Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'CNBKA | ' | ' |
Entity Registrant Name | 'CENTURY BANCORP INC | ' | ' |
Entity Central Index Key | '0000812348 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 3,582,529 | 1,974,180 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $80,087 | $59,956 |
Federal funds sold and interest-bearing deposits in other banks | 83,306 | 34,722 |
Total cash and cash equivalents | 163,393 | 94,678 |
Short-term investments | 4,625 | 4,617 |
Securities available-for-sale, amortized cost $474,586 and $465,943, respectively | 473,302 | 464,245 |
Securities held-to-maturity, fair value $1,468,731 and $1,464,449, respectively | 1,478,450 | 1,487,884 |
Federal Home Loan Bank of Boston stock, at cost | 18,872 | 18,072 |
Loans, net: | ' | ' |
Commercial and industrial | 95,775 | 92,402 |
Construction and land development | 25,928 | 33,058 |
Commercial real estate | 708,551 | 713,327 |
Residential real estate | 290,465 | 286,041 |
Home equity | 133,800 | 130,277 |
Consumer and other | 9,542 | 9,658 |
Total loans, net | 1,264,061 | 1,264,763 |
Less: allowance for loan losses | 21,259 | 20,941 |
Net loans | 1,242,802 | 1,243,822 |
Bank premises and equipment | 23,450 | 23,400 |
Accrued interest receivable | 6,338 | 6,539 |
Goodwill | 2,714 | 2,714 |
Other assets | 86,101 | 85,183 |
Total assets | 3,500,047 | 3,431,154 |
Deposits: | ' | ' |
Demand deposits | 489,679 | 475,862 |
Savings and NOW deposits | 1,018,871 | 992,796 |
Money Market Accounts | 874,264 | 864,957 |
Time deposits | 381,199 | 382,224 |
Total deposits | 2,764,013 | 2,715,839 |
Securities sold under agreements to repurchase | 210,650 | 214,440 |
Other borrowed funds | 272,644 | 255,144 |
Subordinated debentures | 36,083 | 36,083 |
Due to broker | 1,000 | ' |
Other liabilities | 33,575 | 33,176 |
Total liabilities | 3,317,965 | 3,254,682 |
Stockholders' Equity | ' | ' |
Preferred stock - $1.00 par value; 100,000 shares authorized; no shares issued and outstanding | ' | ' |
Additional paid-in capital | 11,934 | 11,932 |
Retained earnings | 185,130 | 180,747 |
Stockholders' equity before adjustment of accumulated other comprehensive (income) loss | 202,621 | 198,235 |
Unrealized losses on securities available-for-sale, net of taxes | -802 | -1,045 |
Unrealized losses on securities transferred to held-to-maturity, net of taxes | -12,743 | -13,667 |
Pension liability, net of taxes | -6,994 | -7,051 |
Total accumulated other comprehensive loss, net of taxes | -20,539 | -21,763 |
Total stockholders' equity | 182,082 | 176,472 |
Total liabilities and stockholders' equity | 3,500,047 | 3,431,154 |
Class A Common Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock value | 3,583 | 3,580 |
Total stockholders' equity | 3,583 | 3,580 |
Class B Common Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock value | 1,974 | 1,976 |
Total stockholders' equity | $1,974 | $1,976 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Amortized cost | $474,586 | $465,943 |
Held-to-maturity securities, fair value | $1,468,731 | $1,464,449 |
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 | 3,582,479 | 3,580,404 |
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 | 1,974,180 | 1,976,180 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest income | ' | ' |
Loans | $12,449 | $11,881 |
Securities held-to-maturity | 7,780 | 1,520 |
Securities available-for-sale | 820 | 5,617 |
Federal funds sold and interest-bearing deposits in other banks | 82 | 119 |
Total interest income | 21,131 | 19,137 |
Interest expense | ' | ' |
Savings and NOW deposits | 609 | 610 |
Money market accounts | 639 | 532 |
Time deposits | 1,085 | 1,334 |
Securities sold under agreements to repurchase | 101 | 90 |
Other borrowed funds and subordinated debentures | 2,183 | 2,026 |
Total interest expense | 4,617 | 4,592 |
Net interest income | 16,514 | 14,545 |
Provision for loan losses | 600 | 750 |
Net interest income after provision for loan losses | 15,914 | 13,795 |
Other operating income | ' | ' |
Service charges on deposit accounts | 2,034 | 1,942 |
Lockbox fees | 777 | 772 |
Net gains on sales of investments | ' | 883 |
Gains on sales of mortgage loans held for sale | 7 | 170 |
Other income | 652 | 667 |
Total other operating income | 3,470 | 4,434 |
Operating expenses | ' | ' |
Salaries and employee benefits | 8,875 | 8,618 |
Occupancy | 1,442 | 1,282 |
Equipment | 572 | 582 |
FDIC assessments | 480 | 400 |
Other | 2,790 | 2,583 |
Total operating expenses | 14,159 | 13,465 |
Income before income taxes | 5,225 | 4,764 |
Provision for income taxes | 293 | 288 |
Net income | 4,932 | 4,476 |
Class A Common Stock [Member] | ' | ' |
Operating expenses | ' | ' |
Net income | 3,867 | 3,502 |
Share data: | ' | ' |
Weighted average number of shares outstanding, basic | 3,582,421 | 3,569,546 |
Weighted average number of shares outstanding, diluted | 5,558,177 | 5,557,365 |
Basic earnings per share | $1.08 | $0.98 |
Diluted earnings per share | $0.89 | $0.81 |
Class B Common Stock [Member] | ' | ' |
Operating expenses | ' | ' |
Net income | $1,065 | $974 |
Share data: | ' | ' |
Weighted average number of shares outstanding, basic | 1,974,180 | 1,986,880 |
Weighted average number of shares outstanding, diluted | 1,974,180 | 1,986,880 |
Basic earnings per share | $0.54 | $0.49 |
Diluted earnings per share | $0.54 | $0.49 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income | $4,932 | $4,476 |
Unrealized gains (losses) on securities: | ' | ' |
Unrealized gains (losses) arising and transferred during period | 243 | -2,233 |
Less: reclassification adjustment for gains included in net income | ' | -883 |
Total unrealized gains (losses) on securities | 243 | -3,116 |
Accretion of net unrealized losses transferred | 924 | ' |
Defined benefit pension plans: | ' | ' |
Amortization of prior service cost and loss included in net periodic benefit cost | 57 | 173 |
Other comprehensive income (loss) | 1,224 | -2,943 |
Comprehensive income | $6,156 | $1,533 |
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, 2012 | $179,990 | $3,568 | $1,986 | $11,891 | $162,892 | ' | ' | ($347) |
Net income | 4,476 | 3,502 | 974 | ' | 4,476 | ' | ' | ' |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during period, net of taxes | -3,116 | ' | ' | ' | ' | ' | ' | -3,116 |
Pension liability adjustment, net of taxes | 173 | ' | ' | ' | ' | ' | ' | 173 |
Stock options exercised | 42 | 2 | ' | 40 | ' | ' | ' | ' |
Cash dividends | ' | -428 | -119 | ' | ' | -428 | -119 | ' |
Ending balance at Mar. 31, 2013 | 181,018 | 3,570 | 1,986 | 11,931 | 166,821 | ' | ' | -3,290 |
Beginning balance at Dec. 31, 2013 | 176,472 | 3,580 | 1,976 | 11,932 | 180,747 | ' | ' | -21,763 |
Net income | 4,932 | 3,867 | 1,065 | ' | 4,932 | ' | ' | ' |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding (losses) gains arising during period, net of taxes | 243 | ' | ' | ' | ' | ' | ' | 243 |
Unrealized losses accretion on securities transferred to held-to-maturity, net of in taxes | 924 | ' | ' | ' | ' | ' | ' | 924 |
Pension liability adjustment, net of taxes | 57 | ' | ' | ' | ' | ' | ' | 57 |
Conversion of class B common stock to class A common stock | ' | 2 | -2 | ' | ' | ' | ' | ' |
Stock options exercised | 3 | 1 | ' | 2 | ' | ' | ' | ' |
Cash dividends | ' | -430 | -119 | ' | ' | -430 | -119 | ' |
Ending balance at Mar. 31, 2014 | $182,082 | $3,583 | $1,974 | $11,934 | $185,130 | ' | ' | ($20,539) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Unrealized holding (losses) gains arising during period, taxes | $170 | $2,023 |
Unrealized losses accretion on securities transferred to held-to-maturity, taxes | 583 | ' |
Realized net gains | ' | 883 |
Pension liability adjustment, taxes | $38 | $117 |
Conversion of class B common stock to class A common stock, shares | 2,000 | ' |
Stock options exercised, shares | 75 | 1,600 |
Class A Common Stock [Member] | ' | ' |
Cash dividends paid, per share | $0.12 | $0.12 |
Class B Common Stock [Member] | ' | ' |
Cash dividends paid, per share | $0.06 | $0.06 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $4,932 | $4,476 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Mortgage loans originated for sale | -13,383 | -13,666 |
Proceeds from mortgage loans sold | 570 | 10,865 |
Gain on sales of mortgage loans held for sale | -7 | -170 |
Net gain on sales of investments | ' | -883 |
Provision for loan losses | 600 | 750 |
Deferred income taxes | -744 | -441 |
Net depreciation and amortization | 867 | 1,619 |
Decrease (increase) in accrued interest receivable | 201 | -200 |
Increase in other assets | -998 | -3,764 |
Increase in other liabilities | 493 | 1,688 |
Net cash (used in) provided by operating activities | -7,469 | 274 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of short-term investments | 1,061 | 6,317 |
Purchase of short-term investments | -1,069 | -1,061 |
Proceeds from calls/maturities of securities available-for-sale | 36,157 | 90,591 |
Proceeds from sales of securities available-for-sale | ' | 87,570 |
Purchase of securities available-for-sale | -44,658 | -145,429 |
Proceeds from calls/maturities of securities held-to-maturity | 41,692 | 14,811 |
Purchase of securities held-to-maturity | -30,957 | ' |
Net decrease (increase) in loans | 13,256 | -23,194 |
Capital expenditures | -636 | -364 |
Net cash provided by investing activities | 14,846 | 29,241 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net (decrease) increase in time deposits | -1,025 | 22,997 |
Net increase in demand, savings, money market and NOW deposits | 49,199 | 57,805 |
Net proceeds from exercise of stock options | 3 | 42 |
Cash dividends | -549 | -547 |
Net decrease in securities sold under agreements to repurchase | -3,790 | -4,310 |
Net increase (decrease) in other borrowed funds | 17,500 | -13,000 |
Net cash provided by financing activities | 61,338 | 62,987 |
Net increase in cash and cash equivalents | 68,715 | 92,502 |
Cash and cash equivalents at beginning of period | 94,678 | 152,283 |
Cash and cash equivalents at end of period | 163,393 | 244,785 |
Cash paid during the period for: | ' | ' |
Cash paid during the period for interest | 4,583 | 4,594 |
Cash paid during the period for income taxes | 171 | 345 |
Change in unrealized (losses) gains on securities available-for-sale, net of taxes | 243 | -3,116 |
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes | 924 | ' |
Pension liability adjustment, net of taxes | 57 | 173 |
Due to broker | $1,000 | $10,019 |
Basis_of_Financial_Statement_P
Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Financial Statement Presentation | ' |
Note 1. 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. The Company’s quarterly report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as filed with the Securities and Exchange Commission. | |
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. |
Recent_Market_Developments
Recent Market Developments | 3 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Recent Market Developments | ' |
Note 2. Recent Market Developments | |
The financial services industry continues to face challenges in the aftermath of the recent national and global economic crisis. Since June 2009, the U.S. economy has been recovering from the most severe recession and financial crisis since the Great Depression. There have been some improvements in private sector employment, industrial production and U.S. exports; nevertheless, the pace of economic recovery has been slow. Financial markets have improved since the depths of the crisis but are still unsettled and volatile. There is continued concern about the U.S. economic outlook. | |
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) became law. The Act was intended to address many issues arising in the recent financial crisis and is exceedingly broad in scope, affecting many aspects of bank and financial market regulation. The Act requires, or permits by implementing regulation, enhanced prudential standards for banks and bank holding companies inclusive of capital, leverage, liquidity, concentration and exposure measures. In addition, traditional bank regulatory principles such as restrictions on transactions with affiliates and insiders were enhanced. The Act also contains reforms of consumer mortgage lending practices and creates a Bureau of Consumer Financial Protection, which is granted broad authority over consumer financial practices of banks and others. It is expected as the specific new or incremental requirements applicable to the Company become effective that the costs and difficulties of remaining compliant with all such requirements will increase. The Act broadens the base for FDIC assessments to average consolidated assets less tangible equity of financial institutions and also permanently raises the current standard maximum FDIC deposit insurance amount to $250,000. The Act extended unlimited deposit insurance on non-interest bearing transaction accounts through December 31, 2012. In addition, the Act added a new Section 13 to the Bank Holding Company Act, the so-called “Volcker Rule,” (the “Rule”) which generally restricts certain banking entities such as the Company and its subsidiaries or affiliates, from engaging in proprietary trading activities and owning equity in or sponsoring any private equity or hedge fund. The Rule became effective July 21, 2012. The final implementing regulations for the Rule were issued by various regulatory agencies in December, 2013 and under an extended conformance regulation compliance must be achieved by July 21, 2015. Under the Rule, the Company may be restricted from engaging in proprietary trading, investing in third party hedge or private equity funds or sponsoring new funds unless it qualifies for an exemption from the rule. The Company has little involvement in prohibited proprietary trading or investment activities in covered funds and the Company does not expect that complying with the requirements of the Rule will have any material effect on the Company’s financial condition or results of operation. | |
