Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 28, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Entity Registrant Name | 'CENTURY BANCORP INC | ' | ' | ' |
Entity Central Index Key | '0000812348 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 3,581,429 | 1,975,180 |
Entity Public Float | ' | $125,231,085 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and due from banks (Note 2) | $59,956,000 | $53,646,000 |
Federal funds sold and interest-bearing deposits in other banks | 34,722,000 | 98,637,000 |
Total cash and cash equivalents | 94,678,000 | 152,283,000 |
Short-term investments | 4,617,000 | 17,367,000 |
Securities available-for-sale, amortized cost $465,943 in 2013 and $1,414,595 in 2012 (Notes 3, 9 and 11) | 464,245,000 | 1,434,801,000 |
Securities held-to-maturity, fair value $1,464,449 in 2013 and $281,924 in 2012 (Notes 4 and 11) | 1,487,884,000 | 275,507,000 |
Federal Home Loan Bank of Boston, stock at cost | 18,072,000 | 15,146,000 |
Loans, net (Note 5) | 1,264,763,000 | 1,111,788,000 |
Less: allowance for loan losses (Note 6) | 20,941,000 | 19,197,000 |
Net loans | 1,243,822,000 | 1,092,591,000 |
Bank premises and equipment (Note 7) | 23,400,000 | 23,899,000 |
Accrued interest receivable | 6,539,000 | 5,811,000 |
Prepaid FDIC assessments | ' | 2,773,000 |
Other assets (Notes 8 and 16) | 87,897,000 | 66,031,000 |
Total assets | 3,431,154,000 | 3,086,209,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Demand deposits | 475,862,000 | 438,429,000 |
Savings and NOW deposits | 992,796,000 | 933,316,000 |
Money market accounts | 864,957,000 | 653,345,000 |
Time deposits (Note 10) | 382,224,000 | 419,983,000 |
Total deposits | 2,715,839,000 | 2,445,073,000 |
Securities sold under agreements to repurchase (Note 11) | 214,440,000 | 191,390,000 |
Other borrowed funds (Note 12) | 255,144,000 | 195,144,000 |
Subordinated debentures (Note 12) | 36,083,000 | 36,083,000 |
Other liabilities | 33,176,000 | 38,529,000 |
Total liabilities | 3,254,682,000 | 2,906,219,000 |
Commitments and contingencies (Notes 7, 18 and 19) | ' | ' |
Stockholders' equity (Note 15): | ' | ' |
Preferred Stock - $1.00 par value; 100,000 shares authorized; no shares issued and outstanding | ' | ' |
Additional paid-in capital | 11,932,000 | 11,891,000 |
Retained earnings | 180,747,000 | 162,892,000 |
Stockholders' equity before adjustment of accumulated other comprehensive (income) loss | 198,235,000 | 180,337,000 |
Unrealized gains (losses) on securities available-for-sale, net of taxes | -1,045,000 | 12,330,000 |
Unrealized losses on securities transferred to held-to-maturity, net of taxes | -13,667,000 | ' |
Pension liability, net of taxes | -7,051,000 | -12,677,000 |
Total accumulated other comprehensive loss, net of taxes (Notes 3, 13 and 15) | -21,763,000 | -347,000 |
Total stockholders' equity | 176,472,000 | 179,990,000 |
Total liabilities and stockholders' equity | 3,431,154,000 | 3,086,209,000 |
Class A Common Stock [Member] | ' | ' |
Stockholders' equity (Note 15): | ' | ' |
Common stock value | 3,580,000 | 3,568,000 |
Total stockholders' equity | 3,580,000 | 3,568,000 |
Class B Common Stock [Member] | ' | ' |
Stockholders' equity (Note 15): | ' | ' |
Common stock value | 1,976,000 | 1,986,000 |
Total stockholders' equity | $1,976,000 | $1,986,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Amortized cost | $465,943,000 | $1,414,595,000 |
Held-to-maturity securities, fair value | $1,464,449,000 | $281,924,000 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,580,404 | 3,568,079 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 1,976,180 | 1,986,880 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INTEREST INCOME | ' | ' | ' |
Loans, taxable | $33,214 | $34,983 | $36,772 |
Loans, non-taxable | 16,082 | 16,432 | 11,324 |
Securities available-for-sale, taxable | 13,024 | 22,286 | 22,782 |
Securities available-for-sale, non-taxable | 286 | 340 | 211 |
Federal Home Loan Bank of Boston dividends | 59 | 77 | 46 |
Securities held-to-maturity | 16,615 | 6,746 | 5,816 |
Federal funds sold, interest-bearing deposits in other banks and short-term investments | 485 | 630 | 1,114 |
Total interest income | 79,765 | 81,494 | 78,065 |
INTEREST EXPENSE | ' | ' | ' |
Savings and NOW deposits | 2,585 | 2,250 | 2,539 |
Money market accounts | 2,472 | 2,373 | 2,706 |
Time deposits | 4,777 | 6,250 | 9,356 |
Securities sold under agreements to repurchase | 361 | 367 | 379 |
Other borrowed funds and subordinated debentures | 8,610 | 8,300 | 7,786 |
Total interest expense | 18,805 | 19,540 | 22,766 |
Net interest income | 60,960 | 61,954 | 55,299 |
Provision for loan losses (Note 6) | 2,710 | 4,150 | 4,550 |
Net interest income after provision for loan losses | 58,250 | 57,804 | 50,749 |
OTHER OPERATING INCOME | ' | ' | ' |
Service charges on deposit accounts | 8,113 | 7,880 | 7,885 |
Lockbox fees | 3,079 | 2,930 | 2,770 |
Brokerage commissions | 257 | 364 | 441 |
Net gains on sales of securities | 3,019 | 1,843 | 1,940 |
Net gains on sales of loans | 1,564 | 297 | 660 |
Other income | 2,583 | 2,551 | 2,544 |
Total other operating income | 18,615 | 15,865 | 16,240 |
OPERATING EXPENSES | ' | ' | ' |
Salaries and employee benefits (Note 17) | 35,244 | 32,943 | 29,630 |
Occupancy | 5,000 | 4,695 | 4,411 |
Equipment | 2,298 | 2,255 | 2,235 |
FDIC assessments | 1,790 | 1,737 | 2,025 |
Other (Note 20) | 11,480 | 11,608 | 10,441 |
Total operating expenses | 55,812 | 53,238 | 48,742 |
Income before income taxes | 21,053 | 20,431 | 18,247 |
Provision for income taxes (Note 16) | 1,007 | 1,392 | 1,554 |
Net income | 20,046 | 19,039 | 16,693 |
Class A Common Stock [Member] | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' |
Net income | 15,698 | 14,877 | 13,023 |
SHARE DATA (Note 14) | ' | ' | ' |
Weighted average number of shares outstanding, basic | 3,575,683 | 3,557,693 | 3,543,233 |
Weighted average number of shares outstanding, diluted | 5,557,693 | 5,549,191 | 5,541,794 |
Basic earnings per share | $4.39 | $4.18 | $3.68 |
Diluted earnings per share | $3.61 | $3.43 | $3.01 |
Class B Common Stock [Member] | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' |
Net income | $4,348 | $4,162 | $3,670 |
SHARE DATA (Note 14) | ' | ' | ' |
Weighted average number of shares outstanding, basic | 1,980,855 | 1,990,474 | 1,997,411 |
Weighted average number of shares outstanding, diluted | 1,980,855 | 1,990,474 | 1,997,411 |
Basic earnings per share | $2.19 | $2.09 | $1.84 |
Diluted earnings per share | $2.19 | $2.09 | $1.84 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $20,046 | $19,039 | $16,693 |
Unrealized (losses) gains on securities: | ' | ' | ' |
Unrealized holding (losses) gains arising during period | -25,909 | 5,854 | 6,666 |
Less: reclassification adjustment for gains included in net income | -3,019 | -1,843 | -1,940 |
Total unrealized (losses) gains on securities | -28,928 | 4,011 | 4,726 |
Accretion of net unrealized losses transferred during period | 1,886 | ' | ' |
Pension liability adjustment: | ' | ' | ' |
Net gain (loss) | 4,932 | -2,488 | -4,047 |
Amortization of prior service cost and loss included in net periodic benefit cost | 694 | 649 | 380 |
Total pension liability adjustment | 5,626 | -1,839 | -3,667 |
Other comprehensive (loss) income | -21,416 | 2,172 | 1,059 |
Comprehensive income (loss) | ($1,370) | $21,211 | $17,752 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, unless otherwise specified | Class A Common Stock [Member] | Class B Common Stock [Member] | ||||||
Beginning balance at Dec. 31, 2010 | $145,025 | $3,529 | $2,011 | $11,537 | $131,526 | ' | ' | ($3,578) |
Net income | 16,693 | 13,023 | 3,670 | ' | 16,693 | ' | ' | ' |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during period, net of taxes and realized net gains | 4,726 | ' | ' | ' | ' | ' | ' | 4,726 |
Pension liability adjustment, net of taxes | -3,667 | ' | ' | ' | ' | ' | ' | -3,667 |
Conversion of Class B Common Stock to Class A Common Stock | ' | 17 | -17 | ' | ' | ' | ' | ' |
Stock options exercised | 52 | 2 | ' | 50 | ' | ' | ' | ' |
Cash dividends | ' | -1,701 | -479 | ' | ' | -1,701 | -479 | ' |
Ending balance at Dec. 31, 2011 | 160,649 | 3,548 | 1,994 | 11,587 | 146,039 | ' | ' | -2,519 |
Net income | 19,039 | 14,877 | 4,162 | ' | 19,039 | ' | ' | ' |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during period, net of taxes and realized net gains | 4,011 | ' | ' | ' | ' | ' | ' | 4,011 |
Pension liability adjustment, net of taxes | -1,839 | ' | ' | ' | ' | ' | ' | -1,839 |
Conversion of Class B Common Stock to Class A Common Stock | ' | 8 | -8 | ' | ' | ' | ' | ' |
Stock options exercised | 304 | 12 | ' | 292 | ' | ' | ' | ' |
Cashless stock options exercised | 12 | ' | ' | 12 | ' | ' | ' | ' |
Cash dividends | ' | -1,708 | -478 | ' | ' | -1,708 | -478 | ' |
Ending balance at Dec. 31, 2012 | 179,990 | 3,568 | 1,986 | 11,891 | 162,892 | ' | ' | -347 |
Net income | 20,046 | 15,698 | 4,348 | ' | 20,046 | ' | ' | ' |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during period, net of taxes and realized net gains | -13,375 | ' | ' | ' | ' | ' | ' | -13,375 |
Unrealized losses on securities transferred to held-to-maturity net of taxes | -15,553 | ' | ' | ' | ' | ' | ' | -15,553 |
Accretion of net unrealized losses transferred during the period, net of taxes | 1,886 | ' | ' | ' | ' | ' | ' | 1,886 |
Pension liability adjustment, net of taxes | 5,626 | ' | ' | ' | ' | ' | ' | 5,626 |
Conversion of Class B Common Stock to Class A Common Stock | ' | 10 | -10 | ' | ' | ' | ' | ' |
Stock options exercised | 43 | 2 | ' | 41 | ' | ' | ' | ' |
Cash dividends | ' | -1,716 | -475 | ' | ' | -1,716 | -475 | ' |
Ending balance at Dec. 31, 2013 | $176,472 | $3,580 | $1,976 | $11,932 | $180,747 | ' | ' | ($21,763) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized holding gains arising during period, taxes | $8,527 | $2,491 | $3,143 |
Realized net gains | 3,019 | 1,843 | 1,940 |
Unrealized losses on securities transferred to held-to-maturity, taxes | 9,781 | ' | ' |
Accretion of net unrealized losses transferred during the period, taxes | 1,191 | ' | ' |
Pension liability adjustment, taxes | $3,741 | $1,223 | $2,439 |
Conversion of class B common stock to class A common stock, shares | 10,700 | 7,500 | 17,000 |
Stock options exercised, shares | 1,625 | 12,262 | 2,450 |
Cashless stock options exercised, shares | ' | 6,750 | ' |
Class A Common Stock [Member] | ' | ' | ' |
Cash dividends, per share | $0.48 | $0.48 | $0.48 |
Class B Common Stock [Member] | ' | ' | ' |
Cash dividends, per share | $0.24 | $0.24 | $0.24 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $20,046 | $19,039 | $16,693 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Mortgage loans originated for sale | -82,395 | -20,149 | -22,664 |
Proceeds from mortgage loans sold | 93,337 | 14,457 | 19,697 |
Gain on sales of mortgage loans held for sale | -1,564 | -297 | -422 |
Gain on sale of loans | ' | ' | -238 |
Gain on sale of fixed assets | -1 | -1 | ' |
Net gains on sales of securities | -3,019 | -1,843 | -1,940 |
Provision for loan losses | 2,710 | 4,150 | 4,550 |
Deferred tax benefit | -2,929 | -2,104 | -953 |
Net depreciation and amortization | 5,358 | 6,445 | 5,558 |
(Increase) decrease in accrued interest receivable | -728 | 211 | 579 |
Decrease in prepaid FDIC assessments | 2,773 | 1,562 | 1,794 |
(Gain) loss on sales of other real estate owned | ' | -1 | 8 |
Write down of other real estate owned | ' | ' | 117 |
Increase in other assets | -5,693 | -3,113 | -4,456 |
Increase in other liabilities | 4,043 | 1,070 | 503 |
Net cash provided by operating activities | 31,938 | 19,426 | 18,826 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from maturities of short-term investments | 22,367 | 38,397 | 121,106 |
Purchase of short-term investments | -9,617 | -37,413 | -25,539 |
Proceeds from call of Federal Home Loan Bank of Boston stock | 284 | 385 | ' |
Purchase of Federal Home Loan Bank of Boston stock | -3,210 | ' | ' |
Proceeds from calls/maturities of securities available-for-sale | 256,420 | 532,734 | 722,403 |
Proceeds from sales of securities available-for-sale | 224,045 | 294,881 | 75,615 |
Purchase of securities available-for-sale | -543,072 | -998,955 | -1,140,194 |
Proceeds from calls/maturities of securities held-to-maturity | 121,121 | 88,628 | 119,315 |
Purchase of securities held-to-maturity | -344,455 | -185,346 | -68,863 |
Proceeds from sales of loans | ' | ' | 4,000 |
Net increase in loans | -163,275 | -123,183 | -82,793 |
Proceeds from sales of other real estate owned | ' | 1,584 | 802 |
Proceeds from sales of fixed assets | ' | 1 | ' |
Capital expenditures | -1,819 | -4,300 | -2,692 |
Net cash used in investing activities | -441,211 | -392,587 | -276,840 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net (decrease) increase in time deposit accounts | -37,759 | -13,518 | 16,241 |
Net increase in demand, savings, money market and NOW deposits | 308,525 | 334,007 | 206,320 |
Net proceeds from the exercise of stock options | 43 | 304 | 52 |
Cash dividends | -2,191 | -2,186 | -2,180 |
Net increase in securities sold under agreements to repurchase | 23,050 | 48,070 | 34,770 |
Net increase (decrease) in other borrowed funds | 60,000 | -48,999 | 22,025 |
Net cash provided by financing activities | 351,668 | 317,678 | 277,228 |
Net (decrease) increase in cash and cash equivalents | -57,605 | -55,483 | 19,214 |
Cash and cash equivalents at beginning of year | 152,283 | 207,766 | 188,552 |
Cash and cash equivalents at end of year | 94,678 | 152,283 | 207,766 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid during the period for interest | 18,812 | 19,597 | 22,799 |
Cash paid during the period for income taxes | 4,008 | 3,348 | 3,109 |
Change in unrealized gains on securities available-for-sale, net of taxes | -13,375 | 4,011 | 4,726 |
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes | -15,553 | ' | ' |
Pension liability adjustment, net of taxes | 5,626 | -1,839 | -3,667 |
Transfer of loans to other real estate owned | ' | 400 | 2,110 |
Transfer of securities available-for-sale to held-to-maturity | $987,037 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
1. Summary of Significant Accounting Policies | |||||||||
BASIS OF FINANCIAL STATEMENT PRESENTATION | |||||||||
The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. | |||||||||
All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. | |||||||||
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. | |||||||||
Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on independent appraisals and review of other factors, including historical charge-off rates with additional allocations based on risk factors for each category and general economic factors. While management uses available information to recognize loan losses, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. In addition, regulatory agencies periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination. Certain reclassifications are made to prior-year amounts whenever necessary to conform with the current-year presentation. | |||||||||
FAIR VALUE MEASUREMENTS | |||||||||
The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, (formerly SFAS 157, “Fair Value Measurements,”) which among other things, requires enhanced disclosures about assets and liabilities carried at fair value. ASC 820-10 establishes a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. The three broad levels of the hierarchy are as follows: | |||||||||
Level I — Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices, such as G-7 government, agency securities, listed equities and money market securities, as well as listed derivative instruments. | |||||||||
Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments that are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and over the counter (“OTC”) derivatives. | |||||||||
Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Instruments that are included in this category generally include certain commercial mortgage loans, certain private equity investments, distressed debt, and noninvestment grade residual interests in securitizations as well as certain highly structured OTC derivative contracts. | |||||||||
CASH AND CASH EQUIVALENTS | |||||||||
For purposes of reporting cash flows, cash equivalents include highly liquid assets with an original maturity of three months or less. Highly liquid assets include cash and due from banks, federal funds sold and certificates of deposit. | |||||||||
SHORT-TERM INVESTMENTS | |||||||||
As of December 31, 2013 and 2012, short-term investments include highly liquid certificates of deposit with original maturities of more than 90 days but less than one year. | |||||||||
INVESTMENT SECURITIES | |||||||||
Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost; debt and equity securities that are bought and held principally for the purpose of selling are classified as trading and reported at fair value, with unrealized gains and losses included in earnings; and debt and equity securities not classified as either held-to-maturity or trading are classified as available-for-sale and reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity, net of estimated related income taxes. The Company has no securities held for trading. | |||||||||
Premiums and discounts on investment securities are amortized or accreted into income by use of the level-yield method. If a decline in fair value below the amortized cost basis of an investment is judged to be other-than-temporary, the cost basis of the investment is written down to fair value. The total amount of the impairment charge is recognized in earnings, with an offset for the noncredit component, which is recognized as other comprehensive income. Gains and losses on the sale of investment securities are recognized on the trade date on a specific identification basis. | |||||||||
The transfer of a security between categories of investments shall be accounted for at fair value. For a debt security transferred into the held-to-maturity category from the available-for-sale category, the unrealized holding gain or loss at the date of the transfer shall continue to be reported in a separate component of shareholders’ equity but shall be amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount. The amortization of an unrealized holding gain or loss reported in equity will offset or mitigate the effect on interest income of the amortization of the premium or discount for that held-to-maturity security. | |||||||||
FEDERAL HOME LOAN BANK STOCK | |||||||||
The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”) system, is required to maintain an investment in capital stock of the FHLBB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. For the year ended December 31, 2013, the FHLBB reported preliminary net income of $212.3 million. The FHLBB also declared a dividend equal to an annual yield of 1.49%. As of December 31, 2013, no impairment has been recognized. | |||||||||
LOANS HELD FOR SALE | |||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. | |||||||||
LOANS | |||||||||
Interest on loans is recognized based on the daily principal amount outstanding. Accrual of interest is discontinued when loans become ninety days delinquent unless the collateral is sufficient to cover both principal and interest and the loan is in the process of collection. Past-due status is based on contractual terms of the loan. Loans, including impaired loans, on which the accrual of interest has been discontinued, are designated nonaccrual loans. When a loan is placed on nonaccrual, all income that has been accrued but remains unpaid is reversed against current period income, and all amortization of deferred loan costs and fees is discontinued. Nonaccrual loans may be returned to an accrual status when principal and interest payments are not delinquent or the risk characteristics of the loan have improved to the extent that there no longer exists a concern as to the collectibility of principal and interest. Income received on nonaccrual loans is either recorded in income or applied to the principal balance of the loan, depending on management’s evaluation as to the collectibility of principal. | |||||||||
Loan origination fees and related direct loan origination costs are offset, and the resulting net amount is deferred and amortized over the life of the related loans using the level-yield method. Prepayments are not initially considered when amortizing premiums and discounts. | |||||||||
The Bank measures impairment for impaired loans at either the fair value of the loan, the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. This method applies to all loans, uncollateralized as well as collateralized, except large groups of smaller-balance homogeneous loans such as residential real estate and consumer loans that are collectively evaluated for impairment and loans that are measured at fair value. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance when such an amount has been identified definitively as uncollectible. Management considers the payment status, net worth and earnings potential of the borrower, and the value and cash flow of the collateral as factors to determine if a loan will be paid in accordance with its contractual terms. Management does not set any minimum delay of payments as a factor in reviewing for impaired classification. Loans are charged-off when management believes that the collectibility of the loan’s principal is not probable. The specific factors that management considers in making the determination that the collectibility of the loan’s principal is not probable include the delinquency status of the loan, the fair value of the collateral, if secured, and, the financial strength of the borrower and/or guarantors. In addition, criteria for classification of a loan as in-substance foreclosure has been modified so that such classification need be made only when a lender is in possession of the collateral. The Bank measures the impairment of troubled debt restructurings using the pre-modification rate of interest. | |||||||||
TRANSFERS OF FINANCIAL ASSETS | |||||||||
Transfers of financial assets, typically residential mortgages and loan participations for the Company, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. | |||||||||
ACQUIRED LOANS | |||||||||
In accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly Statement of Position (“SOP”) No. 03-3, “Accounting for Certain Loans or Debt Securities Acquired in a Transfer”) the Company reviews acquired loans for differences between contractual cash flows and cash flows expected to be collected from the Company’s initial investment in the acquired loans to determine if those differences are attributable, at least in part, to credit quality. If those differences are attributable to credit quality, the loan’s contractually required payments received in excess of the amount of its cash flows expected at acquisition, or nonaccretable discount, is not accreted into income. FASB ASC 310-30 requires that the Company recognize the excess of all cash flows expected at acquisition over the Company’s initial investment in the loan as interest income using the interest method over the term of the loan. This excess is referred to as accretable discount and is recorded as a reduction of the loan balance. | |||||||||
Loans which, at acquisition, do not have evidence of deterioration of credit quality since origination are outside the scope of FASB ASC 310-30. For such loans, the discount, if any, representing the excess of the amount of reasonably estimable and probable discounted future cash collections over the purchase price, is accreted into interest income using the interest method over the term of the loan. Prepayments are not considered in the calculation of accretion income. Additionally, the discount is not accreted on nonperforming loans. | |||||||||
When a loan is paid off, the excess of any cash received over the net investment is recorded as interest income. In addition to the amount of purchase discount that is recognized at that time, income may include interest owed by the borrower prior to the Company’s acquisition of the loan, interest collected if on nonperforming status, prepayment fees and other loan fees. | |||||||||
NONPERFORMING ASSETS | |||||||||
In addition to nonperforming loans, nonperforming assets include other real estate owned. Other real estate owned is comprised of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. Other real estate owned is recorded initially at estimated fair value less costs to sell. When such assets are acquired, the excess of the loan balance over the estimated fair value of the asset is charged to the allowance for loan losses. An allowance for losses on other real estate owned is established by a charge to earnings when, upon periodic evaluation by management, further declines in the estimated fair value of properties have occurred. Such evaluations are based on an analysis of individual properties as well as a general assessment of current real estate market conditions. Holding costs and rental income on properties are included in current operations, while certain costs to improve such properties are capitalized. Gains and losses from the sale of other real estate owned are reflected in earnings when realized. | |||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||
The allowance for loan losses is based on management’s evaluation of the quality of the loan portfolio and is used to provide for losses resulting from loans that ultimately prove uncollectible. In determining the level of the allowance, periodic evaluations are made of the loan portfolio, which takes into account such factors as the character of the loans, loan status, financial posture of the borrowers, value of collateral securing the loans and other relevant information sufficient to reach an informed judgment. The allowance is increased by provisions charged to income and reduced by loan charge-offs, net of recoveries. Management maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on assessments of the probable estimated losses inherent in the loan portfolio. Management’s methodology for assessing the appropriateness of the allowance consists of several key elements, which include the formula allowance, specific allowances, if appropriate, for identified problem loans and the unallocated allowance. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. | |||||||||
While management uses available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. Loans are charged-off in whole or in part when, in management’s opinion, collectibility is not probable. The specific factors that management considers in making the determination that the collectibility of the loan’s principal is not probable include the delinquency status of the loan, the fair value of the collateral and the financial strength of the borrower and/or guarantors. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance when such an amount has been identified definitively as uncollectible. | |||||||||
The formula allowance evaluates groups of loans to determine the allocation appropriate within each portfolio segment. Individual loans within the commercial and industrial, commercial real estate and real estate construction loan portfolio segments are assigned internal risk ratings to group them with other loans possessing similar risk characteristics. Changes in risk grades affect the amount of the formula allowance. Risk grades are determined by reviewing current collateral value, financial information, cash flow, payment history and other relevant facts surrounding the particular credit. Provisions for losses on the remaining commercial and commercial real estate loans are based on pools of similar loans using a combination of historical net loss experience and qualitative adjustments. For the residential real estate and consumer loan portfolios, the reserves are calculated by applying historical charge-off and recovery experience and qualitative adjustments to the current outstanding balance in each loan category. Loss factors are based on the Company’s historical net loss experience as well as regulatory guidelines. | |||||||||
Specific allowances for loan losses entail the assignment of allowance amounts to individual loans on the basis of loan impairment. Certain loans are evaluated individually and are judged to be impaired when management believes it is probable that the Company will not collect all the contractual interest and principal payments as scheduled in the loan agreement. Under this method, loans are selected for evaluation based upon a change in internal risk rating, occurrence of delinquency, loan classification or nonaccrual status. A specific allowance amount is allocated to an individual loan when such loan has been deemed impaired and when the amount of a probable loss is able to be estimated on the basis of: (a) present value of anticipated future cash flows, (b) the loan’s observable fair market price or (c) fair value of collateral if the loan is collateral dependent. | |||||||||
The formula allowance and specific allowances also include management’s evaluation of various conditions, including business and economic conditions, delinquency trends, charge-off experience and other quality factors. | |||||||||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. | |||||||||
Management has identified certain risk factors, which could impact the degree of loss sustained within the portfolio. These include: (a) market risk factors, such as the effects of economic variability on the entire portfolio and (b) unique portfolio risk factors that are inherent characteristics of the Company’s loan portfolio. Market risk factors may consist of changes to general economic and business conditions that may impact the Company’s loan portfolio customer base in terms of ability to repay and that may result in changes in value of underlying collateral. Unique portfolio risk factors may include industry concentrations and geographic concentrations or trends that may exacerbate losses resulting from economic events which the Company may not be able to fully diversify out of its portfolio. | |||||||||
The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||
Residential real estate — The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates, will have an effect on the credit quality in the segment. | |||||||||
Commercial real estate — Loans in this segment are primarily income-producing properties. Also included are loans to educational institutions, hospitals and other non-profit organizations. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management monitors the cash flows of these loans. | |||||||||
Construction loans — Loans in this segment primarily include real estate development loans for which payment is derived from sale of the property as well as construction projects in which the property will ultimately be used by the borrower. Credit risk is affected by cost overruns, time to sell at an adequate price and market conditions. | |||||||||
Commercial and industrial loans — Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. | |||||||||
BANK PREMISES AND EQUIPMENT | |||||||||
Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Land is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the terms of leases, if shorter. It is general practice to charge the cost of maintenance and repairs to operations when incurred; major expenditures for improvements are capitalized and depreciated. | |||||||||
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | |||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identifiable intangible assets consist of core deposit intangibles and are assets resulting from acquisitions that are being amortized over their estimated useful lives. Goodwill and identifiable intangible assets are included in other assets on the consolidated balance sheets. The Company tests goodwill for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the segment (or “reporting unit”) level. Currently, the Company’s goodwill is evaluated at the entity level as there is only one reporting unit. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill. | |||||||||
Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test will be unnecessary. | |||||||||
The first step, in the two-step impairment test, used to identify potential impairment, involves comparing each reporting unit’s fair value to its carrying value including goodwill. If the fair value of a reporting unit exceeds its carrying value, applicable goodwill is considered not to be impaired. If the carrying value exceeds fair value, there is an indication of impairment and the second step is performed to measure the amount of impairment. | |||||||||
SERVICING | |||||||||
The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into loan servicing fee income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets 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 risk 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. Changes in the valuation allowance are reported in loan servicing fee income. | |||||||||
STOCK OPTION ACCOUNTING | |||||||||
The Company follows the fair value recognition provisions of FASB ASC 718, Compensation – Stock Compensation (formerly SFAS 123R) for all share-based payments, using the modified-prospective transition method. The Company’s method of valuation for share-based awards granted utilizes the Black-Scholes option-pricing model, which was also previously used for the Company’s pro forma information required under FASB ASC 718. The Company will recognize compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. | |||||||||
During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were options to purchase an aggregate of 20,375 shares of Class A common stock exercisable at December 31, 2013. | |||||||||
On December 30, 2005, the Board of Directors approved the acceleration and immediate vesting of all unvested options with an exercise price of $31.60 or greater per share. As a consequence, options to purchase 23,950 shares of Class A common stock became exercisable immediately. The average of the high and low price at which the Class A common stock traded on December 30, 2005, the date of the acceleration and vesting, was $29.28 per share. In connection with this acceleration, the Board of Directors approved a technical amendment to each of the Option Plans to eliminate the possibility that the terms of any outstanding or future stock option would require a cash settlement on the occurrence of any circumstance outside the control of the Company. | |||||||||
The Company uses the fair value method to account for stock options. All of the Company’s stock options are vested, and there were no options granted during 2013 and 2012. | |||||||||
INCOME TAXES | |||||||||
The Company uses the asset and liability method in accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
The Company accounts for uncertain tax positions in accordance with FASB ASC 740. | |||||||||
The Company classifies interest resulting from underpayment of income taxes as income tax expense in the first period the interest would begin accruing according to the provisions of the relevant tax law. | |||||||||
The Company classifies penalties resulting from underpayment of income taxes as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company’s judgment changes regarding an uncertain tax position. | |||||||||
TREASURY STOCK | |||||||||
Effective July 1, 2004, companies incorporated in Massachusetts became subject to Chapter 156D of the Massachusetts Business Corporation Act, provisions of which eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. | |||||||||
PENSION | |||||||||
The Company provides pension benefits to its employees under a noncontributory, defined benefit plan, which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. | |||||||||
The Company also has a Supplemental Executive Insurance/Retirement Plan (“the Supplemental Plan”), which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. | |||||||||
Executive officers of the Company or its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary. Individual life insurance policies, which are owned by the Company, are purchased covering the life of each participant. | |||||||||
REVISION OF EPS PRESENTATION | |||||||||
The Company has determined that although the Class A and Class B common stock have different dividend rates, the Company had not applied the two-class method when calculating earnings per share (“EPS”) separately for the Class A and Class B common stock. This resulted in immaterial revisions to previously reported basic EPS for Class A and Class B common stock and diluted EPS for the Class B common stock as summarized below: | |||||||||
For the year ended December 31, 2011: | As previously | As revised | |||||||
reported | |||||||||
Basic EPS – Class A common | $ | 3.01 | $ | 3.68 | |||||
Basic EPS – Class B common | $ | 3.01 | $ | 1.84 | |||||
