Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | First Bancorp, Inc /ME/ | ||
Entity Central Index Key | 765207 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $168,470,000 | ||
Entity Common Stock, Shares Outstanding | 10,733,599 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
Consolidated_Balance_Sheets_Au
Consolidated Balance Sheets (Audited) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $13,057 | $16,570 |
Interest-bearing deposits in other banks | 3,559 | 2,562 |
Securities available for sale | 185,261 | 305,824 |
Securities to be held to maturity (fair value of $279,704,000 at December 31, 2014, $158,336,000 at December 31, 2013) | 275,919 | 169,277 |
Restricted equity securities, at cost | 13,912 | 13,912 |
Loans held for sale | 0 | 83 |
Loans | 917,564 | 876,367 |
Less allowance for loan losses | 10,344 | 11,514 |
Net loans | 907,220 | 864,853 |
Accrued interest receivable | 4,748 | 5,038 |
Premises and equipment, net | 22,619 | 23,616 |
Other real estate owned | 3,785 | 4,807 |
Goodwill | 29,805 | 29,805 |
Other assets | 22,246 | 27,616 |
Total assets | 1,482,131 | 1,463,963 |
Liabilities | ||
Demand deposits | 113,133 | 106,125 |
NOW deposits | 199,977 | 151,322 |
Money market deposits | 98,607 | 86,730 |
Savings deposits | 165,601 | 149,103 |
Certificates of deposit | 447,501 | 531,119 |
Total deposits | 1,024,819 | 1,024,399 |
Borrowed funds – short term | 189,775 | 148,977 |
Borrowed funds – long term | 90,141 | 130,148 |
Other liabilities | 15,842 | 14,341 |
Total liabilities | 1,320,577 | 1,317,865 |
Commitments and contingent liabilities | ||
Shareholders' equity | ||
Common stock, one cent par value per share | 107 | 106 |
Additional paid-in capital | 59,282 | 58,395 |
Retained earnings | 99,816 | 94,000 |
Accumulated other comprehensive income (loss) | ||
Net unrealized gain (loss) on securities available-for-sale | 2,522 | -6,591 |
Net unrealized loss on securities transferred from available for sale to held to maturity | -48 | 0 |
Net unrecognized gain (loss) on postretirement benefit costs | -125 | 188 |
Total shareholders' equity | 161,554 | 146,098 |
Total liabilities and shareholders' equity | $1,482,131 | $1,463,963 |
Common stock | ||
Number of shares authorized | 18,000,000 | 18,000,000 |
Number of shares issued and outstanding | 10,724,359 | 10,671,192 |
Book value per common share | $15.06 | $13.69 |
Tangible book value per common share | $12.25 | $10.83 |
Consolidated_Balance_Sheets_Au1
Consolidated Balance Sheets (Audited) (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Assets | ||
Securities to be held to maturity, fair value | $279,704 | $158,336 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Audited) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and dividend income | |||
Interest and fees on loans (includes tax-exempt income of $592,000 in 2014, $567,000 in 2013, and $629,000 in 2012) | $35,102 | $34,897 | $37,026 |
Interest on deposits with other banks | 5 | 8 | 4 |
Interest and dividends on investments (includes tax-exempt income of $5,854,000 in 2014, $6,065,000 in 2013, and $5,175,000 in 2012) | 15,915 | 15,031 | 14,795 |
Total interest and dividend income | 51,022 | 49,936 | 51,825 |
Interest expense | |||
Interest on deposits | 7,087 | 7,997 | 8,396 |
Interest on borrowed funds | 4,338 | 4,499 | 4,542 |
Total interest expense | 11,425 | 12,496 | 12,938 |
Net interest income | 39,597 | 37,440 | 38,887 |
Provision for loan losses | 1,150 | 4,200 | 7,835 |
Net interest income after provision for loan losses | 38,447 | 33,240 | 31,052 |
Non-interest income | |||
Fiduciary and investment management income | 2,139 | 1,919 | 1,636 |
Service charges on deposit accounts | 2,505 | 2,756 | 2,671 |
Net securities gains | 1,155 | 1,087 | 1,968 |
Mortgage origination and servicing income | 979 | 2,080 | 1,396 |
Other operating income | 4,270 | 4,245 | 3,607 |
Total non-interest income | 11,048 | 12,087 | 11,278 |
Non-interest expense | |||
Salaries and employee benefits | 14,890 | 14,305 | 12,691 |
Occupancy expense | 2,215 | 2,050 | 1,639 |
Furniture and equipment expense | 2,940 | 2,656 | 2,235 |
FDIC insurance premiums | 1,004 | 1,143 | 1,212 |
Acquisition-related costs | 0 | 0 | 251 |
Amortization of identified intangibles | 326 | 326 | 283 |
Other operating expense | 8,845 | 8,457 | 7,960 |
Total non-interest expense | 30,220 | 28,937 | 26,271 |
Income before income taxes | 19,275 | 16,390 | 16,059 |
Applicable tax expense | 4,566 | 3,425 | 3,371 |
Net income | 14,709 | 12,965 | 12,688 |
Basic earnings per common share (in usd per share) | $1.38 | $1.20 | $1.22 |
Diluted earnings per common share (in usd per share) | $1.37 | $1.20 | $1.22 |
Other comprehensive income (loss), net of tax | |||
Net unrealized gain (loss) on securities available for sale | 9,113 | -14,531 | 539 |
Net unrealized loss on securities transferred from available for sale to held to maturity, net of amortization | -48 | 0 | 0 |
Net unrecognized gain (loss) on postretirement benefits | -313 | 311 | -36 |
Other comprehensive income (loss) | 8,752 | -14,220 | 503 |
Comprehensive income (loss) | $23,461 | ($1,255) | $13,191 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Audited) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Interest and fees on loans (tax-exempt income) | $592 | $567 | $629 |
Interest and dividends on investments (tax-exempt income) | $5,854 | $6,065 | $5,175 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Audited) (USD $) | Total | Preferred stock | Common stock and additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2011 | $150,858 | $12,303 | $45,927 | $85,314 | $7,314 |
Balance (in shares) at Dec. 31, 2011 | 9,812,180 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 12,688 | 12,688 | |||
Net unrealized gain (loss) on securities available for sale, net of tax | 539 | 539 | |||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | 0 | ||||
Unrecognized loss and transition obligation for post-retirement benefits, net of tax | -36 | -36 | |||
Comprehensive income (loss) | 13,191 | 12,688 | 503 | ||
Cash dividends declared on preferred stock | -625 | -625 | |||
Cash dividends declared ($0.78 in 2012, $0.785 in 2013 and $0.83 in 2014) | -7,685 | -7,685 | |||
Equity compensation expense | 85 | 85 | |||
Amortization of premium for preferred stock issuance | 99 | -99 | |||
Repurchase of preferred stock | 0 | ||||
Issuance of restricted stock | 12,727 | ||||
Proceeds from sale of common stock | 499 | 499 | |||
Proceeds from sale of common stock (in shares) | 35,007 | ||||
Balance at Dec. 31, 2012 | 156,323 | 12,402 | 46,412 | 89,692 | 7,817 |
Balance (in shares) at Dec. 31, 2012 | 9,859,914 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 12,965 | 12,965 | |||
Net unrealized gain (loss) on securities available for sale, net of tax | -14,531 | -14,531 | |||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | 0 | ||||
Unrecognized loss and transition obligation for post-retirement benefits, net of tax | 311 | 311 | |||
Comprehensive income (loss) | -1,255 | 12,965 | -14,220 | ||
Cash dividends declared on preferred stock | -286 | -286 | |||
Cash dividends declared ($0.78 in 2012, $0.785 in 2013 and $0.83 in 2014) | -8,371 | -8,371 | |||
Equity compensation expense | 214 | 214 | |||
Amortization of premium for preferred stock issuance | 98 | -98 | |||
Stock Repurchased During Period, Value | -12,500 | -12,500 | |||
Repurchase of preferred stock | -12,500 | ||||
Issuance of restricted stock | 27,114 | ||||
Proceeds from sale of common stock | 11,973 | 11,973 | |||
Proceeds from sale of common stock (in shares) | 784,164 | ||||
Balance at Dec. 31, 2013 | 146,098 | 0 | 58,501 | 94,000 | -6,403 |
Balance (in shares) at Dec. 31, 2013 | 10,671,192 | 10,671,192 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 14,709 | 14,709 | |||
Net unrealized gain (loss) on securities available for sale, net of tax | 9,113 | 9,113 | |||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | -48 | -48 | |||
Unrecognized loss and transition obligation for post-retirement benefits, net of tax | -313 | -313 | |||
Comprehensive income (loss) | 23,461 | 14,709 | 8,752 | ||
Cash dividends declared ($0.78 in 2012, $0.785 in 2013 and $0.83 in 2014) | -8,893 | -8,893 | |||
Equity compensation expense | 431 | 431 | |||
Repurchase of preferred stock | 0 | ||||
Issuance of restricted stock | 25,843 | ||||
Proceeds from sale of common stock | 457 | 457 | |||
Proceeds from sale of common stock (in shares) | 27,324 | ||||
Balance at Dec. 31, 2014 | $161,554 | $0 | $59,389 | $99,816 | $2,349 |
Balance (in shares) at Dec. 31, 2014 | 10,724,359 | 10,724,359 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Audited) (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share | $0.83 | $0.79 | $0.78 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Audited) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Cash Flows [Abstract] | |||
Net income | $14,709,000 | $12,965,000 | $12,688,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,663,000 | 1,727,000 | 1,314,000 |
Change in deferred taxes | 18,000 | -56,000 | -108,000 |
Provision for loan losses | 1,150,000 | 4,200,000 | 7,835,000 |
Loans originated for resale | -21,758,000 | -56,377,000 | -40,606,000 |
Proceeds from sales and transfers of loans | 22,337,000 | 58,553,000 | 40,712,000 |
Net gain on sales of loans | -496,000 | -1,224,000 | -1,141,000 |
Net gain on sale or call of securities | -1,155,000 | -1,087,000 | -1,968,000 |
Net amortization of investment premiums | 943,000 | 1,817,000 | 2,676,000 |
Net (gain) loss on sale of other real estate owned | 32,000 | -25,000 | -7,000 |
Provision for losses on other real estate owned | 637,000 | 501,000 | 397,000 |
Equity compensation expense | 431,000 | 214,000 | 85,000 |
Net decrease in other assets and accrued interest | 676,000 | 1,557,000 | 756,000 |
Net increase in other liabilities | 378,000 | 1,370,000 | 1,631,000 |
Net loss on disposal of premises and equipment | 3,000 | 3,000 | 0 |
Amortization of investments in limited partnerships | 569,000 | 520,000 | 476,000 |
Net acquisition amortization | 326,000 | 326,000 | 283,000 |
Net cash provided by operating activities | 20,463,000 | 24,984,000 | 25,023,000 |
Cash flows from investing activities | |||
Increase in interest-bearing deposits in other banks | -997,000 | -924,000 | -1,638,000 |
Proceeds from sales of securities available for sale | 15,557,000 | 10,563,000 | 26,437,000 |
Proceeds from maturities, payments, calls of securities available for sale | 30,226,000 | 55,399,000 | 61,776,000 |
Proceeds from maturities, payments, calls of securities held to maturity | 18,085,000 | 36,872,000 | 53,958,000 |
Proceeds from sales of other real estate owned | 2,624,000 | 5,416,000 | 3,345,000 |
Purchases of securities available for sale | -908,000 | -103,359,000 | -93,378,000 |
Purchases of securities to be held to maturity | -34,881,000 | -62,727,000 | -74,743,000 |
Redemption of restricted equity securities | 0 | 536,000 | 995,000 |
Net increase in loans | -45,788,000 | -15,375,000 | -19,635,000 |
Capital expenditures | -1,909,000 | -2,363,000 | -1,726,000 |
Proceeds from sale of premises and equipment | 1,240,000 | 5,000 | 42,000 |
Cash Acquired from Acquisition | 0 | 0 | 25,297,000 |
Net cash used in investing activities | -16,751,000 | -75,957,000 | -19,270,000 |
Cash flows from financing activities | |||
Net increase in transaction and savings accounts | 84,038,000 | 39,486,000 | 37,552,000 |
Net increase (decrease) in certificates of deposit | -83,618,000 | 26,063,000 | -51,893,000 |
Repayment on long-term borrowings | -30,000,000 | -3,780,000 | 0 |
Net increase in short-term borrowings | 30,791,000 | 0 | 17,242,000 |
Repurchase of preferred stock | 0 | -12,500,000 | 0 |
Proceeds from sale of common stock | 457,000 | 11,973,000 | 499,000 |
Dividends paid | -8,893,000 | -8,657,000 | -8,310,000 |
Net cash provided by (used in) financing activities | -7,225,000 | 52,585,000 | -4,910,000 |
Net increase (decrease) in cash and cash equivalents | -3,513,000 | 1,612,000 | 843,000 |
Cash and cash equivalents at beginning of year | 16,570,000 | 14,958,000 | 14,115,000 |
Cash and cash equivalents at end of year | 13,057,000 | 16,570,000 | 14,958,000 |
Interest paid | 11,503,000 | 12,516,000 | 13,052,000 |
Income taxes paid | 5,150,000 | 2,000,000 | 2,547,000 |
Non-cash transactions: | |||
Net transfer from loans to other real estate owned | 2,271,000 | 3,106,000 | 7,234,000 |
Fair value of assets acquired | 0 | 0 | -6,577,000 |
Less liabilities assumed | 0 | 0 | 31,874,000 |
Transfer of securities from available for sale to held to maturity | $89,757,000 | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and the Bank. All intercompany accounts and transactions have been eliminated in consolidation. | |
Subsequent Events | |
Events occurring subsequent to December 31, 2014, have been evaluated as to their potential impact to the financial statements. | |
Use of Estimates in Preparation of Financial Statements | |
In preparing the financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the balance sheet and revenues and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, goodwill, the valuation of mortgage servicing rights, and other-than-temporary impairment of securities. | |
Investment Securities | |
Investment securities are classified as available for sale or held to maturity when purchased. There are no trading account securities. Securities available for sale consist primarily of debt securities which Management intends to hold for indefinite periods of time. They may be used as part of the Bank's funds management strategy, and may be sold in response to changes in interest rates or prepayment risk, changes in liquidity needs, or for other reasons. They are accounted for at fair value, with unrealized gains or losses adjusted through shareholders' equity, net of related income taxes. The cost basis is adjusted for the amortization of premiums and accretion of discounts. Securities to be held to maturity consist primarily of debt securities which Management has acquired solely for long-term investment purposes, rather than for purposes of trading or future sale. For securities to be held to maturity, Management has the intent and the Bank has the ability to hold such securities until their respective maturity dates. Such securities are carried at cost adjusted for the amortization of premiums and accretion of discounts. Investment securities transactions are accounted for on a settlement date basis; reported amounts would not be materially different from those accounted for on a trade date basis. Gains and losses on the sales of investment securities are determined using the amortized cost of the specifically identified security. For declines in the fair value of individual debt securities available for sale below their cost that are deemed to be other than temporary, where the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in the fair value of the debt security related to 1) credit loss is recognized in earnings and 2) other factors is recognized in other comprehensive income or loss. Credit loss is deemed to exist if the present value of expected future cash flows using the effective rate at acquisition is less than the amortized cost basis of the debt security. For individual debt securities where the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost, the other-than-temporary impairment is recognized in earnings equal to the entire difference between the security's cost basis and its fair value at the balance sheet date. | |
Loans Held for Sale | |
Loans held for sale consist of residential real estate mortgage loans and are carried at the lower of aggregate cost or fair value, as determined by current investor yield requirements. | |
Loans | |
Loans are generally reported at their outstanding principal balances, adjusted for chargeoffs, the allowance for loan losses and any deferred fees or costs to originate loans. Loan commitments are recorded when funded. | |
Loan Fees and Costs | |
Loan origination fees and certain direct loan origination costs are deferred and recognized in interest income as an adjustment to the loan yield over the life of the related loans. The unamortized net deferred fees and costs are included on the balance sheets with the related loan balances, and the amortization is included with the related interest income. | |
Allowance for Loan Losses | |
Loans considered to be uncollectible are charged against the allowance for loan losses. The allowance for loan losses is maintained at a level determined by Management to be appropriate to absorb probable losses. This allowance is increased by provisions charged to operating expenses and recoveries on loans previously charged off. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. In determining the appropriate level of allowance for loan losses, Management takes into consideration several factors, including reviews of individual non-performing loans and performing loans listed on the watch report requiring periodic evaluation, loan portfolio size by category, recent loss experience, delinquency trends and current economic conditions. For all loan classes, loans over 30 days past due are considered delinquent. Impaired loans include restructured loans and loans placed on non-accrual status when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. Management takes into consideration impaired loans in addition to the above mentioned factors in determining the appropriate level of allowance for loan losses. | |
Troubled Debt Restructured | |
A troubled debt restructured ("TDR") constitutes a restructuring of debt if the Bank, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or not a loan should be classified as a TDR, Management evaluates a loan to first determine if the borrower demonstrates financial difficulty. Common indicators of this include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender. If the borrower is experiencing financial difficulty and concessions are granted, such as maturity date extension, interest rate adjustments to below market pricing, or a deferment of payments, the loan will generally be classified as a TDR. | |
Accrual of Interest Income and Expense | |
Interest on loans and investment securities is taken into income using methods which relate the income earned to the balances of loans and investment securities outstanding. Interest expense on liabilities is derived by applying applicable interest rates to principal amounts outstanding. For all classes of loans, recording of interest income on problem loans, which includes impaired loans, ceases when collectibility of principal and interest within a reasonable period of time becomes doubtful. Cash payments received on non-accrual loans, which includes impaired loans, are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected or when it otherwise becomes well secured and in the process of collection. | |
Premises and Equipment | |
Premises, furniture and equipment are stated at cost, less accumulated depreciation. Depreciation expense is computed by straight-line methods over the asset's estimated useful life. | |
Other Real Estate Owned ("OREO") | |
Real estate acquired by foreclosure or deed in lieu of foreclosure is transferred to OREO and recorded at fair value, less estimated costs to sell, based on appraised value at the date actually or constructively received. Loan losses arising from the acquisition of such property are charged against the allowance for loan losses. Subsequent provisions to reduce the carrying value of a property are recorded to the allowance for OREO losses and a charge to operations on a specific property basis. | |
Goodwill and Identified Intangible Assets | |
Intangible assets include the excess of the purchase price over the fair value of net assets acquired (goodwill) from the acquisition of FNB Bankshares in 2005 as well as the core deposit intangible related to the same acquisition. The core deposit intangible is amortized on a straight-line basis over ten years. Annual amortization expense for 2014, 2013 and 2012 was $283,000 and the amortization expense for 2015 will be $14,000 as the expense will be fully amortized. Intangible assets also include the goodwill and core deposit intangible from the 2012 acquisition of a bank branch in Rockland, Maine and a bank building in Bangor, Maine. The core deposit intangible will be amortized on a straight-line basis over ten years. Annual amortization expense for 2014 and 2013 was $43,000, and the amortization expense for each year until fully amortized will be $43,000. The straight-line basis is used because the Company does not expect significant run off in the core deposits acquired. The Company annually evaluates goodwill, and periodically evaluates other intangible assets, for impairment. At December 31, 2014, the Company determined goodwill and other intangible assets were not impaired. | |
Income Taxes | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax credits that are available to offset future taxable income. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the change is enacted. | |
Loan Servicing | |
Servicing rights are recognized when they are acquired through sale of loans. Capitalized servicing rights are reported in other assets and are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant characteristics, such as interest rates and terms. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the capitalized amount for the stratum. | |
Post-Retirement Benefits | |
The cost of providing post-retirement benefits is accrued during the active service period of the employee or director. | |
Earnings Per Share | |
Basic earnings per share data are based on the weighted average number of common shares outstanding during each year. Diluted earnings per share gives effect to restricted stock granted and stock options and warrants outstanding, determined by the treasury stock method. | |
Comprehensive Income | |
Comprehensive income includes net income and other comprehensive income (loss), which is comprised of the change in unrealized gains and losses on securities available for sale, net of tax, change in unrealized losses on securities transferred from available for sale to held to maturity, net of amortization, and unrecognized gains and losses related to post-retirement benefit costs, net of tax. | |
Segments | |
The First Bancorp, Inc., through the branches of its subsidiary, The First, N.A., provides a broad range of financial services to individuals and companies in coastal Maine. These services include demand, time, and savings deposits; lending; ATM processing; and investment management and trust services. Operations are managed and financial performance is evaluated on a corporate-wide basis. Accordingly, all of the Company's banking operations are considered by Management to be aggregated in one reportable operating segment. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For the purposes of reporting consolidated cash flows, cash and cash equivalents include cash on hand, amounts due from banks and federal funds sold. At December 31, 2014, the Company had a contractual clearing balance of $500,000 and a reserve balance requirement of $1,184,000 at the Federal Reserve Bank, which are satisfied by both cash on hand at branches and balances held at the Federal Reserve Bank of Boston. The Company maintains a portion of its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk with respect to these accounts. |
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Investment Securities | Investment Securities | |||||||||||||||||||||||
The following tables summarize the amortized cost and estimated fair value of investment securities at December 31, 2014 and 2013: | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
As of December 31, 2014 | Cost | Gains | Losses | (Estimated) | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 149,796,000 | $ | 2,637,000 | $ | (578,000 | ) | $ | 151,855,000 | |||||||||||||||
State and political subdivisions | 29,094,000 | 1,865,000 | (104,000 | ) | 30,855,000 | |||||||||||||||||||
Other equity securities | 2,490,000 | 65,000 | (4,000 | ) | 2,551,000 | |||||||||||||||||||
$ | 181,380,000 | $ | 4,567,000 | $ | (686,000 | ) | $ | 185,261,000 | ||||||||||||||||
Securities to be held to maturity | ||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | 92,341,000 | $ | 54,000 | $ | (2,066,000 | ) | $ | 90,329,000 | |||||||||||||||
Mortgage-backed securities | 57,003,000 | 1,830,000 | (116,000 | ) | 58,717,000 | |||||||||||||||||||
State and political subdivisions | 126,275,000 | 4,114,000 | (31,000 | ) | 130,358,000 | |||||||||||||||||||
Corporate securities | 300,000 | — | — | 300,000 | ||||||||||||||||||||
$ | 275,919,000 | $ | 5,998,000 | $ | (2,213,000 | ) | $ | 279,704,000 | ||||||||||||||||
Restricted equity securities | ||||||||||||||||||||||||
Federal Home Loan Bank Stock | $ | 12,875,000 | $ | — | $ | — | $ | 12,875,000 | ||||||||||||||||
Federal Reserve Bank Stock | 1,037,000 | — | — | 1,037,000 | ||||||||||||||||||||
$ | 13,912,000 | $ | — | $ | — | $ | 13,912,000 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
As of December 31, 2013 | Cost | Gains | Losses | (Estimated) | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 180,109,000 | $ | 1,392,000 | $ | (3,772,000 | ) | $ | 177,729,000 | |||||||||||||||
State and political subdivisions | 134,188,000 | 1,458,000 | (9,331,000 | ) | 126,315,000 | |||||||||||||||||||
Other equity securities | 1,666,000 | 116,000 | (2,000 | ) | 1,780,000 | |||||||||||||||||||
$ | 315,963,000 | $ | 2,966,000 | $ | (13,105,000 | ) | $ | 305,824,000 | ||||||||||||||||
Securities to be held to maturity | ||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | 92,280,000 | $ | 1,000 | $ | (12,757,000 | ) | $ | 79,524,000 | |||||||||||||||
Mortgage-backed securities | 35,712,000 | 1,440,000 | (1,336,000 | ) | 35,816,000 | |||||||||||||||||||
State and political subdivisions | 40,985,000 | 1,823,000 | (112,000 | ) | 42,696,000 | |||||||||||||||||||
Corporate securities | 300,000 | — | — | 300,000 | ||||||||||||||||||||
$ | 169,277,000 | $ | 3,264,000 | $ | (14,205,000 | ) | $ | 158,336,000 | ||||||||||||||||
Restricted equity securities | ||||||||||||||||||||||||
Federal Home Loan Bank Stock | $ | 12,875,000 | $ | — | $ | — | $ | 12,875,000 | ||||||||||||||||
Federal Reserve Bank Stock | 1,037,000 | — | — | 1,037,000 | ||||||||||||||||||||
$ | 13,912,000 | $ | — | $ | — | $ | 13,912,000 | |||||||||||||||||
The following table summarizes the contractual maturities of investment securities at December 31, 2014: | ||||||||||||||||||||||||
Securities available for sale | Securities to be held to maturity | |||||||||||||||||||||||
Amortized Cost | Fair Value (Estimated) | Amortized Cost | Fair Value (Estimated) | |||||||||||||||||||||
Due in 1 year or less | $ | 2,309,000 | $ | 2,329,000 | $ | 1,693,000 | $ | 1,713,000 | ||||||||||||||||
Due in 1 to 5 years | 15,200,000 | 15,499,000 | 8,467,000 | 8,702,000 | ||||||||||||||||||||
Due in 5 to 10 years | 18,547,000 | 19,124,000 | 50,629,000 | 52,717,000 | ||||||||||||||||||||
Due after 10 years | 142,834,000 | 145,758,000 | 215,130,000 | 216,572,000 | ||||||||||||||||||||
Equity securities | 2,490,000 | 2,551,000 | — | — | ||||||||||||||||||||
$ | 181,380,000 | $ | 185,261,000 | $ | 275,919,000 | $ | 279,704,000 | |||||||||||||||||
The following table summarizes the contractual maturities of investment securities at December 31, 2013: | ||||||||||||||||||||||||
Securities available for sale | Securities to be held to maturity | |||||||||||||||||||||||
In thousands of dollars | Amortized | Fair Value (Estimated) | Amortized | Fair Value (Estimated) | ||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
Due in 1 year or less | $ | 717,000 | $ | 721,000 | $ | 268,000 | $ | 273,000 | ||||||||||||||||
Due in 1 to 5 years | 20,547,000 | 20,636,000 | 6,420,000 | 6,790,000 | ||||||||||||||||||||
Due in 5 to 10 years | 16,114,000 | 16,267,000 | 33,442,000 | 33,828,000 | ||||||||||||||||||||
Due after 10 years | 276,919,000 | 266,420,000 | 129,147,000 | 117,445,000 | ||||||||||||||||||||
Equity securities | 1,666,000 | 1,780,000 | — | — | ||||||||||||||||||||
$ | 315,963,000 | $ | 305,824,000 | $ | 169,277,000 | $ | 158,336,000 | |||||||||||||||||
At December 31, 2014, securities with a fair value of $164,919,000 were pledged to secure borrowings from the Federal Home Loan Bank of Boston, public deposits, repurchase agreements, and for other purposes as required by law. This compares to securities with a fair value of $147,074,000 as of December 31, 2013 pledged for the same purposes. | ||||||||||||||||||||||||
Gains and losses on the sale of securities available for sale are computed by subtracting the amortized cost at the time of sale from the security's selling price, net of accrued interest to be received. | ||||||||||||||||||||||||
The following table shows securities gains and losses for 2014, 2013 and 2012: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from sales of securities | $ | 15,557,000 | $ | 10,563,000 | $ | 26,437,000 | ||||||||||||||||||
Gross realized gains | 1,155,000 | 1,087,000 | 2,257,000 | |||||||||||||||||||||
Gross realized losses | — | — | (289,000 | ) | ||||||||||||||||||||
Net gain | $ | 1,155,000 | $ | 1,087,000 | $ | 1,968,000 | ||||||||||||||||||
Related income taxes | $ | 404,000 | $ | 380,000 | $ | 689,000 | ||||||||||||||||||
Management reviews securities with unrealized losses for other than temporary impairment. As of December 31, 2014, there were 56 securities with unrealized losses held in the Company's portfolio. These securities were temporarily impaired as a result of changes in interest rates reducing their fair value, of which 36 had been temporarily impaired for 12 months or more. At the present time, there have been no material changes in the credit quality of these securities resulting in other than temporary impairment, and in Management's opinion, no additional write-down for other-than-temporary impairment is warranted. | ||||||||||||||||||||||||
Information regarding securities temporarily impaired as of December 31, 2014 is summarized below: | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
As of December 31, 2014 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
U.S. Government-sponsored agencies | $ | — | $ | — | $ | 79,444,000 | $ | (2,066,000 | ) | $ | 79,444,000 | $ | (2,066,000 | ) | ||||||||||
Mortgage-backed securities | 13,878,000 | (40,000 | ) | 29,182,000 | (654,000 | ) | 43,060,000 | (694,000 | ) | |||||||||||||||
State and political subdivisions | 3,352,000 | (31,000 | ) | 3,017,000 | (104,000 | ) | 6,369,000 | (135,000 | ) | |||||||||||||||
Other equity securities | 68,000 | (3,000 | ) | 51,000 | (1,000 | ) | 119,000 | (4,000 | ) | |||||||||||||||
$ | 17,298,000 | $ | (74,000 | ) | $ | 111,694,000 | $ | (2,825,000 | ) | $ | 128,992,000 | $ | (2,899,000 | ) | ||||||||||
Information regarding securities temporarily impaired as of December 31, 2013 is summarized below: | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
As of December 31, 2013 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
U.S. Government-sponsored agencies | $ | 78,724,000 | $ | (12,757,000 | ) | $ | — | $ | — | $ | 78,724,000 | $ | (12,757,000 | ) | ||||||||||
Mortgage-backed securities | 96,263,000 | (4,977,000 | ) | 5,451,000 | (131,000 | ) | 101,714,000 | (5,108,000 | ) | |||||||||||||||
State and political subdivisions | 69,406,000 | (7,895,000 | ) | 7,150,000 | (1,548,000 | ) | 76,556,000 | (9,443,000 | ) | |||||||||||||||
Other equity securities | — | — | 50,000 | (2,000 | ) | 50,000 | (2,000 | ) | ||||||||||||||||
$ | 244,393,000 | $ | (25,629,000 | ) | $ | 12,651,000 | $ | (1,681,000 | ) | $ | 257,044,000 | $ | (27,310,000 | ) | ||||||||||
During the third quarter of 2014, the Company transferred securities with a total amortized cost of $89,780,000 and a | ||||||||||||||||||||||||
corresponding fair value of $89,757,000 from available for sale to held to maturity. The net unrealized loss, net of taxes, on | ||||||||||||||||||||||||
these securities at the date of the transfer was $15,000. The net unrealized holding loss at the time of transfer continues to be | ||||||||||||||||||||||||
reported in accumulated other comprehensive income (loss), net of tax and is amortized over the remaining lives of the | ||||||||||||||||||||||||
securities as an adjustment of the yield. The amortization of the net unrealized loss reported in accumulated other | ||||||||||||||||||||||||
comprehensive income (loss) will offset the effect on interest income of the discount for the transferred securities. The | ||||||||||||||||||||||||
remaining unamortized balance of the net unrealized losses for the securities transferred from available for sale to held to | ||||||||||||||||||||||||
maturity was $48,000 at December 31, 2014. These securities were transferred as a part of the Company's overall investment | ||||||||||||||||||||||||
and balance sheet strategies. | ||||||||||||||||||||||||
The Bank is a member of the Federal Home Loan Bank ("FHLB") of Boston, a cooperatively owned wholesale bank for housing and finance in the six New England States. As a requirement of membership in the FHLB, the Bank must own a minimum required amount of FHLB stock, calculated periodically based primarily on its level of borrowings from the FHLB. The Bank uses the FHLB for much of its wholesale funding needs. As of December 31, 2014 and 2013, the Bank's investment in FHLB stock totaled $12,875,000. FHLB stock is a restricted equity security and therefore is reported at cost, which equals par value. | ||||||||||||||||||||||||
The Company periodically evaluates its investment in FHLB stock for impairment based on, among other factors, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through December 31, 2014. The Bank will continue to monitor its investment in FHLB stock. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights | |||||||
At December 31, 2014 and 2013, the Bank serviced loans for others totaling $214,086,000 and $211,634,000, respectively. Net gains from the sale of loans totaled $496,000 in 2014, $1,224,000 in 2013, and $1,141,000 in 2012. In 2014, mortgage servicing rights of $345,000 were capitalized and amortization for the year totaled $428,000. At December 31, 2014, mortgage servicing rights had a fair value of $2,088,000. In 2013, mortgage servicing rights of $743,000 were capitalized and amortization for the year totaled $515,000. At December 31, 2013, mortgage servicing rights had a fair value of $1,948,000. | ||||||||
The Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification" or "ASC") Topic 860, "Transfers and Servicing", requires all separately recognized servicing assets and servicing liabilities to be initially measured at fair value, if practicable. Servicing assets and servicing liabilities are reported using the amortization method or the fair value measurement method. In evaluating the carrying values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type and term of the underlying loans. The model utilizes several assumptions, the most significant of which is loan prepayments, calculated using a three-month moving average of weekly prepayment data published by the Public Securities Association (PSA) and modeled against the serviced loan portfolio, and the discount rate to discount future cash flows. As of December 31, 2014, the prepayment assumption using the PSA model was 190, which translates into an anticipated prepayment rate of 11.38%. The discount rate is the quarterly average ten-year U.S. Treasury interest rate plus 4.76%. Other assumptions include delinquency rates, foreclosure rates, servicing cost inflation, and annual unit loan cost. All assumptions are adjusted periodically to reflect current circumstances. Amortization of mortgage servicing rights, as well as write-offs due to prepayments of the related mortgage loans, are recorded as a charge against mortgage servicing fee income. | ||||||||
Mortgage servicing rights are included in other assets and detailed in the following table: | ||||||||
As of December 31, | 2014 | 2013 | ||||||
Mortgage servicing rights | $ | 6,039,000 | $ | 7,172,000 | ||||
Accumulated amortization | (4,949,000 | ) | (5,988,000 | ) | ||||
Impairment reserve | (4,000 | ) | (26,000 | ) | ||||
$ | 1,086,000 | $ | 1,158,000 | |||||
Loans
Loans | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||
The following table shows the composition of the Company's loan portfolio as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 242,311,000 | 26.4 | % | $ | 245,943,000 | 28.2 | % | ||||||||||||||||||||
Construction | 30,932,000 | 3.4 | % | 20,382,000 | 2.3 | % | ||||||||||||||||||||||
Other | 104,531,000 | 11.4 | % | 95,289,000 | 10.9 | % | ||||||||||||||||||||||
Municipal | 20,424,000 | 2.2 | % | 19,117,000 | 2.2 | % | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 384,032,000 | 41.9 | % | 377,218,000 | 43 | % | ||||||||||||||||||||||
Construction | 12,160,000 | 1.3 | % | 11,803,000 | 1.3 | % | ||||||||||||||||||||||
Home equity line of credit | 103,521,000 | 11.3 | % | 91,549,000 | 10.4 | % | ||||||||||||||||||||||
Consumer | 19,653,000 | 2.1 | % | 15,066,000 | 1.7 | % | ||||||||||||||||||||||
Total loans | $ | 917,564,000 | 100 | % | $ | 876,367,000 | 100 | % | ||||||||||||||||||||
Loan balances include net deferred loan costs of $2,729,000 in 2014 and $2,086,000 in 2013. Pursuant to collateral agreements, qualifying first mortgage loans, which were valued at $266,716,000 and $266,740,000 at December 31, 2014 and 2013, respectively, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial, construction and home equity loans totaling $240,943,000 at December 31, 2014 and $189,728,000 at December 2013, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused. | ||||||||||||||||||||||||||||
At December 31, 2014 and 2013, non-accrual loans were $10,510,000 and $16,318,000, respectively. As of December 31, 2014, 2013 and 2012, interest income which would have been recognized on these loans, if interest had been accrued, was $551,000, $917,000, and $1,158,000, respectively. Loans more than 90 days past due accruing interest totaled $181,000 at December 31, 2014 and $1,043,000 at December 31, 2013. The Company continues to accrue interest on these loans because it believes collection of principal and interest is reasonably assured. | ||||||||||||||||||||||||||||
Loans to directors, officers and employees totaled $29,883,000 at December 31, 2014 and $28,821,000 at December 31, 2013. A summary of loans to directors and executive officers is as follows: | ||||||||||||||||||||||||||||
For the years ended December 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of year | $ | 14,884,000 | $ | 14,917,000 | ||||||||||||||||||||||||
New loans | 8,932,000 | 909,000 | ||||||||||||||||||||||||||
Repayments | (8,960,000 | ) | (942,000 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 14,856,000 | $ | 14,884,000 | ||||||||||||||||||||||||
Information on the past-due status of loans as of December 31, 2014, is presented in the following table: | ||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | All | Current | Total | 90+ Days | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | & | ||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 24,000 | $ | 75,000 | $ | 761,000 | $ | 860,000 | $ | 241,451,000 | $ | 242,311,000 | $ | — | ||||||||||||||
Construction | — | 41,000 | 208,000 | 249,000 | 30,683,000 | 30,932,000 | — | |||||||||||||||||||||
Other | 3,000 | — | 857,000 | 860,000 | 103,671,000 | 104,531,000 | — | |||||||||||||||||||||
Municipal | — | — | — | — | 20,424,000 | 20,424,000 | — | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 856,000 | 468,000 | 5,679,000 | 7,003,000 | 377,029,000 | 384,032,000 | 101,000 | |||||||||||||||||||||
Construction | — | — | — | — | 12,160,000 | 12,160,000 | — | |||||||||||||||||||||
Home equity line of credit | 622,000 | 720,000 | 780,000 | 2,122,000 | 101,399,000 | 103,521,000 | — | |||||||||||||||||||||
Consumer | 637,000 | 52,000 | 80,000 | 769,000 | 18,884,000 | 19,653,000 | 80,000 | |||||||||||||||||||||
Total | $ | 2,142,000 | $ | 1,356,000 | $ | 8,365,000 | $ | 11,863,000 | $ | 905,701,000 | $ | 917,564,000 | $ | 181,000 | ||||||||||||||
Information on the past-due status of loans as of December 31, 2013, is presented in the following table: | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | All Past Due | Current | Total | 90+ Days & Accruing | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 82,000 | $ | 259,000 | $ | 745,000 | $ | 1,086,000 | $ | 244,857,000 | $ | 245,943,000 | $ | — | ||||||||||||||
Construction | — | — | — | — | 20,382,000 | 20,382,000 | — | |||||||||||||||||||||
Other | 544,000 | 128,000 | 2,797,000 | 3,469,000 | 91,820,000 | 95,289,000 | — | |||||||||||||||||||||
Municipal | — | — | — | — | 19,117,000 | 19,117,000 | — | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 229,000 | 1,913,000 | 7,002,000 | 9,144,000 | 368,074,000 | 377,218,000 | 596,000 | |||||||||||||||||||||
Construction | 47,000 | — | — | 47,000 | 11,756,000 | 11,803,000 | — | |||||||||||||||||||||
Home equity line of credit | 573,000 | 145,000 | 1,001,000 | 1,719,000 | 89,830,000 | 91,549,000 | 59,000 | |||||||||||||||||||||
Consumer | 113,000 | 26,000 | 388,000 | 527,000 | 14,539,000 | 15,066,000 | 388,000 | |||||||||||||||||||||
Total | $ | 1,588,000 | $ | 2,471,000 | $ | 11,933,000 | $ | 15,992,000 | $ | 860,375,000 | $ | 876,367,000 | $ | 1,043,000 | ||||||||||||||
For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future. | ||||||||||||||||||||||||||||
Information on nonaccrual loans as of December 31, 2014 and 2013 is presented in the following table: | ||||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 2,088,000 | $ | 2,457,000 | ||||||||||||||||||||||||
Construction | 208,000 | — | ||||||||||||||||||||||||||
Other | 935,000 | 4,370,000 | ||||||||||||||||||||||||||
Municipal | — | — | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 6,421,000 | 8,484,000 | ||||||||||||||||||||||||||
Construction | — | — | ||||||||||||||||||||||||||
Home equity line of credit | 832,000 | 1,007,000 | ||||||||||||||||||||||||||
Consumer | 26,000 | — | ||||||||||||||||||||||||||
Total | $ | 10,510,000 | $ | 16,318,000 | ||||||||||||||||||||||||
Information regarding impaired loans is as follows: | ||||||||||||||||||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Average investment in impaired loans | $ | 38,404,000 | $ | 45,722,000 | $ | 45,019,000 | ||||||||||||||||||||||
Interest income recognized on impaired loans, all on cash basis | 1,465,000 | 1,750,000 | 1,039,000 | |||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Balance of impaired loans | $ | 35,862,000 | $ | 42,351,000 | ||||||||||||||||||||||||
Less portion for which no allowance for loan losses is allocated | (26,313,000 | ) | (32,417,000 | ) | ||||||||||||||||||||||||
Portion of impaired loan balance for which an allowance for loan losses is allocated | $ | 9,549,000 | $ | 9,934,000 | ||||||||||||||||||||||||
Portion of allowance for loan losses allocated to the impaired loan balance | $ | 1,803,000 | $ | 2,461,000 | ||||||||||||||||||||||||
Impaired loans include restructured loans and loans placed on non-accrual. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference, or, in certain situations, if the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, the difference is written off. | ||||||||||||||||||||||||||||
A breakdown of impaired loans by category as of December 31, 2014, is presented in the following table: | ||||||||||||||||||||||||||||
Recorded Investment | Unpaid | Related Allowance | Average | Recognized Interest | ||||||||||||||||||||||||
Principal Balance | Recorded Investment | Income | ||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 11,687,000 | $ | 12,423,000 | $ | — | $ | 11,080,000 | $ | 488,000 | ||||||||||||||||||
Construction | — | — | — | 30,000 | — | |||||||||||||||||||||||
Other | 2,616,000 | 3,407,000 | — | 3,853,000 | 156,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 10,820,000 | 11,824,000 | — | 10,505,000 | 402,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 1,164,000 | 1,395,000 | — | 1,447,000 | 29,000 | |||||||||||||||||||||||
Consumer | 26,000 | 28,000 | — | 11,000 | 3,000 | |||||||||||||||||||||||
$ | 26,313,000 | $ | 29,077,000 | $ | — | $ | 26,926,000 | $ | 1,078,000 | |||||||||||||||||||
With an Allowance Recorded | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 1,617,000 | $ | 1,789,000 | $ | 346,000 | $ | 3,040,000 | $ | 62,000 | ||||||||||||||||||
Construction | 1,380,000 | 1,380,000 | 413,000 | 1,279,000 | 56,000 | |||||||||||||||||||||||