On September 29, 2009, the FDIC adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC Board voted to adopt a uniform three-basis point increase in assessment rates effective on January 1, 2011, and extend the restoration period from seven to eight years. This rule was finalized on November 2, 2009. The Company’s quarterly risk-based deposit insurance assessments were paid from this amount until June 30, 2013. The Company received a refund of $2.4 million of prepaid FDIC assessments in June 2013. | |
Federal banking regulators have issued risk-based capital guidelines, which assign risk factors to asset categories and off-balance-sheet items. Also, the Basel Committee has issued capital standards entitled “Basel III: A global regulatory framework for more resilient banks and banking systems” (“Basel III”). The Federal Reserve Board has finalized its rule implementing the Basel III regulatory capital framework. The rule, that will come into effect in January 2015, sets the Basel III minimum regulatory capital requirements for all organizations. It includes a new common equity Tier I ratio of 4.5 percent of risk-weighted assets, raises the minimum Tier I capital ratio from 4 percent to 6 percent of risk-weighted assets and would set a new conservation buffer of 2.5 percent of rick-weighted assets. The Company has analyzed the final rules; the implementation of the framework will not have a material impact on the Company’s financial condition or results of operations. | |
The Governor of Massachusetts has proposed a tax plan that would modify existing income tax rules. The governor’s plan is part of his budget recommendations for fiscal year 2015, and will subject security corporations to the same tax base and rate as regular business corporations. The proposed tax changes would take effect as of January 1, 2015. The Company is currently analyzing the financial impact of the proposed changes. |
Stock_Option_Accounting
Stock Option Accounting | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock Option Accounting | ' | ||||||||
Note 3. Stock Option Accounting | |||||||||
Stock option activity under the Company’s stock option plan for the three months ended March 31, 2014 is as follows: | |||||||||
Amount | Weighted | ||||||||
Average | |||||||||
Exercise Price | |||||||||
Shares under option: | |||||||||
Outstanding at beginning of year | 20,375 | $ | 31.82 | ||||||
Exercised | (75 | ) | 31.83 | ||||||
Forfeited | — | — | |||||||
Outstanding at end of period | 20,300 | $ | 31.82 | ||||||
Exercisable at end of period | 20,300 | $ | 31.82 | ||||||
Available to be granted at end of period | 224,884 | ||||||||
On March 31, 2014, the outstanding options to purchase 20,300 shares of Class A common stock have exercise prices between $31.60 and $31.83, with a weighted average exercise price of $31.82 and a weighted average remaining contractual life of 0.5 years. The intrinsic value of options exercisable at March 31, 2014 had an aggregate value of $46,284. The intrinsic value of options exercised at March 31, 2014 had an aggregate value of $171. | |||||||||
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 the first quarter of 2014. |
Securities_AvailableforSale
Securities Available-for-Sale | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ' | ||||||||||||||||||||||||||||||||
Note 4. Securities Available-for-Sale | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||
( In thousands) | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,998 | $ | 2 | $ | — | $ | 2,000 | $ | 1,997 | $ | 1 | $ | — | $ | 1,998 | |||||||||||||||||
U.S. Government Sponsored Enterprises | — | — | — | — | 9,995 | 9 | — | 10,004 | |||||||||||||||||||||||||
Small Business Administration | 7,109 | 40 | — | 7,149 | 7,270 | 32 | — | 7,302 | |||||||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities | 426,521 | 825 | 1,331 | 426,015 | 404,103 | 588 | 1,501 | 403,190 | |||||||||||||||||||||||||
Privately Issued Residential Mortgage Backed Securities | 2,189 | 18 | 20 | 2,187 | 2,294 | 6 | 23 | 2,277 | |||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | 34,063 | 8 | 870 | 33,201 | 37,578 | 15 | 870 | 36,723 | |||||||||||||||||||||||||
Other Debt Securities | 2,300 | — | 120 | 2,180 | 2,300 | — | 125 | 2,175 | |||||||||||||||||||||||||
Equity Securities | 406 | 164 | — | 570 | 406 | 170 | — | 576 | |||||||||||||||||||||||||
Total | $ | 474,586 | $ | 1,057 | $ | 2,341 | $ | 473,302 | $ | 465,943 | $ | 821 | $ | 2,519 | $ | 464,245 | |||||||||||||||||
During the third quarter of 2013, securities available-for-sale with an amortized cost of $1,012,370,000 were transferred to securities held-to-maturity at their fair value of $987,037,000 in response to rising interest rates. Rising interest rates have the potential to increase unrealized losses on the available-for-sale portfolio. The transfer was implemented to lessen the effects of rising interest rates. | |||||||||||||||||||||||||||||||||
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 $357,512,000 and $368,137,000 at March 31, 2014 and December 31, 2013, respectively. Also included in securities available-for-sale are securities pledged for borrowing at the Federal Home Loan Bank of Boston amounting to $30,744,000 and $12,214,000 at March 31, 2014 and December 31, 2013, respectively. There were no realized gains on sales of investments for the three months ended March 31, 2014. The Company realized gross gains of $883,000 from the proceeds of $87,570,000 from the sales of available-for-sale securities for the three months ended March 31, 2013. | |||||||||||||||||||||||||||||||||
Debt securities of 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 available-for-sale at March 31, 2014. | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
( In thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 29,408 | $ | 29,429 | |||||||||||||||||||||||||||||
After one but within five years | 193,847 | 193,971 | |||||||||||||||||||||||||||||||
After five but within ten years | 230,394 | 229,759 | |||||||||||||||||||||||||||||||
More than 10 years | 19,031 | 18,193 | |||||||||||||||||||||||||||||||
Non-maturing | 1,906 | 1,950 | |||||||||||||||||||||||||||||||
Total | $ | 474,586 | $ | 473,302 | |||||||||||||||||||||||||||||
The weighted average remaining life of investment securities available-for-sale at March 31, 2014 was 5.2 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. | |||||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, 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. | |||||||||||||||||||||||||||||||||
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 March 31, 2014. 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 32 and 10 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 240 holdings at March 31, 2014. | |||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities | 208,531 | 980 | 56,658 | 351 | 265,189 | 1,331 | |||||||||||||||||||||||||||
Privately Issued Residential Mortgage Backed Securities | 800 | 20 | — | — | 800 | 20 | |||||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | — | — | 3,820 | 870 | 3,820 | 870 | |||||||||||||||||||||||||||
Other Debt Securities | — | — | 1,380 | 120 | 1,380 | 120 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 209,331 | $ | 1,000 | $ | 61,858 | $ | 1,341 | $ | 271,189 | $ | 2,341 | |||||||||||||||||||||
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 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, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises 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 | |||||||||||||||||||||
Investment_Securities_HeldtoMa
Investment Securities Held-to-Maturity | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Investment Securities Held-to-Maturity | ' | ||||||||||||||||||||||||||||||||
Note 5. Investment Securities Held-to-Maturity | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 292,325 | $ | 512 | $ | 1,653 | $ | 291,184 | $ | 291,779 | $ | 185 | $ | 5,043 | $ | 286,921 | |||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities | 1,186,125 | 4,949 | 13,527 | 1,177,547 | 1,196,105 | 2,239 | 20,816 | 1,177,528 | |||||||||||||||||||||||||
Total | $ | 1,478,450 | $ | 5,461 | $ | 15,180 | $ | 1,468,731 | $ | 1,487,884 | $ | 2,424 | $ | 25,859 | $ | 1,464,449 | |||||||||||||||||
Included in U.S. Government and Agency Securities are securities pledged to secure public deposits and repurchase agreements at fair value amounting to $751,754,000 and $732,144,000 at March 31, 2014 and December 31, 2013, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank of Boston at fair value amounting to $514,421,000 and $510,060,000 at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, all mortgage-backed securities are obligations of U.S. Government Agencies and 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 March 31, 2014. | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
( In thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 4,830 | $ | 4,849 | |||||||||||||||||||||||||||||
After one but within five years | 845,948 | 842,706 | |||||||||||||||||||||||||||||||
After five but within ten years | 626,601 | 620,086 | |||||||||||||||||||||||||||||||
More than ten years | 1,071 | 1 ,090 | |||||||||||||||||||||||||||||||
Total | $ | 1,478,450 | $ | 1,468,731 | |||||||||||||||||||||||||||||
The weighted average remaining life of investment securities held-to-maturity at March 31, 2014 was 5.0 years. Included in the weighted average remaining life calculation at March 31, 2014 were $224,667,000 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. | |||||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, 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 likely 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 likely 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 March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
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 March 31, 2014. 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 134 and 21 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 303 holdings at March 31, 2014. | |||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 164,174 | $ | 1,653 | $ | — | $ | — | $ | 164,174 | $ | 1,653 | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities | 607,346 | 10,558 | 129,838 | 2,969 | 737,184 | 13,527 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 771,520 | $ | 12,211 | $ | 129,838 | $ | 2,969 | $ | 901,358 | $ | 15,180 | |||||||||||||||||||||
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 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, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
( 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 | |||||||||||||||||||||
Allowance_for_Loan_Losses
Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Note 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, the 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 periods indicated. | |||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 20,941 | $ | 19,197 | |||||||||||||||||||||||||||||
Loans charged off | (429 | ) | (371 | ) | |||||||||||||||||||||||||||||
Recoveries on loans previously charged-off | 147 | 183 | |||||||||||||||||||||||||||||||
Net charge-offs | (282 | ) | (188 | ) | |||||||||||||||||||||||||||||
Provision charged to expense | 600 | 750 | |||||||||||||||||||||||||||||||
Allowance for loan losses, end of period | $ | 21,259 | $ | 19,759 | |||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses for the three months ending March 31, 2014 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | Estate | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,174 | $ | 2,989 | $ | 11,218 | $ | 2,006 | $ | 432 | $ | 959 | $ | 1,163 | $ | 20,941 | |||||||||||||||||
Charge-offs | (250 | ) | — | — | — | (179 | ) | — | — | (429 | ) | ||||||||||||||||||||||
Recoveries | — | 24 | 1 | 5 | 116 | 1 | — | 147 | |||||||||||||||||||||||||
Provision | (99 | ) | 77 | 655 | (138 | ) | 56 | (58 | ) | 107 | 600 | ||||||||||||||||||||||
Ending balance at March 31, 2014 | $ | 1,825 | $ | 3,090 | $ | 11,874 | $ | 1,873 | $ | 425 | $ | 902 | $ | 1,270 | $ | 21,259 | |||||||||||||||||
Amount of allowance for loan losses for loans deemed to be impaired | $ | 25 | $ | 358 | $ | 382 | $ | 122 | $ | — | $ | 94 | $ | — | 981 | ||||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 1,800 | $ | 2,732 | $ | 11,492 | $ | 1,751 | $ | 425 | $ | 808 | $ | 1,270 | $ | 20,278 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 25,928 | $ | 95,775 | $ | 708,551 | $ | 290,465 | $ | 9,542 | $ | 133,800 | $ | — | $ | 1,264,061 | |||||||||||||||||
