Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CATC | |
Entity Registrant Name | CAMBRIDGE BANCORP | |
Entity Central Index Key | 711,772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,099,865 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 56,265 | $ 103,591 |
Investment securities | ||
Available for sale, at fair value (amortized cost $203,507 and $208,911, respectively) | 197,935 | 205,017 |
Held to maturity, at amortized cost (fair value $262,432 and $233,554, respectively) | 264,409 | 232,188 |
Total investment securities | 462,344 | 437,205 |
Loans | ||
Residential mortgage | 541,599 | 538,920 |
Commercial mortgage | 656,289 | 633,649 |
Home equity | 71,592 | 74,444 |
Commercial & Industrial | 75,365 | 65,295 |
Consumer | 36,909 | 38,591 |
Total loans | 1,381,754 | 1,350,899 |
Less: allowance for loan losses | (15,732) | (15,320) |
Net loans | 1,366,022 | 1,335,579 |
Federal Home Loan Bank of Boston Stock, at cost | 4,242 | 4,242 |
Bank owned life insurance | 30,535 | 31,083 |
Banking premises and equipment, net | 9,316 | 9,310 |
Deferred income taxes, net | 7,910 | 8,273 |
Accrued interest receivable | 5,059 | 5,128 |
Other assets | 20,057 | 15,523 |
Total assets | 1,961,750 | 1,949,934 |
Deposits | ||
Demand | 503,089 | 493,613 |
Interest bearing checking | 436,841 | 462,957 |
Money market | 63,508 | 69,259 |
Savings | 632,707 | 589,741 |
Certificates of deposit | 146,247 | 159,830 |
Total deposits | 1,782,392 | 1,775,400 |
Long-term borrowings | 3,537 | 3,579 |
Other liabilities | 24,948 | 22,998 |
Total liabilities | 1,810,877 | 1,801,977 |
Shareholders’ Equity | ||
Common stock, par value $1.00; Authorized 10,000,000 shares; Outstanding: 4,100,747 shares and 4,082,188 shares, respectively | 4,101 | 4,082 |
Additional paid-in capital | 36,065 | 35,663 |
Retained earnings | 119,196 | 114,093 |
Accumulated other comprehensive loss | (8,489) | (5,881) |
Total shareholders’ equity | 150,873 | 147,957 |
Total liabilities and shareholders’ equity | $ 1,961,750 | $ 1,949,934 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $ 203,507 | $ 208,911 |
Held-to-maturity securities, fair value | $ 262,432 | $ 233,554 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares, outstanding | 4,100,747 | 4,082,188 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest and dividend income | ||
Interest on taxable loans | $ 13,378 | $ 12,373 |
Interest on tax-exempt loans | 96 | 131 |
Interest on taxable investment securities | 1,714 | 1,394 |
Interest on tax-exempt investment securities | 622 | 665 |
Dividends on FHLB of Boston stock | 51 | 42 |
Interest on overnight investments | 271 | 68 |
Total interest and dividend income | 16,132 | 14,673 |
Interest expense | ||
Interest on deposits | 962 | 691 |
Interest on borrowed funds | 17 | 21 |
Total interest expense | 979 | 712 |
Net interest and dividend income | 15,153 | 13,961 |
Provision for loan losses | 409 | 30 |
Net interest and dividend income after provision for loan losses | 14,744 | 13,931 |
Noninterest income | ||
Wealth management revenue | 6,126 | 5,362 |
Deposit account fees | 750 | 813 |
ATM/Debit card income | 271 | 259 |
Bank owned life insurance income | 128 | 162 |
(Loss) gain on disposition of investment securities | (2) | |
Gain on loans held for sale | 27 | 235 |
Loan related derivative income | 472 | 188 |
Other income | 404 | 310 |
Total noninterest income | 8,178 | 7,327 |
Noninterest expense | ||
Salaries and employee benefits | 10,073 | 9,156 |
Occupancy and equipment | 2,227 | 2,253 |
Data processing | 1,230 | 1,323 |
Professional services | 887 | 870 |
Marketing | 438 | 270 |
FDIC Insurance | 151 | 161 |
Other expenses | 495 | 913 |
Total noninterest expense | 15,501 | 14,946 |
Income before income taxes | 7,421 | 6,312 |
Income tax expense | 1,616 | 1,984 |
Net income | $ 5,805 | $ 4,328 |
Share data | ||
Weighted average number of shares outstanding, basic | 4,053,355 | 4,011,925 |
Weighted average number of shares outstanding, diluted | 4,071,975 | 4,050,791 |
Basic earnings per share | $ 1.42 | $ 1.07 |
Diluted earnings per share | $ 1.41 | $ 1.06 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 5,805 | $ 4,328 |
Unrealized gains/(losses) on available for sale securities | ||
Unrealized holding gains/(losses) arising during period | (1,352) | 189 |
Less: reclassification adjustment for losses/(gains) included in net income | 1 | |
Total unrealized gains/(losses) on securities | (1,352) | 190 |
Defined benefit retirement plans | ||
Change in retirement liabilities | 10 | 132 |
Other comprehensive income/(loss) | (1,342) | 322 |
Comprehensive income | $ 4,463 | $ 4,650 |
UNAUDITED CONSOLIDATED STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2016 | $ 134,671 | $ 4,037 | $ 33,253 | $ 107,262 | $ (9,881) |
Net income | 4,328 | 4,328 | |||
Other comprehensive income | 322 | 322 | |||
Share based compensation | 974 | 34 | 1,343 | (403) | |
Dividends declared | (1,868) | (1,868) | |||
Ending balance at Mar. 31, 2017 | 138,427 | 4,071 | 34,596 | 109,319 | (9,559) |
Beginning balance at Dec. 31, 2017 | 147,957 | 4,082 | 35,663 | 114,093 | (5,881) |
Cumulative effect of accounting changes | 1,266 | (1,266) | |||
Net income | 5,805 | 5,805 | |||
Other comprehensive income | (1,342) | (1,342) | |||
Share based compensation | 421 | 19 | 402 | ||
Dividends declared | (1,968) | (1,968) | |||
Ending balance at Mar. 31, 2018 | $ 150,873 | $ 4,101 | $ 36,065 | $ 119,196 | $ (8,489) |
UNAUDITED CONSOLIDATED STATEME7
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Retained Earnings | ||
Dividends declared, per share | $ 0.48 | $ 0.46 |
UNAUDITED CONSOLIDATED STATEME8
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 5,805 | $ 4,328 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 409 | 30 |
Amortization of deferred charges and fees, net | 163 | 324 |
Depreciation and amortization | 464 | 491 |
Bank owned life insurance income | (128) | (162) |
Loss/(gain) on disposition of investment securities | 2 | |
Share based compensation | 421 | 974 |
Change in accrued interest receivable | 69 | 328 |
Deferred income tax expense (benefit) | 770 | 818 |
Change in other assets, net | (4,944) | (1,275) |
Change in other liabilities, net | 2,371 | (575) |
Change in loans held for sale | 5,788 | |
Net cash provided by operating activities | 5,400 | 11,071 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Origination of loans | (131,953) | (66,439) |
Proceeds from principal payments of loans | 101,197 | 75,672 |
Proceeds from calls/maturities of securities available for sale | 5,208 | 18,995 |
Proceeds from sales of securities available for sale | 32,701 | |
Purchase of securities available for sale | (5,091) | |
Proceeds from calls/maturities of securities held to maturity | 7,777 | 2,396 |
Purchase of securities held to maturity | (40,125) | (84,425) |
Proceeds from settlement of bank owned life insurance policies | 676 | |
(Purchase) sale of FHLB of Boston stock | (553) | |
Purchase of banking premises and equipment | (470) | (289) |
Net cash used by investing activities | (57,690) | (27,033) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Change in demand, interest bearing, money market and savings accounts | 20,575 | (7,330) |
Change in certificates of deposit | (13,601) | (1,150) |
Repayment of long-term borrowings | (42) | (42) |
Cash dividends paid on common stock | (1,968) | (1,868) |
Net cash provided by financing activities | 4,964 | (10,390) |
Net decrease in cash and cash equivalents | (47,326) | (26,352) |
Cash and cash equivalents at beginning of period | 103,591 | 54,050 |
Cash and cash equivalents at end of period | 56,265 | 27,698 |
Cash paid during the period for: | ||
Interest | $ 975 | 709 |
Income taxes | $ 840 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The unaudited consolidated financial statements include the accounts of Cambridge Bancorp (the “Company”) and its wholly owned subsidiary, Cambridge Trust Company (the “Bank”), and the Bank’s wholly owned subsidiaries, Cambridge Trust Company of New Hampshire Inc., CTC Security Corporation, and CTC Security Corporation III. References to the Company herein relate to the consolidated group of companies. All significant intercompany accounts and transactions have been eliminated in preparation of the consolidated financial statements. The Company is a state-chartered, federally registered bank holding company headquartered in Cambridge, Massachusetts and was incorporated in 1983. The Company is the sole shareholder of the Bank, a Massachusetts trust company chartered in 1890, which is a commercial bank. We are a private bank offering a full range of private banking and wealth management services to our clients. The private banking business, the Company’s only reportable operating segment is managed as a single strategic unit. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) and disclosures necessary to present fairly the Company’s financial position, as of March 31, 2018 and December 31, 2017, respectively, and the results of operations and cash flows for the interim periods presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Interim results are not necessarily reflective of the results of the entire year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission. |
Use of Estimates
Use of Estimates | 3 Months Ended |
Mar. 31, 2018 | |
Use Of Estimates [Abstract] | |
Use of Estimates | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the fair values of financial instruments, and the valuation of deferred tax assets are particularly subject to change. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 3. Subsequent Events Management has reviewed events occurring through May 9, 2018, the date the unaudited consolidated financial statements were available to be issued, and determined that no other subsequent events occurred requiring adjustment to or disclosure in these financial statements. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Guidance | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recently Issued and Adopted Accounting Guidance | 4. Recently Issued and Adopted Accounting Guidance Accounting Standards Update No. 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income • A description of the accounting policy for releasing income tax effects from AOCI, • Whether we elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act, and • Information about the other income tax effects that are reclassified. The amendments in this ASU affect any organization that is required to apply the provisions of Topic 220, Income Statement —Reporting Comprehensive Income Accounting Standard Update No. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities h is s e e s ta da r a a l l o c p a i e b t a l i e i e g a c c o n t i n a r i s a n a e ac t i v i t i es d c c o s a c m l e x i t a p l y i h d g a c c o n t i n T s ta d a r r q i r e c p a n i e c h a n h r c o n i t i a r s n t a t i o o t f c t h d g a c c o n ti b y • E li m i n a ti ng t he re q u i r em e nt t o s e p a r a t e l y m e a s u r e a nd re p ort h e d g e i n e ff e c ti v e n e s s ; a n d • R e q u i r i ng c o m p a n i es t o p r e s e n t a l l of t h e e l e m e n t s of h e d g e a c c o u n t i n g t h a t a ff e c t e a r n i n g s i n the s a me i n c o m e s t a t em e nt l i ne a s the h e d g e d i t em. The standard also permits hedge accounting for strategies for which hedge accounting was not historically permitted today and includes new alternatives for measuring the hedged item for fair value hedges of interest rate risk. Furthermore, the standard eases the requirements for effectiveness testing, hedge documentation, applying the critical terms match method, and introduces new alternatives that will permit companies to reduce the risk of material error corrections if they misapply the shortcut method. The new accounting standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. We are currently assessing the impact the adoption of this guidance will have on our consolidated balance sheets, statements of income, and cash flows. Accounting Standards Update No. 2017-08 - Premium Amortization on Purchased Callable Debt Securities Accounting Standards Update No. 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Accounting Standards Update No. 2016-18 - Restricted Cash Accounting Standards Update No. 2016-15 - Classification of Certain Cash Receipts and Cash Payments . Accounting Standards Update No. 2016-13 - Financial Instruments - Measurement of Credit Losses on Financial Instruments Accounting Standards Update No. 2016-02 - Leases Accounting Standards Update No. 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities • Requires equity investments (with certain exceptions) to be measured at fair value with changes in fair value recognized in net income. • Requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. • Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the statement of condition or the accompanying notes to the financial statements. • Clarifies that an entity must assess valuation allowances on a deferred tax asset related to available for sale debt securities in combination with its other deferred tax assets. • Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Eliminates the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the statement of condition. The amendments, in general, are required to be applied by means of a cumulative-effect adjustment on the statement of condition as of the beginning of the period of adoption. The Company adopted the standard on January 1, 2018, and it did not have a material impact on our consolidated balance sheets, statements of income, or cash flows. Accounting Standards Update No. 2014-09 – Revenue from Contracts with Customers Topic 606 On January 1, 2018, the Company adopted ASU No. 2014-09 and all subsequent ASUs that modified Topic 606. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, and merchant income. The Company completed its overall assessment of revenue streams and review of related contracts potentially affected by the ASU, including trust and asset management fees, deposit related fees and other income within noninterest income. Based on this assessment, the Company concluded that ASU 2014-09 did not materially change the method in which the Company currently recognizes revenue for these revenue streams. The Company adopted ASU 2014-09 and its related amendments utilizing the modified retrospective approach. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Noninterest income considered in-scope of Topic 606 is discussed below. Wealth management and trust fees Wealth management fees are earned for providing investment management, retirement plan advisory, family office, and financial planning services to clients. The Company’s performance obligation under these contracts is satisfied over time as the wealth management services are provided. Fees are recognized monthly based on the average monthly value of the assets under management and the applicable fee rate, depending on the terms of the contract. No performance based incentives are earned on wealth management contracts. Receivables are recorded on the consolidated balance sheet in the other assets line item. Trust fees are earned when the Company is appointed as trustee for clients. As trustee, the Company administers the client’s trust and manages the assets of the trust including investments and property. The Company’s performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly based on a percentage of the market value of the account as outlined in the agreement. Receivables are recorded on the consolidated balance sheet in the other assets line item. The Company also earned fees for trust related activities. The Company’s performance obligation under these agreements is satisfied at a point in time and recognized when these services have been performed. All of the wealth management and trust fee income on the consolidated statement of operations for the three months ended March 31, 2018 is considered in-scope of Topic 606. Other banking fee income The Company charges a variety of fees to its clients for services provided on the deposit and deposit management related accounts. Each fee is either transaction-based or assessed monthly. The types of fees include service charges on accounts, overdraft fees, wire transfer fees, maintenance fees, ATM fee charges, and other miscellaneous charges related to the accounts. These fees are not governed by individual contracts with clients. They are charges to clients based on disclosures presented to clients upon opening these accounts along with updated disclosures when changes are made to the fee structures. The transaction-based fees are recognized in revenue when charged to the client based on specific activity on the client’s account. Monthly service and maintenance charges are recognized in the month they are earned and are charged directly to the client’s account. |
Cash and Due from Banks
Cash and Due from Banks | 3 Months Ended |
Mar. 31, 2018 | |
Cash And Due From Banks [Abstract] | |
