment Securities [Line Items]
Proceeds from sales of available-for-sale securities	$ 0	$ 0
Number of securities that had unrealized losses | Entity	61		58
Securities that had unrealized losses, aggregate depreciation percentage	1.19%		1.61%
Rabbi Trust
Investment Securities [Line Items]
Trading securities, fair value	$ 2,700,000		$ 2,600,000
Trading securities, unrealized holding gain (loss)	$ 45,000	$ 1,000

Securities with Gross Unrealize

Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time (Detail) $ in Thousands	Mar. 31, 2017USD ($)Entity	Dec. 31, 2016USD ($)Entity
Schedule Of Available For Sale And Held To Maturity Securities [Line Items]
Number of Holdings | Entity	61	58
Less than 12 Months, Fair Value	$ 93,987	$ 81,604
Less than 12 Months, Unrealized Losses	(1,027)	(1,247)
12 Months or longer, Fair Value	6,190	6,518
12 Months or longer, Unrealized Losses	$ (176)	$ (192)
Corporate debt securities
Schedule Of Available For Sale And Held To Maturity Securities [Line Items]
Number of Holdings | Entity	1	1
Available-for-sale, Less than 12 Months, Fair Value	$ 4,162	$ 4,130
Available-for-sale, Less than 12 Months, Unrealized Losses	(104)	(150)
Available-for-sale, 12 Months or longer, Fair Value	0	0
Available-for-sale, 12 Months or longer, Unrealized Losses	$ 0	$ 0
U.S. government sponsored mortgage-backed securities
Schedule Of Available For Sale And Held To Maturity Securities [Line Items]
Number of Holdings | Entity	60	57
Held-to-maturity, Less than 12 Months, Fair Value	$ 89,825	$ 77,474
Held-to-maturity, Less than 12 Months, Unrealized Losses	(923)	(1,097)
Held-to-maturity, 12 Months or longer, Fair Value	6,190	6,518
Held-to-maturity, 12 Months or longer, Unrealized Losses	$ (176)	$ (192)

Loans, Allowance for Loan Los33

Loans, Allowance for Loan Losses and Credit Quality - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Contract	Mar. 31, 2016USD ($)Contract	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
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%
Loans, allowance for loan losses	$ 14,382,000	$ 11,831,000	$ 13,585,000	$ 11,240,000
Troubled debt restructurings	5,984,000		6,098,000
Unallocated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, allowance for loan losses	$ 545,000	$ 228,000	517,000	$ 213,000
Financing Receivable Troubled Debt Restructurings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of financing receivables modified by troubled debt restructurings | Contract	0	0
Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consumer mortgage loans in the process of foreclosure amount	$ 497,000		$ 497,000

Summary of Loans (Detail)

Summary of Loans (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 1,961,960	$ 1,869,725
Net deferred loan costs		3,494	3,622
Net unamortized mortgage premiums		6,939	6,273
Allowance for loan losses		(14,382)	(13,585)	$ (11,831)	$ (11,240)
Total loans, net		$ 1,958,011	$ 1,866,035
Commercial and consumer gross percent		5.75%	6.63%
Total loans, Percent		100.00%	100.00%
Mortgage Loan Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 1,849,211	$ 1,745,642
Mortgage loans on real estate percent		94.25%	93.37%
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 1,066,251	$ 997,336
Mortgage loans on real estate percent		54.35%	53.34%
Allowance for loan losses		$ (5,223)	$ (4,828)	(3,980)	(3,574)
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance	[1]	$ 523,090	$ 491,838
Mortgage loans on real estate percent	[1]	26.66%	26.31%
Allowance for loan losses		$ (5,250)	$ (4,885)	(4,868)	(4,478)
Mortgage Loan Portfolio Segment | Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 165,870	$ 167,465
Mortgage loans on real estate percent		8.45%	8.96%
Allowance for loan losses		$ (1,011)	$ (1,037)	(1,008)	(928)
Mortgage Loan Portfolio Segment | Construction loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 94,000	$ 89,003
Mortgage loans on real estate percent		4.79%	4.76%
Allowance for loan losses		$ (1,297)	$ (1,219)	(679)	(801)
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		61,542	63,404
Allowance for loan losses		$ (713)	$ (728)	(505)	(613)
Commercial loans, percentage		3.14%	3.39%
Consumer Portfolio Segment | Indirect auto loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 50,783	$ 60,240
consumer loans, percent		2.59%	3.22%
Allowance for loan losses		$ (335)	$ (362)	(554)	(623)
Consumer Portfolio Segment | Other Consumer Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 424	$ 439
consumer loans, percent		0.02%	0.02%
Allowance for loan losses		$ (8)	$ (9)	$ (9)	$ (10)
Commercial and Consumer Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans Balance		$ 112,749	$ 124,083
[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
	Mar. 31, 2017	Mar. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	$ 13,585	$ 11,240
Provision (benefit)	829	599
Charge-offs	(36)	(18)
Recoveries	4	10
Ending Balance	14,382	11,831
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	4,828	3,574
Provision (benefit)	395	406
Ending Balance	5,223	3,980
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	4,885	4,478
Provision (benefit)	365	390
Ending Balance	5,250	4,868
Mortgage Loan Portfolio Segment | Construction loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	1,219	801
Provision (benefit)	78	(122)
Ending Balance	1,297	679
Mortgage Loan Portfolio Segment | Home equity lines of credit
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	1,037	928
Provision (benefit)	(26)	80
Ending Balance	1,011	1,008
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	728	613
Provision (benefit)	(15)	(108)
Ending Balance	713	505
Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	362	623
Provision (benefit)		(64)
Charge-offs	(31)	(14)
Recoveries	4	9
Ending Balance	335	554
Consumer Portfolio Segment | Other Consumer Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	9	10
Provision (benefit)	4	2
Charge-offs	(5)	(4)
Recoveries		1
Ending Balance	8	9
Unallocated
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	517	213
Provision (benefit)	28	15
Ending Balance	$ 545	$ 228

