Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 10, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | First Bancorp, Inc /ME/ | ||
Entity Central Index Key | 765,207 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 190,232,000 | ||
Entity Common Stock, Shares Outstanding | 10,774,319 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 14,299 | $ 13,057 |
Interest-bearing deposits in other banks | 4,013 | 3,559 |
Securities available for sale | 223,039 | 185,261 |
Securities to be held to maturity (fair value of $243,123,000 at December 31, 2015, and $279,704,000 at December 31, 2014) | 240,023 | 275,919 |
Restricted equity securities, at cost | 14,257 | 13,912 |
Loans held for sale | 349 | 0 |
Loans | 988,638 | 917,564 |
Less allowance for loan losses | 9,916 | 10,344 |
Net loans | 978,722 | 907,220 |
Accrued interest receivable | 4,912 | 4,748 |
Premises and equipment, net | 21,816 | 22,619 |
Other real estate owned | 1,532 | 3,785 |
Goodwill | 29,805 | 29,805 |
Other assets | 32,043 | 22,246 |
Total assets | 1,564,810 | 1,482,131 |
Liabilities | ||
Demand deposits | 130,566 | 113,133 |
NOW deposits | 242,638 | 199,977 |
Money market deposits | 92,994 | 98,607 |
Savings deposits | 206,009 | 165,601 |
Certificates of deposit | 370,982 | 447,501 |
Total deposits | 1,043,189 | 1,024,819 |
Borrowed funds – short term | 222,323 | 189,775 |
Borrowed funds – long term | 115,134 | 90,141 |
Other liabilities | 16,666 | 15,842 |
Total liabilities | $ 1,397,312 | $ 1,320,577 |
Commitments and contingent liabilities | ||
Shareholders' equity | ||
Common stock, one cent par value per share | $ 108 | $ 107 |
Additional paid-in capital | 59,862 | 59,282 |
Retained earnings | 106,673 | 99,816 |
Accumulated other comprehensive income (loss) | ||
Net unrealized gain on securities available for sale | 1,123 | 2,522 |
Net unrealized loss on securities transferred from available for sale to held to maturity | (112) | (48) |
Net unrecognized loss on postretirement benefit costs | (156) | (125) |
Total shareholders' equity | 167,498 | 161,554 |
Total liabilities and shareholders' equity | $ 1,564,810 | $ 1,482,131 |
Common stock | ||
Number of shares authorized (in shares) | 18,000,000 | 18,000,000 |
Number of shares issued (in shares) | 10,753,855 | 10,724,359 |
Number of shares outstanding (in shares) | 10,753,855 | 10,724,359 |
Book value per common share (usd per share) | $ 15.58 | $ 15.06 |
Tangible book value per common share (usd per share) | $ 12.78 | $ 12.25 |
Consolidated Balance Sheets (Au
Consolidated Balance Sheets (Audited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Securities to be held to maturity, fair value | $ 243,123 | $ 279,704 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income | |||
Interest and fees on loans (includes tax-exempt income of $578,000 in 2015, $592,000 in 2014, and $567,000 in 2013) | $ 36,620 | $ 35,102 | $ 34,897 |
Interest on deposits with other banks | 19 | 5 | 8 |
Interest and dividends on investments (includes tax-exempt income of $5,157,000 in 2015, $5,854,000 in 2014, and $6,065,000 in 2013) | 14,171 | 15,915 | 15,031 |
Total interest and dividend income | 50,810 | 51,022 | 49,936 |
Interest expense | |||
Interest on deposits | 5,285 | 7,087 | 7,997 |
Interest on borrowed funds | 4,589 | 4,338 | 4,499 |
Total interest expense | 9,874 | 11,425 | 12,496 |
Net interest income | 40,936 | 39,597 | 37,440 |
Provision for loan losses | 1,550 | 1,150 | 4,200 |
Net interest income after provision for loan losses | 39,386 | 38,447 | 33,240 |
Non-interest income | |||
Fiduciary and investment management income | 2,258 | 2,139 | 1,919 |
Service charges on deposit accounts | 2,384 | 2,505 | 2,756 |
Net securities gains | 1,399 | 1,155 | 1,087 |
Mortgage origination and servicing income | 1,558 | 979 | 2,080 |
Other operating income | 4,631 | 4,270 | 4,245 |
Total non-interest income | 12,230 | 11,048 | 12,087 |
Non-interest expense | |||
Salaries and employee benefits | 15,080 | 14,890 | 14,305 |
Occupancy expense | 2,312 | 2,215 | 2,050 |
Furniture and equipment expense | 3,171 | 2,940 | 2,656 |
FDIC insurance premiums | 890 | 1,004 | 1,143 |
Amortization of identified intangibles | 58 | 326 | 326 |
Other operating expense | 8,385 | 8,845 | 8,457 |
Total non-interest expense | 29,896 | 30,220 | 28,937 |
Income before income taxes | 21,720 | 19,275 | 16,390 |
Applicable tax expense | 5,514 | 4,566 | 3,425 |
Net income | $ 16,206 | $ 14,709 | $ 12,965 |
Basic earnings per common share (in usd per share) | $ 1.52 | $ 1.38 | $ 1.20 |
Diluted earnings per common share (in usd per share) | $ 1.51 | $ 1.37 | $ 1.20 |
Other comprehensive income (loss), net of tax | |||
Net unrealized gain (loss) on securities available for sale | $ (1,399) | $ 9,113 | $ (14,531) |
Net unrealized loss on securities transferred from available for sale to held to maturity, net of amortization | (64) | (48) | 0 |
Net unrecognized gain (loss) on postretirement benefits | (31) | (313) | 311 |
Other comprehensive income (loss) | (1,494) | 8,752 | (14,220) |
Comprehensive income (loss) | $ 14,712 | $ 23,461 | $ (1,255) |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Loss) (Audited) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Interest and fees on loans (tax-exempt income) | $ 578 | $ 592 | $ 567 |
Interest and dividends on investments (tax-exempt income) | $ 5,157 | $ 5,854 | $ 6,065 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred stock | Common stock and additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) |
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 gain 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 | (8,371) | (8,371) | |||
Equity compensation expense | 214 | $ 214 | |||
Amortization of premium for preferred stock issuance | 98 | $ (98) | |||
Payment for repurchase of common stock | (12,500) | (12,500) | |||
Issuance of restricted stock (in shares) | 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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,428 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | 4,824 | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | 0 | ||||
Balance at Mar. 31, 2014 | 152,416 | ||||
Balance at Dec. 31, 2013 | 146,098 | 0 | $ 58,501 | 94,000 | (6,403) |
Balance (in shares) at Dec. 31, 2013 | 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 gain and transition obligation for post-retirement benefits, net of tax | (313) | (313) | |||
Comprehensive income (loss) | 23,461 | 14,709 | 8,752 | ||
Cash dividends declared | (8,893) | (8,893) | |||
Equity compensation expense | 431 | $ 431 | |||
Issuance of restricted stock (in shares) | 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 | |||
Balance at Mar. 31, 2014 | $ 152,416 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,747 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | 3,313 | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | 0 | ||||
Balance at Jun. 30, 2014 | 157,449 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 4,108 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | (319) | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (28) | ||||
Balance at Sep. 30, 2014 | 159,190 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,426 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | 1,295 | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (20) | ||||
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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 4,175 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | 57 | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (19) | ||||
Balance at Mar. 31, 2015 | 163,516 | ||||
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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | $ 16,206 | 16,206 | |||
Net unrealized gain (loss) on securities available for sale, net of tax | (1,399) | (1,399) | |||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (64) | (64) | |||
Unrecognized gain and transition obligation for post-retirement benefits, net of tax | (31) | (31) | |||
Comprehensive income (loss) | 14,712 | 16,206 | (1,494) | ||
Cash dividends declared | (9,349) | (9,349) | |||
Equity compensation expense | 296 | $ 296 | |||
Payment for repurchase of common stock | (180) | $ (180) | |||
Payment for repurchase of common stock (in shares) | (10,138) | ||||
Issuance of restricted stock (in shares) | 14,179 | ||||
Proceeds from sale of common stock | 465 | $ 465 | |||
Proceeds from sale of common stock (in shares) | 25,455 | ||||
Balance at Dec. 31, 2015 | $ 167,498 | 0 | $ 59,970 | 106,673 | 855 |
Balance (in shares) at Dec. 31, 2015 | 10,753,855 | 10,753,855 | |||
Balance at Mar. 31, 2015 | $ 163,516 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 4,074 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | (1,591) | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (17) | ||||
Balance at Jun. 30, 2015 | 163,809 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 4,188 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | 1,330 | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (15) | ||||
Balance at Sep. 30, 2015 | 167,141 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 3,769 | ||||
Net unrealized gain (loss) on securities available for sale, net of tax | (1,195) | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (13) | ||||
Balance at Dec. 31, 2015 | $ 167,498 | $ 0 | $ 59,970 | $ 106,673 | $ 855 |
Balance (in shares) at Dec. 31, 2015 | 10,753,855 | 10,753,855 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Audited) (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared, per share (USD per share) | $ 0.87 | $ 0.83 | $ 0.785 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 16,206 | $ 14,709 | $ 12,965 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,720 | 1,663 | 1,727 |
Change in deferred taxes | 332 | 18 | (56) |
Provision for loan losses | 1,550 | 1,150 | 4,200 |
Loans originated for resale | (31,306) | (21,758) | (56,377) |
Proceeds from sales and transfers of loans | 31,671 | 22,337 | 58,553 |
Net gain on sales of loans | (714) | (496) | (1,224) |
Net gain on sale or call of securities | (1,399) | (1,155) | (1,087) |
Net amortization of investment premiums | 783 | 943 | 1,817 |
Net (gain) loss on sale of other real estate owned | 5 | 32 | (25) |
Provision for losses on other real estate owned | 311 | 637 | 501 |
Equity compensation expense | 296 | 431 | 214 |
Net (increase) decrease in other assets and accrued interest | (455) | 676 | 1,557 |
Net increase in other liabilities | 1,418 | 378 | 1,370 |
Net loss on disposal of premises and equipment | 0 | 3 | 3 |
Amortization of investments in limited partnerships | 266 | 569 | 520 |
Net acquisition amortization | 58 | 326 | 326 |
Net cash provided by operating activities | 20,742 | 20,463 | 24,984 |
Cash flows from investing activities | |||
Increase in interest-bearing deposits in other banks | (454) | (997) | (924) |
Proceeds from sales of securities available for sale | 35,468 | 15,557 | 10,563 |
Proceeds from maturities, payments, calls of securities available for sale | 36,588 | 30,226 | 55,399 |
Proceeds from maturities, payments, calls of securities held to maturity | 45,688 | 18,085 | 36,872 |
Proceeds from sales of other real estate owned | 3,260 | 2,624 | 5,416 |
Purchases of securities available for sale | (111,616) | (908) | (103,359) |
Purchases of securities to be held to maturity | (9,644) | (34,881) | (62,727) |
Investment in bank-owned life insurance | (10,000) | 0 | 0 |
Purchase of Federal Home Loan Bank Stock | (345) | 0 | 0 |
Redemption of restricted equity securities | 0 | 0 | 536 |
Net increase in loans | (74,375) | (45,788) | (15,375) |
Capital expenditures | (927) | (1,909) | (2,363) |
Proceeds from sale of premises and equipment | 10 | 1,240 | 5 |
Net cash used in investing activities | (86,347) | (16,751) | (75,957) |
Cash flows from financing activities | |||
Net increase in transaction and savings accounts | 94,889 | 84,038 | 39,486 |
Net increase (decrease) in certificates of deposit | (76,519) | (83,618) | 26,063 |
Advances on long-term borrowings | 55,000 | 0 | 0 |
Repayment on long-term borrowings | (40,000) | (30,000) | (3,780) |
Net increase in short-term borrowings | 42,541 | 30,791 | 0 |
Repurchase of preferred stock | 0 | 0 | (12,500) |
Payment to repurchase common stock | (180) | 0 | 0 |
Proceeds from sale of common stock | 465 | 457 | 11,973 |
Dividends paid | (9,349) | (8,893) | (8,657) |
Net cash provided by (used in) financing activities | 66,847 | (7,225) | 52,585 |
Net increase (decrease) in cash and cash equivalents | 1,242 | (3,513) | 1,612 |
Cash and cash equivalents at beginning of year | 13,057 | 16,570 | 14,958 |
Cash and cash equivalents at end of year | 14,299 | 13,057 | 16,570 |
Interest paid | 9,960 | 11,503 | 12,516 |
Income taxes paid | 4,235 | 5,150 | 2,000 |
Non-cash transactions: | |||
Net transfer from loans to other real estate owned | 1,323 | 2,271 | 3,106 |
Transfer of securities from available for sale to held to maturity | $ 0 | $ 89,757 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 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 2015 was $14,000 as the expense is now fully amortized. For 2014 and 2013 the annual amortization expense was $283,000 . 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 2015 , 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, 2015 , 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 (Loss) Comprehensive income (loss) 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, First National Bank, 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, 2015 | |
Cash and Cash Equivalents [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, 2015 , the Company had a contractual clearing balance of $500,000 and a reserve balance requirement of $1,956,000 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, 2015 | |
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, 2015 and 2014 : Amortized Unrealized Unrealized Fair Value As of December 31, 2015 Cost Gains Losses (Estimated) Securities available for sale Mortgage-backed securities $ 194,563,000 $ 1,509,000 $ (962,000 ) $ 195,110,000 State and political subdivisions 23,367,000 1,201,000 (62,000 ) 24,506,000 Other equity securities 3,381,000 48,000 (6,000 ) 3,423,000 $ 221,311,000 $ 2,758,000 $ (1,030,000 ) $ 223,039,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 71,000,000 $ 40,000 $ (2,284,000 ) $ 68,756,000 Mortgage-backed securities 42,193,000 1,305,000 (136,000 ) 43,362,000 State and political subdivisions 122,530,000 4,200,000 (25,000 ) 126,705,000 Corporate securities 4,300,000 — — 4,300,000 $ 240,023,000 $ 5,545,000 $ (2,445,000 ) $ 243,123,000 Restricted equity securities Federal Home Loan Bank Stock $ 13,220,000 $ — $ — $ 13,220,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 14,257,000 $ — $ — $ 14,257,000 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 The following table summarizes the contractual maturities of investment securities at December 31, 2015 : 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 $ 527,000 $ 530,000 $ 1,814,000 $ 1,850,000 Due in 1 to 5 years 7,562,000 7,727,000 6,306,000 6,514,000 Due in 5 to 10 years 19,647,000 20,055,000 58,397,000 60,196,000 Due after 10 years 190,194,000 191,304,000 173,506,000 174,563,000 Equity securities 3,381,000 3,423,000 — — $ 221,311,000 $ 223,039,000 $ 240,023,000 $ 243,123,000 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 At December 31, 2015 , securities with a fair value of $201,879,000 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 $164,919,000 as of December 31, 2014 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 2015 , 2014 and 2013 : 2015 2014 2013 Proceeds from sales of securities $ 35,468,000 $ 15,557,000 $ 10,563,000 Gross realized gains 1,399,000 1,155,000 1,087,000 Gross realized losses — — — Net gain $ 1,399,000 $ 1,155,000 $ 1,087,000 Related income taxes $ 490,000 $ 404,000 $ 380,000 Management reviews securities with unrealized losses for other than temporary impairment. As of December 31, 2015 , there were 78 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 15 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, 2015 is summarized below: Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized As of December 31, 2015 Value Losses Value Losses Value Losses U.S. Government-sponsored agencies $ 45,311,000 $ (1,469,000 ) $ 17,185,000 $ (815,000 ) $ 62,496,000 $ (2,284,000 ) Mortgage-backed securities 120,915,000 (1,027,000 ) 910,000 (71,000 ) 121,825,000 (1,098,000 ) State and political subdivisions 2,528,000 (24,000 ) 2,901,000 (63,000 ) 5,429,000 (87,000 ) Other equity securities 64,000 (5,000 ) 52,000 (1,000 ) 116,000 (6,000 ) $ 168,818,000 $ (2,525,000 ) $ 21,048,000 $ (950,000 ) $ 189,866,000 $ (3,475,000 ) 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. 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 ) 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 $112,000 at December 31, 2015 . 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, 2015 and 2014 , the Bank's investment in FHLB stock totaled $13,220,000 and $12,875,000 , respectfully. 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, 2015 . The Bank will continue to monitor its investment in FHLB stock. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights At December 31, 2015 and 2014 , the Bank serviced loans for others totaling $223,610,000 and $214,086,000 , respectively. Net gains from the sale of loans totaled $714,000 in 2015 , $496,000 in 2014 , and $1,224,000 in 2013 . In 2015 , mortgage servicing rights of $487,000 were capitalized and amortization for the year totaled $449,000 . At December 31, 2015 , mortgage servicing rights had a fair value of $1,915,000 . 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 . 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, 2015 , the prepayment assumption using the PSA model was 163 , which translates into an anticipated prepayment rate of 9.76% . The discount rate is the quarterly average ten -year U.S. Treasury interest rate plus 5.28% . 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, 2015 2014 Mortgage servicing rights $ 5,747,000 $ 6,039,000 Accumulated amortization (4,619,000 ) (4,949,000 ) Impairment reserve (35,000 ) (4,000 ) $ 1,093,000 $ 1,086,000 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Loans The following table shows the composition of the Company's loan portfolio as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Commercial Real estate $ 269,462,000 27.3 % $ 242,311,000 26.4 % Construction 24,881,000 2.5 % 30,932,000 3.4 % Other 128,341,000 13.0 % 104,531,000 11.4 % Municipal 19,751,000 2.0 % 20,424,000 2.2 % Residential Term 403,030,000 40.7 % 384,032,000 41.9 % Construction 8,451,000 0.9 % 12,160,000 1.3 % Home equity line of credit 110,202,000 11.1 % 103,521,000 11.3 % Consumer 24,520,000 2.5 % 19,653,000 2.1 % Total loans $ 988,638,000 100.0 % $ 917,564,000 100.0 % Loan balances include net deferred loan costs of $3,686,000 in 2015 and $2,729,000 in 2014 . Pursuant to collateral agreements, qualifying first mortgage loans, which were valued at $279,463,000 and $266,716,000 at December 31, 2015 and 2014 , respectively, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial, construction and home equity loans totaling $243,578,000 at December 31, 2015 and $240,943,000 at December 2014 , were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused. At December 31, 2015 and 2014 , non-accrual loans were $7,372,000 and $10,510,000 , respectively. For the years ended December 31, 2015 , 2014 and 2013 , interest income which would have been recognized on these loans, if interest had been accrued, was $369,000 , $551,000 , and $917,000 , respectively. Loans more than 90 days past due accruing interest totaled $136,000 at December 31, 2015 and $181,000 at December 31, 2014 . 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 $31,285,000 at December 31, 2015 and $29,883,000 at December 31, 2014 . A summary of loans to directors and executive officers is as follows: For the years ended December 31, 2015 2014 Balance at beginning of year $ 14,856,000 $ 14,884,000 New loans 7,382,000 8,932,000 Repayments (1,837,000 ) (8,960,000 ) Balance at end of year $ 20,401,000 $ 14,856,000 Information on the past-due status of loans as of December 31, 2015 , 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 $ 603,000 $ — $ 281,000 $ 884,000 $ 268,578,000 $ 269,462,000 $ — Construction 35,000 — 238,000 273,000 24,608,000 24,881,000 — Other 303,000 — 25,000 328,000 128,013,000 128,341,000 25,000 Municipal — — — — 19,751,000 19,751,000 — Residential Term 450,000 2,098,000 2,639,000 5,187,000 397,843,000 403,030,000 100,000 Construction 368,000 — — 368,000 8,083,000 8,451,000 — Home equity line of credit 261,000 255,000 592,000 1,108,000 109,094,000 110,202,000 — Consumer 102,000 26,000 11,000 139,000 24,381,000 24,520,000 11,000 Total $ 2,122,000 $ 2,379,000 $ 3,786,000 $ 8,287,000 $ 980,351,000 $ 988,638,000 $ 136,000 Information on the past-due status of loans as of December 31, 2014 , 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 $ 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 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, 2015 and 2014 is presented in the following table: As of December 31, 2015 2014 Commercial Real estate $ 915,000 $ 2,088,000 Construction 238,000 208,000 Other 66,000 935,000 Municipal — — Residential Term 5,260,000 6,421,000 Construction — — Home equity line of credit 893,000 832,000 Consumer — 26,000 Total $ 7,372,000 $ 10,510,000 Information regarding impaired loans is as follows: For the years ended December 31, 2015 2014 2013 Average investment in impaired loans $ 32,698,000 $ 38,404,000 $ 45,722,000 Interest income recognized on impaired loans, all on cash basis 1,218,000 1,465,000 1,750,000 As of December 31, 2015 2014 Balance of impaired loans $ 29,531,000 $ 35,862,000 Less portion for which no allowance for loan losses is allocated (20,889,000 ) (26,313,000 ) Portion of impaired loan balance for which an allowance for loan losses is allocated $ 8,642,000 $ 9,549,000 Portion of allowance for loan losses allocated to the impaired loan balance $ 754,000 $ 1,803,000 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, 2015 , is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 7,173,000 $ 7,496,000 $ — $ 8,990,000 $ 301,000 Construction 30,000 30,000 — 3,000 1,000 Other 1,163,000 1,210,000 — 1,893,000 76,000 Municipal — — — — — Residential Term 11,122,000 12,157,000 — 10,480,000 415,000 Construction — — — — — Home equity line of credit 1,401,000 2,054,000 — 1,400,000 43,000 Consumer — — — 42,000 3,000 $ 20,889,000 $ 22,947,000 $ — $ 22,808,000 $ 839,000 With an Allowance Recorded Commercial Real estate $ 3,544,000 $ 3,627,000 $ 89,000 $ 3,066,000 $ 149,000 Construction 996,000 996,000 302,000 1,153,000 44,000 Other 71,000 77,000 8,000 256,000 5,000 Municipal — — — — — Residential Term 3,966,000 4,193,000 326,000 5,228,000 180,000 Construction — — — — — Home equity line of credit 65,000 66,000 29,000 187,000 3,000 Consumer — — — — — $ 8,642,000 $ 8,959,000 $ 754,000 $ 9,890,000 $ 381,000 Total Commercial Real estate $ 10,717,000 $ 11,123,000 $ 89,000 $ 12,056,000 $ 450,000 Construction 1,026,000 1,026,000 302,000 1,156,000 45,000 Other 1,234,000 1,287,000 8,000 2,149,000 80,000 Municipal — — — — — Residential Term 15,088,000 16,350,000 326,000 15,708,000 595,000 Construction — — — — — Home equity line of credit 1,466,000 2,120,000 29,000 1,587,000 45,000 Consumer — — — 42,000 3,000 $ 29,531,000 $ 31,906,000 $ 754,000 $ 32,698,000 $ 1,218,000 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, 2014 , is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest 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 A breakdown of impaired loans by category as of December 31, 2013 , is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest 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 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, 2015 , the Company had 84 loans with a value of $23,923,000 that have been restructured. This compares to 94 loans with a value of $27,214,000 classified as TDRs as of December 31, 2014 . 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, 2015 : Number of Loans Balance Specific Reserves Commercial Real estate 15 $ 10,350,000 $ 85,000 Construction 1 788,000 94,000 Other 11 1,168,000 1,000 Municipal — — — Residential Term 53 10,875,000 275,000 Construction — — — Home equity line of credit 4 742,000 — Consumer — — — 84 $ 23,923,000 $ 455,000 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 As of December 31, 2015 , eight of the loans classified as TDRs with a total balance of $1,053,000 were more than 30 days past due. Of these loans, zero 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, 2015 : Number of Loans Balance Specific Reserves Commercial Real estate — $ — $ — Construction — — — Other — — — Municipal — — — Residential Term 8 1,053,000 46,000 Construction — — — Home equity line of credit — — — Consumer — — — 8 $ 1,053,000 $ 46,000 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 During the year ended December 31, 2015 , two loans were placed on TDR status with a post-modification outstanding balance of $218,000 . 