Loans deemed to be impaired | $ | 358 | $ | 1,129 | $ | 4,408 | $ | 998 | $ | — | $ | 94 | $ | — | $ | 6,987 | |||||||||||||||||
Loans not deemed to be impaired | $ | 25,570 | $ | 94,646 | $ | 704,143 | $ | 289,467 | $ | 9,542 | $ | 133,706 | $ | — | $ | 1,257,074 | |||||||||||||||||
Further information pertaining to the allowance for loan losses for three months ending March 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | 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 | — | (226 | ) | — | — | (145 | ) | — | — | (371 | ) | ||||||||||||||||||||||
Recoveries | — | 65 | 2 | 2 | 114 | — | 183 | ||||||||||||||||||||||||||
Provision | 158 | 566 | (288 | ) | 75 | 55 | (53 | ) | 237 | 750 | |||||||||||||||||||||||
Ending balance at March 31, 2013 | $ | 3,199 | $ | 3,523 | $ | 8,779 | $ | 2,071 | $ | 357 | $ | 833 | $ | 997 | $ | 19,759 | |||||||||||||||||
Amount of allowance for loan losses for loans deemed to be impaired | $ | 1,000 | $ | 103 | $ | 396 | $ | 155 | $ | — | $ | 96 | $ | — | 1,750 | ||||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 2,199 | $ | 3,420 | $ | 8,383 | $ | 1,916 | $ | 357 | $ | 737 | $ | 997 | $ | 18,009 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 34,021 | $ | 110,537 | $ | 570,441 | $ | 292,871 | $ | 7,910 | $ | 121,989 | $ | — | $ | 1,137,769 | |||||||||||||||||
Loans deemed to be impaired | $ | 1,500 | $ | 1,396 | $ | 2,262 | $ | 1,232 | $ | — | $ | 96 | $ | — | $ | 6,486 | |||||||||||||||||
Loans not deemed to be impaired | $ | 32,521 | $ | 109,141 | $ | 568,179 | $ | 291,639 | $ | 7,910 | $ | 121,893 | $ | — | $ | 1,131,283 | |||||||||||||||||
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 March 31, 2014 and 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 March 31, 2014 and 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 March 31, 2014 and 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 March 31, 2014. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and land | and | real | |||||||||||||||||||||||||||||||
development | industrial | estate | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
1-3 (Pass) | $ | 18,303 | $ | 93,485 | $ | 699,238 | |||||||||||||||||||||||||||
4 (Monitor) | 7,267 | 1,120 | 4,905 | ||||||||||||||||||||||||||||||
5 (Substandard) | — | — | — | ||||||||||||||||||||||||||||||
6 (Doubtful) | — | — | — | ||||||||||||||||||||||||||||||
Impaired | 358 | 1,170 | 4,408 | ||||||||||||||||||||||||||||||
Total | $ | 25,928 | $ | 95,775 | $ | 708,551 | |||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at December 31, 2013. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and land | and | real | |||||||||||||||||||||||||||||||
development | industrial | estate | |||||||||||||||||||||||||||||||
(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 Company utilized payment performance as credit quality indicators for residential real estate, consumer and overdrafts, and the home equity portfolio. The indicators are depicted in the table “aging of past due loans,” below. | |||||||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses at March 31, 2014 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non Accrual | Accrual | Total | Current Loans | Total | ||||||||||||||||||||||||||||
30-89 Days | Greater | Past Due | |||||||||||||||||||||||||||||||
Past Due | Than | ||||||||||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 358 | $ | — | $ | 358 | $ | 25,570 | $ | 25,928 | |||||||||||||||||||||
Commercial and industrial | 467 | 475 | — | 942 | 94,833 | 95,775 | |||||||||||||||||||||||||||
Commercial real estate | 2,633 | 218 | — | 2,851 | 705,700 | 708,551 | |||||||||||||||||||||||||||
Residential real estate | 229 | 464 | — | 693 | 289,772 | 290,465 | |||||||||||||||||||||||||||
Consumer and overdrafts | 1 | 5 | — | 6 | 9,536 | 9,542 | |||||||||||||||||||||||||||
Home equity | 470 | 40 | — | 510 | 133,290 | 133,800 | |||||||||||||||||||||||||||
Total | $ | 3,800 | $ | 1,560 | $ | — | $ | 5,360 | $ | 1,258,701 | $ | 1,264,061 | |||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non Accrual | Accrual | Total | Current Loans | Total | ||||||||||||||||||||||||||||
30-89 Days | Greater | Past Due | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
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 collectability of the loan’s principal is not probable. The specific factors that management considers in making the determination that the collectability 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 consolidated financial statements contained in the Company’s Annual Report for the fiscal year ended December 31, 2013. | |||||||||||||||||||||||||||||||||
The following is information pertaining to impaired loans for March 31, 2014: | |||||||||||||||||||||||||||||||||
Carrying Value | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Principal | Reserve | Carrying Value | Income | ||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 250 | $ | 3,292 | $ | — | $ | 437 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 11 | 42 | — | 116 | — | ||||||||||||||||||||||||||||
Commercial real estate | 55 | 56 | — | 41 | — | ||||||||||||||||||||||||||||
Residential real estate | — | — | — | 164 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 316 | $ | 3 390 | $ | — | 758 | $ | — | ||||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 108 | $ | 108 | $ | 25 | 108 | $ | — | ||||||||||||||||||||||||
Commercial and industrial | 1,118 | 1,352 | 358 | 1,116 | 8 | ||||||||||||||||||||||||||||
Commercial real estate | 4,353 | 4,442 | 382 | 4,420 | 32 | ||||||||||||||||||||||||||||
Residential real estate | 998 | 1,082 | 122 | 949 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 94 | — | ||||||||||||||||||||||||||||
Total | $ | 6,671 | $ | 7,078 | $ | 981 | $ | 6,687 | $ | 41 | |||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 358 | $ | 3,400 | $ | 25 | 545 | $ | — | ||||||||||||||||||||||||
Commercial and industrial | 1,129 | 1,394 | 358 | 1,232 | 8 | ||||||||||||||||||||||||||||
Commercial real estate | 4,408 | 4,498 | 382 | 4,461 | 32 | ||||||||||||||||||||||||||||
Residential real estate | 998 | 1,082 | 122 | 1,113 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 94 | — | ||||||||||||||||||||||||||||
Total | $ | 6,987 | $ | 10,468 | $ | 981 | $ | 7,445 | $ | 41 | |||||||||||||||||||||||
The following is information pertaining to impaired loans for March 31, 2013: | |||||||||||||||||||||||||||||||||
Carrying Value | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Principal | Reserve | Carrying Value | Income | ||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Commercial and industrial | 566 | 1,058 | — | 545 | — | ||||||||||||||||||||||||||||
Commercial real estate | 165 | 198 | — | 167 | — | ||||||||||||||||||||||||||||
Residential real estate | 319 | 321 | — | 102 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 1,050 | $ | 1,577 | $ | — | $ | 814 | $ | — | |||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,500 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 830 | 1,046 | 103 | 840 | 9 | ||||||||||||||||||||||||||||
Commercial real estate | 2,097 | 2,146 | 396 | 2,105 | 24 | ||||||||||||||||||||||||||||
Residential real estate | 913 | 995 | 155 | 779 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 96 | — | ||||||||||||||||||||||||||||
Total | $ | 5,436 | $ | 7,575 | $ | 1,750 | $ | 5,320 | $ | 33 | |||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,500 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 1,396 | 2,104 | 103 | 1,385 | 9 | ||||||||||||||||||||||||||||
Commercial real estate | 2,262 | 2,344 | 396 | 2,272 | 24 | ||||||||||||||||||||||||||||
Residential real estate | 1,232 | 1,316 | 155 | 881 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 96 | — | ||||||||||||||||||||||||||||
Total | $ | 6,486 | $ | 9,152 | $ | 1,750 | $ | 6,134 | $ | 33 | |||||||||||||||||||||||
There were no troubled debt restructurings occurring during the three month periods ended March 31, 2013 or March 31, 2014. |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||
Note 7. Reclassifications Out of Accumulated Other Comprehensive Income (a) | |||||||||||
Amount Reclassified from Accumulated | |||||||||||
Other Comprehensive Income | |||||||||||
Details about Accumulated | Three Months Ended | Three Months Ended | Affected Line Item | ||||||||
Other Comprehensive | March 31, 2014 | March 31, 2013 | in the Statement | ||||||||
Income Components | Where Net Income | ||||||||||
is Presented | |||||||||||
(in thousands) | |||||||||||
Unrealized gains and losses on available-for-sale securities | |||||||||||
$ | — | $ | 883 | Net gains on sales of investments | |||||||
— | (350 | ) | Provision for income taxes | ||||||||
$ | — | $ | 533 | Net income | |||||||
Accretion of unrealized losses transferred | |||||||||||
$ | 1,507 | $ | — | Securities held-to-maturity | |||||||
(583 | ) | — | Provision for income taxes | ||||||||
$ | 924 | $ | — | Net income | |||||||
Amortization of defined benefit pension items | |||||||||||
Prior-service costs | $ | (3 | )(b) | $ | (3 | ) | Salaries and employee benefits | ||||
Actuarial gains (losses) | (92 | )(b) | (287 | ) | Salaries and employee benefits | ||||||
Total before tax | (95 | ) | (290 | ) | Income before taxes | ||||||
Tax (expense) or benefit | 38 | 117 | Provision for income taxes | ||||||||
Net of tax | $ | (57 | ) | $ | (173 | ) | Net income | ||||
Total reclassifications for the period | $ | 867 | $ | 360 | Net income, net of tax | ||||||
(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 9) for additional details). |
Earnings_Per_Share_EPS
Earnings Per Share ("EPS") | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share ("EPS") | ' | ||||||||
Note 8. 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 2014 and 2013 was an increase of 1,576 and 939 shares, respectively. | |||||||||
The following table is a reconciliation of basic EPS and diluted EPS for the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Basic EPS Computation: | |||||||||
(in thousands except share and per share data) | |||||||||
Numerator: | |||||||||
Net income, Class A | $ | 3,867 | $ | 3,502 | |||||
Net income, Class B | 1,065 | 974 | |||||||
Denominator: | |||||||||
Weighted average shares outstanding, Class A | 3,582,421 | 3,569,546 | |||||||
Weighted average shares outstanding, Class B | 1,974,180 | 1,986,880 | |||||||
Basic EPS, Class A | $ | 1.08 | $ | 0.98 | |||||
Basic EPS, Class B | 0.54 | 0.49 | |||||||
Diluted EPS Computation: | |||||||||
Numerator: | |||||||||
Net income, Class A | $ | 3,867 | $ | 3,502 | |||||
Net income, Class B | 1,065 | 974 | |||||||
Total net income, for diluted EPS, Class A computation | 4,932 | 4,476 | |||||||
Denominator: | |||||||||
Weighted average shares outstanding, basic, Class A | 3,582,421 | 3,569,546 | |||||||
Weighted average shares outstanding, Class B | 1,974,180 | 1,986,880 | |||||||
Dilutive effect of Class A stock options | 1,576 | 939 | |||||||
Weighted average shares outstanding diluted, Class A | 5,558,177 | 5,557,365 | |||||||
Weighted average shares outstanding, Class B | 1,974,180 | 1,986,880 | |||||||
Diluted EPS, Class A | $ | 0.89 | $ | 0.81 | |||||
Diluted EPS, Class B | 0.54 | 0.49 | |||||||
Employee_Benefits
Employee Benefits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefits | ' | ||||||||||||||||
Note 9. Employee Benefits | |||||||||||||||||
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 and its subsidiaries who have at least one year of | |||||||||||||||||
service may participate in the Supplemental Plan. The Supplemental Plan is voluntary and participants are required to contribute to its cost. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant. | |||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) for the Three Months Ended March 31, | |||||||||||||||||
Pension Benefits | Supplemental Insurance/ | ||||||||||||||||
Retirement Plan | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 258 | $ | 299 | $ | 389 | $ | 381 | |||||||||
Interest | 367 | 314 | 331 | 267 | |||||||||||||
Expected return on plan assets | (636 | ) | (470 | ) | — | — | |||||||||||
Recognized prior service cost (benefit) | (26 | ) | (26 | ) | 29 | 29 | |||||||||||
Recognized net actuarial losses | 3 | 158 | 88 | 129 | |||||||||||||
Net periodic benefit (credit)cost | $ | (34 | ) | $ | 275 | $ | 837 | $ | 806 | ||||||||
Contributions | |||||||||||||||||
The Company currently intends to contribute $1,000,000 to the Pension Plan in 2014. As of March 31, 2014, $460,000 of the contribution had been made. The Company expects to contribute an additional $540,000 by the end of the year. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 10. 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 – Instruments that 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 March 31, 2014, are as follows: | |||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis: | |||||||||||||||||
Securities AFS Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Value | In Active | Observable | Other | ||||||||||||||
Markets for | Inputs | Unobservable | |||||||||||||||
Identical | (Level 2) | Inputs | |||||||||||||||
Assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
(In thousands) | |||||||||||||||||
U.S. Treasury | $ | 2,000 | $ | — | $ | 2,000 | $ | — | |||||||||
U.S. Government Sponsored Enterprises | — | — | — | — | |||||||||||||
SBA Backed Securities | 7,149 | — | 7,149 | — | |||||||||||||
U.S. Government Agency and Sponsored Mortgage Backed Securities | 426,015 | — | 426,015 | — | |||||||||||||
Privately Issued Residential Mortgage Backed Securities | 2,187 | — | 2,187 | — | |||||||||||||
Obligations Issued by States and Political Subdivisions | 33,201 | — | 411 | 32,790 | |||||||||||||
Other Debt Securities | 2,180 | — | 2,180 | — | |||||||||||||
Equity Securities | 570 | 280 | — | 290 | |||||||||||||
Total | $ | 473,302 | $ | 280 | $ | 439,942 | $ | 33,080 | |||||||||
Financial Instruments Measured at Fair Value on a Non-recurring Basis: | |||||||||||||||||
Impaired Loans | 1,833 | — | — | 1,833 | |||||||||||||
Impaired loan balances 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 the three-month period ended March 31, 2014 amounted to $254,000. | |||||||||||||||||
There were no transfers between level 1 and 2 for the three months ended March 31, 2014. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the three month period ended March 31, 2014. | |||||||||||||||||
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). 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(4) | $ | 33,080 | Discounted cash flow | Discount rate | 0% -1% (3) | ||||||||||||
Impaired Loans | 1,833 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-25% discount | |||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. | ||||||||||||||||
-3 | Weighted averages | ||||||||||||||||
-4 | Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. | ||||||||||||||||
The changes in Level 3 securities for the three-month period ended March 31, 2014 are shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
& Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2013 | $ | 3,820 | $ | 32,487 | $ | 290 | $ | 36,597 | |||||||||
Purchases | — | 7,205 | — | 7,205 | |||||||||||||
Maturities and calls | — | (10,717 | ) | — | (10,717 | ) | |||||||||||
Amortization | — | (5 | ) | — | (5 | ) | |||||||||||
Changes in fair value | — | — | — | — | |||||||||||||
Balance at March 31, 2014 | $ | 3,820 | $ | 28,970 | $ | 290 | $ | 33,080 | |||||||||
The amortized cost of Level 3 securities was $33,951,000 at March 31, 2014 with an unrealized loss of $870,000. 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 changes in Level 3 securities for the three-month period ended March 31, 2013, are shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
& Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 3,963 | $ | 49,477 | $ | 342 | $ | 53,782 | |||||||||
Purchases | — | 6,179 | — | 6,179 | |||||||||||||
Maturities and calls | — | (9,974 | ) | — | (9,974 | ) | |||||||||||
Amortization | — | (9 | ) | — | (9 | ) | |||||||||||
Changes in fair value | — | — | — | — | |||||||||||||
Balance at March 31, 2013 | $ | 3,963 | $ | 45,673 | $ | 342 | $ | 49,978 | |||||||||
The amortized cost of Level 3 securities was $50,701,000 at March 31, 2013 with an unrealized loss of $723,000. 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. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Fair Values of Financial Instruments | ' | ||||||||||||||||||||
Note 11. 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 nonfinancial 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 March 31, 2014 and December 31, 2013. 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. | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying Amount | Estimated Fair | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||
Value | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 1,478,450 | $ | 1,468,731 | $ | — | $ | 1,468,731 | $ | — | |||||||||||
Loans (1) | 1,242,802 | 1,219,892 | — | — | 1,219,892 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 381,199 | 386,274 | — | 386,274 | — | ||||||||||||||||
Other borrowed funds | 272,644 | 272,343 | — | 272,343 | — | ||||||||||||||||
Subordinated debentures | 36,083 | 40,427 | — | — | 40,427 | ||||||||||||||||
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 | ||||||||||||||||
-1 | Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. |
Recent_Accounting_Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Developments | ' |
Note 12. Recent Accounting Developments | |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about offsetting assets and liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements 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 U.S. GAAP with financial statements prepared under IFRS. The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. 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 7) as a result of this pronouncement. | |
In January 2014, the FASB issued ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company has assessed the impact of ASU 2014-14 and the adoption of this amendment will not have a material impact on the Company’s financial statements. |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Fair Value Measurements and Disclosures | ' |
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 – Instruments that 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. | |
Disclosures about Offsetting Assets and Liabilities | ' |
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about offsetting assets and liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements 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 U.S. GAAP with financial statements prepared under IFRS. The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. 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. | |
Comprehensive Income | ' |
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 7) as a result of this pronouncement. | |
Debt Restructuring | ' |
In January 2014, the FASB issued ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company has assessed the impact of ASU 2014-14 and the adoption of this amendment will not have a material impact on the Company’s financial statements. |
Stock_Option_Accounting_Tables
Stock Option Accounting (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Summary of Stock Option Activity under Stock Option Plan | ' | ||||||||
Stock option activity under the Company’s stock option plan for the three months ended March 31, 2014 is as follows: | |||||||||
Amount | Weighted | ||||||||
Average | |||||||||
Exercise Price | |||||||||
Shares under option: | |||||||||
Outstanding at beginning of year | 20,375 | $ | 31.82 | ||||||
Exercised | (75 | ) | 31.83 | ||||||
Forfeited | — | — | |||||||
Outstanding at end of period | 20,300 | $ | 31.82 | ||||||
Exercisable at end of period | 20,300 | $ | 31.82 | ||||||
Available to be granted at end of period | 224,884 | ||||||||
Securities_AvailableforSale_Ta
Securities Available-for-Sale (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Securities Available-for-Sale | ' | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||||||||||
( In thousands) | |||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,998 | $ | 2 | $ | — | $ | 2,000 | $ | 1,997 | $ | 1 | $ | — | $ | 1,998 | |||||||||||||||||
U.S. Government Sponsored Enterprises | — | — | — | — | 9,995 | 9 | — | 10,004 | |||||||||||||||||||||||||
Small Business Administration | 7,109 | 40 | — | 7,149 | 7,270 | 32 | — | 7,302 | |||||||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities | 426,521 | 825 | 1,331 | 426,015 | 404,103 | 588 | 1,501 | 403,190 | |||||||||||||||||||||||||
Privately Issued Residential Mortgage Backed Securities | 2,189 | 18 | 20 | 2,187 | 2,294 | 6 | 23 | 2,277 | |||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | 34,063 | 8 | 870 | 33,201 | 37,578 | 15 | 870 | 36,723 | |||||||||||||||||||||||||
Other Debt Securities | 2,300 | — | 120 | 2,180 | 2,300 | — | 125 | 2,175 | |||||||||||||||||||||||||
Equity Securities | 406 | 164 | — | 570 | 406 | 170 | — | 576 | |||||||||||||||||||||||||
Total | $ | 474,586 | $ | 1,057 | $ | 2,341 | $ | 473,302 | $ | 465,943 | $ | 821 | $ | 2,519 | $ | 464,245 | |||||||||||||||||
Maturity Distribution of Securities Available-for-Sale | ' | ||||||||||||||||||||||||||||||||
The following table shows the maturity distribution of the Company’s securities available-for-sale at March 31, 2014. | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
( In thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 29,408 | $ | 29,429 | |||||||||||||||||||||||||||||
After one but within five years | 193,847 | 193,971 | |||||||||||||||||||||||||||||||
After five but within ten years | 230,394 | 229,759 | |||||||||||||||||||||||||||||||
More than 10 years | 19,031 | 18,193 | |||||||||||||||||||||||||||||||
Non-maturing | 1,906 | 1,950 | |||||||||||||||||||||||||||||||
Total | $ | 474,586 | $ | 473,302 | |||||||||||||||||||||||||||||
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 March 31, 2014. 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 32 and 10 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 240 holdings at March 31, 2014. | |||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities | 208,531 | 980 | 56,658 | 351 | 265,189 | 1,331 | |||||||||||||||||||||||||||
Privately Issued Residential Mortgage Backed Securities | 800 | 20 | — | — | 800 | 20 | |||||||||||||||||||||||||||
Obligations Issued by States and Political Subdivisions | — | — | 3,820 | 870 | 3,820 | 870 | |||||||||||||||||||||||||||
Other Debt Securities | — | — | 1,380 | 120 | 1,380 | 120 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 209,331 | $ | 1,000 | $ | 61,858 | $ | 1,341 | $ | 271,189 | $ | 2,341 | |||||||||||||||||||||
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 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, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprises 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 | |||||||||||||||||||||
Investment_Securities_HeldtoMa1
Investment Securities Held-to-Maturity (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Unrealized Gain (Losses) on Securities | ' | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||
Gains | Losses | Value | Gains | Losses | Value | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 292,325 | $ | 512 | $ | 1,653 | $ | 291,184 | $ | 291,779 | $ | 185 | $ | 5,043 | $ | 286,921 | |||||||||||||||||
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities | 1,186,125 | 4,949 | 13,527 | 1,177,547 | 1,196,105 | 2,239 | 20,816 | 1,177,528 | |||||||||||||||||||||||||
Total | $ | 1,478,450 | $ | 5,461 | $ | 15,180 | $ | 1,468,731 | $ | 1,487,884 | $ | 2,424 | $ | 25,859 | $ | 1,464,449 | |||||||||||||||||
Company's Securities Held-to-Maturity | ' | ||||||||||||||||||||||||||||||||
The following table shows the maturity distribution of the Company’s securities held-to-maturity at March 31, 2014. | |||||||||||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
( In thousands) | |||||||||||||||||||||||||||||||||
Within one year | $ | 4,830 | $ | 4,849 | |||||||||||||||||||||||||||||
After one but within five years | 845,948 | 842,706 | |||||||||||||||||||||||||||||||
After five but within ten years | 626,601 | 620,086 | |||||||||||||||||||||||||||||||
More than ten years | 1,071 | 1 ,090 | |||||||||||||||||||||||||||||||
Total | $ | 1,478,450 | $ | 1,468,731 | |||||||||||||||||||||||||||||
Unrealized Market Loss of Securities | ' | ||||||||||||||||||||||||||||||||
The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at March 31, 2014. 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 134 and 21 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 303 holdings at March 31, 2014. | |||||||||||||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
U.S. Government Sponsored Enterprises | $ | 164,174 | $ | 1,653 | $ | — | $ | — | $ | 164,174 | $ | 1,653 | |||||||||||||||||||||
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities | 607,346 | 10,558 | 129,838 | 2,969 | 737,184 | 13,527 | |||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 771,520 | $ | 12,211 | $ | 129,838 | $ | 2,969 | $ | 901,358 | $ | 15,180 | |||||||||||||||||||||
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 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, 2013. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||
Temporarily Impaired Investments | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
( 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 | |||||||||||||||||||||
Allowance_for_Loan_Losses_Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Changes in Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated. | |||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses, beginning of period | $ | 20,941 | $ | 19,197 | |||||||||||||||||||||||||||||
Loans charged off | (429 | ) | (371 | ) | |||||||||||||||||||||||||||||
Recoveries on loans previously charged-off | 147 | 183 | |||||||||||||||||||||||||||||||
Net charge-offs | (282 | ) | (188 | ) | |||||||||||||||||||||||||||||
Provision charged to expense | 600 | 750 | |||||||||||||||||||||||||||||||
Allowance for loan losses, end of period | $ | 21,259 | $ | 19,759 | |||||||||||||||||||||||||||||
