Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CENTURY BANCORP INC | ||
Entity Central Index Key | 0000812348 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 276,823,482 | ||
Trading Symbol | CNBKA | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,608,329 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,959,580 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks (Note 2) | $ 89,540 | $ 77,199 |
Federal funds sold and interest-bearing deposits in other banks | 252,963 | 279,231 |
Total cash and cash equivalents | 342,503 | 356,430 |
Securities available-for-sale, amortized cost $336,751 in 2018 and $395,947 in 2017 (Notes 3, 9 and 11) | 336,759 | 395,830 |
Securities held-to-maturity, fair value $1,991,421 in 2018 and $1,668,827 in 2017 (Notes 4 and 11) | 2,046,647 | 1,701,233 |
Federal Home Loan Bank of Boston, stock at cost | 17,974 | 21,779 |
Equity securities, amortized cost $1,635 in 2018 and $1,616 in 2017, respectively | 1,596 | 1,663 |
Loans, net (Note 5) | 2,285,578 | 2,175,944 |
Less: allowance for loan losses (Note 6) | 28,543 | 26,255 |
Net loans | 2,257,035 | 2,149,689 |
Bank premises and equipment (Note 7) | 23,921 | 23,527 |
Accrued interest receivable | 14,406 | 11,179 |
Other assets (Notes 5, 8 and 16) | 123,094 | 124,242 |
Total assets | 5,163,935 | 4,785,572 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Demand deposits | 813,478 | 736,020 |
Savings and NOW deposits | 1,707,019 | 1,367,358 |
Money market accounts | 1,325,888 | 1,188,228 |
Time deposits (Note 10) | 560,579 | 625,361 |
Total deposits | 4,406,964 | 3,916,967 |
Securities sold under agreements to repurchase (Note 11) | 154,240 | 158,990 |
Other borrowed funds (Note 12) | 202,378 | 347,778 |
Subordinated debentures (Note 12) | 36,083 | 36,083 |
Other liabilities | 63,831 | 65,457 |
Total liabilities | 4,863,496 | 4,525,275 |
Commitments and contingencies (Notes 7, 18 and 19) | ||
Stockholders' equity (Note 15): | ||
Preferred Stock - $1.00 par value; 100,000 shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 12,292 | 12,292 |
Retained earnings | 301,488 | 263,666 |
Stockholders' equity before adjustment of accumulated other comprehensive income (loss) | 319,348 | 281,526 |
Unrealized gain (losses) on securities available-for-sale, net of taxes | 6 | (62) |
Unrealized losses on securities transferred to held-to-maturity, net of taxes | (2,565) | (3,050) |
Pension liability, net of taxes | (16,350) | (18,117) |
Total accumulated other comprehensive loss, net of taxes (Notes 3, 13 and 15) | (18,909) | (21,229) |
Total stockholders' equity | 300,439 | 260,297 |
Total liabilities and stockholders' equity | 5,163,935 | 4,785,572 |
Class A Common Stock [Member] | ||
Stockholders' equity (Note 15): | ||
Common stock value | 3,608 | 3,606 |
Total stockholders' equity | 3,608 | 3,606 |
Class B Common Stock [Member] | ||
Stockholders' equity (Note 15): | ||
Common stock value | 1,960 | 1,962 |
Total stockholders' equity | $ 1,960 | $ 1,962 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amortized cost | $ 336,751 | $ 395,947 |
Held-to-maturity securities, fair value | 1,991,421 | 1,668,827 |
Equity securities, amortized cost | $ 1,635 | $ 1,616 |
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 | 3,608,329 | 3,605,829 |
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 | 1,959,580 | 1,962,080 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
INTEREST INCOME | |||
Loans, taxable | $ 46,615 | $ 39,103 | $ 34,324 |
Loans, non-taxable | 31,936 | 26,910 | 23,440 |
Securities available-for-sale, taxable | 6,748 | 4,987 | 3,003 |
Securities available-for-sale, non-taxable | 1,587 | 1,119 | 1,051 |
Federal Home Loan Bank of Boston dividends | 1,116 | 872 | 966 |
Securities held-to-maturity | 45,556 | 38,348 | 32,679 |
Federal funds sold, interest-bearing deposits in other banks and short-term investments | 3,498 | 2,097 | 1,236 |
Total interest income | 137,056 | 113,436 | 96,699 |
INTEREST EXPENSE | |||
Savings and NOW deposits | 11,757 | 6,296 | 4,020 |
Money market accounts | 13,922 | 5,626 | 3,542 |
Time deposits | 10,208 | 7,919 | 5,706 |
Securities sold under agreements to repurchase | 976 | 496 | 472 |
Other borrowed funds and subordinated debentures | 7,617 | 7,483 | 8,877 |
Total interest expense | 44,480 | 27,820 | 22,617 |
Net interest income | 92,576 | 85,616 | 74,082 |
Provision for loan losses (Note 6) | 1,350 | 1,790 | 1,375 |
Net interest income after provision for loan losses | 91,226 | 83,826 | 72,707 |
OTHER OPERATING INCOME | |||
Service charges on deposit accounts | 8,560 | 8,586 | 7,907 |
Lockbox fees | 3,274 | 3,290 | 3,164 |
Brokerage commissions | 348 | 353 | 315 |
Net gains on sales of securities | 302 | 47 | 64 |
Gains on sales of mortgage loans | 370 | 1,331 | |
Other income | 3,764 | 3,906 | 3,441 |
Total other operating income | 16,248 | 16,552 | 16,222 |
OPERATING EXPENSES | |||
Salaries and employee benefits (Note 17) | 42,710 | 40,517 | 38,516 |
Occupancy | 6,092 | 6,140 | 6,147 |
Equipment | 3,132 | 2,892 | 2,845 |
FDIC assessments | 1,471 | 1,581 | 1,902 |
Other (Note 20) | 16,288 | 15,989 | 15,347 |
Total operating expenses | 69,693 | 67,119 | 64,757 |
Income before income taxes | 37,781 | 33,259 | 24,172 |
Provision for income taxes (Note 16) | 1,568 | 10,958 | (362) |
Net income | $ 36,213 | $ 22,301 | $ 24,534 |
Class A Common Stock [Member] | |||
SHARE DATA (Note 14) | |||
Weighted average number of shares outstanding, basic | 3,608,179 | 3,604,029 | 3,600,729 |
Weighted average number of shares outstanding, diluted | 5,567,909 | 5,567,909 | 5,567,909 |
Basic earnings per share | $ 7.89 | $ 4.86 | $ 5.35 |
Diluted earnings per share | $ 6.50 | $ 4.01 | $ 4.41 |
Class B Common Stock [Member] | |||
SHARE DATA (Note 14) | |||
Weighted average number of shares outstanding, basic | 1,959,730 | 1,963,880 | 1,967,180 |
Weighted average number of shares outstanding, diluted | 1,959,730 | 1,963,880 | 1,967,180 |
Basic earnings per share | $ 3.95 | $ 2.43 | $ 2.68 |
Diluted earnings per share | $ 3.95 | $ 2.43 | $ 2.68 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 36,213 | $ 22,301 | $ 24,534 |
Unrealized gains (losses) on securities: | |||
Unrealized holding gains (losses) arising during period | 326 | 533 | (289) |
Less: reclassification adjustment for gains included in net income | (217) | (28) | (32) |
Total unrealized gains (losses) on securities | 109 | 505 | (321) |
Accretion of net unrealized losses transferred during period | 1,086 | 1,034 | 2,812 |
Pension liability adjustment: | |||
Net (loss) gain | 3,770 | (2,315) | (297) |
Amortization of prior service cost and loss included in net periodic benefit cost | 1,167 | 931 | 970 |
Total pension liability adjustment | 4,937 | (1,384) | 673 |
Other comprehensive income | 6,132 | 155 | 3,164 |
Comprehensive income (loss) | $ 42,345 | $ 22,456 | $ 27,698 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class A Common Stock [Member] | Retained Earnings [Member]Class B Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Dec. 31, 2015 | $ 214,544 | $ 3,601 | $ 1,967 | $ 12,292 | $ 221,232 | $ (24,548) | ||
Net income | 24,534 | 24,534 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding gains arising during period, net of taxes | (321) | (321) | ||||||
Accretion of net unrealized losses transferred during the period, net of taxes | 2,812 | 2,812 | ||||||
Pension liability adjustment, net of taxes | 673 | 673 | ||||||
Cash dividends | $ (1,729) | $ (472) | ||||||
Ending balance at Dec. 31, 2016 | 240,041 | 3,601 | 1,967 | 12,292 | 243,565 | (21,384) | ||
Net income | 22,301 | 22,301 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding gains arising during period, net of taxes | 505 | 505 | ||||||
Accretion of net unrealized losses transferred during the period, net of taxes | 1,034 | 1,034 | ||||||
Pension liability adjustment, net of taxes | (1,384) | (1,384) | ||||||
Conversion of Class B Common Stock to Class A Common Stock | 5 | (5) | ||||||
Cash dividends | (1,729) | (471) | ||||||
Ending balance at Dec. 31, 2017 | 260,297 | 3,606 | 1,962 | 12,292 | 263,666 | (21,229) | ||
Net income | 36,213 | 36,213 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding gains arising during period, net of taxes | 109 | 109 | ||||||
Accretion of net unrealized losses transferred during the period, net of taxes | 1,086 | 1,086 | ||||||
Pension liability adjustment, net of taxes | 4,937 | 4,937 | ||||||
Adoption of ASU 2018-2, Income Statement-Reporting Comprehensive Income (Topic 220)-Reclassification of Certain Tax Effects from AOCI | 3,783 | (3,783) | ||||||
Adoption of ASU 2016-1, Financial Instruments-Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities | 29 | (29) | ||||||
Conversion of Class B Common Stock to Class A Common Stock | 2 | (2) | ||||||
Cash dividends | $ (1,732) | $ (471) | ||||||
Ending balance at Dec. 31, 2018 | $ 300,439 | $ 3,608 | $ 1,960 | $ 12,292 | $ 301,488 | $ (18,909) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrealized holding gains arising during period, taxes | $ 16 | $ 331 | $ 248 |
Realized net gains | 302 | 47 | 52 |
Accretion of net unrealized losses transferred during the period, taxes | 391 | 1,258 | 1,505 |
Pension liability adjustment, taxes | $ 1,930 | $ 286 | $ 448 |
Class A Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 2,500 | 5,100 | |
Cash dividends, per share | $ 0.48 | $ 0.48 | $ 0.48 |
Class B Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 2,500 | 5,100 | |
Cash dividends, per share | $ 0.24 | $ 0.24 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 36,213 | $ 22,301 | $ 24,534 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sales of portfolio loans | (370) | (1,331) | |
Gain on sale of fixed assets | (11) | ||
Net gains on sales of securities | (302) | (47) | (64) |
Net loss on equity securities | 67 | ||
Provision for loan losses | 1,350 | 1,790 | 1,375 |
Deferred tax (expense)benefit | (1,766) | 6,918 | (4,676) |
Net depreciation and amortization | 885 | 3,047 | 3,561 |
Increase in accrued interest receivable | (3,227) | (1,534) | (1,643) |
Increase in other assets | 2,326 | (16,310) | (2,953) |
Increase in other liabilities | 5,242 | 5,802 | 3,203 |
Net cash provided by operating activities | 40,788 | 21,586 | 22,006 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities of short-term investments | 5,284 | 3,233 | |
Purchase of short-term investments | (2,101) | (3,183) | |
Proceeds from redemptions of Federal Home Loan Bank of Boston stock | 18,388 | 10,127 | 10,381 |
Purchase of Federal Home Loan Bank of Boston stock | (14,583) | (10,864) | (2,616) |
Proceeds from calls/maturities of securities available-for-sale | 215,406 | 259,388 | 277,657 |
Proceeds from sales of securities available-for-sale | 27,517 | 18,180 | 2,376 |
Purchase of securities available-for-sale | (183,588) | (175,147) | (375,608) |
Proceeds from calls/maturities of securities held-to-maturity | 234,741 | 293,221 | 416,599 |
Proceeds from sales of securities held-to-maturity | 192 | ||
Purchase of securities held-to-maturity | (576,140) | (337,773) | (627,670) |
Proceeds from life insurance policies | 375 | 115 | |
