Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CNBKA | |
Entity Registrant Name | CENTURY BANCORP INC | |
Entity Central Index Key | 812,348 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,603,729 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,964,180 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 65,100 | $ 62,400 |
Federal funds sold and interest-bearing deposits in other banks | 2,358 | 173,751 |
Total cash and cash equivalents | 67,458 | 236,151 |
Short-term investments | 2,101 | 3,183 |
Securities available-for-sale, amortized cost $510,600 and $500,220, respectively | 509,900 | 499,297 |
Securities held-to-maturity, fair value $1,788,653 and $1,635,808, respectively | 1,809,608 | 1,653,986 |
Federal Home Loan Bank of Boston, stock at cost | 20,328 | 21,042 |
Loans, net: | ||
Construction and land development | 10,773 | 14,928 |
Commercial and industrial | 649,326 | 612,503 |
Municipal | 153,447 | 135,418 |
Commercial real estate | 732,151 | 696,173 |
Residential real estate | 264,442 | 241,357 |
Home equity | 218,782 | 211,857 |
Overdrafts | 448 | 684 |
Total loans, net | 2,040,494 | 1,923,933 |
Less: allowance for loan losses | 24,827 | 24,406 |
Net loans | 2,015,667 | 1,899,527 |
Bank premises and equipment | 23,471 | 23,417 |
Accrued interest receivable | 10,187 | 9,645 |
Goodwill | 2,714 | 2,714 |
Other assets | 115,951 | 113,646 |
Total assets | 4,577,385 | 4,462,608 |
Deposits: | ||
Demand deposits | 680,751 | 689,286 |
Savings and NOW deposits | 1,410,229 | 1,304,394 |
Money market accounts | 1,132,021 | 1,181,179 |
Time deposits | 520,461 | 478,359 |
Total deposits | 3,743,462 | 3,653,218 |
Securities sold under agreements to repurchase | 189,920 | 182,280 |
Other borrowed funds | 301,500 | 293,000 |
Subordinated debentures | 36,083 | 36,083 |
Other liabilities | 60,092 | 57,986 |
Total liabilities | 4,331,057 | 4,222,567 |
Stockholders' Equity | ||
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 | 249,112 | 243,565 |
Stockholders' equity before adjustment of accumulated other comprehensive income (loss) | 266,972 | 261,425 |
Unrealized losses on securities available-for-sale, net of taxes | (432) | (567) |
Unrealized losses on securities transferred to held-to-maturity, net of taxes | (3,711) | (4,084) |
Pension liability, net of taxes | (16,501) | (16,733) |
Total accumulated other comprehensive loss, net of taxes | (20,644) | (21,384) |
Total stockholders' equity | 246,328 | 240,041 |
Total liabilities and stockholders' equity | 4,577,385 | 4,462,608 |
Consumer [Member] | ||
Loans, net: | ||
Consumer | 11,125 | 11,013 |
Total loans, net | 11,573 | 11,697 |
Less: allowance for loan losses | 452 | 582 |
Class A Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock value | 3,601 | 3,601 |
Total stockholders' equity | 3,601 | 3,601 |
Class B Common Stock [Member] | ||
Stockholders' Equity | ||
Common stock value | 1,967 | 1,967 |
Total stockholders' equity | $ 1,967 | $ 1,967 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Amortized cost | $ 510,600 | $ 500,220 |
Held-to-maturity securities, fair value | $ 1,788,653 | $ 1,635,808 |
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 (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income | ||
Loans | $ 15,100 | $ 14,172 |
Securities held-to-maturity | 9,535 | 7,812 |
Securities available-for-sale | 1,611 | 964 |
Federal funds sold and interest-bearing deposits in other banks | 393 | 315 |
Total interest income | 26,639 | 23,263 |
Interest expense | ||
Savings and NOW deposits | 1,227 | 838 |
Money market accounts | 1,274 | 795 |
Time deposits | 1,651 | 1,358 |
Securities sold under agreements to repurchase | 103 | 115 |
Other borrowed funds and subordinated debentures | 1,928 | 2,307 |
Total interest expense | 6,183 | 5,413 |
Net interest income | 20,456 | 17,850 |
Provision for loan losses | 400 | 450 |
Net interest income after provision for loan losses | 20,056 | 17,400 |
Other operating income | ||
Service charges on deposit accounts | 2,016 | 1,937 |
Lockbox fees | 771 | 789 |
Gains on sales of mortgage loans | 101 | |
Other income | 1,021 | 928 |
Total other operating income | 3,909 | 3,654 |
Operating expenses | ||
Salaries and employee benefits | 11,143 | 9,776 |
Occupancy | 1,741 | 1,579 |
Equipment | 706 | 636 |
FDIC assessments | 438 | 568 |
Other | 3,697 | 3,124 |
Total operating expenses | 17,725 | 15,683 |
Income before income taxes | 6,240 | 5,371 |
Provision for income taxes | 144 | 64 |
Net income | $ 6,096 | $ 5,307 |
Class A Common Stock [Member] | ||
Share data: | ||
Weighted average number of shares outstanding, basic | 3,600,729 | 3,600,729 |
Weighted average number of shares outstanding, diluted | 5,567,909 | 5,567,909 |
Basic earnings per share | $ 1.33 | $ 1.16 |
Diluted earnings per share | $ 1.09 | $ 0.95 |
Class B Common Stock [Member] | ||
Share data: | ||
Weighted average number of shares outstanding, basic | 1,967,180 | 1,967,180 |
Weighted average number of shares outstanding, diluted | 1,967,180 | 1,967,180 |
Basic earnings per share | $ 0.66 | $ 0.58 |
Diluted earnings per share | $ 0.66 | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 6,096 | $ 5,307 |
Other comprehensive income (loss), net of tax: | ||
Unrealized (losses) gains arising during period | 135 | 314 |
Accretion of net unrealized losses transferred | 373 | 984 |
Defined benefit pension plans: | ||
Amortization of prior service cost and loss included in net periodic benefit cost | 232 | 242 |
Other comprehensive income | 740 | 1,540 |
Comprehensive income | $ 6,836 | $ 6,847 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - 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, 2015 | $ 214,544 | $ 3,601 | $ 1,967 | $ 12,292 | $ 221,232 | $ (24,548) | ||
Net income | 5,307 | 5,307 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding (losses) gains arising during period, net of taxes | 314 | 314 | ||||||
Accretion of unrealized losses on securities transferred to held-to-maturity, net of taxes | 984 | 984 | ||||||
Pension liability adjustment, net of taxes | 242 | 242 | ||||||
Cash dividends | $ (433) | $ (117) | ||||||
Ending balance at Mar. 31, 2016 | 220,841 | 3,601 | 1,967 | 12,292 | 225,989 | (23,008) | ||
Beginning balance at Dec. 31, 2016 | 240,041 | 3,601 | 1,967 | 12,292 | 243,565 | (21,384) | ||
Net income | 6,096 | 6,096 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding (losses) gains arising during period, net of taxes | 135 | 135 | ||||||
Accretion of unrealized losses on securities transferred to held-to-maturity, net of taxes | 373 | 373 | ||||||
Pension liability adjustment, net of taxes | 232 | 232 | ||||||
Cash dividends | $ (432) | $ (117) | ||||||
Ending balance at Mar. 31, 2017 | $ 246,328 | $ 3,601 | $ 1,967 | $ 12,292 | $ 249,112 | $ (20,644) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Unrealized holding (losses) gains arising during period, taxes | $ 88 | $ 170 |
Accretion of net unrealized losses transferred during the period, taxes | 287 | 527 |
Pension liability adjustment, taxes | $ 155 | $ 161 |
Class A Common Stock [Member] | ||
Cash dividends, per share | $ 0.12 | $ 0.12 |
Class B Common Stock [Member] | ||
Cash dividends, per share | $ 0.06 | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 6,096 | $ 5,307 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Gain on sales of mortgage loans | (101) | |
Provision for loan losses | 400 | 450 |
Deferred income taxes | (1,165) | (1,098) |
Net depreciation and amortization | 887 | 729 |
(Increase) decrease in accrued interest receivable | (542) | 478 |
Increase in other assets | (1,690) | (744) |
Increase in other liabilities | 2,493 | 901 |
Net cash provided by (used in) operating activities | 6,378 | 6,023 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Maturity (purchase) of short-term investments | 1,082 | (8) |
Proceeds from redemptions of Federal Home Loan Bank of Boston stock | 714 | 4,898 |
Proceeds from calls/maturities of securities available-for-sale | 41,155 | 47,099 |
Purchase of securities available-for-sale | (51,606) | (21,095) |
Proceeds from calls/maturities of securities held-to-maturity | 62,537 | 113,454 |
Purchase of securities held-to-maturity | (217,463) | (85,654) |
Net increase in loans | (124,327) | (79,070) |
Proceeds from sales of portfolio loans | 7,899 | |
Capital expenditures | (897) | (396) |
Net cash used in investing activities | (280,906) | (20,772) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in time deposits | 42,102 | (27,241) |
Net increase in demand, savings, money market and NOW deposits | 48,142 | 118,086 |
Cash dividends | (549) | (550) |
Net increase in securities sold under agreements to repurchase | 7,640 | 20,380 |
Net increase (decrease) in other borrowed funds | 8,500 | (12,000) |
Net cash provided by financing activities | 105,835 | 98,675 |
Net (decrease) increase in cash and cash equivalents | (168,693) | 83,926 |
Cash and cash equivalents at beginning of period | 236,151 | 220,724 |
Cash and cash equivalents at end of period | 67,458 | 304,650 |
Cash paid during the period for: | ||
Interest | 6,232 | 5,405 |
Income taxes | 210 | 210 |
Change in unrealized gains (losses) on securities available-for-sale, net of taxes | 135 | 314 |
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes | 373 | 984 |
Pension liability adjustment, net of taxes | $ 232 | 242 |
Change in due to (from) to broker | 1,336 | |
Transfer of loans to Loans held-for-sale | $ 48,180 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Note 1. Basis of Financial Statement Presentation The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The Company’s quarterly report on Form 10-Q 10-K Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on independent appraisals and review of other factors, including historical charge-off |
Securities Available-for-Sale
