Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 09, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BLMT | ||
Entity Registrant Name | BSB BANCORP, INC. | ||
Entity Central Index Key | 1,522,420 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,749,842 | ||
Entity Public Float | $ 229,885,274 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 1,771 | $ 2,211 |
Interest-bearing deposits in other banks | 109,117 | 56,665 |
Cash and cash equivalents | 110,888 | 58,876 |
Interest-bearing time deposits with other banks | 2,440 | 234 |
Investments in available-for-sale securities | 16,921 | 22,048 |
Investments in held-to-maturity securities (fair value of $158,385 as of December 31, 2017 and $129,465 as of December 31, 2016) | 160,090 | 130,197 |
Federal Home Loan Bank stock, at cost | 32,382 | 25,071 |
Loans, net of allowance for loan losses of $16,312 as of December 31, 2017 and $13,585 as of December 31, 2016 | 2,296,958 | 1,866,035 |
Premises and equipment, net | 2,254 | 2,355 |
Accrued interest receivable | 6,344 | 4,635 |
Deferred tax asset, net | 5,794 | 8,321 |
Income taxes receivable | 53 | 423 |
Bank-owned life insurance | 36,967 | 35,842 |
Other assets | 5,474 | 4,667 |
Total assets | 2,676,565 | 2,158,704 |
Deposits: | ||
Noninterest-bearing | 221,462 | 208,082 |
Interest-bearing | 1,529,789 | 1,261,340 |
Total deposits | 1,751,251 | 1,469,422 |
Federal Home Loan Bank advances | 723,150 | 508,850 |
Securities sold under agreements to repurchase | 3,268 | 1,985 |
Accrued interest payable | 1,594 | 1,023 |
Deferred compensation liability | 7,919 | 7,043 |
Other liabilities | 11,354 | 9,460 |
Total liabilities | 2,498,536 | 1,997,783 |
Stockholders' equity: | ||
Common stock; $0.01 par value, 100,000,000 shares authorized; 9,707,665 and 9,110,077 shares issued and outstanding at December 31, 2017 and 2016, respectively | 97 | 91 |
Additional paid-in capital | 94,590 | 92,013 |
Retained earnings | 86,884 | 72,498 |
Accumulated other comprehensive income | 89 | 103 |
Unearned compensation - ESOP | (3,631) | (3,784) |
Total stockholders' equity | 178,029 | 160,921 |
Total liabilities and stockholders' equity | $ 2,676,565 | $ 2,158,704 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments in held-to-maturity securities, fair value | $ 158,385 | $ 129,465 |
Loans, allowance for loan losses | $ 16,312 | $ 13,585 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,707,665 | 9,110,077 |
Common stock, shares outstanding | 9,707,665 | 9,110,077 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 72,011 | $ 57,513 | $ 44,890 |
Interest on debt securities: | |||
Taxable | 3,356 | 3,163 | 3,064 |
Dividends | 1,193 | 760 | 373 |
Other interest income | 583 | 185 | 79 |
Total interest and dividend income | 77,143 | 61,621 | 48,406 |
Interest expense: | |||
Interest on deposits | 12,900 | 9,434 | 7,768 |
Interest on Federal Home Loan Bank advances | 8,150 | 4,788 | 2,394 |
Interest on securities sold under agreements to repurchase | 4 | 4 | 4 |
Interest on other borrowed funds | 5 | 28 | |
Total interest expense | 21,054 | 14,231 | 10,194 |
Net interest and dividend income | 56,089 | 47,390 | 38,212 |
Provision for loan losses | 2,762 | 2,385 | 2,317 |
Net interest and dividend income after provision for loan losses | 53,327 | 45,005 | 35,895 |
Noninterest income: | |||
Customer service fees | 785 | 903 | 894 |
Income from bank-owned life insurance | 1,120 | 1,050 | 893 |
Net gain on sales of securities | 38 | ||
Net gain on sales of loans | 936 | 271 | 395 |
Loan servicing fee income | 398 | 350 | 614 |
Other income | 350 | 176 | 369 |
Total noninterest income | 3,627 | 2,750 | 3,165 |
Noninterest expense: | |||
Salaries and employee benefits | 19,587 | 17,819 | 17,610 |
Director compensation | 1,355 | 971 | 912 |
Occupancy expense | 964 | 991 | 1,074 |
Equipment expense | 422 | 452 | 533 |
Deposit insurance | 1,733 | 1,285 | 969 |
Data processing | 2,793 | 3,120 | 3,108 |
Professional fees | 1,044 | 964 | 749 |
Marketing | 912 | 872 | 926 |
Other expense | 1,876 | 1,875 | 1,943 |
Total noninterest expense | 30,686 | 28,349 | 27,824 |
Income before income tax expense | 26,268 | 19,406 | 11,236 |
Income tax expense | 11,882 | 7,425 | 4,322 |
Net income | 14,386 | 11,981 | 6,914 |
Net income available to common stockholders | $ 14,278 | $ 11,791 | $ 6,747 |
Earnings per share | |||
Basic | $ 1.63 | $ 1.38 | $ 0.80 |
Diluted | $ 1.55 | $ 1.33 | $ 0.78 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 14,386 | $ 11,981 | $ 6,914 |
Other comprehensive (loss) income, net of tax: | |||
Net change in fair value of securities available for sale | (31) | 149 | (78) |
Net change in other comprehensive income for defined-benefit postretirement plan | 17 | 70 | (16) |
Total other comprehensive (loss) income | (14) | 219 | (94) |
Total comprehensive income | $ 14,372 | $ 12,200 | $ 6,820 |
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, 2014 | 9,067,792 | |||||
Balance at Dec. 31, 2014 | $ 137,010 | $ 91 | $ 87,428 | $ 53,603 | $ (22) | $ (4,090) |
Net income | 6,914 | 6,914 | ||||
Other comprehensive income (loss) | (94) | (94) | ||||
Release of ESOP stock | 321 | 168 | 153 | |||
Stock based compensation-restricted stock awards | 869 | 869 | ||||
Stock based compensation-stock options | 791 | 791 | ||||
Tax benefit from stock compensation | 215 | 215 | ||||
Stock option exercises, net of shares surrendered | 228 | 228 | ||||
Stock option exercises, net of shares surrendered (in shares) | 21,113 | |||||
Restricted stock awards issued (in shares) | (2,266) | |||||
Restricted stock awards issued, net of awards surrendered | (51) | (51) | ||||
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 | 11,981 | 11,981 | ||||
Other comprehensive income (loss) | 219 | 219 | ||||
Release of ESOP stock | 360 | 207 | 153 | |||
Stock based compensation-restricted stock awards | 869 | 869 | ||||
Stock based compensation-stock options | 780 | 780 | ||||
Tax benefit from stock compensation | 329 | 329 | ||||
Stock option exercises, net of shares surrendered | 298 | 298 | ||||
Stock option exercises, net of shares surrendered (in shares) | 27,964 | |||||
Restricted stock awards issued (in shares) | (4,526) | |||||
Restricted stock awards issued, net of awards surrendered | $ (118) | (118) | ||||
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 | 14,386 | 14,386 | ||||
Other comprehensive income (loss) | (14) | (14) | ||||
Release of ESOP stock | 444 | 291 | 153 | |||
Stock based compensation-restricted stock awards | 1,835 | 1,835 | ||||
Stock based compensation-stock options | 724 | 724 | ||||
Stock option exercises, net of shares surrendered | $ 56 | $ 1 | 55 | |||
Stock option exercises, net of shares surrendered (in shares) | 213,962 | 120,749 | ||||
Restricted stock awards issued (in shares) | 476,839 | |||||
Restricted stock awards issued, net of awards surrendered | $ (323) | $ 5 | (328) | |||
Balance (in shares) at Dec. 31, 2017 | 9,707,665 | 9,707,665 | ||||
Balance at Dec. 31, 2017 | $ 178,029 | $ 97 | $ 94,590 | $ 86,884 | $ 89 | $ (3,631) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 14,386 | $ 11,981 | $ 6,914 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of securities, net | 843 | 833 | 732 |
Gain on sales of securities | (38) | ||
Gain on sales of loans, net | (936) | (271) | (395) |
Loans originated for sale | (5,439) | (10,134) | (13,678) |
Proceeds from sales of loans | 71,473 | 11,649 | 22,943 |
Provision for loan losses | 2,762 | 2,385 | 2,317 |
Change in unamortized mortgage premium | (2,388) | (1,928) | (1,796) |
Change in net deferred loan costs | 196 | 1,041 | 405 |
ESOP expense | 444 | 360 | 321 |
Depreciation and amortization expense | 595 | 621 | 726 |
Impairment of fixed assets | 18 | 16 | 6 |
Deferred income tax expense (benefit) | 2,535 | (1,741) | (1,021) |
Increase in bank-owned life insurance | (1,120) | (1,050) | (893) |
Loss on sale of other real estate owned | 10 | ||
Stock based compensation expense | 2,559 | 1,649 | 1,660 |
Excess tax benefit from stock-based compensation | (329) | (215) | |
Net change in: | |||
Accrued interest receivable | (1,709) | (854) | (804) |
Other assets | (807) | 400 | (1,027) |
Income taxes receivable | 370 | (423) | 321 |
Income taxes payable | 145 | 398 | |
Accrued interest payable | 571 | 30 | 32 |
Deferred compensation liability | 876 | 609 | 683 |
Other liabilities | 574 | (2,216) | 446 |
Net cash provided by operating activities | 85,765 | 12,773 | 18,085 |
Cash flows from investing activities: | |||
Maturities of interest-bearing time deposits with other banks | 234 | 131 | |
Purchases of interest-bearing time deposits with other banks | (2,440) | (234) | |
Proceeds from sales of available-for-sale securities | 5,038 | 0 | 0 |
Proceeds from maturities, payments, and calls of held-to-maturity securities | 28,362 | 25,976 | 21,459 |
Purchases of held-to-maturity securities | (59,022) | (19,812) | (40,708) |
Redemption of Federal Home Loan Bank stock | 3,767 | 3,014 | |
Purchases of Federal Home Loan Bank stock | (11,078) | (9,776) | (4,597) |
Recoveries of loans previously charged off | 24 | 61 | 261 |
Loan originations and principal collections, net | (57,732) | 16,997 | (79,445) |
Purchases of loans | (438,883) | (350,653) | (288,928) |
Capital expenditures | (512) | (335) | (323) |
Capital expenditures on other real estate owned | (7) | ||
Premiums paid on bank-owned life insurance | (5) | (5,005) | (5,006) |
Proceeds from sales of other real estate owned | 1,510 | ||
Net cash (used in) investing activities | (532,247) | (339,636) | (395,784) |
Cash flows from financing activities: | |||
Net increase in demand deposits, interest-bearing checking and savings accounts | 112,716 | 122,737 | 252,735 |
Net increase in time deposits | 169,113 | 77,166 | 32,222 |
Proceeds from Federal Home Loan Bank advances | 125,000 | 211,250 | 84,000 |
Principal payments on Federal Home Loan Bank advances | (85,000) | (7,000) | (14,100) |
Net change in short-term Federal Home Loan Bank advances | 174,300 | (69,400) | 19,000 |
Net increase (decrease) in securities sold under agreements to repurchase | 1,283 | (1,710) | 2,303 |
Repayment of principal on other borrowed funds | (47) | ||
Proceeds from exercise of stock options, net of cash paid | 56 | 298 | 228 |
Restricted stock awards issued, net of awards surrendered | (323) | (118) | (51) |
Net increase in mortgagors' escrow accounts | 1,349 | 926 | 688 |
Excess tax benefit from stock-based compensation | 329 | 215 | |
Net cash provided by financing activities | 498,494 | 334,478 | 377,193 |
Net increase (decrease) in cash and cash equivalents | 52,012 | 7,615 | (506) |
Cash and cash equivalents at beginning of period | 58,876 | 51,261 | 51,767 |
Cash and cash equivalents at end of period | 110,888 | 58,876 | 51,261 |
Supplemental disclosures: | |||
Interest paid | 20,483 | 14,201 | 10,162 |
Income taxes paid | 8,977 | 9,446 | 4,624 |
Transfer of loans receivable to loans held for sale | $ 63,913 | 10,116 | |
Transfer of loans to other real estate owned | $ 1,513 | ||
Derecognition of loans and related recourse obligation in other borrowings | $ 1,020 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations BSB Bancorp, Inc. (the “Company”) was incorporated in Maryland in June, 2011 to become the holding company of Belmont Savings Bank (the “Bank”), a state-chartered Massachusetts savings bank. The Company is supervised by the Board of Governors of the Federal Reserve System (“FRB”), while the Bank is subject to the regulations of, and periodic examination by, the Federal Deposit Insurance Corporation (“FDIC”) and the Massachusetts Division of Banks (the “Division”). The Bank’s deposits are insured by the Bank Insurance Fund of the FDIC up to $250,000 per account. For balances in excess of the FDIC deposit insurance limits, coverage is provided by the Massachusetts Depositors Insurance Fund, Inc. (“Mass DIF”). In connection with the Company’s conversion from a mutual holding company to stock holding company form of organization (the “conversion”), on October 4, 2011 we completed our initial public offering of common stock, selling 8,993,000 shares of common stock at $10.00 per share for approximately $89.9 million in gross proceeds, including 458,643 shares sold to the Bank’s employee stock ownership plan. In addition, in connection with the conversion, we issued 179,860 shares of our common stock and contributed $200,000 in cash to the Belmont Savings Bank Foundation. Belmont Savings Bank is a state chartered savings bank which was incorporated in 1885 and is headquartered in Belmont, Massachusetts. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits in residential and commercial real estate loans, consumer loans, including indirect auto loans, commercial loans and construction loans, as well as investment securities. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Belmont Savings Bank and BSB Funding Corporation and the Bank’s wholly owned subsidiary, BSB Investment Corporation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles and general practices within the financial services industry. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan losses, valuation and potential other-than-temporary impairment (“OTTI”) of investment securities and the valuation of deferred tax assets. Reclassification Certain previously reported amounts have been reclassified to conform to the current year’s presentation. Significant Group Concentrations of Credit Risk Most of the Company’s business activity is with customers located within the Commonwealth of Massachusetts. There are no concentrations of credit to borrowers that have similar economic characteristics. The majority of the Company’s loan portfolio is comprised of loans collateralized by real estate located in the Commonwealth of Massachusetts. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash, balances due from banks and interest-bearing deposits in other banks. Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” held-to-maturity “available-for-sale” Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities, adjusted for the effect of actual prepayments in the case of mortgage-backed securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Each reporting period, the Company evaluates all securities classified as available-for-sale held-to-maturity, OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is required to invest in stock of the FHLB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. Management evaluates the Company’s investment in the FHLB of Boston stock for other-than-temporary impairment at least on a quarterly basis and more frequently when economic or market conditions warrant such evaluation. Based on its most recent analysis of the FHLB of Boston as of December 31, 2017, management deems its investment in FHLB of Boston stock to not be other-than-temporarily impaired. Loans Held For Sale Loans purchased or transferred from held for investment, (if intent or ability to hold existing loans changes), and loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value, in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Direct loan origination costs and fees are deferred upon origination and are recognized on the date of sale. 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 over the expected term 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. Cash receipts of interest income on impaired loans are credited to 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 cash receipts of interest income on impaired loans is 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 uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components, as further described below. 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 2017 or 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 income-producing properties throughout New England. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by 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 at an adequate price, and market conditions. Commercial loans – Loans in this segment are made to businesses and are generally secured by real estate and 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 are 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 collateral. Consumer loans – Loans in this segment include secured and unsecured consumer loans including passbook loans, consumer lines of credit, 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 and therefore are subject to a specific review for impairment. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate at the time of impairment 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, impairment on TDRs is measured using the discounted cash flow method by discounting expected cash flows by the loan’s contractual rate of interest in effect prior to the loan’s modification. Loans that have been classified as TDRs and which subsequently default are reviewed to determine if the loan should be deemed collateral dependent. In such an instance, any shortfall between the value of the collateral and the book value of the loan is determined by measuring the recorded investment in the loan against the fair value of the collateral less costs to sell. Generally, all other impaired loans are collateral dependent and impairment is measured through the collateral method. All loans on non-accrual Unallocated Component: An unallocated component is 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. In the ordinary course of business, the Bank enters into commitments to extend credit, commercial letters of credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. The reserve for off-balance off-balance non-interest Premises and Equipment Land is carried at cost. Buildings and equipment are stated at cost, less accumulated depreciation, computed on the straight-line method over the estimated useful lives of the assets. It is general practice to charge the cost of maintenance and repairs to earnings when incurred; major expenditures for betterments are capitalized and depreciated over the shorter of the lease term for leasehold improvements or their estimated useful lives. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of life insurance policies is limited to 25% of tier one capital. Transfers and Servicing of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. During the normal course of business, the Company may transfer whole loans or a portion of a financial asset, such as a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer will be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. The Company services mortgage and indirect auto loans for others. Loan servicing fee income is reported in the consolidated statements of operations as fees are earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are not material. 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. Other Real Estate Owned and Other Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less estimated costs to sell, at the date of foreclosure or when control is established, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations, changes in the valuation allowance and any direct writedowns are included in other noninterest expense. The Company classifies commercial loans as in-substance in-substance Advertising Costs Advertising costs are expensed as incurred and recorded within marketing expense. Belmont Savings Bank Supplemental Executive Retirement Plan The compensation cost of an employee’s retirement benefit is recognized on the projected unit credit method over the employee’s approximate service period. The aggregate cost method is utilized for funding purposes. The Company accounts for its supplemental executive retirement plan using an actuarial model that allocates benefit costs over the service period of employees in the plan. The Company accounts for the over-funded or under-funded status of the plan as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss. Other Supplemental Executive Retirement Plans The compensation cost of an employe’s retirement benefit is accrued over the estimated period of the employee’s service. At each measurement date, the aggregate amount accrued equals the then present value of the benefits expected to be provided to the employee in exchange for the employee’s service to that date. Employee Stock Ownership Plan Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheets. The difference between the average fair value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in Stock Based Compensation The Company recognizes stock-based compensation based on the grant-date fair value of the award adjusted for expected forfeitures. The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon all available evidence, both positive and negative, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized. Fair Value Hierarchy The Company measures the fair values of its financial instruments in accordance with accounting guidance that requires an entity to base fair value on exit price, and maximize the use of observable inputs and minimize the use of unobservable inputs to determine the exit price. Under applicable accounting guidance, the Company categorizes its financial instruments, based on the priority of inputs to the valuation technique, into a three-level hierarchy, as described below. 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. Transfers between levels are recognized at the end of a reporting period, if applicable. Earnings per Share (“EPS”) Basic earnings per share is calculated using the two-class two-class Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities (i.e. unvested restricted stock), not subject to performance based measures. Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options or the attainment of performance measures) were issued during the period, computed using the treasury stock method. Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale and changes in the funded status of the Belmont Savings Bank Supplemental Executive Retirement Plan. Recent Accounting Pronouncements In May 2014, the FASB issued amendments to Accounting Standards Codification (“ASC”) section 606 “Revenue from Contracts with Customers” through issuance of ASU 2014-09, 2015-14, 2015-14 2014-09 2014-09, non-interest 2014-09 non-interest In May 2015, the FASB issued ASU 2015-07, In January 2016, the FASB issued 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, Share-Based 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): In July 2017, the FASB issued ASU 2017-11, No. 2017-11, In August 2017, the FASB issued ASU 2017-12, In February 2018, the FASB issued ASU 2018-02, |
RESTRICTIONS ON CASH AND AMOUNT
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2017 | |
RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS | NOTE 2 – RESTRICTIONS ON CASH AND AMOUNTS DUE FROM BANKS Cash and cash equivalents as of December 31, 2017 and 2016 includes $25,218,000 and $23,450,000, respectively, which is subject to withdrawals and usage restrictions to satisfy the reserve requirements of the Federal Reserve Bank of Boston. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2017 | |