Individually Impaired Loans by

Individually Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment, Loan Balance		$ 6,843	$ 6,475
Individually evaluated for impairment, Loan allowance		227	154
Collectively evaluated for impairment, Loan Balance		1,955,117	1,863,250
Collectively evaluated for impairment, Loan allowance		14,155	13,431
Total Loan Balance		1,961,960	1,869,725
Total Loan, allowance		14,382	13,585	$ 11,831	$ 11,240
Mortgage Loan Portfolio Segment
Financing Receivable, Allowance for Credit Losses [Line Items]
Total Loan Balance		1,849,211	1,745,642
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		3,363	2,896
Individually evaluated for impairment, Loan allowance		227	154
Collectively evaluated for impairment, Loan Balance		1,062,888	994,440
Collectively evaluated for impairment, Loan allowance		4,996	4,674
Total Loan Balance		1,066,251	997,336
Total Loan, allowance		5,223	4,828	3,980	3,574
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		3,274	3,364
Collectively evaluated for impairment, Loan Balance		519,816	488,474
Collectively evaluated for impairment, Loan allowance		5,250	4,885
Total Loan Balance	[1]	523,090	491,838
Total Loan, allowance		5,250	4,885	4,868	4,478
Mortgage Loan Portfolio Segment | Construction loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, Loan Balance		94,000	89,003
Collectively evaluated for impairment, Loan allowance		1,297	1,219
Total Loan Balance		94,000	89,003
Total Loan, allowance		1,297	1,219	679	801
Mortgage Loan Portfolio Segment | Home equity lines of credit
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment, Loan Balance		196	200
Collectively evaluated for impairment, Loan Balance		165,674	167,265
Collectively evaluated for impairment, Loan allowance		1,011	1,037
Total Loan Balance		165,870	167,465
Total Loan, allowance		1,011	1,037	1,008	928
Commercial Portfolio Segment
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, Loan Balance		61,542	63,404
Collectively evaluated for impairment, Loan allowance		713	728
Total Loan Balance		61,542	63,404
Total Loan, allowance		713	728	505	613
Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment, Loan Balance		10	15
Collectively evaluated for impairment, Loan Balance		50,773	60,225
Collectively evaluated for impairment, Loan allowance		335	362
Total Loan Balance		50,783	60,240
Total Loan, allowance		335	362	554	623
Consumer Portfolio Segment | Other Consumer Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, Loan Balance		424	439
Collectively evaluated for impairment, Loan allowance		8	9
Total Loan Balance		424	439
Total Loan, allowance		8	9	9	10
Unallocated
Financing Receivable, Allowance for Credit Losses [Line Items]
Collectively evaluated for impairment, Loan allowance		545	517
Total Loan, allowance		$ 545	$ 517	$ 228	$ 213
[1]	Includes multi-family real estate loans.