Securities Available-for-Sale | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Securities Available-for-Sale | Note 2. Securities Available-for-Sale March 31, 2017 December 31, 2016 Amortized Gross Gross Fair Value Amortized Gross Gross Fair (in thousands) U.S. Treasury $ 2,000 $ — $ — $ 2,000 $ 2,000 $ — $ — $ 2,000 U.S. Government Sponsored Enterprises 20,000 — 16 19,984 25,000 — 48 24,952 SBA Backed Securities 74,472 11 247 74,236 57,899 14 146 57,767 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 244,104 397 551 243,950 243,703 293 671 243,325 Privately Issued Residential Mortgage-Backed Securities 1,066 3 14 1,055 1,121 2 14 1,109 Obligations Issued by States and Political Subdivisions 163,742 — 405 163,337 165,281 — 405 164,876 Other Debt Securities 5,100 80 199 4,981 5,100 18 194 4,924 Equity Securities 116 241 — 357 116 228 — 344 Total $ 510,600 $ 732 $ 1,432 $ 509,900 $ 500,220 $ 555 $ 1,478 $ 499,297 Included in U.S. Government Sponsored Enterprise Securities and U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $197,682,000 and $210,780,000 at March 31, 2017 and December 31, 2016, respectively. Also included in securities available-for-sale available-for-sale Debt securities of Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac. The following table shows the maturity distribution of the Company’s securities available-for-sale Amortized Cost Fair Value (in thousands) Within one year $ 171,890 $ 171,877 After one but within five years 120,417 120,374 After five but within ten years 134,399 134,176 More than 10 years 82,278 81,766 Non-maturing 1,616 1,707 Total $ 510,600 $ 509,900 The weighted average remaining life of investment securities available-for-sale As of March 31, 2017 and December 31, 2016, 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 that the principal and interest on these securities are from issuers that are investment grade. The change in the unrealized losses on the state and municipal securities and the non-agency The unrealized loss on SBA Backed Securities, U.S. Government Agency and Sponsored Enterprise Mortgage Backed Securities, and Obligations Issued by States and Political Subdivisions, related primarily to interest rates and not credit quality, and because the Company has the ability and intent to hold these investments until recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired. In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. In the case of privately issued mortgage-backed securities, the performance of the underlying loans is analyzed as deemed necessary to determine the estimated future cash flows of the securities. Factors considered include the level of subordination, current and estimated future default rates, current and estimated prepayment rates, estimated loss severity rates, geographic concentrations and origination dates of underlying loans. In the case of marketable equity securities, the severity of the unrealized loss, the length of time the unrealized loss has existed, and the issuer’s financial performance are considered. The following table shows the temporarily impaired securities of the Company’s available-for-sale March 31, 2017 Less than 12 months 12 months or longer Total Temporarily Impaired Investments Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) U.S. Government Sponsored Enterprises $ 19,984 $ 16 $ — $ — $ 19,984 $ 16 SBA Backed Securities 69,345 246 932 1 70,277 247 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 101,820 313 42,246 238 144,066 551 Privately Issued Residential Mortgage-Backed Securities — — 732 14 732 14 Obligations issued by States and Political Subdivisions — — 4,297 405 4,297 405 Other Debt Securities 452 48 1,549 151 2,001 199 Total temporarily impaired securities $ 191,601 $ 623 $ 49,756 $ 809 $ 241,357 $ 1,432 The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2016 Less than 12 months 12 months or longer Total Temporarily Impaired Investments Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) 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 |
Investment Securities Held-to-M
Investment Securities Held-to-Maturity | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Investment Securities Held-to-Maturity | Note 3. Investment Securities Held-to-Maturity March 31, 2017 December 31, 2016 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (in thousands) U.S. Government Sponsored Enterprises $ 170,077 $ 1,003 $ 463 $ 170,617 $ 148,326 $ 1,066 $ 527 $ 148,865 SBA Backed Securities 55,774 — 979 54,795 46,140 — 1,088 45,052 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 1,583,757 4,826 25,342 1,563,241 1,459,520 4,948 22,577 1,441,891 Total $ 1,809,608 $ 5,829 $ 26,784 $ 1,788,653 $ 1,653,986 $ 6,014 $ 24,192 $ 1,635,808 Included in U.S. Government and Agency Securities are securities pledged to secure public deposits and repurchase agreements at fair value amounting to $1,140,730,000 and $1,147,207,000 at March 31, 2017 and December 31, 2016, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank of Boston at fair value amounting to $317,845,000 and $424,353,000 at March 31, 2017 and December 31, 2016, respectively. There were no sales of held-to-maturity At March 31, 2017 and December 31, 2016, all mortgage-backed securities are obligations of U.S. Government Agencies and Government Sponsored Enterprises. U.S. 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 Amortized Cost Fair Value (in thousands) Within one year $ 25,844 $ 25,915 After one but within five years 1,238,317 1,227,264 After five but within ten years 542,305 532,543 More than ten years 3,142 2,931 Total $ 1,809,608 $ 1,788,653 The weighted average remaining life of investment securities held-to-maturity As of March 31, 2017 and December 31, 2016, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not likely that it will be required to sell these debt securities before the anticipated recovery of their remaining amortized costs. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The unrealized loss on U.S. Government Sponsored Enterprises and U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not likely that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired March 31, 2017 and December 31, 2016. 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 March 31, 2017 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) U.S. Government Sponsored Enterprises $ 80,882 $ 463 $ — $ — $ 80,882 $ 463 SBA Backed Securities 54,795 979 — — 54,795 979 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 1,143,145 23,267 63,986 2,075 1,207,131 25,342 Total temporarily impaired securities $ 1,278,822 $ 24,709 $ 63,986 $ 2,075 $ 1,342,808 $ 26,784 The following table shows the temporarily impaired securities of the Company’s held-to-maturity December 31, 2016 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Unrealized Fair Unrealized Fair Unrealized (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 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Note 4. 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 periods indicated. Three months ended March 31, 2017 2016 (in thousands) Allowance for loan losses, beginning of period $ 24,406 $ 23,075 Loans charged off (96 ) (69 ) Recoveries on loans previously charged-off 117 88 Net recoveries (charge-offs) 21 19 Provision charged to expense 400 450 Allowance for loan losses, end of period $ 24,827 $ 23,544 Further information pertaining to the allowance for loan losses for the three months ending March 31, 2017 follows: Construction Commercial Municipal Commercial Residential Consumer Home Equity Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2106 $ 1,012 $ 6,972 $ 1,612 $ 11,135 $ 1,698 $ 582 $ 1,102 $ 293 $ 24,406 Charge-offs — — — — — (96 ) — — (96 ) Recoveries — 19 — — 2 96 — — 117 Provision (139 ) 378 287 81 (29 ) (130 ) (52 ) 4 400 Ending balance at March 31, 2017 $ 873 $ 7,369 $ 1,899 $ 11,216 $ 1,671 $ 452 $ 1,050 $ 297 $ 24,827 Amount of allowance for loan losses for loans deemed to be impaired $ 2 $ 21 $ — $ 130 $ 6 $ — $ — $ — $ 159 Amount of allowance for loan losses for loans not deemed to be impaired $ 871 $ 7,348 $ 1,899 $ 11,086 $ 1,665 $ 452 $ 1,050 $ 297 $ 24,668 Loans: Ending balance $ 10,773 $ 649,326 $ 153,447 $ 732,151 $ 264,442 $ 11,573 $ 218,782 $ — $ 2,040,494 Loans deemed to be impaired $ 93 $ 378 $ — $ 3,123 $ 190 $ — $ — $ — $ 3,784 Loans not deemed to be impaired $ 10,680 $ 648,948 $ 153,447 $ 729,028 $ 264,252 $ 11,573 $ 218,782 $ — $ 2,036,710 Further information pertaining to the allowance for loan losses for the three months ending March 31, 2016 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2105 $ 2,041 $ 5,899 $ 994 $ 10,589 $ 1,320 $ 644 $ 1,077 $ 511 $ 23,075 Charge-offs — — — — — (69 ) — — (69 ) Recoveries — 35 — — 2 51 — — 88 Provision (68 ) 759 (4 ) (56 ) (73 ) 67 108 (283 ) 450 Ending balance at March 31, 2016 $ 1,973 $ 6,693 $ 990 $ 10,533 $ 1,249 $ 693 $ 1,185 $ 228 $ 23,544 Amount of allowance for loan losses for loans deemed to be impaired $ 7 $ 17 $ — $ 89 $ 27 $ — $ 89 $ — $ 229 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,966 $ 6,676 $ 990 $ 10,444 $ 1,222 $ 693 $ 1,096 $ 228 $ 23,315 Loans: Ending balance $ 26,572 $ 529,168 $ 85,227 $ 715,248 $ 215,040 $ 12,826 $ 178,377 $ — $ 1,762,458 Loans deemed to be impaired $ 98 $ 429 $ — $ 1,665 $ 905 $ — $ 89 $ — $ 3,186 Loans not deemed to be impaired $ 26,474 $ 528,739 $ 85,227 $ 713,583 $ 214,135 $ 12,826 $ 178,288 $ — $ 1,759,272 The Company utilizes a six grade internal loan rating system for commercial real estate, construction and commercial loans as follows: Loans rated 1-3 Loans in this category are considered “pass” rated loans with low to average risk. Loans rated 4 (Monitor): These loans represent classified loans that management is closely monitoring for credit quality. These loans have had or may have minor credit quality deterioration as of March 31, 2017 and 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 March 31, 2017 and 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 March 31, 2017 and 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 March 31, 2017. Construction Commercial and Industrial Municipal Commercial (in thousands) Grade: 1-3 $ 10,680 $ 648,948 $ 153,447 $ 695,466 4 (Monitor) — — — 33,562 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired 93 378 — 3,123 Total $ 10,773 $ 649,326 $ 153,447 $ 732,151 The following table presents the Company’s loans by risk rating at December 31, 2016. Construction Commercial Municipal Commercial (in thousands) Grade: 1-3 $ 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 publically available credit ratings beginning in 2015. These ratings are tracked as a credit quality indicator for these loans. Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at March 31, 2017 and are included within the total loan portfolio. Commercial and Industrial Municipal Commercial Real Estate Total (in thousands) Credit Rating: Aaa – Aa3 $ 337,487 $ 66,652 $ 45,858 $ 449,997 A1 – A3 218,472 33,365 129,109 380,946 Baa1 – Baa3 — 50,580 126,608 177,188 Ba2 — — — — Total $ 555,959 $ 150,597 $ 301,575 $ 1,008,131 Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at December 31, 2016. Commercial Municipal Commercial Total (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 Company utilized payment performance as credit quality indicators for the loan types listed below. The indicators are depicted in the table “aging of past due loans,” below. Further information pertaining to the allowance for loan losses at March 31, 2017 follows: Accruing 30-89 Days Past Due Non Accrual Accruing Greater than 90 Days Total Past Due Current Loans Total (in thousands) Construction and land development $ — $ 93 $ — $ 93 $ 10,680 $ 10,773 Commercial and industrial 484 60 — 544 648,782 649,326 Municipal — — — — 153,447 153,447 Commercial real estate 589 144 — 733 731,418 732,151 Residential real estate 6,172 405 — 6,577 257,865 264,442 Consumer and overdrafts 9 — — 9 11,564 11,573 Home equity 684 108 — 792 217,990 218,782 Total $ 7,938 $ 810 $ — $ 8,748 $ 2,031,746 $ 2,040,494 Further information pertaining to the allowance for loan losses at December 31, 2016 follows: Accruing 30-89 Days Non Accruing Total Current Total (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 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 charged-off The following is information pertaining to impaired loans for March 31, 2017: Carrying Value Unpaid Principal Balance Required Reserve Average Carrying for 3 Months Ending Interest Income Recognized for 3 Months Ending 3/31/17 (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 41 229 — 43 — Municipal — — — — — Commercial real estate 588 588 — 589 9 Residential real estate 84 174 — 87 2 Consumer — — — — — Home equity — — — — — Total $ 713 $ 991 $ — $ 719 $ 11 With required reserve recorded: Construction and land development $ 93 $ 108 $ 2 $ 93 $ — Commercial and industrial 337 352 21 339 4 Municipal — — — — — Commercial real estate 2,535 2,642 130 2,548 23 Residential real estate 106 106 6 107 1 Consumer — — — — — Home equity — — — — — Total $ 3,071 $ 3,208 $ 159 $ 3,087 $ 28 Total: Construction and land development $ 93 $ 108 $ 2 $ 93 $ — Commercial and industrial 378 581 21 382 4 Municipal — — — — — Commercial real estate 3,123 3,230 130 3,137 32 Residential real estate 190 280 6 194 3 Consumer — — — — — Home equity — — — — — Total $ 3,784 $ 4,199 $ 159 $ 3,806 $ 39 The following is information pertaining to impaired loans for March 31, 2016: Carrying Unpaid Required Average Interest (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 56 243 — 58 — Municipal — — — — — Commercial real estate — — — — — Residential real estate 109 195 — 111 2 Consumer — — — — — Home equity — — — — — Total $ 165 $ 438 $ — $ 169 $ 2 With required reserve recorded: Construction and land development $ 98 $ 108 $ 7 $ 98 $ — Commercial and industrial 373 388 17 378 5 Municipal — — — — — Commercial real estate 1,665 1,763 89 1,671 15 Residential real estate 796 797 27 799 — Consumer — — — — — Home equity 89 89 89 90 — Total $ 3,021 $ 3,145 $ 229 $ 3,036 $ 20 Total: Construction and land development $ 98 $ 108 $ 7 $ 98 $ — Commercial and industrial 429 631 17 436 5 Municipal — — — — — Commercial real estate 1,665 1,763 89 1,671 15 Residential real estate 905 992 27 910 2 Consumer — — — — — Home equity 89 89 89 90 — Total $ 3,186 $ 3,583 $ 229 $ 3,205 $ 22 There was no troubled debt restructuring during the three month periods ended March 31, 2017 or March 31, 2016. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Note 5. Reclassifications Out of Accumulated Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income Components Three Months Ended Three Months Ended Affected Line Item in the March 31, 2017 March 31, 2016 (in thousands) Accretion of unrealized losses transferred $ (662 ) $ (1,511 ) Interest on securities held-to-maturity Tax (expense) or benefit 289 527 Provision for income taxes Net of tax $ (373 ) $ (984 ) Net income Amortization of defined benefit pension items Prior-service costs $ (3 ) (b) $ (2 ) (b) Salaries and employee benefits Actuarial gains (losses) (384 ) (b) (401 ) (b) Salaries and employee benefits Total before tax (387 ) (403 ) Income before taxes Tax (expense) or benefit 155 161 Provision for income taxes Net of tax $ (232 ) $ (242 ) Net income (a) Amount in parentheses indicates reductions to net income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Employee Benefits footnote (Note 7) for additional details). |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share ("EPS") | Note 6. 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 Company had no common stock equivalents outstanding for the periods ended March 31, 2017 and 2016. The following table is a reconciliation of basic EPS and diluted EPS for the three months ended March 31, 2017. Three Months Ended (in thousands except share and per share data) 2017 2016 Basic EPS Computation: Numerator: Net income, Class A $ 4,788 $ 4,168 Net income, Class B 1,308 1,139 Denominator: Weighted average shares outstanding, Class A 3,600,729 3,600,729 Weighted average shares outstanding, Class B 1,967,180 1,967,180 Basic EPS, Class A $ 1.33 $ 1.16 Basic EPS, Class B 0.66 0.58 Diluted EPS Computation: Numerator: Net income, Class A $ 4,788 $ 4,168 Net income, Class B 1,308 1,139 Total net income, for diluted EPS, Class A computation 6,096 5,307 Denominator: Weighted average shares outstanding, basic, Class A 3,600,729 3,600,729 Weighted average shares outstanding, Class B 1,967,180 1,967,180 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,967,180 1,967,180 Diluted EPS, Class A $ 1.09 $ 0.95 Diluted EPS, Class B 0.66 0.58 |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Note 7. Employee Benefits The Company provides pension benefits to its employees under a noncontributory, defined benefit plan which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. The Company also has a Supplemental Executive Insurance/Retirement Plan (the “Supplemental Plan”) which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. Executive officers of the Company and its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary and participants are required to contribute to its cost. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant. Components of Net Periodic Benefit Cost for the Three Months Ended March 31, Pension Benefits Supplemental Insurance/ 2017 2016 2017 2016 (in thousands) Service cost $ 310 $ 318 $ 395 $ 455 Interest 362 340 345 334 Expected return on plan assets (746 ) (694 ) — — Recognized prior service cost (benefit) (26 ) (26 ) 29 29 Recognized net actuarial losses 226 200 159 200 Net periodic benefit cost $ 126 $ 138 $ 928 $ 1,018 Contributions The company intends to contribute $1,000,000 to the Pension Plan in 2017. As of March 31, 2017, $250,000 has been contributed. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. 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 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 and municipal bonds. Level III – Instruments that have little to no pricing observability as of the reported date. These financial instruments do not have two-way non-investment The results of the fair value hierarchy as of March 31, 2017, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Carrying Value Quoted Prices In Active Markets for Identitcal (Level 1) Significant Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) (in thousands) U.S. Treasury $ 2,000 $ — $ 2,000 $ — U.S. Government Sponsored Enterprises 19,984 — 19,984 — SBA Backed Securities 74,236 — 74,236 — U.S. Government Agency and Sponsored Mortgage-Backed Securities 243,950 — 243,950 — Privately Issued Residential Mortgage-Backed Securities 1,055 — 1,055 — Obligations Issued by States and Political Subdivisions 163,337 — — 163,337 Other Debt Securities 4,981 — 4,981 — Equity Securities 357 357 — — Total $ 509,900 $ 357 $ 346,206 $ 163,337 Financial Instruments Measured at Fair Value on a Non-recurring Impaired Loans $ 251 $ — $ — $ 251 Impaired loan balances represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not observable. 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, appraisal of collateral or other type of real estate tax assessment. The types of adjustments that are made to specific provisions (credits) relate to impaired loans recognized for the three month period ended March 31, 2017 amounted to ($9,000). There were no transfers between level 1, 2 and 3 for the three months ended March 31, 2017. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the three month period ended March 31, 2017. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (4) $ 163,337 Discounted cash flow Discount rate 0%-1% (3) Impaired Loans $ 251 Appraisal of collateral (1) Appraisal adjustments (2) 0%-30% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages. (4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. There was one auction rate security whose fair value is based on the evaluation of the underlying issuer, prevailing interest rates and market liquidity. The changes in Level 3 securities for the three month period ended March 31, 2017 are shown in the table below: Auction Rate Obligations Issued by States Equity Securities Total (in thousands) Balance at December 31, 2016 $ 4,298 $ 160,578 $ — $ 164,876 Purchases — 23,088 — 23,088 Maturities and calls — (24,565 ) — (24,565 ) Amortization — (62 ) — (62 ) Changes in fair value — — — — Balance at March 31, 2017 $ 4,298 $ 159,039 $ — $ 163,337 The amortized cost of Level 3 securities was $163,742,000 at March 31, 2017 with an unrealized loss of $405,000. The securities in this category are generally municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. The changes in Level 3 securities for the three month period ended March 31, 2016, are shown in the table below: Auction Rate Obligations Equity Total (in thousands) Balance at December 31, 2015 $ 3,820 $ 153,140 $ 37 $ 156,997 Purchases — 15,935 — 15,935 Maturities and calls — (38,251 ) (37 ) (38,288 ) Amortization — (33 ) — (33 ) Changes in fair value 478 — — 478 Balance at March 31, 2016 $ 4,298 $ 130,791 $ — $ 135,089 The amortized cost of Level 3 securities was $135,490,000 at March 31, 2016 with an unrealized loss of $401,000. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity. The results of the fair value hierarchy as of December 31, 2016, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Carrying Quoted Prices Significant Significant (in thousands) U.S. Treasury $ 2,000 $ — $ 2,000 $ — U.S. Government Sponsored Enterprises 24,952 — 24,952 — SBA Backed Securities 57,767 — 57,767 — U.S. Government Agency and Sponsored 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 Impaired Loans $ 260 $ — $ — $ 260 Impaired loan balances represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category. Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis, appraisal of collateral 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). Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (4) $ 164,876 Discounted cash flow Discount rate 0%-1% (3) Impaired Loans $ 260 Appraisal of collateral (1) Appraisal adjustments (2) 0%-30% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages (4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. There was one auction rate security whose fair value is based on the evaluation of the underlying issuer, prevailing interest rates and market liquidity. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Fair Values of Financial Instruments | Note 9. Fair Values of Financial Instruments The following methods and assumptions were used by the Company in estimating fair values of its financial instruments. Excluded from this disclosure are all nonfinancial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. Securities held-to-maturity: Loans Held-for-Sale: Loans: For variable-rate loans, that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair value of other loans is estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Incremental credit risk for nonperforming loans has been considered. Time deposits: The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Other borrowed funds: The fair value of other borrowed funds is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other borrowed funds of similar remaining maturities. Subordinated debentures: The fair value of subordinated debentures is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other subordinated debentures of similar remaining maturities. The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2017 and December 31, 2016. 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 Carrying Amount Estimated Fair Value Fair Value Measurements Level 1 Inputs Level 2 Inputs Level 3 Inputs (in thousands) March 31, 2017 Financial assets: Securities held-to-maturity $ 1,809,608 $ 1,788,653 $ — $ 1,788,653 $ — Loans (1) 2,015,667 2,003,811 — — 2,003,811 Financial liabilities: Time deposits 520,461 521,053 — 521,053 — Other borrowed funds 301,500 300,513 — 300,513 — Subordinated debentures 36,083 36,083 — — 36,083 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 478,359 180,133 — 480,133 — Other borrowed funds 293,000 294,940 — 294,940 — 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. |
Recent Accounting Developments
Recent Accounting Developments | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Developments | Note 10. Recent Accounting Developments In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2017-08, 310-20) In March 2017, the FASB issued ASU 2017-07, In February 2017, the FASB issued ASU 2017-06, In February 2017, the FASB issued ASU 2017-05, 610-20). 610-20, In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, In June 2016, the FASB issued ASU 2016-13, In May 2016, the FASB issued ASU 2016-12, 2015-14 2014-09 2016-12 In February 2016, the FASB issued ASU 2016-02, |
Recent Accounting Developments
Recent Accounting Developments (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Developments | Recent Accounting Developments In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2017-08, 310-20) In March 2017, the FASB issued ASU 2017-07, In February 2017, the FASB issued ASU 2017-06, In February 2017, the FASB issued ASU 2017-05, 610-20). 610-20, In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, In June 2016, the FASB issued ASU 2016-13, In May 2016, the FASB issued ASU 2016-12, 2015-14 2014-09 2016-12 In February 2016, the FASB issued ASU 2016-02, |
Securities Available-for-Sale (
Securities Available-for-Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary of Securities Available-for-Sale | March 31, 2017 December 31, 2016 Amortized Gross Gross Fair Value Amortized Gross Gross Fair (in thousands) U.S. Treasury $ 2,000 $ — $ — $ 2,000 $ 2,000 $ — $ — $ 2,000 U.S. Government Sponsored Enterprises 20,000 — 16 19,984 25,000 — 48 24,952 SBA Backed Securities 74,472 11 247 74,236 57,899 14 146 57,767 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 244,104 397 551 243,950 243,703 293 671 243,325 Privately Issued Residential Mortgage-Backed Securities 1,066 3 14 1,055 1,121 2 14 1,109 Obligations Issued by States and Political Subdivisions 163,742 — 405 163,337 165,281 — 405 164,876 Other Debt Securities 5,100 80 199 4,981 5,100 18 194 4,924 Equity Securities 116 241 — 357 116 228 — 344 Total $ 510,600 $ 732 $ 1,432 $ 509,900 $ 500,220 $ 555 $ 1,478 $ 499,297 |
Maturity Distribution of Securities Available-for-Sale | The following table shows the maturity distribution of the Company’s securities available-for-sale Amortized Cost Fair Value (in thousands) Within one year $ 171,890 $ 171,877 After one but within five years 120,417 120,374 After five but within ten years 134,399 134,176 More than 10 years 82,278 81,766 Non-maturing 1,616 1,707 Total $ 510,600 $ 509,900 |
Continuous Unrealized Loss Position for Less than 12 Months and 12 Months or Longer | The following table shows the temporarily impaired securities of the Company’s available-for-sale March 31, 2017 Less than 12 months 12 months or longer Total Temporarily Impaired Investments Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) U.S. Government Sponsored Enterprises $ 19,984 $ 16 $ — $ — $ 19,984 $ 16 SBA Backed Securities 69,345 246 932 1 70,277 247 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 101,820 313 42,246 238 144,066 551 Privately Issued Residential Mortgage-Backed Securities — — 732 14 732 14 Obligations issued by States and Political Subdivisions — — 4,297 405 4,297 405 Other Debt Securities 452 48 1,549 151 2,001 199 Total temporarily impaired securities $ 191,601 $ 623 $ 49,756 $ 809 $ 241,357 $ 1,432 The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2016 Less than 12 months 12 months or longer Total Temporarily Impaired Investments Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) 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 |
Investment Securities Held-to21
Investment Securities Held-to-Maturity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary of Held-to-Maturity Securities | March 31, 2017 December 31, 2016 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (in thousands) U.S. Government Sponsored Enterprises $ 170,077 $ 1,003 $ 463 $ 170,617 $ 148,326 $ 1,066 $ 527 $ 148,865 SBA Backed Securities 55,774 — 979 54,795 46,140 — 1,088 45,052 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 1,583,757 4,826 25,342 1,563,241 1,459,520 4,948 22,577 1,441,891 Total $ 1,809,608 $ 5,829 $ 26,784 $ 1,788,653 $ 1,653,986 $ 6,014 $ 24,192 $ 1,635,808 |
Company's Securities Held-to-Maturity | The following table shows the maturity distribution of the Company’s securities held-to-maturity Amortized Cost Fair Value (in thousands) Within one year $ 25,844 $ 25,915 After one but within five years 1,238,317 1,227,264 After five but within ten years 542,305 532,543 More than ten years 3,142 2,931 Total $ 1,809,608 $ 1,788,653 |
Unrealized Market Loss of Securities | The following table shows the temporarily impaired securities of the Company’s held-to-maturity March 31, 2017 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (in thousands) U.S. Government Sponsored Enterprises $ 80,882 $ 463 $ — $ — $ 80,882 $ 463 SBA Backed Securities 54,795 979 — — 54,795 979 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 1,143,145 23,267 63,986 2,075 1,207,131 25,342 Total temporarily impaired securities $ 1,278,822 $ 24,709 $ 63,986 $ 2,075 $ 1,342,808 $ 26,784 The following table shows the temporarily impaired securities of the Company’s held-to-maturity December 31, 2016 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Unrealized Fair Unrealized Fair Unrealized (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 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of Changes in Allowance for Loan Losses | The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated. Three months ended March 31, 2017 2016 (in thousands) Allowance for loan losses, beginning of period $ 24,406 $ 23,075 Loans charged off (96 ) (69 ) Recoveries on loans previously charged-off 117 88 Net recoveries (charge-offs) 21 19 Provision charged to expense 400 450 Allowance for loan losses, end of period $ 24,827 $ 23,544 |
Summary of Allowance for Loan Losses | Further information pertaining to the allowance for loan losses for the three months ending March 31, 2017 follows: Construction Commercial Municipal Commercial Residential Consumer Home Equity Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2106 $ 1,012 $ 6,972 $ 1,612 $ 11,135 $ 1,698 $ 582 $ 1,102 $ 293 $ 24,406 Charge-offs — — — — — (96 ) — — (96 ) Recoveries — 19 — — 2 96 — — 117 Provision (139 ) 378 287 81 (29 ) (130 ) (52 ) 4 400 Ending balance at March 31, 2017 $ 873 $ 7,369 $ 1,899 $ 11,216 $ 1,671 $ 452 $ 1,050 $ 297 $ 24,827 Amount of allowance for loan losses for loans deemed to be impaired $ 2 $ 21 $ — $ 130 $ 6 $ — $ — $ — $ 159 Amount of allowance for loan losses for loans not deemed to be impaired $ 871 $ 7,348 $ 1,899 $ 11,086 $ 1,665 $ 452 $ 1,050 $ 297 $ 24,668 Loans: Ending balance $ 10,773 $ 649,326 $ 153,447 $ 732,151 $ 264,442 $ 11,573 $ 218,782 $ — $ 2,040,494 Loans deemed to be impaired $ 93 $ 378 $ — $ 3,123 $ 190 $ — $ — $ — $ 3,784 Loans not deemed to be impaired $ 10,680 $ 648,948 $ 153,447 $ 729,028 $ 264,252 $ 11,573 $ 218,782 $ — $ 2,036,710 Further information pertaining to the allowance for loan losses for the three months ending March 31, 2016 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (in thousands) Allowance for loan losses: Balance at December 31, 2105 $ 2,041 $ 5,899 $ 994 $ 10,589 $ 1,320 $ 644 $ 1,077 $ 511 $ 23,075 Charge-offs — — — — — (69 ) — — (69 ) Recoveries — 35 — — 2 51 — — 88 Provision (68 ) 759 (4 ) (56 ) (73 ) 67 108 (283 ) 450 Ending balance at March 31, 2016 $ 1,973 $ 6,693 $ 990 $ 10,533 $ 1,249 $ 693 $ 1,185 $ 228 $ 23,544 Amount of allowance for loan losses for loans deemed to be impaired $ 7 $ 17 $ — $ 89 $ 27 $ — $ 89 $ — $ 229 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,966 $ 6,676 $ 990 $ 10,444 $ 1,222 $ 693 $ 1,096 $ 228 $ 23,315 Loans: Ending balance $ 26,572 $ 529,168 $ 85,227 $ 715,248 $ 215,040 $ 12,826 $ 178,377 $ — $ 1,762,458 Loans deemed to be impaired $ 98 $ 429 $ — $ 1,665 $ 905 $ — $ 89 $ — $ 3,186 Loans not deemed to be impaired $ 26,474 $ 528,739 $ 85,227 $ 713,583 $ 214,135 $ 12,826 $ 178,288 $ — $ 1,759,272 |