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, 2015 , by class of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2015 : Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserves Commercial Real estate — $ — $ — $ — Construction — — — — Other — — — — Municipal — — — — Residential Term 2 221,000 218,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 2 $ 221,000 $ 218,000 $ — During the year ended December 31, 2014 , six loans were placed on TDR status with a post-modification balance of $826,000 . 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 2014 by type of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2014 : Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserves 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 As of December 31, 2015 , Management is aware of six loans classified as TDRs that are involved in bankruptcy with an outstanding balance of $1,079,000 . As of December 31, 2015 , there were 13 loans with an outstanding balance of $1,764,000 that were classified as TDRs and were on non-accrual status, three of which, with an outstanding balance of $262,000 , were in the process of foreclosure. Residential Mortgage Loans in Process of Foreclosure As of December 31, 2015 , there were 16 mortgage loans collateralized by residential real estate in the process of foreclosure with a total balance of $1,513,000 . |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [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, 2015 and 2014 : As of December 31, 2015 2014 Allowance for Loans Evaluated Individually for Impairment Commercial Real estate $ 89,000 $ 346,000 Construction 302,000 413,000 Other 8,000 129,000 Municipal — — Residential Term 326,000 519,000 Construction — — Home equity line of credit 29,000 396,000 Consumer — — Total $ 754,000 $ 1,803,000 Allowance for Loans Evaluated Collectively for Impairment Commercial Real estate $ 3,031,000 $ 3,186,000 Construction 278,000 410,000 Other 1,444,000 1,376,000 Municipal 17,000 15,000 Residential Term 1,065,000 666,000 Construction 24,000 20,000 Home equity line of credit 864,000 664,000 Consumer 566,000 542,000 Unallocated 1,873,000 1,662,000 Total $ 9,162,000 $ 8,541,000 Total Allowance for Loan Losses Commercial Real estate $ 3,120,000 $ 3,532,000 Construction 580,000 823,000 Other 1,452,000 1,505,000 Municipal 17,000 15,000 Residential Term 1,391,000 1,185,000 Construction 24,000 20,000 Home equity line of credit 893,000 1,060,000 Consumer 566,000 542,000 Unallocated 1,873,000 1,662,000 Total $ 9,916,000 $ 10,344,000 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, 2015 and 2014 , by class of financing receivable and allowance element, is presented in the following tables: As of December 31, 2015 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 $ 89,000 $ 893,000 $ 2,138,000 $ — $ 3,120,000 Construction 302,000 82,000 196,000 — 580,000 Other 8,000 425,000 1,019,000 — 1,452,000 Municipal — — 17,000 — 17,000 Residential Term 326,000 613,000 452,000 — 1,391,000 Construction — 14,000 10,000 — 24,000 Home equity line of credit 29,000 500,000 364,000 — 893,000 Consumer — 331,000 235,000 — 566,000 Unallocated — — — 1,873,000 1,873,000 $ 754,000 $ 2,858,000 $ 4,431,000 $ 1,873,000 $ 9,916,000 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 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 0.45% of related loans as of December 31, 2015 , compared to 0.39% of related loans as of December 31, 2014 . The qualitative portion increased $834,000 between December 31, 2014 and December 31, 2015 . The unallocated component totaled $1,873,000 at December 31, 2015 , or 18.9% of the total reserve. This compares to $1,662,000 or 16.1% as of December 31, 2014 . The increase in the unallocated portion is due to increased loan demand in comparison to previous years. Management feels the increase in the unallocated portion is directionally consistent with this change in demand. The allowance for loan losses as a percent of total loans stood at 1.00% as of December 31, 2015 , compared to 1.13% of total loans as of December 31, 2014 . 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 80% 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, at 23.1% of capital are well under the regulatory guidance of 100.0% of capital at December 31, 2015 . Construction loans and non-owner-occupied commercial real estate loans are at 104.2% of total capital, are below the regulatory limit of 300.0% of capital at December 31, 2015 . 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, 2015 : Commercial Real Estate Commercial Construction Commercial Other Municipal Loans All Risk- Rated Loans 1 Strong $ 6,000 $ — $ 1,256,000 $ — $ 1,262,000 2 Above average 29,176,000 56,000 7,506,000 18,321,000 55,059,000 3 Satisfactory 52,821,000 2,057,000 28,787,000 1,430,000 85,095,000 4 Average 122,071,000 18,070,000 67,301,000 — 207,442,000 5 Watch 36,075,000 4,490,000 18,135,000 — 58,700,000 6 OAEM 9,742,000 — 2,410,000 — 12,152,000 7 Substandard 19,571,000 208,000 2,946,000 — 22,725,000 8 Doubtful — — — — — Total $ 269,462,000 $ 24,881,000 $ 128,341,000 $ 19,751,000 $ 442,435,000 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, 2014 : Commercial Real Estate Commercial Construction Commercial Other Municipal Loans All Risk- 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 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. One-to four-family residential real estate loans and home equity loans are written down or charged-off no later than 180 days past due, or for residential real estate secured loans having a borrower in bankruptcy, within 60 days of receipt of notification of filing from the bankruptcy court, whichever is sooner. This is subject to completion of a current assessment of the value of the collateral with any outstanding loan balance in excess of the fair value of the property, less costs to sell, written down or charged-off. 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, 2015 . Allowance for loan losses activity for the years ended December 31, 2015 , 2014 and 2013 was as follows: For the year ended December 31, 2015 Commercial Residential Home Equity Line of Credit Real Estate Construction Other Municipal Term Construction Consumer Unallocated Total Allowance for loan losses: Beginning 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 Chargeoffs 280,000 9,000 732,000 — 420,000 — 582,000 350,000 — 2,373,000 Recoveries 2,000 1,000 88,000 — 152,000 — 31,000 121,000 — 395,000 Provision (credit) (134,000 ) (235,000 ) 591,000 2,000 474,000 4,000 384,000 253,000 211,000 1,550,000 Ending balance $ 3,120,000 $ 580,000 $ 1,452,000 $ 17,000 $ 1,391,000 $ 24,000 $ 893,000 $ 566,000 $ 1,873,000 $ 9,916,000 Ending balance specifically evaluated for impairment $ 89,000 $ 302,000 $ 8,000 $ — $ 326,000 $ — $ 29,000 $ — $ — $ 754,000 Ending balance collectively evaluated for impairment $ 3,031,000 $ 278,000 $ 1,444,000 $ 17,000 $ 1,065,000 $ 24,000 $ 864,000 $ 566,000 $ 1,873,000 $ 9,162,000 Related loan balances: Ending balance $ 269,462,000 $ 24,881,000 $ 128,341,000 $ 19,751,000 $ 403,030,000 $ 8,451,000 $ 110,202,000 $ 24,520,000 $ — $ 988,638,000 Ending balance specifically evaluated for impairment $ 10,717,000 $ 1,026,000 $ 1,234,000 $ — $ 15,088,000 $ — $ 1,466,000 $ — $ — $ 29,531,000 Ending balance collectively evaluated for impairment $ 258,745,000 $ 23,855,000 $ 127,107,000 $ 19,751,000 $ 387,942,000 $ 8,451,000 $ 108,736,000 $ 24,520,000 $ — $ 959,107,000 For the year ended December 31, 2014 Commercial Residential Home Equity Line of Credit Real Estate Construction Other Municipal Term Construction 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 Line of Credit Real Estate Construction Other Municipal Term Construction 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Land $ 4,539,000 $ 4,532,000 Land improvements 874,000 821,000 Buildings 20,569,000 20,481,000 Equipment 11,358,000 10,610,000 37,340,000 36,444,000 Less accumulated depreciation 15,524,000 13,825,000 $ 21,816,000 $ 22,619,000 Based on current contractual agreements (leases), Management anticipates rental revenue over the next 5 years to be $111,000 in 2016 , $75,000 in 2017 , $13,000 in 2018 , $4,000 in 2019 and $4,000 in 2020 . |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Real estate acquired in settlement of loans $ 1,532,000 $ 3,785,000 Changes in the allowance for losses from other real estate owned were as follows: For the years ended December 31, 2015 2014 2013 Balance at beginning of year $ 654,000 $ 330,000 $ 373,000 Losses charged to allowance (803,000 ) (313,000 ) (544,000 ) Provision charged to operating expenses 311,000 637,000 501,000 Balance at end of year $ 162,000 $ 654,000 $ 330,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Federal income tax Current $ 4,895,000 $ 4,282,000 $ 3,234,000 Deferred 332,000 18,000 (56,000 ) 5,227,000 4,300,000 3,178,000 State franchise tax 287,000 266,000 247,000 $ 5,514,000 $ 4,566,000 $ 3,425,000 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, 2015 2014 2013 Expected tax expense $ 7,602,000 $ 6,746,000 $ 5,736,000 Non-taxable income (2,086,000 ) (2,292,000 ) (2,326,000 ) State franchise tax, net of federal tax benefit 187,000 173,000 160,000 Tax credits (185,000 ) (414,000 ) (414,000 ) Other (4,000 ) 353,000 269,000 $ 5,514,000 $ 4,566,000 $ 3,425,000 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, 2015 and 2014 are as follows: 2015 2014 Allowance for loan losses $ 3,471,000 $ 3,620,000 OREO 57,000 229,000 Accrued pension and post-retirement 1,769,000 1,725,000 Goodwill 70,000 138,000 Unrealized loss on securities transferred from available for sale to held to maturity 60,000 26,000 Restricted stock grants 367,000 264,000 Core deposit intangible 15,000 5,000 Other assets 93,000 48,000 Total deferred tax asset 5,902,000 6,055,000 Net deferred loan costs (1,445,000 ) (1,120,000 ) Depreciation (2,000,000 ) (2,131,000 ) Unrealized gain on securities available for sale (605,000 ) (1,358,000 ) Mortgage servicing rights (382,000 ) (380,000 ) Investment in flow through entities (425,000 ) (387,000 ) Prepaid expense (104,000 ) (210,000 ) Total deferred tax liability (4,961,000 ) (5,586,000 ) Net deferred tax asset $ 941,000 $ 469,000 At December 31, 2015 and 2014, the Company held investments in one and two , respectively, 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 $285,000 and $636,000 for each of the years ended December 31, 2015 and 2014 , respectively, and are recorded as a reduction of income tax expense. Amortization of the investments in the limited partnerships totaled $266,000 and $569,000 for the years ended December 31, 2015 and 2014 , respectively, and is recognized as a component of income tax expense in the consolidated statements of income. The carrying value of these investments was $69,000 and $457,000 at December 31, 2015 and 2014 , respectively, and is recorded in other assets. The Company's total exposure to these limited partnerships was $69,000 and $3,957,000 , at December 31, 2015 and 2014 , 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, 2012 through 2014 . |
Certificates of Deposit
Certificates of Deposit | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Certificates of Deposit | Certificates of Deposit The following table represents the breakdown of certificates of deposit at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Certificates of deposit < $100,000 $ 158,529,000 $ 184,471,000 Certificates $100,000 to $250,000 175,077,000 221,892,000 Certificates $250,000 and over 37,376,000 41,138,000 $ 370,982,000 $ 447,501,000 At December 31, 2015 , 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 2016 $ 103,815,000 $ 133,679,000 $ 237,494,000 2017 14,785,000 12,591,000 27,376,000 2018 9,563,000 16,246,000 25,809,000 2019 14,838,000 16,857,000 31,695,000 2020 15,438,000 32,158,000 47,596,000 2021 and thereafter 90,000 922,000 1,012,000 $ 158,529,000 $ 212,453,000 $ 370,982,000 Interest on certificates of deposit of $100,000 or more was $2,431,000 , $2,823,000 , and $3,280,000 in 2015 , 2014 and 2013 , respectively. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2015 | |
Borrowed Funds [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds consist of advances from the 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. All FHLB advances as of December 31, 2015 , 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 $141,000,000 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, 2015 and 2014 have the following range of interest rates and maturity dates: As of December 31, 2015 Federal Home Loan Bank Advances 2016 0.41% - 2.44% $ 135,220,000 2017 0.99% - 3.69% 30,000,000 2018 2.25% - 3.25% 30,000,000 2019 0.00% — 2020 1.60% - 1.97% 55,000,000 2021 and thereafter 0.00% 134,000 250,354,000 Repurchase agreements Municipal and commercial customers 0.20% - 1.89% 87,103,000 $ 337,457,000 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 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 , 2014 , and 2013 . The expense related to the 401(k) plan was $462,000 , $454,000 , and $414,000 in 2015 , 2014 , and 2013 , 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 $312,000 in 2015 , $722,000 in 2014 , and $309,000 in 2013 . As of December 31, 2015 and 2014 , the accrued liability of these plans was $3,088,000 and $2,999,000 , 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, 2015 2014 2013 Change in benefit obligations Benefit obligation at beginning of year: $ 1,928,000 $ 1,479,000 $ 1,954,000 Service cost — — 21,000 Interest cost 80,000 71,000 86,000 Benefits paid (102,000 ) (100,000 ) (107,000 ) Actuarial (gain) loss 61,000 478,000 (475,000 ) Benefit obligation at end of year: $ 1,967,000 $ 1,928,000 $ 1,479,000 Funded status Benefit obligation at end of year $ (1,967,000 ) $ (1,928,000 ) $ (1,479,000 ) Unamortized (gain) loss 240,000 192,000 (289,000 ) Unrecognized transition obligation — — — Accrued benefit cost $ (1,727,000 ) $ (1,736,000 ) $ (1,768,000 ) Weighted average discount rate as of December 31 4.25 % 4.25 % 5.00 % The following table sets forth the net periodic benefit cost: For the years ended December 31, 2015 2014 2013 Components of net periodic benefit cost Service cost $ — $ — $ 21,000 Interest cost 80,000 71,000 86,000 Amortization of unrecognized transition obligation — — 5,000 Amortization of gain — (12,000 ) — Other settlement expense 12,000 10,000 — Net periodic benefit cost $ 92,000 $ 69,000 $ 112,000 Weighted average discount rate for net periodic cost 4.25 % 5.00 % 4.50 % The measurement date for benefit obligations was as of year-end for all years presented. The estimated amount of benefits to be paid in 2016 is $121,000 . For years ending 2017 through 2020 , the estimated amount of benefits to be paid is $122,000 , $122,000 , $122,000 and $122,000 , respectively, and the total estimated amount of benefits to be paid for years ended 2021 through 2025 is $621,000 . Plan expense for 2016 is estimated to be $85,000 . 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, 2015 2014 Portion to Be Recognized in Income in 2016 Unamortized net actuarial loss $ (240,000 ) $ (192,000 ) Deferred tax benefit at 35% 84,000 67,000 — Net unrecognized post-retirement benefits included in accumulated other comprehensive income (loss) $ (156,000 ) $ (125,000 ) $ — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 . For the years ended December 31, 2015 2014 2013 Balance at beginning of year $ 2,522,000 $ (6,591,000 ) $ 7,940,000 Unrealized gains (losses) arising during the period (754,000 ) 15,175,000 (21,268,000 ) Realized gains during the period (1,399,000 ) (1,155,000 ) (1,087,000 ) Related deferred taxes 754,000 (4,907,000 ) 7,824,000 Net change (1,399,000 ) 9,113,000 (14,531,000 ) Balance at end of year $ 1,123,000 $ 2,522,000 $ (6,591,000 ) 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, 2015 , 2014 , and 2013 . For the years ended December 31, 2015 2014 2013 Balance at beginning of period $ (48,000 ) $ — $ — Net unrealized losses transferred during the period — (23,000 ) — Amortization of net unrealized losses (98,000 ) (51,000 ) — Related deferred taxes 34,000 26,000 — Net change (64,000 ) (48,000 ) — Balance at end of period $ (112,000 ) $ (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, 2015 , 2014 , and 2013 : For the years ended December 31, 2015 2014 2013 Unrecognized postretirement benefits at beginning of period $ (125,000 ) $ 188,000 $ (123,000 ) Amortization of unrecognized transition obligation — — 5,000 Change in unamortized net actuarial gain (loss) (48,000 ) (481,000 ) 475,000 Related deferred taxes 17,000 168,000 (169,000 ) Unrecognized postretirement benefits at end of period $ (156,000 ) $ (125,000 ) $ 188,000 The reclassification of unrecognized transition obligation and accumulated losses is a component of net periodic benefit cost (see Note 12) 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, 2015 | |
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, to the U.S. Treasury under the Capital Purchase Program ("the CPP Shares"). The CPP Shares qualified as Tier 1 capital on the Company's books for regulatory purposes and ranked senior to the Company's common stock and senior or at an equal level in the Company's capital structure to any other shares of preferred stock the Company may issue in the future. In three separate transactions in 2012 and 2013, the Company repurchased all of the CPP Shares from the Treasury. 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. 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 will expire after ten years. The Warrants were unchanged as a result of the CPP Shares repurchase transactions. In May 2015, the Treasury sold all of the Warrants to private parties. In accordance with the contractual terms of the Warrants, the number of shares issuable upon exercise of the Warrants and the strike price were adjusted at the time of the sale. As a result of this transaction, the number of shares issuable under the Warrants now stands at 226,819 with a strike price of $16.53 per share. 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, 2015 , 562,224 shares had been issued pursuant to these plans, leaving 137,776 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 13,787 shares in 2015 , 14,638 shares in 2014 , and 11,385 shares in 2013 . 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, 2015 , 236,943 shares have been issued, leaving 363,057 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 11,668 shares in 2015 , 12,686 shares in 2014 , and 12,008 shares in 2013 . 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 $465,000 , $457,000 and $324,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Stock Options and Stock-Based C
Stock Options and Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 86,863 shares of restricted stock had been granted under the 2010 Plan, of which 67,171 shares remain restricted as of December 31, 2015 as detailed in the following table: Year Granted Vesting Term (In Years) Shares Remaining Term (In Years) 2011 5.0 5,500 0.1 2012 4.0 2,704 0.2 2012 5.0 7,996 1.2 2013 3.0 3,808 0.1 2013 5.0 14,776 2.1 2014 2.0 7,786 0.1 2014 5.0 10,422 3.1 2015 1.0 2,156 0.1 2015 5.0 12,023 4.1 67,171 1.9 The compensation cost related to these restricted stock grants was $1,089,000 and will be recognized over the vesting terms of each grant. In 2015 , $296,000 of expense was recognized for these restricted shares, leaving $345,000 in unrecognized expense as of December 31, 2015 . In 2014 , $431,000 of expense was recognized for restricted shares, leaving $412,000 in unrecognized expense as of December 31, 2014 . 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, 2015 , 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, 2015 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, 2014 42,000 $ 18.00 Granted in 2015 — — Exercised in 2015 — — — Expired unexercised in 2015 42,000 18.00 Outstanding at December 31, 2015 — $ — — — Exercisable at December 31, 2015 — $ — — — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 : Income (Numerator) Shares (Denominator) Per-Share Amount For the year ended December 31, 2015 Net income as reported $ 16,206,000 Basic EPS: Income available to common shareholders 16,206,000 10,674,755 $ 1.52 Effect of dilutive securities: restricted stock and warrants 90,114 Diluted EPS: Income available to common shareholders plus assumed conversions $ 16,206,000 10,764,869 $ 1.51 For the year ended December 31, 2014 Net income as reported $ 14,709,000 Basic EPS: Income available to common shareholders 14,709,000 10,638,527 $ 1.38 Effect of dilutive securities: restricted stock and warrants 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 $ 1.20 Effect of dilutive securities: restricted stock and warrants 51,609 Diluted EPS: Income available to common shareholders plus assumed conversions $ 12,581,000 10,521,055 $ 1.20 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, 2015 , 2014 and 2013 and the amount which are above or below the strike price: Outstanding In-the-Money Out-of-the-Money As of December 31, 2015 Incentive stock options — — — Warrants to private parties 226,819 226,819 — Total dilutive securities 226,819 226,819 — 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 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2015 | |
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 2016 will be 2016 earnings plus retained earnings of $12,738,000 from 2015 and 2014 . 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 of the Currency 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. Financial institution regulators have established guidelines for minimum capital ratios for banks and bank holding companies. The net unrealized gain or loss on securities available for sale is generally not included in computing regulatory capital. During the first quarter of 2015, the Company adopted the new Basel III regulatory capital framework as approved by the federal banking agencies. The adoption of this new framework modified the calculation of the various capital ratios, added a new ratio, common equity tier 1, and revised the adequately and well capitalized thresholds. Additionally, under the new rule, in order to avoid limitations on capital distributions, including dividend payments, the Company must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The capital conservation buffer is being phased in from 0.0% for 2015 to 2.50% by 2019. The Company met each of the well-capitalized ratio guidelines at December 31, 2015 . As of December 31, 2015 , 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, common equity 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 adequacy purposes To be well-capitalized under prompt corrective action provisions As of December 31, 2015 Tier 2 capital to $ 144,255,000 $ 74,316,000 $ 92,895,000 risk-weighted assets 15.53 % 8.00 % 10.00 % Tier 1 capital to $ 134,239,000 $ 55,737,000 $ 74,316,000 risk-weighted assets 14.45 % 6.00 % 8.00 % Common equity Tier 1 capital to $ 134,239,000 $ 41,803,000 $ 60,382,000 risk-weighted assets 14.45 % 4.50 % 6.50 % Tier 1 capital to $ 134,239,000 $ 60,885,000 $ 76,106,000 average assets 8.82 % 4.00 % 5.00 % As of December 31, 2014 Tier 2 capital to $ 137,818,000 $ 68,524,000 $ 85,655,000 risk-weighted assets 16.09 % 8.00 % 10.00 % Tier 1 capital to $ 127,374,000 $ 34,262,000 $ 51,393,000 risk-weighted assets 14.87 % 4.00 % 6.00 % Tier 1 capital to $ 127,374,000 $ 58,086,000 $ 72,607,000 average assets 8.77 % 4.00 % 5.00 % The actual and minimum capital amounts and ratios for the Company, on a consolidated basis, are presented in the following table: Actual For capital adequacy purposes To be well-capitalized under prompt corrective action provisions As of December 31, 2015 Tier 2 capital to $ 146,653,000 $ 74,357,000 n/a risk-weighted assets 15.78 % 8.00 % n/a Tier 1 capital to $ 136,637,000 $ 55,767,000 n/a risk-weighted assets 14.70 % 6.00 % n/a Common equity Tier 1 capital to $ 136,637,000 $ 41,826,000 n/a risk-weighted assets 14.70 % 4.50 % n/a Tier 1 capital to $ 136,637,000 $ 62,022,000 n/a average assets 8.81 % 4.00 % n/a As of December 31, 2014 Tier 2 capital to $ 139,414,000 $ 68,532,000 n/a risk-weighted assets 16.27 % 8.00 % n/a Tier 1 capital to $ 128,970,000 $ 34,266,000 n/a risk-weighted assets 15.06 % 4.00 % n/a Tier 1 capital to $ 128,970,000 $ 58,066,000 n/a average assets 8.88 % 4.00 % n/a |
Off-Balance-Sheet Financial Ins
Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 , 2014 or 2013 . 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, 2015 and 2014 , the Bank had the following off-balance-sheet financial instruments, whose contract amounts represent credit risk: As of December 31, 2015 2014 Unused lines, collateralized by residential real estate $ 69,244,000 $ 65,264,000 Other unused commitments 49,833,000 49,608,000 Standby letters of credit 4,098,000 4,480,000 Commitments to extend credit 10,374,000 13,593,000 Total $ 133,549,000 $ 132,945,000 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, 2015 | |