Cash and due from Banks | 5. Cash and Due from Banks At March 31, 2018 and December 31, 2017, cash and due from banks totaled $56.3 million and $103.6 million, respectively. Of this amount, $15.4 million and $12.8 million, respectively, were maintained to satisfy the reserve requirements of the Federal Reserve Bank of Boston (“FRB Boston”). Additionally, at March 31, 2018 and December 31, 2017, the Company pledged $500,000 to the New Hampshire Banking Department relating to Cambridge Trust Company of New Hampshire, Inc.’s operations in that state. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 6. Investment Securities Investment securities have been classified in the unaudited consolidated balance sheets according to management’s intent. The carrying amounts of securities and their approximate fair values were as follows: March 31, 2018 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Available for sale securities U.S. GSE obligations $ 90,017 $ — $ (1,594 ) $ 88,423 $ 90,021 $ — $ (1,230 ) $ 88,791 Mortgage-backed securities 107,874 205 (4,099 ) 103,980 113,184 248 (2,806 ) 110,626 Corporate debt securities 5,029 — (84 ) 4,945 5,034 12 (45 ) 5,001 Mutual funds 587 — — 587 672 — (73 ) 599 Total available for sale securities $ 203,507 $ 205 $ (5,777 ) $ 197,935 $ 208,911 $ 260 $ (4,154 ) $ 205,017 Held to maturity securities U.S. GSE obligations $ 32,572 $ — $ (326 ) $ 32,246 $ 32,572 $ — $ (166 ) $ 32,406 Mortgage-backed securities 146,316 11 (2,411 ) 143,916 117,155 7 (906 ) 116,256 Corporate debt securities 6,966 — (104 ) 6,862 1,998 4 — 2,002 Municipal securities 78,555 1,383 (530 ) 79,408 80,463 2,544 (117 ) 82,890 Total held to maturity securities $ 264,409 $ 1,394 $ (3,371 ) $ 262,432 $ 232,188 $ 2,555 $ (1,189 ) $ 233,554 Total $ 467,916 $ 1,599 $ (9,148 ) $ 460,367 $ 441,099 $ 2,815 $ (5,343 ) $ 438,571 All of the Company’s mortgage-backed securities have been issued by, or are collateralized by securities issued by, either Government National Mortgage Association (Ginnie Mae), Federal National Mortgage Association (Fannie Mae), or Federal Home Loan Mortgage Corporation (Freddie Mac). The following tables show the Company’s securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position: March 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Temporarily Impaired Securities Available for sale securities U.S. GSE obligations $ — $ — $ 88,423 $ (1,594 ) $ 88,423 $ (1,594 ) Mortgage-backed securities 11,765 (360 ) 89,052 (3,739 ) 100,817 (4,099 ) Corporate debt securities 998 (2 ) 3,947 (82 ) 4,945 (84 ) Total available for sale securities $ 12,763 $ (362 ) $ 181,422 $ (5,415 ) $ 194,185 $ (5,777 ) Held to maturity securities U.S. GSE obligations $ 32,246 $ (326 ) $ — $ — $ 32,246 $ (326 ) Mortgage-backed securities 129,538 (2,375 ) 3,778 (36 ) 133,316 (2,411 ) Corporate debt securities 6,862 (104 ) — — 6,862 (104 ) Municipal securities 14,218 (236 ) 6,257 (294 ) 20,475 (530 ) Total held to maturity securities $ 182,864 $ (3,041 ) $ 10,035 $ (330 ) $ 192,899 $ (3,371 ) Total temporarily impaired securities $ 195,627 $ (3,403 ) $ 191,457 $ (5,745 ) $ 387,084 $ (9,148 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Temporarily Impaired Securities Available for sale securities U.S. GSE obligations $ 4,979 $ (21 ) $ 83,812 $ (1,209 ) $ 88,791 $ (1,230 ) Mortgage-backed securities 12,526 (157 ) 94,663 (2,649 ) 107,189 (2,806 ) Corporate debt securities — — 3,990 (45 ) 3,990 (45 ) Mutual funds — — 599 (73 ) 599 (73 ) Total available for sale securities $ 17,505 $ (178 ) $ 183,064 $ (3,976 ) $ 200,569 $ (4,154 ) Held to maturity securities U.S. GSE obligations $ 27,407 $ (166 ) $ — $ — $ 27,407 $ (166 ) Mortgage-backed securities 115,926 (906 ) 3 — 115,929 (906 ) Corporate debt securities — — — — — — Municipal securities 2,041 (19 ) 6,459 (98 ) 8,500 (117 ) Total held to maturity securities $ 145,374 $ (1,091 ) $ 6,462 $ (98 ) $ 151,836 $ (1,189 ) Total temporarily impaired securities $ 162,879 $ (1,269 ) $ 189,526 $ (4,074 ) $ 352,405 $ (5,343 ) Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently, when economic or market conditions warrant such evaluation. 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. As of March 31, 2018, 151 debt securities had gross unrealized losses, with an aggregate depreciation of 2.31% from the Company’s amortized cost basis. The largest unrealized loss percentage of any single security was 9.25%, or $46,000 of its amortized cost. The largest unrealized dollar loss of any single security was $237,000, or 4.74% of its amortized cost. As of December 31, 2017 The Company believes that the nature and duration of impairment on its debt security positions are primarily a function of interest rate movements and changes in investment spreads, and does not consider full repayment of principal on the reported debt obligations to be at risk. Since nearly all of these securities are rated “investment grade” and (a) the Company does not intend to sell these securities before recovery and (b) that it is more likely than not that the Company will not be required to sell these securities before recovery, the Company does not consider these securities to be other-than-temporarily impaired as of March 31, 2018 and December 31, 2017. The amortized cost and fair value of debt securities, aggregated by the earlier of guaranteed call date or contractual maturity, are shown below. Maturities of mortgage-backed securities do not take into consideration scheduled amortization or prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Within One Year After One, But Within Five Years After Five, But Within Ten Years After Ten Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value At March 31, 2018 (dollars in thousands) Available for sale securities U.S. GSE obligations $ 20,017 $ 19,897 $ 70,000 $ 68,526 $ — $ — $ — $ — $ 90,017 $ 88,423 Mortgage-backed securities 40 40 116 120 38,868 37,492 68,850 66,328 107,874 103,980 Corporate debt securities — — 5,029 4,945 — — — — 5,029 4,945 Total available for sale securities $ 20,057 $ 19,937 $ 75,145 $ 73,591 $ 38,868 $ 37,492 $ 68,850 $ 66,328 $ 202,920 $ 197,348 Held to maturity securities U.S. GSE obligations $ 5,004 $ 4,970 $ 27,568 $ 27,276 $ — $ — $ — $ — $ 32,572 $ 32,246 Mortgage-backed securities 3 3 190 192 34,891 34,384 111,232 109,337 146,316 143,916 Corporate debt securities — — 6,966 6,862 — — — — 6,966 6,862 Municipal securities 4,326 4,364 12,611 12,835 35,076 35,604 26,542 26,605 78,555 79,408 Total held to maturity securities $ 9,333 $ 9,337 $ 47,335 $ 47,165 $ 69,967 $ 69,988 $ 137,774 $ 135,942 $ 264,409 $ 262,432 Total $ 29,390 $ 29,274 $ 122,480 $ 120,756 $ 108,835 $ 107,480 $ 206,624 $ 202,270 $ 467,329 $ 459,780 The following table sets forth information regarding sales of investment securities and the resulting gains (losses) from such sales: Three Months Ended March 31, 2018 2017 (dollars in thousands) Amortized cost of securities sold $ — $ 32,703 Gain/(loss) realized on securities sold — (2 ) Net proceeds from securities sold $ — $ 32,701 |
Loans and the Allowance for Loa
Loans and the Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans and the Allowance for Loan Losses | 7. LOANS AND THE ALLOWANCE FOR LOAN LOSSES The Company’s lending activities are conducted principally in Eastern Massachusetts. The Company grants single- and multi-family residential loans, commercial & industrial (“C&I”), commercial real estate (“CRE”), construction loans, and a variety of consumer loans. Most of the loans granted by the Company are secured by real estate collateral. Repayment of the Company’s residential loans are generally dependent on the health of the employment market in the borrowers’ geographic areas and that of the general economy with liquidation of the underlying real estate collateral being typically viewed as the primary source of repayment in the event of borrower default. The repayment of C&I loans depends primarily on the cash flow and credit worthiness of the borrower and secondarily on the underlying collateral provided by the borrower. As borrower cash flow may be difficult to predict, liquidation of the underlying collateral securing these loans is typically viewed as the primary source of repayment in the event of borrower default. However, collateral typically consists of equipment, inventory, accounts receivable, or other business assets that may fluctuate in value, so the liquidation of collateral in the event of default is often an insufficient source of repayment. The Company’s CRE loans are primarily made based on the cash flow from the collateral property and secondarily on the underlying collateral provided by the borrower, with liquidation of the underlying real estate collateral typically being viewed as the primary source of repayment in the event of borrower default. The Company’s construction loans are primarily made based on the borrower’s expected ability to execute and the future completed value of the collateral property, with sale of the underlying real estate collateral typically being viewed as the primary source of repayment. Loans outstanding are detailed by category as follows: March 31, 2018 December 31, 2017 (dollars in thousands) Residential mortgage Mortgages - fixed rate $ 299,182 $ 298,851 Mortgages - adjustable rate 241,330 239,027 Deferred costs net of unearned fees 1,087 1,042 Total residential mortgages 541,599 538,920 Commercial mortgage Mortgages - nonowner occupied 584,414 562,203 Mortgages - owner occupied 40,050 35,343 Construction 31,585 35,904 Deferred costs net of unearned fees 240 199 Total commercial mortgages 656,289 633,649 Home equity Home equity - lines of credit 66,889 70,326 Home equity - term loans 4,452 3,863 Deferred costs net of unearned fees 251 255 Total home equity 71,592 74,444 Commercial & industrial Commercial & industrial 75,354 65,305 Deferred costs (fees) net of unearned fees 11 (10 ) Total commercial & industrial 75,365 65,295 Consumer Secured 35,705 37,272 Unsecured 1,188 1,303 Deferred costs net of unearned fees 16 16 Total consumer 36,909 38,591 Total loans $ 1,381,754 $ 1,350,899 Directors and officers of the Company and their associates are customers of, and have other transactions with, the Company in the normal course of business. All loans and commitments included in such transactions were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and do not involve more than normal risk of collection or present other unfavorable features. At March 31, 2018 and December 31, 2017, total loans outstanding to such directors and officers were $429,000 and $516,000, respectively. During the three months ended March 31, 2018, $6,000 of additions and $93,000 of repayments were made to these loans. There were $124,000 of additions and $298,000 of repayments during the year ended December 31, 2017. At March 31, 2018 and December 31, 2017, all of the loans to directors and officers were performing according to their original terms. The following tables set forth information regarding non-performing loans disaggregated by loan category: March 31, 2018 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 1,177 $ 213 $ 15 $ — $ — $ 1,405 Loans past due >90 days, but still accruing — — — — — — Troubled debt restructurings 119 — — 23 — 142 Total $ 1,296 $ 213 $ 15 $ 23 $ — $ 1,547 December 31, 2017 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 918 $ 213 $ 17 $ — $ — $ 1,148 Loans past due >90 days, but still accruing — — — — — — Troubled debt restructurings 121 — — 29 — 150 Total $ 1,039 $ 213 $ 17 $ 29 $ — $ 1,298 Troubled Debt Restructurings (“TDRs”) Loans are considered restructured in a troubled debt restructuring when the Company has granted concessions to a borrower due to the borrower’s financial condition that it otherwise would not have considered. These concessions may include modifications of the terms of the debt such as deferral of payments, extension of maturity, reduction of principal balance, reduction of the stated interest rate other than normal market rate adjustments, or a combination of these concessions. Debt may be bifurcated with separate terms for each tranche of the restructured debt. Restructuring a loan in lieu of aggressively enforcing the collection of the loan may benefit the Company by increasing the ultimate probability of collection. Restructured loans are classified as accruing or non-accruing based on management’s assessment of the collectability of the loan. Loans which are already on nonaccrual status at the time of the restructuring generally remain on nonaccrual status for approximately six months or longer before management considers such loans for return to accruing status. Accruing restructured loans are placed into nonaccrual status if and when the borrower fails to comply with the restructured terms and management deems it unlikely that the borrower will return to a status of compliance in the near term. Troubled debt restructurings are classified as impaired loans. The Company identifies loss allocations for impaired loans on an individual loan basis. There were no new TDRs during the three months ended March 31, 2018. At March 31, 2018, three loans were determined to be TDRs with a total carrying value of $142,000. There were no TDR defaults during the three months ended March 31, 2018. During the year ended December 31, 2017, the Company modified one loan with a pre-modification carrying value (which consists of the unpaid principal balance, net of charge-offs and unamortized deferred loan origination fees and costs, at the time of the restructuring) of $65,000 and a post-modification carrying value of $48,000. At December 31, 2017, this loan had a carrying value of $29,000. At December 31, 2017, three loans were determined to be TDRs with a total carrying value of $150,000. Two loans designated as TDRs were charged-off during the fourth quarter of 2017. There were no TDR defaults during the year ended December 31, 2017. There were no specific allowances for TDRs at March 31, 2018 and December 31, 2017. As of March 31, 2018, there were no significant commitments to lend additional funds to borrowers whose loans were restructured. Loans by Credit Quality Indicator. The following tables contain period-end balances of loans receivable disaggregated by credit quality indicator: March 31, 2018 Residential Mortgages Home Equity Consumer (dollars in thousands) Credit risk profile based on payment activity: Performing $ 540,303 $ 71,577 $ 36,909 Non-performing 1,296 15 — Total $ 541,599 $ 71,592 $ 36,909 Commercial Mortgages Commercial & Industrial Credit risk profile by internally assigned grade: 1-6 (Pass) $ 651,366 $ 67,033 7 (Special Mention) 4,710 7,991 8 (Substandard) 213 341 9 (Doubtful) — — 10 (Loss) — — Total $ 656,289 $ 75,365 December 31, 2017 Residential Mortgages Home Equity Consumer (dollars in thousands) Credit risk profile based on payment activity: Performing $ 537,881 $ 74,427 $ 38,591 Non-performing 1,039 17 — Total $ 538,920 $ 74,444 $ 38,591 Commercial Mortgages Commercial & Industrial Credit risk profile by internally assigned grade: 1-6 (Pass) $ 629,852 $ 56,755 7 (Special Mention) 3,584 8,126 8 (Substandard) 213 414 9 (Doubtful) — — 10 (Loss) — — Total $ 633,649 $ 65,295 With respect to residential mortgages, home equity, and consumer loans, the Bank utilizes the following categories as indicators of credit quality: • Performing – These loans are accruing and are considered having low to moderate risk. • Non-performing – These loans either have been placed on non-accrual, or are past due more than 90 days but are still accruing, and may contain greater than average risk. With respect to commercial real estate mortgages and commercial loans, the Bank utilizes a 10 grade internal loan rating system as an indicator of credit quality. The grades are as follows: • Loans rated 1-6 (Pass) – These loans are considered “pass” rated with low to moderate risk. • Loans rated 7 (Special Mention) – These loans have potential weaknesses warranting close attention, which, if left uncorrected, may result in deterioration of the credit at some future date. • Loans rated 8 (Substandard) – These loans have well-defined weaknesses that jeopardize the orderly liquidation of the debt under the original loan terms. Loss potential exists but is not identifiable in any one customer. • Loans rated 9 (Doubtful) – These loans have pronounced weaknesses that make full collection highly questionable and improbable. • Loans rated 10 (Loss) – These loans are considered uncollectible and continuance as a bankable asset is not warranted. Delinquencies The past due status of a loan is determined in accordance with its contractual repayment terms. All loan types are reported past due when one scheduled payment is due and unpaid for 30 days or more. Loan delinquencies can be attributed to many factors, such as but not limited to a continuing weakness in, or deteriorating economic conditions in, the region in which the collateral is located, the loss of a tenant or lower lease rates for commercial borrowers, or the loss of income for consumers and the resulting liquidity impacts on the borrowers. The following tables contain period-end balances of loans receivable disaggregated by past due status: March 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 1,908 $ 423 $ 686 $ 3,017 $ 538,582 $ 541,599 Commercial Mortgages — — 213 213 656,076 656,289 Home Equity 44 — — 44 71,548 71,592 Commercial & Industrial 25 — — 25 75,340 75,365 Consumer loans 3 12 — 15 36,894 36,909 Total $ 1,980 $ 435 $ 899 $ 3,314 $ 1,378,440 $ 1,381,754 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 1,353 $ 706 $ 64 $ 2,123 $ 536,797 $ 538,920 Commercial Mortgages — 32 — 32 633,617 633,649 Home Equity 1 — 17 18 74,426 74,444 Commercial & Industrial — — — — 65,295 65,295 Consumer loans 176 — — 176 38,415 38,591 Total $ 1,530 $ 738 $ 81 $ 2,349 $ 1,348,550 $ 1,350,899 There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2018 and December 31, 2017. Foreclosure proceedings As of March 31, 2018 and December 31, 2017, loans secured by one- to four-family residential property amounting to $63,000 and $64,000, respectively, were in process of foreclosure. Impaired Loans Impaired loans are loans for which it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreements and loans restructured in a troubled debt restructuring. The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. The following tables present information pertaining to impaired loans: For the Three Months Ended March 31, 2018 Carrying Value Average Carrying Value Unpaid Principal Balance Related Allowance Interest Income Recognized (dollars in thousands) With no required reserve recorded: Commercial and industrial $ 23 $ 25 $ 23 $ — $ — Commercial mortgage 213 213 227 — — Residential mortgage 1,157 1,164 1,360 — — Home equity 