Loans by Risk Rating | The following table presents the Company’s loans by risk rating at March 31, 2017. Construction Commercial and Industrial Municipal Commercial (in thousands) Grade: 1-3 $ 10,680 $ 648,948 $ 153,447 $ 695,466 4 (Monitor) — — — 33,562 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired 93 378 — 3,123 Total $ 10,773 $ 649,326 $ 153,447 $ 732,151 The following table presents the Company’s loans by risk rating at December 31, 2016. Construction Commercial Municipal Commercial (in thousands) Grade: 1-3 $ 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 |
Loans by Credit Ratings Issued by National Organizations | Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at March 31, 2017 and are included within the total loan portfolio. Commercial and Industrial Municipal Commercial Real Estate Total (in thousands) Credit Rating: Aaa – Aa3 $ 337,487 $ 66,652 $ 45,858 $ 449,997 A1 – A3 218,472 33,365 129,109 380,946 Baa1 – Baa3 — 50,580 126,608 177,188 Ba2 — — — — Total $ 555,959 $ 150,597 $ 301,575 $ 1,008,131 Credit ratings issued by national organizations were utilized as credit quality indicators as presented in the following table at December 31, 2016. Commercial Municipal Commercial Total (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 |
Aging of Past Due Loan Losses | Further information pertaining to the allowance for loan losses at March 31, 2017 follows: Accruing 30-89 Days Past Due Non Accrual Accruing Greater than 90 Days Total Past Due Current Loans Total (in thousands) Construction and land development $ — $ 93 $ — $ 93 $ 10,680 $ 10,773 Commercial and industrial 484 60 — 544 648,782 649,326 Municipal — — — — 153,447 153,447 Commercial real estate 589 144 — 733 731,418 732,151 Residential real estate 6,172 405 — 6,577 257,865 264,442 Consumer and overdrafts 9 — — 9 11,564 11,573 Home equity 684 108 — 792 217,990 218,782 Total $ 7,938 $ 810 $ — $ 8,748 $ 2,031,746 $ 2,040,494 Further information pertaining to the allowance for loan losses at December 31, 2016 follows: Accruing 30-89 Days Non Accruing Total Current Total (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 |
Information Pertaining to Impaired Loans | The following is information pertaining to impaired loans for March 31, 2017: Carrying Value Unpaid Principal Balance Required Reserve Average Carrying for 3 Months Ending Interest Income Recognized for 3 Months Ending 3/31/17 (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 41 229 — 43 — Municipal — — — — — Commercial real estate 588 588 — 589 9 Residential real estate 84 174 — 87 2 Consumer — — — — — Home equity — — — — — Total $ 713 $ 991 $ — $ 719 $ 11 With required reserve recorded: Construction and land development $ 93 $ 108 $ 2 $ 93 $ — Commercial and industrial 337 352 21 339 4 Municipal — — — — — Commercial real estate 2,535 2,642 130 2,548 23 Residential real estate 106 106 6 107 1 Consumer — — — — — Home equity — — — — — Total $ 3,071 $ 3,208 $ 159 $ 3,087 $ 28 Total: Construction and land development $ 93 $ 108 $ 2 $ 93 $ — Commercial and industrial 378 581 21 382 4 Municipal — — — — — Commercial real estate 3,123 3,230 130 3,137 32 Residential real estate 190 280 6 194 3 Consumer — — — — — Home equity — — — — — Total $ 3,784 $ 4,199 $ 159 $ 3,806 $ 39 The following is information pertaining to impaired loans for March 31, 2016: Carrying Unpaid Required Average Interest (in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 56 243 — 58 — Municipal — — — — — Commercial real estate — — — — — Residential real estate 109 195 — 111 2 Consumer — — — — — Home equity — — — — — Total $ 165 $ 438 $ — $ 169 $ 2 With required reserve recorded: Construction and land development $ 98 $ 108 $ 7 $ 98 $ — Commercial and industrial 373 388 17 378 5 Municipal — — — — — Commercial real estate 1,665 1,763 89 1,671 15 Residential real estate 796 797 27 799 — Consumer — — — — — Home equity 89 89 89 90 — Total $ 3,021 $ 3,145 $ 229 $ 3,036 $ 20 Total: Construction and land development $ 98 $ 108 $ 7 $ 98 $ — Commercial and industrial 429 631 17 436 5 Municipal — — — — — Commercial real estate 1,665 1,763 89 1,671 15 Residential real estate 905 992 27 910 2 Consumer — — — — — Home equity 89 89 89 90 — Total $ 3,186 $ 3,583 $ 229 $ 3,205 $ 22 |
Reclassifications Out of Accu23
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income Components Three Months Ended Three Months Ended Affected Line Item in the March 31, 2017 March 31, 2016 (in thousands) Accretion of unrealized losses transferred $ (662 ) $ (1,511 ) Interest on securities held-to-maturity Tax (expense) or benefit 289 527 Provision for income taxes Net of tax $ (373 ) $ (984 ) Net income Amortization of defined benefit pension items Prior-service costs $ (3 ) (b) $ (2 ) (b) Salaries and employee benefits Actuarial gains (losses) (384 ) (b) (401 ) (b) Salaries and employee benefits Total before tax (387 ) (403 ) Income before taxes Tax (expense) or benefit 155 161 Provision for income taxes Net of tax $ (232 ) $ (242 ) Net income (a) Amount in parentheses indicates reductions to net income. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Employee Benefits footnote (Note 7) for additional details). |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic EPS and Diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS for the three months ended March 31, 2017. Three Months Ended (in thousands except share and per share data) 2017 2016 Basic EPS Computation: Numerator: Net income, Class A $ 4,788 $ 4,168 Net income, Class B 1,308 1,139 Denominator: Weighted average shares outstanding, Class A 3,600,729 3,600,729 Weighted average shares outstanding, Class B 1,967,180 1,967,180 Basic EPS, Class A $ 1.33 $ 1.16 Basic EPS, Class B 0.66 0.58 Diluted EPS Computation: Numerator: Net income, Class A $ 4,788 $ 4,168 Net income, Class B 1,308 1,139 Total net income, for diluted EPS, Class A computation 6,096 5,307 Denominator: Weighted average shares outstanding, basic, Class A 3,600,729 3,600,729 Weighted average shares outstanding, Class B 1,967,180 1,967,180 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,967,180 1,967,180 Diluted EPS, Class A $ 1.09 $ 0.95 Diluted EPS, Class B 0.66 0.58 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost for the Three Months Ended March 31, Pension Benefits Supplemental Insurance/ 2017 2016 2017 2016 (in thousands) Service cost $ 310 $ 318 $ 395 $ 455 Interest 362 340 345 334 Expected return on plan assets (746 ) (694 ) — — Recognized prior service cost (benefit) (26 ) (26 ) 29 29 Recognized net actuarial losses 226 200 159 200 Net periodic benefit cost $ 126 $ 138 $ 928 $ 1,018 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis | The results of the fair value hierarchy as of March 31, 2017, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Carrying Value Quoted Prices In Active Markets for Identitcal (Level 1) Significant Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) (in thousands) U.S. Treasury $ 2,000 $ — $ 2,000 $ — U.S. Government Sponsored Enterprises 19,984 — 19,984 — SBA Backed Securities 74,236 — 74,236 — U.S. Government Agency and Sponsored Mortgage-Backed Securities 243,950 — 243,950 — Privately Issued Residential Mortgage-Backed Securities 1,055 — 1,055 — Obligations Issued by States and Political Subdivisions 163,337 — — 163,337 Other Debt Securities 4,981 — 4,981 — Equity Securities 357 357 — — Total $ 509,900 $ 357 $ 346,206 $ 163,337 Financial Instruments Measured at Fair Value on a Non-recurring Impaired Loans $ 251 $ — $ — $ 251 The results of the fair value hierarchy as of December 31, 2016, are as follows: Financial Instruments Measured at Fair Value on a Recurring Basis: Securities AFS Fair Value Measurements Using Carrying Quoted Prices Significant Significant (in thousands) U.S. Treasury $ 2,000 $ — $ 2,000 $ — U.S. Government Sponsored Enterprises 24,952 — 24,952 — SBA Backed Securities 57,767 — 57,767 — U.S. Government Agency and Sponsored 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 Impaired Loans $ 260 $ — $ — $ 260 |
Assets Measured at Fair Value | The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (4) $ 163,337 Discounted cash flow Discount rate 0%-1% (3) Impaired Loans $ 251 Appraisal of collateral (1) Appraisal adjustments (2) 0%-30% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages. (4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. There was one auction rate security whose fair value is based on the evaluation of the underlying issuer, prevailing interest rates and market liquidity. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (4) $ 164,876 Discounted cash flow Discount rate 0%-1% (3) Impaired Loans $ 260 Appraisal of collateral (1) Appraisal adjustments (2) 0%-30% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. (3) Weighted averages (4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. There was one auction rate security whose fair value is based on the evaluation of the underlying issuer, prevailing interest rates and market liquidity. |
Changes in Level 3 Securities | The changes in Level 3 securities for the three month period ended March 31, 2017 are shown in the table below: Auction Rate Obligations Issued by States Equity Securities Total (in thousands) Balance at December 31, 2016 $ 4,298 $ 160,578 $ — $ 164,876 Purchases — 23,088 — 23,088 Maturities and calls — (24,565 ) — (24,565 ) Amortization — (62 ) — (62 ) Changes in fair value — — — — Balance at March 31, 2017 $ 4,298 $ 159,039 $ — $ 163,337 The changes in Level 3 securities for the three month period ended March 31, 2016, are shown in the table below: Auction Rate Obligations Equity Total (in thousands) Balance at December 31, 2015 $ 3,820 $ 153,140 $ 37 $ 156,997 Purchases — 15,935 — 15,935 Maturities and calls — (38,251 ) (37 ) (38,288 ) Amortization — (33 ) — (33 ) Changes in fair value 478 — — 478 Balance at March 31, 2016 $ 4,298 $ 130,791 $ — $ 135,089 |
Fair Values of Financial Inst27
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016. 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 Carrying Amount Estimated Fair Value Fair Value Measurements Level 1 Inputs Level 2 Inputs Level 3 Inputs (in thousands) March 31, 2017 Financial assets: Securities held-to-maturity $ 1,809,608 $ 1,788,653 $ — $ 1,788,653 $ — Loans (1) 2,015,667 2,003,811 — — 2,003,811 Financial liabilities: Time deposits 520,461 521,053 — 521,053 — Other borrowed funds 301,500 300,513 — 300,513 — Subordinated debentures 36,083 36,083 — — 36,083 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 478,359 180,133 — 480,133 — Other borrowed funds 293,000 294,940 — 294,940 — 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. |