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, 2015 and 2014 . At December 31, 2015 Level 1 Level 2 Level 3 Total Securities available for sale Mortgage-backed securities $ — $ 195,110,000 $ — $ 195,110,000 State and political subdivisions — 24,506,000 — 24,506,000 Other equity securities — 3,423,000 — 3,423,000 Total assets $ — $ 223,039,000 $ — $ 223,039,000 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 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 $162,000 and $654,000 at December 2015 and 2014 , 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 $292,000 and $1,074,000 at December 31, 2015 and 2014 , respectively. At December 31, 2015 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ 1,532,000 $ — $ 1,532,000 Impaired loans — 699,000 — 699,000 Total assets $ — $ 2,231,000 $ — $ 2,231,000 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 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, 2015 were as follows: Carrying Estimated As of December 31, 2015 value fair value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 14,299,000 $ 14,299,000 $ 14,299,000 $ — $ — Interest-bearing deposits in other banks 4,013,000 4,013,000 4,013,000 — — Securities available for sale 223,039,000 223,039,000 — 223,039,000 — Securities to be held to maturity 240,023,000 243,123,000 — 243,123,000 — Restricted equity securities 14,257,000 14,257,000 — 14,257,000 — Loans held for sale 349,000 349,000 — 349,000 — Loans (net of allowance for loan losses) Commercial Real estate 265,616,000 262,763,000 — — 262,763,000 Construction 24,166,000 23,906,000 — — 23,906,000 Other 126,551,000 126,141,000 — — 126,141,000 Municipal 19,730,000 20,331,000 — — 20,331,000 Residential Term 401,315,000 405,315,000 — — 405,315,000 Construction 8,421,000 8,379,000 — — 8,379,000 Home equity line of credit 109,101,000 108,118,000 — 699,000 107,419,000 Consumer 23,822,000 23,754,000 — — 23,754,000 Total loans 978,722,000 978,707,000 — 699,000 978,008,000 Mortgage servicing rights 1,093,000 1,915,000 — 1,915,000 — Accrued interest receivable 4,912,000 4,912,000 — 4,912,000 — Financial liabilities Demand deposits $ 130,566,000 $ 125,651,000 $ — $ 125,651,000 $ — NOW deposits 242,638,000 224,627,000 — 224,627,000 — Money market deposits 92,994,000 82,050,000 — 82,050,000 — Savings deposits 206,009,000 181,010,000 — 181,010,000 — Local certificates of deposit 201,420,000 201,013,000 — 201,013,000 — National certificates of deposit 169,562,000 169,617,000 — 169,617,000 — Total deposits 1,043,189,000 983,968,000 — 983,968,000 — Repurchase agreements 87,103,000 82,168,000 — 82,168,000 — Federal Home Loan Bank advances 250,354,000 250,027,000 — 250,027,000 — Total borrowed funds 337,457,000 332,195,000 — 332,195,000 — Accrued interest payable 435,000 435,000 — 435,000 — 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 held for sale — — — — — 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 — |
Other Operating Income and Expe
Other Operating Income and Expense | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Other operating income ATM and debit card income $ 2,714,000 $ 2,630,000 $ 2,440,000 Other operating expense Advertising and marketing expense $ 1,178,000 $ 1,022,000 $ 1,117,000 Accounting and auditing expenses 797,000 746,000 674,000 Collections/foreclosures/ other real estate owned expense 432,000 657,000 878,000 ATM and interchange expense 814,000 760,000 778,000 Legal fees and expenses 369,000 769,000 482,000 |
Legal Contingencies
Legal Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
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 Information
Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Assets Cash and cash equivalents $ 1,431,000 $ 522,000 Dividends receivable 2,500,000 2,500,000 Investments 509,000 528,000 Investment in subsidiary 137,433,000 132,399,000 Premises and equipment 12,000 24,000 Goodwill 27,559,000 27,559,000 Other assets 438,000 302,000 Total assets $ 169,882,000 $ 163,834,000 Liabilities and shareholders' equity Dividends payable $ 2,366,000 $ 2,252,000 Other liabilities 18,000 28,000 Total liabilities 2,384,000 2,280,000 Shareholders' equity Common stock 108,000 107,000 Additional paid-in capital 59,862,000 59,282,000 Retained earnings 107,500,000 102,125,000 Accumulated other comprehensive income Net unrealized gain on available for sale securities, net of tax 28,000 40,000 Total accumulated other comprehensive income 28,000 40,000 Total shareholders' equity 167,498,000 161,554,000 Total liabilities and shareholders' equity $ 169,882,000 $ 163,834,000 Statements of Income For the years ended December 31, 2015 2014 2013 Interest and dividends on investments $ 18,000 $ 15,000 $ 10,000 Net securities gains — 38,000 — Total income 18,000 53,000 10,000 Occupancy expense 12,000 12,000 11,000 Other operating expense 488,000 604,000 362,000 Total expense 500,000 616,000 373,000 Loss before income taxes and Bank earnings (482,000 ) (563,000 ) (363,000 ) Applicable income taxes (172,000 ) (200,000 ) (128,000 ) Loss before Bank earnings (310,000 ) (363,000 ) (235,000 ) Equity in earnings of Bank Remitted 10,000,000 8,850,000 7,096,000 Unremitted 6,516,000 6,222,000 6,104,000 Net income $ 16,206,000 $ 14,709,000 $ 12,965,000 Statements of Cash Flows For the years ended December 31, 2015 2014 2013 Cash flows from operating activities: Net income $ 16,206,000 $ 14,709,000 $ 12,965,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 12,000 9,000 11,000 Equity compensation expense 296,000 431,000 214,000 Gain on sale of investment — (38,000 ) — Increase in other assets (135,000 ) (98,000 ) (132,000 ) (Increase) decrease in dividend receivable (50,000 ) (1,050,000 ) 400,000 Increase in other liabilities 160,000 105,000 258,000 Unremitted earnings of Bank (6,516,000 ) (6,222,000 ) (6,104,000 ) Net cash provided by operating activities 9,973,000 7,846,000 7,612,000 Cash flows from investing activities: Capital expenditures — (1,000 ) — Net cash used in investing activities — (1,000 ) — Cash flows from financing activities: Payment to repurchase preferred stock — — (12,500,000 ) Purchase of common stock (180,000 ) — — Proceeds from sale of common stock 465,000 457,000 11,973,000 Dividends paid (9,349,000 ) (8,893,000 ) (8,657,000 ) Net cash used in financing activities (9,064,000 ) (8,436,000 ) (9,184,000 ) Net increase (decrease) in cash and cash equivalents 909,000 (591,000 ) (1,572,000 ) Cash and cash equivalents at beginning of year 522,000 1,113,000 2,685,000 Cash and cash equivalents at end of year $ 1,431,000 $ 522,000 $ 1,113,000 |
New Accounting Pronouncements N
New Accounting Pronouncements New Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
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. The ASU did not 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. The ASU did not 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, 2017, 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 did 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 did not have a material effect on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU was issued to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU changes how entities account for equity investments that do not result in consolidation and are not accounted for under the equity method of accounting. The ASU also changes certain disclosure requirements and other aspects of U.S. GAAP, including a requirement for public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The ASU will not have a material effect on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Management is reviewing the guidance in the ASU to determine whether it will have a material effect on the Company’s consolidated financial statements . |
Quarterly Information
Quarterly Information | 12 Months Ended |
Dec. 31, 2015 | |
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 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 Balance Sheets Cash and cash equivalents $ 13,894 $ 20,416 $ 17,167 $ 13,057 $ 13,855 $ 16,481 $ 19,169 $ 14,299 Interest-bearing deposits in other banks 2,935 272 773 3,559 336 24,565 301 4,013 Investments 488,553 502,015 472,660 461,180 418,772 463,064 461,255 463,062 Restricted equity securities 13,912 13,912 13,912 13,912 13,912 13,912 13,912 14,257 Net loans and loans held for sale 857,315 880,492 896,857 907,220 928,973 953,201 953,674 979,071 Other assets 89,508 86,973 87,268 83,203 82,984 82,117 91,361 90,108 Total assets $ 1,466,117 $ 1,504,080 $ 1,488,637 $ 1,482,131 $ 1,458,832 $ 1,553,340 $ 1,539,672 $ 1,564,810 Deposits $ 1,045,970 $ 1,033,436 $ 1,055,322 $ 1,024,819 $ 966,825 $ 1,096,323 $ 1,058,365 $ 1,043,189 Borrowed funds 253,519 298,520 258,636 279,916 312,576 278,013 297,369 337,457 Other liabilities 14,212 14,675 15,489 15,842 15,915 15,195 16,797 16,666 Shareholders' equity 152,416 157,449 159,190 161,554 163,516 163,809 167,141 167,498 Total liabilities & equity $ 1,466,117 $ 1,504,080 $ 1,488,637 $ 1,482,131 $ 1,458,832 $ 1,553,340 $ 1,539,672 $ 1,564,810 Income and Comprehensive Income Statements Interest income $ 12,623 $ 12,740 $ 12,869 $ 12,790 $ 12,365 $ 12,574 $ 12,833 $ 13,038 Interest expense 2,912 2,905 2,865 2,743 2,663 2,496 2,322 2,393 Net interest income 9,711 9,835 10,004 10,047 9,702 10,078 10,511 10,645 Provision for loan losses 400 100 350 300 500 400 200 450 Net interest income after provision for loan losses 9,311 9,735 9,654 9,747 9,202 9,678 10,311 10,195 Non-interest income 2,332 2,458 3,656 2,602 3,658 2,834 2,975 2,763 Non-interest expense 7,252 7,291 7,802 7,875 7,265 6,980 7,707 7,944 Income before taxes 4,391 4,902 5,508 4,474 5,595 5,532 5,579 5,014 Income taxes 963 1,155 1,400 1,048 1,420 1,458 1,391 1,245 Net income $ 3,428 $ 3,747 $ 4,108 $ 3,426 $ 4,175 $ 4,074 $ 4,188 $ 3,769 Basic earnings per share $ 0.32 $ 0.35 $ 0.39 $ 0.32 $ 0.39 $ 0.38 $ 0.39 $ 0.36 Diluted earnings per share $ 0.32 $ 0.35 $ 0.38 $ 0.32 $ 0.39 $ 0.38 $ 0.39 $ 0.35 Other comprehensive income (loss), net of tax Net unrealized gain (loss) on securities available for sale $ 4,824 $ 3,313 $ (319 ) $ 1,295 $ 57 $ (1,591 ) $ 1,330 $ (1,195 ) Net unrealized loss on securities transfered from available for sale to held to maturity — — (28 ) (20 ) (19 ) (17 ) (15 ) (13 ) Unrecognized loss on postretirement benefit costs — — — (313 ) — — — (31 ) Other comprehensive income (loss) $ 4,824 $ 3,313 $ (347 ) $ 962 $ 38 $ (1,608 ) $ 1,315 $ (1,239 ) Comprehensive income $ 8,252 $ 7,060 $ 3,761 $ 4,388 $ 4,213 $ 2,466 $ 5,503 $ 2,530 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 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 2015 was $14,000 as the expense is now fully amortized. For 2014 and 2013 the annual amortization expense was $283,000 . 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 2015 , 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, 2015 , 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 (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) 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, First National Bank, 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 | 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. The ASU did not 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. The ASU did not 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, 2017, 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 did 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 did not have a material effect on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The ASU was issued to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU changes how entities account for equity investments that do not result in consolidation and are not accounted for under the equity method of accounting. The ASU also changes certain disclosure requirements and other aspects of U.S. GAAP, including a requirement for public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The ASU will not have a material effect on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Management is reviewing the guidance in the ASU to determine whether it will have a material effect on the Company’s consolidated financial statements . |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Amortized Unrealized Unrealized Fair Value As of December 31, 2015 Cost Gains Losses (Estimated) Securities available for sale Mortgage-backed securities $ 194,563,000 $ 1,509,000 $ (962,000 ) $ 195,110,000 State and political subdivisions 23,367,000 1,201,000 (62,000 ) 24,506,000 Other equity securities 3,381,000 48,000 (6,000 ) 3,423,000 $ 221,311,000 $ 2,758,000 $ (1,030,000 ) $ 223,039,000 Securities to be held to maturity U.S. Government-sponsored agencies $ 71,000,000 $ 40,000 $ (2,284,000 ) $ 68,756,000 Mortgage-backed securities 42,193,000 1,305,000 (136,000 ) 43,362,000 State and political subdivisions 122,530,000 4,200,000 (25,000 ) 126,705,000 Corporate securities 4,300,000 — — 4,300,000 $ 240,023,000 $ 5,545,000 $ (2,445,000 ) $ 243,123,000 Restricted equity securities Federal Home Loan Bank Stock $ 13,220,000 $ — $ — $ 13,220,000 Federal Reserve Bank Stock 1,037,000 — — 1,037,000 $ 14,257,000 $ — $ — $ 14,257,000 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 |
Contractual Maturities of Investment Securities | The following table summarizes the contractual maturities of investment securities at December 31, 2015 : 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 $ 527,000 $ 530,000 $ 1,814,000 $ 1,850,000 Due in 1 to 5 years 7,562,000 7,727,000 6,306,000 6,514,000 Due in 5 to 10 years 19,647,000 20,055,000 58,397,000 60,196,000 Due after 10 years 190,194,000 191,304,000 173,506,000 174,563,000 Equity securities 3,381,000 3,423,000 — — $ 221,311,000 $ 223,039,000 $ 240,023,000 $ 243,123,000 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 |
Schedule of Securities Gains and Losses | The following table shows securities gains and losses for 2015 , 2014 and 2013 : 2015 2014 2013 Proceeds from sales of securities $ 35,468,000 $ 15,557,000 $ 10,563,000 Gross realized gains 1,399,000 1,155,000 1,087,000 Gross realized losses — — — Net gain $ 1,399,000 $ 1,155,000 $ 1,087,000 Related income taxes $ 490,000 $ 404,000 $ 380,000 |
Schedule of Temporary Impairment Losses | Information regarding securities temporarily impaired as of December 31, 2015 is summarized below: Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized As of December 31, 2015 Value Losses Value Losses Value Losses U.S. Government-sponsored agencies $ 45,311,000 $ (1,469,000 ) $ 17,185,000 $ (815,000 ) $ 62,496,000 $ (2,284,000 ) Mortgage-backed securities 120,915,000 (1,027,000 ) 910,000 (71,000 ) 121,825,000 (1,098,000 ) State and political subdivisions 2,528,000 (24,000 ) 2,901,000 (63,000 ) 5,429,000 (87,000 ) Other equity securities 64,000 (5,000 ) 52,000 (1,000 ) 116,000 (6,000 ) $ 168,818,000 $ (2,525,000 ) $ 21,048,000 $ (950,000 ) $ 189,866,000 $ (3,475,000 ) 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. 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 ) |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Mortgage servicing rights $ 5,747,000 $ 6,039,000 Accumulated amortization (4,619,000 ) (4,949,000 ) Impairment reserve (35,000 ) (4,000 ) $ 1,093,000 $ 1,086,000 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : December 31, 2015 December 31, 2014 Commercial Real estate $ 269,462,000 27.3 % $ 242,311,000 26.4 % Construction 24,881,000 2.5 % 30,932,000 3.4 % Other 128,341,000 13.0 % 104,531,000 11.4 % Municipal 19,751,000 2.0 % 20,424,000 2.2 % Residential Term 403,030,000 40.7 % 384,032,000 41.9 % Construction 8,451,000 0.9 % 12,160,000 1.3 % Home equity line of credit 110,202,000 11.1 % 103,521,000 11.3 % Consumer 24,520,000 2.5 % 19,653,000 2.1 % Total loans $ 988,638,000 100.0 % $ 917,564,000 100.0 % |
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, 2015 2014 Balance at beginning of year $ 14,856,000 $ 14,884,000 New loans 7,382,000 8,932,000 Repayments (1,837,000 ) (8,960,000 ) Balance at end of year $ 20,401,000 $ 14,856,000 |
Past Due Loans Aging | Information on the past-due status of loans as of December 31, 2015 , 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 $ 603,000 $ — $ 281,000 $ 884,000 $ 268,578,000 $ 269,462,000 $ — Construction 35,000 — 238,000 273,000 24,608,000 24,881,000 — Other 303,000 — 25,000 328,000 128,013,000 128,341,000 25,000 Municipal — — — — 19,751,000 19,751,000 — Residential Term 450,000 2,098,000 2,639,000 5,187,000 397,843,000 403,030,000 100,000 Construction 368,000 — — 368,000 8,083,000 8,451,000 — Home equity line of credit 261,000 255,000 592,000 1,108,000 109,094,000 110,202,000 — Consumer 102,000 26,000 11,000 139,000 24,381,000 24,520,000 11,000 Total $ 2,122,000 $ 2,379,000 $ 3,786,000 $ 8,287,000 $ 980,351,000 $ 988,638,000 $ 136,000 Information on the past-due status of loans as of December 31, 2014 , 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 $ 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 |
Nonaccrual Loans | Information on nonaccrual loans as of December 31, 2015 and 2014 is presented in the following table: As of December 31, 2015 2014 Commercial Real estate $ 915,000 $ 2,088,000 Construction 238,000 208,000 Other 66,000 935,000 Municipal — — Residential Term 5,260,000 6,421,000 Construction — — Home equity line of credit 893,000 832,000 Consumer — 26,000 Total $ 7,372,000 $ 10,510,000 |
Impaired Loans | Information regarding impaired loans is as follows: For the years ended December 31, 2015 2014 2013 Average investment in impaired loans $ 32,698,000 $ 38,404,000 $ 45,722,000 Interest income recognized on impaired loans, all on cash basis 1,218,000 1,465,000 1,750,000 As of December 31, 2015 2014 Balance of impaired loans $ 29,531,000 $ 35,862,000 Less portion for which no allowance for loan losses is allocated (20,889,000 ) (26,313,000 ) Portion of impaired loan balance for which an allowance for loan losses is allocated $ 8,642,000 $ 9,549,000 Portion of allowance for loan losses allocated to the impaired loan balance $ 754,000 $ 1,803,000 |
Impaired Loans by class of financing receivable | A breakdown of impaired loans by category as of December 31, 2015 , is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest Income With No Related Allowance Commercial Real estate $ 7,173,000 $ 7,496,000 $ — $ 8,990,000 $ 301,000 Construction 30,000 30,000 — 3,000 1,000 Other 1,163,000 1,210,000 — 1,893,000 76,000 Municipal — — — — — Residential Term 11,122,000 12,157,000 — 10,480,000 415,000 Construction — — — — — Home equity line of credit 1,401,000 2,054,000 — 1,400,000 43,000 Consumer — — — 42,000 3,000 $ 20,889,000 $ 22,947,000 $ — $ 22,808,000 $ 839,000 With an Allowance Recorded Commercial Real estate $ 3,544,000 $ 3,627,000 $ 89,000 $ 3,066,000 $ 149,000 Construction 996,000 996,000 302,000 1,153,000 44,000 Other 71,000 77,000 8,000 256,000 5,000 Municipal — — — — — Residential Term 3,966,000 4,193,000 326,000 5,228,000 180,000 Construction — — — — — Home equity line of credit 65,000 66,000 29,000 187,000 3,000 Consumer — — — — — $ 8,642,000 $ 8,959,000 $ 754,000 $ 9,890,000 $ 381,000 Total Commercial Real estate $ 10,717,000 $ 11,123,000 $ 89,000 $ 12,056,000 $ 450,000 Construction 1,026,000 1,026,000 302,000 1,156,000 45,000 Other 1,234,000 1,287,000 8,000 2,149,000 80,000 Municipal — — — — — Residential Term 15,088,000 16,350,000 326,000 15,708,000 595,000 Construction — — — — — Home equity line of credit 1,466,000 2,120,000 29,000 1,587,000 45,000 Consumer — — — 42,000 3,000 $ 29,531,000 $ 31,906,000 $ 754,000 $ 32,698,000 $ 1,218,000 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, 2014 , is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest 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 A breakdown of impaired loans by category as of December 31, 2013 , is presented in the following table: Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Recognized Interest 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 |
Troubled Debt Restructurings on Financing Receivables | The following table shows TDRs by class and the specific reserve as of December 31, 2015 : Number of Loans Balance Specific Reserves Commercial Real estate 15 $ 10,350,000 $ 85,000 Construction 1 788,000 94,000 Other 11 1,168,000 1,000 Municipal — — — Residential Term 53 10,875,000 275,000 Construction — — — Home equity line of credit 4 742,000 — Consumer — — — 84 $ 23,923,000 $ 455,000 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 As of December 31, 2015 , eight of the loans classified as TDRs with a total balance of $1,053,000 were more than 30 days past due. Of these loans, zero 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, 2015 : Number of Loans Balance Specific Reserves Commercial Real estate — $ — $ — Construction — — — Other — — — Municipal — — — Residential Term 8 1,053,000 46,000 Construction — — — Home equity line of credit — — — Consumer — — — 8 $ 1,053,000 $ 46,000 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 During the year ended December 31, 2015 , two loans were placed on TDR status with a post-modification outstanding balance of $218,000 . 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, 2015 , by class of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2015 : Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserves Commercial Real estate — $ — $ — $ — Construction — — — — Other — — — — Municipal — — — — Residential Term 2 221,000 218,000 — Construction — — — — Home equity line of credit — — — — Consumer — — — — 2 $ 221,000 $ 218,000 $ — During the year ended December 31, 2014 , six loans were placed on TDR status with a post-modification balance of $826,000 . 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 2014 by type of loan and the associated specific reserve included in the allowance for loan losses as of December 31, 2014 : Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserves 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 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [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, 2015 and 2014 : As of December 31, 2015 2014 Allowance for Loans Evaluated Individually for Impairment Commercial Real estate $ 89,000 $ 346,000 Construction 302,000 413,000 Other 8,000 129,000 Municipal — — Residential Term 326,000 519,000 Construction — — Home equity line of credit 29,000 396,000 Consumer — — Total $ 754,000 $ 1,803,000 Allowance for Loans Evaluated Collectively for Impairment Commercial Real estate $ 3,031,000 $ 3,186,000 Construction 278,000 410,000 Other 1,444,000 1,376,000 Municipal 17,000 15,000 Residential Term 1,065,000 666,000 Construction 24,000 20,000 Home equity line of credit 864,000 664,000 Consumer 566,000 542,000 Unallocated 1,873,000 1,662,000 Total $ 9,162,000 $ 8,541,000 Total Allowance for Loan Losses Commercial Real estate $ 3,120,000 $ 3,532,000 Construction 580,000 823,000 Other 1,452,000 1,505,000 Municipal 17,000 15,000 Residential Term 1,391,000 1,185,000 Construction 24,000 20,000 Home equity line of credit 893,000 1,060,000 Consumer 566,000 542,000 Unallocated 1,873,000 1,662,000 Total $ 9,916,000 $ 10,344,000 |
Loan losses by loan segment and allowance element | A breakdown of the allowance for loan losses as of December 31, 2015 and 2014 , by class of financing receivable and allowance element, is presented in the following tables: As of December 31, 2015 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 $ 89,000 $ 893,000 $ 2,138,000 $ — $ 3,120,000 Construction 302,000 82,000 196,000 — 580,000 Other 8,000 425,000 1,019,000 — 1,452,000 Municipal — — 17,000 — 17,000 Residential Term 326,000 613,000 452,000 — 1,391,000 Construction — 14,000 10,000 — 24,000 Home equity line of credit 29,000 500,000 364,000 — 893,000 Consumer — 331,000 235,000 — 566,000 Unallocated — — — 1,873,000 1,873,000 $ 754,000 $ 2,858,000 $ 4,431,000 $ 1,873,000 $ 9,916,000 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 |
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, 2015 : Commercial Real Estate Commercial Construction Commercial Other Municipal Loans All Risk- Rated Loans 1 Strong $ 6,000 $ — $ 1,256,000 $ — $ 1,262,000 2 Above average 29,176,000 56,000 7,506,000 18,321,000 55,059,000 3 Satisfactory 52,821,000 2,057,000 28,787,000 1,430,000 85,095,000 4 Average 122,071,000 18,070,000 67,301,000 — 207,442,000 5 Watch 36,075,000 4,490,000 18,135,000 — 58,700,000 6 OAEM 9,742,000 — 2,410,000 — 12,152,000 7 Substandard 19,571,000 208,000 2,946,000 — 22,725,000 8 Doubtful — — — — — Total $ 269,462,000 $ 24,881,000 $ 128,341,000 $ 19,751,000 $ 442,435,000 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, 2014 : Commercial Real Estate Commercial Construction Commercial Other Municipal Loans All Risk- 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 |