Other | 326,000 | 338,000 | 129,000 | 1,103,000 | 13,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 5,303,000 | 5,513,000 | 519,000 | 5,738,000 | 239,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 923,000 | 929,000 | 396,000 | 318,000 | 17,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 9,549,000 | $ | 9,949,000 | $ | 1,803,000 | $ | 11,478,000 | $ | 387,000 | |||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 13,304,000 | $ | 14,212,000 | $ | 346,000 | $ | 14,120,000 | $ | 550,000 | ||||||||||||||||||
Construction | 1,380,000 | 1,380,000 | 413,000 | 1,309,000 | 56,000 | |||||||||||||||||||||||
Other | 2,942,000 | 3,745,000 | 129,000 | 4,956,000 | 169,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 16,123,000 | 17,337,000 | 519,000 | 16,243,000 | 641,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 2,087,000 | 2,324,000 | 396,000 | 1,765,000 | 46,000 | |||||||||||||||||||||||
Consumer | 26,000 | 28,000 | — | 11,000 | 3,000 | |||||||||||||||||||||||
$ | 35,862,000 | $ | 39,026,000 | $ | 1,803,000 | $ | 38,404,000 | $ | 1,465,000 | |||||||||||||||||||
Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash basis as received. | ||||||||||||||||||||||||||||
A breakdown of impaired loans by category as of December 31, 2013, is presented in the following table: | ||||||||||||||||||||||||||||
Recorded Investment | Unpaid | Related Allowance | Average | Recognized Interest | ||||||||||||||||||||||||
Principal Balance | Recorded Investment | Income | ||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 11,813,000 | $ | 12,419,000 | $ | — | $ | 11,100,000 | $ | 495,000 | ||||||||||||||||||
Construction | — | — | — | 202,000 | — | |||||||||||||||||||||||
Other | 5,617,000 | 7,309,000 | — | 4,265,000 | 322,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 13,432,000 | 14,600,000 | — | 14,396,000 | 511,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 1,555,000 | 1,791,000 | — | 1,578,000 | 32,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 32,417,000 | $ | 36,119,000 | $ | — | $ | 31,541,000 | $ | 1,360,000 | |||||||||||||||||||
With an Allowance Recorded | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 3,122,000 | $ | 3,264,000 | $ | 890,000 | $ | 5,673,000 | $ | 150,000 | ||||||||||||||||||
Construction | 1,284,000 | 1,284,000 | 272,000 | 1,795,000 | 48,000 | |||||||||||||||||||||||
Other | 1,081,000 | 1,132,000 | 841,000 | 1,633,000 | 28,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 4,354,000 | 4,516,000 | 404,000 | 4,982,000 | 162,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 93,000 | 93,000 | 54,000 | 98,000 | 2,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 9,934,000 | $ | 10,289,000 | $ | 2,461,000 | $ | 14,181,000 | $ | 390,000 | |||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 14,935,000 | $ | 15,683,000 | $ | 890,000 | $ | 16,773,000 | $ | 645,000 | ||||||||||||||||||
Construction | 1,284,000 | 1,284,000 | 272,000 | 1,997,000 | 48,000 | |||||||||||||||||||||||
Other | 6,698,000 | 8,441,000 | 841,000 | 5,898,000 | 350,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 17,786,000 | 19,116,000 | 404,000 | 19,378,000 | 673,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 1,648,000 | 1,884,000 | 54,000 | 1,676,000 | 34,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 42,351,000 | $ | 46,408,000 | $ | 2,461,000 | $ | 45,722,000 | $ | 1,750,000 | |||||||||||||||||||
A breakdown of impaired loans by category as of December 31, 2012, is presented in the following table: | ||||||||||||||||||||||||||||
Recorded Investment | Unpaid | Related Allowance | Average | Recognized Interest | ||||||||||||||||||||||||
Principal Balance | Recorded Investment | Income | ||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 9,386,000 | $ | 9,963,000 | $ | — | $ | 10,102,000 | $ | 199,000 | ||||||||||||||||||
Construction | 101,000 | 115,000 | — | 2,533,000 | — | |||||||||||||||||||||||
Other | 4,737,000 | 5,345,000 | — | 2,877,000 | 53,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 12,747,000 | 14,440,000 | — | 9,801,000 | 189,000 | |||||||||||||||||||||||
Construction | — | — | — | 560,000 | — | |||||||||||||||||||||||
Home equity line of credit | 1,311,000 | 1,440,000 | — | 961,000 | 27,000 | |||||||||||||||||||||||
Consumer | — | — | — | 3,000 | — | |||||||||||||||||||||||
$ | 28,282,000 | $ | 31,303,000 | $ | — | $ | 26,837,000 | $ | 468,000 | |||||||||||||||||||
With an Allowance Recorded | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 6,388,000 | $ | 7,018,000 | $ | 1,523,000 | $ | 4,614,000 | $ | 211,000 | ||||||||||||||||||
Construction | 3,253,000 | 3,253,000 | 969,000 | 1,816,000 | 85,000 | |||||||||||||||||||||||
Other | 1,124,000 | 1,126,000 | 652,000 | 1,974,000 | 38,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 6,697,000 | 6,842,000 | 395,000 | 9,066,000 | 237,000 | |||||||||||||||||||||||
Construction | — | — | — | 261,000 | — | |||||||||||||||||||||||
Home equity line of credit | — | — | — | 442,000 | — | |||||||||||||||||||||||
Consumer | — | — | — | 9,000 | — | |||||||||||||||||||||||
$ | 17,462,000 | $ | 18,239,000 | $ | 3,539,000 | $ | 18,182,000 | $ | 571,000 | |||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 15,774,000 | $ | 16,981,000 | $ | 1,523,000 | $ | 14,716,000 | $ | 410,000 | ||||||||||||||||||
Construction | 3,354,000 | 3,368,000 | 969,000 | 4,349,000 | 85,000 | |||||||||||||||||||||||
Other | 5,861,000 | 6,471,000 | 652,000 | 4,851,000 | 91,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 19,444,000 | 21,282,000 | 395,000 | 18,867,000 | 426,000 | |||||||||||||||||||||||
Construction | — | — | — | 821,000 | — | |||||||||||||||||||||||
Home equity line of credit | 1,311,000 | 1,440,000 | — | 1,403,000 | 27,000 | |||||||||||||||||||||||
Consumer | — | — | — | 12,000 | — | |||||||||||||||||||||||
$ | 45,744,000 | $ | 49,542,000 | $ | 3,539,000 | $ | 45,019,000 | $ | 1,039,000 | |||||||||||||||||||
Troubled Debt Restructured | ||||||||||||||||||||||||||||
A TDR constitutes a restructuring of debt if the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or not a loan should be classified as a TDR, Management evaluates a loan based upon the following criteria: | ||||||||||||||||||||||||||||
• | The borrower demonstrates financial difficulty; common indicators include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender, and | |||||||||||||||||||||||||||
• | The Company has granted a concession; common concession types include maturity date extension, interest rate adjustments to below market pricing, and deferment of payments. | |||||||||||||||||||||||||||
The Company applies the same interest accrual policy to TDRs as it does for all classes of loans. As of December 31, 2014, the Company had 94 loans with a value of $27,214,000 that have been restructured. This compares to 99 loans with a value of $29,098,000 classified as TDRs as of December 31, 2013. The impairment carried as a specific reserve in the allowance for loan losses is calculated by present valuing the cashflow modification on the loan, or, for collateral-dependent loans, using the fair value of the collateral less costs to sell. | ||||||||||||||||||||||||||||
The following table shows TDRs by class and the specific reserve as of December 31, 2014: | ||||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 19 | $ | 12,282,000 | $ | 267,000 | |||||||||||||||||||||||
Construction | 1 | 1,172,000 | 207,000 | |||||||||||||||||||||||||
Other | 15 | 2,007,000 | — | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 54 | 10,932,000 | 373,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 5 | 821,000 | 21,000 | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
94 | $ | 27,214,000 | $ | 868,000 | ||||||||||||||||||||||||
The following table shows TDRs by class and the specific reserve as of December 31, 2013: | ||||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 20 | $ | 13,018,000 | $ | 433,000 | |||||||||||||||||||||||
Construction | 1 | 1,284,000 | 274,000 | |||||||||||||||||||||||||
Other | 20 | 2,734,000 | 100,000 | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 53 | 11,220,000 | 210,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 5 | 842,000 | — | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
99 | $ | 29,098,000 | $ | 1,017,000 | ||||||||||||||||||||||||
As of December 31, 2014, 12 of the loans classified as TDRs with a total balance of $1,549,000 were more than 30 days past due. Of these loans, two loans with an outstanding balance of $238,000 had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2014: | ||||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 1 | $ | 321,000 | $ | 120,000 | |||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Other | 1 | 2,000 | — | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 8 | 1,000,000 | 36,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 2 | 226,000 | 21,000 | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
12 | $ | 1,549,000 | $ | 177,000 | ||||||||||||||||||||||||
As of December 31, 2013, 16 of the loans classified as TDRs with a total balance of $3,261,000 were more than 30 days past due. Of these loans, six loans with an outstanding balance of $810,000 had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2013: | ||||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 2 | $ | 990,000 | $ | — | |||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Other | 2 | 355,000 | — | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 10 | 1,688,000 | 37,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 2 | 228,000 | — | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
16 | $ | 3,261,000 | $ | 37,000 | ||||||||||||||||||||||||
During the year ended December 31, 2014, six loans were placed on TDR status with a post-modification outstanding balance of $826,000. These were considered TDRs because concessions had been granted to borrowers experiencing financial difficulties. Concessions include reductions in interest rates, principal and/or interest forbearance, payment extensions, or combinations thereof. The following table shows loans placed on TDR status during the year ended December 31, 2014, by class of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2014: | ||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification Outstanding | Specific Reserves | |||||||||||||||||||||||||
Outstanding | Recorded | |||||||||||||||||||||||||||
Recorded Investment | Investment | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 2 | $ | 302,000 | $ | 300,000 | $ | — | |||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||||||||
Municipal | — | — | — | — | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 4 | 627,000 | 526,000 | 12,000 | ||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | ||||||||||||||||||||||||
Consumer | — | — | — | — | ||||||||||||||||||||||||
6 | $ | 929,000 | $ | 826,000 | $ | 12,000 | ||||||||||||||||||||||
During the year ended December 31, 2013, 10 loans were placed on TDR status with a post-modification balance of $3,604,000. These were considered to be TDRs because concessions had been granted to borrowers experiencing financial difficulties. Concessions include reductions in interest rates, principal and/or interest forbearance, payment extensions, or combinations thereof. The following table shows loans placed on TDR status in 2013 by type of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2013: | ||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification Outstanding | Specific Reserves | |||||||||||||||||||||||||
Outstanding | Recorded | |||||||||||||||||||||||||||
Recorded Investment | Investment | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 2 | $ | 1,883,000 | $ | 1,883,000 | $ | — | |||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Other | 2 | 491,000 | 491,000 | — | ||||||||||||||||||||||||
Municipal | — | — | — | — | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 5 | 1,032,000 | 1,029,000 | 31,000 | ||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Home equity line of credit | 1 | 204,000 | 201,000 | — | ||||||||||||||||||||||||
Consumer | — | — | — | — | ||||||||||||||||||||||||
10 | $ | 3,610,000 | $ | 3,604,000 | $ | 31,000 | ||||||||||||||||||||||
As of December 31, 2014, Management is aware of nine loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $1,215,000. As of December 31, 2014, there were 16 loans with an outstanding balance of $2,496,000 that were classified as TDRs and were on non-accrual status, five of which, with an outstanding balance of $611,000, were in the process of foreclosure. |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||
The Company provides for loan losses through the establishment of an allowance for loan losses which represents an estimated reserve for existing losses in the loan portfolio. A systematic methodology is used for determining the allowance that includes a quarterly review process, risk rating changes, and adjustments to the allowance. The loan portfolio is classified in eight classes and credit risk is evaluated separately in each class. The appropriate level of the allowance is evaluated continually based on a review of significant loans, with a particular emphasis on nonaccruing, past due, and other loans that may require special attention. Other factors include general conditions in local and national economies; loan portfolio composition and asset quality indicators; and internal factors such as changes in underwriting policies, credit administration practices, experience, ability and depth of lending management, among others. | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the composition of the allowance for loan losses, by class of financing receivable and allowance, as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | ||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 346,000 | $ | 890,000 | ||||||||||||||||||||||||||||||||||||
Construction | 413,000 | 272,000 | ||||||||||||||||||||||||||||||||||||||
Other | 129,000 | 841,000 | ||||||||||||||||||||||||||||||||||||||
Municipal | — | — | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 519,000 | 404,000 | ||||||||||||||||||||||||||||||||||||||
Construction | — | — | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 396,000 | 54,000 | ||||||||||||||||||||||||||||||||||||||
Consumer | — | — | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,803,000 | $ | 2,461,000 | ||||||||||||||||||||||||||||||||||||
Allowance for Loans Evaluated Collectively for Impairment | ||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 3,186,000 | $ | 3,712,000 | ||||||||||||||||||||||||||||||||||||
Construction | 410,000 | 303,000 | ||||||||||||||||||||||||||||||||||||||
Other | 1,376,000 | 1,435,000 | ||||||||||||||||||||||||||||||||||||||
Municipal | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 666,000 | 695,000 | ||||||||||||||||||||||||||||||||||||||
Construction | 20,000 | 21,000 | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 664,000 | 621,000 | ||||||||||||||||||||||||||||||||||||||
Consumer | 542,000 | 573,000 | ||||||||||||||||||||||||||||||||||||||
Unallocated | 1,662,000 | 1,678,000 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 8,541,000 | $ | 9,053,000 | ||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 3,532,000 | $ | 4,602,000 | ||||||||||||||||||||||||||||||||||||
Construction | 823,000 | 575,000 | ||||||||||||||||||||||||||||||||||||||
Other | 1,505,000 | 2,276,000 | ||||||||||||||||||||||||||||||||||||||
Municipal | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 1,185,000 | 1,099,000 | ||||||||||||||||||||||||||||||||||||||
Construction | 20,000 | 21,000 | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 1,060,000 | 675,000 | ||||||||||||||||||||||||||||||||||||||
Consumer | 542,000 | 573,000 | ||||||||||||||||||||||||||||||||||||||
Unallocated | 1,662,000 | 1,678,000 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 10,344,000 | $ | 11,514,000 | ||||||||||||||||||||||||||||||||||||
The allowance consists of four elements: (1) specific reserves for loans evaluated individually for impairment; (2) general reserves for each portfolio segment based on historical loan loss experience; (3) qualitative reserves judgmentally adjusted for local and national economic conditions, concentrations, portfolio composition, volume and severity of delinquencies and nonaccrual loans, trends of criticized and classified loans, changes in credit policies, and underwriting standards, credit administration practices, and other factors as applicable for each portfolio segment; and (4) unallocated reserves. All outstanding loans are considered in evaluating the appropriateness of the allowance. | ||||||||||||||||||||||||||||||||||||||||
A breakdown of the allowance for loan losses as of December 31, 2014 and 2013, by class of financing receivable and allowance element, is presented in the following tables: | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves | |||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 346,000 | $ | 1,444,000 | $ | 1,742,000 | $ | — | $ | 3,532,000 | ||||||||||||||||||||||||||||||
Construction | 413,000 | 186,000 | 224,000 | — | 823,000 | |||||||||||||||||||||||||||||||||||
Other | 129,000 | 624,000 | 752,000 | — | 1,505,000 | |||||||||||||||||||||||||||||||||||
Municipal | — | — | 15,000 | — | 15,000 | |||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 519,000 | 297,000 | 369,000 | — | 1,185,000 | |||||||||||||||||||||||||||||||||||
Construction | — | 9,000 | 11,000 | — | 20,000 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 396,000 | 376,000 | 288,000 | — | 1,060,000 | |||||||||||||||||||||||||||||||||||
Consumer | — | 346,000 | 196,000 | — | 542,000 | |||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | 1,662,000 | 1,662,000 | |||||||||||||||||||||||||||||||||||
$ | 1,803,000 | $ | 3,282,000 | $ | 3,597,000 | $ | 1,662,000 | $ | 10,344,000 | |||||||||||||||||||||||||||||||
As of December 31, 2013 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves | |||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 890,000 | $ | 1,927,000 | $ | 1,785,000 | $ | — | $ | 4,602,000 | ||||||||||||||||||||||||||||||
Construction | 272,000 | 157,000 | 146,000 | — | 575,000 | |||||||||||||||||||||||||||||||||||
Other | 841,000 | 745,000 | 690,000 | — | 2,276,000 | |||||||||||||||||||||||||||||||||||
Municipal | — | — | 15,000 | — | 15,000 | |||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 404,000 | 342,000 | 353,000 | — | 1,099,000 | |||||||||||||||||||||||||||||||||||
Construction | — | 10,000 | 11,000 | — | 21,000 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 54,000 | 343,000 | 278,000 | — | 675,000 | |||||||||||||||||||||||||||||||||||
Consumer | — | 382,000 | 191,000 | — | 573,000 | |||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | 1,678,000 | 1,678,000 | |||||||||||||||||||||||||||||||||||
$ | 2,461,000 | $ | 3,906,000 | $ | 3,469,000 | $ | 1,678,000 | $ | 11,514,000 | |||||||||||||||||||||||||||||||
Qualitative adjustment factors are taken into consideration when determining reserve estimates. These adjustment factors are based upon our evaluation of various current conditions, including those listed below. | ||||||||||||||||||||||||||||||||||||||||
• | General economic conditions. | |||||||||||||||||||||||||||||||||||||||
• | Credit quality trends with emphasis on loan delinquencies, nonaccrual levels and classified loans. | |||||||||||||||||||||||||||||||||||||||
• | Recent loss experience in particular segments of the portfolio. | |||||||||||||||||||||||||||||||||||||||
• | Loan volumes and concentrations, including changes in mix. | |||||||||||||||||||||||||||||||||||||||
• | Other factors, including changes in quality of the loan origination; loan policy changes; changes in credit risk management processes; Bank regulatory and external loan review examination results. | |||||||||||||||||||||||||||||||||||||||
The qualitative portion of the allowance for loan losses was 0.39% of related loans as of December 31, 2014, compared to 0.40% of related loans as of December 31, 2013. The qualitative portion increased $128,000 between December 31, 2013 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
The unallocated component totaled $1,662,000 at December 31, 2014, or 16.1% of the total reserve. This compares to $1,678,000 or 14.6% as of December 31, 2013. The level of unallocated reserve and period-to-period change is based on the following considerations: | ||||||||||||||||||||||||||||||||||||||||
• | The unallocated reserve at December 31, 2014 was $16,000 lower than the previous year, yet slightly higher as a percentage of the total allowance. The relative dollar reduction in the unallocated was less than the overall proportionate year-over-year decline in the total allowance. Management considers this appropriate to support loan growth in 2014. Between 2010 through 2013 average loans declined year-over-year, but grew 3.0% on average from 2013 to 2014. Growth in 2014 originated from the commercial loan and home equity line-of-credit portfolios. | |||||||||||||||||||||||||||||||||||||||
• | External conditions, factors specific to individual credits and collateral values may bring rise to unforeseen variations in specific reserves on impaired loans in subsequent periods. There is a risk of uncertainty and imprecision in these estimates, thereby supporting some level of unallocated for unanticipated changes. | |||||||||||||||||||||||||||||||||||||||
• | An internal analysis completed on OREO property sales through December 31, 2014, found that properties sold approximately 20% below the appraised value of the property at the time of take in. Based on current and prior analyses, Management applies a 20% additional discount factor, exclusive of the estimated cost to sell, to arrive at OREO take in amounts. Deterioration in distressed sales values will affect the allowance as these potential additional write downs would be taken against the allowance. The unallocated portion provides additional funds for these adjustments. | |||||||||||||||||||||||||||||||||||||||
• | From 2009 through 2013, a period of historically high loan charge-offs for the Bank, the required reserve as a percent of total loans averaged 1.33%, ranging from a low of 0.88% to a high of 1.60%, or $8.7 million to $13.9 million. The current allowance, including the unallocated portion, is in the middle of the range. Federal Reserve officials remain optimistic about the U.S economic outlook but are concerned that the prospect of slower overseas growth could dampen the recovery. Caution remains appropriate at the evaluation date regarding the direction of the economy, the uncertain impact of a slowing of growth abroad on the U.S. economy and the potential collective impact on Bank loan portfolio quality. Such uncertainties support the unallocated position. | |||||||||||||||||||||||||||||||||||||||
• | In more general terms, the unallocated component is available to cover imprecision or uncertainties to incorporate the range of probable outcomes inherent in estimates used for the allowance, which may change from period to period. | |||||||||||||||||||||||||||||||||||||||
The allowance for loan losses as a percent of total loans stood at 1.13% as of December 31, 2014, compared to 1.31% of | ||||||||||||||||||||||||||||||||||||||||
total loans as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
Commercial loans are comprised of three major classes, commercial real estate loans, commercial construction loans and other commercial loans. Commercial real estate is primarily comprised of loans to small businesses collateralized by owner-occupied real estate, while other commercial is primarily comprised of loans to small businesses collateralized by plant and equipment, commercial fishing vessels and gear, and limited inventory-based lending. Commercial real estate loans typically have a maximum loan-to-value of 75% based upon current appraisal information at the time the loan is made. Municipal loans are comprised of loans to municipalities in Maine for capitalized expenditures, construction projects or tax-anticipation notes. All municipal loans are considered general obligations of the municipality and are collateralized by the taxing ability of the municipality for repayment of debt. | ||||||||||||||||||||||||||||||||||||||||
Construction loans, both commercial and residential, comprise a very small portion of the portfolio, and at 31.3% of capital are well under the regulatory guidance of 100.0% of capital at December 31, 2014. Construction loans and non-owner-occupied commercial real estate loans are at 94.7% of total capital, well under regulatory guidance of 300.0% of capital at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
The process of establishing the allowance with respect to the commercial loan portfolio begins when a loan officer initially assigns each loan a risk rating, using established credit criteria. Approximately 50% of the outstanding loans | ||||||||||||||||||||||||||||||||||||||||
and commitments are subject to review and validation annually by an independent consultant, as well as periodically by the Company's internal credit review function. The methodology employs Management's judgment as to the level of losses on existing loans based on internal review of the loan portfolio, including an analysis of a borrower's current financial position, and the consideration of current and anticipated economic conditions and their potential effects on specific borrowers and or lines of business. In determining the Company's ability to collect certain loans, Management also considers the fair value of underlying collateral. The risk rating system has eight levels, defined as follows: | ||||||||||||||||||||||||||||||||||||||||
1 Strong | ||||||||||||||||||||||||||||||||||||||||
Credits rated "1" are characterized by borrowers fully responsible for the credit with excellent capacity to pay principal and interest. Loans rated "1" may be secured with acceptable forms of liquid collateral. | ||||||||||||||||||||||||||||||||||||||||
2 Above Average | ||||||||||||||||||||||||||||||||||||||||
Credits rated "2" are characterized by borrowers that have better than average liquidity, capitalization, earnings and/or cash flow with a consistent record of solid financial performance. | ||||||||||||||||||||||||||||||||||||||||
3 Satisfactory | ||||||||||||||||||||||||||||||||||||||||
Credits rated "3" are characterized by borrowers with favorable liquidity, profitability and financial condition with adequate cash flow to pay debt service. | ||||||||||||||||||||||||||||||||||||||||
4 Average | ||||||||||||||||||||||||||||||||||||||||
Credits rated "4" are characterized by borrowers that present risk more than 1, 2 and 3 rated loans and merit an ordinary level of ongoing monitoring. Financial condition is on par or somewhat below industry averages while cash flow is generally adequate to meet debt service requirements. | ||||||||||||||||||||||||||||||||||||||||
5 Watch | ||||||||||||||||||||||||||||||||||||||||
Credits rated "5" are characterized by borrowers that warrant greater monitoring due to financial condition or unresolved and identified risk factors. | ||||||||||||||||||||||||||||||||||||||||
6 Other Assets Especially Mentioned (OAEM) | ||||||||||||||||||||||||||||||||||||||||
Loans in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. OAEM have potential weaknesses which may, if not checked or corrected, weaken the asset or inadequately protect the Bank's credit position at some future date. | ||||||||||||||||||||||||||||||||||||||||
7 Substandard | ||||||||||||||||||||||||||||||||||||||||
Loans in this category are inadequately protected by the current paying capacity of the borrower or of the collateral, if any. These loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Bank may sustain some loss if deficiencies are not corrected. | ||||||||||||||||||||||||||||||||||||||||
8 Doubtful | ||||||||||||||||||||||||||||||||||||||||
Loans classified "Doubtful" have the same weaknesses as those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the risk ratings for the Company's commercial construction, commercial real estate, commercial other and municipal loans as of December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Municipal | All Risk- | ||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Loans | Rated Loans | ||||||||||||||||||||||||||||||||||||
1 Strong | $ | 12,000 | $ | — | $ | 330,000 | $ | — | $ | 342,000 | ||||||||||||||||||||||||||||||
2 Above average | 12,668,000 | 771,000 | 7,210,000 | 18,789,000 | 39,438,000 | |||||||||||||||||||||||||||||||||||
3 Satisfactory | 50,275,000 | 1,983,000 | 24,232,000 | 1,635,000 | 78,125,000 | |||||||||||||||||||||||||||||||||||
4 Average | 108,719,000 | 23,345,000 | 44,895,000 | — | 176,959,000 | |||||||||||||||||||||||||||||||||||
5 Watch | 36,974,000 | 1,567,000 | 18,171,000 | — | 56,712,000 | |||||||||||||||||||||||||||||||||||
6 OAEM | 9,846,000 | 2,519,000 | 1,970,000 | — | 14,335,000 | |||||||||||||||||||||||||||||||||||
7 Substandard | 23,817,000 | 747,000 | 7,723,000 | — | 32,287,000 | |||||||||||||||||||||||||||||||||||
8 Doubtful | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 242,311,000 | $ | 30,932,000 | $ | 104,531,000 | $ | 20,424,000 | $ | 398,198,000 | ||||||||||||||||||||||||||||||
The following table summarizes the risk ratings for the Company's commercial construction, commercial real estate, commercial other and municipal loans as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Municipal | All Risk- | ||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Loans | Rated Loans | ||||||||||||||||||||||||||||||||||||
1 Strong | $ | 16,000 | $ | — | $ | 265,000 | $ | — | $ | 281,000 | ||||||||||||||||||||||||||||||
2 Above average | 14,565,000 | 804,000 | 6,719,000 | 16,230,000 | 38,318,000 | |||||||||||||||||||||||||||||||||||
3 Satisfactory | 45,213,000 | 871,000 | 14,852,000 | 2,887,000 | 63,823,000 | |||||||||||||||||||||||||||||||||||
4 Average | 100,343,000 | 14,938,000 | 45,792,000 | — | 161,073,000 | |||||||||||||||||||||||||||||||||||
5 Watch | 32,326,000 | 26,000 | 10,439,000 | — | 42,791,000 | |||||||||||||||||||||||||||||||||||
6 OAEM | 26,102,000 | 2,948,000 | 3,238,000 | — | 32,288,000 | |||||||||||||||||||||||||||||||||||
7 Substandard | 27,115,000 | 795,000 | 13,622,000 | — | 41,532,000 | |||||||||||||||||||||||||||||||||||
8 Doubtful | 263,000 | — | 362,000 | — | 625,000 | |||||||||||||||||||||||||||||||||||
Total | $ | 245,943,000 | $ | 20,382,000 | $ | 95,289,000 | $ | 19,117,000 | $ | 380,731,000 | ||||||||||||||||||||||||||||||
Commercial loans are generally charged off when all or a portion of the principal amount is determined to be uncollectible. This determination is based on circumstances specific to a borrower including repayment ability, analysis of collateral and other factors as applicable. | ||||||||||||||||||||||||||||||||||||||||
Residential loans are comprised of two classes: term loans, which include traditional amortizing home mortgages, and construction loans, which include loans for owner-occupied residential construction. Residential loans typically have a 75% to 80% loan to value based upon current appraisal information at the time the loan is made. Home equity loans and lines of credit are typically written to the same underwriting standards. Consumer loans are primarily amortizing loans to individuals collateralized by automobiles, pleasure craft and recreation vehicles, typically with a maximum loan to value of 80% to 90% of the purchase price of the collateral. Consumer loans also include a small amount of unsecured short-term time notes to individuals. | ||||||||||||||||||||||||||||||||||||||||
Residential loans, consumer loans and home equity lines of credit are segregated into homogeneous pools with similar risk characteristics. Trends and current conditions are analyzed and historical loss experience is adjusted accordingly. Quantitative and qualitative adjustment factors for these segments are consistent with those for the commercial and municipal classes. Certain loans in the residential, home equity lines of credit and consumer classes identified as having the potential for further deterioration are analyzed individually to confirm impairment status, and to determine the need for a specific reserve; however, there is no formal rating system used for these classes. Consumer loans greater than 120 days past due are generally charged off. Residential loans 90 days or more past due are placed on non-accrual status unless the loans are both well secured and in the process of collection. | ||||||||||||||||||||||||||||||||||||||||
There were no changes to the Company's accounting policies or methodology used to estimate the allowance for loan losses during the year ended December 31, 2014. Allowance for loan losses activity for the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | Commercial | Residential | Home Equity | |||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Municipal | Term | Construction | Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,602,000 | $ | 575,000 | $ | 2,276,000 | $ | 15,000 | $ | 1,099,000 | $ | 21,000 | $ | 675,000 | $ | 573,000 | $ | 1,678,000 | $ | 11,514,000 | ||||||||||||||||||||
Chargeoffs | 1,205,000 | — | 989,000 | — | 699,000 | — | 153,000 | 449,000 | — | 3,495,000 | ||||||||||||||||||||||||||||||
Recoveries | 144,000 | — | 758,000 | — | 36,000 | 25,000 | 16,000 | 196,000 | — | 1,175,000 | ||||||||||||||||||||||||||||||
Provision (credit) | (9,000 | ) | 248,000 | (540,000 | ) | — | 749,000 | (26,000 | ) | 522,000 | 222,000 | (16,000 | ) | 1,150,000 | ||||||||||||||||||||||||||
Ending balance | $ | 3,532,000 | $ | 823,000 | $ | 1,505,000 | $ | 15,000 | $ | 1,185,000 | $ | 20,000 | $ | 1,060,000 | $ | 542,000 | $ | 1,662,000 | $ | 10,344,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 346,000 | $ | 413,000 | $ | 129,000 | $ | — | $ | 519,000 | $ | — | $ | 396,000 | $ | — | $ | — | $ | 1,803,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 3,186,000 | $ | 410,000 | $ | 1,376,000 | $ | 15,000 | $ | 666,000 | $ | 20,000 | $ | 664,000 | $ | 542,000 | $ | 1,662,000 | $ | 8,541,000 | ||||||||||||||||||||
Related loan balances: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 242,311,000 | $ | 30,932,000 | $ | 104,531,000 | $ | 20,424,000 | $ | 384,032,000 | $ | 12,160,000 | $ | 103,521,000 | $ | 19,653,000 | $ | — | $ | 917,564,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 13,304,000 | $ | 1,380,000 | $ | 2,942,000 | $ | — | $ | 16,123,000 | $ | — | $ | 2,087,000 | $ | 26,000 | $ | — | $ | 35,862,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 229,007,000 | $ | 29,552,000 | $ | 101,589,000 | $ | 20,424,000 | $ | 367,909,000 | $ | 12,160,000 | $ | 101,434,000 | $ | 19,627,000 | $ | — | $ | 881,702,000 | ||||||||||||||||||||
For the year ended December 31, 2013 | Commercial | Residential | Home Equity | |||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Municipal | Term | Construction | Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,865,000 | $ | 1,359,000 | $ | 2,050,000 | $ | 18,000 | $ | 1,109,000 | $ | 11,000 | $ | 654,000 | $ | 592,000 | $ | 842,000 | $ | 12,500,000 | ||||||||||||||||||||
Chargeoffs | 150,000 | 963,000 | 2,583,000 | — | 1,118,000 | — | 611,000 | 430,000 | — | 5,855,000 | ||||||||||||||||||||||||||||||
Recoveries | — | — | 359,000 | — | 103,000 | — | 24,000 | 183,000 | — | 669,000 | ||||||||||||||||||||||||||||||
Provision (credit) | (1,113,000 | ) | 179,000 | 2,450,000 | (3,000 | ) | 1,005,000 | 10,000 | 608,000 | 228,000 | 836,000 | 4,200,000 | ||||||||||||||||||||||||||||
Ending balance | $ | 4,602,000 | $ | 575,000 | $ | 2,276,000 | $ | 15,000 | $ | 1,099,000 | $ | 21,000 | $ | 675,000 | $ | 573,000 | $ | 1,678,000 | $ | 11,514,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 890,000 | $ | 272,000 | $ | 841,000 | $ | — | $ | 404,000 | $ | — | $ | 54,000 | $ | — | $ | — | $ | 2,461,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 3,712,000 | $ | 303,000 | $ | 1,435,000 | $ | 15,000 | $ | 695,000 | $ | 21,000 | $ | 621,000 | $ | 573,000 | $ | 1,678,000 | $ | 9,053,000 | ||||||||||||||||||||
Related loan balances: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 245,943,000 | $ | 20,382,000 | $ | 95,289,000 | $ | 19,117,000 | $ | 377,218,000 | $ | 11,803,000 | $ | 91,549,000 | $ | 15,066,000 | $ | — | $ | 876,367,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 14,935,000 | $ | 1,284,000 | $ | 6,698,000 | $ | — | $ | 17,786,000 | $ | — | $ | 1,648,000 | $ | — | $ | — | $ | 42,351,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 231,008,000 | $ | 19,098,000 | $ | 88,591,000 | $ | 19,117,000 | $ | 359,432,000 | $ | 11,803,000 | $ | 89,901,000 | $ | 15,066,000 | $ | — | $ | 834,016,000 | ||||||||||||||||||||
For the year ended December 31, 2012 | Commercial | Residential | Home Equity | |||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Municipal | Term | Construction | Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,659,000 | $ | 658,000 | $ | 2,063,000 | $ | 19,000 | $ | 1,159,000 | $ | 255,000 | $ | 595,000 | $ | 584,000 | $ | 2,008,000 | $ | 13,000,000 | ||||||||||||||||||||
Chargeoffs | 1,394,000 | 928,000 | 3,215,000 | — | 1,911,000 | 389,000 | 688,000 | 555,000 | — | 9,080,000 | ||||||||||||||||||||||||||||||
Recoveries | 13,000 | 246,000 | 113,000 | — | 110,000 | 54,000 | 1,000 | 208,000 | — | 745,000 | ||||||||||||||||||||||||||||||
Provision (credit) | 1,587,000 | 1,383,000 | 3,089,000 | (1,000 | ) | 1,751,000 | 91,000 | 746,000 | 355,000 | (1,166,000 | ) | 7,835,000 | ||||||||||||||||||||||||||||
Ending balance | $ | 5,865,000 | $ | 1,359,000 | $ | 2,050,000 | $ | 18,000 | $ | 1,109,000 | $ | 11,000 | $ | 654,000 | $ | 592,000 | $ | 842,000 | $ | 12,500,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 1,523,000 | $ | 969,000 | $ | 652,000 | $ | — | $ | 395,000 | $ | — | $ | — | $ | — | $ | — | $ | 3,539,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 4,342,000 | $ | 390,000 | $ | 1,398,000 | $ | 18,000 | $ | 714,000 | $ | 11,000 | $ | 654,000 | $ | 592,000 | $ | 842,000 | $ | 8,961,000 | ||||||||||||||||||||
Related loan balances: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 251,335,000 | $ | 22,417,000 | $ | 81,183,000 | $ | 14,704,000 | $ | 379,447,000 | $ | 6,459,000 | $ | 99,082,000 | $ | 14,657,000 | $ | — | $ | 869,284,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 15,774,000 | $ | 3,354,000 | $ | 5,861,000 | $ | — | $ | 19,444,000 | $ | — | $ | 1,311,000 | $ | — | $ | — | $ | 45,744,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 235,561,000 | $ | 19,063,000 | $ | 75,322,000 | $ | 14,704,000 | $ | 360,003,000 | $ | 6,459,000 | $ | 97,771,000 | $ | 14,657,000 | $ | — | $ | 823,540,000 | ||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment | Premises and Equipment | |||||||
Premises and equipment are carried at cost and consist of the following: | ||||||||
As of December 31, | 2014 | 2013 | ||||||
Land | $ | 4,532,000 | $ | 4,532,000 | ||||
Land improvements | 821,000 | 799,000 | ||||||
Buildings | 20,481,000 | 19,668,000 | ||||||
Equipment | 10,610,000 | 12,196,000 | ||||||
36,444,000 | 37,195,000 | |||||||
Less accumulated depreciation | 13,825,000 | 13,579,000 | ||||||
$ | 22,619,000 | $ | 23,616,000 | |||||
Based on current contractual agreements (leases), Management anticipates rental revenue over the next 5 years to be $128,000 in 2015, $79,000 in 2016, $57,000 in 2017, $13,000 in 2018 and $4,000 in 2019. |
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||||||||
Other Real Estate Owned | Other Real Estate Owned | |||||||||||
The following summarizes other real estate owned: | ||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||
Real estate acquired in settlement of loans | $ | 3,785,000 | $ | 4,807,000 | ||||||||
Changes in the allowance for losses from other real estate owned were as follows: | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 330,000 | $ | 373,000 | $ | 436,000 | ||||||
Losses charged to allowance | (313,000 | ) | (544,000 | ) | (460,000 | ) | ||||||
Provision charged to operating expenses | 637,000 | 501,000 | 397,000 | |||||||||
Balance at end of year | $ | 654,000 | $ | 330,000 | $ | 373,000 | ||||||
Acquisitions_and_Intangible_As
Acquisitions and Intangible Assets | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions and Intangible Assets | Acquisitions and Intangible Assets | |||
On October 26, 2012, the Bank completed the purchase of a branch at 63 Union Street in Rockland, Maine, from Camden National Bank that was formerly operated by Bank of America. As part of the transaction, the Bank acquired approximately $32,300,000 in deposits as well as a small volume of loans. | ||||
The purchase premium of $2,553,000 was allocated to assets acquired and liabilities assumed based on estimates of fair value at the date of acquisition. The fair value of the deposit accounts assumed was compared to the carrying amounts received and the difference of $432,000 was recorded as core deposit intangible. The core deposit intangible is subject to amortization over the estimated ten-year average life of the acquired core deposit base and will be evaluated for impairment periodically. | ||||
The excess of the purchase price over the fair value of the assets acquired, liabilities assumed, and the amount allocated for core deposit intangible totaled $2,121,000 and was recorded as goodwill. The goodwill is not amortizable for GAAP but is amortizable for tax purposes. | ||||
On January 14, 2005, the Company acquired FNB Bankshares ("FNB") of Bar Harbor, Maine, and its subsidiary, The First National Bank of Bar Harbor. The total value of the transaction was $47,955,000, and all of the voting equity interest of FNB was acquired in the transaction. The transaction was accounted for as a purchase and the excess of purchase price over the fair value of net identifiable assets acquired equaled $27,559,000 and was recorded as goodwill, none of which was deductible for tax purposes. The portion of the purchase price related to the core deposit intangible is being amortized over its expected economic life. | ||||
Goodwill is evaluated annually for possible impairment under the provisions of FASB ASC Topic 350, "Intangibles – Goodwill and Other". As of December 31, 2014, in accordance with Topic 350, the Company completed its annual review of goodwill and determined there has been no impairment. The Bank also carries $125,000 in goodwill for a de minimus transaction in 2001. | ||||
As of December 31, 2014, the amortization expense related to the core deposit intangibles, absent any future impairment, is expected to be as follows: | ||||
2015 | $ | 57,000 | ||
2016 | 43,000 | |||
2017 | 43,000 | |||
2018 | 43,000 | |||
2019 | 43,000 | |||
Thereafter | 131,000 | |||
Total | $ | 360,000 | ||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The current and deferred components of income tax expense (benefit) were as follows: | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Federal income tax | ||||||||||||
Current | $ | 4,282,000 | $ | 3,234,000 | $ | 3,239,000 | ||||||
Deferred | 18,000 | (56,000 | ) | (108,000 | ) | |||||||
4,300,000 | 3,178,000 | 3,131,000 | ||||||||||
State franchise tax | 266,000 | 247,000 | 240,000 | |||||||||
$ | 4,566,000 | $ | 3,425,000 | $ | 3,371,000 | |||||||
The actual tax expense differs from the expected tax expense (computed by applying the applicable U.S. Federal corporate income tax rate to income before income taxes) as follows: | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Expected tax expense | $ | 6,746,000 | $ | 5,736,000 | $ | 5,621,000 | ||||||
Non-taxable income | (2,292,000 | ) | (2,326,000 | ) | (2,096,000 | ) | ||||||
State franchise tax, net of federal tax benefit | 173,000 | 160,000 | 156,000 | |||||||||
Tax credits | (414,000 | ) | (414,000 | ) | (414,000 | ) | ||||||
Other | 353,000 | 269,000 | 104,000 | |||||||||
$ | 4,566,000 | $ | 3,425,000 | $ | 3,371,000 | |||||||
Deferred tax assets and liabilities are classified in other assets and other liabilities in the consolidated balance sheets. No valuation allowance is deemed necessary for the deferred tax asset. Items that give rise to the deferred income tax assets and liabilities and the tax effect of each at December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Allowance for loan losses | $ | 3,620,000 | $ | 4,030,000 | ||||||||
OREO | 229,000 | 116,000 | ||||||||||
Accrued pension and post-retirement | 1,725,000 | 1,334,000 | ||||||||||
Unrealized loss on securities available for sale | — | 3,549,000 | ||||||||||
Goodwill | 138,000 | 206,000 | ||||||||||
Unrealized loss on securities transferred from available for sale to held to maturity | 26,000 | — | ||||||||||
Tax credits, carried forward | — | 539,000 | ||||||||||
Restricted stock grants | 264,000 | 113,000 | ||||||||||
Core deposit intangible | 5,000 | — | ||||||||||
Other assets | 48,000 | 50,000 | ||||||||||
Total deferred tax asset | 6,055,000 | 9,937,000 | ||||||||||
Net deferred loan costs | (1,120,000 | ) | (884,000 | ) | ||||||||
Depreciation | (2,131,000 | ) | (2,672,000 | ) | ||||||||
