Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CNBKA | ||
Entity Registrant Name | CENTURY BANCORP INC | ||
Entity Central Index Key | 812,348 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 153,423,815 | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,600,729 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,967,180 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks (Note 2) | $ 62,400 | $ 52,877 |
Federal funds sold and interest-bearing deposits in other banks | 173,751 | 167,847 |
Total cash and cash equivalents | 236,151 | 220,724 |
Short-term investments | 3,183 | 3,233 |
Securities available-for-sale, amortized cost $500,220 in 2016 and $404,977 in 2015 (Notes 3, 9 and 11) | 499,297 | 404,623 |
Securities held-to-maturity, fair value $1,635,808 in 2016 and $1,438,960 in 2015 (Notes 4 and 11) | 1,653,986 | 1,438,903 |
Federal Home Loan Bank of Boston, stock at cost | 21,042 | 28,807 |
Loans, net (Note 5) | 1,923,933 | 1,731,536 |
Less: allowance for loan losses (Note 6) | 24,406 | 23,075 |
Net loans | 1,899,527 | 1,708,461 |
Bank premises and equipment (Note 7) | 23,417 | 24,106 |
Accrued interest receivable | 9,645 | 8,002 |
Other assets (Notes 5, 8 and 16) | 116,360 | 110,582 |
Total assets | 4,462,608 | 3,947,441 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Demand deposits | 689,286 | 541,955 |
Savings and NOW deposits | 1,304,394 | 1,070,585 |
Money market accounts | 1,181,179 | 989,094 |
Time deposits (Note 10) | 478,359 | 473,426 |
Total deposits | 3,653,218 | 3,075,060 |
Securities sold under agreements to repurchase (Note 11) | 182,280 | 197,850 |
Other borrowed funds (Note 12) | 293,000 | 368,000 |
Subordinated debentures (Note 12) | 36,083 | 36,083 |
Other liabilities | 57,986 | 55,904 |
Total liabilities | 4,222,567 | 3,732,897 |
Commitments and contingencies (Notes 7, 18 and 19) | ||
Stockholders' equity (Note 15): | ||
Preferred Stock - $1.00 par value; 100,000 shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 12,292 | 12,292 |
Retained earnings | 243,565 | 221,232 |
Stockholders' equity before adjustment of accumulated other comprehensive income (loss) | 261,425 | 239,092 |
Unrealized losses on securities available-for-sale, net of taxes | (567) | (246) |
Unrealized losses on securities transferred to held-to-maturity, net of taxes | (4,084) | (6,896) |
Pension liability, net of taxes | (16,733) | (17,406) |
Total accumulated other comprehensive loss, net of taxes (Notes 3, 13 and 15) | (21,384) | (24,548) |
Total stockholders' equity | 240,041 | 214,544 |
Total liabilities and stockholders' equity | 4,462,608 | 3,947,441 |
Class A Common Stock [Member] | ||
Stockholders' equity (Note 15): | ||
Common stock value | 3,601 | 3,601 |
Total stockholders' equity | 3,601 | 3,601 |
Class B Common Stock [Member] | ||
Stockholders' equity (Note 15): | ||
Common stock value | 1,967 | 1,967 |
Total stockholders' equity | $ 1,967 | $ 1,967 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized cost | $ 500,220 | $ 404,977 |
Held-to-maturity securities, fair value | $ 1,635,808 | $ 1,438,960 |
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 | 3,600,729 | 3,600,729 |
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 | 1,967,180 | 1,967,180 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST INCOME | |||
Loans, taxable | $ 34,324 | $ 32,136 | $ 32,198 |
Loans, non-taxable | 23,440 | 19,992 | 17,910 |
Securities available-for-sale, taxable | 3,003 | 1,900 | 2,601 |
Securities available-for-sale, non-taxable | 1,051 | 583 | 282 |
Federal Home Loan Bank of Boston dividends | 966 | 658 | 283 |
Securities held-to-maturity | 32,679 | 34,388 | 31,745 |
Federal funds sold, interest-bearing deposits in other banks and short-term investments | 1,236 | 436 | 352 |
Total interest income | 96,699 | 90,093 | 85,371 |
INTEREST EXPENSE | |||
Savings and NOW deposits | 4,020 | 2,817 | 2,539 |
Money market accounts | 3,542 | 3,038 | 2,715 |
Time deposits | 5,706 | 4,887 | 4,421 |
Securities sold under agreements to repurchase | 472 | 487 | 391 |
Other borrowed funds and subordinated debentures | 8,877 | 8,905 | 9,070 |
Total interest expense | 22,617 | 20,134 | 19,136 |
Net interest income | 74,082 | 69,959 | 66,235 |
Provision for loan losses (Note 6) | 1,375 | 200 | 2,050 |
Net interest income after provision for loan losses | 72,707 | 69,759 | 64,185 |
OTHER OPERATING INCOME | |||
Service charges on deposit accounts | 7,907 | 7,732 | 8,063 |
Lockbox fees | 3,164 | 3,211 | 3,099 |
Brokerage commissions | 315 | 380 | 302 |
Net gains on sales of securities | 64 | 594 | 450 |
Gains on sales of mortgage loans | 1,331 | 1,034 | 757 |
Other income | 3,441 | 3,042 | 2,600 |
Total other operating income | 16,222 | 15,993 | 15,271 |
OPERATING EXPENSES | |||
Salaries and employee benefits (Note 17) | 40,048 | 38,596 | 35,096 |
Occupancy | 6,147 | 6,116 | 5,503 |
Equipment | 2,845 | 2,626 | 2,329 |
FDIC assessments | 1,902 | 2,152 | 1,970 |
Other (Note 20) | 13,815 | 12,708 | 11,832 |
Total operating expenses | 64,757 | 62,198 | 56,730 |
Income before income taxes | 24,172 | 23,554 | 22,726 |
Provision for income taxes (Note 16) | (362) | 533 | 866 |
Net income | 24,534 | 23,021 | 21,860 |
Class A Common Stock [Member] | |||
OPERATING EXPENSES | |||
Net income | $ 19,270 | $ 18,081 | $ 17,157 |
SHARE DATA (Note 14) | |||
Weighted average number of shares outstanding, basic | 3,600,729 | 3,600,729 | 3,591,732 |
Weighted average number of shares outstanding, diluted | 5,567,909 | 5,567,909 | 5,562,209 |
Basic earnings per share | $ 5.35 | $ 5.02 | $ 4.78 |
Diluted earnings per share | $ 4.41 | $ 4.13 | $ 3.93 |
Class B Common Stock [Member] | |||
OPERATING EXPENSES | |||
Net income | $ 5,264 | $ 4,940 | $ 4,703 |
SHARE DATA (Note 14) | |||
Weighted average number of shares outstanding, basic | 1,967,180 | 1,967,180 | 1,969,030 |
Weighted average number of shares outstanding, diluted | 1,967,180 | 1,967,180 | 1,969,030 |
Basic earnings per share | $ 2.68 | $ 2.51 | $ 2.39 |
Diluted earnings per share | $ 2.68 | $ 2.51 | $ 2.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 24,534 | $ 23,021 | $ 21,860 |
Unrealized gains (losses) on securities: | |||
Unrealized holding gains (losses) arising during period | (289) | 38 | 1,401 |
Less: reclassification adjustment for gains included in net income | (32) | (361) | (279) |
Total unrealized gains (losses) on securities | (321) | (323) | 1,122 |
Accretion of net unrealized losses transferred during period | 2,812 | 3,583 | 3,188 |
Pension liability adjustment: | |||
Net (loss) gain | (297) | (2,890) | (8,544) |
Amortization of prior service cost and loss included in net periodic benefit cost | 970 | 853 | 226 |
Total pension liability adjustment | 673 | (2,037) | (8,318) |
Other comprehensive (loss) income | 3,164 | 1,223 | (4,008) |
Comprehensive income (loss) | $ 27,698 | $ 24,244 | $ 17,852 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class A Common Stock [Member] | Retained Earnings [Member]Class B Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Dec. 31, 2013 | $ 176,472 | $ 3,580 | $ 1,976 | $ 11,932 | $ 180,747 | $ (21,763) | ||
Net income | 21,860 | 17,157 | 4,703 | 21,860 | ||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding gains arising during period, net of taxes | 1,122 | 1,122 | ||||||
Accretion of net unrealized losses transferred during the period, net of taxes | 3,188 | 3,188 | ||||||
Pension liability adjustment, net of taxes | (8,318) | (8,318) | ||||||
Conversion of Class B Common Stock to Class A Common Stock | 9 | |||||||
Conversion of Class B Common Stock to Class A Common Stock | (9) | |||||||
Stock options exercised | 361 | 12 | 349 | |||||
Cashless stock options exercised | 11 | 11 | ||||||
Cash dividends | $ (1,723) | $ (473) | ||||||
Ending balance at Dec. 31, 2014 | 192,500 | 3,601 | 1,967 | 12,292 | 200,411 | (25,771) | ||
Net income | 23,021 | 18,081 | 4,940 | 23,021 | ||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding gains arising during period, net of taxes | (323) | (323) | ||||||
Accretion of net unrealized losses transferred during the period, net of taxes | 3,583 | 3,583 | ||||||
Pension liability adjustment, net of taxes | (2,037) | (2,037) | ||||||
Cash dividends | (1,728) | (472) | ||||||
Ending balance at Dec. 31, 2015 | 214,544 | 3,601 | 1,967 | 12,292 | 221,232 | (24,548) | ||
Net income | 24,534 | 19,270 | 5,264 | 24,534 | ||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding gains arising during period, net of taxes | (321) | (321) | ||||||
Accretion of net unrealized losses transferred during the period, net of taxes | 2,812 | 2,812 | ||||||
Pension liability adjustment, net of taxes | 673 | 673 | ||||||
Cash dividends | $ (1,729) | $ (472) | ||||||
Ending balance at Dec. 31, 2016 | $ 240,041 | $ 3,601 | $ 1,967 | $ 12,292 | $ 243,565 | $ (21,384) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized holding gains arising during period, taxes | $ 248 | $ 211 | $ 756 |
Realized net gains | 52 | 594 | 450 |
Accretion of net unrealized losses transferred during the period, taxes | 1,505 | 1,919 | 2,004 |
Pension liability adjustment, taxes | $ 448 | $ 1,357 | $ 5,532 |
Stock options exercised, shares | 11,325 | ||
Cashless stock options exercised, shares | 7,700 | ||
Class A Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 9,000 | ||
Cash dividends, per share | $ 0.48 | $ 0.48 | $ 0.48 |
Class B Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 9,000 | ||
Cash dividends, per share | $ 0.24 | $ 0.24 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 24,534,000 | $ 23,021,000 | $ 21,860,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sales of portfolio loans | (1,331,000) | (1,034,000) | (757,000) |
Gain on sale of fixed assets | (5,000) | ||
Net gains on sales of securities | (64,000) | (594,000) | (450,000) |
Provision for loan losses | 1,375,000 | 200,000 | 2,050,000 |
Deferred tax benefit | (4,676,000) | (3,259,000) | (3,613,000) |
Net depreciation and amortization | 3,561,000 | 3,296,000 | 2,937,000 |
(Increase) decrease in accrued interest receivable | (1,643,000) | (1,761,000) | 298,000 |
Gain on sales of other real estate owned | (57,000) | (60,000) | |
Increase in other assets | (2,953,000) | (10,862,000) | (2,849,000) |
Increase in other liabilities | 3,203,000 | 2,103,000 | 2,976,000 |
Net cash provided by (used in) operating activities | 22,006,000 | 11,053,000 | 22,387,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities of short-term investments | 3,233,000 | 4,617,000 | |
Purchase of short-term investments | (3,183,000) | (1,102,000) | (2,131,000) |
Proceeds from redemptions of Federal Home Loan Bank of Boston stock | 10,381,000 | 891,000 | 680,000 |
Purchase of Federal Home Loan Bank of Boston stock | (2,616,000) | (4,782,000) | (7,524,000) |
Proceeds from calls/maturities of securities available-for-sale | 277,657,000 | 206,109,000 | 153,832,000 |
Proceeds from sales of securities available-for-sale | 2,376,000 | 47,853,000 | 40,285,000 |
Purchase of securities available-for-sale | (375,608,000) | (210,302,000) | (176,224,000) |
Proceeds from calls/maturities of securities held-to-maturity | 416,599,000 | 414,786,000 | 267,486,000 |
Proceeds from sales of securities held-to-maturity | 192,000 | 3,698,000 | 0 |
Purchase of securities held-to-maturity | (627,670,000) | (444,969,000) | (181,411,000) |
Proceeds from sales of portfolio loans | 74,668,000 | 66,600,000 | 44,501,000 |
Net increase in loans | (265,732,000) | (467,048,000) | (111,528,000) |
Proceeds from sales of other real estate owned | 1,973,000 | 615,000 | |
Proceeds from sales of fixed assets | 5,000 | ||
Capital expenditures | (2,263,000) | (2,652,000) | (3,104,000) |
Net cash (used in) provided by investing activities | (491,966,000) | (388,945,000) | 30,099,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in time deposit accounts | 4,933,000 | 90,281,000 | 921,000 |
Net increase in demand, savings, money market and NOW deposits | 573,225,000 | 247,188,000 | 20,831,000 |
Net proceeds from the exercise of stock options | 361,000 | ||
Cash dividends | (2,201,000) | (2,200,000) | (2,196,000) |
Net decrease in securities sold under agreements to repurchase | (15,570,000) | (14,510,000) | (2,080,000) |
Net (decrease) increase in other borrowed funds | (75,000,000) | (27,500,000) | 140,356,000 |
Net cash provided by (used in) financing activities | 485,387,000 | 293,259,000 | 158,193,000 |
Net increase (decrease) in cash and cash equivalents | 15,427,000 | (84,633,000) | 210,679,000 |
Cash and cash equivalents at beginning of year | 220,724,000 | 305,357,000 | 94,678,000 |
Cash and cash equivalents at end of year | 236,151,000 | 220,724,000 | 305,357,000 |
Cash paid during the year for: | |||
Interest | 22,668,000 | 19,979,000 | 19,168,000 |
Income taxes | 3,730,000 | 4,300,000 | 4,493,000 |
Change in unrealized losses on securities available-for-sale, net of taxes | (321,000) | (323,000) | 1,122,000 |
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes | 2,812,000 | 3,583,000 | 3,188,000 |
Pension liability adjustment, net of taxes | $ 673,000 | (2,037,000) | (8,318,000) |
Transfer of loans to other real estate owned | $ 1,916,000 | $ 555,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies BASIS OF FINANCIAL STATEMENT PRESENTATION The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts, New Hampshire, Rhode Island, Connecticut and New York. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on a review of factors, including historical charge-off FAIR VALUE MEASUREMENTS The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, 820-10 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 Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments that are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and over the counter (“OTC”) derivatives. Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way CASH AND CASH EQUIVALENTS For purposes of reporting cash flows, cash equivalents include highly liquid assets with an original maturity of three months or less. Highly liquid assets include cash and due from banks, federal funds sold and certificates of deposit. SHORT-TERM INVESTMENTS As of December 31, 2016 and 2015, short-term investments include highly liquid certificates of deposit with original maturities of more than 90 days but less than one year. INVESTMENT SECURITIES Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity held-to-maturity available-for-sale Premiums and discounts on investment securities are amortized or accreted into income by use of the level-yield method. Gains and losses on the sale of investment securities are recognized on the trade date on a specific identification basis. Management also considers the Company’s capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a decline in fair value is OTTI and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company’s consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the OTTI impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a decline in fair value is OTTI and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company’s consolidated statement of income. The transfer of a security between categories of investments shall be accounted for at fair value. For a debt security transferred into the held-to-maturity available-for-sale held-to-maturity The sale of a security held-to-maturity FEDERAL HOME LOAN BANK STOCK The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”), is required to maintain an investment in capital stock of the FHLBB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. As of December 31, 2016, no impairment has been recognized. LOANS HELD FOR SALE Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. LOANS Interest on loans is recognized based on the daily principal amount outstanding. Accrual of interest is discontinued when loans become ninety days delinquent unless the collateral is sufficient to cover both principal and interest and the loan is in the process of collection. Past-due Loan origination fees and related direct loan origination costs are offset, and the resulting net amount is deferred and amortized over the life of the related loans using the level-yield method. Prepayments are not initially considered when amortizing premiums and discounts. The Bank measures impairment for impaired loans at either the fair value of the loan, the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. This method applies to all loans, uncollateralized as well as collateralized, except large groups of smaller-balance homogeneous loans such as residential real estate and consumer loans that are collectively evaluated for impairment and loans that are measured at fair value. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off charged-off in-substance pre-modification TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets, typically residential mortgages and loan participations for the Company, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. ACQUIRED LOANS In accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality No. 03-3, 310-30 Loans which, at acquisition, do not have evidence of deterioration of credit quality since origination are outside the scope of FASB ASC 310-30. When a loan is paid off, the excess of any cash received over the net investment is recorded as interest income. In addition to the amount of purchase discount that is recognized at that time, income may include interest owed by the borrower prior to the Company’s acquisition of the loan, interest collected if on nonperforming status, prepayment fees and other loan fees. There were no new loans acquired during the year ended December 31, 2016. NONPERFORMING ASSETS In addition to nonperforming loans, nonperforming assets include other real estate owned. Other real estate owned is comprised of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. Other real estate owned is recorded initially at estimated fair value less costs to sell. When such assets are acquired, the excess of the loan balance over the estimated fair value of the asset is charged to the allowance for loan losses. An allowance for losses on other real estate owned is established by a charge to earnings when, upon periodic evaluation by management, further declines in the estimated fair value of properties have occurred. Such evaluations are based on an analysis of individual properties as well as a general assessment of current real estate market conditions. Holding costs and rental income on properties are included in current operations, while certain costs to improve such properties are capitalized. Gains and losses from the sale of other real estate owned are reflected in earnings when realized. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is based on management’s evaluation of the quality of the loan portfolio and is used to provide for losses resulting from loans that ultimately prove uncollectible. The components of the allowance for loan losses represent estimates based upon Accounting Standards Codification (“ASC”) Topic 450, contingencies, and ASC Topic 310 Receivables. ASC Topic 450 applies to homogenous loan pools such as consumer installment, residential mortgages, consumer lines of credit and commercial loans that are not individually evaluated for impairment under ASC Topic 310. In determining the level of the allowance, periodic evaluations are made of the loan portfolio, which takes into account factors such as the characteristics of the loans, loan status, financial strength of the borrowers, value of collateral securing the loans and other relevant information sufficient to reach an informed judgment. The allowance is increased by provisions charged to income and reduced by loan charge-offs, net of recoveries. Management maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on assessments of the probable estimated losses inherent in the loan portfolio. Management’s methodology for assessing the appropriateness of the allowance consists of several key elements, which include the specific allowances, if appropriate, for identified problem loans, formula allowance, and possibly an unallocated allowance. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. While management uses available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. Loans are charged-off Under ASC Topic 310, a loan is impaired, based upon current information and in management’s opinion, when it is probable that the loan will not be repaid according to its original contractual terms, including both principal and interest, or if a loan is designated as a TDR. Specific allowances for loan losses entail the assignment of allowance amounts to individual loans on the basis of loan impairment. Under this method, loans are selected for evaluation based upon a change in internal risk rating, occurrence of delinquency, loan classification or nonaccrual status. A specific allowance amount is allocated to an individual loan when such loan has been deemed impaired and when the amount of a probable loss is able to be estimated on the basis of: (a) present value of anticipated future cash flows, (b) the loan’s observable fair market price or (c) fair value of collateral if the loan is collateral dependent. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off In estimating probable loan loss under ASC Topic 450 management considers numerous factors, including historical charge-offs and subsequent recoveries. The formula allowances are based on evaluations of homogenous loans to determine the allocation appropriate within each portfolio segment. Formula allowances are based on internal risk ratings or credit ratings from external sources. Individual loans within the commercial and industrial, commercial real estate and real estate construction loan portfolio segments are assigned internal risk ratings to group them with other loans possessing similar risk characteristics. Changes in risk grades affect the amount of the formula allowance. Risk grades are determined by reviewing current collateral value, financial information, cash flow, payment history and other relevant facts surrounding the particular credit. On these loans, the formula allowances are based on the risk ratings, the historical loss experience, and the loss emergence period. Historical loss data and loss emergence periods are developed based on the Company’s historical experience. For larger loans with available external credit ratings, these ratings are utilized rather than the Company’s risk ratings. The historical loss factor and loss emergence periods for these loans are based on data published by the rating agencies for similar credits as the Company has limited internal historical data. For the residential real estate and consumer loan portfolios, the formula allowances are calculated by applying historical loss experience and the loss emergence period to the outstanding balance in each loan category. Loss factors and loss emergence periods are based on the Company’s historical net loss experience. Additional allowances are added to portfolio segments based on qualitative factors. Management considers potential factors identified in regulatory guidance. Management has identified certain qualitative factors, which could impact the degree of loss sustained within the portfolio. These include market risk factors and unique portfolio risk factors that are inherent characteristics of the Company’s loan portfolio. Market risk factors may consist of changes to general economic and business conditions, such as unemployment and GDP that may impact the Company’s loan portfolio customer base in terms of ability to repay and that may result in changes in value of underlying collateral. Unique portfolio risk factors may include the outlooks for business segments in which the Company’s borrowers operate and loan size. The potential ranges for qualitative factors are based on historical volatility in losses. The actual amount utilized is based on management’s assessment of current conditions. After considering the above components, an unallocated component may be generated to cover uncertainties that could affect management’s estimate of probable losses. These uncertainties include the effects of loans in new geographical areas and new industries. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. BANK PREMISES AND EQUIPMENT Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Land is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the terms of leases, if shorter. It is general practice to charge the cost of maintenance and repairs to operations when incurred; major expenditures for improvements are capitalized and depreciated. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identifiable intangible assets consist of core deposit intangibles and are assets resulting from acquisitions that are being amortized over their estimated useful lives. Goodwill and identifiable intangible assets are included in other assets on the consolidated balance sheets. The Company tests goodwill for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the segment (or “reporting unit”) level. Currently, the Company’s goodwill is evaluated at the entity level as there is only one reporting unit. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill. Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step The first step, in the two-step SERVICING The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into loan servicing fee income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant risk characteristics, such as interest rates and terms. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the capitalized amount for the stratum. Changes in the valuation allowance are reported in loan servicing fee income. STOCK OPTION ACCOUNTING The Company follows the fair value recognition provisions of FASB ASC 718, Compensation — Stock Compensation During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options to purchase shares of Class A common stock outstanding at December 31, 2016. The Company uses the fair value method to account for stock options. There were no options granted during 2016 and 2015. INCOME TAXES The Company uses the asset and liability method in accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with FASB ASC 740. The Company classifies interest resulting from underpayment of income taxes as income tax expense in the first period the interest would begin accruing according to the provisions of the relevant tax law. The Company classifies penalties resulting from underpayment of income taxes as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company’s judgment changes regarding an uncertain tax position. 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 stock options. The company utilizes the two class method for reporting EPS. The two-class TREASURY STOCK Effective July 1, 2004, companies incorporated in Massachusetts became subject to Chapter 156D of the Massachusetts Business Corporation Act, provisions of which eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. PENSION The Company provides pension benefits to its employees under a noncontributory, defined benefit plan, which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. The Company also has a Supplemental Executive Insurance/Retirement Plan (“the Supplemental Plan”), which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. Executive officers of the Company or its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary. Individual life insurance policies, which are owned by the Company, are purchased covering the life of each participant. The Company utilizes a full yield curve approach in the estimation of the service and interest components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the underlying projected cash flows. RECENT ACCOUNTING DEVELOPMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, non-financial 2015-14, 2014-09. 2014-09 In January 2016, FASB issued ASU 2016-1, 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. In February 2016, the FASB issued ASU 2016-02, In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting. available-for-sale In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. In October 2016, the FASB issued ASU 2016-17, Interests Held through Related Parties That Are under Common Control. 810-10, In November 2016, the FASB issued ASU 2016-18, Restricted Cash. beginning-of-period end-of-period |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | 2. Cash and Due from Banks The Company is required to maintain a portion of its cash and due from banks as a reserve balance under the Federal Reserve Act. Such reserve is calculated based upon deposit levels and amounted to $0 at December 31, 2016, and $0 at December 31, 2015. |