Proceeds from sales of portfolio loans | 26,701 | 74,668 | |
Net increase in loans | (110,874) | (278,242) | (265,732) |
Proceeds from sales of fixed assets | 11 | ||
Capital expenditures | (3,601) | (3,244) | (2,263) |
Net cash used in investing activities | (392,359) | (194,344) | (491,966) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net (decrease) increase in time deposit accounts | (64,782) | 147,002 | 4,933 |
Net increase in demand, savings, money market and NOW deposits | 554,779 | 116,747 | 573,225 |
Cash dividends | (2,203) | (2,200) | (2,201) |
Net decrease in securities sold under agreements to repurchase | (4,750) | (23,290) | (15,570) |
Net (decrease) increase in other borrowed funds | (145,400) | 54,778 | (75,000) |
Net cash provided by financing activities | 337,644 | 293,037 | 485,387 |
Net (decrease) increase in cash and cash equivalents | (13,927) | 120,279 | 15,427 |
Cash and cash equivalents at beginning of year | 356,430 | 236,151 | 220,724 |
Cash and cash equivalents at end of year | 342,503 | 356,430 | 236,151 |
Cash paid during the year for: | |||
Interest | 44,289 | 27,731 | 22,668 |
Income taxes | 590 | 5,330 | 3,730 |
Change in unrealized gains on securities available-for-sale, net of taxes | 109 | 505 | (321) |
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes | 1,086 | 1,034 | 2,812 |
Pension liability adjustment, net of taxes | 4,937 | $ (1,384) | $ 673 |
Transfer of loans to other real estate owned | $ 2,225 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies BASIS OF FINANCIAL STATEMENT PRESENTATION The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts, New Hampshire, Rhode Island, Connecticut and New York. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on a review of factors, including historical charge-off FAIR VALUE MEASUREMENTS The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, 820-10 Level I — Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices, such as G-7 Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments that are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and over the counter (“OTC”) derivatives. Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way CASH AND CASH EQUIVALENTS For purposes of reporting cash flows, cash equivalents include highly liquid assets with an original maturity of three months or less. Highly liquid assets include cash and due from banks, federal funds sold and certificates of deposit. SHORT-TERM INVESTMENTS As of December 31, 2018 and 2017, short-term investments include highly liquid certificates of deposit with original maturities of more than 90 days but less than one year. INVESTMENT SECURITIES Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity held-to-maturity available-for-sale Premiums and discounts on investment securities are amortized or accreted into income by use of the level-yield method. Gains and losses on the sale of investment securities are recognized on the trade date on a specific identification basis. Management also considers the Company’s capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. Other-than-temporary-impairment (OTTI) arises when a security’s fair value is less than its amortized cost and, based on specific factors, the loss is considered OTTI. If the Company determines that a decline in fair value is OTTI and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company’s consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the OTTI impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a decline in fair value is OTTI and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company’s consolidated statement of income. The transfer of a security between categories of investments shall be accounted for at fair value. For a debt security transferred into the held-to-maturity available-for-sale held-to-maturity The sale of a security held-to-maturity FEDERAL HOME LOAN BANK STOCK The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”), is required to maintain an investment in capital stock of the FHLBB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. As of December 31, 2018, no impairment has been recognized. LOANS HELD FOR SALE Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. LOANS Interest on loans is recognized based on the daily principal amount outstanding. Accrual of interest is discontinued when loans become ninety days delinquent unless the collateral is sufficient to cover both principal and interest and the loan is in the process of collection. Past-due Loan origination fees and related direct loan origination costs are offset, and the resulting net amount is deferred and amortized over the life of the related loans using the level-yield method. Prepayments are not initially considered when amortizing premiums and discounts. The Bank measures impairment for impaired loans at either the fair value of the loan, the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. This method applies to all loans, uncollateralized as well as collateralized, except large groups of smaller-balance homogeneous loans such as residential real estate and consumer loans that are collectively evaluated for impairment and loans that are measured at fair value. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off charged-off in-substance pre-modification TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets, typically residential mortgages and loan participations for the Company, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. ACQUIRED LOANS In accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality No. 03-3, 310-30 Loans which, at acquisition, do not have evidence of deterioration of credit quality since origination are outside the scope of FASB ASC 310- 30. For such loans, the discount, if any, representing the excess of the amount of reasonably estimable and probable discounted future cash collections over the purchase price, is accreted into interest income using the interest method over the term of the loan. Prepayments are not considered in the calculation of accretion income. Additionally, the discount is not accreted on nonperforming loans. When a loan is paid off, the excess of any cash received over the net investment is recorded as interest income. In addition to the amount of purchase discount that is recognized at that time, income may include interest owed by the borrower prior to the Company’s acquisition of the loan, interest collected if on nonperforming status, prepayment fees and other loan fees. NONPERFORMING ASSETS In addition to nonperforming loans, nonperforming assets include other real estate owned. Other real estate owned is comprised of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. Other real estate owned is recorded initially at the lower of cost or the estimated fair value less costs to sell. When such assets are acquired, the excess of the loan balance over the estimated fair value of the asset is charged to the allowance for loan losses. An allowance for losses on other real estate owned is established by a charge to earnings when, upon periodic evaluation by management, further declines in the estimated fair value of properties have occurred. Such evaluations are based on an analysis of individual properties as well as a general assessment of current real estate market conditions. Holding costs and rental income on properties are included in current operations, while certain costs to improve such properties are capitalized. Gains and losses from the sale of other real estate owned are reflected in earnings when realized. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is based on management’s evaluation of the quality of the loan portfolio and is used to provide for losses resulting from loans that ultimately prove uncollectible. The components of the allowance for loan losses represent estimates based upon Accounting Standards Codification (“ASC”) Topic 450, contingencies, and ASC Topic 310 Receivables. ASC Topic 450 applies to homogenous loan pools such as consumer installment, residential mortgages, consumer lines of credit and commercial loans that are not individually evaluated for impairment under ASC Topic 310. In determining the level of the allowance, periodic evaluations are made of the loan portfolio, which takes into account factors such as the characteristics of the loans, loan status, financial strength of the borrowers, value of collateral securing the loans and other relevant information sufficient to reach an informed judgment. The allowance is increased by provisions charged to income and reduced by loan charge-offs, net of recoveries. Management maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on assessments of the probable estimated losses inherent in the loan portfolio. Management’s methodology for assessing the appropriateness of the allowance consists of several key elements, which include the specific allowances, if appropriate, for identified problem loans, formula allowance, and possibly an unallocated allowance. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. While management uses available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. Loans are charged-off Under ASC Topic 310, a loan is impaired, based upon current information and in management’s opinion, when it is probable that the loan will not be repaid according to its original contractual terms, including both principal and interest, or if a loan is designated as a Troubled Debt Restructuring (“TDR”). Specific allowances for loan losses entail the assignment of allowance amounts to individual loans on the basis of loan impairment. Under this method, loans are selected for evaluation based upon a change in internal risk rating, occurrence of delinquency, loan classification or nonaccrual status. A specific allowance amount is allocated to an individual loan when such loan has been deemed impaired and when the amount of a probable loss is able to be estimated on the basis of: (a) present value of anticipated future cash flows, (b) the loan’s observable fair market price or (c) fair value of collateral if the loan is collateral dependent. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off In estimating probable loan loss under ASC Topic 450 management considers numerous factors, including historical charge-offs and subsequent recoveries. The formula allowances are based on evaluations of homogenous loans to determine the allocation appropriate within each portfolio segment. Formula allowances are based on internal risk ratings or credit ratings from external sources. Individual loans within the commercial and industrial, commercial real estate and real estate construction loan portfolio segments are assigned internal risk ratings to group them with other loans possessing similar risk characteristics. Changes in risk grades affect the amount of the formula allowance. Risk grades are determined by reviewing current collateral value, financial information, cash flow, payment history and other relevant facts surrounding the particular credit. On these loans, the formula allowances are based on the risk ratings, the historical loss experience, and the loss emergence period. Historical loss data and loss emergence periods are developed based on the Company’s historical experience. For larger loans with available external credit ratings, these ratings are utilized rather than the Company’s risk ratings. The historical loss factor and loss emergence periods for these loans are based on data published by the rating agencies for similar credits as the Company has limited internal historical data. For the residential real estate and consumer loan portfolios, the formula allowances are calculated by applying historical loss experience and the loss emergence period to the outstanding balance in each loan category. Loss factors and loss emergence periods are based on the Company’s historical net loss experience. Additional allowances are added to portfolio segments based on qualitative factors. Management considers potential factors identified in regulatory guidance. Management has identified certain qualitative factors, which could impact the degree of loss sustained within the portfolio. These include market risk factors and unique portfolio risk factors that are inherent characteristics of the Company’s loan portfolio. Market risk factors may consist of changes to general economic and business conditions, such as unemployment and GDP that may impact the Company’s loan portfolio customer base in terms of ability to repay and that may result in changes in value of underlying collateral. Unique portfolio risk factors may include the outlooks for business segments in which the Company’s borrowers operate and loan size. The potential ranges for qualitative factors are based on historical volatility in losses. The actual amount utilized is based on management’s assessment of current conditions. After considering the above components, an unallocated component may be generated to cover uncertainties that could affect management’s estimate of probable losses. These uncertainties include the effects of loans in new geographical areas and new industries. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. BANK PREMISES AND EQUIPMENT Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Land is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the terms of leases, if shorter. It is general practice to charge the cost of maintenance and repairs to operations when incurred; major expenditures for improvements are capitalized and depreciated. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identifiable intangible assets consist of core deposit intangibles and are assets resulting from acquisitions that are being amortized over their estimated useful lives. Goodwill and identifiable intangible assets are included in other assets on the consolidated balance sheets. The Company tests goodwill for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the segment (or “reporting unit”) level. Currently, the Company’s goodwill is evaluated at the entity level as there is only one reporting unit. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill. Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step The first step, in the two-step SERVICING The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into loan servicing fee income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant risk characteristics, such as interest rates and terms. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the capitalized amount for the stratum. Changes in the valuation allowance are reported in loan servicing fee income. STOCK OPTION ACCOUNTING The Company follows the fair value recognition provisions of FASB ASC 718, Compensation — Stock Compensation During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options to purchase shares of Class A common stock outstanding at December 31, 2018. The Company uses the fair value method to account for stock options. There were no options granted during 2018 and 2017. INCOME TAXES The Company uses the asset and liability method in accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with FASB ASC 740. The Company classifies interest resulting from underpayment of income taxes as income tax expense in the first period the interest would begin accruing according to the provisions of the relevant tax law. The Company classifies penalties resulting from underpayment of income taxes as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company’s judgment changes regarding an uncertain tax position. For tax years beginning after December 31, 2018, the corporate alternative minimum tax (“AMT”) has been repealed. For 2018 through 2021, the AMT credit carryforward can offset regular tax liability and is refundable in an amount equal to 50% (100% for 2021) of the excess of the minimum tax credit for the tax year over the amount of the credit allowable for the year against regular tax liability. Accordingly, the full amount of the AMT credit carryforward will be recovered in tax years beginning before 2022. As a result of the change, the Company has classified its AMT credit carryforward as currently receivable. EARNINGS PER SHARE (“EPS”) Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock. Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. The only common stock equivalents for the Company are stock options. The company utilizes the two class method for reporting EPS. The two-class TREASURY STOCK Effective July 1, 2004, companies incorporated in Massachusetts became subject to Chapter 156D of the Massachusetts Business Corporation Act, provisions of which eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. PENSION The Company provides pension benefits to its employees under a noncontributory, defined benefit plan, which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. The Company also has a Supplemental Executive Insurance/Retirement Plan (“the Supplemental Plan”), which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. Executive officers of the Company or its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary. Individual life insurance policies, which are owned by the Company, are purchased covering the life of each participant. The Company utilizes a full yield curve approach in the estimation of the service and interest components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the underlying projected cash flows. At December 31, 2018, the discount rate was determined by preparing an analysis of the respective plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the benefits. RECENT ACCOUNTING DEVELOPMENTS Recently Adopted Accounting Standards Updates Effective January 1, 2018, the following new accounting guidance was adopted by the Company: In March 2018 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-05: In February 2018, the FASB issued ASU 2018-03, 825-10) 2016-1. In February 2018, the FASB issued ASU 2018-02, In May 2017, the FASB issued ASU 2017-09, In March 2017, the FASB issued ASU 2017-07, In February 2017, the FASB issued ASU 2017-05, 610-20). 610-20, Effective January 1, 2018, the Company adopted ASU 2014-09 2014-09 The vast majority of the Company’s revenue is interest income on loans, investment securities and deposits at other financial institutions which are specifically outside the scope of ASU 2014-09. 2014-09 non-interest In November 2016, the FASB issued ASU 2016-18, Restricted Cash. beginning-of-period end-of-period In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In January 2016, FASB issued ASU 2016-1, 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. Accounting Standards Issued but not yet Adopted The following list identifies ASUs applicable to the Company that have been issued by the FASB but are not yet effective: In August 2018, FASB issued ASU 2018-15, 350-40): internal-use In August 2018, FASB issued ASU 2018-14, 715-20): 2018-13, In July 2017, FASB issued ASU 2017-11, In March 2017, the FASB issued ASU 2017-08, 310-20) In January 2017, the FASB issued ASU 2017-04, In June 2016, the FASB issued ASU 2016-13, In November 2018, the FASB issued ASU 2018-19, 2016-13. In February 2016, the FASB issued ASU 2016-02, $14-$16 million In July 2018, ASU 2018-10, 2018-10”) 2016-02. 2018-11, 2018-11”) Securities and Exchange Commission (SEC) ruling: In August 2018, the SEC issued a final rule that amends certain of the Commission’s disclosure requirements “that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. GAAP, or changes in the information environment.” The financial reporting implications of the final rule’s amendments may vary by company, but the changes are generally expected to reduce or eliminate some of an SEC registrant’s disclosure requirements. In limited circumstances, however, the amendments may expand those requirements, including those related to interim disclosures about changes in stockholders’ equity. Under the requirements, registrants must now analyze changes in stockholders’ equity, in the form of a reconciliation, for “the current and comparative year-to-date year-to-date |
Cash and Due from Banks
Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Due from Banks | 2. Cash and Due from Banks The Company is required to maintain a portion of its cash and due from banks as a reserve balance under the Federal Reserve Act. Such reserve is calculated based upon deposit levels and amounted to $0 at December 31, 2018, and $0 at December 31, 2017. |
Securities Available-for-Sale
Securities Available-for-Sale | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Securities Available-for-Sale | 3. Securities Available-for-Sale December 31, 2018 December 31, 2017 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) U.S. Treasury $ 2,000 $ — $ 8 $ 1,992 $ 1,999 $ — $ 15 $ 1,984 U. S. Government Sponsored Enterprises 3,946 — 31 3,915 — — — — SBA Backed Securities 70,477 1 284 70,194 81,065 46 161 80,950 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 162,604 536 250 162,890 225,537 555 317 225,775 Privately Issued Residential Mortgage-Backed Securities 679 3 10 672 897 4 9 892 Obligations Issued by States and Political Subdivisions 93,445 58 — 93,503 82,849 — 249 82,600 Other Debt Securities 3,600 37 44 3,593 3,600 68 39 3,629 Total $ 336,751 $ 635 $ 627 $ 336,759 $ 395,947 $ 673 $ 790 $ 395,830 Included in SBA Backed Securities and U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $197,304,000 and $216,353,000 at December 31, 2018 and 2017, respectively. Also included in securities available-for-sale available-for-sale Debt securities of U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities primarily refer to debt securities of Fannie Mae and Freddie Mac. The following table shows the estimated maturity distribution of the Company’s securities available-for-sale Amortized Fair Value (dollars in thousands) Within one year $ 92,935 $ 92,918 After one but within five years 83,286 83,112 After five but within ten years 136,075 136,244 More than ten years 24,455 24,485 Total $ 336,751 $ 336,759 The weighted average remaining life of investment securities available-for-sale As of December 31, 2018 and December 31, 2017, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of its remaining amortized cost. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The change in the unrealized losses on the Obligations Issued by States and Political Subdivisions, Privately Issued Residential Mortgage-Backed Securities and Other Debt Securities was primarily caused by changes in credit spreads and liquidity issues in the marketplace. The unrealized loss on SBA Backed Securities and U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality and because the Company has the ability and intent to hold these investments until recovery of fair value, which may be maturity. The Company does not consider these investments to be other-than-temporarily impaired at December 31, 2018 and December 31, 2017. 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. The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2018 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ 1,992 $ 8 $ 1,992 $ 8 U.S. Government Sponsored Enterprises 3,914 31 — — 3,914 31 SBA Backed Securities 17,950 28 44,323 256 62,273 284 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 19,244 21 45,782 229 65,026 250 Privately Issued Residential Mortgage-Backed Securities — — 495 10 495 10 Obligations Issued by States and Political Subdivisions — — — — — — Other Debt Securities — — 455 44 455 44 Total temporarily impaired securities $ 41,108 $ 80 $ 93,047 $ 547 $ 134,155 $ 627 The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2017 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ 1,984 $ 15 $ — $ — $ 1,984 $ 15 U.S. Government Sponsored Enterprises — — — — — — SBA Backed Securities 18,378 54 40,911 107 59,289 161 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 40,394 123 59,336 194 99,730 317 Privately Issued Residential Mortgage-Backed Securities — — 633 9 633 9 Obligations Issued by States and Political Subdivisions — — 4,458 249 4,458 249 Other Debt Securities 400 1 461 38 861 39 Total temporarily impaired securities $ 61,156 $ 193 $ 105,799 $ 597 $ 166,955 $ 790 |
Investment Securities Held-to-M
Investment Securities Held-to-Maturity | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Investment Securities Held-to-Maturity | 4. Investment Securities Held-to-Maturity December 31, 2018 December 31, 2017 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in U.S. Treasury $ 9,960 $ — $ 2 $ 9,958 $ — $ — $ — $ — U.S. Government Sponsored Enterprises 234,228 336 803 233,761 104,653 341 472 104,522 SBA Backed Securities 52,051 — 2,065 49,986 57,235 20 1,271 55,984 U.S. Government Sponsored Enterprises Mortgage-Backed Securities 1,750,408 2,324 55,016 1,697,716 1,539,345 2,261 33,285 1,508,321 Total $ 2,046,647 $ 2,660 $ 57,886 $ 1,991,421 $ 1,701,233 $ 2,622 $ 35,028 $ 1,668,827 Included in U.S. Government Sponsored Enterprises and U.S. Government Sponsored Enterprise Mortgage-Backed Securities are securities pledged to secure public deposits and repurchase agreements at fair value amounting to $1,441,059,000 and $1,262,708,000 at December 31, 2018, and 2017, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank at fair value amounting to $291,190,000 and $382,120,000 at December 31, 2018, and 2017, respectively. The Company did not realize any gains of sales of securities for the year ending December 31, 2018, and 2017. The sales from securities held-to-maturity held-to-maturity At December 31, 2018 and 2017, all mortgage-backed securities are obligations of U.S. Government Sponsored Enterprises. Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac. The following table shows the maturity distribution of the Company’s securities held-to-maturity Amortized Fair Value (dollars in thousands) Within one year $ 41,154 $ 41,013 After one but within five years 1,490,954 1,454,543 After five but within ten years 506,654 488,129 More than ten years 7,885 7,736 Total $ 2,046,647 $ 1,991,421 The weighted average remaining life of investment securities held-to-maturity As of December 31, 2018 and December 31, 2017, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of their remaining amortized costs. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The unrealized loss on U.S. Government Sponsored Enterprises, SBA Backed Securities and U.S. Government Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2018 and December 31, 2017. 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 December 31, 2018 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Losses (dollars in thousands) U.S. Treasury $ 9,958 $ 2 $ — $ — $ 9,958 $ 2 U.S. Government Sponsored Enterprises 9,849 42 69,499 761 79,348 803 SBA Backed Securities — — 49,987 2,065 49,987 2,065 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 188,125 2,032 1,249,689 52,984 1,437,814 55,016 Total temporarily impaired securities $ 207,932 $ 2,076 $ 1,369,175 $ 55,810 $ 1,577,107 $ 57,886 The following table shows the temporarily impaired securities of the Company’s held-to-maturity December 31, 2017 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Government Sponsored Enterprises $ 15,257 $ 239 $ 14,768 $ 233 $ 30,025 $ 472 SBA Backed Securities 19,457 142 33,750 1,129 53,207 1,271 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 519,481 5,920 814,712 27,365 1,334,193 33,285 Total temporarily impaired securities $ 554,195 $ 6,301 $ 863,230 $ 28,727 $ 1,417,425 $ 35,028 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Loans | 5. Loans The majority of the Bank’s lending activities are conducted in Massachusetts with other lending activity principally in New Hampshire, Rhode Island, Connecticut and New York. The Bank originates construction, commercial and residential real estate loans, commercial and industrial loans, municipal loans, consumer, home equity and other loans for its portfolio. The following summary shows the composition of the loan portfolio at the dates indicated. December 31, 2018 2017 (dollars in thousands) Construction and land development $ 13,628 $ 18,931 Commercial and industrial 761,625 763,807 Municipal 97,290 106,599 Commercial real estate 750,362 732,491 Residential real estate 348,250 287,731 Consumer 21,359 18,458 Home equity 292,340 247,345 Overdrafts 724 582 Total $ 2,285,578 $ 2,175,944 At December 31, 2018, and December 31, 2017, loans were carried net of (premiums) discounts of $(364,000) and $46,000, respectively. Net deferred fees included in loans at December 31, 2018, and December 31, 2017, were $496,000 and $588,000, respectively. The Company was servicing mortgage loans sold to others without recourse of approximately $209,160,000 and $229,533,000 at December 31, 2018, and December 31, 2017, respectively. The Company had no residential real estate loans held for sale at December 31, 2018 and December 31, 2017. The Company’s mortgage servicing rights totaled $1,226,000 and $1,525,000 at December 31, 2018 and December 31, 2017, respectively. As of December 31, 2018 and 2017, the Company’s recorded investment in impaired loans was $3,051,000 and $7,114,000, respectively. If an impaired loan is placed on nonaccrual, the loan may be returned to an accrual status when principal and interest payments are not delinquent and the risk characteristics have improved to the extent that there no longer exists a concern as to the collectibility of principal and interest. At December 31, 2018, there were $2,774,000 impaired loans with specific reserves of $145,000. At December 31, 2017, there were $ 6,581,000 impaired loans with specific reserves of $164,000. Loans are designated as troubled debt restructures when a concession is made on a credit as a result of financial difficulties of the borrower. Typically, such concessions consist of a reduction in interest rate to a below-market rate, taking into account the credit quality of the note, or a deferment of payments, principal or interest, which materially alters the Bank’s position or significantly extends the note’s maturity date, such that the present value of cash flows to be received is materially less than those contractually established at the loan’s origination. Restructured loans are included in the impaired loan category. The composition of nonaccrual loans and impaired loans is as follows: December 31, 2018 2017 2016 (dollars in thousands) Loans on nonaccrual $ 1,313 $ 1,684 $ 1,084 Loans 90 days past due and still accruing — — — Impaired loans on nonaccrual included above 296 254 304 Total recorded investment in impaired loans 3,051 7,114 3,830 Average recorded investment of impaired loans 5,491 5,608 3,661 Accruing troubled debt restructures 2,559 2,749 3,526 Interest income not recorded on nonaccrual loans according to their original terms 64 51 37 Interest income on nonaccrual loans actually recorded — — — Interest income recognized on impaired loans 196 182 140 Directors and officers of the Company and their associates are customers of, and have other transactions with, the Company in the normal course of business. All loans and commitments included in such transactions were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and do not involve more than normal risk of collection or present other unfavorable features. The following table shows the aggregate amount of loans to directors and officers of the Company and their associates during 2018. Balance at Additions Repayments Balance at (dollars in thousands) $5,825 $ 7,800 $ 1,078 $ 12,547 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | 6. Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount determined by management on the basis of the character of the loans, loan performance, financial condition of borrowers, the value of collateral securing loans and other relevant factors. The following table summarizes the changes in the Company’s allowance for loan losses for the years indicated. An analysis of the allowance for loan losses for each of the three years ending December 31, 2018, 2017 and 2016 is as follows: 2018 2017 2016 (dollars in thousands) Allowance for loan losses, beginning of year $ 26,255 $ 24,406 $ 23,075 Loans charged-off (833 ) (390 ) (389 ) Recoveries on loans previously charged-off 1,771 449 434 Net recoveries (charge-offs) 938 59 45 Provision charged to expense 1,350 1,790 1,375 Reclassification to other liabilities* — — (89 ) Allowance for loan losses, end of year $ 28,543 $ 26,255 $ 24,406 * The reclassification relates to allowance for loan losses allocations on unused commitments that have been reclassified to other liabilities. Further information pertaining to the allowance for loan losses at December 31, 2018 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2017 $ 1,645 $ 9,651 $ 1,720 $ 9,728 $ 1,873 $ 373 $ 989 $ 276 $ 26,255 Charge-offs — (67 ) — — (450 ) (316 ) — — (833 ) Recoveries 1,436 57 — — 75 203 — — 1,771 Provision (1,989 ) 1,357 118 935 692 105 122 10 1,350 Ending balance at December 31, 2018 $ 1,092 $ 10,998 $ 1,838 $ 10,663 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,543 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 54 $ — $ 91 $ — $ — $ — $ — $ 145 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,092 $ 10,944 $ 1,838 $ 10,572 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,398 Loans: Ending balance $ 13,628 $ 761,625 $ 97,290 $ 750,362 $ 348,250 $ 22,083 $ 292,340 $ — $ 2,285,578 Loans deemed to be impaired $ — $ 401 $ — $ 2,650 $ — $ — $ — $ — $ 3,051 Loans not