SECURITIES | NOTE 3 – SECURITIES Debt securities have been classified in the consolidated balance sheets according to management’s intent. The following table presents a summary of the amortized cost, gross unrealized holding gains and losses and fair value of securities available for sale and securities held to maturity for the periods indicated. Gross unrealized holding gains and losses on available-for-sale December 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 Available for sale securities: Corporate debt securities $ 16,975 $ 24 $ (78 ) $ 16,921 $ 22,051 $ 147 $ (150 ) $ 22,048 $ 16,975 $ 24 $ (78 ) $ 16,921 $ 22,051 $ 147 $ (150 ) $ 22,048 Held to maturity securities: U.S. government sponsored mortgage-backed securities $ 142,383 $ 145 $ (2,089 ) $ 140,439 $ 112,543 $ 306 $ (1,289 ) $ 111,560 Corporate debt securities 17,707 239 — 17,946 17,654 251 — 17,905 $ 160,090 $ 384 $ (2,089 ) $ 158,385 $ 130,197 $ 557 $ (1,289 ) $ 129,465 The amortized cost and estimated fair value of debt securities by contractual maturity at December 31, 2017 is as follows. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Basis Value Cost Basis Value Due within one year $ 12,753 $ 12,777 $ 7,003 $ 7,019 Due after one year through five years 4,222 4,144 12,747 12,918 Due after five years through ten years — — 32,640 32,143 Due after ten years — — 107,700 106,305 $ 16,975 $ 16,921 $ 160,090 $ 158,385 At December 31, 2017 and 2016, securities with a carrying value of $5,582,000 and $4,721,000, respectively, were pledged to secure securities sold under agreements to repurchase. Securities with a carrying value of $47,666,000 and $37,561,000 were pledged to secure borrowings with the Federal Home Loan Bank of Boston at December 31, 2017 and 2016, respectively, and securities with a carrying value of $15,780,000 and $15,739,000 were pledged to an available line of credit with the Federal Reserve Bank of Boston at December 31, 2017 and 2016, respectively. During the year ended December 31, 2017 proceeds from the sale of securities available for sale amounted to $5,038,000, resulting in realized gains of $38,000. There were no sales of securities available for sale during the years ending December 31, 2016 and 2015. 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 These investments are available to satisfy the claims of general creditors of the Company in the event of bankruptcy and are consolidated in our consolidated balance sheets in other assets and consisted primarily of cash and cash equivalents and mutual funds, and are classified as trading securities and recorded at fair value. The fair value of these investments at December 31, 2017 and December 31, 2016 was $2.8 million and $2.6 million, respectively. For the years ended December 31, 2017 and 2016, the net gain on these investments still held at the reporting date was $159,000 and $36,000, respectively. Refer to Note 15 – Employee Benefit Plans, for more information on the non-qualified Information pertaining to securities with gross unrealized losses at December 31, 2017 and 2016, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less than 12 Months 12 Months and Over # of Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses December 31, 2017: Available-for-sale Corporate debt securities 1 $ — $ — $ 4,144 $ (78 ) Held-to-maturity U.S. government sponsored mortgage-backed securities 81 64,056 (718 ) 62,798 (1,371 ) Total temporarily impaired securities 82 $ 64,056 $ (718 ) $ 66,942 $ (1,449 ) 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 ) 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. 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. At December 31, 2017, 82 debt securities had unrealized losses with aggregate depreciation of 1.63% 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. 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 December 31, 2017. |
LOANS, ALLOWANCE FOR LOAN LOSSE
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 12 Months Ended |
Dec. 31, 2017 | |
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | NOTE 4 – LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY A summary of the balances of loans follows: December 31, 2017 2016 Mortgage loans on real estate: Residential one-to-four $ 1,333,058 $ 997,336 Commercial real estate 642,072 491,838 Home equity lines of credit 178,624 167,465 Construction 53,045 89,003 Total real estate loans 2,206,799 1,745,642 Other loans: Commercial 63,722 63,404 Indirect auto 30,227 60,240 Consumer 435 439 94,384 124,083 Total loans 2,301,183 1,869,725 Net deferred loan costs 3,426 3,622 Net unamortized mortgage premiums 8,661 6,273 Allowance for loan losses (16,312 ) (13,585 ) Total loans, net $ 2,296,958 $ 1,866,035 The following tables present the activity in the allowance for loan losses for the years ended December 31, 2017, 2016 and 2015 and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at December 31, 2017 and 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. Year Ended December 31, 2017 Beginning Provision Charge-offs Recoveries Ending Balance Residential one-to-four $ 4,828 $ 1,572 $ — $ — $ 6,400 Commercial real estate 4,885 1,698 — — 6,583 Construction 1,219 (455 ) — — 764 Commercial 728 30 — — 758 Home equity lines of credit 1,037 (90 ) — — 947 Indirect auto 362 (109 ) (45 ) 22 230 Consumer 9 12 (14 ) 2 9 Unallocated 517 104 — — 621 Total $ 13,585 $ 2,762 $ (59 ) $ 24 $ 16,312 Year Ended December 31, 2016 Beginning Provision Charge-offs Recoveries Ending Balance Residential one-to-four $ 3,574 $ 1,254 $ — $ — $ 4,828 Commercial real estate 4,478 407 — — 4,885 Construction 801 418 — — 1,219 Commercial 613 115 — — 728 Home equity lines of credit 928 109 — — 1,037 Indirect auto 623 (232 ) (85 ) 56 362 Consumer 10 10 (16 ) 5 9 Unallocated 213 304 — — 517 Total $ 11,240 $ 2,385 $ (101 ) $ 61 $ 13,585 Year Ended December 31, 2015 Beginning Provision Charge-offs Recoveries Ending Balance Residential one-to-four $ 2,364 $ 1,274 $ (64 ) $ — $ 3,574 Commercial real estate 4,043 435 — — 4,478 Construction 228 573 — — 801 Commercial 458 131 — 24 613 Home equity lines of credit 828 (99 ) — 199 928 Indirect auto 778 (48 ) (139 ) 32 623 Consumer 11 9 (16 ) 6 10 Unallocated 171 42 — — 213 Total $ 8,881 $ 2,317 $ (219 ) $ 261 $ 11,240 Year Ended December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment Total Loan Balance Allowance Loan Balance Allowance Loan Balance Allowance Residential one-to-four $ 2,688 $ 147 $ 1,330,370 $ 6,253 $ 1,333,058 $ 6,400 Commercial real estate 2,877 — 639,195 6,583 642,072 6,583 Construction — — 53,045 764 53,045 764 Commercial — — 63,722 758 63,722 758 Home equity lines of credit — — 178,624 947 178,624 947 Indirect auto 4 — 30,223 230 30,227 230 Consumer — — 435 9 435 9 Unallocated — — — 621 — 621 Total $ 5,569 $ 147 $ 2,295,614 $ 16,165 $ 2,301,183 $ 16,312 Year Ended 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 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 at December 31, 2017 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses Residential one-to-four $ 725 $ 725 $ 147 Totals $ 725 $ 725 $ 147 Impaired loans with no related allowance for credit losses at December 31, 2017 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses Residential one-to-four $ 1,963 $ 2,052 $ — Commercial real estate 2,877 2,877 — Indirect auto 4 4 — Totals $ 4,844 $ 4,933 $ — Impaired loans with a related allowance for credit losses at December 31, 2016 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses Residential one-to-four $ 740 $ 740 $ 154 Totals $ 740 $ 740 $ 154 Impaired loans with no related allowance for credit losses at December 31, 2016 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses 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. Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Investment Recognized Residential one-to-four $ 897 $ 32 $ 1,273 $ 33 $ 1,265 $ 33 Commercial real estate — — 3,124 136 3,230 123 Totals $ 897 $ 32 $ 4,397 $ 169 $ 4,495 $ 156 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Investment Recognized Residential one-to-four $ 1,986 $ 94 $ 2,977 $ 78 $ 4,296 $ 95 Commercial real estate 3,159 140 784 34 744 30 Home equity lines of credit 106 13 200 8 286 8 Indirect auto 6 — 12 — 8 — Totals $ 5,257 $ 247 $ 3,973 $ 120 $ 5,334 $ 133 At December 31, 2017, there were no additional funds committed to be advanced in connection with loans to borrowers with impaired loans. The following is a summary of past due and non-accrual December 31, 2017 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four $ 711 $ — $ 260 $ 971 $ — $ 1,372 Home equity lines of credit 716 — — 716 — — Other loans: Indirect auto 347 30 4 381 — 4 $ 1,774 $ 30 $ 264 $ 2,068 $ — $ 1,376 December 31, 2016 30–59 Days 60–89 Days 90 Days Total 90 days or Loans on Non-accrual Real estate loans: Residential one-to-four $ — $ — $ 497 $ 497 $ — $ 1,804 Home equity lines of credit 57 486 — 543 — — Other loans: Indirect auto 460 106 15 581 — 15 $ 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, home equity and consumer loans 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, and construction loans. On an annual basis, the Company engages an independent third party to review a significant portion of loans within these segments and to assess the credit risk management practices of its commercial lending department. Management uses the results of these reviews as part of its annual review process and overall credit risk administration. On a quarterly basis, the Company formally reviews the ratings on all residential real estate and home equity loans if they have become delinquent. Criteria used to determine ratings consist of loan-to-value The following table presents the Company’s loans by risk rating at December 31, 2017 and 2016. There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. December 31, 2017 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 344 $ 2,060 $ 1,330,654 $ 1,333,058 Commercial real estate 638,254 — 3,818 — 642,072 Construction 53,045 — — — 53,045 Commercial 63,682 40 — — 63,722 Home equity lines of credit — — 772 177,852 178,624 Indirect auto — — — 30,227 30,227 Consumer — — — 435 435 Total $ 754,981 $ 384 $ 6,650 $ 1,539,168 $ 2,301,183 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 one-to-four 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. The Company generally does not forgive principal or interest on loans or modify the interest rates on loans to those not otherwise available in the market. During the year ended December 31, 2017, no loans were modified and determined to be TDRs and one existing TDR was modified again to extend the maturity. During the year ended December 31, 2016, four loans were modified and determined to be TDRs (three of which had previously been restructured and determined to be TDRs). The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: December 31, 2017 December 31, 2016 TDRs on Accrual Status $ 4,194 $ 4,656 TDRs on Non-accrual 645 1,442 Total TDRs $ 4,839 $ 6,098 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 147 $ 154 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ — The following table shows the TDR modifications which occurred during the the years ended December 31, 2017 and 2016 and the outstanding recorded investment subsequent to the modifications occurring: Year Ended Pre-modification Post-modification # of outstanding outstanding Contracts recorded investment recorded investment (a) Real estate loans: Commercial real estate 1 $ 273 $ 273 1 $ 273 $ 273 Year Ended Pre-modification Post-modification # of outstanding outstanding Contracts recorded investment recorded investment (a) Real estate loans: Residential one-to-four 1 $ 621 $ 699 Commercial real estate 3 3,394 3,394 4 $ 4,015 $ 4,093 (a) The post-modification balances represent the balance of the loan on the date of modifications. These amounts may show an increase when modifications include a capitalization of interest or taxes. The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the years indicated: For the years ended December 31, 2017 December 31, 2016 Capitalization of interest, taxes and extended maturity $ — $ 699 Extended maturity 273 3,394 Total $ 273 $ 4,093 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: For the years ended December 31, 2017 2016 2015 Number Recorded Number Recorded Number Recorded of Contracts Investment of Contracts Investment of Contracts Investment TDRs that subsequently defaulted Residential one-to-four — $ — 1 $ 497 — $ — Totals — $ — 1 $ 497 — $ — Foreclosure Proceedings Consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure totaled $0 and $497,000 as of December 31, 2017 and December 31, 2016, respectively. The Company did not have any foreclosed residential real estate property held as of December 31, 2017 or December 31, 2016. Pledged Loans At December 31, 2017 and 2016, $1.4 billion and $1.1 billion in loans, respectively, were pledged to secure FHLB advances. |
TRANSFERS AND SERVICING
TRANSFERS AND SERVICING | 12 Months Ended |
Dec. 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 servicing rights retained, the Company provides the servicing for the loans on a per-loan non-interest non-interest On March 16, 2006, seventeen loans with an aggregate principal balance of $10.5 million were sold to another financial institution. The agreement related to this sale contained provisions requiring the Company to repurchase any loan that became 90 days past due during the initial 120 months. The Company would repurchase the past due loan for 100 percent of the unpaid principal plus interest to repurchase date. During the twelve months ended December 31, 2016, the recourse provision expired and both the loans and recourse obligation were derecognized from the consolidated balance sheet. As of December 31, 2017 and 2016, the Company’s recorded balance of these loans sold with recourse amounted to $0. The Company did not incur any losses related to these loans. Changes in mortgage servicing rights, which are included in other assets, were as follows: Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 403 $ 479 $ 476 Capitalization 508 85 99 Amortization (130 ) (101 ) (93 ) Valuation allowance adjustment 74 (60 ) (3 ) Balance at end of period $ 855 $ 403 $ 479 As of December 31, 2017 and 2016, the fair value of mortgage servicing rights approximated carrying value. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
PREMISES AND EQUIPMENT | NOTE 6 – PREMISES AND EQUIPMENT A summary of the cost and accumulated depreciation of premises and equipment follows: December 31, 2017 2016 Land $ 161 $ 161 Buildings 3,516 3,424 Leasehold improvements 1,414 1,399 Furniture and equipment 4,350 3,979 9,441 8,963 Accumulated depreciation (7,187 ) (6,608 ) $ 2,254 $ 2,355 Depreciation and amortization expense for the years ended December 31, 2017, 2016 and 2015 amounted to $595,000, $621,000 and $726,000, respectively. During the years ended December 31, 2017, 2016 and 2015, the Company determined that certain assets had no future economic benefit to the Company and recorded impairment charges of $18,000, $16,000, and $6,000, respectively, within equipment expense on the consolidated statements of operations. During the year ended December 31, 2016, assets with a cost of $3.5 million that were fully depreciated and no longer in use were disposed of. No gain or loss was recognized as a result of this disposal. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
DEPOSITS | NOTE 7 – DEPOSITS The aggregate amount of time deposits in denominations that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2017 and 2016 was $128.7 million and $74.4 million, respectively. At December 31, 2017, the scheduled maturities of time deposits are as follows: 2018 $ 226,910 2019 94,797 2020 129,044 2021 42,587 2022 11,376 $ 504,714 Included in time deposits are brokered deposits of $247.2 million at December 31, 2017 and $156.4 million at December 31, 2016. The amounts of overdraft deposits that were reclassified to loans at December 31, 2017 and 2016 were $48,000 and $36,000, respectively. Related Party Deposits Deposit accounts of directors, executive officers and their affiliates totaled $8.5 million and $11.0 million at December 31, 2017 and 2016, respectively. Secured Deposits The Bank has an Irrevocable Letter of Credit Reimbursement Agreement with the FHLB, whereby upon the Bank’s request, an irrevocable letter of credit is issued to secure public unit deposit accounts. These letters of credit are secured by a blanket security agreement on qualified collateral, principally mortgage loans, home equity lines of credit, commercial loans and U.S. government sponsored mortgage-backed securities in an aggregate amount equal to outstanding letters of credit. The amount of funds available to the Bank through the FHLB is reduced by any letters of credit outstanding. At December 31, 2017 and 2016, there were $5.0 million and $0 letters of credit outstanding. |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2017 | |
SHORT-TERM BORROWINGS | NOTE 8 – SHORT-TERM BORROWINGS Federal Home Loan Bank Advances Fixed rate FHLB advances with an original maturity of less than one year, amounted to $305.9 million and $131.6 million at December 31, 2017 and 2016, respectively, at a weighted average rate of 1.52% and 0.79%, respectively. The Bank also has an available line of credit with the FHLB in the amount of $5.6 million at December 31, 2017 and 2016 at an interest rate that adjusts daily. All borrowings from the FHLB are secured by a blanket security agreement on qualified collateral, principally mortgage loans, home equity lines of credit, commercial loans and U.S. government sponsored mortgage-backed securities in an aggregate amount equal to outstanding advances. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $279.2 million and $289.7 million at December 31, 2017 and 2016, respectively. At December 31, 2017 and 2016, the Bank had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB’s collateral pledging program. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase amounted to $3.3 million and $2.0 million at December 31, 2017 and 2016, respectively, mature on a daily basis and are secured by U.S. government sponsored mortgage-backed securities. The weighted average interest rate on these agreements was 0.15% at December 31, 2017 and 2016. The obligations to repurchase the securities sold are reflected as a liability in the consolidated balance sheets. The dollar amounts of the securities underlying the agreements remain in the asset accounts. The repurchase agreements stipulate that the securities are not delivered to the customer and instead are held in segregated safekeeping accounts maintained by the Company’s safekeeping agent. |
LONG-TERM BORROWINGS
LONG-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2017 | |
LONG-TERM BORROWINGS | NOTE 9 – LONG-TERM BORROWINGS Long-term debt at December 31, 2017 and 2016 consists of the following fixed rate FHLB advances: Amount Weighted Average Rate 2017 2016 2017 2016 Fixed rate advances maturing: 2017 $ — $ 35,000 — % 1.14 % 2018 47,000 47,000 1.63 % 1.63 % 2019 225,250 225,250 1.49 % 1.49 % 2020 35,000 20,000 1.76 % 1.75 % 2021 15,000 — 2.03 % — % 2022 95,000 — 2.17 % — % 2031 — 50,000 — % 0.39 % $ 417,250 $ 377,250 1.70 % 1.34 % Included in the advances above at December 31, 2016 was a long-term advance in the amount of $50.0 million with an interest rate of 0.39% which was callable by the FHLB on September 12, 2017. The advance was called on September 12, 2017. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES | NOTE 10 – INCOME TAXES Allocation of federal and state income taxes between current and deferred portions is as follows: Years Ended December 31, 2017 2016 2015 Current tax provision: Federal $ 7,386 $ 7,212 $ 4,223 State 1,961 1,954 1,120 9,347 9,166 5,343 Deferred tax expense (benefit): Federal (71 ) (1,391 ) (799 ) State (20 ) (350 ) (222 ) Effect of change in statutory federal tax rate 2,626 — — 2,535 (1,741 ) (1,021 ) Total provision for income taxes $ 11,882 $ 7,425 $ 4,322 The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: Years Ended December 31, 2017 2016 2015 Statutory federal tax rate 35.0 % 35.0 % 34.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 4.8 5.4 5.3 Bank-owned life insurance (1.5 ) (1.9 ) (2.7 ) Tax exempt income (0.6 ) (0.8 ) (0.3 ) Change in statutory federal tax rate 10.0 — — Share based compensation (3.5 ) 1.2 1.9 Other, net 1.0 (0.6 ) 0.3 Effective tax rates 45.2 % 38.3 % 38.5 % The components of the net deferred tax asset are as follows: December 31, 2017 2016 Deferred tax assets: Employee benefit and deferred compensation plans $ 2,375 $ 3,827 Allowance for loan losses 4,596 5,577 Accrued rent 8 10 Interest on non-performing 34 50 Stock options 356 547 Unrealized loss on securities available for sale 15 1 ESOP 92 116 Gross deferred tax assets 7,476 10,128 Deferred tax liabilities: Mortgage servicing rights (240 ) (164 ) Deferred loan origination costs (860 ) (1,104 ) Restricted stock awards (280 ) (140 ) Depreciation (201 ) (305 ) Unrecognized retirement benefit (58 ) (72 ) Other (43 ) (22 ) Gross deferred tax liabilities (1,682 ) (1,807 ) Net deferred tax asset $ 5,794 $ 8,321 The Company does not have any uncertain tax positions at December 31, 2017 or 2016 which require accrual or disclosure. The Company records interest and penalties as part of income tax expense. No interest or penalties were recorded for the years ended December 31, 2017, 2016 and 2015. The Company’s income tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations by the Internal Revenue Service for the years ended December 31, 2014 through 2017. The years open to examination by state taxing authorities vary by jurisdiction; no years prior to 2014 are open. In prior years, the Company was allowed a special tax-basis bad debt deduction under certain provisions of the Internal Revenue Code. As a result, retained earnings of the Company as of December 31, 2017 and 2016 includes approximately $3.6 million for which federal and state income taxes have not been provided. If the Company no longer qualifies as a bank as defined in certain provisions of the Internal Revenue Code, this amount will be subject to recapture in taxable income ratably over four (4) years, subject to a combined federal and state tax rate of approximately 28%. The Tax Cuts and Jobs Act. one-time |
OFF-BALANCE SHEET ARRANGEMENTS
OFF-BALANCE SHEET ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2017 | |
OFF-BALANCE SHEET ARRANGEMENTS | NOTE 11 – OFF-BALANCE Credit-Related Financial Instruments The Company is a party to credit related financial instruments with off-balance The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance At December 31, 2017 and 2016, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount 2017 2016 Commitments to grant loans $ 23,702 $ 44,677 Unfunded commitments under lines of credit 325,768 259,124 Unadvanced portion of construction loans 11,486 36,555 Standby letters of credit 561 658 Commitments to purchase loans 65,692 62,036 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for home equity and commercial lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. Unfunded commitments under revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines-of-credit Standby letters-of-credit letters-of-credit The credit risk involved in issuing letters-of-credit Commitments to purchase loans are conditional commitments issued by the Company to purchase loans through select correspondent mortgage companies who originate and sell loans as part of their operations. Typically the commitment to purchase is valid as long as there is no violation of any condition established in the correspondent contract. Commitments generally have fixed expiration dates or other termination clauses and generally do not require payment of a fee. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 12 – COMMITMENTS AND CONTINGENT LIABILITIES Pursuant to the terms of noncancelable lease agreements in effect at December 31, 2017, pertaining to banking premises and equipment, future minimum rent commitments under various operating leases are as follows: 2018 $ 361 2019 359 2020 266 2021 122 2022 122 Thereafter 122 $ 1,352 Certain leases contain provisions for escalation of minimum lease payments contingent upon increases in real estate taxes and percentage increases in the consumer price index. Also, certain leases contain options to extend for periods from one to ten years. The cost of such rentals is not included above. Total rent expense for the years ended December 31, 2017, 2016 and 2015 amounted to $363,000, $384,000 and $398,000, respectively. |