Diluted EPS – Class A common | $ | 3.01 | $ | 3.01 | |||||
Diluted EPS – Class B common | $ | 3.01 | $ | 1.84 | |||||
RECENT ACCOUNTING DEVELOPMENTS | |||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This ASU clarifies the scope of offsetting disclosure requirements in ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. Under ASU 2013-01, the disclosure requirements would apply to derivative instruments accounted for in accordance with ASC 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement also are affected because these amendments make them no longer subject to the disclosure requirements in ASU No. 2011-11. Effective January 1, 2013, companies are required to disclose (a) gross amounts of recognized assets and liabilities; (b) gross amounts offset in the statement of financial position; (c) net amounts of assets and liabilities presented in the statement of financial position; (d) gross amount subject to enforceable master netting agreement not offset in the statements of financial position; and (e) net amounts after deducting (d) from (c). The disclosure should be presented in tabular format (unless another format is more appropriate) separately for assets and liabilities. The intent of the new disclosure is to enable users of financial statements to understand the effect of those arrangements on its financial position and to allow investors to better compare financial statements prepared under GAAP with financial statements prepared under International Financial Reporting Standards. The Company implemented the provisions of ASU 2011-11 as of January 1, 2013. The adoption of this pronouncement did not have a material effect on the consolidated financial statements. | |||||||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income or as a separate disclosure in the notes to the financial statements. The new standard is effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. The Company has presented a separate footnote (Note 13) as a result of this pronouncement. | |||||||||
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU amends ASC 815 to allow entities to use the Fed Funds Effective Swap Rate, in addition to U.S. Treasury rates and LIBOR, as a benchmark interest rate in accounting for fair value and cash flow hedges in the United States. This ASU also eliminates the provision from ASC 815-20-25-6 that prohibits the use of different benchmark rates for similar hedges except in rate and justifiable circumstances. This ASU is effective prospectively for qualifying new hedging relationship entered into on or after July 17, 2013, and for hedging relationship redesignated on or after that day. As of December 31, 2013, the Company did not have any fair value and cash flow hedges. The adoption of ASU No. 2013-10 did not have a material impact on the Company’s financial statements. | |||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU provides guidance on financial statement presentation of unrecognized tax benefits (“UTBs”) when a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. Under this ASU, an entity must present a UTB, or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset (“DTA”) for an NOL carryforward, a similar tax loss, or a tax credit carryforward except when: (a) an NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; (b) the entity does not intend to use the DTA for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present a UTB in the financial statements as a liability and should not net the UTB with a DTA. New recurring disclosures are not required because the ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. This amendment does not affect the amounts public entities disclose in the tabular reconciliation of the total amounts of UTBs because the tabular reconciliation presents the gross amount of UTBs. This ASU is effective for fiscal years beginning after December 15, 2013, and interim periods within those years. The amendments should be applied to all UTBs that exist as of the effective date. Entities may choose to apply the amendments retrospectively to each prior reporting period presented. As of December 31, 2013, the Company did not have a UTB. Management will assess the applicability of this ASU after it becomes effective in the first quarter of 2014. |
Cash_and_Due_from_Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Cash and Due from Banks | ' |
2. Cash and Due from Banks | |
The Company is required to maintain a portion of its cash and due from banks as a reserve balance under the Federal Reserve Act. Such reserve is calculated based upon deposit levels and amounted to $0 at December 31, 2013, and $9,608,000 at December 31, 2012. |
Securities_AvailableforSale
Securities Available-for-Sale | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ' | ||||||||||||||||||||||||||||||||
3. Securities Available-for-Sale | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,997 | $ | 1 | $ | — | $ | 1,998 | $ | 2,000 | $ | 4 | $ | — | $ | 2,004 | |||||||||||||||||
U.S. Government Sponsored Enterprises | 9,995 | 9 | — | 10,004 | 130,048 | 360 | 68 | 130,340 | |||||||||||||||||||||||||
SBA Backed Securities | 7,270 | 32 | — | 7,302 | 8,043 | 113 | — | 8,156 | |||||||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities | 404,103 | 588 | 1,501 | 403,190 | 1,212,953 | 20,816 | 412 | 1,233,357 | |||||||||||||||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 2,294 | 6 | 23 | 2,277 | 2,938 | 31 | 22 | 2,947 | |||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | 37,578 | 15 | 870 | 36,723 | 55,855 | 41 | 722 | 55,174 | |||||||||||||||||||||||||
Other Debt Securities | 2,300 | — | 125 | 2,175 | 2,300 | — | 47 | 2,253 | |||||||||||||||||||||||||
Equity Securities | 406 | 170 | — | 576 | 458 | 112 | — | 570 | |||||||||||||||||||||||||
Total | $ | 465,943 | $ | 821 | $ | 2,519 | $ | 464,245 | $ | 1,414,595 | $ | 21,477 | $ | 1,271 | $ | 1,434,801 | |||||||||||||||||
Included in U.S. Government Sponsored Enterprise Securities and U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $368,137,000 and $665,028,000 at December 31, 2013 and 2012, respectively. Also included in securities available-for-sale at fair value are securities pledged for borrowing at the Federal Home Loan Bank amounting to $12,214,000 and $220,313,000 at December 31, 2013 and 2012, respectively. The Company realized gains on sales of securities of $3,019,000, $1,843,000 and $1,940,000 from the proceeds of sales of available-for-sale securities of $224,045,000, $294,881,000 and $75,615,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||
Debt securities of Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac. | |||||||||||||||||||||||||||||||||
The following table shows the estimated maturity distribution of the Company’s securities available-for-sale at December 31, 2013. | |||||||||||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 36,942 | $ | 36,964 | |||||||||||||||||||||||||||||
After one but within five years | 180,676 | 180,540 | |||||||||||||||||||||||||||||||
After five but within ten years | 238,822 | 238,018 | |||||||||||||||||||||||||||||||
More than ten years | 7,597 | 6,771 | |||||||||||||||||||||||||||||||
Nonmaturing | 1,906 | 1,952 | |||||||||||||||||||||||||||||||
Total | $ | 465,943 | $ | 464,245 | |||||||||||||||||||||||||||||
The weighted average remaining life of investment securities available-for-sale at December 31, 2013, was 5.1 years. The contractual maturities, which were used in the table above, of mortgage-backed securities, will differ from the actual maturities due to the ability of the issuers to prepay underlying obligations. Also, $415,692,000 of the securities are floating rate or adjustable rate and reprice prior to maturity. | |||||||||||||||||||||||||||||||||
The Company transferred $987,037,000 of securities with unrealized losses of $25,333,000 from available-for-sale to held-to-maturity during 2013. | |||||||||||||||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of its remaining amortized cost. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The change in the unrealized losses on the state and municipal securities and the nonagency mortgage-backed securities was primarily caused by changes in credit spreads and liquidity issues in the marketplace. | |||||||||||||||||||||||||||||||||
The unrealized loss on U.S. Government Sponsored Enterprises and U.S. Government Sponsored Enterprises Mortgage Backed Securities related primarily to interest rates and not credit quality and because the Company has the ability and intent to hold these investments until recovery of fair value, which may be maturity. The Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. In the case of privately issued mortgage-backed securities, the performance of the underlying loans is analyzed as deemed necessary to determine the estimated future cash flows of the securities. Factors considered include the level of subordination, current and estimated future default rates, current and estimated prepayment rates, estimated loss severity rates, geographic concentrations and origination dates of underlying loans. In the case of marketable equity securities, the severity of the unrealized loss, the length of time the unrealized loss has existed, and the issuer’s financial performance are considered. | |||||||||||||||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 47 and 7 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 234 holdings at December 31, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprise | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities | 289,709 | 1,352 | 24,557 | 149 | 314,266 | 1,501 | |||||||||||||||||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 1,486 | 23 | — | — | 1,486 | 23 | |||||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | — | — | 3,820 | 870 | 3,820 | 870 | |||||||||||||||||||||||||||
Other Debt Securities | — | — | 1,376 | 125 | 1,376 | 125 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 291,195 | $ | 1,375 | $ | 29,753 | $ | 1,144 | $ | 320,948 | $ | 2,519 | |||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 7 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 458 holdings at December 31, 2012. | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprise | $ | 34,967 | $ | 68 | $ | — | $ | — | $ | 34,967 | $ | 68 | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities | 93,006 | 383 | 10,169 | 29 | 103,175 | 412 | |||||||||||||||||||||||||||
Privately Issued Residential Mortgage-Backed Securities | — | — | 1,863 | 22 | 1,863 | 22 | |||||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | — | — | 3,963 | 722 | 3,963 | 722 | |||||||||||||||||||||||||||
Other Debt Securities | — | — | 1,453 | 47 | 1,453 | 47 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 127,973 | $ | 451 | $ | 17,448 | $ | 820 | $ | 145,421 | $ | 1,271 | |||||||||||||||||||||
Investment_Securities_HeldtoMa
Investment Securities Held-to-Maturity | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | ' | ||||||||||||||||||||||||||||||||
4. Investment Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | Value | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprise | $ | 291,779 | $ | 185 | $ | 5,043 | $ | 286,921 | $ | 17,747 | $ | 19 | $ | 8 | $ | 17,758 | |||||||||||||||||
U.S. Government Sponsored Enterprise Mortgage-Backed Securities | 1,196,105 | 2,239 | 20,816 | 1,177,528 | 257,760 | 6,480 | 74 | 264,166 | |||||||||||||||||||||||||
Total | $ | 1,487,884 | $ | 2,424 | $ | 25,859 | $ | 1,464,449 | $ | 275,507 | $ | 6,499 | $ | 82 | $ | 281,924 | |||||||||||||||||
Included in U.S. Government and Agency Securities are securities pledged to secure public deposits and repurchase agreements at fair value amounting to $732,144,000 and $149,366,000 at December 31, 2013, and 2012, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank at fair value amounting to $510,060,000 and $103,617,000 at December 31, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, all mortgage-backed securities are obligations of U.S. Government Sponsored Enterprises. Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac. | |||||||||||||||||||||||||||||||||
The following table shows the maturity distribution of the Company’s securities held-to-maturity at December 31, 2013. | |||||||||||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 5,689 | $ | 5,672 | |||||||||||||||||||||||||||||
After one but within five years | 827,333 | 818,936 | |||||||||||||||||||||||||||||||
After five but within ten years | 653,784 | 638,750 | |||||||||||||||||||||||||||||||
More than ten years | 1,078 | 1,091 | |||||||||||||||||||||||||||||||
Total | $ | 1,487,884 | $ | 1,464,449 | |||||||||||||||||||||||||||||
The weighted average remaining life of investment securities held-to-maturity at December 31, 2013, was 5.2 years. Included in the weighted average remaining life calculation at December 31, 2013, were $224,663,000 of U.S. Government Sponsored Enterprises obligations that are callable at the discretion of the issuer. The actual maturities, which were used in the table above, of mortgage-backed securities, will differ from the contractual maturities due to the ability of the issuers to prepay underlying obligations. | |||||||||||||||||||||||||||||||||
The Company transferred $987,037,000 of securities with unrealized losses of $25,333,000 from available-for-sale to held-to-maturity during 2013. | |||||||||||||||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of their remaining amortized costs. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. | |||||||||||||||||||||||||||||||||
The unrealized loss on U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. | |||||||||||||||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 191 and 13 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 300 holdings at December 31, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 232,535 | $ | 5,043 | $ | — | $ | — | $ | 232,535 | $ | 5,043 | |||||||||||||||||||||
U.S. Government Agency and Sponsored | |||||||||||||||||||||||||||||||||
Enterprise Mortgage-Backed Securities | 931,180 | 18,654 | 80,362 | 2,162 | 1,011,542 | 20,816 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 1,163,715 | $ | 23,697 | $ | 80,362 | $ | 2,162 | $ | 1,244,077 | $ | 25,859 | |||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 3 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 96 holdings at December 31, 2012. | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 9,994 | $ | 8 | $ | — | $ | — | $ | 9,994 | $ | 8 | |||||||||||||||||||||
U.S. Government Agency and Sponsored | |||||||||||||||||||||||||||||||||
Enterprise Mortgage-Backed Securities | 8,936 | 50 | 5,371 | 24 | 14,307 | 74 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 18,930 | $ | 58 | $ | 5,371 | $ | 24 | $ | 24,301 | $ | 82 | |||||||||||||||||||||
Loans
Loans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Loans | ' | ||||||||||||
5. Loans | |||||||||||||
The majority of the Bank’s lending activities are conducted in Massachusetts. The Bank originates construction, commercial and residential real estate loans, commercial and industrial loans, consumer, home equity and other loans for its portfolio. | |||||||||||||
The following summary shows the composition of the loan portfolio at the dates indicated. | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(dollars in thousands) | |||||||||||||
Construction and land development | $ | 33,058 | $ | 38,618 | |||||||||
Commercial and industrial | 92,402 | 88,475 | |||||||||||
Commercial real estate | 713,327 | 576,465 | |||||||||||
Residential real estate | 286,041 | 281,857 | |||||||||||
Consumer | 8,824 | 6,823 | |||||||||||
Home equity | 130,277 | 118,923 | |||||||||||
Overdrafts | 834 | 627 | |||||||||||
Total | $ | 1,264,763 | $ | 1,111,788 | |||||||||
At December 31, 2013, and December 31, 2012, loans were carried net of discounts of $454,000 and $498,000, respectively. Net deferred fees included in loans at December 31, 2013, and December 31, 2012, were $174,000 and $369,000, respectively. | |||||||||||||
The Company was servicing mortgage loans sold to others without recourse of approximately $109,301,000 and $26,786,000 at December 31, 2013, and December 31, 2012, respectively. The Company had no residential real estate loans held for sale at December 31, 2013 and had $9,378,000 at December 31, 2012. | |||||||||||||
As of December 31, 2013 and 2012, the Company’s recorded investment in impaired loans was $7,788,000 and $5,925,000, respectively. If an impaired loan is placed on nonaccrual, the loan may be returned to an accrual status when principal and interest payments are not delinquent and the risk characteristics have improved to the extent that there no longer exists a concern as to the collectibility of principal and interest. At December 31, 2013, there were $6,723,000 of impaired loans with a specific reserve of $1,019,000. At December 31, 2012, there were $5,223,000 of impaired loans with a specific reserve of $1,732,000. | |||||||||||||
Loans are designated as troubled debt restructures when a concession is made on a credit as a result of financial difficulties of the borrower. Typically, such concessions consist of a reduction in interest rate to a below-market rate, taking into account the credit quality of the note, or a deferment of payments, principal or interest, which materially alters the Bank’s position or significantly extends the note’s maturity date, such that the present value of cash flows to be received is materially less than those contractually established at the loan’s origination. Restructured loans are included in the impaired loan category. | |||||||||||||
The composition of nonaccrual loans and impaired loans is as follows: | |||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
Loans on nonaccrual | $ | 2,549 | $ | 4,471 | $ | 5,827 | |||||||
Loans 90 days past due and still accruing | — | — | 18 | ||||||||||
Impaired loans on nonaccrual included above | 1,819 | 2,878 | 3,468 | ||||||||||
Total recorded investment in impaired loans | 7,788 | 5,925 | 8,102 | ||||||||||
Average recorded investment of impaired loans | 6,776 | 7,043 | 10,284 | ||||||||||
Accruing troubled debt restructures | 5,969 | 3,048 | 4,634 | ||||||||||
Interest income not recorded on nonaccrual loans according to their original terms | 711 | 753 | 846 | ||||||||||
Interest income on nonaccrual loans actually recorded | — | — | — | ||||||||||
Interest income recognized on impaired loans | 161 | 180 | 155 | ||||||||||
Directors and officers of the Company and their associates are customers of, and have other transactions with, the Company in the normal course of business. All loans and commitments included in such transactions were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and do not involve more than normal risk of collection or present other unfavorable features. | |||||||||||||
The following table shows the aggregate amount of loans to directors and officers of the Company and their associates during 2013. | |||||||||||||
Balance at | Additions | Repayments | Balance at | ||||||||||
December 31, 2012 | and Deletions | December 31, 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
$4,663 | $ | 310 | $ | 269 | $ | 4,704 |
Allowance_for_Loan_Losses
Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
6. Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
The Company maintains an allowance for loan losses in an amount determined by management on the basis of the character of the loans, loan performance, financial condition of borrowers, the value of collateral securing loans and other relevant factors. The following table summarizes the changes in the Company’s allowance for loan losses for the years indicated. | |||||||||||||||||||||||||||||||||
An analysis of the allowance for loan losses for each of the three years ending December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses, beginning of year | $ | 19,197 | $ | 16,574 | $ | 14,053 | |||||||||||||||||||||||||||
Loans charged-off | (1,813 | ) | (2,301 | ) | (2,824 | ) | |||||||||||||||||||||||||||
Recoveries on loans previously charged-off | 847 | 774 | 795 | ||||||||||||||||||||||||||||||
Net charge-offs | (966 | ) | (1,527 | ) | (2,029 | ) | |||||||||||||||||||||||||||
Provision charged to expense | 2,710 | 4,150 | 4,550 | ||||||||||||||||||||||||||||||
Allowance for loan losses, end of year | $ | 20,941 | $ | 19,197 | $ | 16,574 | |||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND AMOUNT OF INVESTMENTS IN LOANS | |||||||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real Estate | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,041 | $ | 3,118 | $ | 9,065 | $ | 1,994 | $ | 333 | $ | 886 | $ | 760 | $ | 19,197 | |||||||||||||||||
Charge-offs | (1,000 | ) | (234 | ) | — | — | (579 | ) | — | — | (1,813 | ) | |||||||||||||||||||||
Recoveries | — | 389 | 19 | 11 | 427 | 1 | — | 847 | |||||||||||||||||||||||||
EAProvision | 133 | (284 | ) | 2,134 | 1 | 251 | 72 | 403 | 2,710 | ||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 2,174 | $ | 2,989 | $ | 11,218 | $ | 2,006 | $ | 432 | $ | 959 | $ | 1,163 | $ | 20,941 | |||||||||||||||||
Amount of allowance for loan losses for loans deemed to be impaired | $ | 12 | $ | 367 | $ | 417 | $ | 129 | $ | — | $ | 94 | $ | — | $ | 1,019 | |||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 2,162 | $ | 2,622 | $ | 10,801 | $ | 1,877 | $ | 432 | $ | 865 | $ | 1,163 | $ | 19,922 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 33,058 | $ | 92,402 | $ | 713,327 | $ | 286,041 | $ | 9,658 | $ | 130,277 | $ | — | $ | 1,264,763 | |||||||||||||||||
Loans deemed to be impaired | $ | 608 | $ | 1,367 | $ | 4,520 | $ | 1,199 | $ | — | $ | 94 | $ | — | $ | 7,788 | |||||||||||||||||
Loans not deemed to be impaired | $ | 32,450 | $ | 91,035 | $ | 708,807 | $ | 284,842 | $ | 9,658 | $ | 130,183 | $ | — | $ | 1,256,975 | |||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2012 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real Estate | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,893 | $ | 3,139 | $ | 6,566 | $ | 1,886 | $ | 356 | $ | 704 | $ | 1,030 | $ | 16,574 | |||||||||||||||||
Charge-offs | — | (1,253 | ) | — | (192 | ) | (697 | ) | (159 | ) | — | (2,301 | ) | ||||||||||||||||||||
Recoveries | — | 307 | 9 | 17 | 422 | 19 | — | 774 | |||||||||||||||||||||||||
Provision | 148 | 925 | 2,490 | 283 | 252 | 322 | (270 | ) | 4,150 | ||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 3,041 | $ | 3,118 | $ | 9,065 | $ | 1,994 | $ | 333 | $ | 886 | $ | 760 | $ | 19,197 | |||||||||||||||||
Amount of allowance for loan losses or loans deemed to be impaired | $ | 1,000 | $ | 104 | $ | 415 | $ | 117 | $ | — | $ | 96 | $ | — | $ | 1,732 | |||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 2,041 | $ | 3,014 | $ | 8,650 | $ | 1,877 | $ | 333 | $ | 790 | $ | 760 | $ | 17,465 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 38,618 | $ | 88,475 | $ | 576,465 | $ | 281,857 | $ | 7,450 | $ | 118,923 | $ | — | $ | 1,111,788 | |||||||||||||||||
Loans deemed to be impaired | $ | 1,500 | $ | 1,282 | $ | 2,281 | $ | 766 | $ | — | $ | 96 | $ | — | $ | 5,925 | |||||||||||||||||
Loans not deemed to be impaired | $ | 37,118 | $ | 87,193 | $ | 574,184 | $ | 281,091 | $ | 7,450 | $ | 118,827 | $ | — | $ | 1,105,863 | |||||||||||||||||
CREDIT QUALITY INFORMATION | |||||||||||||||||||||||||||||||||
The Company utilizes a six-grade internal loan rating system for commercial real estate, construction and commercial loans as follows: | |||||||||||||||||||||||||||||||||
Loans rated 1-3 (Pass) — Loans in this category are considered “pass” rated loans with low to average risk. | |||||||||||||||||||||||||||||||||
Loans rated 4 (Monitor) — These loans represent classified loans that management is closely monitoring for credit quality. These loans have had or may have minor credit quality deterioration as of December 31, 2013. | |||||||||||||||||||||||||||||||||
Loans rated 5 (Substandard) — Substandard loans represent classified loans that management is closely monitoring for credit quality. These loans have had more significant credit quality deterioration as of December 31, 2013. | |||||||||||||||||||||||||||||||||
Loans rated 6 (Doubtful) — Doubtful loans represent classified loans that management is closely monitoring for credit quality. These loans had more significant credit quality deterioration as of December 31, 2013, and are doubtful for full collection. | |||||||||||||||||||||||||||||||||
Impaired — Impaired loans represent classified loans that management is closely monitoring for credit quality. A loan is classified as impaired when it is probable that the Company will be unable to collect all amounts due. | |||||||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at December 31, 2013. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and Land | and | Real Estate | |||||||||||||||||||||||||||||||
Development | Industrial | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
1-3 (Pass) | $ | 25,138 | $ | 90,563 | $ | 707,461 | |||||||||||||||||||||||||||
4 (Monitor) | 7,312 | 472 | 1,346 | ||||||||||||||||||||||||||||||
5 (Substandard) | — | — | — | ||||||||||||||||||||||||||||||
6 (Doubtful) | — | — | — | ||||||||||||||||||||||||||||||
Impaired | 608 | 1,367 | 4,520 | ||||||||||||||||||||||||||||||
Total | $ | 33,058 | $ | 92,402 | $ | 713,327 | |||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at December 31, 2012. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and Land | and | Real Estate | |||||||||||||||||||||||||||||||
Development | Industrial | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
1-3 (Pass) | $ | 29,719 | $ | 86,587 | $ | 569,760 | |||||||||||||||||||||||||||
4 (Monitor) | 7,399 | 606 | 4,424 | ||||||||||||||||||||||||||||||
5 (Substandard) | — | — | — | ||||||||||||||||||||||||||||||
6 (Doubtful) | — | — | — | ||||||||||||||||||||||||||||||
Impaired | 1,500 | 1,282 | 2,281 | ||||||||||||||||||||||||||||||
Total | $ | 38,618 | $ | 88,475 | $ | 576,465 | |||||||||||||||||||||||||||
The Company utilized payment performance as credit quality indicators for residential real state, consumer and overdrafts, and the home equity portfolio. The indicators are depicted in the table “aging of past-due loans,” below. | |||||||||||||||||||||||||||||||||
AGING OF PAST-DUE LOANS | |||||||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non | Accruing | Total | Current | Total | ||||||||||||||||||||||||||||
30-89 Days | Accrual | Greater | Past Due | Loans | |||||||||||||||||||||||||||||
Past Due | Than | ||||||||||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 500 | $ | — | $ | 500 | $ | 32,558 | $ | 33,058 | |||||||||||||||||||||
Commercial and industrial | 112 | 706 | — | 818 | 91,584 | 92,402 | |||||||||||||||||||||||||||
Commercial real estate | 1,496 | 306 | — | 1,802 | 711,525 | 713,327 | |||||||||||||||||||||||||||
Residential real estate | 2,232 | 1,034 | — | 3,266 | 282,775 | 286,041 | |||||||||||||||||||||||||||
Consumer and overdrafts | 11 | 3 | — | 14 | 9,644 | 9,658 | |||||||||||||||||||||||||||
Home equity | 1,710 | — | — | 1,710 | 128,567 | 130,277 | |||||||||||||||||||||||||||
Total | $ | 5,561 | $ | 2,549 | $ | — | $ | 8,110 | $ | 1,256,653 | $ | 1,264,763 | |||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2012 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non | Accruing | Total | Current | Total | ||||||||||||||||||||||||||||
30-89 Days | Accrual | Greater | Past Due | Loans | |||||||||||||||||||||||||||||
Past Due | Than | ||||||||||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 1,500 | $ | — | $ | 1,500 | $ | 37,118 | $ | 38,618 | |||||||||||||||||||||
Commercial and industrial | 1,256 | 676 | — | 1,932 | 86,543 | 88,475 | |||||||||||||||||||||||||||
Commercial real estate | 3,450 | 674 | — | 4,124 | 572,341 | 576,465 | |||||||||||||||||||||||||||
Residential real estate | 864 | 1,597 | — | 2,461 | 279,396 | 281,857 | |||||||||||||||||||||||||||
Consumer and overdrafts | 32 | 24 | — | 56 | 7,394 | 7,450 | |||||||||||||||||||||||||||
Home equity | 1,088 | — | — | 1,088 | 117,835 | 118,923 | |||||||||||||||||||||||||||
Total | $ | 6,690 | $ | 4,471 | $ | — | $ | 11,161 | $ | 1,100,627 | $ | 1,111,788 | |||||||||||||||||||||
IMPAIRED LOANS | |||||||||||||||||||||||||||||||||
A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company measures impairment based on a loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Loans are charged-off when management believes that the collectibility of the loan’s principal is not probable. The specific factors that management considers in making the determination that the collectibility of the loan’s principal is not probable include; the delinquency status of the loan, the fair value of the collateral, if secured, and the financial strength of the borrower and/or guarantors. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectible. The Company’s policy for recognizing interest income on impaired loans is contained within Note 1 of the “Notes to Consolidated Financial Statements.” | |||||||||||||||||||||||||||||||||
The following is information pertaining to impaired loans at December 31, 2013: | |||||||||||||||||||||||||||||||||
Carrying | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Value | Balance | Reserve | Carrying | Income | |||||||||||||||||||||||||||||
Principal | Value | ||||||||||||||||||||||||||||||||
Recognized | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 500 | $ | 3,292 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Commercial and industrial | 238 | 268 | — | 361 | 1 | ||||||||||||||||||||||||||||
Commercial real estate | 82 | 82 | — | 132 | — | ||||||||||||||||||||||||||||
Residential real estate | 246 | 259 | — | 169 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 1,066 | $ | 3,901 | $ | — | $ | 662 | $ | 1 | |||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 108 | $ | 108 | $ | 12 | $ | 1,371 | $ | 1 | |||||||||||||||||||||||
Commercial and industrial | 1,129 | 1,371 | 367 | 902 | 37 | ||||||||||||||||||||||||||||
Commercial real estate | 4,438 | 4,527 | 417 | 2,868 | 120 | ||||||||||||||||||||||||||||
Residential real estate | 953 | 1,035 | 129 | 878 | 2 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 95 | — | ||||||||||||||||||||||||||||
Total | $ | 6,722 | $ | 7,135 | $ | 1,019 | $ | 6,114 | $ | 160 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 608 | $ | 3,400 | $ | 12 | $ | 1,371 | $ | 1 | |||||||||||||||||||||||
Commercial and industrial | 1,367 | 1,639 | 367 | 1,263 | 38 | ||||||||||||||||||||||||||||
Commercial real estate | 4,520 | 4,609 | 417 | 3,000 | 120 | ||||||||||||||||||||||||||||
Residential real estate | 1,199 | 1,294 | 129 | 1,047 | 2 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 95 | — | ||||||||||||||||||||||||||||
Total | $ | 7,788 | $ | 11,036 | $ | 1,019 | $ | 6,776 | $ | 161 | |||||||||||||||||||||||
The following is information pertaining to impaired loans at December 31, 2012: | |||||||||||||||||||||||||||||||||
Carrying | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Value | Balance | Reserve | Carrying | Income | |||||||||||||||||||||||||||||
Principal | Value | Recognized | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | — | $ | — | $ | 346 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 503 | 994 | — | 425 | 1 | ||||||||||||||||||||||||||||
Commercial real estate | 169 | 199 | — | 176 | — | ||||||||||||||||||||||||||||
Residential real estate | 30 | 31 | — | 124 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 702 | $ | 1,224 | $ | — | $ | 1,071 | $ | 1 | |||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,154 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 779 | 995 | 104 | 1,317 | 40 | ||||||||||||||||||||||||||||
Commercial real estate | 2,112 | 2,158 | 415 | 2,817 | 138 | ||||||||||||||||||||||||||||
Residential real estate | 736 | 736 | 117 | 640 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 44 | — | ||||||||||||||||||||||||||||
Total | $ | 5,223 | $ | 7,277 | $ | 1,732 | $ | 5,972 | $ | 179 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,500 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 1,282 | 1,989 | 104 | 1,742 | 41 | ||||||||||||||||||||||||||||
Commercial real estate | 2,281 | 2,357 | 415 | 2,993 | 138 | ||||||||||||||||||||||||||||
Residential real estate | 766 | 767 | 117 | 764 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 44 | — | ||||||||||||||||||||||||||||
Total | $ | 5,925 | $ | 8,501 | $ | 1,732 | $ | 7,043 | $ | 180 | |||||||||||||||||||||||
Troubled Debt Restructurings are identified as a modification in which a concession was granted to a customer who was having financial difficulties. This concession may be below market rate, longer amortization/term, or a lower payment amount. The present value calculation of the modification did not result in an increase in the allowance for these loans beyond any previously established allocations. | |||||||||||||||||||||||||||||||||
The following is information pertaining to troubled debt restructurings occurring during the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Number | Pre-modification | Post-modification | |||||||||||||||||||||||||||||||
of | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Contracts | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | 1 | $ | 108 | $ | 108 | ||||||||||||||||||||||||||||
Commercial and industrial | 2 | 67 | 64 | ||||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,376 | 2,356 | ||||||||||||||||||||||||||||||
Residential real estate | 1 | 285 | 162 | ||||||||||||||||||||||||||||||
Total | 7 | $ | 2,836 | $ | 2,690 | ||||||||||||||||||||||||||||
There was one commercial and industrial troubled debt restructuring, that subsequently defaulted amounting to $6,000 during 2013. The loans were modified for 2013, by reducing interest rates as well as extending term on the commercial and industrial loan. The financial impact of the modifications for performing commercial and industrial loans were $808 reduction in principal and $606 reduction in interest payments for the year ended December 31, 2013. The financial impact of the modifications for performing commercial real estate loans were $5,246 increase in principal and $23,227 reduction in interest payments for the year ended December 31, 2013. The financial impact of the modifications for performing construction and land development loans were $1,515 reduction in principal and $1,098 reduction in interest payments for the year ended December 31, 2013. The financial impact of the modifications for performing residential real estate loans were $4,704 reduction in principal and $4,104 reduction in interest payments for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
The following is information pertaining to troubled debt restructurings occurring during the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Number of | Pre-modification | Post-modification | |||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | 1 | $ | 750 | $ | 736 | ||||||||||||||||||||||||||||
Commercial and industrial | 1 | 6 | 6 | ||||||||||||||||||||||||||||||
Commercial real estate | 1 | 98 | 96 | ||||||||||||||||||||||||||||||
Total | 3 | $ | 854 | $ | 838 | ||||||||||||||||||||||||||||
There were no troubled debt restructurings, that subsequently defaulted, during 2012. The loans were modified during 2012, for the commercial and industrial, and residential real estate loans, by reducing interest rates as well as extending the terms of the loans. The financial impact of the modification for the performing commercial and industrial loan was a $6,000 reduction in principal payments for the year ended December 31, 2012. The financial impact of the modification for performing residential real estate loan was an $8,000 reduction in interest payments for the year ended December 31, 2012. |
Bank_Premises_and_Equipment
Bank Premises and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Bank Premises and Equipment | ' | ||||||||||||
7. Bank Premises and Equipment | |||||||||||||
December 31, | 2013 | 2012 | Estimated Useful Life | ||||||||||
(dollars in thousands) | |||||||||||||
Land | $ | 3,478 | $ | 3,478 | — | ||||||||
Bank premises | 19,235 | 18,353 | 30-39 years | ||||||||||
Furniture and equipment | 31,965 | 31,319 | 3-10 years | ||||||||||
Leasehold improvements | 10,010 | 9,930 | 30-39 years or lease term | ||||||||||
64,688 | 63,080 | ||||||||||||
Accumulated depreciation and amortization | (41,288 | ) | (39,181 | ) | |||||||||
Total | $ | 23,400 | $ | 23,899 | |||||||||
The Company and its subsidiaries are obligated under a number of non-cancelable operating leases for premises and equipment expiring in various years through 2026. Total lease expense approximated $2,094,000, $2,055,000 and $2,007,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Rental income approximated $299,000, $329,000 and $455,000 in 2013, 2012 and 2011, respectively. | |||||||||||||