Impaired Loans (Detail)

Impaired Loans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Impaired loans with a related allowance for credit losses at, Recorded Investment	$ 1,232		$ 740
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance	1,232		740
Impaired loans with a related allowance for credit losses at, Specific Allowance	227		154
Impaired loans with no related allowance for credit losses, Recorded Investment	5,611		5,735
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance	5,747		5,857
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	903	$ 6,005
Impaired loans with a related allowance for credit losses, Income Recognized	8	62
Impaired loans with no related allowance for credit losses, Average recorded Investment	5,813	3,735
Impaired loans with no related allowance for credit losses, Interest income recognized	51	28
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	1,232		740
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance	1,232		740
Impaired loans with a related allowance for credit losses at, Specific Allowance	227		154
Impaired loans with no related allowance for credit losses, Recorded Investment	2,131		2,156
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance	2,267		2,278
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	903	1,415
Impaired loans with a related allowance for credit losses, Income Recognized	8	8
Impaired loans with no related allowance for credit losses, Average recorded Investment	2,139	2,891
Impaired loans with no related allowance for credit losses, Interest income recognized	4	19
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Impaired loans with no related allowance for credit losses, Recorded Investment	3,274		3,364
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance	3,274		3,364
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		4,590
Impaired loans with a related allowance for credit losses, Income Recognized		54
Impaired loans with no related allowance for credit losses, Average recorded Investment	3,305	622
Impaired loans with no related allowance for credit losses, Interest income recognized	36	7
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	196		200
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance	196		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	360	200
Impaired loans with no related allowance for credit losses, Interest income recognized	11	2
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	10		15
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance	10		15
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	$ 9	$ 22

Past Due and Non-Accrual Loans

Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	$ 1,810	$ 1,621
90 days or more and accruing	0	0
Loans on Non-accrual	2,287	1,819
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	992	497
90 days or more and accruing	0	0
Loans on Non-accrual	2,277	1,804
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
Mortgage Loan Portfolio Segment | Home equity lines of credit
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	277	543
90 days or more and accruing	0	0
Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	541	581
90 days or more and accruing	0	0
Loans on Non-accrual	10	15
30-59 Days
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	1,220	517
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	495
30-59 Days | Mortgage Loan Portfolio Segment | Home equity lines of credit
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	277	57
30-59 Days | Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	448	460
60-89 Days
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	83	592
60-89 Days | Mortgage Loan Portfolio Segment | Home equity lines of credit
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due		486
60-89 Days | Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	83	106
Loans 90 Days Or More Past Due
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	507	512
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	497
Loans 90 Days Or More Past Due | Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Days Past Due	$ 10	$ 15

Loans Classified by Risk Rating

Loans Classified by Risk Rating (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		$ 1,961,960	$ 1,869,725
Mortgage Loan Portfolio Segment
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		1,849,211	1,745,642
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		1,066,251	997,336
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance	[1]	523,090	491,838
Mortgage Loan Portfolio Segment | Construction loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		94,000	89,003
Mortgage Loan Portfolio Segment | Home equity lines of credit
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		165,870	167,465
Commercial Portfolio Segment
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		61,542	63,404
Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		50,783	60,240
Consumer Portfolio Segment | Other Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		424	439
Loans rated 1-3.5
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		669,457	623,898
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		513,915	471,491
Loans rated 1-3.5 | Mortgage Loan Portfolio Segment | Construction loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		94,000	89,003
Loans rated 1-3.5 | Commercial Portfolio Segment
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		61,542	63,404
Loans rated 4
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		5,310	16,383
Loans rated 4 | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		350	351
Loans rated 4 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		4,960	16,032
Loans rated 5
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		7,993	7,623
Loans rated 5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		2,979	2,509
Loans rated 5 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance		4,215	4,315
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]	1,279,200	1,221,821
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]	1,062,922	994,476
Loans not rated | Mortgage Loan Portfolio Segment | Home equity lines of credit
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance	[2]	165,071	166,666
Loans not rated | Consumer Portfolio Segment | Indirect auto loans
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance	[2]	50,783	60,240
Loans not rated | Consumer Portfolio Segment | Other Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Total Loans Balance	[2]	$ 424	$ 439
[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	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Total TDRs	$ 5,984	$ 6,098
Amount of specific allocation included in the allowance for loan losses associated with TDRs	154	154
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	4,557	4,656
Non-accrual Loans
Financing Receivable, Recorded Investment [Line Items]
Total TDRs	$ 1,427	$ 1,442