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
LEGAL CONTINGENCIES | NOTE 13 – LEGAL CONTINGENCIES In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
MINIMUM REGULATORY CAPITAL REQU
MINIMUM REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Dec. 31, 2017 | |
MINIMUM REGULATORY CAPITAL REQUIREMENTS | NOTE 14 – MINIMUM REGULATORY CAPITAL REQUIREMENTS The Company’s primary source of cash is dividends from the Bank. The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. In addition, the dividends declared cannot be in excess of the amount which would cause the Bank to fall below the minimum required for capital adequacy purposes. The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance On July 2, 2013, the Federal Reserve Bank (“FRB”) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (“Basel III Capital Rules”). On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements increased for both the quantity and quality of capital held by the Bank. The rules include a new common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. The Basel III Capital Rules became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in When fully phased in on January 1, 2019, the Basel III Capital Rules will require the Company and the Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% Common Equity Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 7.0% upon full implementation), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum Tier 1 capital ratio of 8.5% upon full implementation), (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio as that buffer is phased in, effectively resulting in a minimum total capital ratio of 10.5% upon full implementation) and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average quarterly assets. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and will be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). The capital conservation buffer is designed to absorb losses during periods of economic stress and, as detailed above, effectively increases the minimum required risk-weighted capital ratios. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets below the effective minimum (4.5% plus the capital conservation buffer) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. Management believes, as of December 31, 2017 and 2016, that the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2017, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since the notification that management believes have changed the Bank’s category. The following table presents actual and required capital ratios as of December 31, 2017 and December 31, 2016 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2017 and December 31, 2016 based on the phase-in phased-in. Actual Minimum Capital Minimum Capital Required Basel III Phase-In Schedule Minimum Capital Required Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Total Capital (to Risk Weighted Assets) Consolidated $ 194,287 11.30 % $ 137,498 8.00 % $ 158,982 9.25 % $ 180,466 10.50 % N/A N/A Belmont Savings Bank 189,311 11.01 % 137,497 8.00 % 158,981 9.25 % 180,465 10.50 % $ 171,871 10.00 % Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 177,939 10.35 % $ 103,123 6.00 % $ 124,607 7.25 % $ 146,092 8.50 % N/A N/A Belmont Savings Bank 172,963 10.06 % 103,123 6.00 % 124,607 7.25 % 146,091 8.50 % $ 137,497 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 177,939 10.35 % $ 77,343 4.50 % $ 98,827 5.75 % $ 120,311 7.00 % N/A N/A Belmont Savings Bank 172,963 10.06 % 77,342 4.50 % 98,826 5.75 % 120,310 7.00 % $ 111,716 6.50 % Tier 1 Capital (to Average Assets) Consolidated $ 177,939 6.97 % $ 102,148 4.00 % $ 102,148 4.00 % $ 102,148 4.00 % N/A N/A Belmont Savings Bank 172,963 6.77 % 102,147 4.00 % 102,147 4.00 % 102,147 4.00 % $ 127,683 5.00 % Actual Minimum Capital Minimum Capital Required Basel III Phase-In Schedule Minimum Capital Required Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total Capital (to Risk Weighted Assets) Consolidated $ 174,465 11.72 % $ 119,116 8.00 % $ 128,422 8.625 % $ 156,340 10.50 % N/A N/A Belmont Savings Bank 169,499 11.38 % 119,114 8.00 % 128,420 8.625 % 156,337 10.50 % $ 148,893 10.00 % Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 160,817 10.80 % $ 89,337 6.00 % $ 98,643 6.625 % $ 126,561 8.50 % N/A N/A Belmont Savings Bank 155,851 10.47 % 89,336 6.00 % 98,641 6.625 % 126,559 8.50 % $ 119,114 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 160,817 10.80 % $ 67,003 4.50 % $ 76,309 5.125 % $ 104,227 7.00 % N/A N/A Belmont Savings Bank 155,851 10.47 % 67,002 4.50 % 76,308 5.125 % 104,225 7.00 % $ 96,780 6.50 % Tier 1 Capital (to Average Assets) Consolidated $ 160,817 7.63 % $ 84,253 4.00 % $ 84,253 4.00 % $ 84,253 4.00 % N/A N/A Belmont Savings Bank 155,851 7.40 % 84,251 4.00 % 84,251 4.00 % 84,251 4.00 % $ 105,314 5.00 % Stock Repurchase Plans. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2017 | |
EMPLOYEE BENEFIT PLANS | NOTE 15 – EMPLOYEE BENEFIT PLANS Belmont Savings Bank Supplemental Executive Retirement Plan Effective October 1, 2010, the Company established the Belmont Savings Bank Supplemental Executive Retirement Plan (the “Plan”). The purpose of the Plan is to remain competitive with our peers in our compensation arrangements and to help us retain certain executive officers of the Company. At December 31, 2017 and 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. Information pertaining to the activity in the plan is as follows: Years Ended December 31, 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 1,521 $ 1,316 Service cost 253 261 Interest cost 66 57 Actuarial gain (42 ) (113 ) Benefit obligation at end of year 1,798 1,521 Funded status at end of year $ (1,798 ) $ (1,521 ) Accrued pension benefit $ (2,003 ) $ (1,696 ) Accumulated benefit obligation $ 1,175 $ 985 The assumptions used to determine the benefit obligation are as follows: December 31, 2017 2016 Discount rate 3.80 % 4.35 % Rate of compensation increase 3.00 % 3.00 % The components of net periodic pension cost are as follows: December 31, 2017 2016 Service cost $ 253 $ 261 Interest cost 66 57 Amortization of gain (19 ) — Amortization of prior service cost 6 6 Net periodic cost $ 306 $ 324 Other changes in benefit obligations recognized in other comprehensive loss are as follows: December 31, 2017 2016 Amortization of prior service cost $ (6 ) $ (6 ) Amortization of unrecognized gain 19 — Net actuarial gain (42 ) (112 ) Total recognized in other comprehensive loss $ (29 ) $ (118 ) The assumptions used to determine net periodic pension cost are as follows: December 31, 2017 2016 Discount rate 4.35 % 4.30 % Rate of compensation increase 3.00 % 3.00 % Amounts recognized in accumulated other comprehensive income, before tax effects, consist of the following: December 31, 2017 2016 Unrecognized prior service cost $ 40 $ 46 Unrecognized net gain (245 ) (222 ) $ (205 ) $ (176 ) The estimated prior service cost that will be amortized from accumulated other comprehensive income into net periodic pension expense during the year ending December 31, 2018 is $6,000. The estimated unrecognized net gain that will be accreted from accumulated other comprehensive income into net periodic pension expense during the year ending December 31, 2018 is $18,500. The Company does not expect to contribute to the Plan in 2018. Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows: Year Ending December 31, Amount 2018 $ — 2019 57 2020 191 2021 267 2022 267 Years 2023-2027 1,565 Other Supplemental Retirement Plans The Company has supplemental retirement plans for certain eligible executive officers that do not participate in the Belmont Savings Bank Supplemental Executive Retirement Plan which 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 December 31, 2017 and 2016 relating to these plans was $2.6 million and $2.3 million, respectively. The discount rate used to determine the Company’s obligation was 3.8% and 4.35% during the years ended December 31, 2017 and 2016, respectively. The projected rate of salary increase was 3% during the years ended December 31, 2017 and 2016. Total supplemental retirement plan expense amounted to $331,000, $233,000 and $254,000 for the years ended December 31, 2017, 2016 and 2015, 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 December 31, 2017 and 2016 relating to this plan was $697,000 and $661,000, respectively. The discount rate used to determine the Company’s obligation was 3.8% and 4.35% during the years ended December 31, 2017 and 2016, respectively. Total supplemental retirement plan expense amounted to $64,000, $55,000 and $17,000 for the years ended December 31, 2017, 2016 and 2015, 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 and profitability of the Bank. Each year participants are awarded for the achievement of certain performance objectives on a company-wide and individual basis. Compensation expense recognized was $2.3 million, $2.0 million and $2.0 million for the years ended December 31, 2017, 2016 and 2015, respectively. Defined Contribution Plan The Bank 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 years ended December 31, 2017, 2016 and 2015 totaled $891,000, $839,000 and $842,000, respectively. Deferred Compensation Plan The Company has a deferred compensation 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 to an individual deferred compensation account established by the Bank. Compensation that is deferred is held in a Rabbi Trust, or grantor trust. The Rabbi Trust is maintained by the Bank primarily for purposes of providing a vehicle for 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 December 31, 2017 and 2016, the recorded liability relating to the Rabbi Trust was $2.8 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 on the first business day of each calendar year, or 3.75% for 2017. 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. At December 31, 2017, the remaining principal balance on the ESOP debt is payable as follows: Years Ending December 31, Amount 2018 $ 96 2019 100 2020 104 2021 110 2022 115 Thereafter 3,444 $ 3,969 Shares held by the ESOP include the following: December 31, 2017 2016 Unallocated 363,091 378,379 Allocated 84,813 72,598 447,904 450,977 The fair value of unallocated shares was approximately $10.6 million at December 31, 2017 and $11.0 million at December 31, 2016. Total compensation expense recognized in connection with the ESOP for the years ended December 31, 2017, 2016 and 2015 was $444,000, $360,000 and $321,000, 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. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
STOCK BASED COMPENSATION | NOTE 16 – STOCK BASED COMPENSATION On November 14, 2012, the stockholders of BSB Bancorp, Inc. approved the BSB Bancorp, Inc. 2012 Equity Incentive Plan. The table below presents the amount of cumulatively granted stock options and restricted stock awards, net of forfeitures, through December 31, 2017 under the BSB Bancorp, Inc. 2012 Equity Incentive Plan. On February 8, 2017, the stockholders of the Company approved the BSB Bancorp, Inc. 2017 Equity Incentive Plan. The BSB Bancorp, Inc. 2017 Equity Incentive Plan authorized the issuance or delivery to participants of up to 487,200 shares of BSB Bancorp, Inc. common stock pursuant to grants of restricted stock awards and/or restricted stock unit awards. On March 15, 2017, 487,200 restricted stock awards were granted under the Plan at $27.10, the grant date fair value per share, with a ten year vesting period and an estimated 2.64% forfeiture rate. The awards are not deemed to be participating securities. Upon the approval of this new plan, the Company canceled the existing 2012 Equity Incentive Plan and no further awards will be granted out of that plan. The following table presents the amount of cumulatively granted restricted stock awards, net of forfeitures, through December 31, 2017 under the BSB Bancorp, Inc. 2017 Equity Incentive Plan: Authorized Authorized Cumulative Granted Net of Forfeitures Outstanding Stock Restricted Authorized Stock Restricted 2012 Equity Incentive Plan 917,286 366,914 1,284,200 889,092 363,570 1,252,662 2017 Equity Incentive Plan — 487,200 487,200 — 483,302 483,302 The following table presents the pre-tax For the year ended December 31, 2017 2016 2015 Stock based compensation expense Stock options $ 724 $ 780 $ 791 Restricted stock awards 1,835 869 869 Total stock based award expense $ 2,559 $ 1,649 $ 1,660 Related tax benefits recognized in earnings $ 874 $ 492 $ 481 The following table presents relevant information relating to the Company’s stock options for the periods indicated: For the year ended December 31, 2017 2016 2015 Weighted average grant date fair value of options granted $ — $ 4.63 $ 3.90 Intrinsic value of stock options exercised 3,299 368 226 Cash paid to settle equity instruments granted under stock based compensation arrangements — — — Total compensation cost related to non-vested As of December 31, 2017 Amount Weighted Stock options $ 136 2.36 Restricted stock 10,574 9.19 Total $ 10,710 The Company granted the awards presented in the table below. The fair value of the stock options granted was estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions used: • Expected volatility is based on the standard deviation of the historical volatility of the daily adjusted closing price of the Company’s shares. • Expected term represents the period of time that the option is expected to be outstanding. The Company determined the expected life using the “Simplified Method.” • Expected dividend yield is determined based on management’s expectations regarding issuing dividends in the foreseeable future. • The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. • The stock-based compensation expense recognized in earnings is based on the amount of awards ultimately expected to vest, therefore a forfeiture assumption is estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Date of grant 3/1/2016 2/25/2015 2/11/2015 Options granted 27,500 5,414 7,828 Exercise price $ 22.31 $ 18.83 $ 18.78 Vesting period (1) 5 years 5 years 5 years Expiration date 3/1/2026 2/25/2025 2/11/2025 Expected volatility 16.13 % 15.51 % 15.52 % Expected term 6.5 years 6.5 years 6.5 years Expected dividend yield 0 % 0 % 0 % Risk free interest rate 1.54 % 1.70 % 1.76 % Fair value $ 4.63 $ 3.89 $ 3.91 (1)- Vesting is ratably and the period begins on the date of grant. The option exercise price is derived from trading value on the date of grant. A summary of the status of the Company’s Stock Option and Restricted Stock Awards for the year ended December 31, 2017 is presented in the tables below: Outstanding Stock option Weighted average Weighted average Aggregate Balance at January 1, 2017 804,484 $ 12.68 Granted — — Exercised (213,962 ) 12.17 Forfeited — — Balance at December 31, 2017 590,522 $ 12.86 5.17 $ 9,676 Exercisable 543,763 $ 12.31 5.00 $ 9,209 Non-vested Weighted average Balance at January 1, 2017 73,429 $ 12.22 Granted 487,200 27.10 Vested (71,829 ) 12.10 Forfeited (3,898 ) 27.10 Balance at December 31, 2017 484,902 $ 27.07 For the years ended December 31, 2017, 2016 and 2015, the fair value of shares vested during the year amounted to $2.2 million, $1.9 million and $1.6 million, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
EARNINGS PER SHARE | NOTE 17 – EARNINGS PER SHARE Earnings per share consisted of the following components for the years ended December 31, 2017, 2016 and 2015: December 31, December 31, December 31, Net income $ 14,386 $ 11,981 $ 6,914 Undistributed earnings attributable to participating securities (108 ) (190 ) (167 ) Net income available to common stockholders $ 14,278 $ 11,791 $ 6,747 Weighted average shares outstanding, basic 8,754,393 8,571,861 8,465,177 Effect of dilutive shares 429,400 286,030 217,813 Weighted average shares outstanding, assuming dilution 9,183,793 8,857,891 8,682,990 Basic EPS $ 1.63 $ 1.38 $ 0.80 Effect of dilutive shares (0.08 ) (0.05 ) (0.02 ) Diluted EPS $ 1.55 $ 1.33 $ 0.78 For 2017, 2016 and 2015, average options to purchase 0, 22,992, and 17,159 shares of common stock were outstanding, respectively, but not included in the computation of EPS because they were antidilutive under the treasury stock method. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
RELATED PARTY TRANSACTIONS | NOTE 18 – RELATED PARTY TRANSACTIONS In the ordinary course of business, the Bank has granted loans to principal officers and directors and their affiliates. As of December 31, 2017 and 2016, related party loans were not significant. |
RESTRICTIONS ON DIVIDENDS, LOAN
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES | 12 Months Ended |
Dec. 31, 2017 | |
RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES | NOTE 19 – RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES Federal and state banking regulations place certain restrictions on dividends paid and loans or advances made by the Bank to the Company. The total amount for dividends which may be paid in any calendar year cannot exceed the Bank’s net income for the current year, plus the Bank’s net income retained for the two previous years, without regulatory approval. Loans or advances are limited to 10 percent of the Bank’s capital stock and surplus on a secured basis. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
FAIR VALUES OF ASSETS AND LIABILITIES | NOTE 20 – FAIR VALUES OF ASSETS AND LIABILITIES 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 observable 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 December 31, 2017 and 2016. There were no significant transfers between levels of the fair value hierarchy during the years ended December 31, 2017 and 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 December 31, 2017 and 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Level 2 Level 3 Total At December 31, 2017 Securities available for sale Corporate debt securities $ — $ 16,921 $ — $ 16,921 Trading securities Rabbi Trust 2,808 — — 2,808 Totals $ 2,808 $ 16,921 $ — $ 19,729 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 2,606 — — 2,606 Totals $ 2,606 $ 22,048 $ — $ 24,654 Certain financial assets and financial liabilities are measured at fair value on a non-recurring non-recurring non-recurring non-recurring There were no impaired loans that were remeasured and reported at fair value through either a charge off or a specific valuation allowance based upon the fair value of the underlying collateral or and loans held for sale at December 31, 2017 and 2016. Non-Financial Non-Financial non-financial non-financial Non-financial non-recurring charge-off non-interest Non-financial non-financial re-measured December 31, 2017 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 855 Totals $ — $ — $ 855 December 31, 2016 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 403 Totals $ — $ — $ 403 There were no foreclosed assets at December 31, 2017 or 2016. 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 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 Federal Home Loan Bank advances - The fair values of the Company’s Federal Home Loan Bank 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: December 31, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 110,888 $ 110,888 $ 110,888 $ — $ — Interest-bearing time deposits with other banks 2,440 2,440 — 2,440 — Held-to-maturity 160,090 158,385 — 158,385 — Federal Home Loan Bank stock 32,382 32,382 — 32,382 — Bank owned life insurance 36,967 36,967 — 36,967 Loans, net 2,296,958 2,251,971 — — 2,251,971 Accrued interest receivable 6,344 6,344 6,344 — — Financial liabilities: Deposits 1,751,251 1,748,995 1,246,537 502,458 — Federal Home Loan Bank advances 723,150 719,430 — 719,430 — Securities sold under agreements to repurchase 3,268 3,268 — 3,268 — Accrued interest payable 1,594 1,594 1,594 — — Mortgagors’ escrow accounts 4,690 4,690 — 4,690 — 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 — Bank owned life insurance 35,842 35,842 — 35,842 Loans, net 1,866,035 1,837,068 — — 1,837,068 Accrued interest receivable 4,635 4,635 4,635 — — 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 — |
OTHER COMPREHENSIVE (LOSS) INCO
OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended |
Dec. 31, 2017 | |
OTHER COMPREHENSIVE (LOSS) INCOME | NOTE 21 – OTHER COMPREHENSIVE (LOSS) INCOME The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax benefit (expense) allocated to each component of other comprehensive (loss) income: Year Ended December 31, 2017 Pre Tax Tax Benefit After Tax Amount (Expense) Amount Securities available-for-sale: Change in fair value of securities available for sale $ (13 ) $ 5 $ (8 ) Reclassification adjustment for net gains included in net income 1 (38 ) 15 (23 ) Net change in fair value of securities available for sale (51 ) 20 (31 ) Defined benefit post-retirement benefit plans: Change in the actuarial gain/loss 42 (17 ) 25 Reclassification adjustment included in net income 2 (13 ) 5 (8 ) Net change defined-benefit post-retirement benefit plans 29 (12 ) 17 Total other comprehensive loss $ (22 ) $ 8 $ (14 ) Year Ended December 31, 2016 Pre Tax Tax After Tax Amount Expense Amount Securities available-for-sale: Change in fair value of securities available for sale $ 247 $ (98 ) $ 149 Net change in fair value of securities available for sale 247 (98 ) 149 Defined benefit post-retirement benefit plans: Change in the actuarial gain/loss 112 (46 ) 66 Reclassification adjustment included in net income 2 6 (2 ) 4 Net change defined-benefit post-retirement benefit plans 118 (48 ) 70 Total other comprehensive income $ 365 $ (146 ) $ 219 Year Ended December 31, 2015 Pre Tax Tax Benefit After Tax Amount (Expense) Amount Securities available-for-sale: Change in fair value of securities available for sale $ (130 ) $ 52 $ (78 ) Net change in fair value of securities available for sale (130 ) 52 (78 ) Defined benefit post-retirement benefit plans: Change in the actuarial gain/loss (33 ) 13 (20 ) Reclassification adjustment included in net income 2 6 (2 ) 4 Net change defined-benefit post-retirement benefit plans (27 ) 11 (16 ) Total other comprehensive loss $ (157 ) $ 63 $ (94 ) 1- Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive income and have affected certain lines in the consolidated statements of operations as follows; the pre-tax 2- Reclassification adjustments are comprised of amortization of prior service cost and unrecognized gain and have been reclassified out of accumulated other comprehensive income (loss). The amounts affected certain lines in the consolidated statements of operations as follows: amortization of prior service cost and unrecognized gain is included in salaries and employee benefits expense. The tax expense amount is included in income tax expense and the after tax amount is included in net income. The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: December 31, 2017 December 31, 2016 Net unrealized holding loss on available-for-sale $ (32 ) $ (1 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 121 104 Accumulated other comprehensive income $ 89 $ 103 Accumulated other comprehensive income at December 31, 2017 included $19,000 related to stranded amounts resulting from the re-measurement 2018-02, |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | 12 Months Ended |