Unrealized gain on securities available for sale | (1,358,000 | ) | — | |||||||||
Mortgage servicing rights | (380,000 | ) | (405,000 | ) | ||||||||
Core deposit intangible | — | (99,000 | ) | |||||||||
Investment in flow through entities | (387,000 | ) | (361,000 | ) | ||||||||
Prepaid expense | (210,000 | ) | (316,000 | ) | ||||||||
Total deferred tax liability | (5,586,000 | ) | (4,737,000 | ) | ||||||||
Net deferred tax asset | $ | 469,000 | $ | 5,200,000 | ||||||||
At December 31, 2014, the Company held investments in two limited partnerships with related New Market Tax Credits. These investments are carried at cost and amortized on the effective yield method. The tax credits from these investments are estimated at $636,000 for each of the years ended December 31, 2014 and 2013, and are recorded as a reduction of income tax expense. Amortization of the investments in the limited partnerships totaled $569,000 and $520,000 for the years ended December 31, 2014 and 2013, respectively, and is recognized as a component of income tax expense in the consolidated statements of income. The carrying value of these investments was $457,000 and $1,026,000 at December 31, 2014 and 2013, respectively, and is recorded in other assets. The Company's total exposure to these limited partnerships was $3,957,000 and $4,526,000, at December 31, 2014 and 2013, respectively, which is comprised of the Company's equity investment in the limited partnerships and the balance of a participated loan receivable. | ||||||||||||
FASB ASC Topic 740, "Income Taxes," defines the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company's financial statements. Topic 740 prescribes a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2010 through 2013. |
Certificates_of_Deposit
Certificates of Deposit | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Banking and Thrift [Abstract] | ||||||||||||
Certificates of Deposit | Certificates of Deposit | |||||||||||
The following table represents the breakdown of certificates of deposit at December 31, 2014 and 2013: | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Certificates of deposit < $100,000 | $ | 184,471,000 | $ | 210,321,000 | ||||||||
Certificates $100,000 to $250,000 | 221,892,000 | 278,674,000 | ||||||||||
Certificates $250,000 and over | 41,138,000 | 42,124,000 | ||||||||||
$ | 447,501,000 | $ | 531,119,000 | |||||||||
At December 31, 2014, the scheduled maturities of certificates of deposit are as follows: | ||||||||||||
Year of Maturity | Less than $100,000 | $100,000 and Greater | All Certificates of Deposit | |||||||||
2015 | $ | 134,198,000 | $ | 206,251,000 | $ | 340,449,000 | ||||||
2016 | 19,757,000 | 15,565,000 | 35,322,000 | |||||||||
2017 | 8,261,000 | 8,173,000 | 16,434,000 | |||||||||
2018 | 7,476,000 | 14,160,000 | 21,636,000 | |||||||||
2019 | 14,514,000 | 18,376,000 | 32,890,000 | |||||||||
2020 and thereafter | 265,000 | 505,000 | 770,000 | |||||||||
$ | 184,471,000 | $ | 263,030,000 | $ | 447,501,000 | |||||||
Interest on certificates of deposit of $100,000 or more was $2,823,000, $3,280,000, and $3,358,000 in 2014, 2013 and 2012, respectively. |
Borrowed_Funds
Borrowed Funds | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Borrowed Funds [Abstract] | |||||
Borrowed Funds | Borrowed Funds | ||||
Borrowed funds consist of advances from the Federal Home Loan Bank of Boston (FHLB) and securities sold under agreements to repurchase with municipal and commercial customers. Pursuant to collateral agreements, FHLB advances are collateralized by all stock in FHLB, qualifying first mortgage loans, U.S. Government and Agency securities not pledged to others, and funds on deposit with FHLB. As of December 31, 2014, the Bank's total FHLB borrowing capacity, based on its holding of FHLB stock, was $232,000,000 of which $26,800,000 was unused and available for additional borrowings. All FHLB advances as of December 31, 2014, had fixed rates of interest until their respective maturity dates. Securities sold under agreements to repurchase include U.S. agencies securities and other securities. Repurchase agreements have maturity dates ranging from one to 365 days. The Bank also has in place $48,000,000 in credit lines with correspondent banks and a credit facility of $92,000,000 with the Federal Reserve Bank of Boston using commercial and home equity loans as collateral which are currently not in use. | |||||
Borrowed funds at December 31, 2014 and 2013 have the following range of interest rates and maturity dates: | |||||
As of December 31, 2014 | |||||
Federal Home Loan Bank Advances | |||||
2015 | 0.22% - 2.98% | $ | 115,050,000 | ||
2016 | 2.36% - 2.44% | 30,000,000 | |||
2017 | 0.99% - 3.69% | 30,000,000 | |||
2018 | 2.25% - 3.25% | 30,000,000 | |||
2019 | 0.00% | — | |||
2020 and thereafter | 0.00% | 141,000 | |||
205,191,000 | |||||
Repurchase agreements | |||||
Municipal and commercial customers | 0.20% - 1.89% | 74,725,000 | |||
$ | 279,916,000 | ||||
As of December 31, 2013 | |||||
Federal Home Loan Bank Advances | |||||
2014 | 0.28%-3.20% | $ | 54,500,000 | ||
2015 | 2.03%-2.98% | 40,000,000 | |||
2016 | 2.36%-2.44% | 30,000,000 | |||
2017 | 0.99%-3.69% | 30,000,000 | |||
2018 | 2.25%-3.25% | 30,000,000 | |||
2019 and thereafter | 0.00% | 148,000 | |||
184,648,000 | |||||
Repurchase agreements | |||||
Municipal and commercial customers | 0.20%-1.89% | 94,477,000 | |||
$ | 279,125,000 | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||
401(k) Plan | ||||||||||||
The Bank has a defined contribution plan available to substantially all employees who have completed three months of service. Employees may contribute up to IRS-determined limits and the Bank may provide a match to employee contributions not to exceed 3.0% of compensation depending on contribution level. Subject to a vote of the Board of Directors, the Bank may also make a profit-sharing contribution to the Plan. Such contribution equaled 2.0% of each eligible employee's compensation in 2014, 2013, and 2012. The expense related to the 401(k) plan was $454,000, $414,000, and $363,000 in 2014, 2013, and 2012, respectively. | ||||||||||||
Deferred Compensation and Supplemental Retirement Plan | ||||||||||||
The Bank also provides unfunded, non-qualified deferred compensation payable over two years, as well as unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a post-retirement plan. The costs for these benefits are recognized over the service periods of the participating officers in accordance with FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits". The expense of these supplemental plans was $722,000 in 2014, $309,000 in 2013, and $289,000 in 2012. As of December 31, 2014 and 2013, the accrued liability of these plans was $2,999,000 and $2,333,000, respectively, and is recorded in other liabilities. | ||||||||||||
Post-Retirement Benefit Plans | ||||||||||||
The Bank sponsors two post-retirement benefit plans. One plan currently provides a subsidy for health insurance premiums to certain retired employees and a future subsidy for seven active employees who were age 50 and over in 1996. These subsidies are based on years of service and range between $40 and $1,200 per month per person. The Bank also provides health insurance for retired directors. The other plan provides life insurance coverage to certain retired employees. None of these plans are pre-funded. | ||||||||||||
The Company utilizes FASB ASC Topic 712, "Compensation – Nonretirement Postemployment Benefits", to recognize the overfunded or underfunded status of defined benefit post-retirement plans (other than a multiemployer plan) as an asset or liability in its balance sheet and to recognize changes in the funded status in the year in which the changes occur through comprehensive income (loss) of a business entity. | ||||||||||||
The following table sets forth the accumulated postretirement benefit obligation and funded status: | ||||||||||||
At December 31, | 2014 | 2013 | 2012 | |||||||||
Change in benefit obligations | ||||||||||||
Benefit obligation at beginning of year: | $ | 1,479,000 | $ | 1,954,000 | $ | 1,848,000 | ||||||
Service cost | — | 21,000 | 16,000 | |||||||||
Interest cost | 71,000 | 86,000 | 107,000 | |||||||||
Benefits paid | (100,000 | ) | (107,000 | ) | (103,000 | ) | ||||||
Actuarial (gain) loss | 478,000 | (475,000 | ) | 86,000 | ||||||||
Benefit obligation at end of year: | $ | 1,928,000 | $ | 1,479,000 | $ | 1,954,000 | ||||||
Funded status | ||||||||||||
Benefit obligation at end of year | $ | (1,928,000 | ) | $ | (1,479,000 | ) | $ | (1,954,000 | ) | |||
Unamortized (gain) loss | 192,000 | (289,000 | ) | 186,000 | ||||||||
Unrecognized transition obligation | — | — | 5,000 | |||||||||
Accrued benefit cost | $ | (1,736,000 | ) | $ | (1,768,000 | ) | $ | (1,763,000 | ) | |||
Weighted average discount rate as of December 31 | 4.25 | % | 5 | % | 4.5 | % | ||||||
The following table sets forth the net periodic pension cost: | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Components of net periodic benefit cost | ||||||||||||
Service cost | $ | — | $ | 21,000 | $ | 16,000 | ||||||
Interest cost | 71,000 | 86,000 | 107,000 | |||||||||
Amortization of unrecognized transition obligation | — | 5,000 | 29,000 | |||||||||
Amortization of gain | (12,000 | ) | — | — | ||||||||
Other settlement expense | 10,000 | — | — | |||||||||
Net periodic benefit cost | $ | 69,000 | $ | 112,000 | $ | 152,000 | ||||||
Weighted average discount rate for net periodic cost | 5 | % | 4.5 | % | 6.5 | % | ||||||
The measurement date for benefit obligations was as of year-end for all years presented. The estimated amount of benefits to be paid in 2015 is $120,000. For years ending 2016 through 2019, the estimated amount of benefits to be paid is $121,000, $122,000, $123,000 and $123,000 respectively, and the total estimated amount of benefits to be paid for years ended 2020 through 2024 is $590,000. Plan expense for 2015 is estimated to be $80,000. | ||||||||||||
In accordance with FASB ASC Topic 715, "Compensation – Retirement Benefits", amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) are as follows: | ||||||||||||
At December 31, | 2014 | 2013 | Portion to Be Recognized in | |||||||||
Income in 2015 | ||||||||||||
Unamortized net actuarial gain (loss) | $ | (192,000 | ) | $ | 289,000 | $ | — | |||||
Deferred tax benefit (expense) at 35% | 67,000 | (101,000 | ) | — | ||||||||
Net unrecognized post-retirement benefits included in accumulated other comprehensive income (loss) | $ | (125,000 | ) | $ | 188,000 | $ | — | |||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) | |||||||||||
The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | (6,591,000 | ) | $ | 7,940,000 | $ | 7,401,000 | |||||
Unrealized gains (losses) arising during the period | 15,175,000 | (21,268,000 | ) | 2,797,000 | ||||||||
Realized gains during the period | (1,155,000 | ) | (1,087,000 | ) | (1,968,000 | ) | ||||||
Related deferred taxes | (4,907,000 | ) | 7,824,000 | (290,000 | ) | |||||||
Net change | 9,113,000 | (14,531,000 | ) | 539,000 | ||||||||
Balance at end of year | $ | 2,522,000 | $ | (6,591,000 | ) | $ | 7,940,000 | |||||
The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in other comprehensive income (loss) for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | — | $ | — | $ | — | ||||||
Net unrealized losses transferred during the period | (23,000 | ) | — | — | ||||||||
Amortization of net unrealized losses | (51,000 | ) | — | — | ||||||||
Related deferred taxes | 26,000 | — | — | |||||||||
Net change | (48,000 | ) | — | — | ||||||||
Balance at end of period | $ | (48,000 | ) | $ | — | $ | — | |||||
The following table summarizes activity in the unrealized gain or loss on postretirement benefits included in other comprehensive income (loss) for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Unrecognized postretirement benefits at beginning of period | $ | 188,000 | $ | (123,000 | ) | $ | (87,000 | ) | ||||
Amortization of unrecognized transition obligation | — | 5,000 | 29,000 | |||||||||
Change in unamortized net actuarial gain (loss) | (481,000 | ) | 475,000 | (86,000 | ) | |||||||
Related deferred taxes | 168,000 | (169,000 | ) | 21,000 | ||||||||
Unrecognized postretirement benefits at end of period | $ | (125,000 | ) | $ | 188,000 | $ | (123,000 | ) | ||||
The reclassification of unrecognized transition obligation and accumulated losses is a component of net periodic benefit cost (see Note 13) and the income tax effect is included in the income tax expense line of the consolidated statements of income and comprehensive income (loss). |
Preferred_and_Common_Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Preferred and Common Stock | Preferred and Common Stock |
Preferred Stock | |
On January 9, 2009, the Company issued $25,000,000 in Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share, to the U.S. Treasury under the Capital Purchase Program ("the CPP Shares"). The CPP Shares called for cumulative dividends at a rate of 5.0% per year for the first 5 years, and at a rate of 9.0% per year in following years, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year. | |
On August 24, 2011, the Company repurchased $12,500,000 of the CPP Shares. Almost all of the repayment was made from retained earnings accumulated since the preferred stock was issued in 2009. On March 27, 2013, the Company | |
repurchased $2,500,000 of the CPP Shares with funds from its operating account. On May 8, 2013, the Company repurchased | |
the remaining $10,000,000 of the CPP Shares using proceeds from the Company's common stock offering in the first quarter of 2013, All the repurchase transactions were approved by the Federal Reserve Bank of Boston, the Company's primary regulator. | |
Incident to such issuance, the Company issued to the U.S. Treasury warrants (the "Warrants") to purchase up to 225,904 shares of the Company's common stock at a price per share of $16.60 (subject to adjustment). The Warrants (and any shares of common stock issuable pursuant to the Warrants) are freely transferable by Treasury to third parties and the Company has filed a registration statement with the Securities and Exchange Commission to allow for possible resale of such securities. | |
The Warrants have a term of ten years and could be exercised by Treasury or a subsequent holder at any time or from time to time during their term. To the extent they had not previously been exercised, the Warrants would expire after 10 years. Treasury will not vote any shares of common stock it receives upon exercise of the Warrants, but that restriction would not apply to third parties to whom Treasury transferred the Warrants. The Warrants (and any common stock issued upon exercise of the Warrants) could be transferred to third parties separately from the CPP Shares. The proceeds from the sale of the CPP Shares were allocated between the CPP Shares and Warrants based on their relative fair values on the issue date. The fair value of the Warrants was determined using the Black-Scholes model which includes the following assumptions: common stock price of $16.60 per share, dividend yield of 4.70%, stock price volatility of 24.43%, and a risk-free interest rate of 2.01%. The discount on the CPP Shares was based on the value that was allocated to the Warrants upon issuance, and was accreted back to the value of the CPP Shares over a five-year period (the expected life of the shares upon issuance) on a straight-line basis. The Warrants were unchanged as a result of the CPP Shares repurchase transaction and remain outstanding. | |
Common Stock | |
The Company has reserved 700,000 shares of its common stock to be made available to directors and employees who elect to participate in the stock purchase or savings and investment plans. As of December 31, 2014, 548,434 shares had been issued pursuant to these plans, leaving 151,566 shares available for future use. The issuance price is based on the market price of the stock at issuance date. Sales of stock to directors and employees amounted to 14,638 shares in 2014, 11,385 shares in 2013, and 12,451 shares in 2012. | |
In 2001, the Company established a dividend reinvestment plan to allow shareholders to use their cash dividends for the automatic purchase of shares in the Company. When the plan was established, 600,000 shares were registered with the Securities and Exchange Commission, and as of December 31, 2014, 225,274 shares have been issued, leaving 374,726 shares for future use. Participation in this plan is optional and at the individual discretion of each Shareholder. Shares are purchased for the plan from the Company at a price per share equal to the average of the daily bid and asked prices reported on the NASDAQ System for the five trading days immediately preceding, but not including, the dividend payment date. Sales of stock under the Dividend Reinvestment Plan amounted to 12,686 shares in 2014, 12,008 shares in 2013, and 14,056 shares in 2012. | |
On March 28, 2013, the Company consummated a fully underwritten offering for 760,771 shares of the Company's common stock, with net proceeds of $11,649,000. The Company used these proceeds to repurchase the remaining $10,000,000 of CPP Shares on May 8, 2013. Issuance of common stock for plans totaled $457,000 and $324,000 for the years ended December 31, 2014 and 2013, respectively. |
Stock_Options_and_StockBased_C
Stock Options and Stock-Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Stock Options and Stock-Based Compensation | Stock Options and Stock-Based Compensation | |||||||||||
At the 2010 Annual Meeting, shareholders approved the 2010 Equity Incentive Plan (the "2010 Plan"). This reserves 400,000 shares of common stock for issuance in connection with stock options, restricted stock awards and other equity based awards to attract and retain the best available personnel, provide additional incentive to officers, employees and non-employee Directors and promote the success of our business. Such grants and awards will be structured in a manner that does not encourage the recipients to expose the Company to undue or inappropriate risk. Options issued under the 2010 Plan will qualify for treatment as incentive stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2010 Plan will qualify as performance-based for purposes of Section 162(m) of the Internal Revenue Code, and will satisfy NASDAQ guidelines relating to equity compensation. | ||||||||||||
As of December 31, 2014, 72,684 shares of restricted stock had been granted under the 2010 Plan, as detailed in the following table: | ||||||||||||
Year | Vesting Term | Shares | Remaining Term | |||||||||
Granted | (In Years) | (In Years) | ||||||||||
2011 | 4 | 1,500 | 0.1 | |||||||||
2011 | 5 | 5,500 | 1.1 | |||||||||
2012 | 3 | 2,027 | 0.2 | |||||||||
2012 | 4 | 2,704 | 1.2 | |||||||||
2012 | 5 | 7,996 | 2.2 | |||||||||
2013 | 2 | 8,530 | 0.1 | |||||||||
2013 | 3 | 3,808 | 1.1 | |||||||||
2013 | 5 | 14,776 | 3.1 | |||||||||
2014 | 1 | 5,086 | 0.1 | |||||||||
2014 | 2 | 10,335 | 1 | |||||||||
2014 | 5 | 10,422 | 4 | |||||||||
72,684 | 1.9 | |||||||||||
The compensation cost related to these restricted stock grants was $1,178,000 and will be recognized over the vesting terms of each grant. In 2014, $431,000 of expense was recognized for these restricted shares, leaving $412,000 in unrecognized expense as of December 31, 2014. In 2013, $214,000 of expense was recognized for restricted shares, leaving $433,000 in unrecognized expense as of December 31, 2013. | ||||||||||||
The Company established a shareholder-approved stock option plan in 1995 (the "1995 Plan"), under which the Company granted options to employees for 600,000 shares of common stock. Only incentive stock options were granted under the 1995 Plan. The option price of each option grant was determined by the Options Committee of the Board of Directors, and in no instance was less than the fair market value on the date of the grant. An option's maximum term was ten years from the date of grant, with 50% of the options granted vesting two years from the date of grant and the remaining 50% vesting five years from the date of grant. As of January 16, 2005, all options under the 1995 Plan had been granted. | ||||||||||||
The Company applies the fair value recognition provisions of FASB ASC Topic 718, "Compensation – Stock Compensation", to stock-based employee compensation. As of December 31, 2014, all outstanding options were fully vested and all compensation cost for options had been recognized. A summary of the status of outstanding stock options as of December 31, 2014 and changes during the year then ended, is presented below. | ||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (In years) | Aggregate Intrinsic | |||||||||
Value | ||||||||||||
Outstanding at December 31, 2013 | 42,000 | $ | 18 | |||||||||
Granted in 2014 | — | — | ||||||||||
Exercised in 2014 | — | — | — | |||||||||
Forfeited in 2014 | — | — | ||||||||||
Outstanding at December 31, 2014 | 42,000 | $ | 18 | 0.1 | — | |||||||
Exercisable at December 31, 2014 | 42,000 | $ | 18 | 0.1 | — | |||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||
The following table provides detail for basic earnings per share (EPS) and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Income | Shares | Per-Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
For the year ended December 31, 2014 | |||||||||||
Net income as reported | $ | 14,709,000 | |||||||||
Less dividends and amortization of premium on preferred stock | — | ||||||||||
Basic EPS: Income available to common shareholders | 14,709,000 | 10,638,527 | $ | 1.38 | |||||||
Effect of dilutive securities: warrants and restricted stock | 72,337 | ||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 14,709,000 | 10,710,864 | $ | 1.37 | ||||||
For the year ended December 31, 2013 | |||||||||||
Net income as reported | $ | 12,965,000 | |||||||||
Less dividends and amortization of premium on preferred stock | 384,000 | ||||||||||
Basic EPS: Income available to common shareholders | 12,581,000 | 10,469,446 | $ | 1.2 | |||||||
Effect of dilutive securities: warrants and restricted stock | 51,609 | ||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 12,581,000 | 10,521,055 | $ | 1.2 | ||||||
For the year ended December 31, 2012 | |||||||||||
Net income as reported | $ | 12,688,000 | |||||||||
Less dividends and amortization of premium on preferred stock | 723,000 | ||||||||||
Basic EPS: Income available to common shareholders | 11,965,000 | 9,828,925 | $ | 1.22 | |||||||
Effect of dilutive securities: restricted stock | 17,606 | ||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 11,965,000 | 9,846,531 | $ | 1.22 | ||||||
All earnings per share calculations have been made using the weighted average number of shares outstanding during the period. The dilutive securities are incentive stock options granted to certain key members of Management and warrants granted to the U.S. Treasury under the Capital Purchase Program. The dilutive number of shares has been calculated using the treasury method, assuming that all granted options and warrants were exercisable at the end of each period. | |||||||||||
The following table presents the number of options and warrants outstanding as of December 31, 2014, 2013 and 2012 and the amount which are above or below the strike price: | |||||||||||
Outstanding | In-the-Money | Out-of-the-Money | |||||||||
As of December 31, 2014 | |||||||||||
Incentive stock options | 42,000 | — | 42,000 | ||||||||
Warrants issued to U.S. Treasury | 225,904 | 225,904 | — | ||||||||
Total dilutive securities | 267,904 | 225,904 | 42,000 | ||||||||
As of December 31, 2013 | |||||||||||
Incentive stock options | 42,000 | — | 42,000 | ||||||||
Warrants issued to U.S. Treasury | 225,904 | 225,904 | — | ||||||||
Total dilutive securities | 267,904 | 225,904 | 42,000 | ||||||||
As of December 31, 2012 | |||||||||||
Incentive stock options | 42,000 | — | 42,000 | ||||||||
Warrants issued to U.S. Treasury | 225,904 | — | 225,904 | ||||||||
Total dilutive securities | 267,904 | — | 267,904 | ||||||||
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||
Regulatory Capital Requirements | Regulatory Capital Requirements | |||||||||||
The ability of the Company to pay cash dividends to its shareholders depends primarily on receipt of dividends from its subsidiary, the Bank. The subsidiary may pay dividends to its parent out of so much of its net income as the Bank's directors deem appropriate, subject to the limitation that the total of all dividends declared by the Bank in any calendar year may not exceed the total of its net income of that year combined with its retained net income of the preceding two years and subject to minimum regulatory capital requirements. The amount available for dividends in 2015 will be 2015 earnings plus retained earnings of $12,326,000 from 2014 and 2013. | ||||||||||||
The payment of dividends by the Company is also affected by various regulatory requirements and policies, such as the requirements to maintain adequate capital. In addition, if, in the opinion of the applicable regulatory authority, a bank under its jurisdiction is engaged in or is about to engage in an unsafe or unsound practice (which, depending on the financial condition of the bank, could include the payment of dividends), that authority may require, after notice and hearing, that such bank cease and desist from that practice. The Federal Reserve Bank and the Comptroller of the Currency have each indicated that paying dividends that deplete a bank's capital base to an inadequate level would be an unsafe and unsound banking practice. The Federal Reserve Bank, the Comptroller and the Federal Deposit Insurance Corporation have issued policy statements which provide that bank holding companies and insured banks should generally only pay dividends out of current operating earnings. | ||||||||||||
In addition to the effect on the payment of dividends, failure to meet minimum capital requirements can also result in mandatory and discretionary actions by regulators that, if undertaken, could have an impact on the Company's operations. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measurements of the Bank's assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios set forth in the table below of Tier 1 capital and Tier 2 or total capital to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of December 31, 2014, that the Bank meets all capital adequacy requirements to which it is subject. | ||||||||||||
As of December 31, 2014, the most recent notification from the Office of the Comptroller of the Currency classified the Bank as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since this notification that Management believes have changed the institution's category. | ||||||||||||
The actual and minimum capital amounts and ratios for the Bank are presented in the following table: | ||||||||||||
Actual | For capital | To be well-capitalized | ||||||||||
adequacy | under prompt corrective | |||||||||||
purposes | action provisions | |||||||||||
As of December 31, 2014 | ||||||||||||
Tier 2 capital to | $ | 137,818,000 | $ | 68,524,000 | $ | 85,655,000 | ||||||
risk-weighted assets | 16.09 | % | 8 | % | 10 | % | ||||||
Tier 1 capital to | $ | 127,374,000 | $ | 34,262,000 | $ | 51,393,000 | ||||||
risk-weighted assets | 14.87 | % | 4 | % | 6 | % | ||||||
Tier 1 capital to | $ | 127,374,000 | $ | 58,086,000 | $ | 72,607,000 | ||||||
average assets | 8.77 | % | 4 | % | 5 | % | ||||||
As of December 31, 2013 | ||||||||||||
Tier 2 capital to | $ | 131,146,000 | $ | 65,996,000 | $ | 82,495,000 | ||||||
risk-weighted assets | 15.9 | % | 8 | % | 10 | % | ||||||
Tier 1 capital to | $ | 120,819,000 | $ | 32,998,000 | $ | 49,497,000 | ||||||
risk-weighted assets | 14.65 | % | 4 | % | 6 | % | ||||||
Tier 1 capital to | $ | 120,819,000 | $ | 57,203,000 | $ | 71,504,000 | ||||||
average assets | 8.45 | % | 4 | % | 5 | % | ||||||
The actual and minimum capital amounts and ratios for the Company, on a consolidated basis, are presented in the following table: | ||||||||||||
Actual | For capital | To be well-capitalized | ||||||||||
adequacy | under prompt corrective | |||||||||||
purposes | action provisions | |||||||||||
As of December 31, 2014 | ||||||||||||
Tier 2 capital to | $ | 139,414,000 | $ | 68,532,000 | n/a | |||||||
risk-weighted assets | 16.27 | % | 8 | % | n/a | |||||||
Tier 1 capital to | $ | 128,970,000 | $ | 34,266,000 | n/a | |||||||
risk-weighted assets | 15.06 | % | 4 | % | n/a | |||||||
Tier 1 capital to | $ | 128,970,000 | $ | 58,066,000 | n/a | |||||||
average assets | 8.88 | % | 4 | % | n/a | |||||||
As of December 31, 2013 | ||||||||||||
Tier 2 capital to | $ | 132,294,000 | $ | 66,005,000 | n/a | |||||||
risk-weighted assets | 16.03 | % | 8 | % | n/a | |||||||
Tier 1 capital to | $ | 121,967,000 | $ | 33,002,000 | n/a | |||||||
risk-weighted assets | 14.78 | % | 4 | % | n/a | |||||||
Tier 1 capital to | $ | 121,967,000 | $ | 56,280,000 | n/a | |||||||
average assets | 8.67 | % | 4 | % | n/a | |||||||
OffBalanceSheet_Financial_Inst
Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk | Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk | |||||||
The Bank is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to originate loans, commitments for unused lines of credit, and standby letters of credit. The instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. | ||||||||
Commitments for unused lines are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on Management's credit evaluation of the borrower. The Bank did not incur any losses on its commitments in 2014, 2013 or 2012. | ||||||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee a customer's performance to a third party, with the customer being obligated to repay (with interest) any amounts paid out by the Bank under the letter of credit. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. | ||||||||
The Bank'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. | ||||||||
The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | ||||||||
At December 31, 2014 and 2013, the Bank had the following off-balance-sheet financial instruments, whose contract amounts represent credit risk: | ||||||||
As of December 31, | 2014 | 2013 | ||||||
Unused lines, collateralized by residential real estate | $ | 65,264,000 | $ | 58,265,000 | ||||
Other unused commitments | 49,608,000 | 48,646,000 | ||||||
Standby letters of credit | 4,480,000 | 4,086,000 | ||||||
Commitments to extend credit | 13,593,000 | 7,224,000 | ||||||
Total | $ | 132,945,000 | $ | 118,221,000 | ||||
The Bank grants residential, commercial and consumer loans to customers principally located in the Mid-Coast and Down East regions of Maine. Collateral on these loans typically consists of residential or commercial real estate, or personal property. Although the loan portfolio is diversified, a substantial portion of borrowers' ability to honor their contracts is dependent on the economic conditions in the area, especially in the real estate sector. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures | |||||||||||||||||||
Certain assets and liabilities are recorded at fair value to provide additional insight into the Company's quality of earnings. Some of these assets and liabilities are measured on a recurring basis while others are measured on a nonrecurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available for sale are recorded at fair value on a recurring basis. Other assets, such as, mortgage servicing rights, loans held for sale, and impaired loans, are recorded at fair value on a nonrecurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with level 1 considered highest and level 3 considered lowest). A brief description of each level follows. | ||||||||||||||||||||
Level 1 – Valuation is based upon quoted prices for identical instruments in active markets. | ||||||||||||||||||||
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||||||
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation includes use of discounted cash flow models and similar techniques. | ||||||||||||||||||||
The fair value methods and assumptions for the Company's financial instruments and other assets measured at fair value are set forth below. | ||||||||||||||||||||
Cash, Cash Equivalents and Interest-Bearing Deposits in Other Banks | ||||||||||||||||||||
The carrying values of cash equivalents, due from banks and federal funds sold approximate their relative fair values. As such, the Company classifies these financial instruments as Level 1. | ||||||||||||||||||||
Investment Securities | ||||||||||||||||||||
The fair values of investment securities are estimated by independent providers using a market approach with observable | ||||||||||||||||||||
inputs, including matrix pricing and recent transactions. In obtaining such valuation information from third parties, the | ||||||||||||||||||||
Company has evaluated their valuation methodologies used to develop the fair values in order to determine whether the | ||||||||||||||||||||
valuations are representative of an exit price in the Company's principal markets. The Company's principal markets for its | ||||||||||||||||||||
securities portfolios are the secondary institutional markets, with an exit price that is predominantly reflective of bid level | ||||||||||||||||||||
pricing in those markets. Fair values are calculated based on the value of one unit without regard to any premium or discount | ||||||||||||||||||||
that may result from concentrations of ownership of a financial instrument, possible tax ramifications, or estimated transaction | ||||||||||||||||||||
costs. If these considerations had been incorporated into the fair value estimates, the aggregate fair value could have been | ||||||||||||||||||||
changed. The carrying values of restricted equity securities approximate fair values. As such, the Company classifies | ||||||||||||||||||||
investment securities as Level 2. | ||||||||||||||||||||
Loans Held for Sale | ||||||||||||||||||||
Loans held for sale are recorded at the lower of carrying value or market value. The fair value of mortgage loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. As such, the Company classifies mortgage loans held for sale as Level 2. | ||||||||||||||||||||
Loans | ||||||||||||||||||||
Fair values are estimated for portfolios of loans with similar financial characteristics. The fair values of performing loans are | ||||||||||||||||||||
calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that | ||||||||||||||||||||
reflect the credit and interest risk inherent in the loan. The estimates of maturity are based on the Company's historical | ||||||||||||||||||||
experience with repayments for each loan classification, modified, as required, by an estimate of the effect of current economic | ||||||||||||||||||||
and lending conditions, and the effects of estimated prepayments. Assumptions regarding credit risk, cash flows, and discount | ||||||||||||||||||||
rates are judgmentally determined using available market information and specific borrower information. Management has | ||||||||||||||||||||
made estimates of fair value using discount rates that it believes to be reasonable. However, because there is no market for | ||||||||||||||||||||
many of these financial instruments, Management has no basis to determine whether the fair value presented above would be | ||||||||||||||||||||
indicative of the value negotiated in an actual sale. As such, the Company classifies loans as Level 3, except for certain | ||||||||||||||||||||
collateral-dependent impaired loans. Fair values of impaired loans are based on estimated cash flows and are discounted using a | ||||||||||||||||||||
rate commensurate with the risk associated with the estimated cash flows, or if collateral dependent, discounted to the | ||||||||||||||||||||
appraised value of the collateral as determined by reference to sale prices of similar properties, less costs to sell. As such, the | ||||||||||||||||||||
Company classifies collateral dependent impaired loans for which a specific reserve results in a fair value | ||||||||||||||||||||
measure as Level 2. All other impaired loans are classified as Level 3. | ||||||||||||||||||||
Other Real Estate Owned | ||||||||||||||||||||
Real estate acquired through foreclosure is initially recorded at fair value. The fair value of other real estate owned is based on property appraisals and an analysis of sales prices of similar properties currently available. As such, the Company records other real estate owned as nonrecurring Level 2. | ||||||||||||||||||||
Mortgage Servicing Rights | ||||||||||||||||||||
Mortgage servicing rights represent the value associated with servicing residential mortgage loans. Servicing assets and servicing liabilities are reported using the amortization method and compared to fair value for impairment. In evaluating the fair values of mortgage servicing rights, the Company obtains third party valuations based on loan level data including note rate, type and term of the underlying loans. As such, the Company classifies mortgage servicing rights as Level 2. | ||||||||||||||||||||
Accrued Interest Receivable | ||||||||||||||||||||
The fair value estimate of this financial instrument approximates the carrying value as this financial instrument has a short maturity. It is the Company's policy to stop accruing interest on loans for which it is probable that the interest is not collectible. Therefore, this financial instrument has been adjusted for estimated credit loss. As such, the Company classifies accrued interest receivable as Level 2. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
The fair value of deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. As such, the Company classifies deposits as Level 2. | ||||||||||||||||||||
The fair value estimates do not include the benefit that results from the low-cost funding provided by the deposits compared to the cost of borrowing funds in the market. If that value were considered, the fair value of the Company's net assets could increase. | ||||||||||||||||||||
Borrowed Funds | ||||||||||||||||||||
The fair value of borrowed funds is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently available for borrowings of similar remaining maturities. As such, the Company classifies borrowed funds as Level 2. | ||||||||||||||||||||
Accrued Interest Payable | ||||||||||||||||||||
The fair value estimate approximates the carrying amount as this financial instrument has a short maturity. As such, the Company classifies accrued interest payable as Level 2. | ||||||||||||||||||||
Off-Balance-Sheet Instruments | ||||||||||||||||||||
Off-balance-sheet instruments include loan commitments. Fair values for loan commitments have not been presented as the future revenue derived from such financial instruments is not significant. | ||||||||||||||||||||
Limitations | ||||||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These values do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on Management's judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial instruments include the deferred tax asset, premises and equipment, and other real estate owned. In addition, tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. | ||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | ||||||||||||||||||||
The following table presents the balances of assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2014 and 2013. | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 151,855,000 | $ | — | $ | 151,855,000 | ||||||||||||
State and political subdivisions | — | 30,855,000 | — | 30,855,000 | ||||||||||||||||
Other equity securities | — | 2,551,000 | — | 2,551,000 | ||||||||||||||||
Total assets | $ | — | $ | 185,261,000 | $ | — | $ | 185,261,000 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 177,729,000 | $ | — | $ | 177,729,000 | ||||||||||||
State and political subdivisions | — | 126,315,000 | — | 126,315,000 | ||||||||||||||||
Other equity securities | — | 1,780,000 | — | 1,780,000 | ||||||||||||||||
Total assets | $ | — | $ | 305,824,000 | $ | — | $ | 305,824,000 | ||||||||||||
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||
The following table presents assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance for losses of $654,000 and $330,000 at December 2014 and 2013, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $1,074,000 and $1,309,000 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Other real estate owned | $ | — | $ | 3,785,000 | $ | — | $ | 3,785,000 | ||||||||||||
Impaired loans | — | 1,909,000 | — | 1,909,000 | ||||||||||||||||
Total Assets | $ | — | $ | 5,694,000 | $ | — | $ | 5,694,000 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Other real estate owned | $ | — | $ | 4,807,000 | $ | — | $ | 4,807,000 | ||||||||||||
Impaired loans | — | 1,116,000 | — | 1,116,000 | ||||||||||||||||
Total Assets | $ | — | $ | 5,923,000 | $ | — | $ | 5,923,000 | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
FASB ASC Topic 825, "Financial Instruments," requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. FASB ASC Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | ||||||||||||||||||||
The carrying amounts and estimated fair values for financial instruments as of December 31, 2014 were as follows: | ||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||
As of December 31, 2014 | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 13,057,000 | $ | 13,057,000 | $ | 13,057,000 | $ | — | $ | — | ||||||||||
Interest bearing deposits in other banks | 3,559,000 | 3,559,000 | 3,559,000 | — | — | |||||||||||||||
Securities available for sale | 185,261,000 | 185,261,000 | — | 185,261,000 | — | |||||||||||||||
Securities to be held to maturity | 275,919,000 | 279,704,000 | — | 279,704,000 | — | |||||||||||||||
Restricted equity securities | 13,912,000 | 13,912,000 | — | 13,912,000 | — | |||||||||||||||
Loans (net of allowance for loan losses) | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Real estate | 238,104,000 | 236,368,000 | — | 431,000 | 235,937,000 | |||||||||||||||
Construction | 29,951,000 | 29,733,000 | — | — | 29,733,000 | |||||||||||||||
Other | 102,738,000 | 102,858,000 | — | — | 102,858,000 | |||||||||||||||
Municipal | 20,406,000 | 20,833,000 | — | — | 20,833,000 | |||||||||||||||
Residential | ||||||||||||||||||||
Term | 382,620,000 | 389,200,000 | — | 990,000 | 388,210,000 | |||||||||||||||
Construction | 12,136,000 | 12,123,000 | — | — | 12,123,000 | |||||||||||||||
Home equity line of credit | 102,258,000 | 101,733,000 | — | 488,000 | 101,245,000 | |||||||||||||||
Consumer | 19,007,000 | 19,207,000 | — | — | 19,207,000 | |||||||||||||||
Total loans | 907,220,000 | 912,055,000 | — | 1,909,000 | 910,146,000 | |||||||||||||||
Mortgage servicing rights | 1,086,000 | 2,088,000 | — | 2,088,000 | — | |||||||||||||||
Accrued interest receivable | 4,748,000 | 4,748,000 | — | 4,748,000 | — | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Demand deposits | $ | 113,133,000 | $ | 109,973,000 | $ | — | $ | 109,973,000 | $ | — | ||||||||||
NOW deposits | 199,977,000 | 186,490,000 | — | 186,490,000 | — | |||||||||||||||
Money market deposits | 98,607,000 | 83,837,000 | — | 83,837,000 | — | |||||||||||||||
Savings deposits | 165,601,000 | 146,936,000 | — | 146,936,000 | — | |||||||||||||||
Local certificates of deposit | 205,072,000 | 205,360,000 | — | 205,360,000 | — | |||||||||||||||
National certificates of deposit | 242,429,000 | 242,824,000 | — | 242,824,000 | — | |||||||||||||||
Total deposits | 1,024,819,000 | 975,420,000 | — | 975,420,000 | — | |||||||||||||||
Repurchase agreements | 74,725,000 | 70,783,000 | — | 70,783,000 | — | |||||||||||||||
Federal Home Loan Bank advances | 205,191,000 | 208,259,000 | — | 208,259,000 | — | |||||||||||||||
Total borrowed funds | 279,916,000 | 279,042,000 | — | 279,042,000 | — | |||||||||||||||
Accrued interest payable | 521,000 | 521,000 | — | 521,000 | — | |||||||||||||||
The carrying amounts and estimated fair values for financial instruments as of December 31, 2013 were as follows: | ||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||
As of December 31, 2013 | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 16,570,000 | $ | 16,570,000 | $ | 16,570,000 | $ | — | $ | — | ||||||||||
Interest bearing deposits in other banks | 2,562,000 | 2,562,000 | 2,562,000 | — | — | |||||||||||||||
Securities available for sale | 305,824,000 | 305,824,000 | — | 305,824,000 | — | |||||||||||||||
Securities to be held to maturity | 169,277,000 | 158,336,000 | — | 158,336,000 | — | |||||||||||||||
Restricted equity securities | 13,912,000 | 13,912,000 | — | 13,912,000 | — | |||||||||||||||
Loans held for sale | 83,000 | 83,000 | — | 83,000 | — | |||||||||||||||
Loans (net of allowance for loan losses) | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Real estate | 240,555,000 | 239,973,000 | — | 109,000 | 239,864,000 | |||||||||||||||