Allowance for Loan Losses Transactions | Allowance for loan losses activity for the years ended December 31, 2015 , 2014 and 2013 was as follows: For the year ended December 31, 2015 Commercial Residential Home Equity Line of Credit Real Estate Construction Other Municipal Term Construction Consumer Unallocated Total Allowance for loan losses: Beginning 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 Chargeoffs 280,000 9,000 732,000 — 420,000 — 582,000 350,000 — 2,373,000 Recoveries 2,000 1,000 88,000 — 152,000 — 31,000 121,000 — 395,000 Provision (credit) (134,000 ) (235,000 ) 591,000 2,000 474,000 4,000 384,000 253,000 211,000 1,550,000 Ending balance $ 3,120,000 $ 580,000 $ 1,452,000 $ 17,000 $ 1,391,000 $ 24,000 $ 893,000 $ 566,000 $ 1,873,000 $ 9,916,000 Ending balance specifically evaluated for impairment $ 89,000 $ 302,000 $ 8,000 $ — $ 326,000 $ — $ 29,000 $ — $ — $ 754,000 Ending balance collectively evaluated for impairment $ 3,031,000 $ 278,000 $ 1,444,000 $ 17,000 $ 1,065,000 $ 24,000 $ 864,000 $ 566,000 $ 1,873,000 $ 9,162,000 Related loan balances: Ending balance $ 269,462,000 $ 24,881,000 $ 128,341,000 $ 19,751,000 $ 403,030,000 $ 8,451,000 $ 110,202,000 $ 24,520,000 $ — $ 988,638,000 Ending balance specifically evaluated for impairment $ 10,717,000 $ 1,026,000 $ 1,234,000 $ — $ 15,088,000 $ — $ 1,466,000 $ — $ — $ 29,531,000 Ending balance collectively evaluated for impairment $ 258,745,000 $ 23,855,000 $ 127,107,000 $ 19,751,000 $ 387,942,000 $ 8,451,000 $ 108,736,000 $ 24,520,000 $ — $ 959,107,000 For the year ended December 31, 2014 Commercial Residential Home Equity Line of Credit Real Estate Construction Other Municipal Term Construction 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 Line of Credit Real Estate Construction Other Municipal Term Construction 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment are carried at cost and consist of the following: As of December 31, 2015 2014 Land $ 4,539,000 $ 4,532,000 Land improvements 874,000 821,000 Buildings 20,569,000 20,481,000 Equipment 11,358,000 10,610,000 37,340,000 36,444,000 Less accumulated depreciation 15,524,000 13,825,000 $ 21,816,000 $ 22,619,000 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Other Real Estate Owned | The following summarizes other real estate owned: As of December 31, 2015 2014 Real estate acquired in settlement of loans $ 1,532,000 $ 3,785,000 |
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, 2015 2014 2013 Balance at beginning of year $ 654,000 $ 330,000 $ 373,000 Losses charged to allowance (803,000 ) (313,000 ) (544,000 ) Provision charged to operating expenses 311,000 637,000 501,000 Balance at end of year $ 162,000 $ 654,000 $ 330,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Federal income tax Current $ 4,895,000 $ 4,282,000 $ 3,234,000 Deferred 332,000 18,000 (56,000 ) 5,227,000 4,300,000 3,178,000 State franchise tax 287,000 266,000 247,000 $ 5,514,000 $ 4,566,000 $ 3,425,000 |
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, 2015 2014 2013 Expected tax expense $ 7,602,000 $ 6,746,000 $ 5,736,000 Non-taxable income (2,086,000 ) (2,292,000 ) (2,326,000 ) State franchise tax, net of federal tax benefit 187,000 173,000 160,000 Tax credits (185,000 ) (414,000 ) (414,000 ) Other (4,000 ) 353,000 269,000 $ 5,514,000 $ 4,566,000 $ 3,425,000 |
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, 2015 and 2014 are as follows: 2015 2014 Allowance for loan losses $ 3,471,000 $ 3,620,000 OREO 57,000 229,000 Accrued pension and post-retirement 1,769,000 1,725,000 Goodwill 70,000 138,000 Unrealized loss on securities transferred from available for sale to held to maturity 60,000 26,000 Restricted stock grants 367,000 264,000 Core deposit intangible 15,000 5,000 Other assets 93,000 48,000 Total deferred tax asset 5,902,000 6,055,000 Net deferred loan costs (1,445,000 ) (1,120,000 ) Depreciation (2,000,000 ) (2,131,000 ) Unrealized gain on securities available for sale (605,000 ) (1,358,000 ) Mortgage servicing rights (382,000 ) (380,000 ) Investment in flow through entities (425,000 ) (387,000 ) Prepaid expense (104,000 ) (210,000 ) Total deferred tax liability (4,961,000 ) (5,586,000 ) Net deferred tax asset $ 941,000 $ 469,000 |
Certificates of Deposit (Tables
Certificates of Deposit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Certificates of deposit | The following table represents the breakdown of certificates of deposit at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Certificates of deposit < $100,000 $ 158,529,000 $ 184,471,000 Certificates $100,000 to $250,000 175,077,000 221,892,000 Certificates $250,000 and over 37,376,000 41,138,000 $ 370,982,000 $ 447,501,000 |
Maturities of certificates of deposit | At December 31, 2015 , 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 2016 $ 103,815,000 $ 133,679,000 $ 237,494,000 2017 14,785,000 12,591,000 27,376,000 2018 9,563,000 16,246,000 25,809,000 2019 14,838,000 16,857,000 31,695,000 2020 15,438,000 32,158,000 47,596,000 2021 and thereafter 90,000 922,000 1,012,000 $ 158,529,000 $ 212,453,000 $ 370,982,000 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Borrowed Funds [Abstract] | |
Range of Interest Rates and Maturity Dates of Borrowed Funds | Borrowed funds at December 31, 2015 and 2014 have the following range of interest rates and maturity dates: As of December 31, 2015 Federal Home Loan Bank Advances 2016 0.41% - 2.44% $ 135,220,000 2017 0.99% - 3.69% 30,000,000 2018 2.25% - 3.25% 30,000,000 2019 0.00% — 2020 1.60% - 1.97% 55,000,000 2021 and thereafter 0.00% 134,000 250,354,000 Repurchase agreements Municipal and commercial customers 0.20% - 1.89% 87,103,000 $ 337,457,000 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 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Change in benefit obligations Benefit obligation at beginning of year: $ 1,928,000 $ 1,479,000 $ 1,954,000 Service cost — — 21,000 Interest cost 80,000 71,000 86,000 Benefits paid (102,000 ) (100,000 ) (107,000 ) Actuarial (gain) loss 61,000 478,000 (475,000 ) Benefit obligation at end of year: $ 1,967,000 $ 1,928,000 $ 1,479,000 Funded status Benefit obligation at end of year $ (1,967,000 ) $ (1,928,000 ) $ (1,479,000 ) Unamortized (gain) loss 240,000 192,000 (289,000 ) Unrecognized transition obligation — — — Accrued benefit cost $ (1,727,000 ) $ (1,736,000 ) $ (1,768,000 ) Weighted average discount rate as of December 31 4.25 % 4.25 % 5.00 % |
Schedule of net benefit costs | The following table sets forth the net periodic benefit cost: For the years ended December 31, 2015 2014 2013 Components of net periodic benefit cost Service cost $ — $ — $ 21,000 Interest cost 80,000 71,000 86,000 Amortization of unrecognized transition obligation — — 5,000 Amortization of gain — (12,000 ) — Other settlement expense 12,000 10,000 — Net periodic benefit cost $ 92,000 $ 69,000 $ 112,000 Weighted average discount rate for net periodic cost 4.25 % 5.00 % 4.50 % |
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, 2015 2014 Portion to Be Recognized in Income in 2016 Unamortized net actuarial loss $ (240,000 ) $ (192,000 ) Deferred tax benefit at 35% 84,000 67,000 — Net unrecognized post-retirement benefits included in accumulated other comprehensive income (loss) $ (156,000 ) $ (125,000 ) $ — |
Other Comprehensive Income (L45
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 . For the years ended December 31, 2015 2014 2013 Balance at beginning of year $ 2,522,000 $ (6,591,000 ) $ 7,940,000 Unrealized gains (losses) arising during the period (754,000 ) 15,175,000 (21,268,000 ) Realized gains during the period (1,399,000 ) (1,155,000 ) (1,087,000 ) Related deferred taxes 754,000 (4,907,000 ) 7,824,000 Net change (1,399,000 ) 9,113,000 (14,531,000 ) Balance at end of year $ 1,123,000 $ 2,522,000 $ (6,591,000 ) 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, 2015 , 2014 , and 2013 . For the years ended December 31, 2015 2014 2013 Balance at beginning of period $ (48,000 ) $ — $ — Net unrealized losses transferred during the period — (23,000 ) — Amortization of net unrealized losses (98,000 ) (51,000 ) — Related deferred taxes 34,000 26,000 — Net change (64,000 ) (48,000 ) — Balance at end of period $ (112,000 ) $ (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, 2015 , 2014 , and 2013 : For the years ended December 31, 2015 2014 2013 Unrecognized postretirement benefits at beginning of period $ (125,000 ) $ 188,000 $ (123,000 ) Amortization of unrecognized transition obligation — — 5,000 Change in unamortized net actuarial gain (loss) (48,000 ) (481,000 ) 475,000 Related deferred taxes 17,000 168,000 (169,000 ) Unrecognized postretirement benefits at end of period $ (156,000 ) $ (125,000 ) $ 188,000 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, 2015 , 2014 , and 2013 . For the years ended December 31, 2015 2014 2013 Balance at beginning of period $ (48,000 ) $ — $ — Net unrealized losses transferred during the period — (23,000 ) — Amortization of net unrealized losses (98,000 ) (51,000 ) — Related deferred taxes 34,000 26,000 — Net change (64,000 ) (48,000 ) — Balance at end of period $ (112,000 ) $ (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, 2015 , 2014 and 2013 . For the years ended December 31, 2015 2014 2013 Balance at beginning of year $ 2,522,000 $ (6,591,000 ) $ 7,940,000 Unrealized gains (losses) arising during the period (754,000 ) 15,175,000 (21,268,000 ) Realized gains during the period (1,399,000 ) (1,155,000 ) (1,087,000 ) Related deferred taxes 754,000 (4,907,000 ) 7,824,000 Net change (1,399,000 ) 9,113,000 (14,531,000 ) Balance at end of year $ 1,123,000 $ 2,522,000 $ (6,591,000 ) |
Stock Options and Stock-Based46
Stock Options and Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | As of December 31, 2015 , 86,863 shares of restricted stock had been granted under the 2010 Plan, of which 67,171 shares remain restricted as of December 31, 2015 as detailed in the following table: Year Granted Vesting Term (In Years) Shares Remaining Term (In Years) 2011 5.0 5,500 0.1 2012 4.0 2,704 0.2 2012 5.0 7,996 1.2 2013 3.0 3,808 0.1 2013 5.0 14,776 2.1 2014 2.0 7,786 0.1 2014 5.0 10,422 3.1 2015 1.0 2,156 0.1 2015 5.0 12,023 4.1 67,171 1.9 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of outstanding stock options as of December 31, 2015 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, 2014 42,000 $ 18.00 Granted in 2015 — — Exercised in 2015 — — — Expired unexercised in 2015 42,000 18.00 Outstanding at December 31, 2015 — $ — — — Exercisable at December 31, 2015 — $ — — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 : Income (Numerator) Shares (Denominator) Per-Share Amount For the year ended December 31, 2015 Net income as reported $ 16,206,000 Basic EPS: Income available to common shareholders 16,206,000 10,674,755 $ 1.52 Effect of dilutive securities: restricted stock and warrants 90,114 Diluted EPS: Income available to common shareholders plus assumed conversions $ 16,206,000 10,764,869 $ 1.51 For the year ended December 31, 2014 Net income as reported $ 14,709,000 Basic EPS: Income available to common shareholders 14,709,000 10,638,527 $ 1.38 Effect of dilutive securities: restricted stock and warrants 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 $ 1.20 Effect of dilutive securities: restricted stock and warrants 51,609 Diluted EPS: Income available to common shareholders plus assumed conversions $ 12,581,000 10,521,055 $ 1.20 |
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, 2015 , 2014 and 2013 and the amount which are above or below the strike price: Outstanding In-the-Money Out-of-the-Money As of December 31, 2015 Incentive stock options — — — Warrants to private parties 226,819 226,819 — Total dilutive securities 226,819 226,819 — 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 |
Regulatory Capital Requiremen48
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 adequacy purposes To be well-capitalized under prompt corrective action provisions As of December 31, 2015 Tier 2 capital to $ 144,255,000 $ 74,316,000 $ 92,895,000 risk-weighted assets 15.53 % 8.00 % 10.00 % Tier 1 capital to $ 134,239,000 $ 55,737,000 $ 74,316,000 risk-weighted assets 14.45 % 6.00 % 8.00 % Common equity Tier 1 capital to $ 134,239,000 $ 41,803,000 $ 60,382,000 risk-weighted assets 14.45 % 4.50 % 6.50 % Tier 1 capital to $ 134,239,000 $ 60,885,000 $ 76,106,000 average assets 8.82 % 4.00 % 5.00 % As of December 31, 2014 Tier 2 capital to $ 137,818,000 $ 68,524,000 $ 85,655,000 risk-weighted assets 16.09 % 8.00 % 10.00 % Tier 1 capital to $ 127,374,000 $ 34,262,000 $ 51,393,000 risk-weighted assets 14.87 % 4.00 % 6.00 % Tier 1 capital to $ 127,374,000 $ 58,086,000 $ 72,607,000 average assets 8.77 % 4.00 % 5.00 % The actual and minimum capital amounts and ratios for the Company, on a consolidated basis, are presented in the following table: Actual For capital adequacy purposes To be well-capitalized under prompt corrective action provisions As of December 31, 2015 Tier 2 capital to $ 146,653,000 $ 74,357,000 n/a risk-weighted assets 15.78 % 8.00 % n/a Tier 1 capital to $ 136,637,000 $ 55,767,000 n/a risk-weighted assets 14.70 % 6.00 % n/a Common equity Tier 1 capital to $ 136,637,000 $ 41,826,000 n/a risk-weighted assets 14.70 % 4.50 % n/a Tier 1 capital to $ 136,637,000 $ 62,022,000 n/a average assets 8.81 % 4.00 % n/a As of December 31, 2014 Tier 2 capital to $ 139,414,000 $ 68,532,000 n/a risk-weighted assets 16.27 % 8.00 % n/a Tier 1 capital to $ 128,970,000 $ 34,266,000 n/a risk-weighted assets 15.06 % 4.00 % n/a Tier 1 capital to $ 128,970,000 $ 58,066,000 n/a average assets 8.88 % 4.00 % n/a |
Off-Balance-Sheet Financial I49
Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance-Sheet Financial instruments | At December 31, 2015 and 2014 , the Bank had the following off-balance-sheet financial instruments, whose contract amounts represent credit risk: As of December 31, 2015 2014 Unused lines, collateralized by residential real estate $ 69,244,000 $ 65,264,000 Other unused commitments 49,833,000 49,608,000 Standby letters of credit 4,098,000 4,480,000 Commitments to extend credit 10,374,000 13,593,000 Total $ 133,549,000 $ 132,945,000 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 . At December 31, 2015 Level 1 Level 2 Level 3 Total Securities available for sale Mortgage-backed securities $ — $ 195,110,000 $ — $ 195,110,000 State and political subdivisions — 24,506,000 — 24,506,000 Other equity securities — 3,423,000 — 3,423,000 Total assets $ — $ 223,039,000 $ — $ 223,039,000 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 |
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 $162,000 and $654,000 at December 2015 and 2014 , 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 $292,000 and $1,074,000 at December 31, 2015 and 2014 , respectively. At December 31, 2015 Level 1 Level 2 Level 3 Total Other real estate owned $ — $ 1,532,000 $ — $ 1,532,000 Impaired loans — 699,000 — 699,000 Total assets $ — $ 2,231,000 $ — $ 2,231,000 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 |
Estimated fair value of financial instruments | The carrying amounts and estimated fair values for financial instruments as of December 31, 2015 were as follows: Carrying Estimated As of December 31, 2015 value fair value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 14,299,000 $ 14,299,000 $ 14,299,000 $ — $ — Interest-bearing deposits in other banks 4,013,000 4,013,000 4,013,000 — — Securities available for sale 223,039,000 223,039,000 — 223,039,000 — Securities to be held to maturity 240,023,000 243,123,000 — 243,123,000 — Restricted equity securities 14,257,000 14,257,000 — 14,257,000 — Loans held for sale 349,000 349,000 — 349,000 — Loans (net of allowance for loan losses) Commercial Real estate 265,616,000 262,763,000 — — 262,763,000 Construction 24,166,000 23,906,000 — — 23,906,000 Other 126,551,000 126,141,000 — — 126,141,000 Municipal 19,730,000 20,331,000 — — 20,331,000 Residential Term 401,315,000 405,315,000 — — 405,315,000 Construction 8,421,000 8,379,000 — — 8,379,000 Home equity line of credit 109,101,000 108,118,000 — 699,000 107,419,000 Consumer 23,822,000 23,754,000 — — 23,754,000 Total loans 978,722,000 978,707,000 — 699,000 978,008,000 Mortgage servicing rights 1,093,000 1,915,000 — 1,915,000 — Accrued interest receivable 4,912,000 4,912,000 — 4,912,000 — Financial liabilities Demand deposits $ 130,566,000 $ 125,651,000 $ — $ 125,651,000 $ — NOW deposits 242,638,000 224,627,000 — 224,627,000 — Money market deposits 92,994,000 82,050,000 — 82,050,000 — Savings deposits 206,009,000 181,010,000 — 181,010,000 — Local certificates of deposit 201,420,000 201,013,000 — 201,013,000 — National certificates of deposit 169,562,000 169,617,000 — 169,617,000 — Total deposits 1,043,189,000 983,968,000 — 983,968,000 — Repurchase agreements 87,103,000 82,168,000 — 82,168,000 — Federal Home Loan Bank advances 250,354,000 250,027,000 — 250,027,000 — Total borrowed funds 337,457,000 332,195,000 — 332,195,000 — Accrued interest payable 435,000 435,000 — 435,000 — 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 held for sale — — — — — 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 — |
Other Operating Income and Ex51
Other Operating Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Other operating income ATM and debit card income $ 2,714,000 $ 2,630,000 $ 2,440,000 Other operating expense Advertising and marketing expense $ 1,178,000 $ 1,022,000 $ 1,117,000 Accounting and auditing expenses 797,000 746,000 674,000 Collections/foreclosures/ other real estate owned expense 432,000 657,000 878,000 ATM and interchange expense 814,000 760,000 778,000 Legal fees and expenses 369,000 769,000 482,000 |
Condensed Financial Informati52
Condensed Financial Information of Parent (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Assets Cash and cash equivalents $ 1,431,000 $ 522,000 Dividends receivable 2,500,000 2,500,000 Investments 509,000 528,000 Investment in subsidiary 137,433,000 132,399,000 Premises and equipment 12,000 24,000 Goodwill 27,559,000 27,559,000 Other assets 438,000 302,000 Total assets $ 169,882,000 $ 163,834,000 Liabilities and shareholders' equity Dividends payable $ 2,366,000 $ 2,252,000 Other liabilities 18,000 28,000 Total liabilities 2,384,000 2,280,000 Shareholders' equity Common stock 108,000 107,000 Additional paid-in capital 59,862,000 59,282,000 Retained earnings 107,500,000 102,125,000 Accumulated other comprehensive income Net unrealized gain on available for sale securities, net of tax 28,000 40,000 Total accumulated other comprehensive income 28,000 40,000 Total shareholders' equity 167,498,000 161,554,000 Total liabilities and shareholders' equity $ 169,882,000 $ 163,834,000 Statements of Income For the years ended December 31, 2015 2014 2013 Interest and dividends on investments $ 18,000 $ 15,000 $ 10,000 Net securities gains — 38,000 — Total income 18,000 53,000 10,000 Occupancy expense 12,000 12,000 11,000 Other operating expense 488,000 604,000 362,000 Total expense 500,000 616,000 373,000 Loss before income taxes and Bank earnings (482,000 ) (563,000 ) (363,000 ) Applicable income taxes (172,000 ) (200,000 ) (128,000 ) Loss before Bank earnings (310,000 ) (363,000 ) (235,000 ) Equity in earnings of Bank Remitted 10,000,000 8,850,000 7,096,000 Unremitted 6,516,000 6,222,000 6,104,000 Net income $ 16,206,000 $ 14,709,000 $ 12,965,000 Statements of Cash Flows For the years ended December 31, 2015 2014 2013 Cash flows from operating activities: Net income $ 16,206,000 $ 14,709,000 $ 12,965,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 12,000 9,000 11,000 Equity compensation expense 296,000 431,000 214,000 Gain on sale of investment — (38,000 ) — Increase in other assets (135,000 ) (98,000 ) (132,000 ) (Increase) decrease in dividend receivable (50,000 ) (1,050,000 ) 400,000 Increase in other liabilities 160,000 105,000 258,000 Unremitted earnings of Bank (6,516,000 ) (6,222,000 ) (6,104,000 ) Net cash provided by operating activities 9,973,000 7,846,000 7,612,000 Cash flows from investing activities: Capital expenditures — (1,000 ) — Net cash used in investing activities — (1,000 ) — Cash flows from financing activities: Payment to repurchase preferred stock — — (12,500,000 ) Purchase of common stock (180,000 ) — — Proceeds from sale of common stock 465,000 457,000 11,973,000 Dividends paid (9,349,000 ) (8,893,000 ) (8,657,000 ) Net cash used in financing activities (9,064,000 ) (8,436,000 ) (9,184,000 ) Net increase (decrease) in cash and cash equivalents 909,000 (591,000 ) (1,572,000 ) Cash and cash equivalents at beginning of year 522,000 1,113,000 2,685,000 Cash and cash equivalents at end of year $ 1,431,000 $ 522,000 $ 1,113,000 |
Quarterly Information (Tables)
Quarterly Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 Balance Sheets Cash and cash equivalents $ 13,894 $ 20,416 $ 17,167 $ 13,057 $ 13,855 $ 16,481 $ 19,169 $ 14,299 Interest-bearing deposits in other banks 2,935 272 773 3,559 336 24,565 301 4,013 Investments 488,553 502,015 472,660 461,180 418,772 463,064 461,255 463,062 Restricted equity securities 13,912 13,912 13,912 13,912 13,912 13,912 13,912 14,257 Net loans and loans held for sale 857,315 880,492 896,857 907,220 928,973 953,201 953,674 979,071 Other assets 89,508 86,973 87,268 83,203 82,984 82,117 91,361 90,108 Total assets $ 1,466,117 $ 1,504,080 $ 1,488,637 $ 1,482,131 $ 1,458,832 $ 1,553,340 $ 1,539,672 $ 1,564,810 Deposits $ 1,045,970 $ 1,033,436 $ 1,055,322 $ 1,024,819 $ 966,825 $ 1,096,323 $ 1,058,365 $ 1,043,189 Borrowed funds 253,519 298,520 258,636 279,916 312,576 278,013 297,369 337,457 Other liabilities 14,212 14,675 15,489 15,842 15,915 15,195 16,797 16,666 Shareholders' equity 152,416 157,449 159,190 161,554 163,516 163,809 167,141 167,498 Total liabilities & equity $ 1,466,117 $ 1,504,080 $ 1,488,637 $ 1,482,131 $ 1,458,832 $ 1,553,340 $ 1,539,672 $ 1,564,810 Income and Comprehensive Income Statements Interest income $ 12,623 $ 12,740 $ 12,869 $ 12,790 $ 12,365 $ 12,574 $ 12,833 $ 13,038 Interest expense 2,912 2,905 2,865 2,743 2,663 2,496 2,322 2,393 Net interest income 9,711 9,835 10,004 10,047 9,702 10,078 10,511 10,645 Provision for loan losses 400 100 350 300 500 400 200 450 Net interest income after provision for loan losses 9,311 9,735 9,654 9,747 9,202 9,678 10,311 10,195 Non-interest income 2,332 2,458 3,656 2,602 3,658 2,834 2,975 2,763 Non-interest expense 7,252 7,291 7,802 7,875 7,265 6,980 7,707 7,944 Income before taxes 4,391 4,902 5,508 4,474 5,595 5,532 5,579 5,014 Income taxes 963 1,155 1,400 1,048 1,420 1,458 1,391 1,245 Net income $ 3,428 $ 3,747 $ 4,108 $ 3,426 $ 4,175 $ 4,074 $ 4,188 $ 3,769 Basic earnings per share $ 0.32 $ 0.35 $ 0.39 $ 0.32 $ 0.39 $ 0.38 $ 0.39 $ 0.36 Diluted earnings per share $ 0.32 $ 0.35 $ 0.38 $ 0.32 $ 0.39 $ 0.38 $ 0.39 $ 0.35 Other comprehensive income (loss), net of tax Net unrealized gain (loss) on securities available for sale $ 4,824 $ 3,313 $ (319 ) $ 1,295 $ 57 $ (1,591 ) $ 1,330 $ (1,195 ) Net unrealized loss on securities transfered from available for sale to held to maturity — — (28 ) (20 ) (19 ) (17 ) (15 ) (13 ) Unrecognized loss on postretirement benefit costs — — — (313 ) — — — (31 ) Other comprehensive income (loss) $ 4,824 $ 3,313 $ (347 ) $ 962 $ 38 $ (1,608 ) $ 1,315 $ (1,239 ) Comprehensive income $ 8,252 $ 7,060 $ 3,761 $ 4,388 $ 4,213 $ 2,466 $ 5,503 $ 2,530 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Finite lived intangible asset, amortization (in years) | 10 years | ||
Amortization of identified intangibles | $ 58 | $ 326 | $ 326 |
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 | 43 |
Yearly amortization expense until fully amortized | 43 | ||
FNB Bankshares | Core Deposits | |||
Business Acquisition [Line Items] | |||
Amortization expense - FNB Bankshares | $ 14 | ||
Amortization of identified intangibles | $ 283 | $ 283 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Cash and Cash Equivalents [Abstract] | |
Contractual clearing balance | $ 500 |
Cash held in Reserve at Federal Reserve Bank | $ 1,956 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)securitystate | Dec. 31, 2014USD ($)security | Dec. 31, 2013USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2012USD ($) | |
Securities available for sale | |||||
Amortized Cost-Equity | $ 3,381 | $ 2,490 | |||
Amortized Cost-Total | 221,311 | 181,380 | |||
Unrealized Gains | 2,758 | 4,567 | |||
Unrealized Losses | (1,030) | (686) | |||
Fair Value Estimated | 223,039 | 185,261 | |||
Proceeds from sales of securities | 35,468 | 15,557 | $ 10,563 | ||
Gross realized gains | 1,399 | 1,155 | 1,087 | ||
Gross realized losses | 0 | 0 | 0 | ||
Net gain | 1,399 | 1,155 | 1,087 | ||
Related income taxes | 490 | 404 | 380 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 168,818 | 17,298 | |||
12 months or more, Fair Value | 21,048 | 111,694 | |||
Total, Fair Value | 189,866 | 128,992 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | (2,525) | (74) | |||
12 months or more, Unrealized Losses | (950) | (2,825) | |||
Total, Unrealized Losses | (3,475) | (2,899) | |||
Amortized cost of securities transferred | $ 89,780 | ||||
Fair value of securities transferred | 89,757 | ||||
Unrealized loss on securities transferred | $ 15 | ||||
Net unrealized loss on securities transferred from available for sale to held to maturity | $ 112 | 48 | $ 0 | $ 0 | |
Number of states | state | 6 | ||||
FHLB stock | $ 13,220 | 12,875 | |||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 240,023 | 275,919 | |||
Unrealized Gains | 5,545 | 5,998 | |||
Unrealized Losses | (2,445) | (2,213) | |||
Fair Value Estimated | 243,123 | 279,704 | |||
Restricted equity securities, cost and FMV [Abstract] | |||||
Amortized Cost | 14,257 | 13,912 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Value Estimated | 14,257 | 13,912 | |||
Securities available for sale, maturities amortized cost [Abstract] | |||||
Amortized cost, debt maturities, due in 1 year or less | 527 | 2,309 | |||
Amortized cost, debt maturities, due in 1 to 5 years | 7,562 | 15,200 | |||
Amortized cost, debt maturities, due in 5 to 10 years | 19,647 | 18,547 | |||
Amortized cost, debt maturities, due after 10 years | 190,194 | 142,834 | |||
Amortized cost, equity maturities | 3,381 | 2,490 | |||
Amortized Cost-Total | 221,311 | 181,380 | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair value, debt maturities, due in 1 year or less | 530 | 2,329 | |||