68 69 99 — — Total 1,461 1,471 1,709 — — With required reserve recorded: Commercial and industrial — — — — — Commercial mortgage — — — — — Residential mortgage 63 63 63 90 — Home equity — — — — — Total 63 63 63 90 — Total: Commercial and industrial 23 25 23 — — Commercial mortgage 213 213 227 — — Residential mortgage 1,220 1,227 1,423 90 — Home equity 68 69 99 — — Total $ 1,524 $ 1,534 $ 1,772 $ 90 $ — For the Three Months Ended March 31, 2017 Carrying Value Average Carrying Value Unpaid Principal Balance Related Allowance Interest Income Recognized (dollars in thousands) With no required reserve recorded: Commercial and industrial $ — $ — $ — $ — $ — Commercial mortgage 232 232 232 — — Residential mortgage 693 701 874 — Home equity 100 101 126 — — Consumer — — — — — Total 1,025 1,034 1,232 — — With required reserve recorded: Commercial and industrial 283 285 291 108 — Commercial mortgage — — — — — Residential mortgage 315 317 315 200 — Home equity — — — — — Total 598 602 606 308 — Total: Commercial and industrial 283 285 291 108 — Commercial mortgage 232 232 232 — — Residential mortgage 1,008 1,018 1,189 200 — Home equity 100 101 126 — — Consumer — — — — — Total $ 1,623 $ 1,636 $ 1,838 $ 308 $ — Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount determined by management on the basis of the character of the loans, loan performance, financial condition of borrowers, the value of collateral securing loans, and other relevant factors. We provide for loan losses based upon the consistent application of our documented allowance for loan loss methodology. All loan losses are charged to the allowance for loan losses and all recoveries are credited to it. Additions to the allowance for loan losses are provided by charges to income based on various factors which, in our judgment, deserve current recognition in estimating probable losses. We regularly review the loan portfolio, including a review of our classified assets, and make provisions for loan losses in order to maintain the allowance for loan losses in accordance with GAAP. The allowance for loan losses consists primarily of two components: 1. Specific allowances established for impaired loans, as defined by GAAP. The amount of impairment provided for as a specific allowance is measured based on the deficiency, if any, between 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, and the carrying value of the loan; and 2. General allowances established for loan losses on a portfolio basis for loans that do not meet the definition of impaired loans. The portfolio is grouped into homogenous pools by similar risk characteristics, primarily by loan type and regulatory classification. We apply an estimated incurred loss rate to each loan group. The loss rates applied are based upon our historical loss experience over a designated look back period adjusted, as appropriate, for the quantitative, qualitative, and environmental factors discussed below. This evaluation is inherently subjective, as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be significantly more than the allowance for loan losses we have established, which could have a material negative effect on our financial results. The adjustments to historical loss experience are based on our evaluation of several quantitative, qualitative, and environmental factors, including: • the loss emergence period, which represents the average amount of time between when loss events occur for specific loan types and when such problem loans are identified and the related loss amounts are confirmed through charge-offs; • changes in any concentration of credit (including, but not limited to, concentrations by geography, industry, or collateral type); • changes in the number and amount of non-accrual loans and past due loans; • changes in national, state, and local economic trends; • changes in the types of loans in the loan portfolio; • changes in the experience and ability of personnel; • changes in lending strategies; and • changes in lending policies and procedures. In addition, we may establish an unallocated allowance to provide for probable losses that have been incurred as of the reporting date but are not reflected in the allocated allowance. We evaluate the allowance for loan losses based upon the combined total of the specific and general components. Generally, when the loan portfolio increases, absent other factors, the allowance for loan loss methodology results in a higher dollar amount of estimated probable losses than would be the case without the increase. Generally, when the loan portfolio decreases, absent other factors, the allowance for loan losses methodology results in a lower dollar amount of estimated probable losses than would be the case without the decrease. Periodically, management conducts an analysis to estimate the loss emergence period for various loan categories based on samples of historical charge-offs. Model output by loan category is reviewed to evaluate the reasonableness of the reserve levels in comparison to the estimated loss emergence period applied to historical loss experience. We evaluate the loan portfolio on a quarterly basis, and the allowance is adjusted accordingly. While we use the best information available to make evaluations, future adjustments to the allowance may be necessary if conditions differ substantially from the information used in making the evaluations. In addition, various regulatory agencies, as an integral part of their examination process, will periodically review the allowance for loan losses. Such agencies may require us to recognize additions to the allowance based on their analysis of information available to them at the time of their examination. The following tables contain changes in the allowance for loan losses disaggregated by loan category : For the Three Months Ended March 31, 2018 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Impaired Total (dollars in thousands) Allowance for loan losses: Balance at December 31, 2017 $ 5,047 $ 8,289 $ 630 $ 946 $ 315 $ 93 $ 15,320 Charge-offs — — — (5 ) (5 ) — (10 ) Recoveries — — — 11 2 — 13 Provision (355 ) 648 (60 ) 193 (14 ) (3 ) 409 Balance at March 31, 2018 $ 4,692 $ 8,937 $ 570 $ 1,145 $ 298 $ 90 $ 15,732 For the Three Months Ended March 31, 2017 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Impaired Total (dollars in thousands) Allowance for loan losses: Balance at December 31, 2016 $ 4,898 $ 8,451 $ 651 $ 807 $ 264 $ 190 $ 15,261 Charge-offs — — — — (7 ) — (7 ) Recoveries — — — 3 2 — 5 Provision (86 ) 175 (35 ) (152 ) 10 118 30 Balance at March 31, 2017 $ 4,812 $ 8,626 $ 616 $ 658 $ 269 $ 308 $ 15,289 The following tables contain period-end balances of the allowance for loan losses and related loans receivable disaggregated by impairment method: March 31, 2018 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ 90 $ — $ — $ — $ — $ 90 Collectively evaluated for impairment 4,692 8,937 570 1,145 298 15,642 Total $ 4,782 $ 8,937 $ 570 $ 1,145 $ 298 $ 15,732 Loans receivable Individually evaluated for impairment $ 1,220 $ 213 $ 68 $ 23 $ — $ 1,524 Collectively evaluated for impairment 540,379 656,076 71,524 75,342 36,909 1,380,230 Total $ 541,599 $ 656,289 $ 71,592 $ 75,365 $ 36,909 $ 1,381,754 December 31, 2017 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ 93 $ — $ — $ — $ — $ 93 Collectively evaluated for impairment 5,047 8,289 630 946 315 15,227 Total $ 5,140 $ 8,289 $ 630 $ 946 $ 315 $ 15,320 Loans receivable Individually evaluated for impairment $ 968 $ 213 $ 86 $ 29 $ — $ 1,296 Collectively evaluated for impairment 537,952 633,436 74,358 65,266 38,591 1,349,603 Total $ 538,920 $ 633,649 $ 74,444 $ 65,295 $ 38,591 $ 1,350,899 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes In accordance with the Tax Cuts and Jobs Act of 2017, the Company’s federal tax rate reduced from 35% to 21% effective January 1, 2018. The effective tax rate was 21.8% for the quarter ended March 31, 2018, as compared to 31.4% for the quarter ended March 31, 2017. Net deferred tax assets totaled $7.9 million at March 31, 2018 and $8.3 million at December 31, 2017. The Company recorded no valuation allowance for deferred tax assets at March 31, 2018. The components of income tax expense were as follows: Three Months Ended March 31, 2018 2017 (dollars in thousands) Current Federal $ 593 $ 932 State 253 234 Total current expense 846 1,166 Deferred Federal 524 637 State 246 181 Total deferred 770 818 Total income tax expense $ 1,616 $ 1,984 |
Pension and Retirement Plans
Pension and Retirement Plans | 3 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Retirement Plans | 9. Pension and Retirement Plans The components of net periodic benefit cost (credit) were as follows: Three Months Ended March 31, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2018 2017 2018 2017 2018 2017 (dollars in thousands) Net periodic benefit cost Service cost $ — $ 447 $ 89 $ 67 $ 6 $ 4 Interest cost 386 545 77 91 5 5 Expected return on assets (723 ) (818 ) — — — — Amortization of prior service cost (credit) (1 ) (1 ) — — — — Amortization of net actuarial loss 16 237 1 — 5 (2 ) Net periodic benefit cost (credit) $ (322 ) $ 410 $ 167 $ 158 $ 16 $ 7 The Company made no contributions to the qualified defined benefit pension plan during the three months ended March 31, 2018. We do not expect to make any contributions to the qualified defined benefit plan during the remainder of 2018. The Company adopted Accounting Standards Update No. 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Employee Profit Sharing Plan The Company maintains a Profit Sharing Plan (“PSP”) that provides for deferral of federal and state income taxes on employee contributions allowed under Section 401(k) of federal law. The PSP plan was amended effective January 1, 2018. The Company matches employee contributions up to 100% of the first 4% of each participant’s salary, up from 3% in 2017. Each year, the Company may also make a discretionary contribution to the PSP. It is anticipated that the Company will make a discretionary contribution to the Plan of 4% of eligible compensation for plan participants. Employees are eligible to participate in the PSP on the first day of their initial date of service. Additionally, employees will be eligible to participate in the discretionary contribution portion of the PSP Employee Stock Ownership Plan The Company has an Employee Stock Ownership Plan (“ESOP”) for its eligible employees. Employees are eligible to participate upon the attainment of age 21 and the completion of 12 months of service consisting of at least 1,000 hours. The Company may make a discretionary contribution to the ESOP on an annual basis. Shares of the Company’s common stock can then be purchased and allocated to eligible participant accounts at the then quoted market price. Participants can elect to have cash dividends paid during the year re-invested to purchase additional shares. Total expenses related to the PSP and ESOP for the three months ended March 31, 2018 and March 31, 2017 amounted to approximately $823,000 and $238,000, respectively. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Share Based Compensation [Abstract] | |
Stock Based Compensation | 10. STOCK BASED COMPENSATION Time Vested Restricted Stock Awards (RSAs) and Restricted Stock Units (RSUs) During the three months ended March 31, 2018, the Company issued the following RSAs and RSUs from the 2017 Equity and Cash Incentive Plan. T he fair value of RSAs and RSUs is based upon the Company’s common stock closing share price on the date of the grant. The holders of RSAs participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. Weighted- Average Shares Granted Fair Value at Grant Date Type of Award 11,838 $ 76.71 RSAs 7,839 $ 76.56 RSUs Performance-Based Restricted Stock Units On January 22, 2018, the Company granted 23,511 performance-based restricted stock units. These performance-based restricted stock units were issued from the 2017 Equity and Cash Incentive Plan The following table presents the pre-tax expense associated with all outstanding non-vested RSAs, RSUs, performance based restricted stock units, and the related tax benefits recognized: Three Months Ended March 31, 2018 2017 (dollars in thousands) Stock based compensation expense $ 540 $ 273 Related tax benefits $ 152 $ 112 |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | 11. Financial Instruments with Off-Balance-Sheet Risk To meet the financing needs of its customers, the Company is a party to financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments are primarily comprised of commitments to extend credit, commitments to sell residential mortgage loans, derivatives contracts, risk participation agreements, and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments and standby letters of credit is represented by the contractual amount of those instruments assuming that the amounts are fully advanced and that collateral, or other security, is of no value. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Off-balance-sheet financial instruments with contractual amounts that present credit risk include the following: March 31, 2018 December 31, 2017 (dollars in thousands) Financial instruments whose contractual amount represents credit risk: Commitments to extend credit: Unused portion of existing lines of credit $ 313,313 $ 304,298 Origination of new loans 34,392 45,061 Standby letters of credit 8,669 8,322 Financial instruments whose notional amount exceeds the amount of credit risk: Commitments to sell residential mortgage loans 1,124 1,490 Customer related derivative contracts: Interest rate swaps with customers 78,967 74,758 Mirror swaps with counterparties 78,967 74,758 Risk participation agreements with counterparties 39,095 38,494 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Shareholders’ Equity | 12. Shareholders’ Equity As of March 31, 2018 and December 31, 2017, the Company and the Bank met all applicable minimum capital requirements and were considered “well-capitalized” by both the FRB and the FDIC. Actual Minimum Capital Required For Capital Adequacy Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At March 31, 2018 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 174,684 13.9 % $ 100,692 8.0 % $ 124,292 9.875 % $ 132,159 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 158,950 12.6 % 75,519 6.0 % 99,119 7.875 % 106,986 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 158,950 12.6 % 56,639 4.5 % 80,239 6.375 % 88,106 7.0 % N/A N/A Tier I capital (to average assets) 158,950 8.1 % 78,043 4.0 % 78,043 4.000 % 78,043 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 170,546 13.5 % $ 100,692 8.0 % $ 124,292 9.875 % $ 132,159 10.5 % $ 125,866 10.0 % Tier I capital (to risk-weighted assets) 154,812 12.3 % 75,519 6.0 % 99,119 7.875 % 106,986 8.5 % 100,692 8.0 % Common equity tier I capital (to risk-weighted assets) 154,812 12.3 % 56,639 4.5 % 80,239 6.375 % 88,106 7.0 % 81,813 6.5 % Tier I capital (to average assets) 154,812 7.9 % 78,043 4.0 % 78,043 4.000 % 78,043 4.0 % 97,554 5.0 % At December 31, 2017 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 168,615 13.7 % $ 98,136 8.0 % $ 113,470 9.25 % $ 128,804 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 153,281 12.5 % 73,602 6.0 % 88,936 7.25 % 104,270 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 153,281 12.5 % 55,202 4.5 % 70,535 5.75 % 85,869 7.0 % N/A N/A Tier I capital (to average assets) 153,281 8.1 % 76,026 4.0 % 76,026 4.00 % 76,026 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 164,880 13.4 % $ 98,136 8.0 % $ 113,470 9.25 % $ 128,804 10.5 % $ 122,670 10.0 % Tier I capital (to risk-weighted assets) 149,546 12.2 % 73,602 6.0 % 88,936 7.25 % 104,270 8.5 % 98,136 8.0 % Common equity tier I capital (to risk-weighted assets) 149,546 12.2 % 55,202 4.5 % 70,535 5.75 % 85,869 7.0 % 79,736 6.5 % Tier I capital (to average assets) 149,546 7.9 % 76,026 4.0 % 76,026 4.00 % 76,026 4.0 % 95,033 5.0 % |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income | 13. Other Comprehensive Income The following table presents the changes in accumulated other comprehensive income (loss) during the period, by component, net of tax: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Unrealized gains/(losses) on available for sale securities Unrealized holding gains/(losses) arising during period $ (1,678 ) $ 326 $ (1,352 ) $ 292 $ (103 ) $ 189 Reclassification adjustment for (gains)/losses recognized in net income — — — 2 (1 ) 1 Defined benefit retirement plans Change in retirement liability 14 (4 ) 10 224 (92 ) 132 Total Other Comprehensive Income (Loss) $ (1,664 ) $ 322 $ (1,342 ) $ 518 $ (196 ) $ 322 Reclassifications out of Accumulated Other Comprehensive Income (“AOCI”) that have an impact on net income are presented below: Three Months Ended March 31, Details about Accumulated Other Comprehensive Income Components 2018 2017 Affected Line Item in the Statement where Net Income is Presented (dollars in thousands) Unrealized gains and losses on available for sale securities $ — $ (2 ) (Loss) gain on disposition of investment securities Tax benefit or (expense) — 1 Provision for income taxes Net of tax $ — $ (1 ) Net income |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. Earnings per Share The following represents a reconciliation between basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 (dollars in thousands, except per share data) Earnings per common share - basic: Numerator: Net income $ 5,805 $ 4,328 Less dividends and undistributed earnings allocated to participating securities (64 ) (47 ) Net income applicable to common shareholders $ 5,741 $ 4,281 Denominator: Weighted average common shares outstanding 4,053 4,012 Earnings per common share - basic $ 1.42 $ 1.07 Earnings per common share - diluted: Numerator: Net income $ 5,805 $ 4,328 Less dividends and undistributed earnings allocated to participating securities (64 ) (47 ) Net income applicable to common shareholders $ 5,741 $ 4,281 Denominator: Weighted average common shares outstanding 4,053 4,012 Dilutive effect of common stock equivalents 19 39 Weighted average diluted common shares outstanding 4,072 4,051 Earnings per common share - diluted $ 1.41 $ 1.06 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments Not Designated As Hedging Instruments [Abstract] | |