Construction | 19,709,000 | 19,661,000 | — | — | 19,661,000 | |||||||||||||||
Other | 92,625,000 | 92,855,000 | — | 229,000 | 92,626,000 | |||||||||||||||
Municipal | 19,099,000 | 19,358,000 | — | — | 19,358,000 | |||||||||||||||
Residential | ||||||||||||||||||||
Term | 375,932,000 | 381,918,000 | — | 778,000 | 381,140,000 | |||||||||||||||
Construction | 11,778,000 | 11,794,000 | — | — | 11,794,000 | |||||||||||||||
Home equity line of credit | 90,759,000 | 90,542,000 | — | — | 90,542,000 | |||||||||||||||
Consumer | 14,396,000 | 14,438,000 | — | — | 14,438,000 | |||||||||||||||
Total loans | 864,853,000 | 870,539,000 | — | 1,116,000 | 869,423,000 | |||||||||||||||
Mortgage servicing rights | 1,158,000 | 1,948,000 | — | 1,948,000 | — | |||||||||||||||
Accrued interest receivable | 5,038,000 | 5,038,000 | — | 5,038,000 | — | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Demand deposits | $ | 106,125,000 | $ | 96,175,000 | $ | — | $ | 96,175,000 | $ | — | ||||||||||
NOW deposits | 151,322,000 | 129,815,000 | — | 129,815,000 | — | |||||||||||||||
Money market deposits | 86,730,000 | 67,968,000 | — | 67,968,000 | — | |||||||||||||||
Savings deposits | 149,103,000 | 122,891,000 | — | 122,891,000 | — | |||||||||||||||
Local certificates of deposit | 226,658,000 | 228,767,000 | — | 228,767,000 | — | |||||||||||||||
National certificates of deposit | 304,461,000 | 306,346,000 | — | 306,346,000 | — | |||||||||||||||
Total deposits | 1,024,399,000 | 951,962,000 | — | 951,962,000 | — | |||||||||||||||
Repurchase agreements | 94,477,000 | 94,477,000 | — | 94,477,000 | — | |||||||||||||||
Federal Home Loan Bank advances | 184,648,000 | 189,644,000 | — | 189,644,000 | — | |||||||||||||||
Total borrowed funds | 279,125,000 | 284,121,000 | — | 284,121,000 | — | |||||||||||||||
Accrued interest payable | 599,000 | 599,000 | — | 599,000 | — | |||||||||||||||
Other_Operating_Income_and_Exp
Other Operating Income and Expense | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other Operating Income and Expense | Other Operating Income and Expense | |||||||||||
Other operating income and other operating expense include the following items greater than 1% of revenues. | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Other operating income | ||||||||||||
ATM and debit card income | $ | 2,630,000 | $ | 2,440,000 | $ | 1,994,000 | ||||||
Other operating expense | ||||||||||||
Advertising and marketing expense | $ | 1,022,000 | $ | 1,117,000 | $ | 935,000 | ||||||
Accounting and auditing expenses | 746,000 | 674,000 | 630,000 | |||||||||
Collections/foreclosures/ other real estate owned expense | 657,000 | 878,000 | 606,000 | |||||||||
ATM and interchange expense | 760,000 | 778,000 | 940,000 | |||||||||
Legal fees and expenses | 769,000 | 482,000 | 715,000 | |||||||||
Legal_Contingencies
Legal Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Loss Contingency [Abstract] | |
Legal Contingencies | Legal Contingencies |
Various legal claims also arise from time to time in the normal course of business which, in the opinion of Management, will have no material effect on the Company's consolidated financial statements. |
Reclassifications
Reclassifications | 12 Months Ended |
Dec. 31, 2014 | |
Prior Period Adjustment [Abstract] | |
Reclassifications | Reclassifications |
Certain items from prior years were reclassified in the financial statements to conform with the current year presentation. These do not have a material impact on the balance sheet or statement of income presentations. |
Condensed_Financial_Informatio
Condensed Financial Information of Parent | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Condensed Financial Information of Parent | Condensed Financial Information of Parent | |||||||||||
Condensed financial information for The First Bancorp, Inc. exclusive of its subsidiary is as follows: | ||||||||||||
Balance Sheets | ||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 522,000 | $ | 1,113,000 | ||||||||
Dividends receivable | 2,500,000 | 1,500,000 | ||||||||||
Investments | 528,000 | 543,000 | ||||||||||
Investment in subsidiary | 132,399,000 | 117,391,000 | ||||||||||
Premises and equipment | 24,000 | 32,000 | ||||||||||
Goodwill | 27,559,000 | 27,559,000 | ||||||||||
Other assets | 302,000 | 203,000 | ||||||||||
Total assets | $ | 163,834,000 | $ | 148,341,000 | ||||||||
Liabilities and shareholders' equity | ||||||||||||
Dividends payable | $ | 2,252,000 | $ | 2,134,000 | ||||||||
Other liabilities | 28,000 | 109,000 | ||||||||||
Total liabilities | 2,280,000 | 2,243,000 | ||||||||||
Shareholders' equity | ||||||||||||
Common stock | 107,000 | 106,000 | ||||||||||
Additional paid-in capital | 59,282,000 | 58,395,000 | ||||||||||
Retained earnings | 102,125,000 | 87,523,000 | ||||||||||
Accumulated other comprehensive income | ||||||||||||
Net unrealized gain on available for sale securities, | 40,000 | 74,000 | ||||||||||
net of tax | ||||||||||||
Total accumulated other comprehensive income | 40,000 | 74,000 | ||||||||||
Total shareholders' equity | 161,554,000 | 146,098,000 | ||||||||||
Total liabilities and shareholders' equity | $ | 163,834,000 | $ | 148,341,000 | ||||||||
Statements of Income | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Interest and dividends on investments | $ | 15,000 | $ | 10,000 | $ | 10,000 | ||||||
Net securities gains | 38,000 | — | — | |||||||||
Total income | 53,000 | 10,000 | 10,000 | |||||||||
Occupancy expense | 12,000 | 11,000 | 8,000 | |||||||||
Other operating expense | 604,000 | 362,000 | 218,000 | |||||||||
Total expense | 616,000 | 373,000 | 226,000 | |||||||||
Loss before income taxes and Bank earnings | (563,000 | ) | (363,000 | ) | (216,000 | ) | ||||||
Applicable income taxes | (200,000 | ) | (128,000 | ) | (76,000 | ) | ||||||
Loss before Bank earnings | (363,000 | ) | (235,000 | ) | (140,000 | ) | ||||||
Equity in earnings of Bank | ||||||||||||
Remitted | 8,850,000 | 7,096,000 | 9,694,000 | |||||||||
Unremitted | 6,222,000 | 6,104,000 | 3,134,000 | |||||||||
Net income | $ | 14,709,000 | $ | 12,965,000 | $ | 12,688,000 | ||||||
Statements of Cash Flows | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 14,709,000 | $ | 12,965,000 | $ | 12,688,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 9,000 | 11,000 | 8,000 | |||||||||
Equity compensation expense | 431,000 | 214,000 | 85,000 | |||||||||
Gain on sale of investment | (38,000 | ) | — | — | ||||||||
Increase in other assets | (98,000 | ) | (132,000 | ) | (15,000 | ) | ||||||
(Increase) decrease in dividend receivable | (1,050,000 | ) | 400,000 | — | ||||||||
Increase (decrease) in other liabilities | 105,000 | 258,000 | (5,000 | ) | ||||||||
Unremitted earnings of Bank | (6,222,000 | ) | (6,104,000 | ) | (3,134,000 | ) | ||||||
Net cash provided by operating activities | 7,846,000 | 7,612,000 | 9,627,000 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (1,000 | ) | — | (25,000 | ) | |||||||
Net cash used in investing activities | (1,000 | ) | — | (25,000 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Payment to repurchase preferred stock | — | (12,500,000 | ) | — | ||||||||
Proceeds from sale of common stock | 457,000 | 11,973,000 | 499,000 | |||||||||
Dividends paid | (8,893,000 | ) | (8,657,000 | ) | (8,310,000 | ) | ||||||
Net cash used in financing activities | (8,436,000 | ) | (9,184,000 | ) | (7,811,000 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (591,000 | ) | (1,572,000 | ) | 1,791,000 | |||||||
Cash and cash equivalents at beginning of year | 1,113,000 | 2,685,000 | 894,000 | |||||||||
Cash and cash equivalents at end of year | $ | 522,000 | $ | 1,113,000 | $ | 2,685,000 | ||||||
New_Accounting_Pronouncements_
New Accounting Pronouncements New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements |
In January 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-01, Accounting for Investments in | |
Qualified Affordable Housing Projects. The amendments in this Update permit entities to make accounting policy elections to | |
account for their investments in qualified affordable housing projects using the proportional amortization method if certain | |
conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in | |
proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income | |
statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not | |
accounted for using the proportional amortization method, the ASU requires the investment to be accounted for as an equity | |
method investment or a cost method investment. The amendments in this Update should be applied retrospectively to all | |
periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable | |
housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. | |
The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods, | |
beginning after December 15, 2014. Early adoption is permitted. Management has reviewed the ASU and does not believe that | |
it will have a material effect on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer | |
Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in-substance repossession or foreclosure | |
occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a | |
consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion | |
of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that | |
loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments | |
require disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded | |
investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. | |
The amendments in this Update are effective for annual periods and interim reporting periods within those annual periods, | |
beginning after December 15, 2014. Management has reviewed the ASU and does not believe that it will have a material effect | |
on the Company's consolidated financial statements. | |
In May 2014, the FASB Issued ASU No. 2014-09, Revenue from Contracts with Customers. The ASU was issued to clarify | |
the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial | |
Reporting Standards. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim | |
periods within that reporting period. The Company is currently evaluating the potential impact of the ASU on its consolidated | |
financial statements. | |
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions, | |
Repurchase Financings, and Disclosures. The ASU was issued to respond to concerns about current accounting and disclosures | |
for repurchase agreements and similar transactions. The concern was that under current accounting guidance there is an | |
unnecessary distinction between the accounting for different types of repurchase agreements. Under current guidance, the | |
repurchase-to-maturity transactions are accounted for as sales with forward agreements, whereas repurchase agreements that | |
settle before the maturity of the transferred financial asset are accounted for as secured borrowings. The ASU amendments | |
require new disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions | |
accounted for as secured borrowings. The ASU is effective for annual periods, and interim periods within those annual periods, | |
beginning after December 15, 2014. The ASU will not have a material effect on the Company's consolidated financial | |
statements. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation: Accounting for Share-Based | |
Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service | |
Period. The ASU was issued because current U.S. GAAP does not contain explicit guidance on how to account for share-based | |
payments when a performance target could be achieved after the requisite service period. The ASU is effective for annual | |
periods and interim periods within those annual periods beginning after December 15, 2015. The ASU will not have a material | |
effect on the Company's consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors: | |
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The ASU was issued to provide specific | |
guidance on how to classify or measure foreclosed mortgage loans that are government guaranteed. The ASU is effective for | |
annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The ASU is not expected | |
to have a material effect on the Company's consolidated financial statements. |
Quarterly_Information
Quarterly Information | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Information | Quarterly Information | |||||||||||||||||||||||||||||||
The following tables provide unaudited financial information by quarter for each of the past two years: | ||||||||||||||||||||||||||||||||
Dollars in thousands except per share data | 2013Q1 | 2013Q2 | 2013Q3 | 2013Q4 | 2014Q1 | 2014Q2 | 2014Q3 | 2014Q4 | ||||||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 16,523 | $ | 18,683 | $ | 20,117 | $ | 16,570 | $ | 13,894 | $ | 20,416 | $ | 17,167 | $ | 13,057 | ||||||||||||||||
Interest-bearing deposits in other banks | 5,941 | 334 | 787 | 2,562 | 2,935 | 272 | 773 | 3,559 | ||||||||||||||||||||||||
Investments | 437,160 | 464,999 | 490,151 | 475,101 | 488,553 | 502,015 | 472,660 | 461,180 | ||||||||||||||||||||||||
Restricted equity securities | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | ||||||||||||||||||||||||
Net loans and loans held for sale | 851,001 | 854,448 | 851,171 | 864,936 | 857,315 | 880,492 | 896,857 | 907,220 | ||||||||||||||||||||||||
Other assets | 92,250 | 92,120 | 88,611 | 90,882 | 89,508 | 86,973 | 87,268 | 83,203 | ||||||||||||||||||||||||
Total assets | $ | 1,416,787 | $ | 1,444,496 | $ | 1,464,749 | $ | 1,463,963 | $ | 1,466,117 | $ | 1,504,080 | $ | 1,488,637 | $ | 1,482,131 | ||||||||||||||||
Deposits | $ | 975,861 | $ | 1,027,682 | $ | 1,037,466 | $ | 1,024,399 | $ | 1,045,970 | $ | 1,033,436 | $ | 1,055,322 | $ | 1,024,819 | ||||||||||||||||
Borrowed funds | 261,185 | 257,108 | 266,777 | 279,125 | 253,519 | 298,520 | 258,636 | 279,916 | ||||||||||||||||||||||||
Other liabilities | 16,070 | 13,734 | 13,853 | 14,341 | 14,212 | 14,675 | 15,489 | 15,842 | ||||||||||||||||||||||||
Shareholders' equity | 163,671 | 145,972 | 146,653 | 146,098 | 152,416 | 157,449 | 159,190 | 161,554 | ||||||||||||||||||||||||
Total liabilities | $ | 1,416,787 | $ | 1,444,496 | $ | 1,464,749 | $ | 1,463,963 | $ | 1,466,117 | $ | 1,504,080 | $ | 1,488,637 | $ | 1,482,131 | ||||||||||||||||
& equity | ||||||||||||||||||||||||||||||||
Income and Comprehensive Income (Loss) Statements | ||||||||||||||||||||||||||||||||
Interest income | $ | 12,265 | $ | 12,249 | $ | 12,655 | $ | 12,767 | $ | 12,623 | $ | 12,740 | $ | 12,869 | $ | 12,790 | ||||||||||||||||
Interest expense | 3,102 | 3,138 | 3,150 | 3,106 | 2,912 | 2,905 | 2,865 | 2,743 | ||||||||||||||||||||||||
Net interest income | 9,163 | 9,111 | 9,505 | 9,661 | 9,711 | 9,835 | 10,004 | 10,047 | ||||||||||||||||||||||||
Provision for | 1,500 | 1,200 | 800 | 700 | 400 | 100 | 350 | 300 | ||||||||||||||||||||||||
loan losses | ||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 7,663 | 7,911 | 8,705 | 8,961 | 9,311 | 9,735 | 9,654 | 9,747 | ||||||||||||||||||||||||
Non-interest income | 3,288 | 3,579 | 2,621 | 2,599 | 2,332 | 2,458 | 3,656 | 2,602 | ||||||||||||||||||||||||
Non-interest expense | 7,389 | 7,423 | 7,006 | 7,119 | 7,252 | 7,291 | 7,802 | 7,875 | ||||||||||||||||||||||||
Income before taxes | 3,562 | 4,067 | 4,320 | 4,441 | 4,391 | 4,902 | 5,508 | 4,474 | ||||||||||||||||||||||||
Income taxes | 706 | 825 | 955 | 939 | 963 | 1,155 | 1,400 | 1,048 | ||||||||||||||||||||||||
Net income | $ | 2,856 | $ | 3,242 | $ | 3,365 | $ | 3,502 | $ | 3,428 | $ | 3,747 | $ | 4,108 | $ | 3,426 | ||||||||||||||||
Basic earnings per share | $ | 0.27 | $ | 0.29 | $ | 0.31 | $ | 0.33 | $ | 0.32 | $ | 0.35 | $ | 0.39 | $ | 0.32 | ||||||||||||||||
Diluted earnings per share | $ | 0.27 | $ | 0.29 | $ | 0.31 | $ | 0.33 | $ | 0.32 | $ | 0.35 | $ | 0.38 | $ | 0.32 | ||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||||||||
Net unrealized gain (loss) on securities available for sale | $ | (2,466 | ) | $ | (8,907 | ) | $ | (779 | ) | $ | (2,379 | ) | $ | 4,824 | $ | 3,313 | $ | (319 | ) | $ | 1,295 | |||||||||||
Net unrealized loss on securities transfered from available for sale to held to maturity | — | — | — | — | — | — | (28 | ) | (20 | ) | ||||||||||||||||||||||
Unrecognized gain (loss) on postretirement benefit costs | 4 | 4 | — | 303 | — | — | — | (313 | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | $ | (2,462 | ) | $ | (8,903 | ) | $ | (779 | ) | $ | (2,076 | ) | $ | 4,824 | $ | 3,313 | $ | (347 | ) | $ | 962 | |||||||||||
Comprehensive income (loss) | $ | 394 | $ | (5,661 | ) | $ | 2,586 | $ | 1,426 | $ | 8,252 | $ | 7,060 | $ | 3,761 | $ | 4,388 | |||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
In September 2014, it was discovered that checks payable to United Mid-Coast Charities (UMCC) of Camden, Maine, had been improperly deposited by UMCC’s former President to an account at the Bank. UMCC and the Bank cooperated with and assisted each other in a mutual effort to address the situation and, in February 2015, reached a settlement agreement which releases the Bank and the Company from any and all claims with regard to this situation. The agreement has no material impact on the Company’s financial condition or results of operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of the Company and the Bank. All intercompany accounts and transactions have been eliminated in consolidation. | |
Subsequent Events | Subsequent Events |
Events occurring subsequent to December 31, 2014, have been evaluated as to their potential impact to the financial statements. | |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements |
In preparing the financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the balance sheet and revenues and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, goodwill, the valuation of mortgage servicing rights, and other-than-temporary impairment of securities. | |
Investment Securities | Investment Securities |
Investment securities are classified as available for sale or held to maturity when purchased. There are no trading account securities. Securities available for sale consist primarily of debt securities which Management intends to hold for indefinite periods of time. They may be used as part of the Bank's funds management strategy, and may be sold in response to changes in interest rates or prepayment risk, changes in liquidity needs, or for other reasons. They are accounted for at fair value, with unrealized gains or losses adjusted through shareholders' equity, net of related income taxes. The cost basis is adjusted for the amortization of premiums and accretion of discounts. Securities to be held to maturity consist primarily of debt securities which Management has acquired solely for long-term investment purposes, rather than for purposes of trading or future sale. For securities to be held to maturity, Management has the intent and the Bank has the ability to hold such securities until their respective maturity dates. Such securities are carried at cost adjusted for the amortization of premiums and accretion of discounts. Investment securities transactions are accounted for on a settlement date basis; reported amounts would not be materially different from those accounted for on a trade date basis. Gains and losses on the sales of investment securities are determined using the amortized cost of the specifically identified security. For declines in the fair value of individual debt securities available for sale below their cost that are deemed to be other than temporary, where the Company does not intend to sell the security and it is more likely than not that the Company will not be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in the fair value of the debt security related to 1) credit loss is recognized in earnings and 2) other factors is recognized in other comprehensive income or loss. Credit loss is deemed to exist if the present value of expected future cash flows using the effective rate at acquisition is less than the amortized cost basis of the debt security. For individual debt securities where the Company intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost, the other-than-temporary impairment is recognized in earnings equal to the entire difference between the security's cost basis and its fair value at the balance sheet date. | |
Loans Held for Sale | Loans Held for Sale |
Loans held for sale consist of residential real estate mortgage loans and are carried at the lower of aggregate cost or fair value, as determined by current investor yield requirements. | |
Loans | Loans |
Loans are generally reported at their outstanding principal balances, adjusted for chargeoffs, the allowance for loan losses and any deferred fees or costs to originate loans. Loan commitments are recorded when funded. | |
Loan Fees and Costs | Loan Fees and Costs |
Loan origination fees and certain direct loan origination costs are deferred and recognized in interest income as an adjustment to the loan yield over the life of the related loans. The unamortized net deferred fees and costs are included on the balance sheets with the related loan balances, and the amortization is included with the related interest income. | |
Allowance for Loan Losses | Allowance for Loan Losses |
Loans considered to be uncollectible are charged against the allowance for loan losses. The allowance for loan losses is maintained at a level determined by Management to be appropriate to absorb probable losses. This allowance is increased by provisions charged to operating expenses and recoveries on loans previously charged off. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. In determining the appropriate level of allowance for loan losses, Management takes into consideration several factors, including reviews of individual non-performing loans and performing loans listed on the watch report requiring periodic evaluation, loan portfolio size by category, recent loss experience, delinquency trends and current economic conditions. For all loan classes, loans over 30 days past due are considered delinquent. Impaired loans include restructured loans and loans placed on non-accrual status when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. Management takes into consideration impaired loans in addition to the above mentioned factors in determining the appropriate level of allowance for loan losses. | |
Troubled Debt Restructured | Troubled Debt Restructured |
A troubled debt restructured ("TDR") constitutes a restructuring of debt if the Bank, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. To determine whether or not a loan should be classified as a TDR, Management evaluates a loan to first determine if the borrower demonstrates financial difficulty. Common indicators of this include past due status with bank obligations, substandard credit bureau reports, or an inability to refinance with another lender. If the borrower is experiencing financial difficulty and concessions are granted, such as maturity date extension, interest rate adjustments to below market pricing, or a deferment of payments, the loan will generally be classified as a TDR. | |
Accrual of Interest Income and Expense | Accrual of Interest Income and Expense |
Interest on loans and investment securities is taken into income using methods which relate the income earned to the balances of loans and investment securities outstanding. Interest expense on liabilities is derived by applying applicable interest rates to principal amounts outstanding. For all classes of loans, recording of interest income on problem loans, which includes impaired loans, ceases when collectibility of principal and interest within a reasonable period of time becomes doubtful. Cash payments received on non-accrual loans, which includes impaired loans, are applied to reduce the loan's principal balance until the remaining principal balance is deemed collectible, after which interest is recognized when collected. As a general rule, a loan may be restored to accrual status when payments are current for a substantial period of time, generally six months, and repayment of the remaining contractual amounts is expected or when it otherwise becomes well secured and in the process of collection. | |
Premises and Equipment | Premises and Equipment |
Premises, furniture and equipment are stated at cost, less accumulated depreciation. Depreciation expense is computed by straight-line methods over the asset's estimated useful life. | |
Other Real Estate Owned (OREO) | Other Real Estate Owned ("OREO") |
Real estate acquired by foreclosure or deed in lieu of foreclosure is transferred to OREO and recorded at fair value, less estimated costs to sell, based on appraised value at the date actually or constructively received. Loan losses arising from the acquisition of such property are charged against the allowance for loan losses. Subsequent provisions to reduce the carrying value of a property are recorded to the allowance for OREO losses and a charge to operations on a specific property basis. | |
Goodwill and Identified Intangible Assets | Goodwill and Identified Intangible Assets |
Intangible assets include the excess of the purchase price over the fair value of net assets acquired (goodwill) from the acquisition of FNB Bankshares in 2005 as well as the core deposit intangible related to the same acquisition. The core deposit intangible is amortized on a straight-line basis over ten years. Annual amortization expense for 2014, 2013 and 2012 was $283,000 and the amortization expense for 2015 will be $14,000 as the expense will be fully amortized. Intangible assets also include the goodwill and core deposit intangible from the 2012 acquisition of a bank branch in Rockland, Maine and a bank building in Bangor, Maine. The core deposit intangible will be amortized on a straight-line basis over ten years. Annual amortization expense for 2014 and 2013 was $43,000, and the amortization expense for each year until fully amortized will be $43,000. The straight-line basis is used because the Company does not expect significant run off in the core deposits acquired. The Company annually evaluates goodwill, and periodically evaluates other intangible assets, for impairment. At December 31, 2014, the Company determined goodwill and other intangible assets were not impaired. | |
Income Taxes | Income Taxes |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases, and for tax credits that are available to offset future taxable income. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the change is enacted | |
Loan Servicing | Loan Servicing |
Servicing rights are recognized when they are acquired through sale of loans. Capitalized servicing rights are reported in other assets and are amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant characteristics, such as interest rates and terms. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the capitalized amount for the stratum. | |
Post-Retirement Benefits | Post-Retirement Benefits |
The cost of providing post-retirement benefits is accrued during the active service period of the employee or director. | |
Earnings Per Share | Earnings Per Share |
Basic earnings per share data are based on the weighted average number of common shares outstanding during each year. Diluted earnings per share gives effect to restricted stock granted and stock options and warrants outstanding, determined by the treasury stock method. | |
Comprehensive Income | Comprehensive Income |
Comprehensive income includes net income and other comprehensive income (loss), which is comprised of the change in unrealized gains and losses on securities available for sale, net of tax, change in unrealized losses on securities transferred from available for sale to held to maturity, net of amortization, and unrecognized gains and losses related to post-retirement benefit costs, net of tax. | |
Segments | Segments |
The First Bancorp, Inc., through the branches of its subsidiary, The First, N.A., provides a broad range of financial services to individuals and companies in coastal Maine. These services include demand, time, and savings deposits; lending; ATM processing; and investment management and trust services. Operations are managed and financial performance is evaluated on a corporate-wide basis. Accordingly, all of the Company's banking operations are considered by Management to be aggregated in one reportable operating segment. | |
New Accounting Pronouncements | New Accounting Pronouncements |
In January 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-01, Accounting for Investments in | |
Qualified Affordable Housing Projects. The amendments in this Update permit entities to make accounting policy elections to | |
account for their investments in qualified affordable housing projects using the proportional amortization method if certain | |
conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in | |
proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income | |
statement as a component of income tax expense (benefit). For those investments in qualified affordable housing projects not | |
accounted for using the proportional amortization method, the ASU requires the investment to be accounted for as an equity | |
method investment or a cost method investment. The amendments in this Update should be applied retrospectively to all | |
periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable | |
housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. | |
The amendments in this ASU are effective for annual periods and interim reporting periods within those annual periods, | |
beginning after December 15, 2014. Early adoption is permitted. Management has reviewed the ASU and does not believe that | |
it will have a material effect on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer | |
Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in-substance repossession or foreclosure | |
occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a | |
consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion | |
of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that | |
loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments | |
require disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded | |
investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. | |
The amendments in this Update are effective for annual periods and interim reporting periods within those annual periods, | |
beginning after December 15, 2014. Management has reviewed the ASU and does not believe that it will have a material effect | |
on the Company's consolidated financial statements. | |
In May 2014, the FASB Issued ASU No. 2014-09, Revenue from Contracts with Customers. The ASU was issued to clarify | |
the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial | |
Reporting Standards. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim | |
periods within that reporting period. The Company is currently evaluating the potential impact of the ASU on its consolidated | |
financial statements. | |
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing: Repurchase-to-Maturity Transactions, | |
Repurchase Financings, and Disclosures. The ASU was issued to respond to concerns about current accounting and disclosures | |
for repurchase agreements and similar transactions. The concern was that under current accounting guidance there is an | |
unnecessary distinction between the accounting for different types of repurchase agreements. Under current guidance, the | |
repurchase-to-maturity transactions are accounted for as sales with forward agreements, whereas repurchase agreements that | |
settle before the maturity of the transferred financial asset are accounted for as secured borrowings. The ASU amendments | |
require new disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions | |
accounted for as secured borrowings. The ASU is effective for annual periods, and interim periods within those annual periods, | |
beginning after December 15, 2014. The ASU will not have a material effect on the Company's consolidated financial | |
statements. | |
In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation: Accounting for Share-Based | |
Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service | |
Period. The ASU was issued because current U.S. GAAP does not contain explicit guidance on how to account for share-based | |
payments when a performance target could be achieved after the requisite service period. The ASU is effective for annual | |
periods and interim periods within those annual periods beginning after December 15, 2015. The ASU will not have a material | |
effect on the Company's consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors: | |
Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The ASU was issued to provide specific | |
guidance on how to classify or measure foreclosed mortgage loans that are government guaranteed. The ASU is effective for | |
annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The ASU is not expected | |
to have a material effect on the Company's consolidated financial statements. |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Schedule of Available For Sale, Held-to-Maturity, and Restricted Equity Securities | The following tables summarize the amortized cost and estimated fair value of investment securities at December 31, 2014 and 2013: | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
As of December 31, 2014 | Cost | Gains | Losses | (Estimated) | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 149,796,000 | $ | 2,637,000 | $ | (578,000 | ) | $ | 151,855,000 | |||||||||||||||
State and political subdivisions | 29,094,000 | 1,865,000 | (104,000 | ) | 30,855,000 | |||||||||||||||||||
Other equity securities | 2,490,000 | 65,000 | (4,000 | ) | 2,551,000 | |||||||||||||||||||
$ | 181,380,000 | $ | 4,567,000 | $ | (686,000 | ) | $ | 185,261,000 | ||||||||||||||||
Securities to be held to maturity | ||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | 92,341,000 | $ | 54,000 | $ | (2,066,000 | ) | $ | 90,329,000 | |||||||||||||||
Mortgage-backed securities | 57,003,000 | 1,830,000 | (116,000 | ) | 58,717,000 | |||||||||||||||||||
State and political subdivisions | 126,275,000 | 4,114,000 | (31,000 | ) | 130,358,000 | |||||||||||||||||||
Corporate securities | 300,000 | — | — | 300,000 | ||||||||||||||||||||
$ | 275,919,000 | $ | 5,998,000 | $ | (2,213,000 | ) | $ | 279,704,000 | ||||||||||||||||
Restricted equity securities | ||||||||||||||||||||||||
Federal Home Loan Bank Stock | $ | 12,875,000 | $ | — | $ | — | $ | 12,875,000 | ||||||||||||||||
Federal Reserve Bank Stock | 1,037,000 | — | — | 1,037,000 | ||||||||||||||||||||
$ | 13,912,000 | $ | — | $ | — | $ | 13,912,000 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
As of December 31, 2013 | Cost | Gains | Losses | (Estimated) | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 180,109,000 | $ | 1,392,000 | $ | (3,772,000 | ) | $ | 177,729,000 | |||||||||||||||
State and political subdivisions | 134,188,000 | 1,458,000 | (9,331,000 | ) | 126,315,000 | |||||||||||||||||||
Other equity securities | 1,666,000 | 116,000 | (2,000 | ) | 1,780,000 | |||||||||||||||||||
$ | 315,963,000 | $ | 2,966,000 | $ | (13,105,000 | ) | $ | 305,824,000 | ||||||||||||||||
Securities to be held to maturity | ||||||||||||||||||||||||
U.S. Government-sponsored agencies | $ | 92,280,000 | $ | 1,000 | $ | (12,757,000 | ) | $ | 79,524,000 | |||||||||||||||
Mortgage-backed securities | 35,712,000 | 1,440,000 | (1,336,000 | ) | 35,816,000 | |||||||||||||||||||
State and political subdivisions | 40,985,000 | 1,823,000 | (112,000 | ) | 42,696,000 | |||||||||||||||||||
Corporate securities | 300,000 | — | — | 300,000 | ||||||||||||||||||||
$ | 169,277,000 | $ | 3,264,000 | $ | (14,205,000 | ) | $ | 158,336,000 | ||||||||||||||||
Restricted equity securities | ||||||||||||||||||||||||
Federal Home Loan Bank Stock | $ | 12,875,000 | $ | — | $ | — | $ | 12,875,000 | ||||||||||||||||
Federal Reserve Bank Stock | 1,037,000 | — | — | 1,037,000 | ||||||||||||||||||||
$ | 13,912,000 | $ | — | $ | — | $ | 13,912,000 | |||||||||||||||||
Contractual Maturities of Investment Securities | The following table summarizes the contractual maturities of investment securities at December 31, 2014: | |||||||||||||||||||||||
Securities available for sale | Securities to be held to maturity | |||||||||||||||||||||||
Amortized Cost | Fair Value (Estimated) | Amortized Cost | Fair Value (Estimated) | |||||||||||||||||||||
Due in 1 year or less | $ | 2,309,000 | $ | 2,329,000 | $ | 1,693,000 | $ | 1,713,000 | ||||||||||||||||
Due in 1 to 5 years | 15,200,000 | 15,499,000 | 8,467,000 | 8,702,000 | ||||||||||||||||||||
Due in 5 to 10 years | 18,547,000 | 19,124,000 | 50,629,000 | 52,717,000 | ||||||||||||||||||||
Due after 10 years | 142,834,000 | 145,758,000 | 215,130,000 | 216,572,000 | ||||||||||||||||||||
Equity securities | 2,490,000 | 2,551,000 | — | — | ||||||||||||||||||||
$ | 181,380,000 | $ | 185,261,000 | $ | 275,919,000 | $ | 279,704,000 | |||||||||||||||||
The following table summarizes the contractual maturities of investment securities at December 31, 2013: | ||||||||||||||||||||||||
Securities available for sale | Securities to be held to maturity | |||||||||||||||||||||||
In thousands of dollars | Amortized | Fair Value (Estimated) | Amortized | Fair Value (Estimated) | ||||||||||||||||||||
Cost | Cost | |||||||||||||||||||||||
Due in 1 year or less | $ | 717,000 | $ | 721,000 | $ | 268,000 | $ | 273,000 | ||||||||||||||||
Due in 1 to 5 years | 20,547,000 | 20,636,000 | 6,420,000 | 6,790,000 | ||||||||||||||||||||
Due in 5 to 10 years | 16,114,000 | 16,267,000 | 33,442,000 | 33,828,000 | ||||||||||||||||||||
Due after 10 years | 276,919,000 | 266,420,000 | 129,147,000 | 117,445,000 | ||||||||||||||||||||
Equity securities | 1,666,000 | 1,780,000 | — | — | ||||||||||||||||||||
$ | 315,963,000 | $ | 305,824,000 | $ | 169,277,000 | $ | 158,336,000 | |||||||||||||||||
Schedule of Securities Gains and Losses | The following table shows securities gains and losses for 2014, 2013 and 2012: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Proceeds from sales of securities | $ | 15,557,000 | $ | 10,563,000 | $ | 26,437,000 | ||||||||||||||||||
Gross realized gains | 1,155,000 | 1,087,000 | 2,257,000 | |||||||||||||||||||||
Gross realized losses | — | — | (289,000 | ) | ||||||||||||||||||||
Net gain | $ | 1,155,000 | $ | 1,087,000 | $ | 1,968,000 | ||||||||||||||||||
Related income taxes | $ | 404,000 | $ | 380,000 | $ | 689,000 | ||||||||||||||||||
Schedule of Temporary Impairment Losses | Information regarding securities temporarily impaired as of December 31, 2014 is summarized below: | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
As of December 31, 2014 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
U.S. Government-sponsored agencies | $ | — | $ | — | $ | 79,444,000 | $ | (2,066,000 | ) | $ | 79,444,000 | $ | (2,066,000 | ) | ||||||||||
Mortgage-backed securities | 13,878,000 | (40,000 | ) | 29,182,000 | (654,000 | ) | 43,060,000 | (694,000 | ) | |||||||||||||||
State and political subdivisions | 3,352,000 | (31,000 | ) | 3,017,000 | (104,000 | ) | 6,369,000 | (135,000 | ) | |||||||||||||||
Other equity securities | 68,000 | (3,000 | ) | 51,000 | (1,000 | ) | 119,000 | (4,000 | ) | |||||||||||||||
$ | 17,298,000 | $ | (74,000 | ) | $ | 111,694,000 | $ | (2,825,000 | ) | $ | 128,992,000 | $ | (2,899,000 | ) | ||||||||||
Information regarding securities temporarily impaired as of December 31, 2013 is summarized below: | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
As of December 31, 2013 | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
U.S. Government-sponsored agencies | $ | 78,724,000 | $ | (12,757,000 | ) | $ | — | $ | — | $ | 78,724,000 | $ | (12,757,000 | ) | ||||||||||
Mortgage-backed securities | 96,263,000 | (4,977,000 | ) | 5,451,000 | (131,000 | ) | 101,714,000 | (5,108,000 | ) | |||||||||||||||
State and political subdivisions | 69,406,000 | (7,895,000 | ) | 7,150,000 | (1,548,000 | ) | 76,556,000 | (9,443,000 | ) | |||||||||||||||
Other equity securities | — | — | 50,000 | (2,000 | ) | 50,000 | (2,000 | ) | ||||||||||||||||
$ | 244,393,000 | $ | (25,629,000 | ) | $ | 12,651,000 | $ | (1,681,000 | ) | $ | 257,044,000 | $ | (27,310,000 | ) | ||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ||||||||
Reconciliation of Mortgage Servicing Assets | Mortgage servicing rights are included in other assets and detailed in the following table: | |||||||
As of December 31, | 2014 | 2013 | ||||||
Mortgage servicing rights | $ | 6,039,000 | $ | 7,172,000 | ||||
Accumulated amortization | (4,949,000 | ) | (5,988,000 | ) | ||||
Impairment reserve | (4,000 | ) | (26,000 | ) | ||||
$ | 1,086,000 | $ | 1,158,000 | |||||
Loans_Tables
Loans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ||||||||||||||||||||||||||||
Composition of Loan Portfolio | The following table shows the composition of the Company's loan portfolio as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 242,311,000 | 26.4 | % | $ | 245,943,000 | 28.2 | % | ||||||||||||||||||||
Construction | 30,932,000 | 3.4 | % | 20,382,000 | 2.3 | % | ||||||||||||||||||||||
Other | 104,531,000 | 11.4 | % | 95,289,000 | 10.9 | % | ||||||||||||||||||||||
Municipal | 20,424,000 | 2.2 | % | 19,117,000 | 2.2 | % | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 384,032,000 | 41.9 | % | 377,218,000 | 43 | % | ||||||||||||||||||||||
Construction | 12,160,000 | 1.3 | % | 11,803,000 | 1.3 | % | ||||||||||||||||||||||
Home equity line of credit | 103,521,000 | 11.3 | % | 91,549,000 | 10.4 | % | ||||||||||||||||||||||
Consumer | 19,653,000 | 2.1 | % | 15,066,000 | 1.7 | % | ||||||||||||||||||||||
Total loans | $ | 917,564,000 | 100 | % | $ | 876,367,000 | 100 | % | ||||||||||||||||||||
Loans to Directors, Officers and Employees which exceed $60,000 | A summary of loans to directors and executive officers is as follows: | |||||||||||||||||||||||||||
For the years ended December 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of year | $ | 14,884,000 | $ | 14,917,000 | ||||||||||||||||||||||||
New loans | 8,932,000 | 909,000 | ||||||||||||||||||||||||||
Repayments | (8,960,000 | ) | (942,000 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 14,856,000 | $ | 14,884,000 | ||||||||||||||||||||||||
Past Due Loans Aging | Information on the past-due status of loans as of December 31, 2014, is presented in the following table: | |||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | All | Current | Total | 90+ Days | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | & | ||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 24,000 | $ | 75,000 | $ | 761,000 | $ | 860,000 | $ | 241,451,000 | $ | 242,311,000 | $ | — | ||||||||||||||
Construction | — | 41,000 | 208,000 | 249,000 | 30,683,000 | 30,932,000 | — | |||||||||||||||||||||
Other | 3,000 | — | 857,000 | 860,000 | 103,671,000 | 104,531,000 | — | |||||||||||||||||||||
Municipal | — | — | — | — | 20,424,000 | 20,424,000 | — | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 856,000 | 468,000 | 5,679,000 | 7,003,000 | 377,029,000 | 384,032,000 | 101,000 | |||||||||||||||||||||
Construction | — | — | — | — | 12,160,000 | 12,160,000 | — | |||||||||||||||||||||
Home equity line of credit | 622,000 | 720,000 | 780,000 | 2,122,000 | 101,399,000 | 103,521,000 | — | |||||||||||||||||||||
Consumer | 637,000 | 52,000 | 80,000 | 769,000 | 18,884,000 | 19,653,000 | 80,000 | |||||||||||||||||||||
Total | $ | 2,142,000 | $ | 1,356,000 | $ | 8,365,000 | $ | 11,863,000 | $ | 905,701,000 | $ | 917,564,000 | $ | 181,000 | ||||||||||||||
Information on the past-due status of loans as of December 31, 2013, is presented in the following table: | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | All Past Due | Current | Total | 90+ Days & Accruing | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 82,000 | $ | 259,000 | $ | 745,000 | $ | 1,086,000 | $ | 244,857,000 | $ | 245,943,000 | $ | — | ||||||||||||||
Construction | — | — | — | — | 20,382,000 | 20,382,000 | — | |||||||||||||||||||||
Other | 544,000 | 128,000 | 2,797,000 | 3,469,000 | 91,820,000 | 95,289,000 | — | |||||||||||||||||||||
Municipal | — | — | — | — | 19,117,000 | 19,117,000 | — | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 229,000 | 1,913,000 | 7,002,000 | 9,144,000 | 368,074,000 | 377,218,000 | 596,000 | |||||||||||||||||||||
Construction | 47,000 | — | — | 47,000 | 11,756,000 | 11,803,000 | — | |||||||||||||||||||||
Home equity line of credit | 573,000 | 145,000 | 1,001,000 | 1,719,000 | 89,830,000 | 91,549,000 | 59,000 | |||||||||||||||||||||
Consumer | 113,000 | 26,000 | 388,000 | 527,000 | 14,539,000 | 15,066,000 | 388,000 | |||||||||||||||||||||
Total | $ | 1,588,000 | $ | 2,471,000 | $ | 11,933,000 | $ | 15,992,000 | $ | 860,375,000 | $ | 876,367,000 | $ | 1,043,000 | ||||||||||||||
Nonaccrual Loans | Information on nonaccrual loans as of December 31, 2014 and 2013 is presented in the following table: | |||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 2,088,000 | $ | 2,457,000 | ||||||||||||||||||||||||