Future minimum rental commitments for non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2013, were as follows: | |||||||||||||
Year | Amount | ||||||||||||
(dollars in thousands) | |||||||||||||
2014 | $ | 2,070 | |||||||||||
2015 | 1,824 | ||||||||||||
2016 | 1,675 | ||||||||||||
2017 | 1,235 | ||||||||||||
2018 | 1,035 | ||||||||||||
Thereafter | 2,816 | ||||||||||||
$ | 10,655 |
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Identifiable Intangible Assets | ' | ||||||||||||||||
8. Goodwill and Identifiable Intangible Assets | |||||||||||||||||
At December 31, 2013 and 2012, the Company concluded that it is not more likely than not that fair value of the reporting unit is less than its carrying value, and goodwill is not considered to be impaired. | |||||||||||||||||
During the full year of 2011, the Company’s Class A common stock traded close to or above book value per share. Accordingly, at December 31, 2011, management measured for impairment utilizing the fair value of the reporting unit based on the recent stock price of the Company. | |||||||||||||||||
The changes in goodwill and identifiable intangible assets for the years ended December 31, 2013 and 2012 are shown in the table below. | |||||||||||||||||
Carrying Amount of Goodwill and Intangibles | Goodwill | Core Deposit | Mortgage | Total | |||||||||||||
Intangibles | Servicing | ||||||||||||||||
Rights | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 2,714 | $ | 120 | $ | 123 | $ | 2,957 | |||||||||
Additions | — | — | 48 | 48 | |||||||||||||
Amortization Expense | — | (120 | ) | (34 | ) | (154 | ) | ||||||||||
Balance at December 31, 2012 | $ | 2,714 | $ | — | 137 | $ | 2,851 | ||||||||||
Additions | — | — | 653 | 653 | |||||||||||||
Amortization Expense | — | — | (87 | ) | (87 | ) | |||||||||||
Balance at December 31, 2013 | $ | 2,714 | $ | — | 703 | $ | 3,417 | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
9. Fair Value Measurements | |||||||||||||||||
The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures (formerly SFAS 157, “Fair Value Measurements”), which among other things, requires enhanced disclosures about assets and liabilities carried at fair value. ASC 820-10 establishes a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. The three broad levels of the hierarchy are as follows: | |||||||||||||||||
Level I — Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices such as G-7 government, agency securities, listed equities and money market securities, as well as listed derivative instruments. | |||||||||||||||||
Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments which are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and OTC derivatives. | |||||||||||||||||
Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Instruments that are included in this category generally include certain commercial mortgage loans, certain private equity investments, distressed debt, non-investment grade residual interests in securitizations, as well as certain highly structured OTC derivative contracts. | |||||||||||||||||
The results of the fair value hierarchy as of December 31, 2013, are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Value | in Active Markets | Observable | Other | ||||||||||||||
for Identical Assets | Inputs | Unobservable | |||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS | |||||||||||||||||
U.S. Treasury | $ | 1,998 | $ | — | $ | 1,998 | $ | — | |||||||||
U.S. Government Sponsored Enterprises | 10,004 | — | 10,004 | — | |||||||||||||
SBA Backed Securities | 7,302 | — | 7,302 | — | |||||||||||||
U.S. Government Agency and Sponsored Enterprises | |||||||||||||||||
Mortgage-Backed Securities | 403,189 | — | 403,189 | — | |||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 2,277 | — | 2,277 | — | |||||||||||||
Obligations Issued by States and Political Subdivisions | 36,723 | — | 416 | 36,307 | |||||||||||||
Other Debt Securities | 2,176 | — | 2,176 | — | |||||||||||||
Equity Securities | 576 | 286 | — | 290 | |||||||||||||
Total | $ | 464,245 | $ | 286 | $ | 427,362 | $ | 36,597 | |||||||||
Financial Instruments Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||
Impaired Loans | $ | 1,747 | $ | — | $ | — | $ | 1,747 | |||||||||
Impaired loan balances in the table above represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category. | |||||||||||||||||
Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. The types of adjustments that are made to specific provisions (credits) relate to impaired loans recognized for 2013 for the estimated credit loss amounted to $48,000. | |||||||||||||||||
There were no transfers between level 1 and 2 for the year ended December 31, 2013. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 31, 2013. | |||||||||||||||||
The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2013. Management continues to monitor the assumptions used to value the assets listed below. | |||||||||||||||||
Asset | Fair Value | Valuation Technique | Unobservable Input | Unobservable Input | |||||||||||||
Value or Range | |||||||||||||||||
Securities AFS(1) | $ | 36,597 | Discounted cash flow | Discount rate | 0%-1%(2) | ||||||||||||
Impaired Loans | 1,747 | Appraisal of collateral(3) | Appraisal adjustments(4) | 0%-25% discount | |||||||||||||
-1 | Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. | ||||||||||||||||
-2 | Weighted averages. | ||||||||||||||||
-3 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||
-4 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. | ||||||||||||||||
The changes in Level 3 securities for the year ended December 31, 2013 are as shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
and Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 3,963 | $ | 49,477 | $ | 342 | $ | 53,782 | |||||||||
Purchases | — | 50,012 | — | 50,012 | |||||||||||||
Maturities | — | (66,976 | ) | (52 | ) | (67,028 | ) | ||||||||||
Amortization | — | (26 | ) | — | (26 | ) | |||||||||||
Change in fair value | (143 | ) | — | — | (143 | ) | |||||||||||
Balance at December 31, 2013 | $ | 3,820 | $ | 32,487 | $ | 290 | $ | 36,597 | |||||||||
The amortized cost of Level 3 securities was $37,463,000 with an unrealized loss of $866,000 at December 31, 2013. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. | |||||||||||||||||
The results of the fair value hierarchy as of December 31, 2012, are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Value | in Active Markets | Observable | Other Unobservable | ||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS | |||||||||||||||||
U.S. Treasury | $ | 2,004 | $ | — | $ | 2,004 | $ | — | |||||||||
U.S. Government Sponsored Enterprises | 130,340 | — | 130,340 | — | |||||||||||||
SBA Backed Securities | 8,156 | — | 8,156 | — | |||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities | 1,233,357 | — | 1,233,357 | — | |||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 2,947 | — | 2,947 | — | |||||||||||||
Privately Issued Commercial Mortgage-Backed Securities | — | — | — | — | |||||||||||||
Obligations Issued by States and Political Subdivisions | 55,174 | — | 1,734 | 53,440 | |||||||||||||
Other Debt Securities | 2,253 | — | 2,253 | — | |||||||||||||
Equity Securities | 570 | 228 | — | 342 | |||||||||||||
Total | $ | 1,434,801 | $ | 228 | $ | 1,380,791 | $ | 53,782 | |||||||||
Financial Instruments Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||
Impaired Loans | $ | 3,587 | $ | — | $ | — | $ | 3,587 | |||||||||
Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. Specific provisions relate to impaired loans recognized for 2012 for the estimated credit loss amounted to $1,909,000. | |||||||||||||||||
There were no transfers between level 1 and 2 for the year ended December 31, 2012. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 31, 2012. | |||||||||||||||||
The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2012. Management continues to monitor the assumptions used to value the assets listed below. | |||||||||||||||||
Asset | Fair Value | Valuation Technique | Unobservable Input | Unobservable Input | |||||||||||||
Unobservable Input | |||||||||||||||||
Value or Range | |||||||||||||||||
Securities AFS(1) | $ | 53,782 | Discounted cash flow | Discount rate | 0%-1%(2) | ||||||||||||
Impaired Loans | 3,587 | Appraisal of collateral(3) | Appraisal adjustments(4) | 0%-25% discount | |||||||||||||
-1 | Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. | ||||||||||||||||
(2) | Weighted averages. | ||||||||||||||||
(3) | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||
(4) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. | ||||||||||||||||
The changes in Level 3 securities for the year ended December 31, 2012 are as shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
and Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 3,725 | $ | 14,772 | $ | 417 | $ | 18,914 | |||||||||
Purchases | — | 90,960 | — | 90,960 | |||||||||||||
Maturities | — | (56,214 | ) | (75 | ) | (56,289 | ) | ||||||||||
Amortization | — | (41 | ) | — | (41 | ) | |||||||||||
Change in fair value | 238 | — | — | 238 | |||||||||||||
Balance at December 31, 2012 | $ | 3,963 | $ | 49,477 | $ | 342 | $ | 53,782 | |||||||||
The amortized cost of Level 3 securities was $54,504,000 with an unrealized loss of $722,000 at December 31, 2012. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. |
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
10. Deposits | |||||||||||||||||
The following is a summary of remaining maturities or re-pricing of time deposits as of December 31, | |||||||||||||||||
2013 | Percent | 2012 | Percent | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Within one year | $ | 248,758 | 65 | % | $ | 299,456 | 71 | % | |||||||||
Over one year to two years | 41,533 | 11 | % | 67,918 | 16 | % | |||||||||||
Over two years to three years | 48,357 | 13 | % | 19,834 | 5 | % | |||||||||||
Over three years to five years | 43,576 | 11 | % | 32,775 | 8 | % | |||||||||||
Total | $ | 382,224 | 100 | % | $ | 419,983 | 100 | % | |||||||||
Time deposits of $100,000 or more totaled $259,665,000 and $287,048,000 in 2013 and 2012, respectively. |
Securities_Sold_under_Agreemen
Securities Sold under Agreements to Repurchase | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Securities Sold under Agreements to Repurchase | ' | ||||||||||||
11. Securities Sold Under Agreements to Repurchase | |||||||||||||
The following is a summary of securities sold under agreements to repurchase as of December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Amount outstanding at December 31 | $ | 214,440 | $ | 191,390 | $ | 143,320 | |||||||
Weighted average rate at December 31 | 0.18 | % | 0.17 | % | 0.24 | % | |||||||
Maximum amount outstanding at any month end | $ | 214,440 | $ | 213,730 | $ | 152,267 | |||||||
Daily average balance outstanding during the year | $ | 203,888 | $ | 174,624 | $ | 129,137 | |||||||
Weighted average rate during the year | 0.18 | % | 0.21 | % | 0.29 | % | |||||||
Amounts outstanding at December 31, 2013, 2012 and 2011 carried maturity dates of the next business day. U.S. Government Sponsored Enterprise securities with a total amortized cost of $216,747,000, $187,995,000 and $140,891,000 were pledged as collateral and held by custodians to secure the agreements at December 31, 2013, 2012 and 2011, respectively. The approximate fair value of the collateral at those dates was $213,350,000, $191,704,000, and $143,212,000, respectively. |
Other_Borrowed_Funds_and_Subor
Other Borrowed Funds and Subordinated Debentures | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Other Borrowed Funds and Subordinated Debentures | ' | ||||||||||||||||||||||||
12. Other Borrowed Funds and Subordinated Debentures | |||||||||||||||||||||||||
The following is a summary of other borrowed funds and subordinated debentures as of December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amount outstanding at December 31 | $ | 291,227 | $ | 231,227 | $ | 280,226 | |||||||||||||||||||
Weighted average rate at December 31 | 3.04 | % | 3.54 | % | 2.85 | % | |||||||||||||||||||
Maximum amount outstanding at any month end | $ | 291,227 | $ | 277,226 | $ | 280,226 | |||||||||||||||||||
Daily average balance outstanding during the year | $ | 231,032 | $ | 217,542 | $ | 202,209 | |||||||||||||||||||
Weighted average rate during the year | 3.73 | % | 3.82 | % | 3.85 | % | |||||||||||||||||||
FEDERAL HOME LOAN BANK BORROWINGS | |||||||||||||||||||||||||
Federal Home Loan Bank of Boston (“FHLBB”) borrowings are collateralized by a blanket pledge agreement on the Bank’s FHLBB stock, certain qualified investment securities, deposits at the FHLBB and residential mortgages held in the Bank’s portfolios. The Bank’s remaining term borrowing capacity at the FHLBB at December 31, 2013, was approximately $423,143,000. In addition, the Bank has a $14,500,000 line of credit with the FHLBB. A schedule of the maturity distribution of FHLBB advances with the weighted average interest rates is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
December 31, | Amount | Weighted | Amount | Weighted | Amount | Weighted | |||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Rate | Rate | Rate | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Within one year | $ | 53,000 | 0.4 | % | $ | 46,000 | 1.86 | % | $ | 81,500 | 0.42 | % | |||||||||||||
Over one year to two years | 19,500 | 2.42 | % | 17,500 | 3.01 | % | 23,500 | 3.34 | % | ||||||||||||||||
Over two years to three years | 55,000 | 3.07 | % | 19,500 | 2.42 | % | 17,500 | 3.01 | % | ||||||||||||||||
Over three years to five years | 77,000 | 3.05 | % | 90,000 | 3.33 | % | 74,500 | 2.9 | % | ||||||||||||||||
Over five years | 50,500 | 3.39 | % | 22,000 | 4.19 | % | 47,000 | 4.38 | % | ||||||||||||||||
Total | $ | 255,000 | 2.52 | % | $ | 195,000 | 2.96 | % | $ | 244,000 | 2.41 | % | |||||||||||||
Included in the table above are $35,000,000 of FHLBB advances for each of the years at December 31, 2013, 2012 and 2011, respectively, that are putable at the discretion of FHLBB. These put dates were not utilized in the table above. | |||||||||||||||||||||||||
During 2013, the Company restructured $14,500,000 of FHLBB advances. Prior to restructure, the weighted average rate on these advances was 3.16% and the weighted average remaining maturity was 12 months. Subsequent to restructure, the weighted average rate was 3.24% and the weighted average maturity was 68 months. The restructures were accounted for as modifications. | |||||||||||||||||||||||||
During 2011, the Company restructured $18,000,000 of FHLBB advances. Prior to restructure, the weighted average rate on these advances was 4.45% and the weighted average remaining maturity was 25 months. Subsequent to restructure, the weighted average rate was 3.50% and the weighted average maturity was 60 months. The restructures were accounted for as modifications. | |||||||||||||||||||||||||
SUBORDINATED DEBENTURES | |||||||||||||||||||||||||
Subordinated debentures totaled $36,083,000 at December 31, 2013 and 2012. In May 1998, the Company consummated the sale of a trust preferred securities offering, in which it issued $29,639,000 of subordinated debt securities due 2029 to its newly formed unconsolidated subsidiary Century Bancorp Capital Trust. Century Bancorp Capital Trust then issued 2,875,000 shares of Cumulative Trust Preferred Securities with a liquidation value of $10 per share. These securities pay dividends at an annualized rate of 8.30%. The Company redeemed through its subsidiary, Century Bancorp Capital Trust, its 8.30% Trust Preferred Securities on January 10, 2005. | |||||||||||||||||||||||||
In December 2004, the Company consummated the sale of a trust preferred securities offering, in which it issued $36,083,000 of subordinated debt securities due 2034 to its newly formed unconsolidated subsidiary Century Bancorp Capital Trust II. | |||||||||||||||||||||||||
Century Bancorp Capital Trust II then issued 35,000 shares of Cumulative Trust Preferred Securities with a liquidation value of $1,000 per share. These securities pay dividends at an annualized rate of 6.65% for the first ten years and then convert to the three-month LIBOR rate plus 1.87% for the remaining 20 years. | |||||||||||||||||||||||||
OTHER BORROWED FUNDS | |||||||||||||||||||||||||
There were no overnight federal funds purchased at December 31, 2013 and 2012. | |||||||||||||||||||||||||
The Bank also has an outstanding loan in the amount of $144,000 at December 31, 2013 and 2012, borrowed against the cash value of a whole life insurance policy for a key executive of the Bank. |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||
13. Reclassifications Out of Accumulated Other Comprehensive Income(a) | |||||||||||
Amount Reclassified from Accumulated | |||||||||||
Other Comprehensive Income | |||||||||||
Details about Accumulated Other | Year ended | Year ended | Affected line item in the Statement | ||||||||
Comprehensive Income Components | December 31, 2013(a) | December 31, 2012(a) | Where Net Income is Presented | ||||||||
Unrealized gains and losses on available-for-sale securities | $ | 3,019 | $ | 1,843 | Net gains on sales of investments | ||||||
(1,179 | ) | (728 | ) | Provision for income taxes | |||||||
$ | 1,840 | $ | 1,115 | Net income | |||||||
Accretion of unrealized losses transferred | $ | 3,077 | $ | — | Securities held-to-maturity | ||||||
(1,191 | ) | — | Provision for income taxes | ||||||||
$ | 1,886 | $ | — | Net Income | |||||||
Amortization of defined benefit pension items | |||||||||||
Prior-service costs | $ | (10 | ) | $ | (10 | ) | Salaries and employee benefits(b) | ||||
Actuarial gains (losses) | (1,144 | ) | (1,071 | ) | Salaries and employee benefits(b) | ||||||
Total before tax | (1,154 | ) | (1,081 | ) | Income before taxes | ||||||
Tax (expense) or benefit | 460 | 432 | Provision for income taxes | ||||||||
Net of tax | $ | (694 | ) | $ | (649 | ) | Net income | ||||
Total reclassifications for the period | $ | 3,032 | $ | 466 | Net income | ||||||
(a) | Amounts in parentheses indicate debits to profit/loss. | ||||||||||
(b) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 17) for additional details). |
Earnings_Per_Share_EPS
Earnings Per Share ("EPS") | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share ("EPS") | ' | ||||||||||||
14. Earnings per share (“EPS”) | |||||||||||||
Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock. | |||||||||||||
Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. The only common stock equivalents for the Company are the stock options discussed below. The dilutive effect of these stock options for 2013, 2012 and 2011 was an increase of 1,155, 1,024 and 1,149 shares, respectively. | |||||||||||||
The following table is a reconciliation of basic EPS and diluted EPS: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(in thousands except share and per share data) | |||||||||||||
BASIC EPS COMPUTATION | |||||||||||||
Numerator: | |||||||||||||
Net income, Class A | $ | 15,698 | $ | 14,877 | $ | 13,023 | |||||||
Net income, Class B | 4,348 | 4,162 | 3,670 | ||||||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, Class A | 3,575,683 | 3,557,693 | 3,543,233 | ||||||||||
Weighted average shares outstanding, Class B | 1,980,855 | 1,990,474 | 1,997,411 | ||||||||||
Basic EPS, Class A | $ | 4.39 | $ | 4.18 | $ | 3.68 | |||||||
Basic EPS, Class B | 2.19 | 2.09 | 1.84 | ||||||||||
DILUTED EPS COMPUTATION | |||||||||||||
Numerator: | |||||||||||||
Net income, Class A | $ | 15,698 | $ | 14,877 | $ | 13,023 | |||||||
Net income, Class B | 4,348 | 4,162 | 3,670 | ||||||||||
Total net income, for diluted EPS, Class A computation | 20,046 | 19,039 | 16,693 | ||||||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, basic, Class A | 3,575,683 | 3,557,693 | 3,543,233 | ||||||||||
Weighted average shares outstanding, Class B | 1,980,855 | 1,990,474 | 1,997,411 | ||||||||||
Dilutive effect of Class A stock options | 1,155 | 1,024 | 1,150 | ||||||||||
Weighted average shares outstanding diluted, Class A | 5,557,693 | 5,549,191 | 5,541,794 | ||||||||||
Weighted average shares outstanding, Class B | 1,980,855 | 1,990,474 | 1,997,411 | ||||||||||
Diluted EPS, Class A | $ | 3.61 | $ | 3.43 | $ | 3.01 | |||||||
Diluted EPS, Class B | 2.19 | 2.09 | 1.84 | ||||||||||
Stockholders_Equity_Dividends
Stockholders' Equity Dividends | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity Dividends | ' | ||||||||||||||||||||||||
15. Stockholders’ Equity DIVIDENDS | |||||||||||||||||||||||||
Holders of the Class A common stock may not vote in the election of directors but may vote as a class to approve certain extraordinary corporate transactions. Holders of Class B common stock may vote in the election of directors. Class A common stockholders are entitled to receive dividends per share equal to at least 200% per share of that paid, if any, on each share of Class B common stock. Class A common stock is publicly traded. Class B common stock is not publicly traded; however, it can be converted on a per share basis to Class A common stock at any time at the option of the holder. Dividend payments by the Company are dependent in part on the dividends it receives from the Bank, which are subject to certain regulatory restrictions. | |||||||||||||||||||||||||
STOCK REPURCHASE PLAN | |||||||||||||||||||||||||
During 2013, the Board of Directors of the Company approved a reauthorization of the stock repurchase program. Under the program, the Company is reauthorized to repurchase up to 300,000, or less than 9%, of Century Bancorp Class A Common Stock outstanding. This vote supersedes the previous program voted by the Board of Directors during 2012, which also authorized the Company to repurchase up to 300,000, or less than 9%, of Century Bancorp Class A Common Stock. The stock buyback is authorized to take place from time-to-time, subject to prevailing market conditions. The purchases are made on the open market and are funded from available cash. | |||||||||||||||||||||||||
STOCK OPTION PLAN | |||||||||||||||||||||||||
During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options for not more than 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified and incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were 20,375 options exercisable at December 31, 2013. | |||||||||||||||||||||||||
Stock option activity under the plan is as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | Amount | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Shares under option: | |||||||||||||||||||||||||
Outstanding at beginning of year | 23,350 | $ | 31.17 | 36,062 | $ | 28.9 | 38,712 | $ | 28.36 | ||||||||||||||||
Forfeited | (1,350 | ) | 26.68 | (450 | ) | 22.5 | (200 | ) | 15.06 | ||||||||||||||||
Exercised | (1,625 | ) | 26.76 | (12,262 | ) | 24.82 | (2,450 | ) | 21.44 | ||||||||||||||||
Outstanding at end of year | 20,375 | $ | 31.82 | 23,350 | $ | 31.17 | 36,062 | $ | 28.9 | ||||||||||||||||
Exercisable at end of year | 20,375 | $ | 31.82 | 23,350 | $ | 31.17 | 36,062 | $ | 28.9 | ||||||||||||||||
Available to be granted at end of year | 224,884 | 223,534 | 223,084 | ||||||||||||||||||||||
At December 31, 2013, 2012 and 2011, the options outstanding have exercise prices between $15.06 and $31.83, and a weighted average remaining contractual life of one year for 2013 and two years for 2012 and 2011. The weighted average intrinsic value of options exercised for the period ended December 31, 2013, was $6.49 per share with an aggregate value of $10,548. The average intrinsic value of options exercisable at December 31, 2013, 2012 and 2011 had an aggregate value of $29,136, $41,549 and $49,145, respectively. | |||||||||||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||||||||||
The Bank and the Company are subject to various regulatory requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and Company’s financial statements. Under capital adequacy guidelines and regulatory framework for prompt corrective action, the Bank and Company must meet specific capital guidelines that involve quantitative measures of the Bank and Company’s assets and liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank and Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulation) to risk-weighted assets (as defined) and Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2013, that the Bank and the Company meet all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
As of December 31, 2013, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier risk-based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes would cause a change in the Bank’s categorization. | |||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios are presented in the following table: | |||||||||||||||||||||||||
Actual | Ratio | For Capital | To Be Well | ||||||||||||||||||||||
Amount | Adequacy | Capitalized Under | |||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 230,038 | 13.91 | % | $ | 132,338 | 8 | % | $ | 165,422 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 209,360 | 12.66 | % | 66,169 | 4 | % | 99,253 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 209,360 | 6 | % | 139,467 | 4 | % | 174,334 | 5 | % | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 206,464 | 14.15 | % | $ | 116,726 | 8 | % | $ | 145,907 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 188,226 | 12.9 | % | 58,363 | 4 | % | 87,544 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 188,226 | 6.11 | % | 123,202 | 4 | % | 154,002 | 5 | % | ||||||||||||||||
The Company’s actual capital amounts and ratios are presented in the following table: | |||||||||||||||||||||||||
For Capital | To Be Well | ||||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Actual | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 247,761 | 14.92 | % | $ | 132,870 | 8 | % | $ | 166,088 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 227,000 | 13.67 | % | 66,435 | 4 | % | 99,653 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 227,000 | 6.5 | % | 139,769 | 4 | % | 174,711 | 5 | % | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 227,945 | 15.59 | % | $ | 116,976 | 8 | % | $ | 146,220 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 209,668 | 14.34 | % | 58,488 | 4 | % | 87,732 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 209,668 | 6.8 | % | 123,377 | 4 | % | 154,221 | 5 | % |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
16. Income Taxes | |||||||||||||
The current and deferred components of income tax expense for the years ended December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Current expense: | |||||||||||||
Federal | $ | 3,520 | $ | 3,181 | $ | 2,198 | |||||||
State | 416 | 315 | 309 | ||||||||||
Total current expense | 3,936 | 3,496 | 2,507 | ||||||||||
Deferred (benefit) expense: | |||||||||||||
Federal | (2,564 | ) | (1,833 | ) | (961 | ) | |||||||
State | (365 | ) | (271 | ) | 8 | ||||||||
Total deferred benefit | (2,929 | ) | (2,104 | ) | (953 | ) | |||||||
Provision for income taxes | $ | 1,007 | $ | 1,392 | $ | 1,554 | |||||||
There were no penalties during 2011, 2012, or 2013. There was approximately $2,000 paid to the Internal Revenue Service for interest during 2012. | |||||||||||||
Income tax accounts included in other assets/liabilities at December 31 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Currently receivable | $ | 702 | $ | 630 | |||||||||
Deferred income tax asset, net | 30,857 | 14,551 | |||||||||||
Total | $ | 31,559 | $ | 15,181 | |||||||||
Differences between income tax expense at the statutory federal income tax rate and total income tax expense are summarized as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Federal income tax expense at statutory rates | $ | 7,158 | $ | 6,946 | $ | 6,204 | |||||||
State income tax, net of federal income tax benefit | 34 | 29 | 209 | ||||||||||
Insurance income | (380 | ) | (396 | ) | (396 | ) | |||||||
Effect of tax-exempt interest | (5,348 | ) | (4,628 | ) | (3,801 | ) | |||||||
Net tax credit | (572 | ) | (633 | ) | (683 | ) | |||||||
Other | 115 | 74 | 21 | ||||||||||
Total | $ | 1,007 | $ | 1,392 | $ | 1,554 | |||||||
Effective tax rate | 4.8 | % | 6.8 | % | 8.5 | % | |||||||
The following table sets forth the Company’s gross deferred income tax assets and gross deferred income tax liabilities at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Allowance for loan losses | $ | 9,199 | $ | 8,103 | |||||||||
Unrealized losses on securities transferred to held-to-maturity | 8,590 | — | |||||||||||
Deferred compensation | 6,515 | 5,643 | |||||||||||
Pension and SERP liability | 4,880 | 8,621 | |||||||||||
AMT credit | 3,164 | 1,908 | |||||||||||
Unrealized losses (gains) on securities available-for-sale | 652 | (7,875 | ) | ||||||||||
Acquisition premium | 438 | 541 | |||||||||||
Nonaccrual interest | 136 | 151 | |||||||||||
Depreciation | 109 | (36 | ) | ||||||||||
Investments write down | 26 | 26 | |||||||||||
Deferred gain | — | 11 | |||||||||||
Other | 198 | 235 | |||||||||||
Gross deferred income tax asset | 33,907 | 17,328 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Limited partnerships | (2,769 | ) | (2,722 | ) | |||||||||
Mortgage servicing rights | (281 | ) | (55 | ) | |||||||||
Gross deferred income tax liability | (3,050 | ) | (2,777 | ) | |||||||||
Deferred income tax asset net | $ | 30,857 | $ | 14,551 | |||||||||
Based on the Company’s historical and current pre-tax earnings, management believes it is more likely than not that the Company will realize the deferred income tax asset existing at December 31, 2013. Management believes that existing net deductible temporary differences which give rise to the deferred tax asset will reverse during periods in which the Company generates net taxable income. In addition, gross deductible temporary differences are expected to reverse in periods during which offsetting gross taxable temporary differences are expected to reverse. Factors beyond management’s control, such as the general state of the economy and real estate values, can affect future levels of taxable income, and no assurance can be given that sufficient taxable income will be generated to fully absorb gross deductible temporary differences. The Company is in an Alternative Minimum Tax (“AMT”) credit position. The AMT credit is carried as a deferred asset and has an indefinite life. The Company has potential tax planning strategies available which support the deferred AMT credit and, at this time, no valuation allowance is needed. | |||||||||||||
The Company and its subsidiaries file a consolidated federal tax return. For the tax year beginning in 2009, the Commonwealth of Massachusetts requires a combined state tax return, except for security corporations, which file separate tax returns. The Company is subject to federal and state examinations for tax years after December 31, 2009. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefits | ' | ||||||||||||||||||||||||
17 | Employee Benefits | ||||||||||||||||||||||||
The Company has a Qualified Defined Benefit Pension Plan (the “Plan”), which had been offered to all employees reaching minimum age and service requirements. In 2006, the Bank became a member of the Savings Bank Employees Retirement Association (“SBERA”) within which it then began maintaining the Qualified Defined Benefit Pension Plan. SBERA offers a common and collective trust as the underlying investment structure for its retirement plans. The target allocation mix for the common and collective trust portfolio calls for an equity-based investment deployment range of 40% to 64% of total portfolio assets. The remainder of the portfolio is allocated to fixed income securities with target range of 15% to 25% and other investments including global asset allocation and hedge funds from 20% to 36%. | |||||||||||||||||||||||||
The Trustees of SBERA, through its Investment Committee, select investment managers for the common and collective trust portfolio. A professional investment advisory firm is retained by the Investment Committee to provide allocation analysis, performance measurement and to assist with manager searches. The overall investment objective is to diversify investments across a spectrum of investment types to limit risks from large market swings. The Company closed the plan to employees hired after March 31, 2006. | |||||||||||||||||||||||||
The measurement date for the Plan is December 31 for each year. The benefits expected to be paid in each year from 2014 to 2018 are $1,092,000, $1,176,000, $1,247,000, $1,322,000, and $1,325,000, respectively. The aggregate benefits expected to be paid in the five years from 2019 to 2023 are $8,011,000. The Company plans to contribute $1,000,000 to the Plan in 2014. | |||||||||||||||||||||||||
The fair value of plan assets and major categories as of December 31, 2013, is as follows: | |||||||||||||||||||||||||
Asset Category | Percent | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Collective funds | 52.9 | % | $ | 17,092 | $ | 856 | $ | 16,236 | $ | — | |||||||||||||||
Equity securities | 25.9 | % | 8,355 | 8,355 | — | — | |||||||||||||||||||
Mutual funds | 13.1 | % | 4,250 | 3,832 | 418 | — | |||||||||||||||||||
Hedge funds | 7 | % | 2,256 | — | — | 2,256 | |||||||||||||||||||
Short-term investments | 1.1 | % | 369 | 249 | 120 | — | |||||||||||||||||||
100 | % | $ | 32,322 | $ | 13,292 | $ | 16,774 | $ | 2,256 | ||||||||||||||||
The fair value of plan assets and major categories as of December 31, 2012, is as follows: | |||||||||||||||||||||||||
Asset Category | Percent | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Collective funds | 52.5 | % | $ | 12,593 | $ | 767 | $ | 11,826 | $ | — | |||||||||||||||
Equity securities | 24.6 | % | 5,892 | 5,892 | — | — | |||||||||||||||||||
Mutual funds | 14.1 | % | 3,370 | 3,086 | 284 | — | |||||||||||||||||||
Hedge funds | 7 | % | 1,691 | — | — | 1,691 | |||||||||||||||||||
Short-term investments | 1.8 | % | 437 | 62 | 375 | — | |||||||||||||||||||
100 | % | $ | 23,983 | $ | 9,807 | $ | 12,485 | $ | 1,691 | ||||||||||||||||
LEVEL 1 | |||||||||||||||||||||||||
The plan assets measured at fair value in Level 1 are based on quoted market prices in an active exchange market. | |||||||||||||||||||||||||
LEVEL 2 | |||||||||||||||||||||||||
Plan assets measured at fair value in Level 2 are based on pricing models that consider standard input factors, such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. | |||||||||||||||||||||||||
LEVEL 3 | |||||||||||||||||||||||||
Plan assets measured at fair value in Level 3 are based on unobservable inputs, which includes SBERA’s assumptions and the best information available under the circumstance. Level 3 assets consist of hedge funds. The underlying assets are valued based upon quoted exchange prices, over-the-counter trades, bid/ask prices, relative value assessments based on market conditions, and other information, as available. Further adjustments may be made based on factors impacting liquidity. | |||||||||||||||||||||||||
The asset or liability’s fair value measurement level within fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Below is a description of the valuation methodologies used for assets measured at fair value. | |||||||||||||||||||||||||
The Trust reports bonds and other obligations, short-term investments and equity securities at fair values based on published quotations, Collective funds and hedge funds (Funds) are valued in accordance with valuations provided by such Funds, which generally value marketable securities at the last reported sales price on the valuation date and other investments at fair value, as determined by each Fund’s manager. | |||||||||||||||||||||||||
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, although the Trust believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||||||||||
The changes in Level 3 securities are shown in the table below: | |||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 1,691 | $ | 1,522 | |||||||||||||||||||||
Purchases | 55 | 152 | |||||||||||||||||||||||
Actual return – assets still being held | 510 | 17 | |||||||||||||||||||||||
Balance at end of year | $ | 2,256 | $ | 1,691 | |||||||||||||||||||||
The performance of the plan assets is dependent upon general market conditions and specific conditions related to the issuers of the underlying securities. | |||||||||||||||||||||||||
The Company has a Supplemental Executive Insurance/Retirement Plan (the Supplemental Plan), which is limited to certain officers and employees of the Company. The Supplemental Plan is voluntary and participants are required to contribute to its cost. Under the Supplemental Plan, each participant will receive a retirement benefit based on compensation and length of service. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant. | |||||||||||||||||||||||||
The benefits expected to be paid in each year from 2014 to 2018 are $1,108,000, $1,088,000, $1,515,000, $1,973,000 and $1,981,000, respectively. The aggregate benefits expected to be paid in the five years from 2019 to 2023 are $10,341,000. | |||||||||||||||||||||||||