Derivative Financial Instruments | 15. Derivative Financial Instruments The Company enters into interest rate derivatives to accommodate the business requirements of its customers. Derivatives are recognized as either assets or liabilities on the balance sheet and are measured at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and resulting designation. Interest Rate Swaps The Company has entered into interest rate swap contracts to help commercial loan borrowers manage their interest rate risk. The interest rate swap contracts with commercial loan borrowers allow them to convert floating-rate loan payments to fixed-rate loan payments. When the Bank enters into an interest rate swap contract with a commercial loan borrower, it simultaneously enters into a “mirror” swap contract with a third party. The third party exchanges the client’s fixed‑rate loan payments for floating-rate loan payments. As of March 31, 2018 and December 31, 2017, the Bank had interest rate swap contracts with commercial loan borrowers with notional amounts of $79.0 million and $74.8 million, respectively, and equal amounts of “mirror” swap contracts with third-party financial institutions. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings. Because these derivatives have mirror-image contractual terms, the changes in fair value substantially offset each other through earnings. Fees earned in connection with the execution of derivatives related to this program are recognized in earnings through loan related derivative income. The credit risk associated with swap transactions is the risk of default by the counterparty. To minimize this risk, the Company enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties under a collateral pledging agreement, and, thus, are not a measure of the potential loss exposure. Risk Participation Agreements The Company has entered into risk participation agreements (“RPAs”) with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. RPAs are derivative financial instruments and are recorded at fair value and reported in other assets or other liabilities. These derivatives are not designated as hedges, and therefore, changes in fair value are recognized in earnings with a corresponding offset within other liabilities. Under a risk participation-out agreement (a derivative asset), the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower for a fee paid to the participating bank. Under a risk participation-in agreement (a derivative liability), the Company assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower for a fee received from the other bank. As of March 31, 2018, the notional amounts of the risk participation-in agreements and risk participation-out agreements were $39.1 million and $0, respectively. As of December 31, 2017, the notional amounts of the risk participation-in agreements and risk participation-out agreements were $38.5 million and $0, respectively. The following table presents the fair values of derivative instruments in the Company’s unaudited consolidated balance sheets: Derivative Assets Derivative Liabilities Balance Sheet Location March 31, 2018 December 31, 2017 Balance Sheet Location March 31, 2018 December 31, 2017 (dollars in thousands) (dollars in thousands) Derivatives not Designated as Hedging Instruments Loan related derivative contracts Interest rate swaps with customers Other Assets $ 3,253 $ 1,859 Other Liabilities $ — $ — Mirror swaps with counterparties Other Assets — — Other Liabilities 3,253 1,859 Risk participation agreements Other Assets — — Other Liabilities 54 81 Total $ 3,253 $ 1,859 $ 3,307 $ 1,940 For the three months ended March 31, 2018 and March 31, 2017, the Company recorded $472,000 and $188,000, respectively, of loan related derivative income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 16. Fair Value Measurements The Company follows ASC 820, “Fair Value Measurements and Disclosures,” • Level 1 – Quoted prices for identical assets or liabilities in active markets. • Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 – Valuations derived from techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Company’s market assumptions. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available for sale, derivative instruments, and hedges are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent impaired loans. In accordance with the requirements of ASU 2016-01, the Company uses an exit price notion for its fair value disclosures as of March 31, 2018. The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of the dates indicated: March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (dollars in thousands) Financial assets Cash and cash equivalents $ 56,265 $ 56,265 $ 103,591 $ 103,591 Securities available for sale 197,935 197,935 205,017 205,017 Securities held to maturity 264,409 262,432 232,188 233,554 Loans, net 1,366,022 1,320,509 1,335,579 1,304,719 Loans held for sale — — — — FHLB Boston stock 4,242 4,242 4,242 4,242 Bank owned life insurance 30,535 30,535 31,083 31,083 Accrued interest receivable 5,059 5,059 5,128 5,128 Mortgage servicing rights 760 1,049 793 1,049 Loan level interest rate swaps 3,253 3,253 1,859 1,859 Financial liabilities Deposits 1,782,392 1,779,459 1,775,400 1,772,838 Short-term borrowings — — — — Long-term borrowings 3,537 3,486 3,579 3,559 Loan level interest rate swaps 3,253 3,253 1,859 1,859 Risk participation agreements 54 54 81 81 The following tables summarize certain assets reported at fair value on a recurring basis: Fair Value as of March 31, 2018 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 88,423 $ — $ 88,423 Mortgage-backed securities — 103,980 — 103,980 Corporate debt securities — 4,945 — 4,945 Mutual funds 587 — — 587 Other assets Interest rate swaps with customers — 3,253 — 3,253 Other liabilities Mirror swaps with counterparties — 3,253 — 3,253 Risk participation agreements — 54 — 54 Fair Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 88,791 $ — $ 88,791 Mortgage-backed securities — 110,626 — 110,626 Corporate debt securities — 5,001 — 5,001 Mutual funds 599 — — 599 Other assets Interest rate swaps with customers — 1,859 — 1,859 Other liabilities Mirror swaps with counterparties — 1,859 — 1,859 Risk participation agreements — 81 — 81 There were no assets measured at fair value on a non-recurring basis during the quarter ended March 31, 2018 and at December 31, 2017. There were no transfers between levels for the three months ended March 31, 2018 and the three months ended March 31, 2017. The following is a description of the principal valuation methodologies used by the Company to estimate the fair values of its financial instruments. Investment Securities For investment securities, fair values are primarily based upon valuations obtained from a national pricing service which uses matrix pricing with inputs that are observable in the market or can be derived from, or corroborated by, observable market data. When available, quoted prices in active markets for identical securities are utilized. Loans Held for Sale For loans held for sale, fair values are estimated using projected future cash flows, discounted at rates based upon either trades of similar loans or mortgage-backed securities, or at current rates at which similar loans would be made to borrowers with similar credit ratings and for similar remaining maturities. Loans For most categories of loans, fair values are estimated using projected future cash flows, discounted at rates based upon current rates at which similar loans would be made to borrowers with similar credit ratings, and for similar remaining maturities. Projected estimated cash flows are adjusted for prepayment assumptions, liquidity premium assumptions, and credit loss assumptions. Loans that are deemed to be impaired in accordance with ASC 310, “Receivables,” are valued based upon the lower of cost or fair value of the underlying collateral. FHLB of Boston Stock The fair value of FHLB of Boston stock equals its carrying value since such stock is only redeemable at its par value. Deposits The fair value of non-maturity deposit accounts is the amount payable on demand at the reporting date. This amount does not take into account the value of the Bank’s long-term relationships with core depositors. The fair value of fixed-maturity certificates of deposit is estimated using a replacement cost of funds approach and is based upon rates currently offered for deposits of similar remaining maturities. Long-Term Borrowings For long-term borrowings, fair values are estimated using future cash flows, discounted at rates based upon current costs for debt securities with similar terms and remaining maturities. Other Financial Assets and Liabilities Cash and cash equivalents, accrued interest receivable, and short-term borrowings have fair values which approximate their respective carrying values because these instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. Derivative Instruments and Hedges The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Bank incorporates credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Bank has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Off-Balance-Sheet Financial Instruments In the course of originating loans and extending credit, the Bank will charge fees in exchange for its commitment. While these commitment fees have value, the Bank has not estimated their value due to the short-term nature of the underlying commitments and their immateriality. Values Not Determined In accordance with ASC 820, the Company has not estimated fair values for non-financial assets such as banking premises and equipment, goodwill, the intangible value of the Bank’s portfolio of loans serviced for itself, and the intangible value inherent in the Bank’s deposit relationships (i.e., core deposits), among others. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the fair values of financial instruments, and the valuation of deferred tax assets are particularly subject to change. |
Recently Issued and Adopted Accounting Guidance | Recently Issued and Adopted Accounting Guidance Accounting Standards Update No. 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income • A description of the accounting policy for releasing income tax effects from AOCI, • Whether we elect to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act, and • Information about the other income tax effects that are reclassified. The amendments in this ASU affect any organization that is required to apply the provisions of Topic 220, Income Statement —Reporting Comprehensive Income Accounting Standard Update No. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities h is s e e s ta da r a a l l o c p a i e b t a l i e i e g a c c o n t i n a r i s a n a e ac t i v i t i es d c c o s a c m l e x i t a p l y i h d g a c c o n t i n T s ta d a r r q i r e c p a n i e c h a n h r c o n i t i a r s n t a t i o o t f c t h d g a c c o n ti b y • E li m i n a ti ng t he re q u i r em e nt t o s e p a r a t e l y m e a s u r e a nd re p ort h e d g e i n e ff e c ti v e n e s s ; a n d • R e q u i r i ng c o m p a n i es t o p r e s e n t a l l of t h e e l e m e n t s of h e d g e a c c o u n t i n g t h a t a ff e c t e a r n i n g s i n the s a me i n c o m e s t a t em e nt l i ne a s the h e d g e d i t em. The standard also permits hedge accounting for strategies for which hedge accounting was not historically permitted today and includes new alternatives for measuring the hedged item for fair value hedges of interest rate risk. Furthermore, the standard eases the requirements for effectiveness testing, hedge documentation, applying the critical terms match method, and introduces new alternatives that will permit companies to reduce the risk of material error corrections if they misapply the shortcut method. The new accounting standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. We are currently assessing the impact the adoption of this guidance will have on our consolidated balance sheets, statements of income, and cash flows. Accounting Standards Update No. 2017-08 - Premium Amortization on Purchased Callable Debt Securities Accounting Standards Update No. 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Accounting Standards Update No. 2016-18 - Restricted Cash Accounting Standards Update No. 2016-15 - Classification of Certain Cash Receipts and Cash Payments . Accounting Standards Update No. 2016-13 - Financial Instruments - Measurement of Credit Losses on Financial Instruments Accounting Standards Update No. 2016-02 - Leases Accounting Standards Update No. 2016-01 - Recognition and Measurement of Financial Assets and Financial Liabilities • Requires equity investments (with certain exceptions) to be measured at fair value with changes in fair value recognized in net income. • Requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. • Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the statement of condition or the accompanying notes to the financial statements. • Clarifies that an entity must assess valuation allowances on a deferred tax asset related to available for sale debt securities in combination with its other deferred tax assets. • Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Eliminates the requirement for public entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the statement of condition. The amendments, in general, are required to be applied by means of a cumulative-effect adjustment on the statement of condition as of the beginning of the period of adoption. The Company adopted the standard on January 1, 2018, and it did not have a material impact on our consolidated balance sheets, statements of income, or cash flows. Accounting Standards Update No. 2014-09 – Revenue from Contracts with Customers Topic 606 On January 1, 2018, the Company adopted ASU No. 2014-09 and all subsequent ASUs that modified Topic 606. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, and merchant income. The Company completed its overall assessment of revenue streams and review of related contracts potentially affected by the ASU, including trust and asset management fees, deposit related fees and other income within noninterest income. Based on this assessment, the Company concluded that ASU 2014-09 did not materially change the method in which the Company currently recognizes revenue for these revenue streams. The Company adopted ASU 2014-09 and its related amendments utilizing the modified retrospective approach. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Noninterest income considered in-scope of Topic 606 is discussed below. Wealth management and trust fees Wealth management fees are earned for providing investment management, retirement plan advisory, family office, and financial planning services to clients. The Company’s performance obligation under these contracts is satisfied over time as the wealth management services are provided. Fees are recognized monthly based on the average monthly value of the assets under management and the applicable fee rate, depending on the terms of the contract. No performance based incentives are earned on wealth management contracts. Receivables are recorded on the consolidated balance sheet in the other assets line item. Trust fees are earned when the Company is appointed as trustee for clients. As trustee, the Company administers the client’s trust and manages the assets of the trust including investments and property. The Company’s performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly based on a percentage of the market value of the account as outlined in the agreement. Receivables are recorded on the consolidated balance sheet in the other assets line item. The Company also earned fees for trust related activities. The Company’s performance obligation under these agreements is satisfied at a point in time and recognized when these services have been performed. All of the wealth management and trust fee income on the consolidated statement of operations for the three months ended March 31, 2018 is considered in-scope of Topic 606. Other banking fee income The Company charges a variety of fees to its clients for services provided on the deposit and deposit management related accounts. Each fee is either transaction-based or assessed monthly. The types of fees include service charges on accounts, overdraft fees, wire transfer fees, maintenance fees, ATM fee charges, and other miscellaneous charges related to the accounts. These fees are not governed by individual contracts with clients. They are charges to clients based on disclosures presented to clients upon opening these accounts along with updated disclosures when changes are made to the fee structures. The transaction-based fees are recognized in revenue when charged to the client based on specific activity on the client’s account. Monthly service and maintenance charges are recognized in the month they are earned and are charged directly to the client’s account. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Carrying Amounts of Securities and Their Approximate Fair Values | Investment securities have been classified in the unaudited consolidated balance sheets according to management’s intent. The carrying amounts of securities and their approximate fair values were as follows: March 31, 2018 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in thousands) Available for sale securities U.S. GSE obligations $ 90,017 $ — $ (1,594 ) $ 88,423 $ 90,021 $ — $ (1,230 ) $ 88,791 Mortgage-backed securities 107,874 205 (4,099 ) 103,980 113,184 248 (2,806 ) 110,626 Corporate debt securities 5,029 — (84 ) 4,945 5,034 12 (45 ) 5,001 Mutual funds 587 — — 587 672 — (73 ) 599 Total available for sale securities $ 203,507 $ 205 $ (5,777 ) $ 197,935 $ 208,911 $ 260 $ (4,154 ) $ 205,017 Held to maturity securities U.S. GSE obligations $ 32,572 $ — $ (326 ) $ 32,246 $ 32,572 $ — $ (166 ) $ 32,406 Mortgage-backed securities 146,316 11 (2,411 ) 143,916 117,155 7 (906 ) 116,256 Corporate debt securities 6,966 — (104 ) 6,862 1,998 4 — 2,002 Municipal securities 78,555 1,383 (530 ) 79,408 80,463 2,544 (117 ) 82,890 Total held to maturity securities $ 264,409 $ 1,394 $ (3,371 ) $ 262,432 $ 232,188 $ 2,555 $ (1,189 ) $ 233,554 Total $ 467,916 $ 1,599 $ (9,148 ) $ 460,367 $ 441,099 $ 2,815 $ (5,343 ) $ 438,571 |