Securities Available-for-Sale
Securities Available-for-Sale | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Securities Available-for-Sale | 3. Securities Available-for-Sale December 31, 2016 December 31, 2015 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) U.S. Treasury $ 2,000 $ — $ — $ 2,000 $ 1,999 $ — $ 10 $ 1,989 U.S. Government Sponsored Enterprises 25,000 — 48 24,952 — — — — SBA Backed Securities 57,899 14 146 57,767 5,983 8 2 5,989 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 243,703 293 671 243,325 232,967 859 300 233,526 Privately Issued Residential Mortgage-Backed Securities 1,121 2 14 1,109 1,437 10 13 1,434 Obligations Issued by States and Political Subdivisions 165,281 — 405 164,876 157,838 — 878 156,960 Other Debt Securities 5,100 18 194 4,924 4,600 3 130 4,473 Equity Securities 116 228 — 344 153 99 — 252 Total $ 500,220 $ 555 $ 1,478 $ 499,297 $ 404,977 $ 979 $ 1,333 $ 404,623 Included in SBA Backed Securities and U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $210,780,000 and $220,482,000 at December 31, 2016 and 2015, respectively. Also included in securities available-for-sale at fair value are securities pledged for borrowing at the Federal Home Loan Bank amounting to $53,396,000 and $20,056,000 at December 31, 2016 and 2015, respectively. The Company realized gains on sales of securities of $52,000, $289,000, and $450,000 from the proceeds of sales of available-for-sale securities of $2,376,000, $47,853,000, and $40,285,000 for the years ended December 31, 2016, 2015, and 2014, respectively. Debt securities of U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities primarily refer to debt securities of Fannie Mae and Freddie Mac. The following table shows the estimated maturity distribution of the Company’s securities available-for-sale at December 31, 2016. Amortized Fair Value (dollars in thousands) Within one year $ 173,276 $ 173,263 After one but within five years 107,005 106,782 After five but within ten years 168,698 168,347 More than ten years 49,625 49,207 Nonmaturing 1,616 1,698 Total $ 500,220 $ 499,297 The weighted average remaining life of investment securities available-for-sale at December 31, 2016, was 4.4 years. Included in the weighted average remaining life calculation at December 31, 2106, were $15,000,000 of US Government Sponsored Enterprises obligations that are callable at the discretion of the issuer. The contractual maturities, which were used in the table above, of mortgage-backed securities, will differ from the actual maturities due to the ability of the issuers to prepay underlying obligations. Also, $301,253,000 of the securities are floating rate or adjustable rate and reprice prior to maturity. As of December 31, 2016 and December 31, 2015, 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 Obligations Issued by States and Political Subdivisions, Privately Issued Residential Mortgage-Backed Securities and Other Debt Securities was primarily caused by changes in credit spreads and liquidity issues in the marketplace. The unrealized loss on SBA Backed Securities and U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality and because the Company has the ability and intent to hold these investments until recovery of fair value, which may be maturity. The Company does not consider these investments to be other-than-temporarily impaired at December 31, 2016 and December 31, 2015. In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. In the case of privately issued mortgage-backed securities, the performance of the underlying loans is analyzed as deemed necessary to determine the estimated future cash flows of the securities. Factors considered include the level of subordination, current and estimated future default rates, current and estimated prepayment rates, estimated loss severity rates, geographic concentrations and origination dates of underlying loans. In the case of marketable equity securities, the severity of the unrealized loss, the length of time the unrealized loss has existed, and the issuer’s financial performance are considered. The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2016. 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 49 and 15 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 270 holdings at December 31, 2016. December 31, 2016 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises 24,952 48 — — 24,952 48 SBA Backed Securities 52,346 145 951 1 53,297 146 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 135,612 485 31,504 186 167,116 671 Privately Issued Residential Mortgage-Backed Securities — — 757 14 757 14 Obligations Issued by States and Political Subdivisions — — 4,298 405 4,298 405 Other Debt Securities 453 47 1,553 147 2,006 194 Total temporarily impaired securities $ 213,363 $ 725 $ 39,063 $ 753 $ 252,426 $ 1,478 The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2015. 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 14 and 11 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 290 holdings at December 31, 2015. December 31, 2015 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ 1,989 $ 10 $ — $ — $ 1,989 $ 10 SBA Backed Securities 1,031 2 — — 1,031 2 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 26,519 52 49,341 248 75,860 300 Privately Issued Residential Mortgage-Backed Securities — — 490 13 490 13 Obligations Issued by States and Political Subdivisions — — 3,820 878 3,820 878 Other Debt Securities 497 3 1,373 127 1,870 130 Total temporarily impaired securities $ 30,036 $ 67 $ 55,024 $ 1,266 $ 85,060 $ 1,333 |
Investment Securities Held-to-M
Investment Securities Held-to-Maturity | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Investment Securities Held-to-Maturity | 4. Investment Securities Held-to-Maturity December 31, 2016 December 31, 2015 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in U.S. Government Sponsored Enterprises $ 148,326 $ 1,066 $ 527 $ 148,865 $ 186,734 $ 2,234 $ 141 $ 188,827 SBA Backed Securities 46,140 — 1,088 45,052 — — — — U.S. Government Sponsored Enterprises Mortgage-Backed Securities 1,459,520 4,948 22,577 1,441,891 1,252,169 7,547 9,583 1,250,133 Total $ 1,653,986 $ 6,014 $ 24,192 $ 1,635,808 $ 1,438,903 $ 9,781 $ 9,724 $ 1,438,960 Included in U.S. Government Sponsored Enterprises and U.S. Government Sponsored Enterprise Mortgage-Backed Securities are securities pledged to secure public deposits and repurchase agreements at fair value amounting to $1,147,207,000 and $1,004,743,000 at December 31, 2016, and 2015, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank at fair value amounting to $424,353,000 and $432,965,000 at December 31, 2016, and 2015, respectively. The Company realized gains of sales of securities of $12,000 from the proceeds of sales of held-to-maturity securities of $192,000 for the year ending December 31, 2016. The sales from securities held-to-maturity relate to certain mortgage-backed securities for which the Company had previously collected a substantial portion of its principal investment. The Company realized gains on sales of securities of $305,000 from the proceeds of sales of held-to-maturity securities of $3,698,000 for the year ending December 31, 2015. There were no sales of held-to-maturity securities for the year ending December 31, 2014. At December 31, 2016 and 2015, all mortgage-backed securities are obligations of U.S. Government Sponsored Enterprises. Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac. The following table shows the maturity distribution of the Company’s securities held-to-maturity at December 31, 2016. Amortized Fair Value (dollars in thousands) Within one year $ 22,802 $ 22,911 After one but within five years 1,122,678 1,114,481 After five but within ten years 500,355 490,546 More than ten years 8,151 7,870 Total $ 1,653,986 $ 1,635,808 The weighted average remaining life of investment securities held-to-maturity at December 31, 2016, was 4.5 years. Included in the weighted average remaining life calculation at December 31, 2016, were $59,745,000 of U.S. Government Sponsored Enterprises obligations that are callable at the discretion of the issuer. The contractual maturities, which were used in the table above, of mortgage-backed securities, will differ from the actual maturities due to the ability of the issuers to prepay underlying obligations. Also, $188,000 of the securities are floating rate or adjustable rate and reprice prior to maturity. As of December 31, 2016 and December 31, 2015, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of their remaining amortized costs. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The unrealized loss on U.S. Government Sponsored Enterprises and U.S. Government Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2016 and December 31, 2015. In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2016. 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 194 and 16 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 375 holdings at December 31, 2016. December 31, 2016 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Government Sponsored Enterprises $ 59,219 $ 527 $ — $ — $ 59,219 $ 527 SBA Backed Securities 45,052 1,088 — — 45,052 1,088 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 1,008,960 20,725 58,535 1,852 1,067,495 22,577 Total temporarily impaired securities $ 1,113,231 $ 22,340 $ 58,535 $ 1,852 $ 1,171,766 $ 24,192 The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2015. 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 101 and 26 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 322 holdings at December 31, 2015. December 31, 2015 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Government Sponsored Enterprises $ 9,859 $ 141 $ — $ — $ 9,859 $ 141 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 626,218 6,657 123,864 2,926 750,082 9,583 Total temporarily impaired securities $ 636,077 $ 6,798 $ 123,864 $ 2,926 $ 759,941 $ 9,724 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Loans | 5. Loans The majority of the Bank’s lending activities are conducted in Massachusetts with other lending activity principally in New Hampshire, Rhode Island, Connecticut and New York. The Bank originates construction, commercial and residential real estate loans, commercial and industrial loans, municipal loans, consumer, home equity and other loans for its portfolio. The following summary shows the composition of the loan portfolio at the dates indicated. December 31, 2016 2015 (dollars in thousands) Construction and land development $ 14,928 $ 27,421 Commercial and industrial 612,503 452,235 Municipal 135,418 85,685 Commercial real estate 696,173 721,506 Residential real estate 241,357 255,346 Consumer 11,013 10,744 Home equity 211,857 178,020 Overdrafts 684 579 Total $ 1,923,933 $ 1,731,536 At December 31, 2016, and December 31, 2015, loans were carried net of discounts of $313,000 and $360,000, respectively. Net deferred fees included in loans at December 31, 2016, and December 31, 2015, were $641,000 and $988,000, respectively. The Company was servicing mortgage loans sold to others without recourse of approximately $229,730,000 and $185,299,000 at December 31, 2016, and December 31, 2015, respectively. The Company had no residential real estate loans held for sale at December 31, 2016 and December 31, 2015. The Company’s mortgage servicing rights totaled $1,629,000 and $1,305,000 at December 31, 2016 and December 31, 2015, respectively. As of December 31, 2016 and 2015, the Company’s recorded investment in impaired loans was $3,830,000 and $3,225,000, respectively. If an impaired loan is placed on nonaccrual, the loan may be returned to an accrual status when principal and interest payments are not delinquent and the risk characteristics have improved to the extent that there no longer exists a concern as to the collectibility of principal and interest. At December 31, 2016, there were $3,105,000 of impaired loans with a specific reserve of $173,000. At December 31, 2015, there were $3,051,000 of impaired loans with specific reserves of $250,000. Loans are designated as troubled debt restructures when a concession is made on a credit as a result of financial difficulties of the borrower. Typically, such concessions consist of a reduction in interest rate to a below-market rate, taking into account the credit quality of the note, or a deferment of payments, principal or interest, which materially alters the Bank’s position or significantly extends the note’s maturity date, such that the present value of cash flows to be received is materially less than those contractually established at the loan’s origination. Restructured loans are included in the impaired loan category. The composition of nonaccrual loans and impaired loans is as follows: December 31, 2016 2015 2014 (dollars in thousands) Loans on nonaccrual $ 1,084 $ 2,336 $ 4,146 Loans 90 days past due and still accruing — — — Impaired loans on nonaccrual included above 304 332 3,031 Total recorded investment in impaired loans 3,830 3,225 6,327 Average recorded investment of impaired loans 3,661 4,490 7,434 Accruing troubled debt restructures 3,526 2,893 3,296 Interest income not recorded on nonaccrual loans according to their original terms 37 91 123 Interest income on nonaccrual loans actually recorded — — — Interest income recognized on impaired loans 140 104 144 Directors and officers of the Company and their associates are customers of, and have other transactions with, the Company in the normal course of business. All loans and commitments included in such transactions were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and do not involve more than normal risk of collection or present other unfavorable features. The following table shows the aggregate amount of loans to directors and officers of the Company and their associates during 2016. Balance at Additions Repayments Balance at (dollars in thousands) $5,010 $ 6,778 $ 806 $ 10,982 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses | 6. Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount determined by management on the basis of the character of the loans, loan performance, financial condition of borrowers, the value of collateral securing loans and other relevant factors. The following table summarizes the changes in the Company’s allowance for loan losses for the years indicated. An analysis of the allowance for loan losses for each of the three years ending December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 (dollars in thousands) Allowance for loan losses, beginning of year $ 23,075 $ 22,318 $ 20,941 Loans charged-off (389 ) (781 ) (1,382 ) Recoveries on loans previously charged-off 434 1,338 709 Net recoveries (charge-offs) 45 557 (673 ) Provision charged to expense 1,375 200 2,050 Reclassification to other liabilities* (89 ) — — Allowance for loan losses, end of year $ 24,406 $ 23,075 $ 22,318 * The reclassification relates to allowance for loan losses allocations on unused commitments that have been reclassified to other liabilities. Further information pertaining to the allowance for loan losses at December 31, 2016 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2015 $ 2,041 $ 5,899 $ 994 $ 10,589 $ 1,320 $ 644 $ 1,077 $ 511 $ 23,075 Charge-offs — — — — — (362 ) (27 ) — (389 ) Recoveries — 132 — — 6 296 — — 434 Reclassification to other liabilities (5 ) (25 ) — (9 ) (3 ) (3 ) (44 ) — (89 ) Provision (1,024 ) 966 618 555 375 7 96 (218 ) 1,375 Ending balance at December 31, 2016 $ 1,012 $ 6,972 $ 1,612 $ 11,135 $ 1,698 $ 582 $ 1,102 $ 293 $ 24,406 Amount of allowance for loan losses for loans deemed to be impaired $ 3 $ 23 $ — $ 140 $ 7 $ — $ — $ — $ 173 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,009 $ 6,949 $ 1,612 $ 10,995 $ 1,691 $ 582 $ 1,102 $ 293 $ 24,233 Loans: Ending balance $ 14,928 $ 612,503 $ 135,418 $ 696,173 $ 241,357 $ 11,697 $ 211,857 $ — $ 1,923,933 Loans deemed to be impaired $ 94 $ 389 $ — $ 3,149 $ 198 $ — $ — $ — $ 3,830 Loans not deemed to be impaired $ 14,834 $ 612,114 $ 135,418 $ 693,024 $ 241,159 $ 11,697 $ 211,857 $ — $ 1,920,103 Further information pertaining to the allowance for loan losses at December 31, 2015 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2014 $ 1,592 $ 4,757 $ 1,488 $ 11,199 $ 776 $ 810 $ 599 $ 1,097 $ 22,318 Charge-offs — (172 ) — (298 ) — (311 ) — — (781 ) Recoveries 780 212 — 84 7 255 — — 1,338 Provision (331 ) 1,102 (494 ) (396 ) 537 (110 ) 478 (586 ) 200 Ending balance at December 31, 2015 $ 2,041 $ 5,899 $ 994 $ 10,589 $ 1,320 $ 644 $ 1,077 $ 511 $ 23,075 Amount of allowance for loan losses for loans deemed to be impaired $ 10 $ 19 $ — $ 99 $ 32 $ — $ 90 $ — $ 250 Amount of allowance for loan losses for loans not deemed to be impaired $ 2,031 $ 5,880 $ 994 $ 10,490 $ 1,288 $ 644 $ 987 $ 511 $ 22,825 Loans: Ending balance $ 27,421 $ 452,235 $ 85,685 $ 721,506 $ 255,346 $ 11,323 $ 178,020 $ — $ 1,731,536 Loans deemed to be impaired $ 98 $ 443 $ — $ 1,678 $ 916 $ — $ 90 $ — $ 3,225 Loans not deemed to be impaired $ 27,323 $ 451,792 $ 85,685 $ 719,828 $ 254,430 $ 11,323 $ 177,930 $ — $ 1,728,311 CREDIT QUALITY INFORMATION The Company utilizes a six-grade internal loan rating system for commercial real estate, construction and commercial loans as follows: Loans rated 1-3 (Pass) — Loans in this category are considered “pass” rated loans with low to average risk. Loans rated 4 (Monitor) — These loans represent classified loans that management is closely monitoring for credit quality. These loans have had or may have minor credit quality deterioration as of December 31, 2016. Loans rated 5 (Substandard) — Substandard loans represent classified loans that management is closely monitoring for credit quality. These loans have had more significant credit quality deterioration as of December 31, 2016. Loans rated 6 (Doubtful) — Doubtful loans represent classified loans that management is closely monitoring for credit quality. These loans had more significant credit quality deterioration as of December 31, 2016, and are doubtful for full collection. Impaired — Impaired loans represent classified loans that management is closely monitoring for credit quality. A loan is classified as impaired when it is probable that the Company will be unable to collect all amounts due. The following table presents the Company’s loans by risk rating at December 31, 2016. Construction Commercial Municipal Commercial (dollars in thousands) Grade: 1-3 (Pass) $ 14,834 $ 612,114 $ 135,418 $ 661,271 4 (Monitor) — — — 31,753 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired 94 389 — 3,149 Total $ 14,928 $ 612,503 $ 135,418 $ 696,173 The Company has increased its exposure to larger loans to large institutions with publicly available credit ratings beginning in 2015. These ratings are tracked as a credit quality indicator for these loans. The following table presents the Company’s loans by credit rating at December 31, 2016. Commercial Municipal Commercial Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 334,674 $ 66,245 $ 6,596 $ 407,515 A1-A3 188,777 33,365 129,423 351,565 Baa1-Baa3 — 26,970 127,366 154,336 Ba2 — 3,610 — 3,610 Total $ 523,451 $ 130,190 $ 263,385 $ 917,026 The following table presents the Company’s loans by risk rating at December 31, 2015. Construction Commercial Municipal Commercial (dollars in thousands) Grade: 1-3 (Pass) $ 20,281 $ 451,774 $ 85,685 $ 718,911 4 (Monitor) 7,042 18 — 917 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired 98 443 — 1,678 Total $ 27,421 $ 452,235 $ 85,685 $ 721,506 The following table presents the Company’s loans by credit rating at December 31, 2015. Commercial and Industrial Municipal Commercial Real Estate Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 234,733 $ 63,865 $ 7,547 $ 306,145 A1-A3 140,419 7,400 130,872 278,691 Baa1-Baa3 — 8,890 167,489 176,379 Ba2 — 4,480 — 4,480 Total $ 375,152 $ 84,635 $ 305,908 $ 765,695 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. AGING OF PAST-DUE LOANS At December 31, 2016 the aging of past due loans are as follows: Accruing 30-89 Days Past Due Non Accrual Accruing Greater 90 Days Total Past Due Current Loans Total (dollars in thousands) Construction and land development $ — $ 94 $ — $ 94 $ 14,834 $ 14,928 Commercial and industrial 37 65 — 102 612,401 612,503 Municipal — — — — 135,418 135,418 Commercial real estate 597 150 — 747 695,426 696,173 Residential real estate 245 656 — 901 240,456 241,357 Consumer and overdrafts — 11 — 11 11,686 11,697 Home equity 735 108 — 843 211,014 211,857 Total $ 1,614 $ 1,084 $ — $ 2,698 $ 1,921,235 $ 1,923,933 At December 31, 2015 the aging of past due loans are as follows: Accruing 30-89 Days Past Due Non Accrual Accruing Greater Than 90 Days Total Past Due Current Loans Total (dollars in thousands) Construction and land development $ — $ 99 $ — $ 99 $ 27,322 $ 27,421 Commercial and industrial — 60 — 60 452,175 452,235 Municipal — — — — 85,685 85,685 Commercial real estate 1,462 174 — 1,636 719,870 721,506 Residential real estate 596 1,559 — 2,155 253,191 255,346 Consumer and overdrafts 6 — — 6 11,317 11,323 Home equity 628 444 — 1,072 176,948 178,020 Total $ 2,692 $ 2,336 $ — $ 5,028 $ 1,726,508 $ 1,731,536 IMPAIRED LOANS A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company measures impairment based on a loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Loans are charged-off when management believes that the collectibility of the loan’s principal is not probable. The specific factors that management considers in making the determination that the collectibility of the loan’s principal is not probable include; the delinquency status of the loan, the fair value of the collateral, if secured, and the financial strength of the borrower and/or guarantors. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectible. The Company’s policy for recognizing interest income on impaired loans is contained within Note 1 of the “Notes to Consolidated Financial Statements.” The following is information pertaining to impaired loans at December 31, 2016: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 45 232 — 53 — Municipal — — — — — Commercial real estate 590 590 — 375 39 Residential real estate 90 179 — 102 7 Consumer — — — — — Home equity — — — — — Total $ 725 $ 1,001 $ — $ 530 $ 46 With required reserve recorded: Construction and land development $ 94 $ 108 $ 3 $ 96 $ — Commercial and industrial 344 360 23 360 18 Municipal — — — — — Commercial real estate 2,559 2,665 140 2,324 71 Residential real estate 108 108 7 323 5 Consumer — — — — — Home equity — — — 28 — Total $ 3,105 $ 3,241 $ 173 $ 3,131 $ 94 Total Construction and land development $ 94 $ 108 $ 3 $ 96 $ — Commercial and industrial 389 592 23 413 18 Municipal — — — — — Commercial real estate 3,149 3,255 140 2,699 110 Residential real estate 198 287 7 425 12 Consumer — — — — — Home equity — — — 28 — Total $ 3,830 $ 4,242 $ 173 $ 3,661 $ 140 The following is information pertaining to impaired loans at December 31, 2015: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 60 246 — 32 — Municipal — — — — — Commercial real estate — — — 151 — Residential real estate 114 200 — 125 8 Consumer — — — — — Home equity — — — — — Total $ 174 $ 446 $ — $ 308 $ 8 With required reserve recorded: Construction and land development $ 98 $ 108 $ 10 $ 101 $ — Commercial and industrial 383 399 19 626 20 Municipal — — — — — Commercial real estate 1,678 1,776 99 2,550 69 Residential real estate 802 802 32 814 7 Consumer — — — — — Home equity 90 90 90 91 — Total $ 3,051 $ 3,175 $ 250 $ 4,182 $ 96 Total Construction and land development $ 98 $ 108 $ 10 $ 101 $ — Commercial and industrial 443 645 19 658 20 Municipal — — — — — Commercial real estate 1,678 1,776 99 2,701 69 Residential real estate 916 1,002 32 939 15 Consumer — — — — — Home equity 90 90 90 91 — Total $ 3,225 $ 3,621 $ 250 $ 4,490 $ 104 Troubled Debt Restructurings are identified as a modification in which a concession was granted to a customer who was having financial difficulties. This concession may be below market rate, longer amortization/term, or a lower payment amount. The present value calculation of the modification did not result in an increase in the allowance for these loans beyond any previously established allocations. There was one commercial real estate troubled debt restructuring during the year ended December 31, 2016. The pre-modification and post-modification outstanding recorded investment was $2,091,000. The loan was modified in 2016, by reducing the interest rate as well as extending the term on the loan. The financial impact for the modification was $16,000 reduction in principal payments and $5,000 reduction in interest payments for 2016. There were no troubled debt restructurings occurring during the year ended December 31, 2015. Also, there were no commitments to lend additional funds to troubled debt restructuring borrowers. There were no troubled debt restructurings that subsequently defaulted during 2015 and 2016. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | 7. Bank Premises and Equipment December 31, 2016 2015 Estimated Useful Life (dollars in thousands) Land $ 3,478 $ 3,478 — Bank premises 19,272 19,272 30-39 years Furniture and equipment 26,271 24,131 3-10 years Leasehold improvements 12,802 12,892 30-39 years or lease term 61,823 59,773 Accumulated depreciation and amortization (38,406 ) (35,667 ) Total $ 23,417 $ 24,106 The Company is obligated under a number of non-cancelable operating leases for premises and equipment expiring in various years through 2026. Total lease expense approximated $2,834,000, $2,755,000 and $2,465,000 for the years ended December 31, 2016, 2015 and 2014, respectively. Included in lease expense are amounts paid to a company affiliated with Marshall M. Sloane, Chairman of the Board, amounting to $424,000, $413,000, and $208,000, respectively. Rental income approximated $318,000, $314,000 and $307,000 in 2016, 2015 and 2014, respectively. Depreciation and amortization amounted to $3,099,000, $2,728,000, and $2,322,000 at December 31, 2016, 2015 and 2014 respectively. Future minimum rental commitments for non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2016, were as follows: Year Amount (dollars in thousands) 2017 $ 2,408 2018 2,222 2019 2,054 2020 1,777 2021 1,326 Thereafter 2,526 $ 12,313 |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | 8. Goodwill and Identifiable Intangible Assets At December 31, 2016 and 2015, the Company concluded that it is not more likely than not that fair value of the reporting unit is less than its carrying value, and goodwill is not considered to be impaired. The changes in goodwill and identifiable intangible assets for the years ended December 31, 2016 and 2015 are shown in the table below. Carrying Amount of Goodwill and Intangibles Goodwill Mortgage Total (dollars in thousands) Balance at December 31, 2014 $ 2,714 $ 941 $ 3,655 Additions — 626 626 Amortization Expense — (262 ) (262 ) Balance at December 31, 2015 $ 2,714 $ 1,305 $ 4,019 Additions — 708 708 Amortization Expense — (384 ) (384 ) Balance at December 31, 2016 $ 2,714 $ 1,629 $ 4,343 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, Level I — Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices such as G-7 government, agency securities, listed equities and money market securities, as well as listed derivative instruments. Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments which are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and OTC derivatives. Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Instruments that are included in this category generally include certain commercial mortgage loans, certain private equity investments, distressed debt, non-investment grade residual interests in securitizations, as well as certain highly structured OTC derivative contracts. The results of the fair value hierarchy as of December 31, 2016, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 2,000 $ — $ 2,000 $ — U.S. Government Agency Sponsored Enterprises 24,952 — 24,952 — SBA Backed Securities 57,767 — 57,767 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 243,325 — 243,325 — Privately Issued Residential Mortgage-Backed Securities 1,109 — 1,109 — Obligations Issued by States and Political Subdivisions 164,876 — — 164,876 Other Debt Securities 4,924 — 4,924 — Equity Securities 344 344 — — Total $ 499,297 $ 344 $ 334,077 $ 164,876 Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans $ 260 $ — $ — $ 260 Impaired loan balances in the table above represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category. Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. The types of adjustments that are made to specific provisions (credits) relate to impaired loans recognized for 2016 for the estimated credit loss amounted to ($135,000). There were no transfers between level 1, 2 and 3 for the year ended December 31, 2016. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 31, 2016. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2016. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS(1) $ 164,876 Discounted cash flow Discount rate 0%-1%(2) Impaired Loans 260 Appraisal of collateral(3) Appraisal adjustments(4) 0%-30% discount (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. The changes in Level 3 securities for the year ended December 31, 2016 are as shown in the table below: Auction Rate Obligations Equity Total (dollars in thousands) Balance at December 31, 2015 $ 3,820 $ 153,140 $ 37 $ 156,997 Purchases — 216,646 — 216,646 Maturities/redemptions — (208,990 ) (37 ) (209,027 ) Amortization — (218 ) — (218 ) Change in fair value 478 — — 478 Balance at December 31, 2016 $ 4,298 $ 160,578 $ — $ 164,876 The amortized cost of Level 3 securities was $165,281,000 with an unrealized loss of $405,000 at December 31, 2016. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. The results of the fair value hierarchy as of December 31, 2015, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant Observable Inputs Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 1,989 $ — $ 1,989 $ — SBA Backed Securities 5,989 — 5,989 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 233,526 — 233,526 — Privately Issued Residential Mortgage-Backed Securities 1,434 — 1,434 — Obligations Issued by States and Political Subdivisions 156,960 — — 156,960 Other Debt Securities 4,473 — 4,473 — Equity Securities 252 215 — 37 Total $ 404,623 $ 215 $ 247,411 $ 156,997 Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans $ 1,056 $ — $ — $ 1,056 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 2015 for the estimated credit loss amounted to ($165,000). There were no transfers between level 1 and 2 for the year ended December 31, 2015. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 31, 2015. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2015. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (1) $ 156,997 Discounted cash flow Discount rate 0%-1% (2) Impaired Loans 1,056 Appraisal of collateral (3) Appraisal adjustments (4) 0%-30% discount (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. The changes in Level 3 securities for the year ended December 31, 2015 are as shown in the table below: Auction Rate Obligations Issued by States and Political Subdivisions Equity Securities Total (dollars in thousands) Balance at December 31, 2014 $ 3,820 $ 92,964 $ 102 $ 96,886 Purchases — 207,509 — 207,509 Maturities/redemptions — (147,277 ) (65 ) (147,342 ) Amortization — (56 ) — (56 ) Change in fair value — — — — Balance at December 31, 2015 $ 3,820 $ 153,140 $ 37 $ 156,997 The amortized cost of Level 3 securities was $157,874,000 with an unrealized loss of $877,000 at December 31, 2015. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | 10. Deposits The following is a summary of remaining maturities or re-pricing of time deposits as of December 31, 2016 Percent 2015 Percent (dollars in thousands) Within one year $ 262,406 55 % $ 315,559 67 % Over one year to two years 87,952 18 % 44,838 9 % Over two years to three years 83,067 17 % 49,538 10 % Over three years to five years 44,934 10 % 63,491 14 % Total $ 478,359 100 % $ 473,426 100 % Time deposits of more than $250,000 totaled $250,476,000 and $193,598,000 in 2016 and 2015, respectively. Deposits totaling $26,191,000 and $21,970,000 were attributable to related parties at December 31, 2016 and December 31, 2015, respectively. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | 11. Securities Sold Under Agreements to Repurchase The following is a summary of securities sold under agreements to repurchase as of December 31, 2016 2015 2014 (dollars in thousands) Amount outstanding at December 31 $ 182,280 $ 197,850 $ 212,360 Weighted average rate at December 31 0.21 % 0.21 % 0.18 % Maximum amount outstanding at any month end $ 241,110 $ 299,890 $ 243,750 Daily average balance outstanding during the year $ 222,956 $ 245,276 $ 216,937 Weighted average rate during the year 0.21 % 0.20 % 0.18 % Amounts outstanding at December 31, 2016, 2015 and 2014 carried maturity dates of the next business day. U.S. Government Sponsored Enterprise securities with a total amortized cost of $183,829,000, $199,152,000, and $213,817,000 were pledged as collateral and held by custodians to secure the agreements at December 31, 2016, 2015 and 2014, respectively. The approximate fair value of the collateral at those dates was $182,074,000, $197,318,000, and $212,255,000, respectively. |
Other Borrowed Funds and Subord
Other Borrowed Funds and Subordinated Debentures | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Other Borrowed Funds and Subordinated Debentures | 12. Other Borrowed Funds and Subordinated Debentures The following is a summary of other borrowed funds and subordinated debentures as of December 31, 2016 2015 2014 (dollars in thousands) Amount outstanding at December 31 $ 329,083 $ 404,083 $ 431,583 Weighted average rate at December 31 2.39 % 2.29 % 1.91 % Maximum amount outstanding at any month end $ 467,083 $ 521,583 $ 431,583 Daily average balance outstanding during the year $ 357,974 $ 374,109 $ 271,710 Weighted average rate during the year 2.48 % 2.38 % 3.34 % FEDERAL HOME LOAN BANK BORROWINGS Federal Home Loan Bank of Boston (“FHLBB”) borrowings are collateralized by a blanket pledge agreement on the Bank’s FHLBB stock, certain qualified investment securities, deposits at the FHLBB and residential mortgages held in the Bank’s portfolios. The Bank’s remaining term borrowing capacity at the FHLBB at December 31, 2016, was approximately $239,163,000. In addition, the Bank has a $14,500,000 line of credit with the FHLBB. A schedule of the maturity distribution of FHLBB advances with the weighted average interest rates is as follows: 2016 2015 2014 December 31, Amount Weighted Amount Weighted Amount Weighted (dollars in thousands) Within one year $ 77,500 2.21 % $ 100,000 1.89 % $ 169,500 0.51 % Over one year to two years $ 54,500 2.25 % $ 57,500 2.72 % $ 55,000 3.07 % Over two years to three years $ 58,000 1.87 % $ 54,500 2.25 % $ 45,000 3.18 % Over three years to five years $ 58,000 2.68 % $ 91,000 1.85 % $ 70,000 2.43 % Over five years $ 45,000 2.85 % $ 65,000 3.23 % $ 56,000 3.16 % Total $ 293,000 2.34 % $ 368,000 2.30 % $ 395,500 1.89 % Included in the table above are $45,000,000, $55,000,000 and $35,000,000 respectively, of FHLBB advances at December 31, 2016, 2015 and 2014, that are putable at the discretion of FHLBB. These put dates were not utilized in the table above. SUBORDINATED DEBENTURES In December 2004, the Company consummated the sale of a trust preferred securities offering, in which it issued $36,083,000 of subordinated debt securities due 2034 to its newly formed unconsolidated subsidiary Century Bancorp Capital Trust II. Century Bancorp Capital Trust II then issued 35,000 shares of Cumulative Trust Preferred Securities with a liquidation value of $1,000 per share. These securities paid dividends at an annualized rate of 6.65% for the first ten years and then converted to the three-month LIBOR rate plus 1.87% for the remaining 20 years. The coupon rate on these securities was 2.83% at December 31, 2016. OTHER BORROWED FUNDS There were no overnight federal funds purchased at December 31, 2016 and 2015. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | 13. Reclassifications Out of Accumulated Other Comprehensive Income(a) Amount Reclassified from Accumulated Details about Accumulated Other Comprehensive Income Components Year ended (a) Year ended (a) Affected line item in the Statement Unrealized gains and losses on available-for-sale securities $ 52 $ 594 Net gains on sales of investments (20 ) (233 ) Provision for income taxes $ 32 $ 361 Net income Accretion of unrealized losses transferred $ (4,317 ) $ (5,502 ) Securities held-to-maturity 1,505 1,919 Provision for income taxes $ (2,812 ) $ (3,583 ) Net income Amortization of defined benefit pension items Prior-service costs $ (10 ) $ (10 ) Salaries and employee benefits (b) Actuarial gains (losses) (1,606 ) (1,411 ) Salaries and employee benefits (b) Total before tax (1,616 ) (1,421 ) Income before taxes Tax (expense) or benefit 646 568 Provision for income taxes Net of tax $ (970 ) $ (853 ) Net income (a) Amounts in parentheses indicate decreases to profit/loss. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 17) for additional details). |
Earnings per share ("EPS")
Earnings per share ("EPS") | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share ("EPS") | 14. Earnings per share (“EPS”) Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock. Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. The only common stock equivalents for the Company are the stock options discussed below. The dilutive effect of these stock options for 2016, 2015 and 2014 was an increase of 0, 0, and 1,447 shares, respectively. The following table is a reconciliation of basic EPS and diluted EPS: Year Ended December 31, 2016 2015 2014 (in thousands except share and per share data) BASIC EPS COMPUTATION Numerator: Net income, Class A $ 19,270 $ 18,081 $ 17,157 Net income, Class B 5,264 4,940 4,703 Denominator: Weighted average shares outstanding, Class A 3,600,729 3,600,729 3,591,732 Weighted average shares outstanding, Class B 1,967,180 1,967,180 1,969,030 Basic EPS, Class A $ 5.35 $ 5.02 $ 4.78 Basic EPS, Class B $ 2.68 $ 2.51 $ 2.39 DILUTED EPS COMPUTATION Numerator: Net income, Class A $ 19,270 $ 18,081 $ 17,157 Net income, Class B 5,264 4,940 4,703 Total net income, for diluted EPS, Class A computation 24,534 23,021 21,860 Denominator: Weighted average shares outstanding, basic, Class A 3,600,729 3,600,729 3,591,732 Weighted average shares outstanding, Class B 1,967,180 1,967,180 1,969,030 Dilutive effect of Class A stock options — — 1,447 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 5,562,209 Weighted average shares outstanding, Class B 1,967,180 1,967,180 1,969,030 Diluted EPS, Class A $ 4.41 $ 4.13 $ 3.93 Diluted EPS, Class B $ 2.68 $ 2.51 $ 2.39 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 15. Stockholders’ Equity DIVIDENDS Holders of the Class A common stock may not vote in the election of directors but may vote as a class to approve certain extraordinary corporate transactions. Holders of Class B common stock may vote in the election of directors. Class A common stockholders are entitled to receive dividends per share equal to at least 200% per share of that paid, if any, on each share of Class B common stock. Class A common stock is publicly traded. Class B common stock is not publicly traded; however, it can be converted on a per share basis to Class A common stock at any time at the option of the holder. Dividend payments by the Company are dependent in part on the dividends it receives from the Bank, which are subject to certain regulatory restrictions. STOCK OPTION PLAN During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options for not more than 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified and incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options outstanding at December 31, 2016 and December 31, 2015. Stock option activity under the plan is as follows: December 31, 2016 December 31, 2015 December 31, 2014 Amount Weighted Amount Weighted Amount Weighted Shares under option: Outstanding at beginning of year — $ — — $ — 20,375 $ 31.82 Forfeited — — — — (9,050 ) 31.83 Exercised — — — — (11,325 ) 31.81 Outstanding at end of year — $ — — $ — — $ — Exercisable at end of year — $ — — $ — — $ — Available to be granted at end of year 233,934 233,934 233,934 The weighted average intrinsic value of options exercised for the period ended December 31, 2014, was $8.76 per share with an aggregate value of $99,217. CAPITAL RATIOS The Bank and the Company are subject to various regulatory requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and Company’s financial statements. Under capital adequacy guidelines and regulatory framework for prompt corrective action, the Bank and Company must meet specific capital guidelines that involve quantitative measures of the Bank and Company’s assets and liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank and Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulation) to risk-weighted assets (as defined) and Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2016, that the Bank and the Company meet all capital adequacy requirements to which they are subject. The Basel Committee has issued capital standards entitled “Base III: A global framework for more resilient banks and banking systems” (Basel III). The Federal Reserve has finalized its rule implementing the Basel III regulatory capital framework. The rule was effective in January 2015 and sets the Basel III minimum Regulatory capital requirements. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Common Equity tier 1, tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes would cause a change in the Bank’s categorization. The Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total Capital (to Risk-Weighted Assets) $ 293,143 12.27 % $ 191,081 8.00 % $ 238,851 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 268,737 11.25 % 143,311 6.00 % 191,081 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 268,737 11.25 % 107,483 4.50 % 155,253 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 268,737 6.02 % 178,469 4.00 % 223,086 5.00 % As of December 31, 2015 Total Capital (to Risk-Weighted Assets) $ 278,769 12.03 % $ 185,320 8.00 % $ 231,650 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 255,694 11.04 % 138,990 6.00 % 185,320 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 255,694 11.04 % 104,242 4.50 % 150,572 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 255,964 6.48 % 157,734 4.00 % 197,167 5.00 % The Company’s actual capital amounts and ratios are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total Capital (to Risk-Weighted Assets) $ 305,065 12.72 % $ 191,904 8.00 % $ 239,880 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 280,659 11.70 % 143,928 6.00 % 191,904 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 249,753 10.41 % 107,946 4.50 % 155,922 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 280,659 6.28 % 178,903 4.00 % 223,628 5.00 % As of December 31, 2015 Total Capital (to Risk-Weighted Assets) $ 291,635 12.54 % $ 186,021 8.00 % $ 232,526 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 268,560 11.55 % 139,515 6.00 % 186,021 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 233,560 10.04 % 104,637 4.50 % 151,142 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 268,560 6.79 % 158,114 4.00 % 197,642 5.00 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The current and deferred components of income tax (benefit) expense for the years ended December 31, are as follows: 2016 2015 2014 (dollars in thousands) Current expense: Federal $ 3,875 $ 3,393 $ 3,981 State 439 399 498 Total current expense 4,314 3,792 4,479 Deferred (benefit) expense: Federal (4,450 ) (3,098 ) (3,179 ) State (334 ) (161 ) (434 ) Valuation allowance 108 — — Total deferred benefit (4,676 ) (3,259 ) (3,613 ) Provision for income taxes $ (362 ) $ 533 $ 866 Income tax accounts included in other assets at December 31, are as follows: 2016 2015 (dollars in thousands) Currently receivable $ 633 $ 1,217 Deferred income tax asset, net 43,129 40,157 Total $ 43,762 $ 41,374 Differences between income tax (benefit) expense at the statutory federal income tax rate and total income tax expense are summarized as follows: 2016 2015 2014 (dollars in thousands) Federal income tax expense at statutory rates $ 8,218 $ 8,008 $ 7,727 State income tax, net of federal income tax benefit 69 157 42 Insurance income (406 ) (375 ) (353 ) Effect of tax-exempt interest (8,259 ) (6,915 ) (6,097 ) Net tax credit (395 ) (460 ) (517 ) Valuation allowance 108 — — Other 303 118 64 Total $ (362 ) $ 533 $ 866 Effective tax rate (1.50 )% 2.30 % 3.80 % The following table sets forth the Company’s gross deferred income tax assets and gross deferred income tax liabilities at December 31: 2016 2015 (dollars in thousands) Deferred income tax assets: Allowance for loan losses $ 10,419 $ 9,852 AMT credit 10,234 7,041 Deferred compensation 9,684 8,495 Pension and SERP liability 7,658 8,714 Unrealized losses on securities transferred to held-to-maturity 3,161 4,667 Depreciation 968 673 Accrued bonus 612 508 Unrealized (gains) losses on securities available-for-sale 357 108 Charitable contributions carryforward 266 — Acquisition premium 128 231 Nonaccrual interest 125 138 Limited partnerships 30 52 Investments write down 26 26 Other 220 173 Gross deferred income tax asset 43,888 40,678 Valuation allowance (108 ) — Gross deferred income tax asset,net of valuation allowance 43,780 40,678 Deferred income tax liabilities: Mortgage servicing rights (651 ) (521 ) Gross deferred income tax liability (651 ) (521 ) Deferred income tax asset net $ 43,129 $ 40,157 Based on the Company’s historical and current pre-tax earnings, management believes it is more likely than not that the Company will realize the deferred income tax asset existing at December 31, 2016, with the exception of a $108,000 valuation allowance on a charitable contribution carryforward that has a remaining carryforward period of four years. Management believes that existing net deductible temporary differences which give rise to the deferred tax asset will reverse during periods in which the Company generates net taxable income. In addition, gross deductible temporary differences are expected to reverse in periods during which offsetting gross taxable temporary differences are expected to reverse. Factors beyond management’s control, such as the general state of the economy and real estate values, can affect future levels of taxable income, and no assurance can be given that sufficient taxable income will be generated to fully absorb gross deductible temporary differences. The Company is in an Alternative Minimum Tax (“AMT”) credit position. The AMT credit is carried as a deferred asset and has an indefinite life. The Company’s intent is not to perpetually remain an AMT taxpayer and has potential tax planning strategies available which support the deferred AMT credit and, at this time, no valuation allowance is needed. The Company and its subsidiaries file a consolidated federal tax return. The Company is subject to federal examinations for tax years after December 31, 2013, and state examinations for the tax years after December 31, 2012. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | 17. Employee Benefits The Company has a Qualified Defined Benefit Pension Plan (the “Plan”), which had been offered to all employees reaching minimum age and service requirements. In 2006, the Bank became a member of the Savings Bank Employees Retirement Association (“SBERA”) within which it then began maintaining the Qualified Defined Benefit Pension Plan. SBERA offers a common and collective trust as the underlying investment structure for its retirement plans. The target allocation mix for the common and collective trust portfolio calls for an equity-based investment deployment range of 40% to 64% of total portfolio assets. The remainder of the portfolio is allocated to fixed income securities with target range of 15% to 25% and other investments including global asset allocation and hedge funds from 20% to 36%. The Trustees of SBERA, through its Investment Committee, select investment managers for the common and collective trust portfolio. A professional investment advisory firm is retained by the Investment Committee to provide allocation analysis, performance measurement and to assist with manager searches. The overall investment objective is to diversify investments across a spectrum of investment types to limit risks from large market swings. The Company closed the plan to employees hired after March 31, 2006. The measurement date for the Plan is December 31 for each year. The benefits expected to be paid in each year from 2017 to 2021 are $1,457,000, $1,481,000, $1,516,000, $1,671,000, and $1,863,000, respectively. The aggregate benefits expected to be paid in the five years from 2022 to 2026 are $10,650,000. The Company plans to contribute $1,000,000 to the Plan in 2017. The fair value of plan assets and major categories as of December 31, 2016, is as follows: Asset Category Percent Total Level 1 Level 2 Level 3 (dollars in thousands) Collective fund 59.3 % $ 22,209 $ 4,708 $ 17,501 $ — Equity securities 19.7 % 7,363 7,363 — — Mutual funds 12.3 % 4,615 4,615 — — Hedge funds 7.4 % 2,786 — — 2,786 Short-term investments 1.3 % 474 474 — — 100.0 % $ 37,447 $ 17,160 $ 17,501 $ 2,786 The fair value of plan assets and major categories as of December 31, 2015, is as follows: Asset Category Percent Total Level 1 Level 2 Level 3 (dollars in thousands) Collective fund 61.20 % $ 20,627 $ 4,307 $ 16,320 $ — Equity securities 17.70 % 5,990 5,990 — — Mutual funds 11.90 % 4,001 4,001 — — Hedge funds 7.50 % 2,524 — — 2,524 Short-term investments 1.70 % 575 575 — — 100.00 % $ 33,717 $ 14,873 $ 16,320 $ 2,524 LEVEL 1 The plan assets measured at fair value in Level 1 are based on quoted market prices in an active exchange market. LEVEL 2 Plan assets measured at fair value in Level 2 are based on pricing models that consider standard input factors, such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. LEVEL 3 Plan assets measured at fair value in Level 3 are based on unobservable inputs, which includes SBERA’s assumptions and the best information available under the circumstance. Level 3 assets consist of hedge funds. The underlying assets are valued based upon quoted exchange prices, over-the-counter trades, bid/ask prices, relative value assessments based on market conditions, and other information, as available. Further adjustments may be made based on factors impacting liquidity. The asset or liability’s fair value measurement level within fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Below is a description of the valuation methodologies used for assets measured at fair value. The Trust reports bonds and other obligations, short-term investments and equity securities at fair values based on published quotations, Collective funds and hedge funds (Funds) are valued in accordance with valuations provided by such Funds, which generally value marketable securities at the last reported sales price on the valuation date and other investments at fair value, as determined by each Fund’s manager. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, although the Trust believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The changes in Level 3 securities are shown in the table below: Year Ended December 31, 2016 2015 (dollars in thousands) Balance at beginning of year $ 2,524 $ 2,360 Purchases 114 224 Redemptions (309 ) (40 ) Actual return – assets still being held 457 (20 ) Balance at end of year $ 2,786 $ 2,524 There were no transfers in or out of level 3 during the year ended December 31, 2016 and 2015. The performance of the plan assets is dependent upon general market conditions and specific conditions related to the issuers of the underlying securities. The Company has a Supplemental Executive Insurance/Retirement Plan (the Supplemental Plan), which is limited to certain officers and employees of the Company. The Supplemental Plan is voluntary. Under the Supplemental Plan, each participant will receive a retirement benefit based on compensation and length of service. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant. The benefits expected to be paid in each year from 2017 to 2021 are $2,031,000, $1,990,000, $1,964,000, $1,906,000 and $1,830,000, respectively. The aggregate benefits expected to be paid in the five years from 2022 to 2026 are $11,972,000. Defined Benefit Supplemental Insurance/ 2016 2015 2016 2015 (dollars in thousands) Change projected in benefit obligation Benefit obligation at beginning of year $ 38,597 $ 40,011 $ 38,204 $ 31,989 Service cost 1,273 1,343 1,820 1,589 Interest cost 1,358 1,576 1,334 1,365 Actuarial (gain)/loss 2,593 (3,424 ) (1,653 ) 4,304 Benefits paid (1,566 ) (909 ) (1,095 ) (1,043 ) Projected benefit obligation at end of year $ 42,255 $ 38,597 $ 38,610 $ 38,204 Change in plan assets Fair value of plan assets at beginning of year $ 33,717 $ 33,812 Actual return on plan assets 3,221 (1,186 ) Employer contributions 2,075 2,000 Benefits paid (1,566 ) (909 ) Fair value of plan assets at end of year $ 37,447 $ 33,717 (Unfunded) Funded status $ (4,808 ) $ (4,880 ) $ (38,610 ) $ (38,204 ) Accumulated benefit obligation $ 42,255 $ 38,597 $ 36,392 $ 34,884 Weighted-average assumptions as of December 31 Discount rate — Liability 3.99 % 4.18 % 3.85 % 4.03 % Discount rate — Expense 4.18 % 4.00 % 4.01 % 4.00 % Expected return on plan assets 8.00 % 8.00 % NA NA Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % Components of net periodic benefit cost Service cost $ 1,273 $ 1,343 $ 1,820 $ 1,589 Interest cost 1,358 1,576 1,334 1,365 Expected return on plan assets (2,776 ) (2,749 ) — — Recognized prior service cost (104 ) (104 ) 114 114 Recognized net losses 801 812 805 599 Net periodic cost (benefit) $ 552 $ 878 $ 4,073 $ 3,667 Other changes in plan assets and benefit obligations recognized in other comprehensive income Amortization of prior service cost $ 104 $ 104 $ (114 ) $ (114 ) Net (gain) loss 1,347 (301 ) (2,458 ) 3,705 Total recognized in other comprehensive income 1,451 (197 ) (2,572 ) 3,591 Total recognized in net periodic benefit cost and other comprehensive income $ 2,003 $ 681 $ 1,501 $ 7,258 December 31, 2016 December 31, 2015 Plan Supplemental Total Plan Supplemental Total (dollars in thousands) Prior service cost $ 204 $ (649 ) $ (445 ) $ 308 $ (763 ) $ (455 ) Net actuarial loss (13,999 ) (13,416 ) (27,415 ) (12,652 ) (15,874 ) (28,526 ) Total $ (13,795 ) $ (14,065 ) $ (27,860 ) $ (12,344 ) $ (16,637 ) $ (28,981 ) The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2016, expected to be recognized as components of net periodic benefit cost in the next year: Plan Supplemental Amortization of prior service cost to be recognized in 2017 $ (104 ) $ 114 Amortization of loss to be recognized in 2017 903 636 Assumptions for the expected return on plan assets and discount rates in the Company’s Plan and Supplemental Plan are periodically reviewed. As part of the review, management in consultation with independent consulting actuaries performs an analysis of expected returns based on the plan’s asset allocation. This forecast reflects the Company’s and actuarial firm’s expected return on plan assets for each significant asset class or economic indicator. The range of returns developed relies on forecasts and on broad market historical benchmarks for expected return, correlation and volatility for each asset class. Also, as a part of the review, the Company’s management in consultation with independent consulting actuaries performs an analysis of discount rates based on expected returns of high-grade fixed income debt securities. Effective January 1, 2016, the Company changed its estimate of the service and interest components of the net periodic benefit cost. Previously, the Company estimated the service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. The new estimate utilizes a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The new estimate provided a more precise measurement of service and interests costs by improving the correlation between projected benefit cash flows and their corresponding spot rates. The change does not affect the measurement of the Company’s benefit obligations and it is accounted for as a change in accounting estimate, which is applied prospectively. For 2016, the change in estimate reduced periodic plan cost by $859,000 compared to the prior estimate. Mortality assumptions are based on the RP 2015 Mortality Table projected with Scale MP 2016. The Company offers a 401(k) defined contribution plan for all employees reaching minimum age and service requirements. The plan is voluntary and employee contributions are matched by the Company at a rate of 33.3% for the first 6% of compensation contributed by each employee. The Company’s match totaled $418,000 for 2016, $403,000 for 2015 and $346,000 for 2014. Administrative costs associated with the plan are absorbed by the Company. The Company has a cash incentive plan that is designed to reward our executives and officers for the achievement of annual financial performance goals of the Company as well as business line, department and individual performance. The plan supports the philosophy that management be measured for their performance as a team in the attainment of these goals. Discretionary bonus expense amounted to $1,418,000, $1,178,000 and $1,434,000 in 2016, 2015, and 2014, respectively. The Company does not offer any postretirement programs other than pensions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies A number of legal claims against the Company arising in the normal course of business were outstanding at December 31, 2016. Management, after reviewing these claims with legal counsel, is of the opinion that their resolution will not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | 19. Financial Instruments with Off-Balance-Sheet Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include commitments to originate and sell loans, standby letters of credit, unused lines of credit and unadvanced portions of construction loans. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in these particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments, standby letters of credit and unadvanced portions of construction loans is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments with off-balance-sheet risk at December 31 are as follows: Contract or Notional Amount 2016 2015 (dollars in thousands) Financial instruments whose contract amount represents credit risk: Commitments to originate 1–4 family mortgages $ 13,877 $ 5,638 Standby and commercial letters of credit 6,796 4,936 Unused lines of credit 362,357 320,874 Unadvanced portions of construction loans 22,049 11,589 Unadvanced portions of other loans 52,224 41,717 Commitments to originate loans, unadvanced portions of construction loans, unused lines of credit and unused letters of credit are generally agreements to lend to a customer, provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Operating Expenses | 20. Other Operating Expenses Year ended December 31, 2016 2015 2014 (dollars in thousands) Marketing $ 2,185 $ 1,849 $ 1,793 Software maintenance/amortization 1,863 1,670 1,524 Legal and audit 1,255 1,269 1,072 Contributions 789 690 735 Processing services 1,040 1,002 944 Consulting 1,168 1,050 964 Postage and delivery 987 905 964 Supplies 948 965 870 Telephone 1,032 804 753 Directors’ fees 413 377 389 Insurance 323 301 304 Other 1,812 1,826 1,520 Total $ 13,815 $ 12,708 $ 11,832 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Fair Values of Financial Instruments | 21. Fair Values of Financial Instruments The following methods and assumptions were used by the Company in estimating fair values of its financial instruments. Excluded from this disclosure are all non-financial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. SECURITIES HELD-TO-MATURITY The fair values of these securities were based on quoted market prices, where available, as provided by third-party investment portfolio pricing vendors. If quoted market prices were not available, fair values provided by the vendors were based on quoted market prices of comparable instruments in active markets and/or based on a matrix pricing methodology which employs The Bond Market Association’s standard calculations for cash flow and price/yield analysis, live benchmark bond pricing and terms/condition data available from major pricing sources. Management regards the inputs and methods used by third party pricing vendors to be “Level 2 inputs and methods” as defined in the “fair value hierarchy” provided by FASB. LOANS For variable-rate loans, that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair value of other loans is estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Incremental credit risk for nonperforming loans has been considered. TIME DEPOSITS The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. OTHER BORROWED FUNDS The fair value of other borrowed funds is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other borrowed funds of similar remaining maturities. SUBORDINATED DEBENTURES The fair value of subordinated debentures is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other subordinated debentures of similar remaining maturities. The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2016 and December 31, 2015. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. Carrying Amount Estimated Level 1 Inputs Fair Value Level 3 Inputs (dollars in thousands) December 31, 2016 Financial assets: Securities held-to-maturity $ 1,653,986 $ 1,635,808 $ — $ 1,635,808 $ — Loans (1) 1,899,527 1,873,703 — — 1,873,703 Financial liabilities: Time deposits 478,359 480,133 — 480,133 — Other borrowed funds 293,000 294,940 — 294,940 — Subordinated debentures 36,083 36,083 — — 36,083 December 31, 2015 Financial assets: Securities held-to-maturity $ 1,438,903 $ 1,438,960 $ — $ 1,438,960 $ — Loans(1) 1,708,461 1,677,270 — — 1,677,270 Financial liabilities: Time deposits 473,426 474,046 — 474,046 — Other borrowed funds 368,000 372,209 — 372,209 — Subordinated debentures 36,083 36,083 — — 36,083 (1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. LIMITATIONS Fair value estimates are made at a specific point in time, based on relevant market information and information about the type of financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Bank’s entire holdings of a particular financial instrument. Because no active market exists for some of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, cash flows, current economic conditions, risk characteristics and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions and changes in the loan, debt and interest rate markets could significantly affect the estimates. Further, the income tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 22. Quarterly Results of Operations (unaudited) 2016 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 24,689 $ 25,005 $ 23,742 $ 23,263 Interest expense 5,927 5,791 5,486 5,413 Net interest income 18,762 19,214 18,256 17,850 Provision for loan losses 200 375 350 450 Net interest income after provision for loan losses 18,562 18,839 17,906 17,400 Other operating income 3,700 4,225 4,643 3,654 Operating expenses 16,156 16,630 16,288 15,683 Income before income taxes 6,106 6,434 6,261 5,371 Provision for income taxes (394 ) (52 ) 20 64 Net income $ 6,500 $ 6,486 $ 6,241 $ 5,307 Share data: Average shares outstanding, basic Class A 3,600,729 3,600,729 3,600,729 3,600,729 Class B 1,967,180 1,967,180 1,967,180 1,967,180 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,967,180 1,967,180 1,967,180 1,967,180 Earnings per share, basic Class A $ 1.42 $ 1.41 $ 1.36 $ 1.16 Class B $ 0.71 $ 0.71 $ 0.68 $ 0.58 Earnings per share, diluted Class A $ 1.17 $ 1.16 $ 1.12 $ 0.95 Class B $ 0.71 $ 0.71 $ 0.68 $ 0.58 2015 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 22,496 $ 23,750 $ 22,675 $ 21,172 Interest expense 5,274 5,134 4,961 4,765 Net interest income 17,222 18,616 17,714 16,407 Provision for loan losses — — — 200 Net interest income after provision for loan losses 17,222 18,616 17,714 16,207 Other operating income 4,448 3,830 4,210 3,505 Operating expenses 15,794 16,100 15,766 14,538 Income before income taxes 5,876 6,346 6,158 5,174 Provision for income taxes (95 ) 180 233 215 Net income $ 5,971 $ 6,166 $ 5,925 $ 4,959 Share data: Average shares outstanding, basic Class A 3,600,729 3,600,729 3,600,729 3,600,729 Class B 1,967,180 1,967,180 1,967,180 1,967,180 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,976,180 1,967,180 1,967,180 1,967,180 Earnings per share, basic Class A $ 1.30 $ 1.35 $ 1.29 $ 1.08 Class B $ 0.65 $ 0.67 $ 0.65 $ 0.54 Earnings per share, diluted Class A $ 1.07 $ 1.11 $ 1.06 $ 0.89 Class B $ 0.65 $ 0.67 $ 0.65 $ 0.54 |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent Company Financial Statements | 23. Parent Company Financial Statements The balance sheets of Century Bancorp, Inc. (“Parent Company”) as of December 31, 2016 and 2015 and the statements of income and cash flows for each of the years in the three-year period ended December 31, 2016, are presented below. The statements of changes in stockholders’ equity are identical to the consolidated statements of changes in stockholders’ equity and are therefore not presented here. BALANCE SHEETS December 31, 2016 2015 (dollars in thousands) ASSETS: Cash $ 2,768 $ 5,230 Investment in subsidiary, at equity 263,070 236,629 Other assets 10,335 8,808 Total assets $ 276,173 $ 250,667 LIABILITIES AND STOCKHOLDERS’ EQUITY: Liabilities $ 49 $ 40 Subordinated debentures 36,083 36,083 Stockholders’ equity 240,041 214,544 Total liabilities and stockholders’ equity $ 276,173 $ 250,667 STATEMENTS OF INCOME Year Ended December 31, 2016 2015 2014 (dollars in thousands) Income: Dividends from subsidiary $ 2,000 $ 1,500 $ — Interest income from deposits in bank 3 13 21 Other income 28 24 72 Total income 2,031 1,537 93 Interest expense 937 792 2,329 Operating expenses 220 212 204 Income before income taxes and equity in undistributed income of subsidiary 874 533 (2,440 ) Benefit from income taxes (383 ) (328 ) (830 ) Income before equity in undistributed income of subsidiary 1,257 861 (1,610 ) Equity in undistributed income of subsidiary 23,277 22,160 23,470 Net income $ 24,534 $ 23,021 $ 21,860 STATEMENTS OF CASH FLOWS December 31, 2016 2015 2014 (dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 24,534 $ 23,021 $ 21,860 Adjustments to reconcile net income to net cash provided by operating activities Undistributed income of subsidiary (23,277 ) (22,160 ) (23,470 ) Depreciation and amortization — 3 12 Increase in other assets (1,527 ) (1,112 ) (1,067 ) Decrease in liabilities 9 4 (71 ) Net cash (used in) operating activities (261 ) (244 ) (2,736 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from the exercise of stock options — — 361 Cash dividends paid (2,201 ) (2,200 ) (2,196 ) Net cash used in financing activities (2,201 ) (2,200 ) (1,835 ) Net (decrease) in cash (2,462 ) (2,444 ) (4,571 ) Cash at beginning of year 5,230 7,674 12,245 Cash at end of year $ 2,768 $ 5,230 $ 7,674 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF FINANCIAL STATEMENT PRESENTATION | BASIS OF FINANCIAL STATEMENT PRESENTATION The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts, New Hampshire, Rhode Island, Connecticut and New York. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on a review of factors, including historical charge-off |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, 820-10 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 Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments that are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and over the counter (“OTC”) derivatives. Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS For purposes of reporting cash flows, cash equivalents include highly liquid assets with an original maturity of three months or less. Highly liquid assets include cash and due from banks, federal funds sold and certificates of deposit. |
SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS As of December 31, 2016 and 2015, short-term investments include highly liquid certificates of deposit with original maturities of more than 90 days but less than one year. |
INVESTMENT SECURITIES | INVESTMENT SECURITIES Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity held-to-maturity available-for-sale Premiums and discounts on investment securities are amortized or accreted into income by use of the level-yield method. Gains and losses on the sale of investment securities are recognized on the trade date on a specific identification basis. Management also considers the Company’s capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a decline in fair value is OTTI and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company’s consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the OTTI impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a decline in fair value is OTTI and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company’s consolidated statement of income. The transfer of a security between categories of investments shall be accounted for at fair value. For a debt security transferred into the held-to-maturity available-for-sale held-to-maturity The sale of a security held-to-maturity |
FEDERAL HOME LOAN BANK STOCK | FEDERAL HOME LOAN BANK STOCK The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”), is required to maintain an investment in capital stock of the FHLBB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. As of December 31, 2016, no impairment has been recognized. |
LOANS HELD FOR SALE | LOANS HELD FOR SALE Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. |
LOANS | LOANS Interest on loans is recognized based on the daily principal amount outstanding. Accrual of interest is discontinued when loans become ninety days delinquent unless the collateral is sufficient to cover both principal and interest and the loan is in the process of collection. Past-due Loan origination fees and related direct loan origination costs are offset, and the resulting net amount is deferred and amortized over the life of the related loans using the level-yield method. Prepayments are not initially considered when amortizing premiums and discounts. The Bank measures impairment for impaired loans at either the fair value of the loan, the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. This method applies to all loans, uncollateralized as well as collateralized, except large groups of smaller-balance homogeneous loans such as residential real estate and consumer loans that are collectively evaluated for impairment and loans that are measured at fair value. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off charged-off in-substance pre-modification |
TRANSFERS OF FINANCIAL ASSETS | TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets, typically residential mortgages and loan participations for the Company, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. |
ACQUIRED LOANS | ACQUIRED LOANS In accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality No. 03-3, 310-30 Loans which, at acquisition, do not have evidence of deterioration of credit quality since origination are outside the scope of FASB ASC 310-30. When a loan is paid off, the excess of any cash received over the net investment is recorded as interest income. In addition to the amount of purchase discount that is recognized at that time, income may include interest owed by the borrower prior to the Company’s acquisition of the loan, interest collected if on nonperforming status, prepayment fees and other loan fees. There were no new loans acquired during the year ended December 31, 2016. |
NONPERFORMING ASSETS | NONPERFORMING ASSETS In addition to nonperforming loans, nonperforming assets include other real estate owned. Other real estate owned is comprised of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. Other real estate owned is recorded initially at estimated fair value less costs to sell. When such assets are acquired, the excess of the loan balance over the estimated fair value of the asset is charged to the allowance for loan losses. An allowance for losses on other real estate owned is established by a charge to earnings when, upon periodic evaluation by management, further declines in the estimated fair value of properties have occurred. Such evaluations are based on an analysis of individual properties as well as a general assessment of current real estate market conditions. Holding costs and rental income on properties are included in current operations, while certain costs to improve such properties are capitalized. Gains and losses from the sale of other real estate owned are reflected in earnings when realized. |
ALLOWANCE FOR LOAN LOSSES | ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is based on management’s evaluation of the quality of the loan portfolio and is used to provide for losses resulting from loans that ultimately prove uncollectible. The components of the allowance for loan losses represent estimates based upon Accounting Standards Codification (“ASC”) Topic 450, contingencies, and ASC Topic 310 Receivables. ASC Topic 450 applies to homogenous loan pools such as consumer installment, residential mortgages, consumer lines of credit and commercial loans that are not individually evaluated for impairment under ASC Topic 310. In determining the level of the allowance, periodic evaluations are made of the loan portfolio, which takes into account factors such as the characteristics of the loans, loan status, financial strength of the borrowers, value of collateral securing the loans and other relevant information sufficient to reach an informed judgment. The allowance is increased by provisions charged to income and reduced by loan charge-offs, net of recoveries. Management maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on assessments of the probable estimated losses inherent in the loan portfolio. Management’s methodology for assessing the appropriateness of the allowance consists of several key elements, which include the specific allowances, if appropriate, for identified problem loans, formula allowance, and possibly an unallocated allowance. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. While management uses available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. Loans are charged-off Under ASC Topic 310, a loan is impaired, based upon current information and in management’s opinion, when it is probable that the loan will not be repaid according to its original contractual terms, including both principal and interest, or if a loan is designated as a TDR. Specific allowances for loan losses entail the assignment of allowance amounts to individual loans on the basis of loan impairment. Under this method, loans are selected for evaluation based upon a change in internal risk rating, occurrence of delinquency, loan classification or nonaccrual status. A specific allowance amount is allocated to an individual loan when such loan has been deemed impaired and when the amount of a probable loss is able to be estimated on the basis of: (a) present value of anticipated future cash flows, (b) the loan’s observable fair market price or (c) fair value of collateral if the loan is collateral dependent. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off In estimating probable loan loss under ASC Topic 450 management considers numerous factors, including historical charge-offs and subsequent recoveries. The formula allowances are based on evaluations of homogenous loans to determine the allocation appropriate within each portfolio segment. Formula allowances are based on internal risk ratings or credit ratings from external sources. Individual loans within the commercial and industrial, commercial real estate and real estate construction loan portfolio segments are assigned internal risk ratings to group them with other loans possessing similar risk characteristics. Changes in risk grades affect the amount of the formula allowance. Risk grades are determined by reviewing current collateral value, financial information, cash flow, payment history and other relevant facts surrounding the particular credit. On these loans, the formula allowances are based on the risk ratings, the historical loss experience, and the loss emergence period. Historical loss data and loss emergence periods are developed based on the Company’s historical experience. For larger loans with available external credit ratings, these ratings are utilized rather than the Company’s risk ratings. The historical loss factor and loss emergence periods for these loans are based on data published by the rating agencies for similar credits as the Company has limited internal historical data. For the residential real estate and consumer loan portfolios, the formula allowances are calculated by applying historical loss experience and the loss emergence period to the outstanding balance in each loan category. Loss factors and loss emergence periods are based on the Company’s historical net loss experience. Additional allowances are added to portfolio segments based on qualitative factors. Management considers potential factors identified in regulatory guidance. Management has identified certain qualitative factors, which could impact the degree of loss sustained within the portfolio. These include market risk factors and unique portfolio risk factors that are inherent characteristics of the Company’s loan portfolio. Market risk factors may consist of changes to general economic and business conditions, such as unemployment and GDP that may impact the Company’s loan portfolio customer base in terms of ability to repay and that may result in changes in value of underlying collateral. Unique portfolio risk factors may include the outlooks for business segments in which the Company’s borrowers operate and loan size. The potential ranges for qualitative factors are based on historical volatility in losses. The actual amount utilized is based on management’s assessment of current conditions. After considering the above components, an unallocated component may be generated to cover uncertainties that could affect management’s estimate of probable losses. These uncertainties include the effects of loans in new geographical areas and new industries. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
BANK PREMISES AND EQUIPMENT | BANK PREMISES AND EQUIPMENT Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Land is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the terms of leases, if shorter. It is general practice to charge the cost of maintenance and repairs to operations when incurred; major expenditures for improvements are capitalized and depreciated. |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identifiable intangible assets consist of core deposit intangibles and are assets resulting from acquisitions that are being amortized over their estimated useful lives. Goodwill and identifiable intangible assets are included in other assets on the consolidated balance sheets. The Company tests goodwill for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the segment (or “reporting unit”) level. Currently, the Company’s goodwill is evaluated at the entity level as there is only one reporting unit. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill. Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step The first step, in the two-step |
SERVICING | SERVICING The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into loan servicing fee income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant risk characteristics, such as interest rates and terms. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the capitalized amount for the stratum. Changes in the valuation allowance are reported in loan servicing fee income. |
STOCK OPTION ACCOUNTING | STOCK OPTION ACCOUNTING The Company follows the fair value recognition provisions of FASB ASC 718, Compensation — Stock Compensation During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options to purchase shares of Class A common stock outstanding at December 31, 2016. The Company uses the fair value method to account for stock options. There were no options granted during 2016 and 2015. |
INCOME TAXES | INCOME TAXES The Company uses the asset and liability method in accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with FASB ASC 740. The Company classifies interest resulting from underpayment of income taxes as income tax expense in the first period the interest would begin accruing according to the provisions of the relevant tax law. The Company classifies penalties resulting from underpayment of income taxes as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company’s judgment changes regarding an uncertain tax position. |