Basis of Financial Statement 28
Basis of Financial Statement Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Basis Of Presentation [Line Items] | |
Number of reportable segments | 1 |
Century Bancorp Capital Trust II [Member] | |
Basis Of Presentation [Line Items] | |
Equity ownership interest | 100.00% |
Securities Available-for-Sale -
Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 510,600 | $ 500,220 |
Gross Unrealized Gains | 732 | 555 |
Gross Unrealized Losses | 1,432 | 1,478 |
Total, Fair Value | 509,900 | 499,297 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,000 | 2,000 |
Total, Fair Value | 2,000 | 2,000 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,000 | 25,000 |
Gross Unrealized Losses | 16 | 48 |
Total, Fair Value | 19,984 | 24,952 |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 74,472 | 57,899 |
Gross Unrealized Gains | 11 | 14 |
Gross Unrealized Losses | 247 | 146 |
Total, Fair Value | 74,236 | 57,767 |
U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 244,104 | 243,703 |
Gross Unrealized Gains | 397 | 293 |
Gross Unrealized Losses | 551 | 671 |
Total, Fair Value | 243,950 | 243,325 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,066 | 1,121 |
Gross Unrealized Gains | 3 | 2 |
Gross Unrealized Losses | 14 | 14 |
Total, Fair Value | 1,055 | 1,109 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 163,742 | 165,281 |
Gross Unrealized Losses | 405 | 405 |
Total, Fair Value | 163,337 | 164,876 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,100 | 5,100 |
Gross Unrealized Gains | 80 | 18 |
Gross Unrealized Losses | 199 | 194 |
Total, Fair Value | 4,981 | 4,924 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 116 | 116 |
Gross Unrealized Gains | 241 | 228 |
Total, Fair Value | $ 357 | $ 344 |
Securities Available-for-Sale30
Securities Available-for-Sale - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2017USD ($)Security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,140,730,000 | $ 1,147,207,000 | |
Securities available-for-sale are securities at fair value pledged for borrowing | 51,698,000 | $ 53,396,000 | |
Proceeds from sales of securities available-for-sale | $ 0 | $ 0 | |
Securities AFS [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Weighted average remaining life of investment securities available-for-sale | 4 years 8 months 12 days | ||
Number of securities, temporarily impaired for less than 12 months | Security | 40 | 49 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 19 | 15 | |
Number of securities, temporarily impaired, total | Security | 270 | 270 | |
U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 197,682,000 | $ 210,780,000 | |
U.S. Government Sponsored Enterprises [Member] | Securities AFS [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Weighted average remaining life | $ 10,000,000 |
Securities Available-for-Sale31
Securities Available-for-Sale - Maturity Distribution of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 171,890 | |
After one but within five years, Amortized Cost | 120,417 | |
After five but within ten years, Amortized Cost | 134,399 | |
More than 10 years, Amortized Cost | 82,278 | |
Non-maturing, Amortized Cost | 1,616 | |
Amortized Cost | 510,600 | $ 500,220 |
Within one year, Fair Value | 171,877 | |
After one but within five years, Fair Value | 120,374 | |
After five but within ten years, Fair Value | 134,176 | |
More than 10 years, Fair Value | 81,766 | |
Non-maturing, Fair Value | 1,707 | |
Total, Fair Value | $ 509,900 | $ 499,297 |
Securities Available-for-Sale32
Securities Available-for-Sale - Continuous Unrealized Loss Position for 12 Months or Less and 12 Months or Longer (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 191,601 | $ 213,363 |
Less Than 12 Months, Unrealized Losses | 623 | 725 |
12 Months or Longer, Fair Value | 49,756 | 39,063 |
12 Months or Longer, Unrealized Losses | 809 | 753 |
Total, Fair Value | 241,357 | 252,426 |
Total, Unrealized Losses | 1,432 | 1,478 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 19,984 | 24,952 |
Less Than 12 Months, Unrealized Losses | 16 | 48 |
Total, Fair Value | 19,984 | 24,952 |
Total, Unrealized Losses | 16 | 48 |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 69,345 | 52,346 |
Less Than 12 Months, Unrealized Losses | 246 | 145 |
12 Months or Longer, Fair Value | 932 | 951 |
12 Months or Longer, Unrealized Losses | 1 | 1 |
Total, Fair Value | 70,277 | 53,297 |
Total, Unrealized Losses | 247 | 146 |
U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 101,820 | 135,612 |
Less Than 12 Months, Unrealized Losses | 313 | 485 |
12 Months or Longer, Fair Value | 42,246 | 31,504 |
12 Months or Longer, Unrealized Losses | 238 | 186 |
Total, Fair Value | 144,066 | 167,116 |
Total, Unrealized Losses | 551 | 671 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 732 | 757 |
12 Months or Longer, Unrealized Losses | 14 | 14 |
Total, Fair Value | 732 | 757 |
Total, Unrealized Losses | 14 | 14 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 4,297 | 4,298 |
12 Months or Longer, Unrealized Losses | 405 | 405 |
Total, Fair Value | 4,297 | 4,298 |
Total, Unrealized Losses | 405 | 405 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 452 | 453 |
Less Than 12 Months, Unrealized Losses | 48 | 47 |
12 Months or Longer, Fair Value | 1,549 | 1,553 |
12 Months or Longer, Unrealized Losses | 151 | 147 |
Total, Fair Value | 2,001 | 2,006 |
Total, Unrealized Losses | $ 199 | $ 194 |
Investment Securities Held-to33
Investment Securities Held-to-Maturity - Summary of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,809,608 | $ 1,653,986 |
Gross Unrealized Gains | 5,829 | 6,014 |
Gross Unrealized Losses | 26,784 | 24,192 |
Estimated Fair Value | 1,788,653 | 1,635,808 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 170,077 | 148,326 |
Gross Unrealized Gains | 1,003 | 1,066 |
Gross Unrealized Losses | 463 | 527 |
Estimated Fair Value | 170,617 | 148,865 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 55,774 | 46,140 |
Gross Unrealized Losses | 979 | 1,088 |
Estimated Fair Value | 54,795 | 45,052 |
U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,583,757 | 1,459,520 |
Gross Unrealized Gains | 4,826 | 4,948 |
Gross Unrealized Losses | 25,342 | 22,577 |
Estimated Fair Value | $ 1,563,241 | $ 1,441,891 |
Investment Securities Held-to34
Investment Securities Held-to-Maturity - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2017USD ($)Security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,140,730,000 | $ 1,147,207,000 | |
Proceeds from sales of securities held-to-maturity | $ 0 | $ 0 | |
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 4 months 24 days | ||
Number of securities, temporarily impaired for less than 12 months | Security | 219 | 194 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 18 | 16 | |
Number of securities, temporarily impaired, total | Security | 400 | 375 | |
Held-to-Maturity Securities [Member] | U.S. Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Weighted average remaining life | $ 76,346,000 | ||
Federal Home Loan Bank [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities pledged for borrowing at the Federal Home Loan Bank | $ 317,845,000 | $ 424,353,000 |
Investment Securities Held-to35
Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 25,844 | |
After one but within five years, Amortized Cost | 1,238,317 | |
After five but within ten years, Amortized Cost | 542,305 | |
More than ten years, Amortized Cost | 3,142 | |
Amortized Cost | 1,809,608 | $ 1,653,986 |
Within one year, Fair Value | 25,915 | |
After one but within five years, Fair Value | 1,227,264 | |
After five but within ten years, Fair Value | 532,543 | |
More than ten years, Fair Value | 2,931 | |
Estimated Fair Value | $ 1,788,653 | $ 1,635,808 |
Investment Securities Held-to36
Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 1,278,822 | $ 1,113,231 |
Less Than 12 Months, Unrealized Losses | 24,709 | 22,340 |
12 Months or Longer, Fair Value | 63,986 | 58,535 |
12 Months or Longer, Unrealized Losses | 2,075 | 1,852 |
Total, Fair Value | 1,342,808 | 1,171,766 |
Total, Unrealized Losses | 26,784 | 24,192 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 80,882 | 59,219 |
Less Than 12 Months, Unrealized Losses | 463 | 527 |
Total, Fair Value | 80,882 | 59,219 |
Total, Unrealized Losses | 463 | 527 |
U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,143,145 | 1,008,960 |
Less Than 12 Months, Unrealized Losses | 23,267 | 20,725 |
12 Months or Longer, Fair Value | 63,986 | 58,535 |
12 Months or Longer, Unrealized Losses | 2,075 | 1,852 |
Total, Fair Value | 1,207,131 | 1,067,495 |
Total, Unrealized Losses | 25,342 | 22,577 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 54,795 | 45,052 |
Less Than 12 Months, Unrealized Losses | 979 | 1,088 |
Total, Fair Value | 54,795 | 45,052 |
Total, Unrealized Losses | $ 979 | $ 1,088 |
Allowance for Loan Losses - Ana
Allowance for Loan Losses - Analysis of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Receivables [Abstract] | ||
Allowance for loan losses, beginning of period | $ 24,406 | $ 23,075 |
Loans charged off | (96) | (69) |
Recoveries on loans previously charged-off | 117 | 88 |
Net recoveries (charge-offs) | 21 | 19 |
Provision charged to expense | 400 | 450 |
Allowance for loan losses, end of period | $ 24,827 | $ 23,544 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | $ 24,406 | $ 23,075 | |
Charge-offs | (96) | (69) | |
Recoveries | 117 | 88 | |
Provision | 400 | 450 | |
Allowance for loan losses, end of period | 24,827 | 23,544 | |
Amount of allowance for loan losses for loans deemed to be impaired | 159 | 229 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 24,668 | 23,315 | |
Loans: | |||
Total loans, net | 2,040,494 | 1,762,458 | $ 1,923,933 |
Loans deemed to be impaired | 3,784 | 3,186 | |
Loans not deemed to be impaired | 2,036,710 | 1,759,272 | |
Construction and Land Development [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 1,012 | 2,041 | |
Provision | (139) | (68) | |
Allowance for loan losses, end of period | 873 | 1,973 | |
Amount of allowance for loan losses for loans deemed to be impaired | 2 | 7 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 871 | 1,966 | |