Gross Unrealized Losses of Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Loss Position | The following tables show the Company’s securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position: March 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Temporarily Impaired Securities Available for sale securities U.S. GSE obligations $ — $ — $ 88,423 $ (1,594 ) $ 88,423 $ (1,594 ) Mortgage-backed securities 11,765 (360 ) 89,052 (3,739 ) 100,817 (4,099 ) Corporate debt securities 998 (2 ) 3,947 (82 ) 4,945 (84 ) Total available for sale securities $ 12,763 $ (362 ) $ 181,422 $ (5,415 ) $ 194,185 $ (5,777 ) Held to maturity securities U.S. GSE obligations $ 32,246 $ (326 ) $ — $ — $ 32,246 $ (326 ) Mortgage-backed securities 129,538 (2,375 ) 3,778 (36 ) 133,316 (2,411 ) Corporate debt securities 6,862 (104 ) — — 6,862 (104 ) Municipal securities 14,218 (236 ) 6,257 (294 ) 20,475 (530 ) Total held to maturity securities $ 182,864 $ (3,041 ) $ 10,035 $ (330 ) $ 192,899 $ (3,371 ) Total temporarily impaired securities $ 195,627 $ (3,403 ) $ 191,457 $ (5,745 ) $ 387,084 $ (9,148 ) December 31, 2017 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (dollars in thousands) Temporarily Impaired Securities Available for sale securities U.S. GSE obligations $ 4,979 $ (21 ) $ 83,812 $ (1,209 ) $ 88,791 $ (1,230 ) Mortgage-backed securities 12,526 (157 ) 94,663 (2,649 ) 107,189 (2,806 ) Corporate debt securities — — 3,990 (45 ) 3,990 (45 ) Mutual funds — — 599 (73 ) 599 (73 ) Total available for sale securities $ 17,505 $ (178 ) $ 183,064 $ (3,976 ) $ 200,569 $ (4,154 ) Held to maturity securities U.S. GSE obligations $ 27,407 $ (166 ) $ — $ — $ 27,407 $ (166 ) Mortgage-backed securities 115,926 (906 ) 3 — 115,929 (906 ) Corporate debt securities — — — — — — Municipal securities 2,041 (19 ) 6,459 (98 ) 8,500 (117 ) Total held to maturity securities $ 145,374 $ (1,091 ) $ 6,462 $ (98 ) $ 151,836 $ (1,189 ) Total temporarily impaired securities $ 162,879 $ (1,269 ) $ 189,526 $ (4,074 ) $ 352,405 $ (5,343 ) |
Schedule of Amortized Cost and Fair Value of Debt Securities, Aggregated By Earlier of Guaranteed Call Date or Contractual Maturity | The amortized cost and fair value of debt securities, aggregated by the earlier of guaranteed call date or contractual maturity, are shown below. Maturities of mortgage-backed securities do not take into consideration scheduled amortization or prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Within One Year After One, But Within Five Years After Five, But Within Ten Years After Ten Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value At March 31, 2018 (dollars in thousands) Available for sale securities U.S. GSE obligations $ 20,017 $ 19,897 $ 70,000 $ 68,526 $ — $ — $ — $ — $ 90,017 $ 88,423 Mortgage-backed securities 40 40 116 120 38,868 37,492 68,850 66,328 107,874 103,980 Corporate debt securities — — 5,029 4,945 — — — — 5,029 4,945 Total available for sale securities $ 20,057 $ 19,937 $ 75,145 $ 73,591 $ 38,868 $ 37,492 $ 68,850 $ 66,328 $ 202,920 $ 197,348 Held to maturity securities U.S. GSE obligations $ 5,004 $ 4,970 $ 27,568 $ 27,276 $ — $ — $ — $ — $ 32,572 $ 32,246 Mortgage-backed securities 3 3 190 192 34,891 34,384 111,232 109,337 146,316 143,916 Corporate debt securities — — 6,966 6,862 — — — — 6,966 6,862 Municipal securities 4,326 4,364 12,611 12,835 35,076 35,604 26,542 26,605 78,555 79,408 Total held to maturity securities $ 9,333 $ 9,337 $ 47,335 $ 47,165 $ 69,967 $ 69,988 $ 137,774 $ 135,942 $ 264,409 $ 262,432 Total $ 29,390 $ 29,274 $ 122,480 $ 120,756 $ 108,835 $ 107,480 $ 206,624 $ 202,270 $ 467,329 $ 459,780 |
Summary of Gains (Losses) from Sale of Investment Securities | The following table sets forth information regarding sales of investment securities and the resulting gains (losses) from such sales: Three Months Ended March 31, 2018 2017 (dollars in thousands) Amortized cost of securities sold $ — $ 32,703 Gain/(loss) realized on securities sold — (2 ) Net proceeds from securities sold $ — $ 32,701 |
Loans and the Allowance for L27
Loans and the Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans Outstanding by Category | Loans outstanding are detailed by category as follows: March 31, 2018 December 31, 2017 (dollars in thousands) Residential mortgage Mortgages - fixed rate $ 299,182 $ 298,851 Mortgages - adjustable rate 241,330 239,027 Deferred costs net of unearned fees 1,087 1,042 Total residential mortgages 541,599 538,920 Commercial mortgage Mortgages - nonowner occupied 584,414 562,203 Mortgages - owner occupied 40,050 35,343 Construction 31,585 35,904 Deferred costs net of unearned fees 240 199 Total commercial mortgages 656,289 633,649 Home equity Home equity - lines of credit 66,889 70,326 Home equity - term loans 4,452 3,863 Deferred costs net of unearned fees 251 255 Total home equity 71,592 74,444 Commercial & industrial Commercial & industrial 75,354 65,305 Deferred costs (fees) net of unearned fees 11 (10 ) Total commercial & industrial 75,365 65,295 Consumer Secured 35,705 37,272 Unsecured 1,188 1,303 Deferred costs net of unearned fees 16 16 Total consumer 36,909 38,591 Total loans $ 1,381,754 $ 1,350,899 |
Non-performing Loans Disaggregated by Loan Category | The following tables set forth information regarding non-performing loans disaggregated by loan category: March 31, 2018 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 1,177 $ 213 $ 15 $ — $ — $ 1,405 Loans past due >90 days, but still accruing — — — — — — Troubled debt restructurings 119 — — 23 — 142 Total $ 1,296 $ 213 $ 15 $ 23 $ — $ 1,547 December 31, 2017 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Non-performing loans: Non-accrual loans $ 918 $ 213 $ 17 $ — $ — $ 1,148 Loans past due >90 days, but still accruing — — — — — — Troubled debt restructurings 121 — — 29 — 150 Total $ 1,039 $ 213 $ 17 $ 29 $ — $ 1,298 |
Loans Receivable Disaggregated by Credit Quality Indicator | . The following tables contain period-end balances of loans receivable disaggregated by credit quality indicator: March 31, 2018 Residential Mortgages Home Equity Consumer (dollars in thousands) Credit risk profile based on payment activity: Performing $ 540,303 $ 71,577 $ 36,909 Non-performing 1,296 15 — Total $ 541,599 $ 71,592 $ 36,909 Commercial Mortgages Commercial & Industrial Credit risk profile by internally assigned grade: 1-6 (Pass) $ 651,366 $ 67,033 7 (Special Mention) 4,710 7,991 8 (Substandard) 213 341 9 (Doubtful) — — 10 (Loss) — — Total $ 656,289 $ 75,365 December 31, 2017 Residential Mortgages Home Equity Consumer (dollars in thousands) Credit risk profile based on payment activity: Performing $ 537,881 $ 74,427 $ 38,591 Non-performing 1,039 17 — Total $ 538,920 $ 74,444 $ 38,591 Commercial Mortgages Commercial & Industrial Credit risk profile by internally assigned grade: 1-6 (Pass) $ 629,852 $ 56,755 7 (Special Mention) 3,584 8,126 8 (Substandard) 213 414 9 (Doubtful) — — 10 (Loss) — — Total $ 633,649 $ 65,295 |
Schedule of Loans Receivable Disaggregated by Past Due Status | The following tables contain period-end balances of loans receivable disaggregated by past due status: March 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 1,908 $ 423 $ 686 $ 3,017 $ 538,582 $ 541,599 Commercial Mortgages — — 213 213 656,076 656,289 Home Equity 44 — — 44 71,548 71,592 Commercial & Industrial 25 — — 25 75,340 75,365 Consumer loans 3 12 — 15 36,894 36,909 Total $ 1,980 $ 435 $ 899 $ 3,314 $ 1,378,440 $ 1,381,754 December 31, 2017 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Total Past Due Current Loans Total (dollars in thousands) Residential Mortgages $ 1,353 $ 706 $ 64 $ 2,123 $ 536,797 $ 538,920 Commercial Mortgages — 32 — 32 633,617 633,649 Home Equity 1 — 17 18 74,426 74,444 Commercial & Industrial — — — — 65,295 65,295 Consumer loans 176 — — 176 38,415 38,591 Total $ 1,530 $ 738 $ 81 $ 2,349 $ 1,348,550 $ 1,350,899 |
Information Pertaining to Impaired Loans | The following tables present information pertaining to impaired loans: For the Three Months Ended March 31, 2018 Carrying Value Average Carrying Value Unpaid Principal Balance Related Allowance Interest Income Recognized (dollars in thousands) With no required reserve recorded: Commercial and industrial $ 23 $ 25 $ 23 $ — $ — Commercial mortgage 213 213 227 — — Residential mortgage 1,157 1,164 1,360 — — Home equity 68 69 99 — — Total 1,461 1,471 1,709 — — With required reserve recorded: Commercial and industrial — — — — — Commercial mortgage — — — — — Residential mortgage 63 63 63 90 — Home equity — — — — — Total 63 63 63 90 — Total: Commercial and industrial 23 25 23 — — Commercial mortgage 213 213 227 — — Residential mortgage 1,220 1,227 1,423 90 — Home equity 68 69 99 — — Total $ 1,524 $ 1,534 $ 1,772 $ 90 $ — For the Three Months Ended March 31, 2017 Carrying Value Average Carrying Value Unpaid Principal Balance Related Allowance Interest Income Recognized (dollars in thousands) With no required reserve recorded: Commercial and industrial $ — $ — $ — $ — $ — Commercial mortgage 232 232 232 — — Residential mortgage 693 701 874 — Home equity 100 101 126 — — Consumer — — — — — Total 1,025 1,034 1,232 — — With required reserve recorded: Commercial and industrial 283 285 291 108 — Commercial mortgage — — — — — Residential mortgage 315 317 315 200 — Home equity — — — — — Total 598 602 606 308 — Total: Commercial and industrial 283 285 291 108 — Commercial mortgage 232 232 232 — — Residential mortgage 1,008 1,018 1,189 200 — Home equity 100 101 126 — — Consumer — — — — — Total $ 1,623 $ 1,636 $ 1,838 $ 308 $ — |
Summary of Changes in Allowance for Loan Losses Disaggregated by Loan Type | The following tables contain changes in the allowance for loan losses disaggregated by loan category : For the Three Months Ended March 31, 2018 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Impaired Total (dollars in thousands) Allowance for loan losses: Balance at December 31, 2017 $ 5,047 $ 8,289 $ 630 $ 946 $ 315 $ 93 $ 15,320 Charge-offs — — — (5 ) (5 ) — (10 ) Recoveries — — — 11 2 — 13 Provision (355 ) 648 (60 ) 193 (14 ) (3 ) 409 Balance at March 31, 2018 $ 4,692 $ 8,937 $ 570 $ 1,145 $ 298 $ 90 $ 15,732 For the Three Months Ended March 31, 2017 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Impaired Total (dollars in thousands) Allowance for loan losses: Balance at December 31, 2016 $ 4,898 $ 8,451 $ 651 $ 807 $ 264 $ 190 $ 15,261 Charge-offs — — — — (7 ) — (7 ) Recoveries — — — 3 2 — 5 Provision (86 ) 175 (35 ) (152 ) 10 118 30 Balance at March 31, 2017 $ 4,812 $ 8,626 $ 616 $ 658 $ 269 $ 308 $ 15,289 |
Summary of Allowance for Loan Losses and Related Loans Receivable Disaggregated by Impairment Method | The following tables contain period-end balances of the allowance for loan losses and related loans receivable disaggregated by impairment method: March 31, 2018 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ 90 $ — $ — $ — $ — $ 90 Collectively evaluated for impairment 4,692 8,937 570 1,145 298 15,642 Total $ 4,782 $ 8,937 $ 570 $ 1,145 $ 298 $ 15,732 Loans receivable Individually evaluated for impairment $ 1,220 $ 213 $ 68 $ 23 $ — $ 1,524 Collectively evaluated for impairment 540,379 656,076 71,524 75,342 36,909 1,380,230 Total $ 541,599 $ 656,289 $ 71,592 $ 75,365 $ 36,909 $ 1,381,754 December 31, 2017 Residential Mortgages Commercial Mortgages Home Equity Commercial & Industrial Consumer Total (dollars in thousands) Allowance for loan losses Individually evaluated for impairment $ 93 $ — $ — $ — $ — $ 93 Collectively evaluated for impairment 5,047 8,289 630 946 315 15,227 Total $ 5,140 $ 8,289 $ 630 $ 946 $ 315 $ 15,320 Loans receivable Individually evaluated for impairment $ 968 $ 213 $ 86 $ 29 $ — $ 1,296 Collectively evaluated for impairment 537,952 633,436 74,358 65,266 38,591 1,349,603 Total $ 538,920 $ 633,649 $ 74,444 $ 65,295 $ 38,591 $ 1,350,899 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were as follows: Three Months Ended March 31, 2018 2017 (dollars in thousands) Current Federal $ 593 $ 932 State 253 234 Total current expense 846 1,166 Deferred Federal 524 637 State 246 181 Total deferred 770 818 Total income tax expense $ 1,616 $ 1,984 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The components of net periodic benefit cost (credit) were as follows: Three Months Ended March 31, Pension Plan Supplemental Retirement Plan Retirement Healthcare Plan 2018 2017 2018 2017 2018 2017 (dollars in thousands) Net periodic benefit cost Service cost $ — $ 447 $ 89 $ 67 $ 6 $ 4 Interest cost 386 545 77 91 5 5 Expected return on assets (723 ) (818 ) — — — — Amortization of prior service cost (credit) (1 ) (1 ) — — — — Amortization of net actuarial loss 16 237 1 — 5 (2 ) Net periodic benefit cost (credit) $ (322 ) $ 410 $ 167 $ 158 $ 16 $ 7 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Share Based Compensation [Abstract] | |
Schedule of Shares Issued and Fair Value of RSAs and RSUs | During the three months ended March 31, 2018, the Company issued the following RSAs and RSUs from the 2017 Equity and Cash Incentive Plan. T he fair value of RSAs and RSUs is based upon the Company’s common stock closing share price on the date of the grant. The holders of RSAs participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. Weighted- Average Shares Granted Fair Value at Grant Date Type of Award 11,838 $ 76.71 RSAs 7,839 $ 76.56 RSUs |
Schedule of Pre-tax Expense Associated with All Outstanding Non-vested RSAs, RSUs, Performance Based Restricted Stock Units and Related Tax Benefits | The following table presents the pre-tax expense associated with all outstanding non-vested RSAs, RSUs, performance based restricted stock units, and the related tax benefits recognized: Three Months Ended March 31, 2018 2017 (dollars in thousands) Stock based compensation expense $ 540 $ 273 Related tax benefits $ 152 $ 112 |
Financial Instruments with Of31
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Off-Balance-Sheet Financial Instruments with Contractual Amounts Include Present Credit Risk | Off-balance-sheet financial instruments with contractual amounts that present credit risk include the following: March 31, 2018 December 31, 2017 (dollars in thousands) Financial instruments whose contractual amount represents credit risk: Commitments to extend credit: Unused portion of existing lines of credit $ 313,313 $ 304,298 Origination of new loans 34,392 45,061 Standby letters of credit 8,669 8,322 Financial instruments whose notional amount exceeds the amount of credit risk: Commitments to sell residential mortgage loans 1,124 1,490 Customer related derivative contracts: Interest rate swaps with customers 78,967 74,758 Mirror swaps with counterparties 78,967 74,758 Risk participation agreements with counterparties 39,095 38,494 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Minimum Capital Requirements Considered Well Capitalized by FRB and FDIC | As of March 31, 2018 and December 31, 2017, the Company and the Bank met all applicable minimum capital requirements and were considered “well-capitalized” by both the FRB and the FDIC. Actual Minimum Capital Required For Capital Adequacy Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) At March 31, 2018 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 174,684 13.9 % $ 100,692 8.0 % $ 124,292 9.875 % $ 132,159 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 158,950 12.6 % 75,519 6.0 % 99,119 7.875 % 106,986 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 158,950 12.6 % 56,639 4.5 % 80,239 6.375 % 88,106 7.0 % N/A N/A Tier I capital (to average assets) 158,950 8.1 % 78,043 4.0 % 78,043 4.000 % 78,043 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 170,546 13.5 % $ 100,692 8.0 % $ 124,292 9.875 % $ 132,159 10.5 % $ 125,866 10.0 % Tier I capital (to risk-weighted assets) 154,812 12.3 % 75,519 6.0 % 99,119 7.875 % 106,986 8.5 % 100,692 8.0 % Common equity tier I capital (to risk-weighted assets) 154,812 12.3 % 56,639 4.5 % 80,239 6.375 % 88,106 7.0 % 81,813 6.5 % Tier I capital (to average assets) 154,812 7.9 % 78,043 4.0 % 78,043 4.000 % 78,043 4.0 % 97,554 5.0 % At December 31, 2017 Cambridge Bancorp: Total capital (to risk-weighted assets) $ 168,615 13.7 % $ 98,136 8.0 % $ 113,470 9.25 % $ 128,804 10.5 % N/A N/A Tier I capital (to risk-weighted assets) 153,281 12.5 % 73,602 6.0 % 88,936 7.25 % 104,270 8.5 % N/A N/A Common equity tier I capital (to risk-weighted assets) 153,281 12.5 % 55,202 4.5 % 70,535 5.75 % 85,869 7.0 % N/A N/A Tier I capital (to average assets) 153,281 8.1 % 76,026 4.0 % 76,026 4.00 % 76,026 4.0 % N/A N/A Cambridge Trust Company: Total capital (to risk-weighted assets) $ 164,880 13.4 % $ 98,136 8.0 % $ 113,470 9.25 % $ 128,804 10.5 % $ 122,670 10.0 % Tier I capital (to risk-weighted assets) 149,546 12.2 % 73,602 6.0 % 88,936 7.25 % 104,270 8.5 % 98,136 8.0 % Common equity tier I capital (to risk-weighted assets) 149,546 12.2 % 55,202 4.5 % 70,535 5.75 % 85,869 7.0 % 79,736 6.5 % Tier I capital (to average assets) 149,546 7.9 % 76,026 4.0 % 76,026 4.00 % 76,026 4.0 % 95,033 5.0 % |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Summary of Other Comprehensive Income | The following table presents the changes in accumulated other comprehensive income (loss) during the period, by component, net of tax: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount Before Tax Amount Tax (Expense) or Benefit Net-of-tax Amount (dollars in thousands) Unrealized gains/(losses) on available for sale securities Unrealized holding gains/(losses) arising during period $ (1,678 ) $ 326 $ (1,352 ) $ 292 $ (103 ) $ 189 Reclassification adjustment for (gains)/losses recognized in net income — — — 2 (1 ) 1 Defined benefit retirement plans Change in retirement liability 14 (4 ) 10 224 (92 ) 132 Total Other Comprehensive Income (Loss) $ (1,664 ) $ 322 $ (1,342 ) $ 518 $ (196 ) $ 322 |