EARNINGS PER SHARE ("EPS") | 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 stock options. The company utilizes the two class method for reporting EPS. The two-class |
TREASURY STOCK | TREASURY STOCK Effective July 1, 2004, companies incorporated in Massachusetts became subject to Chapter 156D of the Massachusetts Business Corporation Act, provisions of which eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. |
PENSION | PENSION The Company provides pension benefits to its employees under a noncontributory, defined benefit plan, which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. The Company also has a Supplemental Executive Insurance/Retirement Plan (“the Supplemental Plan”), which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. Executive officers of the Company or its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary. Individual life insurance policies, which are owned by the Company, are purchased covering the life of each participant. The Company utilizes a full yield curve approach in the estimation of the service and interest components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the underlying projected cash flows. |
RECENT ACCOUNTING DEVELOPMENTS | RECENT ACCOUNTING DEVELOPMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, non-financial 2015-14, 2014-09. 2014-09 In January 2016, FASB issued ASU 2016-1, 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. In February 2016, the FASB issued ASU 2016-02, In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting. available-for-sale In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. In October 2016, the FASB issued ASU 2016-17, Interests Held through Related Parties That Are under Common Control. 810-10, In November 2016, the FASB issued ASU 2016-18, Restricted Cash. beginning-of-period end-of-period |
Securities Available-for-Sale (
Securities Available-for-Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of Securities Available-for-Sale | December 31, 2016 December 31, 2015 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) U.S. Treasury $ 2,000 $ — $ — $ 2,000 $ 1,999 $ — $ 10 $ 1,989 U.S. Government Sponsored Enterprises 25,000 — 48 24,952 — — — — SBA Backed Securities 57,899 14 146 57,767 5,983 8 2 5,989 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 243,703 293 671 243,325 232,967 859 300 233,526 Privately Issued Residential Mortgage-Backed Securities 1,121 2 14 1,109 1,437 10 13 1,434 Obligations Issued by States and Political Subdivisions 165,281 — 405 164,876 157,838 — 878 156,960 Other Debt Securities 5,100 18 194 4,924 4,600 3 130 4,473 Equity Securities 116 228 — 344 153 99 — 252 Total $ 500,220 $ 555 $ 1,478 $ 499,297 $ 404,977 $ 979 $ 1,333 $ 404,623 |
Estimated Maturity Distribution of Securities Available-for-Sale | The following table shows the estimated maturity distribution of the Company’s securities available-for-sale at December 31, 2016. Amortized Fair Value (dollars in thousands) Within one year $ 173,276 $ 173,263 After one but within five years 107,005 106,782 After five but within ten years 168,698 168,347 More than ten years 49,625 49,207 Nonmaturing 1,616 1,698 Total $ 500,220 $ 499,297 |
Continuous Unrealized Loss Position for 12 Months or Less and 12 Months and Longer | The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2016. 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 49 and 15 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 270 holdings at December 31, 2016. December 31, 2016 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises 24,952 48 — — 24,952 48 SBA Backed Securities 52,346 145 951 1 53,297 146 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 135,612 485 31,504 186 167,116 671 Privately Issued Residential Mortgage-Backed Securities — — 757 14 757 14 Obligations Issued by States and Political Subdivisions — — 4,298 405 4,298 405 Other Debt Securities 453 47 1,553 147 2,006 194 Total temporarily impaired securities $ 213,363 $ 725 $ 39,063 $ 753 $ 252,426 $ 1,478 The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2015. 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 14 and 11 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 290 holdings at December 31, 2015. December 31, 2015 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ 1,989 $ 10 $ — $ — $ 1,989 $ 10 SBA Backed Securities 1,031 2 — — 1,031 2 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 26,519 52 49,341 248 75,860 300 Privately Issued Residential Mortgage-Backed Securities — — 490 13 490 13 Obligations Issued by States and Political Subdivisions — — 3,820 878 3,820 878 Other Debt Securities 497 3 1,373 127 1,870 130 Total temporarily impaired securities $ 30,036 $ 67 $ 55,024 $ 1,266 $ 85,060 $ 1,333 |
Investment Securities Held-to34
Investment Securities Held-to-Maturity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of Held-to-Maturity Securities | December 31, 2016 December 31, 2015 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in U.S. Government Sponsored Enterprises $ 148,326 $ 1,066 $ 527 $ 148,865 $ 186,734 $ 2,234 $ 141 $ 188,827 SBA Backed Securities 46,140 — 1,088 45,052 — — — — U.S. Government Sponsored Enterprises Mortgage-Backed Securities 1,459,520 4,948 22,577 1,441,891 1,252,169 7,547 9,583 1,250,133 Total $ 1,653,986 $ 6,014 $ 24,192 $ 1,635,808 $ 1,438,903 $ 9,781 $ 9,724 $ 1,438,960 |
Company's Securities Held-to-Maturity | The following table shows the maturity distribution of the Company’s securities held-to-maturity at December 31, 2016. Amortized Fair Value (dollars in thousands) Within one year $ 22,802 $ 22,911 After one but within five years 1,122,678 1,114,481 After five but within ten years 500,355 490,546 More than ten years 8,151 7,870 Total $ 1,653,986 $ 1,635,808 |
Unrealized Market Loss of Securities | The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2016. 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 194 and 16 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 375 holdings at December 31, 2016. December 31, 2016 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Government Sponsored Enterprises $ 59,219 $ 527 $ — $ — $ 59,219 $ 527 SBA Backed Securities 45,052 1,088 — — 45,052 1,088 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 1,008,960 20,725 58,535 1,852 1,067,495 22,577 Total temporarily impaired securities $ 1,113,231 $ 22,340 $ 58,535 $ 1,852 $ 1,171,766 $ 24,192 The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2015. 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 101 and 26 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 322 holdings at December 31, 2015. December 31, 2015 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Government Sponsored Enterprises $ 9,859 $ 141 $ — $ — $ 9,859 $ 141 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 626,218 6,657 123,864 2,926 750,082 9,583 Total temporarily impaired securities $ 636,077 $ 6,798 $ 123,864 $ 2,926 $ 759,941 $ 9,724 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Composition of Loan Portfolio | The following summary shows the composition of the loan portfolio at the dates indicated. December 31, 2016 2015 (dollars in thousands) Construction and land development $ 14,928 $ 27,421 Commercial and industrial 612,503 452,235 Municipal 135,418 85,685 Commercial real estate 696,173 721,506 Residential real estate 241,357 255,346 Consumer 11,013 10,744 Home equity 211,857 178,020 Overdrafts 684 579 Total $ 1,923,933 $ 1,731,536 |
Composition of Nonaccrual Loans and Impaired Loans | The composition of nonaccrual loans and impaired loans is as follows: December 31, 2016 2015 2014 (dollars in thousands) Loans on nonaccrual $ 1,084 $ 2,336 $ 4,146 Loans 90 days past due and still accruing — — — Impaired loans on nonaccrual included above 304 332 3,031 Total recorded investment in impaired loans 3,830 3,225 6,327 Average recorded investment of impaired loans 3,661 4,490 7,434 Accruing troubled debt restructures 3,526 2,893 3,296 Interest income not recorded on nonaccrual loans according to their original terms 37 91 123 Interest income on nonaccrual loans actually recorded — — — Interest income recognized on impaired loans 140 104 144 |
Aggregate Amount of Loans to Directors and Officers of Company and their Associates | The following table shows the aggregate amount of loans to directors and officers of the Company and their associates during 2016. Balance at Additions Repayments Balance at (dollars in thousands) $5,010 $ 6,778 $ 806 $ 10,982 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Analysis of Allowance for Loan Losses | An analysis of the allowance for loan losses for each of the three years ending December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 (dollars in thousands) Allowance for loan losses, beginning of year $ 23,075 $ 22,318 $ 20,941 Loans charged-off (389 ) (781 ) (1,382 ) Recoveries on loans previously charged-off 434 1,338 709 Net recoveries (charge-offs) 45 557 (673 ) Provision charged to expense 1,375 200 2,050 Reclassification to other liabilities* (89 ) — — Allowance for loan losses, end of year $ 24,406 $ 23,075 $ 22,318 * The reclassification relates to allowance for loan losses allocations on unused commitments that have been reclassified to other liabilities. |
Summary of Allowance for Loan Losses | Further information pertaining to the allowance for loan losses at December 31, 2016 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2015 $ 2,041 $ 5,899 $ 994 $ 10,589 $ 1,320 $ 644 $ 1,077 $ 511 $ 23,075 Charge-offs — — — — — (362 ) (27 ) — (389 ) Recoveries — 132 — — 6 296 — — 434 Reclassification to other liabilities (5 ) (25 ) — (9 ) (3 ) (3 ) (44 ) — (89 ) Provision (1,024 ) 966 618 555 375 7 96 (218 ) 1,375 Ending balance at December 31, 2016 $ 1,012 $ 6,972 $ 1,612 $ 11,135 $ 1,698 $ 582 $ 1,102 $ 293 $ 24,406 Amount of allowance for loan losses for loans deemed to be impaired $ 3 $ 23 $ — $ 140 $ 7 $ — $ — $ — $ 173 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,009 $ 6,949 $ 1,612 $ 10,995 $ 1,691 $ 582 $ 1,102 $ 293 $ 24,233 Loans: Ending balance $ 14,928 $ 612,503 $ 135,418 $ 696,173 $ 241,357 $ 11,697 $ 211,857 $ — $ 1,923,933 Loans deemed to be impaired $ 94 $ 389 $ — $ 3,149 $ 198 $ — $ — $ — $ 3,830 Loans not deemed to be impaired $ 14,834 $ 612,114 $ 135,418 $ 693,024 $ 241,159 $ 11,697 $ 211,857 $ — $ 1,920,103 Further information pertaining to the allowance for loan losses at December 31, 2015 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2014 $ 1,592 $ 4,757 $ 1,488 $ 11,199 $ 776 $ 810 $ 599 $ 1,097 $ 22,318 Charge-offs — (172 ) — (298 ) — (311 ) — — (781 ) Recoveries 780 212 — 84 7 255 — — 1,338 Provision (331 ) 1,102 (494 ) (396 ) 537 (110 ) 478 (586 ) 200 Ending balance at December 31, 2015 $ 2,041 $ 5,899 $ 994 $ 10,589 $ 1,320 $ 644 $ 1,077 $ 511 $ 23,075 Amount of allowance for loan losses for loans deemed to be impaired $ 10 $ 19 $ — $ 99 $ 32 $ — $ 90 $ — $ 250 Amount of allowance for loan losses for loans not deemed to be impaired $ 2,031 $ 5,880 $ 994 $ 10,490 $ 1,288 $ 644 $ 987 $ 511 $ 22,825 Loans: Ending balance $ 27,421 $ 452,235 $ 85,685 $ 721,506 $ 255,346 $ 11,323 $ 178,020 $ — $ 1,731,536 Loans deemed to be impaired $ 98 $ 443 $ — $ 1,678 $ 916 $ — $ 90 $ — $ 3,225 Loans not deemed to be impaired $ 27,323 $ 451,792 $ 85,685 $ 719,828 $ 254,430 $ 11,323 $ 177,930 $ — $ 1,728,311 |
Loans by Risk Rating | The following table presents the Company’s loans by risk rating at December 31, 2016. Construction Commercial Municipal Commercial (dollars in thousands) Grade: 1-3 (Pass) $ 14,834 $ 612,114 $ 135,418 $ 661,271 4 (Monitor) — — — 31,753 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired 94 389 — 3,149 Total $ 14,928 $ 612,503 $ 135,418 $ 696,173 The following table presents the Company’s loans by risk rating at December 31, 2015. Construction Commercial Municipal Commercial (dollars in thousands) Grade: 1-3 (Pass) $ 20,281 $ 451,774 $ 85,685 $ 718,911 4 (Monitor) 7,042 18 — 917 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired 98 443 — 1,678 Total $ 27,421 $ 452,235 $ 85,685 $ 721,506 |
Loans by Credit Rating | The following table presents the Company’s loans by credit rating at December 31, 2016. Commercial Municipal Commercial Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 334,674 $ 66,245 $ 6,596 $ 407,515 A1-A3 188,777 33,365 129,423 351,565 Baa1-Baa3 — 26,970 127,366 154,336 Ba2 — 3,610 — 3,610 Total $ 523,451 $ 130,190 $ 263,385 $ 917,026 The following table presents the Company’s loans by credit rating at December 31, 2015. Commercial and Industrial Municipal Commercial Real Estate Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 234,733 $ 63,865 $ 7,547 $ 306,145 A1-A3 140,419 7,400 130,872 278,691 Baa1-Baa3 — 8,890 167,489 176,379 Ba2 — 4,480 — 4,480 Total $ 375,152 $ 84,635 $ 305,908 $ 765,695 |
Aging of Past Due Loan Losses | At December 31, 2016 the aging of past due loans are as follows: Accruing 30-89 Days Past Due Non Accrual Accruing Greater 90 Days Total Past Due Current Loans Total (dollars in thousands) Construction and land development $ — $ 94 $ — $ 94 $ 14,834 $ 14,928 Commercial and industrial 37 65 — 102 612,401 612,503 Municipal — — — — 135,418 135,418 Commercial real estate 597 150 — 747 695,426 696,173 Residential real estate 245 656 — 901 240,456 241,357 Consumer and overdrafts — 11 — 11 11,686 11,697 Home equity 735 108 — 843 211,014 211,857 Total $ 1,614 $ 1,084 $ — $ 2,698 $ 1,921,235 $ 1,923,933 At December 31, 2015 the aging of past due loans are as follows: Accruing 30-89 Days Past Due Non Accrual Accruing Greater Than 90 Days Total Past Due Current Loans Total (dollars in thousands) Construction and land development $ — $ 99 $ — $ 99 $ 27,322 $ 27,421 Commercial and industrial — 60 — 60 452,175 452,235 Municipal — — — — 85,685 85,685 Commercial real estate 1,462 174 — 1,636 719,870 721,506 Residential real estate 596 1,559 — 2,155 253,191 255,346 Consumer and overdrafts 6 — — 6 11,317 11,323 Home equity 628 444 — 1,072 176,948 178,020 Total $ 2,692 $ 2,336 $ — $ 5,028 $ 1,726,508 $ 1,731,536 |
Information Pertaining to Impaired Loans | The following is information pertaining to impaired loans at December 31, 2016: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 45 232 — 53 — Municipal — — — — — Commercial real estate 590 590 — 375 39 Residential real estate 90 179 — 102 7 Consumer — — — — — Home equity — — — — — Total $ 725 $ 1,001 $ — $ 530 $ 46 With required reserve recorded: Construction and land development $ 94 $ 108 $ 3 $ 96 $ — Commercial and industrial 344 360 23 360 18 Municipal — — — — — Commercial real estate 2,559 2,665 140 2,324 71 Residential real estate 108 108 7 323 5 Consumer — — — — — Home equity — — — 28 — Total $ 3,105 $ 3,241 $ 173 $ 3,131 $ 94 Total Construction and land development $ 94 $ 108 $ 3 $ 96 $ — Commercial and industrial 389 592 23 413 18 Municipal — — — — — Commercial real estate 3,149 3,255 140 2,699 110 Residential real estate 198 287 7 425 12 Consumer — — — — — Home equity — — — 28 — Total $ 3,830 $ 4,242 $ 173 $ 3,661 $ 140 The following is information pertaining to impaired loans at December 31, 2015: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 60 246 — 32 — Municipal — — — — — Commercial real estate — — — 151 — Residential real estate 114 200 — 125 8 Consumer — — — — — Home equity — — — — — Total $ 174 $ 446 $ — $ 308 $ 8 With required reserve recorded: Construction and land development $ 98 $ 108 $ 10 $ 101 $ — Commercial and industrial 383 399 19 626 20 Municipal — — — — — Commercial real estate 1,678 1,776 99 2,550 69 Residential real estate 802 802 32 814 7 Consumer — — — — — Home equity 90 90 90 91 — Total $ 3,051 $ 3,175 $ 250 $ 4,182 $ 96 Total Construction and land development $ 98 $ 108 $ 10 $ 101 $ — Commercial and industrial 443 645 19 658 20 Municipal — — — — — Commercial real estate 1,678 1,776 99 2,701 69 Residential real estate 916 1,002 32 939 15 Consumer — — — — — Home equity 90 90 90 91 — Total $ 3,225 $ 3,621 $ 250 $ 4,490 $ 104 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Bank Premises and Equipment | December 31, 2016 2015 Estimated Useful Life (dollars in thousands) Land $ 3,478 $ 3,478 — Bank premises 19,272 19,272 30-39 years Furniture and equipment 26,271 24,131 3-10 years Leasehold improvements 12,802 12,892 30-39 years or lease term 61,823 59,773 Accumulated depreciation and amortization (38,406 ) (35,667 ) Total $ 23,417 $ 24,106 |
Summary of Future Minimum Rental Commitments for Non-Cancelable Operating Leases | Future minimum rental commitments for non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2016, were as follows: Year Amount (dollars in thousands) 2017 $ 2,408 2018 2,222 2019 2,054 2020 1,777 2021 1,326 Thereafter 2,526 $ 12,313 |
Goodwill and Identifiable Int38
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | The changes in goodwill and identifiable intangible assets for the years ended December 31, 2016 and 2015 are shown in the table below. Carrying Amount of Goodwill and Intangibles Goodwill Mortgage Total (dollars in thousands) Balance at December 31, 2014 $ 2,714 $ 941 $ 3,655 Additions — 626 626 Amortization Expense — (262 ) (262 ) Balance at December 31, 2015 $ 2,714 $ 1,305 $ 4,019 Additions — 708 708 Amortization Expense — (384 ) (384 ) Balance at December 31, 2016 $ 2,714 $ 1,629 $ 4,343 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis | The results of the fair value hierarchy as of December 31, 2016, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 2,000 $ — $ 2,000 $ — U.S. Government Agency Sponsored Enterprises 24,952 — 24,952 — SBA Backed Securities 57,767 — 57,767 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 243,325 — 243,325 — Privately Issued Residential Mortgage-Backed Securities 1,109 — 1,109 — Obligations Issued by States and Political Subdivisions 164,876 — — 164,876 Other Debt Securities 4,924 — 4,924 — Equity Securities 344 344 — — Total $ 499,297 $ 344 $ 334,077 $ 164,876 Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans $ 260 $ — $ — $ 260 The results of the fair value hierarchy as of December 31, 2015, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant Observable Inputs Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 1,989 $ — $ 1,989 $ — SBA Backed Securities 5,989 — 5,989 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 233,526 — 233,526 — Privately Issued Residential Mortgage-Backed Securities 1,434 — 1,434 — Obligations Issued by States and Political Subdivisions 156,960 — — 156,960 Other Debt Securities 4,473 — 4,473 — Equity Securities 252 215 — 37 Total $ 404,623 $ 215 $ 247,411 $ 156,997 Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans $ 1,056 $ — $ — $ 1,056 |
Assets Measured at Fair Value | The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2016. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS(1) $ 164,876 Discounted cash flow Discount rate 0%-1%(2) Impaired Loans 260 Appraisal of collateral(3) Appraisal adjustments(4) 0%-30% discount (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2015. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (1) $ 156,997 Discounted cash flow Discount rate 0%-1% (2) Impaired Loans 1,056 Appraisal of collateral (3) Appraisal adjustments (4) 0%-30% discount (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. |
Changes in Level 3 Securities | The changes in Level 3 securities for the year ended December 31, 2016 are as shown in the table below: Auction Rate Obligations Equity Total (dollars in thousands) Balance at December 31, 2015 $ 3,820 $ 153,140 $ 37 $ 156,997 Purchases — 216,646 — 216,646 Maturities/redemptions — (208,990 ) (37 ) (209,027 ) Amortization — (218 ) — (218 ) Change in fair value 478 — — 478 Balance at December 31, 2016 $ 4,298 $ 160,578 $ — $ 164,876 The changes in Level 3 securities for the year ended December 31, 2015 are as shown in the table below: Auction Rate Obligations Issued by States and Political Subdivisions Equity Securities Total (dollars in thousands) Balance at December 31, 2014 $ 3,820 $ 92,964 $ 102 $ 96,886 Purchases — 207,509 — 207,509 Maturities/redemptions — (147,277 ) (65 ) (147,342 ) Amortization — (56 ) — (56 ) Change in fair value — — — — Balance at December 31, 2015 $ 3,820 $ 153,140 $ 37 $ 156,997 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Remaining Maturities or Re-pricing of Time Deposits | The following is a summary of remaining maturities or re-pricing of time deposits as of December 31, 2016 Percent 2015 Percent (dollars in thousands) Within one year $ 262,406 55 % $ 315,559 67 % Over one year to two years 87,952 18 % 44,838 9 % Over two years to three years 83,067 17 % 49,538 10 % Over three years to five years 44,934 10 % 63,491 14 % Total $ 478,359 100 % $ 473,426 100 % |
Securities Sold Under Agreeme41
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Summary of Securities Sold Under Agreements to Repurchase | The following is a summary of securities sold under agreements to repurchase as of December 31, 2016 2015 2014 (dollars in thousands) Amount outstanding at December 31 $ 182,280 $ 197,850 $ 212,360 Weighted average rate at December 31 0.21 % 0.21 % 0.18 % Maximum amount outstanding at any month end $ 241,110 $ 299,890 $ 243,750 Daily average balance outstanding during the year $ 222,956 $ 245,276 $ 216,937 Weighted average rate during the year 0.21 % 0.20 % 0.18 % |
Other Borrowed Funds and Subo42
Other Borrowed Funds and Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Other Borrowed Funds and Subordinated Debentures | The following is a summary of other borrowed funds and subordinated debentures as of December 31, 2016 2015 2014 (dollars in thousands) Amount outstanding at December 31 $ 329,083 $ 404,083 $ 431,583 Weighted average rate at December 31 2.39 % 2.29 % 1.91 % Maximum amount outstanding at any month end $ 467,083 $ 521,583 $ 431,583 Daily average balance outstanding during the year $ 357,974 $ 374,109 $ 271,710 Weighted average rate during the year 2.48 % 2.38 % 3.34 % |
Schedule of the Maturity Distribution of FHLBB Advances with the Weighted Average Interest Rates | A schedule of the maturity distribution of FHLBB advances with the weighted average interest rates is as follows: 2016 2015 2014 December 31, Amount Weighted Amount Weighted Amount Weighted (dollars in thousands) Within one year $ 77,500 2.21 % $ 100,000 1.89 % $ 169,500 0.51 % Over one year to two years $ 54,500 2.25 % $ 57,500 2.72 % $ 55,000 3.07 % Over two years to three years $ 58,000 1.87 % $ 54,500 2.25 % $ 45,000 3.18 % Over three years to five years $ 58,000 2.68 % $ 91,000 1.85 % $ 70,000 2.43 % Over five years $ 45,000 2.85 % $ 65,000 3.23 % $ 56,000 3.16 % Total $ 293,000 2.34 % $ 368,000 2.30 % $ 395,500 1.89 % |
Reclassifications Out of Accu43
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Details about Accumulated Other Comprehensive Income Components Year ended (a) Year ended (a) Affected line item in the Statement Unrealized gains and losses on available-for-sale securities $ 52 $ 594 Net gains on sales of investments (20 ) (233 ) Provision for income taxes $ 32 $ 361 Net income Accretion of unrealized losses transferred $ (4,317 ) $ (5,502 ) Securities held-to-maturity 1,505 1,919 Provision for income taxes $ (2,812 ) $ (3,583 ) Net income Amortization of defined benefit pension items Prior-service costs $ (10 ) $ (10 ) Salaries and employee benefits (b) Actuarial gains (losses) (1,606 ) (1,411 ) Salaries and employee benefits (b) Total before tax (1,616 ) (1,421 ) Income before taxes Tax (expense) or benefit 646 568 Provision for income taxes Net of tax $ (970 ) $ (853 ) Net income (a) Amounts in parentheses indicate decreases to profit/loss. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 17) for additional details). |
Earnings per share ("EPS") (Tab
Earnings per share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic EPS and Diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: Year Ended December 31, 2016 2015 2014 (in thousands except share and per share data) BASIC EPS COMPUTATION Numerator: Net income, Class A $ 19,270 $ 18,081 $ 17,157 Net income, Class B 5,264 4,940 4,703 Denominator: Weighted average shares outstanding, Class A 3,600,729 3,600,729 3,591,732 Weighted average shares outstanding, Class B 1,967,180 1,967,180 1,969,030 Basic EPS, Class A $ 5.35 $ 5.02 $ 4.78 Basic EPS, Class B $ 2.68 $ 2.51 $ 2.39 DILUTED EPS COMPUTATION Numerator: Net income, Class A $ 19,270 $ 18,081 $ 17,157 Net income, Class B 5,264 4,940 4,703 Total net income, for diluted EPS, Class A computation 24,534 23,021 21,860 Denominator: Weighted average shares outstanding, basic, Class A 3,600,729 3,600,729 3,591,732 Weighted average shares outstanding, Class B 1,967,180 1,967,180 1,969,030 Dilutive effect of Class A stock options — — 1,447 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 5,562,209 Weighted average shares outstanding, Class B 1,967,180 1,967,180 1,969,030 Diluted EPS, Class A $ 4.41 $ 4.13 $ 3.93 Diluted EPS, Class B $ 2.68 $ 2.51 $ 2.39 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Stock Option Activity Under Stock Option Plan | Stock option activity under the plan is as follows: December 31, 2016 December 31, 2015 December 31, 2014 Amount Weighted Amount Weighted Amount Weighted Shares under option: Outstanding at beginning of year — $ — — $ — 20,375 $ 31.82 Forfeited — — — — (9,050 ) 31.83 Exercised — — — — (11,325 ) 31.81 Outstanding at end of year — $ — — $ — — $ — Exercisable at end of year — $ — — $ — — $ — Available to be granted at end of year 233,934 233,934 233,934 |
Summary of the Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total Capital (to Risk-Weighted Assets) $ 293,143 12.27 % $ 191,081 8.00 % $ 238,851 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 268,737 11.25 % 143,311 6.00 % 191,081 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 268,737 11.25 % 107,483 4.50 % 155,253 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 268,737 6.02 % 178,469 4.00 % 223,086 5.00 % As of December 31, 2015 Total Capital (to Risk-Weighted Assets) $ 278,769 12.03 % $ 185,320 8.00 % $ 231,650 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 255,694 11.04 % 138,990 6.00 % 185,320 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 255,694 11.04 % 104,242 4.50 % 150,572 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 255,964 6.48 % 157,734 4.00 % 197,167 5.00 % |
Summary of the Company's Actual Capital Amounts and Ratios | The Company’s actual capital amounts and ratios are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016 Total Capital (to Risk-Weighted Assets) $ 305,065 12.72 % $ 191,904 8.00 % $ 239,880 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 280,659 11.70 % 143,928 6.00 % 191,904 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 249,753 10.41 % 107,946 4.50 % 155,922 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 280,659 6.28 % 178,903 4.00 % 223,628 5.00 % As of December 31, 2015 Total Capital (to Risk-Weighted Assets) $ 291,635 12.54 % $ 186,021 8.00 % $ 232,526 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 268,560 11.55 % 139,515 6.00 % 186,021 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 233,560 10.04 % 104,637 4.50 % 151,142 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 268,560 6.79 % 158,114 4.00 % 197,642 5.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of Current and Deferred Components of Income Tax (Benefit) Expense | The current and deferred components of income tax (benefit) expense for the years ended December 31, are as follows: 2016 2015 2014 (dollars in thousands) Current expense: Federal $ 3,875 $ 3,393 $ 3,981 State 439 399 498 Total current expense 4,314 3,792 4,479 Deferred (benefit) expense: Federal (4,450 ) (3,098 ) (3,179 ) State (334 ) (161 ) (434 ) Valuation allowance 108 — — Total deferred benefit (4,676 ) (3,259 ) (3,613 ) Provision for income taxes $ (362 ) $ 533 $ 866 |