Fair value, debt maturities, due in 1 to 5 years | 7,727 | 15,499 | |||
Fair value, debt maturities, due in 5 to 10 years | 20,055 | 19,124 | |||
Fair value, debt maturities, due after 10 years | 191,304 | 145,758 | |||
Fair value, equity maturities | 3,423 | 2,551 | |||
Fair Value Estimated | 223,039 | 185,261 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Amortized cost, due in 1 year or less | 1,814 | 1,693 | |||
Amortized cost, due in 1 to 5 years | 6,306 | 8,467 | |||
Amortized cost, due in 5 to 10 years | 58,397 | 50,629 | |||
Amortized cost, due after 10 years | 173,506 | 215,130 | |||
Securities to be held to maturity (fair value of $243,123,000 at December 31, 2015, and $279,704,000 at December 31, 2014) | 240,023 | 275,919 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Fair value, due in 1 year or less | 1,850 | 1,713 | |||
Fair value, due in 1 to 5 years | 6,514 | 8,702 | |||
Fair value, due in 5 to 10 years | 60,196 | 52,717 | |||
Fair value, due after 10 years | 174,563 | 216,572 | |||
Securities to be held to maturity, fair value | 243,123 | 279,704 | |||
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 | $ 201,879 | $ 164,919 | |||
Number of securities temporarily impaired as a result of changes in interest rates reducing their fair value (in number of securities) | security | 78 | 56 | |||
Number of securities temporarily impaired for 12 months or more (in number of securities) | security | 15 | 36 | |||
Length of time for the temporary impairment (in months) | 12 months | 12 months | |||
Federal Home Loan Bank Stock | |||||
Restricted equity securities, cost and FMV [Abstract] | |||||
Amortized Cost | $ 13,220 | $ 12,875 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Value Estimated | 13,220 | 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 | |||
U.S. Government-sponsored agencies | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 45,311 | 0 | |||
12 months or more, Fair Value | 17,185 | 79,444 | |||
Total, Fair Value | 62,496 | 79,444 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | (1,469) | 0 | |||
12 months or more, Unrealized Losses | (815) | (2,066) | |||
Total, Unrealized Losses | (2,284) | (2,066) | |||
Mortgage-backed securities | |||||
Securities available for sale | |||||
Amortized Cost-Debt | 194,563 | 149,796 | |||
Unrealized Gains | 1,509 | 2,637 | |||
Unrealized Losses | (962) | (578) | |||
Fair Value Estimated | 195,110 | 151,855 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 120,915 | 13,878 | |||
12 months or more, Fair Value | 910 | 29,182 | |||
Total, Fair Value | 121,825 | 43,060 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | (1,027) | (40) | |||
12 months or more, Unrealized Losses | (71) | (654) | |||
Total, Unrealized Losses | (1,098) | (694) | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair Value Estimated | 195,110 | 151,855 | |||
State and political subdivisions | |||||
Securities available for sale | |||||
Amortized Cost-Debt | 23,367 | 29,094 | |||
Unrealized Gains | 1,201 | 1,865 | |||
Unrealized Losses | (62) | (104) | |||
Fair Value Estimated | 24,506 | 30,855 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 2,528 | 3,352 | |||
12 months or more, Fair Value | 2,901 | 3,017 | |||
Total, Fair Value | 5,429 | 6,369 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | (24) | (31) | |||
12 months or more, Unrealized Losses | (63) | (104) | |||
Total, Unrealized Losses | (87) | (135) | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair Value Estimated | 24,506 | 30,855 | |||
Other equity securities | |||||
Securities available for sale | |||||
Amortized Cost-Equity | 3,381 | 2,490 | |||
Unrealized Gains | 48 | 65 | |||
Unrealized Losses | (6) | (4) | |||
Fair Value Estimated | 3,423 | 2,551 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than 12 months, Fair Value | 64 | 68 | |||
12 months or more, Fair Value | 52 | 51 | |||
Total, Fair Value | 116 | 119 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | |||||
Less than 12 months, Unrealized Losses | (5) | (3) | |||
12 months or more, Unrealized Losses | (1) | (1) | |||
Total, Unrealized Losses | (6) | (4) | |||
Securities available for sale, maturities amortized cost [Abstract] | |||||
Amortized cost, equity maturities | 3,381 | 2,490 | |||
Securities available for sale, maturities fair value estimated [Abstract] | |||||
Fair Value Estimated | 3,423 | 2,551 | |||
U.S. Government-sponsored agencies | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 71,000 | 92,341 | |||
Unrealized Gains | 40 | 54 | |||
Unrealized Losses | (2,284) | (2,066) | |||
Fair Value Estimated | 68,756 | 90,329 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity (fair value of $243,123,000 at December 31, 2015, and $279,704,000 at December 31, 2014) | 71,000 | 92,341 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | 68,756 | 90,329 | |||
Mortgage-backed securities | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 42,193 | 57,003 | |||
Unrealized Gains | 1,305 | 1,830 | |||
Unrealized Losses | (136) | (116) | |||
Fair Value Estimated | 43,362 | 58,717 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity (fair value of $243,123,000 at December 31, 2015, and $279,704,000 at December 31, 2014) | 42,193 | 57,003 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | 43,362 | 58,717 | |||
State and political subdivisions | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 122,530 | 126,275 | |||
Unrealized Gains | 4,200 | 4,114 | |||
Unrealized Losses | (25) | (31) | |||
Fair Value Estimated | 126,705 | 130,358 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity (fair value of $243,123,000 at December 31, 2015, and $279,704,000 at December 31, 2014) | 122,530 | 126,275 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | 126,705 | 130,358 | |||
Corporate securities | |||||
Securities to be held to maturity, cost and FMV [Abstract] | |||||
Amortized Cost | 4,300 | 300 | |||
Unrealized Gains | 0 | 0 | |||
Unrealized Losses | 0 | 0 | |||
Fair Value Estimated | 4,300 | 300 | |||
Securities to be held to maturity, maturities, amortized cost [Abstract] | |||||
Securities to be held to maturity (fair value of $243,123,000 at December 31, 2015, and $279,704,000 at December 31, 2014) | 4,300 | 300 | |||
Securities to be held to maturity, Debt Maturities, Fair Value [Abstract] | |||||
Securities to be held to maturity, fair value | $ 4,300 | $ 300 |
Mortgage Servicing Rights (Deta
Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Transfers and Servicing [Abstract] | |||
Outstanding principal balance of loans serviced for others | $ 223,610 | $ 214,086 | |
Net gain from sale of loans | 714 | 496 | $ 1,224 |
Mortgage servicing rights capitalized | 487 | 345 | |
Amortization of mortgage servicing rights | 449 | 428 | |
Fair value of mortgage servicing rights | $ 1,915 | 2,088 | |
Moving average of weekly prepayment data (in months) | 3 months | ||
Anticipated loan prepayment rate of servicing assets (in hundredths) | 9.76% | ||
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) | 5.28% | ||
Summary of mortgage servicing rights [Abstract] | |||
Mortgage servicing rights | $ 5,747 | 6,039 | |
Accumulated amortization | (4,619) | (4,949) | |
Impairment reserve | (35) | (4) | |
Mortgage servicing rights, net | $ 1,093 | $ 1,086 |
Loans (Details)
Loans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($) | |
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 988,638 | $ 917,564 | $ 876,367 |
Percentage of loan portfolio (in hundredths) | 100.00% | 100.00% | |
Loans Receivable to Related Party [Roll Forward] | |||
Balance at beginning of year | $ 14,856 | $ 14,884 | |
New loans | 7,382 | 8,932 | |
Repayments | (1,837) | (8,960) | |
Balance at end of year | 20,401 | 14,856 | 14,884 |
Loans, aging disclosure [Abstract] | |||
All Past Due | 8,287 | 11,863 | |
Current | 980,351 | 905,701 | |
Amount of loan portfolio | 988,638 | 917,564 | 876,367 |
90 Plus Days And Accruing | 136 | 181 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 7,372 | 10,510 | |
Average investment in impaired loans | 32,698 | 38,404 | 45,722 |
Interest income recognized on impaired loans, all on cash basis | 1,218 | 1,465 | 1,750 |
Balance of impaired loans | 29,531 | 35,862 | 42,351 |
Less portion for which no allowance for loan losses is allocated | (20,889) | (26,313) | |
Portion of impaired loan balance for which an allowance for loan losses is allocated | 8,642 | 9,549 | |
Portion of allowance for loan losses allocated to the impaired loan balance | 754 | 1,803 | 2,461 |
Recorded Investment | 29,531 | 35,862 | 42,351 |
Unpaid Principal Balance | 31,906 | 39,026 | 46,408 |
Average Recorded Investment | 32,698 | 38,404 | 45,722 |
Recognized Interest Income | $ 1,218 | $ 1,465 | 1,750 |
Troubled Debt Restructured, Number of Loans | loan | 84 | 94 | |
Troubled Debt Restructured, Balance | $ 23,923 | $ 27,214 | |
Troubled Debt Restructured, Specific Reserves | $ 455 | $ 868 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | loan | 8 | 12 | |
Financing Receivable Recorded Investment Greater Than30 Days Past Due | $ 1,053 | $ 1,549 | |
Troubled Debt Restructured (Greater than 30 days), Balance | 1,053 | 1,549 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | $ 46 | $ 177 | |
Financing Receivable, Number of Loans | loan | 2 | 6 | |
Financing Receivable Modifications Pre Modification Recorded Investment During Period | $ 218 | $ 826 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | 221 | 929 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 218 | 826 | |
Financing Receivable, Specific Reserves | 0 | 12 | |
Net deferred loan costs included in loan balances | 3,686 | 2,729 | |
Loans used to collateralize borrowings from the Federal Home Loan Bank of Boston | 279,463 | 266,716 | |
Commercial, construction and home equity loans used to collateralize unused line of credit at the Federal Reserve Bank of Boston | 243,578 | 240,943 | |
Interest income which would have been recognized on these loans, if interest had been accrued | 369 | 551 | 917 |
Loans to directors, officers and employees | $ 31,285 | $ 29,883 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 0 | 2 | |
Financing Receivable, Loans Classified as Troubled Debt Restructurings That Had Been Placed on TDR Status in Previous 12 Months | $ 238 | ||
Loans classified as TDRs that are involved in bankruptcy | $ 1,079 | ||
Number of loans classified as TDRs that were on non-accrual status | loan | 13 | ||
Loans classified as TDRs that were on non-accrual status | $ 1,764 | ||
Number of loans classified as TDRs that are involved in foreclosure | loan | 3 | ||
Loans classified as TDRs that are involved in foreclosure | $ 262 | ||
Number of mortgage loans in the process of foreclosure | loan | 16 | ||
Mortgage loans in the process of foreclosure | $ 1,513 | ||
Loans Receivable in Bankruptcy | |||
Nonaccrual Loans [Abstract] | |||
Financing Receivable, Number of Loans | loan | 6 | ||
30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 2,122 | 2,142 | |
60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 2,379 | 1,356 | |
90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 3,786 | 8,365 | |
With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 22,808 | 26,926 | 31,541 |
Balance of impaired loans | 20,889 | 26,313 | 32,417 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 20,889 | 26,313 | 32,417 |
Unpaid Principal Balance | 22,947 | 29,077 | 36,119 |
Average Recorded Investment | 22,808 | 26,926 | 31,541 |
Recognized Interest Income | 839 | 1,078 | 1,360 |
With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 9,890 | 11,478 | 14,181 |
Balance of impaired loans | 8,642 | 9,549 | 9,934 |
Portion of allowance for loan losses allocated to the impaired loan balance | 754 | 1,803 | 2,461 |
Recorded Investment | 8,642 | 9,549 | 9,934 |
Unpaid Principal Balance | 8,959 | 9,949 | 10,289 |
Average Recorded Investment | 9,890 | 11,478 | 14,181 |
Recognized Interest Income | 381 | 387 | 390 |
Commercial Real Estate | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 269,462 | $ 242,311 | |
Percentage of loan portfolio (in hundredths) | 27.30% | 26.40% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 884 | $ 860 | |
Current | 268,578 | 241,451 | |
Amount of loan portfolio | 269,462 | 242,311 | |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 915 | 2,088 | |
Average investment in impaired loans | 12,056 | 14,120 | 16,773 |
Balance of impaired loans | 10,717 | 13,304 | 14,935 |
Portion of allowance for loan losses allocated to the impaired loan balance | 89 | 346 | 890 |
Recorded Investment | 10,717 | 13,304 | 14,935 |
Unpaid Principal Balance | 11,123 | 14,212 | 15,683 |
Average Recorded Investment | 12,056 | 14,120 | 16,773 |
Recognized Interest Income | $ 450 | $ 550 | 645 |
Troubled Debt Restructured, Number of Loans | loan | 15 | 19 | |
Troubled Debt Restructured, Balance | $ 10,350 | $ 12,282 | |
Troubled Debt Restructured, Specific Reserves | $ 85 | $ 267 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | loan | 0 | 1 | |
Troubled Debt Restructured (Greater than 30 days), Balance | $ 0 | $ 321 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | $ 0 | $ 120 | |
Financing Receivable, Number of Loans | loan | 0 | 2 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 302 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 0 | 300 | |
Financing Receivable, Specific Reserves | 0 | 0 | |
Commercial Real Estate | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 603 | 24 | |
Commercial Real Estate | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 0 | 75 | |
Commercial Real Estate | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 281 | 761 | |
Commercial Real Estate | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 8,990 | 11,080 | 11,100 |
Balance of impaired loans | 7,173 | 11,687 | 11,813 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 7,173 | 11,687 | 11,813 |
Unpaid Principal Balance | 7,496 | 12,423 | 12,419 |
Average Recorded Investment | 8,990 | 11,080 | 11,100 |
Recognized Interest Income | 301 | 488 | 495 |
Commercial Real Estate | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 3,066 | 3,040 | 5,673 |
Balance of impaired loans | 3,544 | 1,617 | 3,122 |
Portion of allowance for loan losses allocated to the impaired loan balance | 89 | 346 | 890 |
Recorded Investment | 3,544 | 1,617 | 3,122 |
Unpaid Principal Balance | 3,627 | 1,789 | 3,264 |
Average Recorded Investment | 3,066 | 3,040 | 5,673 |
Recognized Interest Income | 149 | 62 | 150 |
Commercial Construction | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 24,881 | $ 30,932 | |
Percentage of loan portfolio (in hundredths) | 2.50% | 3.40% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 273 | $ 249 | |
Current | 24,608 | 30,683 | |
Amount of loan portfolio | 24,881 | 30,932 | |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 238 | 208 | |
Average investment in impaired loans | 1,156 | 1,309 | 1,997 |
Balance of impaired loans | 1,026 | 1,380 | 1,284 |
Portion of allowance for loan losses allocated to the impaired loan balance | 302 | 413 | 272 |
Recorded Investment | 1,026 | 1,380 | 1,284 |
Unpaid Principal Balance | 1,026 | 1,380 | 1,284 |
Average Recorded Investment | 1,156 | 1,309 | 1,997 |
Recognized Interest Income | $ 45 | $ 56 | 48 |
Troubled Debt Restructured, Number of Loans | loan | 1 | 1 | |
Troubled Debt Restructured, Balance | $ 788 | $ 1,172 | |
Troubled Debt Restructured, Specific Reserves | $ 94 | $ 207 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | loan | 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 | loan | 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 | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 35 | 0 | |
Commercial Construction | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 0 | 41 | |
Commercial Construction | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 238 | 208 | |
Commercial Construction | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 3 | 30 | 202 |
Balance of impaired loans | 30 | 0 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 30 | 0 | 0 |
Unpaid Principal Balance | 30 | 0 | 0 |
Average Recorded Investment | 3 | 30 | 202 |
Recognized Interest Income | 1 | 0 | 0 |
Commercial Construction | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 1,153 | 1,279 | 1,795 |
Balance of impaired loans | 996 | 1,380 | 1,284 |
Portion of allowance for loan losses allocated to the impaired loan balance | 302 | 413 | 272 |
Recorded Investment | 996 | 1,380 | 1,284 |
Unpaid Principal Balance | 996 | 1,380 | 1,284 |
Average Recorded Investment | 1,153 | 1,279 | 1,795 |
Recognized Interest Income | 44 | 56 | 48 |
Commercial Other | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 128,341 | $ 104,531 | 95,289 |
Percentage of loan portfolio (in hundredths) | 13.00% | 11.40% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 328 | $ 860 | |
Current | 128,013 | 103,671 | |
Amount of loan portfolio | 128,341 | 104,531 | 95,289 |
90 Plus Days And Accruing | 25 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 66 | 935 | |
Average investment in impaired loans | 2,149 | 4,956 | 5,898 |
Balance of impaired loans | 1,234 | 2,942 | 6,698 |
Portion of allowance for loan losses allocated to the impaired loan balance | 8 | 129 | 841 |
Recorded Investment | 1,234 | 2,942 | 6,698 |
Unpaid Principal Balance | 1,287 | 3,745 | 8,441 |
Average Recorded Investment | 2,149 | 4,956 | 5,898 |
Recognized Interest Income | $ 80 | $ 169 | 350 |
Troubled Debt Restructured, Number of Loans | loan | 11 | 15 | |
Troubled Debt Restructured, Balance | $ 1,168 | $ 2,007 | |
Troubled Debt Restructured, Specific Reserves | $ 1 | $ 0 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | loan | 0 | 1 | |
Troubled Debt Restructured (Greater than 30 days), Balance | $ 0 | $ 2 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | $ 0 | $ 0 | |
Financing Receivable, Number of Loans | loan | 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 Other | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 303 | 3 | |
Commercial Other | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 0 | 0 | |
Commercial Other | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 25 | 857 | |
Commercial Other | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 1,893 | 3,853 | 4,265 |
Balance of impaired loans | 1,163 | 2,616 | 5,617 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 1,163 | 2,616 | 5,617 |
Unpaid Principal Balance | 1,210 | 3,407 | 7,309 |
Average Recorded Investment | 1,893 | 3,853 | 4,265 |
Recognized Interest Income | 76 | 156 | 322 |
Commercial Other | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 256 | 1,103 | 1,633 |
Balance of impaired loans | 71 | 326 | 1,081 |
Portion of allowance for loan losses allocated to the impaired loan balance | 8 | 129 | 841 |
Recorded Investment | 71 | 326 | 1,081 |
Unpaid Principal Balance | 77 | 338 | 1,132 |
Average Recorded Investment | 256 | 1,103 | 1,633 |
Recognized Interest Income | 5 | 13 | 28 |
Municipal | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 19,751 | $ 20,424 | 19,117 |
Percentage of loan portfolio (in hundredths) | 2.00% | 2.20% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 0 | $ 0 | |
Current | 19,751 | 20,424 | |
Amount of loan portfolio | 19,751 | 20,424 | 19,117 |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 0 | 0 | |
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | $ 0 | $ 0 | 0 |
Troubled Debt Restructured, Number of Loans | loan | 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 | loan | 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 | loan | 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 | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 0 | 0 | |
Municipal | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 0 | 0 | |
Municipal | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 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 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | 0 | 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 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 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 | $ 403,030 | $ 384,032 | 377,218 |
Percentage of loan portfolio (in hundredths) | 40.70% | 41.90% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 5,187 | $ 7,003 | |
Current | 397,843 | 377,029 | |
Amount of loan portfolio | 403,030 | 384,032 | 377,218 |
90 Plus Days And Accruing | 100 | 101 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 5,260 | 6,421 | |
Average investment in impaired loans | 15,708 | 16,243 | 19,378 |
Balance of impaired loans | 15,088 | 16,123 | 17,786 |
Portion of allowance for loan losses allocated to the impaired loan balance | 326 | 519 | 404 |
Recorded Investment | 15,088 | 16,123 | 17,786 |
Unpaid Principal Balance | 16,350 | 17,337 | 19,116 |
Average Recorded Investment | 15,708 | 16,243 | 19,378 |
Recognized Interest Income | $ 595 | $ 641 | 673 |
Troubled Debt Restructured, Number of Loans | loan | 53 | 54 | |
Troubled Debt Restructured, Balance | $ 10,875 | $ 10,932 | |
Troubled Debt Restructured, Specific Reserves | $ 275 | $ 373 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | loan | 8 | 8 | |
Troubled Debt Restructured (Greater than 30 days), Balance | $ 1,053 | $ 1,000 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | $ 46 | $ 36 | |
Financing Receivable, Number of Loans | loan | 2 | 4 | |
Financing Receivable, Pre-Modification Outstanding Recorded Investment | $ 221 | $ 627 | |
Financing Receivable, Post-Modification Outstanding Recorded Investment | 218 | 526 | |
Financing Receivable, Specific Reserves | 0 | 12 | |
Residential Term | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 450 | 856 | |
Residential Term | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 2,098 | 468 | |
Residential Term | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 2,639 | 5,679 | |
Residential Term | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 10,480 | 10,505 | 14,396 |
Balance of impaired loans | 11,122 | 10,820 | 13,432 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 11,122 | 10,820 | 13,432 |
Unpaid Principal Balance | 12,157 | 11,824 | 14,600 |
Average Recorded Investment | 10,480 | 10,505 | 14,396 |
Recognized Interest Income | 415 | 402 | 511 |
Residential Term | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 5,228 | 5,738 | 4,982 |
Balance of impaired loans | 3,966 | 5,303 | 4,354 |
Portion of allowance for loan losses allocated to the impaired loan balance | 326 | 519 | 404 |
Recorded Investment | 3,966 | 5,303 | 4,354 |
Unpaid Principal Balance | 4,193 | 5,513 | 4,516 |
Average Recorded Investment | 5,228 | 5,738 | 4,982 |
Recognized Interest Income | 180 | 239 | 162 |
Residential Construction | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 8,451 | $ 12,160 | 11,803 |
Percentage of loan portfolio (in hundredths) | 0.90% | 1.30% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 368 | $ 0 | |
Current | 8,083 | 12,160 | |
Amount of loan portfolio | 8,451 | 12,160 | 11,803 |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 0 | 0 | |
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | $ 0 | $ 0 | 0 |
Troubled Debt Restructured, Number of Loans | loan | 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 | loan | 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 | loan | 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 | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 368 | 0 | |
Residential Construction | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 0 | 0 | |
Residential Construction | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 0 | 0 | |
Residential Construction | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 |
Residential Construction | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | 0 | 0 | 0 |
Home equity line of credit | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 110,202 | $ 103,521 | 91,549 |
Percentage of loan portfolio (in hundredths) | 11.10% | 11.30% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 1,108 | $ 2,122 | |
Current | 109,094 | 101,399 | |
Amount of loan portfolio | 110,202 | 103,521 | 91,549 |
90 Plus Days And Accruing | 0 | 0 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 893 | 832 | |
Average investment in impaired loans | 1,587 | 1,765 | 1,676 |
Balance of impaired loans | 1,466 | 2,087 | 1,648 |
Portion of allowance for loan losses allocated to the impaired loan balance | 29 | 396 | 54 |
Recorded Investment | 1,466 | 2,087 | 1,648 |
Unpaid Principal Balance | 2,120 | 2,324 | 1,884 |
Average Recorded Investment | 1,587 | 1,765 | 1,676 |
Recognized Interest Income | $ 45 | $ 46 | 34 |
Troubled Debt Restructured, Number of Loans | loan | 4 | 5 | |
Troubled Debt Restructured, Balance | $ 742 | $ 821 | |
Troubled Debt Restructured, Specific Reserves | $ 0 | $ 21 | |
Troubled Debt Restructured (Greater than 30 days), Number of Loans | loan | 0 | 2 | |
Troubled Debt Restructured (Greater than 30 days), Balance | $ 0 | $ 226 | |
Troubled Debt Restructured (Greater than 30 days), Specific Reserves | $ 0 | $ 21 | |
Financing Receivable, Number of Loans | loan | 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 | |
Home equity line of credit | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 261 | 622 | |
Home equity line of credit | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 255 | 720 | |