Dec. 31, 2017 | |
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | NOTE 22 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY The following condensed financial statements are for the Parent Company only and should be read in conjunction with the consolidated financial statements of the Company. Condensed Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents held at Belmont Savings Bank $ 919 $ 519 Investment in Belmont Savings Bank 173,054 155,955 Investment in BSB Funding Corp. 4,065 4,436 Other assets 45 62 Total assets $ 178,083 $ 160,972 Liabilities and Stockholders’ Equity Accrued expenses $ 38 $ 37 Other liabilities 16 14 Total liabilities 54 51 Stockholders’ equity 178,029 160,921 Total liabilities and stockholders’ equity $ 178,083 $ 160,972 Condensed Statements of Operations Years Ended December 31, 2017 2016 2015 Interest and dividend income: Interest on cash equivalents $ — $ — $ 1 Dividends from subsidiaries — — — Total interest and dividend income — — 1 Interest expense — — — Net interest and dividend income — — 1 Non-interest — — — Non-interest 230 219 242 Loss before income taxes and equity in undistributed earnings of subsidiaries (230 ) (219 ) (241 ) Income tax benefit (94 ) (89 ) (96 ) Loss before equity in income of subsidiaries (136 ) (130 ) (145 ) Equity in undistributed earnings of Belmont Savings Bank 14,432 12,025 6,976 Equity in undistributed earnings of BSB Funding Corp 90 86 83 Net income $ 14,386 $ 11,981 $ 6,914 Condensed Statements of Cash Flows Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 14,386 $ 11,981 $ 6,914 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in undistributed earnings of Belmont Savings Bank (14,432 ) (12,025 ) (6,976 ) Equity in undistributed earnings of BSB Funding Corp. (90 ) (86 ) (83 ) Deferred income tax expense — — 190 Other, net 26 (27 ) 720 Net cash (used in) provided by operating activities (110 ) (157 ) 765 Cash flows from investing activities: Return of capital from BSB Funding Corp. 460 — 600 Investment in Belmont Savings Bank — — (3,800 ) Net cash provided by (used in) investing activities 460 — (3,200 ) Cash flows from financing activities: Proceeds from exercise of stock options, net of cash paid 50 298 228 Restricted stock awards issued, net of awards surrendered — (118 ) (51 ) Net cash provided by financing activities 50 180 177 Net increase (decrease) in cash and cash equivalents 400 23 (2,258 ) Cash and cash equivalents at beginning of period 519 496 2,754 Cash and cash equivalents at end of period $ 919 $ 519 $ 496 |
QUARTERLY DATA (UNAUDITED)
QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
QUARTERLY DATA (UNAUDITED) | NOTE 23 – QUARTERLY DATA (UNAUDITED) Quarterly results of operations are as follows: Years Ended December 31, 2017 2016 Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Interest and dividend income $ 21,114 $ 19,758 $ 18,764 $ 17,506 $ 16,291 $ 15,726 $ 15,164 $ 14,439 Interest expense 6,414 5,579 4,816 4,245 3,918 3,699 3,457 3,158 Net interest income 14,700 14,179 13,948 13,261 12,373 12,027 11,707 11,281 Provision for loan losses 691 535 707 829 601 443 741 599 Net interest income, after provision for loan losses 14,009 13,644 13,241 12,432 11,772 11,584 10,966 10,682 Non-interest 1,117 885 995 630 703 680 705 660 Non-interest 7,636 7,929 7,645 7,476 7,045 7,066 6,984 7,252 Income before taxes 7,490 6,600 6,591 5,586 5,430 5,198 4,687 4,090 Income tax expense 5,382 2,001 2,579 1,920 2,120 2,018 1,735 1,551 Net income $ 2,108 $ 4,599 $ 4,012 $ 3,666 $ 3,310 $ 3,180 $ 2,952 $ 2,539 Earnings per common share Basic $ 0.24 $ 0.52 $ 0.45 $ 0.42 $ 0.38 $ 0.36 $ 0.34 $ 0.29 Diluted $ 0.23 $ 0.50 $ 0.43 $ 0.40 $ 0.37 $ 0.35 $ 0.33 $ 0.28 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
SUBSEQUENT EVENTS | NOTE 24 – SUBSEQUENT EVENTS The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Nature of Operations | Nature of Operations BSB Bancorp, Inc. (the “Company”) was incorporated in Maryland in June, 2011 to become the holding company of Belmont Savings Bank (the “Bank”), a state-chartered Massachusetts savings bank. The Company is supervised by the Board of Governors of the Federal Reserve System (“FRB”), while the Bank is subject to the regulations of, and periodic examination by, the Federal Deposit Insurance Corporation (“FDIC”) and the Massachusetts Division of Banks (the “Division”). The Bank’s deposits are insured by the Bank Insurance Fund of the FDIC up to $250,000 per account. For balances in excess of the FDIC deposit insurance limits, coverage is provided by the Massachusetts Depositors Insurance Fund, Inc. (“Mass DIF”). In connection with the Company’s conversion from a mutual holding company to stock holding company form of organization (the “conversion”), on October 4, 2011 we completed our initial public offering of common stock, selling 8,993,000 shares of common stock at $10.00 per share for approximately $89.9 million in gross proceeds, including 458,643 shares sold to the Bank’s employee stock ownership plan. In addition, in connection with the conversion, we issued 179,860 shares of our common stock and contributed $200,000 in cash to the Belmont Savings Bank Foundation. Belmont Savings Bank is a state chartered savings bank which was incorporated in 1885 and is headquartered in Belmont, Massachusetts. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits in residential and commercial real estate loans, consumer loans, including indirect auto loans, commercial loans and construction loans, as well as investment securities. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Belmont Savings Bank and BSB Funding Corporation and the Bank’s wholly owned subsidiary, BSB Investment Corporation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company’s consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles and general practices within the financial services industry. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near-term relate to the determination of the allowance for loan losses, valuation and potential other-than-temporary impairment (“OTTI”) of investment securities and the valuation of deferred tax assets. |
Reclassification | Reclassification Certain previously reported amounts have been reclassified to conform to the current year’s presentation. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk Most of the Company’s business activity is with customers located within the Commonwealth of Massachusetts. There are no concentrations of credit to borrowers that have similar economic characteristics. The majority of the Company’s loan portfolio is comprised of loans collateralized by real estate located in the Commonwealth of Massachusetts. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents include cash, balances due from banks and interest-bearing deposits in other banks. |
Securities | Securities Debt securities that management has the positive intent and ability to hold to maturity are classified as “held-to-maturity” held-to-maturity “available-for-sale” Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities, adjusted for the effect of actual prepayments in the case of mortgage-backed securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. Each reporting period, the Company evaluates all securities classified as available-for-sale held-to-maturity, OTTI is required to be recognized if (1) the Company intends to sell the security; (2) it is “more likely than not” that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) for debt securities, the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Marketable equity securities are evaluated for OTTI based on the severity and duration of the impairment and, if deemed to be other than temporary, the declines in fair value are reflected in earnings as realized losses. For impaired debt securities that the Company intends to sell, or more likely than not will be required to sell, the full amount of the depreciation is recognized as OTTI through earnings. For all other impaired debt securities, credit-related OTTI is recognized through earnings and non-credit |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock As a member of the Federal Home Loan Bank of Boston (FHLB), the Company is required to invest in stock of the FHLB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. Management evaluates the Company’s investment in the FHLB of Boston stock for other-than-temporary impairment at least on a quarterly basis and more frequently when economic or market conditions warrant such evaluation. Based on its most recent analysis of the FHLB of Boston as of December 31, 2017, management deems its investment in FHLB of Boston stock to not be other-than-temporarily impaired. |
Loans Held For Sale | Loans Held For Sale Loans purchased or transferred from held for investment, (if intent or ability to hold existing loans changes), and loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value, in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Direct loan origination costs and fees are deferred upon origination and are recognized on the date of sale. |
Loans | 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 over the expected term 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. Cash receipts of interest income on impaired loans are credited to 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 cash receipts of interest income on impaired loans is 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 | 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 uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of general, allocated and unallocated components, as further described below. 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 2017 or 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 income-producing properties throughout New England. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by 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 at an adequate price, and market conditions. Commercial loans – Loans in this segment are made to businesses and are generally secured by real estate and 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 are 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 collateral. Consumer loans – Loans in this segment include secured and unsecured consumer loans including passbook loans, consumer lines of credit, 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 and therefore are subject to a specific review for impairment. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate at the time of impairment 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, impairment on TDRs is measured using the discounted cash flow method by discounting expected cash flows by the loan’s contractual rate of interest in effect prior to the loan’s modification. Loans that have been classified as TDRs and which subsequently default are reviewed to determine if the loan should be deemed collateral dependent. In such an instance, any shortfall between the value of the collateral and the book value of the loan is determined by measuring the recorded investment in the loan against the fair value of the collateral less costs to sell. Generally, all other impaired loans are collateral dependent and impairment is measured through the collateral method. All loans on non-accrual Unallocated Component: An unallocated component is 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. In the ordinary course of business, the Bank enters into commitments to extend credit, commercial letters of credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they are funded or become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. The reserve for off-balance off-balance non-interest |
Premises and Equipment | Premises and Equipment Land is carried at cost. Buildings and equipment are stated at cost, less accumulated depreciation, computed on the straight-line method over the estimated useful lives of the assets. It is general practice to charge the cost of maintenance and repairs to earnings when incurred; major expenditures for betterments are capitalized and depreciated over the shorter of the lease term for leasehold improvements or their estimated useful lives. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. |
Bank-owned Life Insurance | Bank-owned Life Insurance Bank-owned life insurance policies are reflected on the consolidated balance sheets at cash surrender value. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest A life insurance policy with any individual carrier is limited to 15% of tier one capital and the total cash surrender value of life insurance policies is limited to 25% of tier one capital. |
Transfers and Servicing of Financial Assets | Transfers and Servicing of Financial Assets Transfers of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. During the normal course of business, the Company may transfer whole loans or a portion of a financial asset, such as a participation loan or the government guaranteed portion of a loan. In order to be eligible for sales treatment, the transfer of the portion of the loan must meet the criteria of a participating interest. If it does not meet the criteria of a participating interest, the transfer will be accounted for as a secured borrowing. In order to meet the criteria for a participating interest, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties and no loan holder has the right to pledge or exchange the entire loan. The Company services mortgage and indirect auto loans for others. Loan servicing fee income is reported in the consolidated statements of operations as fees are earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal and are recorded as income when earned. Late fees and ancillary fees related to loan servicing are not material. 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. |
Other Real Estate Owned and Other Foreclosed Assets | Other Real Estate Owned and Other Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less estimated costs to sell, at the date of foreclosure or when control is established, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations, changes in the valuation allowance and any direct writedowns are included in other noninterest expense. The Company classifies commercial loans as in-substance in-substance |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and recorded within marketing expense. |
Belmont Savings Bank and Other Supplemental Executive Retirement Plan | Belmont Savings Bank Supplemental Executive Retirement Plan The compensation cost of an employee’s retirement benefit is recognized on the projected unit credit method over the employee’s approximate service period. The aggregate cost method is utilized for funding purposes. The Company accounts for its supplemental executive retirement plan using an actuarial model that allocates benefit costs over the service period of employees in the plan. The Company accounts for the over-funded or under-funded status of the plan as an asset or liability in its consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income or loss. Other Supplemental Executive Retirement Plans The compensation cost of an employe’s retirement benefit is accrued over the estimated period of the employee’s service. At each measurement date, the aggregate amount accrued equals the then present value of the benefits expected to be provided to the employee in exchange for the employee’s service to that date. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan Compensation expense for the Employee Stock Ownership Plan (“ESOP”) is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheets. The difference between the average fair value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in |
Stock Based Compensation | Stock Based Compensation The Company recognizes stock-based compensation based on the grant-date fair value of the award adjusted for expected forfeitures. The Company values share-based stock option awards granted using the Black-Scholes option-pricing model. The Company recognizes compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. A valuation allowance is established against deferred tax assets when, based upon all available evidence, both positive and negative, it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized. |
Fair Value Hierarchy | Fair Value Hierarchy The Company measures the fair values of its financial instruments in accordance with accounting guidance that requires an entity to base fair value on exit price, and maximize the use of observable inputs and minimize the use of unobservable inputs to determine the exit price. Under applicable accounting guidance, the Company categorizes its financial instruments, based on the priority of inputs to the valuation technique, into a three-level hierarchy, as described below. 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. Transfers between levels are recognized at the end of a reporting period, if applicable. |
Earnings per Share (EPS) | Earnings per Share (“EPS”) Basic earnings per share is calculated using the two-class two-class Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities (i.e. unvested restricted stock), not subject to performance based measures. Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options or the attainment of performance measures) were issued during the period, computed using the treasury stock method. |
Comprehensive Income | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available for sale and changes in the funded status of the Belmont Savings Bank Supplemental Executive Retirement Plan. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued amendments to Accounting Standards Codification (“ASC”) section 606 “Revenue from Contracts with Customers” through issuance of ASU 2014-09, 2015-14, 2015-14 2014-09 2014-09, non-interest 2014-09 non-interest In May 2015, the FASB issued ASU 2015-07, In January 2016, the FASB issued 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, Share-Based 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): In July 2017, the FASB issued ASU 2017-11, No. 2017-11, In August 2017, the FASB issued ASU 2017-12, In February 2018, the FASB issued ASU 2018-02, |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Amortized Cost Basis and Fair Value of Available for Sale and Held-to-Maturity Securities | The following table presents a summary of the amortized cost, gross unrealized holding gains and losses and fair value of securities available for sale and securities held to maturity for the periods indicated. Gross unrealized holding gains and losses on available-for-sale December 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 Available for sale securities: Corporate debt securities $ 16,975 $ 24 $ (78 ) $ 16,921 $ 22,051 $ 147 $ (150 ) $ 22,048 $ 16,975 $ 24 $ (78 ) $ 16,921 $ 22,051 $ 147 $ (150 ) $ 22,048 Held to maturity securities: U.S. government sponsored mortgage-backed securities $ 142,383 $ 145 $ (2,089 ) $ 140,439 $ 112,543 $ 306 $ (1,289 ) $ 111,560 Corporate debt securities 17,707 239 — 17,946 17,654 251 — 17,905 $ 160,090 $ 384 $ (2,089 ) $ 158,385 $ 130,197 $ 557 $ (1,289 ) $ 129,465 |
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of debt securities by contractual maturity at December 31, 2017 is as follows. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Held-to-Maturity Amortized Fair Amortized Fair Cost Basis Value Cost Basis Value Due within one year $ 12,753 $ 12,777 $ 7,003 $ 7,019 Due after one year through five years 4,222 4,144 12,747 12,918 Due after five years through ten years — — 32,640 32,143 Due after ten years — — 107,700 106,305 $ 16,975 $ 16,921 $ 160,090 $ 158,385 |
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time | Information pertaining to securities with gross unrealized losses at December 31, 2017 and 2016, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less than 12 Months 12 Months and Over # of Fair Unrealized Fair Unrealized Holdings Value Losses Value Losses December 31, 2017: Available-for-sale Corporate debt securities 1 $ — $ — $ 4,144 $ (78 ) Held-to-maturity U.S. government sponsored mortgage-backed securities 81 64,056 (718 ) 62,798 (1,371 ) Total temporarily impaired securities 82 $ 64,056 $ (718 ) $ 66,942 $ (1,449 ) 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 LOS34
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Loans | A summary of the balances of loans follows: December 31, 2017 2016 Mortgage loans on real estate: Residential one-to-four $ 1,333,058 $ 997,336 Commercial real estate 642,072 491,838 Home equity lines of credit 178,624 167,465 Construction 53,045 89,003 Total real estate loans 2,206,799 1,745,642 Other loans: Commercial 63,722 63,404 Indirect auto 30,227 60,240 Consumer 435 439 94,384 124,083 Total loans 2,301,183 1,869,725 Net deferred loan costs 3,426 3,622 Net unamortized mortgage premiums 8,661 6,273 Allowance for loan losses (16,312 ) (13,585 ) Total loans, net $ 2,296,958 $ 1,866,035 |
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 present the activity in the allowance for loan losses for the years ended December 31, 2017, 2016 and 2015 and the balances of the allowance for loan losses and recorded investment in loans by portfolio class based on impairment method at December 31, 2017 and 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. Year Ended December 31, 2017 Beginning Provision Charge-offs Recoveries Ending Balance Residential one-to-four $ 4,828 $ 1,572 $ — $ — $ 6,400 Commercial real estate 4,885 1,698 — — 6,583 Construction 1,219 (455 ) — — 764 Commercial 728 30 — — 758 Home equity lines of credit 1,037 (90 ) — — 947 Indirect auto 362 (109 ) (45 ) 22 230 Consumer 9 12 (14 ) 2 9 Unallocated 517 104 — — 621 Total $ 13,585 $ 2,762 $ (59 ) $ 24 $ 16,312 Year Ended December 31, 2016 Beginning Provision Charge-offs Recoveries Ending Balance Residential one-to-four $ 3,574 $ 1,254 $ — $ — $ 4,828 Commercial real estate 4,478 407 — — 4,885 Construction 801 418 — — 1,219 Commercial 613 115 — — 728 Home equity lines of credit 928 109 — — 1,037 Indirect auto 623 (232 ) (85 ) 56 362 Consumer 10 10 (16 ) 5 9 Unallocated 213 304 — — 517 Total $ 11,240 $ 2,385 $ (101 ) $ 61 $ 13,585 Year Ended December 31, 2015 Beginning Provision Charge-offs Recoveries Ending Balance Residential one-to-four $ 2,364 $ 1,274 $ (64 ) $ — $ 3,574 Commercial real estate 4,043 435 — — 4,478 Construction 228 573 — — 801 Commercial 458 131 — 24 613 Home equity lines of credit 828 (99 ) — 199 928 Indirect auto 778 (48 ) (139 ) 32 623 Consumer 11 9 (16 ) 6 10 Unallocated 171 42 — — 213 Total $ 8,881 $ 2,317 $ (219 ) $ 261 $ 11,240 Year Ended December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment Total Loan Balance Allowance Loan Balance Allowance Loan Balance Allowance Residential one-to-four $ 2,688 $ 147 $ 1,330,370 $ 6,253 $ 1,333,058 $ 6,400 Commercial real estate 2,877 — 639,195 6,583 642,072 6,583 Construction — — 53,045 764 53,045 764 Commercial — — 63,722 758 63,722 758 Home equity lines of credit — — 178,624 947 178,624 947 Indirect auto 4 — 30,223 230 30,227 230 Consumer — — 435 9 435 9 Unallocated — — — 621 — 621 Total $ 5,569 $ 147 $ 2,295,614 $ 16,165 $ 2,301,183 $ 16,312 Year Ended 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 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 at December 31, 2017 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses Residential one-to-four $ 725 $ 725 $ 147 Totals $ 725 $ 725 $ 147 Impaired loans with no related allowance for credit losses at December 31, 2017 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses Residential one-to-four $ 1,963 $ 2,052 $ — Commercial real estate 2,877 2,877 — Indirect auto 4 4 — Totals $ 4,844 $ 4,933 $ — Impaired loans with a related allowance for credit losses at December 31, 2016 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses Residential one-to-four $ 740 $ 740 $ 154 Totals $ 740 $ 740 $ 154 Impaired loans with no related allowance for credit losses at December 31, 2016 Unpaid Related Recorded Principal Allowance For Investment Balance Credit Losses 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. Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income With an allowance recorded Investment Recognized Investment Recognized Investment Recognized Residential one-to-four $ 897 $ 32 $ 1,273 $ 33 $ 1,265 $ 33 Commercial real estate — — 3,124 136 3,230 123 Totals $ 897 $ 32 $ 4,397 $ 169 $ 4,495 $ 156 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Average Interest Average Interest Average Interest Recorded Income Recorded Income Recorded Income Without an allowance recorded Investment Recognized Investment Recognized Investment Recognized Residential one-to-four $ 1,986 $ 94 $ 2,977 $ 78 $ 4,296 $ 95 Commercial real estate 3,159 140 784 34 744 30 Home equity lines of credit 106 13 200 8 286 8 Indirect auto 6 — 12 — 8 — Totals $ 5,257 $ 247 $ 3,973 $ 120 $ 5,334 $ 133 |