Defined Benefit | Supplemental Insurance/ | ||||||||||||||||||||||||
Pension Plan | Retirement Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Change projected in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 31,910 | $ | 28,784 | $ | 25,835 | $ | 21,097 | |||||||||||||||||
Service cost | 1,196 | 1,097 | 1,554 | 1,425 | |||||||||||||||||||||
Interest cost | 1,257 | 1,295 | 1,072 | 923 | |||||||||||||||||||||
Actuarial (gain)/loss | (3,734 | ) | 1,401 | (1,916 | ) | 3,482 | |||||||||||||||||||
Benefits paid | (750 | ) | (667 | ) | (1,043 | ) | (1,092 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 29,879 | $ | 31,910 | $ | 25,502 | $ | 25,835 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 23,983 | $ | 20,517 | |||||||||||||||||||||
Actual (loss) return on plan assets | 4,619 | 2,333 | |||||||||||||||||||||||
Employer contributions | 4,470 | 1,800 | |||||||||||||||||||||||
Benefits paid | (750 | ) | (667 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 32,322 | $ | 23,983 | |||||||||||||||||||||
(Unfunded) Funded status | $ | 2,443 | $ | (7,927 | ) | $ | (25,502 | ) | $ | (25,835 | ) | ||||||||||||||
Accumulated benefit obligation | $ | 29,747 | $ | 31,773 | $ | 22,278 | $ | 22,181 | |||||||||||||||||
Weighted-average assumptions as of December 31 | |||||||||||||||||||||||||
Discount rate — Liability | 5 | % | 4 | % | 5 | % | 4 | % | |||||||||||||||||
Discount rate — Expense | 4 | % | 4.5 | % | 4 | % | 4.5 | % | |||||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | NA | NA | |||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | 4 | % | |||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 1,196 | $ | 1,097 | $ | 1,554 | $ | 1,425 | |||||||||||||||||
Interest cost | 1,257 | 1,295 | 1,072 | 923 | |||||||||||||||||||||
Expected return on plan assets | (1,880 | ) | (1,641 | ) | — | — | |||||||||||||||||||
Recognized prior service cost | (104 | ) | (104 | ) | 114 | 114 | |||||||||||||||||||
Recognized net losses | 630 | 735 | 514 | 336 | |||||||||||||||||||||
Net periodic cost | $ | 1,099 | $ | 1,382 | $ | 3,254 | $ | 2,798 | |||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||||||||||||||||||||||||
Amortization of prior service cost | $ | 104 | $ | 104 | $ | (114 | ) | $ | (114 | ) | |||||||||||||||
Net (gain) loss | (6,956 | ) | (25 | ) | (2,401 | ) | 3,098 | ||||||||||||||||||
Total recognized in other comprehensive income | (6,852 | ) | 79 | (2,515 | ) | 2,984 | |||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (5,753 | ) | $ | 1,461 | $ | 739 | $ | 5,782 | ||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Plan | Supplemental | Total | Plan | Supplemental | Total | ||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Prior service cost | $ | 516 | $ | (991 | ) | $ | (475 | ) | $ | 620 | $ | (1,105 | ) | $ | (485 | ) | |||||||||
Net actuarial loss | (3,361 | ) | (7,901 | ) | (11,262 | ) | (10,317 | ) | (10,302 | ) | (20,619 | ) | |||||||||||||
Total | $ | (2,845 | ) | $ | (8,892 | ) | $ | (11,737 | ) | $ | (9,697 | ) | $ | (11,407 | ) | $ | (21,104 | ) | |||||||
The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2013, expected to be recognized as components of net periodic benefit cost in the next year: | |||||||||||||||||||||||||
Plan | Supplemental | ||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Amortization of prior service cost to be recognized in 2014 | $ | (104 | ) | $ | 114 | ||||||||||||||||||||
Amortization of loss to be recognized in 2014 | 12 | 355 | |||||||||||||||||||||||
Assumptions for the expected return on plan assets and discount rates in the Company’s Plan and Supplemental Plan are periodically reviewed. As part of the review, management in consultation with independent consulting actuaries performs an analysis of expected returns based on the plan’s asset allocation. This forecast reflects the Company’s and actuarial firm’s expected return on plan assets for each significant asset class or economic indicator. The range of returns developed relies on forecasts and on broad market historical benchmarks for expected return, correlation and volatility for each asset class. Also, as a part of the review, the Company’s management in consultation with independent consulting actuaries performs an analysis of discount rates based on expected returns of high-grade fixed income debt securities. | |||||||||||||||||||||||||
The Company offers a 401(k) defined contribution plan for all employees reaching minimum age and service requirements. The plan is voluntary and employee contributions are matched by the Company at a rate of 33.3% for the first 6% of compensation contributed by each employee. The Company’s match totaled $322,000 for 2013, $308,000 for 2012 and $266,000 for 2011. Administrative costs associated with the plan are absorbed by the Company. | |||||||||||||||||||||||||
The Company has a cash incentive plan that is designed to reward our executives and officers for the achievement of annual financial performance goals of the Company as well as business line, department and individual performance. The plan supports the philosophy that management be measured for their performance as a team in the attainment of these goals. Discretionary bonus expense amounted to $1,313,000, $1,289,000 and $1,100,000 in 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||
The Company does not offer any postretirement programs other than pensions. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
18. Commitments and Contingencies | |
A number of legal claims against the Company arising in the normal course of business were outstanding at December 31, 2013. Management, after reviewing these claims with legal counsel, is of the opinion that their resolution will not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance-Sheet Risk | ' | ||||||||
19. Financial Instruments with Off-Balance-Sheet Risk | |||||||||
The Company 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 primarily include commitments to originate and sell loans, standby letters of credit, unused lines of credit and unadvanced portions of construction loans. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in these particular classes of financial instruments. | |||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments, standby letters of credit and unadvanced portions of construction loans is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments with off-balance-sheet risk at December 31 are as follows: | |||||||||
Contract or Notional Amount | |||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Financial instruments whose contract amount represents credit risk: | |||||||||
Commitments to originate 1–4 family mortgages | $ | 3,373 | $ | 13,580 | |||||
Standby and commercial letters of credit | 7,930 | 8,411 | |||||||
Unused lines of credit | 249,941 | 217,246 | |||||||
Unadvanced portions of construction loans | 7,026 | 17,609 | |||||||
Unadvanced portions of other loans | 17,750 | 4,872 | |||||||
Commitments to originate loans, unadvanced portions of construction loans, unused lines of credit and unused letters of credit are generally 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 Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. | |||||||||
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. |
Other_Operating_Expenses
Other Operating Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Other Operating Expenses | ' | ||||||||||||
20. Other Operating Expenses | |||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
Marketing | $ | 1,749 | $ | 1,853 | $ | 1,575 | |||||||
Software maintenance/amortization | 1,417 | 1,256 | 951 | ||||||||||
Legal and audit | 1,281 | 1,179 | 1,140 | ||||||||||
Contributions | 673 | 1,074 | 479 | ||||||||||
Processing services | 812 | 921 | 865 | ||||||||||
Consulting | 874 | 890 | 796 | ||||||||||
Postage and delivery | 939 | 877 | 773 | ||||||||||
Supplies | 848 | 849 | 868 | ||||||||||
Telephone | 719 | 750 | 742 | ||||||||||
Directors’ fees | 373 | 330 | 309 | ||||||||||
Insurance | 295 | 279 | 275 | ||||||||||
Core deposit intangible amortization | — | 120 | 388 | ||||||||||
Other | 1,500 | 1,230 | 1,280 | ||||||||||
Total | $ | 11,480 | $ | 11,608 | $ | 10,441 | |||||||
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Fair Values of Financial Instruments | ' | ||||||||||||||||||||
21. Fair Values of Financial Instruments | |||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair values of its financial instruments. Excluded from this disclosure are all non financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. | |||||||||||||||||||||
The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. | |||||||||||||||||||||
Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. | |||||||||||||||||||||
SECURITIES HELD-TO-MATURITY | |||||||||||||||||||||
The fair values of these securities were based on quoted market prices, where available, as provided by third-party investment portfolio pricing vendors. If quoted market prices were not available, fair values provided by the vendors were based on quoted market prices of comparable instruments in active markets and/or based on a matrix pricing methodology which employs The Bond Market Association’s standard calculations for cash flow and price/yield analysis, live benchmark bond pricing and terms/condition data available from major pricing sources. Management regards the inputs and methods used by third party pricing vendors to be “Level 2 inputs and methods” as defined in the “fair value hierarchy” provided by FASB. | |||||||||||||||||||||
LOANS | |||||||||||||||||||||
For variable-rate loans, that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair value of other loans is estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Incremental credit risk for nonperforming loans has been considered. | |||||||||||||||||||||
TIME DEPOSITS | |||||||||||||||||||||
The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. | |||||||||||||||||||||
OTHER BORROWED FUNDS | |||||||||||||||||||||
The fair value of other borrowed funds is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other borrowed funds of similar remaining maturities. | |||||||||||||||||||||
SUBORDINATED DEBENTURES | |||||||||||||||||||||
The fair value of subordinated debentures is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other subordinated debentures of similar remaining maturities. | |||||||||||||||||||||
The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. | |||||||||||||||||||||
Carrying Amount | Estimated | Level 1 Inputs | Fair Value | Level 3 Inputs | |||||||||||||||||
Fair Value | Measurements | ||||||||||||||||||||
Level 2 Inputs | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 1,487,884 | $ | 1,464,449 | $ | — | $ | 1,464,449 | $ | — | |||||||||||
Loans(1) | 1,243,822 | 1,214,192 | — | — | 1,214,192 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 382,224 | 386,742 | — | 386,742 | — | ||||||||||||||||
Other borrowed funds | 255,144 | 254,736 | — | 254,736 | — | ||||||||||||||||
Subordinated debentures | 36,083 | 39,503 | — | — | 39,503 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 275,507 | $ | 281,924 | $ | — | $ | 281,924 | $ | — | |||||||||||
Loans(1) | 1,092,591 | 1,124,716 | — | — | 1,124,716 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 419,983 | 424,253 | — | 424,253 | — | ||||||||||||||||
Other borrowed funds | 195,144 | 205,481 | — | 205,481 | — | ||||||||||||||||
Subordinated debentures | 36,083 | 43,423 | — | — | 43,423 | ||||||||||||||||
-1 | Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. | ||||||||||||||||||||
LIMITATIONS | |||||||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the type of financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Bank’s entire holdings of a particular financial instrument. Because no active market exists for some of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, cash flows, current economic conditions, risk characteristics 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 and changes in the loan, debt and interest rate markets could significantly affect the estimates. Further, the income tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
22. Quarterly Results of Operations (unaudited) | |||||||||||||||||
2013 Quarters | Fourth | Third | Second | First | |||||||||||||
(in thousands, except share data) | |||||||||||||||||
Interest income | $ | 20,947 | $ | 20,549 | $ | 19,132 | $ | 19,137 | |||||||||
Interest expense | 4,842 | 4,751 | 4,620 | 4,592 | |||||||||||||
Net interest income | 16,105 | 15,798 | 14,512 | 14,545 | |||||||||||||
Provision for loan losses | 460 | 750 | 750 | 750 | |||||||||||||
Net interest income after provision for loan losses | 15,645 | 15,048 | 13,762 | 13,795 | |||||||||||||
Other operating income | 4,186 | 4,774 | 5,221 | 4,434 | |||||||||||||
Operating expenses | 14,690 | 13,995 | 13,662 | 13,465 | |||||||||||||
Income before income taxes | 5,141 | 5,827 | 5,321 | 4,764 | |||||||||||||
Provision for income taxes | 116 | 308 | 295 | 288 | |||||||||||||
Net income | $ | 5,025 | $ | 5,519 | $ | 5,026 | $ | 4,476 | |||||||||
Share data: | |||||||||||||||||
Average shares outstanding, basic | |||||||||||||||||
Class A | 3,580,404 | 3,578,400 | 3,574,379 | 3,569,546 | |||||||||||||
Class B | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | |||||||||||||
Average shares outstanding, diluted | |||||||||||||||||
Class A | 5,557,419 | 5,558,031 | 5,557,354 | 5,557,365 | |||||||||||||
Class B | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | |||||||||||||
Earnings per share, basic | |||||||||||||||||
Class A | $ | 1.1 | $ | 1.21 | $ | 1.1 | $ | 0.98 | |||||||||
Class B | $ | 0.55 | $ | 0.6 | $ | 0.55 | $ | 0.49 | |||||||||
Earnings per share, diluted | |||||||||||||||||
Class A | $ | 0.9 | $ | 0.99 | $ | 0.9 | $ | 0.81 | |||||||||
Class B | $ | 0.55 | $ | 0.6 | $ | 0.55 | $ | 0.49 | |||||||||
2012 Quarters | Fourth | Third | Second | First | |||||||||||||
(in thousands, except share data) | |||||||||||||||||
Interest income | $ | 19,738 | $ | 22,079 | $ | 20,312 | $ | 19,365 | |||||||||
Interest expense | 4,795 | 4,859 | 4,923 | 4,963 | |||||||||||||
Net interest income | 14,943 | 17,220 | 15,389 | 14,402 | |||||||||||||
Provision for loan losses | 900 | 1,250 | 900 | 1,100 | |||||||||||||
Net interest income after provision for loan losses | 14,043 | 15,970 | 14,489 | 13,302 | |||||||||||||
Other operating income | 4,153 | 4,105 | 3,988 | 3,619 | |||||||||||||
Operating expenses | 13,279 | 13,708 | 13,451 | 12,800 | |||||||||||||
Income before income taxes | 4,917 | 6,367 | 5,026 | 4,121 | |||||||||||||
Provision for income taxes | 139 | 685 | 255 | 313 | |||||||||||||
Net income | $ | 4,778 | $ | 5,682 | $ | 4,771 | $ | 3,808 | |||||||||
Share data: | |||||||||||||||||
Average shares outstanding, basic | |||||||||||||||||
Class A | 3,564,145 | 3,559,125 | 3,556,474 | 3,550,993 | |||||||||||||
Class B | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | |||||||||||||
Average shares outstanding, diluted | |||||||||||||||||
Class A | 5,552,121 | 5,549,810 | 5,548,830 | 5,545,711 | |||||||||||||
Class B | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | |||||||||||||
Earnings per share, basic | |||||||||||||||||
Class A | $ | 1.05 | $ | 1.25 | $ | 1.05 | $ | 0.84 | |||||||||
Class B | $ | 0.52 | $ | 0.62 | $ | 0.52 | $ | 0.42 | |||||||||
Earnings per share, diluted | |||||||||||||||||
Class A | $ | 0.86 | $ | 1.02 | $ | 0.86 | $ | 0.69 | |||||||||
Class B | $ | 0.52 | $ | 0.62 | $ | 0.52 | $ | 0.42 |
Parent_Company_Financial_State
Parent Company Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Financial Statements | ' | ||||||||||||
23. Parent Company Financial Statements | |||||||||||||
The balance sheets of Century Bancorp, Inc. (“Parent Company”) as of December 31, 2013 and 2012 and the statements of income and cash flows for each of the years in the three-year period ended December 31, 2013, are presented below. The statements of changes in stockholders’ equity are identical to the consolidated statements of changes in stockholders’ equity and are therefore not presented here. | |||||||||||||
BALANCE SHEETS | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(dollars in thousands) | |||||||||||||
ASSETS: | |||||||||||||
Cash | $ | 12,245 | $ | 19,536 | |||||||||
Investment in subsidiary, at equity | 193,783 | 193,499 | |||||||||||
Other assets | 6,634 | 3,145 | |||||||||||
Total assets | $ | 212,662 | $ | 216,180 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||
Liabilities | $ | 107 | $ | 107 | |||||||||
Subordinated debentures | 36,083 | 36,083 | |||||||||||
Stockholders’ equity | 176,472 | 179,990 | |||||||||||
Total liabilities and stockholders’ equity | $ | 212,662 | $ | 216,180 | |||||||||
STATEMENTS OF INCOME | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
Income: | |||||||||||||
Interest income from deposits in bank | $ | 28 | $ | 33 | $ | 100 | |||||||
Other income | 72 | 72 | 72 | ||||||||||
Total income | 100 | 105 | 172 | ||||||||||
Interest expense | 2,400 | 2,400 | 2,400 | ||||||||||
Operating expenses | 208 | 198 | 178 | ||||||||||
Income before income taxes and equity in undistributed income of subsidiary | (2,508 | ) | (2,493 | ) | (2,406 | ) | |||||||
Benefit from income taxes | (853 | ) | (848 | ) | (818 | ) | |||||||
Income before equity in undistributed income of subsidiary | (1,655 | ) | (1,645 | ) | (1,588 | ) | |||||||
Equity in undistributed income of subsidiary | 21,701 | 20,684 | 18,281 | ||||||||||
Net income | $ | 20,046 | $ | 19,039 | $ | 16,693 | |||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 20,046 | $ | 19,039 | $ | 16,693 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||
Undistributed income of subsidiary | (21,701 | ) | (20,684 | ) | (18,281 | ) | |||||||
Depreciation and amortization | 12 | 12 | 12 | ||||||||||
Increase in other assets | (3,500 | ) | (416 | ) | (182 | ) | |||||||
Net cash (used in) operating activities | (5,143 | ) | (2,049 | ) | (1,758 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Net proceeds from the exercise of stock options | 43 | 304 | 53 | ||||||||||
Cash dividends paid | (2,191 | ) | (2,186 | ) | (2,180 | ) | |||||||
Net cash used in financing activities | (2,148 | ) | (1,882 | ) | (2,127 | ) | |||||||
Net (decrease) in cash | (7,291 | ) | (3,931 | ) | (3,885 | ) | |||||||
Cash at beginning of year | 19,536 | 23,467 | 27,352 | ||||||||||
Cash at end of year | $ | 12,245 | $ | 19,536 | $ | 23,467 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Financial Statement Presentation | ' | ||||||||
BASIS OF FINANCIAL STATEMENT PRESENTATION | |||||||||
The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. | |||||||||
All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. | |||||||||
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. | |||||||||
Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on independent appraisals and review of other factors, including historical charge-off rates with additional allocations based on risk factors for each category and general economic factors. While management uses available information to recognize loan losses, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. In addition, regulatory agencies periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination. Certain reclassifications are made to prior-year amounts whenever necessary to conform with the current-year presentation. | |||||||||
Fair Value Measurements | ' | ||||||||
FAIR VALUE MEASUREMENTS | |||||||||
The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, (formerly SFAS 157, “Fair Value Measurements,”) which among other things, requires enhanced disclosures about assets and liabilities carried at fair value. ASC 820-10 establishes a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. The three broad levels of the hierarchy are as follows: | |||||||||
Level I — Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices, such as G-7 government, agency securities, listed equities and money market securities, as well as listed derivative instruments. | |||||||||
Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments that are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and over the counter (“OTC”) derivatives. | |||||||||
Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Instruments that are included in this category generally include certain commercial mortgage loans, certain private equity investments, distressed debt, and noninvestment grade residual interests in securitizations as well as certain highly structured OTC derivative contracts. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
CASH AND CASH EQUIVALENTS | |||||||||
For purposes of reporting cash flows, cash equivalents include highly liquid assets with an original maturity of three months or less. Highly liquid assets include cash and due from banks, federal funds sold and certificates of deposit. | |||||||||
Short-Term Investments | ' | ||||||||
SHORT-TERM INVESTMENTS | |||||||||
As of December 31, 2013 and 2012, short-term investments include highly liquid certificates of deposit with original maturities of more than 90 days but less than one year. | |||||||||
Investment Securities | ' | ||||||||
INVESTMENT SECURITIES | |||||||||
Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost; debt and equity securities that are bought and held principally for the purpose of selling are classified as trading and reported at fair value, with unrealized gains and losses included in earnings; and debt and equity securities not classified as either held-to-maturity or trading are classified as available-for-sale and reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity, net of estimated related income taxes. The Company has no securities held for trading. | |||||||||
Premiums and discounts on investment securities are amortized or accreted into income by use of the level-yield method. If a decline in fair value below the amortized cost basis of an investment is judged to be other-than-temporary, the cost basis of the investment is written down to fair value. The total amount of the impairment charge is recognized in earnings, with an offset for the noncredit component, which is recognized as other comprehensive income. Gains and losses on the sale of investment securities are recognized on the trade date on a specific identification basis. | |||||||||
The transfer of a security between categories of investments shall be accounted for at fair value. For a debt security transferred into the held-to-maturity category from the available-for-sale category, the unrealized holding gain or loss at the date of the transfer shall continue to be reported in a separate component of shareholders’ equity but shall be amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount. The amortization of an unrealized holding gain or loss reported in equity will offset or mitigate the effect on interest income of the amortization of the premium or discount for that held-to-maturity security. | |||||||||
Federal Home Loan Bank Stock | ' | ||||||||
FEDERAL HOME LOAN BANK STOCK | |||||||||
The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”) system, is required to maintain an investment in capital stock of the FHLBB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. For the year ended December 31, 2013, the FHLBB reported preliminary net income of $212.3 million. The FHLBB also declared a dividend equal to an annual yield of 1.49%. As of December 31, 2013, no impairment has been recognized. | |||||||||
Loans Held for Sale | ' | ||||||||
LOANS HELD FOR SALE | |||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. | |||||||||
Loans | ' | ||||||||
LOANS | |||||||||
Interest on loans is recognized based on the daily principal amount outstanding. Accrual of interest is discontinued when loans become ninety days delinquent unless the collateral is sufficient to cover both principal and interest and the loan is in the process of collection. Past-due status is based on contractual terms of the loan. Loans, including impaired loans, on which the accrual of interest has been discontinued, are designated nonaccrual loans. When a loan is placed on nonaccrual, all income that has been accrued but remains unpaid is reversed against current period income, and all amortization of deferred loan costs and fees is discontinued. Nonaccrual loans may be returned to an accrual status when principal and interest payments are not delinquent or the risk characteristics of the loan have improved to the extent that there no longer exists a concern as to the collectibility of principal and interest. Income received on nonaccrual loans is either recorded in income or applied to the principal balance of the loan, depending on management’s evaluation as to the collectibility of principal. | |||||||||
Loan origination fees and related direct loan origination costs are offset, and the resulting net amount is deferred and amortized over the life of the related loans using the level-yield method. Prepayments are not initially considered when amortizing premiums and discounts. | |||||||||
The Bank measures impairment for impaired loans at either the fair value of the loan, the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. This method applies to all loans, uncollateralized as well as collateralized, except large groups of smaller-balance homogeneous loans such as residential real estate and consumer loans that are collectively evaluated for impairment and loans that are measured at fair value. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance when such an amount has been identified definitively as uncollectible. Management considers the payment status, net worth and earnings potential of the borrower, and the value and cash flow of the collateral as factors to determine if a loan will be paid in accordance with its contractual terms. Management does not set any minimum delay of payments as a factor in reviewing for impaired classification. Loans are charged-off when management believes that the collectibility of the loan’s principal is not probable. The specific factors that management considers in making the determination that the collectibility of the loan’s principal is not probable include the delinquency status of the loan, the fair value of the collateral, if secured, and, the financial strength of the borrower and/or guarantors. In addition, criteria for classification of a loan as in-substance foreclosure has been modified so that such classification need be made only when a lender is in possession of the collateral. The Bank measures the impairment of troubled debt restructurings using the pre-modification rate of interest. | |||||||||
Transfers of Financial Assets | ' | ||||||||
TRANSFERS OF FINANCIAL ASSETS | |||||||||
Transfers of financial assets, typically residential mortgages and loan participations for the Company, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. | |||||||||
Acquired Loans | ' | ||||||||
ACQUIRED LOANS | |||||||||
In accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly Statement of Position (“SOP”) No. 03-3, “Accounting for Certain Loans or Debt Securities Acquired in a Transfer”) the Company reviews acquired loans for differences between contractual cash flows and cash flows expected to be collected from the Company’s initial investment in the acquired loans to determine if those differences are attributable, at least in part, to credit quality. If those differences are attributable to credit quality, the loan’s contractually required payments received in excess of the amount of its cash flows expected at acquisition, or nonaccretable discount, is not accreted into income. FASB ASC 310-30 requires that the Company recognize the excess of all cash flows expected at acquisition over the Company’s initial investment in the loan as interest income using the interest method over the term of the loan. This excess is referred to as accretable discount and is recorded as a reduction of the loan balance. | |||||||||
Loans which, at acquisition, do not have evidence of deterioration of credit quality since origination are outside the scope of FASB ASC 310-30. For such loans, the discount, if any, representing the excess of the amount of reasonably estimable and probable discounted future cash collections over the purchase price, is accreted into interest income using the interest method over the term of the loan. Prepayments are not considered in the calculation of accretion income. Additionally, the discount is not accreted on nonperforming loans. | |||||||||
When a loan is paid off, the excess of any cash received over the net investment is recorded as interest income. In addition to the amount of purchase discount that is recognized at that time, income may include interest owed by the borrower prior to the Company’s acquisition of the loan, interest collected if on nonperforming status, prepayment fees and other loan fees. | |||||||||
Nonperforming Assets | ' | ||||||||
NONPERFORMING ASSETS | |||||||||
In addition to nonperforming loans, nonperforming assets include other real estate owned. Other real estate owned is comprised of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. Other real estate owned is recorded initially at estimated fair value less costs to sell. When such assets are acquired, the excess of the loan balance over the estimated fair value of the asset is charged to the allowance for loan losses. An allowance for losses on other real estate owned is established by a charge to earnings when, upon periodic evaluation by management, further declines in the estimated fair value of properties have occurred. Such evaluations are based on an analysis of individual properties as well as a general assessment of current real estate market conditions. Holding costs and rental income on properties are included in current operations, while certain costs to improve such properties are capitalized. Gains and losses from the sale of other real estate owned are reflected in earnings when realized. | |||||||||
Allowance for Loan Losses | ' | ||||||||
ALLOWANCE FOR LOAN LOSSES | |||||||||
The allowance for loan losses is based on management’s evaluation of the quality of the loan portfolio and is used to provide for losses resulting from loans that ultimately prove uncollectible. In determining the level of the allowance, periodic evaluations are made of the loan portfolio, which takes into account such factors as the character of the loans, loan status, financial posture of the borrowers, value of collateral securing the loans and other relevant information sufficient to reach an informed judgment. The allowance is increased by provisions charged to income and reduced by loan charge-offs, net of recoveries. Management maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on assessments of the probable estimated losses inherent in the loan portfolio. Management’s methodology for assessing the appropriateness of the allowance consists of several key elements, which include the formula allowance, specific allowances, if appropriate, for identified problem loans and the unallocated allowance. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. | |||||||||
While management uses available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. Loans are charged-off in whole or in part when, in management’s opinion, collectibility is not probable. The specific factors that management considers in making the determination that the collectibility of the loan’s principal is not probable include the delinquency status of the loan, the fair value of the collateral and the financial strength of the borrower and/or guarantors. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance when such an amount has been identified definitively as uncollectible. | |||||||||
The formula allowance evaluates groups of loans to determine the allocation appropriate within each portfolio segment. Individual loans within the commercial and industrial, commercial real estate and real estate construction loan portfolio segments are assigned internal risk ratings to group them with other loans possessing similar risk characteristics. Changes in risk grades affect the amount of the formula allowance. Risk grades are determined by reviewing current collateral value, financial information, cash flow, payment history and other relevant facts surrounding the particular credit. Provisions for losses on the remaining commercial and commercial real estate loans are based on pools of similar loans using a combination of historical net loss experience and qualitative adjustments. For the residential real estate and consumer loan portfolios, the reserves are calculated by applying historical charge-off and recovery experience and qualitative adjustments to the current outstanding balance in each loan category. Loss factors are based on the Company’s historical net loss experience as well as regulatory guidelines. | |||||||||
Specific allowances for loan losses entail the assignment of allowance amounts to individual loans on the basis of loan impairment. Certain loans are evaluated individually and are judged to be impaired when management believes it is probable that the Company will not collect all the contractual interest and principal payments as scheduled in the loan agreement. Under this method, loans are selected for evaluation based upon a change in internal risk rating, occurrence of delinquency, loan classification or nonaccrual status. A specific allowance amount is allocated to an individual loan when such loan has been deemed impaired and when the amount of a probable loss is able to be estimated on the basis of: (a) present value of anticipated future cash flows, (b) the loan’s observable fair market price or (c) fair value of collateral if the loan is collateral dependent. | |||||||||
The formula allowance and specific allowances also include management’s evaluation of various conditions, including business and economic conditions, delinquency trends, charge-off experience and other quality factors. | |||||||||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. | |||||||||
Management has identified certain risk factors, which could impact the degree of loss sustained within the portfolio. These include: (a) market risk factors, such as the effects of economic variability on the entire portfolio and (b) unique portfolio risk factors that are inherent characteristics of the Company’s loan portfolio. Market risk factors may consist of changes to general economic and business conditions that may impact the Company’s loan portfolio customer base in terms of ability to repay and that may result in changes in value of underlying collateral. Unique portfolio risk factors may include industry concentrations and geographic concentrations or trends that may exacerbate losses resulting from economic events which the Company may not be able to fully diversify out of its portfolio. | |||||||||
The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: | |||||||||
Residential real estate — The Company generally does not originate loans with a loan-to-value ratio greater than 80 percent. All loans in this segment are collateralized by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates, will have an effect on the credit quality in the segment. | |||||||||
Commercial real estate — Loans in this segment are primarily income-producing properties. Also included are loans to educational institutions, hospitals and other non-profit organizations. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management monitors the cash flows of these loans. | |||||||||
Construction loans — Loans in this segment primarily include real estate development loans for which payment is derived from sale of the property as well as construction projects in which the property will ultimately be used by the borrower. Credit risk is affected by cost overruns, time to sell at an adequate price and market conditions. | |||||||||
Commercial and industrial loans — Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. | |||||||||
Bank Premises and Equipment | ' | ||||||||
BANK PREMISES AND EQUIPMENT | |||||||||
Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Land is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the terms of leases, if shorter. It is general practice to charge the cost of maintenance and repairs to operations when incurred; major expenditures for improvements are capitalized and depreciated. | |||||||||
Goodwill and Identifiable Intangible Assets | ' | ||||||||
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | |||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identifiable intangible assets consist of core deposit intangibles and are assets resulting from acquisitions that are being amortized over their estimated useful lives. Goodwill and identifiable intangible assets are included in other assets on the consolidated balance sheets. The Company tests goodwill for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the segment (or “reporting unit”) level. Currently, the Company’s goodwill is evaluated at the entity level as there is only one reporting unit. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill. | |||||||||
Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test will be unnecessary. | |||||||||
The first step, in the two-step impairment test, used to identify potential impairment, involves comparing each reporting unit’s fair value to its carrying value including goodwill. If the fair value of a reporting unit exceeds its carrying value, applicable goodwill is considered not to be impaired. If the carrying value exceeds fair value, there is an indication of impairment and the second step is performed to measure the amount of impairment. | |||||||||
Servicing | ' | ||||||||
SERVICING | |||||||||
The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into loan servicing fee income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets 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 risk 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. Changes in the valuation allowance are reported in loan servicing fee income. | |||||||||
Stock Option Accounting | ' | ||||||||
STOCK OPTION ACCOUNTING | |||||||||
The Company follows the fair value recognition provisions of FASB ASC 718, Compensation – Stock Compensation (formerly SFAS 123R) for all share-based payments, using the modified-prospective transition method. The Company’s method of valuation for share-based awards granted utilizes the Black-Scholes option-pricing model, which was also previously used for the Company’s pro forma information required under FASB ASC 718. The Company will recognize compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. | |||||||||
During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were options to purchase an aggregate of 20,375 shares of Class A common stock exercisable at December 31, 2013. | |||||||||
On December 30, 2005, the Board of Directors approved the acceleration and immediate vesting of all unvested options with an exercise price of $31.60 or greater per share. As a consequence, options to purchase 23,950 shares of Class A common stock became exercisable immediately. The average of the high and low price at which the Class A common stock traded on December 30, 2005, the date of the acceleration and vesting, was $29.28 per share. In connection with this acceleration, the Board of Directors approved a technical amendment to each of the Option Plans to eliminate the possibility that the terms of any outstanding or future stock option would require a cash settlement on the occurrence of any circumstance outside the control of the Company. | |||||||||
The Company uses the fair value method to account for stock options. All of the Company’s stock options are vested, and there were no options granted during 2013 and 2012. | |||||||||
Income Taxes | ' | ||||||||
INCOME TAXES | |||||||||
The Company uses the asset and liability method in accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
The Company accounts for uncertain tax positions in accordance with FASB ASC 740. | |||||||||
The Company classifies interest resulting from underpayment of income taxes as income tax expense in the first period the interest would begin accruing according to the provisions of the relevant tax law. | |||||||||
The Company classifies penalties resulting from underpayment of income taxes as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company’s judgment changes regarding an uncertain tax position. | |||||||||
Treasury Stock | ' | ||||||||
TREASURY STOCK | |||||||||
Effective July 1, 2004, companies incorporated in Massachusetts became subject to Chapter 156D of the Massachusetts Business Corporation Act, provisions of which eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. | |||||||||
Pension | ' | ||||||||
PENSION | |||||||||
The Company provides pension benefits to its employees under a noncontributory, defined benefit plan, which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. | |||||||||
The Company also has a Supplemental Executive Insurance/Retirement Plan (“the Supplemental Plan”), which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. | |||||||||
Executive officers of the Company or its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary. Individual life insurance policies, which are owned by the Company, are purchased covering the life of each participant. | |||||||||
Revision of EPS Presentation | ' | ||||||||
REVISION OF EPS PRESENTATION | |||||||||
The Company has determined that although the Class A and Class B common stock have different dividend rates, the Company had not applied the two-class method when calculating earnings per share (“EPS”) separately for the Class A and Class B common stock. This resulted in immaterial revisions to previously reported basic EPS for Class A and Class B common stock and diluted EPS for the Class B common stock as summarized below: | |||||||||
For the year ended December 31, 2011: | As previously | As revised | |||||||
reported | |||||||||
Basic EPS – Class A common | $ | 3.01 | $ | 3.68 | |||||
Basic EPS – Class B common | $ | 3.01 | $ | 1.84 | |||||
Diluted EPS – Class A common | $ | 3.01 | $ | 3.01 | |||||
Diluted EPS – Class B common | $ | 3.01 | $ | 1.84 | |||||
Recent Accounting Developments | ' | ||||||||
RECENT ACCOUNTING DEVELOPMENTS | |||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This ASU clarifies the scope of offsetting disclosure requirements in ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. Under ASU 2013-01, the disclosure requirements would apply to derivative instruments accounted for in accordance with ASC 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement also are affected because these amendments make them no longer subject to the disclosure requirements in ASU No. 2011-11. Effective January 1, 2013, companies are required to disclose (a) gross amounts of recognized assets and liabilities; (b) gross amounts offset in the statement of financial position; (c) net amounts of assets and liabilities presented in the statement of financial position; (d) gross amount subject to enforceable master netting agreement not offset in the statements of financial position; and (e) net amounts after deducting (d) from (c). The disclosure should be presented in tabular format (unless another format is more appropriate) separately for assets and liabilities. The intent of the new disclosure is to enable users of financial statements to understand the effect of those arrangements on its financial position and to allow investors to better compare financial statements prepared under GAAP with financial statements prepared under International Financial Reporting Standards. The Company implemented the provisions of ASU 2011-11 as of January 1, 2013. The adoption of this pronouncement did not have a material effect on the consolidated financial statements. | |||||||||
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income or as a separate disclosure in the notes to the financial statements. The new standard is effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. The Company has presented a separate footnote (Note 13) as a result of this pronouncement. | |||||||||
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU amends ASC 815 to allow entities to use the Fed Funds Effective Swap Rate, in addition to U.S. Treasury rates and LIBOR, as a benchmark interest rate in accounting for fair value and cash flow hedges in the United States. This ASU also eliminates the provision from ASC 815-20-25-6 that prohibits the use of different benchmark rates for similar hedges except in rate and justifiable circumstances. This ASU is effective prospectively for qualifying new hedging relationship entered into on or after July 17, 2013, and for hedging relationship redesignated on or after that day. As of December 31, 2013, the Company did not have any fair value and cash flow hedges. The adoption of ASU No. 2013-10 did not have a material impact on the Company’s financial statements. | |||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU provides guidance on financial statement presentation of unrecognized tax benefits (“UTBs”) when a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. Under this ASU, an entity must present a UTB, or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset (“DTA”) for an NOL carryforward, a similar tax loss, or a tax credit carryforward except when: (a) an NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; (b) the entity does not intend to use the DTA for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present a UTB in the financial statements as a liability and should not net the UTB with a DTA. New recurring disclosures are not required because the ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. This amendment does not affect the amounts public entities disclose in the tabular reconciliation of the total amounts of UTBs because the tabular reconciliation presents the gross amount of UTBs. This ASU is effective for fiscal years beginning after December 15, 2013, and interim periods within those years. The amendments should be applied to all UTBs that exist as of the effective date. Entities may choose to apply the amendments retrospectively to each prior reporting period presented. As of December 31, 2013, the Company did not have a UTB. Management will assess the applicability of this ASU after it becomes effective in the first quarter of 2014. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Revision of EPS Presentation | ' | ||||||||
This resulted in immaterial revisions to previously reported basic EPS for Class A and Class B common stock and diluted EPS for the Class B common stock as summarized below: | |||||||||
For the year ended December 31, 2011: | As previously | As revised | |||||||
reported | |||||||||
Basic EPS – Class A common | $ | 3.01 | $ | 3.68 | |||||
Basic EPS – Class B common | $ | 3.01 | $ | 1.84 | |||||
Diluted EPS – Class A common | $ | 3.01 | $ | 3.01 | |||||
Diluted EPS – Class B common | $ | 3.01 | $ | 1.84 |
Securities_AvailableforSale_Ta
Securities Available-for-Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Securities Available-for-Sale | ' | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,997 | $ | 1 | $ | — | $ | 1,998 | $ | 2,000 | $ | 4 | $ | — | $ | 2,004 | |||||||||||||||||
U.S. Government Sponsored Enterprises | 9,995 | 9 | — | 10,004 | 130,048 | 360 | 68 | 130,340 | |||||||||||||||||||||||||
SBA Backed Securities | 7,270 | 32 | — | 7,302 | 8,043 | 113 | — | 8,156 | |||||||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities | 404,103 | 588 | 1,501 | 403,190 | 1,212,953 | 20,816 | 412 | 1,233,357 | |||||||||||||||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 2,294 | 6 | 23 | 2,277 | 2,938 | 31 | 22 | 2,947 | |||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | 37,578 | 15 | 870 | 36,723 | 55,855 | 41 | 722 | 55,174 | |||||||||||||||||||||||||
Other Debt Securities | 2,300 | — | 125 | 2,175 | 2,300 | — | 47 | 2,253 | |||||||||||||||||||||||||
Equity Securities | 406 | 170 | — | 576 | 458 | 112 | — | 570 | |||||||||||||||||||||||||
Total | $ | 465,943 | $ | 821 | $ | 2,519 | $ | 464,245 | $ | 1,414,595 | $ | 21,477 | $ | 1,271 | $ | 1,434,801 | |||||||||||||||||
Estimated Maturity Distribution of Securities Available-for-Sale | ' | ||||||||||||||||||||||||||||||||
The following table shows the estimated maturity distribution of the Company’s securities available-for-sale at December 31, 2013. | |||||||||||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 36,942 | $ | 36,964 | |||||||||||||||||||||||||||||
After one but within five years | 180,676 | 180,540 | |||||||||||||||||||||||||||||||
After five but within ten years | 238,822 | 238,018 | |||||||||||||||||||||||||||||||
More than ten years | 7,597 | 6,771 | |||||||||||||||||||||||||||||||
Nonmaturing | 1,906 | 1,952 | |||||||||||||||||||||||||||||||
Total | $ | 465,943 | $ | 464,245 | |||||||||||||||||||||||||||||
Continuous Unrealized Loss Position for 12 Months or Less and 12 Months or Longer | ' | ||||||||||||||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 47 and 7 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 234 holdings at December 31, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprise | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities | 289,709 | 1,352 | 24,557 | 149 | 314,266 | 1,501 | |||||||||||||||||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 1,486 | 23 | — | — | 1,486 | 23 | |||||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | — | — | 3,820 | 870 | 3,820 | 870 | |||||||||||||||||||||||||||
Other Debt Securities | — | — | 1,376 | 125 | 1,376 | 125 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 291,195 | $ | 1,375 | $ | 29,753 | $ | 1,144 | $ | 320,948 | $ | 2,519 | |||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 7 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 458 holdings at December 31, 2012. | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprise | $ | 34,967 | $ | 68 | $ | — | $ | — | $ | 34,967 | $ | 68 | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities | 93,006 | 383 | 10,169 | 29 | 103,175 | 412 | |||||||||||||||||||||||||||
Privately Issued Residential Mortgage-Backed Securities | — | — | 1,863 | 22 | 1,863 | 22 | |||||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | — | — | 3,963 | 722 | 3,963 | 722 | |||||||||||||||||||||||||||
Other Debt Securities | — | — | 1,453 | 47 | 1,453 | 47 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 127,973 | $ | 451 | $ | 17,448 | $ | 820 | $ | 145,421 | $ | 1,271 | |||||||||||||||||||||
Investment_Securities_HeldtoMa1
Investment Securities Held-to-Maturity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Unrealized Gain (Losses) on Securities | ' | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | Value | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprise | $ | 291,779 | $ | 185 | $ | 5,043 | $ | 286,921 | $ | 17,747 | $ | 19 | $ | 8 | $ | 17,758 | |||||||||||||||||
U.S. Government Sponsored Enterprise Mortgage-Backed Securities | 1,196,105 | 2,239 | 20,816 | 1,177,528 | 257,760 | 6,480 | 74 | 264,166 | |||||||||||||||||||||||||
Total | $ | 1,487,884 | $ | 2,424 | $ | 25,859 | $ | 1,464,449 | $ | 275,507 | $ | 6,499 | $ | 82 | $ | 281,924 | |||||||||||||||||
Company's Securities Held-to-Maturity | ' | ||||||||||||||||||||||||||||||||
The following table shows the maturity distribution of the Company’s securities held-to-maturity at December 31, 2013. | |||||||||||||||||||||||||||||||||
Amortized | Fair Value | ||||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 5,689 | $ | 5,672 | |||||||||||||||||||||||||||||
After one but within five years | 827,333 | 818,936 | |||||||||||||||||||||||||||||||
After five but within ten years | 653,784 | 638,750 | |||||||||||||||||||||||||||||||
More than ten years | 1,078 | 1,091 | |||||||||||||||||||||||||||||||
Total | $ | 1,487,884 | $ | 1,464,449 | |||||||||||||||||||||||||||||
Unrealized Market Loss of Securities | ' | ||||||||||||||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 191 and 13 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 300 holdings at December 31, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Value | Losses | Losses | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 232,535 | $ | 5,043 | $ | — | $ | — | $ | 232,535 | $ | 5,043 | |||||||||||||||||||||
U.S. Government Agency and Sponsored | |||||||||||||||||||||||||||||||||
Enterprise Mortgage-Backed Securities | 931,180 | 18,654 | 80,362 | 2,162 | 1,011,542 | 20,816 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 1,163,715 | $ | 23,697 | $ | 80,362 | $ | 2,162 | $ | 1,244,077 | $ | 25,859 | |||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 3 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 96 holdings at December 31, 2012. | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 9,994 | $ | 8 | $ | — | $ | — | $ | 9,994 | $ | 8 | |||||||||||||||||||||
U.S. Government Agency and Sponsored | |||||||||||||||||||||||||||||||||
Enterprise Mortgage-Backed Securities | 8,936 | 50 | 5,371 | 24 | 14,307 | 74 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 18,930 | $ | 58 | $ | 5,371 | $ | 24 | $ | 24,301 | $ | 82 | |||||||||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Summary Shows the Composition of the Loan Portfolio | ' | ||||||||||||
The following summary shows the composition of the loan portfolio at the dates indicated. | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(dollars in thousands) | |||||||||||||
Construction and land development | $ | 33,058 | $ | 38,618 | |||||||||
Commercial and industrial | 92,402 | 88,475 | |||||||||||
Commercial real estate | 713,327 | 576,465 | |||||||||||
Residential real estate | 286,041 | 281,857 | |||||||||||
Consumer | 8,824 | 6,823 | |||||||||||
Home equity | 130,277 | 118,923 | |||||||||||
Overdrafts | 834 | 627 | |||||||||||
Total | $ | 1,264,763 | $ | 1,111,788 | |||||||||
Composition of Nonaccrual Loans and Impaired Loans | ' | ||||||||||||
The composition of nonaccrual loans and impaired loans is as follows: | |||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
Loans on nonaccrual | $ | 2,549 | $ | 4,471 | $ | 5,827 | |||||||
Loans 90 days past due and still accruing | — | — | 18 | ||||||||||
Impaired loans on nonaccrual included above | 1,819 | 2,878 | 3,468 | ||||||||||
Total recorded investment in impaired loans | 7,788 | 5,925 | 8,102 | ||||||||||
Average recorded investment of impaired loans | 6,776 | 7,043 | 10,284 | ||||||||||
Accruing troubled debt restructures | 5,969 | 3,048 | 4,634 | ||||||||||
Interest income not recorded on nonaccrual loans according to their original terms | 711 | 753 | 846 | ||||||||||
Interest income on nonaccrual loans actually recorded | — | — | — | ||||||||||
Interest income recognized on impaired loans | 161 | 180 | 155 | ||||||||||
The Aggregate Amount of Loans to Directors and Officers of the Company and Their Associates | ' | ||||||||||||
The following table shows the aggregate amount of loans to directors and officers of the Company and their associates during 2013. | |||||||||||||
Balance at | Additions | Repayments | Balance at | ||||||||||
December 31, 2012 | and Deletions | December 31, 2013 | |||||||||||
(dollars in thousands) | |||||||||||||
$4,663 | $ | 310 | $ | 269 | $ | 4,704 |
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Changes in Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
An analysis of the allowance for loan losses for each of the three years ending December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses, beginning of year | $ | 19,197 | $ | 16,574 | $ | 14,053 | |||||||||||||||||||||||||||
Loans charged-off | (1,813 | ) | (2,301 | ) | (2,824 | ) | |||||||||||||||||||||||||||
Recoveries on loans previously charged-off | 847 | 774 | 795 | ||||||||||||||||||||||||||||||
Net charge-offs | (966 | ) | (1,527 | ) | (2,029 | ) | |||||||||||||||||||||||||||
Provision charged to expense | 2,710 | 4,150 | 4,550 | ||||||||||||||||||||||||||||||
Allowance for loan losses, end of year | $ | 20,941 | $ | 19,197 | $ | 16,574 | |||||||||||||||||||||||||||
Summary of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real Estate | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,041 | $ | 3,118 | $ | 9,065 | $ | 1,994 | $ | 333 | $ | 886 | $ | 760 | $ | 19,197 | |||||||||||||||||
Charge-offs | (1,000 | ) | (234 | ) | — | — | (579 | ) | — | — | (1,813 | ) | |||||||||||||||||||||
Recoveries | — | 389 | 19 | 11 | 427 | 1 | — | 847 | |||||||||||||||||||||||||
EAProvision | 133 | (284 | ) | 2,134 | 1 | 251 | 72 | 403 | 2,710 | ||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 2,174 | $ | 2,989 | $ | 11,218 | $ | 2,006 | $ | 432 | $ | 959 | $ | 1,163 | $ | 20,941 | |||||||||||||||||
Amount of allowance for loan losses for loans deemed to be impaired | $ | 12 | $ | 367 | $ | 417 | $ | 129 | $ | — | $ | 94 | $ | — | $ | 1,019 | |||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 2,162 | $ | 2,622 | $ | 10,801 | $ | 1,877 | $ | 432 | $ | 865 | $ | 1,163 | $ | 19,922 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 33,058 | $ | 92,402 | $ | 713,327 | $ | 286,041 | $ | 9,658 | $ | 130,277 | $ | — | $ | 1,264,763 | |||||||||||||||||
Loans deemed to be impaired | $ | 608 | $ | 1,367 | $ | 4,520 | $ | 1,199 | $ | — | $ | 94 | $ | — | $ | 7,788 | |||||||||||||||||
Loans not deemed to be impaired | $ | 32,450 | $ | 91,035 | $ | 708,807 | $ | 284,842 | $ | 9,658 | $ | 130,183 | $ | — | $ | 1,256,975 | |||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2012 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real Estate | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,893 | $ | 3,139 | $ | 6,566 | $ | 1,886 | $ | 356 | $ | 704 | $ | 1,030 | $ | 16,574 | |||||||||||||||||
Charge-offs | — | (1,253 | ) | — | (192 | ) | (697 | ) | (159 | ) | — | (2,301 | ) | ||||||||||||||||||||
Recoveries | — | 307 | 9 | 17 | 422 | 19 | — | 774 | |||||||||||||||||||||||||
Provision | 148 | 925 | 2,490 | 283 | 252 | 322 | (270 | ) | 4,150 | ||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 3,041 | $ | 3,118 | $ | 9,065 | $ | 1,994 | $ | 333 | $ | 886 | $ | 760 | $ | 19,197 | |||||||||||||||||
Amount of allowance for loan losses or loans deemed to be impaired | $ | 1,000 | $ | 104 | $ | 415 | $ | 117 | $ | — | $ | 96 | $ | — | $ | 1,732 | |||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 2,041 | $ | 3,014 | $ | 8,650 | $ | 1,877 | $ | 333 | $ | 790 | $ | 760 | $ | 17,465 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 38,618 | $ | 88,475 | $ | 576,465 | $ | 281,857 | $ | 7,450 | $ | 118,923 | $ | — | $ | 1,111,788 | |||||||||||||||||
Loans deemed to be impaired | $ | 1,500 | $ | 1,282 | $ | 2,281 | $ | 766 | $ | — | $ | 96 | $ | — | $ | 5,925 | |||||||||||||||||
Loans not deemed to be impaired | $ | 37,118 | $ | 87,193 | $ | 574,184 | $ | 281,091 | $ | 7,450 | $ | 118,827 | $ | — | $ | 1,105,863 | |||||||||||||||||
Loans by Risk Rating | ' | ||||||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at December 31, 2013. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and Land | and | Real Estate | |||||||||||||||||||||||||||||||
Development | Industrial | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
1-3 (Pass) | $ | 25,138 | $ | 90,563 | $ | 707,461 | |||||||||||||||||||||||||||
4 (Monitor) | 7,312 | 472 | 1,346 | ||||||||||||||||||||||||||||||
5 (Substandard) | — | — | — | ||||||||||||||||||||||||||||||
6 (Doubtful) | — | — | — | ||||||||||||||||||||||||||||||
Impaired | 608 | 1,367 | 4,520 | ||||||||||||||||||||||||||||||
Total | $ | 33,058 | $ | 92,402 | $ | 713,327 | |||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at December 31, 2012. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and Land | and | Real Estate | |||||||||||||||||||||||||||||||
Development | Industrial | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
1-3 (Pass) | $ | 29,719 | $ | 86,587 | $ | 569,760 | |||||||||||||||||||||||||||
4 (Monitor) | 7,399 | 606 | 4,424 | ||||||||||||||||||||||||||||||
5 (Substandard) | — | — | — | ||||||||||||||||||||||||||||||
6 (Doubtful) | — | — | — | ||||||||||||||||||||||||||||||
Impaired | 1,500 | 1,282 | 2,281 | ||||||||||||||||||||||||||||||
Total | $ | 38,618 | $ | 88,475 | $ | 576,465 | |||||||||||||||||||||||||||
Aging of Past-Due Loans | ' | ||||||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non | Accruing | Total | Current | Total | ||||||||||||||||||||||||||||
30-89 Days | Accrual | Greater | Past Due | Loans | |||||||||||||||||||||||||||||
Past Due | Than | ||||||||||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 500 | $ | — | $ | 500 | $ | 32,558 | $ | 33,058 | |||||||||||||||||||||
Commercial and industrial | 112 | 706 | — | 818 | 91,584 | 92,402 | |||||||||||||||||||||||||||
Commercial real estate | 1,496 | 306 | — | 1,802 | 711,525 | 713,327 | |||||||||||||||||||||||||||
Residential real estate | 2,232 | 1,034 | — | 3,266 | 282,775 | 286,041 | |||||||||||||||||||||||||||
Consumer and overdrafts | 11 | 3 | — | 14 | 9,644 | 9,658 | |||||||||||||||||||||||||||
Home equity | 1,710 | — | — | 1,710 | 128,567 | 130,277 | |||||||||||||||||||||||||||
Total | $ | 5,561 | $ | 2,549 | $ | — | $ | 8,110 | $ | 1,256,653 | $ | 1,264,763 | |||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2012 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non | Accruing | Total | Current | Total | ||||||||||||||||||||||||||||
30-89 Days | Accrual | Greater | Past Due | Loans | |||||||||||||||||||||||||||||
Past Due | Than | ||||||||||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 1,500 | $ | — | $ | 1,500 | $ | 37,118 | $ | 38,618 | |||||||||||||||||||||
Commercial and industrial | 1,256 | 676 | — | 1,932 | 86,543 | 88,475 | |||||||||||||||||||||||||||
Commercial real estate | 3,450 | 674 | — | 4,124 | 572,341 | 576,465 | |||||||||||||||||||||||||||
Residential real estate | 864 | 1,597 | — | 2,461 | 279,396 | 281,857 | |||||||||||||||||||||||||||
Consumer and overdrafts | 32 | 24 | — | 56 | 7,394 | 7,450 | |||||||||||||||||||||||||||
Home equity | 1,088 | — | — | 1,088 | 117,835 | 118,923 | |||||||||||||||||||||||||||
Total | $ | 6,690 | $ | 4,471 | $ | — | $ | 11,161 | $ | 1,100,627 | $ | 1,111,788 | |||||||||||||||||||||
Information Pertaining to Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following is information pertaining to impaired loans at December 31, 2013: | |||||||||||||||||||||||||||||||||
Carrying | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Value | Balance | Reserve | Carrying | Income | |||||||||||||||||||||||||||||
Principal | Value | ||||||||||||||||||||||||||||||||
Recognized | |||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 500 | $ | 3,292 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Commercial and industrial | 238 | 268 | — | 361 | 1 | ||||||||||||||||||||||||||||
Commercial real estate | 82 | 82 | — | 132 | — | ||||||||||||||||||||||||||||
Residential real estate | 246 | 259 | — | 169 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 1,066 | $ | 3,901 | $ | — | $ | 662 | $ | 1 | |||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 108 | $ | 108 | $ | 12 | $ | 1,371 | $ | 1 | |||||||||||||||||||||||
Commercial and industrial | 1,129 | 1,371 | 367 | 902 | 37 | ||||||||||||||||||||||||||||
Commercial real estate | 4,438 | 4,527 | 417 | 2,868 | 120 | ||||||||||||||||||||||||||||
Residential real estate | 953 | 1,035 | 129 | 878 | 2 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 95 | — | ||||||||||||||||||||||||||||
Total | $ | 6,722 | $ | 7,135 | $ | 1,019 | $ | 6,114 | $ | 160 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 608 | $ | 3,400 | $ | 12 | $ | 1,371 | $ | 1 | |||||||||||||||||||||||
Commercial and industrial | 1,367 | 1,639 | 367 | 1,263 | 38 | ||||||||||||||||||||||||||||
Commercial real estate | 4,520 | 4,609 | 417 | 3,000 | 120 | ||||||||||||||||||||||||||||
Residential real estate | 1,199 | 1,294 | 129 | 1,047 | 2 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 95 | — | ||||||||||||||||||||||||||||
Total | $ | 7,788 | $ | 11,036 | $ | 1,019 | $ | 6,776 | $ | 161 | |||||||||||||||||||||||
The following is information pertaining to impaired loans at December 31, 2012: | |||||||||||||||||||||||||||||||||
Carrying | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Value | Balance | Reserve | Carrying | Income | |||||||||||||||||||||||||||||
Principal | Value | Recognized | |||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | — | $ | — | $ | 346 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 503 | 994 | — | 425 | 1 | ||||||||||||||||||||||||||||
Commercial real estate | 169 | 199 | — | 176 | — | ||||||||||||||||||||||||||||
Residential real estate | 30 | 31 | — | 124 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 702 | $ | 1,224 | $ | — | $ | 1,071 | $ | 1 | |||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,154 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 779 | 995 | 104 | 1,317 | 40 | ||||||||||||||||||||||||||||
Commercial real estate | 2,112 | 2,158 | 415 | 2,817 | 138 | ||||||||||||||||||||||||||||
Residential real estate | 736 | 736 | 117 | 640 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 44 | — | ||||||||||||||||||||||||||||
Total | $ | 5,223 | $ | 7,277 | $ | 1,732 | $ | 5,972 | $ | 179 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,500 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 1,282 | 1,989 | 104 | 1,742 | 41 | ||||||||||||||||||||||||||||
Commercial real estate | 2,281 | 2,357 | 415 | 2,993 | 138 | ||||||||||||||||||||||||||||
Residential real estate | 766 | 767 | 117 | 764 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 44 | — | ||||||||||||||||||||||||||||
Total | $ | 5,925 | $ | 8,501 | $ | 1,732 | $ | 7,043 | $ | 180 | |||||||||||||||||||||||
Troubled Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
The following is information pertaining to troubled debt restructurings occurring during the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Number | Pre-modification | Post-modification | |||||||||||||||||||||||||||||||
of | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Contracts | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | 1 | $ | 108 | $ | 108 | ||||||||||||||||||||||||||||
Commercial and industrial | 2 | 67 | 64 | ||||||||||||||||||||||||||||||
Commercial real estate | 3 | 2,376 | 2,356 | ||||||||||||||||||||||||||||||
Residential real estate | 1 | 285 | 162 | ||||||||||||||||||||||||||||||
Total | 7 | $ | 2,836 | $ | 2,690 | ||||||||||||||||||||||||||||
The following is information pertaining to troubled debt restructurings occurring during the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Number of | Pre-modification | Post-modification | |||||||||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | 1 | $ | 750 | $ | 736 | ||||||||||||||||||||||||||||
Commercial and industrial | 1 | 6 | 6 | ||||||||||||||||||||||||||||||
Commercial real estate | 1 | 98 | 96 | ||||||||||||||||||||||||||||||
Total | 3 | $ | 854 | $ | 838 | ||||||||||||||||||||||||||||
Bank_Premises_and_Equipment_Ta
Bank Premises and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Schedule of Bank Premises and Equipment | ' | ||||||||||||
December 31, | 2013 | 2012 | Estimated Useful Life | ||||||||||
(dollars in thousands) | |||||||||||||
Land | $ | 3,478 | $ | 3,478 | — | ||||||||
Bank premises | 19,235 | 18,353 | 30-39 years | ||||||||||
Furniture and equipment | 31,965 | 31,319 | 3-10 years | ||||||||||
Leasehold improvements | 10,010 | 9,930 | 30-39 years or lease term | ||||||||||
64,688 | 63,080 | ||||||||||||
Accumulated depreciation and amortization | (41,288 | ) | (39,181 | ) | |||||||||
Total | $ | 23,400 | $ | 23,899 | |||||||||
Summary of Future Minimum Rental Commitments for Non-Cancelable Operating Leases | ' | ||||||||||||
Future minimum rental commitments for non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2013, were as follows: | |||||||||||||
Year | Amount | ||||||||||||
(dollars in thousands) | |||||||||||||
2014 | $ | 2,070 | |||||||||||
2015 | 1,824 | ||||||||||||
2016 | 1,675 | ||||||||||||
2017 | 1,235 | ||||||||||||
2018 | 1,035 | ||||||||||||
Thereafter | 2,816 | ||||||||||||
$ | 10,655 |
Goodwill_and_Identifiable_Inta1
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Carrying Amount of Goodwill and Intangibles | ' | ||||||||||||||||
The changes in goodwill and identifiable intangible assets for the years ended December 31, 2013 and 2012 are shown in the table below. | |||||||||||||||||
Carrying Amount of Goodwill and Intangibles | Goodwill | Core Deposit | Mortgage | Total | |||||||||||||
Intangibles | Servicing | ||||||||||||||||
Rights | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 2,714 | $ | 120 | $ | 123 | $ | 2,957 | |||||||||
Additions | — | — | 48 | 48 | |||||||||||||
Amortization Expense | — | (120 | ) | (34 | ) | (154 | ) | ||||||||||
Balance at December 31, 2012 | $ | 2,714 | $ | — | 137 | $ | 2,851 | ||||||||||
Additions | — | — | 653 | 653 | |||||||||||||
Amortization Expense | — | — | (87 | ) | (87 | ) | |||||||||||
Balance at December 31, 2013 | $ | 2,714 | $ | — | 703 | $ | 3,417 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis | ' | ||||||||||||||||
The results of the fair value hierarchy as of December 31, 2013, are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Value | in Active Markets | Observable | Other | ||||||||||||||
for Identical Assets | Inputs | Unobservable | |||||||||||||||
(Level 1) | (Level 2) | Inputs (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS | |||||||||||||||||
U.S. Treasury | $ | 1,998 | $ | — | $ | 1,998 | $ | — | |||||||||
U.S. Government Sponsored Enterprises | 10,004 | — | 10,004 | — | |||||||||||||
SBA Backed Securities | 7,302 | — | 7,302 | — | |||||||||||||
U.S. Government Agency and Sponsored Enterprises | |||||||||||||||||
Mortgage-Backed Securities | 403,189 | — | 403,189 | — | |||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 2,277 | — | 2,277 | — | |||||||||||||
Obligations Issued by States and Political Subdivisions | 36,723 | — | 416 | 36,307 | |||||||||||||
Other Debt Securities | 2,176 | — | 2,176 | — | |||||||||||||
Equity Securities | 576 | 286 | — | 290 | |||||||||||||
Total | $ | 464,245 | $ | 286 | $ | 427,362 | $ | 36,597 | |||||||||
Financial Instruments Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||
Impaired Loans | $ | 1,747 | $ | — | $ | — | $ | 1,747 | |||||||||
The results of the fair value hierarchy as of December 31, 2012, are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Value | in Active Markets | Observable | Other Unobservable | ||||||||||||||
for Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS | |||||||||||||||||
U.S. Treasury | $ | 2,004 | $ | — | $ | 2,004 | $ | — | |||||||||
U.S. Government Sponsored Enterprises | 130,340 | — | 130,340 | — | |||||||||||||
SBA Backed Securities | 8,156 | — | 8,156 | — | |||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities | 1,233,357 | — | 1,233,357 | — | |||||||||||||
Privately Issued Residential Mortgage-Backed Securities | 2,947 | — | 2,947 | — | |||||||||||||
Privately Issued Commercial Mortgage-Backed Securities | — | — | — | — | |||||||||||||
Obligations Issued by States and Political Subdivisions | 55,174 | — | 1,734 | 53,440 | |||||||||||||
Other Debt Securities | 2,253 | — | 2,253 | — | |||||||||||||
Equity Securities | 570 | 228 | — | 342 | |||||||||||||
Total | $ | 1,434,801 | $ | 228 | $ | 1,380,791 | $ | 53,782 | |||||||||
Financial Instruments Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||
Impaired Loans | $ | 3,587 | $ | — | $ | — | $ | 3,587 | |||||||||
Assets Measured at Fair Value | ' | ||||||||||||||||
The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2013. Management continues to monitor the assumptions used to value the assets listed below. | |||||||||||||||||
Asset | Fair Value | Valuation Technique | Unobservable Input | Unobservable Input | |||||||||||||
Value or Range | |||||||||||||||||
Securities AFS(1) | $ | 36,597 | Discounted cash flow | Discount rate | 0%-1%(2) | ||||||||||||
Impaired Loans | 1,747 | Appraisal of collateral(3) | Appraisal adjustments(4) | 0%-25% discount | |||||||||||||
-1 | Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. | ||||||||||||||||
-2 | Weighted averages. | ||||||||||||||||
-3 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||
-4 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. | ||||||||||||||||
The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2012. Management continues to monitor the assumptions used to value the assets listed below. | |||||||||||||||||
Asset | Fair Value | Valuation Technique | Unobservable Input | Unobservable Input | |||||||||||||
Unobservable Input | |||||||||||||||||
Value or Range | |||||||||||||||||
Securities AFS(1) | $ | 53,782 | Discounted cash flow | Discount rate | 0%-1%(2) | ||||||||||||
Impaired Loans | 3,587 | Appraisal of collateral(3) | Appraisal adjustments(4) | 0%-25% discount | |||||||||||||
-1 | Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. | ||||||||||||||||
(2) | Weighted averages. | ||||||||||||||||
(3) | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||
(4) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. | ||||||||||||||||
Changes in Level 3 Securities | ' | ||||||||||||||||
The changes in Level 3 securities for the year ended December 31, 2013 are as shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
and Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 3,963 | $ | 49,477 | $ | 342 | $ | 53,782 | |||||||||
Purchases | — | 50,012 | — | 50,012 | |||||||||||||
Maturities | — | (66,976 | ) | (52 | ) | (67,028 | ) | ||||||||||
Amortization | — | (26 | ) | — | (26 | ) | |||||||||||
Change in fair value | (143 | ) | — | — | (143 | ) | |||||||||||
Balance at December 31, 2013 | $ | 3,820 | $ | 32,487 | $ | 290 | $ | 36,597 | |||||||||