Home equity line of credit | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 592 | 780 | |
Home equity line of credit | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 1,400 | 1,447 | 1,578 |
Balance of impaired loans | 1,401 | 1,164 | 1,555 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 1,401 | 1,164 | 1,555 |
Unpaid Principal Balance | 2,054 | 1,395 | 1,791 |
Average Recorded Investment | 1,400 | 1,447 | 1,578 |
Recognized Interest Income | 43 | 29 | 32 |
Home equity line of credit | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 187 | 318 | 98 |
Balance of impaired loans | 65 | 923 | 93 |
Portion of allowance for loan losses allocated to the impaired loan balance | 29 | 396 | 54 |
Recorded Investment | 65 | 923 | 93 |
Unpaid Principal Balance | 66 | 929 | 93 |
Average Recorded Investment | 187 | 318 | 98 |
Recognized Interest Income | 3 | 17 | 2 |
Consumer | |||
Composition of Loan Portfolio [Abstract] | |||
Amount of loan portfolio | $ 24,520 | $ 19,653 | |
Percentage of loan portfolio (in hundredths) | 2.50% | 2.10% | |
Loans, aging disclosure [Abstract] | |||
All Past Due | $ 139 | $ 769 | |
Current | 24,381 | 18,884 | |
Amount of loan portfolio | 24,520 | 19,653 | |
90 Plus Days And Accruing | 11 | 80 | |
Nonaccrual Loans [Abstract] | |||
Nonaccrual loans | 0 | 26 | |
Average investment in impaired loans | 42 | 11 | 0 |
Balance of impaired loans | 0 | 26 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 26 | 0 |
Unpaid Principal Balance | 0 | 28 | 0 |
Average Recorded Investment | 42 | 11 | 0 |
Recognized Interest Income | $ 3 | $ 3 | 0 |
Troubled Debt Restructured, Number of Loans | loan | 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 | loan | 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 | loan | 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 | |
Consumer | 30-59 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 102 | 637 | |
Consumer | 60-89 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 26 | 52 | |
Consumer | 90 Days Past Due | |||
Loans, aging disclosure [Abstract] | |||
All Past Due | 11 | 80 | |
Consumer | With No Related Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 42 | 11 | 0 |
Balance of impaired loans | 0 | 26 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 26 | 0 |
Unpaid Principal Balance | 0 | 28 | 0 |
Average Recorded Investment | 42 | 11 | 0 |
Recognized Interest Income | 3 | 3 | 0 |
Consumer | With an Allowance Recorded | |||
Nonaccrual Loans [Abstract] | |||
Average investment in impaired loans | 0 | 0 | 0 |
Balance of impaired loans | 0 | 0 | 0 |
Portion of allowance for loan losses allocated to the impaired loan balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Unpaid Principal Balance | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Recognized Interest Income | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | $ 754 | $ 1,803 | $ 2,461 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 9,162 | 8,541 | 9,053 | |||||||||||
Total Allowance for Loan Losses | $ 9,916 | $ 10,344 | $ 10,344 | $ 11,514 | $ 10,344 | $ 11,514 | $ 12,500 | 9,916 | 10,344 | 11,514 | ||||
Total Allowance for Loan Losses | 9,916 | 10,344 | 10,344 | 11,514 | 10,344 | 11,514 | 12,500 | 9,916 | 10,344 | 11,514 | ||||
Commercial and municipal risk-rated loans receivable | 442,435 | 398,198 | ||||||||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 10,344 | 11,514 | 10,344 | 11,514 | 12,500 | |||||||||
Chargeoffs | 2,373 | 3,495 | 5,855 | |||||||||||
Recoveries | 395 | 1,175 | 669 | |||||||||||
Provision (credit) | 450 | $ 200 | $ 400 | 500 | 300 | $ 350 | $ 100 | 400 | 1,550 | 1,150 | 4,200 | |||
Ending balance | 9,916 | 10,344 | $ 9,916 | $ 10,344 | 11,514 | |||||||||
Ending balance specifically evaluated for impairment | 754 | 1,803 | 2,461 | |||||||||||
Ending balance collectively evaluated for impairment | 9,162 | 8,541 | 9,053 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 988,638 | 917,564 | 876,367 | |||||||||||
Ending balance specifically evaluated for impairment | 29,531 | 35,862 | 42,351 | |||||||||||
Ending balance collectively evaluated for impairment | 959,107 | 881,702 | 834,016 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Qualitative portion of allowance for loan losses, as a percent of related loans | 0.45% | 0.39% | ||||||||||||
Increase in qualitative portion | $ 834 | |||||||||||||
Total Allowance for Loan Losses | 9,916 | 10,344 | 10,344 | 11,514 | $ 10,344 | $ 11,514 | 12,500 | $ 9,916 | $ 10,344 | 11,514 | ||||
Allowance for loan losses as a percent of total loans | 1.00% | 1.13% | ||||||||||||
Commercial real estate loans maximum loan-to-value (in hundredths) | 80.00% | |||||||||||||
Construction loans actual loan portfolio-to-Company capital (in hundredths) | 23.10% | |||||||||||||
Construction loans maximum loan portfolio-to-Company capital (in hundredths) | 100.00% | |||||||||||||
Construction and non-owner-occupied commercial real estate loan portfolio-to-Company Capital (in hundredths) | 104.20% | |||||||||||||
Construction and non-owner-occupied commercial real estate loan portfolio loan-to-Company capital (in hundredths) | 300.00% | |||||||||||||
Outstanding loans and commitments subject by independent consulting firm | 50.00% | |||||||||||||
Residential loans typical loan-to-value range, low (in hundredths) | 75.00% | |||||||||||||
Residential loans typical loan-to-value maximum (in hundredths) | 80.00% | |||||||||||||
Collateralized consumer loans to individuals loan-to-value maximum range, low (in hundredths) | 80.00% | |||||||||||||
Collateralized consumer loans to individuals loan-to-value maximum range, high (in hundredths) | 90.00% | |||||||||||||
Delinquent period before consumer loans charged off (in days) | 120 days | |||||||||||||
Delinquent period before residential loans placed on non-accrual status (in days) | 90 days | |||||||||||||
1 Strong | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | $ 1,262 | $ 342 | ||||||||||||
2 Above average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 55,059 | 39,438 | ||||||||||||
3 Satisfactory | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 85,095 | 78,125 | ||||||||||||
4 Average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 207,442 | 176,959 | ||||||||||||
5 Watch | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 58,700 | 56,712 | ||||||||||||
6 OAEM | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 12,152 | 14,335 | ||||||||||||
7 Substandard | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 22,725 | 32,287 | ||||||||||||
8 Doubtful | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 754 | 1,803 | 1,803 | $ 1,803 | 1,803 | 754 | 1,803 | |||||||
Total Allowance for Loan Losses | 754 | 1,803 | 1,803 | 1,803 | 1,803 | 754 | 1,803 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,803 | 1,803 | ||||||||||||
Ending balance | 754 | 1,803 | 754 | 1,803 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 754 | 1,803 | 1,803 | 1,803 | 1,803 | 754 | 1,803 | |||||||
General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 2,858 | 3,282 | 3,282 | 3,282 | 3,282 | 2,858 | 3,282 | |||||||
Total Allowance for Loan Losses | 2,858 | 3,282 | 3,282 | 3,282 | 3,282 | 2,858 | 3,282 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 3,282 | 3,282 | ||||||||||||
Ending balance | 2,858 | 3,282 | 2,858 | 3,282 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 2,858 | 3,282 | 3,282 | 3,282 | 3,282 | 2,858 | 3,282 | |||||||
Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 4,431 | 3,597 | 3,597 | 3,597 | 3,597 | 4,431 | 3,597 | |||||||
Total Allowance for Loan Losses | 4,431 | 3,597 | 3,597 | 3,597 | 3,597 | 4,431 | 3,597 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 3,597 | 3,597 | ||||||||||||
Ending balance | 4,431 | 3,597 | 4,431 | 3,597 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 4,431 | 3,597 | 3,597 | 3,597 | 3,597 | 4,431 | 3,597 | |||||||
Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | 1,662 | 1,662 | 1,873 | 1,662 | |||||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | 1,662 | 1,662 | 1,873 | 1,662 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,662 | 1,662 | ||||||||||||
Ending balance | 1,873 | 1,662 | 1,873 | 1,662 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | 1,662 | 1,662 | $ 1,873 | $ 1,662 | |||||||
Percent of total reserve | 18.90% | 16.10% | ||||||||||||
Commercial Real Estate | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | $ 89 | $ 346 | 890 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 3,031 | 3,186 | 3,712 | |||||||||||
Total Allowance for Loan Losses | 3,120 | 3,532 | 3,532 | 4,602 | 3,532 | 4,602 | 5,865 | 3,120 | 3,532 | 4,602 | ||||
Total Allowance for Loan Losses | 3,120 | 3,532 | 3,532 | 4,602 | 3,532 | 4,602 | 5,865 | 3,120 | 3,532 | 4,602 | ||||
Commercial and municipal risk-rated loans receivable | 269,462 | 242,311 | ||||||||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 3,532 | 4,602 | 3,532 | 4,602 | 5,865 | |||||||||
Chargeoffs | 280 | 1,205 | 150 | |||||||||||
Recoveries | 2 | 144 | 0 | |||||||||||
Provision (credit) | (134) | (9) | (1,113) | |||||||||||
Ending balance | 3,120 | 3,532 | 3,120 | 3,532 | 4,602 | |||||||||
Ending balance specifically evaluated for impairment | 89 | 346 | 890 | |||||||||||
Ending balance collectively evaluated for impairment | 3,031 | 3,186 | 3,712 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 269,462 | 242,311 | 245,943 | |||||||||||
Ending balance specifically evaluated for impairment | 10,717 | 13,304 | 14,935 | |||||||||||
Ending balance collectively evaluated for impairment | 258,745 | 229,007 | 231,008 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 3,120 | 3,532 | 3,532 | 4,602 | 3,532 | 4,602 | 5,865 | 3,120 | 3,532 | 4,602 | ||||
Commercial Real Estate | 1 Strong | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 6 | 12 | ||||||||||||
Commercial Real Estate | 2 Above average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 29,176 | 12,668 | ||||||||||||
Commercial Real Estate | 3 Satisfactory | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 52,821 | 50,275 | ||||||||||||
Commercial Real Estate | 4 Average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 122,071 | 108,719 | ||||||||||||
Commercial Real Estate | 5 Watch | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 36,075 | 36,974 | ||||||||||||
Commercial Real Estate | 6 OAEM | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 9,742 | 9,846 | ||||||||||||
Commercial Real Estate | 7 Substandard | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 19,571 | 23,817 | ||||||||||||
Commercial Real Estate | 8 Doubtful | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Commercial Real Estate | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 89 | 346 | 346 | 346 | 346 | 89 | 346 | |||||||
Total Allowance for Loan Losses | 89 | 346 | 346 | 346 | 346 | 89 | 346 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 346 | 346 | ||||||||||||
Ending balance | 89 | 346 | 89 | 346 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 89 | 346 | 346 | 346 | 346 | 89 | 346 | |||||||
Commercial Real Estate | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 893 | 1,444 | 1,444 | 1,444 | 1,444 | 893 | 1,444 | |||||||
Total Allowance for Loan Losses | 893 | 1,444 | 1,444 | 1,444 | 1,444 | 893 | 1,444 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,444 | 1,444 | ||||||||||||
Ending balance | 893 | 1,444 | 893 | 1,444 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 893 | 1,444 | 1,444 | 1,444 | 1,444 | 893 | 1,444 | |||||||
Commercial Real Estate | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 2,138 | 1,742 | 1,742 | 1,742 | 1,742 | 2,138 | 1,742 | |||||||
Total Allowance for Loan Losses | 2,138 | 1,742 | 1,742 | 1,742 | 1,742 | 2,138 | 1,742 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,742 | 1,742 | ||||||||||||
Ending balance | 2,138 | 1,742 | 2,138 | 1,742 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 2,138 | 1,742 | 1,742 | 1,742 | 1,742 | 2,138 | 1,742 | |||||||
Commercial Real Estate | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Commercial Construction | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | 302 | 413 | 272 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 278 | 410 | 303 | |||||||||||
Total Allowance for Loan Losses | 580 | 823 | 823 | 575 | 823 | 575 | 1,359 | 580 | 823 | 575 | ||||
Total Allowance for Loan Losses | 580 | 823 | 823 | 575 | 823 | 575 | 1,359 | 580 | 823 | 575 | ||||
Commercial and municipal risk-rated loans receivable | 24,881 | 30,932 | ||||||||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 823 | 575 | 823 | 575 | 1,359 | |||||||||
Chargeoffs | 9 | 0 | 963 | |||||||||||
Recoveries | 1 | 0 | 0 | |||||||||||
Provision (credit) | (235) | 248 | 179 | |||||||||||
Ending balance | 580 | 823 | 580 | 823 | 575 | |||||||||
Ending balance specifically evaluated for impairment | 302 | 413 | 272 | |||||||||||
Ending balance collectively evaluated for impairment | 278 | 410 | 303 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 24,881 | 30,932 | 20,382 | |||||||||||
Ending balance specifically evaluated for impairment | 1,026 | 1,380 | 1,284 | |||||||||||
Ending balance collectively evaluated for impairment | 23,855 | 29,552 | 19,098 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 580 | 823 | 823 | 575 | 823 | 575 | 1,359 | 580 | 823 | 575 | ||||
Commercial Construction | 1 Strong | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Commercial Construction | 2 Above average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 56 | 771 | ||||||||||||
Commercial Construction | 3 Satisfactory | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 2,057 | 1,983 | ||||||||||||
Commercial Construction | 4 Average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 18,070 | 23,345 | ||||||||||||
Commercial Construction | 5 Watch | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 4,490 | 1,567 | ||||||||||||
Commercial Construction | 6 OAEM | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 2,519 | ||||||||||||
Commercial Construction | 7 Substandard | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 208 | 747 | ||||||||||||
Commercial Construction | 8 Doubtful | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Commercial Construction | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 302 | 413 | 413 | 413 | 413 | 302 | 413 | |||||||
Total Allowance for Loan Losses | 302 | 413 | 413 | 413 | 413 | 302 | 413 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 413 | 413 | ||||||||||||
Ending balance | 302 | 413 | 302 | 413 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 302 | 413 | 413 | 413 | 413 | 302 | 413 | |||||||
Commercial Construction | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 82 | 186 | 186 | 186 | 186 | 82 | 186 | |||||||
Total Allowance for Loan Losses | 82 | 186 | 186 | 186 | 186 | 82 | 186 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 186 | 186 | ||||||||||||
Ending balance | 82 | 186 | 82 | 186 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 82 | 186 | 186 | 186 | 186 | 82 | 186 | |||||||
Commercial Construction | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 196 | 224 | 224 | 224 | 224 | 196 | 224 | |||||||
Total Allowance for Loan Losses | 196 | 224 | 224 | 224 | 224 | 196 | 224 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 224 | 224 | ||||||||||||
Ending balance | 196 | 224 | 196 | 224 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 196 | 224 | 224 | 224 | 224 | 196 | 224 | |||||||
Commercial Construction | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Commercial Other | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | 8 | 129 | 841 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 1,444 | 1,376 | 1,435 | |||||||||||
Total Allowance for Loan Losses | 1,452 | 1,505 | 1,505 | 2,276 | 1,505 | 2,276 | 2,050 | 1,452 | 1,505 | 2,276 | ||||
Total Allowance for Loan Losses | 1,452 | 1,505 | 1,505 | 2,276 | 1,505 | 2,276 | 2,050 | 1,452 | 1,505 | 2,276 | ||||
Commercial and municipal risk-rated loans receivable | 128,341 | 104,531 | ||||||||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,505 | 2,276 | 1,505 | 2,276 | 2,050 | |||||||||
Chargeoffs | 732 | 989 | 2,583 | |||||||||||
Recoveries | 88 | 758 | 359 | |||||||||||
Provision (credit) | 591 | (540) | 2,450 | |||||||||||
Ending balance | 1,452 | 1,505 | 1,452 | 1,505 | 2,276 | |||||||||
Ending balance specifically evaluated for impairment | 8 | 129 | 841 | |||||||||||
Ending balance collectively evaluated for impairment | 1,444 | 1,376 | 1,435 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 128,341 | 104,531 | 95,289 | |||||||||||
Ending balance specifically evaluated for impairment | 1,234 | 2,942 | 6,698 | |||||||||||
Ending balance collectively evaluated for impairment | 127,107 | 101,589 | 88,591 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 1,452 | 1,505 | 1,505 | 2,276 | 1,505 | 2,276 | 2,050 | 1,452 | 1,505 | 2,276 | ||||
Commercial Other | 1 Strong | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 1,256 | 330 | ||||||||||||
Commercial Other | 2 Above average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 7,506 | 7,210 | ||||||||||||
Commercial Other | 3 Satisfactory | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 28,787 | 24,232 | ||||||||||||
Commercial Other | 4 Average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 67,301 | 44,895 | ||||||||||||
Commercial Other | 5 Watch | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 18,135 | 18,171 | ||||||||||||
Commercial Other | 6 OAEM | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 2,410 | 1,970 | ||||||||||||
Commercial Other | 7 Substandard | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 2,946 | 7,723 | ||||||||||||
Commercial Other | 8 Doubtful | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Commercial Other | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 8 | 129 | 129 | 129 | 129 | 8 | 129 | |||||||
Total Allowance for Loan Losses | 8 | 129 | 129 | 129 | 129 | 8 | 129 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 129 | 129 | ||||||||||||
Ending balance | 8 | 129 | 8 | 129 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 8 | 129 | 129 | 129 | 129 | 8 | 129 | |||||||
Commercial Other | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 425 | 624 | 624 | 624 | 624 | 425 | 624 | |||||||
Total Allowance for Loan Losses | 425 | 624 | 624 | 624 | 624 | 425 | 624 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 624 | 624 | ||||||||||||
Ending balance | 425 | 624 | 425 | 624 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 425 | 624 | 624 | 624 | 624 | 425 | 624 | |||||||
Commercial Other | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 1,019 | 752 | 752 | 752 | 752 | 1,019 | 752 | |||||||
Total Allowance for Loan Losses | 1,019 | 752 | 752 | 752 | 752 | 1,019 | 752 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 752 | 752 | ||||||||||||
Ending balance | 1,019 | 752 | 1,019 | 752 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 1,019 | 752 | 752 | 752 | 752 | 1,019 | 752 | |||||||
Commercial Other | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Municipal | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | 0 | 0 | 0 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 17 | 15 | 15 | |||||||||||
Total Allowance for Loan Losses | 17 | 15 | 15 | 15 | 15 | 15 | 18 | 17 | 15 | 15 | ||||
Total Allowance for Loan Losses | 17 | 15 | 15 | 15 | 15 | 15 | 18 | 17 | 15 | 15 | ||||
Commercial and municipal risk-rated loans receivable | 19,751 | 20,424 | ||||||||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 15 | 15 | 15 | 15 | 18 | |||||||||
Chargeoffs | 0 | 0 | 0 | |||||||||||
Recoveries | 0 | 0 | 0 | |||||||||||
Provision (credit) | 2 | 0 | (3) | |||||||||||
Ending balance | 17 | 15 | 17 | 15 | 15 | |||||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 17 | 15 | 15 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 19,751 | 20,424 | 19,117 | |||||||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 19,751 | 20,424 | 19,117 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 17 | 15 | 15 | 15 | 15 | 15 | 18 | 17 | 15 | 15 | ||||
Municipal | 1 Strong | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Municipal | 2 Above average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 18,321 | 18,789 | ||||||||||||
Municipal | 3 Satisfactory | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 1,430 | 1,635 | ||||||||||||
Municipal | 4 Average | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Municipal | 5 Watch | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Municipal | 6 OAEM | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Municipal | 7 Substandard | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Municipal | 8 Doubtful | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Commercial and municipal risk-rated loans receivable | 0 | 0 | ||||||||||||
Municipal | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Municipal | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Municipal | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 17 | 15 | 15 | 15 | 15 | 17 | 15 | |||||||
Total Allowance for Loan Losses | 17 | 15 | 15 | 15 | 15 | 17 | 15 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 15 | 15 | ||||||||||||
Ending balance | 17 | 15 | 17 | 15 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 17 | 15 | 15 | 15 | 15 | 17 | 15 | |||||||
Municipal | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Residential Term | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | 326 | 519 | 404 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 1,065 | 666 | 695 | |||||||||||
Total Allowance for Loan Losses | 1,391 | 1,185 | 1,185 | 1,099 | 1,185 | 1,099 | 1,109 | 1,391 | 1,185 | 1,099 | ||||
Total Allowance for Loan Losses | 1,391 | 1,185 | 1,185 | 1,099 | 1,185 | 1,099 | 1,109 | 1,391 | 1,185 | 1,099 | ||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,185 | 1,099 | 1,185 | 1,099 | 1,109 | |||||||||
Chargeoffs | 420 | 699 | 1,118 | |||||||||||
Recoveries | 152 | 36 | 103 | |||||||||||
Provision (credit) | 474 | 749 | 1,005 | |||||||||||
Ending balance | 1,391 | 1,185 | 1,391 | 1,185 | 1,099 | |||||||||
Ending balance specifically evaluated for impairment | 326 | 519 | 404 | |||||||||||
Ending balance collectively evaluated for impairment | 1,065 | 666 | 695 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 403,030 | 384,032 | 377,218 | |||||||||||
Ending balance specifically evaluated for impairment | 15,088 | 16,123 | 17,786 | |||||||||||
Ending balance collectively evaluated for impairment | 387,942 | 367,909 | 359,432 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 1,391 | 1,185 | 1,185 | 1,099 | 1,185 | 1,099 | 1,109 | 1,391 | 1,185 | 1,099 | ||||
Residential Term | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 326 | 519 | 519 | 519 | 519 | 326 | 519 | |||||||
Total Allowance for Loan Losses | 326 | 519 | 519 | 519 | 519 | 326 | 519 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 519 | 519 | ||||||||||||
Ending balance | 326 | 519 | 326 | 519 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 326 | 519 | 519 | 519 | 519 | 326 | 519 | |||||||
Residential Term | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 613 | 297 | 297 | 297 | 297 | 613 | 297 | |||||||
Total Allowance for Loan Losses | 613 | 297 | 297 | 297 | 297 | 613 | 297 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 297 | 297 | ||||||||||||
Ending balance | 613 | 297 | 613 | 297 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 613 | 297 | 297 | 297 | 297 | 613 | 297 | |||||||
Residential Term | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 452 | 369 | 369 | 369 | 369 | 452 | 369 | |||||||
Total Allowance for Loan Losses | 452 | 369 | 369 | 369 | 369 | 452 | 369 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 369 | 369 | ||||||||||||
Ending balance | 452 | 369 | 452 | 369 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 452 | 369 | 369 | 369 | 369 | 452 | 369 | |||||||
Residential Term | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Residential Construction | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | 0 | 0 | 0 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 24 | 20 | 21 | |||||||||||
Total Allowance for Loan Losses | 24 | 20 | 20 | 21 | 20 | 21 | 11 | 24 | 20 | 21 | ||||
Total Allowance for Loan Losses | 24 | 20 | 20 | 21 | 20 | 21 | 11 | 24 | 20 | 21 | ||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 20 | 21 | 20 | 21 | 11 | |||||||||
Chargeoffs | 0 | 0 | 0 | |||||||||||
Recoveries | 0 | 25 | 0 | |||||||||||
Provision (credit) | 4 | (26) | 10 | |||||||||||
Ending balance | 24 | 20 | 24 | 20 | 21 | |||||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 24 | 20 | 21 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 8,451 | 12,160 | 11,803 | |||||||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 8,451 | 12,160 | 11,803 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 24 | 20 | 20 | 21 | 20 | 21 | 11 | 24 | 20 | 21 | ||||
Residential Construction | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Residential Construction | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 14 | 9 | 9 | 9 | 9 | 14 | 9 | |||||||
Total Allowance for Loan Losses | 14 | 9 | 9 | 9 | 9 | 14 | 9 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 9 | 9 | ||||||||||||