Income Tax Accounts Included in Other Assets | Income tax accounts included in other assets at December 31, are as follows: 2016 2015 (dollars in thousands) Currently receivable $ 633 $ 1,217 Deferred income tax asset, net 43,129 40,157 Total $ 43,762 $ 41,374 |
Summary of Differences between Income Tax (Benefit) Expense at the Statutory Federal Income Tax Rate and Total Income Tax Expense | Differences between income tax (benefit) expense at the statutory federal income tax rate and total income tax expense are summarized as follows: 2016 2015 2014 (dollars in thousands) Federal income tax expense at statutory rates $ 8,218 $ 8,008 $ 7,727 State income tax, net of federal income tax benefit 69 157 42 Insurance income (406 ) (375 ) (353 ) Effect of tax-exempt interest (8,259 ) (6,915 ) (6,097 ) Net tax credit (395 ) (460 ) (517 ) Valuation allowance 108 — — Other 303 118 64 Total $ (362 ) $ 533 $ 866 Effective tax rate (1.50 )% 2.30 % 3.80 % |
Gross Deferred Income Tax Assets and Gross Deferred Income Tax Liabilities | The following table sets forth the Company’s gross deferred income tax assets and gross deferred income tax liabilities at December 31: 2016 2015 (dollars in thousands) Deferred income tax assets: Allowance for loan losses $ 10,419 $ 9,852 AMT credit 10,234 7,041 Deferred compensation 9,684 8,495 Pension and SERP liability 7,658 8,714 Unrealized losses on securities transferred to held-to-maturity 3,161 4,667 Depreciation 968 673 Accrued bonus 612 508 Unrealized (gains) losses on securities available-for-sale 357 108 Charitable contributions carryforward 266 — Acquisition premium 128 231 Nonaccrual interest 125 138 Limited partnerships 30 52 Investments write down 26 26 Other 220 173 Gross deferred income tax asset 43,888 40,678 Valuation allowance (108 ) — Gross deferred income tax asset,net of valuation allowance 43,780 40,678 Deferred income tax liabilities: Mortgage servicing rights (651 ) (521 ) Gross deferred income tax liability (651 ) (521 ) Deferred income tax asset net $ 43,129 $ 40,157 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Fair Value of Plan Assets and Major Categories | The fair value of plan assets and major categories as of December 31, 2016, is as follows: Asset Category Percent Total Level 1 Level 2 Level 3 (dollars in thousands) Collective fund 59.3 % $ 22,209 $ 4,708 $ 17,501 $ — Equity securities 19.7 % 7,363 7,363 — — Mutual funds 12.3 % 4,615 4,615 — — Hedge funds 7.4 % 2,786 — — 2,786 Short-term investments 1.3 % 474 474 — — 100.0 % $ 37,447 $ 17,160 $ 17,501 $ 2,786 The fair value of plan assets and major categories as of December 31, 2015, is as follows: Asset Category Percent Total Level 1 Level 2 Level 3 (dollars in thousands) Collective fund 61.20 % $ 20,627 $ 4,307 $ 16,320 $ — Equity securities 17.70 % 5,990 5,990 — — Mutual funds 11.90 % 4,001 4,001 — — Hedge funds 7.50 % 2,524 — — 2,524 Short-term investments 1.70 % 575 575 — — 100.00 % $ 33,717 $ 14,873 $ 16,320 $ 2,524 |
Changes in Level 3 Securities | The changes in Level 3 securities are shown in the table below: Year Ended December 31, 2016 2015 (dollars in thousands) Balance at beginning of year $ 2,524 $ 2,360 Purchases 114 224 Redemptions (309 ) (40 ) Actual return – assets still being held 457 (20 ) Balance at end of year $ 2,786 $ 2,524 |
Components of Net Periodic Benefit Cost | Defined Benefit Supplemental Insurance/ 2016 2015 2016 2015 (dollars in thousands) Change projected in benefit obligation Benefit obligation at beginning of year $ 38,597 $ 40,011 $ 38,204 $ 31,989 Service cost 1,273 1,343 1,820 1,589 Interest cost 1,358 1,576 1,334 1,365 Actuarial (gain)/loss 2,593 (3,424 ) (1,653 ) 4,304 Benefits paid (1,566 ) (909 ) (1,095 ) (1,043 ) Projected benefit obligation at end of year $ 42,255 $ 38,597 $ 38,610 $ 38,204 Change in plan assets Fair value of plan assets at beginning of year $ 33,717 $ 33,812 Actual return on plan assets 3,221 (1,186 ) Employer contributions 2,075 2,000 Benefits paid (1,566 ) (909 ) Fair value of plan assets at end of year $ 37,447 $ 33,717 (Unfunded) Funded status $ (4,808 ) $ (4,880 ) $ (38,610 ) $ (38,204 ) Accumulated benefit obligation $ 42,255 $ 38,597 $ 36,392 $ 34,884 Weighted-average assumptions as of December 31 Discount rate — Liability 3.99 % 4.18 % 3.85 % 4.03 % Discount rate — Expense 4.18 % 4.00 % 4.01 % 4.00 % Expected return on plan assets 8.00 % 8.00 % NA NA Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % Components of net periodic benefit cost Service cost $ 1,273 $ 1,343 $ 1,820 $ 1,589 Interest cost 1,358 1,576 1,334 1,365 Expected return on plan assets (2,776 ) (2,749 ) — — Recognized prior service cost (104 ) (104 ) 114 114 Recognized net losses 801 812 805 599 Net periodic cost (benefit) $ 552 $ 878 $ 4,073 $ 3,667 Other changes in plan assets and benefit obligations recognized in other comprehensive income Amortization of prior service cost $ 104 $ 104 $ (114 ) $ (114 ) Net (gain) loss 1,347 (301 ) (2,458 ) 3,705 Total recognized in other comprehensive income 1,451 (197 ) (2,572 ) 3,591 Total recognized in net periodic benefit cost and other comprehensive income $ 2,003 $ 681 $ 1,501 $ 7,258 |
Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan | December 31, 2016 December 31, 2015 Plan Supplemental Total Plan Supplemental Total (dollars in thousands) Prior service cost $ 204 $ (649 ) $ (445 ) $ 308 $ (763 ) $ (455 ) Net actuarial loss (13,999 ) (13,416 ) (27,415 ) (12,652 ) (15,874 ) (28,526 ) Total $ (13,795 ) $ (14,065 ) $ (27,860 ) $ (12,344 ) $ (16,637 ) $ (28,981 ) |
Summary of Accumulated Other Comprehensive Loss Expected to be Recognized | The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2016, expected to be recognized as components of net periodic benefit cost in the next year: Plan Supplemental Amortization of prior service cost to be recognized in 2017 $ (104 ) $ 114 Amortization of loss to be recognized in 2017 903 636 |
Financial Instruments with Of48
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | Financial instruments with off-balance-sheet risk at December 31 are as follows: Contract or Notional Amount 2016 2015 (dollars in thousands) Financial instruments whose contract amount represents credit risk: Commitments to originate 1–4 family mortgages $ 13,877 $ 5,638 Standby and commercial letters of credit 6,796 4,936 Unused lines of credit 362,357 320,874 Unadvanced portions of construction loans 22,049 11,589 Unadvanced portions of other loans 52,224 41,717 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Summary of Other Operating Expenses | Year ended December 31, 2016 2015 2014 (dollars in thousands) Marketing $ 2,185 $ 1,849 $ 1,793 Software maintenance/amortization 1,863 1,670 1,524 Legal and audit 1,255 1,269 1,072 Contributions 789 690 735 Processing services 1,040 1,002 944 Consulting 1,168 1,050 964 Postage and delivery 987 905 964 Supplies 948 965 870 Telephone 1,032 804 753 Directors’ fees 413 377 389 Insurance 323 301 304 Other 1,812 1,826 1,520 Total $ 13,815 $ 12,708 $ 11,832 |
Fair Values of Financial Inst50
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Carrying Amounts and Fair Values of Company's Financial Instruments | The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2016 and December 31, 2015. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. Carrying Amount Estimated Level 1 Inputs Fair Value Level 3 Inputs (dollars in thousands) December 31, 2016 Financial assets: Securities held-to-maturity $ 1,653,986 $ 1,635,808 $ — $ 1,635,808 $ — Loans (1) 1,899,527 1,873,703 — — 1,873,703 Financial liabilities: Time deposits 478,359 480,133 — 480,133 — Other borrowed funds 293,000 294,940 — 294,940 — Subordinated debentures 36,083 36,083 — — 36,083 December 31, 2015 Financial assets: Securities held-to-maturity $ 1,438,903 $ 1,438,960 $ — $ 1,438,960 $ — Loans(1) 1,708,461 1,677,270 — — 1,677,270 Financial liabilities: Time deposits 473,426 474,046 — 474,046 — Other borrowed funds 368,000 372,209 — 372,209 — Subordinated debentures 36,083 36,083 — — 36,083 (1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. |
Quarterly Results of Operatio51
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 2016 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 24,689 $ 25,005 $ 23,742 $ 23,263 Interest expense 5,927 5,791 5,486 5,413 Net interest income 18,762 19,214 18,256 17,850 Provision for loan losses 200 375 350 450 Net interest income after provision for loan losses 18,562 18,839 17,906 17,400 Other operating income 3,700 4,225 4,643 3,654 Operating expenses 16,156 16,630 16,288 15,683 Income before income taxes 6,106 6,434 6,261 5,371 Provision for income taxes (394 ) (52 ) 20 64 Net income $ 6,500 $ 6,486 $ 6,241 $ 5,307 Share data: Average shares outstanding, basic Class A 3,600,729 3,600,729 3,600,729 3,600,729 Class B 1,967,180 1,967,180 1,967,180 1,967,180 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,967,180 1,967,180 1,967,180 1,967,180 Earnings per share, basic Class A $ 1.42 $ 1.41 $ 1.36 $ 1.16 Class B $ 0.71 $ 0.71 $ 0.68 $ 0.58 Earnings per share, diluted Class A $ 1.17 $ 1.16 $ 1.12 $ 0.95 Class B $ 0.71 $ 0.71 $ 0.68 $ 0.58 2015 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 22,496 $ 23,750 $ 22,675 $ 21,172 Interest expense 5,274 5,134 4,961 4,765 Net interest income 17,222 18,616 17,714 16,407 Provision for loan losses — — — 200 Net interest income after provision for loan losses 17,222 18,616 17,714 16,207 Other operating income 4,448 3,830 4,210 3,505 Operating expenses 15,794 16,100 15,766 14,538 Income before income taxes 5,876 6,346 6,158 5,174 Provision for income taxes (95 ) 180 233 215 Net income $ 5,971 $ 6,166 $ 5,925 $ 4,959 Share data: Average shares outstanding, basic Class A 3,600,729 3,600,729 3,600,729 3,600,729 Class B 1,967,180 1,967,180 1,967,180 1,967,180 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,976,180 1,967,180 1,967,180 1,967,180 Earnings per share, basic Class A $ 1.30 $ 1.35 $ 1.29 $ 1.08 Class B $ 0.65 $ 0.67 $ 0.65 $ 0.54 Earnings per share, diluted Class A $ 1.07 $ 1.11 $ 1.06 $ 0.89 Class B $ 0.65 $ 0.67 $ 0.65 $ 0.54 |
Parent Company Financial Stat52
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets of Parent Company | BALANCE SHEETS December 31, 2016 2015 (dollars in thousands) ASSETS: Cash $ 2,768 $ 5,230 Investment in subsidiary, at equity 263,070 236,629 Other assets 10,335 8,808 Total assets $ 276,173 $ 250,667 LIABILITIES AND STOCKHOLDERS’ EQUITY: Liabilities $ 49 $ 40 Subordinated debentures 36,083 36,083 Stockholders’ equity 240,041 214,544 Total liabilities and stockholders’ equity $ 276,173 $ 250,667 |
Statements of Income of Parent Company | STATEMENTS OF INCOME Year Ended December 31, 2016 2015 2014 (dollars in thousands) Income: Dividends from subsidiary $ 2,000 $ 1,500 $ — Interest income from deposits in bank 3 13 21 Other income 28 24 72 Total income 2,031 1,537 93 Interest expense 937 792 2,329 Operating expenses 220 212 204 Income before income taxes and equity in undistributed income of subsidiary 874 533 (2,440 ) Benefit from income taxes (383 ) (328 ) (830 ) Income before equity in undistributed income of subsidiary 1,257 861 (1,610 ) Equity in undistributed income of subsidiary 23,277 22,160 23,470 Net income $ 24,534 $ 23,021 $ 21,860 |
Statements of Cash Flows of Parent Company | STATEMENTS OF CASH FLOWS December 31, 2016 2015 2014 (dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 24,534 $ 23,021 $ 21,860 Adjustments to reconcile net income to net cash provided by operating activities Undistributed income of subsidiary (23,277 ) (22,160 ) (23,470 ) Depreciation and amortization — 3 12 Increase in other assets (1,527 ) (1,112 ) (1,067 ) Decrease in liabilities 9 4 (71 ) Net cash (used in) operating activities (261 ) (244 ) (2,736 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from the exercise of stock options — — 361 Cash dividends paid (2,201 ) (2,200 ) (2,196 ) Net cash used in financing activities (2,201 ) (2,200 ) (1,835 ) Net (decrease) in cash (2,462 ) (2,444 ) (4,571 ) Cash at beginning of year 5,230 7,674 12,245 Cash at end of year $ 2,768 $ 5,230 $ 7,674 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Reporting_UnitSegmentshares | Dec. 31, 2015shares | Dec. 31, 2014shares | |
Summary Of Significant Accounting Policies And Other Information [Line Items] | |||
Number of reportable segments | Segment | 1 | ||
Highly liquid assets, original maturity period | Three months or less | ||
Highly liquid certificates of deposit, original maturity period | More than 90 days but less than one year | ||
Securities held for trading | $ | $ 0 | ||
Held-to-maturity substantial portion of principal outstanding | 85.00% | ||
Impairment recognized | $ | $ 0 | ||
Loans discontinued delinquency period | 90 days | ||
Number of reporting units | Reporting_Unit | 1 | ||
Goodwill impairment description | Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test will be unnecessary. | ||
Nonqualified stock options | 85.00% | ||
Options to purchase an aggregate of shares | 0 | 0 | 0 |
Stock option granted | 0 | 0 | |
Maximum [Member] | |||
Summary Of Significant Accounting Policies And Other Information [Line Items] | |||
Time period over which stock option exercisable | 10 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies And Other Information [Line Items] | |||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | ||
Supplemental plan | 1 year | ||
Loans Acquired with Deteriorated Credit Quality [Member] | |||
Summary Of Significant Accounting Policies And Other Information [Line Items] | |||
Non performing loans acquired | $ | $ 0 | ||
Class A Common Stock [Member] | |||
Summary Of Significant Accounting Policies And Other Information [Line Items] | |||
Approved stock option plan for purchase of common stock | 150,000 | ||
Options to purchase an aggregate of shares | 0 | ||
Class A Common Stock [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies And Other Information [Line Items] | |||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | ||
Century Bancorp Capital Trust II [Member] | |||
Summary Of Significant Accounting Policies And Other Information [Line Items] | |||
Equity ownership interest | 100.00% |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and Due from Banks [Abstract] | ||
Reserve balance of cash and due from banks | $ 0 | $ 0 |
Securities Available-for-Sale -
Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 500,220 | $ 404,977 |
Gross Unrealized Gains | 555 | 979 |
Gross Unrealized Losses | 1,478 | 1,333 |
Total, Fair Value | 499,297 | 404,623 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,000 | 1,999 |
Gross Unrealized Losses | 10 | |
Total, Fair Value | 2,000 | 1,989 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,000 | |
Gross Unrealized Losses | 48 | |
Total, Fair Value | 24,952 | |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 57,899 | 5,983 |
Gross Unrealized Gains | 14 | 8 |
Gross Unrealized Losses | 146 | 2 |
Total, Fair Value | 57,767 | 5,989 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 243,703 | 232,967 |
Gross Unrealized Gains | 293 | 859 |
Gross Unrealized Losses | 671 | 300 |
Total, Fair Value | 243,325 | 233,526 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,121 | 1,437 |
Gross Unrealized Gains | 2 | 10 |
Gross Unrealized Losses | 14 | 13 |
Total, Fair Value | 1,109 | 1,434 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 165,281 | 157,838 |
Gross Unrealized Losses | 405 | 878 |
Total, Fair Value | 164,876 | 156,960 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,100 | 4,600 |
Gross Unrealized Gains | 18 | 3 |
Gross Unrealized Losses | 194 | 130 |
Total, Fair Value | 4,924 | 4,473 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 116 | 153 |
Gross Unrealized Gains | 228 | 99 |
Total, Fair Value | $ 344 | $ 252 |
Securities Available-for-Sale56
Securities Available-for-Sale - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,147,207,000 | $ 1,004,743,000 | |
Securities available-for-sale are securities at fair value pledged for borrowing | 53,396,000 | 20,056,000 | |
Net gains on sales of securities | 64,000 | 594,000 | $ 450,000 |
Proceeds from sales of securities available-for-sale | 2,376,000 | $ 47,853,000 | 40,285,000 |
Securities at floating rate or adjustable rate | $ 301,253,000 | ||
Securities AFS [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Weighted average remaining life of investment securities available-for-sale | 4 years 4 months 24 days | ||
Number of securities, temporarily impaired for less than 12 months | Security | 49 | 14 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 15 | 11 | |
Number of securities, temporarily impaired, total | Security | 270 | 290 | |
Federal Home Loan Bank [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net gains on sales of securities | $ 52,000 | $ 289,000 | $ 450,000 |
U.S. Government Sponsored Enterprises [Member] | Securities AFS [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Weighted average remaining life | 15,000,000 | ||
Mortgage Backed Securities Issued by US Government Sponsored Enterprises and Small Business Administration [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 210,780,000 | $ 220,482,000 |
Securities Available-for-Sale57
Securities Available-for-Sale - Estimated Maturity Distribution of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 173,276 | |
After one but within five years, Amortized Cost | 107,005 | |
After five but within ten years, Amortized Cost | 168,698 | |
More than ten years, Amortized Cost | 49,625 | |
Non-maturing, Amortized Cost | 1,616 | |
Amortized Cost | 500,220 | $ 404,977 |
Within one year, Fair Value | 173,263 | |
After one but within five years, Fair Value | 106,782 | |
After five but within ten years, Fair Value | 168,347 | |
More than ten years, Fair Value | 49,207 | |
Non-maturing, Fair Value | 1,698 | |
Total, Fair Value | $ 499,297 | $ 404,623 |
Securities Available-for-Sale58
Securities Available-for-Sale - Continuous Unrealized Loss Position for 12 Months or Less and 12 Months and Longer (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 213,363 | $ 30,036 |
Less Than 12 Months, Unrealized Losses | 725 | 67 |
12 Months or Longer, Fair Value | 39,063 | 55,024 |
12 Months or Longer, Unrealized Losses | 753 | 1,266 |
Total, Fair Value | 252,426 | 85,060 |
Total, Unrealized Losses | 1,478 | 1,333 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,989 | |
Less Than 12 Months, Unrealized Losses | 10 | |
Total, Fair Value | 1,989 | |
Total, Unrealized Losses | 10 | |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 52,346 | 1,031 |
Less Than 12 Months, Unrealized Losses | 145 | 2 |
12 Months or Longer, Fair Value | 951 | |
12 Months or Longer, Unrealized Losses | 1 | |
Total, Fair Value | 53,297 | 1,031 |
Total, Unrealized Losses | 146 | 2 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 135,612 | 26,519 |
Less Than 12 Months, Unrealized Losses | 485 | 52 |
12 Months or Longer, Fair Value | 31,504 | 49,341 |
12 Months or Longer, Unrealized Losses | 186 | 248 |
Total, Fair Value | 167,116 | 75,860 |
Total, Unrealized Losses | 671 | 300 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 757 | 490 |
12 Months or Longer, Unrealized Losses | 14 | 13 |
Total, Fair Value | 757 | 490 |
Total, Unrealized Losses | 14 | 13 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 4,298 | 3,820 |
12 Months or Longer, Unrealized Losses | 405 | 878 |
Total, Fair Value | 4,298 | 3,820 |
Total, Unrealized Losses | 405 | 878 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 453 | 497 |
Less Than 12 Months, Unrealized Losses | 47 | 3 |
12 Months or Longer, Fair Value | 1,553 | 1,373 |
12 Months or Longer, Unrealized Losses | 147 | 127 |
Total, Fair Value | 2,006 | 1,870 |
Total, Unrealized Losses | 194 | $ 130 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 24,952 | |
Less Than 12 Months, Unrealized Losses | 48 | |
Total, Fair Value | 24,952 | |
Total, Unrealized Losses | $ 48 |
Investment Securities Held-to59
Investment Securities Held-to-Maturity - Summary of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,653,986 | $ 1,438,903 |
Gross Unrealized Gains | 6,014 | 9,781 |
Gross Unrealized Losses | 24,192 | 9,724 |
Estimated Fair Value | 1,635,808 | 1,438,960 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 148,326 | 186,734 |
Gross Unrealized Gains | 1,066 | 2,234 |
Gross Unrealized Losses | 527 | 141 |
Estimated Fair Value | 148,865 | 188,827 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 46,140 | |
Gross Unrealized Losses | 1,088 | |
Estimated Fair Value | 45,052 | |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,459,520 | 1,252,169 |
Gross Unrealized Gains | 4,948 | 7,547 |
Gross Unrealized Losses | 22,577 | 9,583 |
Estimated Fair Value | $ 1,441,891 | $ 1,250,133 |
Investment Securities Held-to60
Investment Securities Held-to-Maturity - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,147,207,000 | $ 1,004,743,000 | |
Realized gross gains from sales of securities held-to-maturity | 12,000 | 305,000 | |
Proceeds from sales of securities held-to-maturity | 192,000 | $ 3,698,000 | $ 0 |
Securities held to maturity at floating rate or adjustable rate | $ 188,000 | ||
Held-to-Maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Weighted average remaining life of investment securities held-to-maturity | 4 years 6 months | ||
Number of securities, temporarily impaired for less than 12 months | Security | 194 | 101 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 16 | 26 | |
Number of securities, temporarily impaired, total | Security | 375 | 322 | |
Held-to-Maturity Securities [Member] | U.S. Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Weighted average remaining life | $ 59,745,000 | ||
Federal Home Loan Bank [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities pledged for borrowing at the Federal Home Loan Bank | $ 424,353,000 | $ 432,965,000 |
Investment Securities Held-to61
Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 22,802 | |
After one but within five years, Amortized Cost | 1,122,678 | |
After five but within ten years, Amortized Cost | 500,355 | |
More than ten years, Amortized Cost | 8,151 | |
Amortized Cost | 1,653,986 | $ 1,438,903 |
Within one year, Fair Value | 22,911 | |
After one but within five years, Fair Value | 1,114,481 | |
After five but within ten years, Fair Value | 490,546 | |
More than ten years, Fair Value | 7,870 | |
Estimated Fair Value | $ 1,635,808 | $ 1,438,960 |
Investment Securities Held-to62
Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 1,113,231 | $ 636,077 |
Less Than 12 Months, Unrealized Losses | 22,340 | 6,798 |
12 Months or Longer, Fair Value | 58,535 | 123,864 |
12 Months or Longer, Unrealized Losses | 1,852 | 2,926 |
Total, Fair Value | 1,171,766 | 759,941 |
Total, Unrealized Losses | 24,192 | 9,724 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 59,219 | 9,859 |
Less Than 12 Months, Unrealized Losses | 527 | 141 |
Total, Fair Value | 59,219 | 9,859 |
Total, Unrealized Losses | 527 | 141 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,008,960 | 626,218 |
Less Than 12 Months, Unrealized Losses | 20,725 | 6,657 |
12 Months or Longer, Fair Value | 58,535 | 123,864 |
12 Months or Longer, Unrealized Losses | 1,852 | 2,926 |
Total, Fair Value | 1,067,495 | 750,082 |
Total, Unrealized Losses | 22,577 | $ 9,583 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 45,052 | |
Less Than 12 Months, Unrealized Losses | 1,088 | |
Total, Fair Value | 45,052 | |
Total, Unrealized Losses | $ 1,088 |
Loans - Summary of Composition
Loans - Summary of Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 1,923,933 | $ 1,731,536 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 696,173 | 721,506 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 241,357 | 255,346 |
Consumer Portfolio Segment Other Than Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11,013 | 10,744 |
Municipal [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 135,418 | 85,685 |
Construction and Land Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 14,928 | 27,421 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 612,503 | 452,235 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 211,857 | 178,020 |
Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 684 | $ 579 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |||
Net of discount on loans | $ 313,000 | $ 360,000 | |
Net deferred fee | 641,000 | 988,000 | |
Mortgage loans sold to others | 229,730,000 | 185,299,000 | |
Loans held for sale | 0 | 0 | |
Mortgage servicing rights, net | 1,629,000 | 1,305,000 | |
Total recorded investment in impaired loans | 3,830,000 | 3,225,000 | $ 6,327,000 |
Impaired loans | 3,105,000 | 3,051,000 | |
Specific reserves | $ 173,000 | $ 250,000 |
Loans - Composition of Nonaccru
Loans - Composition of Nonaccrual Loans and Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Loans on nonaccrual | $ 1,084 | $ 2,336 | $ 4,146 |
Loans 90 days past due and still accruing | 0 | 0 | 0 |
Impaired loans on nonaccrual included above | 304 | 332 | 3,031 |
Total recorded investment in impaired loans | 3,830 | 3,225 | 6,327 |
Average recorded investment of impaired loans | 3,661 | 4,490 | 7,434 |
Accruing troubled debt restructures | 3,526 | 2,893 | 3,296 |
Interest income not recorded on nonaccrual loans according to their original terms | 37 | 91 | 123 |
Interest income on nonaccrual loans actually recorded | 0 | 0 | 0 |
Interest income recognized on impaired loans | $ 140 | $ 104 | $ 144 |
Loans - Aggregate Amount of Loa
Loans - Aggregate Amount of Loans to Directors and Officers of Company and Their Associates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Beginning balance | $ 5,010 |
Additions | 6,778 |
Repayments and Deletions | 806 |
Ending balance | $ 10,982 |
Allowance for Loan Losses - Ana
Allowance for Loan Losses - Analysis of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||||||||
Allowance for loan losses, beginning of year | $ 23,075 | $ 22,318 | $ 23,075 | $ 22,318 | $ 20,941 | |||
Loans charged-off | (389) | (781) | (1,382) | |||||
Recoveries on loans previously charged-off | 434 | 1,338 | 709 | |||||
Net recoveries (charge-offs) | 45 | 557 | (673) | |||||
Provision charged to expense | $ 200 | $ 375 | $ 350 | $ 450 | $ 200 | 1,375 | 200 | 2,050 |
Reclassification to other liabilities | (89) | |||||||
Allowance for loan losses, end of year | $ 24,406 | $ 24,406 | $ 23,075 | $ 22,318 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | $ 23,075 | $ 22,318 | $ 20,941 |
Charge-offs | (389) | (781) | (1,382) |
Recoveries | 434 | 1,338 | 709 |
Reclassification to other liabilities | (89) | ||
Provision | 1,375 | 200 | |
Allowance for loan losses, end of year | 24,406 | 23,075 | 22,318 |
Amount of allowance for loan losses for loans deemed to be impaired | 173 | 250 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 24,233 | 22,825 | |