Summary of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual December 31, 2017 30–59 Days 60–89 Days 90 Days Total 90 days Loans on Non-accrual Real estate loans: Residential one-to-four $ 711 $ — $ 260 $ 971 $ — $ 1,372 Home equity lines of credit 716 — — 716 — — Other loans: Indirect auto 347 30 4 381 — 4 $ 1,774 $ 30 $ 264 $ 2,068 $ — $ 1,376 December 31, 2016 30–59 Days 60–89 Days 90 Days Total 90 days or Loans on Non-accrual Real estate loans: Residential one-to-four $ — $ — $ 497 $ 497 $ — $ 1,804 Home equity lines of credit 57 486 — 543 — — Other loans: Indirect auto 460 106 15 581 — 15 $ 517 $ 592 $ 512 $ 1,621 $ — $ 1,819 |
Company's Loans by Risk Rating | The following table presents the Company’s loans by risk rating at December 31, 2017 and 2016. There were no loans rated as 6 (“doubtful”) or 7 (“loss”) at the dates indicated. December 31, 2017 Loans rated 1-3.5 Loans rated 4 Loans rated 5 Loans not rated (A) Total Residential one-to-four $ — $ 344 $ 2,060 $ 1,330,654 $ 1,333,058 Commercial real estate 638,254 — 3,818 — 642,072 Construction 53,045 — — — 53,045 Commercial 63,682 40 — — 63,722 Home equity lines of credit — — 772 177,852 178,624 Indirect auto — — — 30,227 30,227 Consumer — — — 435 435 Total $ 754,981 $ 384 $ 6,650 $ 1,539,168 $ 2,301,183 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 one-to-four |
Trouble Debt Restructuring Accrual Status | The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: December 31, 2017 December 31, 2016 TDRs on Accrual Status $ 4,194 $ 4,656 TDRs on Non-accrual 645 1,442 Total TDRs $ 4,839 $ 6,098 Amount of specific allocation included in the allowance for loan losses associated with TDRs $ 147 $ 154 Additional commitments to lend to a borrower who has been a party to a TDR $ — $ — |
Troubled Debt Restructurings on Financing Receivables | The following table shows the TDR modifications which occurred during the the years ended December 31, 2017 and 2016 and the outstanding recorded investment subsequent to the modifications occurring: Year Ended Pre-modification Post-modification # of outstanding outstanding Contracts recorded investment recorded investment (a) Real estate loans: Commercial real estate 1 $ 273 $ 273 1 $ 273 $ 273 Year Ended Pre-modification Post-modification # of outstanding outstanding Contracts recorded investment recorded investment (a) Real estate loans: Residential one-to-four 1 $ 621 $ 699 Commercial real estate 3 3,394 3,394 4 $ 4,015 $ 4,093 (a) The post-modification balances represent the balance of the loan on the date of modifications. These amounts may show an increase when modifications include a capitalization of interest or taxes. |
Post Modification of Troubled Debt Restructuring Balance | The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the years indicated: For the years ended December 31, 2017 December 31, 2016 Capitalization of interest, taxes and extended maturity $ — $ 699 Extended maturity 273 3,394 Total $ 273 $ 4,093 |
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: For the years ended December 31, 2017 2016 2015 Number Recorded Number Recorded Number Recorded of Contracts Investment of Contracts Investment of Contracts Investment TDRs that subsequently defaulted Residential one-to-four — $ — 1 $ 497 — $ — Totals — $ — 1 $ 497 — $ — |
TRANSFERS AND SERVICING (Tables
TRANSFERS AND SERVICING (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Changes in Mortgage Servicing Rights | Changes in mortgage servicing rights, which are included in other assets, were as follows: Years Ended December 31, 2017 2016 2015 Balance at beginning of period $ 403 $ 479 $ 476 Capitalization 508 85 99 Amortization (130 ) (101 ) (93 ) Valuation allowance adjustment 74 (60 ) (3 ) Balance at end of period $ 855 $ 403 $ 479 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Cost and Accumulated Depreciation of Premises and Equipment | A summary of the cost and accumulated depreciation of premises and equipment follows: December 31, 2017 2016 Land $ 161 $ 161 Buildings 3,516 3,424 Leasehold improvements 1,414 1,399 Furniture and equipment 4,350 3,979 9,441 8,963 Accumulated depreciation (7,187 ) (6,608 ) $ 2,254 $ 2,355 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Scheduled Maturities of Time Deposits | At December 31, 2017, the scheduled maturities of time deposits are as follows: 2018 $ 226,910 2019 94,797 2020 129,044 2021 42,587 2022 11,376 $ 504,714 |
LONG-TERM BORROWINGS (Tables)
LONG-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Federal Home Loan Bank Advances | |
Schedule of Maturities of Long-Term Debt | Long-term debt at December 31, 2017 and 2016 consists of the following fixed rate FHLB advances: Amount Weighted Average Rate 2017 2016 2017 2016 Fixed rate advances maturing: 2017 $ — $ 35,000 — % 1.14 % 2018 47,000 47,000 1.63 % 1.63 % 2019 225,250 225,250 1.49 % 1.49 % 2020 35,000 20,000 1.76 % 1.75 % 2021 15,000 — 2.03 % — % 2022 95,000 — 2.17 % — % 2031 — 50,000 — % 0.39 % $ 417,250 $ 377,250 1.70 % 1.34 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Allocation of Federal and State Income Taxes between Current and Deferred Portions | Allocation of federal and state income taxes between current and deferred portions is as follows: Years Ended December 31, 2017 2016 2015 Current tax provision: Federal $ 7,386 $ 7,212 $ 4,223 State 1,961 1,954 1,120 9,347 9,166 5,343 Deferred tax expense (benefit): Federal (71 ) (1,391 ) (799 ) State (20 ) (350 ) (222 ) Effect of change in statutory federal tax rate 2,626 — — 2,535 (1,741 ) (1,021 ) Total provision for income taxes $ 11,882 $ 7,425 $ 4,322 |
Summary of Reasons for Differences between Statutory Income Tax Rate and Effective Tax Rate | The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows: Years Ended December 31, 2017 2016 2015 Statutory federal tax rate 35.0 % 35.0 % 34.0 % Increase (decrease) resulting from: State taxes, net of federal tax benefit 4.8 5.4 5.3 Bank-owned life insurance (1.5 ) (1.9 ) (2.7 ) Tax exempt income (0.6 ) (0.8 ) (0.3 ) Change in statutory federal tax rate 10.0 — — Share based compensation (3.5 ) 1.2 1.9 Other, net 1.0 (0.6 ) 0.3 Effective tax rates 45.2 % 38.3 % 38.5 % |
Components of Net Deferred Tax Assets | The components of the net deferred tax asset are as follows: December 31, 2017 2016 Deferred tax assets: Employee benefit and deferred compensation plans $ 2,375 $ 3,827 Allowance for loan losses 4,596 5,577 Accrued rent 8 10 Interest on non-performing 34 50 Stock options 356 547 Unrealized loss on securities available for sale 15 1 ESOP 92 116 Gross deferred tax assets 7,476 10,128 Deferred tax liabilities: Mortgage servicing rights (240 ) (164 ) Deferred loan origination costs (860 ) (1,104 ) Restricted stock awards (280 ) (140 ) Depreciation (201 ) (305 ) Unrecognized retirement benefit (58 ) (72 ) Other (43 ) (22 ) Gross deferred tax liabilities (1,682 ) (1,807 ) Net deferred tax asset $ 5,794 $ 8,321 |
OFF-BALANCE SHEET ARRANGEMENTS
OFF-BALANCE SHEET ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments Outstanding whose Contract Amounts Represent Credit Risk | At December 31, 2017 and 2016, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount 2017 2016 Commitments to grant loans $ 23,702 $ 44,677 Unfunded commitments under lines of credit 325,768 259,124 Unadvanced portion of construction loans 11,486 36,555 Standby letters of credit 561 658 Commitments to purchase loans 65,692 62,036 |
COMMITMENTS AND CONTINGENT LI41
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Future Minimum Rent Commitments under Operating Leases | Pursuant to the terms of noncancelable lease agreements in effect at December 31, 2017, pertaining to banking premises and equipment, future minimum rent commitments under various operating leases are as follows: 2018 $ 361 2019 359 2020 266 2021 122 2022 122 Thereafter 122 $ 1,352 |
MINIMUM REGULATORY CAPITAL RE42
MINIMUM REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Actual Capital Amounts and Ratio | The following table presents actual and required capital ratios as of December 31, 2017 and December 31, 2016 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2017 and December 31, 2016 based on the phase-in phased-in. Actual Minimum Capital Minimum Capital Required Basel III Phase-In Schedule Minimum Capital Required Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2017: Total Capital (to Risk Weighted Assets) Consolidated $ 194,287 11.30 % $ 137,498 8.00 % $ 158,982 9.25 % $ 180,466 10.50 % N/A N/A Belmont Savings Bank 189,311 11.01 % 137,497 8.00 % 158,981 9.25 % 180,465 10.50 % $ 171,871 10.00 % Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 177,939 10.35 % $ 103,123 6.00 % $ 124,607 7.25 % $ 146,092 8.50 % N/A N/A Belmont Savings Bank 172,963 10.06 % 103,123 6.00 % 124,607 7.25 % 146,091 8.50 % $ 137,497 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 177,939 10.35 % $ 77,343 4.50 % $ 98,827 5.75 % $ 120,311 7.00 % N/A N/A Belmont Savings Bank 172,963 10.06 % 77,342 4.50 % 98,826 5.75 % 120,310 7.00 % $ 111,716 6.50 % Tier 1 Capital (to Average Assets) Consolidated $ 177,939 6.97 % $ 102,148 4.00 % $ 102,148 4.00 % $ 102,148 4.00 % N/A N/A Belmont Savings Bank 172,963 6.77 % 102,147 4.00 % 102,147 4.00 % 102,147 4.00 % $ 127,683 5.00 % Actual Minimum Capital Minimum Capital Required Basel III Phase-In Schedule Minimum Capital Required Minimum To Be Well Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total Capital (to Risk Weighted Assets) Consolidated $ 174,465 11.72 % $ 119,116 8.00 % $ 128,422 8.625 % $ 156,340 10.50 % N/A N/A Belmont Savings Bank 169,499 11.38 % 119,114 8.00 % 128,420 8.625 % 156,337 10.50 % $ 148,893 10.00 % Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 160,817 10.80 % $ 89,337 6.00 % $ 98,643 6.625 % $ 126,561 8.50 % N/A N/A Belmont Savings Bank 155,851 10.47 % 89,336 6.00 % 98,641 6.625 % 126,559 8.50 % $ 119,114 8.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets) Consolidated $ 160,817 10.80 % $ 67,003 4.50 % $ 76,309 5.125 % $ 104,227 7.00 % N/A N/A Belmont Savings Bank 155,851 10.47 % 67,002 4.50 % 76,308 5.125 % 104,225 7.00 % $ 96,780 6.50 % Tier 1 Capital (to Average Assets) Consolidated $ 160,817 7.63 % $ 84,253 4.00 % $ 84,253 4.00 % $ 84,253 4.00 % N/A N/A Belmont Savings Bank 155,851 7.40 % 84,251 4.00 % 84,251 4.00 % 84,251 4.00 % $ 105,314 5.00 % |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Information Pertaining to Activity in Plan | Information pertaining to the activity in the plan is as follows: Years Ended December 31, 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 1,521 $ 1,316 Service cost 253 261 Interest cost 66 57 Actuarial gain (42 ) (113 ) Benefit obligation at end of year 1,798 1,521 Funded status at end of year $ (1,798 ) $ (1,521 ) Accrued pension benefit $ (2,003 ) $ (1,696 ) Accumulated benefit obligation $ 1,175 $ 985 |
Components of Net Periodic Pension Cost | The components of net periodic pension cost are as follows: December 31, 2017 2016 Service cost $ 253 $ 261 Interest cost 66 57 Amortization of gain (19 ) — Amortization of prior service cost 6 6 Net periodic cost $ 306 $ 324 |
Other Changes in Benefit Obligations Recognized in Other Comprehensive Loss | Other changes in benefit obligations recognized in other comprehensive loss are as follows: December 31, 2017 2016 Amortization of prior service cost $ (6 ) $ (6 ) Amortization of unrecognized gain 19 — Net actuarial gain (42 ) (112 ) Total recognized in other comprehensive loss $ (29 ) $ (118 ) |
Amounts Recognized in Accumulated Other Comprehensive Income, before Tax Effects | Amounts recognized in accumulated other comprehensive income, before tax effects, consist of the following: December 31, 2017 2016 Unrecognized prior service cost $ 40 $ 46 Unrecognized net gain (245 ) (222 ) $ (205 ) $ (176 ) |
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows: Year Ending December 31, Amount 2018 $ — 2019 57 2020 191 2021 267 2022 267 Years 2023-2027 1,565 |
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures | At December 31, 2017, the remaining principal balance on the ESOP debt is payable as follows: Years Ending December 31, Amount 2018 $ 96 2019 100 2020 104 2021 110 2022 115 Thereafter 3,444 $ 3,969 Shares held by the ESOP include the following: December 31, 2017 2016 Unallocated 363,091 378,379 Allocated 84,813 72,598 447,904 450,977 |
Defined Benefit Obligations | |
Schedule of Assumptions Used | The assumptions used to determine the benefit obligation are as follows: December 31, 2017 2016 Discount rate 3.80 % 4.35 % Rate of compensation increase 3.00 % 3.00 % |
Net Periodic Benefit Costs | |
Schedule of Assumptions Used | The assumptions used to determine net periodic pension cost are as follows: December 31, 2017 2016 Discount rate 4.35 % 4.30 % Rate of compensation increase 3.00 % 3.00 % |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cumulatively Granted Restricted Stock Awards Net of Forfeitures | The following table presents the amount of cumulatively granted restricted stock awards, net of forfeitures, through December 31, 2017 under the BSB Bancorp, Inc. 2017 Equity Incentive Plan: Authorized Authorized Cumulative Granted Net of Forfeitures Outstanding Stock Restricted Authorized Stock Restricted 2012 Equity Incentive Plan 917,286 366,914 1,284,200 889,092 363,570 1,252,662 2017 Equity Incentive Plan — 487,200 487,200 — 483,302 483,302 |
Pre-Tax Expense Associated with Stock Option and Restricted Stock Awards and Related Tax Benefits Recognized | The following table presents the pre-tax For the year ended December 31, 2017 2016 2015 Stock based compensation expense Stock options $ 724 $ 780 $ 791 Restricted stock awards 1,835 869 869 Total stock based award expense $ 2,559 $ 1,649 $ 1,660 Related tax benefits recognized in earnings $ 874 $ 492 $ 481 |
Summary of Stock Option | The following table presents relevant information relating to the Company’s stock options for the periods indicated: For the year ended December 31, 2017 2016 2015 Weighted average grant date fair value of options granted $ — $ 4.63 $ 3.90 Intrinsic value of stock options exercised 3,299 368 226 Cash paid to settle equity instruments granted under stock based compensation arrangements — — — |
Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period | Total compensation cost related to non-vested As of December 31, 2017 Amount Weighted Stock options $ 136 2.36 Restricted stock 10,574 9.19 Total $ 10,710 |
Fair Value of Stock Options Granted Estimate on Date of Grant Using Black-Scholes Option-Pricing Model | Date of grant 3/1/2016 2/25/2015 2/11/2015 Options granted 27,500 5,414 7,828 Exercise price $ 22.31 $ 18.83 $ 18.78 Vesting period (1) 5 years 5 years 5 years Expiration date 3/1/2026 2/25/2025 2/11/2025 Expected volatility 16.13 % 15.51 % 15.52 % Expected term 6.5 years 6.5 years 6.5 years Expected dividend yield 0 % 0 % 0 % Risk free interest rate 1.54 % 1.70 % 1.76 % Fair value $ 4.63 $ 3.89 $ 3.91 (1)- Vesting is ratably and the period begins on the date of grant. |
Summary of Stock Option and Restricted Stock Awards | A summary of the status of the Company’s Stock Option and Restricted Stock Awards for the year ended December 31, 2017 is presented in the tables below: Outstanding Stock option Weighted average Weighted average Aggregate Balance at January 1, 2017 804,484 $ 12.68 Granted — — Exercised (213,962 ) 12.17 Forfeited — — Balance at December 31, 2017 590,522 $ 12.86 5.17 $ 9,676 Exercisable 543,763 $ 12.31 5.00 $ 9,209 Non-vested Weighted average Balance at January 1, 2017 73,429 $ 12.22 Granted 487,200 27.10 Vested (71,829 ) 12.10 Forfeited (3,898 ) 27.10 Balance at December 31, 2017 484,902 $ 27.07 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of Earning Per Share | Earnings per share consisted of the following components for the years ended December 31, 2017, 2016 and 2015: December 31, December 31, December 31, Net income $ 14,386 $ 11,981 $ 6,914 Undistributed earnings attributable to participating securities (108 ) (190 ) (167 ) Net income available to common stockholders $ 14,278 $ 11,791 $ 6,747 Weighted average shares outstanding, basic 8,754,393 8,571,861 8,465,177 Effect of dilutive shares 429,400 286,030 217,813 Weighted average shares outstanding, assuming dilution 9,183,793 8,857,891 8,682,990 Basic EPS $ 1.63 $ 1.38 $ 0.80 Effect of dilutive shares (0.08 ) (0.05 ) (0.02 ) Diluted EPS $ 1.55 $ 1.33 $ 0.78 |
FAIR VALUES OF ASSETS AND LIA46
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 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 December 31, 2017 and 2016, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Level 2 Level 3 Total At December 31, 2017 Securities available for sale Corporate debt securities $ — $ 16,921 $ — $ 16,921 Trading securities Rabbi Trust 2,808 — — 2,808 Totals $ 2,808 $ 16,921 $ — $ 19,729 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 2,606 — — 2,606 Totals $ 2,606 $ 22,048 $ — $ 24,654 |
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: December 31, 2017 Carrying Fair Amount Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 110,888 $ 110,888 $ 110,888 $ — $ — Interest-bearing time deposits with other banks 2,440 2,440 — 2,440 — Held-to-maturity 160,090 158,385 — 158,385 — Federal Home Loan Bank stock 32,382 32,382 — 32,382 — Bank owned life insurance 36,967 36,967 — 36,967 Loans, net 2,296,958 2,251,971 — — 2,251,971 Accrued interest receivable 6,344 6,344 6,344 — — Financial liabilities: Deposits 1,751,251 1,748,995 1,246,537 502,458 — Federal Home Loan Bank advances 723,150 719,430 — 719,430 — Securities sold under agreements to repurchase 3,268 3,268 — 3,268 — Accrued interest payable 1,594 1,594 1,594 — — Mortgagors’ escrow accounts 4,690 4,690 — 4,690 — 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 — Bank owned life insurance 35,842 35,842 — 35,842 Loans, net 1,866,035 1,837,068 — — 1,837,068 Accrued interest receivable 4,635 4,635 4,635 — — 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 — |
Non-financial Assets | |
Non Financial Assets Remeasured and Reported at Lower of Cost or Fair Value | The following tables present the non-financial re-measured December 31, 2017 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 855 Totals $ — $ — $ 855 December 31, 2016 Level 1 Level 2 Level 3 Mortgage servicing rights $ — $ — $ 403 Totals $ — $ — $ 403 |
OTHER COMPREHENSIVE (LOSS) IN47
OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedules of Other Comprehensive (Loss) Income | The following table presents a reconciliation of the changes in the components of other comprehensive (loss) income for the dates indicated, including the amount of income tax benefit (expense) allocated to each component of other comprehensive (loss) income: Year Ended December 31, 2017 Pre Tax Tax Benefit After Tax Amount (Expense) Amount Securities available-for-sale: Change in fair value of securities available for sale $ (13 ) $ 5 $ (8 ) Reclassification adjustment for net gains included in net income 1 (38 ) 15 (23 ) Net change in fair value of securities available for sale (51 ) 20 (31 ) Defined benefit post-retirement benefit plans: Change in the actuarial gain/loss 42 (17 ) 25 Reclassification adjustment included in net income 2 (13 ) 5 (8 ) Net change defined-benefit post-retirement benefit plans 29 (12 ) 17 Total other comprehensive loss $ (22 ) $ 8 $ (14 ) Year Ended December 31, 2016 Pre Tax Tax After Tax Amount Expense Amount Securities available-for-sale: Change in fair value of securities available for sale $ 247 $ (98 ) $ 149 Net change in fair value of securities available for sale 247 (98 ) 149 Defined benefit post-retirement benefit plans: Change in the actuarial gain/loss 112 (46 ) 66 Reclassification adjustment included in net income 2 6 (2 ) 4 Net change defined-benefit post-retirement benefit plans 118 (48 ) 70 Total other comprehensive income $ 365 $ (146 ) $ 219 Year Ended December 31, 2015 Pre Tax Tax Benefit After Tax Amount (Expense) Amount Securities available-for-sale: Change in fair value of securities available for sale $ (130 ) $ 52 $ (78 ) Net change in fair value of securities available for sale (130 ) 52 (78 ) Defined benefit post-retirement benefit plans: Change in the actuarial gain/loss (33 ) 13 (20 ) Reclassification adjustment included in net income 2 6 (2 ) 4 Net change defined-benefit post-retirement benefit plans (27 ) 11 (16 ) Total other comprehensive loss $ (157 ) $ 63 $ (94 ) 1- Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive income and have affected certain lines in the consolidated statements of operations as follows; the pre-tax 2- Reclassification adjustments are comprised of amortization of prior service cost and unrecognized gain and have been reclassified out of accumulated other comprehensive income (loss). The amounts affected certain lines in the consolidated statements of operations as follows: amortization of prior service cost and unrecognized gain is included in salaries and employee benefits expense. The tax expense amount is included in income tax expense and the after tax amount is included in net income. |
Components of Accumulated Other Comprehensive Income, included in Stockholders' Equity | The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: December 31, 2017 December 31, 2016 Net unrealized holding loss on available-for-sale $ (32 ) $ (1 ) Unrecognized benefit pertaining to defined benefit plan, net of tax 121 104 Accumulated other comprehensive income $ 89 $ 103 |
CONDENSED FINANCIAL STATEMENT48
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Balance Sheets | The following condensed financial statements are for the Parent Company only and should be read in conjunction with the consolidated financial statements of the Company. Condensed Balance Sheets December 31, 2017 2016 Assets Cash and cash equivalents held at Belmont Savings Bank $ 919 $ 519 Investment in Belmont Savings Bank 173,054 155,955 Investment in BSB Funding Corp. 4,065 4,436 Other assets 45 62 Total assets $ 178,083 $ 160,972 Liabilities and Stockholders’ Equity Accrued expenses $ 38 $ 37 Other liabilities 16 14 Total liabilities 54 51 Stockholders’ equity 178,029 160,921 Total liabilities and stockholders’ equity $ 178,083 $ 160,972 |