Construction | 208,000 | — | ||||||||||||||||||||||||||
Other | 935,000 | 4,370,000 | ||||||||||||||||||||||||||
Municipal | — | — | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 6,421,000 | 8,484,000 | ||||||||||||||||||||||||||
Construction | — | — | ||||||||||||||||||||||||||
Home equity line of credit | 832,000 | 1,007,000 | ||||||||||||||||||||||||||
Consumer | 26,000 | — | ||||||||||||||||||||||||||
Total | $ | 10,510,000 | $ | 16,318,000 | ||||||||||||||||||||||||
Impaired Loans | Information regarding impaired loans is as follows: | |||||||||||||||||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Average investment in impaired loans | $ | 38,404,000 | $ | 45,722,000 | $ | 45,019,000 | ||||||||||||||||||||||
Interest income recognized on impaired loans, all on cash basis | 1,465,000 | 1,750,000 | 1,039,000 | |||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Balance of impaired loans | $ | 35,862,000 | $ | 42,351,000 | ||||||||||||||||||||||||
Less portion for which no allowance for loan losses is allocated | (26,313,000 | ) | (32,417,000 | ) | ||||||||||||||||||||||||
Portion of impaired loan balance for which an allowance for loan losses is allocated | $ | 9,549,000 | $ | 9,934,000 | ||||||||||||||||||||||||
Portion of allowance for loan losses allocated to the impaired loan balance | $ | 1,803,000 | $ | 2,461,000 | ||||||||||||||||||||||||
Impaired Loans by class of financing receivable | A breakdown of impaired loans by category as of December 31, 2014, is presented in the following table: | |||||||||||||||||||||||||||
Recorded Investment | Unpaid | Related Allowance | Average | Recognized Interest | ||||||||||||||||||||||||
Principal Balance | Recorded Investment | Income | ||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 11,687,000 | $ | 12,423,000 | $ | — | $ | 11,080,000 | $ | 488,000 | ||||||||||||||||||
Construction | — | — | — | 30,000 | — | |||||||||||||||||||||||
Other | 2,616,000 | 3,407,000 | — | 3,853,000 | 156,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 10,820,000 | 11,824,000 | — | 10,505,000 | 402,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 1,164,000 | 1,395,000 | — | 1,447,000 | 29,000 | |||||||||||||||||||||||
Consumer | 26,000 | 28,000 | — | 11,000 | 3,000 | |||||||||||||||||||||||
$ | 26,313,000 | $ | 29,077,000 | $ | — | $ | 26,926,000 | $ | 1,078,000 | |||||||||||||||||||
With an Allowance Recorded | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 1,617,000 | $ | 1,789,000 | $ | 346,000 | $ | 3,040,000 | $ | 62,000 | ||||||||||||||||||
Construction | 1,380,000 | 1,380,000 | 413,000 | 1,279,000 | 56,000 | |||||||||||||||||||||||
Other | 326,000 | 338,000 | 129,000 | 1,103,000 | 13,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 5,303,000 | 5,513,000 | 519,000 | 5,738,000 | 239,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 923,000 | 929,000 | 396,000 | 318,000 | 17,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 9,549,000 | $ | 9,949,000 | $ | 1,803,000 | $ | 11,478,000 | $ | 387,000 | |||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 13,304,000 | $ | 14,212,000 | $ | 346,000 | $ | 14,120,000 | $ | 550,000 | ||||||||||||||||||
Construction | 1,380,000 | 1,380,000 | 413,000 | 1,309,000 | 56,000 | |||||||||||||||||||||||
Other | 2,942,000 | 3,745,000 | 129,000 | 4,956,000 | 169,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 16,123,000 | 17,337,000 | 519,000 | 16,243,000 | 641,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 2,087,000 | 2,324,000 | 396,000 | 1,765,000 | 46,000 | |||||||||||||||||||||||
Consumer | 26,000 | 28,000 | — | 11,000 | 3,000 | |||||||||||||||||||||||
$ | 35,862,000 | $ | 39,026,000 | $ | 1,803,000 | $ | 38,404,000 | $ | 1,465,000 | |||||||||||||||||||
Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash basis as received. | ||||||||||||||||||||||||||||
A breakdown of impaired loans by category as of December 31, 2013, is presented in the following table: | ||||||||||||||||||||||||||||
Recorded Investment | Unpaid | Related Allowance | Average | Recognized Interest | ||||||||||||||||||||||||
Principal Balance | Recorded Investment | Income | ||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 11,813,000 | $ | 12,419,000 | $ | — | $ | 11,100,000 | $ | 495,000 | ||||||||||||||||||
Construction | — | — | — | 202,000 | — | |||||||||||||||||||||||
Other | 5,617,000 | 7,309,000 | — | 4,265,000 | 322,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 13,432,000 | 14,600,000 | — | 14,396,000 | 511,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 1,555,000 | 1,791,000 | — | 1,578,000 | 32,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 32,417,000 | $ | 36,119,000 | $ | — | $ | 31,541,000 | $ | 1,360,000 | |||||||||||||||||||
With an Allowance Recorded | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 3,122,000 | $ | 3,264,000 | $ | 890,000 | $ | 5,673,000 | $ | 150,000 | ||||||||||||||||||
Construction | 1,284,000 | 1,284,000 | 272,000 | 1,795,000 | 48,000 | |||||||||||||||||||||||
Other | 1,081,000 | 1,132,000 | 841,000 | 1,633,000 | 28,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 4,354,000 | 4,516,000 | 404,000 | 4,982,000 | 162,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 93,000 | 93,000 | 54,000 | 98,000 | 2,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 9,934,000 | $ | 10,289,000 | $ | 2,461,000 | $ | 14,181,000 | $ | 390,000 | |||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 14,935,000 | $ | 15,683,000 | $ | 890,000 | $ | 16,773,000 | $ | 645,000 | ||||||||||||||||||
Construction | 1,284,000 | 1,284,000 | 272,000 | 1,997,000 | 48,000 | |||||||||||||||||||||||
Other | 6,698,000 | 8,441,000 | 841,000 | 5,898,000 | 350,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 17,786,000 | 19,116,000 | 404,000 | 19,378,000 | 673,000 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Home equity line of credit | 1,648,000 | 1,884,000 | 54,000 | 1,676,000 | 34,000 | |||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||
$ | 42,351,000 | $ | 46,408,000 | $ | 2,461,000 | $ | 45,722,000 | $ | 1,750,000 | |||||||||||||||||||
A breakdown of impaired loans by category as of December 31, 2012, is presented in the following table: | ||||||||||||||||||||||||||||
Recorded Investment | Unpaid | Related Allowance | Average | Recognized Interest | ||||||||||||||||||||||||
Principal Balance | Recorded Investment | Income | ||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 9,386,000 | $ | 9,963,000 | $ | — | $ | 10,102,000 | $ | 199,000 | ||||||||||||||||||
Construction | 101,000 | 115,000 | — | 2,533,000 | — | |||||||||||||||||||||||
Other | 4,737,000 | 5,345,000 | — | 2,877,000 | 53,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 12,747,000 | 14,440,000 | — | 9,801,000 | 189,000 | |||||||||||||||||||||||
Construction | — | — | — | 560,000 | — | |||||||||||||||||||||||
Home equity line of credit | 1,311,000 | 1,440,000 | — | 961,000 | 27,000 | |||||||||||||||||||||||
Consumer | — | — | — | 3,000 | — | |||||||||||||||||||||||
$ | 28,282,000 | $ | 31,303,000 | $ | — | $ | 26,837,000 | $ | 468,000 | |||||||||||||||||||
With an Allowance Recorded | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 6,388,000 | $ | 7,018,000 | $ | 1,523,000 | $ | 4,614,000 | $ | 211,000 | ||||||||||||||||||
Construction | 3,253,000 | 3,253,000 | 969,000 | 1,816,000 | 85,000 | |||||||||||||||||||||||
Other | 1,124,000 | 1,126,000 | 652,000 | 1,974,000 | 38,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 6,697,000 | 6,842,000 | 395,000 | 9,066,000 | 237,000 | |||||||||||||||||||||||
Construction | — | — | — | 261,000 | — | |||||||||||||||||||||||
Home equity line of credit | — | — | — | 442,000 | — | |||||||||||||||||||||||
Consumer | — | — | — | 9,000 | — | |||||||||||||||||||||||
$ | 17,462,000 | $ | 18,239,000 | $ | 3,539,000 | $ | 18,182,000 | $ | 571,000 | |||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | $ | 15,774,000 | $ | 16,981,000 | $ | 1,523,000 | $ | 14,716,000 | $ | 410,000 | ||||||||||||||||||
Construction | 3,354,000 | 3,368,000 | 969,000 | 4,349,000 | 85,000 | |||||||||||||||||||||||
Other | 5,861,000 | 6,471,000 | 652,000 | 4,851,000 | 91,000 | |||||||||||||||||||||||
Municipal | — | — | — | — | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 19,444,000 | 21,282,000 | 395,000 | 18,867,000 | 426,000 | |||||||||||||||||||||||
Construction | — | — | — | 821,000 | — | |||||||||||||||||||||||
Home equity line of credit | 1,311,000 | 1,440,000 | — | 1,403,000 | 27,000 | |||||||||||||||||||||||
Consumer | — | — | — | 12,000 | — | |||||||||||||||||||||||
$ | 45,744,000 | $ | 49,542,000 | $ | 3,539,000 | $ | 45,019,000 | $ | 1,039,000 | |||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | The following table shows TDRs by class and the specific reserve as of December 31, 2014: | |||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 19 | $ | 12,282,000 | $ | 267,000 | |||||||||||||||||||||||
Construction | 1 | 1,172,000 | 207,000 | |||||||||||||||||||||||||
Other | 15 | 2,007,000 | — | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 54 | 10,932,000 | 373,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 5 | 821,000 | 21,000 | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
94 | $ | 27,214,000 | $ | 868,000 | ||||||||||||||||||||||||
The following table shows TDRs by class and the specific reserve as of December 31, 2013: | ||||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 20 | $ | 13,018,000 | $ | 433,000 | |||||||||||||||||||||||
Construction | 1 | 1,284,000 | 274,000 | |||||||||||||||||||||||||
Other | 20 | 2,734,000 | 100,000 | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 53 | 11,220,000 | 210,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 5 | 842,000 | — | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
99 | $ | 29,098,000 | $ | 1,017,000 | ||||||||||||||||||||||||
As of December 31, 2014, 12 of the loans classified as TDRs with a total balance of $1,549,000 were more than 30 days past due. Of these loans, two loans with an outstanding balance of $238,000 had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2014: | ||||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 1 | $ | 321,000 | $ | 120,000 | |||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Other | 1 | 2,000 | — | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 8 | 1,000,000 | 36,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 2 | 226,000 | 21,000 | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
12 | $ | 1,549,000 | $ | 177,000 | ||||||||||||||||||||||||
As of December 31, 2013, 16 of the loans classified as TDRs with a total balance of $3,261,000 were more than 30 days past due. Of these loans, six loans with an outstanding balance of $810,000 had been placed on TDR status in the previous 12 months. The following table shows past-due TDRs by class and the associated specific reserves included in the allowance for loan losses as of December 31, 2013: | ||||||||||||||||||||||||||||
Number of Loans | Balance | Specific Reserves | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 2 | $ | 990,000 | $ | — | |||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Other | 2 | 355,000 | — | |||||||||||||||||||||||||
Municipal | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 10 | 1,688,000 | 37,000 | |||||||||||||||||||||||||
Construction | — | — | — | |||||||||||||||||||||||||
Home equity line of credit | 2 | 228,000 | — | |||||||||||||||||||||||||
Consumer | — | — | — | |||||||||||||||||||||||||
16 | $ | 3,261,000 | $ | 37,000 | ||||||||||||||||||||||||
During the year ended December 31, 2014, six loans were placed on TDR status with a post-modification outstanding balance of $826,000. These were considered TDRs because concessions had been granted to borrowers experiencing financial difficulties. Concessions include reductions in interest rates, principal and/or interest forbearance, payment extensions, or combinations thereof. The following table shows loans placed on TDR status during the year ended December 31, 2014, by class of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2014: | ||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification Outstanding | Specific Reserves | |||||||||||||||||||||||||
Outstanding | Recorded | |||||||||||||||||||||||||||
Recorded Investment | Investment | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 2 | $ | 302,000 | $ | 300,000 | $ | — | |||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||||||||
Municipal | — | — | — | — | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 4 | 627,000 | 526,000 | 12,000 | ||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | ||||||||||||||||||||||||
Consumer | — | — | — | — | ||||||||||||||||||||||||
6 | $ | 929,000 | $ | 826,000 | $ | 12,000 | ||||||||||||||||||||||
During the year ended December 31, 2013, 10 loans were placed on TDR status with a post-modification balance of $3,604,000. These were considered to be TDRs because concessions had been granted to borrowers experiencing financial difficulties. Concessions include reductions in interest rates, principal and/or interest forbearance, payment extensions, or combinations thereof. The following table shows loans placed on TDR status in 2013 by type of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2013: | ||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification Outstanding | Specific Reserves | |||||||||||||||||||||||||
Outstanding | Recorded | |||||||||||||||||||||||||||
Recorded Investment | Investment | |||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Real estate | 2 | $ | 1,883,000 | $ | 1,883,000 | $ | — | |||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Other | 2 | 491,000 | 491,000 | — | ||||||||||||||||||||||||
Municipal | — | — | — | — | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Term | 5 | 1,032,000 | 1,029,000 | 31,000 | ||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||
Home equity line of credit | 1 | 204,000 | 201,000 | — | ||||||||||||||||||||||||
Consumer | — | — | — | — | ||||||||||||||||||||||||
10 | $ | 3,610,000 | $ | 3,604,000 | $ | 31,000 | ||||||||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses, Adjustments, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses by class of financing receivable and allowance | The following table summarizes the composition of the allowance for loan losses, by class of financing receivable and allowance, as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | ||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 346,000 | $ | 890,000 | ||||||||||||||||||||||||||||||||||||
Construction | 413,000 | 272,000 | ||||||||||||||||||||||||||||||||||||||
Other | 129,000 | 841,000 | ||||||||||||||||||||||||||||||||||||||
Municipal | — | — | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 519,000 | 404,000 | ||||||||||||||||||||||||||||||||||||||
Construction | — | — | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 396,000 | 54,000 | ||||||||||||||||||||||||||||||||||||||
Consumer | — | — | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,803,000 | $ | 2,461,000 | ||||||||||||||||||||||||||||||||||||
Allowance for Loans Evaluated Collectively for Impairment | ||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 3,186,000 | $ | 3,712,000 | ||||||||||||||||||||||||||||||||||||
Construction | 410,000 | 303,000 | ||||||||||||||||||||||||||||||||||||||
Other | 1,376,000 | 1,435,000 | ||||||||||||||||||||||||||||||||||||||
Municipal | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 666,000 | 695,000 | ||||||||||||||||||||||||||||||||||||||
Construction | 20,000 | 21,000 | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 664,000 | 621,000 | ||||||||||||||||||||||||||||||||||||||
Consumer | 542,000 | 573,000 | ||||||||||||||||||||||||||||||||||||||
Unallocated | 1,662,000 | 1,678,000 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 8,541,000 | $ | 9,053,000 | ||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 3,532,000 | $ | 4,602,000 | ||||||||||||||||||||||||||||||||||||
Construction | 823,000 | 575,000 | ||||||||||||||||||||||||||||||||||||||
Other | 1,505,000 | 2,276,000 | ||||||||||||||||||||||||||||||||||||||
Municipal | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 1,185,000 | 1,099,000 | ||||||||||||||||||||||||||||||||||||||
Construction | 20,000 | 21,000 | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 1,060,000 | 675,000 | ||||||||||||||||||||||||||||||||||||||
Consumer | 542,000 | 573,000 | ||||||||||||||||||||||||||||||||||||||
Unallocated | 1,662,000 | 1,678,000 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 10,344,000 | $ | 11,514,000 | ||||||||||||||||||||||||||||||||||||
Loan losses by loan segment and allowance element | A breakdown of the allowance for loan losses as of December 31, 2014 and 2013, by class of financing receivable and allowance element, is presented in the following tables: | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves | |||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 346,000 | $ | 1,444,000 | $ | 1,742,000 | $ | — | $ | 3,532,000 | ||||||||||||||||||||||||||||||
Construction | 413,000 | 186,000 | 224,000 | — | 823,000 | |||||||||||||||||||||||||||||||||||
Other | 129,000 | 624,000 | 752,000 | — | 1,505,000 | |||||||||||||||||||||||||||||||||||
Municipal | — | — | 15,000 | — | 15,000 | |||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 519,000 | 297,000 | 369,000 | — | 1,185,000 | |||||||||||||||||||||||||||||||||||
Construction | — | 9,000 | 11,000 | — | 20,000 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 396,000 | 376,000 | 288,000 | — | 1,060,000 | |||||||||||||||||||||||||||||||||||
Consumer | — | 346,000 | 196,000 | — | 542,000 | |||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | 1,662,000 | 1,662,000 | |||||||||||||||||||||||||||||||||||
$ | 1,803,000 | $ | 3,282,000 | $ | 3,597,000 | $ | 1,662,000 | $ | 10,344,000 | |||||||||||||||||||||||||||||||
As of December 31, 2013 | Specific Reserves on Loans Evaluated Individually for Impairment | General Reserves on Loans Based on Historical Loss Experience | Reserves for Qualitative Factors | Unallocated Reserves | Total Reserves | |||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
Real estate | $ | 890,000 | $ | 1,927,000 | $ | 1,785,000 | $ | — | $ | 4,602,000 | ||||||||||||||||||||||||||||||
Construction | 272,000 | 157,000 | 146,000 | — | 575,000 | |||||||||||||||||||||||||||||||||||
Other | 841,000 | 745,000 | 690,000 | — | 2,276,000 | |||||||||||||||||||||||||||||||||||
Municipal | — | — | 15,000 | — | 15,000 | |||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||
Term | 404,000 | 342,000 | 353,000 | — | 1,099,000 | |||||||||||||||||||||||||||||||||||
Construction | — | 10,000 | 11,000 | — | 21,000 | |||||||||||||||||||||||||||||||||||
Home equity line of credit | 54,000 | 343,000 | 278,000 | — | 675,000 | |||||||||||||||||||||||||||||||||||
Consumer | — | 382,000 | 191,000 | — | 573,000 | |||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | 1,678,000 | 1,678,000 | |||||||||||||||||||||||||||||||||||
$ | 2,461,000 | $ | 3,906,000 | $ | 3,469,000 | $ | 1,678,000 | $ | 11,514,000 | |||||||||||||||||||||||||||||||
Summary of Risk Ratings for Loans | The following table summarizes the risk ratings for the Company's commercial construction, commercial real estate, commercial other and municipal loans as of December 31, 2014: | |||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Municipal | All Risk- | ||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Loans | Rated Loans | ||||||||||||||||||||||||||||||||||||
1 Strong | $ | 12,000 | $ | — | $ | 330,000 | $ | — | $ | 342,000 | ||||||||||||||||||||||||||||||
2 Above average | 12,668,000 | 771,000 | 7,210,000 | 18,789,000 | 39,438,000 | |||||||||||||||||||||||||||||||||||
3 Satisfactory | 50,275,000 | 1,983,000 | 24,232,000 | 1,635,000 | 78,125,000 | |||||||||||||||||||||||||||||||||||
4 Average | 108,719,000 | 23,345,000 | 44,895,000 | — | 176,959,000 | |||||||||||||||||||||||||||||||||||
5 Watch | 36,974,000 | 1,567,000 | 18,171,000 | — | 56,712,000 | |||||||||||||||||||||||||||||||||||
6 OAEM | 9,846,000 | 2,519,000 | 1,970,000 | — | 14,335,000 | |||||||||||||||||||||||||||||||||||
7 Substandard | 23,817,000 | 747,000 | 7,723,000 | — | 32,287,000 | |||||||||||||||||||||||||||||||||||
8 Doubtful | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 242,311,000 | $ | 30,932,000 | $ | 104,531,000 | $ | 20,424,000 | $ | 398,198,000 | ||||||||||||||||||||||||||||||
The following table summarizes the risk ratings for the Company's commercial construction, commercial real estate, commercial other and municipal loans as of December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Municipal | All Risk- | ||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Loans | Rated Loans | ||||||||||||||||||||||||||||||||||||
1 Strong | $ | 16,000 | $ | — | $ | 265,000 | $ | — | $ | 281,000 | ||||||||||||||||||||||||||||||
2 Above average | 14,565,000 | 804,000 | 6,719,000 | 16,230,000 | 38,318,000 | |||||||||||||||||||||||||||||||||||
3 Satisfactory | 45,213,000 | 871,000 | 14,852,000 | 2,887,000 | 63,823,000 | |||||||||||||||||||||||||||||||||||
4 Average | 100,343,000 | 14,938,000 | 45,792,000 | — | 161,073,000 | |||||||||||||||||||||||||||||||||||
5 Watch | 32,326,000 | 26,000 | 10,439,000 | — | 42,791,000 | |||||||||||||||||||||||||||||||||||
6 OAEM | 26,102,000 | 2,948,000 | 3,238,000 | — | 32,288,000 | |||||||||||||||||||||||||||||||||||
7 Substandard | 27,115,000 | 795,000 | 13,622,000 | — | 41,532,000 | |||||||||||||||||||||||||||||||||||
8 Doubtful | 263,000 | — | 362,000 | — | 625,000 | |||||||||||||||||||||||||||||||||||
Total | $ | 245,943,000 | $ | 20,382,000 | $ | 95,289,000 | $ | 19,117,000 | $ | 380,731,000 | ||||||||||||||||||||||||||||||
Allowance for Loan Losses Transactions | Allowance for loan losses activity for the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 | Commercial | Residential | Home Equity | |||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Municipal | Term | Construction | Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,602,000 | $ | 575,000 | $ | 2,276,000 | $ | 15,000 | $ | 1,099,000 | $ | 21,000 | $ | 675,000 | $ | 573,000 | $ | 1,678,000 | $ | 11,514,000 | ||||||||||||||||||||
Chargeoffs | 1,205,000 | — | 989,000 | — | 699,000 | — | 153,000 | 449,000 | — | 3,495,000 | ||||||||||||||||||||||||||||||
Recoveries | 144,000 | — | 758,000 | — | 36,000 | 25,000 | 16,000 | 196,000 | — | 1,175,000 | ||||||||||||||||||||||||||||||
Provision (credit) | (9,000 | ) | 248,000 | (540,000 | ) | — | 749,000 | (26,000 | ) | 522,000 | 222,000 | (16,000 | ) | 1,150,000 | ||||||||||||||||||||||||||
Ending balance | $ | 3,532,000 | $ | 823,000 | $ | 1,505,000 | $ | 15,000 | $ | 1,185,000 | $ | 20,000 | $ | 1,060,000 | $ | 542,000 | $ | 1,662,000 | $ | 10,344,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 346,000 | $ | 413,000 | $ | 129,000 | $ | — | $ | 519,000 | $ | — | $ | 396,000 | $ | — | $ | — | $ | 1,803,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 3,186,000 | $ | 410,000 | $ | 1,376,000 | $ | 15,000 | $ | 666,000 | $ | 20,000 | $ | 664,000 | $ | 542,000 | $ | 1,662,000 | $ | 8,541,000 | ||||||||||||||||||||
Related loan balances: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 242,311,000 | $ | 30,932,000 | $ | 104,531,000 | $ | 20,424,000 | $ | 384,032,000 | $ | 12,160,000 | $ | 103,521,000 | $ | 19,653,000 | $ | — | $ | 917,564,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 13,304,000 | $ | 1,380,000 | $ | 2,942,000 | $ | — | $ | 16,123,000 | $ | — | $ | 2,087,000 | $ | 26,000 | $ | — | $ | 35,862,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 229,007,000 | $ | 29,552,000 | $ | 101,589,000 | $ | 20,424,000 | $ | 367,909,000 | $ | 12,160,000 | $ | 101,434,000 | $ | 19,627,000 | $ | — | $ | 881,702,000 | ||||||||||||||||||||
For the year ended December 31, 2013 | Commercial | Residential | Home Equity | |||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Municipal | Term | Construction | Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,865,000 | $ | 1,359,000 | $ | 2,050,000 | $ | 18,000 | $ | 1,109,000 | $ | 11,000 | $ | 654,000 | $ | 592,000 | $ | 842,000 | $ | 12,500,000 | ||||||||||||||||||||
Chargeoffs | 150,000 | 963,000 | 2,583,000 | — | 1,118,000 | — | 611,000 | 430,000 | — | 5,855,000 | ||||||||||||||||||||||||||||||
Recoveries | — | — | 359,000 | — | 103,000 | — | 24,000 | 183,000 | — | 669,000 | ||||||||||||||||||||||||||||||
Provision (credit) | (1,113,000 | ) | 179,000 | 2,450,000 | (3,000 | ) | 1,005,000 | 10,000 | 608,000 | 228,000 | 836,000 | 4,200,000 | ||||||||||||||||||||||||||||
Ending balance | $ | 4,602,000 | $ | 575,000 | $ | 2,276,000 | $ | 15,000 | $ | 1,099,000 | $ | 21,000 | $ | 675,000 | $ | 573,000 | $ | 1,678,000 | $ | 11,514,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 890,000 | $ | 272,000 | $ | 841,000 | $ | — | $ | 404,000 | $ | — | $ | 54,000 | $ | — | $ | — | $ | 2,461,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 3,712,000 | $ | 303,000 | $ | 1,435,000 | $ | 15,000 | $ | 695,000 | $ | 21,000 | $ | 621,000 | $ | 573,000 | $ | 1,678,000 | $ | 9,053,000 | ||||||||||||||||||||
Related loan balances: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 245,943,000 | $ | 20,382,000 | $ | 95,289,000 | $ | 19,117,000 | $ | 377,218,000 | $ | 11,803,000 | $ | 91,549,000 | $ | 15,066,000 | $ | — | $ | 876,367,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 14,935,000 | $ | 1,284,000 | $ | 6,698,000 | $ | — | $ | 17,786,000 | $ | — | $ | 1,648,000 | $ | — | $ | — | $ | 42,351,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 231,008,000 | $ | 19,098,000 | $ | 88,591,000 | $ | 19,117,000 | $ | 359,432,000 | $ | 11,803,000 | $ | 89,901,000 | $ | 15,066,000 | $ | — | $ | 834,016,000 | ||||||||||||||||||||
For the year ended December 31, 2012 | Commercial | Residential | Home Equity | |||||||||||||||||||||||||||||||||||||
Real Estate | Construction | Other | Municipal | Term | Construction | Line of Credit | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,659,000 | $ | 658,000 | $ | 2,063,000 | $ | 19,000 | $ | 1,159,000 | $ | 255,000 | $ | 595,000 | $ | 584,000 | $ | 2,008,000 | $ | 13,000,000 | ||||||||||||||||||||
Chargeoffs | 1,394,000 | 928,000 | 3,215,000 | — | 1,911,000 | 389,000 | 688,000 | 555,000 | — | 9,080,000 | ||||||||||||||||||||||||||||||
Recoveries | 13,000 | 246,000 | 113,000 | — | 110,000 | 54,000 | 1,000 | 208,000 | — | 745,000 | ||||||||||||||||||||||||||||||
Provision (credit) | 1,587,000 | 1,383,000 | 3,089,000 | (1,000 | ) | 1,751,000 | 91,000 | 746,000 | 355,000 | (1,166,000 | ) | 7,835,000 | ||||||||||||||||||||||||||||
Ending balance | $ | 5,865,000 | $ | 1,359,000 | $ | 2,050,000 | $ | 18,000 | $ | 1,109,000 | $ | 11,000 | $ | 654,000 | $ | 592,000 | $ | 842,000 | $ | 12,500,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 1,523,000 | $ | 969,000 | $ | 652,000 | $ | — | $ | 395,000 | $ | — | $ | — | $ | — | $ | — | $ | 3,539,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 4,342,000 | $ | 390,000 | $ | 1,398,000 | $ | 18,000 | $ | 714,000 | $ | 11,000 | $ | 654,000 | $ | 592,000 | $ | 842,000 | $ | 8,961,000 | ||||||||||||||||||||
Related loan balances: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 251,335,000 | $ | 22,417,000 | $ | 81,183,000 | $ | 14,704,000 | $ | 379,447,000 | $ | 6,459,000 | $ | 99,082,000 | $ | 14,657,000 | $ | — | $ | 869,284,000 | ||||||||||||||||||||
Ending balance specifically evaluated for impairment | $ | 15,774,000 | $ | 3,354,000 | $ | 5,861,000 | $ | — | $ | 19,444,000 | $ | — | $ | 1,311,000 | $ | — | $ | — | $ | 45,744,000 | ||||||||||||||||||||
Ending balance collectively evaluated for impairment | $ | 235,561,000 | $ | 19,063,000 | $ | 75,322,000 | $ | 14,704,000 | $ | 360,003,000 | $ | 6,459,000 | $ | 97,771,000 | $ | 14,657,000 | $ | — | $ | 823,540,000 | ||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment | Premises and equipment are carried at cost and consist of the following: | |||||||
As of December 31, | 2014 | 2013 | ||||||
Land | $ | 4,532,000 | $ | 4,532,000 | ||||
Land improvements | 821,000 | 799,000 | ||||||
Buildings | 20,481,000 | 19,668,000 | ||||||
Equipment | 10,610,000 | 12,196,000 | ||||||
36,444,000 | 37,195,000 | |||||||
Less accumulated depreciation | 13,825,000 | 13,579,000 | ||||||
$ | 22,619,000 | $ | 23,616,000 | |||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||||||||
Other Real Estate Owned | The following summarizes other real estate owned: | |||||||||||
As of December 31, | 2014 | 2013 | ||||||||||
Real estate acquired in settlement of loans | $ | 3,785,000 | $ | 4,807,000 | ||||||||
Change in Allowance for Losses from Other Real Estate Owned | Changes in the allowance for losses from other real estate owned were as follows: | |||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 330,000 | $ | 373,000 | $ | 436,000 | ||||||
Losses charged to allowance | (313,000 | ) | (544,000 | ) | (460,000 | ) | ||||||
Provision charged to operating expenses | 637,000 | 501,000 | 397,000 | |||||||||
Balance at end of year | $ | 654,000 | $ | 330,000 | $ | 373,000 | ||||||
Acquisitions_and_Intangible_As1
Acquisitions and Intangible Assets (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Schedule of finite-lived intangible assets acquired as part of business combination | As of December 31, 2014, the amortization expense related to the core deposit intangibles, absent any future impairment, is expected to be as follows: | |||
2015 | $ | 57,000 | ||
2016 | 43,000 | |||
2017 | 43,000 | |||
2018 | 43,000 | |||
2019 | 43,000 | |||
Thereafter | 131,000 | |||
Total | $ | 360,000 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Current and Deferred Components of Income Tax Expense | The current and deferred components of income tax expense (benefit) were as follows: | |||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Federal income tax | ||||||||||||
Current | $ | 4,282,000 | $ | 3,234,000 | $ | 3,239,000 | ||||||
Deferred | 18,000 | (56,000 | ) | (108,000 | ) | |||||||
4,300,000 | 3,178,000 | 3,131,000 | ||||||||||
State franchise tax | 266,000 | 247,000 | 240,000 | |||||||||
$ | 4,566,000 | $ | 3,425,000 | $ | 3,371,000 | |||||||
Actual Tax Expense from Expected Tax Expense | The actual tax expense differs from the expected tax expense (computed by applying the applicable U.S. Federal corporate income tax rate to income before income taxes) as follows: | |||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Expected tax expense | $ | 6,746,000 | $ | 5,736,000 | $ | 5,621,000 | ||||||
Non-taxable income | (2,292,000 | ) | (2,326,000 | ) | (2,096,000 | ) | ||||||
State franchise tax, net of federal tax benefit | 173,000 | 160,000 | 156,000 | |||||||||
Tax credits | (414,000 | ) | (414,000 | ) | (414,000 | ) | ||||||
Other | 353,000 | 269,000 | 104,000 | |||||||||
$ | 4,566,000 | $ | 3,425,000 | $ | 3,371,000 | |||||||
Components of Deferred Tax Assets and Liabilities | Items that give rise to the deferred income tax assets and liabilities and the tax effect of each at December 31, 2014 and 2013 are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Allowance for loan losses | $ | 3,620,000 | $ | 4,030,000 | ||||||||
OREO | 229,000 | 116,000 | ||||||||||
Accrued pension and post-retirement | 1,725,000 | 1,334,000 | ||||||||||
Unrealized loss on securities available for sale | — | 3,549,000 | ||||||||||
Goodwill | 138,000 | 206,000 | ||||||||||
Unrealized loss on securities transferred from available for sale to held to maturity | 26,000 | — | ||||||||||
Tax credits, carried forward | — | 539,000 | ||||||||||
Restricted stock grants | 264,000 | 113,000 | ||||||||||
Core deposit intangible | 5,000 | — | ||||||||||
Other assets | 48,000 | 50,000 | ||||||||||
Total deferred tax asset | 6,055,000 | 9,937,000 | ||||||||||
Net deferred loan costs | (1,120,000 | ) | (884,000 | ) | ||||||||
Depreciation | (2,131,000 | ) | (2,672,000 | ) | ||||||||
Unrealized gain on securities available for sale | (1,358,000 | ) | — | |||||||||
Mortgage servicing rights | (380,000 | ) | (405,000 | ) | ||||||||
Core deposit intangible | — | (99,000 | ) | |||||||||
Investment in flow through entities | (387,000 | ) | (361,000 | ) | ||||||||
Prepaid expense | (210,000 | ) | (316,000 | ) | ||||||||
Total deferred tax liability | (5,586,000 | ) | (4,737,000 | ) | ||||||||
Net deferred tax asset | $ | 469,000 | $ | 5,200,000 | ||||||||
Certificates_of_Deposit_Tables
Certificates of Deposit (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Banking and Thrift [Abstract] | ||||||||||||
Certificates of deposit | The following table represents the breakdown of certificates of deposit at December 31, 2014 and 2013: | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Certificates of deposit < $100,000 | $ | 184,471,000 | $ | 210,321,000 | ||||||||
Certificates $100,000 to $250,000 | 221,892,000 | 278,674,000 | ||||||||||
Certificates $250,000 and over | 41,138,000 | 42,124,000 | ||||||||||
$ | 447,501,000 | $ | 531,119,000 | |||||||||
Maturities of certificates of deposit | At December 31, 2014, the scheduled maturities of certificates of deposit are as follows: | |||||||||||
Year of Maturity | Less than $100,000 | $100,000 and Greater | All Certificates of Deposit | |||||||||
2015 | $ | 134,198,000 | $ | 206,251,000 | $ | 340,449,000 | ||||||
2016 | 19,757,000 | 15,565,000 | 35,322,000 | |||||||||
2017 | 8,261,000 | 8,173,000 | 16,434,000 | |||||||||
2018 | 7,476,000 | 14,160,000 | 21,636,000 | |||||||||
2019 | 14,514,000 | 18,376,000 | 32,890,000 | |||||||||
2020 and thereafter | 265,000 | 505,000 | 770,000 | |||||||||
$ | 184,471,000 | $ | 263,030,000 | $ | 447,501,000 | |||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Borrowed Funds [Abstract] | |||||
Range of Interest Rates and Maturity Dates of Borrowed Funds | Borrowed funds at December 31, 2014 and 2013 have the following range of interest rates and maturity dates: | ||||
As of December 31, 2014 | |||||
Federal Home Loan Bank Advances | |||||
2015 | 0.22% - 2.98% | $ | 115,050,000 | ||
2016 | 2.36% - 2.44% | 30,000,000 | |||
2017 | 0.99% - 3.69% | 30,000,000 | |||
2018 | 2.25% - 3.25% | 30,000,000 | |||
2019 | 0.00% | — | |||
2020 and thereafter | 0.00% | 141,000 | |||
205,191,000 | |||||
Repurchase agreements | |||||
Municipal and commercial customers | 0.20% - 1.89% | 74,725,000 | |||
$ | 279,916,000 | ||||
As of December 31, 2013 | |||||
Federal Home Loan Bank Advances | |||||
2014 | 0.28%-3.20% | $ | 54,500,000 | ||
2015 | 2.03%-2.98% | 40,000,000 | |||
2016 | 2.36%-2.44% | 30,000,000 | |||
2017 | 0.99%-3.69% | 30,000,000 | |||
2018 | 2.25%-3.25% | 30,000,000 | |||
2019 and thereafter | 0.00% | 148,000 | |||
184,648,000 | |||||
Repurchase agreements | |||||
Municipal and commercial customers | 0.20%-1.89% | 94,477,000 | |||
$ | 279,125,000 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||
Accumulated post-retirement benefit obligation, funded status, net periodic benefit cost and assumptions used | The following table sets forth the accumulated postretirement benefit obligation and funded status: | |||||||||||
At December 31, | 2014 | 2013 | 2012 | |||||||||
Change in benefit obligations | ||||||||||||
Benefit obligation at beginning of year: | $ | 1,479,000 | $ | 1,954,000 | $ | 1,848,000 | ||||||
Service cost | — | 21,000 | 16,000 | |||||||||
Interest cost | 71,000 | 86,000 | 107,000 | |||||||||
Benefits paid | (100,000 | ) | (107,000 | ) | (103,000 | ) | ||||||
Actuarial (gain) loss | 478,000 | (475,000 | ) | 86,000 | ||||||||
Benefit obligation at end of year: | $ | 1,928,000 | $ | 1,479,000 | $ | 1,954,000 | ||||||
Funded status | ||||||||||||
Benefit obligation at end of year | $ | (1,928,000 | ) | $ | (1,479,000 | ) | $ | (1,954,000 | ) | |||
Unamortized (gain) loss | 192,000 | (289,000 | ) | 186,000 | ||||||||
Unrecognized transition obligation | — | — | 5,000 | |||||||||
Accrued benefit cost | $ | (1,736,000 | ) | $ | (1,768,000 | ) | $ | (1,763,000 | ) | |||
Weighted average discount rate as of December 31 | 4.25 | % | 5 | % | 4.5 | % | ||||||
Schedule of net benefit costs | The following table sets forth the net periodic pension cost: | |||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Components of net periodic benefit cost | ||||||||||||
Service cost | $ | — | $ | 21,000 | $ | 16,000 | ||||||
Interest cost | 71,000 | 86,000 | 107,000 | |||||||||
Amortization of unrecognized transition obligation | — | 5,000 | 29,000 | |||||||||
Amortization of gain | (12,000 | ) | — | — | ||||||||
Other settlement expense | 10,000 | — | — | |||||||||
Net periodic benefit cost | $ | 69,000 | $ | 112,000 | $ | 152,000 | ||||||
Weighted average discount rate for net periodic cost | 5 | % | 4.5 | % | 6.5 | % | ||||||
Schedule of net periodic benefit cost not yet recognized | In accordance with FASB ASC Topic 715, "Compensation – Retirement Benefits", amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) are as follows: | |||||||||||
At December 31, | 2014 | 2013 | Portion to Be Recognized in | |||||||||
Income in 2015 | ||||||||||||
Unamortized net actuarial gain (loss) | $ | (192,000 | ) | $ | 289,000 | $ | — | |||||
Deferred tax benefit (expense) at 35% | 67,000 | (101,000 | ) | — | ||||||||
Net unrecognized post-retirement benefits included in accumulated other comprehensive income (loss) | $ | (125,000 | ) | $ | 188,000 | $ | — | |||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012. | |||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | (6,591,000 | ) | $ | 7,940,000 | $ | 7,401,000 | |||||
Unrealized gains (losses) arising during the period | 15,175,000 | (21,268,000 | ) | 2,797,000 | ||||||||
Realized gains during the period | (1,155,000 | ) | (1,087,000 | ) | (1,968,000 | ) | ||||||
Related deferred taxes | (4,907,000 | ) | 7,824,000 | (290,000 | ) | |||||||
Net change | 9,113,000 | (14,531,000 | ) | 539,000 | ||||||||
Balance at end of year | $ | 2,522,000 | $ | (6,591,000 | ) | $ | 7,940,000 | |||||
The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in other comprehensive income (loss) for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | — | $ | — | $ | — | ||||||
Net unrealized losses transferred during the period | (23,000 | ) | — | — | ||||||||
Amortization of net unrealized losses | (51,000 | ) | — | — | ||||||||
Related deferred taxes | 26,000 | — | — | |||||||||
Net change | (48,000 | ) | — | — | ||||||||
Balance at end of period | $ | (48,000 | ) | $ | — | $ | — | |||||
The following table summarizes activity in the unrealized gain or loss on postretirement benefits included in other comprehensive income (loss) for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Unrecognized postretirement benefits at beginning of period | $ | 188,000 | $ | (123,000 | ) | $ | (87,000 | ) | ||||
Amortization of unrecognized transition obligation | — | 5,000 | 29,000 | |||||||||
Change in unamortized net actuarial gain (loss) | (481,000 | ) | 475,000 | (86,000 | ) | |||||||
Related deferred taxes | 168,000 | (169,000 | ) | 21,000 | ||||||||
Unrecognized postretirement benefits at end of period | $ | (125,000 | ) | $ | 188,000 | $ | (123,000 | ) | ||||
The following table summarizes activity in the unrealized loss on securities transferred from available for sale to held to maturity included in other comprehensive income (loss) for the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of period | $ | — | $ | — | $ | — | ||||||
Net unrealized losses transferred during the period | (23,000 | ) | — | — | ||||||||
Amortization of net unrealized losses | (51,000 | ) | — | — | ||||||||
Related deferred taxes | 26,000 | — | — | |||||||||
Net change | (48,000 | ) | — | — | ||||||||
Balance at end of period | $ | (48,000 | ) | $ | — | $ | — | |||||
The following table summarizes activity in the unrealized gain or loss on available for sale securities included in other comprehensive income (loss) for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | (6,591,000 | ) | $ | 7,940,000 | $ | 7,401,000 | |||||
Unrealized gains (losses) arising during the period | 15,175,000 | (21,268,000 | ) | 2,797,000 | ||||||||
Realized gains during the period | (1,155,000 | ) | (1,087,000 | ) | (1,968,000 | ) | ||||||
Related deferred taxes | (4,907,000 | ) | 7,824,000 | (290,000 | ) | |||||||
Net change | 9,113,000 | (14,531,000 | ) | 539,000 | ||||||||
Balance at end of year | $ | 2,522,000 | $ | (6,591,000 | ) | $ | 7,940,000 | |||||
Stock_Options_and_StockBased_C1
Stock Options and Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | As of December 31, 2014, 72,684 shares of restricted stock had been granted under the 2010 Plan, as detailed in the following table: | |||||||||||
Year | Vesting Term | Shares | Remaining Term | |||||||||
Granted | (In Years) | (In Years) | ||||||||||
2011 | 4 | 1,500 | 0.1 | |||||||||
2011 | 5 | 5,500 | 1.1 | |||||||||
2012 | 3 | 2,027 | 0.2 | |||||||||
2012 | 4 | 2,704 | 1.2 | |||||||||
2012 | 5 | 7,996 | 2.2 | |||||||||
2013 | 2 | 8,530 | 0.1 | |||||||||
2013 | 3 | 3,808 | 1.1 | |||||||||
2013 | 5 | 14,776 | 3.1 | |||||||||
2014 | 1 | 5,086 | 0.1 | |||||||||
2014 | 2 | 10,335 | 1 | |||||||||
2014 | 5 | 10,422 | 4 | |||||||||
72,684 | 1.9 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of outstanding stock options as of December 31, 2014 and changes during the year then ended, is presented below. | |||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (In years) | Aggregate Intrinsic | |||||||||
Value | ||||||||||||
Outstanding at December 31, 2013 | 42,000 | $ | 18 | |||||||||
Granted in 2014 | — | — | ||||||||||
Exercised in 2014 | — | — | — | |||||||||
Forfeited in 2014 | — | — | ||||||||||
Outstanding at December 31, 2014 | 42,000 | $ | 18 | 0.1 | — | |||||||
Exercisable at December 31, 2014 | 42,000 | $ | 18 | 0.1 | — | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings Per Share [Abstract] | |||||||||||
Basic and diluted earnings per share (EPS) | The following table provides detail for basic earnings per share (EPS) and diluted earnings per share for the years ended December 31, 2014, 2013 and 2012: | ||||||||||
Income | Shares | Per-Share | |||||||||
(Numerator) | (Denominator) | Amount | |||||||||
For the year ended December 31, 2014 | |||||||||||
Net income as reported | $ | 14,709,000 | |||||||||
Less dividends and amortization of premium on preferred stock | — | ||||||||||
Basic EPS: Income available to common shareholders | 14,709,000 | 10,638,527 | $ | 1.38 | |||||||
Effect of dilutive securities: warrants and restricted stock | 72,337 | ||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 14,709,000 | 10,710,864 | $ | 1.37 | ||||||
For the year ended December 31, 2013 | |||||||||||
Net income as reported | $ | 12,965,000 | |||||||||
Less dividends and amortization of premium on preferred stock | 384,000 | ||||||||||
Basic EPS: Income available to common shareholders | 12,581,000 | 10,469,446 | $ | 1.2 | |||||||
Effect of dilutive securities: warrants and restricted stock | 51,609 | ||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 12,581,000 | 10,521,055 | $ | 1.2 | ||||||
For the year ended December 31, 2012 | |||||||||||
Net income as reported | $ | 12,688,000 | |||||||||
Less dividends and amortization of premium on preferred stock | 723,000 | ||||||||||
Basic EPS: Income available to common shareholders | 11,965,000 | 9,828,925 | $ | 1.22 | |||||||
Effect of dilutive securities: restricted stock | 17,606 | ||||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ | 11,965,000 | 9,846,531 | $ | 1.22 | ||||||
Number of options and warrants outstanding and amount above or below the strike price | The following table presents the number of options and warrants outstanding as of December 31, 2014, 2013 and 2012 and the amount which are above or below the strike price: | ||||||||||
Outstanding | In-the-Money | Out-of-the-Money | |||||||||
As of December 31, 2014 | |||||||||||
Incentive stock options | 42,000 | — | 42,000 | ||||||||
Warrants issued to U.S. Treasury | 225,904 | 225,904 | — | ||||||||
Total dilutive securities | 267,904 | 225,904 | 42,000 | ||||||||
As of December 31, 2013 | |||||||||||
Incentive stock options | 42,000 | — | 42,000 | ||||||||
Warrants issued to U.S. Treasury | 225,904 | 225,904 | — | ||||||||
Total dilutive securities | 267,904 | 225,904 | 42,000 | ||||||||
As of December 31, 2012 | |||||||||||
Incentive stock options | 42,000 | — | 42,000 | ||||||||
Warrants issued to U.S. Treasury | 225,904 | — | 225,904 | ||||||||
Total dilutive securities | 267,904 | — | 267,904 | ||||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||
The actual and minimum capital amounts and ratios | The actual and minimum capital amounts and ratios for the Bank are presented in the following table: | |||||||||||
Actual | For capital | To be well-capitalized | ||||||||||
adequacy | under prompt corrective | |||||||||||
purposes | action provisions | |||||||||||
As of December 31, 2014 | ||||||||||||