Loans: | |||
Total loans, net | 1,923,933 | 1,731,536 | |
Loans deemed to be impaired | 3,830 | 3,225 | 6,327 |
Loans not deemed to be impaired | 1,920,103 | 1,728,311 | |
Construction and Land Development [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 2,041 | 1,592 | |
Recoveries | 780 | ||
Reclassification to other liabilities | (5) | ||
Provision | (1,024) | (331) | |
Allowance for loan losses, end of year | 1,012 | 2,041 | 1,592 |
Amount of allowance for loan losses for loans deemed to be impaired | 3 | 10 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,009 | 2,031 | |
Loans: | |||
Total loans, net | 14,928 | 27,421 | |
Loans deemed to be impaired | 94 | 98 | |
Loans not deemed to be impaired | 14,834 | 27,323 | |
Commercial and Industrial [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 5,899 | 4,757 | |
Charge-offs | (172) | ||
Recoveries | 132 | 212 | |
Reclassification to other liabilities | (25) | ||
Provision | 966 | 1,102 | |
Allowance for loan losses, end of year | 6,972 | 5,899 | 4,757 |
Amount of allowance for loan losses for loans deemed to be impaired | 23 | 19 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 6,949 | 5,880 | |
Loans: | |||
Total loans, net | 612,503 | 452,235 | |
Loans deemed to be impaired | 389 | 443 | |
Loans not deemed to be impaired | 612,114 | 451,792 | |
Municipal [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 994 | 1,488 | |
Provision | 618 | (494) | |
Allowance for loan losses, end of year | 1,612 | 994 | 1,488 |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,612 | 994 | |
Loans: | |||
Total loans, net | 135,418 | 85,685 | |
Loans not deemed to be impaired | 135,418 | 85,685 | |
Commercial Real Estate [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 10,589 | 11,199 | |
Charge-offs | (298) | ||
Recoveries | 84 | ||
Reclassification to other liabilities | (9) | ||
Provision | 555 | (396) | |
Allowance for loan losses, end of year | 11,135 | 10,589 | 11,199 |
Amount of allowance for loan losses for loans deemed to be impaired | 140 | 99 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 10,995 | 10,490 | |
Loans: | |||
Total loans, net | 696,173 | 721,506 | |
Loans deemed to be impaired | 3,149 | 1,678 | |
Loans not deemed to be impaired | 693,024 | 719,828 | |
Residential Real Estate [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 1,320 | 776 | |
Recoveries | 6 | 7 | |
Reclassification to other liabilities | (3) | ||
Provision | 375 | 537 | |
Allowance for loan losses, end of year | 1,698 | 1,320 | 776 |
Amount of allowance for loan losses for loans deemed to be impaired | 7 | 32 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,691 | 1,288 | |
Loans: | |||
Total loans, net | 241,357 | 255,346 | |
Loans deemed to be impaired | 198 | 916 | |
Loans not deemed to be impaired | 241,159 | 254,430 | |
Consumer [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 644 | 810 | |
Charge-offs | (362) | (311) | |
Recoveries | 296 | 255 | |
Reclassification to other liabilities | (3) | ||
Provision | 7 | (110) | |
Allowance for loan losses, end of year | 582 | 644 | 810 |
Amount of allowance for loan losses for loans not deemed to be impaired | 582 | 644 | |
Loans: | |||
Total loans, net | 11,697 | 11,323 | |
Loans not deemed to be impaired | 11,697 | 11,323 | |
Home Equity [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 1,077 | 599 | |
Charge-offs | (27) | ||
Reclassification to other liabilities | (44) | ||
Provision | 96 | 478 | |
Allowance for loan losses, end of year | 1,102 | 1,077 | 599 |
Amount of allowance for loan losses for loans deemed to be impaired | 90 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 1,102 | 987 | |
Loans: | |||
Total loans, net | 211,857 | 178,020 | |
Loans deemed to be impaired | 90 | ||
Loans not deemed to be impaired | 211,857 | 177,930 | |
Unallocated [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of year | 511 | 1,097 | |
Provision | (218) | (586) | |
Allowance for loan losses, end of year | 293 | 511 | $ 1,097 |
Amount of allowance for loan losses for loans not deemed to be impaired | $ 293 | $ 511 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans by risk rating | ||
Financing Receivable, Net | $ 1,923,933 | $ 1,731,536 |
Construction and Land Development [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 14,928 | 27,421 |
Construction and Land Development [Member] | 1-3 (Pass) [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 14,834 | 20,281 |
Construction and Land Development [Member] | 4 (Monitor) [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 7,042 | |
Construction and Land Development [Member] | Impaired [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 94 | 98 |
Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 612,503 | 452,235 |
Commercial and Industrial [Member] | 1-3 (Pass) [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 612,114 | 451,774 |
Commercial and Industrial [Member] | 4 (Monitor) [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 18 | |
Commercial and Industrial [Member] | Impaired [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 389 | 443 |
Municipal [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 135,418 | 85,685 |
Municipal [Member] | 1-3 (Pass) [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 135,418 | 85,685 |
Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 696,173 | 721,506 |
Commercial Real Estate [Member] | 1-3 (Pass) [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 661,271 | 718,911 |
Commercial Real Estate [Member] | 4 (Monitor) [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 31,753 | 917 |
Commercial Real Estate [Member] | Impaired [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | $ 3,149 | $ 1,678 |
Allowance for Loan Losses - L70
Allowance for Loan Losses - Loans by Credit Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 917,026 | $ 765,695 |
Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 407,515 | 306,145 |
A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 351,565 | 278,691 |
Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 154,336 | 176,379 |
Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 3,610 | 4,480 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 523,451 | 375,152 |
Commercial and Industrial [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 334,674 | 234,733 |
Commercial and Industrial [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 188,777 | 140,419 |
Municipal [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 130,190 | 84,635 |
Municipal [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 66,245 | 63,865 |
Municipal [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 33,365 | 7,400 |
Municipal [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 26,970 | 8,890 |
Municipal [Member] | Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 3,610 | 4,480 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 263,385 | 305,908 |
Commercial Real Estate [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 6,596 | 7,547 |
Commercial Real Estate [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 129,423 | 130,872 |
Commercial Real Estate [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 127,366 | $ 167,489 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | $ 1,614 | $ 2,692 | |
Non Accrual | 1,084 | 2,336 | $ 4,146 |
Total Past Due | 2,698 | 5,028 | |
Current Loans | 1,921,235 | 1,726,508 | |
Total loans, net | 1,923,933 | 1,731,536 | |
Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Non Accrual | 94 | 99 | |
Total Past Due | 94 | 99 | |
Current Loans | 14,834 | 27,322 | |
Total loans, net | 14,928 | 27,421 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 37 | ||
Non Accrual | 65 | 60 | |
Total Past Due | 102 | 60 | |
Current Loans | 612,401 | 452,175 | |
Total loans, net | 612,503 | 452,235 | |
Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current Loans | 135,418 | 85,685 | |
Total loans, net | 135,418 | 85,685 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 597 | 1,462 | |
Non Accrual | 150 | 174 | |
Total Past Due | 747 | 1,636 | |
Current Loans | 695,426 | 719,870 | |
Total loans, net | 696,173 | 721,506 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 245 | 596 | |
Non Accrual | 656 | 1,559 | |
Total Past Due | 901 | 2,155 | |
Current Loans | 240,456 | 253,191 | |
Total loans, net | 241,357 | 255,346 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 6 | ||
Non Accrual | 11 | ||
Total Past Due | 11 | 6 | |
Current Loans | 11,686 | 11,317 | |
Total loans, net | 11,697 | 11,323 | |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 735 | 628 | |
Non Accrual | 108 | 444 | |
Total Past Due | 843 | 1,072 | |
Current Loans | 211,014 | 176,948 | |
Total loans, net | $ 211,857 | $ 178,020 |
Allowance for Loan Losses - Inf
Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | $ 725 | $ 174 | |
With no required reserve recorded, Unpaid Balance Principal | 1,001 | 446 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 530 | 308 | |
With no required reserve recorded, Interest Income | 46 | 8 | |
With required reserve recorded, Carrying Value | 3,105 | 3,051 | |
With required reserve recorded, Unpaid Balance Principal | 3,241 | 3,175 | |
With required reserve recorded, Required Reserve | 173 | 250 | |
With required reserve recorded, Average Carrying Value Recognized | 3,131 | 4,182 | |
With required reserve recorded, Interest Income | 94 | 96 | |
Carrying Value | 3,830 | 3,225 | $ 6,327 |
Unpaid Balance Principal | 4,242 | 3,621 | |
With required reserve recorded, Required Reserve | 173 | 250 | |
Average Carrying Value Recognized | 3,661 | 4,490 | $ 7,434 |
Interest Income | 140 | 104 | |
Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Required Reserve | 0 | 0 | |
With required reserve recorded, Carrying Value | 94 | 98 | |
With required reserve recorded, Unpaid Balance Principal | 108 | 108 | |
With required reserve recorded, Required Reserve | 3 | 10 | |
With required reserve recorded, Average Carrying Value Recognized | 96 | 101 | |
Carrying Value | 94 | 98 | |
Unpaid Balance Principal | 108 | 108 | |
With required reserve recorded, Required Reserve | 3 | 10 | |
Average Carrying Value Recognized | 96 | 101 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | 45 | 60 | |
With no required reserve recorded, Unpaid Balance Principal | 232 | 246 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 53 | 32 | |
With required reserve recorded, Carrying Value | 344 | 383 | |
With required reserve recorded, Unpaid Balance Principal | 360 | 399 | |
With required reserve recorded, Required Reserve | 23 | 19 | |
With required reserve recorded, Average Carrying Value Recognized | 360 | 626 | |
With required reserve recorded, Interest Income | 18 | 20 | |
Carrying Value | 389 | 443 | |
Unpaid Balance Principal | 592 | 645 | |
With required reserve recorded, Required Reserve | 23 | 19 | |
Average Carrying Value Recognized | 413 | 658 | |
Interest Income | 18 | 20 | |
Municipal [Member] | Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Required Reserve | 0 | 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | 590 | ||
With no required reserve recorded, Unpaid Balance Principal | 590 | ||
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 375 | 151 | |
With no required reserve recorded, Interest Income | 39 | ||
With required reserve recorded, Carrying Value | 2,559 | 1,678 | |
With required reserve recorded, Unpaid Balance Principal | 2,665 | 1,776 | |
With required reserve recorded, Required Reserve | 140 | 99 | |
With required reserve recorded, Average Carrying Value Recognized | 2,324 | 2,550 | |
With required reserve recorded, Interest Income | 71 | 69 | |
Carrying Value | 3,149 | 1,678 | |
Unpaid Balance Principal | 3,255 | 1,776 | |
With required reserve recorded, Required Reserve | 140 | 99 | |
Average Carrying Value Recognized | 2,699 | 2,701 | |
Interest Income | 110 | 69 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | 90 | 114 | |
With no required reserve recorded, Unpaid Balance Principal | 179 | 200 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 102 | 125 | |
With no required reserve recorded, Interest Income | 7 | 8 | |
With required reserve recorded, Carrying Value | 108 | 802 | |
With required reserve recorded, Unpaid Balance Principal | 108 | 802 | |
With required reserve recorded, Required Reserve | 7 | 32 | |
With required reserve recorded, Average Carrying Value Recognized | 323 | 814 | |
With required reserve recorded, Interest Income | 5 | 7 | |
Carrying Value | 198 | 916 | |
Unpaid Balance Principal | 287 | 1,002 | |
With required reserve recorded, Required Reserve | 7 | 32 | |
Average Carrying Value Recognized | 425 | 939 | |
Interest Income | 12 | 15 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Required Reserve | 0 | 0 | |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Required Reserve | 0 | 0 | |
With required reserve recorded, Carrying Value | 90 | ||
With required reserve recorded, Unpaid Balance Principal | 90 | ||
With required reserve recorded, Required Reserve | 90 | ||
With required reserve recorded, Average Carrying Value Recognized | 28 | 91 | |
Carrying Value | 90 | ||
Unpaid Balance Principal | 90 | ||
With required reserve recorded, Required Reserve | 90 | ||
Average Carrying Value Recognized | $ 28 | $ 91 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2016USD ($)Contracts | Dec. 31, 2015USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructurings, subsequently defaulted | $ 0 | $ 0 |
Commitment to lend additional funds to TDR borrowers | $ 0 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of troubled debt restructurings | Contracts | 1 | |
Pre-modification outstanding recorded investment | $ 2,091,000 | |
Post-modification outstanding recorded investment | 2,091,000 | |
Financing allowance reduction in principal payments | 16,000 | |
Financing allowance reduction in interest payments | $ 5,000 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Schedule of Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 61,823 | $ 59,773 |
Accumulated depreciation and amortization | (38,406) | (35,667) |
Total | 23,417 | 24,106 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 3,478 | 3,478 |
Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 19,272 | 19,272 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 26,271 | 24,131 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 12,802 | $ 12,892 |
Minimum [Member] | Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 30 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 30 years | |
Maximum [Member] | Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 39 years | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 39 years |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Lease expense | $ 2,834,000 | $ 2,755,000 | $ 2,465,000 |
Lease rental income | $ 318,000 | 314,000 | 307,000 |
Operating lease premises and equipment lease expiration year, maximum | 2,026 | ||
Depreciation of leased property | $ 3,099,000 | 2,728,000 | 2,322,000 |
Marshall M Sloane [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expense | $ 424,000 | $ 413,000 | $ 208,000 |
Bank Premises and Equipment -76
Bank Premises and Equipment - Summary of Future Minimum Rental Commitments for Non-Cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |
2,017 | $ 2,408 |
2,018 | 2,222 |
2,019 | 2,054 |
2,020 | 1,777 |
2,021 | 1,326 |
Thereafter | 2,526 |
Future minimum rental commitments for non-cancelable operating leases, total | $ 12,313 |
Goodwill and Identifiable Int77
Goodwill and Identifiable Intangible Assets - Carrying Amount of Goodwill and Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets And Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 2,714 | $ 2,714 | $ 2,714 |
Total, Beginning Balance | 4,019 | 3,655 | |
Additions | 708 | 626 | |
Amortization Expense | (384) | (262) | |
Total, Ending Balance | 4,343 | 4,019 | |
Mortgage Servicing Rights [Member] | |||
Intangible Assets And Goodwill [Line Items] | |||
Beginning Balance | 1,305 | 941 | |
Additions | 708 | 626 | |
Amortization Expense | (384) | (262) | |
Ending Balance | $ 1,629 | $ 1,305 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 499,297 | $ 404,623 |
Fair Value Measurements, Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 344 | 215 |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 334,077 | 247,411 |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 164,876 | 156,997 |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ||
Impaired Loans | 260 | 1,056 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 2,000 | 1,989 |
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 | 1,989 |
SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 57,767 | 5,989 |
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 | 57,767 | 5,989 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 243,325 | 233,526 |
U.S. Government Agency and Sponsored Enterprises 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 | 243,325 | 233,526 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 1,109 | 1,434 |
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 | 1,109 | 1,434 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 164,876 | 156,960 |
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 | 164,876 | 156,960 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,924 | 4,473 |
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 | 4,924 | 4,473 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 344 | 252 |
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 | 344 | 215 |
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 | 37 | |
U.S. Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 24,952 | |
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 | 24,952 | |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 499,297 | 404,623 |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ||
Impaired Loans | 260 | 1,056 |
Carrying Value [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 2,000 | 1,989 |
Carrying Value [Member] | SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 57,767 | 5,989 |
Carrying Value [Member] | U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 243,325 | 233,526 |
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 | 1,109 | 1,434 |
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 | 164,876 | 156,960 |
Carrying Value [Member] | Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,924 | 4,473 |
Carrying Value [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 344 | $ 252 |
Carrying Value [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 24,952 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Specific adjustments to impaired loans recognized | $ (135,000) | $ (165,000) |
Transfers between level 1, 2 and 3 | 0 | |
Liabilities measured at fair value on a recurring or nonrecurring basis | 0 | |
Transfers between level 1 and 2 | 0 | |
Liabilities measured at fair value on a recurring or nonrecurring basis | 0 | |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Amortized cost of Level 3 securities | 165,281,000 | 157,874,000 |
Unrealized loss | $ 405,000 | $ 877,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Securities AFS [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Fair Value | $ 164,876 | $ 156,997 |
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 | $ 260 | $ 1,056 |
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% | 0.00% |
Minimum [Member] | Impaired Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Unobservable Input Value or Range | 0.00% | 0.00% |
Maximum [Member] | Securities AFS [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Unobservable Input Value or Range | 1.00% | 1.00% |
Maximum [Member] | Impaired Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Unobservable Input Value or Range | 30.00% | 30.00% |
Fair Value Measurements - Ass81
Fair Value Measurements - Assets Measured at Fair Value (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Municipal [Member] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Securities maturity period | one year or less |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 156,997 | $ 96,886 |
Purchases | 216,646 | 207,509 |
Maturities/redemptions | (209,027) | (147,342) |
Amortization | (218) | (56) |
Change in fair value | 478 | |
Ending Balance | 164,876 | 156,997 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 3,820 | 3,820 |
Change in fair value | 478 | |
Ending Balance | 4,298 | 3,820 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 153,140 | 92,964 |
Purchases | 216,646 | 207,509 |
Maturities/redemptions | (208,990) | (147,277) |
Amortization | (218) | (56) |
Ending Balance | 160,578 | 153,140 |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 37 | 102 |
Maturities/redemptions | $ (37) | (65) |
Ending Balance | $ 37 |
Deposits - Summary of Remaining
Deposits - Summary of Remaining Maturities or Re-pricing of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities of Time Deposits [Abstract] | ||
Within one year | $ 262,406 | $ 315,559 |
Over one year to two years | 87,952 | 44,838 |
Over two years to three years | 83,067 | 49,538 |
Over three years to five years | 44,934 | 63,491 |
Time Deposits, Total | $ 478,359 | $ 473,426 |
Within one year, Percent | 55.00% | 67.00% |
Over one year to two years, Percent | 18.00% | 9.00% |
Over two years to three years, Percent | 17.00% | 10.00% |
Over three years to five years, Percent | 10.00% | 14.00% |
Total, Percent | 100.00% | 100.00% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Time deposits 250000 or more | $ 250,476,000 | $ 193,598,000 |
Deposits to related parties | $ 26,191,000 | $ 21,970,000 |
Securities Sold under Agreeme85
Securities Sold under Agreements to Repurchase - Summary of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift [Abstract] | |||
Amount outstanding at December 31 | $ 182,280,000 | $ 197,850,000 | $ 212,360,000 |
Weighted average rate at December 31 | 0.21% | 0.21% | 0.18% |
Maximum amount outstanding at any month end | $ 241,110,000 | $ 299,890,000 | $ 243,750,000 |
Daily average balance outstanding during the year | $ 222,956,000 | $ 245,276,000 | $ 216,937,000 |
Weighted average rate during the year | 0.21% | 0.20% | 0.18% |
Securities Sold under Agreeme86
Securities Sold under Agreements to Repurchase - Additional Information (Detail) - U.S. Government Sponsored Enterprises [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
U.S. Government Sponsored Enterprise securities with a total amortized cost | $ 183,829,000 | $ 199,152,000 | $ 213,817,000 |
Fair value of the collateral repurchase agreement | $ 182,074,000 | $ 197,318,000 | $ 212,255,000 |
Other Borrowed Funds and Subo87
Other Borrowed Funds and Subordinated Debentures - Summary of Other Borrowed Funds and Subordinated Debentures (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |||
Amount outstanding at December 31 | $ 329,083,000 | $ 404,083,000 | $ 431,583,000 |
Weighted average rate at December 31 | 2.39% | 2.29% | 1.91% |
Maximum amount outstanding at any month end | $ 467,083,000 | $ 521,583,000 | $ 431,583,000 |
Daily average balance outstanding during the year | $ 357,974,000 | $ 374,109,000 | $ 271,710,000 |
Weighted average rate during the year | 2.48% | 2.38% | 3.34% |
Other Borrowed Funds and Subo88
Other Borrowed Funds and Subordinated Debentures - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2004 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
FHLBB advances | $ 45,000,000 | $ 55,000,000 | $ 35,000,000 | |
Subordinated debt securities issued | 36,083,000 | 36,083,000 | ||
Century Bancorp Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt securities issued | $ 36,083,000 | |||
Subordinated debt securities due year | 2,034 | |||
Federal Home Loan Bank Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank's remaining term borrowing capacity at the FHLBB | 239,163,000 | |||
Line of credit with the FHLBB | $ 14,500,000 | |||
Subordinated Debt [Member] | Century Bancorp Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Liquidation value of shares of cumulative trust preferred securities | $ 1,000 | |||
Period of dividend | 10 years | |||
LIBOR rate | Three-month LIBOR rate plus 1.87% for the remaining 20 years | |||
LIBOR rate trust preferred securities | 1.87% | |||
Duration of LIBOR rate | 20 years | |||
Investment coupon rate | 2.83% | |||
Other Borrowed Funds [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal funds purchased | $ 0 | $ 0 | ||
Cumulative Preferred Stock Subject to Mandatory Redemption [Member] | Subordinated Debt [Member] | Century Bancorp Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Shares of cumulative trust preferred securities | 35,000 | |||
Trust preferred securities annual dividend rate | 6.65% |
Other Borrowed Funds and Subo89
Other Borrowed Funds and Subordinated Debentures - Schedule of the Maturity Distribution of FHLBB Advances with the Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |||
Within one year | $ 77,500 | $ 100,000 | $ 169,500 |
Over one year to two years | 54,500 | 57,500 | 55,000 |
Over two years to three years | 58,000 | 54,500 | 45,000 |
Over three years to five years | 58,000 | 91,000 | 70,000 |
Over five years | 45,000 | 65,000 | 56,000 |
Federal Home Loan Bank, Advances, Total | $ 293,000 | $ 368,000 | $ 395,500 |
Within one year, Weighted Average Rate | 2.21% | 1.89% | 0.51% |
Over one year to two years, Weighted Average Rate | 2.25% | 2.72% | 3.07% |
Over two years to three years, Weighted Average Rate | 1.87% | 2.25% | 3.18% |
Over three years to five years, Weighted Average Rate | 2.68% | 1.85% | 2.43% |
Over five years, Weighted Average Rate | 2.85% | 3.23% | 3.16% |
Weighted Average Rate, Total | 2.34% | 2.30% | 1.89% |
Reclassifications Out of Accu90
Reclassifications Out of Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gains on sales of securities | $ 64 | $ 594 | $ 450 | ||||||||
Provision for income taxes | $ 394 | $ 52 | $ (20) | $ (64) | $ 95 | $ (180) | $ (233) | $ (215) | 362 | (533) | (866) |
Net income | $ 6,500 | $ 6,486 | $ 6,241 | $ 5,307 | $ 5,971 | $ 6,166 | $ 5,925 | $ 4,959 | 24,534 | 23,021 | 21,860 |
Salaries and employee benefits | (40,048) | (38,596) | $ (35,096) | ||||||||
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 securities | 52 | 594 | |||||||||
Provision for income taxes | (20) | (233) | |||||||||
Net income | 32 | 361 | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accretion of Unrealized Losses Transferred [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gains on sales of securities | (4,317) | (5,502) | |||||||||
Provision for income taxes | 1,505 | 1,919 | |||||||||
Net income | (2,812) | (3,583) | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Salaries and employee benefits | (10) | (10) | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Actuarial Gains (Losses) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Salaries and employee benefits | (1,606) | (1,411) | |||||||||
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 | (1,616) | (1,421) | |||||||||
Provision for income taxes | 646 | 568 | |||||||||
Net income | $ (970) | $ (853) |
Earnings per Share ("EPS") - Ad
Earnings per Share ("EPS") - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | ||
Class A Common Stock [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive effect of stock options, increment in shares | 0 | 0 | 1,447 |
Class A Common Stock [Member] | Minimum [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% |