Condensed Statements of Operations | Condensed Statements of Operations Years Ended December 31, 2017 2016 2015 Interest and dividend income: Interest on cash equivalents $ — $ — $ 1 Dividends from subsidiaries — — — Total interest and dividend income — — 1 Interest expense — — — Net interest and dividend income — — 1 Non-interest — — — Non-interest 230 219 242 Loss before income taxes and equity in undistributed earnings of subsidiaries (230 ) (219 ) (241 ) Income tax benefit (94 ) (89 ) (96 ) Loss before equity in income of subsidiaries (136 ) (130 ) (145 ) Equity in undistributed earnings of Belmont Savings Bank 14,432 12,025 6,976 Equity in undistributed earnings of BSB Funding Corp 90 86 83 Net income $ 14,386 $ 11,981 $ 6,914 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, 2017 2016 2015 Cash flows from operating activities: Net income $ 14,386 $ 11,981 $ 6,914 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in undistributed earnings of Belmont Savings Bank (14,432 ) (12,025 ) (6,976 ) Equity in undistributed earnings of BSB Funding Corp. (90 ) (86 ) (83 ) Deferred income tax expense — — 190 Other, net 26 (27 ) 720 Net cash (used in) provided by operating activities (110 ) (157 ) 765 Cash flows from investing activities: Return of capital from BSB Funding Corp. 460 — 600 Investment in Belmont Savings Bank — — (3,800 ) Net cash provided by (used in) investing activities 460 — (3,200 ) Cash flows from financing activities: Proceeds from exercise of stock options, net of cash paid 50 298 228 Restricted stock awards issued, net of awards surrendered — (118 ) (51 ) Net cash provided by financing activities 50 180 177 Net increase (decrease) in cash and cash equivalents 400 23 (2,258 ) Cash and cash equivalents at beginning of period 519 496 2,754 Cash and cash equivalents at end of period $ 919 $ 519 $ 496 |
QUARTERLY DATA (UNAUDITED) (Tab
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Results of Operations | Quarterly results of operations are as follows: Years Ended December 31, 2017 2016 Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Interest and dividend income $ 21,114 $ 19,758 $ 18,764 $ 17,506 $ 16,291 $ 15,726 $ 15,164 $ 14,439 Interest expense 6,414 5,579 4,816 4,245 3,918 3,699 3,457 3,158 Net interest income 14,700 14,179 13,948 13,261 12,373 12,027 11,707 11,281 Provision for loan losses 691 535 707 829 601 443 741 599 Net interest income, after provision for loan losses 14,009 13,644 13,241 12,432 11,772 11,584 10,966 10,682 Non-interest 1,117 885 995 630 703 680 705 660 Non-interest 7,636 7,929 7,645 7,476 7,045 7,066 6,984 7,252 Income before taxes 7,490 6,600 6,591 5,586 5,430 5,198 4,687 4,090 Income tax expense 5,382 2,001 2,579 1,920 2,120 2,018 1,735 1,551 Net income $ 2,108 $ 4,599 $ 4,012 $ 3,666 $ 3,310 $ 3,180 $ 2,952 $ 2,539 Earnings per common share Basic $ 0.24 $ 0.52 $ 0.45 $ 0.42 $ 0.38 $ 0.36 $ 0.34 $ 0.29 Diluted $ 0.23 $ 0.50 $ 0.43 $ 0.40 $ 0.37 $ 0.35 $ 0.33 $ 0.28 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ||||
Stock issued, shares | 8,993,000 | |||
Stock issued, price per share | $ 10 | |||
Gross proceeds | $ 89,900,000 | |||
Shares sold to the Bank's employee stock ownership plan | 458,643 | |||
Due days of accrual of interest on all loans | 90 days | |||
Originate loans with a loan-to-value | 80.00% | |||
Excess tax benefits from stock-based compensation | $ 329,000 | $ 215,000 | ||
ASU 2016-09 | ||||
Significant Accounting Policies [Line Items] | ||||
Excess tax benefits from stock-based compensation | $ 1,300,000 | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Insured amount for per account deposit by Bank Insurance Fund | $ 250,000 | |||
Life insurance policy with individual carrier as a percentage of tier one capital | 15.00% | |||
Total cash surrender value of life insurance policies as a percentage of tier one capital | 25.00% | |||
Reserve for Off-balance Sheet Activities | ||||
Significant Accounting Policies [Line Items] | ||||
Reserve for unfunded loan commitments | $ 36,000 | $ 63,000 | ||
Belmont Savings Bank | ||||
Significant Accounting Policies [Line Items] | ||||
Stock issued, shares | 179,860 | |||
Cash contribution to charity | $ 200,000 |
Restrictions on Cash and Amou51
Restrictions on Cash and Amounts due From Banks - Additional Information (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Cash and cash equivalents subject to withdrawals and usage restrictions | $ 25,218,000 | $ 23,450,000 |
Amortized Cost Basis of Availab
Amortized Cost Basis of Available for Sale and Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 16,975 | $ 22,051 |
Available-for-sale Securities, Gross Unrealized Gains | 24 | 147 |
Available-for-sale Securities, Gross Unrealized Losses | (78) | (150) |
Available-for-sale Securities, Fair Value | 16,921 | 22,048 |
Held-to-maturity securities, Amortized Cost Basis | 160,090 | 130,197 |
Held-to-maturity securities, Gross Unrealized Gains | 384 | 557 |
Held-to-maturity securities, Gross Unrealized Losses | (2,089) | (1,289) |
Held-to-maturity securities, Fair Value | 158,385 | 129,465 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 16,975 | 22,051 |
Available-for-sale Securities, Gross Unrealized Gains | 24 | 147 |
Available-for-sale Securities, Gross Unrealized Losses | (78) | (150) |
Available-for-sale Securities, Fair Value | 16,921 | 22,048 |
Held-to-maturity securities, Amortized Cost Basis | 17,707 | 17,654 |
Held-to-maturity securities, Gross Unrealized Gains | 239 | 251 |
Held-to-maturity securities, Fair Value | 17,946 | 17,905 |
U.S. government sponsored mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 142,383 | 112,543 |
Held-to-maturity securities, Gross Unrealized Gains | 145 | 306 |
Held-to-maturity securities, Gross Unrealized Losses | (2,089) | (1,289) |
Held-to-maturity securities, Fair Value | $ 140,439 | $ 111,560 |
Amortized Cost Basis and Estima
Amortized Cost Basis and Estimated Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due within one year, Available-for-sale Securities, Amortized Cost Basis | $ 12,753 | |
Due after one year through five years, Available-for-sale Securities, Amortized Cost Basis | 4,222 | |
Due after five years through ten years, Available-for-sale Securities, Amortized Cost Basis | 0 | |
Due after ten years, Available-for-sale Securities, Amortized Cost Basis | 0 | |
Available-for-sale Securities, Amortized Cost Basis | 16,975 | $ 22,051 |
Due within one year, Available-for-sale Securities, Fair Value | 12,777 | |
Due after one year through five years, Available-for-sale Securities, Fair Value | 4,144 | |
Due after five years through ten years, Available-for-sale Securities, Fair Value | 0 | |
Due after ten years, Available-for-sale Securities, Fair Value | 0 | |
Available-for-sale Securities, Fair Value | 16,921 | 22,048 |
Due within one year, Held-to-Maturity, Amortized Cost Basis | 7,003 | |
Due after one year through five years, Held-to-Maturity, Amortized Cost Basis | 12,747 | |
Due after five years through ten years, Held-to-Maturity, Amortized Cost Basis | 32,640 | |
Due after ten years, Held-to-Maturity, Amortized Cost Basis | 107,700 | |
Held-to-maturity securities, Amortized Cost Basis | 160,090 | 130,197 |
Due within one year, Held-to-Maturity, Fair Value | 7,019 | |
Due after one year through five years, Held-to-Maturity, Fair Value | 12,918 | |
Due after five years through ten years, Held-to-Maturity, Fair Value | 32,143 | |
Due after ten years, Held-to-Maturity, Fair Value | 106,305 | |
Held-to-Maturity, Fair Value | $ 158,385 | $ 129,465 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Entity | Dec. 31, 2016USD ($)Entity | Dec. 31, 2015USD ($) | |
Investment Securities [Line Items] | |||
Securities pledged to secure securities sold under agreements to repurchase | $ 5,582,000 | $ 4,721,000 | |
Securities pledged to secure borrowings with Federal Home Loan Bank | 47,666,000 | 37,561,000 | |
Securities pledged to secure available line of credit with Federal Home Loan Bank | 15,780,000 | 15,739,000 | |
Proceeds from sales of available-for-sale securities | 5,038,000 | $ 0 | $ 0 |
Realized gains of investments | $ 38,000 | ||
Number of securities that had unrealized losses | Entity | 82 | 58 | |
Securities that had unrealized losses, aggregate depreciation percentage | 1.63% | ||
Rabbi Trust | |||
Investment Securities [Line Items] | |||
Trading securities, fair value | $ 2,808,000 | $ 2,606,000 | |
Trading securities, unrealized holding gain (loss) | $ 159,000 | $ 36,000 |
Securities with Gross Unrealize
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time (Detail) $ in Thousands | Dec. 31, 2017USD ($)Entity | Dec. 31, 2016USD ($)Entity |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | Entity | 82 | 58 |
Less than 12 Months, Fair Value | $ 64,056 | $ 81,604 |
Less than 12 Months, Unrealized Losses | (718) | (1,247) |
12 Months or longer, Fair Value | 66,942 | 6,518 |
12 Months or longer, Unrealized Losses | $ (1,449) | $ (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 | $ 4,130 | |
Available-for-sale, Less than 12 Months, Unrealized Losses | $ (150) | |
Available-for-sale, 12 Months or longer, Fair Value | $ 4,144 | |
Available-for-sale, 12 Months or longer, Unrealized Losses | $ (78) | |
U.S. government sponsored mortgage-backed securities | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||
Number of Holdings | Entity | 81 | 57 |
Held-to-maturity, Less than 12 Months, Fair Value | $ 64,056 | $ 77,474 |
Held-to-maturity, Less than 12 Months, Unrealized Losses | (718) | (1,097) |
Held-to-maturity, 12 Months or longer, Fair Value | 62,798 | 6,518 |
Held-to-maturity, 12 Months or longer, Unrealized Losses | $ (1,371) | $ (192) |
Summary of Loans (Detail)
Summary of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | $ 2,301,183 | $ 1,869,725 | ||
Net deferred loan costs | 3,426 | 3,622 | ||
Net unamortized mortgage premiums | 8,661 | 6,273 | ||
Allowance for loan losses | (16,312) | (13,585) | $ (11,240) | $ (8,881) |
Total loans, net | 2,296,958 | 1,866,035 | ||
Mortgage Loan Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 2,206,799 | 1,745,642 | ||
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 1,333,058 | 997,336 | ||
Allowance for loan losses | (6,400) | (4,828) | (3,574) | (2,364) |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 642,072 | 491,838 | ||
Allowance for loan losses | (6,583) | (4,885) | (4,478) | (4,043) |
Mortgage Loan Portfolio Segment | Home equity lines of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 178,624 | 167,465 | ||
Allowance for loan losses | (947) | (1,037) | (928) | (828) |
Mortgage Loan Portfolio Segment | Construction loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 53,045 | 89,003 | ||
Allowance for loan losses | (764) | (1,219) | (801) | (228) |
Commercial Portfolio Segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 63,722 | 63,404 | ||
Allowance for loan losses | (758) | (728) | (613) | (458) |
Consumer Portfolio Segment | Indirect auto loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 30,227 | 60,240 | ||
Allowance for loan losses | (230) | (362) | (623) | (778) |
Consumer Portfolio Segment | Other Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | 435 | 439 | ||
Allowance for loan losses | (9) | (9) | $ (10) | $ (11) |
Commercial and Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Balance | $ 94,384 | $ 124,083 |
Allowance for Loan Losses by Po
Allowance for Loan Losses by Portfolio Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 13,585 | $ 11,240 | $ 13,585 | $ 11,240 | $ 8,881 | ||||||
Provision (Benefit) | $ 691 | $ 535 | $ 707 | 829 | $ 601 | $ 443 | $ 741 | 599 | 2,762 | 2,385 | 2,317 |
Charge-offs | (59) | (101) | (219) | ||||||||
Recoveries | 24 | 61 | 261 | ||||||||
Ending Balance | 16,312 | 13,585 | 16,312 | 13,585 | 11,240 | ||||||
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 | 4,828 | 3,574 | 2,364 | ||||||
Provision (Benefit) | 1,572 | 1,254 | 1,274 | ||||||||
Charge-offs | (64) | ||||||||||
Ending Balance | 6,400 | 4,828 | 6,400 | 4,828 | 3,574 | ||||||
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 | 4,885 | 4,478 | 4,043 | ||||||
Provision (Benefit) | 1,698 | 407 | 435 | ||||||||
Ending Balance | 6,583 | 4,885 | 6,583 | 4,885 | 4,478 | ||||||
Mortgage Loan Portfolio Segment | Construction loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 1,219 | 801 | 1,219 | 801 | 228 | ||||||
Provision (Benefit) | (455) | 418 | 573 | ||||||||
Ending Balance | 764 | 1,219 | 764 | 1,219 | 801 | ||||||
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 1,037 | 928 | 1,037 | 928 | 828 | ||||||
Provision (Benefit) | (90) | 109 | (99) | ||||||||
Recoveries | 199 | ||||||||||
Ending Balance | 947 | 1,037 | 947 | 1,037 | 928 | ||||||
Commercial Portfolio Segment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 728 | 613 | 728 | 613 | 458 | ||||||
Provision (Benefit) | 30 | 115 | 131 | ||||||||
Recoveries | 24 | ||||||||||
Ending Balance | 758 | 728 | 758 | 728 | 613 | ||||||
Consumer Portfolio Segment | Indirect auto loans | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 362 | 623 | 362 | 623 | 778 | ||||||
Provision (Benefit) | (109) | (232) | (48) | ||||||||
Charge-offs | (45) | (85) | (139) | ||||||||
Recoveries | 22 | 56 | 32 | ||||||||
Ending Balance | 230 | 362 | 230 | 362 | 623 | ||||||
Consumer Portfolio Segment | Other Consumer Loan | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 9 | 10 | 9 | 10 | 11 | ||||||
Provision (Benefit) | 12 | 10 | 9 | ||||||||
Charge-offs | (14) | (16) | (16) | ||||||||
Recoveries | 2 | 5 | 6 | ||||||||
Ending Balance | 9 | 9 | 9 | 9 | 10 | ||||||
Unallocated | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 517 | $ 213 | 517 | 213 | 171 | ||||||
Provision (Benefit) | 104 | 304 | 42 | ||||||||
Ending Balance | $ 621 | $ 517 | $ 621 | $ 517 | $ 213 |
Individually Impaired Loans by
Individually Impaired Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment, Loan Balance | $ 5,569 | $ 6,475 | ||
Individually evaluated for impairment, Loan allowance | 147 | 154 | ||
Collectively evaluated for impairment, Loan Balance | 2,295,614 | 1,863,250 | ||
Collectively evaluated for impairment, Loan allowance | 16,165 | 13,431 | ||
Total Loan Balance | 2,301,183 | 1,869,725 | ||
Total Loan, allowance | 16,312 | 13,585 | $ 11,240 | $ 8,881 |
Mortgage Loan Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Loan Balance | 2,206,799 | 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 | 2,688 | 2,896 | ||
Individually evaluated for impairment, Loan allowance | 147 | 154 | ||
Collectively evaluated for impairment, Loan Balance | 1,330,370 | 994,440 | ||
Collectively evaluated for impairment, Loan allowance | 6,253 | 4,674 | ||
Total Loan Balance | 1,333,058 | 997,336 | ||
Total Loan, allowance | 6,400 | 4,828 | 3,574 | 2,364 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment, Loan Balance | 2,877 | 3,364 | ||
Collectively evaluated for impairment, Loan Balance | 639,195 | 488,474 | ||
Collectively evaluated for impairment, Loan allowance | 6,583 | 4,885 | ||
Total Loan Balance | 642,072 | 491,838 | ||
Total Loan, allowance | 6,583 | 4,885 | 4,478 | 4,043 |
Mortgage Loan Portfolio Segment | Construction loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Loan Balance | 53,045 | 89,003 | ||
Collectively evaluated for impairment, Loan allowance | 764 | 1,219 | ||
Total Loan Balance | 53,045 | 89,003 | ||
Total Loan, allowance | 764 | 1,219 | 801 | 228 |
Mortgage Loan Portfolio Segment | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment, Loan Balance | 200 | |||
Collectively evaluated for impairment, Loan Balance | 178,624 | 167,265 | ||
Collectively evaluated for impairment, Loan allowance | 947 | 1,037 | ||
Total Loan Balance | 178,624 | 167,465 | ||
Total Loan, allowance | 947 | 1,037 | 928 | 828 |
Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Loan Balance | 63,722 | 63,404 | ||
Collectively evaluated for impairment, Loan allowance | 758 | 728 | ||
Total Loan Balance | 63,722 | 63,404 | ||
Total Loan, allowance | 758 | 728 | 613 | 458 |
Consumer Portfolio Segment | Indirect auto loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment, Loan Balance | 4 | 15 | ||
Collectively evaluated for impairment, Loan Balance | 30,223 | 60,225 | ||
Collectively evaluated for impairment, Loan allowance | 230 | 362 | ||
Total Loan Balance | 30,227 | 60,240 | ||
Total Loan, allowance | 230 | 362 | 623 | 778 |
Consumer Portfolio Segment | Other Consumer Loan | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Loan Balance | 435 | 439 | ||
Collectively evaluated for impairment, Loan allowance | 9 | 9 | ||
Total Loan Balance | 435 | 439 | ||
Total Loan, allowance | 9 | 9 | 10 | 11 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Collectively evaluated for impairment, Loan allowance | 621 | 517 | ||
Total Loan, allowance | $ 621 | $ 517 | $ 213 | $ 171 |
Impaired Loans (Detail)
Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired loans with a related allowance for credit losses, Recorded Investment | $ 725 | $ 740 | |
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 725 | 740 | |
Impaired loans with a related allowance for credit losses at, Specific Allowance | 147 | 154 | |
Impaired loans with no related allowance for credit losses, Recorded Investment | 4,844 | 5,735 | |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 4,933 | 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 | 897 | 4,397 | $ 4,495 |
Impaired loans with a related allowance for credit losses, Interest income recognized | 32 | 169 | 156 |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 5,257 | 3,973 | 5,334 |
Impaired loans with no related allowance for credit losses, Interest income recognized | 247 | 120 | 133 |
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, Recorded Investment | 725 | 740 | |
Impaired loans with a related allowance for credit losses at, Unpaid Principal Balance | 725 | 740 | |
Impaired loans with a related allowance for credit losses at, Specific Allowance | 147 | 154 | |
Impaired loans with no related allowance for credit losses, Recorded Investment | 1,963 | 2,156 | |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 2,052 | 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 | 897 | 1,273 | 1,265 |
Impaired loans with a related allowance for credit losses, Interest income recognized | 32 | 33 | 33 |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 1,986 | 2,977 | 4,296 |
Impaired loans with no related allowance for credit losses, Interest income recognized | 94 | 78 | 95 |
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 | 2,877 | 3,364 | |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 2,877 | 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 | 3,124 | 3,230 | |
Impaired loans with a related allowance for credit losses, Interest income recognized | 136 | 123 | |
Impaired loans with no related allowance for credit losses, Average recorded Investment | 3,159 | 784 | 744 |
Impaired loans with no related allowance for credit losses, Interest income recognized | 140 | 34 | 30 |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired loans with no related allowance for credit losses, Recorded Investment | 200 | ||
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 200 | ||
Impaired loans with no related allowance for credit losses at, Specific Allowance | 0 | ||
Impaired loans with no related allowance for credit losses, Average recorded Investment | 106 | 200 | 286 |
Impaired loans with no related allowance for credit losses, Interest income recognized | 13 | 8 | 8 |
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 | 4 | 15 | |
Impaired loans with no related allowance for credit losses, Unpaid Principal Balance | 4 | 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 | $ 6 | $ 12 | $ 8 |
Past Due and Non-Accrual Loans
Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | $ 2,068 | $ 1,621 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,376 | 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 | 971 | 497 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 1,372 | 1,804 |
Mortgage Loan Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 716 | 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 | 381 | 581 |
90 days or more and accruing | 0 | 0 |
Loans on Non-accrual | 4 | 15 |
30-59 Days | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 1,774 | 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 | 711 | |
30-59 Days | Mortgage Loan Portfolio Segment | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 716 | 57 |
30-59 Days | Consumer Portfolio Segment | Indirect auto loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 347 | 460 |
60-89 Days | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 30 | 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 | 30 | 106 |
Loans 90 Days Or More Past Due | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days Past Due | 264 | 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 | 260 | 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 | $ 4 | $ 15 |
Loans Classified by Risk Rating
Loans Classified by Risk Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | $ 2,301,183 | $ 1,869,725 | |
Mortgage Loan Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 2,206,799 | 1,745,642 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 1,333,058 | 997,336 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 642,072 | 491,838 | |
Mortgage Loan Portfolio Segment | Construction loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 53,045 | 89,003 | |
Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 178,624 | 167,465 | |
Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 63,722 | 63,404 | |
Consumer Portfolio Segment | Indirect auto loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 30,227 | 60,240 | |
Consumer Portfolio Segment | Other Consumer Loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 435 | 439 | |
Loans rated 1-3.5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 754,981 | 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 | 638,254 | 471,491 | |
Loans rated 1-3.5 | Mortgage Loan Portfolio Segment | Construction loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 53,045 | 89,003 | |
Loans rated 1-3.5 | Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 63,682 | 63,404 | |
Loans rated 4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 384 | 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 | 344 | 351 | |
Loans rated 4 | Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 16,032 | ||
Loans rated 4 | Commercial Portfolio Segment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 40 | ||
Loans rated 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 6,650 | 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 | 2,060 | 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 | 3,818 | 4,315 | |
Loans rated 5 | Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | 772 | 799 | |
Loans not rated | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [1] | 1,539,168 | 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 | [1] | 1,330,654 | 994,476 |
Loans not rated | Mortgage Loan Portfolio Segment | Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [1] | 177,852 | 166,666 |
Loans not rated | Consumer Portfolio Segment | Indirect auto loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [1] | 30,227 | 60,240 |