deemed to be impaired $ 13,628 $ 761,224 $ 97,290 $ 747,712 $ 348,250 $ 22,083 $ 292,340 $ — $ 2,282,527 Further information pertaining to the allowance for loan losses at December 31, 2017 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2016 $ 1,012 $ 6,972 $ 1,612 $ 11,135 $ 1,698 $ 582 $ 1,102 $ 293 $ 24,406 Charge-offs — (49 ) — — — (341 ) — — (390 ) Recoveries — 110 — — 2 255 82 — 449 Provision 633 2,618 108 (1,407 ) 173 (123 ) (195 ) (17 ) 1,790 Ending balance at December 31, 2017 $ 1,645 $ 9,651 $ 1,720 $ 9,728 $ 1,873 $ 373 $ 989 $ 276 $ 26,255 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 7 $ — $ 99 $ 58 $ — $ — $ — $ 164 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,645 $ 9,644 $ 1,720 $ 9,629 $ 1,815 $ 373 $ 989 $ 276 $ 26,091 Loans: Ending balance $ 18,931 $ 763,807 $ 106,599 $ 732,491 $ 287,731 $ 19,040 $ 247,345 $ — $ 2,175,944 Loans deemed to be impaired $ — $ 348 $ — $ 2,554 $ 4,212 $ — $ — $ — $ 7,114 Loans not deemed to be impaired $ 18,931 $ 763,459 $ 106,599 $ 729,937 $ 283,519 $ 19,040 $ 247,345 $ — $ 2,168,830 CREDIT QUALITY INFORMATION The Company utilizes a six-grade Loans rated 1-3 Loans rated 4 (Monitor) — These loans represent classified loans that management is closely monitoring for credit quality. These loans have had or may have minor credit quality deterioration as of December 31, 2018. Loans rated 5 (Substandard) — Substandard loans represent classified loans that management is closely monitoring for credit quality. These loans have had more significant credit quality deterioration as of December 31, 2018. Loans rated 6 (Doubtful) — Doubtful loans represent classified loans that management is closely monitoring for credit quality. These loans had more significant credit quality deterioration as of December 31, 2018, and are doubtful for full collection. Impaired — Impaired loans represent classified loans that management is closely monitoring for credit quality. A loan is classified as impaired when it is probable that the Company will be unable to collect all amounts due. The following table presents the Company’s loans by risk rating at December 31, 2018. Construction Commercial Municipal Commercial (dollars in thousands) Grade: 1-3 $ 13,628 $ 757,089 $ 97,290 $ 723,170 4 (Monitor) — 4,135 — 24,542 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 401 — 2,650 Total $ 13,628 $ 761,625 $ 97,290 $ 750,362 The Company has increased its exposure to larger loans to large institutions with publicly available credit ratings. These ratings are tracked as a credit quality indicator for these loans. The following table presents the Company’s loans by credit rating at December 31, 2018. Commercial Municipal Commercial Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 491,247 $ 54,105 $ 42,790 $ 588,142 A1-A3 172,472 7,605 151,381 331,458 Baa1-Baa3 — 26,970 118,197 145,167 Ba2 — 6,810 — 6,810 Total $ 663,719 $ 95,490 $ 312,368 $ 1,071,577 The following table presents the Company’s loans by risk rating at December 31, 2017. Construction Commercial and Industrial Municipal Commercial (dollars in thousands) Grade: 1-3 $ 18,931 $ 758,093 $ 106,599 $ 705,235 4 (Monitor) — 5,366 — 24,702 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 348 — 2,554 Total $ 18,931 $ 763,807 $ 106,599 $ 732,491 The following table presents the Company’s loans by credit rating at December 31, 2017. Commercial Municipal Commercial Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 478,905 $ 62,029 $ 45,066 $ 586,000 A1-A3 195,599 7,635 128,554 331,788 Baa1-Baa3 — 26,970 122,000 148,970 Ba2 — 8,165 — 8,165 Total $ 674,504 $ 104,799 $ 295,620 $ 1,074,923 The Company utilized payment performance as credit quality indicators for residential real estate, consumer and overdrafts, and the home equity portfolio. The indicators are depicted in the table “aging of past-due AGING OF PAST-DUE At December 31, 2018 the aging of past due loans are as follows: Accruing 30-89 Days Non Accruing Total Current Total (dollars in thousands) Construction and land development $ — $ — $ — $ — $ 13,628 $ 13,628 Commercial and industrial 187 115 — 302 761,323 761,625 Municipal — — — — 97,290 97,290 Commercial real estate 774 190 — 964 749,398 750,362 Residential real estate 2,554 569 — 3,123 345,127 348,250 Consumer and overdrafts 24 14 — 38 22,045 22,083 Home equity 1,108 425 — 1,533 290,807 292,340 Total $ 4,647 $ 1,313 $ — $ 5,960 $ 2,279,618 $ 2,285,578 At December 31, 2017 the aging of past due loans are as follows: Accruing 30-89 Non Accruing Total Current Total (dollars in thousands) Construction and land development $ — $ — $ — $ — $ 18,931 $ 18,931 Commercial and industrial 65 44 — 109 763,698 763,807 Municipal — — — — 106,599 106,599 Commercial real estate 672 215 — 887 731,604 732,491 Residential real estate 4,282 724 — 5,006 282,725 287,731 Consumer and overdrafts 5 6 — 11 19,029 19,040 Home equity 618 695 — 1,313 246,032 247,345 Total $ 5,642 $ 1,684 $ — $ 7,326 $ 2,168,618 $ 2,175,944 IMPAIRED LOANS A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company measures impairment based on a loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Loans are charged-off charged-off The following is information pertaining to impaired loans at December 31, 2018: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 87 291 — 46 5 Municipal — — — — — Commercial real estate 189 212 — 249 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 276 $ 503 $ — $ 295 $ 5 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 314 315 54 462 13 Municipal — — — — — Commercial real estate 2,461 2,575 91 2,322 97 Residential real estate — — — 2,412 81 Consumer — — — — — Home equity — — — — — Total $ 2,775 $ 2,890 $ 145 $ 5,196 $ 191 Total Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 401 606 54 508 18 Municipal — — — — — Commercial real estate 2,650 2,787 91 2,571 97 Residential real estate — — — 2,412 81 Consumer — — — — — Home equity — — — — — Total $ 3,051 $ 3,393 $ 145 $ 5,491 $ 196 The following is information pertaining to impaired loans at December 31, 2017: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 113 325 — 54 4 Municipal — — — — — Commercial real estate 420 548 — 286 21 Residential real estate — — — 73 — Consumer — — — — — Home equity — — — — — Total $ 533 $ 873 $ — $ 413 $ 25 With required reserve recorded: Construction and land development $ — $ — $ — $ 43 $ — Commercial and industrial 235 235 7 318 12 Municipal — — — — — Commercial real estate 2,134 2,135 99 2,501 72 Residential real estate 4,212 4,212 58 2,333 73 Consumer — — — — — Home equity — — — — — Total $ 6,581 $ 6,582 $ 164 $ 5,195 $ 157 Total Construction and land development $ — $ — $ — $ 43 $ — Commercial and industrial 348 560 7 372 16 Municipal — — — — — Commercial real estate 2,554 2,683 99 2,787 93 Residential real estate 4,212 4,212 58 2,406 73 Consumer — — — — — Home equity — — — — — Total $ 7,114 $ 7,455 $ 164 $ 5,608 $ 182 Troubled Debt Restructurings are identified as a modification in which a concession was granted to a customer who was having financial difficulties. This concession may be below market rate, longer amortization/term, or a lower payment amount. The present value calculation of the modification did not result in an increase in the allowance for these loans beyond any previously established allocations. There was one residential real estate loan and one consumer loan that were modified during the first quarter of 2018. The loans were modified by reducing the interest rates as well as extending the terms on both loans. The pre-modification pre-modification There were no troubled debt restructurings occurring during the year ended December 31, 2017. There were no troubled debt restructurings that subsequently defaulted during 2017. |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | 7. Bank Premises and Equipment December 31, 2018 2017 Estimated Useful Life (dollars in thousands) Land $ 3,850 $ 3,850 — Bank premises 21,659 21,055 30-39 years Furniture and equipment 30,088 27,117 3-10 Leasehold improvements 12,674 12,674 30-39 years or lease term 68,271 64,696 Accumulated depreciation and amortization (44,350 ) (41,169 ) Total $ 23,921 $ 23,527 The Company is obligated under a number of n on-cancelable Future minimum rental commitments for non-cancelable Year Amount (dollars in thousands) 2019 $ 2,490 2020 2,170 2021 1,694 2022 1,331 2023 1,104 Thereafter 1,074 $ 9,863 |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | 8. Goodwill and Identifiable Intangible Assets At December 31, 2018 and 2017, the Company concluded that it is not more likely than not that fair value of the reporting unit is less than its carrying value, and goodwill is not considered to be impaired. The changes in goodwill and identifiable intangible assets for the years ended December 31, 2018 and 2017 are shown in the table below. Carrying Amount of Goodwill and Intangibles Goodwill Mortgage Total (dollars in thousands) Balance at December 31, 2016 $ 2,714 $ 1,629 $ 4,343 Additions — 276 276 Amortization Expense — (380 ) (380 ) Balance at December 31, 2017 $ 2,714 $ 1,525 $ 4,239 Additions — — — Amortization Expense — (299 ) (299 ) Balance at December 31, 2018 $ 2,714 $ 1,226 $ 3,940 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. 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, municipal bonds and OTC derivatives. Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way non-investment The results of the fair value hierarchy as of December 31, 2018, are as follows: Fair Value Measurements Using Carrying Quoted Prices (Level 1) Significant Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 1,992 $ — $ 1,992 $ — U.S. Government Agency Sponsored Enterprises 3,915 — 3,915 — SBA Backed Securities 70,194 — 70,194 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 162,890 — 162,890 — Privately Issued Residential Mortgage-Backed Securities 672 — 672 — Obligations Issued by States and Political Subdivisions 93,503 — 4,775 88,728 Other Debt Securities 3,593 — 3,593 — Total $ 336,759 $ — $ 248,031 $ 88,728 Other Real Estate Owned $ 2,225 $ — $ — $ 2,225 Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities $ 1,596 $ 293 $ 1,303 $ — Financial Instruments Measured at Fair Value on a Non-recurring $ 251 $ — $ — $ 251 Impaired loan balances in the table above represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category. Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. The types of adjustments that are made to specific provisions relate to impaired loans recognized for 2018 for the estimated credit loss amounted to $540,000. There was a transfer of an auction rate security during 2018 from level 3 to level 2. Quoted prices on the auction rate security became available but traded infrequently. There were no other transfers between level 1, 2 and 3 for the year ended December 31, 2018. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 31, 2018. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2018. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS(1) $ 88,728 Discounted cash flow Discount rate 2.1%-4.1%(2) Other Real Estate Owned 2,225 Appraisal of collateral(3) Appraisal adjustments(4) 30% discount Impaired Loans 251 Appraisal of collateral(3) Appraisal adjustments(4) 0%-30% (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. The changes in Level 3 securities for the year ended December 31, 2018 are as shown in the table below: Auction Rate Obligations Equity Total (dollars in thousands) Balance at December 31, 2017 $ 4,459 $ 78,141 $ — $ 82,600 Purchases — 132,470 — 132,470 Maturities/redemptions — (121,753 ) — (121,753 ) Transfer to Level 2 (4,459 ) — — (4,459 ) Amortization — (130 ) — (130 ) Change in fair value — — — — Balance at December 31, 2018 $ — $ 88,728 $ — $ 88,728 The amortized cost of Level 3 securities was $88,728,000 with an unrealized loss of $0 at December 31, 2018. 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 results of the fair value hierarchy as of December 31, 2017, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant (Level 2) Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 1,984 $ — $ 1,984 $ — U.S. Government Agency Sponsored Enterprises — — — — SBA Backed Securities 80,950 — 80,950 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 225,775 — 225,775 — Privately Issued Residential Mortgage-Backed Securities 892 — 892 — Obligations Issued by States and Political Subdivisions 82,600 — — 82,600 Other Debt Securities 3,629 — 3,629 — Total $ 395,830 $ — $ 313,230 $ 82,600 Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities $ 1,663 $ 321 $ 1,342 $ — Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans $ 246 $ — $ — $ 246 Impaired loan balances in the table above represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category. Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. The types of adjustments that are made to specific provisions relate to impaired loans recognized for 2017 for the estimated credit loss amounted to $3,000. There were no transfers between level 1, 2 and 3 for the year ended December 31, 2017. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 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) at December 31, 2017. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (1) $ 82,600 Discounted cash flow Discount rate 1.0%-3.5% (2) Impaired Loans 246 Appraisal of collateral (3) Appraisal adjustments (4) 0%-30% discount (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. The changes in Level 3 securities for the year ended December 31, 2017 are as shown in the table below: Auction Rate Obligations Equity Total (dollars in thousands) Balance at December 31, 2016 $ 4,298 $ 160,578 $ — $ 164,876 Purchases — 99,136 — 99,136 Maturities/redemptions — (181,394 ) — (181,394 ) Amortization — (179 ) — (179 ) Change in fair value 161 — — 161 Balance at December 31, 2017 $ 4,459 $ 78,141 $ — $ 82,600 The amortized cost of Level 3 securities was $82,849,000 with an unrealized loss of $249,000 at December 31, 2017. 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. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Deposits | 10. Deposits The following is a summary of remaining maturities or re-pricing 2018 Percent 2017 Percent (dollars in thousands) Within one year $ 413,297 74 % $ 436,911 70 % Over one year to two years 88,815 16 % 121,802 19 % Over two years to three years 39,924 7 % 30,098 5 % Over three years to five years 18,543 3 % 36,550 6 % Total $ 560,579 100 % $ 625,361 100 % Time deposits of more than $250,000 totaled $293,046,000 and $345,183,000 in 2018 and 2017, respectively. The decrease was mainly attributable to competitive market rates for these types of deposits. Deposits totaling $36,794,000 and $35,667,000 were attributable to related parties at December 31, 2018 and December 31, 2017, respectively. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | 11. Securities Sold Under Agreements to Repurchase The following is a summary of securities sold under agreements to repurchase as of December 31, 2018 2017 2016 (dollars in thousands) Amount outstanding at December 31 $ 154,240 $ 158,990 $ 182,280 Weighted average rate at December 31 0.82 % 0.32 % 0.21 % Maximum amount outstanding at any month end $ 174,150 $ 228,848 $ 241,110 Daily average balance outstanding during the year $ 147,944 $ 189,684 $ 222,956 Weighted average rate during the year 0.66 % 0.26 % 0.21 % Amounts outstanding at December 31, 2018, 2017 and 2016 carried maturity dates of the next business day. U.S. Government Sponsored Enterprise securities with a total amortized cost of $160,576,000, $162,927,000, and $183,829,000 were pledged as collateral and held by custodians to secure the agreements at December 31, 2018, 2017 and 2016, respectively. The approximate fair value of the collateral at those dates was $156,369,000, $159,051,000, and $182,074,000, respectively. |
Other Borrowed Funds and Subord
Other Borrowed Funds and Subordinated Debentures | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Other Borrowed Funds and Subordinated Debentures | 12. Other Borrowed Funds and Subordinated Debentures The following is a summary of other borrowed funds and subordinated debentures as of December 31, 2018 2017 2016 (dollars in thousands) Amount outstanding at December 31 $ 238,461 $ 383,861 $ 329,083 Weighted average rate at December 31 2.76 % 2.26 % 2.39 % Maximum amount outstanding at any month end $ 542,913 $ 491,583 $ 467,083 Daily average balance outstanding during the year $ 291,674 $ 309,102 $ 357,974 Weighted average rate during the year 2.61 % 2.42 % 2.48 % FEDERAL HOME LOAN BANK BORROWINGS Federal Home Loan Bank of Boston (“FHLBB”) borrowings are collateralized by a blanket pledge agreement on the Bank’s FHLBB stock, certain qualified investment securities, deposits at the FHLBB and residential mortgages held in the Bank’s portfolios. The Bank’s remaining term borrowing capacity at the FHLBB at December 31, 2018, was approximately $508,861,000. In addition, the Bank has a $14,500,000 line of credit with the FHLBB. A schedule of the maturity distribution of FHLBB advances with the weighted average interest rates is as follows: 2018 2017 2016 December 31, Amount Weighted Amount Weighted Amount Weighted (dollars in thousands) Within one year $ 63,000 2.17 % $ 164,500 1.82 % $ 77,500 2.21 % Over one year to two years $ 28,000 2.29 % $ 63,000 2.17 % $ 54,500 2.25 % Over two years to three years $ 25,000 3.34 % $ 28,000 2.29 % $ 58,000 1.87 % Over three years to five years $ 33,500 2.23 % $ 28,500 3.19 % $ 58,000 2.68 % Over five years $ 52,878 2.47 % $ 63,778 2.38 % $ 45,000 2.85 % Total $ 202,378 2.42 % $ 347,778 2.13 % $ 293,000 2.34 % Included in the table above are $40,000,000, $20,000,000, and $45,000,000, respectively, of FHLBB advances at December 31, 2018, 2017 and 2016, that are puttable at the discretion of FHLBB. These put dates were not utilized in the table above. SUBORDINATED DEBENTURES Subordinated debentures totaled $36,083,000 at December 31, 2018 and 2017. In December 2004, the Company consummated the sale of a trust preferred securities offering, in which it issued $36,083,000 of subordinated debt securities due 2034 to its newly formed unconsolidated subsidiary Century Bancorp Capital Trust II. Century Bancorp Capital Trust II then issued 35,000 shares of Cumulative Trust Preferred Securities with a liquidation value of $1,000 per share. These securities paid dividends at an annualized rate of 6.65% for the first ten years and then converted to the three-month LIBOR rate plus 1.87% for the remaining 20 years. The coupon rate on these securities was 4.66% at December 31, 2018 and 3.46% at December 31, 2017. OTHER BORROWED FUNDS There were no overnight federal funds purchased at December 31, 2018 and 2017. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | 13. Reclassifications Out of Accumulated Other Comprehensive Income(a) Amount Reclassified from Accumulated Other Details About Accumulated Other Year Ended Year Ended Affected Line Item in the Statement Unrealized gains and losses on available-for-sale $ 302 $ 47 Net gains on sales of investments (85 ) (19 ) Provision for income taxes $ 217 $ 28 Net income Accretion of unrealized losses transferred $ (1,477 ) $ (2,292 ) Securities held-to-maturity 391 1,258 Provision for income taxes $ (1,086 ) $ (1,034 ) Net income Amortization of defined benefit pension items Prior-service costs $ (14 ) $ (10 ) Salaries and employee benefits(b) Actuarial gains (losses) (1,610 ) (1,540 ) Salaries and employee benefits(b) Total before tax (1,624 ) (1,550 ) Income before taxes Tax (expense) or benefit 457 619 Provision for income taxes Net of tax $ (1,167 ) $ (931 ) Net income (a) Amounts in parentheses indicate decreases to profit/loss. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 17) for additional details). |
Earnings per share ("EPS")
Earnings per share ("EPS") | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per share ("EPS") | 14. Earnings per share (“EPS”) Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock. Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. There were no common stock equivalents for 2018, 2017 and 2016, respectively. The following table is a reconciliation of basic EPS and diluted EPS: Year Ended December 31, 2018 2017 2016 (in thousands except share and per share data) BASIC EPS COMPUTATION Numerator: Net income, Class A $ 28,479 $ 17,526 $ 19,270 Net income, Class B 7,734 4,775 5,264 Denominator: Weighted average shares outstanding, Class A 3,608,179 3,604,029 3,600,729 Weighted average shares outstanding, Class B 1,959,730 1,963,880 1,967,180 Basic EPS, Class A $ 7.89 $ 4.86 $ 5.35 Basic EPS, Class B $ 3.95 $ 2.43 $ 2.68 DILUTED EPS COMPUTATION Numerator: Net income, Class A $ 28,479 $ 17,526 $ 19,270 Net income, Class B 7,734 4,775 5,264 Total net income, for diluted EPS, Class A computation 36,213 22,301 24,534 Denominator: Weighted average shares outstanding, basic, Class A 3,608,179 3,604,029 3,600,729 Weighted average shares outstanding, Class B 1,959,730 1,963,880 1,967,180 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,959,730 1,963,880 1,967,180 Diluted EPS, Class A $ 6.50 $ 4.01 $ 4.41 Diluted EPS, Class B $ 3.95 $ 2.43 $ 2.68 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 15. Stockholders’ Equity DIVIDENDS Holders of the Class A common stock may not vote in the election of directors but may vote as a class to approve certain extraordinary corporate transactions. Holders of Class B common stock may vote in the election of directors. Class A common stockholders are entitled to receive dividends per share equal to at least 200% per share of that paid, if any, on each share of Class B common stock. Class A common stock is publicly traded. Class B common stock is not publicly traded; however, it can be converted on a per share basis to Class A common stock at any time at the option of the holder. Dividend payments by the Company are dependent in part on the dividends it receives from the Bank, which are subject to certain regulatory restrictions. STOCK OPTION PLAN During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options for not more than 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified and incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options outstanding at December 31, 2018 and December 31, 2017. CAPITAL RATIOS The Bank and the Company are subject to various regulatory requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank and Company’s financial statements. Under capital adequacy guidelines and regulatory framework for prompt corrective action, the Bank and Company must meet specific capital guidelines that involve quantitative measures of the Bank and Company’s assets and liabilities, and certain off-balance-sheet Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulation) to risk-weighted assets (as defined) and Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2018, that the Bank and the Company meet all capital adequacy requirements to which they are subject. The Basel Committee has issued capital standards entitled “Basel III: A global framework for more resilient banks and banking systems” (Basel III). The Federal Reserve has finalized its rule implementing the Basel III regulatory capital framework. The rule was effective in January 2015 and sets the Basel III minimum Regulatory capital requirements. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Common Equity tier 1, tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes would cause a change in the Bank’s categorization. The Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 (Basel III) Total Capital (to Risk-Weighted Assets) $ 364,744 13.24 % $ 220,335 8.00 % $ 275,419 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 336,201 12.21 % 165,251 6.00 % 220,335 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 336,201 12.21 % 123,938 4.50 % 179,022 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 336,201 6.68 % 201,228 4.00 % 251,535 5.00 % As of December 31, 2017 (Basel III) Total Capital (to Risk-Weighted Assets) $ 329,666 12.70 % $ 207,707 8.00 % $ 259,633 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 303,411 11.69 % 155,780 6.00 % 207,707 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 303,411 11.69 % 116,835 4.50 % 168,762 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 303,411 6.55 % 185,199 4.00 % 231,499 5.00 % The Company’s actual capital amounts and ratios are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 (Basel III) Total Capital (to Risk-Weighted Assets) $ 377,359 13.62 % $ 221,690 8.00 % $ 277,113 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 348,816 12.59 % 166,268 6.00 % 221,690 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 313,816 11.32 % 124,701 4.50 % 180,123 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 348,816 6.91 % 201,913 4.00 % 252,391 5.00 % As of December 31, 2017 (Basel III) Total Capital (to Risk-Weighted Assets) $ 341,033 13.05 % $ 209,049 8.00 % $ 261,312 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 314,778 12.05 % 156,787 6.00 % 209,049 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 279,778 10.71 % 117,590 4.50 % 169,853 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 314,778 6.78 % 185,657 4.00 % 232,072 5.00 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The current and deferred components of income tax (benefit) expense for the years ended December 31, are as follows: 2018 2017 2016 (dollars in thousands) Current expense: Federal $ 2,637 $ 3,628 $ 3,875 State 697 412 439 Total current expense 3,334 4,040 4,314 Deferred (benefit) expense: Federal (1,238 ) 6,496 (4,450 ) State (528 ) 422 (334 ) Valuation Allowance — — 108 Total deferred (benefit) expense (1,766 ) 6,918 (4,676 ) Provision for income taxes $ 1,568 $ 10,958 $ (362 ) Income tax accounts included in other assets at December 31, are as follows: 2018 2017 (dollars in thousands) Currently receivable $ 13,194 $ 15,940 Deferred income tax asset, net 20,321 20,892 Total $ 33,515 $ 36,832 Differences between income tax (benefit) expense at the statutory federal income tax rate and total income tax expense are summarized as follows: 2018 2017 2016 (dollars in thousands) Federal income tax expense at statutory rates $ 7,934 $ 11,308 $ 8,218 State income tax, net of federal income tax benefit 134 550 69 Insurance income (176 ) (371 ) (406 ) Effect of tax-exempt (6,510 ) (8,683 ) (8,259 ) Net tax credit (349 ) (341 ) (395 ) Valuation Allowance — — 108 Deferred tax remeasurement — 8,448 — Other 535 47 303 Total $ 1,568 $ 10,958 $ (362 ) Effective tax rate 4.15 % 32.95 % (1.50 )% The following table sets forth the Company’s gross deferred income tax assets and gross deferred income tax liabilities at December 31: 2018 2017 (dollars in thousands) Deferred income tax assets: Allowance for loan losses $ 8,058 $ 7,855 Deferred compensation 8,184 7,555 Pension and SERP liability 6,506 8,436 Unrealized losses on securities transferred to held-to-maturity 912 1,303 Depreciation 908 631 Accrued bonus 717 — Charitable contributions carryforward 389 442 Acquisition premium — 17 Nonaccrual interest 109 97 Limited partnerships 19 21 Investments write down 17 17 Other 145 173 Gross deferred income tax asset 25,964 26,547 Valuation allowance (108 ) (108 ) Gross deferred income tax asset, net of valuation allowance 25,856 26,439 Deferred income tax liabilities: Pension liability (4,436 ) (4,403 ) Deferred origination costs (524 ) (481 ) Prepaid expenses (228 ) (248 ) Mortgage servicing rights (345 ) (429 ) Unrealized (gains) losses on securities available-for-sale (2 ) 14 Gross deferred income tax liability (5,535 ) (5,547 ) Deferred income tax asset net $ 20,321 $ 20,892 Based on the Company’s historical and current pre-tax 3-4 On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The majority of the provisions of the Tax Act took effect on January 1, 2018. The Tax Act lowers the Company’s federal tax rate from 34% to 21%. The Company remeasured its deferred taxes at 21% as of the enactment date and recorded additional tax expense of $8,448,000. Also, for tax years beginning after December 31, 2017, the corporate Alternative Minimum Tax (“AMT”) has been repealed. For 2018 through 2021, the AMT credit carryforward can offset regular tax liability and is refundable in an amount equal to 50% (100% for 2021) of the excess of the minimum tax credit for the tax year over the amount of the credit allowable for the year against regular tax liability. Accordingly, the full amount of the alternative minimum tax credit carryforward will be recovered in tax years beginning before 2022. The Tax Act also contains other provisions that may affect the Company currently or in future years. Among these are changes to the deductibility of meals and entertainment, the deductibility of executive compensation, the dividend received deduction and net operating loss carryforwards. The Company is in an Alternative Minimum Tax (“AMT”) credit position. As the AMT has been repealed and the existing credit is refundable, the AMT credit, totaling $13,415,000, has been reclassified to currently receivable. Of this amount, the Company expects to recover $7,853,000 with the filing of its 2018 federal tax return. The Company and its subsidiaries file a consolidated federal tax return. The Company is subject to federal and state examinations for tax years after December 31, 2014. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 17. Employee Benefits The Company has a Qualified Defined Benefit Pension Plan (the “Plan”), which had been offered to all employees reaching minimum age and service requirements. In 2006, the Bank became a member of the Savings Bank Employees Retirement Association (“SBERA”) within which it then began maintaining the Qualified Defined Benefit Pension Plan. SBERA offers a common and collective trust as the underlying investment structure for its retirement plans. The target allocation mix for the common and collective trust portfolio calls for an equity-based investment deployment range of 40% to 64% of total portfolio assets. The remainder of the portfolio is allocated to fixed income securities with target range of 15% to 25% and other investments including global asset allocation and hedge funds from 25% to 41%. The Trustees of SBERA, through its Investment Committee, select investment managers for the common and collective trust portfolio. A professional investment advisory firm is retained by the Investment Committee to provide allocation analysis, performance measurement and to assist with manager searches. The overall investment objective is to diversify investments across a spectrum of investment types to limit risks from large market swings. The Company closed the plan to employees hired after March 31, 2006. The measurement date for the Plan is December 31 for each year. The benefits expected to be paid in each year from 2019 to 2023 are $1,548,000, $1,697,000, $1,886,000, $1,985,000, and $2,081,000, respectively. The aggregate benefits expected to be paid in the five years from 2024 to 2028 are $12,525,000. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy under Topic 820 are described as follows: LEVEL 1 Inputs to the valuation methodology are quoted market prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. LEVEL 2 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly, such as: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other that quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. LEVEL 3 Inputs that are unobservable inputs for the asset or liability. Below is a description of the valuation methodologies used for assets measured at fair value. Collective Funds Valued at either the closing price reported on the active market on which the individual securities are traded or valued at the net asset value (NAV) of units of a collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were SBERA to initiate a full redemption of the collective trust, the investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. Equity Securities Valued at the closing price reported on the active market on which the individual securities are traded. Mutual Funds Valued at the daily closing price as reported by the fund. Mutual funds held open-end The mutual funds held are deemed to be actively traded. Limited Partnerships and Hedge Funds The funds are valued at NAV, without further adjustment, as calculated by the fund’s manager based upon the terms and conditions of the organization documents of the underlying investments, with further consideration to portfolio risks. The following table sets forth by level, within the fair value hierarchy, the plan’s assets at fair value. Classification within the fair value hierarchy table is based upon the lowest level of any input that is significant to the fair value measurement: The fair value of plan assets and major categories as of December 31, 2018, is as follows: Description Percent NAV Level 1 Level 2 Level 3 Total (dollars in thousands) Collective Funds 5.6 % $ 2,504 $ 2,504 $ — $ — $ 2,504 Equity Securities 10.9 % 4,863 4,863 — — 4,863 Diversified Mutual Funds 30.7 % 13,612 13,612 — — 13,612 Short-term investments 0.1 % 60 60 — — 60 Total investments measured in the fair value hierarchy 47.3 % 21,039 21,039 — — 21,039 Investments measured at net asset value(1) 52.7 % 23,398 — — — 23,398 100.0 % $ 44,437 $ 21,039 $ — $ — $ 44,437 (1) In accordance with Subtopic 820-10, The fair value of plan