Summary of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses for the three months ending March 31, 2014 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | Estate | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,174 | $ | 2,989 | $ | 11,218 | $ | 2,006 | $ | 432 | $ | 959 | $ | 1,163 | $ | 20,941 | |||||||||||||||||
Charge-offs | (250 | ) | — | — | — | (179 | ) | — | — | (429 | ) | ||||||||||||||||||||||
Recoveries | — | 24 | 1 | 5 | 116 | 1 | — | 147 | |||||||||||||||||||||||||
Provision | (99 | ) | 77 | 655 | (138 | ) | 56 | (58 | ) | 107 | 600 | ||||||||||||||||||||||
Ending balance at March 31, 2014 | $ | 1,825 | $ | 3,090 | $ | 11,874 | $ | 1,873 | $ | 425 | $ | 902 | $ | 1,270 | $ | 21,259 | |||||||||||||||||
Amount of allowance for loan losses for loans deemed to be impaired | $ | 25 | $ | 358 | $ | 382 | $ | 122 | $ | — | $ | 94 | $ | — | 981 | ||||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 1,800 | $ | 2,732 | $ | 11,492 | $ | 1,751 | $ | 425 | $ | 808 | $ | 1,270 | $ | 20,278 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 25,928 | $ | 95,775 | $ | 708,551 | $ | 290,465 | $ | 9,542 | $ | 133,800 | $ | — | $ | 1,264,061 | |||||||||||||||||
Loans deemed to be impaired | $ | 358 | $ | 1,129 | $ | 4,408 | $ | 998 | $ | — | $ | 94 | $ | — | $ | 6,987 | |||||||||||||||||
Loans not deemed to be impaired | $ | 25,570 | $ | 94,646 | $ | 704,143 | $ | 289,467 | $ | 9,542 | $ | 133,706 | $ | — | $ | 1,257,074 | |||||||||||||||||
Further information pertaining to the allowance for loan losses for three months ending March 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | Residential | Consumer | Home | Unallocated | Total | ||||||||||||||||||||||||||
and Land | and | Real | Real | Equity | |||||||||||||||||||||||||||||
Development | Industrial | Estate | 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 | — | (226 | ) | — | — | (145 | ) | — | — | (371 | ) | ||||||||||||||||||||||
Recoveries | — | 65 | 2 | 2 | 114 | — | 183 | ||||||||||||||||||||||||||
Provision | 158 | 566 | (288 | ) | 75 | 55 | (53 | ) | 237 | 750 | |||||||||||||||||||||||
Ending balance at March 31, 2013 | $ | 3,199 | $ | 3,523 | $ | 8,779 | $ | 2,071 | $ | 357 | $ | 833 | $ | 997 | $ | 19,759 | |||||||||||||||||
Amount of allowance for loan losses for loans deemed to be impaired | $ | 1,000 | $ | 103 | $ | 396 | $ | 155 | $ | — | $ | 96 | $ | — | 1,750 | ||||||||||||||||||
Amount of allowance for loan losses for loans not deemed to be impaired | $ | 2,199 | $ | 3,420 | $ | 8,383 | $ | 1,916 | $ | 357 | $ | 737 | $ | 997 | $ | 18,009 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 34,021 | $ | 110,537 | $ | 570,441 | $ | 292,871 | $ | 7,910 | $ | 121,989 | $ | — | $ | 1,137,769 | |||||||||||||||||
Loans deemed to be impaired | $ | 1,500 | $ | 1,396 | $ | 2,262 | $ | 1,232 | $ | — | $ | 96 | $ | — | $ | 6,486 | |||||||||||||||||
Loans not deemed to be impaired | $ | 32,521 | $ | 109,141 | $ | 568,179 | $ | 291,639 | $ | 7,910 | $ | 121,893 | $ | — | $ | 1,131,283 | |||||||||||||||||
Loans by Risk Rating | ' | ||||||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at March 31, 2014. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and land | and | real | |||||||||||||||||||||||||||||||
development | industrial | estate | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
1-3 (Pass) | $ | 18,303 | $ | 93,485 | $ | 699,238 | |||||||||||||||||||||||||||
4 (Monitor) | 7,267 | 1,120 | 4,905 | ||||||||||||||||||||||||||||||
5 (Substandard) | — | — | — | ||||||||||||||||||||||||||||||
6 (Doubtful) | — | — | — | ||||||||||||||||||||||||||||||
Impaired | 358 | 1,170 | 4,408 | ||||||||||||||||||||||||||||||
Total | $ | 25,928 | $ | 95,775 | $ | 708,551 | |||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at December 31, 2013. | |||||||||||||||||||||||||||||||||
Construction | Commercial | Commercial | |||||||||||||||||||||||||||||||
and land | and | real | |||||||||||||||||||||||||||||||
development | industrial | estate | |||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
Aging of Past Due Loan Losses | ' | ||||||||||||||||||||||||||||||||
Further information pertaining to the allowance for loan losses at March 31, 2014 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non Accrual | Accrual | Total | Current Loans | Total | ||||||||||||||||||||||||||||
30-89 Days | Greater | Past Due | |||||||||||||||||||||||||||||||
Past Due | Than | ||||||||||||||||||||||||||||||||
90 Days | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | 358 | $ | — | $ | 358 | $ | 25,570 | $ | 25,928 | |||||||||||||||||||||
Commercial and industrial | 467 | 475 | — | 942 | 94,833 | 95,775 | |||||||||||||||||||||||||||
Commercial real estate | 2,633 | 218 | — | 2,851 | 705,700 | 708,551 | |||||||||||||||||||||||||||
Residential real estate | 229 | 464 | — | 693 | 289,772 | 290,465 | |||||||||||||||||||||||||||
Consumer and overdrafts | 1 | 5 | — | 6 | 9,536 | 9,542 | |||||||||||||||||||||||||||
Home equity | 470 | 40 | — | 510 | 133,290 | 133,800 | |||||||||||||||||||||||||||
Total | $ | 3,800 | $ | 1,560 | $ | — | $ | 5,360 | $ | 1,258,701 | $ | 1,264,061 | |||||||||||||||||||||
Further information pertaining to the allowance for loan losses at December 31, 2013 follows: | |||||||||||||||||||||||||||||||||
Accruing | Non Accrual | Accrual | Total | Current Loans | Total | ||||||||||||||||||||||||||||
30-89 Days | Greater | Past Due | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||
Information Pertaining to Impaired Loans | ' | ||||||||||||||||||||||||||||||||
The following is information pertaining to impaired loans for March 31, 2014: | |||||||||||||||||||||||||||||||||
Carrying Value | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Principal | Reserve | Carrying Value | Income | ||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 250 | $ | 3,292 | $ | — | $ | 437 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 11 | 42 | — | 116 | — | ||||||||||||||||||||||||||||
Commercial real estate | 55 | 56 | — | 41 | — | ||||||||||||||||||||||||||||
Residential real estate | — | — | — | 164 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 316 | $ | 3 390 | $ | — | 758 | $ | — | ||||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 108 | $ | 108 | $ | 25 | 108 | $ | — | ||||||||||||||||||||||||
Commercial and industrial | 1,118 | 1,352 | 358 | 1,116 | 8 | ||||||||||||||||||||||||||||
Commercial real estate | 4,353 | 4,442 | 382 | 4,420 | 32 | ||||||||||||||||||||||||||||
Residential real estate | 998 | 1,082 | 122 | 949 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 94 | — | ||||||||||||||||||||||||||||
Total | $ | 6,671 | $ | 7,078 | $ | 981 | $ | 6,687 | $ | 41 | |||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 358 | $ | 3,400 | $ | 25 | 545 | $ | — | ||||||||||||||||||||||||
Commercial and industrial | 1,129 | 1,394 | 358 | 1,232 | 8 | ||||||||||||||||||||||||||||
Commercial real estate | 4,408 | 4,498 | 382 | 4,461 | 32 | ||||||||||||||||||||||||||||
Residential real estate | 998 | 1,082 | 122 | 1,113 | 1 | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 94 | 94 | 94 | 94 | — | ||||||||||||||||||||||||||||
Total | $ | 6,987 | $ | 10,468 | $ | 981 | $ | 7,445 | $ | 41 | |||||||||||||||||||||||
The following is information pertaining to impaired loans for March 31, 2013: | |||||||||||||||||||||||||||||||||
Carrying Value | Unpaid | Required | Average | Interest | |||||||||||||||||||||||||||||
Principal | Reserve | Carrying Value | Income | ||||||||||||||||||||||||||||||
Balance | Recognized | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
With no required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Commercial and industrial | 566 | 1,058 | — | 545 | — | ||||||||||||||||||||||||||||
Commercial real estate | 165 | 198 | — | 167 | — | ||||||||||||||||||||||||||||
Residential real estate | 319 | 321 | — | 102 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | $ | 1,050 | $ | 1,577 | $ | — | $ | 814 | $ | — | |||||||||||||||||||||||
With required reserve recorded: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,500 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 830 | 1,046 | 103 | 840 | 9 | ||||||||||||||||||||||||||||
Commercial real estate | 2,097 | 2,146 | 396 | 2,105 | 24 | ||||||||||||||||||||||||||||
Residential real estate | 913 | 995 | 155 | 779 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 96 | — | ||||||||||||||||||||||||||||
Total | $ | 5,436 | $ | 7,575 | $ | 1,750 | $ | 5,320 | $ | 33 | |||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||
Construction and land development | $ | 1,500 | $ | 3,292 | $ | 1,000 | $ | 1,500 | $ | — | |||||||||||||||||||||||
Commercial and industrial | 1,396 | 2,104 | 103 | 1,385 | 9 | ||||||||||||||||||||||||||||
Commercial real estate | 2,262 | 2,344 | 396 | 2,272 | 24 | ||||||||||||||||||||||||||||
Residential real estate | 1,232 | 1,316 | 155 | 881 | — | ||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||||||
Home equity | 96 | 96 | 96 | 96 | — | ||||||||||||||||||||||||||||
Total | $ | 6,486 | $ | 9,152 | $ | 1,750 | $ | 6,134 | $ | 33 | |||||||||||||||||||||||
Reclassifications_Out_of_Accum1
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||
Amount Reclassified from Accumulated | |||||||||||
Other Comprehensive Income | |||||||||||
Details about Accumulated | Three Months Ended | Three Months Ended | Affected Line Item | ||||||||
Other Comprehensive | March 31, 2014 | March 31, 2013 | in the Statement | ||||||||
Income Components | Where Net Income | ||||||||||
is Presented | |||||||||||
(in thousands) | |||||||||||
Unrealized gains and losses on available-for-sale securities | |||||||||||
$ | — | $ | 883 | Net gains on sales of investments | |||||||
— | (350 | ) | Provision for income taxes | ||||||||
$ | — | $ | 533 | Net income | |||||||
Accretion of unrealized losses transferred | |||||||||||
$ | 1,507 | $ | — | Securities held-to-maturity | |||||||
(583 | ) | — | Provision for income taxes | ||||||||
$ | 924 | $ | — | Net income | |||||||
Amortization of defined benefit pension items | |||||||||||
Prior-service costs | $ | (3 | )(b) | $ | (3 | ) | Salaries and employee benefits | ||||
Actuarial gains (losses) | (92 | )(b) | (287 | ) | Salaries and employee benefits | ||||||
Total before tax | (95 | ) | (290 | ) | Income before taxes | ||||||
Tax (expense) or benefit | 38 | 117 | Provision for income taxes | ||||||||
Net of tax | $ | (57 | ) | $ | (173 | ) | Net income | ||||
Total reclassifications for the period | $ | 867 | $ | 360 | Net income, net of tax | ||||||
(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 9) for additional details). |
Earnings_Per_Share_EPS_Tables
Earnings Per Share ("EPS") (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Reconciliation of Basic EPS and Diluted EPS | ' | ||||||||
The following table is a reconciliation of basic EPS and diluted EPS for the three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Basic EPS Computation: | |||||||||
(in thousands except share and per share data) | |||||||||
Numerator: | |||||||||
Net income, Class A | $ | 3,867 | $ | 3,502 | |||||
Net income, Class B | 1,065 | 974 | |||||||
Denominator: | |||||||||
Weighted average shares outstanding, Class A | 3,582,421 | 3,569,546 | |||||||
Weighted average shares outstanding, Class B | 1,974,180 | 1,986,880 | |||||||
Basic EPS, Class A | $ | 1.08 | $ | 0.98 | |||||
Basic EPS, Class B | 0.54 | 0.49 | |||||||
Diluted EPS Computation: | |||||||||
Numerator: | |||||||||
Net income, Class A | $ | 3,867 | $ | 3,502 | |||||
Net income, Class B | 1,065 | 974 | |||||||
Total net income, for diluted EPS, Class A computation | 4,932 | 4,476 | |||||||
Denominator: | |||||||||
Weighted average shares outstanding, basic, Class A | 3,582,421 | 3,569,546 | |||||||
Weighted average shares outstanding, Class B | 1,974,180 | 1,986,880 | |||||||
Dilutive effect of Class A stock options | 1,576 | 939 | |||||||
Weighted average shares outstanding diluted, Class A | 5,558,177 | 5,557,365 | |||||||
Weighted average shares outstanding, Class B | 1,974,180 | 1,986,880 | |||||||
Diluted EPS, Class A | $ | 0.89 | $ | 0.81 | |||||
Diluted EPS, Class B | 0.54 | 0.49 | |||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) for the Three Months Ended March 31, | |||||||||||||||||
Pension Benefits | Supplemental Insurance/ | ||||||||||||||||
Retirement Plan | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 258 | $ | 299 | $ | 389 | $ | 381 | |||||||||
Interest | 367 | 314 | 331 | 267 | |||||||||||||
Expected return on plan assets | (636 | ) | (470 | ) | — | — | |||||||||||
Recognized prior service cost (benefit) | (26 | ) | (26 | ) | 29 | 29 | |||||||||||
Recognized net actuarial losses | 3 | 158 | 88 | 129 | |||||||||||||
Net periodic benefit (credit)cost | $ | (34 | ) | $ | 275 | $ | 837 | $ | 806 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014, are as follows: | |||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis: | |||||||||||||||||
Securities AFS Fair Value Measurements Using | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Value | In Active | Observable | Other | ||||||||||||||
Markets for | Inputs | Unobservable | |||||||||||||||
Identical | (Level 2) | Inputs | |||||||||||||||
Assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
(In thousands) | |||||||||||||||||
U.S. Treasury | $ | 2,000 | $ | — | $ | 2,000 | $ | — | |||||||||