Loans not rated | Consumer Portfolio Segment | Other Consumer Loan | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans Balance | [1] | $ 435 | $ 439 |
[1] | Residential one-to-four family, home equity lines of credit, indirect auto and consumer loans are not formally risk rated by the Company unless the loans become delinquent. |
Loans, Allowance for Loan Los62
Loans, Allowance for Loan Losses and Credit Quality - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans pledged to secure FHLB advances | $ 1,400,000 | $ 1,100,000 |
Financing Receivable Troubled Debt Restructurings | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of financing receivables modified by troubled debt restructurings | Contract | 0 | 4 |
Residential one-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer mortgage loans in the process of foreclosure amount | $ 0 | $ 497 |
Troubled Debt Restructuring Acc
Troubled Debt Restructuring Accrual Status (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | $ 4,839 | $ 6,098 |
Amount of specific allocation included in the allowance for loan losses associated with TDRs | 147 | 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 | 4,194 | 4,656 |
Non-accrual Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total TDRs | $ 645 | $ 1,442 |
Troubled Debt Restructurings on
Troubled Debt Restructurings on Financing Receivables (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | ||
Financing Receivable, Modifications [Line Items] | |||
Post-modification outstanding recorded investment | $ 273 | $ 4,093 | |
Mortgage Loan Portfolio Segment | Real Estate Loan | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 4 | |
Pre-modification outstanding recorded investment | $ 273 | $ 4,015 | |
Post-modification outstanding recorded investment | [1] | $ 273 | $ 4,093 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Commercial real estate loans | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 3 | |
Pre-modification outstanding recorded investment | $ 273 | $ 3,394 | |
Post-modification outstanding recorded investment | [1] | $ 273 | $ 3,394 |
Mortgage Loan Portfolio Segment | Real Estate Loan | Residential one-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | ||
Pre-modification outstanding recorded investment | $ 621 | ||
Post-modification outstanding recorded investment | [1] | $ 699 | |
[1] | The post-modification balances represent the balance of the loan on the date of modifications. These amounts may show an increase when modifications include a capitalization of interest or taxes. |
Post Modification of Troubled D
Post Modification of Troubled Debt Restructuring Balance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Post-modification outstanding recorded investment | $ 273 | $ 4,093 |
Capitalization of interest, taxes and extended maturity | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Post-modification outstanding recorded investment | 699 | |
Extended Maturity | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Post-modification outstanding recorded investment | $ 273 | $ 3,394 |
Summary of Loans Modified and S
Summary of Loans Modified and Subsequently Defaulted (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 497 | |
Residential one-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 497 |
Transfers and Servicing - Addit
Transfers and Servicing - Additional Information (Detail) | Mar. 16, 2006USD ($)Loan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Principal balance of loans sold to another financial institution | $ 10,500,000 | |||
Number of loans sold to another financial institution | Loan | 17 | |||
Initial period for repurchase of loan | 120 months | |||
Repurchase Agreement | Loan that became 90 days past due | |||
Indirect auto loans | ||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Proceed from sale of loans | $ 0 | $ 0 | $ 3,500,000 | |
Gains from sale of loans | 28,000 | |||
Loans previously sold and serviced | 10,500,000 | 28,200,000 | ||
Residential Mortgage | ||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Proceed from sale of loans | 70,500,000 | 11,400,000 | 19,100,000 | |
Gains from sale of loans | 936,000 | 271,000 | $ 367,000 | |
Loans previously sold and serviced | 114,500,000 | 59,800,000 | ||
Transferred Loans | ||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||||
Total principal balance of loans | $ 0 | $ 0 |
Changes in Mortgage Servicing R
Changes in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Amortized Cost [Line Items] | |||
Balance at beginning of period | $ 403 | $ 479 | $ 476 |
Capitalization | 508 | 85 | 99 |
Amortization | (130) | (101) | (93) |
Valuation allowance adjustment | 74 | (60) | (3) |
Balance at end of period | $ 855 | $ 403 | $ 479 |
Summary of Cost and Accumulated
Summary of Cost and Accumulated Depreciation of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 161 | $ 161 |
Buildings | 3,516 | 3,424 |
Leasehold improvements | 1,414 | 1,399 |
Furniture and equipment | 4,350 | 3,979 |
Property, Plant and Equipment, Gross, Total | 9,441 | 8,963 |
Accumulated depreciation | (7,187) | (6,608) |
Premises and equipment, net | $ 2,254 | $ 2,355 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 595,000 | $ 621,000 | $ 726,000 |
Assets impairment charges | $ 18,000 | 16,000 | $ 6,000 |
Assets cost | 3,500,000 | ||
Gain loss on disposal of assets | $ 0 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Time Deposits [Line Items] | ||
Aggregate amount of time deposits | $ 128,700 | $ 74,400 |
Brokered deposits included in time deposits | 247,200 | 156,400 |
Overdraft deposits reclassified to loans | 48 | 36 |
Letter of credit outstanding | 5,000 | 0 |
Directors, Executive Officers and Affiliates | ||
Time Deposits [Line Items] | ||
Deposit accounts | $ 8,500 | $ 11,000 |
Scheduled Maturities of Time De
Scheduled Maturities of Time Deposits (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Time Deposits [Line Items] | |
2,018 | $ 226,910 |
2,019 | 94,797 |
2,020 | 129,044 |
2,021 | 42,587 |
2,022 | 11,376 |
Time Deposits Total | $ 504,714 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Federal Home Loan Bank advances, short-term | $ 305,900 | $ 131,600 |
Federal Home Loan Bank advances weighted average interest rate, short term | 1.52% | 0.79% |
Federal Home Loan Bank advances, available line of credit | $ 5,600 | $ 5,600 |
Federal Home Loan Bank advances, unused remaining available borrowing capacity | 279,200 | 289,700 |
Securities sold under agreements to repurchase | $ 3,268 | $ 1,985 |
Securities sold under agreements to repurchase, weighted average interest rate | 0.15% | 0.15% |
Long-Term Debt Consisting FHLB
Long-Term Debt Consisting FHLB Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
2,017 | $ 47,000 | $ 35,000 |
2,018 | 225,250 | 47,000 |
2,019 | 35,000 | 225,250 |
2,020 | 15,000 | 20,000 |
2,021 | 95,000 | |
2,022 | 0 | |
2,031 | 0 | |
2,031 | 50,000 | |
Long-term Federal Home Loan Bank Advances, Total | $ 417,250 | $ 377,250 |
2,017 | 1.63% | 1.14% |
2,018 | 1.49% | 1.63% |
2,019 | 1.76% | 1.49% |
2,020 | 2.03% | 1.75% |
2,021 | 2.17% | |
2,022 | 0.00% | |
2,031 | 0.00% | |
2,031 | 0.39% | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate | 1.70% | 1.34% |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal home loan bank, advances | $ 0 | |
Federal home loan bank, advances, interest rate | 0.00% | |
Federal Home Loan Bank, Advances, Callable Option | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal home loan bank, advances | $ 50,000 | |
Federal home loan bank, advances, interest rate | 0.39% | |
Federal home loan bank, advances, callable date | Sep. 12, 2017 |
Allocation of Federal and State
Allocation of Federal and State Income Taxes Between Current and Deferred Portions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components Of Income Tax Expense Benefit [Line Items] | |||||||||||
Federal | $ 7,386 | $ 7,212 | $ 4,223 | ||||||||
State | 1,961 | 1,954 | 1,120 | ||||||||
Total current tax provision | 9,347 | 9,166 | 5,343 | ||||||||
Federal | (71) | (1,391) | (799) | ||||||||
State | (20) | (350) | (222) | ||||||||
Effect of change in statutory federal tax rate | 2,626 | ||||||||||
Total deferred tax benefit | 2,535 | (1,741) | (1,021) | ||||||||
Total provision for income taxes | $ 5,382 | $ 2,001 | $ 2,579 | $ 1,920 | $ 2,120 | $ 2,018 | $ 1,735 | $ 1,551 | $ 11,882 | $ 7,425 | $ 4,322 |
Summary of Reasons for differen
Summary of Reasons for differences Between Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Effective Tax Rates [Line Items] | |||
Statutory federal tax rate | 35.00% | 35.00% | 34.00% |
State taxes, net of federal tax benefit | 4.80% | 5.40% | 5.30% |
Bank-owned life insurance | (1.50%) | (1.90%) | (2.70%) |
Tax exempt income | (0.60%) | (0.80%) | (0.30%) |
Change in statutory federal tax rate | 10.00% | ||
Share based compensation | (3.50%) | 1.20% | 1.90% |
Other, net | 1.00% | (0.60%) | 0.30% |
Effective tax rates | 45.20% | 38.30% | 38.50% |
Components of Net Deferred Tax
Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Employee benefit and deferred compensation plans | $ 2,375 | $ 3,827 |
Allowance for loan losses | 4,596 | 5,577 |
Accrued rent | 8 | 10 |
Interest on non-performing loans | 34 | 50 |
Stock options | 356 | 547 |
Unrealized loss on securities available for sale | 15 | 1 |
ESOP | 92 | 116 |
Gross deferred tax assets | 7,476 | 10,128 |
Mortgage servicing rights | (240) | (164) |
Deferred loan origination costs | (860) | (1,104) |
Restricted stock awards | (280) | (140) |
Depreciation | (201) | (305) |
Unrecognized retirement benefit | (58) | (72) |
Other | (43) | (22) |
Gross deferred tax liabilities | (1,682) | (1,807) |
Net deferred tax asset | $ 5,794 | $ 8,321 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Line Items] | ||||
Retained earnings which federal and state income taxes have not been provided | $ 3,600 | $ 3,600 | ||
Period for recapture in taxable income if no longer qualifies as a bank | 4 years | |||
Federal and state tax rate applicable if no longer qualifies as a bank | 28.00% | |||
Statutory federal tax rate | 35.00% | 35.00% | 34.00% | |
Charge recorded within income tax expense | $ 2,626 | |||
Scenario Plan | ||||
Income Tax [Line Items] | ||||
Statutory federal tax rate | 21.00% |
Financial Instruments Outstandi
Financial Instruments Outstanding whose Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments to Grant Loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 23,702 | $ 44,677 |
Unfunded Commitments under Line Of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 325,768 | 259,124 |
Unfunded Commitments for Construction Loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 11,486 | 36,555 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 561 | 658 |
Loan Purchase Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 65,692 | $ 62,036 |
Off-Balance Sheet Arrangement81
Off-Balance Sheet Arrangements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Letters of credit issued expiration period | 1 year |
Future Minimum Rent Commitments
Future Minimum Rent Commitments under Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases Future Minimum Payments [Line Items] | |
2,018 | $ 361 |
2,019 | 359 |
2,020 | 266 |
2,021 | 122 |
2,022 | 122 |
Thereafter | 122 |
Total | $ 1,352 |
Commitments and Contingent Li83
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Total rent expense | $ 363 | $ 384 | $ 398 |
Minimum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease, optional renewal period | 1 year | ||
Maximum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Operating lease, optional renewal period | 10 years |
Minimum Regulatory Capital Re84
Minimum Regulatory Capital Requirements - Additional Information (Detail) - shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer, phased period | 4 years | |||
Stock repurchase plan, number of shares repurchased | 0 | 0 | 0 | |
January 1, 2016 | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer, risk-weighted assets ratio | 0.625% | |||
January 1, 2019 | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Capital conservation buffer, risk-weighted assets ratio | 2.50% | |||
Two Thousand Nineteen | Scenario, Forecast | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Equity Tier 1 capital risk-weighted assets | 4.50% | |||
Minimum leverage ratio | 4.00% | |||
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 6.00% | |||
Total Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Ratio | 8.00% | |||
Capital conservation buffer, risk-weighted assets ratio | 2.50% | |||
Maximum | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Active stock repurchase plan to repurchase | 500,000 | 500,000 | ||
Basel III | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Equity Tier 1 capital risk-weighted assets | 4.50% | |||
Total capital to risk weighted assets | 8.00% | |||
Basel III | Minimum | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier 1 capital to risk weighted assets | 4.00% | |||
Minimum leverage ratio | 4.00% | |||
Basel III | Maximum | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier 1 capital to risk weighted assets | 6.00% | |||
Fully Phased In | Two Thousand Nineteen | Scenario, Forecast | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common Equity Tier 1 capital risk-weighted assets | 7.00% | |||
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 8.50% | |||
Total Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Ratio | 10.50% |
Actual Capital Amounts and Rati
Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Actual Amount | $ 194,287 | $ 174,465 |
Total Capital to Risk Weighted Assets, Actual Ratio | 11.30% | 11.72% |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 137,498 | $ 119,116 |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk Weighted Assets, Actual Amount | $ 177,939 | $ 160,817 |
Tier 1 Capital to Risk Weighted Assets, Actual Ratio | 10.35% | 10.80% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 103,123 | $ 89,337 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Amount | $ 177,939 | $ 160,817 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Ratio | 10.35% | 10.80% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 77,343 | $ 67,003 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 4.50% | 4.50% |
Belmont Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Actual Amount | $ 189,311 | $ 169,499 |
Total Capital to Risk Weighted Assets, Actual Ratio | 11.01% | 11.38% |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 137,497 | $ 119,114 |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 8.00% | 8.00% |
Total Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 171,871 | $ 148,893 |
Total Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Actual Amount | $ 172,963 | $ 155,851 |
Tier 1 Capital to Risk Weighted Assets, Actual Ratio | 10.06% | 10.47% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 103,123 | $ 89,336 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 6.00% | 6.00% |
Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 137,497 | $ 119,114 |
Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Amount | $ 172,963 | $ 155,851 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Ratio | 10.06% | 10.47% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 77,342 | $ 67,002 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 111,716 | $ 96,780 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets, Actual Amount | $ 177,939 | $ 160,817 |
Tier 1 Capital to Average Assets, Actual Ratio | 6.97% | 7.63% |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Amount | $ 102,148 | $ 84,253 |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Belmont Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets, Actual Amount | $ 172,963 | $ 155,851 |
Tier 1 Capital to Average Assets, Actual Ratio | 6.77% | 7.40% |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Amount | $ 102,147 | $ 84,251 |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 127,683 | $ 105,314 |
Tier 1 Capital to Average Assets, Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Basel III Phase-In Schedule | Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 158,982 | $ 128,422 |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 9.25% | 8.625% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 124,607 | $ 98,643 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 7.25% | 6.625% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 98,827 | $ 76,309 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 5.75% | 5.125% |
Basel III Phase-In Schedule | Belmont Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 158,981 | $ 128,420 |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 9.25% | 8.625% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 124,607 | $ 98,641 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 7.25% | 6.625% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 98,826 | $ 76,308 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 5.75% | 5.125% |
Basel III Phase-In Schedule | Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Amount | $ 102,148 | $ 84,253 |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Basel III Phase-In Schedule | Belmont Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Amount | $ 102,147 | $ 84,251 |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Basel III Fully Phased In | Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 180,466 | $ 156,340 |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 10.50% | 10.50% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 146,092 | $ 126,561 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 8.50% | 8.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 120,311 | $ 104,227 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 7.00% | 7.00% |
Basel III Fully Phased In | Belmont Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 180,465 | $ 156,337 |
Total Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 10.50% | 10.50% |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 146,091 | $ 126,559 |
Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 8.50% | 8.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Amount | $ 120,310 | $ 104,225 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum Capital Required For Capital Adequacy Ratio | 7.00% | 7.00% |
Basel III Fully Phased In | Consolidated | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Amount | $ 102,148 | $ 84,253 |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Basel III Fully Phased In | Belmont Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Amount | $ 102,147 | $ 84,251 |
Tier 1 Capital to Average Assets, Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Ratio | 4.00% | 4.00% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2011 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Discount rate used to determine obligation | 3.80% | 4.35% | |||
Net periodic cost | $ 306,000 | $ 324,000 | |||
Projected rate of salary increase | 3.00% | 3.00% | |||
Compensation expense recognized | $ 2,300,000 | $ 2,000,000 | $ 2,000,000 | ||
Percentage of eligible compensation of employee | 75.00% | ||||
Contributions by the Company | $ 891,000 | 839,000 | 842,000 | ||
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 | 3.75% | ||||
Fair value of unallocated shares | $ 10,600,000 | 11,000,000 | |||
Total compensation expense, Connection with ESOP | 444,000 | 360,000 | 321,000 | ||
Deferred Compensation Plan | Rabbi Trust | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Recorded liability | $ 2,800,000 | 2,600,000 | |||
Scenario, Forecast | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Estimated prior service benefit to be amortized from accumulated other comprehensive income | $ 6,000 | ||||
Estimated unrecognized net gain to be amortized from accumulated other comprehensive income | $ 18,500 | ||||
Executive Officers | Other Supplemental Retirement Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Benefit upon termination of employment at or after age | 55 years | ||||
Reduced benefits available prior to attaining age | 55 years | ||||
Estimated liability | $ 2,600,000 | $ 2,300,000 | |||
Discount rate used to determine obligation | 3.80% | 4.35% | |||
Net periodic cost | $ 331,000 | $ 233,000 | 254,000 | ||
Projected rate of salary increase | 3.00% | 3.00% | |||
Executive Officers | Other Supplemental Retirement Plans | Minimum | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Number of years of service to complete | 10 years | ||||
Executive Officers | Other Supplemental Retirement Plans | Maximum | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Number of years of service to complete | 10 years | ||||
Executive Officers | Belmont Savings Bank Supplemental Executive Retirement Plan | Minimum | |||||
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 | Belmont Savings Bank Supplemental Executive Retirement Plan | Maximum | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Fully vested participants, years of service to complete | 10 years | ||||
Directors | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Estimated liability | $ 697,000 | $ 661,000 | |||
Discount rate used to determine obligation | 3.80% | 4.35% | |||
Directors | Other Supplemental Retirement Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic cost | $ 64,000 | $ 55,000 | $ 17,000 |
Information Pertaining to Activ
Information Pertaining to Activity in Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | $ 1,521 | $ 1,316 |
Service cost | 253 | 261 |
Interest cost | 66 | 57 |
Actuarial gain | (42) | (113) |
Benefit obligation at end of year | 1,798 | 1,521 |
Funded status at end of year | (1,798) | (1,521) |
Accrued pension benefit | (2,003) | (1,696) |
Accumulated benefit obligation | $ 1,175 | $ 985 |
Assumption used to Determine Be
Assumption used to Determine Benefit Obligation (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 4.35% |
Rate of compensation increase | 3.00% | 3.00% |
Components of Net Periodic Pens
Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 253 | $ 261 |
Interest cost | 66 | 57 |
Amortization of gain | (19) | |
Amortization of prior service cost | 6 | 6 |
Net periodic cost | $ 306 | $ 324 |
Changes in Benefit Obligations
Changes in Benefit Obligations Recognized in Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior service cost | $ (6) | $ (6) |
Amortization of unrecognized gain | 19 | |
Net actuarial gain | (42) | (112) |
Total recognized in other comprehensive loss | $ (29) | $ (118) |
Assumptions Used to Determine N
Assumptions Used to Determine Net Periodic Pension Cost (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.35% | 4.30% |
Rate of compensation increase | 3.00% | 3.00% |
Amounts Recognized in Accumulat
Amounts Recognized in Accumulated Other Comprehensive Income, before Tax Effects (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | $ 40 | $ 46 |
Unrecognized net gain | (245) | (222) |
Total defined-benefit post-retirement benefit plans, Pre-Tax Amount | $ (205) | $ (176) |
Estimated Future Benefit Paymen
Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 0 |
2,019 | 57 |
2,020 | 191 |
2,021 | 267 |
2,022 | 267 |
Years 2023-2027 | $ 1,565 |
Remaining Principal Balance on
Remaining Principal Balance on Employee Stock Ownership Plan Debt (Detail) - Employee Stock Ownership Plan $ in Thousands | Dec. 31, 2017USD ($) |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
2,018 | $ 96 |
2,019 | 100 |
2,020 | 104 |
2,021 | 110 |
2,022 | 115 |
Thereafter | 3,444 |
Total | $ 3,969 |
Shares Held by Employee Stock O
Shares Held by Employee Stock Ownership Plan ESOP (Detail) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Unallocated | 363,091 | 378,379 |