Tier 2 capital to | $ | 137,818,000 | $ | 68,524,000 | $ | 85,655,000 | ||||||
risk-weighted assets | 16.09 | % | 8 | % | 10 | % | ||||||
Tier 1 capital to | $ | 127,374,000 | $ | 34,262,000 | $ | 51,393,000 | ||||||
risk-weighted assets | 14.87 | % | 4 | % | 6 | % | ||||||
Tier 1 capital to | $ | 127,374,000 | $ | 58,086,000 | $ | 72,607,000 | ||||||
average assets | 8.77 | % | 4 | % | 5 | % | ||||||
As of December 31, 2013 | ||||||||||||
Tier 2 capital to | $ | 131,146,000 | $ | 65,996,000 | $ | 82,495,000 | ||||||
risk-weighted assets | 15.9 | % | 8 | % | 10 | % | ||||||
Tier 1 capital to | $ | 120,819,000 | $ | 32,998,000 | $ | 49,497,000 | ||||||
risk-weighted assets | 14.65 | % | 4 | % | 6 | % | ||||||
Tier 1 capital to | $ | 120,819,000 | $ | 57,203,000 | $ | 71,504,000 | ||||||
average assets | 8.45 | % | 4 | % | 5 | % | ||||||
The actual and minimum capital amounts and ratios for the Company, on a consolidated basis, are presented in the following table: | ||||||||||||
Actual | For capital | To be well-capitalized | ||||||||||
adequacy | under prompt corrective | |||||||||||
purposes | action provisions | |||||||||||
As of December 31, 2014 | ||||||||||||
Tier 2 capital to | $ | 139,414,000 | $ | 68,532,000 | n/a | |||||||
risk-weighted assets | 16.27 | % | 8 | % | n/a | |||||||
Tier 1 capital to | $ | 128,970,000 | $ | 34,266,000 | n/a | |||||||
risk-weighted assets | 15.06 | % | 4 | % | n/a | |||||||
Tier 1 capital to | $ | 128,970,000 | $ | 58,066,000 | n/a | |||||||
average assets | 8.88 | % | 4 | % | n/a | |||||||
As of December 31, 2013 | ||||||||||||
Tier 2 capital to | $ | 132,294,000 | $ | 66,005,000 | n/a | |||||||
risk-weighted assets | 16.03 | % | 8 | % | n/a | |||||||
Tier 1 capital to | $ | 121,967,000 | $ | 33,002,000 | n/a | |||||||
risk-weighted assets | 14.78 | % | 4 | % | n/a | |||||||
Tier 1 capital to | $ | 121,967,000 | $ | 56,280,000 | n/a | |||||||
average assets | 8.67 | % | 4 | % | n/a | |||||||
OffBalanceSheet_Financial_Inst1
Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Off-Balance-Sheet Financial instruments | At December 31, 2014 and 2013, the Bank had the following off-balance-sheet financial instruments, whose contract amounts represent credit risk: | |||||||
As of December 31, | 2014 | 2013 | ||||||
Unused lines, collateralized by residential real estate | $ | 65,264,000 | $ | 58,265,000 | ||||
Other unused commitments | 49,608,000 | 48,646,000 | ||||||
Standby letters of credit | 4,480,000 | 4,086,000 | ||||||
Commitments to extend credit | 13,593,000 | 7,224,000 | ||||||
Total | $ | 132,945,000 | $ | 118,221,000 | ||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Assets and liabilities measured on recurring basis measured at fair value | The following table presents the balances of assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2014 and 2013. | |||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 151,855,000 | $ | — | $ | 151,855,000 | ||||||||||||
State and political subdivisions | — | 30,855,000 | — | 30,855,000 | ||||||||||||||||
Other equity securities | — | 2,551,000 | — | 2,551,000 | ||||||||||||||||
Total assets | $ | — | $ | 185,261,000 | $ | — | $ | 185,261,000 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 177,729,000 | $ | — | $ | 177,729,000 | ||||||||||||
State and political subdivisions | — | 126,315,000 | — | 126,315,000 | ||||||||||||||||
Other equity securities | — | 1,780,000 | — | 1,780,000 | ||||||||||||||||
Total assets | $ | — | $ | 305,824,000 | $ | — | $ | 305,824,000 | ||||||||||||
Assets and liabilities measured on non-recurring basis measured at fair value | The following table presents assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Other real estate owned is presented net of an allowance for losses of $654,000 and $330,000 at December 2014 and 2013, respectively. Only collateral-dependent impaired loans with a related specific allowance for loan losses or a partial charge off are included in impaired loans for purposes of fair value disclosures. Impaired loans below are presented net of specific allowances of $1,074,000 and $1,309,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Other real estate owned | $ | — | $ | 3,785,000 | $ | — | $ | 3,785,000 | ||||||||||||
Impaired loans | — | 1,909,000 | — | 1,909,000 | ||||||||||||||||
Total Assets | $ | — | $ | 5,694,000 | $ | — | $ | 5,694,000 | ||||||||||||
At December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Other real estate owned | $ | — | $ | 4,807,000 | $ | — | $ | 4,807,000 | ||||||||||||
Impaired loans | — | 1,116,000 | — | 1,116,000 | ||||||||||||||||
Total Assets | $ | — | $ | 5,923,000 | $ | — | $ | 5,923,000 | ||||||||||||
Estimated fair value of financial instruments | The carrying amounts and estimated fair values for financial instruments as of December 31, 2014 were as follows: | |||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||
As of December 31, 2014 | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 13,057,000 | $ | 13,057,000 | $ | 13,057,000 | $ | — | $ | — | ||||||||||
Interest bearing deposits in other banks | 3,559,000 | 3,559,000 | 3,559,000 | — | — | |||||||||||||||
Securities available for sale | 185,261,000 | 185,261,000 | — | 185,261,000 | — | |||||||||||||||
Securities to be held to maturity | 275,919,000 | 279,704,000 | — | 279,704,000 | — | |||||||||||||||
Restricted equity securities | 13,912,000 | 13,912,000 | — | 13,912,000 | — | |||||||||||||||
Loans (net of allowance for loan losses) | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Real estate | 238,104,000 | 236,368,000 | — | 431,000 | 235,937,000 | |||||||||||||||
Construction | 29,951,000 | 29,733,000 | — | — | 29,733,000 | |||||||||||||||
Other | 102,738,000 | 102,858,000 | — | — | 102,858,000 | |||||||||||||||
Municipal | 20,406,000 | 20,833,000 | — | — | 20,833,000 | |||||||||||||||
Residential | ||||||||||||||||||||
Term | 382,620,000 | 389,200,000 | — | 990,000 | 388,210,000 | |||||||||||||||
Construction | 12,136,000 | 12,123,000 | — | — | 12,123,000 | |||||||||||||||
Home equity line of credit | 102,258,000 | 101,733,000 | — | 488,000 | 101,245,000 | |||||||||||||||
Consumer | 19,007,000 | 19,207,000 | — | — | 19,207,000 | |||||||||||||||
Total loans | 907,220,000 | 912,055,000 | — | 1,909,000 | 910,146,000 | |||||||||||||||
Mortgage servicing rights | 1,086,000 | 2,088,000 | — | 2,088,000 | — | |||||||||||||||
Accrued interest receivable | 4,748,000 | 4,748,000 | — | 4,748,000 | — | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Demand deposits | $ | 113,133,000 | $ | 109,973,000 | $ | — | $ | 109,973,000 | $ | — | ||||||||||
NOW deposits | 199,977,000 | 186,490,000 | — | 186,490,000 | — | |||||||||||||||
Money market deposits | 98,607,000 | 83,837,000 | — | 83,837,000 | — | |||||||||||||||
Savings deposits | 165,601,000 | 146,936,000 | — | 146,936,000 | — | |||||||||||||||
Local certificates of deposit | 205,072,000 | 205,360,000 | — | 205,360,000 | — | |||||||||||||||
National certificates of deposit | 242,429,000 | 242,824,000 | — | 242,824,000 | — | |||||||||||||||
Total deposits | 1,024,819,000 | 975,420,000 | — | 975,420,000 | — | |||||||||||||||
Repurchase agreements | 74,725,000 | 70,783,000 | — | 70,783,000 | — | |||||||||||||||
Federal Home Loan Bank advances | 205,191,000 | 208,259,000 | — | 208,259,000 | — | |||||||||||||||
Total borrowed funds | 279,916,000 | 279,042,000 | — | 279,042,000 | — | |||||||||||||||
Accrued interest payable | 521,000 | 521,000 | — | 521,000 | — | |||||||||||||||
The carrying amounts and estimated fair values for financial instruments as of December 31, 2013 were as follows: | ||||||||||||||||||||
Carrying | Estimated | |||||||||||||||||||
As of December 31, 2013 | value | fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 16,570,000 | $ | 16,570,000 | $ | 16,570,000 | $ | — | $ | — | ||||||||||
Interest bearing deposits in other banks | 2,562,000 | 2,562,000 | 2,562,000 | — | — | |||||||||||||||
Securities available for sale | 305,824,000 | 305,824,000 | — | 305,824,000 | — | |||||||||||||||
Securities to be held to maturity | 169,277,000 | 158,336,000 | — | 158,336,000 | — | |||||||||||||||
Restricted equity securities | 13,912,000 | 13,912,000 | — | 13,912,000 | — | |||||||||||||||
Loans held for sale | 83,000 | 83,000 | — | 83,000 | — | |||||||||||||||
Loans (net of allowance for loan losses) | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Real estate | 240,555,000 | 239,973,000 | — | 109,000 | 239,864,000 | |||||||||||||||
Construction | 19,709,000 | 19,661,000 | — | — | 19,661,000 | |||||||||||||||
Other | 92,625,000 | 92,855,000 | — | 229,000 | 92,626,000 | |||||||||||||||
Municipal | 19,099,000 | 19,358,000 | — | — | 19,358,000 | |||||||||||||||
Residential | ||||||||||||||||||||
Term | 375,932,000 | 381,918,000 | — | 778,000 | 381,140,000 | |||||||||||||||
Construction | 11,778,000 | 11,794,000 | — | — | 11,794,000 | |||||||||||||||
Home equity line of credit | 90,759,000 | 90,542,000 | — | — | 90,542,000 | |||||||||||||||
Consumer | 14,396,000 | 14,438,000 | — | — | 14,438,000 | |||||||||||||||
Total loans | 864,853,000 | 870,539,000 | — | 1,116,000 | 869,423,000 | |||||||||||||||
Mortgage servicing rights | 1,158,000 | 1,948,000 | — | 1,948,000 | — | |||||||||||||||
Accrued interest receivable | 5,038,000 | 5,038,000 | — | 5,038,000 | — | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
Demand deposits | $ | 106,125,000 | $ | 96,175,000 | $ | — | $ | 96,175,000 | $ | — | ||||||||||
NOW deposits | 151,322,000 | 129,815,000 | — | 129,815,000 | — | |||||||||||||||
Money market deposits | 86,730,000 | 67,968,000 | — | 67,968,000 | — | |||||||||||||||
Savings deposits | 149,103,000 | 122,891,000 | — | 122,891,000 | — | |||||||||||||||
Local certificates of deposit | 226,658,000 | 228,767,000 | — | 228,767,000 | — | |||||||||||||||
National certificates of deposit | 304,461,000 | 306,346,000 | — | 306,346,000 | — | |||||||||||||||
Total deposits | 1,024,399,000 | 951,962,000 | — | 951,962,000 | — | |||||||||||||||
Repurchase agreements | 94,477,000 | 94,477,000 | — | 94,477,000 | — | |||||||||||||||
Federal Home Loan Bank advances | 184,648,000 | 189,644,000 | — | 189,644,000 | — | |||||||||||||||
Total borrowed funds | 279,125,000 | 284,121,000 | — | 284,121,000 | — | |||||||||||||||
Accrued interest payable | 599,000 | 599,000 | — | 599,000 | — | |||||||||||||||
Other_Operating_Income_and_Exp1
Other Operating Income and Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other operating income and expense | Other operating income and other operating expense include the following items greater than 1% of revenues. | |||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Other operating income | ||||||||||||
ATM and debit card income | $ | 2,630,000 | $ | 2,440,000 | $ | 1,994,000 | ||||||
Other operating expense | ||||||||||||
Advertising and marketing expense | $ | 1,022,000 | $ | 1,117,000 | $ | 935,000 | ||||||
Accounting and auditing expenses | 746,000 | 674,000 | 630,000 | |||||||||
Collections/foreclosures/ other real estate owned expense | 657,000 | 878,000 | 606,000 | |||||||||
ATM and interchange expense | 760,000 | 778,000 | 940,000 | |||||||||
Legal fees and expenses | 769,000 | 482,000 | 715,000 | |||||||||
Condensed_Financial_Informatio1
Condensed Financial Information of Parent (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Condensed financial information for Parent | Condensed financial information for The First Bancorp, Inc. exclusive of its subsidiary is as follows: | |||||||||||
Balance Sheets | ||||||||||||
As of December 31, | 2014 | 2013 | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 522,000 | $ | 1,113,000 | ||||||||
Dividends receivable | 2,500,000 | 1,500,000 | ||||||||||
Investments | 528,000 | 543,000 | ||||||||||
Investment in subsidiary | 132,399,000 | 117,391,000 | ||||||||||
Premises and equipment | 24,000 | 32,000 | ||||||||||
Goodwill | 27,559,000 | 27,559,000 | ||||||||||
Other assets | 302,000 | 203,000 | ||||||||||
Total assets | $ | 163,834,000 | $ | 148,341,000 | ||||||||
Liabilities and shareholders' equity | ||||||||||||
Dividends payable | $ | 2,252,000 | $ | 2,134,000 | ||||||||
Other liabilities | 28,000 | 109,000 | ||||||||||
Total liabilities | 2,280,000 | 2,243,000 | ||||||||||
Shareholders' equity | ||||||||||||
Common stock | 107,000 | 106,000 | ||||||||||
Additional paid-in capital | 59,282,000 | 58,395,000 | ||||||||||
Retained earnings | 102,125,000 | 87,523,000 | ||||||||||
Accumulated other comprehensive income | ||||||||||||
Net unrealized gain on available for sale securities, | 40,000 | 74,000 | ||||||||||
net of tax | ||||||||||||
Total accumulated other comprehensive income | 40,000 | 74,000 | ||||||||||
Total shareholders' equity | 161,554,000 | 146,098,000 | ||||||||||
Total liabilities and shareholders' equity | $ | 163,834,000 | $ | 148,341,000 | ||||||||
Statements of Income | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Interest and dividends on investments | $ | 15,000 | $ | 10,000 | $ | 10,000 | ||||||
Net securities gains | 38,000 | — | — | |||||||||
Total income | 53,000 | 10,000 | 10,000 | |||||||||
Occupancy expense | 12,000 | 11,000 | 8,000 | |||||||||
Other operating expense | 604,000 | 362,000 | 218,000 | |||||||||
Total expense | 616,000 | 373,000 | 226,000 | |||||||||
Loss before income taxes and Bank earnings | (563,000 | ) | (363,000 | ) | (216,000 | ) | ||||||
Applicable income taxes | (200,000 | ) | (128,000 | ) | (76,000 | ) | ||||||
Loss before Bank earnings | (363,000 | ) | (235,000 | ) | (140,000 | ) | ||||||
Equity in earnings of Bank | ||||||||||||
Remitted | 8,850,000 | 7,096,000 | 9,694,000 | |||||||||
Unremitted | 6,222,000 | 6,104,000 | 3,134,000 | |||||||||
Net income | $ | 14,709,000 | $ | 12,965,000 | $ | 12,688,000 | ||||||
Statements of Cash Flows | ||||||||||||
For the years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 14,709,000 | $ | 12,965,000 | $ | 12,688,000 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 9,000 | 11,000 | 8,000 | |||||||||
Equity compensation expense | 431,000 | 214,000 | 85,000 | |||||||||
Gain on sale of investment | (38,000 | ) | — | — | ||||||||
Increase in other assets | (98,000 | ) | (132,000 | ) | (15,000 | ) | ||||||
(Increase) decrease in dividend receivable | (1,050,000 | ) | 400,000 | — | ||||||||
Increase (decrease) in other liabilities | 105,000 | 258,000 | (5,000 | ) | ||||||||
Unremitted earnings of Bank | (6,222,000 | ) | (6,104,000 | ) | (3,134,000 | ) | ||||||
Net cash provided by operating activities | 7,846,000 | 7,612,000 | 9,627,000 | |||||||||
Cash flows from investing activities: | ||||||||||||
Capital expenditures | (1,000 | ) | — | (25,000 | ) | |||||||
Net cash used in investing activities | (1,000 | ) | — | (25,000 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Payment to repurchase preferred stock | — | (12,500,000 | ) | — | ||||||||
Proceeds from sale of common stock | 457,000 | 11,973,000 | 499,000 | |||||||||
Dividends paid | (8,893,000 | ) | (8,657,000 | ) | (8,310,000 | ) | ||||||
Net cash used in financing activities | (8,436,000 | ) | (9,184,000 | ) | (7,811,000 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | (591,000 | ) | (1,572,000 | ) | 1,791,000 | |||||||
Cash and cash equivalents at beginning of year | 1,113,000 | 2,685,000 | 894,000 | |||||||||
Cash and cash equivalents at end of year | $ | 522,000 | $ | 1,113,000 | $ | 2,685,000 | ||||||
Quarterly_Information_Tables
Quarterly Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly information | The following tables provide unaudited financial information by quarter for each of the past two years: | |||||||||||||||||||||||||||||||
Dollars in thousands except per share data | 2013Q1 | 2013Q2 | 2013Q3 | 2013Q4 | 2014Q1 | 2014Q2 | 2014Q3 | 2014Q4 | ||||||||||||||||||||||||
Balance Sheets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 16,523 | $ | 18,683 | $ | 20,117 | $ | 16,570 | $ | 13,894 | $ | 20,416 | $ | 17,167 | $ | 13,057 | ||||||||||||||||
Interest-bearing deposits in other banks | 5,941 | 334 | 787 | 2,562 | 2,935 | 272 | 773 | 3,559 | ||||||||||||||||||||||||
Investments | 437,160 | 464,999 | 490,151 | 475,101 | 488,553 | 502,015 | 472,660 | 461,180 | ||||||||||||||||||||||||
Restricted equity securities | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | ||||||||||||||||||||||||
Net loans and loans held for sale | 851,001 | 854,448 | 851,171 | 864,936 | 857,315 | 880,492 | 896,857 | 907,220 | ||||||||||||||||||||||||
Other assets | 92,250 | 92,120 | 88,611 | 90,882 | 89,508 | 86,973 | 87,268 | 83,203 | ||||||||||||||||||||||||
Total assets | $ | 1,416,787 | $ | 1,444,496 | $ | 1,464,749 | $ | 1,463,963 | $ | 1,466,117 | $ | 1,504,080 | $ | 1,488,637 | $ | 1,482,131 | ||||||||||||||||
Deposits | $ | 975,861 | $ | 1,027,682 | $ | 1,037,466 | $ | 1,024,399 | $ | 1,045,970 | $ | 1,033,436 | $ | 1,055,322 | $ | 1,024,819 | ||||||||||||||||
Borrowed funds | 261,185 | 257,108 | 266,777 | 279,125 | 253,519 | 298,520 | 258,636 | 279,916 | ||||||||||||||||||||||||
Other liabilities | 16,070 | 13,734 | 13,853 | 14,341 | 14,212 | 14,675 | 15,489 | 15,842 | ||||||||||||||||||||||||
Shareholders' equity | 163,671 | 145,972 | 146,653 | 146,098 | 152,416 | 157,449 | 159,190 | 161,554 | ||||||||||||||||||||||||
Total liabilities | $ | 1,416,787 | $ | 1,444,496 | $ | 1,464,749 | $ | 1,463,963 | $ | 1,466,117 | $ | 1,504,080 | $ | 1,488,637 | $ | 1,482,131 | ||||||||||||||||
& equity | ||||||||||||||||||||||||||||||||
Income and Comprehensive Income (Loss) Statements | ||||||||||||||||||||||||||||||||
Interest income | $ | 12,265 | $ | 12,249 | $ | 12,655 | $ | 12,767 | $ | 12,623 | $ | 12,740 | $ | 12,869 | $ | 12,790 | ||||||||||||||||
Interest expense | 3,102 | 3,138 | 3,150 | 3,106 | 2,912 | 2,905 | 2,865 | 2,743 | ||||||||||||||||||||||||
Net interest income | 9,163 | 9,111 | 9,505 | 9,661 | 9,711 | 9,835 | 10,004 | 10,047 | ||||||||||||||||||||||||
Provision for | 1,500 | 1,200 | 800 | 700 | 400 | 100 | 350 | 300 | ||||||||||||||||||||||||
loan losses | ||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 7,663 | 7,911 | 8,705 | 8,961 | 9,311 | 9,735 | 9,654 | 9,747 | ||||||||||||||||||||||||
Non-interest income | 3,288 | 3,579 | 2,621 | 2,599 | 2,332 | 2,458 | 3,656 | 2,602 | ||||||||||||||||||||||||
Non-interest expense | 7,389 | 7,423 | 7,006 | 7,119 | 7,252 | 7,291 | 7,802 | 7,875 | ||||||||||||||||||||||||
Income before taxes | 3,562 | 4,067 | 4,320 | 4,441 | 4,391 | 4,902 | 5,508 | 4,474 | ||||||||||||||||||||||||
Income taxes | 706 | 825 | 955 | 939 | 963 | 1,155 | 1,400 | 1,048 | ||||||||||||||||||||||||
Net income | $ | 2,856 | $ | 3,242 | $ | 3,365 | $ | 3,502 | $ | 3,428 | $ | 3,747 | $ | 4,108 | $ | 3,426 | ||||||||||||||||
Basic earnings per share | $ | 0.27 | $ | 0.29 | $ | 0.31 | $ | 0.33 | $ | 0.32 | $ | 0.35 | $ | 0.39 | $ | 0.32 | ||||||||||||||||
Diluted earnings per share | $ | 0.27 | $ | 0.29 | $ | 0.31 | $ | 0.33 | $ | 0.32 | $ | 0.35 | $ | 0.38 | $ | 0.32 | ||||||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||||||||||||||||||
Net unrealized gain (loss) on securities available for sale | $ | (2,466 | ) | $ | (8,907 | ) | $ | (779 | ) | $ | (2,379 | ) | $ | 4,824 | $ | 3,313 | $ | (319 | ) | $ | 1,295 | |||||||||||
Net unrealized loss on securities transfered from available for sale to held to maturity | — | — | — | — | — | — | (28 | ) | (20 | ) | ||||||||||||||||||||||
Unrecognized gain (loss) on postretirement benefit costs | 4 | 4 | — | 303 | — | — | — | (313 | ) | |||||||||||||||||||||||
Other comprehensive income (loss) | $ | (2,462 | ) | $ | (8,903 | ) | $ | (779 | ) | $ | (2,076 | ) | $ | 4,824 | $ | 3,313 | $ | (347 | ) | $ | 962 | |||||||||||
Comprehensive income (loss) | $ | 394 | $ | (5,661 | ) | $ | 2,586 | $ | 1,426 | $ | 8,252 | $ | 7,060 | $ | 3,761 | $ | 4,388 | |||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Finite lived intangible asset, amortization (in years) | 10 years | ||
Amortization of identified intangibles | $326 | $326 | $283 |
Bank Acquisitions From Camden National Bank | Core Deposits | |||
Business Acquisition [Line Items] | |||
Finite lived intangible asset, amortization (in years) | 10 years | ||
Amortization of identified intangibles | 43 | 43,000 | |
Amortization of Intangible Assets, Yearly Expense till Fully Amortized | 43 | ||
FNB Bankshares | Core Deposits | |||
Business Acquisition [Line Items] | |||
Amortization of identified intangibles | 283 | 283 | 283 |
Amortization of Intangible Assets - FNB Bankshares | $14 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | |
Contractual clearing balance | $500,000 |
Cash held in Reserve at Federal Reserve Bank | $1,184,000 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2011 |
security | |||||
state | |||||
Securities available for sale | |||||
Amortized Cost-Equity | $2,490 | $1,666 | |||
Amortized Cost-Total | 181,380 | 315,963 | |||
Unrealized Gains | 4,567 | 2,966 | |||
Unrealized Losses | -686 | -13,105 | |||
Fair Value Estimated | 185,261 | 305,824 | |||
Proceeds from sales of securities | 15,557 | 10,563 | 26,437 | ||
Gross realized gains | 1,155 | 1,087 | 2,257 | ||
Gross realized losses | 0 | 0 | -289 | ||
Net gain | 1,155 | 1,087 | 1,968 | ||
Related income taxes | 404 | 380 | 689 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 17,298 | 244,393 | |||
12 months or more, Fair Value | 111,694 | 12,651 | |||
Total, Fair Value | 128,992 | 257,044 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | -74 | -25,629 | |||
12 months or more, Unrealized Losses | -2,825 | -1,681 | |||
Total, Unrealized Losses | -2,899 | -27,310 | |||
Available-for-Sale Securities, Transferred Security, at Carrying Value | 89,780 | ||||
Available-for-Sale Securities, Transferred Security, at Fair Value | 89,757 | ||||
Available-for-sale Securities, Transferred to Held-to-maturity Securities, Accumulated Unrealized Gain (Loss) | -15 | ||||
Other Comprehensive Income (Loss), Accumulated Unrealized Gain (Loss) on Transfer of Available-for-sale Securities to Held-to-maturity | -48 | 0 | 0 | 0 | |
Number Of States in New England Where FHLB Serve | 6 | ||||
Federal Home Loan Bank stock, at cost | 12,875 | 12,875 | |||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 275,919 | 169,277 | |||
Unrealized Gains | 5,998 | 3,264 | |||
Unrealized Losses | -2,213 | -14,205 | |||
Securities to be held to maturity, fair value | 279,704 | 158,336 | |||
Restricted equity securities, cost and FMV [Abstract] | |||||
Amortized Cost | 13,912 | 13,912 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Value Estimated | 13,912 | 13,912 | |||
Securities available for sale, maturities amortized cost [Abstract] | |||||
Amortized cost, debt maturities, due in 1 year or less | 2,309 | 717 | |||
Amortized cost, debt maturities, due in 1 to 5 years | 15,200 | 20,547 | |||
Amortized cost, debt maturities, due in 5 to 10 years | 18,547 | 16,114 | |||
Amortized cost, debt maturities, due after 10 years | 142,834 | 276,919 | |||
Amortized cost, equity maturities | 2,490 | 1,666 | |||
Amortized Cost-Total | 181,380 | 315,963 | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair value, debt maturities, due in 1 year or less | 2,329 | 721 | |||
Fair value, debt maturities, due in 1 to 5 years | 15,499 | 20,636 | |||
Fair value, debt maturities, due in 5 to 10 years | 19,124 | 16,267 | |||
Fair value, debt maturities, due after 10 years | 145,758 | 266,420 | |||
Fair value, equity maturities | 2,551 | 1,780 | |||
Fair Value Estimated | 185,261 | 305,824 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Amortized cost, due in 1 year or less | 1,693 | 268 | |||
Amortized cost, due in 1 to 5 years | 8,467 | 6,420 | |||
Amortized cost, due in 5 to 10 years | 50,629 | 33,442 | |||
Amortized cost, due after 10 years | 215,130 | 129,147 | |||
Securities to be held to maturity, amortized cost | 275,919 | 169,277 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Fair value, due in 1 year or less | 1,713 | 273 | |||
Fair value, due in 1 to 5 years | 8,702 | 6,790 | |||
Fair value, due in 5 to 10 years | 52,717 | 33,828 | |||
Fair value, due after 10 years | 216,572 | 117,445 | |||
Securities to be held to maturity, fair value | 279,704 | 158,336 | |||
Fair value of securities pledged to secure borrowings from the Federal Home Loan Bank of Boston, public deposits, repurchase agreements, and for other purposes as required by law | 164,919 | 147,074 | |||
Number of securities temporarily impaired as a result of changes in interest rates reducing their fair value (in number of securities) | 56 | ||||
Number of securities temporarily impaired for 12 months or more (in number of securities) | 36 | ||||
Length of time for the temporary impairment (in months) | 12 months | ||||
Federal Home Loan Bank Stock | |||||
Restricted equity securities, cost and FMV [Abstract] | |||||
Amortized Cost | 12,875 | 12,875 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Value Estimated | 12,875 | 12,875 | |||
Federal Reserve Bank Stock | |||||
Restricted equity securities, cost and FMV [Abstract] | |||||
Amortized Cost | 1,037 | 1,037 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Value Estimated | 1,037 | 1,037 | |||
US Treasury and Government | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 92,341 | 92,280 | |||
Unrealized Gains | 54 | 1 | |||
Unrealized Losses | -2,066 | -12,757 | |||
Securities to be held to maturity, fair value | 90,329 | 79,524 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity, amortized cost | 92,341 | 92,280 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | 90,329 | 79,524 | |||
Collateralized Mortgage Backed Securities | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 57,003 | 35,712 | |||
Unrealized Gains | 1,830 | 1,440 | |||
Unrealized Losses | -116 | -1,336 | |||
Securities to be held to maturity, fair value | 58,717 | 35,816 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity, amortized cost | 57,003 | 35,712 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | 58,717 | 35,816 | |||
US States and Political Subdivisions Debt Securities | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 126,275 | 40,985 | |||
Unrealized Gains | 4,114 | 1,823 | |||
Unrealized Losses | -31 | -112 | |||
Securities to be held to maturity, fair value | 130,358 | 42,696 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity, amortized cost | 126,275 | 40,985 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | 130,358 | 42,696 | |||
Corporate Debt Securities | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 300 | 300 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Securities to be held to maturity, fair value | 300 | 300 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity, amortized cost | 300 | 300 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | 300 | 300 | |||
US Treasury and Government | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 0 | 78,724 | |||
12 months or more, Fair Value | 79,444 | 0 | |||
Total, Fair Value | 79,444 | 78,724 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | 0 | -12,757 | |||
12 months or more, Unrealized Losses | -2,066 | 0 | |||
Total, Unrealized Losses | -2,066 | -12,757 | |||
Collateralized Mortgage Backed Securities | |||||
Securities available for sale | |||||
Amortized Cost-Debt | 149,796 | 180,109 | |||
Unrealized Gains | 2,637 | 1,392 | |||
Unrealized Losses | -578 | -3,772 | |||
Fair Value Estimated | 151,855 | 177,729 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 13,878 | 96,263 | |||
12 months or more, Fair Value | 29,182 | 5,451 | |||
Total, Fair Value | 43,060 | 101,714 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | -40 | -4,977 | |||
12 months or more, Unrealized Losses | -654 | -131 | |||
Total, Unrealized Losses | -694 | -5,108 | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair Value Estimated | 151,855 | 177,729 | |||
US States and Political Subdivisions Debt Securities | |||||
Securities available for sale | |||||
Amortized Cost-Debt | 29,094 | 134,188 | |||
Unrealized Gains | 1,865 | 1,458 | |||
Unrealized Losses | -104 | -9,331 | |||
Fair Value Estimated | 30,855 | 126,315 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 3,352 | 69,406 | |||
12 months or more, Fair Value | 3,017 | 7,150 | |||
Total, Fair Value | 6,369 | 76,556 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | -31 | -7,895 | |||
12 months or more, Unrealized Losses | -104 | -1,548 | |||
Total, Unrealized Losses | -135 | -9,443 | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair Value Estimated | 30,855 | 126,315 | |||
Other Equity Securities | |||||
Securities available for sale | |||||
Amortized Cost-Equity | 2,490 | 1,666 | |||
Unrealized Gains | 65 | 116 | |||
Unrealized Losses | -4 | -2 | |||
Fair Value Estimated | 2,551 | 1,780 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 68 | 0 | |||
12 months or more, Fair Value | 51 | 50 | |||
Total, Fair Value | 119 | 50 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | -3 | 0 | |||
12 months or more, Unrealized Losses | -1 | -2 | |||
Total, Unrealized Losses | -4 | -2 | |||
Securities available for sale, maturities amortized cost [Abstract] | |||||
Amortized cost, equity maturities | 2,490 | 1,666 | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair Value Estimated | $2,551 | $1,780 |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Transfers and Servicing [Abstract] | |||
Outstanding principal balance of loans serviced for others | $214,086 | $211,634 | |
Net gain from sale of loans | 496 | 1,224 | 1,141 |
Mortgage servicing rights capitalized | 345 | 743 | |
Amortization of mortgage servicing rights | 428 | 515 | |
Fair value of mortgage servicing rights | 2,088 | 1,948 | |
Moving average of weekly prepayment data (in months) | 3 months | ||
Anticipated loan prepayment rate of servicing assets (in hundredths) | 11.38% | ||
Period used to determine average quarterly discount rate (in years) | 10 years | ||
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate adjustment factor (in hundredths) | 4.76% | ||
Summary of mortgage servicing rights [Abstract] | |||
Mortgage servicing rights | 6,039 | 7,172 | |
Accumulated amortization | -4,949 | -5,988 | |
Impairment reserve | -4 | -26 | |
Mortgage Servicing Rights Net | $1,086 | $1,158 |
Loans_Details
Loans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
loan | loan | ||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $917,564,000 | $876,367,000 | $869,284,000 |
Percentage of loan portfolio (in hundredths) | 100.00% | 100.00% | |
Loans Receivable to Related Party [Roll Forward] | |||
Balance at beginning of year | 14,884,000 | 14,917,000 | |
New loans | 8,932,000 | 909,000 | |
Repayments | -8,960,000 | -942,000 | |
Balance at end of year | 14,856,000 | 14,884,000 | 14,917,000 |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 2,142,000 | 1,588,000 | |
Loans Receivable 60 89 Days Past Due | 1,356,000 | 2,471,000 | |
90 Plus Days Past Due | 8,365,000 | 11,933,000 | |
All Past Due | 11,863,000 | 15,992,000 | |
Current | 905,701,000 | 860,375,000 | |
Amount of loan portfolio | 917,564,000 | 876,367,000 | 869,284,000 |
90 Plus Days And Accruing | 181,000 | 1,043,000 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 10,510,000 | 16,318,000 | |
Average investment in impaired loans | 38,404,000 | 45,722,000 | 45,019,000 |
Interest income recognized on impaired loans, all on cash basis | 1,465,000 | 1,750,000 | 1,039,000 |
Balance of impaired loans | 35,862,000 | 42,351,000 | 45,744,000 |
Less portion for which no allowance for loan losses is allocated | -26,313,000 | -32,417,000 | |
Portion of impaired loan balance for which an allowance for loan losses is allocated | 9,549,000 | 9,934,000 | |
Portion of allowance for loan losses allocated to the impaired loan balance | 826,000 | 3,604,000 | |
Recorded Investment | 35,862,000 | 42,351,000 | 45,744,000 |
Unpaid Principal Balance | 39,026,000 | 46,408,000 | 49,542,000 |
Related Allowance | 1,803,000 | 2,461,000 | 3,539,000 |
Average Recorded Investment | 38,404,000 | 45,722,000 | 45,019,000 |
Recognized Interest Income | 1,465,000 | 1,750,000 | 1,039,000 |
Troubled Debt Restructured, Number of Loans | 94 | 99 | |
Troubled Debt Restructured, Balance | 27,214,000 | 29,098,000 | |
Troubled Debt Restructured, Specific Reserves | 868,000 | 1,017,000 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 12 | 16 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 1,549,000 | 3,261,000 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 177,000 | 37,000 | |
Financing Receivable, Number of Loans | 6 | 10 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 929,000 | 3,610,000 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 826,000 | 3,604,000 | |
Financing Receivable, Specific Reserves | 12,000 | 31,000 | |
Net deferred loan costs included in loan balances | 2,729,000 | 2,086,000 | |
Loans used to collateralize borrowings from the Federal Home Loan Bank of Boston | 266,716,000 | 266,740,000 | |
Commercial, construction and home equity loans used to collateralize unused line of credit at the Federal Reserve Bank of Boston | 240,943,000 | 189,728,000 | |
Interest income which would have been recognized on these loans, if interest had been accrued | 551,000 | 917,000 | 1,158,000 |
Due from Related Parties | 29,883,000 | 28,821,000 | |
Balance of loans classified as TDRs, greater than 30 days past due | 1,549,000 | 3,261,000 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 6 | |
Financing Receivable, Loans Classified as Troubled Debt Restructurings That Had Been Placed on TDR Status in Previous 12 Months | 238,000 | 810,000 | |
Loans classified as TDRs that are involved in bankruptcy | 1,215,000 | ||
Number of loans classified as TDRs that were on non-accrual status | 16 | ||
Loans classified as TDRs that were on non-accrual status | 2,496,000 | ||
Number of loans classified as TDRs that are involved in foreclosure | 5 | ||
Loans classified as TDRs that are involved in foreclosure | 611,000 | ||
With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 11,478,000 | 14,181,000 | 18,182,000 |
Balance of impaired loans | 9,549,000 | 9,934,000 | 17,462,000 |
Recorded Investment | 9,549,000 | 9,934,000 | 17,462,000 |
Unpaid Principal Balance | 9,949,000 | 10,289,000 | 18,239,000 |
Related Allowance | 1,803,000 | 2,461,000 | 3,539,000 |
Average Recorded Investment | 11,478,000 | 14,181,000 | 18,182,000 |
Recognized Interest Income | 387,000 | 390,000 | 571,000 |
With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 26,926,000 | 31,541,000 | 26,837,000 |
Balance of impaired loans | 26,313,000 | 32,417,000 | 28,282,000 |
Recorded Investment | 26,313,000 | 32,417,000 | 28,282,000 |
Unpaid Principal Balance | 29,077,000 | 36,119,000 | 31,303,000 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 26,926,000 | 31,541,000 | 26,837,000 |
Recognized Interest Income | 1,078,000 | 1,360,000 | 468,000 |
Commercial Real Estate Other Receivable | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 15 | 20 | |
Troubled Debt Restructured, Balance | 2,007,000 | 2,734,000 | |
Troubled Debt Restructured, Specific Reserves | 0 | 100,000 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 1 | 2 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 2,000 | 355,000 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 0 | 0 | |
Commercial Real Estate | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 19 | 20 | |
Troubled Debt Restructured, Balance | 12,282,000 | 13,018,000 | |
Troubled Debt Restructured, Specific Reserves | 267,000 | 433,000 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 1 | 2 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 321,000 | 990,000 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 120,000 | 0 | |
Commercial Construction | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 1 | 1 | |
Troubled Debt Restructured, Balance | 1,172,000 | 1,284,000 | |
Troubled Debt Restructured, Specific Reserves | 207,000 | 274,000 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 0 | 0 | |
Municipal | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 0 | 0 | |
Troubled Debt Restructured, Balance | 0 | 0 | |
Troubled Debt Restructured, Specific Reserves | 0 | 0 | |
Residential Term | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 54 | 53 | |
Troubled Debt Restructured, Balance | 10,932,000 | 11,220,000 | |
Troubled Debt Restructured, Specific Reserves | 373,000 | 210,000 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 8 | 10 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 1,000,000 | 1,688,000 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 36,000 | 37,000 | |
Residential Construction | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 0 | 0 | |
Troubled Debt Restructured, Balance | 0 | 0 | |
Troubled Debt Restructured, Specific Reserves | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 0 | 0 | |
Home equity line of credit | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 5 | 5 | |
Troubled Debt Restructured, Balance | 821,000 | 842,000 | |
Troubled Debt Restructured, Specific Reserves | 21,000 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 2 | 2 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 226,000 | 228,000 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 21,000 | 0 | |
Consumer | |||
Nonaccrual Loans [Abstract] | |||
Troubled Debt Restructured, Number of Loans | 0 | 0 | |
Troubled Debt Restructured, Balance | 0 | 0 | |
Troubled Debt Restructured, Specific Reserves | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 0 | 0 | |
Commercial Other | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 104,531,000 | 95,289,000 | 81,183,000 |
Percentage of loan portfolio (in hundredths) | 11.40% | 10.90% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 3,000 | 544,000 | |
Loans Receivable 60 89 Days Past Due | 0 | 128,000 | |
90 Plus Days Past Due | 857,000 | 2,797,000 | |
All Past Due | 860,000 | 3,469,000 | |
Current | 103,671,000 | 91,820,000 | |
Amount of loan portfolio | 104,531,000 | 95,289,000 | 81,183,000 |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 935,000 | 4,370,000 | |
Average investment in impaired loans | 4,956,000 | 5,898,000 | 4,851,000 |
Balance of impaired loans | 2,942,000 | 6,698,000 | 5,861,000 |
Recorded Investment | 2,942,000 | 6,698,000 | 5,861,000 |
Unpaid Principal Balance | 3,745,000 | 8,441,000 | 6,471,000 |
Related Allowance | 129,000 | 841,000 | 652,000 |
Average Recorded Investment | 4,956,000 | 5,898,000 | 4,851,000 |
Recognized Interest Income | 169,000 | 350,000 | 91,000 |
Financing Receivable, Number of Loans | 2 | ||
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 491,000 | ||
Financing Receivable, Post-Modification Outstanding Recorded Investment | 491,000 | ||
Financing Receivable, Specific Reserves | 0 | ||
Commercial Other | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 1,103,000 | 1,633,000 | 1,974,000 |
Balance of impaired loans | 326,000 | 1,081,000 | 1,124,000 |
Recorded Investment | 326,000 | 1,081,000 | 1,124,000 |
Unpaid Principal Balance | 338,000 | 1,132,000 | 1,126,000 |
Related Allowance | 129,000 | 841,000 | 652,000 |
Average Recorded Investment | 1,103,000 | 1,633,000 | 1,974,000 |
Recognized Interest Income | 13,000 | 28,000 | 38,000 |
Commercial Other | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 3,853,000 | 4,265,000 | 2,877,000 |
Balance of impaired loans | 2,616,000 | 5,617,000 | 4,737,000 |
Recorded Investment | 2,616,000 | 5,617,000 | 4,737,000 |
Unpaid Principal Balance | 3,407,000 | 7,309,000 | 5,345,000 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 3,853,000 | 4,265,000 | 2,877,000 |
Recognized Interest Income | 156,000 | 322,000 | 53,000 |
Commercial Real Estate Other Receivable | |||
Nonaccrual Loans [Abstract] | |||
Financing Receivable, Number of Loans | 0 | ||
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 0 | ||
Financing Receivable, Post-Modification Outstanding Recorded Investment | 0 | ||
Financing Receivable, Specific Reserves | 0 | ||
Consumer Portfolio Segment | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 19,653,000 | 15,066,000 | 14,657,000 |
Loans, aging disclosure [Abstract] | |||
Amount of loan portfolio | 19,653,000 | 15,066,000 | 14,657,000 |
Nonaccrual Loans [Abstract] | |||
Financing Receivable, Number of Loans | 0 | 0 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Specific Reserves | 0 | 0 | |
Commercial Construction | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 30,932,000 | 20,382,000 | 22,417,000 |
Loans, aging disclosure [Abstract] | |||
Amount of loan portfolio | 30,932,000 | 20,382,000 | 22,417,000 |
Nonaccrual Loans [Abstract] | |||
Financing Receivable, Number of Loans | 0 | 0 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Specific Reserves | 0 | 0 | |
Commercial Real Estate Portfolio Segment | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 242,311,000 | 245,943,000 | 251,335,000 |
Loans, aging disclosure [Abstract] | |||
Amount of loan portfolio | 242,311,000 | 245,943,000 | 251,335,000 |
Nonaccrual Loans [Abstract] | |||
Financing Receivable, Number of Loans | 2 | 2 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 302,000 | 1,883,000 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 300,000 | 1,883,000 | |
Financing Receivable, Specific Reserves | 0 | 0 | |
Commercial Real Estate | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 242,311,000 | 245,943,000 | |
Percentage of loan portfolio (in hundredths) | 26.40% | 28.20% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 24,000 | 82,000 | |
Loans Receivable 60 89 Days Past Due | 75,000 | 259,000 | |
90 Plus Days Past Due | 761,000 | 745,000 | |
All Past Due | 860,000 | 1,086,000 | |
Current | 241,451,000 | 244,857,000 | |
Amount of loan portfolio | 242,311,000 | 245,943,000 | |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 2,088,000 | 2,457,000 | |
Average investment in impaired loans | 14,120,000 | 16,773,000 | 14,716,000 |
Balance of impaired loans | 13,304,000 | 14,935,000 | 15,774,000 |
Recorded Investment | 13,304,000 | 14,935,000 | 15,774,000 |
Unpaid Principal Balance | 14,212,000 | 15,683,000 | 16,981,000 |
Related Allowance | 346,000 | 890,000 | 1,523,000 |
Average Recorded Investment | 14,120,000 | 16,773,000 | 14,716,000 |
Recognized Interest Income | 550,000 | 645,000 | 410,000 |
Commercial Real Estate | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 3,040,000 | 5,673,000 | 4,614,000 |
Balance of impaired loans | 1,617,000 | 3,122,000 | 6,388,000 |
Recorded Investment | 1,617,000 | 3,122,000 | 6,388,000 |
Unpaid Principal Balance | 1,789,000 | 3,264,000 | 7,018,000 |
Related Allowance | 346,000 | 890,000 | 1,523,000 |
Average Recorded Investment | 3,040,000 | 5,673,000 | 4,614,000 |
Recognized Interest Income | 62,000 | 150,000 | 211,000 |
Commercial Real Estate | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 11,080,000 | 11,100,000 | 10,102,000 |
Balance of impaired loans | 11,687,000 | 11,813,000 | 9,386,000 |
Recorded Investment | 11,687,000 | 11,813,000 | 9,386,000 |
Unpaid Principal Balance | 12,423,000 | 12,419,000 | 9,963,000 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 11,080,000 | 11,100,000 | 10,102,000 |
Recognized Interest Income | 488,000 | 495,000 | 199,000 |
Commercial Construction | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 30,932,000 | 20,382,000 | |
Percentage of loan portfolio (in hundredths) | 3.40% | 2.30% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 0 | 0 | |
Loans Receivable 60 89 Days Past Due | 41,000 | 0 | |
90 Plus Days Past Due | 208,000 | 0 | |
All Past Due | 249,000 | 0 | |
Current | 30,683,000 | 20,382,000 | |
Amount of loan portfolio | 30,932,000 | 20,382,000 | |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 208,000 | 0 | |
Average investment in impaired loans | 1,309,000 | 1,997,000 | 4,349,000 |
Balance of impaired loans | 1,380,000 | 1,284,000 | 3,354,000 |
Recorded Investment | 1,380,000 | 1,284,000 | 3,354,000 |
Unpaid Principal Balance | 1,380,000 | 1,284,000 | 3,368,000 |
Related Allowance | 413,000 | 272,000 | 969,000 |
Average Recorded Investment | 1,309,000 | 1,997,000 | 4,349,000 |
Recognized Interest Income | 56,000 | 48,000 | 85,000 |
Commercial Construction | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 1,279,000 | 1,795,000 | 1,816,000 |
Balance of impaired loans | 1,380,000 | 1,284,000 | 3,253,000 |
Recorded Investment | 1,380,000 | 1,284,000 | 3,253,000 |
Unpaid Principal Balance | 1,380,000 | 1,284,000 | 3,253,000 |
Related Allowance | 413,000 | 272,000 | 969,000 |
Average Recorded Investment | 1,279,000 | 1,795,000 | 1,816,000 |
Recognized Interest Income | 56,000 | 48,000 | 85,000 |
Commercial Construction | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 30,000 | 202,000 | 2,533,000 |
Balance of impaired loans | 0 | 0 | 101,000 |
Recorded Investment | 0 | 0 | 101,000 |
Unpaid Principal Balance | 0 | 0 | 115,000 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 30,000 | 202,000 | 2,533,000 |
Recognized Interest Income | 0 | 0 | 0 |