Loans: | |||
Total loans, net | 10,773 | 26,572 | 14,928 |
Loans deemed to be impaired | 93 | 98 | |
Loans not deemed to be impaired | 10,680 | 26,474 | |
Commercial and Industrial [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 6,972 | 5,899 | |
Recoveries | 19 | 35 | |
Provision | 378 | 759 | |
Allowance for loan losses, end of period | 7,369 | 6,693 | |
Amount of allowance for loan losses for loans deemed to be impaired | 21 | 17 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 7,348 | 6,676 | |
Loans: | |||
Total loans, net | 649,326 | 529,168 | 612,503 |
Loans deemed to be impaired | 378 | 429 | |
Loans not deemed to be impaired | 648,948 | 528,739 | |
Municipal [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 1,612 | 994 | |
Provision | 287 | (4) | |
Allowance for loan losses, end of period | 1,899 | 990 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,899 | 990 | |
Loans: | |||
Total loans, net | 153,447 | 85,227 | 135,418 |
Loans not deemed to be impaired | 153,447 | 85,227 | |
Commercial Real Estate [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 11,135 | 10,589 | |
Provision | 81 | (56) | |
Allowance for loan losses, end of period | 11,216 | 10,533 | |
Amount of allowance for loan losses for loans deemed to be impaired | 130 | 89 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 11,086 | 10,444 | |
Loans: | |||
Total loans, net | 732,151 | 715,248 | 696,173 |
Loans deemed to be impaired | 3,123 | 1,665 | |
Loans not deemed to be impaired | 729,028 | 713,583 | |
Residential Real Estate [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 1,698 | 1,320 | |
Recoveries | 2 | 2 | |
Provision | (29) | (73) | |
Allowance for loan losses, end of period | 1,671 | 1,249 | |
Amount of allowance for loan losses for loans deemed to be impaired | 6 | 27 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,665 | 1,222 | |
Loans: | |||
Total loans, net | 264,442 | 215,040 | 241,357 |
Loans deemed to be impaired | 190 | 905 | |
Loans not deemed to be impaired | 264,252 | 214,135 | |
Consumer [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 582 | 644 | |
Charge-offs | (96) | (69) | |
Recoveries | 96 | 51 | |
Provision | (130) | 67 | |
Allowance for loan losses, end of period | 452 | 693 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 452 | 693 | |
Loans: | |||
Total loans, net | 11,573 | 12,826 | 11,697 |
Loans not deemed to be impaired | 11,573 | 12,826 | |
Home Equity [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 1,102 | 1,077 | |
Provision | (52) | 108 | |
Allowance for loan losses, end of period | 1,050 | 1,185 | |
Amount of allowance for loan losses for loans deemed to be impaired | 89 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 1,050 | 1,096 | |
Loans: | |||
Total loans, net | 218,782 | 178,377 | $ 211,857 |
Loans deemed to be impaired | 89 | ||
Loans not deemed to be impaired | 218,782 | 178,288 | |
Unallocated [Member] | |||
Allowance for loan losses: | |||
Allowance for loan losses, beginning of period | 293 | 511 | |
Provision | 4 | (283) | |
Allowance for loan losses, end of period | 297 | 228 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 297 | $ 228 | |
Loans: | |||
Total loans, net | $ 0 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Loans by risk rating | |||
Financing Receivable, Net | $ 2,040,494 | $ 1,923,933 | $ 1,762,458 |
Construction and Land Development [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 10,773 | 14,928 | 26,572 |
Commercial and Industrial [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 649,326 | 612,503 | 529,168 |
Municipal [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 153,447 | 135,418 | 85,227 |
Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 732,151 | 696,173 | $ 715,248 |
1-3 (Pass) [Member] | Construction and Land Development [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 10,680 | 14,834 | |
1-3 (Pass) [Member] | Commercial and Industrial [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 648,948 | 612,114 | |
1-3 (Pass) [Member] | Municipal [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 153,447 | 135,418 | |
1-3 (Pass) [Member] | Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 695,466 | 661,271 | |
4 (Monitor) [Member] | Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 33,562 | 31,753 | |
Impaired [Member] | Construction and Land Development [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 93 | 94 | |
Impaired [Member] | Commercial and Industrial [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | 378 | 389 | |
Impaired [Member] | Commercial Real Estate [Member] | |||
Loans by risk rating | |||
Financing Receivable, Net | $ 3,123 | $ 3,149 |
Allowance for Loan Losses - L40
Allowance for Loan Losses - Loans by Credit Rating (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 1,008,131 | $ 917,026 |
Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 449,997 | 407,515 |
A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 380,946 | 351,565 |
Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 177,188 | 154,336 |
Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 3,610 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 555,959 | 523,451 |
Commercial and Industrial [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 337,487 | 334,674 |
Commercial and Industrial [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 218,472 | 188,777 |
Municipal [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 150,597 | 130,190 |
Municipal [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 66,652 | 66,245 |
Municipal [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 33,365 | 33,365 |
Municipal [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 50,580 | 26,970 |
Municipal [Member] | Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 3,610 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 301,575 | 263,385 |
Commercial Real Estate [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 45,858 | 6,596 |
Commercial Real Estate [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 129,109 | 129,423 |
Commercial Real Estate [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 126,608 | $ 127,366 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | $ 7,938 | $ 1,614 | |
Non Accrual | 810 | 1,084 | |
Accruing Greater than 90 Days | 0 | ||
Total Past Due | 8,748 | 2,698 | |
Current Loans | 2,031,746 | 1,921,235 | |
Total loans, net | 2,040,494 | 1,923,933 | $ 1,762,458 |
Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Non Accrual | 93 | 94 | |
Accruing Greater than 90 Days | 0 | ||
Total Past Due | 93 | 94 | |
Current Loans | 10,680 | 14,834 | |
Total loans, net | 10,773 | 14,928 | 26,572 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 484 | 37 | |
Non Accrual | 60 | 65 | |
Accruing Greater than 90 Days | 0 | ||
Total Past Due | 544 | 102 | |
Current Loans | 648,782 | 612,401 | |
Total loans, net | 649,326 | 612,503 | 529,168 |
Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Current Loans | 153,447 | 135,418 | |
Total loans, net | 153,447 | 135,418 | 85,227 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 589 | 597 | |
Non Accrual | 144 | 150 | |
Accruing Greater than 90 Days | 0 | ||
Total Past Due | 733 | 747 | |
Current Loans | 731,418 | 695,426 | |
Total loans, net | 732,151 | 696,173 | 715,248 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 6,172 | 245 | |
Non Accrual | 405 | 656 | |
Accruing Greater than 90 Days | 0 | ||
Total Past Due | 6,577 | 901 | |
Current Loans | 257,865 | 240,456 | |
Total loans, net | 264,442 | 241,357 | 215,040 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 9 | ||
Non Accrual | 11 | ||
Accruing Greater than 90 Days | 0 | ||
Total Past Due | 9 | 11 | |
Current Loans | 11,564 | 11,686 | |
Total loans, net | 11,573 | 11,697 | 12,826 |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 684 | 735 | |
Non Accrual | 108 | 108 | |
Accruing Greater than 90 Days | 0 | ||
Total Past Due | 792 | 843 | |
Current Loans | 217,990 | 211,014 | |
Total loans, net | $ 218,782 | 211,857 | $ 178,377 |
Accruing Greater than 90 Days [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Accruing Greater than 90 Days [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Accruing Greater than 90 Days [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Accruing Greater than 90 Days [Member] | Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Accruing Greater than 90 Days [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Accruing Greater than 90 Days [Member] | Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Accruing Greater than 90 Days [Member] | Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | 0 | ||
Accruing Greater than 90 Days [Member] | Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing Greater than 90 Days | $ 0 |
Allowance for Loan Losses - Inf
Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | $ 713 | $ 165 |
With no required reserve recorded, Unpaid Balance Principal | 991 | 438 |
With no required reserve recorded, Required Reserve | 0 | 0 |
With no required reserve recorded, Average Carrying Value Recognized | 719 | 169 |
With no required reserve recorded, Interest Income | 11 | 2 |
With required reserve recorded, Carrying Value | 3,071 | 3,021 |
With required reserve recorded, Unpaid Balance Principal | 3,208 | 3,145 |
With required reserve recorded, Required Reserve | 159 | 229 |
With required reserve recorded, Average Carrying Value Recognized | 3,087 | 3,036 |
With required reserve recorded, Interest Income | 28 | 20 |
Carrying Value | 3,784 | 3,186 |
Unpaid Balance Principal | 4,199 | 3,583 |
With required reserve recorded, Required Reserve | 159 | 229 |
Average Carrying Value Recognized | 3,806 | 3,205 |
Interest Income | 39 | 22 |
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 | 93 | 98 |
With required reserve recorded, Unpaid Balance Principal | 108 | 108 |
With required reserve recorded, Required Reserve | 2 | 7 |
With required reserve recorded, Average Carrying Value Recognized | 93 | 98 |
Carrying Value | 93 | 98 |
Unpaid Balance Principal | 108 | 108 |
With required reserve recorded, Required Reserve | 2 | 7 |
Average Carrying Value Recognized | 93 | 98 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 41 | 56 |
With no required reserve recorded, Unpaid Balance Principal | 229 | 243 |
With no required reserve recorded, Required Reserve | 0 | 0 |
With no required reserve recorded, Average Carrying Value Recognized | 43 | 58 |
With required reserve recorded, Carrying Value | 337 | 373 |