Allocated | 84,813 | 72,598 |
Total | 447,904 | 450,977 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 15, 2017 | Feb. 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock awards granted | 487,200 | ||||
Restricted stock grant date price | $ 27.10 | ||||
Fair value of shares vested | $ 2.2 | $ 1.9 | $ 1.6 | ||
2017 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized Stock Awards | 487,200 | 487,200 | |||
2017 Equity Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized Stock Awards | 487,200 | ||||
Restricted stock awards granted | 487,200 | ||||
Restricted stock grant date price | $ 27.10 | ||||
Vesting period of awards granted | 10 years | ||||
Estimated forfeiture rate of awards granted | 2.64% | ||||
2012 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized Stock Awards | 1,284,200 | ||||
2012 Equity Incentive Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized Stock Awards | 366,914 | ||||
Restricted stock awards granted | 0 |
Cumulatively Granted Restricted
Cumulatively Granted Restricted Stock Awards Net of Forfeitures (Detail) - shares | Feb. 08, 2017 | Dec. 31, 2017 |
2012 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized Stock Awards | 1,284,200 | |
Cumulative Granted Net of Forfeitures | 1,252,662 | |
2017 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized Stock Awards | 487,200 | 487,200 |
Cumulative Granted Net of Forfeitures | 483,302 | |
Stock Options | 2012 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized Stock Awards | 917,286 | |
Cumulative Granted Net of Forfeitures | 889,092 | |
Restricted Stock | 2012 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized Stock Awards | 366,914 | |
Cumulative Granted Net of Forfeitures | 363,570 | |
Restricted Stock | 2017 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized Stock Awards | 487,200 | |
Cumulative Granted Net of Forfeitures | 483,302 |
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock based compensation expense | |||
Stock options | $ 724 | $ 780 | $ 791 |
Restricted stock awards | 1,835 | 869 | 869 |
Total stock based award expense | 2,559 | 1,649 | 1,660 |
Related tax benefits recognized in earnings | $ 874 | $ 492 | $ 481 |
Summary of Stock Option (Detail
Summary of Stock Option (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value of options granted | $ 4.63 | $ 3.90 | |
Intrinsic value of stock options exercised | $ 3,299 | $ 368 | $ 226 |
Cash paid to settle equity instruments granted under stock based compensation arrangements | $ 0 | $ 0 | $ 0 |
Compensation Cost Related to No
Compensation Cost Related to Non-Vested Awards not Yet Recognized and Weighted Average Recognition Period (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total | $ 10,710 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options, amount | $ 136 |
Restricted stock, weighted average period | 2 years 4 months 9 days |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock, amount | $ 10,574 |
Restricted stock, weighted average period | 9 years 2 months 8 days |
Fair Value of Stock Options Gra
Fair Value of Stock Options Granted Estimate on Date of Grant Using Black-Scholes Option-Pricing Model (Detail) | 12 Months Ended | |
Dec. 31, 2017$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted | shares | 0 | |
Date of grant 2016-03-01 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Date of grant | Mar. 1, 2016 | |
Options granted | shares | 27,500 | |
Exercise price | $ 22.31 | |
Vesting period | 5 years | [1] |
Expiration date | Mar. 1, 2026 | |
Expected volatility | 16.13% | |
Expected term | 6 years 6 months | |
Expected dividend yield | 0.00% | |
Risk free interest rate | 1.54% | |
Fair value | $ 4.63 | |
Date of grant 2015-02-25 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Date of grant | Feb. 25, 2015 | |
Options granted | shares | 5,414 | |
Exercise price | $ 18.83 | |
Vesting period | 5 years | [1] |
Expiration date | Feb. 25, 2025 | |
Expected volatility | 15.51% | |
Expected term | 6 years 6 months | |
Expected dividend yield | 0.00% | |
Risk free interest rate | 1.70% | |
Fair value | $ 3.89 | |
Date of grant 2015-02-11 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Date of grant | Feb. 11, 2015 | |
Options granted | shares | 7,828 | |
Exercise price | $ 18.78 | |
Vesting period | 5 years | [1] |
Expiration date | Feb. 11, 2025 | |
Expected volatility | 15.52% | |
Expected term | 6 years 6 months | |
Expected dividend yield | 0.00% | |
Risk free interest rate | 1.76% | |
Fair value | $ 3.91 | |
[1] | Vesting is ratably and the period begins on the date of grant. |
Summary of Stock Option and Res
Summary of Stock Option and Restricted Stock Grants (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Stock option awards | |
Stock option awards, beginning balance | shares | 804,484 |
Stock option awards, granted | shares | 0 |
Stock option awards, exercised | shares | (213,962) |
Stock option awards, forfeited | shares | 0 |
Stock option awards, ending balance | shares | 590,522 |
Stock option awards, Exercisable | shares | 543,763 |
Weighted Average Exercise Price | |
Weighted average exercise price, Beginning Balance | $ / shares | $ 12.68 |
Weighted average exercise price, Granted | $ / shares | 0 |
Weighted average exercise price, exercised | $ / shares | 12.17 |
Weighted average exercise price, Forfeited | $ / shares | 0 |
Weighted average exercise price, Ending balance | $ / shares | 12.86 |
Weighted average exercise price, Exercisable | $ / shares | $ 12.31 |
Weighted average remaining contractual term | |
Weighted remaining contractual term, Ending balance | 5 years 2 months 1 day |
Weighted remaining contractual term, Exercisable | 5 years |
Aggregate intrinsic value | |
Aggregate intrinsic value, ending balance | $ | $ 9,676 |
Aggregate intrinsic value, Exercisable | $ | $ 9,209 |
Non-vested restricted stock awards | |
Non-vested restricted stock awards, Beginning balance | shares | 73,429 |
Non-vested restricted stock awards, Granted | shares | 487,200 |
Non-vested restricted stock awards, Vested | shares | (71,829) |
Non-vested restricted stock awards, Forfeited | shares | (3,898) |
Non-vested restricted stock awards, Ending balance | shares | 484,902 |
Weighted Average Grant Price | |
Weighted Average Grant Price, Beginning balance | $ / shares | $ 12.22 |
Weighted Average Grant Price, Granted | $ / shares | 27.10 |
Weighted Average Grant Price, Vested | $ / shares | 12.10 |
Weighted Average Grant Price, Forfeited | $ / shares | 27.10 |
Weighted Average Grant Price, Ending balance | $ / shares | $ 27.07 |
Earning Per Share (Detail)
Earning Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Computation of Earnings Per Share [Line Items] | |||||||||||
Net income | $ 2,108 | $ 4,599 | $ 4,012 | $ 3,666 | $ 3,310 | $ 3,180 | $ 2,952 | $ 2,539 | $ 14,386 | $ 11,981 | $ 6,914 |
Undistributed earnings attributable to participating securities | (108) | (190) | (167) | ||||||||
Net income available to common stockholders | $ 14,278 | $ 11,791 | $ 6,747 | ||||||||
Weighted average shares outstanding, basic | 8,754,393 | 8,571,861 | 8,465,177 | ||||||||
Effect of dilutive shares | 429,400 | 286,030 | 217,813 | ||||||||
Weighted average shares outstanding, assuming dilution | 9,183,793 | 8,857,891 | 8,682,990 | ||||||||
Basic EPS | $ 0.24 | $ 0.52 | $ 0.45 | $ 0.42 | $ 0.38 | $ 0.36 | $ 0.34 | $ 0.29 | $ 1.63 | $ 1.38 | $ 0.80 |
Effect of dilutive shares | (0.08) | (0.05) | (0.02) | ||||||||
Diluted EPS | $ 0.23 | $ 0.50 | $ 0.43 | $ 0.40 | $ 0.37 | $ 0.35 | $ 0.33 | $ 0.28 | $ 1.55 | $ 1.33 | $ 0.78 |
Earnings Per Share - Additional
Earnings Per Share - Additional information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 0 | 22,992 | 17,159 |
Restrictions on Dividends Loans
Restrictions on Dividends Loans and Advances - Additional Information (Detail) | Dec. 31, 2017 |
Restrictions on Dividends, Loans and Advances [Line Items] | |
Loans or advances as a percentage of capital stock and surplus | 10.00% |
Summary of Financial Assets Mea
Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 16,921 | $ 22,048 |
Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,808 | 2,606 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 19,729 | 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 | 16,921 | 22,048 |
Fair Value, Measurements, Recurring | Rabbi Trust | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,808 | 2,606 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 2,808 | 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 | 2,808 | 2,606 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 16,921 | 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 | $ 16,921 | $ 22,048 |
Assets Remeasured and Reported
Assets Remeasured and Reported at Lower of Cost or Fair Value (Detail) - Level 3 - USD ($) $ in Thousands | Dec. 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 | $ 855 | $ 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 | $ 855 | $ 403 |
Fair Values of Assets and Li108
Fair Values of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 110,888 | $ 58,876 | $ 51,261 | $ 51,767 |
Interest-bearing time deposits with other banks | 2,440 | 234 | ||
Held-to-maturity securities | 160,090 | 130,197 | ||
Federal Home Loan Bank stock | 32,382 | 25,071 | ||
Bank owned life insurance | 36,967 | 35,842 | ||
Loans, net | 2,296,958 | 1,866,035 | ||
Accrued interest receivable | 6,344 | 4,635 | ||
Liabilities | ||||
Deposits | 1,751,251 | 1,469,422 | ||
Federal Home Loan Bank advances | 723,150 | 508,850 | ||
Securities sold under agreements to repurchase | 3,268 | 1,985 | ||
Accrued interest payable | 1,594 | 1,023 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 110,888 | 58,876 | ||
Interest-bearing time deposits with other banks | 2,440 | 233 | ||
Held-to-maturity securities | 158,385 | 129,465 | ||
Federal Home Loan Bank stock | 32,382 | 25,071 | ||
Bank owned life insurance | 36,967 | 35,842 | ||
Loans, net | 2,251,971 | 1,837,068 | ||
Accrued interest receivable | 6,344 | 4,635 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 1,748,995 | 1,469,906 | ||
Federal Home Loan Bank advances | 719,430 | 507,773 | ||
Securities sold under agreements to repurchase | 3,268 | 1,985 | ||
Accrued interest payable | 1,594 | 1,023 | ||
Mortgagors' escrow accounts | 4,690 | 3,341 | ||
Carrying Amount | ||||
ASSETS | ||||
Cash and cash equivalents | 110,888 | 58,876 | ||
Interest-bearing time deposits with other banks | 2,440 | 234 | ||
Held-to-maturity securities | 160,090 | 130,197 | ||
Federal Home Loan Bank stock | 32,382 | 25,071 | ||
Bank owned life insurance | 36,967 | 35,842 | ||
Loans, net | 2,296,958 | 1,866,035 | ||
Accrued interest receivable | 6,344 | 4,635 | ||
Liabilities | ||||
Deposits | 1,751,251 | 1,469,422 | ||
Federal Home Loan Bank advances | 723,150 | 508,850 | ||
Securities sold under agreements to repurchase | 3,268 | 1,985 | ||
Accrued interest payable | 1,594 | 1,023 | ||
Mortgagors' escrow accounts | 4,690 | 3,341 | ||
Level 1 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Cash and cash equivalents | 110,888 | 58,876 | ||
Accrued interest receivable | 6,344 | 4,635 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 1,246,537 | 1,133,821 | ||
Accrued interest payable | 1,594 | 1,023 | ||
Level 2 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Interest-bearing time deposits with other banks | 2,440 | 233 | ||
Held-to-maturity securities | 158,385 | 129,465 | ||
Federal Home Loan Bank stock | 32,382 | 25,071 | ||
Bank owned life insurance | 36,967 | 35,842 | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||||
Deposits | 502,458 | 336,085 | ||
Federal Home Loan Bank advances | 719,430 | 507,773 | ||
Securities sold under agreements to repurchase | 3,268 | 1,985 | ||
Mortgagors' escrow accounts | 4,690 | 3,341 | ||
Level 3 | ||||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||||
Loans, net | $ 2,251,971 | $ 1,837,068 |
Other Comprehensive (Loss) I109
Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||||
Net change defined-benefit post-retirement benefit plans, Pre-Tax Amount | $ 205 | $ 176 | ||||
Change in fair value of securities available for sale, After Tax Amount | (31) | 149 | $ (78) | |||
Change in the net actuarial gain/loss, After Tax Amount | 42 | 112 | ||||
Net change defined-benefit post-retirement benefit plans, After Tax Amount | 17 | 70 | (16) | |||
Total other comprehensive (loss) income | (14) | 219 | (94) | |||
After Tax | ||||||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in fair value of securities available for sale, After Tax Amount | (8) | 149 | (78) | |||
Reclassification adjustment included in net income, After Tax Amount | [1] | (23) | ||||
Net change in fair value of securities available for sale, After Tax Amount | (31) | 149 | (78) | |||
Change in the net actuarial gain/loss, After Tax Amount | 25 | 66 | (20) | |||
Reclassification adjustment included in net income, After Tax Amount | [2] | (8) | 4 | 4 | ||
Net change defined-benefit post-retirement benefit plans, After Tax Amount | 17 | 70 | (16) | |||
Total other comprehensive (loss) income | (14) | 219 | (94) | |||
Tax Benefit (Expense) | ||||||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in fair value of securities available for sale, Tax (Expense) Benefit | (5) | (98) | 52 | |||
Reclassification adjustment included in net income, Tax (Expense) Benefit | [1] | 15 | ||||
Net change in fair value of securities available for sale, Tax (Expense) Benefit | 20 | (98) | 52 | |||
Change in the net actuarial gain/loss, Tax (Expense) Benefit | (17) | (46) | 13 | |||
Reclassification adjustment included in net income, Tax (Expense) Benefit | [2] | 5 | (2) | (2) | ||
Net change defined-benefit post-retirement benefit plans, Tax (Expense) Benefit | (12) | (48) | 11 | |||
Total other comprehensive (loss) income, Tax (Expense) Benefit | 8 | (146) | 63 | |||
Pre Tax | ||||||
Schedule of Other Comprehensive Income (Loss) [Line Items] | ||||||
Change in fair value of securities available for sale, Pre-Tax Amount | (13) | 247 | (130) | |||
Reclassification adjustment included in net income, Pre-Tax Amount | [1] | (38) | ||||
Net change in fair value of securities available for sale, Pre-Tax Amount | (51) | 247 | (130) | |||
Change in the net actuarial gain/loss, Pre-Tax Amount | 42 | 112 | (33) | |||
Reclassification adjustment included in net income, Pre-Tax Amount | (13) | [2] | 6 | [2] | 6 | |
Net change defined-benefit post-retirement benefit plans, Pre-Tax Amount | 29 | 118 | (27) | |||
Total other comprehensive (loss) income, Pre-Tax Amount | $ (22) | $ 365 | $ (157) | |||
[1] | Reclassification adjustments are comprised of realized security gains. The gains have been reclassified out of accumulated other comprehensive income and have affected certain lines in the consolidated statements of operations as follows; the pre-tax amount is included in net gain on sales of securities, the tax expense amount is included in income tax expense and the after tax amount is included in net income. | |||||
[2] | Reclassification adjustments are comprised of amortization of prior service cost and unrecognized gain and have been reclassified out of accumulated other comprehensive income (loss). The amounts affected certain lines in the consolidated statements of operations as follows: amortization of prior service cost and unrecognized gain is included in salaries and employee benefits expense. The tax expense amount is included in income tax expense and the after tax amount is included in net income. |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income, included in Stockholders' Equity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income [Line Items] | ||
Net unrealized holding loss on available-for-sale securities, net of tax | $ (32) | $ (1) |
Unrecognized benefit pertaining to defined benefit plan, net of tax | 121 | 104 |
Accumulated other comprehensive income | $ 89 | $ 103 |
Other Comprehensive (Loss) I111
Other Comprehensive (Loss) Income - Additional Information (Detail) | Dec. 31, 2017USD ($) |
Other Comprehensive Income (Loss) [Line Items] | |
Tax cut and job act 2017 AOCI re-measurement of deferred tax assets and liabilities | $ 19,000 |
Condensed Balance Sheets of Par
Condensed Balance Sheets of Parent Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents held at Belmont Savings Bank | $ 110,888 | $ 58,876 | $ 51,261 | $ 51,767 |
Investments in held-to-maturity securities | 160,090 | 130,197 | ||
Other assets | 5,474 | 4,667 | ||
Total assets | 2,676,565 | 2,158,704 | ||
Liabilities and Stockholders' Equity | ||||
Other liabilities | 11,354 | 9,460 | ||
Total liabilities | 2,498,536 | 1,997,783 | ||
Stockholders' equity | 178,029 | 160,921 | 146,203 | 137,010 |
Total liabilities and stockholders' equity | 2,676,565 | 2,158,704 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents held at Belmont Savings Bank | 919 | 519 | $ 496 | $ 2,754 |
Other assets | 45 | 62 | ||
Total assets | 178,083 | 160,972 | ||
Liabilities and Stockholders' Equity | ||||
Accrued expenses | 38 | 37 | ||
Other liabilities | 16 | 14 | ||
Total liabilities | 54 | 51 | ||
Stockholders' equity | 178,029 | 160,921 | ||
Total liabilities and stockholders' equity | 178,083 | 160,972 | ||
Parent Company | Belmont Savings Bank | ||||
ASSETS | ||||
Investments in held-to-maturity securities | 173,054 | 155,955 | ||
Parent Company | Belmont Savings Bank Funding Corporation | ||||
ASSETS | ||||
Investments in held-to-maturity securities | $ 4,065 | $ 4,436 |
Condensed Statements of Operati
Condensed Statements of Operations of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income: | |||||||||||
Dividends from subsidiaries | $ 1,193 | $ 760 | $ 373 | ||||||||
Total interest and dividend income | $ 21,114 | $ 19,758 | $ 18,764 | $ 17,506 | $ 16,291 | $ 15,726 | $ 15,164 | $ 14,439 | 77,143 | 61,621 | 48,406 |
Interest expense | 6,414 | 5,579 | 4,816 | 4,245 | 3,918 | 3,699 | 3,457 | 3,158 | 21,054 | 14,231 | 10,194 |
Net interest and dividend income | 14,700 | 14,179 | 13,948 | 13,261 | 12,373 | 12,027 | 11,707 | 11,281 | 56,089 | 47,390 | 38,212 |
Non-interest income | 1,117 | 885 | 995 | 630 | 703 | 680 | 705 | 660 | 3,627 | 2,750 | 3,165 |
Non-interest expense | 7,636 | 7,929 | 7,645 | 7,476 | 7,045 | 7,066 | 6,984 | 7,252 | 30,686 | 28,349 | 27,824 |
Income tax benefit | 5,382 | 2,001 | 2,579 | 1,920 | 2,120 | 2,018 | 1,735 | 1,551 | 11,882 | 7,425 | 4,322 |
Net income | $ 2,108 | $ 4,599 | $ 4,012 | $ 3,666 | $ 3,310 | $ 3,180 | $ 2,952 | $ 2,539 | 14,386 | 11,981 | 6,914 |
Parent Company | |||||||||||
Interest and dividend income: | |||||||||||
Interest on cash equivalents | 1 | ||||||||||
Dividends from subsidiaries | 0 | 0 | 0 | ||||||||
Total interest and dividend income | 1 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Net interest and dividend income | 1 | ||||||||||
Non-interest income | 0 | 0 | 0 | ||||||||
Non-interest expense | 230 | 219 | 242 | ||||||||
Loss before income taxes and equity in undistributed earnings of subsidiaries | (230) | (219) | (241) | ||||||||
Income tax benefit | (94) | (89) | (96) | ||||||||
Loss before equity in income of subsidiaries | (136) | (130) | (145) | ||||||||
Net income | 14,386 | 11,981 | 6,914 | ||||||||
Parent Company | Belmont Savings Bank | |||||||||||
Interest and dividend income: | |||||||||||
Equity in undistributed income | 14,432 | 12,025 | 6,976 | ||||||||
Parent Company | Belmont Savings Bank Funding Corporation | |||||||||||
Interest and dividend income: | |||||||||||
Equity in undistributed income | $ 90 | $ 86 | $ 83 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 2,108 | $ 4,599 | $ 4,012 | $ 3,666 | $ 3,310 | $ 3,180 | $ 2,952 | $ 2,539 | $ 14,386 | $ 11,981 | $ 6,914 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Deferred income tax expense | 2,535 | (1,741) | (1,021) | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash (used in) investing activities | (532,247) | (339,636) | (395,784) | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options, net of cash paid | 56 | 298 | 228 | ||||||||
Restricted stock awards issued, net of awards surrendered | (323) | (118) | (51) | ||||||||
Net increase (decrease) in cash and cash equivalents | 52,012 | 7,615 | (506) | ||||||||
Cash and cash equivalents at beginning of period | 58,876 | 51,261 | 58,876 | 51,261 | 51,767 | ||||||
Cash and cash equivalents at end of period | 110,888 | 58,876 | 110,888 | 58,876 | 51,261 | ||||||
Parent Company | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 14,386 | 11,981 | 6,914 | ||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Deferred income tax expense | 190 | ||||||||||
Other, net | 26 | (27) | 720 | ||||||||
Net cash (used in) provided by operating activities | (110) | (157) | 765 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash (used in) investing activities | 460 | (3,200) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options, net of cash paid | 50 | 298 | 228 | ||||||||
Restricted stock awards issued, net of awards surrendered | (118) | (51) | |||||||||
Net cash provided by financing activities | 50 | 180 | 177 | ||||||||
Net increase (decrease) in cash and cash equivalents | 400 | 23 | (2,258) | ||||||||
Cash and cash equivalents at beginning of period | $ 519 | $ 496 | 519 | 496 | 2,754 | ||||||
Cash and cash equivalents at end of period | $ 919 | $ 519 | 919 | 519 | 496 | ||||||
Parent Company | Belmont Savings Bank | |||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Equity in undistributed earnings of Belmont Savings Bank | (14,432) | (12,025) | (6,976) | ||||||||
Cash flows from investing activities: | |||||||||||
Investment in Belmont Savings Bank | (3,800) | ||||||||||
Parent Company | Belmont Savings Bank Funding Corporation | |||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Equity in undistributed earnings of Belmont Savings Bank | (90) | $ (86) | (83) | ||||||||
Cash flows from investing activities: | |||||||||||
Return of capital from BSB Funding Corp. | $ 460 | $ 600 |
Quarterly Results of Operations
Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information [Line Items] | |||||||||||
Interest and dividend income | $ 21,114 | $ 19,758 | $ 18,764 | $ 17,506 | $ 16,291 | $ 15,726 | $ 15,164 | $ 14,439 | $ 77,143 | $ 61,621 | $ 48,406 |
Interest expense | 6,414 | 5,579 | 4,816 | 4,245 | 3,918 | 3,699 | 3,457 | 3,158 | 21,054 | 14,231 | 10,194 |
Net interest income | 14,700 | 14,179 | 13,948 | 13,261 | 12,373 | 12,027 | 11,707 | 11,281 | 56,089 | 47,390 | 38,212 |
Provision for loan losses | 691 | 535 | 707 | 829 | 601 | 443 | 741 | 599 | 2,762 | 2,385 | 2,317 |
Net interest income, after provision for loan losses | 14,009 | 13,644 | 13,241 | 12,432 | 11,772 | 11,584 | 10,966 | 10,682 | 53,327 | 45,005 | 35,895 |
Non-interest income | 1,117 | 885 | 995 | 630 | 703 | 680 | 705 | 660 | 3,627 | 2,750 | 3,165 |
Non-interest expense | 7,636 | 7,929 | 7,645 | 7,476 | 7,045 | 7,066 | 6,984 | 7,252 | 30,686 | 28,349 | 27,824 |
Income before income tax expense | 7,490 | 6,600 | 6,591 | 5,586 | 5,430 | 5,198 | 4,687 | 4,090 | 26,268 | 19,406 | 11,236 |
Income tax expense | 5,382 | 2,001 | 2,579 | 1,920 | 2,120 | 2,018 | 1,735 | 1,551 | 11,882 | 7,425 | 4,322 |
Net income | $ 2,108 | $ 4,599 | $ 4,012 | $ 3,666 | $ 3,310 | $ 3,180 | $ 2,952 | $ 2,539 | $ 14,386 | $ 11,981 | $ 6,914 |
Earnings per common share | |||||||||||
Basic | $ 0.24 | $ 0.52 | $ 0.45 | $ 0.42 | $ 0.38 | $ 0.36 | $ 0.34 | $ 0.29 | $ 1.63 | $ 1.38 | $ 0.80 |
Diluted | $ 0.23 | $ 0.50 | $ 0.43 | $ 0.40 | $ 0.37 | $ 0.35 | $ 0.33 | $ 0.28 | $ 1.55 | $ 1.33 | $ 0.78 |