U.S. Government Sponsored Enterprises | — | — | — | — | |||||||||||||
SBA Backed Securities | 7,149 | — | 7,149 | — | |||||||||||||
U.S. Government Agency and Sponsored Mortgage Backed Securities | 426,015 | — | 426,015 | — | |||||||||||||
Privately Issued Residential Mortgage Backed Securities | 2,187 | — | 2,187 | — | |||||||||||||
Obligations Issued by States and Political Subdivisions | 33,201 | — | 411 | 32,790 | |||||||||||||
Other Debt Securities | 2,180 | — | 2,180 | — | |||||||||||||
Equity Securities | 570 | 280 | — | 290 | |||||||||||||
Total | $ | 473,302 | $ | 280 | $ | 439,942 | $ | 33,080 | |||||||||
Financial Instruments Measured at Fair Value on a Non-recurring Basis: | |||||||||||||||||
Impaired Loans | 1,833 | — | — | 1,833 | |||||||||||||
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). 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(4) | $ | 33,080 | Discounted cash flow | Discount rate | 0% -1% (3) | ||||||||||||
Impaired Loans | 1,833 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-25% discount | |||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | ||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. | ||||||||||||||||
-3 | Weighted averages | ||||||||||||||||
-4 | Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. | ||||||||||||||||
Changes in Level 3 Securities | ' | ||||||||||||||||
The changes in Level 3 securities for the three-month period ended March 31, 2014 are shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
& Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2013 | $ | 3,820 | $ | 32,487 | $ | 290 | $ | 36,597 | |||||||||
Purchases | — | 7,205 | — | 7,205 | |||||||||||||
Maturities and calls | — | (10,717 | ) | — | (10,717 | ) | |||||||||||
Amortization | — | (5 | ) | — | (5 | ) | |||||||||||
Changes in fair value | — | — | — | — | |||||||||||||
Balance at March 31, 2014 | $ | 3,820 | $ | 28,970 | $ | 290 | $ | 33,080 | |||||||||
The changes in Level 3 securities for the three-month period ended March 31, 2013, are shown in the table below: | |||||||||||||||||
Auction Rate | Obligations | Equity | Total | ||||||||||||||
Securities | Issued by States | Securities | |||||||||||||||
& Political | |||||||||||||||||
Subdivisions | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 3,963 | $ | 49,477 | $ | 342 | $ | 53,782 | |||||||||
Purchases | — | 6,179 | — | 6,179 | |||||||||||||
Maturities and calls | — | (9,974 | ) | — | (9,974 | ) | |||||||||||
Amortization | — | (9 | ) | — | (9 | ) | |||||||||||
Changes in fair value | — | — | — | — | |||||||||||||
Balance at March 31, 2013 | $ | 3,963 | $ | 45,673 | $ | 342 | $ | 49,978 | |||||||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Carrying Amount and Fair Value 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 March 31, 2014 and December 31, 2013. 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. | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying Amount | Estimated Fair | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||
Value | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Securities held-to-maturity | $ | 1,478,450 | $ | 1,468,731 | $ | — | $ | 1,468,731 | $ | — | |||||||||||
Loans (1) | 1,242,802 | 1,219,892 | — | — | 1,219,892 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Time deposits | 381,199 | 386,274 | — | 386,274 | — | ||||||||||||||||
Other borrowed funds | 272,644 | 272,343 | — | 272,343 | — | ||||||||||||||||
Subordinated debentures | 36,083 | 40,427 | — | — | 40,427 | ||||||||||||||||
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 | ||||||||||||||||
-1 | Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. |
Basis_of_Financial_Statement_P1
Basis of Financial Statement Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Accounting Policies [Abstract] | ' |
Equity ownership interest | 100.00% |
Number of reportable segments | 1 |
Recent_Market_Developments_Add
Recent Market Developments - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Nov. 02, 2009 | Mar. 31, 2014 | Jun. 30, 2013 | |
Recent Market Development [Line Items] | ' | ' | ' |
FDIC deposit insurance amount | ' | $250,000 | ' |
Uniform increase in assessment rates effective on January 1, 2011 | 0.03% | ' | ' |
Refund amount received by company | ' | ' | $2,400,000 |
Common equity Tier 1 ratio as percentage of risk-weighted assets | ' | 4.50% | ' |
Minimum Tier 1 capital ratio as percentage of risk-weighted assets | ' | 4.00% | ' |
Revised minimum Tier 1 capital ratio as percentage of risk-weighted assets | ' | 6.00% | ' |
Tier 1 capital conservation buffer as percentage of risk-weighted assets | ' | 2.50% | ' |
Minimum [Member] | ' | ' | ' |
Recent Market Development [Line Items] | ' | ' | ' |
Restoration period | '7 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Recent Market Development [Line Items] | ' | ' | ' |
Restoration period | '8 years | ' | ' |
Stock_Option_Accounting_Summar
Stock Option Accounting - Summary of Stock Option Activity under Stock Option Plan (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Shares under option: | ' | ' |
Outstanding at beginning of year, Amount | 20,375 | ' |
Exercised, Amount | -75 | -1,600 |
Forfeited, Amount | ' | ' |
Outstanding at end of period, Amount | 20,300 | ' |
Exercisable at end of period, Amount | 20,300 | ' |
Available to be granted at end of period, Amount | 224,884 | ' |
Outstanding at beginning of year, Weighted Average Exercise Price | $31.82 | ' |
Exercised, Weighted Average Exercise Price | $31.83 | ' |
Forfeited, Weighted Average Exercise Price | ' | ' |
Outstanding at end of period, Weighted Average Exercise Price | $31.82 | ' |
Exercisable at end of period, Weighted Average Exercise Price | $31.82 | ' |
Stock_Option_Accounting_Additi
Stock Option Accounting - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of outstanding options | 20,300 | 20,375 |
Weighted average exercise price | $31.82 | $31.82 |
Options granted | 0 | ' |
Class A Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of outstanding options | 20,300 | ' |
Exercise prices of shares outstanding, minimum | $31.60 | ' |
Exercise prices of shares outstanding, maximum | $31.83 | ' |
Weighted average exercise price | $31.82 | ' |
Weighted average remaining contractual life | '6 months | ' |
Intrinsic value of options exercisable | $46,284 | ' |
Intrinsic value of options exercised | $171 | ' |
Securities_AvailableforSale_Su
Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $474,586 | $465,943 |
Gross Unrealized Gains | 1,057 | 821 |
Gross Unrealized Losses | 2,341 | 2,519 |
Total, Fair Value | 473,302 | 464,245 |
U.S. Treasury [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,998 | 1,997 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | ' | ' |
Total, Fair Value | 2,000 | 1,998 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | ' | 9,995 |
Gross Unrealized Gains | ' | 9 |
Gross Unrealized Losses | ' | ' |
Total, Fair Value | ' | 10,004 |
SBA Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 7,109 | 7,270 |
Gross Unrealized Gains | 40 | 32 |
Gross Unrealized Losses | ' | ' |
Total, Fair Value | 7,149 | 7,302 |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 426,521 | 404,103 |
Gross Unrealized Gains | 825 | 588 |
Gross Unrealized Losses | 1,331 | 1,501 |
Total, Fair Value | 426,015 | 403,190 |
Privately Issued Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 2,189 | 2,294 |
Gross Unrealized Gains | 18 | 6 |
Gross Unrealized Losses | 20 | 23 |
Total, Fair Value | 2,187 | 2,277 |
Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 34,063 | 37,578 |
Gross Unrealized Gains | 8 | 15 |
Gross Unrealized Losses | 870 | 870 |
Total, Fair Value | 33,201 | 36,723 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 2,300 | 2,300 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | 120 | 125 |
Total, Fair Value | 2,180 | 2,175 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 406 | 406 |
Gross Unrealized Gains | 164 | 170 |
Gross Unrealized Losses | ' | ' |
Total, Fair Value | $570 | $576 |
Securities_AvailableforSale_Ad
Securities Available-for-Sale - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Securities AFS [Member] | Securities AFS [Member] | U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | Federal Home Loan Bank of Boston [Member] | Federal Home Loan Bank of Boston [Member] | ||||
Security | Security | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities available-for-sale with an amortized cost | ' | $1,012,370,000 | ' | ' | ' | ' | ' | ' | ' |
Securities held-to-maturity at their fair value | ' | 987,037,000 | ' | ' | ' | ' | ' | ' | ' |
Securities at fair value pledged to secure public deposits and repurchase agreements | ' | ' | ' | ' | ' | 357,512,000 | 368,137,000 | ' | ' |
Securities available-for-sale are securities pledged for borrowing | ' | ' | ' | ' | ' | ' | ' | 30,744,000 | 12,214,000 |
Realized gains on sales of investments | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Realized gross gain | ' | ' | 883,000 | ' | ' | ' | ' | ' | ' |
Proceeds from sales of securities available-for-sale | ' | ' | $87,570,000 | ' | ' | ' | ' | ' | ' |
Weighted average remaining life of investment securities available-for-sale | '5 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities, temporarily impaired for less than 12 months | ' | ' | ' | 32 | 20 | ' | ' | ' | ' |
Number of securities, temporarily impaired for 12 months or longer | ' | ' | ' | 10 | 7 | ' | ' | ' | ' |
Number of securities, temporarily impaired, total | ' | ' | ' | 240 | 458 | ' | ' | ' | ' |
Securities_AvailableforSale_Ma
Securities Available-for-Sale - Maturity Distribution of Securities Available-for-Sale (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Within one year, Amortized Cost | $29,408 | ' |
After one but within five years, Amortized Cost | 193,847 | ' |
After five but within ten years, Amortized Cost | 230,394 | ' |
More than 10 years, Amortized Cost | 19,031 | ' |
Non-maturing, Amortized Cost | 1,906 | ' |
Total, Amortized Cost | 474,586 | ' |
Within one year, Fair Value | 29,429 | ' |
After one but within five years, Fair Value | 193,971 | ' |
After five but within ten years, Fair Value | 229,759 | ' |
More than 10 years, Fair Value | 18,193 | ' |
Non-maturing, Fair Value | 1,950 | ' |
Total, Fair Value | $473,302 | $464,245 |
Securities_AvailableforSale_Co
Securities Available-for-Sale - Continuous Unrealized Loss Position for 12 Months or Less and 12 Months or Longer (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $209,331 | $291,195 |
Less than 12 months, Unrealized Losses | 1,000 | 1,375 |
12 months or longer, Fair Value | 61,858 | 29,753 |
12 months or longer, Unrealized Losses | 1,341 | 1,144 |
Total, Fair Value | 271,189 | 320,948 |
Total, Unrealized Losses | 2,341 | 2,519 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | ' |
Less than 12 months, Unrealized Losses | ' | ' |
12 months or longer, Fair Value | ' | ' |
12 months or longer, Unrealized Losses | ' | ' |
Total, Fair Value | ' | ' |
Total, Unrealized Losses | ' | ' |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 208,531 | 289,709 |
Less than 12 months, Unrealized Losses | 980 | 1,352 |
12 months or longer, Fair Value | 56,658 | 24,557 |
12 months or longer, Unrealized Losses | 351 | 149 |
Total, Fair Value | 265,189 | 314,266 |
Total, Unrealized Losses | 1,331 | 1,501 |
Privately Issued Residential Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 800 | 1,486 |
Less than 12 months, Unrealized Losses | 20 | 23 |
12 months or longer, Fair Value | ' | ' |
12 months or longer, Unrealized Losses | ' | ' |
Total, Fair Value | 800 | 1,486 |
Total, Unrealized Losses | 20 | 23 |
Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | ' |
Less than 12 months, Unrealized Losses | ' | ' |
12 months or longer, Fair Value | 3,820 | 3,820 |
12 months or longer, Unrealized Losses | 870 | 870 |
Total, Fair Value | 3,820 | 3,820 |
Total, Unrealized Losses | 870 | 870 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | ' |
Less than 12 months, Unrealized Losses | ' | ' |
12 months or longer, Fair Value | 1,380 | 1,376 |
12 months or longer, Unrealized Losses | 120 | 125 |
Total, Fair Value | 1,380 | 1,376 |
Total, Unrealized Losses | $120 | $125 |
Investment_Securities_HeldtoMa2
Investment Securities Held-to-Maturity - Unrealized Gain (Losses) on Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $1,478,450 | $1,487,884 |
Gross Unrealized Gains | 5,461 | 2,424 |
Gross Unrealized Losses | 15,180 | 25,859 |
Estimated Fair Value | 1,468,731 | 1,464,449 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 292,325 | 291,779 |
Gross Unrealized Gains | 512 | 185 |
Gross Unrealized Losses | 1,653 | 5,043 |
Estimated Fair Value | 291,184 | 286,921 |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,186,125 | 1,196,105 |
Gross Unrealized Gains | 4,949 | 2,239 |
Gross Unrealized Losses | 13,527 | 20,816 |
Estimated Fair Value | $1,177,547 | $1,177,528 |
Investment_Securities_HeldtoMa3
Investment Securities Held-to-Maturity - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Securities pledged for borrowing at the Federal Home Loan Bank of Boston | $1,468,731,000 | $1,464,449,000 |
Weighted average remaining life of investment securities held-to-maturity | '5 years | ' |