The changes in Level 3 securities for the year ended December 31, 2012 are as shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
and Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Balance at December 31, 2011 | $ | 3,725 | $ | 14,772 | $ | 417 | $ | 18,914 | |||||||||
Purchases | — | 90,960 | — | 90,960 | |||||||||||||
Maturities | — | (56,214 | ) | (75 | ) | (56,289 | ) | ||||||||||
Amortization | — | (41 | ) | — | (41 | ) | |||||||||||
Change in fair value | 238 | — | — | 238 | |||||||||||||
Balance at December 31, 2012 | $ | 3,963 | $ | 49,477 | $ | 342 | $ | 53,782 | |||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Summary of Remaining Maturities or Re-pricing of Time Deposits | ' | ||||||||||||||||
The following is a summary of remaining maturities or re-pricing of time deposits as of December 31, | |||||||||||||||||
2013 | Percent | 2012 | Percent | ||||||||||||||
(dollars in thousands) | |||||||||||||||||
Within one year | $ | 248,758 | 65 | % | $ | 299,456 | 71 | % | |||||||||
Over one year to two years | 41,533 | 11 | % | 67,918 | 16 | % | |||||||||||
Over two years to three years | 48,357 | 13 | % | 19,834 | 5 | % | |||||||||||
Over three years to five years | 43,576 | 11 | % | 32,775 | 8 | % | |||||||||||
Total | $ | 382,224 | 100 | % | $ | 419,983 | 100 | % | |||||||||
Securities_Sold_under_Agreemen1
Securities Sold under Agreements to Repurchase (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Summary of Securities Sold under Agreements to Repurchase | ' | ||||||||||||
The following is a summary of securities sold under agreements to repurchase as of December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Amount outstanding at December 31 | $ | 214,440 | $ | 191,390 | $ | 143,320 | |||||||
Weighted average rate at December 31 | 0.18 | % | 0.17 | % | 0.24 | % | |||||||
Maximum amount outstanding at any month end | $ | 214,440 | $ | 213,730 | $ | 152,267 | |||||||
Daily average balance outstanding during the year | $ | 203,888 | $ | 174,624 | $ | 129,137 | |||||||
Weighted average rate during the year | 0.18 | % | 0.21 | % | 0.29 | % |
Other_Borrowed_Funds_and_Subor1
Other Borrowed Funds and Subordinated Debentures (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Summary of Other Borrowed Funds and Subordinated Debentures | ' | ||||||||||||||||||||||||
The following is a summary of other borrowed funds and subordinated debentures as of December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Amount outstanding at December 31 | $ | 291,227 | $ | 231,227 | $ | 280,226 | |||||||||||||||||||
Weighted average rate at December 31 | 3.04 | % | 3.54 | % | 2.85 | % | |||||||||||||||||||
Maximum amount outstanding at any month end | $ | 291,227 | $ | 277,226 | $ | 280,226 | |||||||||||||||||||
Daily average balance outstanding during the year | $ | 231,032 | $ | 217,542 | $ | 202,209 | |||||||||||||||||||
Weighted average rate during the year | 3.73 | % | 3.82 | % | 3.85 | % | |||||||||||||||||||
Schedule of the Maturity Distribution of FHLBB Advances with the Weighted Average Interest Rates | ' | ||||||||||||||||||||||||
A schedule of the maturity distribution of FHLBB advances with the weighted average interest rates is as follows: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
December 31, | Amount | Weighted | Amount | Weighted | Amount | Weighted | |||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Rate | Rate | Rate | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Within one year | $ | 53,000 | 0.4 | % | $ | 46,000 | 1.86 | % | $ | 81,500 | 0.42 | % | |||||||||||||
Over one year to two years | 19,500 | 2.42 | % | 17,500 | 3.01 | % | 23,500 | 3.34 | % | ||||||||||||||||
Over two years to three years | 55,000 | 3.07 | % | 19,500 | 2.42 | % | 17,500 | 3.01 | % | ||||||||||||||||
Over three years to five years | 77,000 | 3.05 | % | 90,000 | 3.33 | % | 74,500 | 2.9 | % | ||||||||||||||||
Over five years | 50,500 | 3.39 | % | 22,000 | 4.19 | % | 47,000 | 4.38 | % | ||||||||||||||||
Total | $ | 255,000 | 2.52 | % | $ | 195,000 | 2.96 | % | $ | 244,000 | 2.41 | % | |||||||||||||
Reclassifications_Out_of_Accum1
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||
Amount Reclassified from Accumulated | |||||||||||
Other Comprehensive Income | |||||||||||
Details about Accumulated Other | Year ended | Year ended | Affected line item in the Statement | ||||||||
Comprehensive Income Components | December 31, 2013(a) | December 31, 2012(a) | Where Net Income is Presented | ||||||||
Unrealized gains and losses on available-for-sale securities | $ | 3,019 | $ | 1,843 | Net gains on sales of investments | ||||||
(1,179 | ) | (728 | ) | Provision for income taxes | |||||||
$ | 1,840 | $ | 1,115 | Net income | |||||||
Accretion of unrealized losses transferred | $ | 3,077 | $ | — | Securities held-to-maturity | ||||||
(1,191 | ) | — | Provision for income taxes | ||||||||
$ | 1,886 | $ | — | Net Income | |||||||
Amortization of defined benefit pension items | |||||||||||
Prior-service costs | $ | (10 | ) | $ | (10 | ) | Salaries and employee benefits(b) | ||||
Actuarial gains (losses) | (1,144 | ) | (1,071 | ) | Salaries and employee benefits(b) | ||||||
Total before tax | (1,154 | ) | (1,081 | ) | Income before taxes | ||||||
Tax (expense) or benefit | 460 | 432 | Provision for income taxes | ||||||||
Net of tax | $ | (694 | ) | $ | (649 | ) | Net income | ||||
Total reclassifications for the period | $ | 3,032 | $ | 466 | Net income | ||||||
(a) | Amounts in parentheses indicate debits to profit/loss. | ||||||||||
(b) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 17) for additional details). |
Earnings_Per_Share_EPS_Tables
Earnings Per Share ("EPS") (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of Basic EPS and Diluted EPS | ' | ||||||||||||
The following table is a reconciliation of basic EPS and diluted EPS: | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(in thousands except share and per share data) | |||||||||||||
BASIC EPS COMPUTATION | |||||||||||||
Numerator: | |||||||||||||
Net income, Class A | $ | 15,698 | $ | 14,877 | $ | 13,023 | |||||||
Net income, Class B | 4,348 | 4,162 | 3,670 | ||||||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, Class A | 3,575,683 | 3,557,693 | 3,543,233 | ||||||||||
Weighted average shares outstanding, Class B | 1,980,855 | 1,990,474 | 1,997,411 | ||||||||||
Basic EPS, Class A | $ | 4.39 | $ | 4.18 | $ | 3.68 | |||||||
Basic EPS, Class B | 2.19 | 2.09 | 1.84 | ||||||||||
DILUTED EPS COMPUTATION | |||||||||||||
Numerator: | |||||||||||||
Net income, Class A | $ | 15,698 | $ | 14,877 | $ | 13,023 | |||||||
Net income, Class B | 4,348 | 4,162 | 3,670 | ||||||||||
Total net income, for diluted EPS, Class A computation | 20,046 | 19,039 | 16,693 | ||||||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, basic, Class A | 3,575,683 | 3,557,693 | 3,543,233 | ||||||||||
Weighted average shares outstanding, Class B | 1,980,855 | 1,990,474 | 1,997,411 | ||||||||||
Dilutive effect of Class A stock options | 1,155 | 1,024 | 1,150 | ||||||||||
Weighted average shares outstanding diluted, Class A | 5,557,693 | 5,549,191 | 5,541,794 | ||||||||||
Weighted average shares outstanding, Class B | 1,980,855 | 1,990,474 | 1,997,411 | ||||||||||
Diluted EPS, Class A | $ | 3.61 | $ | 3.43 | $ | 3.01 | |||||||
Diluted EPS, Class B | 2.19 | 2.09 | 1.84 | ||||||||||
Stockholders_Equity_Dividends_
Stockholders' Equity Dividends (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Stock Option Activity Under Stock Option Plan | ' | ||||||||||||||||||||||||
Stock option activity under the plan is as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | Amount | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise Price | Exercise Price | Exercise Price | |||||||||||||||||||||||
Shares under option: | |||||||||||||||||||||||||
Outstanding at beginning of year | 23,350 | $ | 31.17 | 36,062 | $ | 28.9 | 38,712 | $ | 28.36 | ||||||||||||||||
Forfeited | (1,350 | ) | 26.68 | (450 | ) | 22.5 | (200 | ) | 15.06 | ||||||||||||||||
Exercised | (1,625 | ) | 26.76 | (12,262 | ) | 24.82 | (2,450 | ) | 21.44 | ||||||||||||||||
Outstanding at end of year | 20,375 | $ | 31.82 | 23,350 | $ | 31.17 | 36,062 | $ | 28.9 | ||||||||||||||||
Exercisable at end of year | 20,375 | $ | 31.82 | 23,350 | $ | 31.17 | 36,062 | $ | 28.9 | ||||||||||||||||
Available to be granted at end of year | 224,884 | 223,534 | 223,084 | ||||||||||||||||||||||
Summary of the Bank's Actual Capital Amounts and Ratios | ' | ||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios are presented in the following table: | |||||||||||||||||||||||||
Actual | Ratio | For Capital | To Be Well | ||||||||||||||||||||||
Amount | Adequacy | Capitalized Under | |||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 230,038 | 13.91 | % | $ | 132,338 | 8 | % | $ | 165,422 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 209,360 | 12.66 | % | 66,169 | 4 | % | 99,253 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 209,360 | 6 | % | 139,467 | 4 | % | 174,334 | 5 | % | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 206,464 | 14.15 | % | $ | 116,726 | 8 | % | $ | 145,907 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 188,226 | 12.9 | % | 58,363 | 4 | % | 87,544 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 188,226 | 6.11 | % | 123,202 | 4 | % | 154,002 | 5 | % | ||||||||||||||||
Summary of the Company's Actual Capital Amounts and Ratios | ' | ||||||||||||||||||||||||
The Company’s actual capital amounts and ratios are presented in the following table: | |||||||||||||||||||||||||
For Capital | To Be Well | ||||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Actual | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Amount | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 247,761 | 14.92 | % | $ | 132,870 | 8 | % | $ | 166,088 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 227,000 | 13.67 | % | 66,435 | 4 | % | 99,653 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 227,000 | 6.5 | % | 139,769 | 4 | % | 174,711 | 5 | % | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | $ | 227,945 | 15.59 | % | $ | 116,976 | 8 | % | $ | 146,220 | 10 | % | |||||||||||||
Tier 1 Capital (to Risk-Weighted Assets) | 209,668 | 14.34 | % | 58,488 | 4 | % | 87,732 | 6 | % | ||||||||||||||||
Tier 1 Capital (to 4th Qtr. Average Assets) | 209,668 | 6.8 | % | 123,377 | 4 | % | 154,221 | 5 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Current and Deferred Components of Income Tax Expense | ' | ||||||||||||
The current and deferred components of income tax expense for the years ended December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Current expense: | |||||||||||||
Federal | $ | 3,520 | $ | 3,181 | $ | 2,198 | |||||||
State | 416 | 315 | 309 | ||||||||||
Total current expense | 3,936 | 3,496 | 2,507 | ||||||||||
Deferred (benefit) expense: | |||||||||||||
Federal | (2,564 | ) | (1,833 | ) | (961 | ) | |||||||
State | (365 | ) | (271 | ) | 8 | ||||||||
Total deferred benefit | (2,929 | ) | (2,104 | ) | (953 | ) | |||||||
Provision for income taxes | $ | 1,007 | $ | 1,392 | $ | 1,554 | |||||||
Income Tax Accounts Included in Other Assets/Liabilities | ' | ||||||||||||
Income tax accounts included in other assets/liabilities at December 31 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Currently receivable | $ | 702 | $ | 630 | |||||||||
Deferred income tax asset, net | 30,857 | 14,551 | |||||||||||
Total | $ | 31,559 | $ | 15,181 | |||||||||
Summary of Differences between Income Tax Expense at the Statutory Federal Income Tax Rate and Total Income Tax Expense | ' | ||||||||||||
Differences between income tax expense at the statutory federal income tax rate and total income tax expense are summarized as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(dollars in thousands) | |||||||||||||
Federal income tax expense at statutory rates | $ | 7,158 | $ | 6,946 | $ | 6,204 | |||||||
State income tax, net of federal income tax benefit | 34 | 29 | 209 | ||||||||||
Insurance income | (380 | ) | (396 | ) | (396 | ) | |||||||
Effect of tax-exempt interest | (5,348 | ) | (4,628 | ) | (3,801 | ) | |||||||
Net tax credit | (572 | ) | (633 | ) | (683 | ) | |||||||
Other | 115 | 74 | 21 | ||||||||||
Total | $ | 1,007 | $ | 1,392 | $ | 1,554 | |||||||
Effective tax rate | 4.8 | % | 6.8 | % | 8.5 | % | |||||||
Gross Deferred Income Tax Assets and Gross Deferred Income Tax Liabilities | ' | ||||||||||||
The following table sets forth the Company’s gross deferred income tax assets and gross deferred income tax liabilities at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
(dollars in thousands) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Allowance for loan losses | $ | 9,199 | $ | 8,103 | |||||||||
Unrealized losses on securities transferred to held-to-maturity | 8,590 | — | |||||||||||
Deferred compensation | 6,515 | 5,643 | |||||||||||
Pension and SERP liability | 4,880 | 8,621 | |||||||||||
AMT credit | 3,164 | 1,908 | |||||||||||
Unrealized losses (gains) on securities available-for-sale | 652 | (7,875 | ) | ||||||||||
Acquisition premium | 438 | 541 | |||||||||||
Nonaccrual interest | 136 | 151 | |||||||||||
Depreciation | 109 | (36 | ) | ||||||||||
Investments write down | 26 | 26 | |||||||||||
Deferred gain | — | 11 | |||||||||||
Other | 198 | 235 | |||||||||||
Gross deferred income tax asset | 33,907 | 17,328 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Limited partnerships | (2,769 | ) | (2,722 | ) | |||||||||
Mortgage servicing rights | (281 | ) | (55 | ) | |||||||||
Gross deferred income tax liability | (3,050 | ) | (2,777 | ) | |||||||||
Deferred income tax asset net | $ | 30,857 | $ | 14,551 | |||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Fair Value of Plan Assets and Major Categories | ' | ||||||||||||||||||||||||
The fair value of plan assets and major categories as of December 31, 2013, is as follows: | |||||||||||||||||||||||||
Asset Category | Percent | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Collective funds | 52.9 | % | $ | 17,092 | $ | 856 | $ | 16,236 | $ | — | |||||||||||||||
Equity securities | 25.9 | % | 8,355 | 8,355 | — | — | |||||||||||||||||||
Mutual funds | 13.1 | % | 4,250 | 3,832 | 418 | — | |||||||||||||||||||
Hedge funds | 7 | % | 2,256 | — | — | 2,256 | |||||||||||||||||||
Short-term investments | 1.1 | % | 369 | 249 | 120 | — | |||||||||||||||||||
100 | % | $ | 32,322 | $ | 13,292 | $ | 16,774 | $ | 2,256 | ||||||||||||||||
The fair value of plan assets and major categories as of December 31, 2012, is as follows: | |||||||||||||||||||||||||
Asset Category | Percent | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Collective funds | 52.5 | % | $ | 12,593 | $ | 767 | $ | 11,826 | $ | — | |||||||||||||||
Equity securities | 24.6 | % | 5,892 | 5,892 | — | — | |||||||||||||||||||
Mutual funds | 14.1 | % | 3,370 | 3,086 | 284 | — | |||||||||||||||||||
Hedge funds | 7 | % | 1,691 | — | — | 1,691 | |||||||||||||||||||
Short-term investments | 1.8 | % | 437 | 62 | 375 | — | |||||||||||||||||||
100 | % | $ | 23,983 | $ | 9,807 | $ | 12,485 | $ | 1,691 | ||||||||||||||||
Changes in Level 3 Securities | ' | ||||||||||||||||||||||||
The changes in Level 3 securities are shown in the table below: | |||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Balance at beginning of year | $ | 1,691 | $ | 1,522 | |||||||||||||||||||||
Purchases | 55 | 152 | |||||||||||||||||||||||
Actual return – assets still being held | 510 | 17 | |||||||||||||||||||||||
Balance at end of year | $ | 2,256 | $ | 1,691 | |||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||
Defined Benefit | Supplemental Insurance/ | ||||||||||||||||||||||||
Pension Plan | Retirement Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Change projected in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 31,910 | $ | 28,784 | $ | 25,835 | $ | 21,097 | |||||||||||||||||
Service cost | 1,196 | 1,097 | 1,554 | 1,425 | |||||||||||||||||||||
Interest cost | 1,257 | 1,295 | 1,072 | 923 | |||||||||||||||||||||
Actuarial (gain)/loss | (3,734 | ) | 1,401 | (1,916 | ) | 3,482 | |||||||||||||||||||
Benefits paid | (750 | ) | (667 | ) | (1,043 | ) | (1,092 | ) | |||||||||||||||||
Projected benefit obligation at end of year | $ | 29,879 | $ | 31,910 | $ | 25,502 | $ | 25,835 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 23,983 | $ | 20,517 | |||||||||||||||||||||
Actual (loss) return on plan assets | 4,619 | 2,333 | |||||||||||||||||||||||
Employer contributions | 4,470 | 1,800 | |||||||||||||||||||||||
Benefits paid | (750 | ) | (667 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 32,322 | $ | 23,983 | |||||||||||||||||||||
(Unfunded) Funded status | $ | 2,443 | $ | (7,927 | ) | $ | (25,502 | ) | $ | (25,835 | ) | ||||||||||||||
Accumulated benefit obligation | $ | 29,747 | $ | 31,773 | $ | 22,278 | $ | 22,181 | |||||||||||||||||
Weighted-average assumptions as of December 31 | |||||||||||||||||||||||||
Discount rate — Liability | 5 | % | 4 | % | 5 | % | 4 | % | |||||||||||||||||
Discount rate — Expense | 4 | % | 4.5 | % | 4 | % | 4.5 | % | |||||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | NA | NA | |||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | 4 | % | |||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 1,196 | $ | 1,097 | $ | 1,554 | $ | 1,425 | |||||||||||||||||
Interest cost | 1,257 | 1,295 | 1,072 | 923 | |||||||||||||||||||||
Expected return on plan assets | (1,880 | ) | (1,641 | ) | — | — | |||||||||||||||||||
Recognized prior service cost | (104 | ) | (104 | ) | 114 | 114 | |||||||||||||||||||
Recognized net losses | 630 | 735 | 514 | 336 | |||||||||||||||||||||
Net periodic cost | $ | 1,099 | $ | 1,382 | $ | 3,254 | $ | 2,798 | |||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income | |||||||||||||||||||||||||
Amortization of prior service cost | $ | 104 | $ | 104 | $ | (114 | ) | $ | (114 | ) | |||||||||||||||
Net (gain) loss | (6,956 | ) | (25 | ) | (2,401 | ) | 3,098 | ||||||||||||||||||
Total recognized in other comprehensive income | (6,852 | ) | 79 | (2,515 | ) | 2,984 | |||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (5,753 | ) | $ | 1,461 | $ | 739 | $ | 5,782 | ||||||||||||||||
Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan | ' | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Plan | Supplemental | Total | Plan | Supplemental | Total | ||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Prior service cost | $ | 516 | $ | (991 | ) | $ | (475 | ) | $ | 620 | $ | (1,105 | ) | $ | (485 | ) | |||||||||
Net actuarial loss | (3,361 | ) | (7,901 | ) | (11,262 | ) | (10,317 | ) | (10,302 | ) | (20,619 | ) | |||||||||||||
Total | $ | (2,845 | ) | $ | (8,892 | ) | $ | (11,737 | ) | $ | (9,697 | ) | $ | (11,407 | ) | $ | (21,104 | ) | |||||||
Summary of Accumulated Other Comprehensive Loss Expected to be Recognized | ' | ||||||||||||||||||||||||
The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2013, expected to be recognized as components of net periodic benefit cost in the next year: | |||||||||||||||||||||||||
Plan | Supplemental | ||||||||||||||||||||||||
Plan | |||||||||||||||||||||||||
Amortization of prior service cost to be recognized in 2014 | $ | (104 | ) | $ | 114 | ||||||||||||||||||||
Amortization of loss to be recognized in 2014 | 12 | 355 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Summary of Financial Instruments with Off-Balance-Sheet Risk | ' | ||||||||
Financial instruments with off-balance-sheet risk at December 31 are as follows: | |||||||||
Contract or Notional Amount | |||||||||
2013 | 2012 | ||||||||
(dollars in thousands) | |||||||||
Financial instruments whose contract amount represents credit risk: | |||||||||
Commitments to originate 1–4 family mortgages | $ | 3,373 | $ | 13,580 | |||||
Standby and commercial letters of credit | 7,930 | 8,411 | |||||||
Unused lines of credit | 249,941 | 217,246 | |||||||
Unadvanced portions of construction loans | 7,026 | 17,609 | |||||||
Unadvanced portions of other loans | 17,750 | 4,872 |
Other_Operating_Expenses_Table
Other Operating Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Summary of Other Operating Expenses | ' | ||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
Marketing | $ | 1,749 | $ | 1,853 | $ | 1,575 | |||||||
Software maintenance/amortization | 1,417 | 1,256 | 951 | ||||||||||
Legal and audit | 1,281 | 1,179 | 1,140 | ||||||||||
Contributions | 673 | 1,074 | 479 | ||||||||||
Processing services | 812 | 921 | 865 | ||||||||||
Consulting | 874 | 890 | 796 | ||||||||||
Postage and delivery | 939 | 877 | 773 | ||||||||||
Supplies | 848 | 849 | 868 | ||||||||||
Telephone | 719 | 750 | 742 | ||||||||||
Directors’ fees | 373 | 330 | 309 | ||||||||||
Insurance | 295 | 279 | 275 | ||||||||||
Core deposit intangible amortization | — | 120 | 388 | ||||||||||
Other | 1,500 | 1,230 | 1,280 | ||||||||||
Total | $ | 11,480 | $ | 11,608 | $ | 10,441 | |||||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Carrying Amounts and Fair Values of Company's Financial Instruments | ' | ||||||||||||||||||||
The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. | |||||||||||||||||||||
Carrying Amount | Estimated | Level 1 Inputs | Fair Value | Level 3 Inputs | |||||||||||||||||
Fair Value | Measurements | ||||||||||||||||||||
Level 2 Inputs | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 1,487,884 | $ | 1,464,449 | $ | — | $ | 1,464,449 | $ | — | |||||||||||
Loans(1) | 1,243,822 | 1,214,192 | — | — | 1,214,192 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 382,224 | 386,742 | — | 386,742 | — | ||||||||||||||||
Other borrowed funds | 255,144 | 254,736 | — | 254,736 | — | ||||||||||||||||
Subordinated debentures | 36,083 | 39,503 | — | — | 39,503 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 275,507 | $ | 281,924 | $ | — | $ | 281,924 | $ | — | |||||||||||
Loans(1) | 1,092,591 | 1,124,716 | — | — | 1,124,716 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 419,983 | 424,253 | — | 424,253 | — | ||||||||||||||||
Other borrowed funds | 195,144 | 205,481 | — | 205,481 | — | ||||||||||||||||
Subordinated debentures | 36,083 | 43,423 | — | — | 43,423 | ||||||||||||||||
-1 | Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
2013 Quarters | Fourth | Third | Second | First | |||||||||||||
(in thousands, except share data) | |||||||||||||||||
Interest income | $ | 20,947 | $ | 20,549 | $ | 19,132 | $ | 19,137 | |||||||||
Interest expense | 4,842 | 4,751 | 4,620 | 4,592 | |||||||||||||
Net interest income | 16,105 | 15,798 | 14,512 | 14,545 | |||||||||||||
Provision for loan losses | 460 | 750 | 750 | 750 | |||||||||||||
Net interest income after provision for loan losses | 15,645 | 15,048 | 13,762 | 13,795 | |||||||||||||
Other operating income | 4,186 | 4,774 | 5,221 | 4,434 | |||||||||||||
Operating expenses | 14,690 | 13,995 | 13,662 | 13,465 | |||||||||||||
Income before income taxes | 5,141 | 5,827 | 5,321 | 4,764 | |||||||||||||
Provision for income taxes | 116 | 308 | 295 | 288 | |||||||||||||
Net income | $ | 5,025 | $ | 5,519 | $ | 5,026 | $ | 4,476 | |||||||||
Share data: | |||||||||||||||||
Average shares outstanding, basic | |||||||||||||||||
Class A | 3,580,404 | 3,578,400 | 3,574,379 | 3,569,546 | |||||||||||||
Class B | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | |||||||||||||
Average shares outstanding, diluted | |||||||||||||||||
Class A | 5,557,419 | 5,558,031 | 5,557,354 | 5,557,365 | |||||||||||||
Class B | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | |||||||||||||
Earnings per share, basic | |||||||||||||||||
Class A | $ | 1.1 | $ | 1.21 | $ | 1.1 | $ | 0.98 | |||||||||
Class B | $ | 0.55 | $ | 0.6 | $ | 0.55 | $ | 0.49 | |||||||||
Earnings per share, diluted | |||||||||||||||||
Class A | $ | 0.9 | $ | 0.99 | $ | 0.9 | $ | 0.81 | |||||||||
Class B | $ | 0.55 | $ | 0.6 | $ | 0.55 | $ | 0.49 | |||||||||
2012 Quarters | Fourth | Third | Second | First | |||||||||||||
(in thousands, except share data) | |||||||||||||||||
Interest income | $ | 19,738 | $ | 22,079 | $ | 20,312 | $ | 19,365 | |||||||||
Interest expense | 4,795 | 4,859 | 4,923 | 4,963 | |||||||||||||
Net interest income | 14,943 | 17,220 | 15,389 | 14,402 | |||||||||||||
Provision for loan losses | 900 | 1,250 | 900 | 1,100 | |||||||||||||
Net interest income after provision for loan losses | 14,043 | 15,970 | 14,489 | 13,302 | |||||||||||||
Other operating income | 4,153 | 4,105 | 3,988 | 3,619 | |||||||||||||
Operating expenses | 13,279 | 13,708 | 13,451 | 12,800 | |||||||||||||
Income before income taxes | 4,917 | 6,367 | 5,026 | 4,121 | |||||||||||||
Provision for income taxes | 139 | 685 | 255 | 313 | |||||||||||||
Net income | $ | 4,778 | $ | 5,682 | $ | 4,771 | $ | 3,808 | |||||||||
Share data: | |||||||||||||||||
Average shares outstanding, basic | |||||||||||||||||
Class A | 3,564,145 | 3,559,125 | 3,556,474 | 3,550,993 | |||||||||||||
Class B | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | |||||||||||||
Average shares outstanding, diluted | |||||||||||||||||
Class A | 5,552,121 | 5,549,810 | 5,548,830 | 5,545,711 | |||||||||||||
Class B | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | |||||||||||||
Earnings per share, basic | |||||||||||||||||
Class A | $ | 1.05 | $ | 1.25 | $ | 1.05 | $ | 0.84 | |||||||||
Class B | $ | 0.52 | $ | 0.62 | $ | 0.52 | $ | 0.42 | |||||||||
Earnings per share, diluted | |||||||||||||||||
Class A | $ | 0.86 | $ | 1.02 | $ | 0.86 | $ | 0.69 | |||||||||
Class B | $ | 0.52 | $ | 0.62 | $ | 0.52 | $ | 0.42 |
Parent_Company_Financial_State1
Parent Company Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Balance Sheets of Parent Company | ' | ||||||||||||
BALANCE SHEETS | |||||||||||||
December 31, | 2013 | 2012 | |||||||||||
(dollars in thousands) | |||||||||||||
ASSETS: | |||||||||||||
Cash | $ | 12,245 | $ | 19,536 | |||||||||
Investment in subsidiary, at equity | 193,783 | 193,499 | |||||||||||
Other assets | 6,634 | 3,145 | |||||||||||
Total assets | $ | 212,662 | $ | 216,180 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||
Liabilities | $ | 107 | $ | 107 | |||||||||
Subordinated debentures | 36,083 | 36,083 | |||||||||||
Stockholders’ equity | 176,472 | 179,990 | |||||||||||
Total liabilities and stockholders’ equity | $ | 212,662 | $ | 216,180 | |||||||||
Statements of Income of Parent Company | ' | ||||||||||||
STATEMENTS OF INCOME | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
Income: | |||||||||||||
Interest income from deposits in bank | $ | 28 | $ | 33 | $ | 100 | |||||||
Other income | 72 | 72 | 72 | ||||||||||
Total income | 100 | 105 | 172 | ||||||||||
Interest expense | 2,400 | 2,400 | 2,400 | ||||||||||
Operating expenses | 208 | 198 | 178 | ||||||||||
Income before income taxes and equity in undistributed income of subsidiary | (2,508 | ) | (2,493 | ) | (2,406 | ) | |||||||
Benefit from income taxes | (853 | ) | (848 | ) | (818 | ) | |||||||
Income before equity in undistributed income of subsidiary | (1,655 | ) | (1,645 | ) | (1,588 | ) | |||||||
Equity in undistributed income of subsidiary | 21,701 | 20,684 | 18,281 | ||||||||||
Net income | $ | 20,046 | $ | 19,039 | $ | 16,693 | |||||||
Statements of Cash Flows of Parent Company | ' | ||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
December 31, | 2013 | 2012 | 2011 | ||||||||||
(dollars in thousands) | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||
Net income | $ | 20,046 | $ | 19,039 | $ | 16,693 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||
Undistributed income of subsidiary | (21,701 | ) | (20,684 | ) | (18,281 | ) | |||||||
Depreciation and amortization | 12 | 12 | 12 | ||||||||||
Increase in other assets | (3,500 | ) | (416 | ) | (182 | ) | |||||||
Net cash (used in) operating activities | (5,143 | ) | (2,049 | ) | (1,758 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||
Net proceeds from the exercise of stock options | 43 | 304 | 53 | ||||||||||
Cash dividends paid | (2,191 | ) | (2,186 | ) | (2,180 | ) | |||||||
Net cash used in financing activities | (2,148 | ) | (1,882 | ) | (2,127 | ) | |||||||
Net (decrease) in cash | (7,291 | ) | (3,931 | ) | (3,885 | ) | |||||||
Cash at beginning of year | 19,536 | 23,467 | 27,352 | ||||||||||
Cash at end of year | $ | 12,245 | $ | 19,536 | $ | 23,467 | |||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2005 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | ||||||||||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity ownership interest | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Securities held for trading | ' | $0 | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Net income | ' | 5,025,000 | 5,519,000 | 5,026,000 | 4,476,000 | 4,778,000 | 5,682,000 | 4,771,000 | 3,808,000 | 20,046,000 | 19,039,000 | 16,693,000 |
Impairment recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Loans discontinued delinquency period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' |
Loan to value ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' |
Nonqualified stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' |
Options to purchase an aggregate of shares | ' | 20,375 | ' | ' | ' | 23,350 | ' | ' | ' | 20,375 | 23,350 | 36,062 |
Time period over which stock option exercisable | $31.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price of common stock | $29.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies And Other Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time period over which stock option exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies And Other Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Federal Home Loan Bank of Boston [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies And Other Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,300,000 | ' | ' |
Declared a dividend equal to an annual yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.49% | ' | ' |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies And Other Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,698,000 | $14,877,000 | $13,023,000 |
Approved stock option plan for purchase of common stock | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' |
Options to purchase an aggregate of shares | 23,950 | 20,375 | ' | ' | ' | ' | ' | ' | ' | 20,375 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Revision of EPS Presentation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share, basic | $1.10 | $1.21 | $1.10 | $0.98 | $1.05 | $1.25 | $1.05 | $0.84 | $4.39 | $4.18 | $3.68 |
Earnings per share, diluted | $0.90 | $0.99 | $0.90 | $0.81 | $0.86 | $1.02 | $0.86 | $0.69 | $3.61 | $3.43 | $3.01 |
Class A Common Stock [Member] | As Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share, basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.01 |
Earnings per share, diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.01 |
Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share, basic | $0.55 | $0.60 | $0.55 | $0.49 | $0.52 | $0.62 | $0.52 | $0.42 | $2.19 | $2.09 | $1.84 |
Earnings per share, diluted | $0.55 | $0.60 | $0.55 | $0.49 | $0.52 | $0.62 | $0.52 | $0.42 | $2.19 | $2.09 | $1.84 |
Class B Common Stock [Member] | As Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share, basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.01 |
Earnings per share, diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.01 |
Cash_and_Due_from_Banks_Additi
Cash and Due from Banks - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cash And Due From Banks [Abstract] | ' | ' |
Reserve balance of cash and due from banks | $0 | $9,608,000 |
Securities_AvailableforSale_Su
Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $465,943 | $1,414,595 |
Gross Unrealized Gains | 821 | 21,477 |
Gross Unrealized Losses | 2,519 | 1,271 |
Total, Fair Value | 464,245 | 1,434,801 |
U.S. Treasury [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,997 | 2,000 |
Gross Unrealized Gains | 1 | 4 |
Total, Fair Value | 1,998 | 2,004 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 9,995 | 130,048 |
Gross Unrealized Gains | 9 | 360 |
Gross Unrealized Losses | ' | 68 |
Total, Fair Value | 10,004 | 130,340 |
SBA Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 7,270 | 8,043 |
Gross Unrealized Gains | 32 | 113 |
Total, Fair Value | 7,302 | 8,156 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 404,103 | 1,212,953 |
Gross Unrealized Gains | 588 | 20,816 |
Gross Unrealized Losses | 1,501 | 412 |
Total, Fair Value | 403,190 | 1,233,357 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 2,294 | 2,938 |
Gross Unrealized Gains | 6 | 31 |
Gross Unrealized Losses | 23 | 22 |
Total, Fair Value | 2,277 | 2,947 |
Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 37,578 | 55,855 |
Gross Unrealized Gains | 15 | 41 |
Gross Unrealized Losses | 870 | 722 |
Total, Fair Value | 36,723 | 55,174 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 2,300 | 2,300 |
Gross Unrealized Losses | 125 | 47 |
Total, Fair Value | 2,175 | 2,253 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 406 | 458 |
Gross Unrealized Gains | 170 | 112 |
Total, Fair Value | $576 | $570 |
Securities_AvailableforSale_Ad
Securities Available-for-Sale - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Realized gross gain | $3,019,000 | $1,843,000 | $1,940,000 |
Proceeds from sales of securities available-for-sale | 224,045,000 | 294,881,000 | 75,615,000 |
Weighted average remaining life of investment securities available-for-sale | '5 years 1 month 6 days | ' | ' |
Securities at floating rate or adjustable rate | 415,692,000 | ' | ' |
Securities held-to-maturity at their fair value | 987,037,000 | ' | ' |
Available-for-sale securities transferred to held-to-maturity securities unrealized loss | 25,333,000 | ' | ' |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities at fair value pledged to secure public deposits and repurchase agreements | 368,137,000 | 665,028,000 | ' |
Federal Home Loan Bank of Boston [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities available-for-sale are securities pledged for borrowing | $12,214,000 | $220,313,000 | ' |
Securities AFS [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Number of securities, temporarily impaired for less than 12 months | 47 | 20 | ' |
Number of securities, temporarily impaired for 12 months or longer | 7 | 7 | ' |
Number of securities, temporarily impaired, total | 234 | 458 | ' |
Securities_AvailableforSale_Es
Securities Available-for-Sale -Estimated Maturity Distribution of Securities Available-for-Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Within one year, Amortized Cost | $36,942 | ' |
After one but within five years, Amortized Cost | 180,676 | ' |
After five but within ten years, Amortized Cost | 238,822 | ' |
More than 10 years, Amortized Cost | 7,597 | ' |
Nonmaturing, Amortized Cost | 1,906 | ' |
Total, Amortized Cost | 465,943 | ' |
Within one year, Fair Value | 36,964 | ' |
After one but within five years, Fair Value | 180,540 | ' |
After five but within ten years, Fair Value | 238,018 | ' |
More than 10 years, Fair Value | 6,771 | ' |
Nonmaturing, Fair Value | 1,952 | ' |
Total, Fair Value | $464,245 | $1,434,801 |
Securities_AvailableforSale_Co
Securities Available-for-Sale - Continuous Unrealized Loss Position for 12 Months or Less and 12 Months or Longer (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $291,195 | $127,973 |
Less Than 12 Months, Unrealized Losses | 1,375 | 451 |
12 Months or Longer, Fair Value | 29,753 | 17,448 |
12 Months or Longer, Unrealized Losses | 1,144 | 820 |
Total, Fair Value | 320,948 | 145,421 |
Total, Unrealized Losses | 2,519 | 1,271 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | ' | 34,967 |
Less Than 12 Months, Unrealized Losses | ' | 68 |
12 Months or Longer, Fair Value | ' | ' |
12 Months or Longer, Unrealized Losses | ' | ' |
Total, Fair Value | ' | 34,967 |
Total, Unrealized Losses | ' | 68 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 289,709 | 93,006 |
Less Than 12 Months, Unrealized Losses | 1,352 | 383 |
12 Months or Longer, Fair Value | 24,557 | 10,169 |
12 Months or Longer, Unrealized Losses | 149 | 29 |
Total, Fair Value | 314,266 | 103,175 |
Total, Unrealized Losses | 1,501 | 412 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 1,486 | ' |
Less Than 12 Months, Unrealized Losses | 23 | ' |
12 Months or Longer, Fair Value | ' | 1,863 |
12 Months or Longer, Unrealized Losses | ' | 22 |
Total, Fair Value | 1,486 | 1,863 |
Total, Unrealized Losses | 23 | 22 |
Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
12 Months or Longer, Fair Value | 3,820 | 3,963 |
12 Months or Longer, Unrealized Losses | 870 | 722 |
Total, Fair Value | 3,820 | 3,963 |
Total, Unrealized Losses | 870 | 722 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
12 Months or Longer, Fair Value | 1,376 | 1,453 |
12 Months or Longer, Unrealized Losses | 125 | 47 |
Total, Fair Value | 1,376 | 1,453 |
Total, Unrealized Losses | $125 | $47 |
Investment_Securities_HeldtoMa2
Investment Securities Held-to-Maturity - Unrealized Gain (Losses) on Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $1,487,884,000 | $275,507,000 |