Municipal | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 20,424,000 | 19,117,000 | 14,704,000 |
Percentage of loan portfolio (in hundredths) | 2.20% | 2.20% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 0 | 0 | |
Loans Receivable 60 89 Days Past Due | 0 | 0 | |
90 Plus Days Past Due | 0 | 0 | |
All Past Due | 0 | 0 | |
Current | 20,424,000 | 19,117,000 | |
Amount of loan portfolio | 20,424,000 | 19,117,000 | 14,704,000 |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 0 | 0 | |
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 0 | 0 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | 0 | 0 | |
Financing Receivable, Number of Loans | 0 | 0 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Specific Reserves | 0 | 0 | |
Municipal | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 |
Municipal | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 |
Residential Term | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 384,032,000 | 377,218,000 | 379,447,000 |
Percentage of loan portfolio (in hundredths) | 41.90% | 43.00% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 856,000 | 229,000 | |
Loans Receivable 60 89 Days Past Due | 468,000 | 1,913,000 | |
90 Plus Days Past Due | 5,679,000 | 7,002,000 | |
All Past Due | 7,003,000 | 9,144,000 | |
Current | 377,029,000 | 368,074,000 | |
Amount of loan portfolio | 384,032,000 | 377,218,000 | 379,447,000 |
90 Plus Days And Accruing | 101,000 | 596,000 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 6,421,000 | 8,484,000 | |
Average investment in impaired loans | 16,243,000 | 19,378,000 | 18,867,000 |
Balance of impaired loans | 16,123,000 | 17,786,000 | 19,444,000 |
Recorded Investment | 16,123,000 | 17,786,000 | 19,444,000 |
Unpaid Principal Balance | 17,337,000 | 19,116,000 | 21,282,000 |
Related Allowance | 519,000 | 404,000 | 395,000 |
Average Recorded Investment | 16,243,000 | 19,378,000 | 18,867,000 |
Recognized Interest Income | 641,000 | 673,000 | 426,000 |
Financing Receivable, Number of Loans | 4 | 5 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 627,000 | 1,032,000 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 526,000 | 1,029,000 | |
Financing Receivable, Specific Reserves | 12,000 | 31,000 | |
Residential Term | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 5,738,000 | 4,982,000 | 9,066,000 |
Balance of impaired loans | 5,303,000 | 4,354,000 | 6,697,000 |
Recorded Investment | 5,303,000 | 4,354,000 | 6,697,000 |
Unpaid Principal Balance | 5,513,000 | 4,516,000 | 6,842,000 |
Related Allowance | 519,000 | 404,000 | 395,000 |
Average Recorded Investment | 5,738,000 | 4,982,000 | 9,066,000 |
Recognized Interest Income | 239,000 | 162,000 | 237,000 |
Residential Term | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 10,505,000 | 14,396,000 | 9,801,000 |
Balance of impaired loans | 10,820,000 | 13,432,000 | 12,747,000 |
Recorded Investment | 10,820,000 | 13,432,000 | 12,747,000 |
Unpaid Principal Balance | 11,824,000 | 14,600,000 | 14,440,000 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 10,505,000 | 14,396,000 | 9,801,000 |
Recognized Interest Income | 402,000 | 511,000 | 189,000 |
Residential Construction | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 12,160,000 | 11,803,000 | 6,459,000 |
Percentage of loan portfolio (in hundredths) | 1.30% | 1.30% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 0 | 47,000 | |
Loans Receivable 60 89 Days Past Due | 0 | 0 | |
90 Plus Days Past Due | 0 | 0 | |
All Past Due | 0 | 47,000 | |
Current | 12,160,000 | 11,756,000 | |
Amount of loan portfolio | 12,160,000 | 11,803,000 | 6,459,000 |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 0 | 0 | |
Average investment in impaired loans | 0 | 0 | 821,000 |
Balance of impaired loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 821,000 |
Recognized Interest Income | 0 | 0 | 0 |
Financing Receivable, Number of Loans | 0 | 0 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Financing Receivable, Specific Reserves | 0 | 0 | |
Residential Construction | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 261,000 |
Balance of impaired loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 261,000 |
Recognized Interest Income | 0 | 0 | 0 |
Residential Construction | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 560,000 |
Balance of impaired loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 560,000 |
Recognized Interest Income | 0 | 0 | 0 |
Home equity line of credit | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 103,521,000 | 91,549,000 | 99,082,000 |
Percentage of loan portfolio (in hundredths) | 11.30% | 10.40% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 622,000 | 573,000 | |
Loans Receivable 60 89 Days Past Due | 720,000 | 145,000 | |
90 Plus Days Past Due | 780,000 | 1,001,000 | |
All Past Due | 2,122,000 | 1,719,000 | |
Current | 101,399,000 | 89,830,000 | |
Amount of loan portfolio | 103,521,000 | 91,549,000 | 99,082,000 |
90 Plus Days And Accruing | 0 | 59,000 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 832,000 | 1,007,000 | |
Average investment in impaired loans | 1,765,000 | 1,676,000 | 1,403,000 |
Balance of impaired loans | 2,087,000 | 1,648,000 | 1,311,000 |
Recorded Investment | 2,087,000 | 1,648,000 | 1,311,000 |
Unpaid Principal Balance | 2,324,000 | 1,884,000 | 1,440,000 |
Related Allowance | 396,000 | 54,000 | 0 |
Average Recorded Investment | 1,765,000 | 1,676,000 | 1,403,000 |
Recognized Interest Income | 46,000 | 34,000 | 27,000 |
Financing Receivable, Number of Loans | 0 | 1 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 0 | 204,000 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 0 | 201,000 | |
Financing Receivable, Specific Reserves | 0 | 0 | |
Home equity line of credit | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 318,000 | 98,000 | 442,000 |
Balance of impaired loans | 923,000 | 93,000 | 0 |
Recorded Investment | 923,000 | 93,000 | 0 |
Unpaid Principal Balance | 929,000 | 93,000 | 0 |
Related Allowance | 396,000 | 54,000 | 0 |
Average Recorded Investment | 318,000 | 98,000 | 442,000 |
Recognized Interest Income | 17,000 | 2,000 | 0 |
Home equity line of credit | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 1,447,000 | 1,578,000 | 961,000 |
Balance of impaired loans | 1,164,000 | 1,555,000 | 1,311,000 |
Recorded Investment | 1,164,000 | 1,555,000 | 1,311,000 |
Unpaid Principal Balance | 1,395,000 | 1,791,000 | 1,440,000 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 1,447,000 | 1,578,000 | 961,000 |
Recognized Interest Income | 29,000 | 32,000 | 27,000 |
Consumer | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | 19,653,000 | 15,066,000 | |
Percentage of loan portfolio (in hundredths) | 2.10% | 1.70% | |
Loans, aging disclosure [Abstract] | |||
Loans Receivable 30 59 Days Past Due | 637,000 | 113,000 | |
Loans Receivable 60 89 Days Past Due | 52,000 | 26,000 | |
90 Plus Days Past Due | 80,000 | 388,000 | |
All Past Due | 769,000 | 527,000 | |
Current | 18,884,000 | 14,539,000 | |
Amount of loan portfolio | 19,653,000 | 15,066,000 | |
90 Plus Days And Accruing | 80,000 | 388,000 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual Loans Receivable | 26,000 | 0 | |
Average investment in impaired loans | 11,000 | 0 | 12,000 |
Balance of impaired loans | 26,000 | 0 | 0 |
Recorded Investment | 26,000 | 0 | 0 |
Unpaid Principal Balance | 28,000 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 11,000 | 0 | 12,000 |
Recognized Interest Income | 3,000 | 0 | 0 |
Consumer | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 9,000 |
Balance of impaired loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 9,000 |
Recognized Interest Income | 0 | 0 | 0 |
Consumer | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 11,000 | 0 | 3,000 |
Balance of impaired loans | 26,000 | 0 | 0 |
Recorded Investment | 26,000 | 0 | 0 |
Unpaid Principal Balance | 28,000 | 0 | 0 |
Related Allowance | 0 | 0 | 0 |
Average Recorded Investment | 11,000 | 0 | 3,000 |
Recognized Interest Income | $3,000 | $0 | $0 |
Loans Receivable in Bankruptcy | |||
Nonaccrual Loans [Abstract] | |||
Financing Receivable, Number of Loans | 9 |
Allowance_for_Loan_Losses_Deta
Allowance for Loan Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | $1,803,000 | $2,461,000 | $1,803,000 | $2,461,000 | $3,539,000 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 8,541,000 | 9,053,000 | 8,541,000 | 9,053,000 | 8,961,000 | ||||||
Total Allowance for Loan Losses | 10,344,000 | 11,514,000 | 10,344,000 | 11,514,000 | 12,500,000 | ||||||
Total Allowance for Loan Losses | 10,344,000 | 11,514,000 | 10,344,000 | 11,514,000 | 12,500,000 | ||||||
Commercial and municipal risk-rated loans receivable | 398,198,000 | 380,731,000 | 398,198,000 | 380,731,000 | |||||||
Allowance for loan losses | |||||||||||
Beginning balance | 11,514,000 | 12,500,000 | 11,514,000 | 12,500,000 | 13,000,000 | ||||||
Chargeoffs | 3,495,000 | 5,855,000 | 9,080,000 | ||||||||
Recoveries | 1,175,000 | 669,000 | 745,000 | ||||||||
Provision for loan losses | 300,000 | 350,000 | 100,000 | 400,000 | 700,000 | 800,000 | 1,200,000 | 1,500,000 | 1,150,000 | 4,200,000 | 7,835,000 |
Ending balance | 10,344,000 | 11,514,000 | 10,344,000 | 11,514,000 | 12,500,000 | ||||||
Ending balance specifically evaluated for impairment | 1,803,000 | 2,461,000 | 1,803,000 | 2,461,000 | 3,539,000 | ||||||
Ending balance collectively evaluated for impairment | 8,541,000 | 9,053,000 | 8,541,000 | 9,053,000 | 8,961,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 917,564,000 | 876,367,000 | 917,564,000 | 876,367,000 | 869,284,000 | ||||||
Ending balance specifically evaluated for impairment | 35,862,000 | 42,351,000 | 35,862,000 | 42,351,000 | 45,744,000 | ||||||
Ending balance collectively evaluated for impairment | 881,702,000 | 834,016,000 | 881,702,000 | 834,016,000 | 823,540,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Allowance for Loan and Lease Losses, Related Loans, Percentage | 0.39% | 0.40% | |||||||||
Allowance for Loan and Lease Losses, Related Loans, Period Increase (Decrease) | 128,000 | ||||||||||
Total Allowance for Loan Losses | 10,344,000 | 11,514,000 | 10,344,000 | 11,514,000 | 12,500,000 | ||||||
Allowance for loan and lease losses unallocated portion, period increase (decrease) | 16,000 | ||||||||||
Average loan growth | 0.03 | ||||||||||
Other Real Estate, Average Percentage of Sales Price below Appraised Value | 20.00% | ||||||||||
Other Real Estate, Additional Discount Percentage to Calculate Allowances for Losses | 20.00% | ||||||||||
Risk Based Ratios, Weighted-Average Required Reserve as Percent of Total Loans | 1.33% | ||||||||||
Allowance for Loan Losses of Total Loans, Percentage | 1.13% | 1.31% | 1.13% | 1.31% | |||||||
Commercial real estate loans maximum loan-to-value (in hundredths) | 75.00% | 75.00% | |||||||||
Construction loans actual loan portfolio-to-Company capital (in hundredths) | 31.30% | 31.30% | |||||||||
Construction loans maximum loan portfolio-to-Company capital (in hundredths) | 100.00% | 100.00% | |||||||||
Construction and non-owner-occupied commercial real estate loan portfolio-to-Company Capital (in hundredths) | 94.70% | 94.70% | |||||||||
Construction and non-owner-occupied commercial real estate loan portfolio loan-to-Company capital (in hundredths) | 300.00% | 300.00% | |||||||||
Residential loans typical loan-to-value range, low (in hundredths) | 75.00% | 75.00% | |||||||||
Residential loans typical loan-to-value maximum (in hundredths) | 80.00% | 80.00% | |||||||||
Collateralized consumer loans to individuals loan-to-value maximum range, low (in hundredths) | 80.00% | 80.00% | |||||||||
Collateralized consumer loans to individuals loan-to-value maximum range, high (in hundredths) | 90.00% | 90.00% | |||||||||
Delinquent period before residential loans placed on non-accrual status (in days) | 90 days | ||||||||||
Delinquent period before consumer loans charged off (in days) | 120 days | ||||||||||
Strong 1 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 342,000 | 281,000 | 342,000 | 281,000 | |||||||
Above Average 2 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 39,438,000 | 38,318,000 | 39,438,000 | 38,318,000 | |||||||
Satisfactory 3 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 78,125,000 | 63,823,000 | 78,125,000 | 63,823,000 | |||||||
Average 4 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 176,959,000 | 161,073,000 | 176,959,000 | 161,073,000 | |||||||
Watch 5 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 56,712,000 | 42,791,000 | 56,712,000 | 42,791,000 | |||||||
OAEM 6 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 14,335,000 | 32,288,000 | 14,335,000 | 32,288,000 | |||||||
Substandard 7 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 32,287,000 | 41,532,000 | 32,287,000 | 41,532,000 | |||||||
Doubtful 8 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 625,000 | 0 | 625,000 | |||||||
Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 1,803,000 | 2,461,000 | 1,803,000 | 2,461,000 | |||||||
Total Allowance for Loan Losses | 1,803,000 | 2,461,000 | 1,803,000 | 2,461,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 1,803,000 | 2,461,000 | 1,803,000 | 2,461,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,803,000 | 2,461,000 | 1,803,000 | 2,461,000 | |||||||
General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 3,282,000 | 3,906,000 | 3,282,000 | 3,906,000 | |||||||
Total Allowance for Loan Losses | 3,282,000 | 3,906,000 | 3,282,000 | 3,906,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 3,282,000 | 3,906,000 | 3,282,000 | 3,906,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 3,282,000 | 3,906,000 | 3,282,000 | 3,906,000 | |||||||
Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 3,597,000 | 3,469,000 | 3,597,000 | 3,469,000 | |||||||
Total Allowance for Loan Losses | 3,597,000 | 3,469,000 | 3,597,000 | 3,469,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 3,597,000 | 3,469,000 | 3,597,000 | 3,469,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 3,597,000 | 3,469,000 | 3,597,000 | 3,469,000 | |||||||
Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Percentage of Total Reserve Allowance accounted for by Loan Loss Allowances | 16.10% | 14.60% | 16.10% | 14.60% | |||||||
Commercial Real Estate | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 346,000 | 890,000 | 346,000 | 890,000 | 1,523,000 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 3,186,000 | 3,712,000 | 3,186,000 | 3,712,000 | 4,342,000 | ||||||
Total Allowance for Loan Losses | 3,532,000 | 4,602,000 | 3,532,000 | 4,602,000 | 5,865,000 | ||||||
Total Allowance for Loan Losses | 3,532,000 | 4,602,000 | 3,532,000 | 4,602,000 | 5,865,000 | ||||||
Commercial and municipal risk-rated loans receivable | 242,311,000 | 245,943,000 | 242,311,000 | 245,943,000 | |||||||
Allowance for loan losses | |||||||||||
Beginning balance | 4,602,000 | 5,865,000 | 4,602,000 | 5,865,000 | 5,659,000 | ||||||
Chargeoffs | 1,205,000 | 150,000 | 1,394,000 | ||||||||
Recoveries | 144,000 | 0 | 13,000 | ||||||||
Provision for loan losses | -9,000 | -1,113,000 | 1,587,000 | ||||||||
Ending balance | 3,532,000 | 4,602,000 | 3,532,000 | 4,602,000 | 5,865,000 | ||||||
Ending balance specifically evaluated for impairment | 346,000 | 890,000 | 346,000 | 890,000 | 1,523,000 | ||||||
Ending balance collectively evaluated for impairment | 3,186,000 | 3,712,000 | 3,186,000 | 3,712,000 | 4,342,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 242,311,000 | 245,943,000 | 242,311,000 | 245,943,000 | 251,335,000 | ||||||
Ending balance specifically evaluated for impairment | 13,304,000 | 14,935,000 | 13,304,000 | 14,935,000 | 15,774,000 | ||||||
Ending balance collectively evaluated for impairment | 229,007,000 | 231,008,000 | 229,007,000 | 231,008,000 | 235,561,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 3,532,000 | 4,602,000 | 3,532,000 | 4,602,000 | 5,865,000 | ||||||
Commercial Real Estate | Strong 1 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 12,000 | 16,000 | 12,000 | 16,000 | |||||||
Commercial Real Estate | Above Average 2 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 12,668,000 | 14,565,000 | 12,668,000 | 14,565,000 | |||||||
Commercial Real Estate | Satisfactory 3 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 50,275,000 | 45,213,000 | 50,275,000 | 45,213,000 | |||||||
Commercial Real Estate | Average 4 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 108,719,000 | 100,343,000 | 108,719,000 | 100,343,000 | |||||||
Commercial Real Estate | Watch 5 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 36,974,000 | 32,326,000 | 36,974,000 | 32,326,000 | |||||||
Commercial Real Estate | OAEM 6 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 9,846,000 | 26,102,000 | 9,846,000 | 26,102,000 | |||||||
Commercial Real Estate | Substandard 7 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 23,817,000 | 27,115,000 | 23,817,000 | 27,115,000 | |||||||
Commercial Real Estate | Doubtful 8 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 263,000 | 0 | 263,000 | |||||||
Commercial Real Estate | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 346,000 | 890,000 | 346,000 | 890,000 | |||||||
Total Allowance for Loan Losses | 346,000 | 890,000 | 346,000 | 890,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 346,000 | 890,000 | 346,000 | 890,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 346,000 | 890,000 | 346,000 | 890,000 | |||||||
Commercial Real Estate | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 1,444,000 | 1,927,000 | 1,444,000 | 1,927,000 | |||||||
Total Allowance for Loan Losses | 1,444,000 | 1,927,000 | 1,444,000 | 1,927,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 1,444,000 | 1,927,000 | 1,444,000 | 1,927,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,444,000 | 1,927,000 | 1,444,000 | 1,927,000 | |||||||
Commercial Real Estate | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 1,742,000 | 1,785,000 | 1,742,000 | 1,785,000 | |||||||
Total Allowance for Loan Losses | 1,742,000 | 1,785,000 | 1,742,000 | 1,785,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 1,742,000 | 1,785,000 | 1,742,000 | 1,785,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,742,000 | 1,785,000 | 1,742,000 | 1,785,000 | |||||||
Commercial Real Estate | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Commercial Construction | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 413,000 | 272,000 | 413,000 | 272,000 | 969,000 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 410,000 | 303,000 | 410,000 | 303,000 | 390,000 | ||||||
Total Allowance for Loan Losses | 823,000 | 575,000 | 823,000 | 575,000 | 1,359,000 | ||||||
Total Allowance for Loan Losses | 823,000 | 575,000 | 823,000 | 575,000 | 1,359,000 | ||||||
Commercial and municipal risk-rated loans receivable | 30,932,000 | 20,382,000 | 30,932,000 | 20,382,000 | |||||||
Allowance for loan losses | |||||||||||
Beginning balance | 575,000 | 1,359,000 | 575,000 | 1,359,000 | 658,000 | ||||||
Chargeoffs | 0 | 963,000 | 928,000 | ||||||||
Recoveries | 0 | 0 | 246,000 | ||||||||
Provision for loan losses | 248,000 | 179,000 | 1,383,000 | ||||||||
Ending balance | 823,000 | 575,000 | 823,000 | 575,000 | 1,359,000 | ||||||
Ending balance specifically evaluated for impairment | 413,000 | 272,000 | 413,000 | 272,000 | 969,000 | ||||||
Ending balance collectively evaluated for impairment | 410,000 | 303,000 | 410,000 | 303,000 | 390,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 30,932,000 | 20,382,000 | 30,932,000 | 20,382,000 | 22,417,000 | ||||||
Ending balance specifically evaluated for impairment | 1,380,000 | 1,284,000 | 1,380,000 | 1,284,000 | 3,354,000 | ||||||
Ending balance collectively evaluated for impairment | 29,552,000 | 19,098,000 | 29,552,000 | 19,098,000 | 19,063,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 823,000 | 575,000 | 823,000 | 575,000 | 1,359,000 | ||||||
Commercial Construction | Strong 1 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Commercial Construction | Above Average 2 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 771,000 | 804,000 | 771,000 | 804,000 | |||||||
Commercial Construction | Satisfactory 3 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 1,983,000 | 871,000 | 1,983,000 | 871,000 | |||||||
Commercial Construction | Average 4 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 23,345,000 | 14,938,000 | 23,345,000 | 14,938,000 | |||||||
Commercial Construction | Watch 5 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 1,567,000 | 26,000 | 1,567,000 | 26,000 | |||||||
Commercial Construction | OAEM 6 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 2,519,000 | 2,948,000 | 2,519,000 | 2,948,000 | |||||||
Commercial Construction | Substandard 7 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 747,000 | 795,000 | 747,000 | 795,000 | |||||||
Commercial Construction | Doubtful 8 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Commercial Construction | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 413,000 | 272,000 | 413,000 | 272,000 | |||||||
Total Allowance for Loan Losses | 413,000 | 272,000 | 413,000 | 272,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 413,000 | 272,000 | 413,000 | 272,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 413,000 | 272,000 | 413,000 | 272,000 | |||||||
Commercial Construction | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 186,000 | 157,000 | 186,000 | 157,000 | |||||||
Total Allowance for Loan Losses | 186,000 | 157,000 | 186,000 | 157,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 186,000 | 157,000 | 186,000 | 157,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 186,000 | 157,000 | 186,000 | 157,000 | |||||||
Commercial Construction | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 224,000 | 146,000 | 224,000 | 146,000 | |||||||
Total Allowance for Loan Losses | 224,000 | 146,000 | 224,000 | 146,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 224,000 | 146,000 | 224,000 | 146,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 224,000 | 146,000 | 224,000 | 146,000 | |||||||
Commercial Construction | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Commercial Other | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 129,000 | 841,000 | 129,000 | 841,000 | 652,000 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 1,376,000 | 1,435,000 | 1,376,000 | 1,435,000 | 1,398,000 | ||||||
Total Allowance for Loan Losses | 1,505,000 | 2,276,000 | 1,505,000 | 2,276,000 | 2,050,000 | ||||||
Total Allowance for Loan Losses | 1,505,000 | 2,276,000 | 1,505,000 | 2,276,000 | 2,050,000 | ||||||
Commercial and municipal risk-rated loans receivable | 104,531,000 | 95,289,000 | 104,531,000 | 95,289,000 | |||||||
Allowance for loan losses | |||||||||||
Beginning balance | 2,276,000 | 2,050,000 | 2,276,000 | 2,050,000 | 2,063,000 | ||||||
Chargeoffs | 989,000 | 2,583,000 | 3,215,000 | ||||||||
Recoveries | 758,000 | 359,000 | 113,000 | ||||||||
Provision for loan losses | -540,000 | 2,450,000 | 3,089,000 | ||||||||
Ending balance | 1,505,000 | 2,276,000 | 1,505,000 | 2,276,000 | 2,050,000 | ||||||
Ending balance specifically evaluated for impairment | 129,000 | 841,000 | 129,000 | 841,000 | 652,000 | ||||||
Ending balance collectively evaluated for impairment | 1,376,000 | 1,435,000 | 1,376,000 | 1,435,000 | 1,398,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 104,531,000 | 95,289,000 | 104,531,000 | 95,289,000 | 81,183,000 | ||||||
Ending balance specifically evaluated for impairment | 2,942,000 | 6,698,000 | 2,942,000 | 6,698,000 | 5,861,000 | ||||||
Ending balance collectively evaluated for impairment | 101,589,000 | 88,591,000 | 101,589,000 | 88,591,000 | 75,322,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,505,000 | 2,276,000 | 1,505,000 | 2,276,000 | 2,050,000 | ||||||
Commercial Other | Strong 1 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 330,000 | 265,000 | 330,000 | 265,000 | |||||||
Commercial Other | Above Average 2 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 7,210,000 | 6,719,000 | 7,210,000 | 6,719,000 | |||||||
Commercial Other | Satisfactory 3 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 24,232,000 | 14,852,000 | 24,232,000 | 14,852,000 | |||||||
Commercial Other | Average 4 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 44,895,000 | 45,792,000 | 44,895,000 | 45,792,000 | |||||||
Commercial Other | Watch 5 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 18,171,000 | 10,439,000 | 18,171,000 | 10,439,000 | |||||||
Commercial Other | OAEM 6 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 1,970,000 | 3,238,000 | 1,970,000 | 3,238,000 | |||||||
Commercial Other | Substandard 7 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 7,723,000 | 13,622,000 | 7,723,000 | 13,622,000 | |||||||
Commercial Other | Doubtful 8 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 362,000 | 0 | 362,000 | |||||||
Commercial Other | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 129,000 | 841,000 | 129,000 | 841,000 | |||||||
Total Allowance for Loan Losses | 129,000 | 841,000 | 129,000 | 841,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 129,000 | 841,000 | 129,000 | 841,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 129,000 | 841,000 | 129,000 | 841,000 | |||||||
Commercial Other | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 624,000 | 745,000 | 624,000 | 745,000 | |||||||
Total Allowance for Loan Losses | 624,000 | 745,000 | 624,000 | 745,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 624,000 | 745,000 | 624,000 | 745,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 624,000 | 745,000 | 624,000 | 745,000 | |||||||
Commercial Other | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 752,000 | 690,000 | 752,000 | 690,000 | |||||||
Total Allowance for Loan Losses | 752,000 | 690,000 | 752,000 | 690,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 752,000 | 690,000 | 752,000 | 690,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 752,000 | 690,000 | 752,000 | 690,000 | |||||||
Commercial Other | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Municipal | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 15,000 | 15,000 | 15,000 | 15,000 | 18,000 | ||||||
Total Allowance for Loan Losses | 15,000 | 15,000 | 15,000 | 15,000 | 18,000 | ||||||
Total Allowance for Loan Losses | 15,000 | 15,000 | 15,000 | 15,000 | 18,000 | ||||||
Commercial and municipal risk-rated loans receivable | 20,424,000 | 19,117,000 | 20,424,000 | 19,117,000 | |||||||
Allowance for loan losses | |||||||||||
Beginning balance | 15,000 | 18,000 | 15,000 | 18,000 | 19,000 | ||||||
Chargeoffs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for loan losses | 0 | -3,000 | -1,000 | ||||||||
Ending balance | 15,000 | 15,000 | 15,000 | 15,000 | 18,000 | ||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 15,000 | 15,000 | 15,000 | 15,000 | 18,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 20,424,000 | 19,117,000 | 20,424,000 | 19,117,000 | 14,704,000 | ||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 20,424,000 | 19,117,000 | 20,424,000 | 19,117,000 | 14,704,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 15,000 | 15,000 | 15,000 | 15,000 | 18,000 | ||||||
Municipal | Strong 1 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Municipal | Above Average 2 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 18,789,000 | 16,230,000 | 18,789,000 | 16,230,000 | |||||||
Municipal | Satisfactory 3 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 1,635,000 | 2,887,000 | 1,635,000 | 2,887,000 | |||||||
Municipal | Average 4 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Municipal | Watch 5 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Municipal | OAEM 6 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Municipal | Substandard 7 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Municipal | Doubtful 8 | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | 0 | 0 | |||||||
Municipal | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Municipal | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Municipal | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 15,000 | 15,000 | 15,000 | 15,000 | |||||||
Total Allowance for Loan Losses | 15,000 | 15,000 | 15,000 | 15,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 15,000 | 15,000 | 15,000 | 15,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 15,000 | 15,000 | 15,000 | 15,000 | |||||||
Municipal | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Residential Term | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 519,000 | 404,000 | 519,000 | 404,000 | 395,000 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 666,000 | 695,000 | 666,000 | 695,000 | 714,000 | ||||||
Total Allowance for Loan Losses | 1,185,000 | 1,099,000 | 1,185,000 | 1,099,000 | 1,109,000 | ||||||
Total Allowance for Loan Losses | 1,185,000 | 1,099,000 | 1,185,000 | 1,099,000 | 1,109,000 | ||||||
Allowance for loan losses | |||||||||||
Beginning balance | 1,099,000 | 1,109,000 | 1,099,000 | 1,109,000 | 1,159,000 | ||||||
Chargeoffs | 699,000 | 1,118,000 | 1,911,000 | ||||||||
Recoveries | 36,000 | 103,000 | 110,000 | ||||||||
Provision for loan losses | 749,000 | 1,005,000 | 1,751,000 | ||||||||
Ending balance | 1,185,000 | 1,099,000 | 1,185,000 | 1,099,000 | 1,109,000 | ||||||
Ending balance specifically evaluated for impairment | 519,000 | 404,000 | 519,000 | 404,000 | 395,000 | ||||||
Ending balance collectively evaluated for impairment | 666,000 | 695,000 | 666,000 | 695,000 | 714,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 384,032,000 | 377,218,000 | 384,032,000 | 377,218,000 | 379,447,000 | ||||||
Ending balance specifically evaluated for impairment | 16,123,000 | 17,786,000 | 16,123,000 | 17,786,000 | 19,444,000 | ||||||
Ending balance collectively evaluated for impairment | 367,909,000 | 359,432,000 | 367,909,000 | 359,432,000 | 360,003,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,185,000 | 1,099,000 | 1,185,000 | 1,099,000 | 1,109,000 | ||||||
Residential Term | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 519,000 | 404,000 | 519,000 | 404,000 | |||||||
Total Allowance for Loan Losses | 519,000 | 404,000 | 519,000 | 404,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 519,000 | 404,000 | 519,000 | 404,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 519,000 | 404,000 | 519,000 | 404,000 | |||||||
Residential Term | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 297,000 | 342,000 | 297,000 | 342,000 | |||||||
Total Allowance for Loan Losses | 297,000 | 342,000 | 297,000 | 342,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 297,000 | 342,000 | 297,000 | 342,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 297,000 | 342,000 | 297,000 | 342,000 | |||||||
Residential Term | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 369,000 | 353,000 | 369,000 | 353,000 | |||||||
Total Allowance for Loan Losses | 369,000 | 353,000 | 369,000 | 353,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 369,000 | 353,000 | 369,000 | 353,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 369,000 | 353,000 | 369,000 | 353,000 | |||||||
Residential Term | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Residential Construction | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 20,000 | 21,000 | 20,000 | 21,000 | 11,000 | ||||||
Total Allowance for Loan Losses | 20,000 | 21,000 | 20,000 | 21,000 | 11,000 | ||||||
Total Allowance for Loan Losses | 20,000 | 21,000 | 20,000 | 21,000 | 11,000 | ||||||
Allowance for loan losses | |||||||||||
Beginning balance | 21,000 | 11,000 | 21,000 | 11,000 | 255,000 | ||||||
Chargeoffs | 0 | 0 | 389,000 | ||||||||
Recoveries | 25,000 | 0 | 54,000 | ||||||||
Provision for loan losses | -26,000 | 10,000 | 91,000 | ||||||||
Ending balance | 20,000 | 21,000 | 20,000 | 21,000 | 11,000 | ||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 20,000 | 21,000 | 20,000 | 21,000 | 11,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 12,160,000 | 11,803,000 | 12,160,000 | 11,803,000 | 6,459,000 | ||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 12,160,000 | 11,803,000 | 12,160,000 | 11,803,000 | 6,459,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 20,000 | 21,000 | 20,000 | 21,000 | 11,000 | ||||||
Residential Construction | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Residential Construction | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 9,000 | 10,000 | 9,000 | 10,000 | |||||||
Total Allowance for Loan Losses | 9,000 | 10,000 | 9,000 | 10,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 9,000 | 10,000 | 9,000 | 10,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 9,000 | 10,000 | 9,000 | 10,000 | |||||||
Residential Construction | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 11,000 | 11,000 | 11,000 | 11,000 | |||||||
Total Allowance for Loan Losses | 11,000 | 11,000 | 11,000 | 11,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 11,000 | 11,000 | 11,000 | 11,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 11,000 | 11,000 | 11,000 | 11,000 | |||||||
Residential Construction | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Home equity line of credit | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 396,000 | 54,000 | 396,000 | 54,000 | 0 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 664,000 | 621,000 | 664,000 | 621,000 | 654,000 | ||||||
Total Allowance for Loan Losses | 1,060,000 | 675,000 | 1,060,000 | 675,000 | 654,000 | ||||||
Total Allowance for Loan Losses | 1,060,000 | 675,000 | 1,060,000 | 675,000 | 654,000 | ||||||
Allowance for loan losses | |||||||||||
Beginning balance | 675,000 | 654,000 | 675,000 | 654,000 | 595,000 | ||||||
Chargeoffs | 153,000 | 611,000 | 688,000 | ||||||||
Recoveries | 16,000 | 24,000 | 1,000 | ||||||||
Provision for loan losses | 522,000 | 608,000 | 746,000 | ||||||||
Ending balance | 1,060,000 | 675,000 | 1,060,000 | 675,000 | 654,000 | ||||||
Ending balance specifically evaluated for impairment | 396,000 | 54,000 | 396,000 | 54,000 | 0 | ||||||
Ending balance collectively evaluated for impairment | 664,000 | 621,000 | 664,000 | 621,000 | 654,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 103,521,000 | 91,549,000 | 103,521,000 | 91,549,000 | 99,082,000 | ||||||
Ending balance specifically evaluated for impairment | 2,087,000 | 1,648,000 | 2,087,000 | 1,648,000 | 1,311,000 | ||||||
Ending balance collectively evaluated for impairment | 101,434,000 | 89,901,000 | 101,434,000 | 89,901,000 | 97,771,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,060,000 | 675,000 | 1,060,000 | 675,000 | 654,000 | ||||||
Home equity line of credit | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 396,000 | 54,000 | 396,000 | 54,000 | |||||||
Total Allowance for Loan Losses | 396,000 | 54,000 | 396,000 | 54,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 396,000 | 54,000 | 396,000 | 54,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 396,000 | 54,000 | 396,000 | 54,000 | |||||||
Home equity line of credit | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 376,000 | 343,000 | 376,000 | 343,000 | |||||||
Total Allowance for Loan Losses | 376,000 | 343,000 | 376,000 | 343,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 376,000 | 343,000 | 376,000 | 343,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 376,000 | 343,000 | 376,000 | 343,000 | |||||||
Home equity line of credit | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 288,000 | 278,000 | 288,000 | 278,000 | |||||||
Total Allowance for Loan Losses | 288,000 | 278,000 | 288,000 | 278,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 288,000 | 278,000 | 288,000 | 278,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 288,000 | 278,000 | 288,000 | 278,000 | |||||||
Home equity line of credit | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Consumer | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 542,000 | 573,000 | 542,000 | 573,000 | 592,000 | ||||||
Total Allowance for Loan Losses | 542,000 | 573,000 | 542,000 | 573,000 | 592,000 | ||||||
Total Allowance for Loan Losses | 542,000 | 573,000 | 542,000 | 573,000 | 592,000 | ||||||
Allowance for loan losses | |||||||||||
Beginning balance | 573,000 | 592,000 | 573,000 | 592,000 | 584,000 | ||||||
Chargeoffs | 449,000 | 430,000 | 555,000 | ||||||||
Recoveries | 196,000 | 183,000 | 208,000 | ||||||||
Provision for loan losses | 222,000 | 228,000 | 355,000 | ||||||||
Ending balance | 542,000 | 573,000 | 542,000 | 573,000 | 592,000 | ||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 542,000 | 573,000 | 542,000 | 573,000 | 592,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 19,653,000 | 15,066,000 | 19,653,000 | 15,066,000 | 14,657,000 | ||||||
Ending balance specifically evaluated for impairment | 26,000 | 0 | 26,000 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 19,627,000 | 15,066,000 | 19,627,000 | 15,066,000 | 14,657,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 542,000 | 573,000 | 542,000 | 573,000 | 592,000 | ||||||
Consumer | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Consumer | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 346,000 | 382,000 | 346,000 | 382,000 | |||||||
Total Allowance for Loan Losses | 346,000 | 382,000 | 346,000 | 382,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 346,000 | 382,000 | 346,000 | 382,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 346,000 | 382,000 | 346,000 | 382,000 | |||||||
Consumer | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 196,000 | 191,000 | 196,000 | 191,000 | |||||||
Total Allowance for Loan Losses | 196,000 | 191,000 | 196,000 | 191,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 196,000 | 191,000 | 196,000 | 191,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 196,000 | 191,000 | 196,000 | 191,000 | |||||||
Consumer | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Unallocated Financing Receivables | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allowance for Loans Evaluated Individually for Impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Allowance for Loans Evaluated Collectively for Impairment | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | 842,000 | ||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | 842,000 | ||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | 842,000 | ||||||
Allowance for loan losses | |||||||||||
Beginning balance | 1,678,000 | 842,000 | 1,678,000 | 842,000 | 2,008,000 | ||||||
Chargeoffs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for loan losses | -16,000 | 836,000 | -1,166,000 | ||||||||
Ending balance | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | 842,000 | ||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | 842,000 | ||||||
Related loan balances | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance collectively evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | 842,000 | ||||||
Unallocated Financing Receivables | Specific Reserves Evaluated Individually for Impairment | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Unallocated Financing Receivables | General Reserves Based on Historical Loss Experience | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Unallocated Financing Receivables | Reserve for Qualitative Factors | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | |||||||
Unallocated Financing Receivables | Unallocated Reserves | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Allowance for loan losses | |||||||||||
Ending balance | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Total Allowance for Loan Losses | 1,662,000 | 1,678,000 | 1,662,000 | 1,678,000 | |||||||
Minimum | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Risk Based Ratios, Weighted-Average Required Reserve as Percent of Total Loans | 0.88% | ||||||||||
Regulatory Capital Requirements, Estimated Required Reserve | 8,700,000 | ||||||||||
Maximum | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||||||||
Risk Based Ratios, Weighted-Average Required Reserve as Percent of Total Loans | 1.60% | ||||||||||
Regulatory Capital Requirements, Estimated Required Reserve | $13,900,000 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $36,444 | $37,195 |
Less accumulated depreciation | 13,825 | 13,579 |
Premises and equipment, net | 22,619 | 23,616 |
2015 | 128 | |
2016 | 79 | |
2017 | 57 | |
2018 | 13 | |
2019 | 4 | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 4,532 | 4,532 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 821 | 799 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 20,481 | 19,668 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $10,610 | $12,196 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Other Real Estate Owned [Abstract] | |||
Real estate acquired in settlement of loans | $3,785 | $4,807 | |
Real Estate Owned Valuation Allowance [Roll Forward] | |||
Balance at beginning of year | 330 | 373 | 436 |
Losses charged to allowance | -313 | -544 | -460 |
Provision charged to operating expenses | 637 | 501 | 397 |
Balance at end of year | $654 | $330 | $373 |
Acquisitions_and_Intangible_As2
Acquisitions and Intangible Assets (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Oct. 26, 2012 | Dec. 31, 2013 | Jan. 14, 2005 | |
Business Acquisition [Line Items] | ||||
Core deposit intangible | 432,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
Goodwill | 2,121,000 | |||
Goodwill, Impairment Loss | 0 | |||
Goodwill | 29,805,000 | 29,805,000 | ||
Bank Acquisitions From Camden National Bank | ||||
Business Acquisition [Line Items] | ||||
Business Combination Recognized Liabilities Assumed Deposits | 32,300,000 | |||
Business combination purchase premium | 2,553,000 | |||
Future amortization expense of core deposits acquired [Abstract] | ||||
2015 | 57,000 | |||
2016 | 43,000 | |||
2017 | 43,000 | |||
2018 | 43,000 | |||
2019 | 43,000 | |||
Thereafter | 131,000 | |||
Total | 360,000 | |||
Bank Acquisition From Camden National Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||
FNB Bankshares | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 27,559,000 | |||
One time acquisition costs | 47,955,000 | |||
Acquisition in 2001 | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $125,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
limited_partnership | limited_partnership | ||||||||||
Federal income tax | |||||||||||
Current | $4,282 | $3,234 | $3,239 | ||||||||
Deferred | 18 | -56 | -108 | ||||||||
Federal income tax expense | 4,300 | 3,178 | 3,131 | ||||||||
State income tax [Abstract] | |||||||||||
State franchise tax | 266 | 247 | 240 | ||||||||
Income tax expense | 1,048 | 1,400 | 1,155 | 963 | 939 | 955 | 825 | 706 | 4,566 | 3,425 | 3,371 |
Reconciliation between US expected tax rate and actual tax expense | |||||||||||
Expected tax expense | 6,746 | 5,736 | 5,621 | ||||||||
Non-taxable income | -2,292 | -2,326 | -2,096 | ||||||||
State franchise tax, net of federal tax benefit | 173 | 160 | 156 | ||||||||
Tax credits | -414 | -414 | -414 | ||||||||
Other | 353 | 269 | 104 | ||||||||
Income tax expense | 1,048 | 1,400 | 1,155 | 963 | 939 | 955 | 825 | 706 | 4,566 | 3,425 | 3,371 |
Components of deferred tax assets and liabilities | |||||||||||
Allowance for loan losses | 3,620 | 4,030 | 3,620 | 4,030 | |||||||
OREO | 229 | 116 | 229 | 116 | |||||||
Accrued pension and post-retirement | 1,725 | 1,334 | 1,725 | 1,334 | |||||||
Unrealized loss on securities available for sale | 0 | 3,549 | 0 | 3,549 | |||||||
Goodwill | 138 | 206 | 138 | 206 | |||||||
Unrealized loss on securities transferred from available for sale to held to maturity | 26 | 0 | 26 | 0 | |||||||
Tax credits, carried forward | 0 | 539 | 0 | 539 | |||||||
Restricted stock grants | 264 | 113 | 264 | 113 | |||||||
Core deposit intangible | 5 | 0 | 5 | 0 | |||||||
Other assets | 48 | 50 | 48 | 50 | |||||||
Total deferred tax asset | 6,055 | 9,937 | 6,055 | 9,937 | |||||||
Net deferred loan costs | -1,120 | -884 | -1,120 | -884 | |||||||
Depreciation | -2,131 | -2,672 | -2,131 | -2,672 | |||||||
Available-for-Sale Securities, Accumulated Gross Unrealized Loss, before Tax | -1,358 | 0 | -1,358 | 0 | |||||||
Mortgage servicing rights | -380 | -405 | -380 | -405 | |||||||
Core deposit intangible | 0 | -99 | 0 | -99 | |||||||
Investment in flow through entities | 387 | 361 | 387 | 361 | |||||||
Deferred Tax Liabilities, Prepaid Expenses | 210 | 316 | 210 | 316 | |||||||
Total deferred tax liability | -5,586 | -4,737 | -5,586 | -4,737 | |||||||
Net deferred tax asset | 469 | 5,200 | 469 | 5,200 | |||||||
Limited partnerships | |||||||||||
Limited partnerships held as investments | 2 | 2 | |||||||||
Tax credits from investments in limited partnerships | 636 | 636 | |||||||||
Amortization of investments in limited partnerships | 569 | 520 | |||||||||
Carrying value of investments in limited partnerships | 457 | 1,026 | 457 | 1,026 | |||||||
Total exposure to limited partnerships | $3,957 | $4,526 | $3,957 | $4,526 |
Certificates_of_Deposit_Detail