With required reserve recorded, Unpaid Balance Principal | 352 | 388 |
With required reserve recorded, Required Reserve | 21 | 17 |
With required reserve recorded, Average Carrying Value Recognized | 339 | 378 |
With required reserve recorded, Interest Income | 4 | 5 |
Carrying Value | 378 | 429 |
Unpaid Balance Principal | 581 | 631 |
With required reserve recorded, Required Reserve | 21 | 17 |
Average Carrying Value Recognized | 382 | 436 |
Interest Income | 4 | 5 |
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 | 588 | |
With no required reserve recorded, Unpaid Balance Principal | 588 | |
With no required reserve recorded, Required Reserve | 0 | 0 |
With no required reserve recorded, Average Carrying Value Recognized | 589 | |
With no required reserve recorded, Interest Income | 9 | |
With required reserve recorded, Carrying Value | 2,535 | 1,665 |
With required reserve recorded, Unpaid Balance Principal | 2,642 | 1,763 |
With required reserve recorded, Required Reserve | 130 | 89 |
With required reserve recorded, Average Carrying Value Recognized | 2,548 | 1,671 |
With required reserve recorded, Interest Income | 23 | 15 |
Carrying Value | 3,123 | 1,665 |
Unpaid Balance Principal | 3,230 | 1,763 |
With required reserve recorded, Required Reserve | 130 | 89 |
Average Carrying Value Recognized | 3,137 | 1,671 |
Interest Income | 32 | 15 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
With no required reserve recorded, Carrying Value | 84 | 109 |
With no required reserve recorded, Unpaid Balance Principal | 174 | 195 |
With no required reserve recorded, Required Reserve | 0 | 0 |
With no required reserve recorded, Average Carrying Value Recognized | 87 | 111 |
With no required reserve recorded, Interest Income | 2 | 2 |
With required reserve recorded, Carrying Value | 106 | 796 |
With required reserve recorded, Unpaid Balance Principal | 106 | 797 |
With required reserve recorded, Required Reserve | 6 | 27 |
With required reserve recorded, Average Carrying Value Recognized | 107 | 799 |
With required reserve recorded, Interest Income | 1 | |
Carrying Value | 190 | 905 |
Unpaid Balance Principal | 280 | 992 |
With required reserve recorded, Required Reserve | 6 | 27 |
Average Carrying Value Recognized | 194 | 910 |
Interest Income | 3 | 2 |
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 | 89 | |
With required reserve recorded, Unpaid Balance Principal | 89 | |
With required reserve recorded, Required Reserve | 89 | |
With required reserve recorded, Average Carrying Value Recognized | 90 | |
Carrying Value | 89 | |
Unpaid Balance Principal | 89 | |
With required reserve recorded, Required Reserve | 89 | |
Average Carrying Value Recognized | $ 90 |
Reclassifications Out of Accu43
Reclassifications Out of Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Provision for income taxes | $ (144) | $ (64) |
Net income | 6,096 | 5,307 |
Salaries and employee benefits | (11,143) | (9,776) |
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 | (662) | (1,511) |
Provision for income taxes | 289 | 527 |
Net income | (373) | (984) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Prior-Service Costs [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits | (3) | (2) |
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 | (384) | (401) |
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 | (387) | (403) |
Provision for income taxes | 155 | 161 |
Net income | $ (232) | $ (242) |
Earnings per Share ("EPS") - Ad
Earnings per Share ("EPS") - Additional Information (Detail) - Class A Common Stock [Member] - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Number of Stock options outstanding | 0 | 0 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 6,096 | $ 5,307 |
Class A Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 4,788 | $ 4,168 |
Weighted average shares outstanding, basic | 3,600,729 | 3,600,729 |
Basic earnings per share | $ 1.33 | $ 1.16 |
Net income | $ 4,788 | $ 4,168 |
Weighted average shares outstanding, diluted | 5,567,909 | 5,567,909 |
Diluted earnings per share | $ 1.09 | $ 0.95 |
Class B Common Stock [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 1,308 | $ 1,139 |
Weighted average shares outstanding, basic | 1,967,180 | 1,967,180 |
Basic earnings per share | $ 0.66 | $ 0.58 |
Net income | $ 1,308 | $ 1,139 |
Weighted average shares outstanding, diluted | 1,967,180 | 1,967,180 |
Diluted earnings per share | $ 0.66 | $ 0.58 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Number of years service to participate in supplemental plan | 1 year |
Current fiscal year contribution to pension plan | $ 1,000,000 |
Employer expected contribution to Pension Plan in 2016 | $ 250,000 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 310 | $ 318 |
Interest | 362 | 340 |
Expected return on plan assets | (746) | (694) |
Recognized prior service cost (benefit) | (26) | (26) |
Recognized net actuarial losses | 226 | 200 |
Net periodic benefit cost | 126 | 138 |
Supplemental Insurance/ Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 395 | 455 |
Interest | 345 | 334 |
Recognized prior service cost (benefit) | 29 | 29 |
Recognized net actuarial losses | 159 | 200 |
Net periodic benefit cost | $ 928 | $ 1,018 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 509,900 | $ 499,297 |
Fair Value Measurements, Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 357 | 344 |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 346,206 | 334,077 |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 163,337 | 164,876 |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ||
Impaired Loans | 251 | 260 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 2,000 | 2,000 |
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 | 2,000 |
SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 74,236 | 57,767 |
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 | 74,236 | 57,767 |
U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 243,950 | 243,325 |
U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 243,950 | 243,325 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 1,055 | 1,109 |
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 | 1,055 | 1,109 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 163,337 | 164,876 |
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 | 163,337 | 164,876 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,981 | 4,924 |
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 | 4,981 | 4,924 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 357 | 344 |
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 | 357 | 344 |
U.S. Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 19,984 | 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 | 19,984 | 24,952 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 509,900 | 499,297 |
Financial Instruments Measured at Fair Value on a Non-recurring Basis | ||
Impaired Loans | 251 | 260 |
Carrying Value [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 2,000 | 2,000 |
Carrying Value [Member] | SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 74,236 | 57,767 |
Carrying Value [Member] | U.S. Government Agency and Sponsored Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 243,950 | 243,325 |
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 | 1,055 | 1,109 |
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 | 163,337 | 164,876 |
Carrying Value [Member] | Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,981 | 4,924 |
Carrying Value [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 357 | 344 |
Carrying Value [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 19,984 | $ 24,952 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Specific adjustments to impaired loans recognized | $ (9,000) | $ (135,000) | |
Transfers between level 1, 2 and 3 | 0 | 0 | |
Liabilities measured at fair value on a recurring or nonrecurring basis | 0 | $ 0 | |
Fair Value Measurements, Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Amortized cost of Level 3 securities | 163,742,000 | $ 135,490,000 | |
Unrealized loss | $ 405,000 | $ 401,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Securities AFS [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Fair Value | $ 163,337 | $ 164,876 |
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 | $ 251 | $ 260 |
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 - Ass51
Fair Value Measurements - Assets Measured at Fair Value (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
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 | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 164,876 | $ 156,997 |
Purchases | 23,088 | 15,935 |
Maturities and calls | (24,565) | (38,288) |
Amortization | (62) | (33) |
Changes in fair value | 478 | |
Ending Balance | 163,337 | 135,089 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 4,298 | 3,820 |
Changes in fair value | 478 | |
Ending Balance | 4,298 | 4,298 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 160,578 | 153,140 |
Purchases | 23,088 | 15,935 |
Maturities and calls | (24,565) | (38,251) |
Amortization | (62) | (33) |
Ending Balance | $ 159,039 | 130,791 |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 37 | |
Maturities and calls | $ (37) |
Fair Values of Financial Inst53
Fair Values of Financial Instruments - Carrying Amount and Fair Value of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Securities held-to-maturity | $ 1,809,608 | $ 1,653,986 |
Loans | 2,015,667 | 1,899,527 |
Financial liabilities: | ||
Time deposits | 520,461 | 478,359 |
Other borrowed funds | 301,500 | 293,000 |
Subordinated debentures | 36,083 | 36,083 |
Carrying Value [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,809,608 | 1,653,986 |
Loans | 2,015,667 | 1,899,527 |
Financial liabilities: | ||
Time deposits | 520,461 | 478,359 |
Other borrowed funds | 301,500 | 293,000 |
Subordinated debentures | 36,083 | 36,083 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,788,653 | 1,635,808 |
Loans | 2,003,811 | 1,873,703 |
Financial liabilities: | ||
Time deposits | 521,053 | 180,133 |
Other borrowed funds | 300,513 | 294,940 |
Subordinated debentures | 36,083 | 36,083 |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,788,653 | 1,635,808 |
Financial liabilities: | ||
Time deposits | 521,053 | 480,133 |
Other borrowed funds | 300,513 | 294,940 |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Financial assets: | ||
Loans | 2,003,811 | 1,873,703 |
Financial liabilities: | ||
Subordinated debentures | $ 36,083 | $ 36,083 |