Summary of Loans Modified and S

Summary of Loans Modified and Subsequently Defaulted (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 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) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
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	$ 22.6	$ 28.2
Residential Mortgage
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Loans previously sold and serviced	$ 57.6	$ 59.8

Changes in Mortgage Servicing R

Changes in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Servicing Asset at Amortized Cost [Line Items]
Balance at beginning of period	$ 403	$ 479
Capitalization	5	17
Amortization	(24)	(21)
Valuation allowance adjustment	30	(9)
Balance at end of period	$ 414	$ 466

Securities Sold Under Agreeme44

Securities Sold Under Agreements to Repurchase and Other Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Securities Sold under Agreements to Repurchase [Abstract]
Balance of securities sold under agreements to repurchase	$ 2,225	$ 1,985

Employee and Director Benefit45

Employee and Director Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2011	Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Compensation expense recognized	$ 512,000	$ 398,000
Percentage of eligible compensation of employee	75.00%
Contributions by the Company	$ 242,000	234,000
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	4.00%
ESOP expense	$ 106,000	$ 83,000
Rabbi Trust | Deferred Compensation Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Recorded liability	2,700,000			$ 2,600,000
Executive Officers | Belmont Savings Bank Supplemental Executive Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated liability	1,600,000			1,500,000
Executive Officers | Other Supplemental Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated liability	$ 2,300,000			2,300,000
Benefit upon termination of employment at or after age	55 years
Reduced benefits available prior to attaining age	55 years
Executive Officers | Minimum | Belmont Savings Bank Supplemental Executive Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fully vested participants, years of service to complete	5 years
Executive Officers | Minimum | Other Supplemental Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of years of service to complete	10 years
Executive Officers | Maximum | Belmont Savings Bank Supplemental Executive Retirement Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fully vested participants, years of service to complete	10 years
Executive Officers | Maximum | Other Supplemental Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
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	$ 662,000			$ 661,000

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	Mar. 31, 2017	Dec. 31, 2016
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities held-to- maturity (at cost)	$ 55,271	$ 58,021
Loans receivable	1,176,407	1,132,476
Total pledged assets	1,231,678	1,190,497
Repurchase agreements
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities held-to- maturity (at cost)	4,460	4,721
Total pledged assets	4,460	4,721
FHLB borrowings
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities held-to- maturity (at cost)	35,062	37,561
Loans receivable	1,176,407	1,132,476
Total pledged assets	1,211,469	1,170,037
Federal Reserve Bank LOC
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities held-to- maturity (at cost)	15,749	15,739
Total pledged assets	$ 15,749	$ 15,739

Earning Per Share (Detail)

Earning Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Computation of Earnings Per Share [Line Items]
Net income	$ 3,666	$ 2,539
Undistributed earnings attributable to participating securities	(30)	(42)
Net income allocated to common stockholders	$ 3,636	$ 2,497
Weighted average shares outstanding, basic	8,675,915	8,550,385
Effect of dilutive shares	408,066	253,737
Weighted average shares outstanding, assuming dilution	9,083,981	8,804,122
Basic EPS	$ 0.42	$ 0.29
Effect of dilutive shares	(0.02)	(0.01)
Diluted EPS	$ 0.40	$ 0.28

Options Outstanding Excluded Fr

Options Outstanding Excluded From Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	0	9,368

Earnings Per Share - Additional

Earnings Per Share - Additional information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Jun. 22, 2013
Computation of Earnings Per Share [Line Items]
Shares repurchase during period under repurchase program	0
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
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options	$ 189	$ 189
Restricted stock awards	268	210
Total stock based compensation expense	457	399
Related tax benefits recognized in earnings	$ 143	$ 117

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - 2017 Equity Incentive Plan - Restricted Stock	Mar. 15, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted | shares	487,200
Restricted stock grant date price | $ / shares	$ 27.10
Vesting period of awards granted	10 years
Estimated forfeiture rate of awards granted	2.64%

Compensation Cost Related to No

Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 12,600	$ 1,591
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, amount	$ 641	$ 819
Restricted stock, weighted average period	1 year 4 months 2 days	1 year 5 months 23 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, amount	$ 11,959	$ 772
Restricted stock, weighted average period	9 years 6 months 4 days	11 months 19 days

Summary of Financial Assets Mea

Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale	$ 22,142	$ 22,048
Rabbi Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	2,700	2,600
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Totals	24,804	24,654
Fair Value, Measurements, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available-for-sale	22,142	22,048
Fair Value, Measurements, Recurring | Rabbi Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	2,662	2,606
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Totals	2,662	2,606
Fair Value, Measurements, Recurring | Level 1 | Rabbi Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	2,662	2,606
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Totals	22,142	22,048
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	$ 22,142	$ 22,048