Certificates of Deposit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Certificates of deposit by balance [Abstract] | |||
Certificates of deposit less than $100,000 | $184,471 | $210,321 | |
Certificates $100,000 to $250,000 | 221,892 | 278,674 | |
Certificates $250,000 and over | 41,138 | 42,124 | |
Total | 447,501 | 531,119 | |
Maturity of certificates of deposit [Abstract] | |||
2015 | 340,449 | ||
2016 | 35,322 | ||
2017 | 16,434 | ||
2018 | 21,636 | ||
2019 | 32,890 | ||
2020 and thereafter | 770 | ||
Total | 447,501 | 531,119 | |
Interest expense on certificates of deposit of $100,000 or greater | 2,823 | 3,280 | 3,358 |
Less Than $100,000 | |||
Certificates of deposit by balance [Abstract] | |||
Total | 184,471 | ||
Maturity of certificates of deposit [Abstract] | |||
2015 | 134,198 | ||
2016 | 19,757 | ||
2017 | 8,261 | ||
2018 | 7,476 | ||
2019 | 14,514 | ||
2020 and thereafter | 265 | ||
Total | 184,471 | ||
Greater Than $100,000 But Less Than $250,000 | |||
Certificates of deposit by balance [Abstract] | |||
Total | 263,030 | ||
Maturity of certificates of deposit [Abstract] | |||
2015 | 206,251 | ||
2016 | 15,565 | ||
2017 | 8,173 | ||
2018 | 14,160 | ||
2019 | 18,376 | ||
2020 and thereafter | 505 | ||
Total | $263,030 |
Borrowed_Funds_Details
Borrowed Funds (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | ||||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Five | 0.00% | |||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due Thereafter | 0.00% | 0.00% | ||||||
Disclosure of Repurchase Agreements [Abstract] | ||||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Maximum Amount Available | $232,000,000 | |||||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Amount of Available, Unused Funds | 26,800,000 | |||||||
Range of Repurchase agreements' maturity dates | one to 365 | |||||||
Amount of Line of credit with correspondent banks | 48,000,000 | |||||||
Credit facility with Federal Reserve Bank | 92,000,000 | |||||||
Federal Home Loan Bank, Advances, Maturities Summary [Abstract] | ||||||||
Due in Twelve Months Maturity | 115,050,000 | 54,500,000 | ||||||
Due in Year Two Maturity | 30,000,000 | 40,000,000 | ||||||
Due in Year Three Maturity | 30,000,000 | 30,000,000 | ||||||
Due in Year Four Maturity | 30,000,000 | 30,000,000 | ||||||
Due in Year Five Maturity | 0 | 30,000,000 | ||||||
Due Thereafter | 141,000 | 148,000 | ||||||
Total | 205,191,000 | 184,648,000 | ||||||
Repurchase Agreements for municipal and commercial customers | 74,725,000 | 94,477,000 | ||||||
Total | $279,916,000 | $279,125,000 | $258,636,000 | $298,520,000 | $253,519,000 | $266,777,000 | $257,108,000 | $261,185,000 |
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Repurchase Agreement Counterparty, Maturity of Agreements | 1 day | |||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Next Twelve Months | 0.22% | 0.28% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Two | 2.36% | 2.03% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Three | 0.99% | 2.36% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Four | 2.25% | 0.99% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Five | 2.25% | |||||||
Securities Sold under Agreements to Repurchase, Stated Rate | 0.20% | 0.20% | ||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Repurchase Agreement Counterparty, Maturity of Agreements | 365 days | |||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Next Twelve Months | 2.98% | 3.20% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Two | 2.44% | 2.98% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Three | 3.69% | 2.44% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Four | 3.25% | 3.69% | ||||||
Federal Home Loan Bank, Advances, Interest Rate, Maturities Summary, Due in Year Five | 3.25% | |||||||
Securities Sold under Agreements to Repurchase, Stated Rate | 1.89% | 1.89% |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
plan | |||
employee | |||
Defined contribution plan [Abstract] | |||
Defined contribution plan employer maximum percentage match of annual salary based on employee contribution (in hundredths) | 3.00% | ||
Defined contribution plan employer maximum percentage of annual profit-sharing contribution to plan for benefit of employee (in hundredths) | 2.00% | 2.00% | 2.00% |
Expense related to 401(k) plan | $454,000 | $414,000 | $363,000 |
Defined benefit plans, general information | The Bank also provides unfunded, non-qualified deferred compensation payable over two years, as well as unfunded supplemental retirement benefits for certain officers, payable in installments over 20 years upon retirement or death. The agreements consist of individual contracts with differing characteristics that, when taken together, do not constitute a post-retirement plan. | ||
Supplemental retirement benefits, period of benefits to be received | 20 years | ||
Pension expense | 722,000 | 309,000 | 289,000 |
Accrued pension liability | 2,999,000 | 2,333,000 | |
Number of post-retirement benefit plans | 2 | ||
Number of active employees aged 50 and over | 7 | ||
Employee Benefit Plan, Requisite Minimum Age | 50 years | ||
Post-retirement benefit plan health insurance subsidy range minimum per month per person | 40 | ||
Post-retirement benefit plan health insurance subsidy range maximum per month per person | 1,200 | ||
Expected future benefit payments in 2015 | 120,000 | ||
Expected future benefit payments in 2016 | 121,000 | ||
Expected future benefit payments in 2017 | 122,000 | ||
Expected future benefit payments in 2018 | 123,000 | ||
Expected future benefit payments in 2019 | 123,000 | ||
Expected future benefit payments in 2020 through 2024 | 590,000 | ||
Estimated plan expense | $80,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans, Accumulated Post-Retirement Benefit Obligation, Funded Status, and Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Benefit Obligations [Roll Forward] | |||
Benefit obligation at beginning of year | $1,479 | $1,954 | $1,848 |
Service cost | 0 | 21 | 16 |
Interest cost | 71 | 86 | 107 |
Benefits paid | -100 | -107 | -103 |
Actuarial (gain) loss | 478 | -475 | 86 |
Benefit obligation at end of period | 1,928 | 1,479 | 1,954 |
Funded Status of Plan [Abstract] | |||
Benefit obligation at end of period | -1,928 | -1,479 | -1,954 |
Unamortized (gain) loss | 192 | -289 | 186 |
Unrecognized transition obligation | 0 | 0 | 5 |
Accrued benefit cost | -1,736 | -1,768 | -1,763 |
Weighted average discount rate as of December 31 | 0.043 | 0.05 | 0.045 |
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0 | 21 | 16 |
Interest cost | 71 | 86 | 107 |
Amortization of unrecognized transition obligation | 0 | 5 | 29 |
Amortization of gain | -12 | 0 | 0 |
Other settlement expense | 10 | 0 | 0 |
Net periodic benefit cost | $69 | $112 | $152 |
Weighted average discount rate for net periodic cost | 0.05 | 0.045 | 0.065 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans, Schedule of Net Periodic Benefit Cost Not Yet Recognized (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unamortized net actuarial gain (loss) | ($192) | $289 | |
Unamortized net actuarial gain (loss) | -478 | 475 | -86 |
Deferred tax benefit (expense) at 35% | 67 | -101 | |
Deferred tax benefit (expense) at 35% | -6,055 | -9,937 | |
Net unrecognized gain (loss) on postretirement benefit costs | -125 | 188 | |
Accumulated other comprehensive income (loss) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unamortized net actuarial gain (loss) | 0 | ||
Deferred tax benefit (expense) at 35% | 0 | ||
Net unrecognized gain (loss) on postretirement benefit costs | $0 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss), Summary of Unrealized Gains and Losses on Available-for-Sale Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||||||||
Other comprehensive income (loss) | $962 | ($347) | $3,313 | $4,824 | ($2,076) | ($779) | ($8,903) | ($2,462) | $8,752 | ($14,220) | $503 |
Accumulated Net Unrealized Investment Gain (Loss) | |||||||||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||||||||
Balance at beginning of year | -6,591 | 7,940 | -6,591 | 7,940 | 7,401 | ||||||
Unrealized gains (losses) arising during the period | 15,175 | -21,268 | 2,797 | ||||||||
Realized gains during the period | -1,155 | -1,087 | -1,968 | ||||||||
Related deferred taxes | -4,907 | 7,824 | -290 | ||||||||
Other comprehensive income (loss) | 9,113 | -14,531 | 539 | ||||||||
Balance at end of year | $2,522 | ($6,591) | $2,522 | ($6,591) | $7,940 |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss), Summary of Transfer of AFS Securities to HTM (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | $0 | $0 | $0 |
Net unrealized losses transferred during the period | -23 | 0 | 0 |
Amortization of net unrealized losses | -51 | 0 | 0 |
Related deferred taxes | 26 | 0 | 0 |
Net change | -48 | 0 | 0 |
Balance at end of period | ($48) | $0 | $0 |
Other_Comprehensive_Income_Los4
Other Comprehensive Income (Loss), Summary of Unrealized Gains and Losses on Postretirement Benefits - (Details) (Accumulated Defined Benefit Plans Adjustment, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Defined Benefit Plans Adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of year | $188 | ($123) | ($87) |
Amortization of unrecognized transition obligation | 0 | 5 | 29 |
Change in unamortized net actuarial gain (loss) | -481 | 475 | -86 |
Related deferred taxes | 168 | -169 | 21 |
Balance at end of year | ($125) | $188 | ($123) |
Preferred_and_Common_Stock_Det
Preferred and Common Stock (Details) (USD $) | 0 Months Ended | 12 Months Ended | 48 Months Ended | 168 Months Ended | 0 Months Ended | |||||||
Mar. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 09, 2013 | Dec. 31, 2014 | 8-May-13 | Mar. 27, 2013 | Aug. 24, 2011 | Jan. 09, 2009 | Dec. 31, 2001 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||
Proceeds from issuance of CPP Shares | $25,000,000 | |||||||||||
Purchase price of CPP Shares (in dollars per share) | $1,000 | |||||||||||
Cumulative dividend rate of CPP Shares (in hundredths) | 5.00% | |||||||||||
CPP Shares dividend period (in years) | 5 years | |||||||||||
CPP Shares dividend rate after first five years (in hundredths) | 9.00% | |||||||||||
Dividend payment terms | payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year | |||||||||||
Number of shares of common stock issuable pursuant to the Warrants, maximum (in shares) | 225,904 | 225,904 | 225,904 | 225,904 | ||||||||
Exercise price of the Warrants (in dollars per share) | 16.6 | 16.6 | ||||||||||
Term of warrants issued (in years) | 10 years | |||||||||||
Assumptions used in determining fair value of warrants, common stock price (in dollars per share) | $16.60 | $16.60 | ||||||||||
Assumptions used in determining fair value of warrants, dividend yield (in hundredths) | 4.70% | |||||||||||
Assumptions used in determining fair value of warrants, stock price volatility (in hundredths) | 24.43% | |||||||||||
Assumptions used in determining fair value of warrants, risk-free interest rate (in hundredths) | 2.01% | |||||||||||
Expected life of CPP Shares upon issuance (in years) | 5 years | |||||||||||
Common stock | ||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 0 | 12,500,000 | 0 | |||||||||
Number of shares available to directors and employees for stock purchase or savings and investment plans (in shares) | 700,000 | 700,000 | ||||||||||
Number of shares issued under employee savings and investment plan (in shares) | 548,434 | 548,434 | ||||||||||
Number of shares available for future use under employee savings and investment plan (in shares) | 151,566 | 151,566 | ||||||||||
Number of shares issued during period, employee benefit plan (in shares) | 14,638 | 11,385 | 12,451 | |||||||||
Number of shares registered with SEC for dividend reinvestment plan (in shares) | 600,000 | |||||||||||
Number of shares issued during period, dividend reinvestment plan (in shares) | 12,686 | 12,008 | 14,056 | 225,274 | ||||||||
Stock Remaining under Plan, Shares, Dividend Reinvestment Plan | 374,726 | |||||||||||
Number of trading days immediately preceding dividend payment date used in determining per share price of shares purchased | 5 days | |||||||||||
Proceeds from sale of common stock (in shares) | 760,771 | |||||||||||
Proceeds from sale of common stock | 11,649,000 | 457,000 | 11,973,000 | 499,000 | ||||||||
Preferred Stock, Value, Outstanding | 10,000,000 | |||||||||||
Series A Preferred Stock | ||||||||||||
Common stock | ||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 10,000,000 | 2,500,000 | 12,500,000 | |||||||||
Capital Purchase Program | ||||||||||||
Common stock | ||||||||||||
Stock Issued During Period, Value, New Issues | $457,000 | $324,000 |
Stock_Options_and_StockBased_C2
Stock Options and Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 1995 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares of common stock reserved for issuance (in shares) | 400,000 | |||||
Vesting Term (In Years) | 10 years | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $1,178,000 | |||||
Compensation cost recognized for options granted | 431,000 | 214,000 | ||||
Unrecognized compensation costs | 412,000 | 433,000 | ||||
Granted in 1995 (in shares) | 0 | |||||
Percentage of options vesting two years (in hundredths) | 50.00% | |||||
Vesting term, option one (in years) | 2 years | |||||
Percentage of options vesting five years (in hundredths) | 50.00% | |||||
Vesting term, option two (in years) | 5 years | |||||
Summary of status and changes of Stock Option Plan [Roll Forward] | ||||||
Outstanding, beginning of period (in shares) | 42,000 | 42,000 | ||||
Granted(in shares) | 0 | |||||
Exercised (in shares) | 0 | |||||
Forfeited (in shares) | 0 | |||||
Outstanding, end of period (in shares) | 42,000 | 42,000 | ||||
Exercisable, end of period (in shares) | 42,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||
Outstanding options, weighted average exercise price, beginning of period (in dollars per share) | $18 | |||||
Granted options, weighted average exercise price (in dollars per share) | $0 | |||||
Exercised options, weighted average exercise price (in dollars per share) | $0 | |||||
Forfeited options, weighted average exercise price (in dollars per share) | $0 | |||||
Outstanding options, weighted average exercise price, end of period (in dollars per share) | $18 | $18 | ||||
Exercisable options, weighted average exercise price, end of period (in dollars per share) | $18 | |||||
Outstanding options, end of period, weighted average remaining contractual term (in years) | 1 month | |||||
Exercisable options, end of period, weighted average remaining contractual term (in years) | 1 month | |||||
Exercised options, aggregate intrinsic value | 0 | |||||
Outstanding options, end of period, aggregate intrinsic value | 0 | |||||
Exercisable options, end of period, aggregate intrinsic value | $0 | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock granted (in shares) | 72,684 | |||||
2011 Plan | One Year | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting Term (In Years) | 1 year | |||||
2011 Plan | Two Years | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting Term (In Years) | 2 years | 2 years | ||||
2011 Plan | Four Years | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting Term (In Years) | 4 years | 4 years | ||||
Restricted stock granted (in shares) | 3,808 | 2,704 | 1,500 | |||
Remaining Term (In Years) | 1 year 1 month 6 days | 1 year 2 months 12 days | 1 month | |||
2011 Plan | Restricted Stock | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock granted (in shares) | 72,684 | |||||
Remaining Term (In Years) | 1 year 10 months 24 days | |||||
2011 Plan | Five Years | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting Term (In Years) | 5 years | 5 years | 5 years | 5 years | ||
Restricted stock granted (in shares) | 14,776 | 7,996 | 5,500 | |||
Remaining Term (In Years) | 3 years 1 month 6 days | 2 years 2 months 12 days | 1 year 1 month 6 days | |||
2011 Plan | Years | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock granted (in shares) | 8,530 | 2,027 | ||||
Remaining Term (In Years) | 1 month | 2 months | ||||
2011 Plan | Three Years [Member] | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting Term (In Years) | 3 years | 3 years | ||||
1995 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted in 1995 (in shares) | 600,000 | |||||
Summary of status and changes of Stock Option Plan [Roll Forward] | ||||||
Granted(in shares) | 600,000 | |||||
Plan 2010 | One Year | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock granted (in shares) | 5,086 | |||||
Remaining Term (In Years) | 1 month | |||||
Plan 2010 | Two Years | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock granted (in shares) | 10,335 | |||||
Remaining Term (In Years) | 1 year | |||||
Plan 2010 | Five Years | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock granted (in shares) | 10,422 | |||||
Remaining Term (In Years) | 4 years |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Numerator) [Abstract] | |||||||||||
Net income as reported | $3,426 | $4,108 | $3,747 | $3,428 | $3,502 | $3,365 | $3,242 | $2,856 | $14,709 | $12,965 | $12,688 |
Less dividends and amortization of premium on preferred stock | 0 | 384 | 723 | ||||||||
Basic EPS: Income available to common shareholders | 14,709 | 12,581 | 11,965 | ||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $14,709 | $12,581 | $11,965 | ||||||||
Shares (Denominator) [Abstract] | |||||||||||
Weighted average number of common shares outstanding | 10,638,527 | 10,469,446 | 9,828,925 | ||||||||
Incremental shares | 72,337 | 51,609 | 17,606 | ||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions (in shares) | 10,710,864 | 10,521,055 | 9,846,531 | ||||||||
Per-Share Amount [Abstract] | |||||||||||
Basic EPS: Income available to common shareholders (in dollars per share) | $0.32 | $0.39 | $0.35 | $0.32 | $0.33 | $0.31 | $0.29 | $0.27 | $1.38 | $1.20 | $1.22 |
Diluted EPS: Income available to common shareholders plus assumed conversions (in dollars per share) | $0.32 | $0.38 | $0.35 | $0.32 | $0.33 | $0.31 | $0.29 | $0.27 | $1.37 | $1.20 | $1.22 |
Schedule of Outstanding Options And Warrants [Line Items] | |||||||||||
Incentive stock options | 42,000 | 42,000 | 42,000 | 42,000 | 42,000 | ||||||
Warrants issued to U.S. Treasury | 225,904 | 225,904 | 225,904 | 225,904 | 225,904 | ||||||
Total Dilutive Securities | 267,904 | 267,904 | 267,904 | 267,904 | 267,904 | ||||||
In-the-Money | |||||||||||
Schedule of Outstanding Options And Warrants [Line Items] | |||||||||||
Incentive stock options | 0 | 0 | 0 | 0 | 0 | ||||||
Warrants issued to U.S. Treasury | 225,904 | 225,904 | 225,904 | 225,904 | 0 | ||||||
Total Dilutive Securities | 225,904 | 225,904 | 225,904 | 225,904 | 0 | ||||||
Out-of-the-Money | |||||||||||
Schedule of Outstanding Options And Warrants [Line Items] | |||||||||||
Incentive stock options | 42,000 | 42,000 | 42,000 | 42,000 | 42,000 | ||||||
Warrants issued to U.S. Treasury | 0 | 0 | 0 | 0 | 225,904 | ||||||
Total Dilutive Securities | 42,000 | 42,000 | 42,000 | 42,000 | 267,904 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Tier 1 capital to risk-weighted assets [Abstract] | ||
Actual | $128,970,000 | $121,967,000 |
Average assets [Abstract] | ||
Retained earnings from prior two years available for dividends | 12,326,000 | |
Non Consolidated | ||
Tier 2 capital to risk-weighted asets [Abstract] | ||
Actual | 137,818,000 | 131,146,000 |
For capital adequacy purpose | 68,524,000 | 65,996,000 |
To be well-capitalized under prompt corrective action provisions | 85,655,000 | 82,495,000 |
Risk-weighted assets [Abstract] | ||
Actual (in hundredths) | 16.09% | 15.90% |
For capital adequacy purpose (in hundredths) | 8.00% | 8.00% |
To be well-capitalized under prompt corrective action provisions (in hundredths) | 10.00% | 10.00% |
Actual (in hundredths) | 14.87% | 14.65% |
For capital adequacy purpose (in hundredths) | 4.00% | 4.00% |
To be well-capitalized under prompt corrective action provisions (in hundredths) | 6.00% | 6.00% |
Tier 1 capital to risk-weighted assets [Abstract] | ||
Actual | 127,374,000 | 120,819,000 |
For capital adequacy purpose | 34,262,000 | 32,998,000 |
To be well-capitalized under prompt corrective action provisions | 51,393,000 | 49,497,000 |
Tier 1 capital to average assets [Abstract] | ||
Actual | 127,374,000 | 120,819,000 |
For capital adequacy purpose | 58,086,000 | 57,203,000 |
To be well-capitalized under prompt corrective action provisions | 72,607,000 | 71,504,000 |
Average assets [Abstract] | ||
Actual (in hundredths) | 8.77% | 8.45% |
For capital adequacy purpose (in hundredths) | 4.00% | 4.00% |
To be well-capitalized under prompt corrective action provisions (in hundredths) | 5.00% | 5.00% |
Consolidated | ||
Tier 2 capital to risk-weighted asets [Abstract] | ||
Actual | 139,414,000 | 132,294,000 |
For capital adequacy purpose | 68,532,000 | 66,005,000 |
Risk-weighted assets [Abstract] | ||
Actual (in hundredths) | 16.27% | 16.03% |
For capital adequacy purpose (in hundredths) | 8.00% | 8.00% |
Actual (in hundredths) | 15.06% | 14.78% |
For capital adequacy purpose (in hundredths) | 4.00% | 4.00% |
Tier 1 capital to risk-weighted assets [Abstract] | ||
For capital adequacy purpose | 34,266,000 | 33,002,000 |
Tier 1 capital to average assets [Abstract] | ||
Actual | 128,970,000 | 121,967,000 |
For capital adequacy purpose | $58,066,000 | $56,280,000 |
Average assets [Abstract] | ||
Actual (in hundredths) | 8.88% | 8.67% |
For capital adequacy purpose (in hundredths) | 4.00% | 4.00% |
OffBalanceSheet_Financial_Inst2
Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $132,945 | $118,221 |
Unused Lines Of Credit Residential Mortgages | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 65,264 | 58,265 |
Other Unused Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 49,608 | 48,646 |
Standby Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 4,480 | 4,086 |
Commitments to Extend Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $13,593 | $7,224 |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Securities available for sale, Fair value disclosure | ||||
Allowance for Other Real Estate Owned | $654 | $330 | $373 | $436 |
Impaired Financing Receivable, Related Allowance, Measured at Fair Value | 1,074 | 1,309 | ||
Fair Value, Measurements, Recurring | ||||
Securities available for sale, Fair value disclosure | ||||
Mortgage-backed securities | 151,855 | 177,729 | ||
State and political subdivisions | 30,855 | 126,315 | ||
Other equity securities | 2,551 | 1,780 | ||
Total assets | 185,261 | 305,824 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||||
Securities available for sale, Fair value disclosure | ||||
Mortgage-backed securities | 0 | 0 | ||
State and political subdivisions | 0 | 0 | ||
Other equity securities | 0 | 0 | ||
Total assets | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||||
Securities available for sale, Fair value disclosure | ||||
Mortgage-backed securities | 151,855 | 177,729 | ||
State and political subdivisions | 30,855 | 126,315 | ||
Other equity securities | 2,551 | 1,780 | ||
Total assets | 185,261 | 305,824 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||||
Securities available for sale, Fair value disclosure | ||||
Mortgage-backed securities | 0 | 0 | ||
State and political subdivisions | 0 | 0 | ||
Other equity securities | 0 | 0 | ||
Total assets | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | ||||
Securities available for sale, Fair value disclosure | ||||
Total assets | 5,694 | 5,923 | ||
Other real estate owned | 3,785 | 4,807 | ||
Impaired loans | 1,909 | 1,116 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 1 | ||||
Securities available for sale, Fair value disclosure | ||||
Total assets | 0 | 0 | ||
Other real estate owned | 0 | 0 | ||
Impaired loans | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | ||||
Securities available for sale, Fair value disclosure | ||||
Total assets | 5,694 | 5,923 | ||
Other real estate owned | 3,785 | 4,807 | ||
Impaired loans | 1,909 | 1,116 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | ||||
Securities available for sale, Fair value disclosure | ||||
Total assets | 0 | 0 | ||
Other real estate owned | 0 | 0 | ||
Impaired loans | $0 | $0 |
Fair_Value_Disclosures_Part_2_
Fair Value Disclosures, Part 2 (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||||||
Financial assets | ||||||||
Securities available for sale | $185,261 | $305,824 | ||||||
Securities to be held to maturity, fair value | 279,704 | 158,336 | ||||||
Restricted equity securities, at cost | 13,912 | 13,912 | ||||||
Residential [Abstract] | ||||||||
Total loans | 907,220 | 864,853 | ||||||
Mortgage servicing rights | 2,088 | 1,948 | ||||||
Financial liabilities | ||||||||
Demand deposits | 113,133 | 106,125 | ||||||
NOW deposits | 199,977 | 151,322 | ||||||
Money market deposits | 98,607 | 86,730 | ||||||
Savings deposits | 165,601 | 149,103 | ||||||
Certificates of deposit | 447,501 | 531,119 | ||||||
Total deposits | 1,024,819 | 1,055,322 | 1,033,436 | 1,045,970 | 1,024,399 | 1,037,466 | 1,027,682 | 975,861 |
Carrying Amount | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 13,057 | 16,570 | ||||||
Interest bearing deposits in other banks | 3,559 | 2,562 | ||||||
Securities available for sale | 185,261 | 305,824 | ||||||
Securities to be held to maturity, fair value | 275,919 | 169,277 | ||||||
Restricted equity securities, at cost | 13,912 | 13,912 | ||||||
Loans held for sale | 83 | |||||||
Commercial [Abstract] | ||||||||
Municipal | 20,406 | 19,099 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 102,258 | 90,759 | ||||||
Consumer | 19,007 | 14,396 | ||||||
Total loans | 907,220 | 864,853 | ||||||
Mortgage servicing rights | 1,086 | 1,158 | ||||||
Accrued interest receivable | 4,748 | 5,038 | ||||||
Financial liabilities | ||||||||
Demand deposits | 113,133 | 106,125 | ||||||
NOW deposits | 199,977 | 151,322 | ||||||
Money market deposits | 98,607 | 86,730 | ||||||
Savings deposits | 165,601 | 149,103 | ||||||
Certificates of deposit | 205,072 | 226,658 | ||||||
National certificates of deposit | 242,429 | 304,461 | ||||||
Total deposits | 1,024,819 | 1,024,399 | ||||||
Repurchase agreements | 74,725 | 94,477 | ||||||
Federal Home Loan Bank advances | 205,191 | 184,648 | ||||||
Total borrowed funds | 279,916 | 279,125 | ||||||
Accrued interest payable | 521 | 599 | ||||||
Estimate of Fair Value | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 13,057 | 16,570 | ||||||
Interest bearing deposits in other banks | 3,559 | 2,562 | ||||||
Securities available for sale | 185,261 | 305,824 | ||||||
Securities to be held to maturity, fair value | 279,704 | 158,336 | ||||||
Restricted equity securities, at cost | 13,912 | 13,912 | ||||||
Loans held for sale | 83 | |||||||
Commercial [Abstract] | ||||||||
Municipal | 20,833 | 19,358 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 101,733 | 90,542 | ||||||
Consumer | 19,207 | 14,438 | ||||||
Total loans | 912,055 | 870,539 | ||||||
Mortgage servicing rights | 2,088 | 1,948 | ||||||
Accrued interest receivable | 4,748 | 5,038 | ||||||
Financial liabilities | ||||||||
Demand deposits | 109,973 | 96,175 | ||||||
NOW deposits | 186,490 | 129,815 | ||||||
Money market deposits | 83,837 | 67,968 | ||||||
Savings deposits | 146,936 | 122,891 | ||||||
Certificates of deposit | 205,360 | 228,767 | ||||||
National certificates of deposit | 242,824 | 306,346 | ||||||
Total deposits | 975,420 | 951,962 | ||||||
Repurchase agreements | 70,783 | 94,477 | ||||||
Federal Home Loan Bank advances | 208,259 | 189,644 | ||||||
Total borrowed funds | 279,042 | 284,121 | ||||||
Accrued interest payable | 521 | 599 | ||||||
Commercial Real Estate Receivable | Carrying Amount | ||||||||
Commercial [Abstract] | ||||||||
Loans | 238,104 | 240,555 | ||||||
Commercial Real Estate Receivable | Estimate of Fair Value | ||||||||
Commercial [Abstract] | ||||||||
Loans | 236,368 | 239,973 | ||||||
Commercial Construction | Carrying Amount | ||||||||
Commercial [Abstract] | ||||||||
Loans | 29,951 | 19,709 | ||||||
Commercial Construction | Estimate of Fair Value | ||||||||
Commercial [Abstract] | ||||||||
Loans | 29,733 | 19,661 | ||||||
Commercial Other Receivable | Carrying Amount | ||||||||
Commercial [Abstract] | ||||||||
Loans | 102,738 | 92,625 | ||||||
Commercial Other Receivable | Estimate of Fair Value | ||||||||
Commercial [Abstract] | ||||||||
Loans | 102,858 | 92,855 | ||||||
Residential, Term, Financing Receivable | Carrying Amount | ||||||||
Residential [Abstract] | ||||||||
Loans | 382,620 | 375,932 | ||||||
Residential, Term, Financing Receivable | Estimate of Fair Value | ||||||||
Residential [Abstract] | ||||||||
Loans | 389,200 | 381,918 | ||||||
Residential, Construction, Financing Receivables | Carrying Amount | ||||||||
Residential [Abstract] | ||||||||
Loans | 12,136 | 11,778 | ||||||
Residential, Construction, Financing Receivables | Estimate of Fair Value | ||||||||
Residential [Abstract] | ||||||||
Loans | 12,123 | 11,794 | ||||||
Fair Value, Inputs, Level 1 | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 13,057 | 16,570 | ||||||
Interest bearing deposits in other banks | 3,559 | 2,562 | ||||||
Securities available for sale | 0 | 0 | ||||||
Securities to be held to maturity, fair value | 0 | 0 | ||||||
Restricted equity securities, at cost | 0 | 0 | ||||||
Loans held for sale | 0 | |||||||
Commercial [Abstract] | ||||||||
Municipal | 0 | 0 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 0 | 0 | ||||||
Consumer | 0 | 0 | ||||||
Total loans | 0 | 0 | ||||||
Mortgage servicing rights | 0 | 0 | ||||||
Accrued interest receivable | 0 | 0 | ||||||
Financial liabilities | ||||||||
Demand deposits | 0 | 0 | ||||||
NOW deposits | 0 | 0 | ||||||
Money market deposits | 0 | 0 | ||||||
Savings deposits | 0 | 0 | ||||||
Certificates of deposit | 0 | 0 | ||||||
National certificates of deposit | 0 | 0 | ||||||
Total deposits | 0 | 0 | ||||||
Repurchase agreements | 0 | 0 | ||||||
Federal Home Loan Bank advances | 0 | 0 | ||||||
Total borrowed funds | 0 | 0 | ||||||
Accrued interest payable | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 | Commercial Real Estate Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Interest bearing deposits in other banks | 0 | 0 | ||||||
Securities available for sale | 185,261 | 305,824 | ||||||
Securities to be held to maturity, fair value | 279,704 | 158,336 | ||||||
Restricted equity securities, at cost | 13,912 | 13,912 | ||||||
Loans held for sale | 83 | |||||||
Commercial [Abstract] | ||||||||
Municipal | 0 | 0 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 488 | 0 | ||||||
Consumer | 0 | 0 | ||||||
Total loans | 1,909 | 1,116 | ||||||
Mortgage servicing rights | 2,088 | 1,948 | ||||||
Accrued interest receivable | 4,748 | 5,038 | ||||||
Financial liabilities | ||||||||
Demand deposits | 109,973 | 96,175 | ||||||
NOW deposits | 186,490 | 129,815 | ||||||
Money market deposits | 83,837 | 67,968 | ||||||
Savings deposits | 146,936 | 122,891 | ||||||
Certificates of deposit | 205,360 | 228,767 | ||||||
National certificates of deposit | 242,824 | 306,346 | ||||||
Total deposits | 975,420 | 951,962 | ||||||
Repurchase agreements | 70,783 | 94,477 | ||||||
Federal Home Loan Bank advances | 208,259 | 189,644 | ||||||
Total borrowed funds | 279,042 | 284,121 | ||||||
Accrued interest payable | 521 | 599 | ||||||
Fair Value, Inputs, Level 2 | Commercial Real Estate Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 431 | 109 | ||||||
Fair Value, Inputs, Level 2 | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 229 | ||||||
Fair Value, Inputs, Level 2 | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 990 | 778 | ||||||
Fair Value, Inputs, Level 2 | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Interest bearing deposits in other banks | 0 | 0 | ||||||
Securities available for sale | 0 | 0 | ||||||
Securities to be held to maturity, fair value | 0 | 0 | ||||||
Restricted equity securities, at cost | 0 | 0 | ||||||
Loans held for sale | 0 | |||||||
Commercial [Abstract] | ||||||||
Municipal | 20,833 | 19,358 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 101,245 | 90,542 | ||||||
Consumer | 19,207 | 14,438 | ||||||
Total loans | 910,146 | 869,423 | ||||||
Mortgage servicing rights | 0 | 0 | ||||||
Accrued interest receivable | 0 | 0 | ||||||
Financial liabilities | ||||||||
Demand deposits | 0 | 0 | ||||||
NOW deposits | 0 | 0 | ||||||
Money market deposits | 0 | 0 | ||||||
Savings deposits | 0 | 0 | ||||||
Certificates of deposit | 0 | 0 | ||||||
National certificates of deposit | 0 | 0 | ||||||
Total deposits | 0 | 0 | ||||||
Repurchase agreements | 0 | 0 | ||||||
Federal Home Loan Bank advances | 0 | 0 | ||||||
Total borrowed funds | 0 | 0 | ||||||
Accrued interest payable | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 | Commercial Real Estate Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 235,937 | 239,864 | ||||||
Fair Value, Inputs, Level 3 | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 29,733 | 19,661 | ||||||
Fair Value, Inputs, Level 3 | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 102,858 | 92,626 | ||||||
Fair Value, Inputs, Level 3 | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 388,210 | 381,140 | ||||||
Fair Value, Inputs, Level 3 | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | $12,123 | $11,794 |
Other_Operating_Income_and_Exp2
Other Operating Income and Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other operating expense | |||
Advertising and marketing expense | $1,022 | $1,117 | $935 |
Accounting and auditing expenses | 746 | 674 | 630 |
ATM and interchange expense | 760 | 778 | 940 |
Legal fees and expenses | 769 | 482 | 715 |
Collections/Foreclosures/Other Real Estate Owned Expense | |||
Other operating expense | |||
Collections/foreclosures/ other real estate owned expense | 657 | 878 | 606 |
ATM And Debit Card Income | |||
Other operating income | |||
ATM and debit card income | $2,630 | $2,440 | $1,994 |
Condensed_Financial_Informatio2
Condensed Financial Information of Parent (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 28, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | |||||||||||||
Cash and cash equivalents | $13,057 | $17,167 | $20,416 | $13,894 | $16,570 | $20,117 | $18,683 | $16,523 | $13,057 | $16,570 | |||
Investments | 461,180 | 472,660 | 502,015 | 488,553 | 475,101 | 490,151 | 464,999 | 437,160 | 461,180 | 475,101 | |||
Premises and equipment | 22,619 | 23,616 | 22,619 | 23,616 | |||||||||
Goodwill | 29,805 | 29,805 | 29,805 | 29,805 | |||||||||
Other assets | 22,246 | 27,616 | 22,246 | 27,616 | |||||||||
Total assets | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,463,963 | 1,464,749 | 1,444,496 | 1,416,787 | 1,482,131 | 1,463,963 | |||
Liabilities and shareholders' equity | |||||||||||||
Other liabilities | 15,842 | 15,489 | 14,675 | 14,212 | 14,341 | 13,853 | 13,734 | 16,070 | 15,842 | 14,341 | |||
Total liabilities | 1,320,577 | 1,317,865 | 1,320,577 | 1,317,865 | |||||||||
Shareholders' equity | |||||||||||||
Common stock | 107 | 106 | 107 | 106 | |||||||||
Additional paid-in capital | 59,282 | 58,395 | 59,282 | 58,395 | |||||||||
Retained earnings | 99,816 | 94,000 | 99,816 | 94,000 | |||||||||
Accumulated other comprehensive income (loss) | |||||||||||||
Net unrealized gain on available for sale securities, net of tax | 2,522 | -6,591 | 2,522 | -6,591 | |||||||||
Total shareholders' equity | 161,554 | 159,190 | 157,449 | 152,416 | 146,098 | 146,653 | 145,972 | 163,671 | 161,554 | 146,098 | 156,323 | 150,858 | |
Total liabilities and shareholders' equity | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,463,963 | 1,464,749 | 1,444,496 | 1,416,787 | 1,482,131 | 1,463,963 | |||
Statements of Income | |||||||||||||
Net securities gains | 1,155 | 1,087 | 1,968 | ||||||||||
Loss before income taxes and Bank earnings | 4,474 | 5,508 | 4,902 | 4,391 | 4,441 | 4,320 | 4,067 | 3,562 | 19,275 | 16,390 | 16,059 | ||
Applicable tax expense | 1,048 | 1,400 | 1,155 | 963 | 939 | 955 | 825 | 706 | 4,566 | 3,425 | 3,371 | ||
Equity in earnings of Bank | |||||||||||||
Net income | 3,426 | 4,108 | 3,747 | 3,428 | 3,502 | 3,365 | 3,242 | 2,856 | 14,709 | 12,965 | 12,688 | ||
Cash flows from operating activities | |||||||||||||
Net income | 3,426 | 4,108 | 3,747 | 3,428 | 3,502 | 3,365 | 3,242 | 2,856 | 14,709 | 12,965 | 12,688 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 1,663 | 1,727 | 1,314 | ||||||||||
Equity compensation expense | 431 | 214 | 85 | ||||||||||
Net gain on sale or call of securities | -1,155 | -1,087 | -1,968 | ||||||||||
Net decrease in other assets and accrued interest | 676 | 1,557 | 756 | ||||||||||
Increase (decrease) in other liabilities | 378 | 1,370 | 1,631 | ||||||||||
Net cash provided by operating activities | 20,463 | 24,984 | 25,023 | ||||||||||
Cash flows from investing activities | |||||||||||||
Capital expenditures | -1,909 | -2,363 | -1,726 | ||||||||||
Net cash used in investing activities | -16,751 | -75,957 | -19,270 | ||||||||||
Cash flows from financing activities | |||||||||||||
Repurchase of preferred stock | 0 | -12,500 | 0 | ||||||||||
Proceeds from sale of common stock | 11,649 | 457 | 11,973 | 499 | |||||||||
Dividends paid | -8,893 | -8,657 | -8,310 | ||||||||||
Net cash used in financing activities | -7,225 | 52,585 | -4,910 | ||||||||||
Net increase (decrease) in cash and cash equivalents | -3,513 | 1,612 | 843 | ||||||||||
Cash and cash equivalents at beginning of year | 16,570 | 14,958 | 16,570 | 14,958 | 14,115 | ||||||||
Cash and cash equivalents at end of year | 13,057 | 16,570 | 13,057 | 16,570 | 14,958 | ||||||||
Parent Company | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 522 | 1,113 | 522 | 1,113 | |||||||||
Dividends receivable | 2,500 | 1,500 | 2,500 | 1,500 | |||||||||
Investments | 528 | 543 | 528 | 543 | |||||||||
Investment in subsidiary | 132,399 | 117,391 | 132,399 | 117,391 | |||||||||
Premises and equipment | 24 | 32 | 24 | 32 | |||||||||
Goodwill | 27,559 | 27,559 | 27,559 | 27,559 | |||||||||
Other assets | 302 | 203 | 302 | 203 | |||||||||
Total assets | 163,834 | 148,341 | 163,834 | 148,341 | |||||||||
Liabilities and shareholders' equity | |||||||||||||
Dividends payable | 2,252 | 2,134 | 2,252 | 2,134 | |||||||||
Other liabilities | 28 | 109 | 28 | 109 | |||||||||
Total liabilities | 2,280 | 2,243 | 2,280 | 2,243 | |||||||||
Shareholders' equity | |||||||||||||
Common stock | 107 | 106 | 107 | 106 | |||||||||
Additional paid-in capital | 59,282 | 58,395 | 59,282 | 58,395 | |||||||||
Retained earnings | 102,125 | 87,523 | 102,125 | 87,523 | |||||||||
Accumulated other comprehensive income (loss) | |||||||||||||
Net unrealized gain on available for sale securities, net of tax | 40 | 74 | 40 | 74 | |||||||||
Total accumulated other comprehensive income | 40 | 74 | 40 | 74 | |||||||||
Total shareholders' equity | 161,554 | 146,098 | 161,554 | 146,098 | |||||||||
Total liabilities and shareholders' equity | 163,834 | 148,341 | 163,834 | 148,341 | |||||||||
Statements of Income | |||||||||||||
Interest and dividends on investments | 15 | 10 | 10 | ||||||||||
Net securities gains | 38 | 0 | 0 | ||||||||||
Total income | 53 | 10 | 10 | ||||||||||
Occupancy expense | 12 | 11 | 8 | ||||||||||
Other operating expense | 604 | 362 | 218 | ||||||||||
Total expense | 616 | 373 | 226 | ||||||||||
Loss before income taxes and Bank earnings | -563 | -363 | -216 | ||||||||||
Applicable tax expense | -200 | -128 | -76 | ||||||||||
Loss before Bank earnings | -363 | -235 | -140 | ||||||||||
Equity in earnings of Bank | |||||||||||||
Remitted | 8,850 | 7,096 | 9,694 | ||||||||||
Unremitted | 6,222 | 6,104 | 3,134 | ||||||||||
Net income | 14,709 | 12,965 | 12,688 | ||||||||||
Cash flows from operating activities | |||||||||||||
Net income | 14,709 | 12,965 | 12,688 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 9 | 11 | 8 | ||||||||||
Equity compensation expense | 431 | 214 | 85 | ||||||||||
Net gain on sale or call of securities | -38 | 0 | 0 | ||||||||||
Net decrease in other assets and accrued interest | -98 | -132 | -15 | ||||||||||
(Increase) decrease in dividend receivable | -1,050 | 400 | 0 | ||||||||||
Increase (decrease) in other liabilities | 105 | 258 | -5 | ||||||||||
Unremitted | -6,222 | -6,104 | -3,134 | ||||||||||
Net cash provided by operating activities | 7,846 | 7,612 | 9,627 | ||||||||||
Cash flows from investing activities | |||||||||||||
Capital expenditures | -1 | 0 | -25 | ||||||||||
Net cash used in investing activities | -1 | 0 | -25 | ||||||||||
Cash flows from financing activities | |||||||||||||
Repurchase of preferred stock | 0 | -12,500 | 0 | ||||||||||
Proceeds from sale of common stock | 457 | 11,973 | 499 | ||||||||||
Dividends paid | -8,893 | -8,657 | -8,310 | ||||||||||
Net cash used in financing activities | -8,436 | -9,184 | -7,811 | ||||||||||
Net increase (decrease) in cash and cash equivalents | -591 | -1,572 | 1,791 | ||||||||||
Cash and cash equivalents at beginning of year | 1,113 | 2,685 | 1,113 | 2,685 | 894 | ||||||||
Cash and cash equivalents at end of year | $522 | $1,113 | $522 | $1,113 | $2,685 |
Quarterly_Information_Details
Quarterly Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balance Sheets | ||||||||||||
Cash and cash equivalents | $13,057 | $17,167 | $20,416 | $13,894 | $16,570 | $20,117 | $18,683 | $16,523 | $13,057 | $16,570 | ||
Interest-bearing deposits in other banks | 3,559 | 773 | 272 | 2,935 | 2,562 | 787 | 334 | 5,941 | 3,559 | 2,562 | ||
Investments | 461,180 | 472,660 | 502,015 | 488,553 | 475,101 | 490,151 | 464,999 | 437,160 | 461,180 | 475,101 | ||
Restricted equity securities | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | ||
Net loans and loans held for sale | 907,220 | 896,857 | 880,492 | 857,315 | 864,936 | 851,171 | 854,448 | 851,001 | 907,220 | 864,936 | ||
Other assets | 83,203 | 87,268 | 86,973 | 89,508 | 90,882 | 88,611 | 92,120 | 92,250 | 83,203 | 90,882 | ||
Total assets | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,463,963 | 1,464,749 | 1,444,496 | 1,416,787 | 1,482,131 | 1,463,963 | ||
Deposits | 1,024,819 | 1,055,322 | 1,033,436 | 1,045,970 | 1,024,399 | 1,037,466 | 1,027,682 | 975,861 | 1,024,819 | 1,024,399 | ||
Borrowed funds | 279,916 | 258,636 | 298,520 | 253,519 | 279,125 | 266,777 | 257,108 | 261,185 | 279,916 | 279,125 | ||
Other liabilities | 15,842 | 15,489 | 14,675 | 14,212 | 14,341 | 13,853 | 13,734 | 16,070 | 15,842 | 14,341 | ||
Shareholders' equity | 161,554 | 159,190 | 157,449 | 152,416 | 146,098 | 146,653 | 145,972 | 163,671 | 161,554 | 146,098 | 156,323 | 150,858 |
Total liabilities and shareholders' equity | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,463,963 | 1,464,749 | 1,444,496 | 1,416,787 | 1,482,131 | 1,463,963 | ||
Statements of Income | ||||||||||||
Interest income | 12,790 | 12,869 | 12,740 | 12,623 | 12,767 | 12,655 | 12,249 | 12,265 | 51,022 | 49,936 | 51,825 | |
Interest expense | 2,743 | 2,865 | 2,905 | 2,912 | 3,106 | 3,150 | 3,138 | 3,102 | 11,425 | 12,496 | 12,938 | |
Net interest income | 10,047 | 10,004 | 9,835 | 9,711 | 9,661 | 9,505 | 9,111 | 9,163 | 39,597 | 37,440 | 38,887 | |
Provision for loan losses | 300 | 350 | 100 | 400 | 700 | 800 | 1,200 | 1,500 | 1,150 | 4,200 | 7,835 | |
Net interest income after provision for loan losses | 9,747 | 9,654 | 9,735 | 9,311 | 8,961 | 8,705 | 7,911 | 7,663 | 38,447 | 33,240 | 31,052 | |
Non-interest income | 2,602 | 3,656 | 2,458 | 2,332 | 2,599 | 2,621 | 3,579 | 3,288 | 11,048 | 12,087 | 11,278 | |
Non-interest expense | 7,875 | 7,802 | 7,291 | 7,252 | 7,119 | 7,006 | 7,423 | 7,389 | 30,220 | 28,937 | 26,271 | |
Loss before income taxes and Bank earnings | 4,474 | 5,508 | 4,902 | 4,391 | 4,441 | 4,320 | 4,067 | 3,562 | 19,275 | 16,390 | 16,059 | |
Applicable tax expense | 1,048 | 1,400 | 1,155 | 963 | 939 | 955 | 825 | 706 | 4,566 | 3,425 | 3,371 | |
Net income | 3,426 | 4,108 | 3,747 | 3,428 | 3,502 | 3,365 | 3,242 | 2,856 | 14,709 | 12,965 | 12,688 | |
Basic earnings per common share (in usd per share) | $0.32 | $0.39 | $0.35 | $0.32 | $0.33 | $0.31 | $0.29 | $0.27 | $1.38 | $1.20 | $1.22 | |
Diluted earnings per common share (in usd per share) | $0.32 | $0.38 | $0.35 | $0.32 | $0.33 | $0.31 | $0.29 | $0.27 | $1.37 | $1.20 | $1.22 | |
Other comprehensive income (loss), net of tax | ||||||||||||
Net unrealized gain (loss) on securities available for sale | 1,295 | -319 | 3,313 | 4,824 | -2,379 | -779 | -8,907 | -2,466 | 9,113 | -14,531 | 539 | |
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | -20 | -28 | 0 | 0 | 0 | 0 | 0 | 0 | -48 | 0 | 0 | |
Unrecognized gain (loss) on postretirement benefit costs | -313 | 0 | 0 | 0 | 303 | 0 | 4 | 4 | -313 | 311 | -36 | |
Other comprehensive income (loss) | 962 | -347 | 3,313 | 4,824 | -2,076 | -779 | -8,903 | -2,462 | 8,752 | -14,220 | 503 | |
Comprehensive income (loss) | $4,388 | $3,761 | $7,060 | $8,252 | $1,426 | $2,586 | ($5,661) | $394 | $23,461 | ($1,255) | $13,191 |