Ending balance | 14 | 9 | 14 | 9 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 14 | 9 | 9 | 9 | 9 | 14 | 9 | |||||||
Residential Construction | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 10 | 11 | 11 | 11 | 11 | 10 | 11 | |||||||
Total Allowance for Loan Losses | 10 | 11 | 11 | 11 | 11 | 10 | 11 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 11 | 11 | ||||||||||||
Ending balance | 10 | 11 | 10 | 11 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 10 | 11 | 11 | 11 | 11 | 10 | 11 | |||||||
Residential Construction | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Home equity line of credit | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | 29 | 396 | 54 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 864 | 664 | 621 | |||||||||||
Total Allowance for Loan Losses | 893 | 1,060 | 1,060 | 675 | 1,060 | 675 | 654 | 893 | 1,060 | 675 | ||||
Total Allowance for Loan Losses | 893 | 1,060 | 1,060 | 675 | 1,060 | 675 | 654 | 893 | 1,060 | 675 | ||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,060 | 675 | 1,060 | 675 | 654 | |||||||||
Chargeoffs | 582 | 153 | 611 | |||||||||||
Recoveries | 31 | 16 | 24 | |||||||||||
Provision (credit) | 384 | 522 | 608 | |||||||||||
Ending balance | 893 | 1,060 | 893 | 1,060 | 675 | |||||||||
Ending balance specifically evaluated for impairment | 29 | 396 | 54 | |||||||||||
Ending balance collectively evaluated for impairment | 864 | 664 | 621 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 110,202 | 103,521 | 91,549 | |||||||||||
Ending balance specifically evaluated for impairment | 1,466 | 2,087 | 1,648 | |||||||||||
Ending balance collectively evaluated for impairment | 108,736 | 101,434 | 89,901 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 893 | 1,060 | 1,060 | 675 | 1,060 | 675 | 654 | 893 | 1,060 | 675 | ||||
Home equity line of credit | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 29 | 396 | 396 | 396 | 396 | 29 | 396 | |||||||
Total Allowance for Loan Losses | 29 | 396 | 396 | 396 | 396 | 29 | 396 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 396 | 396 | ||||||||||||
Ending balance | 29 | 396 | 29 | 396 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 29 | 396 | 396 | 396 | 396 | 29 | 396 | |||||||
Home equity line of credit | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 500 | 376 | 376 | 376 | 376 | 500 | 376 | |||||||
Total Allowance for Loan Losses | 500 | 376 | 376 | 376 | 376 | 500 | 376 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 376 | 376 | ||||||||||||
Ending balance | 500 | 376 | 500 | 376 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 500 | 376 | 376 | 376 | 376 | 500 | 376 | |||||||
Home equity line of credit | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 364 | 288 | 288 | 288 | 288 | 364 | 288 | |||||||
Total Allowance for Loan Losses | 364 | 288 | 288 | 288 | 288 | 364 | 288 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 288 | 288 | ||||||||||||
Ending balance | 364 | 288 | 364 | 288 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 364 | 288 | 288 | 288 | 288 | 364 | 288 | |||||||
Home equity line of credit | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Consumer | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loans Evaluated Individually for Impairment | 0 | 0 | 0 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 566 | 542 | 573 | |||||||||||
Total Allowance for Loan Losses | 566 | 542 | 542 | 573 | 542 | 573 | 592 | 566 | 542 | 573 | ||||
Total Allowance for Loan Losses | 566 | 542 | 542 | 573 | 542 | 573 | 592 | 566 | 542 | 573 | ||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 542 | 573 | 542 | 573 | 592 | |||||||||
Chargeoffs | 350 | 449 | 430 | |||||||||||
Recoveries | 121 | 196 | 183 | |||||||||||
Provision (credit) | 253 | 222 | 228 | |||||||||||
Ending balance | 566 | 542 | 566 | 542 | 573 | |||||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 566 | 542 | 573 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 24,520 | 19,653 | 15,066 | |||||||||||
Ending balance specifically evaluated for impairment | 0 | 26 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 24,520 | 19,627 | 15,066 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 566 | 542 | 542 | 573 | 542 | 573 | 592 | 566 | 542 | 573 | ||||
Consumer | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Consumer | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 331 | 346 | 346 | 346 | 346 | 331 | 346 | |||||||
Total Allowance for Loan Losses | 331 | 346 | 346 | 346 | 346 | 331 | 346 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 346 | 346 | ||||||||||||
Ending balance | 331 | 346 | 331 | 346 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 331 | 346 | 346 | 346 | 346 | 331 | 346 | |||||||
Consumer | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 235 | 196 | 196 | 196 | 196 | 235 | 196 | |||||||
Total Allowance for Loan Losses | 235 | 196 | 196 | 196 | 196 | 235 | 196 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 196 | 196 | ||||||||||||
Ending balance | 235 | 196 | 235 | 196 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 235 | 196 | 196 | 196 | 196 | 235 | 196 | |||||||
Consumer | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 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 | |||||||||||
Allowance for Loans Evaluated Collectively for Impairment | 1,873 | 1,662 | 1,678 | |||||||||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | 1,678 | 1,662 | 1,678 | 842 | 1,873 | 1,662 | 1,678 | ||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | 1,678 | 1,662 | 1,678 | 842 | 1,873 | 1,662 | 1,678 | ||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,662 | 1,678 | 1,662 | 1,678 | 842 | |||||||||
Chargeoffs | 0 | 0 | 0 | |||||||||||
Recoveries | 0 | 0 | 0 | |||||||||||
Provision (credit) | 211 | (16) | 836 | |||||||||||
Ending balance | 1,873 | 1,662 | 1,873 | 1,662 | 1,678 | |||||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 1,873 | 1,662 | 1,678 | |||||||||||
Related loan balances | ||||||||||||||
Ending balance | 0 | 0 | 0 | |||||||||||
Ending balance specifically evaluated for impairment | 0 | 0 | 0 | |||||||||||
Ending balance collectively evaluated for impairment | 0 | 0 | 0 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | $ 1,678 | 1,662 | 1,678 | $ 842 | 1,873 | 1,662 | $ 1,678 | ||||
Unallocated Financing Receivables | Specific Reserves on Loans Evaluated Individually for Impairment | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Unallocated Financing Receivables | General Reserves on Loans Based on Historical Loss Experience | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Unallocated Financing Receivables | Reserves for Qualitative Factors | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 0 | 0 | ||||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Unallocated Financing Receivables | Unallocated Reserves | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | 1,662 | 1,662 | 1,873 | 1,662 | |||||||
Total Allowance for Loan Losses | 1,873 | 1,662 | 1,662 | 1,662 | 1,662 | 1,873 | 1,662 | |||||||
Allowance for loan losses | ||||||||||||||
Beginning balance | 1,662 | 1,662 | ||||||||||||
Ending balance | 1,873 | 1,662 | 1,873 | 1,662 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||||||||||
Total Allowance for Loan Losses | $ 1,873 | $ 1,662 | $ 1,662 | $ 1,662 | $ 1,662 | $ 1,873 | $ 1,662 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 37,340 | $ 36,444 |
Less accumulated depreciation | 15,524 | 13,825 |
Premises and equipment, net | 21,816 | 22,619 |
2,016 | 111 | |
2,017 | 75 | |
2,018 | 13 | |
2,019 | 4 | |
2,020 | 4 | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 4,539 | 4,532 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 874 | 821 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 20,569 | 20,481 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 11,358 | $ 10,610 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Other Real Estate Owned [Abstract] | |||
Real estate acquired in settlement of loans | $ 1,532 | $ 3,785 | |
Real Estate Owned Valuation Allowance [Roll Forward] | |||
Balance at beginning of year | 654 | 330 | $ 373 |
Losses charged to allowance | (803) | (313) | (544) |
Provision charged to operating expenses | 311 | 637 | 501 |
Balance at end of year | $ 162 | $ 654 | $ 330 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)limited_partnership | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)limited_partnership | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)limited_partnership | Dec. 31, 2014USD ($)limited_partnership | Dec. 31, 2013USD ($) | |
Federal income tax | |||||||||||
Current | $ 4,895 | $ 4,282 | $ 3,234 | ||||||||
Deferred | 332 | 18 | (56) | ||||||||
Federal income tax expense | 5,227 | 4,300 | 3,178 | ||||||||
State income tax [Abstract] | |||||||||||
State franchise tax | 287 | 266 | 247 | ||||||||
Income tax expense | $ 1,245 | $ 1,391 | $ 1,458 | $ 1,420 | $ 1,048 | $ 1,400 | $ 1,155 | $ 963 | 5,514 | 4,566 | 3,425 |
Reconciliation between US expected tax rate and actual tax expense | |||||||||||
Expected tax expense | 7,602 | 6,746 | 5,736 | ||||||||
Non-taxable income | (2,086) | (2,292) | (2,326) | ||||||||
State franchise tax, net of federal tax benefit | 187 | 173 | 160 | ||||||||
Tax credits | (185) | (414) | (414) | ||||||||
Other | (4) | 353 | 269 | ||||||||
Income tax expense | 1,245 | $ 1,391 | $ 1,458 | $ 1,420 | 1,048 | $ 1,400 | $ 1,155 | $ 963 | 5,514 | 4,566 | $ 3,425 |
Components of deferred tax assets and liabilities | |||||||||||
Allowance for loan losses | 3,471 | 3,620 | 3,471 | 3,620 | |||||||
OREO | 57 | 229 | 57 | 229 | |||||||
Accrued pension and post-retirement | 1,769 | 1,725 | 1,769 | 1,725 | |||||||
Goodwill | 70 | 138 | 70 | 138 | |||||||
Unrealized loss on securities transferred from available for sale to held to maturity | 60 | 26 | 60 | 26 | |||||||
Restricted stock grants | 367 | 264 | 367 | 264 | |||||||
Core deposit intangible | 15 | 5 | 15 | 5 | |||||||
Other assets | 93 | 48 | 93 | 48 | |||||||
Total deferred tax asset | 5,902 | 6,055 | 5,902 | 6,055 | |||||||
Net deferred loan costs | (1,445) | (1,120) | (1,445) | (1,120) | |||||||
Depreciation | (2,000) | (2,131) | (2,000) | (2,131) | |||||||
Unrealized gain on securities available for sale | (605) | (1,358) | (605) | (1,358) | |||||||
Mortgage servicing rights | (382) | (380) | (382) | (380) | |||||||
Investment in flow through entities | (425) | (387) | (425) | (387) | |||||||
Prepaid expense | (104) | (210) | (104) | (210) | |||||||
Total deferred tax liability | (4,961) | (5,586) | (4,961) | (5,586) | |||||||
Net deferred tax asset | $ 941 | $ 469 | $ 941 | $ 469 | |||||||
Limited partnerships | |||||||||||
Limited partnerships held as investments | limited_partnership | 1 | 2 | 1 | 2 | |||||||
Tax credits from investments in limited partnerships | $ 285 | $ 636 | |||||||||
Amortization of investments in limited partnerships | 266 | 569 | |||||||||
Carrying value of investments in limited partnerships | $ 69 | $ 457 | 69 | 457 | |||||||
Total exposure to limited partnerships | $ 69 | $ 3,957 | $ 69 | $ 3,957 |
Certificates of Deposit (Detail
Certificates of Deposit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Certificates of deposit by balance [Abstract] | |||
Certificates of deposit less than $100,000 | $ 158,529 | $ 184,471 | |
Certificates $100,000 to $250,000 | 175,077 | 221,892 | |
Certificates $250,000 and over | 37,376 | 41,138 | |
Total | 370,982 | 447,501 | |
Maturity of certificates of deposit [Abstract] | |||
2,016 | 237,494 | ||
2,017 | 27,376 | ||
2,018 | 25,809 | ||
2,019 | 31,695 | ||
2,020 | 47,596 | ||
2021 and thereafter | 1,012 | ||
Total | 370,982 | 447,501 | |
Interest expense on certificates of deposit of $100,000 or greater | 2,431 | $ 2,823 | $ 3,280 |
Less than $100,000 | |||
Certificates of deposit by balance [Abstract] | |||
Total | 158,529 | ||
Maturity of certificates of deposit [Abstract] | |||
2,016 | 103,815 | ||
2,017 | 14,785 | ||
2,018 | 9,563 | ||
2,019 | 14,838 | ||
2,020 | 15,438 | ||
2021 and thereafter | 90 | ||
Total | 158,529 | ||
$100,000 and Greater but Less than $250,000 | |||
Certificates of deposit by balance [Abstract] | |||
Total | 212,453 | ||
Maturity of certificates of deposit [Abstract] | |||
2,016 | 133,679 | ||
2,017 | 12,591 | ||
2,018 | 16,246 | ||
2,019 | 16,857 | ||
2,020 | 32,158 | ||
2021 and thereafter | 922 | ||
Total | $ 212,453 |
Borrowed Funds (Details)
Borrowed Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Disclosure of Repurchase Agreements [Abstract] | ||||||||
Range of repurchase agreements' maturity dates | one to 365 | |||||||
Amount of line of credit with correspondent banks | $ 48,000 | |||||||
Credit facility with Federal Reserve Bank | 141,000 | |||||||
Federal Home Loan Bank, Advances, Maturities Summary [Abstract] | ||||||||
Due in Twelve Months Maturity | 135,220 | $ 115,050 | ||||||
Due in Year Two Maturity | 30,000 | 30,000 | ||||||
Due in Year Three Maturity | 30,000 | 30,000 | ||||||
Due in Year Four Maturity | 0 | 30,000 | ||||||
Due in Year Five Maturity | 55,000 | 0 | ||||||
Due Thereafter | 134 | 141 | ||||||
Total | 250,354 | 205,191 | ||||||
Repurchase Agreements for municipal and commercial customers | 87,103 | 74,725 | ||||||
Total | $ 337,457 | $ 279,916 | $ 297,369 | $ 278,013 | $ 312,576 | $ 258,636 | $ 298,520 | $ 253,519 |
Minimum | ||||||||
Disclosure of Repurchase Agreements [Abstract] | ||||||||
Range of repurchase agreements' maturity dates (days) | 1 day | |||||||
Federal Home Loan Bank, Advances, Maturities Summary [Abstract] | ||||||||
Interest Rate, Due in Next Twelve Months | 0.41% | 0.22% | ||||||
Interest Rate, Due in Year Two | 0.99% | 2.36% | ||||||
Interest Rate, Due in Year Three | 2.25% | 0.99% | ||||||
Interest Rate, Due in Year Four | 0.00% | 2.25% | ||||||
Interest Rate, Due in Year Five | 1.60% | 0.00% | ||||||
Interest Rate, Due Thereafter | 0.00% | 0.00% | ||||||
Securities Sold under Agreements to Repurchase, Stated Rate | 0.20% | 0.20% | ||||||
Maximum | ||||||||
Disclosure of Repurchase Agreements [Abstract] | ||||||||
Range of repurchase agreements' maturity dates (days) | 365 days | |||||||
Federal Home Loan Bank, Advances, Maturities Summary [Abstract] | ||||||||
Interest Rate, Due in Next Twelve Months | 2.44% | 2.98% | ||||||
Interest Rate, Due in Year Two | 3.69% | 2.44% | ||||||
Interest Rate, Due in Year Three | 3.25% | 3.69% | ||||||
Interest Rate, Due in Year Four | 0.00% | 3.25% | ||||||
Interest Rate, Due in Year Five | 1.97% | 0.00% | ||||||
Interest Rate, Due Thereafter | 0.00% | 0.00% | ||||||
Securities Sold under Agreements to Repurchase, Stated Rate | 1.89% | 1.89% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)planemployee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined contribution plan [Abstract] | |||
Defined contribution plan service period (months) | 3 months | ||
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 | $ 462,000 | $ 454,000 | $ 414,000 |
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. | ||
Non-qualified deferred compensation payable period (years) | 2 years | ||
Supplemental retirement benefits, period of benefits to be received | 20 years | ||
Pension expense | $ 312,000 | 722,000 | $ 309,000 |
Accrued pension liability | $ 3,088,000 | $ 2,999,000 | |
Number of post-retirement benefit plans | plan | 2 | ||
Number of active employees aged 50 and over | employee | 7 | ||
Employee benefit plan age (years) | 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 2016 | 121,000 | ||
Expected future benefit payments in 2017 | 122,000 | ||
Expected future benefit payments in 2018 | 122,000 | ||
Expected future benefit payments in 2019 | 122,000 | ||
Expected future benefit payments in 2020 | 122,000 | ||
Expected future benefit payments in 2021 through 2025 | 621,000 | ||
Estimated plan expense | $ 85,000 | ||
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) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Change in Benefit Obligations [Roll Forward] | ||||||
Benefit obligation at beginning of year | $ 1,928 | $ 1,479 | $ 1,954 | |||
Service cost | 0 | 0 | 21 | |||
Interest cost | 80 | 71 | 86 | |||
Benefits paid | (102) | (100) | (107) | |||
Actuarial (gain) loss | $ 61 | $ 478 | $ (475) | |||
Benefit obligation at end of period | 1,967 | 1,928 | 1,479 | |||
Funded Status of Plan [Abstract] | ||||||
Benefit obligation at end of period | (1,928) | (1,479) | (1,954) | (1,967) | (1,928) | (1,479) |
Unamortized (gain) loss | 240 | 192 | (289) | |||
Unrecognized transition obligation | 0 | 0 | 0 | |||
Accrued benefit cost | $ (1,727) | $ (1,736) | $ (1,768) | |||
Weighted average discount rate as of December 31 | 0.0425 | 0.0425 | 0.050 | |||
Components of Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 0 | 0 | 21 | |||
Interest cost | 80 | 71 | 86 | |||
Amortization of unrecognized transition obligation | 0 | 0 | 5 | |||
Amortization of gain | 0 | (12) | 0 | |||
Other settlement expense | 12 | 10 | 0 | |||
Net periodic benefit cost | $ 92 | $ 69 | $ 112 | |||
Weighted average discount rate for net periodic cost | 0.0425 | 0.050 | 0.045 |
Employee Benefit Plans, Schedul
Employee Benefit Plans, Schedule of Net Periodic Benefit Cost Not Yet Recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unamortized net actuarial loss | $ (240) | $ (192) | |
Unamortized net actuarial loss | (61) | (478) | $ 475 |
Deferred tax benefit at 35% | 84 | 67 | |
Deferred tax benefit at 35% | (5,902) | (6,055) | |
Net unrecognized post-retirement benefits included in accumulated other comprehensive income (loss) | $ (156) | $ (125) | |
Accumulated other comprehensive income (loss) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unamortized net actuarial loss | |||
Deferred tax benefit at 35% | $ 0 | ||
Net unrecognized post-retirement benefits included in accumulated other comprehensive income (loss) | $ 0 |
Other Comprehensive Income (L68
Other Comprehensive Income (Loss), Summary of Unrealized Gains and Losses on Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||||||||
Other comprehensive income (loss) | $ (1,239) | $ 1,315 | $ (1,608) | $ 38 | $ 962 | $ (347) | $ 3,313 | $ 4,824 | $ (1,494) | $ 8,752 | $ (14,220) |
Accumulated Net Unrealized Investment Gain (Loss) | |||||||||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||||||||||
Balance at beginning of year | $ 2,522 | $ (6,591) | 2,522 | (6,591) | 7,940 | ||||||
Unrealized gains (losses) arising during the period | (754) | 15,175 | (21,268) | ||||||||
Realized gains during the period | (1,399) | (1,155) | (1,087) | ||||||||
Related deferred taxes | 754 | (4,907) | 7,824 | ||||||||
Other comprehensive income (loss) | (1,399) | 9,113 | (14,531) | ||||||||
Balance at end of year | $ 1,123 | $ 2,522 | $ 1,123 | $ 2,522 | $ (6,591) |
Other Comprehensive Income (L69
Other Comprehensive Income (Loss), Summary of Transfer of AFS Securities to HTM (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | $ (48) | $ 0 | $ 0 |
Net unrealized losses transferred during the period | 0 | (23) | 0 |
Amortization of net unrealized losses | (98) | (51) | 0 |
Related deferred taxes | 34 | 26 | 0 |
Net change | (64) | (48) | 0 |
Balance at end of period | $ (112) | $ (48) | $ 0 |
Other Comprehensive Income (L70
Other Comprehensive Income (Loss), Summary of Unrealized Gains and Losses on Postretirement Benefits - (Details) - Accumulated Defined Benefit Plans Adjustment - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of year | $ (125) | $ 188 | $ (123) |
Amortization of unrecognized transition obligation | 0 | 0 | 5 |
Change in unamortized net actuarial gain (loss) | (48) | (481) | 475 |
Related deferred taxes | 17 | 168 | (169) |
Balance at end of year | $ (156) | $ (125) | $ 188 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) | Mar. 28, 2013 | Jan. 09, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2001 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||
Proceeds from issuance of CPP Shares | $ 25,000,000 | ||||||
Number of shares of common stock issuable pursuant to the Warrants, maximum (in shares) | 225,904 | 226,819 | 225,904 | 225,904 | 226,819 | ||
Exercise price of the Warrants (in dollars per share) | $ 16.60 | $ 16.53 | $ 16.53 | ||||
Common stock | |||||||
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) | 562,224 | 562,224 | |||||
Number of shares available for future use under employee savings and investment plan (in shares) | 137,776 | 137,776 | |||||
Number of shares issued during period, employee benefit plan (in shares) | 13,787 | 14,638 | 11,385 | ||||
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) | 11,668 | 12,686 | 12,008 | 236,943 | |||
Number of shares for future use (in shares) | 363,057 | ||||||
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 | $ 465,000 | $ 457,000 | $ 11,973,000 | |||
CPP shares | $ 10,000,000 | ||||||
Proceeds from sale of common stock | 465,000 | 457,000 | 11,973,000 | ||||
Capital Purchase Program | |||||||
Common stock | |||||||
Proceeds from sale of common stock | $ 465,000 | $ 457,000 | $ 324,000 |
Stock Options and Stock-Based72
Stock Options and Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 1995 | 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 | |||||||
Compensation cost related to restricted stock grants | $ 1,089 | |||||||
Compensation expense recognized for restricted shares | 296 | $ 431 | ||||||
Unrecognized compensation costs | $ 345 | $ 412 | ||||||
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 | 42,000 | |||||
Granted(in shares) | 0 | |||||||
Exercised (in shares) | 0 | |||||||
Forfeited (in shares) | 42,000 | |||||||
Outstanding, end of period (in shares) | 0 | 42,000 | 42,000 | |||||
Exercisable, end of period (in shares) | 0 | |||||||
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 | $ 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) | 18 | |||||||
Outstanding options, weighted average exercise price, end of period (in dollars per share) | 0 | $ 18 | ||||||
Exercisable options, weighted average exercise price, end of period (in dollars per share) | $ 0 | |||||||
Outstanding options, end of period, weighted average remaining contractual term (in years) | 0 years | |||||||
Exercisable options, end of period, weighted average remaining contractual term (in years) | 0 years | |||||||
Exercised options, aggregate intrinsic value | $ 0 | |||||||
Outstanding options, end of period, aggregate intrinsic value | 0 | |||||||
Exercisable options, end of period, aggregate intrinsic value | $ 0 | |||||||
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 | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 86,863 | |||||||
Plan 2010 | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares | 67,171 | 67,171 | ||||||
Remaining Term (In Years) | 1 year 10 months 24 days | |||||||
Plan 2010 | Restricted Stock | One Year | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting Term (In Years) | 1 year | |||||||
Shares | 2,156 | |||||||
Remaining Term (In Years) | 1 month 6 days | |||||||
Plan 2010 | Restricted Stock | Two Years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting Term (In Years) | 2 years | |||||||
Shares | 7,786 | |||||||
Remaining Term (In Years) | 1 month 6 days | |||||||
Plan 2010 | Restricted Stock | Three Years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting Term (In Years) | 3 years | |||||||
Shares | 3,808 | |||||||
Remaining Term (In Years) | 1 month 6 days | |||||||
Plan 2010 | Restricted Stock | Four Years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting Term (In Years) | 4 years | |||||||
Shares | 2,704 | |||||||
Remaining Term (In Years) | 2 months 12 days | |||||||
Plan 2010 | Restricted Stock | Five Years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting Term (In Years) | 5 years | 5 years | 5 years | 5 years | 5 years | |||
Shares | 12,023 | 10,422 | 14,776 | 7,996 | 5,500 | |||
Remaining Term (In Years) | 4 years 1 month 6 days | 3 years 1 month 6 days | 2 years 1 month 6 days | 1 year 2 months 12 days | 1 month 6 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 09, 2009 | |
Income (Numerator) [Abstract] | ||||||||||||
Net income as reported | $ 3,769 | $ 4,188 | $ 4,074 | $ 4,175 | $ 3,426 | $ 4,108 | $ 3,747 | $ 3,428 | $ 16,206 | $ 14,709 | $ 12,965 | |
Less dividends and amortization of premium on preferred stock | 384 | |||||||||||
Basic EPS: Income available to common shareholders | 16,206 | 14,709 | 12,581 | |||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions | $ 16,206 | $ 14,709 | $ 12,581 | |||||||||
Shares (Denominator) [Abstract] | ||||||||||||
Weighted average number of common shares outstanding | 10,674,755 | 10,638,527 | 10,469,446 | |||||||||
Incremental shares | 90,114 | 72,337 | 51,609 | |||||||||
Diluted EPS: Income available to common shareholders plus assumed conversions (in shares) | 10,764,869 | 10,710,864 | 10,521,055 | |||||||||
Per-Share Amount [Abstract] | ||||||||||||
Basic EPS: Income available to common shareholders (in dollars per share) | $ 0.36 | $ 0.39 | $ 0.38 | $ 0.39 | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.32 | $ 1.52 | $ 1.38 | $ 1.20 | |
Diluted EPS: Income available to common shareholders plus assumed conversions (in dollars per share) | $ 0.35 | $ 0.39 | $ 0.38 | $ 0.39 | $ 0.32 | $ 0.38 | $ 0.35 | $ 0.32 | $ 1.51 | $ 1.37 | $ 1.20 | |
Schedule of Outstanding Options And Warrants [Line Items] | ||||||||||||