Held-to-Maturity Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Number of securities, temporarily impaired for less than 12 months | 134 | 3 |
Number of securities, temporarily impaired for 12 months or longer | 21 | 1 |
Number of securities, temporarily impaired, total | 303 | 96 |
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 | 751,754,000 | 732,144,000 |
Securities pledged for borrowing at the Federal Home Loan Bank of Boston | 291,184,000 | 286,921,000 |
Weighted average remaining life | 224,667,000 | ' |
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 | $514,421,000 | $510,060,000 |
Investment_Securities_HeldtoMa4
Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Within one year, Amortized Cost | $4,830 | ' |
After one but within five years, Amortized Cost | 845,948 | ' |
After five but within ten years, Amortized Cost | 626,601 | ' |
More than ten years, Amortized Cost | 1,071 | ' |
Total, Amortized Cost | 1,478,450 | 1,487,884 |
Within one year, Fair Value | 4,849 | ' |
After one but within five years, Fair Value | 842,706 | ' |
After five but within ten years, Fair Value | 620,086 | ' |
More than ten years, Fair Value | 1,090 | ' |
Estimated Fair Value | $1,468,731 | $1,464,449 |
Investment_Securities_HeldtoMa5
Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $771,520 | $1,163,715 |
Less Than 12 Months, Unrealized Losses | 12,211 | 23,697 |
12 Months or Longer, Fair Value | 129,838 | 80,362 |
12 Months or Longer, Unrealized Losses | 2,969 | 2,162 |
Total, Fair Value | 901,358 | 1,244,077 |
Total, Unrealized Losses | 15,180 | 25,859 |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 164,174 | 232,535 |
Less Than 12 Months, Unrealized Losses | 1,653 | 5,043 |
12 Months or Longer, Fair Value | ' | ' |
12 Months or Longer, Unrealized Losses | ' | ' |
Total, Fair Value | 164,174 | 232,535 |
Total, Unrealized Losses | 1,653 | 5,043 |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 607,346 | 931,180 |
Less Than 12 Months, Unrealized Losses | 10,558 | 18,654 |
12 Months or Longer, Fair Value | 129,838 | 80,362 |
12 Months or Longer, Unrealized Losses | 2,969 | 2,162 |
Total, Fair Value | 737,184 | 1,011,542 |
Total, Unrealized Losses | $13,527 | $20,816 |
Allowance_for_Loan_Losses_Summ
Allowance for Loan Losses - Summary of Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Receivables [Abstract] | ' | ' |
Allowance for loan losses, beginning of period | $20,941 | $19,197 |
Loans charged off | -429 | -371 |
Recoveries on loans previously charged-off | 147 | 183 |
Net charge-offs | -282 | -188 |
Provision charged to expense | 600 | 750 |
Allowance for loan losses, end of period | $21,259 | $19,759 |
Allowance_for_Loan_Losses_Summ1
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | $20,941 | $19,197 | ' |
Charge-offs | -429 | -371 | ' |
Recoveries | 147 | 183 | ' |
Provision | 600 | 750 | ' |
Allowance for loan losses, end of period | 21,259 | 19,759 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 981 | 1,750 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | 20,278 | 18,009 | ' |
Loans: | ' | ' | ' |
Total loans, net | 1,264,061 | 1,137,769 | 1,264,763 |
Loans deemed to be impaired | 6,987 | 6,486 | ' |
Loans not deemed to be impaired | 1,257,074 | 1,131,283 | ' |
Construction and Land Development [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | 2,174 | 3,041 | ' |
Charge-offs | -250 | ' | ' |
Recoveries | ' | ' | ' |
Provision | -99 | 158 | ' |
Allowance for loan losses, end of period | 1,825 | 3,199 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 25 | 1,000 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,800 | 2,199 | ' |
Loans: | ' | ' | ' |
Total loans, net | 25,928 | 34,021 | 33,058 |
Loans deemed to be impaired | 358 | 1,500 | ' |
Loans not deemed to be impaired | 25,570 | 32,521 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | 2,989 | 3,118 | ' |
Charge-offs | ' | -226 | ' |
Recoveries | 24 | 65 | ' |
Provision | 77 | 566 | ' |
Allowance for loan losses, end of period | 3,090 | 3,523 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 358 | 103 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | 2,732 | 3,420 | ' |
Loans: | ' | ' | ' |
Total loans, net | 95,775 | 110,537 | 92,402 |
Loans deemed to be impaired | 1,129 | 1,396 | ' |
Loans not deemed to be impaired | 94,646 | 109,141 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | 11,218 | 9,065 | ' |
Charge-offs | ' | ' | ' |
Recoveries | 1 | 2 | ' |
Provision | 655 | -288 | ' |
Allowance for loan losses, end of period | 11,874 | 8,779 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 382 | 396 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | 11,492 | 8,383 | ' |
Loans: | ' | ' | ' |
Total loans, net | 708,551 | 570,441 | 713,327 |
Loans deemed to be impaired | 4,408 | 2,262 | ' |
Loans not deemed to be impaired | 704,143 | 568,179 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | 2,006 | 1,994 | ' |
Charge-offs | ' | ' | ' |
Recoveries | 5 | 2 | ' |
Provision | -138 | 75 | ' |
Allowance for loan losses, end of period | 1,873 | 2,071 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 122 | 155 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,751 | 1,916 | ' |
Loans: | ' | ' | ' |
Total loans, net | 290,465 | 292,871 | 286,041 |
Loans deemed to be impaired | 998 | 1,232 | ' |
Loans not deemed to be impaired | 289,467 | 291,639 | ' |
Consumer [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | 432 | 333 | ' |
Charge-offs | -179 | -145 | ' |
Recoveries | 116 | 114 | ' |
Provision | 56 | 55 | ' |
Allowance for loan losses, end of period | 425 | 357 | ' |
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 | 425 | 357 | ' |
Loans: | ' | ' | ' |
Total loans, net | 9,542 | 7,910 | 9,658 |
Loans deemed to be impaired | ' | ' | ' |
Loans not deemed to be impaired | 9,542 | 7,910 | ' |
Home Equity [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | 959 | 886 | ' |
Charge-offs | ' | ' | ' |
Recoveries | 1 | ' | ' |
Provision | -58 | -53 | ' |
Allowance for loan losses, end of period | 902 | 833 | ' |
Amount of allowance for loan losses for loans deemed to be impaired | 94 | 96 | ' |
Amount of allowance for loan losses for loans not deemed to be impaired | 808 | 737 | ' |
Loans: | ' | ' | ' |
Total loans, net | 133,800 | 121,989 | 130,277 |
Loans deemed to be impaired | 94 | 96 | ' |
Loans not deemed to be impaired | 133,706 | 121,893 | ' |
Unallocated [Member] | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Allowance for loan losses, beginning of period | 1,163 | 760 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision | 107 | 237 | ' |
Allowance for loan losses, end of period | 1,270 | 997 | ' |
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 | 1,270 | 997 | ' |
Loans: | ' | ' | ' |
Total loans, net | ' | ' | ' |
Loans deemed to be impaired | ' | ' | ' |
Loans not deemed to be impaired | ' | ' | ' |
Allowance_for_Loan_Losses_Loan
Allowance for Loan Losses - Loans by Risk Rating (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | $1,264,061 | $1,264,763 | $1,137,769 |
Construction and Land Development [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 25,928 | 33,058 | 34,021 |
Construction and Land Development [Member] | 1-3 (Pass) [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 18,303 | 25,138 | ' |
Construction and Land Development [Member] | 4 (Monitor) [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 7,267 | 7,312 | ' |
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 | 358 | 608 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 95,775 | 92,402 | 110,537 |
Commercial and Industrial [Member] | 1-3 (Pass) [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 93,485 | 90,563 | ' |
Commercial and Industrial [Member] | 4 (Monitor) [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 1,120 | 472 | ' |
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 | 1,170 | 1,367 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 708,551 | 713,327 | 570,441 |
Commercial Real Estate [Member] | 1-3 (Pass) [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 699,238 | 707,461 | ' |
Commercial Real Estate [Member] | 4 (Monitor) [Member] | ' | ' | ' |
Loans by risk rating | ' | ' | ' |
Financing Receivable, Net | 4,905 | 1,346 | ' |
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 | $4,408 | $4,520 | ' |
Allowance_for_Loan_Losses_Agin
Allowance for Loan Losses - Aging of Past Due Loan Losses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | $3,800 | $5,561 | ' |
Non Accrual | 1,560 | 2,549 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 5,360 | 8,110 | ' |
Current Loans | 1,258,701 | 1,256,653 | ' |
Total loans, net | 1,264,061 | 1,264,763 | 1,137,769 |
Construction and Land Development [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | ' | ' | ' |
Non Accrual | 358 | 500 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 358 | 500 | ' |
Current Loans | 25,570 | 32,558 | ' |
Total loans, net | 25,928 | 33,058 | 34,021 |
Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 467 | 112 | ' |
Non Accrual | 475 | 706 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 942 | 818 | ' |
Current Loans | 94,833 | 91,584 | ' |
Total loans, net | 95,775 | 92,402 | 110,537 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 2,633 | 1,496 | ' |
Non Accrual | 218 | 306 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 2,851 | 1,802 | ' |
Current Loans | 705,700 | 711,525 | ' |
Total loans, net | 708,551 | 713,327 | 570,441 |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 229 | 2,232 | ' |
Non Accrual | 464 | 1,034 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 693 | 3,266 | ' |
Current Loans | 289,772 | 282,775 | ' |
Total loans, net | 290,465 | 286,041 | 292,871 |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 1 | 11 | ' |
Non Accrual | 5 | 3 | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 6 | 14 | ' |
Current Loans | 9,536 | 9,644 | ' |
Total loans, net | 9,542 | 9,658 | 7,910 |
Home Equity [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accruing 30-89 Days Past Due | 470 | 1,710 | ' |
Non Accrual | 40 | ' | ' |
Accrual Greater Than 90 Days | ' | ' | ' |
Total Past Due | 510 | 1,710 | ' |
Current Loans | 133,290 | 128,567 | ' |
Total loans, net | $133,800 | $130,277 | $121,989 |
Allowance_for_Loan_Losses_Info
Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
With no required reserve recorded, Carrying Value | $316 | $1,050 |
With no required reserve recorded, Unpaid Balance Principal | ' | 1,577 |
With no required reserve recorded, Required Reserve | ' | ' |
With no required reserve recorded, Average Carrying Value | 758 | 814 |
With no required reserve recorded, Interest Income Recognized | ' | ' |
With required reserve recorded, Carrying Value | 6,671 | 5,436 |
With required reserve recorded, Unpaid Balance Principal | 7,078 | 7,575 |
With required reserve recorded, Required Reserve | 981 | 1,750 |
With required reserve recorded, Average Carrying Value | 6,687 | 5,320 |
With required reserve recorded, Interest Income Recognized | 41 | 33 |
Carrying Value | 6,987 | 6,486 |
Unpaid Principal Balance | 10,468 | 9,152 |
With required reserve recorded, Required Reserve | 981 | 1,750 |
Average Carrying Value | 7,445 | 6,134 |
Interest Income Recognized | 41 | 33 |
Construction and Land Development [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
With no required reserve recorded, Carrying Value | 250 | ' |
With no required reserve recorded, Unpaid Balance Principal | 3,292 | ' |
With no required reserve recorded, Required Reserve | ' | ' |
With no required reserve recorded, Average Carrying Value | 437 | ' |
With no required reserve recorded, Interest Income Recognized | ' | ' |
With required reserve recorded, Carrying Value | 108 | 1,500 |
With required reserve recorded, Unpaid Balance Principal | 108 | 3,292 |
With required reserve recorded, Required Reserve | 25 | 1,000 |
With required reserve recorded, Average Carrying Value | 108 | 1,500 |
With required reserve recorded, Interest Income Recognized | ' | ' |
Carrying Value | 358 | 1,500 |
Unpaid Principal Balance | 3,400 | 3,292 |
With required reserve recorded, Required Reserve | 25 | 1,000 |
Average Carrying Value | 545 | 1,500 |
Interest Income Recognized | ' | ' |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
With no required reserve recorded, Carrying Value | 11 | 566 |
With no required reserve recorded, Unpaid Balance Principal | 42 | 1,058 |
With no required reserve recorded, Required Reserve | ' | ' |
With no required reserve recorded, Average Carrying Value | 116 | 545 |
With no required reserve recorded, Interest Income Recognized | ' | ' |
With required reserve recorded, Carrying Value | 1,118 | 830 |
With required reserve recorded, Unpaid Balance Principal | 1,352 | 1,046 |
With required reserve recorded, Required Reserve | 358 | 103 |
With required reserve recorded, Average Carrying Value | 1,116 | 840 |
With required reserve recorded, Interest Income Recognized | 8 | 9 |
Carrying Value | 1,129 | 1,396 |
Unpaid Principal Balance | 1,394 | 2,104 |
With required reserve recorded, Required Reserve | 358 | 103 |
Average Carrying Value | 1,232 | 1,385 |
Interest Income Recognized | 8 | 9 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
With no required reserve recorded, Carrying Value | 55 | 165 |