Earnings Per Share ("EPS") - Re
Earnings Per Share ("EPS") - Reconciliation of Basic EPS and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 6,500 | $ 6,486 | $ 6,241 | $ 5,307 | $ 5,971 | $ 6,166 | $ 5,925 | $ 4,959 | $ 24,534 | $ 23,021 | $ 21,860 |
Class A Common Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 19,270 | $ 18,081 | $ 17,157 | ||||||||
Weighted average shares outstanding, basic | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,591,732 |
Basic earnings per share | $ 1.42 | $ 1.41 | $ 1.36 | $ 1.16 | $ 1.30 | $ 1.35 | $ 1.29 | $ 1.08 | $ 5.35 | $ 5.02 | $ 4.78 |
Dilutive effect of Class A stock options | 0 | 0 | 1,447 | ||||||||
Weighted average shares outstanding, diluted | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,562,209 |
Diluted earnings per share | $ 1.17 | $ 1.16 | $ 1.12 | $ 0.95 | $ 1.07 | $ 1.11 | $ 1.06 | $ 0.89 | $ 4.41 | $ 4.13 | $ 3.93 |
Class B Common Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 5,264 | $ 4,940 | $ 4,703 | ||||||||
Weighted average shares outstanding, basic | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,969,030 |
Basic earnings per share | $ 0.71 | $ 0.71 | $ 0.68 | $ 0.58 | $ 0.65 | $ 0.67 | $ 0.65 | $ 0.54 | $ 2.68 | $ 2.51 | $ 2.39 |
Weighted average shares outstanding, diluted | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,976,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,969,030 |
Diluted earnings per share | $ 0.71 | $ 0.71 | $ 0.68 | $ 0.58 | $ 0.65 | $ 0.67 | $ 0.65 | $ 0.54 | $ 2.68 | $ 2.51 | $ 2.39 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||
Number of outstanding options | 20,375 | |||
Stock Option Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Number of outstanding options | 0 | 0 | ||
Weighted average intrinsic value of options exercised | $ 8.76 | |||
Aggregate value of weighted average intrinsic value of options exercised | $ 99,217 | |||
Minimum [Member] | ||||
Class of Stock [Line Items] | ||||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | |||
Minimum [Member] | Stock Option Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Share based compensation of option price based on fair value | 85.00% | |||
Maximum [Member] | Stock Option Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Share based compensation number of share authorized | 150,000 | |||
Stock option exercisable period | 10 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity under Stock Option Plan (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares under option: | |||
Outstanding at beginning of year, Amount | 20,375 | ||
Forfeited, Amount | (9,050) | ||
Exercised, Amount | (11,325) | ||
Exercisable at end of year, Amount | 0 | ||
Available to be granted at end of year, Amount | 233,934 | 233,934 | 233,934 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 31.82 | ||
Forfeited, Weighted Average Exercise Price | 31.83 | ||
Exercised, Weighted Average Exercise Price | 31.81 | ||
Outstanding at end of year, Weighted Average Exercise Price | 0 | ||
Exercisable at end of year, Weighted Average Exercise Price | $ 0 |
Stockholders' Equity - Summar95
Stockholders' Equity - Summary of the Bank's Actual Capital Amounts and Ratios (Detail) - Century Bancorp Capital Trust II [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 293,143 | $ 278,769 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 268,737 | 255,694 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 268,737 | 255,694 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | $ 268,737 | $ 255,964 |
Total Capital (to Risk-Weighted Assets), Ratio | 12.27% | 12.03% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 11.25% | 11.04% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Ratio | 11.25% | 11.04% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 6.02% | 6.48% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | $ 191,081 | $ 185,320 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 143,311 | 138,990 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 107,483 | 104,242 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | $ 178,469 | $ 157,734 |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 4.50% | 4.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital (to Risk-Weighted Assets), Well Capitalized Amount | $ 238,851 | $ 231,650 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 191,081 | 185,320 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 155,253 | 150,572 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $ 223,086 | $ 197,167 |
Total Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Ratio | 5.00% | 5.00% |
Stockholders' Equity - Summar96
Stockholders' Equity - Summary of the Company's Actual Capital Amounts and Ratios (Detail) - Company [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 305,065 | $ 291,635 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 280,659 | 268,560 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 249,753 | 233,560 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | $ 280,659 | $ 268,560 |
Total Capital (to Risk-Weighted Assets), Ratio | 12.72% | 12.54% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 11.70% | 11.55% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Ratio | 10.41% | 10.04% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 6.28% | 6.79% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | $ 191,904 | $ 186,021 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 143,928 | 139,515 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 107,946 | 104,637 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | $ 178,903 | $ 158,114 |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 4.50% | 4.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital (to Risk-Weighted Assets), Well Capitalized Amount | $ 239,880 | $ 232,526 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 191,904 | 186,021 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 155,922 | 151,142 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $ 223,628 | $ 197,642 |
Total Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Ratio | 5.00% | 5.00% |
Income Taxes - Summary of Curre
Income Taxes - Summary of Current and Deferred Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current expense: | |||||||||||
Federal | $ 3,875 | $ 3,393 | $ 3,981 | ||||||||
State | 439 | 399 | 498 | ||||||||
Total current expense | 4,314 | 3,792 | 4,479 | ||||||||
Deferred (benefit) expense: | |||||||||||
Federal | (4,450) | (3,098) | (3,179) | ||||||||
State | (334) | (161) | (434) | ||||||||
Valuation allowance | 108 | ||||||||||
Total deferred benefit | (4,676) | (3,259) | (3,613) | ||||||||
Provision for income taxes | $ (394) | $ (52) | $ 20 | $ 64 | $ (95) | $ 180 | $ 233 | $ 215 | $ (362) | $ 533 | $ 866 |
Income Taxes - Income Tax Accou
Income Taxes - Income Tax Accounts Included in Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Currently receivable | $ 633 | $ 1,217 |
Deferred income tax asset, net | 43,129 | 40,157 |
Total | $ 43,762 | $ 41,374 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences between Income Tax (Benefit) Expense at the Statutory Federal Income Tax Rate and Total Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income tax expense at statutory rates | $ 8,218 | $ 8,008 | $ 7,727 | ||||||||
State income tax, net of federal income tax benefit | 69 | 157 | 42 | ||||||||
Insurance income | (406) | (375) | (353) | ||||||||
Effect of tax-exempt interest | (8,259) | (6,915) | (6,097) | ||||||||
Net tax credit | (395) | (460) | (517) | ||||||||
Valuation allowance | 108 | ||||||||||
Other | 303 | 118 | 64 | ||||||||
Provision for income taxes | $ (394) | $ (52) | $ 20 | $ 64 | $ (95) | $ 180 | $ 233 | $ 215 | $ (362) | $ 533 | $ 866 |
Effective tax rate | (1.50%) | 2.30% | 3.80% |
Income Taxes - Gross Deferred I
Income Taxes - Gross Deferred Income Tax Assets and Gross Deferred Income Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred income tax assets: | ||
Allowance for loan losses | $ 10,419 | $ 9,852 |
AMT credit | 10,234 | 7,041 |
Deferred compensation | 9,684 | 8,495 |
Pension and SERP liability | 7,658 | 8,714 |
Unrealized losses on securities transferred to held-to-maturity | 3,161 | 4,667 |
Depreciation | 968 | 673 |
Accrued bonus | 612 | 508 |
Unrealized (gains) losses on securities available-for-sale | 357 | 108 |
Charitable contributions carryforward | 266 | |
Acquisition premium | 128 | 231 |
Nonaccrual interest | 125 | 138 |
Limited partnerships | 30 | 52 |
Investments write down | 26 | 26 |
Other | 220 | 173 |
Gross deferred income tax asset | 43,888 | 40,678 |
Valuation allowance | (108) | |
Gross deferred income tax asset,net of valuation allowance | 43,780 | 40,678 |
Deferred income tax liabilities: | ||
Mortgage servicing rights | (651) | (521) |
Gross deferred income tax liability | (651) | (521) |
Deferred income tax asset net | $ 43,129 | $ 40,157 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Valuation allowance on charitable contribution carryforward | $ 108,000 |
Charitable contribution carryforward period | 4 years |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefits expected to be paid in 2017 | $ 1,457,000 | |||
Benefits expected to be paid in 2018 | 1,481,000 | |||
Benefits expected to be paid in 2019 | 1,516,000 | |||
Benefits expected to be paid in 2020 | 1,671,000 | |||
Benefits expected to be paid in 2021 | 1,863,000 | |||
Aggregate benefits expected to paid | 10,650,000 | |||
Discretionary bonus expense | 1,418,000 | $ 1,178,000 | $ 1,434,000 | |
Transfers in or out of level 3 | $ 0 | 0 | ||
Voluntary contribution of employees | 33.30% | |||
Contributions matched by compensation contribution | 6.00% | |||
Voluntary contribution of employees, amount | $ 418,000 | $ 403,000 | $ 346,000 | |
Change in Assumptions for Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Decrease in periodic plan cost | 859,000 | |||
Supplemental Insurance/ Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefits expected to be paid in 2017 | 2,031,000 | |||
Benefits expected to be paid in 2018 | 1,990,000 | |||
Benefits expected to be paid in 2019 | 1,964,000 | |||
Benefits expected to be paid in 2020 | 1,906,000 | |||
Benefits expected to be paid in 2021 | 1,830,000 | |||
Aggregate benefits expected to paid | $ 11,972,000 | |||
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary bonus expense | $ 1,000,000 | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Allocation mix for the common and collective trust portfolio, Minimum | 40.00% | |||
Allocation mix for the common and collective trust portfolio, Maximum | 64.00% | |||
Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Allocation mix for the common and collective trust portfolio, Minimum | 15.00% | |||
Allocation mix for the common and collective trust portfolio, Maximum | 25.00% | |||
Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Allocation mix for the common and collective trust portfolio, Minimum | 20.00% | |||
Allocation mix for the common and collective trust portfolio, Maximum | 36.00% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value of Plan Assets and Major Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Percentage | 100.00% | 100.00% | |
Total, fair value of plan assets | $ 37,447 | $ 33,717 | |
Fair Value Measurements, Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | 17,160 | 14,873 | |
Fair Value Measurements, Level 2 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | 17,501 | 16,320 | |
Fair Value Measurements, Level 3 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | $ 2,786 | $ 2,524 | $ 2,360 |
Collective Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Percentage | 59.30% | 61.20% | |
Total, fair value of plan assets | $ 22,209 | $ 20,627 | |
Collective Funds [Member] | Fair Value Measurements, Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | 4,708 | 4,307 | |
Collective Funds [Member] | Fair Value Measurements, Level 2 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | $ 17,501 | $ 16,320 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Percentage | 19.70% | 17.70% | |
Total, fair value of plan assets | $ 7,363 | $ 5,990 | |
Equity Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | $ 7,363 | $ 5,990 | |
Mutual Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Percentage | 12.30% | 11.90% | |
Total, fair value of plan assets | $ 4,615 | $ 4,001 | |
Mutual Fund [Member] | Fair Value Measurements, Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | $ 4,615 | $ 4,001 | |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Percentage | 7.40% | 7.50% | |
Total, fair value of plan assets | $ 2,786 | $ 2,524 | |
Hedge Funds [Member] | Fair Value Measurements, Level 3 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | $ 2,786 | $ 2,524 | |
Short-Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, Percentage | 1.30% | 1.70% | |
Total, fair value of plan assets | $ 474 | $ 575 | |
Short-Term Investments [Member] | Fair Value Measurements, Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total, fair value of plan assets | $ 474 | $ 575 |
Employee Benefits - Changes in
Employee Benefits - Changes in Level 3 Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | $ 33,717 | |
Balance at end of year | 37,447 | $ 33,717 |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Balance at beginning of year | 2,524 | 2,360 |
Purchases | 114 | 224 |
Redemptions | (309) | (40) |
Actual return - assets still being held | 457 | (20) |
Balance at end of year | $ 2,786 | $ 2,524 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Change in plan assets | ||
Balance at beginning of year | $ 33,717 | |
Balance at end of year | 37,447 | $ 33,717 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Total recognized in other comprehensive income | 16,733 | 17,406 |
Defined Benefit Pension Plan [Member] | ||
Change projected in benefit obligation | ||
Benefit obligation at beginning of year | 38,597 | 40,011 |
Service cost | 1,273 | 1,343 |
Interest cost | 1,358 | 1,576 |
Actuarial (gain)/loss | 2,593 | (3,424) |
Benefits paid | (1,566) | (909) |
Projected benefit obligation at end of year | 42,255 | 38,597 |
Change in plan assets | ||
Balance at beginning of year | 33,717 | 33,812 |
Actual return on plan assets | 3,221 | (1,186) |
Employer contributions | 2,075 | 2,000 |
Benefits paid | (1,566) | (909) |
Balance at end of year | 37,447 | 33,717 |
(Unfunded) Funded status | (4,808) | (4,880) |
Accumulated benefit obligation | $ 42,255 | $ 38,597 |
Weighted-average assumptions as of December 31 | ||
Discount rate - Liability | 3.99% | 4.18% |
Discount rate - Expense | 4.18% | 4.00% |
Expected return on plan assets | 8.00% | 8.00% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ||
Service cost | $ 1,273 | $ 1,343 |
Interest cost | 1,358 | 1,576 |
Expected return on plan assets | (2,776) | (2,749) |
Recognized prior service cost | (104) | (104) |
Recognized net losses | 801 | 812 |
Net periodic cost (benefit) | 552 | 878 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Amortization of prior service cost | 104 | 104 |
Net (gain) loss | 1,347 | (301) |
Total recognized in other comprehensive income | 1,451 | (197) |
Total recognized in net periodic benefit cost and other comprehensive income | 2,003 | 681 |
Supplemental Insurance/ Retirement Plan [Member] | ||
Change projected in benefit obligation | ||
Benefit obligation at beginning of year | 38,204 | 31,989 |
Service cost | 1,820 | 1,589 |
Interest cost | 1,334 | 1,365 |
Actuarial (gain)/loss | (1,653) | 4,304 |
Benefits paid | (1,095) | (1,043) |
Projected benefit obligation at end of year | 38,610 | 38,204 |
Change in plan assets | ||
Benefits paid | (1,095) | (1,043) |
(Unfunded) Funded status | (38,610) | (38,204) |
Accumulated benefit obligation | $ 36,392 | $ 34,884 |
Weighted-average assumptions as of December 31 | ||
Discount rate - Liability | 3.85% | 4.03% |
Discount rate - Expense | 4.01% | 4.00% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ||
Service cost | $ 1,820 | $ 1,589 |
Interest cost | 1,334 | 1,365 |
Recognized prior service cost | 114 | 114 |
Recognized net losses | 805 | 599 |
Net periodic cost (benefit) | 4,073 | 3,667 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Amortization of prior service cost | (114) | (114) |
Net (gain) loss | (2,458) | 3,705 |
Total recognized in other comprehensive income | (2,572) | 3,591 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 1,501 | $ 7,258 |
Employee Benefits - Summary of
Employee Benefits - Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | $ (445) | $ (455) | |
Net actuarial loss | (27,415) | (28,526) | |
Total | (27,860) | (28,981) | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (104) | (104) | |
Net actuarial loss | 2,593 | (3,424) | |
Total | (42,255) | (38,597) | $ (40,011) |
Defined Benefit Pension Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 204 | 308 | |
Net actuarial loss | (13,999) | (12,652) | |
Total | (13,795) | (12,344) | |
Supplemental Insurance/ Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 114 | 114 | |
Net actuarial loss | (1,653) | 4,304 | |
Total | (38,610) | (38,204) | $ (31,989) |
Supplemental Insurance/ Retirement Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (649) | (763) | |
Net actuarial loss | (13,416) | (15,874) | |
Total | $ (14,065) | $ (16,637) |
Employee Benefits - Summary 107
Employee Benefits - Summary of Accumulated Other Comprehensive Loss Expected to be Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of loss to be recognized in 2017 | $ 297 | $ 2,890 | $ 8,544 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost to be recognized in 2017 | (104) | ||
Amortization of loss to be recognized in 2017 | 903 | ||
Supplemental Insurance/ Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost to be recognized in 2017 | 114 | ||
Amortization of loss to be recognized in 2017 | $ 636 |
Financial Instruments with O108
Financial Instruments with Off-Balance-Sheet Risk - Summary of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 6,796 | $ 4,936 |
Commitments to Originate 1-4 Family Mortgages [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 13,877 | 5,638 |
Unused Lines of Credit [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 362,357 | 320,874 |
Unadvanced Portions of Construction Loans [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 22,049 | 11,589 |
Unadvanced Portions of Other Loans [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 52,224 | $ 41,717 |
Other Operating Expenses - Summ
Other Operating Expenses - Summary of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |||
Marketing | $ 2,185 | $ 1,849 | $ 1,793 |
Software maintenance/amortization | 1,863 | 1,670 | 1,524 |
Legal and audit | 1,255 | 1,269 | 1,072 |
Contributions | 789 | 690 | 735 |
Processing services | 1,040 | 1,002 | 944 |
Consulting | 1,168 | 1,050 | 964 |
Postage and delivery | 987 | 905 | 964 |
Supplies | 948 | 965 | 870 |
Telephone | 1,032 | 804 | 753 |
Directors' fees | 413 | 377 | 389 |
Insurance | 323 | 301 | 304 |
Other | 1,812 | 1,826 | 1,520 |
Total | $ 13,815 | $ 12,708 | $ 11,832 |
Fair Values of Financial Ins110
Fair Values of Financial Instruments - Carrying Amount and Fair Value of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities held-to-maturity | $ 1,653,986 | $ 1,438,903 |
Loans | 1,899,527 | 1,708,461 |
Financial liabilities: | ||
Time deposits | 478,359 | 473,426 |
Other borrowed funds | 293,000 | 368,000 |
Subordinated debentures | 36,083 | 36,083 |
Carrying Value [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,653,986 | 1,438,903 |
Loans | 1,899,527 | 1,708,461 |
Financial liabilities: | ||
Time deposits | 478,359 | 473,426 |
Other borrowed funds | 293,000 | 368,000 |
Subordinated debentures | 36,083 | 36,083 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,635,808 | 1,438,960 |
Loans | 1,873,703 | 1,677,270 |
Financial liabilities: | ||
Time deposits | 480,133 | 474,046 |
Other borrowed funds | 294,940 | 372,209 |
Subordinated debentures | 36,083 | 36,083 |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,635,808 | 1,438,960 |
Financial liabilities: | ||
Time deposits | 480,133 | 474,046 |
Other borrowed funds | 294,940 | 372,209 |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Financial assets: | ||
Loans | 1,873,703 | 1,677,270 |
Financial liabilities: | ||
Subordinated debentures | $ 36,083 | $ 36,083 |
Quarterly Results of Operati111
Quarterly Results of Operations - Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Interest income | $ 24,689 | $ 25,005 | $ 23,742 | $ 23,263 | $ 22,496 | $ 23,750 | $ 22,675 | $ 21,172 | $ 96,699 | $ 90,093 | $ 85,371 |
Interest expense | 5,927 | 5,791 | 5,486 | 5,413 | 5,274 | 5,134 | 4,961 | 4,765 | 22,617 | 20,134 | 19,136 |
Net interest income | 18,762 | 19,214 | 18,256 | 17,850 | 17,222 | 18,616 | 17,714 | 16,407 | 74,082 | 69,959 | 66,235 |
Provision for loan losses | 200 | 375 | 350 | 450 | 200 | 1,375 | 200 | 2,050 | |||
Net interest income after provision for loan losses | 18,562 | 18,839 | 17,906 | 17,400 | 17,222 | 18,616 | 17,714 | 16,207 | 72,707 | 69,759 | 64,185 |
Other operating income | 3,700 | 4,225 | 4,643 | 3,654 | 4,448 | 3,830 | 4,210 | 3,505 | 16,222 | 15,993 | 15,271 |
Operating expenses | 16,156 | 16,630 | 16,288 | 15,683 | 15,794 | 16,100 | 15,766 | 14,538 | 64,757 | 62,198 | 56,730 |
Income before income taxes | 6,106 | 6,434 | 6,261 | 5,371 | 5,876 | 6,346 | 6,158 | 5,174 | 24,172 | 23,554 | 22,726 |
Provision for income taxes | (394) | (52) | 20 | 64 | (95) | 180 | 233 | 215 | (362) | 533 | 866 |
Net income | $ 6,500 | $ 6,486 | $ 6,241 | $ 5,307 | $ 5,971 | $ 6,166 | $ 5,925 | $ 4,959 | 24,534 | 23,021 | 21,860 |
Class A Common Stock [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Net income | $ 19,270 | $ 18,081 | $ 17,157 | ||||||||
Share data: | |||||||||||
Average shares outstanding, basic | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,600,729 | 3,591,732 |
Average shares outstanding, diluted | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,562,209 |
Earnings per share, basic | $ 1.42 | $ 1.41 | $ 1.36 | $ 1.16 | $ 1.30 | $ 1.35 | $ 1.29 | $ 1.08 | $ 5.35 | $ 5.02 | $ 4.78 |
Earnings per share, diluted | $ 1.17 | $ 1.16 | $ 1.12 | $ 0.95 | $ 1.07 | $ 1.11 | $ 1.06 | $ 0.89 | $ 4.41 | $ 4.13 | $ 3.93 |
Class B Common Stock [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Net income | $ 5,264 | $ 4,940 | $ 4,703 | ||||||||
Share data: | |||||||||||
Average shares outstanding, basic | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,969,030 |
Average shares outstanding, diluted | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,976,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,967,180 | 1,969,030 |
Earnings per share, basic | $ 0.71 | $ 0.71 | $ 0.68 | $ 0.58 | $ 0.65 | $ 0.67 | $ 0.65 | $ 0.54 | $ 2.68 | $ 2.51 | $ 2.39 |
Earnings per share, diluted | $ 0.71 | $ 0.71 | $ 0.68 | $ 0.58 | $ 0.65 | $ 0.67 | $ 0.65 | $ 0.54 | $ 2.68 | $ 2.51 | $ 2.39 |
Parent Company Financial Sta112
Parent Company Financial Statements - Balance Sheets of Parent Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash | $ 62,400 | $ 52,877 | ||
Other assets | 116,360 | 110,582 | ||
Total assets | 4,462,608 | 3,947,441 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Liabilities | 4,222,567 | 3,732,897 | ||
Subordinated debentures | 36,083 | 36,083 | ||
Stockholders' equity | 240,041 | 214,544 | $ 192,500 | $ 176,472 |
Total liabilities and stockholders' equity | 4,462,608 | 3,947,441 | ||
Century Bancorp, Inc. [Member] | ||||
ASSETS | ||||
Cash | 2,768 | 5,230 | ||
Investment in subsidiary, at equity | 263,070 | 236,629 | ||
Other assets | 10,335 | 8,808 | ||
Total assets | 276,173 | 250,667 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Liabilities | 49 | 40 | ||
Subordinated debentures | 36,083 | 36,083 | ||
Stockholders' equity | 240,041 | 214,544 | ||
Total liabilities and stockholders' equity | $ 276,173 | $ 250,667 |
Parent Company Financial Sta113
Parent Company Financial Statements - Statements of Income of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income: | |||||||||||
Other income | $ 3,441 | $ 3,042 | $ 2,600 | ||||||||
Total interest income | $ 24,689 | $ 25,005 | $ 23,742 | $ 23,263 | $ 22,496 | $ 23,750 | $ 22,675 | $ 21,172 | 96,699 | 90,093 | 85,371 |
Interest expense | 5,927 | 5,791 | 5,486 | 5,413 | 5,274 | 5,134 | 4,961 | 4,765 | 22,617 | 20,134 | 19,136 |
Operating expenses | 16,156 | 16,630 | 16,288 | 15,683 | 15,794 | 16,100 | 15,766 | 14,538 | 64,757 | 62,198 | 56,730 |
Income before income taxes | 6,106 | 6,434 | 6,261 | 5,371 | 5,876 | 6,346 | 6,158 | 5,174 | 24,172 | 23,554 | 22,726 |
Benefit from income taxes | (394) | (52) | 20 | 64 | (95) | 180 | 233 | 215 | (362) | 533 | 866 |
Net income | $ 6,500 | $ 6,486 | $ 6,241 | $ 5,307 | $ 5,971 | $ 6,166 | $ 5,925 | $ 4,959 | 24,534 | 23,021 | 21,860 |
Century Bancorp, Inc. [Member] | |||||||||||
Income: | |||||||||||
Dividends from subsidiary | 2,000 | 1,500 | |||||||||
Interest income from deposits in bank | 3 | 13 | 21 | ||||||||
Other income | 28 | 24 | 72 | ||||||||
Total interest income | 2,031 | 1,537 | 93 | ||||||||
Interest expense | 937 | 792 | 2,329 | ||||||||
Operating expenses | 220 | 212 | 204 | ||||||||
Income before income taxes | 874 | 533 | (2,440) | ||||||||
Benefit from income taxes | (383) | (328) | (830) | ||||||||
Income before equity in undistributed income of subsidiary | 1,257 | 861 | (1,610) | ||||||||
Equity in undistributed income of subsidiary | 23,277 | 22,160 | 23,470 | ||||||||
Net income | $ 24,534 | $ 23,021 | $ 21,860 |
Parent Company Financial Sta114
Parent Company Financial Statements - Statements of Cash Flows of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ 6,500 | $ 6,486 | $ 6,241 | $ 5,307 | $ 5,971 | $ 6,166 | $ 5,925 | $ 4,959 | $ 24,534 | $ 23,021 | $ 21,860 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 3,561 | 3,296 | 2,937 | ||||||||
Increase in other assets | (2,953) | (10,862) | (2,849) | ||||||||
Net cash provided by (used in) operating activities | 22,006 | 11,053 | 22,387 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net proceeds from the exercise of stock options | 361 | ||||||||||
Cash dividends paid | (2,201) | (2,200) | (2,196) | ||||||||
Net cash provided by (used in) financing activities | 485,387 | 293,259 | 158,193 | ||||||||
Net increase (decrease) in cash and cash equivalents | 15,427 | (84,633) | 210,679 | ||||||||
Century Bancorp, Inc. [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | 24,534 | 23,021 | 21,860 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Undistributed income of subsidiary | (23,277) | (22,160) | (23,470) | ||||||||
Depreciation and amortization | 3 | 12 | |||||||||
Increase in other assets | (1,527) | (1,112) | (1,067) | ||||||||
Decrease in liabilities | 9 | 4 | (71) | ||||||||
Net cash provided by (used in) operating activities | (261) | (244) | (2,736) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net proceeds from the exercise of stock options | 361 | ||||||||||
Cash dividends paid | (2,201) | (2,200) | (2,196) | ||||||||
Net cash provided by (used in) financing activities | (2,201) | (2,200) | (1,835) | ||||||||
Net increase (decrease) in cash and cash equivalents | (2,462) | (2,444) | (4,571) | ||||||||
Cash and cash equivalents at beginning of year | $ 5,230 | $ 7,674 | 5,230 | 7,674 | 12,245 | ||||||
Cash and cash equivalents at end of year | $ 2,768 | $ 5,230 | $ 2,768 | $ 5,230 | $ 7,674 |