Incentive stock options | 0 | 42,000 | 0 | 42,000 | 42,000 | |||||||
Warrants to private parties | 226,819 | 225,904 | 226,819 | 225,904 | 225,904 | 225,904 | ||||||
Total Dilutive Securities | 226,819 | 267,904 | 226,819 | 267,904 | 267,904 | |||||||
In-the-Money | ||||||||||||
Schedule of Outstanding Options And Warrants [Line Items] | ||||||||||||
Incentive stock options | 0 | 0 | 0 | 0 | 0 | |||||||
Warrants to private parties | 226,819 | 225,904 | 226,819 | 225,904 | 225,904 | |||||||
Total Dilutive Securities | 226,819 | 225,904 | 226,819 | 225,904 | 225,904 | |||||||
Out-of-the-Money | ||||||||||||
Schedule of Outstanding Options And Warrants [Line Items] | ||||||||||||
Incentive stock options | 0 | 42,000 | 0 | 42,000 | 42,000 | |||||||
Warrants to private parties | 0 | 0 | 0 | 0 | 0 | |||||||
Total Dilutive Securities | 0 | 42,000 | 0 | 42,000 | 42,000 |
Regulatory Capital Requiremen74
Regulatory Capital Requirements (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Retained earnings from prior two years available for dividends | $ 12,738,000 | |
Capital conservation buffer phase in, minimum | 0.00% | |
Capital conservation buffer phase in, maximum | 2.50% | |
Tier 1 capital to risk-weighted assets [Abstract] | ||
Actual | $ 136,637,000 | $ 128,970,000 |
Non Consolidated | ||
Tier 2 capital to risk-weighted asets [Abstract] | ||
Actual | 144,255,000 | 137,818,000 |
For capital adequacy purpose | 74,316,000 | 68,524,000 |
To be well-capitalized under prompt corrective action provisions | $ 92,895,000 | $ 85,655,000 |
Risk-weighted assets [Abstract] | ||
Actual (in hundredths) | 15.53% | 16.09% |
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) | 14.45% | 14.87% |
For capital adequacy purpose (in hundredths) | 6.00% | 4.00% |
To be well-capitalized under prompt corrective action provisions (in hundredths) | 8.00% | 6.00% |
Common equity for capital adequacy purposes (in hundredths) | 4.50% | |
Common equity to be well-capitalized under prompt corrective action provisions (in hundredths) | 6.50% | |
Tier 1 capital to risk-weighted assets [Abstract] | ||
Actual | $ 134,239,000 | $ 127,374,000 |
For capital adequacy purpose | 55,737,000 | 34,262,000 |
To be well-capitalized under prompt corrective action provisions | 74,316,000 | 51,393,000 |
Common equity for capital adequacy purpose | 41,803,000 | |
Common equity to be well-capitalized under prompt corrective action provisions | 60,382,000 | |
Tier 1 capital to average assets [Abstract] | ||
Actual | 134,239,000 | 127,374,000 |
For capital adequacy purpose | 60,885,000 | 58,086,000 |
To be well-capitalized under prompt corrective action provisions | $ 76,106,000 | $ 72,607,000 |
Average assets [Abstract] | ||
Actual (in hundredths) | 8.82% | 8.77% |
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 | $ 146,653,000 | $ 139,414,000 |
For capital adequacy purpose | $ 74,357,000 | $ 68,532,000 |
Risk-weighted assets [Abstract] | ||
Actual (in hundredths) | 15.78% | 16.27% |
For capital adequacy purpose (in hundredths) | 8.00% | 8.00% |
Actual (in hundredths) | 14.70% | 15.06% |
For capital adequacy purpose (in hundredths) | 6.00% | 4.00% |
Common equity for capital adequacy purposes (in hundredths) | 4.50% | |
Tier 1 capital to risk-weighted assets [Abstract] | ||
For capital adequacy purpose | $ 55,767,000 | $ 34,266,000 |
Common equity for capital adequacy purpose | 41,826,000 | |
Tier 1 capital to average assets [Abstract] | ||
Actual | 136,637,000 | 128,970,000 |
For capital adequacy purpose | $ 62,022,000 | $ 58,066,000 |
Average assets [Abstract] | ||
Actual (in hundredths) | 8.81% | 8.88% |
For capital adequacy purpose (in hundredths) | 4.00% | 4.00% |
Off-Balance-Sheet Financial I75
Off-Balance-Sheet Financial Instruments and Concentrations of Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance-sheet financial instruments | $ 133,549 | $ 132,945 |
Unused lines, collateralized by residential real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance-sheet financial instruments | 69,244 | 65,264 |
Other unused commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance-sheet financial instruments | 49,833 | 49,608 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance-sheet financial instruments | 4,098 | 4,480 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance-sheet financial instruments | $ 10,374 | $ 13,593 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Securities available for sale, Fair value disclosure | ||||
Allowance for loan losses, other real estate owned | $ 162 | $ 654 | $ 330 | $ 373 |
Allowance for impaired loans | 292 | 1,074 | ||
Fair Value, Measurements, Recurring | ||||
Securities available for sale, Fair value disclosure | ||||
Mortgage-backed securities | 195,110 | 151,855 | ||
State and political subdivisions | 24,506 | 30,855 | ||
Other equity securities | 3,423 | 2,551 | ||
Total assets | 223,039 | 185,261 | ||
Fair Value, Measurements, Recurring | 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 | Level 2 | ||||
Securities available for sale, Fair value disclosure | ||||
Mortgage-backed securities | 195,110 | 151,855 | ||
State and political subdivisions | 24,506 | 30,855 | ||
Other equity securities | 3,423 | 2,551 | ||
Total assets | 223,039 | 185,261 | ||
Fair Value, Measurements, Recurring | 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 | 2,231 | 5,694 | ||
Other real estate owned | 1,532 | 3,785 | ||
Impaired loans | 699 | 1,909 | ||
Fair Value, Measurements, Nonrecurring | 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 | Level 2 | ||||
Securities available for sale, Fair value disclosure | ||||
Total assets | 2,231 | 5,694 | ||
Other real estate owned | 1,532 | 3,785 | ||
Impaired loans | 699 | 1,909 | ||
Fair Value, Measurements, Nonrecurring | 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 - Carryi
Fair Value Disclosures - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Financial assets | ||||||||
Securities available for sale | $ 223,039 | $ 185,261 | ||||||
Securities to be held to maturity, fair value | 243,123 | 279,704 | ||||||
Restricted equity securities, at cost | 14,257 | 13,912 | ||||||
Residential [Abstract] | ||||||||
Total loans | 978,722 | 907,220 | ||||||
Mortgage servicing rights | 1,915 | 2,088 | ||||||
Financial liabilities | ||||||||
Demand deposits | 130,566 | 113,133 | ||||||
NOW deposits | 242,638 | 199,977 | ||||||
Money market deposits | 92,994 | 98,607 | ||||||
Savings deposits | 206,009 | 165,601 | ||||||
Certificates of deposit | 370,982 | 447,501 | ||||||
Total deposits | 1,043,189 | $ 1,058,365 | $ 1,096,323 | $ 966,825 | 1,024,819 | $ 1,055,322 | $ 1,033,436 | $ 1,045,970 |
Level 1 | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 14,299 | 13,057 | ||||||
Interest-bearing deposits in other banks | 4,013 | 3,559 | ||||||
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 | 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 | ||||||
Level 1 | Commercial Real Estate | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Level 1 | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Level 1 | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Level 1 | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Level 1 | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Level 2 | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Interest-bearing deposits in other banks | 0 | 0 | ||||||
Securities available for sale | 223,039 | 185,261 | ||||||
Securities to be held to maturity, fair value | 243,123 | 279,704 | ||||||
Restricted equity securities, at cost | 14,257 | 13,912 | ||||||
Loans held for sale | 349 | 0 | ||||||
Commercial [Abstract] | ||||||||
Municipal | 0 | 0 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 699 | 488 | ||||||
Consumer | 0 | 0 | ||||||
Total loans | 699 | 1,909 | ||||||
Mortgage servicing rights | 1,915 | 2,088 | ||||||
Accrued interest receivable | 4,912 | 4,748 | ||||||
Financial liabilities | ||||||||
Demand deposits | 125,651 | 109,973 | ||||||
NOW deposits | 224,627 | 186,490 | ||||||
Money market deposits | 82,050 | 83,837 | ||||||
Savings deposits | 181,010 | 146,936 | ||||||
Certificates of deposit | 201,013 | 205,360 | ||||||
National certificates of deposit | 169,617 | 242,824 | ||||||
Total deposits | 983,968 | 975,420 | ||||||
Repurchase agreements | 82,168 | 70,783 | ||||||
Federal Home Loan Bank advances | 250,027 | 208,259 | ||||||
Total borrowed funds | 332,195 | 279,042 | ||||||
Accrued interest payable | 435 | 521 | ||||||
Level 2 | Commercial Real Estate | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 431 | ||||||
Level 2 | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Level 2 | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Level 2 | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 0 | 990 | ||||||
Level 2 | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
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 | 0 | ||||||
Commercial [Abstract] | ||||||||
Municipal | 20,331 | 20,833 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 107,419 | 101,245 | ||||||
Consumer | 23,754 | 19,207 | ||||||
Total loans | 978,008 | 910,146 | ||||||
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 | ||||||
Level 3 | Commercial Real Estate | ||||||||
Commercial [Abstract] | ||||||||
Loans | 262,763 | 235,937 | ||||||
Level 3 | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 23,906 | 29,733 | ||||||
Level 3 | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 126,141 | 102,858 | ||||||
Level 3 | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 405,315 | 388,210 | ||||||
Level 3 | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | 8,379 | 12,123 | ||||||
Carrying Amount | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 14,299 | 13,057 | ||||||
Interest-bearing deposits in other banks | 4,013 | 3,559 | ||||||
Securities available for sale | 223,039 | 185,261 | ||||||
Securities to be held to maturity, fair value | 240,023 | 275,919 | ||||||
Restricted equity securities, at cost | 14,257 | 13,912 | ||||||
Loans held for sale | 349 | 0 | ||||||
Commercial [Abstract] | ||||||||
Municipal | 19,730 | 20,406 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 109,101 | 102,258 | ||||||
Consumer | 23,822 | 19,007 | ||||||
Total loans | 978,722 | 907,220 | ||||||
Mortgage servicing rights | 1,093 | 1,086 | ||||||
Accrued interest receivable | 4,912 | 4,748 | ||||||
Financial liabilities | ||||||||
Demand deposits | 130,566 | 113,133 | ||||||
NOW deposits | 242,638 | 199,977 | ||||||
Money market deposits | 92,994 | 98,607 | ||||||
Savings deposits | 206,009 | 165,601 | ||||||
Certificates of deposit | 201,420 | 205,072 | ||||||
National certificates of deposit | 169,562 | 242,429 | ||||||
Total deposits | 1,043,189 | 1,024,819 | ||||||
Repurchase agreements | 87,103 | 74,725 | ||||||
Federal Home Loan Bank advances | 250,354 | 205,191 | ||||||
Total borrowed funds | 337,457 | 279,916 | ||||||
Accrued interest payable | 435 | 521 | ||||||
Carrying Amount | Commercial Real Estate | ||||||||
Commercial [Abstract] | ||||||||
Loans | 265,616 | 238,104 | ||||||
Carrying Amount | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 24,166 | 29,951 | ||||||
Carrying Amount | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 126,551 | 102,738 | ||||||
Carrying Amount | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 401,315 | 382,620 | ||||||
Carrying Amount | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | 8,421 | 12,136 | ||||||
Estimate of Fair Value | ||||||||
Financial assets | ||||||||
Cash and cash equivalents | 14,299 | 13,057 | ||||||
Interest-bearing deposits in other banks | 4,013 | 3,559 | ||||||
Securities available for sale | 223,039 | 185,261 | ||||||
Securities to be held to maturity, fair value | 243,123 | 279,704 | ||||||
Restricted equity securities, at cost | 14,257 | 13,912 | ||||||
Loans held for sale | 349 | 0 | ||||||
Commercial [Abstract] | ||||||||
Municipal | 20,331 | 20,833 | ||||||
Residential [Abstract] | ||||||||
Home equity line of credit | 108,118 | 101,733 | ||||||
Consumer | 23,754 | 19,207 | ||||||
Total loans | 978,707 | 912,055 | ||||||
Mortgage servicing rights | 1,915 | 2,088 | ||||||
Accrued interest receivable | 4,912 | 4,748 | ||||||
Financial liabilities | ||||||||
Demand deposits | 125,651 | 109,973 | ||||||
NOW deposits | 224,627 | 186,490 | ||||||
Money market deposits | 82,050 | 83,837 | ||||||
Savings deposits | 181,010 | 146,936 | ||||||
Certificates of deposit | 201,013 | 205,360 | ||||||
National certificates of deposit | 169,617 | 242,824 | ||||||
Total deposits | 983,968 | 975,420 | ||||||
Repurchase agreements | 82,168 | 70,783 | ||||||
Federal Home Loan Bank advances | 250,027 | 208,259 | ||||||
Total borrowed funds | 332,195 | 279,042 | ||||||
Accrued interest payable | 435 | 521 | ||||||
Estimate of Fair Value | Commercial Real Estate | ||||||||
Commercial [Abstract] | ||||||||
Loans | 262,763 | 236,368 | ||||||
Estimate of Fair Value | Commercial Construction | ||||||||
Commercial [Abstract] | ||||||||
Loans | 23,906 | 29,733 | ||||||
Estimate of Fair Value | Commercial Other Receivable | ||||||||
Commercial [Abstract] | ||||||||
Loans | 126,141 | 102,858 | ||||||
Estimate of Fair Value | Residential, Term, Financing Receivable | ||||||||
Residential [Abstract] | ||||||||
Loans | 405,315 | 389,200 | ||||||
Estimate of Fair Value | Residential, Construction, Financing Receivables | ||||||||
Residential [Abstract] | ||||||||
Loans | $ 8,379 | $ 12,123 |
Other Operating Income and Ex78
Other Operating Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other operating expense | |||
Advertising and marketing expense | $ 1,178 | $ 1,022 | $ 1,117 |
Accounting and auditing expenses | 797 | 746 | 674 |
ATM and interchange expense | 814 | 760 | 778 |
Legal fees and expenses | 369 | 769 | 482 |
ATM And Debit Card Income | |||
Other operating income | |||
ATM and debit card income | 2,714 | 2,630 | 2,440 |
Collections/Foreclosures/Other Real Estate Owned Expense | |||
Other operating expense | |||
Collections/foreclosures/ other real estate owned expense | $ 432 | $ 657 | $ 878 |
Condensed Financial Informati79
Condensed Financial Information of Parent (Details) - USD ($) $ in Thousands | Mar. 28, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | |||||||||||||
Cash and cash equivalents | $ 14,299 | $ 19,169 | $ 16,481 | $ 13,855 | $ 13,057 | $ 17,167 | $ 20,416 | $ 13,894 | $ 14,299 | $ 13,057 | |||
Investments | 463,062 | 461,255 | 463,064 | 418,772 | 461,180 | 472,660 | 502,015 | 488,553 | 463,062 | 461,180 | |||
Premises and equipment | 21,816 | 22,619 | 21,816 | 22,619 | |||||||||
Goodwill | 29,805 | 29,805 | 29,805 | 29,805 | |||||||||
Other assets | 32,043 | 22,246 | 32,043 | 22,246 | |||||||||
Total assets | 1,564,810 | 1,539,672 | 1,553,340 | 1,458,832 | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,564,810 | 1,482,131 | |||
Liabilities and shareholders' equity | |||||||||||||
Other liabilities | 16,666 | 16,797 | 15,195 | 15,915 | 15,842 | 15,489 | 14,675 | 14,212 | 16,666 | 15,842 | |||
Total liabilities | 1,397,312 | 1,320,577 | 1,397,312 | 1,320,577 | |||||||||
Shareholders' equity | |||||||||||||
Common stock | 108 | 107 | 108 | 107 | |||||||||
Additional paid-in capital | 59,862 | 59,282 | 59,862 | 59,282 | |||||||||
Retained earnings | 106,673 | 99,816 | 106,673 | 99,816 | |||||||||
Accumulated other comprehensive income (loss) | |||||||||||||
Net unrealized gain on available for sale securities, net of tax | 1,123 | 2,522 | 1,123 | 2,522 | |||||||||
Total shareholders' equity | 167,498 | 167,141 | 163,809 | 163,516 | 161,554 | 159,190 | 157,449 | 152,416 | 167,498 | 161,554 | $ 146,098 | $ 156,323 | |
Total liabilities and shareholders' equity | 1,564,810 | 1,539,672 | 1,553,340 | 1,458,832 | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,564,810 | 1,482,131 | |||
Statements of Income | |||||||||||||
Net securities gains | 1,399 | 1,155 | 1,087 | ||||||||||
Loss before income taxes and Bank earnings | 5,014 | 5,579 | 5,532 | 5,595 | 4,474 | 5,508 | 4,902 | 4,391 | 21,720 | 19,275 | 16,390 | ||
Applicable tax expense | 1,245 | 1,391 | 1,458 | 1,420 | 1,048 | 1,400 | 1,155 | 963 | 5,514 | 4,566 | 3,425 | ||
Equity in earnings of Bank | |||||||||||||
Net income | 3,769 | 4,188 | 4,074 | 4,175 | 3,426 | 4,108 | 3,747 | 3,428 | 16,206 | 14,709 | 12,965 | ||
Cash flows from operating activities | |||||||||||||
Net income | 3,769 | $ 4,188 | $ 4,074 | 4,175 | 3,426 | $ 4,108 | $ 3,747 | 3,428 | 16,206 | 14,709 | 12,965 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 1,720 | 1,663 | 1,727 | ||||||||||
Equity compensation expense | 296 | 431 | 214 | ||||||||||
Gain on sale of investment | (1,399) | (1,155) | (1,087) | ||||||||||
Increase in other assets | (455) | 676 | 1,557 | ||||||||||
Increase in other liabilities | 1,418 | 378 | 1,370 | ||||||||||
Net cash provided by operating activities | 20,742 | 20,463 | 24,984 | ||||||||||
Cash flows from investing activities | |||||||||||||
Capital expenditures | (927) | (1,909) | (2,363) | ||||||||||
Net cash used in investing activities | (86,347) | (16,751) | (75,957) | ||||||||||
Cash flows from financing activities | |||||||||||||
Payment to repurchase preferred stock | 0 | 0 | (12,500) | ||||||||||
Purchase of common stock | (180) | 0 | 0 | ||||||||||
Proceeds from sale of common stock | $ 11,649 | 465 | 457 | 11,973 | |||||||||
Dividends paid | (9,349) | (8,893) | (8,657) | ||||||||||
Net cash used in financing activities | 66,847 | (7,225) | 52,585 | ||||||||||
Net increase (decrease) in cash and cash equivalents | 1,242 | (3,513) | 1,612 | ||||||||||
Cash and cash equivalents at beginning of year | 13,057 | 16,570 | 13,057 | 16,570 | 14,958 | ||||||||
Cash and cash equivalents at end of year | 14,299 | 13,057 | 14,299 | 13,057 | 16,570 | ||||||||
Parent Company | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 1,431 | 522 | 1,431 | 522 | |||||||||
Dividends receivable | 2,500 | 2,500 | 2,500 | 2,500 | |||||||||
Investments | 509 | 528 | 509 | 528 | |||||||||
Investment in subsidiary | 137,433 | 132,399 | 137,433 | 132,399 | |||||||||
Premises and equipment | 12 | 24 | 12 | 24 | |||||||||
Goodwill | 27,559 | 27,559 | 27,559 | 27,559 | |||||||||
Other assets | 438 | 302 | 438 | 302 | |||||||||
Total assets | 169,882 | 163,834 | 169,882 | 163,834 | |||||||||
Liabilities and shareholders' equity | |||||||||||||
Dividends payable | 2,366 | 2,252 | 2,366 | 2,252 | |||||||||
Other liabilities | 18 | 28 | 18 | 28 | |||||||||
Total liabilities | 2,384 | 2,280 | 2,384 | 2,280 | |||||||||
Shareholders' equity | |||||||||||||
Common stock | 108 | 107 | 108 | 107 | |||||||||
Additional paid-in capital | 59,862 | 59,282 | 59,862 | 59,282 | |||||||||
Retained earnings | 107,500 | 102,125 | 107,500 | 102,125 | |||||||||
Accumulated other comprehensive income (loss) | |||||||||||||
Net unrealized gain on available for sale securities, net of tax | 28 | 40 | 28 | 40 | |||||||||
Total accumulated other comprehensive income | 28 | 40 | 28 | 40 | |||||||||
Total shareholders' equity | 167,498 | 161,554 | 167,498 | 161,554 | |||||||||
Total liabilities and shareholders' equity | 169,882 | 163,834 | 169,882 | 163,834 | |||||||||
Statements of Income | |||||||||||||
Interest and dividends on investments | 18 | 15 | 10 | ||||||||||
Net securities gains | 0 | 38 | 0 | ||||||||||
Total income | 18 | 53 | 10 | ||||||||||
Occupancy expense | 12 | 12 | 11 | ||||||||||
Other operating expense | 488 | 604 | 362 | ||||||||||
Total expense | 500 | 616 | 373 | ||||||||||
Loss before income taxes and Bank earnings | (482) | (563) | (363) | ||||||||||
Applicable tax expense | (172) | (200) | (128) | ||||||||||
Loss before Bank earnings | (310) | (363) | (235) | ||||||||||
Equity in earnings of Bank | |||||||||||||
Remitted | 10,000 | 8,850 | 7,096 | ||||||||||
Unremitted | 6,516 | 6,222 | 6,104 | ||||||||||
Net income | 16,206 | 14,709 | 12,965 | ||||||||||
Cash flows from operating activities | |||||||||||||
Net income | 16,206 | 14,709 | 12,965 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 12 | 9 | 11 | ||||||||||
Equity compensation expense | 296 | 431 | 214 | ||||||||||
Gain on sale of investment | 0 | (38) | 0 | ||||||||||
Increase in other assets | (135) | (98) | (132) | ||||||||||
(Increase) decrease in dividend receivable | (50) | (1,050) | 400 | ||||||||||
Increase in other liabilities | 160 | 105 | 258 | ||||||||||
Unremitted earnings of Bank | (6,516) | (6,222) | (6,104) | ||||||||||
Net cash provided by operating activities | 9,973 | 7,846 | 7,612 | ||||||||||
Cash flows from investing activities | |||||||||||||
Capital expenditures | 0 | (1) | 0 | ||||||||||
Net cash used in investing activities | 0 | (1) | 0 | ||||||||||
Cash flows from financing activities | |||||||||||||
Payment to repurchase preferred stock | 0 | 0 | (12,500) | ||||||||||
Purchase of common stock | (180) | 0 | 0 | ||||||||||
Proceeds from sale of common stock | 465 | 457 | 11,973 | ||||||||||
Dividends paid | (9,349) | (8,893) | (8,657) | ||||||||||
Net cash used in financing activities | (9,064) | (8,436) | (9,184) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 909 | (591) | (1,572) | ||||||||||
Cash and cash equivalents at beginning of year | $ 522 | $ 1,113 | 522 | 1,113 | 2,685 | ||||||||
Cash and cash equivalents at end of year | $ 1,431 | $ 522 | $ 1,431 | $ 522 | $ 1,113 |
Quarterly Information (Details)
Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Balance Sheets | ||||||||||||
Cash and cash equivalents | $ 14,299 | $ 19,169 | $ 16,481 | $ 13,855 | $ 13,057 | $ 17,167 | $ 20,416 | $ 13,894 | $ 14,299 | $ 13,057 | ||
Interest-bearing deposits in other banks | 4,013 | 301 | 24,565 | 336 | 3,559 | 773 | 272 | 2,935 | 4,013 | 3,559 | ||
Investments | 463,062 | 461,255 | 463,064 | 418,772 | 461,180 | 472,660 | 502,015 | 488,553 | 463,062 | 461,180 | ||
Restricted equity securities | 14,257 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 13,912 | 14,257 | 13,912 | ||
Net loans and loans held for sale | 979,071 | 953,674 | 953,201 | 928,973 | 907,220 | 896,857 | 880,492 | 857,315 | 979,071 | 907,220 | ||
Other assets | 90,108 | 91,361 | 82,117 | 82,984 | 83,203 | 87,268 | 86,973 | 89,508 | 90,108 | 83,203 | ||
Total assets | 1,564,810 | 1,539,672 | 1,553,340 | 1,458,832 | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,564,810 | 1,482,131 | ||
Deposits | 1,043,189 | 1,058,365 | 1,096,323 | 966,825 | 1,024,819 | 1,055,322 | 1,033,436 | 1,045,970 | 1,043,189 | 1,024,819 | ||
Borrowed funds | 337,457 | 297,369 | 278,013 | 312,576 | 279,916 | 258,636 | 298,520 | 253,519 | 337,457 | 279,916 | ||
Other liabilities | 16,666 | 16,797 | 15,195 | 15,915 | 15,842 | 15,489 | 14,675 | 14,212 | 16,666 | 15,842 | ||
Shareholders' equity | 167,498 | 167,141 | 163,809 | 163,516 | 161,554 | 159,190 | 157,449 | 152,416 | 167,498 | 161,554 | $ 146,098 | $ 156,323 |
Total liabilities and shareholders' equity | 1,564,810 | 1,539,672 | 1,553,340 | 1,458,832 | 1,482,131 | 1,488,637 | 1,504,080 | 1,466,117 | 1,564,810 | 1,482,131 | ||
Statements of Income | ||||||||||||
Interest income | 13,038 | 12,833 | 12,574 | 12,365 | 12,790 | 12,869 | 12,740 | 12,623 | 50,810 | 51,022 | 49,936 | |
Interest expense | 2,393 | 2,322 | 2,496 | 2,663 | 2,743 | 2,865 | 2,905 | 2,912 | 9,874 | 11,425 | 12,496 | |
Net interest income | 10,645 | 10,511 | 10,078 | 9,702 | 10,047 | 10,004 | 9,835 | 9,711 | 40,936 | 39,597 | 37,440 | |
Provision for loan losses | 450 | 200 | 400 | 500 | 300 | 350 | 100 | 400 | 1,550 | 1,150 | 4,200 | |
Net interest income after provision for loan losses | 10,195 | 10,311 | 9,678 | 9,202 | 9,747 | 9,654 | 9,735 | 9,311 | 39,386 | 38,447 | 33,240 | |
Non-interest income | 2,763 | 2,975 | 2,834 | 3,658 | 2,602 | 3,656 | 2,458 | 2,332 | 12,230 | 11,048 | 12,087 | |
Non-interest expense | 7,944 | 7,707 | 6,980 | 7,265 | 7,875 | 7,802 | 7,291 | 7,252 | 29,896 | 30,220 | 28,937 | |
Loss before income taxes and Bank earnings | 5,014 | 5,579 | 5,532 | 5,595 | 4,474 | 5,508 | 4,902 | 4,391 | 21,720 | 19,275 | 16,390 | |
Applicable tax expense | 1,245 | 1,391 | 1,458 | 1,420 | 1,048 | 1,400 | 1,155 | 963 | 5,514 | 4,566 | 3,425 | |
Net income | $ 3,769 | $ 4,188 | $ 4,074 | $ 4,175 | $ 3,426 | $ 4,108 | $ 3,747 | $ 3,428 | $ 16,206 | $ 14,709 | $ 12,965 | |
Basic earnings per common share (in usd per share) | $ 0.36 | $ 0.39 | $ 0.38 | $ 0.39 | $ 0.32 | $ 0.39 | $ 0.35 | $ 0.32 | $ 1.52 | $ 1.38 | $ 1.20 | |
Diluted earnings per common share (in usd per share) | $ 0.35 | $ 0.39 | $ 0.38 | $ 0.39 | $ 0.32 | $ 0.38 | $ 0.35 | $ 0.32 | $ 1.51 | $ 1.37 | $ 1.20 | |
Other comprehensive income (loss), net of tax | ||||||||||||
Net unrealized gain (loss) on securities available for sale | $ (1,195) | $ 1,330 | $ (1,591) | $ 57 | $ 1,295 | $ (319) | $ 3,313 | $ 4,824 | $ (1,399) | $ 9,113 | $ (14,531) | |
Net unrealized loss on securities transferred from available for sale to held to maturity, net of tax | (13) | (15) | (17) | (19) | (20) | (28) | 0 | 0 | (64) | (48) | 0 | |
Unrecognized loss on postretirement benefit costs | (31) | 0 | 0 | 0 | (313) | 0 | 0 | 0 | (31) | (313) | 311 | |
Other comprehensive income (loss) | (1,239) | 1,315 | (1,608) | 38 | 962 | (347) | 3,313 | 4,824 | (1,494) | 8,752 | (14,220) | |
Comprehensive income | $ 2,530 | $ 5,503 | $ 2,466 | $ 4,213 | $ 4,388 | $ 3,761 | $ 7,060 | $ 8,252 | $ 14,712 | $ 23,461 | $ (1,255) |