Gross Unrealized Gains | 2,424,000 | 6,499,000 |
Gross Unrealized Losses | 25,859,000 | 82,000 |
Estimated Fair Value | 1,464,449,000 | 281,924,000 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 291,779,000 | 17,747,000 |
Gross Unrealized Gains | 185,000 | 19,000 |
Gross Unrealized Losses | 5,043,000 | 8,000 |
Estimated Fair Value | 286,921,000 | 17,758,000 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 1,196,105,000 | 257,760,000 |
Gross Unrealized Gains | 2,239,000 | 6,480,000 |
Gross Unrealized Losses | 20,816,000 | 74,000 |
Estimated Fair Value | $1,177,528,000 | $264,166,000 |
Investment_Securities_HeldtoMa3
Investment Securities Held-to-Maturity - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Securities pledged for borrowing at the Federal Home Loan Bank of Boston | $1,464,449,000 | $281,924,000 |
Weighted average remaining life of investment securities held-to-maturity | '5 years 2 months 12 days | ' |
Securities held-to-maturity at their fair value | 987,037,000 | ' |
Available-for-sale securities transferred to held-to-maturity securities unrealized loss | 25,333,000 | ' |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Securities at fair value pledged to secure public deposits and repurchase agreements | 732,144,000 | 149,366,000 |
Securities pledged for borrowing at the Federal Home Loan Bank of Boston | 286,921,000 | 17,758,000 |
Weighted average remaining life | 224,663,000 | ' |
Federal Home Loan Bank of Boston [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Securities pledged for borrowing at the Federal Home Loan Bank of Boston | $510,060,000 | $103,617,000 |
Held-to-Maturity Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of securities, temporarily impaired for less than 12 months | 191 | 3 |
Number of securities, temporarily impaired for 12 months or longer | 13 | 1 |
Number of securities, temporarily impaired, total | 300 | 96 |
Investment_Securities_HeldtoMa4
Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Within one year, Amortized Cost | $5,689 | ' |
After one but within five years, Amortized Cost | 827,333 | ' |
After five but within ten years, Amortized Cost | 653,784 | ' |
More than ten years, Amortized Cost | 1,078 | ' |
Total, Amortized Cost | 1,487,884 | 275,507 |
Within one year, Fair Value | 5,672 | ' |
After one but within five years, Fair Value | 818,936 | ' |
After five but within ten years, Fair Value | 638,750 | ' |
More than ten years, Fair Value | 1,091 | ' |
Estimated Fair Value | $1,464,449 | $281,924 |
Investment_Securities_HeldtoMa5
Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $1,163,715 | $18,930 |
Less Than 12 Months, Unrealized Losses | 23,697 | 58 |
12 Months or Longer, Fair Value | 80,362 | 5,371 |
12 Months or Longer, Unrealized Losses | 2,162 | 24 |
Total, Fair Value | 1,244,077 | 24,301 |
Total, Unrealized Losses | 25,859 | 82 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 232,535 | 9,994 |
Less Than 12 Months, Unrealized Losses | 5,043 | 8 |
Total, Fair Value | 232,535 | 9,994 |
Total, Unrealized Losses | 5,043 | 8 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 931,180 | 8,936 |
Less Than 12 Months, Unrealized Losses | 18,654 | 50 |
12 Months or Longer, Fair Value | 80,362 | 5,371 |
12 Months or Longer, Unrealized Losses | 2,162 | 24 |
Total, Fair Value | 1,011,542 | 14,307 |
Total, Unrealized Losses | $20,816 | $74 |
Loans_Summary_Shows_the_Compos
Loans - Summary Shows the Composition of the Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | $1,264,763 | $1,111,788 |
Construction and Land Development [Member] | ' | ' |
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | 33,058 | 38,618 |
Commercial and Industrial [Member] | ' | ' |
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | 92,402 | 88,475 |
Commercial Real Estate [Member] | ' | ' |
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | 713,327 | 576,465 |
Residential Real Estate [Member] | ' | ' |
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | 286,041 | 281,857 |
Consumer [Member] | ' | ' |
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | 8,824 | 6,823 |
Home Equity [Member] | ' | ' |
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | 130,277 | 118,923 |
Overdrafts [Member] | ' | ' |
Composition of Nonaccrual Loans and Impaired Loans [Line Items] | ' | ' |
Total | $834 | $627 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Net of discount on loans | $454,000 | $498,000 | ' |
Net deferred fee | 174,000 | 369,000 | ' |
Mortgage loans sold to others | 109,301,000 | 26,786,000 | ' |
Loans held for sale | 0 | 9,378,000 | ' |
Total recorded investment in impaired loans | 7,788,000 | 5,925,000 | 8,102,000 |
Impaired loans | 6,723,000 | 5,223,000 | ' |
Specific reserve | $1,019,000 | $1,732,000 | ' |
Loans_Composition_of_Nonaccrua
Loans - Composition of Nonaccrual Loans and Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Disclosure [Abstract] | ' | ' | ' |
Loans on nonaccrual | $2,549,000 | $4,471,000 | $5,827,000 |
Loans 90 days past due and still accruing | ' | ' | 18,000 |
Impaired loans on nonaccrual included above | 1,819,000 | 2,878,000 | 3,468,000 |
Total recorded investment in impaired loans | 7,788,000 | 5,925,000 | 8,102,000 |
Average recorded investment of impaired loans | 6,776,000 | 7,043,000 | 10,284,000 |
Accruing troubled debt restructures | 5,969,000 | 3,048,000 | 4,634,000 |
Interest income not recorded on nonaccrual loans according to their original terms | 711,000 | 753,000 | 846,000 |
Interest income on nonaccrual loans actually recorded | ' | ' | ' |
Interest income recognized on impaired loans | $161,000 | $180,000 | $155,000 |
Loans_The_Aggregate_Amount_of_
Loans - The Aggregate Amount of Loans to Directors and Officers of the Company and Their Associates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' |
Beginning balance | $4,663 |
Additions | 310 |
Repayments and Deletions | 269 |
Ending balance | $4,704 |
Allowance_for_Loan_Losses_Summ
Allowance for Loan Losses - Summary of Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | $19,197 | ' | ' | ' | $16,574 | $19,197 | $16,574 | $14,053 |
Loans charged-off | ' | ' | ' | ' | ' | ' | ' | ' | -1,813 | -2,301 | -2,824 |
Recoveries on loans previously charged-off | ' | ' | ' | ' | ' | ' | ' | ' | 847 | 774 | 795 |
Net charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -966 | -1,527 | -2,029 |
Provision charged to expense | 460 | 750 | 750 | 750 | 900 | 1,250 | 900 | 1,100 | 2,710 | 4,150 | 4,550 |
Allowance for loan losses, end of year | $20,941 | ' | ' | ' | $19,197 | ' | ' | ' | $20,941 | $19,197 | $16,574 |
Allowance_for_Loan_Losses_Summ1
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | $19,197,000 | ' | ' | ' | $16,574,000 | $19,197,000 | $16,574,000 | $14,053,000 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,813,000 | -2,301,000 | -2,824,000 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 847,000 | 774,000 | 795,000 |
Provision | 460,000 | 750,000 | 750,000 | 750,000 | 900,000 | 1,250,000 | 900,000 | 1,100,000 | 2,710,000 | 4,150,000 | 4,550,000 |
Allowance for loan losses, end of year | 20,941,000 | ' | ' | ' | 19,197,000 | ' | ' | ' | 20,941,000 | 19,197,000 | 16,574,000 |
Amount of allowance for loan losses for loans deemed to be impaired | 1,019,000 | ' | ' | ' | 1,732,000 | ' | ' | ' | 1,019,000 | 1,732,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | 19,922,000 | 17,465,000 | ' |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net | 1,264,763,000 | ' | ' | ' | 1,111,788,000 | ' | ' | ' | 1,264,763,000 | 1,111,788,000 | ' |
Loans deemed to be impaired | 7,788,000 | ' | ' | ' | 5,925,000 | ' | ' | ' | 7,788,000 | 5,925,000 | ' |
Loans not deemed to be impaired | 1,256,975,000 | ' | ' | ' | 1,105,863,000 | ' | ' | ' | 1,256,975,000 | 1,105,863,000 | ' |
Construction and Land Development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | 3,041,000 | ' | ' | ' | 2,893,000 | 3,041,000 | 2,893,000 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | ' | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 133,000 | 148,000 | ' |
Allowance for loan losses, end of year | 2,174,000 | ' | ' | ' | 3,041,000 | ' | ' | ' | 2,174,000 | 3,041,000 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 12,000 | ' | ' | ' | 1,000,000 | ' | ' | ' | 12,000 | 1,000,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | 2,162,000 | 2,041,000 | ' |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net | 33,058,000 | ' | ' | ' | 38,618,000 | ' | ' | ' | 33,058,000 | 38,618,000 | ' |
Loans deemed to be impaired | 608,000 | ' | ' | ' | 1,500,000 | ' | ' | ' | 608,000 | 1,500,000 | ' |
Loans not deemed to be impaired | 32,450,000 | ' | ' | ' | 37,118,000 | ' | ' | ' | 32,450,000 | 37,118,000 | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | 3,118,000 | ' | ' | ' | 3,139,000 | 3,118,000 | 3,139,000 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -234,000 | -1,253,000 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 389,000 | 307,000 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | -284,000 | 925,000 | ' |
Allowance for loan losses, end of year | 2,989,000 | ' | ' | ' | 3,118,000 | ' | ' | ' | 2,989,000 | 3,118,000 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 367,000 | ' | ' | ' | 104,000 | ' | ' | ' | 367,000 | 104,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | 2,622,000 | 3,014,000 | ' |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net | 92,402,000 | ' | ' | ' | 88,475,000 | ' | ' | ' | 92,402,000 | 88,475,000 | ' |
Loans deemed to be impaired | 1,367,000 | ' | ' | ' | 1,282,000 | ' | ' | ' | 1,367,000 | 1,282,000 | ' |
Loans not deemed to be impaired | 91,035,000 | ' | ' | ' | 87,193,000 | ' | ' | ' | 91,035,000 | 87,193,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | 9,065,000 | ' | ' | ' | 6,566,000 | 9,065,000 | 6,566,000 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 19,000 | 9,000 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 2,134,000 | 2,490,000 | ' |
Allowance for loan losses, end of year | 11,218,000 | ' | ' | ' | 9,065,000 | ' | ' | ' | 11,218,000 | 9,065,000 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 417,000 | ' | ' | ' | 415,000 | ' | ' | ' | 417,000 | 415,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | 10,801,000 | 8,650,000 | ' |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net | 713,327,000 | ' | ' | ' | 576,465,000 | ' | ' | ' | 713,327,000 | 576,465,000 | ' |
Loans deemed to be impaired | 4,520,000 | ' | ' | ' | 2,281,000 | ' | ' | ' | 4,520,000 | 2,281,000 | ' |
Loans not deemed to be impaired | 708,807,000 | ' | ' | ' | 574,184,000 | ' | ' | ' | 708,807,000 | 574,184,000 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | 1,994,000 | ' | ' | ' | 1,886,000 | 1,994,000 | 1,886,000 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -192,000 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 11,000 | 17,000 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 283,000 | ' |
Allowance for loan losses, end of year | 2,006,000 | ' | ' | ' | 1,994,000 | ' | ' | ' | 2,006,000 | 1,994,000 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 129,000 | ' | ' | ' | 117,000 | ' | ' | ' | 129,000 | 117,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | 1,877,000 | 1,877,000 | ' |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net | 286,041,000 | ' | ' | ' | 281,857,000 | ' | ' | ' | 286,041,000 | 281,857,000 | ' |
Loans deemed to be impaired | 1,199,000 | ' | ' | ' | 766,000 | ' | ' | ' | 1,199,000 | 766,000 | ' |
Loans not deemed to be impaired | 284,842,000 | ' | ' | ' | 281,091,000 | ' | ' | ' | 284,842,000 | 281,091,000 | ' |
Consumer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | 333,000 | ' | ' | ' | 356,000 | 333,000 | 356,000 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -579,000 | -697,000 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 427,000 | 422,000 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 251,000 | 252,000 | ' |
Allowance for loan losses, end of year | 432,000 | ' | ' | ' | 333,000 | ' | ' | ' | 432,000 | 333,000 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | 432,000 | 333,000 | ' |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net | 9,658,000 | ' | ' | ' | 7,450,000 | ' | ' | ' | 9,658,000 | 7,450,000 | ' |
Loans not deemed to be impaired | 9,658,000 | ' | ' | ' | 7,450,000 | ' | ' | ' | 9,658,000 | 7,450,000 | ' |
Home Equity [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | 886,000 | ' | ' | ' | 704,000 | 886,000 | 704,000 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -159,000 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 19,000 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 72,000 | 322,000 | ' |
Allowance for loan losses, end of year | 959,000 | ' | ' | ' | 886,000 | ' | ' | ' | 959,000 | 886,000 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 94,000 | ' | ' | ' | 96,000 | ' | ' | ' | 94,000 | 96,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | 865,000 | 790,000 | ' |
Loans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans, net | 130,277,000 | ' | ' | ' | 118,923,000 | ' | ' | ' | 130,277,000 | 118,923,000 | ' |
Loans deemed to be impaired | 94,000 | ' | ' | ' | 96,000 | ' | ' | ' | 94,000 | 96,000 | ' |
Loans not deemed to be impaired | 130,183,000 | ' | ' | ' | 118,827,000 | ' | ' | ' | 130,183,000 | 118,827,000 | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, beginning of year | ' | ' | ' | 760,000 | ' | ' | ' | 1,030,000 | 760,000 | 1,030,000 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 403,000 | -270,000 | ' |
Allowance for loan losses, end of year | 1,163,000 | ' | ' | ' | 760,000 | ' | ' | ' | 1,163,000 | 760,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | ' | ' | ' | ' | ' | ' | ' | ' | $1,163,000 | $760,000 | ' |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses - Loans by Risk Rating (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans by risk rating | ' | ' |
Financing Receivable, Net | $1,264,763 | $1,111,788 |
Construction and Land Development [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 33,058 | 38,618 |
Construction and Land Development [Member] | 1-3 (Pass) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 25,138 | 29,719 |
Construction and Land Development [Member] | 4 (Monitor) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 7,312 | 7,399 |
Construction and Land Development [Member] | 5 (Substandard) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | ' | ' |
Construction and Land Development [Member] | 6 (Doubtful) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | ' | ' |
Construction and Land Development [Member] | Impaired [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 608 | 1,500 |
Commercial and Industrial [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 92,402 | 88,475 |
Commercial and Industrial [Member] | 1-3 (Pass) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 90,563 | 86,587 |
Commercial and Industrial [Member] | 4 (Monitor) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 472 | 606 |
Commercial and Industrial [Member] | 5 (Substandard) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | ' | ' |
Commercial and Industrial [Member] | 6 (Doubtful) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | ' | ' |
Commercial and Industrial [Member] | Impaired [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 1,367 | 1,282 |
Commercial Real Estate [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 713,327 | 576,465 |
Commercial Real Estate [Member] | 1-3 (Pass) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 707,461 | 569,760 |
Commercial Real Estate [Member] | 4 (Monitor) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | 1,346 | 4,424 |
Commercial Real Estate [Member] | 5 (Substandard) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | ' | ' |
Commercial Real Estate [Member] | 6 (Doubtful) [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | ' | ' |
Commercial Real Estate [Member] | Impaired [Member] | ' | ' |
Loans by risk rating | ' | ' |
Financing Receivable, Net | $4,520 | $2,281 |
Allowance_for_Loan_Losses_Agin
Allowance for Loan Losses - Aging of Past-Due Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | $5,561 | $6,690 | ' |
Non Accrual | 2,549 | 4,471 | 5,827 |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 8,110 | 11,161 | ' |
Current Loans | 1,256,653 | 1,100,627 | ' |
Total loans, net | 1,264,763 | 1,111,788 | ' |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | ' | ' | ' |
Non Accrual | 500 | 1,500 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 500 | 1,500 | ' |
Current Loans | 32,558 | 37,118 | ' |
Total loans, net | 33,058 | 38,618 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 112 | 1,256 | ' |
Non Accrual | 706 | 676 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 818 | 1,932 | ' |
Current Loans | 91,584 | 86,543 | ' |
Total loans, net | 92,402 | 88,475 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 1,496 | 3,450 | ' |
Non Accrual | 306 | 674 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 1,802 | 4,124 | ' |
Current Loans | 711,525 | 572,341 | ' |
Total loans, net | 713,327 | 576,465 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 2,232 | 864 | ' |
Non Accrual | 1,034 | 1,597 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 3,266 | 2,461 | ' |
Current Loans | 282,775 | 279,396 | ' |
Total loans, net | 286,041 | 281,857 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 11 | 32 | ' |
Non Accrual | 3 | 24 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 14 | 56 | ' |
Current Loans | 9,644 | 7,394 | ' |
Total loans, net | 9,658 | 7,450 | ' |
Home Equity [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 1,710 | 1,088 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 1,710 | 1,088 | ' |
Current Loans | 128,567 | 117,835 | ' |
Total loans, net | $130,277 | $118,923 | ' |
Allowance_for_Loan_Losses_Info
Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
With no required reserve recorded, Carrying Value | $1,066,000 | $702,000 | ' |
With no required reserve recorded, Unpaid Balance Principal | 3,901,000 | 1,224,000 | ' |
With no required reserve recorded, Required Reserve | ' | ' | ' |
With no required reserve recorded, Average Carrying Value | 662,000 | 1,071,000 | ' |
With no required reserve recorded, Interest Income Recognized | 1,000 | 1,000 | ' |
With required reserve recorded, Carrying Value | 6,723,000 | 5,223,000 | ' |
With required reserve recorded, Unpaid Balance Principal | 7,135,000 | 7,277,000 | ' |
With required reserve recorded, Required Reserve | 1,019,000 | 1,732,000 | ' |
With required reserve recorded, Average Carrying Value | 6,114,000 | 5,972,000 | ' |
With required reserve recorded, Interest Income Recognized | 160,000 | 179,000 | ' |
Carrying Value | 7,788,000 | 5,925,000 | 8,102,000 |
Unpaid Balance Principal | 11,036,000 | 8,501,000 | ' |
With required reserve recorded, Required Reserve | 1,019,000 | 1,732,000 | ' |
Average Carrying Value | 6,776,000 | 7,043,000 | 10,284,000 |
Interest Income Recognized | 161,000 | 180,000 | ' |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
With no required reserve recorded, Carrying Value | 500,000 | ' | ' |
With no required reserve recorded, Unpaid Balance Principal | 3,292,000 | ' | ' |
With no required reserve recorded, Required Reserve | ' | ' | ' |
With no required reserve recorded, Average Carrying Value | ' | 346,000 | ' |
With no required reserve recorded, Interest Income Recognized | ' | ' | ' |
With required reserve recorded, Carrying Value | 108,000 | 1,500,000 | ' |
With required reserve recorded, Unpaid Balance Principal | 108,000 | 3,292,000 | ' |
With required reserve recorded, Required Reserve | 12,000 | 1,000,000 | ' |
With required reserve recorded, Average Carrying Value | 1,371,000 | 1,154,000 | ' |
With required reserve recorded, Interest Income Recognized | 1,000 | ' | ' |
Carrying Value | 608,000 | 1,500,000 | ' |
Unpaid Balance Principal | 3,400,000 | 3,292,000 | ' |
With required reserve recorded, Required Reserve | 12,000 | 1,000,000 | ' |
Average Carrying Value | 1,371,000 | 1,500,000 | ' |
Interest Income Recognized | 1,000 | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
With no required reserve recorded, Carrying Value | 238,000 | 503,000 | ' |
With no required reserve recorded, Unpaid Balance Principal | 268,000 | 994,000 | ' |
With no required reserve recorded, Required Reserve | ' | ' | ' |
With no required reserve recorded, Average Carrying Value | 361,000 | 425,000 | ' |
With no required reserve recorded, Interest Income Recognized | 1,000 | ' | ' |
With required reserve recorded, Carrying Value | 1,129,000 | 779,000 | ' |
With required reserve recorded, Unpaid Balance Principal | 1,371,000 | 995,000 | ' |
With required reserve recorded, Required Reserve | 367,000 | 104,000 | ' |
With required reserve recorded, Average Carrying Value | 902,000 | 1,317,000 | ' |
With required reserve recorded, Interest Income Recognized | 37,000 | 40,000 | ' |
Carrying Value | 1,367,000 | 1,282,000 | ' |
Unpaid Balance Principal | 1,639,000 | 1,989,000 | ' |
With required reserve recorded, Required Reserve | 367,000 | 104,000 | ' |
Average Carrying Value | 1,263,000 | 1,742,000 | ' |
Interest Income Recognized | 38,000 | 41,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
With no required reserve recorded, Carrying Value | 82,000 | 169,000 | ' |
With no required reserve recorded, Unpaid Balance Principal | 82,000 | 199,000 | ' |
With no required reserve recorded, Required Reserve | ' | ' | ' |
With no required reserve recorded, Average Carrying Value | 132,000 | 176,000 | ' |
With no required reserve recorded, Interest Income Recognized | ' | ' | ' |
With required reserve recorded, Carrying Value | 4,438,000 | 2,112,000 | ' |
With required reserve recorded, Unpaid Balance Principal | 4,527,000 | 2,158,000 | ' |
With required reserve recorded, Required Reserve | 417,000 | 415,000 | ' |
With required reserve recorded, Average Carrying Value | 2,868,000 | 2,817,000 | ' |
With required reserve recorded, Interest Income Recognized | 120,000 | 138,000 | ' |
Carrying Value | 4,520,000 | 2,281,000 | ' |
Unpaid Balance Principal | 4,609,000 | 2,357,000 | ' |
With required reserve recorded, Required Reserve | 417,000 | 415,000 | ' |
Average Carrying Value | 3,000,000 | 2,993,000 | ' |
Interest Income Recognized | 120,000 | 138,000 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
With no required reserve recorded, Carrying Value | 246,000 | 30,000 | ' |
With no required reserve recorded, Unpaid Balance Principal | 259,000 | 31,000 | ' |
With no required reserve recorded, Required Reserve | ' | ' | ' |
With no required reserve recorded, Average Carrying Value | 169,000 | 124,000 | ' |
With no required reserve recorded, Interest Income Recognized | ' | ' | ' |
With required reserve recorded, Carrying Value | 953,000 | 736,000 | ' |
With required reserve recorded, Unpaid Balance Principal | 1,035,000 | 736,000 | ' |
With required reserve recorded, Required Reserve | 129,000 | 117,000 | ' |
With required reserve recorded, Average Carrying Value | 878,000 | 640,000 | ' |
With required reserve recorded, Interest Income Recognized | 2,000 | 1,000 | ' |
Carrying Value | 1,199,000 | 766,000 | ' |
Unpaid Balance Principal | 1,294,000 | 767,000 | ' |
With required reserve recorded, Required Reserve | 129,000 | 117,000 | ' |
Average Carrying Value | 1,047,000 | 764,000 | ' |
Interest Income Recognized | 2,000 | 1,000 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
With no required reserve recorded, Carrying Value | ' | ' | ' |
With no required reserve recorded, Unpaid Balance Principal | ' | ' | ' |
With no required reserve recorded, Required Reserve | ' | ' | ' |
With no required reserve recorded, Average Carrying Value | ' | ' | ' |
With no required reserve recorded, Interest Income Recognized | ' | ' | ' |
With required reserve recorded, Carrying Value | ' | ' | ' |
With required reserve recorded, Unpaid Balance Principal | ' | ' | ' |
With required reserve recorded, Required Reserve | ' | ' | ' |
With required reserve recorded, Average Carrying Value | ' | ' | ' |
With required reserve recorded, Interest Income Recognized | ' | ' | ' |
Carrying Value | ' | ' | ' |
Unpaid Balance Principal | ' | ' | ' |
With required reserve recorded, Required Reserve | ' | ' | ' |
Average Carrying Value | ' | ' | ' |
Interest Income Recognized | ' | ' | ' |
Home Equity [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
With no required reserve recorded, Carrying Value | ' | ' | ' |
With no required reserve recorded, Unpaid Balance Principal | ' | ' | ' |
With no required reserve recorded, Required Reserve | ' | ' | ' |
With no required reserve recorded, Average Carrying Value | ' | ' | ' |
With no required reserve recorded, Interest Income Recognized | ' | ' | ' |
With required reserve recorded, Carrying Value | 94,000 | 96,000 | ' |
With required reserve recorded, Unpaid Balance Principal | 94,000 | 96,000 | ' |
With required reserve recorded, Required Reserve | 94,000 | 96,000 | ' |
With required reserve recorded, Average Carrying Value | 95,000 | 44,000 | ' |
Carrying Value | 94,000 | 96,000 | ' |
Unpaid Balance Principal | 94,000 | 96,000 | ' |
With required reserve recorded, Required Reserve | 94,000 | 96,000 | ' |
Average Carrying Value | $95,000 | $44,000 | ' |
Allowance_for_Loan_Losses_Trou
Allowance for Loan Losses - Troubled Debt Restructurings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contract | Contract | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Contracts | 7 | 3 |
Pre-modification Outstanding Recorded Investment | $2,836 | $854 |
Post-modification Outstanding Recorded Investment | 2,690 | 838 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Pre-modification Outstanding Recorded Investment | 108 | 750 |
Post-modification Outstanding Recorded Investment | 108 | 736 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Contracts | 2 | 1 |
Pre-modification Outstanding Recorded Investment | 67 | 6 |
Post-modification Outstanding Recorded Investment | 64 | 6 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Contracts | 3 | 1 |
Pre-modification Outstanding Recorded Investment | 2,376 | 98 |
Post-modification Outstanding Recorded Investment | 2,356 | 96 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Contracts | 1 | ' |
Pre-modification Outstanding Recorded Investment | 285 | ' |
Post-modification Outstanding Recorded Investment | $162 | ' |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Troubled debt restructurings, subsequently defaulted | $6,000 | $0 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing allowance reduction in principal | 808 | 6,000 |
Financing allowance reduction in interest payments | 606 | ' |
Number of troubled debt restructurings | 1 | ' |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing allowance reduction in interest payments | 23,227 | ' |
Financing allowance increase in principal | 5,246 | ' |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing allowance reduction in principal | 1,515 | ' |
Financing allowance reduction in interest payments | 1,098 | ' |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing allowance reduction in principal | 4,704 | ' |
Financing allowance reduction in interest payments | $4,104 | $8,000 |
Bank_Premises_and_Equipment_Sc
Bank Premises and Equipment - Schedule of Bank Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Bank Premises [Member] | Bank Premises [Member] | Furniture and Equipment [Member] | Furniture and Equipment [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Bank Premises [Member] | Furniture and Equipment [Member] | Leasehold Improvements [Member] | Bank Premises [Member] | Furniture and Equipment [Member] | Leasehold Improvements [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank premises and equipment, gross | $64,688 | $63,080 | $3,478 | $3,478 | $19,235 | $18,353 | $31,965 | $31,319 | $10,010 | $9,930 | ' | ' | ' | ' | ' | ' |
Accumulated depreciation and amortization | -41,288 | -39,181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $23,400 | $23,899 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | '3 years | '30 years | '39 years | '10 years | '39 years |
Bank_Premises_and_Equipment_Ad
Bank Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Lease expense | $2,094,000 | $2,055,000 | $2,007,000 |
Lease rental income | $299,000 | $329,000 | $455,000 |
Operating lease premises and equipment lease expiration year, maximum | '2026 | ' | ' |
Bank_Premises_and_Equipment_Su
Bank Premises and Equipment - Summary of Future Minimum Rental Commitments for Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property Plant And Equipment [Abstract] | ' |
2014 | $2,070 |
2015 | 1,824 |
2016 | 1,675 |
2017 | 1,235 |
2018 | 1,035 |
Thereafter | 2,816 |
Future minimum rental commitments for non-cancelable operating leases, total | $10,655 |
Goodwill_and_Identifiable_Inta2
Goodwill and Identifiable Intangible Assets - Carrying Amount of Goodwill and Intangibles (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets And Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | $2,714 | $2,714 |
Goodwill, Ending Balance | 2,714 | 2,714 |
Beginning Balance | ' | 120 |
Amortization Expense | ' | -120 |
Ending Balance | ' | ' |
Total, Beginning Balance | 2,851 | 2,957 |
Additions | 653 | 48 |
Amortization Expense | -87 | -154 |
Total, Ending Balance | 3,417 | 2,851 |
Mortgage Servicing Rights [Member] | ' | ' |
Intangible Assets And Goodwill [Line Items] | ' | ' |
Beginning Balance | 137 | 123 |
Additions | 653 | 48 |
Amortization Expense | -87 | -34 |
Ending Balance | $703 | $137 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | $464,245 | $1,434,801 |
U.S. Treasury [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 1,998 | 2,004 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 10,004 | 130,340 |
SBA Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 7,302 | 8,156 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,277 | 2,947 |
Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 36,723 | 55,174 |
Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,175 | 2,253 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 576 | 570 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 403,190 | 1,233,357 |
Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 464,245 | 1,434,801 |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | ' | 3,587 |
Carrying Value [Member] | U.S. Treasury [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 1,998 | 2,004 |
Carrying Value [Member] | U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 10,004 | 130,340 |
Carrying Value [Member] | SBA Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 7,302 | 8,156 |
Carrying Value [Member] | US Government Agency and Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Carrying Value [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 403,189 | ' |
Carrying Value [Member] | Privately Issued Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,277 | 2,947 |
Carrying Value [Member] | Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 36,723 | 55,174 |
Carrying Value [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,176 | 2,253 |
Carrying Value [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 576 | 570 |
Carrying Value [Member] | Impaired Loans [Member] | ' | ' |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | 1,747 | ' |
Carrying Value [Member] | U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | 1,233,357 |
Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 286 | 228 |
Fair Value Measurements, Level 1 Inputs [Member] | US Government Agency and Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Fair Value Measurements, Level 1 Inputs [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 286 | 228 |
Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 427,362 | 1,380,791 |
Fair Value Measurements, Level 2 Inputs [Member] | U.S. Treasury [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 1,998 | 2,004 |
Fair Value Measurements, Level 2 Inputs [Member] | U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 10,004 | 130,340 |
Fair Value Measurements, Level 2 Inputs [Member] | SBA Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 7,302 | 8,156 |
Fair Value Measurements, Level 2 Inputs [Member] | US Government Agency and Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Fair Value Measurements, Level 2 Inputs [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 403,189 | ' |
Fair Value Measurements, Level 2 Inputs [Member] | Privately Issued Residential Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,277 | 2,947 |
Fair Value Measurements, Level 2 Inputs [Member] | Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 416 | 1,734 |
Fair Value Measurements, Level 2 Inputs [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,176 | 2,253 |
Fair Value Measurements, Level 2 Inputs [Member] | U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | 1,233,357 |
Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 36,597 | 53,782 |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | ' | 3,587 |
Fair Value Measurements, Level 3 Inputs [Member] | US Government Agency and Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Fair Value Measurements, Level 3 Inputs [Member] | Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 36,307 | 53,440 |
Fair Value Measurements, Level 3 Inputs [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 290 | 342 |
Fair Value Measurements, Level 3 Inputs [Member] | Impaired Loans [Member] | ' | ' |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | $1,747 | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired loans recognized | $48,000 | $1,909,000 |
Transfers between level 1 and 2 | 0 | 0 |
Liabilities measured at fair value on a recurring or nonrecurring basis | 0 | 0 |
Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Amortized cost of Level 3 securities | 37,463,000 | 54,504,000 |
Unrealized loss | $866,000 | $722,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Securities AFS [Member] | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Fair Value | $36,597 | $53,782 |
Valuation Technique | 'Discounted cash flow | 'Discounted cash flow |
Unobservable Input | 'Discount rate | 'Discount rate |
Impaired Loans [Member] | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Fair Value | $1,747 | $3,587 |
Valuation Technique | 'Appraisal of collateral | 'Appraisal of collateral |
Unobservable Input | 'Appraisal adjustments | 'Appraisal adjustments |
Minimum [Member] | Securities AFS [Member] | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Unobservable Input Value or Range | 0.00% | 0.00% |
Minimum [Member] | Impaired Loans [Member] | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Unobservable Input Value or Range | 0.00% | 0.00% |
Maximum [Member] | Securities AFS [Member] | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Unobservable Input Value or Range | 1.00% | 1.00% |
Maximum [Member] | Impaired Loans [Member] | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' |
Unobservable Input Value or Range | 25.00% | 25.00% |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Level 3 Securities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | $53,782 | $18,914 |
Purchases | 50,012 | 90,960 |
Maturities | -67,028 | -56,289 |
Amortization | -26 | -41 |
Change in fair value | -143 | 238 |
Ending Balance | 36,597 | 53,782 |
Auction Rate Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 3,963 | 3,725 |
Change in fair value | -143 | 238 |
Ending Balance | 3,820 | 3,963 |
Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 49,477 | 14,772 |
Purchases | 50,012 | 90,960 |
Maturities | -66,976 | -56,214 |
Amortization | -26 | -41 |
Ending Balance | 32,487 | 49,477 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 342 | 417 |
Maturities | -52 | -75 |
Ending Balance | $290 | $342 |
Deposits_Summary_of_Remaining_
Deposits - Summary of Remaining Maturities or Re-pricing of Time Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities Of Time Deposits [Abstract] | ' | ' |
Within one year | $248,758 | $299,456 |
Over one year to two years | 41,533 | 67,918 |
Over two years to three years | 48,357 | 19,834 |
Over three years to five years | 43,576 | 32,775 |
Time Deposits, Total | $382,224 | $419,983 |
Within one year, Percent | 65.00% | 71.00% |
Over one year to two years, Percent | 11.00% | 16.00% |
Over two years to three years, Percent | 13.00% | 5.00% |
Over three years to five years, Percent | 11.00% | 8.00% |
Total, Percent | 100.00% | 100.00% |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Time Deposits [Abstract] | ' | ' |
Time deposits of $100,000 or more | $259,665,000 | $287,048,000 |
Securities_Sold_under_Agreemen2
Securities Sold under Agreements to Repurchase - Summary of Securities Sold under Agreements to Repurchase (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Subordinated Debentures Activity For Year [Abstract] | ' | ' | ' |