With no required reserve recorded, Unpaid Balance Principal | 56 | 198 |
With no required reserve recorded, Required Reserve | ' | ' |
With no required reserve recorded, Average Carrying Value | 41 | 167 |
With no required reserve recorded, Interest Income Recognized | ' | ' |
With required reserve recorded, Carrying Value | 4,353 | 2,097 |
With required reserve recorded, Unpaid Balance Principal | 4,442 | 2,146 |
With required reserve recorded, Required Reserve | 382 | 396 |
With required reserve recorded, Average Carrying Value | 4,420 | 2,105 |
With required reserve recorded, Interest Income Recognized | 32 | 24 |
Carrying Value | 4,408 | 2,262 |
Unpaid Principal Balance | 4,498 | 2,344 |
With required reserve recorded, Required Reserve | 382 | 396 |
Average Carrying Value | 4,461 | 2,272 |
Interest Income Recognized | 32 | 24 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
With no required reserve recorded, Carrying Value | ' | 319 |
With no required reserve recorded, Unpaid Balance Principal | ' | 321 |
With no required reserve recorded, Required Reserve | ' | ' |
With no required reserve recorded, Average Carrying Value | 164 | 102 |
With no required reserve recorded, Interest Income Recognized | ' | ' |
With required reserve recorded, Carrying Value | 998 | 913 |
With required reserve recorded, Unpaid Balance Principal | 1,082 | 995 |
With required reserve recorded, Required Reserve | 122 | 155 |
With required reserve recorded, Average Carrying Value | 949 | 779 |
With required reserve recorded, Interest Income Recognized | 1 | ' |
Carrying Value | 998 | 1,232 |
Unpaid Principal Balance | 1,082 | 1,316 |
With required reserve recorded, Required Reserve | 122 | 155 |
Average Carrying Value | 1,113 | 881 |
Interest Income Recognized | 1 | ' |
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 Principal Balance | ' | ' |
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 | 96 |
With required reserve recorded, Unpaid Balance Principal | 94 | 96 |
With required reserve recorded, Required Reserve | 94 | 96 |
With required reserve recorded, Average Carrying Value | 94 | 96 |
With required reserve recorded, Interest Income Recognized | ' | ' |
Carrying Value | 94 | 96 |
Unpaid Principal Balance | 94 | 96 |
With required reserve recorded, Required Reserve | 94 | 96 |
Average Carrying Value | 94 | 96 |
Interest Income Recognized | ' | ' |
Allowance_for_Loan_Losses_Addi
Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Receivables [Abstract] | ' | ' |
Troubled debt restructurings, subsequently defaulted | $0 | $0 |
Reclassifications_Out_of_Accum2
Reclassifications Out of Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net gains on sales of investments | ' | $883 |
Securities held-to-maturity | 7,780 | 1,520 |
Provision for income taxes | -293 | -288 |
Net income | 4,932 | 4,476 |
Salaries and employee benefits | -8,875 | -8,618 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Net income | 867 | 360 |
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 sales of investments | ' | 883 |
Provision for income taxes | ' | -350 |
Net income | ' | 533 |
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 | 1,507 | ' |
Provision for income taxes | -583 | ' |
Net income | 924 | ' |
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 | -3 | -3 |
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 | -92 | -287 |
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] | ' | ' |
Income before taxes | -95 | -290 |
Provision for income taxes | 38 | 117 |
Net income | ($57) | ($173) |
Earnings_Per_Share_EPS_Additio
Earnings Per Share ("EPS") - Additional Information (Detail) (Class A Common Stock [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Dilutive effect of stock options, increment in shares | 1,576 | 939 |
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 | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net income | $4,932 | $4,476 |
Class A Common Stock [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net income | 3,867 | 3,502 |
Weighted average shares outstanding, basic | 3,582,421 | 3,569,546 |
Basic earnings per share | $1.08 | $0.98 |
Dilutive effect of Class A stock options | 1,576 | 939 |
Weighted average shares outstanding, diluted | 5,558,177 | 5,557,365 |
Diluted earnings per share | $0.89 | $0.81 |
Class B Common Stock [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net income | $1,065 | $974 |
Weighted average shares outstanding, basic | 1,974,180 | 1,986,880 |
Basic earnings per share | $0.54 | $0.49 |
Weighted average shares outstanding, diluted | 1,974,180 | 1,986,880 |
Diluted earnings per share | $0.54 | $0.49 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Number of years service to participate in supplemental plan | '1 year |
Expected contribution to pension plan in current fiscal year | $1,000,000 |
Current fiscal year contribution to pension plan | 460,000 |
Expected contribution to pension plan in remainder of current fiscal year | $540,000 |
Employee_Benefits_Components_o
Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $258 | $299 |
Interest | 367 | 314 |
Expected return on plan assets | -636 | -470 |
Recognized prior service cost (benefit) | -26 | -26 |
Recognized net actuarial losses | 3 | 158 |
Net periodic benefit (credit) cost | -34 | 275 |
Supplemental Insurance/ Retirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 389 | 381 |
Interest | 331 | 267 |
Expected return on plan assets | ' | ' |
Recognized prior service cost (benefit) | 29 | 29 |
Recognized net actuarial losses | 88 | 129 |
Net periodic benefit (credit) cost | $837 | $806 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | $473,302 | $464,245 |
Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 280 | ' |
Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 439,942 | ' |
Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 33,080 | ' |
U.S. Treasury [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,000 | 1,998 |
U.S. Treasury [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
U.S. Treasury [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,000 | ' |
U.S. Treasury [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | 10,004 |
U.S. Government Sponsored Enterprises [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
U.S. Government Sponsored Enterprises [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
U.S. Government Sponsored Enterprises [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
SBA Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 7,149 | 7,302 |
SBA Backed Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
SBA Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 7,149 | ' |
SBA Backed Securities [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 426,015 | 403,190 |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 426,015 | ' |
U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Privately Issued Residential Mortgage Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,187 | 2,277 |
Privately Issued Residential Mortgage Backed Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Privately Issued Residential Mortgage Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,187 | ' |
Privately Issued Residential Mortgage Backed Securities [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Obligations Issued by States and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 33,201 | 36,723 |
Obligations Issued by States and Political Subdivisions [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Obligations Issued by States and Political Subdivisions [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 411 | ' |
Obligations Issued by States and Political Subdivisions [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 32,790 | ' |
Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,180 | 2,175 |
Other Debt Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Other Debt Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,180 | ' |
Other Debt Securities [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 570 | 576 |
Equity Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 280 | ' |
Equity Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Equity Securities [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 290 | ' |
Impaired Loans [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ' | ' |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | ' | ' |
Impaired Loans [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ' | ' |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | ' | ' |
Impaired Loans [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | 1,833 | ' |
Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 473,302 | ' |
Carrying Value [Member] | U.S. Treasury [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,000 | ' |
Carrying Value [Member] | U.S. Government Sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | ' | ' |
Carrying Value [Member] | SBA Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 7,149 | ' |
Carrying Value [Member] | U.S. Government Agency and Sponsored Mortgage Backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 426,015 | ' |
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 | 2,187 | ' |
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 | 33,201 | ' |
Carrying Value [Member] | Other Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 2,180 | ' |
Carrying Value [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities AFS | 570 | ' |
Carrying Value [Member] | Impaired Loans [Member] | ' | ' |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ' | ' |
Impaired Loans | $1,833 | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Fair Value Measurements, Level 3 Inputs [Member] | Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Specific adjustments to impaired loans recognized | $254,000 | ' | ' |
Transfers between level 1 and 2 | 0 | ' | ' |
Liabilities measured at fair value on a recurring or nonrecurring basis | 0 | ' | ' |
Amortized cost of Level 3 securities | ' | 33,951,000 | 50,701,000 |
Unrealized loss | ' | $870,000 | $723,000 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Securities AFS [Member] | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' |
Fair Value | $33,080 |
Valuation Technique | 'Discounted cash flow |
Unobservable Input | 'Discount rate |
Impaired Loans [Member] | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' |
Fair Value | $1,833 |
Valuation Technique | 'Appraisal of collateral |
Unobservable Input | '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% |
Minimum [Member] | Impaired Loans [Member] | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' |
Unobservable Input Value or Range | 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% |
Maximum [Member] | Impaired Loans [Member] | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' |
Unobservable Input Value or Range | 25.00% |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Level 3 Securities (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Auction Rate Securities [Member] | Auction Rate Securities [Member] | Auction Rate Securities [Member] | Obligations Issued by States and Political Subdivisions [Member] | Obligations Issued by States and Political Subdivisions [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $36,597 | $53,782 | $3,820 | $3,963 | $3,963 | $32,487 | $49,477 | $290 | $342 | $342 |
Purchases | 7,205 | 6,179 | ' | ' | ' | 7,205 | 6,179 | ' | ' | ' |
Maturities and calls | -10,717 | -9,974 | ' | ' | ' | -10,717 | -9,974 | ' | ' | ' |
Amortization | -5 | -9 | ' | ' | ' | -5 | -9 | ' | ' | ' |
Changes in fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | $33,080 | $49,978 | $3,820 | $3,963 | $3,963 | $28,970 | $45,673 | $290 | $342 | $342 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments - Carrying Amount and Fair Value of Company's Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Securities held-to-maturity | $1,478,450 | $1,487,884 |
Loans | 1,242,802 | 1,243,822 |
Financial liabilities: | ' | ' |
Time deposits | 381,199 | 382,224 |
Other borrowed funds | 272,644 | 255,144 |
Subordinated debentures | 36,083 | 36,083 |
Carrying Value [Member] | ' | ' |
Financial assets: | ' | ' |
Securities held-to-maturity | 1,478,450 | 1,487,884 |
Loans | 1,242,802 | 1,243,822 |
Financial liabilities: | ' | ' |
Time deposits | 381,199 | 382,224 |
Other borrowed funds | 272,644 | 255,144 |
Subordinated debentures | 36,083 | 36,083 |
Estimated Fair Value [Member] | ' | ' |
Financial assets: | ' | ' |
Securities held-to-maturity | 1,468,731 | 1,464,449 |
Loans | 1,219,892 | 1,214,192 |
Financial liabilities: | ' | ' |
Time deposits | 386,274 | 386,742 |
Other borrowed funds | 272,343 | 254,736 |
Subordinated debentures | 40,427 | 39,503 |
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 | 1,468,731 | 1,464,449 |
Loans | ' | ' |
Financial liabilities: | ' | ' |
Time deposits | 386,274 | 386,742 |
Other borrowed funds | 272,343 | 254,736 |
Subordinated debentures | ' | ' |
Fair Value Measurements, Level 3 Inputs [Member] | ' | ' |
Financial assets: | ' | ' |
Securities held-to-maturity | ' | ' |
Loans | 1,219,892 | 1,214,192 |
Financial liabilities: | ' | ' |
Time deposits | ' | ' |
Other borrowed funds | ' | ' |
Subordinated debentures | $40,427 | $39,503 |