Summary of Reclassifications out of Accumulated Other Comprehensive Income (“AOCI”) | Reclassifications out of Accumulated Other Comprehensive Income (“AOCI”) that have an impact on net income are presented below: Three Months Ended March 31, Details about Accumulated Other Comprehensive Income Components 2018 2017 Affected Line Item in the Statement where Net Income is Presented (dollars in thousands) Unrealized gains and losses on available for sale securities $ — $ (2 ) (Loss) gain on disposition of investment securities Tax benefit or (expense) — 1 Provision for income taxes Net of tax $ — $ (1 ) Net income |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation Between Basic and Diluted Earnings Per Share | The following represents a reconciliation between basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 (dollars in thousands, except per share data) Earnings per common share - basic: Numerator: Net income $ 5,805 $ 4,328 Less dividends and undistributed earnings allocated to participating securities (64 ) (47 ) Net income applicable to common shareholders $ 5,741 $ 4,281 Denominator: Weighted average common shares outstanding 4,053 4,012 Earnings per common share - basic $ 1.42 $ 1.07 Earnings per common share - diluted: Numerator: Net income $ 5,805 $ 4,328 Less dividends and undistributed earnings allocated to participating securities (64 ) (47 ) Net income applicable to common shareholders $ 5,741 $ 4,281 Denominator: Weighted average common shares outstanding 4,053 4,012 Dilutive effect of common stock equivalents 19 39 Weighted average diluted common shares outstanding 4,072 4,051 Earnings per common share - diluted $ 1.41 $ 1.06 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments Not Designated As Hedging Instruments [Abstract] | |
Summary of Fair Values of Derivative Instruments in the Company's Unaudited Consolidated Balance Sheets | The following table presents the fair values of derivative instruments in the Company’s unaudited consolidated balance sheets: Derivative Assets Derivative Liabilities Balance Sheet Location March 31, 2018 December 31, 2017 Balance Sheet Location March 31, 2018 December 31, 2017 (dollars in thousands) (dollars in thousands) Derivatives not Designated as Hedging Instruments Loan related derivative contracts Interest rate swaps with customers Other Assets $ 3,253 $ 1,859 Other Liabilities $ — $ — Mirror swaps with counterparties Other Assets — — Other Liabilities 3,253 1,859 Risk participation agreements Other Assets — — Other Liabilities 54 81 Total $ 3,253 $ 1,859 $ 3,307 $ 1,940 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Values and Estimated Fair Values of Financial Instruments | The following is a summary of the carrying values and estimated fair values of the Company’s significant financial instruments as of the dates indicated: March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (dollars in thousands) Financial assets Cash and cash equivalents $ 56,265 $ 56,265 $ 103,591 $ 103,591 Securities available for sale 197,935 197,935 205,017 205,017 Securities held to maturity 264,409 262,432 232,188 233,554 Loans, net 1,366,022 1,320,509 1,335,579 1,304,719 Loans held for sale — — — — FHLB Boston stock 4,242 4,242 4,242 4,242 Bank owned life insurance 30,535 30,535 31,083 31,083 Accrued interest receivable 5,059 5,059 5,128 5,128 Mortgage servicing rights 760 1,049 793 1,049 Loan level interest rate swaps 3,253 3,253 1,859 1,859 Financial liabilities Deposits 1,782,392 1,779,459 1,775,400 1,772,838 Short-term borrowings — — — — Long-term borrowings 3,537 3,486 3,579 3,559 Loan level interest rate swaps 3,253 3,253 1,859 1,859 Risk participation agreements 54 54 81 81 |
Summary of Certain Assets Reported at Fair Value on a Recurring Basis | The following tables summarize certain assets reported at fair value on a recurring basis: Fair Value as of March 31, 2018 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 88,423 $ — $ 88,423 Mortgage-backed securities — 103,980 — 103,980 Corporate debt securities — 4,945 — 4,945 Mutual funds 587 — — 587 Other assets Interest rate swaps with customers — 3,253 — 3,253 Other liabilities Mirror swaps with counterparties — 3,253 — 3,253 Risk participation agreements — 54 — 54 Fair Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (dollars in thousands) Measured on a recurring basis Securities available for sale U.S. GSE obligations $ — $ 88,791 $ — $ 88,791 Mortgage-backed securities — 110,626 — 110,626 Corporate debt securities — 5,001 — 5,001 Mutual funds 599 — — 599 Other assets Interest rate swaps with customers — 1,859 — 1,859 Other liabilities Mirror swaps with counterparties — 1,859 — 1,859 Risk participation agreements — 81 — 81 |
Recently Issued and Adopted A37
Recently Issued and Adopted Accounting Guidance - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Federal tax rate | 21.00% | 35.00% |
Accounting Standards Update 2018-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Reclassification from AOCI to retained earnings | $ 1,300,000 | |
Reclassification effect on shareholder equity | $ 0 |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Cash And Due From Banks [Line Items] | ||
Cash and due from banks | $ 56,300,000 | $ 103,600,000 |
FRB Boston | ||
Cash And Due From Banks [Line Items] | ||
Reserve balance of cash and due from banks | 15,400,000 | 12,800,000 |
New Hampshire | ||
Cash And Due From Banks [Line Items] | ||
Pledged amount to federal banking department | $ 500,000 | $ 500,000 |
Investment Securities - Summary
Investment Securities - Summary of Carrying Amounts of Securities and Their Approximate Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | $ 203,507 | $ 208,911 |
Available for sale securities, Gross Unrealized Gains | 205 | 260 |
Available for sale securities, Gross Unrealized Losses | (5,777) | (4,154) |
Available for sale securities, Fair Value | 197,935 | 205,017 |
Held to maturity securities, Amortized Cost | 264,409 | 232,188 |
Held to maturity securities, Gross Unrealized Gains | 1,394 | 2,555 |
Held to maturity securities, Gross Unrealized Losses | (3,371) | (1,189) |
Held to maturity securities, Fair Value | 262,432 | 233,554 |
Total, Amortized Cost | 467,916 | 441,099 |
Total, Gross Unrealized Gains | 1,599 | 2,815 |
Total, Gross Unrealized Losses | (9,148) | (5,343) |
Total, Fair Value | 460,367 | 438,571 |
U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 90,017 | 90,021 |
Available for sale securities, Gross Unrealized Losses | (1,594) | (1,230) |
Available for sale securities, Fair Value | 88,423 | 88,791 |
Held to maturity securities, Amortized Cost | 32,572 | 32,572 |
Held to maturity securities, Gross Unrealized Losses | (326) | (166) |
Held to maturity securities, Fair Value | 32,246 | 32,406 |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 5,029 | 5,034 |
Available for sale securities, Gross Unrealized Gains | 12 | |
Available for sale securities, Gross Unrealized Losses | (84) | (45) |
Available for sale securities, Fair Value | 4,945 | 5,001 |
Held to maturity securities, Amortized Cost | 6,966 | 1,998 |
Held to maturity securities, Gross Unrealized Gains | 4 | |
Held to maturity securities, Gross Unrealized Losses | (104) | |
Held to maturity securities, Fair Value | 6,862 | 2,002 |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 107,874 | 113,184 |
Available for sale securities, Gross Unrealized Gains | 205 | 248 |
Available for sale securities, Gross Unrealized Losses | (4,099) | (2,806) |
Available for sale securities, Fair Value | 103,980 | 110,626 |
Held to maturity securities, Amortized Cost | 146,316 | 117,155 |
Held to maturity securities, Gross Unrealized Gains | 11 | 7 |
Held to maturity securities, Gross Unrealized Losses | (2,411) | (906) |
Held to maturity securities, Fair Value | 143,916 | 116,256 |
Mutual Funds | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 587 | 672 |
Available for sale securities, Gross Unrealized Losses | (73) | |
Available for sale securities, Fair Value | 587 | 599 |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Amortized Cost | 78,555 | 80,463 |
Held to maturity securities, Gross Unrealized Gains | 1,383 | 2,544 |
Held to maturity securities, Gross Unrealized Losses | (530) | (117) |
Held to maturity securities, Fair Value | $ 79,408 | $ 82,890 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses of Aggregated by Investment Category and Length of Time that Individual Securities have been in Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, Less than 12 months | $ 12,763 | $ 17,505 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, Less than 12 months | (362) | (178) |
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 181,422 | 183,064 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (5,415) | (3,976) |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 194,185 | 200,569 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (5,777) | (4,154) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | 182,864 | 145,374 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (3,041) | (1,091) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, 12 months or longer | 10,035 | 6,462 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, 12 months or longer | (330) | (98) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 192,899 | 151,836 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | (3,371) | (1,189) |
Temporarily Impaired Securities, Fair Value, Less than 12 months | 195,627 | 162,879 |
Temporarily Impaired Securities, Unrealized Losses, Less than 12 months | (3,403) | (1,269) |
Temporarily Impaired Securities, Fair Value, 12 months or longer | 191,457 | 189,526 |
Temporarily Impaired Securities, Unrealized Losses, 12 months or longer | (5,745) | (4,074) |
Temporarily Impaired Securities, Fair Value | 387,084 | 352,405 |
Temporarily Impaired Securities, Unrealized Losses | (9,148) | (5,343) |
U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, Less than 12 months | 4,979 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, Less than 12 months | (21) | |
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 88,423 | 83,812 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (1,594) | (1,209) |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 88,423 | 88,791 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (1,594) | (1,230) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | 32,246 | 27,407 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (326) | (166) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 32,246 | 27,407 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | (326) | (166) |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, Less than 12 months | 11,765 | 12,526 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, Less than 12 months | (360) | (157) |
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 89,052 | 94,663 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (3,739) | (2,649) |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 100,817 | 107,189 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (4,099) | (2,806) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | 129,538 | 115,926 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (2,375) | (906) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, 12 months or longer | 3,778 | 3 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, 12 months or longer | (36) | |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 133,316 | 115,929 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | (2,411) | (906) |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, Less than 12 months | 998 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, Less than 12 months | (2) | |
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 3,947 | 3,990 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (82) | (45) |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 4,945 | 3,990 |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (84) | (45) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | 6,862 | |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (104) | |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 6,862 | |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | (104) | |
Mutual Funds | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Available for sale securities, Fair Value, 12 months or longer | 599 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses, 12 months or longer | (73) | |
Temporarily Impaired Securities, Available for sale securities, Fair Value | 599 | |
Temporarily Impaired Securities, Available for sale securities, Unrealized Losses | (73) | |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Temporarily Impaired Securities, Held to maturity securities, Fair Value, Less than 12 months | 14,218 | 2,041 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, Less than 12 months | (236) | (19) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value, 12 months or longer | 6,257 | 6,459 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses, 12 months or longer | (294) | (98) |
Temporarily Impaired Securities, Held to maturity securities, Fair Value | 20,475 | 8,500 |
Temporarily Impaired Securities, Held to maturity securities, Unrealized Losses | $ (530) | $ (117) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | Mar. 31, 2018USD ($)Security | Dec. 31, 2017USD ($)Security |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Number of debt securities with unrealized losses | Security | 151 | 118 |
Aggregate depreciation percentage of gross unrealized losses from amortized cost | 2.31% | 1.49% |
Number of equity securities with unrealized losses | Security | 1 | |
Maximum | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Percentage of unrealized loss on amortized cost | 9.25% | 10.90% |
Unrealized loss of amortized cost basis | $ | $ 46,000 | $ 73,000 |
Unrealized dollar loss of amortized cost basis | $ | $ 237,000 | $ 185,000 |
Percentage of unrealized dollar loss on amortized cost | 4.74% | 3.71% |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities, Aggregated By Earlier of Guaranteed Call Date or Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Within One Year, Amortized Cost | $ 20,057 | |
Available for sale securities, Within One Year, Fair Value | 19,937 | |
Available for sale securities, After One, But Within Five Years, Amortized Cost | 75,145 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 73,591 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 38,868 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 37,492 | |
Available for sale securities, After Ten Years, Amortized Cost | 68,850 | |
Available for sale securities, After Ten Years, Fair Value | 66,328 | |
Available for sale securities, Total, Amortized Cost | 202,920 | |
Available for sale securities, Total, Fair Value | 197,348 | |
Held to maturity securities, Within One Year, Amortized Cost | 9,333 | |
Held to maturity securities, Within One Year, Fair Value | 9,337 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 47,335 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 47,165 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 69,967 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 69,988 | |
Held to maturity securities, After Ten Years, Amortized Cost | 137,774 | |
Held to maturity securities, After Ten Years, Fair Value | 135,942 | |
Held to maturity securities, Amortized Cost | 264,409 | $ 232,188 |
Held to maturity securities, Fair Value | 262,432 | 233,554 |
Available for sale securities and Held to maturity securities, Within One Year, Amortized Cost | 29,390 | |
Available for sale securities and Held to maturity securities, Within One Year, Fair Value | 29,274 | |
Available for sale securities and Held to maturity securities, After One, But Within Five Years, Amortized Cost | 122,480 | |
Available for sale securities and Held to maturity securities, After One, But Within Five Years, Fair Value | 120,756 | |
Available for sale securities and Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 108,835 | |
Available for sale securities and Held to maturity securities, After Five, But Within Ten Years, Fair Value | 107,480 | |
Available for sale securities and Held to maturity securities, After Ten Years, Amortized Cost | 206,624 | |
Available for sale securities and Held to maturity securities, After Ten Years, Fair Value | 202,270 | |
Available for sale securities and Held to maturity securities, Total, Amortized Cost | 467,329 | |
Available for sale securities and Held to maturity securities, Total, Fair Value | 459,780 | |
U.S. GSE Obligations | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Within One Year, Amortized Cost | 20,017 | |
Available for sale securities, Within One Year, Fair Value | 19,897 | |
Available for sale securities, After One, But Within Five Years, Amortized Cost | 70,000 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 68,526 | |
Available for sale securities, Total, Amortized Cost | 90,017 | |
Available for sale securities, Total, Fair Value | 88,423 | |
Held to maturity securities, Within One Year, Amortized Cost | 5,004 | |
Held to maturity securities, Within One Year, Fair Value | 4,970 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 27,568 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 27,276 | |