Amount outstanding at December 31 | $214,440 | $191,390 | $143,320 |
Weighted average rate at December 31 | 0.18% | 0.17% | 0.24% |
Maximum amount outstanding at any month end | 214,440 | 213,730 | 152,267 |
Daily average balance outstanding during the year | $203,888 | $174,624 | $129,137 |
Weighted average rate during the year | 0.18% | 0.21% | 0.29% |
Securities_Sold_under_Agreemen3
Securities Sold under Agreements to Repurchase - Additional Information (Detail) (U.S. Government Sponsored Enterprises [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. Government Sponsored Enterprises [Member] | ' | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' | ' |
U.S. Government Sponsored Enterprise securities with a total amortized cost | $216,747,000 | $187,995,000 | $140,891,000 |
Fair value of the collateral repurchase agreement | $213,350,000 | $191,704,000 | $143,212,000 |
Other_Borrowed_Funds_and_Subor2
Other Borrowed Funds and Subordinated Debentures - Summary of Other Borrowed Funds and Subordinated Debentures (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Subordinated Debentures Activity For Year [Abstract] | ' | ' | ' |
Amount outstanding at December 31 | $291,227 | $231,227 | $280,226 |
Weighted average rate at December 31 | 3.04% | 3.54% | 2.85% |
Maximum amount outstanding at any month end | 291,227 | 277,226 | 280,226 |
Daily average balance outstanding during the year | $231,032 | $217,542 | $202,209 |
Weighted average rate during the year | 3.73% | 3.82% | 3.85% |
Other_Borrowed_Funds_and_Subor3
Other Borrowed Funds and Subordinated Debentures - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 10, 2005 | Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Federal Home Loan Bank Borrowings [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | Other Borrowed Funds [Member] | Other Borrowed Funds [Member] | Cumulative Preferred Stock Subject to Mandatory Redemption [Member] | Cumulative Preferred Stock Subject to Mandatory Redemption [Member] | ||||
Century Bancorp Capital Trust II [Member] | Century Bancorp Capital Trust II [Member] | Subordinated Debt [Member] | Subordinated Debt [Member] | ||||||||||
Century Bancorp Capital Trust II [Member] | |||||||||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank's remaining term borrowing capacity at the FHLBB | ' | ' | ' | $423,143,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit with the FHLBB | ' | ' | ' | 14,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FHLBB advances | 35,000,000 | 35,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring of FHLBB advances | 14,500,000 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average rate of restructured FHLBB advances | 3.16% | 4.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining maturity period of FHLB | '12 months | '25 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average rate subsequent to restructured of FHLBB advances | 3.24% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining maturity subsequent to Restructured FHLBB advances | '68 months | '60 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debt securities issued | 36,083,000 | ' | 36,083,000 | ' | 36,083,000 | 36,083,000 | ' | 36,083,000 | ' | ' | ' | ' | ' |
Subordinated debentures issued for new Unconsolidated subsidiary | ' | ' | ' | ' | 29,639,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debt securities due year | ' | ' | ' | ' | '2029 | ' | ' | '2034 | ' | ' | ' | ' | ' |
Shares of cumulative trust preferred securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,875,000 | 35,000 |
Liquidation value of shares of cumulative trust preferred securities | ' | ' | ' | ' | $10 | ' | ' | ' | $1,000 | ' | ' | ' | ' |
Percentage of preferred trust securities | ' | ' | ' | ' | ' | ' | 8.30% | ' | ' | ' | ' | ' | ' |
Trust preferred securities annual dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.30% | 6.65% |
Period of dividend | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | 'Three-month LIBOR rate plus 1.87% for the remaining 20 years | ' | ' | ' | ' |
LIBOR rate trust preferred securities | ' | ' | ' | ' | ' | ' | ' | ' | 1.87% | ' | ' | ' | ' |
Duration of LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' |
Federal funds purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' |
Outstanding loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | $144,000 | $144,000 | ' | ' |
Other_Borrowed_Funds_and_Subor4
Other Borrowed Funds and Subordinated Debentures - Schedule of the Maturity Distribution of FHLBB Advances with the Weighted Average Interest Rates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Federal Home Loan Bank Advances Maturities Summary [Abstract] | ' | ' | ' |
Within one year | $53,000 | $46,000 | $81,500 |
Over one year to two years | 19,500 | 17,500 | 23,500 |
Over two years to three years | 55,000 | 19,500 | 17,500 |
Over three years to five years | 77,000 | 90,000 | 74,500 |
Over five years | 50,500 | 22,000 | 47,000 |
Federal Home Loan Bank, Advances, Total | $255,000 | $195,000 | $244,000 |
Within one year, Weighted Average Rate | 0.40% | 1.86% | 0.42% |
Over one year to two years, Weighted Average Rate | 2.42% | 3.01% | 3.34% |
Over two years to three years, Weighted Average Rate | 3.07% | 2.42% | 3.01% |
Over three years to five years, Weighted Average Rate | 3.05% | 3.33% | 2.90% |
Over five years, Weighted Average Rate | 3.39% | 4.19% | 4.38% |
Weighted Average Rate, Total | 2.52% | 2.96% | 2.41% |
Reclassifications_Out_of_Accum2
Reclassifications Out of Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | $3,019 | $1,843 | $1,940 |
Securities held-to-maturity | ' | ' | ' | ' | ' | ' | ' | ' | 16,615 | 6,746 | 5,816 |
Provision for income taxes | -116 | -308 | -295 | -288 | -139 | -685 | -255 | -313 | -1,007 | -1,392 | -1,554 |
Net income | 5,025 | 5,519 | 5,026 | 4,476 | 4,778 | 5,682 | 4,771 | 3,808 | 20,046 | 19,039 | 16,693 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | -35,244 | -32,943 | -29,630 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 3,032 | 466 | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | 3,019 | 1,843 | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,179 | -728 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,840 | 1,115 | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accretion of Unrealized Losses Transferred [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities held-to-maturity | ' | ' | ' | ' | ' | ' | ' | ' | 3,077 | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,191 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,886 | ' | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | -10 | -10 | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Actuarial Gains (Losses) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | -1,144 | -1,071 | ' |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Amortization of Defined Benefit Pension Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | -1,154 | -1,081 | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 460 | 432 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($694) | ($649) | ' |
Earnings_Per_Share_EPS_Additio
Earnings Per Share ("EPS") - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Percentage of dividends paid | 200.00% | ' | ' |
Class A Common Stock [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Dilutive effect of stock options, increment in shares | 1,155 | 1,024 | 1,150 |
Class A Common Stock [Member] | Minimum [Member] | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Percentage of dividends paid | 200.00% | ' | ' |
Earnings_Per_Share_EPS_Reconci
Earnings Per Share ("EPS") - Reconciliation of Basic EPS and Diluted EPS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $5,025 | $5,519 | $5,026 | $4,476 | $4,778 | $5,682 | $4,771 | $3,808 | $20,046 | $19,039 | $16,693 |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 15,698 | 14,877 | 13,023 |
Weighted average shares outstanding, basic | 3,580,404 | 3,578,400 | 3,574,379 | 3,569,546 | 3,564,145 | 3,559,125 | 3,556,474 | 3,550,993 | 3,575,683 | 3,557,693 | 3,543,233 |
Basic earnings per share | $1.10 | $1.21 | $1.10 | $0.98 | $1.05 | $1.25 | $1.05 | $0.84 | $4.39 | $4.18 | $3.68 |
Dilutive effect of Class A stock options | ' | ' | ' | ' | ' | ' | ' | ' | 1,155 | 1,024 | 1,150 |
Weighted average shares outstanding, diluted | 5,557,419 | 5,558,031 | 5,557,354 | 5,557,365 | 5,552,121 | 5,549,810 | 5,548,830 | 5,545,711 | 5,557,693 | 5,549,191 | 5,541,794 |
Diluted earnings per share | $0.90 | $0.99 | $0.90 | $0.81 | $0.86 | $1.02 | $0.86 | $0.69 | $3.61 | $3.43 | $3.01 |
Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $4,348 | $4,162 | $3,670 |
Weighted average shares outstanding, basic | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | 1,980,855 | 1,990,474 | 1,997,411 |
Basic earnings per share | $0.55 | $0.60 | $0.55 | $0.49 | $0.52 | $0.62 | $0.52 | $0.42 | $2.19 | $2.09 | $1.84 |
Weighted average shares outstanding, diluted | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | 1,980,855 | 1,990,474 | 1,997,411 |
Diluted earnings per share | $0.55 | $0.60 | $0.55 | $0.49 | $0.52 | $0.62 | $0.52 | $0.42 | $2.19 | $2.09 | $1.84 |
Stockholders_Equity_Dividends_1
Stockholders' Equity Dividends - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |||||
Stock Option Plan [Member] | Stock Option Plan [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per share percent | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | 200.00% | ' | ' |
Stock repurchase program, number of additional shares authorized to be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' |
Stock repurchase program, number of shares authorized to be repurchased, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 9.00% |
Share based compensation number of share authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 150,000 | ' | ' | ' | ' | ' |
Share based compensation of option price based on fair value | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' |
Number of outstanding options | 20,375 | 23,350 | 36,062 | 38,712 | 20,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
Exercise prices of shares outstanding, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.06 | $15.06 | $15.06 | ' | ' | ' |
Exercise prices of shares outstanding, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31.83 | $31.83 | $31.83 | ' | ' | ' |
Weighted average remaining contractual life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '2 years | '2 years | ' | ' | ' |
Weighted average intrinsic value of options exercised | ' | ' | ' | ' | $6.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of weighted average intrinsic value of options exercised | ' | ' | ' | ' | $10,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate value of weighted average intrinsic value of options exercisable | ' | ' | ' | ' | $29,136 | $41,549 | $49,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Dividends_2
Stockholders' Equity Dividends - Summary of Stock Option Activity under Stock Option Plan (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Shares under option: | ' | ' | ' |
Outstanding at beginning of year, Amount | 23,350 | 36,062 | 38,712 |
Forfeited, Amount | -1,350 | -450 | -200 |
Exercised, Amount | -1,625 | -12,262 | -2,450 |
Outstanding at end of year, Amount | 20,375 | 23,350 | 36,062 |
Exercisable at end of year, Amount | 20,375 | 23,350 | 36,062 |
Available to be granted at end of year, Amount | 224,884 | 223,534 | 223,084 |
Outstanding at beginning of year, Weighted Average Exercise Price | $31.17 | $28.90 | $28.36 |
Forfeited, Weighted Average Exercise Price | $26.68 | $22.50 | $15.06 |
Exercised, Weighted Average Exercise Price | $26.76 | $24.82 | $21.44 |
Outstanding at end of year, Weighted Average Exercise Price | $31.82 | $31.17 | $28.90 |
Exercisable at end of year, Weighted Average Exercise Price | $31.82 | $31.17 | $28.90 |
Stockholders_Equity_Dividends_3
Stockholders' Equity Dividends - Summary of the Bank's Actual Capital Amounts and Ratios (Detail) (Century Bancorp Capital Trust II [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Century Bancorp Capital Trust II [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital (to Risk-Weighted Assets), Actual Amount | $230,038 | $206,464 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 209,360 | 188,226 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | 209,360 | 188,226 |
Total Capital (to Risk-Weighted Assets), Ratio | 13.91% | 14.15% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 12.66% | 12.90% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 6.00% | 6.11% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 132,338 | 116,726 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 66,169 | 58,363 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | 139,467 | 123,202 |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital (to Risk-Weighted Assets), Well Capitalized Amount | 165,422 | 145,907 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 99,253 | 87,544 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $174,334 | $154,002 |
Total Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 6.00% | 6.00% |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Ratio | 5.00% | 5.00% |
Stockholders_Equity_Dividends_4
Stockholders' Equity Dividends - Summary of the Company's Actual Capital Amounts and Ratios (Detail) (Company [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Company [Member] | ' | ' |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ' | ' |
Total Capital (to Risk-Weighted Assets), Actual Amount | $247,761 | $227,945 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 227,000 | 209,668 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | 227,000 | 209,668 |
Total Capital (to Risk-Weighted Assets), Ratio | 14.92% | 15.59% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 13.67% | 14.34% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 6.50% | 6.80% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 132,870 | 116,976 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 66,435 | 58,488 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | 139,769 | 123,377 |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital (to Risk-Weighted Assets), Well Capitalized Amount | 166,088 | 146,220 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 99,653 | 87,732 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $174,711 | $154,221 |
Total Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 6.00% | 6.00% |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Ratio | 5.00% | 5.00% |
Income_Taxes_Summary_of_Curren
Income Taxes - Summary of Current and Deferred Components of Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $3,520 | $3,181 | $2,198 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 416 | 315 | 309 |
Total current expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,936 | 3,496 | 2,507 |
Deferred (benefit) expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -2,564 | -1,833 | -961 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -365 | -271 | 8 |
Total deferred benefit | ' | ' | ' | ' | ' | ' | ' | ' | -2,929 | -2,104 | -953 |
Provision for income taxes | $116 | $308 | $295 | $288 | $139 | $685 | $255 | $313 | $1,007 | $1,392 | $1,554 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Penalties expense | $0 | $0 | $0 |
Internal Revenue Service for interest | ' | $2,000 | ' |
Income_Taxes_Income_Tax_Accoun
Income Taxes - Income Tax Accounts Included in Other Assets/Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Currently receivable | $702 | $630 |
Deferred income tax asset, net | 30,857 | 14,551 |
Total | $31,559 | $15,181 |
Income_Taxes_Summary_of_Differ
Income Taxes - Summary of Differences between Income Tax Expense at the Statutory Federal Income Tax Rate and Total Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax expense at statutory rates | ' | ' | ' | ' | ' | ' | ' | ' | $7,158 | $6,946 | $6,204 |
State income tax, net of federal income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 29 | 209 |
Insurance income | ' | ' | ' | ' | ' | ' | ' | ' | -380 | -396 | -396 |
Effect of tax-exempt interest | ' | ' | ' | ' | ' | ' | ' | ' | -5,348 | -4,628 | -3,801 |
Net tax credit | ' | ' | ' | ' | ' | ' | ' | ' | -572 | -633 | -683 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 115 | 74 | 21 |
Provision for income taxes | $116 | $308 | $295 | $288 | $139 | $685 | $255 | $313 | $1,007 | $1,392 | $1,554 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | 6.80% | 8.50% |
Income_Taxes_Gross_Deferred_In
Income Taxes - Gross Deferred Income Tax Assets and Gross Deferred Income Tax Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Allowance for loan losses | $9,199 | $8,103 |
Unrealized losses on securities transferred to held-to-maturity | 8,590 | ' |
Deferred compensation | 6,515 | 5,643 |
Pension and SERP liability | 4,880 | 8,621 |
AMT credit | 3,164 | 1,908 |
Unrealized losses (gains) on securities available-for-sale | 652 | -7,875 |
Acquisition premium | 438 | 541 |
Nonaccrual interest | 136 | 151 |
Depreciation | 109 | -36 |
Investments write down | 26 | 26 |
Deferred gain | ' | 11 |
Other | 198 | 235 |
Gross deferred income tax asset | 33,907 | 17,328 |
Deferred income tax liabilities: | ' | ' |
Limited partnerships | -2,769 | -2,722 |
Mortgage servicing rights | -281 | -55 |
Gross deferred income tax liability | -3,050 | -2,777 |
Deferred income tax asset net | $30,857 | $14,551 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefits expected to be paid in 2014 | $1,092,000 | ' | ' |
Benefits expected to be paid in 2015 | 1,176,000 | ' | ' |
Benefits expected to be paid in 2016 | 1,247,000 | ' | ' |
Benefits expected to be paid in 2017 | 1,322,000 | ' | ' |
Benefits expected to be paid in 2018 | 1,325,000 | ' | ' |
Aggregate benefits expected to paid | 8,011,000 | ' | ' |
Expected to contribute Pension Plan | 1,000,000 | ' | ' |
Voluntary contribution of employees | 33.30% | ' | ' |
Contributions matched by compensation contribution | 6.00% | ' | ' |
Voluntary contribution of employees, amount | 322,000 | 308,000 | 266,000 |
Discretionary bonus expense | 1,313,000 | 1,289,000 | 1,100,000 |
Supplemental Insurance/ Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefits expected to be paid in 2014 | 1,108,000 | ' | ' |
Benefits expected to be paid in 2015 | 1,088,000 | ' | ' |
Benefits expected to be paid in 2016 | 1,515,000 | ' | ' |
Benefits expected to be paid in 2017 | 1,973,000 | ' | ' |
Benefits expected to be paid in 2018 | 1,981,000 | ' | ' |
Aggregate benefits expected to paid | $10,341,000 | ' | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Allocation mix for the common and collective trust portfolio, Minimum | 40.00% | ' | ' |
Allocation mix for the common and collective trust portfolio, Maximum | 64.00% | ' | ' |
Short-Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Allocation mix for the common and collective trust portfolio, Minimum | 15.00% | ' | ' |
Allocation mix for the common and collective trust portfolio, Maximum | 25.00% | ' | ' |
Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Allocation mix for the common and collective trust portfolio, Minimum | 20.00% | ' | ' |
Allocation mix for the common and collective trust portfolio, Maximum | 36.00% | ' | ' |
Employee_Benefits_Fair_Value_o
Employee Benefits - Fair Value of Plan Assets and Major Categories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, Percentage | 100.00% | 100.00% |
Total, fair value of plan assets | $32,322 | $23,983 |
Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 13,292 | 9,807 |
Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 16,774 | 12,485 |
Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 2,256 | 1,691 |
Collective Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, Percentage | 52.90% | 52.50% |
Total, fair value of plan assets | 17,092 | 12,593 |
Collective Funds [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 856 | 767 |
Collective Funds [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 16,236 | 11,826 |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, Percentage | 25.90% | 24.60% |
Total, fair value of plan assets | 8,355 | 5,892 |
Equity Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 8,355 | 5,892 |
Mutual Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, Percentage | 13.10% | 14.10% |
Total, fair value of plan assets | 4,250 | 3,370 |
Mutual Funds [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 3,832 | 3,086 |
Mutual Funds [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 418 | 284 |
Hedge Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, Percentage | 7.00% | 7.00% |
Total, fair value of plan assets | 2,256 | 1,691 |
Hedge Funds [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 2,256 | 1,691 |
Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, Percentage | 1.10% | 1.80% |
Total, fair value of plan assets | 369 | 437 |
Short-Term Investments [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | 249 | 62 |
Short-Term Investments [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total, fair value of plan assets | $120 | $375 |
Employee_Benefits_Changes_in_L
Employee Benefits - Changes in Level 3 Securities (Detail) (Fair Value Measurements, Level 3 Inputs [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at beginning of year | $1,691 | $1,522 |
Purchases | 55 | 152 |
Actual return - assets still being held | 510 | 17 |
Balance at end of year | $2,256 | $1,691 |
Employee_Benefits_Components_o
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Pension Plan [Member] | ' | ' |
Change projected in benefit obligation | ' | ' |
Benefit obligation at beginning of year | $31,910 | $28,784 |
Service cost | 1,196 | 1,097 |
Interest cost | 1,257 | 1,295 |
Actuarial (gain)/loss | -3,734 | 1,401 |
Benefits paid | -750 | -667 |
Projected benefit obligation at end of year | 29,879 | 31,910 |
Change in plan assets | ' | ' |
Balance at beginning of year | 23,983 | 20,517 |
Actual (loss) return on plan assets | 4,619 | 2,333 |
Employer contributions | 4,470 | 1,800 |
Benefits paid | -750 | -667 |
Balance at end of year | 32,322 | 23,983 |
(Unfunded) Funded status | 2,443 | -7,927 |
Accumulated benefit obligation | 29,747 | 31,773 |
Weighted-average assumptions as of December 31 | ' | ' |
Discount rate - Liability | 5.00% | 4.00% |
Discount rate - Expense | 4.00% | 4.50% |
Expected return on plan assets | 8.00% | 8.00% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ' | ' |
Service cost | 1,196 | 1,097 |
Interest cost | 1,257 | 1,295 |
Expected return on plan assets | -1,880 | -1,641 |
Recognized prior service cost | -104 | -104 |
Recognized net losses | 630 | 735 |
Net periodic cost | 1,099 | 1,382 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ' |
Amortization of prior service cost | 104 | 104 |
Net (gain) loss | -6,956 | -25 |
Total recognized in other comprehensive income | -6,852 | 79 |
Total recognized in net periodic benefit cost and other comprehensive income | -5,753 | 1,461 |
Supplemental Insurance/ Retirement Plan [Member] | ' | ' |
Change projected in benefit obligation | ' | ' |
Benefit obligation at beginning of year | 25,835 | 21,097 |
Service cost | 1,554 | 1,425 |
Interest cost | 1,072 | 923 |
Actuarial (gain)/loss | -1,916 | 3,482 |
Benefits paid | -1,043 | -1,092 |
Projected benefit obligation at end of year | 25,502 | 25,835 |
Change in plan assets | ' | ' |
Benefits paid | -1,043 | -1,092 |
(Unfunded) Funded status | -25,502 | -25,835 |
Accumulated benefit obligation | 22,278 | 22,181 |
Weighted-average assumptions as of December 31 | ' | ' |
Discount rate - Liability | 5.00% | 4.00% |
Discount rate - Expense | 4.00% | 4.50% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ' | ' |
Service cost | 1,554 | 1,425 |
Interest cost | 1,072 | 923 |
Recognized prior service cost | 114 | 114 |
Recognized net losses | 514 | 336 |
Net periodic cost | 3,254 | 2,798 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ' |
Amortization of prior service cost | -114 | -114 |
Net (gain) loss | -2,401 | 3,098 |
Total recognized in other comprehensive income | -2,515 | 2,984 |
Total recognized in net periodic benefit cost and other comprehensive income | $739 | $5,782 |
Employee_Benefits_Summary_of_D
Employee Benefits - Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Periodic Benefit Cost [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service cost | ($475) | ($485) | ' |
Net actuarial loss | -11,262 | -20,619 | ' |
Total | -11,737 | -21,104 | ' |
Defined Benefit Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service cost | -104 | -104 | ' |
Net actuarial loss | -3,734 | 1,401 | ' |
Total | 29,879 | 31,910 | 28,784 |
Defined Benefit Pension Plan [Member] | Net Periodic Benefit Cost [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service cost | 516 | 620 | ' |
Net actuarial loss | -3,361 | -10,317 | ' |
Total | -2,845 | -9,697 | ' |
Supplemental Insurance/ Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service cost | 114 | 114 | ' |
Net actuarial loss | -1,916 | 3,482 | ' |
Total | 25,502 | 25,835 | 21,097 |
Supplemental Insurance/ Retirement Plan [Member] | Net Periodic Benefit Cost [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service cost | -991 | -1,105 | ' |
Net actuarial loss | -7,901 | -10,302 | ' |
Total | ($8,892) | ($11,407) | ' |
Employee_Benefits_Summary_of_A
Employee Benefits - Summary of Accumulated Other Comprehensive Loss Expected to be Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of loss to be recognized in 2014 | ($4,932) | $2,488 | $4,047 |
Defined Benefit Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of prior service cost to be recognized in 2014 | -104 | ' | ' |
Amortization of loss to be recognized in 2014 | 12 | ' | ' |
Supplemental Insurance/ Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of prior service cost to be recognized in 2014 | 114 | ' | ' |
Amortization of loss to be recognized in 2014 | $355 | ' | ' |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance-Sheet Risk - Summary of Financial Instruments with Off-Balance-Sheet Risk (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to Originate 1-4 Family Mortgages [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk: | ' | ' |
Financial instruments with off-balance-sheet risk | $3,373 | $13,580 |
Standby and Commercial Letters of Credit [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk: | ' | ' |
Financial instruments with off-balance-sheet risk | 7,930 | 8,411 |
Unused Lines of Credit [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk: | ' | ' |
Financial instruments with off-balance-sheet risk | 249,941 | 217,246 |
Unadvanced Portions of Construction Loans [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk: | ' | ' |
Financial instruments with off-balance-sheet risk | 7,026 | 17,609 |
Unadvanced Portions of Other Loans [Member] | ' | ' |
Financial instruments whose contract amount represents credit risk: | ' | ' |
Financial instruments with off-balance-sheet risk | $17,750 | $4,872 |
Other_Operating_Expenses_Summa
Other Operating Expenses - Summary of Other Operating Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income And Expenses [Abstract] | ' | ' | ' |
Marketing | $1,749 | $1,853 | $1,575 |
Software maintenance/amortization | 1,417 | 1,256 | 951 |
Legal and audit | 1,281 | 1,179 | 1,140 |
Contributions | 673 | 1,074 | 479 |
Processing services | 812 | 921 | 865 |
Consulting | 874 | 890 | 796 |
Postage and delivery | 939 | 877 | 773 |
Supplies | 848 | 849 | 868 |
Telephone | 719 | 750 | 742 |
Directors' fees | 373 | 330 | 309 |
Insurance | 295 | 279 | 275 |
Core deposit intangible amortization | ' | 120 | 388 |
Other | 1,500 | 1,230 | 1,280 |
Total | $11,480 | $11,608 | $10,441 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments - Carrying Amounts and Fair Values of Company's Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets: | ' | ' |
Securities held-to-maturity | $1,487,884,000 | $275,507,000 |
Loans | 1,243,822,000 | 1,092,591,000 |
Financial liabilities: | ' | ' |
Time deposits | 382,224,000 | 419,983,000 |
Other borrowed funds | 255,144,000 | 195,144,000 |
Subordinated debentures | 36,083,000 | 36,083,000 |
Carrying Value [Member] | ' | ' |
Financial assets: | ' | ' |
Securities held-to-maturity | 1,487,884,000 | 275,507,000 |
Loans | 1,243,822,000 | 1,092,591,000 |
Financial liabilities: | ' | ' |
Time deposits | 382,224,000 | 419,983,000 |
Other borrowed funds | 255,144,000 | 195,144,000 |
Subordinated debentures | 36,083,000 | 36,083,000 |
Estimated Fair Value [Member] | ' | ' |
Financial assets: | ' | ' |
Securities held-to-maturity | 1,464,449,000 | 281,924,000 |
Loans | 1,214,192,000 | 1,124,716,000 |
Financial liabilities: | ' | ' |
Time deposits | 386,742,000 | 424,253,000 |
Other borrowed funds | 254,736,000 | 205,481,000 |
Subordinated debentures | 39,503,000 | 43,423,000 |
Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Financial assets: | ' | ' |
Securities held-to-maturity | ' | ' |
Loans | ' | ' |
Financial liabilities: | ' | ' |
Time deposits | ' | ' |
Other borrowed funds | ' | ' |
Subordinated debentures | ' | ' |
Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Financial assets: | ' | ' |
Securities held-to-maturity | 1,464,449,000 | 281,924,000 |
Financial liabilities: | ' | ' |
Time deposits | 386,742,000 | 424,253,000 |
Other borrowed funds | 254,736,000 | 205,481,000 |
Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Financial assets: | ' | ' |
Loans | 1,214,192,000 | 1,124,716,000 |
Financial liabilities: | ' | ' |
Subordinated debentures | $39,503,000 | $43,423,000 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations - Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $20,947 | $20,549 | $19,132 | $19,137 | $19,738 | $22,079 | $20,312 | $19,365 | $79,765 | $81,494 | $78,065 |
Interest expense | 4,842 | 4,751 | 4,620 | 4,592 | 4,795 | 4,859 | 4,923 | 4,963 | 18,805 | 19,540 | 22,766 |
Net interest income | 16,105 | 15,798 | 14,512 | 14,545 | 14,943 | 17,220 | 15,389 | 14,402 | 60,960 | 61,954 | 55,299 |
Provision for loan losses | 460 | 750 | 750 | 750 | 900 | 1,250 | 900 | 1,100 | 2,710 | 4,150 | 4,550 |
Net interest income after provision for loan losses | 15,645 | 15,048 | 13,762 | 13,795 | 14,043 | 15,970 | 14,489 | 13,302 | 58,250 | 57,804 | 50,749 |
Other operating income | 4,186 | 4,774 | 5,221 | 4,434 | 4,153 | 4,105 | 3,988 | 3,619 | 18,615 | 15,865 | 16,240 |
Operating expenses | 14,690 | 13,995 | 13,662 | 13,465 | 13,279 | 13,708 | 13,451 | 12,800 | 55,812 | 53,238 | 48,742 |
Income before income taxes | 5,141 | 5,827 | 5,321 | 4,764 | 4,917 | 6,367 | 5,026 | 4,121 | 21,053 | 20,431 | 18,247 |
Provision for income taxes | 116 | 308 | 295 | 288 | 139 | 685 | 255 | 313 | 1,007 | 1,392 | 1,554 |
Net income | 5,025 | 5,519 | 5,026 | 4,476 | 4,778 | 5,682 | 4,771 | 3,808 | 20,046 | 19,039 | 16,693 |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 15,698 | 14,877 | 13,023 |
Share data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average shares outstanding, basic | 3,580,404 | 3,578,400 | 3,574,379 | 3,569,546 | 3,564,145 | 3,559,125 | 3,556,474 | 3,550,993 | 3,575,683 | 3,557,693 | 3,543,233 |
Average shares outstanding, diluted | 5,557,419 | 5,558,031 | 5,557,354 | 5,557,365 | 5,552,121 | 5,549,810 | 5,548,830 | 5,545,711 | 5,557,693 | 5,549,191 | 5,541,794 |
Earnings per share, basic | $1.10 | $1.21 | $1.10 | $0.98 | $1.05 | $1.25 | $1.05 | $0.84 | $4.39 | $4.18 | $3.68 |
Earnings per share, diluted | $0.90 | $0.99 | $0.90 | $0.81 | $0.86 | $1.02 | $0.86 | $0.69 | $3.61 | $3.43 | $3.01 |
Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $4,348 | $4,162 | $3,670 |
Share data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average shares outstanding, basic | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | 1,980,855 | 1,990,474 | 1,997,411 |
Average shares outstanding, diluted | 1,976,180 | 1,978,180 | 1,982,180 | 1,986,880 | 1,986,880 | 1,989,380 | 1,991,880 | 1,993,755 | 1,980,855 | 1,990,474 | 1,997,411 |
Earnings per share, basic | $0.55 | $0.60 | $0.55 | $0.49 | $0.52 | $0.62 | $0.52 | $0.42 | $2.19 | $2.09 | $1.84 |
Earnings per share, diluted | $0.55 | $0.60 | $0.55 | $0.49 | $0.52 | $0.62 | $0.52 | $0.42 | $2.19 | $2.09 | $1.84 |
Parent_Company_Financial_State2
Parent Company Financial Statements - Balance Sheets of Parent Company (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
ASSETS: | ' | ' | ' | ' |
Cash | $59,956,000 | $53,646,000 | ' | ' |
Other assets | 87,897,000 | 66,031,000 | ' | ' |
Total assets | 3,431,154,000 | 3,086,209,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Liabilities | 3,254,682,000 | 2,906,219,000 | ' | ' |
Subordinated debentures | 36,083,000 | 36,083,000 | ' | ' |
Stockholders' equity | 176,472,000 | 179,990,000 | 160,649,000 | 145,025,000 |
Total liabilities and stockholders' equity | 3,431,154,000 | 3,086,209,000 | ' | ' |
Century Bancorp, Inc. [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Cash | 12,245,000 | 19,536,000 | ' | ' |
Investment in subsidiary, at equity | 193,783,000 | 193,499,000 | ' | ' |
Other assets | 6,634,000 | 3,145,000 | ' | ' |
Total assets | 212,662,000 | 216,180,000 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Liabilities | 107,000 | 107,000 | ' | ' |
Subordinated debentures | 36,083,000 | 36,083,000 | ' | ' |
Stockholders' equity | 176,472,000 | 179,990,000 | ' | ' |
Total liabilities and stockholders' equity | $212,662,000 | $216,180,000 | ' | ' |
Parent_Company_Financial_State3
Parent Company Financial Statements - Statements of Income of Parent Company (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | $2,583 | $2,551 | $2,544 |
Total interest income | 20,947 | 20,549 | 19,132 | 19,137 | 19,738 | 22,079 | 20,312 | 19,365 | 79,765 | 81,494 | 78,065 |
Interest expense | 4,842 | 4,751 | 4,620 | 4,592 | 4,795 | 4,859 | 4,923 | 4,963 | 18,805 | 19,540 | 22,766 |
Operating expenses | 14,690 | 13,995 | 13,662 | 13,465 | 13,279 | 13,708 | 13,451 | 12,800 | 55,812 | 53,238 | 48,742 |
Income before income taxes | 5,141 | 5,827 | 5,321 | 4,764 | 4,917 | 6,367 | 5,026 | 4,121 | 21,053 | 20,431 | 18,247 |
Benefit from income taxes | 116 | 308 | 295 | 288 | 139 | 685 | 255 | 313 | 1,007 | 1,392 | 1,554 |
Net income | 5,025 | 5,519 | 5,026 | 4,476 | 4,778 | 5,682 | 4,771 | 3,808 | 20,046 | 19,039 | 16,693 |
Century Bancorp, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income from deposits in bank | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 33 | 100 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 72 | 72 |
Total interest income | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 105 | 172 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,400 | 2,400 | 2,400 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 208 | 198 | 178 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,508 | -2,493 | -2,406 |
Benefit from income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -853 | -848 | -818 |
Income before equity in undistributed income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -1,655 | -1,645 | -1,588 |
Equity in undistributed income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 21,701 | 20,684 | 18,281 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $20,046 | $19,039 | $16,693 |
Parent_Company_Financial_State4
Parent Company Financial Statements - Statements of Cash Flows of Parent Company (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $20,046 | $19,039 | $16,693 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 5,358 | 6,445 | 5,558 |
Increase in other assets | -5,693 | -3,113 | -4,456 |
Net cash provided by operating activities | 31,938 | 19,426 | 18,826 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from the exercise of stock options | 43 | 304 | 52 |
Cash dividends paid | -2,191 | -2,186 | -2,180 |
Net cash provided by financing activities | 351,668 | 317,678 | 277,228 |
Net (decrease) increase in cash and cash equivalents | -57,605 | -55,483 | 19,214 |
Cash and cash equivalents at beginning of year | 152,283 | 207,766 | 188,552 |
Cash and cash equivalents at end of year | 94,678 | 152,283 | 207,766 |
Century Bancorp, Inc. [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | 20,046 | 19,039 | 16,693 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Undistributed income of subsidiary | -21,701 | -20,684 | -18,281 |
Depreciation and amortization | 12 | 12 | 12 |
Increase in other assets | -3,500 | -416 | -182 |
Net cash provided by operating activities | -5,143 | -2,049 | -1,758 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from the exercise of stock options | 43 | 304 | 53 |
Cash dividends paid | -2,191 | -2,186 | -2,180 |
Net cash provided by financing activities | -2,148 | -1,882 | -2,127 |
Net (decrease) increase in cash and cash equivalents | -7,291 | -3,931 | -3,885 |
Cash and cash equivalents at beginning of year | 19,536 | 23,467 | 27,352 |
Cash and cash equivalents at end of year | $12,245 | $19,536 | $23,467 |