Summary of Valuation Methodolog

Summary of Valuation Methodology and Unobservable Inputs for Level 3 Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Level 3 - Fair Value, Measurements, Nonrecurring - Market Approach Appraisal of Collateral - Specifically Reserved $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Specifically reserved	$ 422
Discount rate	30.00%
Estimate selling costs	5.00%
Weighted-Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	30.00%
Estimate selling costs	5.00%

Assets Remeasured and Reported

Assets Remeasured and Reported at Lower of Cost or Fair Value (Detail) - Level 3 - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis	$ 414	$ 403
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	$ 414	$ 403

Fair Values of Assets and Liabi

Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 60,451	$ 58,876	$ 56,148	$ 51,261
Interest-bearing time deposits with other banks	235	234
Held-to-maturity securities	134,007	130,197
Federal Home Loan Bank stock	29,605	25,071
Loans, net	1,958,011	1,866,035
Accrued interest receivable	4,857	4,635
Bank-owned life insurance	36,099	35,842
Liabilities
Deposits	1,565,869	1,469,422
Federal Home Loan Bank advances	532,250	508,850
Securities sold under agreements to repurchase	2,225	1,985
Accrued interest payable	1,113	1,023
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	60,451	58,876
Interest-bearing time deposits with other banks	235	233
Held-to-maturity securities	133,447	129,465
Federal Home Loan Bank stock	29,605	25,071
Loans, net	1,929,775	1,837,068
Accrued interest receivable	4,857	4,635
Bank-owned life insurance	36,099	35,842
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits	1,566,030	1,469,906
Federal Home Loan Bank advances	531,378	507,773
Securities sold under agreements to repurchase	2,225	1,985
Accrued interest payable	1,113	1,023
Mortgagors' escrow accounts	4,060	3,341
Carrying Amount
ASSETS
Cash and cash equivalents	60,451	58,876
Interest-bearing time deposits with other banks	235	234
Held-to-maturity securities	134,007	130,197
Federal Home Loan Bank stock	29,605	25,071
Loans, net	1,958,011	1,866,035
Accrued interest receivable	4,857	4,635
Bank-owned life insurance	36,099	35,842
Liabilities
Deposits	1,565,869	1,469,422
Federal Home Loan Bank advances	532,250	508,850
Securities sold under agreements to repurchase	2,225	1,985
Accrued interest payable	1,113	1,023
Mortgagors' escrow accounts	4,060	3,341
Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Cash and cash equivalents	60,451	58,876
Accrued interest receivable	4,857	4,635
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits	1,200,125	1,133,821
Accrued interest payable	1,113	1,023
Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Interest-bearing time deposits with other banks	235	233
Held-to-maturity securities	133,447	129,465
Federal Home Loan Bank stock	29,605	25,071
Bank-owned life insurance	36,099	35,842
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Deposits	365,905	336,085
Federal Home Loan Bank advances	531,378	507,773
Securities sold under agreements to repurchase	2,225	1,985
Mortgagors' escrow accounts	4,060	3,341
Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Loans, net	$ 1,929,775	$ 1,837,068

Other Comprehensive Income (Det

Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Other Comprehensive Income (Loss) [Line Items]
Change in fair value of securities available-for-sale, After Tax Amount	$ 67	$ 77
Total other comprehensive income	67	77
After Tax
Schedule of Other Comprehensive Income (Loss) [Line Items]
Change in fair value of securities available-for-sale, After Tax Amount	67	77
Total other comprehensive income	67	77
Income Tax Expense
Schedule of Other Comprehensive Income (Loss) [Line Items]
Change in fair value of securities available-for-sale, Tax Expense	(46)	(51)
Total other comprehensive income, Tax Expense	(46)	(51)
Pre Tax
Schedule of Other Comprehensive Income (Loss) [Line Items]
Change in fair value of securities available-for-sale, Pre-Tax Amount	113	128
Total other comprehensive income, Pre-Tax Amount	$ 113	$ 128

Components of Accumulated Other

Components of Accumulated Other Comprehensive Income, included in Stockholders' Equity (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized holding gain (loss) on available-for-sale securities, net of tax	$ 66	$ (1)
Unrecognized benefit pertaining to defined benefit plan, net of tax	104	104
Accumulated other comprehensive income	$ 170	$ 103