Held to maturity securities, Amortized Cost | 32,572 | |
Held to maturity securities, Fair Value | 32,246 | |
Mortgage Backed Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, Within One Year, Amortized Cost | 40 | |
Available for sale securities, Within One Year, Fair Value | 40 | |
Available for sale securities, After One, But Within Five Years, Amortized Cost | 116 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 120 | |
Available for sale securities, After Five, But Within Ten Years, Amortized Cost | 38,868 | |
Available for sale securities, After Five, But Within Ten Years, Fair Value | 37,492 | |
Available for sale securities, After Ten Years, Amortized Cost | 68,850 | |
Available for sale securities, After Ten Years, Fair Value | 66,328 | |
Available for sale securities, Total, Amortized Cost | 107,874 | |
Available for sale securities, Total, Fair Value | 103,980 | |
Held to maturity securities, Within One Year, Amortized Cost | 3 | |
Held to maturity securities, Within One Year, Fair Value | 3 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 190 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 192 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 34,891 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 34,384 | |
Held to maturity securities, After Ten Years, Amortized Cost | 111,232 | |
Held to maturity securities, After Ten Years, Fair Value | 109,337 | |
Held to maturity securities, Amortized Cost | 146,316 | |
Held to maturity securities, Fair Value | 143,916 | |
Corporate Debt Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Available for sale securities, After One, But Within Five Years, Amortized Cost | 5,029 | |
Available for sale securities, After One, But Within Five Years, Fair Value | 4,945 | |
Available for sale securities, Total, Amortized Cost | 5,029 | |
Available for sale securities, Total, Fair Value | 4,945 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 6,966 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 6,862 | |
Held to maturity securities, Amortized Cost | 6,966 | |
Held to maturity securities, Fair Value | 6,862 | |
Municipal Securities | ||
Schedule of Available for Sale Securities and Held to Maturity Securities [Line Items] | ||
Held to maturity securities, Within One Year, Amortized Cost | 4,326 | |
Held to maturity securities, Within One Year, Fair Value | 4,364 | |
Held to maturity securities, After One, But Within Five Years, Amortized Cost | 12,611 | |
Held to maturity securities, After One, But Within Five Years, Fair Value | 12,835 | |
Held to maturity securities, After Five, But Within Ten Years, Amortized Cost | 35,076 | |
Held to maturity securities, After Five, But Within Ten Years, Fair Value | 35,604 | |
Held to maturity securities, After Ten Years, Amortized Cost | 26,542 | |
Held to maturity securities, After Ten Years, Fair Value | 26,605 | |
Held to maturity securities, Amortized Cost | 78,555 | 80,463 |
Held to maturity securities, Fair Value | $ 79,408 | $ 82,890 |
Investment Securities - Summa43
Investment Securities - Summary of Gains (Losses) from Sale of Investment Securities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Amortized cost of securities sold | $ 32,703 |
Gain/(loss) realized on securities sold | (2) |
Net proceeds from securities sold | $ 32,701 |
Loans and the Allowance for L44
Loans and the Allowance for Loan Losses - Loans Outstanding by Category (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 1,381,754 | $ 1,350,899 |
Residential Mortgage | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 1,087 | 1,042 |
Total loans | 541,599 | 538,920 |
Residential Mortgage | Mortgages - Fixed Rate | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 299,182 | 298,851 |
Residential Mortgage | Mortgages - Adjustable Rate | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 241,330 | 239,027 |
Commercial Mortgage | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 240 | 199 |
Total loans | 656,289 | 633,649 |
Commercial Mortgage | Construction | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 31,585 | 35,904 |
Commercial Mortgage | Mortgages - Nonowner Occupied | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 584,414 | 562,203 |
Commercial Mortgage | Mortgages - Owner Occupied | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 40,050 | 35,343 |
Home Equity | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 251 | 255 |
Total loans | 71,592 | 74,444 |
Home Equity | Home Equity - Lines of Credit | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 66,889 | 70,326 |
Home Equity | Home Equity - Term Loans | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 4,452 | 3,863 |
Commercial & Industrial | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 75,354 | 65,305 |
Deferred costs (fees) net of unearned fees | 11 | (10) |
Total loans | 75,365 | 65,295 |
Consumer | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred costs (fees) net of unearned fees | 16 | 16 |
Total loans | 36,909 | 38,591 |
Consumer | Secured | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | 35,705 | 37,272 |
Consumer | Unsecured | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans outstanding by category gross | $ 1,188 | $ 1,303 |
Loans and the Allowance for L45
Loans and the Allowance for Loan Losses - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Loans outstanding to directors and officers | $ 429,000 | $ 516,000 |
Loans to directors and officers, additions | 6,000 | 124,000 |
Loans to directors and officers, repayments | $ 93,000 | $ 298,000 |
Number of loans modified as troubled debt restructuring | Loan | 0 | 1 |
Number of loans determined to be troubled debt restructurings | Loan | 3 | 3 |
Troubled debt restructuring carrying value | $ 142,000 | $ 150,000 |
Number of TDRs defaulted during the period | Loan | 0 | 0 |
Pre-modification carrying value | $ 65,000 | |
Post-modification carrying value | $ 48,000 | |
Number of loans designated to be troubled debt restructurings | Loan | 2 | |
Specific allowances for troubled debt restructurings | $ 0 | $ 0 |
Commitments to lend additional funds to borrowers whose loans were on non-accrual status | 0 | 0 |
Loans secured by one- to-four family residential properties in process of foreclosure | $ 63,000,000 | 64,000,000 |
Troubled Debt Restructurings | ||
Financing Receivable Modifications [Line Items] | ||
Troubled debt restructuring carrying value | $ 29,000 |
Loans and the Allowance for L46
Loans and the Allowance for Loan Losses - Non-performing Loans Disaggregated by Loan Category (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Troubled debt restructurings | $ 142,000 | $ 150,000 |
Non-Performing Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 1,405,000 | 1,148,000 |
Troubled debt restructurings | 142,000 | 150,000 |
Total | 1,547,000 | 1,298,000 |
Non-Performing Loans | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 1,177,000 | 918,000 |
Troubled debt restructurings | 119,000 | 121,000 |
Total | 1,296,000 | 1,039,000 |
Non-Performing Loans | Commercial Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 213,000 | 213,000 |
Total | 213,000 | 213,000 |
Non-Performing Loans | Home Equity | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Non-accrual loans | 15,000 | 17,000 |
Total | 15,000 | 17,000 |
Non-Performing Loans | Commercial & Industrial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Troubled debt restructurings | 23,000 | 29,000 |
Total | $ 23,000 | $ 29,000 |
Loans and the Allowance for L47
Loans and the Allowance for Loan Losses - Loans Receivable Disaggregated by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | $ 1,381,754 | $ 1,350,899 |
Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 541,599 | 538,920 |
Residential Mortgage | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 540,303 | 537,881 |
Residential Mortgage | Non-Performing Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 1,296 | 1,039 |
Home Equity | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 71,592 | 74,444 |
Home Equity | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 71,577 | 74,427 |
Home Equity | Non-Performing Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 15 | 17 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 36,909 | 38,591 |
Consumer | Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 36,909 | 38,591 |
Commercial Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 656,289 | 633,649 |
Commercial Mortgage | 1-6 (Pass) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 651,366 | 629,852 |
Commercial Mortgage | 7 (Special Mention) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 4,710 | 3,584 |
Commercial Mortgage | 8 (Substandard) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 213 | 213 |
Commercial & Industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 75,365 | 65,295 |
Commercial & Industrial | 1-6 (Pass) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 67,033 | 56,755 |
Commercial & Industrial | 7 (Special Mention) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | 7,991 | 8,126 |
Commercial & Industrial | 8 (Substandard) | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans receivable | $ 341 | $ 414 |
Loans and the Allowance for L48
Loans and the Allowance for Loan Losses - Schedule of Loans Receivable Disaggregated by Past Due Status (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | $ 3,314 | $ 2,349 |
Current Loans | 1,378,440 | 1,348,550 |
Total | 1,381,754 | 1,350,899 |
30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 1,980 | 1,530 |
60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 435 | 738 |
90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 899 | 81 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 3,017 | 2,123 |
Current Loans | 538,582 | 536,797 |
Total | 541,599 | 538,920 |
Residential Mortgage | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 1,908 | 1,353 |
Residential Mortgage | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 423 | 706 |
Residential Mortgage | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 686 | 64 |
Commercial Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 213 | 32 |
Current Loans | 656,076 | 633,617 |
Total | 656,289 | 633,649 |
Commercial Mortgage | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 32 | |
Commercial Mortgage | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 213 | |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 25 | |
Current Loans | 75,340 | 65,295 |
Total | 75,365 | 65,295 |
Commercial & Industrial | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 25 | |
Consumer loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 15 | 176 |
Current Loans | 36,894 | 38,415 |
Total | 36,909 | 38,591 |
Consumer loans | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 3 | 176 |
Consumer loans | 60-89 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 12 | |
Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | 44 | 18 |
Current Loans | 71,548 | 74,426 |
Total | 71,592 | 74,444 |
Home Equity | 30-59 Days Past Due | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | $ 44 | 1 |
Home Equity | 90 Days or Greater | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Past Due | $ 17 |
Loans and the Allowance for L49
Loans and the Allowance for Loan Losses - Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | $ 1,461 | $ 1,025 |
With no required reserve recorded, Average Carrying Value | 1,471 | 1,034 |
With no required reserve recorded, Unpaid Principal Balance | 1,709 | 1,232 |
With required reserve recorded, Carrying Value | 63 | 598 |
With required reserve recorded, Average Carrying Value | 63 | 602 |
With required reserve recorded, Unpaid Principal Balance | 63 | 606 |
With required reserve recorded, Related Allowance | 90 | 308 |
Carrying Value | 1,524 | 1,623 |
Average Carrying Value | 1,534 | 1,636 |
Unpaid Principal Balance | 1,772 | 1,838 |
Related Allowance | 90 | 308 |
Commercial and Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 23 | |
With no required reserve recorded, Average Carrying Value | 25 | |
With no required reserve recorded, Unpaid Principal Balance | 23 | |
With required reserve recorded, Carrying Value | 283 | |
With required reserve recorded, Average Carrying Value | 285 | |
With required reserve recorded, Unpaid Principal Balance | 291 | |
With required reserve recorded, Related Allowance | 108 | |
Carrying Value | 23 | 283 |
Average Carrying Value | 25 | 285 |
Unpaid Principal Balance | 23 | 291 |
Related Allowance | 108 | |
Commercial Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 213 | 232 |
With no required reserve recorded, Average Carrying Value | 213 | 232 |
With no required reserve recorded, Unpaid Principal Balance | 227 | 232 |
Carrying Value | 213 | 232 |
Average Carrying Value | 213 | 232 |
Unpaid Principal Balance | 227 | 232 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 1,157 | 693 |
With no required reserve recorded, Average Carrying Value | 1,164 | 701 |
With no required reserve recorded, Unpaid Principal Balance | 1,360 | 874 |
With required reserve recorded, Carrying Value | 63 | 315 |
With required reserve recorded, Average Carrying Value | 63 | 317 |
With required reserve recorded, Unpaid Principal Balance | 63 | 315 |
With required reserve recorded, Related Allowance | 90 | 200 |
Carrying Value | 1,220 | 1,008 |
Average Carrying Value | 1,227 | 1,018 |
Unpaid Principal Balance | 1,423 | 1,189 |
Related Allowance | 90 | 200 |
Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 68 | 100 |
With no required reserve recorded, Average Carrying Value | 69 | 101 |
With no required reserve recorded, Unpaid Principal Balance | 99 | 126 |
Carrying Value | 68 | 100 |
Average Carrying Value | 69 | 101 |
Unpaid Principal Balance | $ 99 | $ 126 |
Loans and the Allowance for L50
Loans and the Allowance for Loan Losses - Summary of Changes in Allowance for Loan Losses Disaggregated by Loan Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | $ 15,320 | $ 15,261 |
Charge-offs | (10) | (7) |
Recoveries | 13 | 5 |
Provision | 409 | 30 |
Allowance for loan losses, Ending balance | 15,732 | 15,289 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 5,047 | 4,898 |
Provision | (355) | (86) |
Allowance for loan losses, Ending balance | 4,692 | 4,812 |
Commercial Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 8,289 | 8,451 |
Provision | 648 | 175 |
Allowance for loan losses, Ending balance | 8,937 | 8,626 |
Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 630 | 651 |
Provision | (60) | (35) |
Allowance for loan losses, Ending balance | 570 | 616 |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 946 | 807 |
Charge-offs | (5) | |
Recoveries | 11 | 3 |
Provision | 193 | (152) |
Allowance for loan losses, Ending balance | 1,145 | 658 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 315 | 264 |
Charge-offs | (5) | (7) |
Recoveries | 2 | 2 |
Provision | (14) | 10 |
Allowance for loan losses, Ending balance | 298 | 269 |
Impaired | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 93 | 190 |
Provision | (3) | 118 |
Allowance for loan losses, Ending balance | $ 90 | $ 308 |
Loans and the Allowance for L51
Loans and the Allowance for Loan Losses - Summary of Allowance for Loan Losses and Related Loans Receivable Disaggregated by Impairment Method (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 90 | $ 93 |
Collectively evaluated for impairment | 15,642 | 15,227 |
Allowance for loan losses | 15,732 | 15,320 |
Individually evaluated for impairment | 1,524 | 1,296 |
Collectively evaluated for impairment | 1,380,230 | 1,349,603 |
Loans receivable | 1,381,754 | 1,350,899 |
Residential Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Individually evaluated for impairment | 90 | 93 |
Collectively evaluated for impairment | 4,692 | 5,047 |
Allowance for loan losses | 4,782 | 5,140 |
Individually evaluated for impairment | 1,220 | 968 |
Collectively evaluated for impairment | 540,379 | 537,952 |
Loans receivable | 541,599 | 538,920 |
Commercial Mortgage | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 8,937 | 8,289 |
Allowance for loan losses | 8,937 | 8,289 |
Individually evaluated for impairment | 213 | 213 |
Collectively evaluated for impairment | 656,076 | 633,436 |
Loans receivable | 656,289 | 633,649 |
Home Equity | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 570 | 630 |
Allowance for loan losses | 570 | 630 |
Individually evaluated for impairment | 68 | 86 |
Collectively evaluated for impairment | 71,524 | 74,358 |
Loans receivable | 71,592 | 74,444 |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 1,145 | 946 |
Allowance for loan losses | 1,145 | 946 |
Individually evaluated for impairment | 23 | 29 |
Collectively evaluated for impairment | 75,342 | 65,266 |
Loans receivable | 75,365 | 65,295 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Collectively evaluated for impairment | 298 | 315 |
Allowance for loan losses | 298 | 315 |
Collectively evaluated for impairment | 36,909 | 38,591 |
Loans receivable | $ 36,909 | $ 38,591 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21.00% | 35.00% | |
Effective tax rate | 21.80% | 31.40% | |
Net deferred tax assets | $ 7,910,000 | $ 8,273,000 | |
Deferred tax assets, valuation allowance | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Current | ||
Federal | $ 593 | $ 932 |
State | 253 | 234 |
Total current expense | 846 | 1,166 |
Deferred | ||
Federal | 524 | 637 |
State | 246 | 181 |
Total deferred | 770 | 818 |
Total income tax expense | $ 1,616 | $ 1,984 |
Pension and Retirement Plans -
Pension and Retirement Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Plan | ||
Net periodic benefit cost | ||
Service cost | $ 447 | |
Interest cost | $ 386 | 545 |
Expected return on assets | (723) | (818) |
Amortization of prior service cost (credit) | (1) | (1) |
Amortization of net actuarial loss | 16 | 237 |
Net periodic benefit cost (credit) | (322) | 410 |
Supplemental Retirement Plan | ||
Net periodic benefit cost | ||
Service cost | 89 | 67 |
Interest cost | 77 | 91 |
Amortization of net actuarial loss | 1 | |
Net periodic benefit cost (credit) | 167 | 158 |
Postretirement Healthcare Plan | ||
Net periodic benefit cost | ||
Service cost | 6 | 4 |
Interest cost | 5 | 5 |
Amortization of net actuarial loss | 5 | (2) |
Net periodic benefit cost (credit) | $ 16 | $ 7 |
Pension and Retirement Plans 55
Pension and Retirement Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit Sharing Plan | 401(k) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, maximum employee contribution, percent | 100.00% | |||
Profit Sharing Plan | 401(k) | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution, percent | 4.00% | |||
Profit Sharing Plan | 401(k) | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution, percent | 3.00% | |||
Profit Sharing Plan | Discretionary Contribution | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution, percent | 4.00% | |||
Employee Stock Ownership Plan (ESOP) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee eligibility age under the plan | 21 years | |||
Defined contribution plan, minimum service period required for eligibility | 12 months | |||
Defined contribution plan, minimum number of hours of service per year required for eligibility | 1000 hours | |||
Profit Sharing and ESOP Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution expense related to Plans | $ 823,000,000 | $ 238,000,000 | ||
Qualified Defined Benefit Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions to defined benefit pension plan | $ 0 | |||
Qualified Defined Benefit Pension Plan | Scenario Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions to defined benefit pension plan | $ 0 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Shares Issued and Fair Value of RSAs and RSUs (Details) - 2017 Equity and Cash Incentive Plan | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
RSAs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Granted | shares | 11,838 |
Weighted Average Fair Value at Grant Date | $ / shares | $ 76.71 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Granted | shares | 7,839 |
Weighted Average Fair Value at Grant Date | $ / shares | $ 76.56 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - Performance Based Restricted Stock Units - Executive Level Employees - 2017 Equity and Cash Incentive Plan | Jan. 22, 2018$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance-based restricted stock units granted | shares | 23,511 |
Performance-based restricted stock units grant date fair value | $ / shares | $ 76.56 |
Performance-based restricted stock units performance period | 3 years |
Stock Based Compensation - Sc58
Stock Based Compensation - Schedule of Pre-tax Expense Associated with All Outstanding Non-vested RSAs, RSUs, Performance Based Restricted Stock Units and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share Based Compensation [Abstract] | ||
Stock based compensation expense | $ 540 | $ 273 |
Related tax benefits | $ 152 | $ 112 |
Financial Instruments with Of59
Financial Instruments with Off-Balance-Sheet Risk - Summary of Off-Balance-Sheet Financial Instruments with Contractual Amounts Include Present Credit Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Interest Rate Swap with Customers | ||
Financial instruments whose notional amount exceeds the amount of credit risk: | ||
Financial instrument notional amount exceeds credit risk | $ 78,967 | $ 74,758 |
Mirror Swaps with Counterparties | ||
Financial instruments whose notional amount exceeds the amount of credit risk: | ||
Financial instrument notional amount exceeds credit risk | 78,967 | 74,758 |
Standby Letters of Credit | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 8,669 | 8,322 |
Unused Portion of Existing Lines of Credit | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 313,313 | 304,298 |
Origination of New Loans | ||
Financial instruments whose contractual amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 34,392 | 45,061 |
Commitments to Sell Residential Mortgage Loans | ||
Financial instruments whose notional amount exceeds the amount of credit risk: | ||
Financial instrument notional amount exceeds credit risk | 1,124 | 1,490 |
Risk Participation Agreements with Counterparties | ||
Financial instruments whose notional amount exceeds the amount of credit risk: | ||
Financial instrument notional amount exceeds credit risk | $ 39,095 | $ 38,494 |
Shareholders' Equity - Minimum
Shareholders' Equity - Minimum Capital Requirements were Considered Well Capitalized by FRB and FDIC (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 174,684,000 | $ 168,615,000 |
Tier I capital (to risk-weighted assets), Actual, Amount | 158,950,000 | 153,281,000 |
Common equity tier I capital (to risk-weighted assets), Actual, Amount | 158,950,000 | 153,281,000 |
Tier I capital (to average assets), Actual, Amount | $ 158,950,000 | $ 153,281,000 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.90% | 13.70% |
Tier I capital (to risk-weighted assets), Actual, Ratio | 12.60% | 12.50% |
Common equity tier I capital (to risk-weighted assets), Actual, Ratio | 12.60% | 12.50% |
Tier I capital (to average assets), Actual, Ratio | 8.10% | 8.10% |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Amount | $ 100,692,000 | $ 98,136,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Amount | 75,519,000 | 73,602,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Amount | 56,639,000 | 55,202,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy, Amount | $ 78,043,000 | $ 76,026,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Ratio | 6.00% | 6.00% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Ratio | 4.50% | 4.50% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy, Ratio | 4.00% | 4.00% |
Minimum | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | $ 124,292,000 | $ 113,470,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | 99,119,000 | 88,936,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | 80,239,000 | 70,535,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | $ 78,043,000 | $ 76,026,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 9.875% | 9.25% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 7.875% | 7.25% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 6.375% | 5.75% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | $ 132,159,000 | $ 128,804,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | 106,986,000 | 104,270,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | 88,106,000 | 85,869,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | $ 78,043,000 | $ 76,026,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 10.50% | 10.50% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 8.50% | 8.50% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 7.00% | 7.00% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 4.00% | 4.00% |
Cambridge Trust Company | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 170,546,000 | $ 164,880,000 |
Tier I capital (to risk-weighted assets), Actual, Amount | 154,812,000 | 149,546,000 |
Common equity tier I capital (to risk-weighted assets), Actual, Amount | 154,812,000 | 149,546,000 |
Tier I capital (to average assets), Actual, Amount | $ 154,812,000 | $ 149,546,000 |
Total capital (to risk-weighted assets), Actual, Ratio | 13.50% | 13.40% |
Tier I capital (to risk-weighted assets), Actual, Ratio | 12.30% | 12.20% |
Common equity tier I capital (to risk-weighted assets), Actual, Ratio | 12.30% | 12.20% |
Tier I capital (to average assets), Actual, Ratio | 7.90% | 7.90% |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Amount | $ 100,692,000 | $ 98,136,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Amount | 75,519,000 | 73,602,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Amount | 56,639,000 | 55,202,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy, Amount | $ 78,043,000 | $ 76,026,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Ratio | 6.00% | 6.00% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy, Ratio | 4.50% | 4.50% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy, Ratio | 4.00% | 4.00% |
Cambridge Trust Company | Minimum | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | $ 124,292,000 | $ 113,470,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | 99,119,000 | 88,936,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | 80,239,000 | 70,535,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Amount | $ 78,043,000 | $ 76,026,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 9.875% | 9.25% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 7.875% | 7.25% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 6.375% | 5.75% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Phase-In Schedule, Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | $ 132,159,000 | $ 128,804,000 |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | 106,986,000 | 104,270,000 |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | 88,106,000 | 85,869,000 |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Amount | $ 78,043,000 | $ 76,026,000 |
Total capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 10.50% | 10.50% |
Tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 8.50% | 8.50% |
Common equity tier I capital (to risk-weighted assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 7.00% | 7.00% |
Tier I capital (to average assets), Minimum Capital Required For Capital Adequacy Plus Capital Conservation Buffer Basel III Fully Phased In, Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 125,866,000 | $ 122,670,000 |
Tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 100,692,000 | 98,136,000 |
Common equity tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | 81,813,000 | 79,736,000 |
Tier I capital (to average assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 97,554,000 | $ 95,033,000 |
Total capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common equity tier I capital (to risk-weighted assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier I capital (to average assets), Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Unrealized gains/(losses) on available for sale securities, before tax amount | ||
Unrealized holding gains/(losses) arising during the period, before tax amount | $ (1,678) | $ 292 |
Reclassification adjustment for (gains)/losses recognized in net income, before tax amount | 2 | |
Defined benefit retirement plans, before tax amount | ||
Change in retirement liability, before tax amount | 14 | 224 |
Total Other Comprehensive Income (Loss), before tax amount | (1,664) | 518 |
Unrealized gains/(losses) on available for sale securities, tax (expense) or benefit | ||
Unrealized holding gains/(losses) arising during the period, tax (expense) or benefit | 326 | (103) |
Reclassification adjustment for (gains)/losses recognized in net income, tax (expense) or benefit | (1) | |
Defined benefit retirement plans, tax (expense) or benefit | ||
Change in retirement liability, tax (expense) or benefit | (4) | (92) |
Total Other Comprehensive Income (Loss) tax (expense) or benefit | 322 | (196) |
Unrealized gains/(losses) on available for sale securities | ||
Unrealized holding gains/(losses) arising during the period, net-of-tax amount | (1,352) | 189 |
Reclassification adjustment for (gains)/losses recognized in net income, net-of-tax amount | 1 | |
Defined benefit retirement plans | ||
Change in retirement liability, net-of-tax amount | 10 | 132 |
Other comprehensive income/(loss) | $ (1,342) | $ 322 |
Other Comprehensive Income - 62
Other Comprehensive Income - Summary of Reclassifications out of Accumulated Other Comprehensive Income ("AOCI") (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains and losses on available for sale securities | $ (2) | |
Tax benefit or (expense) | $ (1,616) | (1,984) |
Net income | $ 5,805 | 4,328 |
Reclassifications out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gains and losses on available for sale securities | (2) | |
Tax benefit or (expense) | 1 | |
Net income | $ (1) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Reconciliation Between Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income | $ 5,805 | $ 4,328 |
Less dividends and undistributed earnings allocated to participating securities | (64) | (47) |
Net income applicable to common shareholders | $ 5,741 | $ 4,281 |
Denominator: | ||
Weighted average number of shares outstanding, basic | 4,053,355 | 4,011,925 |
Earnings per common share - basic | $ 1.42 | $ 1.07 |
Numerator: | ||
Net income | $ 5,805 | $ 4,328 |
Less dividends and undistributed earnings allocated to participating securities | (64) | (47) |
Net income applicable to common shareholders | $ 5,741 | $ 4,281 |
Denominator: | ||
Weighted average number of shares outstanding, basic | 4,053,355 | 4,011,925 |
Dilutive effect of common stock equivalents | 19,000 | 39,000 |
Weighted average number of shares outstanding, diluted | 4,071,975 | 4,050,791 |
Diluted earnings per share | $ 1.41 | $ 1.06 |
Derivative Financial Instrume64
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Loan related derivative income | $ 472,000 | $ 188,000 | |
Interest Rate Swap Contracts | Commercial Loan Borrowers | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | 79,000,000 | $ 74,800,000 | |
Mirror Swap Contracts | Third-Party Financial Institutions | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | 79,000,000 | 74,800,000 | |
Risk Participation-In Agreements | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | 39,100,000 | 38,500,000 | |
Risk Participation-Out Agreements | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 0 | $ 0 |
Derivative Financial Instrume65
Derivative Financial Instruments - Summary of Fair Values of Derivative Instruments in the Company's Unaudited Consolidated Balance Sheets (Details) - Loan Related Derivative Contracts - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative assets | $ 3,253 | $ 1,859 |
Derivative liabilities | 3,307 | 1,940 |
Interest Rate Swap Contracts | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative assets | 3,253 | 1,859 |
Mirror Swaps with Counterparties | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities | 3,253 | 1,859 |
Risk Participation Agreements | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities | $ 54 | $ 81 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets | ||
Securities available for sale | $ 197,935 | $ 205,017 |
Securities held to maturity | 262,432 | 233,554 |
FHLB Boston stock | 4,242 | 4,242 |
Bank owned life insurance | 30,535 | 31,083 |
Recurring Basis | Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 56,265 | 103,591 |
Securities available for sale | 197,935 | 205,017 |
Securities held to maturity | 264,409 | 232,188 |
Loans, net | 1,366,022 | 1,335,579 |
FHLB Boston stock | 4,242 | 4,242 |
Bank owned life insurance | 30,535 | 31,083 |
Accrued interest receivable | 5,059 | 5,128 |
Mortgage servicing rights | 760 | 793 |
Loan level interest rate swaps | 3,253 | 1,859 |
Financial liabilities | ||
Deposits | 1,782,392 | 1,775,400 |
Long-term borrowings | 3,537 | 3,579 |
Loan level interest rate swaps | 3,253 | 1,859 |
Risk participation agreements | 54 | 81 |
Recurring Basis | Estimated Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 56,265 | 103,591 |
Securities available for sale | 197,935 | 205,017 |
Securities held to maturity | 262,432 | 233,554 |
Loans, net | 1,320,509 | 1,304,719 |
FHLB Boston stock | 4,242 | 4,242 |
Bank owned life insurance | 30,535 | 31,083 |
Accrued interest receivable | 5,059 | 5,128 |
Mortgage servicing rights | 1,049 | 1,049 |
Loan level interest rate swaps | 3,253 | 1,859 |
Financial liabilities | ||
Deposits | 1,779,459 | 1,772,838 |
Long-term borrowings | 3,486 | 3,559 |
Loan level interest rate swaps | 3,253 | 1,859 |
Risk participation agreements | $ 54 | $ 81 |
Fair Value Measurements - Sum67
Fair Value Measurements - Summary of Certain Assets Reported at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 197,935 | $ 205,017 |
U.S. GSE Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 88,423 | 88,791 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,945 | 5,001 |
Mutual Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 587 | 599 |
Recurring Basis | U.S. GSE Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 88,423 | 88,791 |
Recurring Basis | Mortgage Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 103,980 | 110,626 |
Recurring Basis | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,945 | 5,001 |
Recurring Basis | Mutual Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 587 | 599 |
Recurring Basis | Interest Rate Swap Contracts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 3,253 | 1,859 |
Recurring Basis | Mirror Swaps with Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 3,253 | 1,859 |
Recurring Basis | Risk Participation Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 54 | 81 |
Recurring Basis | Level 1 | Mutual Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 587 | 599 |
Recurring Basis | Level 2 | U.S. GSE Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 88,423 | 88,791 |
Recurring Basis | Level 2 | Mortgage Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 103,980 | 110,626 |
Recurring Basis | Level 2 | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,945 | 5,001 |
Recurring Basis | Level 2 | Interest Rate Swap Contracts | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other assets | 3,253 | 1,859 |
Recurring Basis | Level 2 | Mirror Swaps with Counterparties | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | 3,253 | 1,859 |
Recurring Basis | Level 2 | Risk Participation Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other liabilities | $ 54 | $ 81 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Assets, fair value, non-recurring basis | $ 0 | $ 0 | |
Transfers between levels | $ 0 | $ 0 |