assets and major categories as of December 31, 2017, is as follows:: Description Percent NAV Level 1 Level 2 Level 3 Total (dollars in thousands) Collective Funds 3.6 % $ 1,741 $ 1,741 $ — $ — $ 1,741 Equity Securities 10.7 % 5,195 5,195 — — 5,195 Diversified Mutual Funds 17.8 % 8,615 8,615 — — 8,615 Short-term investments 7.9 % 3,836 3,836 — — 3,836 Total investments measured in the fair value hierarchy 40.0 % 19,387 19,387 — — 19,387 Investments measured at net asset value(1) 60.0 % 29,035 — — — 29,035 100.0 % $ 48,422 $ 19,387 $ — $ — $ 48,422 (1) In accordance with Subtopic 820-10, INVESTMENTS MEASURED USING THE NET ASSET VALUE PER SHARE PRACTICAL EXPEDIENT The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient. There are no participant redemption restrictions for these investments. The investments measured using the net asset value per share practical expedient as of December 31, 2018, is as follows: Percent Fair Value (dollars in thousands) Collective Funds by Category: Equity 20.8 % $ 9,204 Diversified 0.0 % — US debt securities 12.1 % 5,386 International equities 9.7 % 4,311 Limited Partnerships by Category: Emerging markets 2.9 % 1,289 Multi-strategy 1.9 % 826 Hedge Funds by Category: Multi-strategy(1) 3.6 % 1,593 Global opportunities(2) 0.3 % 150 Private investment entities and/or separately managed accounts(3) 1.4 % 639 52.7% $23,398 The investments measured using the net asset value per share practical expedient as of December 31, 2017, is as follows: Percent Fair Value (dollars in thousands) Collective Funds by Category: Equity 31.6 % $ 15,304 Diversified 0.7 % 344 US debt securities 9.4 % 4,569 International equities 9.1 % 4,419 Limited Partnerships by Category: Emerging markets 2.8 % 1,353 Multi-strategy 1.5 % 705 Hedge Funds by Category: Multi-strategy(1) 3.5 % 1,674 Global opportunities(2) 0.7 % 345 Private investment entities and/or separately managed accounts(3) 0.7 % 322 60.0% $29,035 (1) This category includes investments in hedge funds that pursue multiple strategies to diversify risks and reduce volatility. Fund objectives are to seek above-average rates of return and long-term capital growth through investments, which are fund of funds with a diversified portfolio of private investment entities and/or separately managed accounts managed by investment managers or achieve superior risk-adjusted capital appreciation over the long-term, generally through an investment, which invests in private investment funds and discretional managed accounts, structured notes, swaps or other similar products. The fair values of the investments in this category have been determined using the net asset value per share of the fund(s). (2) This category has an investment strategy to pursue a hybrid absolute return via portfolio managers, secondaries, and co-investments (3) The Fund’s investment objective is to invest in highly attractive, select investment opportunities by maintaining investments through private investment entities and/or separately managed accounts (each, an Investment or a Portfolio and collectively, the Investments or the Portfolios) with investment management professionals (each a Manager and collectively, the Managers) specializing in various alternative investment strategies. The Managers have broad investment experience and the ability to leverage their existing relationships with corporate management teams, investment banks and other institutions to gain access to certain investment opportunities. As such, the Manager is presented with “best idea” investment opportunities, typically in asset classes where market dislocations or other events have created attractive investment opportunities. The Managers are not restricted in the investment strategies that they may employ across different asset classes and regions. The Manager anticipates that any number of strategies will be eligible for consideration for investment by the Fund and the Fund reserves the right to invest in any particular strategy or asset class it deems appropriate. ASSET ALLOCATION SBERA offers a common and collective trust as the underlying investment structure for its retirement plans. The target allocation mix for the common and collective trust portfolio calls for an equity-based investment deployment range of 40% to 64% of total portfolio assets. The remainder of the portfolio is allocated to fixed income securities with a target range of 15% to 25% and other investments including global asset allocation and hedge funds from 25% to 41%. The Trustees of SBERA, through the Association’s Investment Committee, select investment managers for the common and collective trust portfolio. A professional investment advisory firm is retained by the Investment Committee to provide allocation analysis, performance measurement and to assist with manager searches. The overall investment objective is to diversify investments across a spectrum of investment types to limit risks from large market swings. The Company has a Supplemental Executive Insurance/Retirement Plan (the Supplemental Plan), which is limited to certain officers and employees of the Company. The Supplemental Plan is voluntary. Under the Supplemental Plan, each participant will receive a retirement benefit based on compensation and length of service. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant. The benefits expected to be paid in each year from 2019 to 2023 are $2,423,000, $2,470,000, $2,377,000, $2,425,000 and $2,661,000, respectively. The aggregate benefits expected to be paid in the five years from 2024 to 2028 are $16,532,000. Defined Benefit Supplemental Insurance/ 2018 2017 2018 2017 (dollars in thousands) Change projected in benefit obligation Benefit obligation at beginning of year $ 47,065 $ 42,255 $ 42,579 $ 38,610 Service cost 1,411 1,241 1,107 1,582 Interest cost 1,481 1,450 1,386 1,382 Actuarial (gain)/loss (8,263 ) 3,456 (3,591 ) 2,087 Benefits paid (1,185 ) (1,337 ) (1,076 ) (1,082 ) Projected benefit obligation at end of year $ 40,509 $ 47,065 $ 40,405 $ 42,579 Change in plan assets Fair value of plan assets at beginning of year $ 48,422 $ 37,447 Actual return on plan assets (2,800 ) 5,312 Employer contributions — 7,000 Benefits paid (1,185 ) (1,337 ) Fair value of plan assets at end of year $ 44,437 $ 48,422 (Unfunded) Funded status $ 3,928 $ 1,357 $ (40,405) $ (42,579) Accumulated benefit obligation $ 40,509 $ 47,065 $ 36,984 $ 40,375 Weighted-average assumptions as of December 31 Discount rate — Liability 4.76 % 3.49 % 4.79 % 3.42 % Discount rate — Expense 3.49 % 3.99 % 3.42 % 3.85 % Expected return on plan assets 8.00 % 8.00 % NA NA Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % Components of net periodic benefit cost Service cost $ 1,411 $ 1,241 $ 1,107 $ 1,582 Interest cost 1,481 1,450 1,386 1,382 Expected return on plan assets (3,813 ) (2,985 ) — — Recognized prior service cost (100 ) (104 ) 114 114 Recognized net losses 904 903 706 636 Net periodic cost (benefit) $ (117 ) $ 505 $ 3,313 $ 3,714 Other changes in plan assets and benefit obligations recognized in other comprehensive income Amortization of prior service cost $ 100 $ 104 $ (114 ) $ (114 ) Net (gain) loss (2,554 ) 409 (4,298 ) 1,752 Total recognized in other comprehensive income (2,454 ) 513 (4,412 ) 1,638 Total recognized in net periodic benefit cost and other comprehensive income $ (2,571 ) $ 1,018 $ (1,099 ) $ 5,352 December 31, 2018 December 31, 2017 Plan Supplemental Total Plan Supplemental Total (dollars in thousands) Prior service cost $ — $ (421 ) $ (421 ) $ 100 $ (535 ) $ (435 ) Net actuarial loss (11,854 ) (10,870 ) (22,724 ) (14,408 ) (15,168 ) (29,576 ) Total $ (11,854 ) $ (11,291 ) $ (23,145 ) $ (14,308 ) $ (15,703 ) $ (30,011 ) The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2018, expected to be recognized as components of net periodic benefit cost in the next year: Plan Supplemental Amortization of prior service cost to be recognized in 2019 $ — $ 114 Amortization of loss to be recognized in 2019 916 435 Assumptions for the expected return on plan assets and discount rates in the Company’s Plan and Supplemental Plan are periodically reviewed. As part of the review, management in consultation with independent consulting actuaries performs an analysis of expected returns based on the plan’s asset allocation. This forecast reflects the Company’s and actuarial firm’s expected return on plan assets for each significant asset class or economic indicator. The range of returns developed relies on forecasts and on broad market historical benchmarks for expected return, correlation and volatility for each asset class. Also, as a part of the review, the Company’s management in consultation with independent consulting actuaries performs an analysis of discount rates based on expected returns of high-grade fixed income debt securities. Effective January 1, 2016, the Company changed its estimate of the service and interest components of the net periodic benefit cost. Previously, the Company estimated the service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. The new estimate utilizes a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The new estimate provided a more precise measurement of service and interests costs by improving the correlation between projected benefit cash flows and their corresponding spot rates. The change does not affect the measurement of the Company’s benefit obligations and it is accounted for as a change in accounting estimate, which is applied prospectively. For 2016, the change in estimate reduced periodic plan cost by $859,000 compared to the prior estimate. Mortality assumptions are based on the RP 2015 Mortality Table projected with Scale MP 2016. At December 31, 2018, the discount rate was determined by preparing an analysis of the respective plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the benefits. This methodology more accurately matches yields to the expected benefit payments than the previous method. The discount rate used is an estimate of the rate at which the plans could settle their obligations. Rather than using a rate and curve developed using a bond portfolio, this method selects individual bonds to match to the expected cash flows of the Plans. This provides a more accurate depiction of the true cost to the plans to settle the obligations as the Plans could theoretically go into the marketplace and purchase the specific bonds used in the analysis in order to settle the obligations of the Plans. The financial impact of the enhanced estimate to the discount rate amounted to approximately $6,800,000 decrease in the projected benefit obligations for the combined plans. The Company offers a 401(k) defined contribution plan for all employees reaching minimum age and service requirements. The plan is voluntary and employee contributions are matched by the Company at a rate of 33.3% for the first 6% of compensation contributed by each employee. The Company’s match totaled $454,000 for 2018, $445,000 for 2017 and $418,000 for 2016. Administrative costs associated with the plan are absorbed by the Company. The Company has a cash incentive plan that is designed to reward our executives and officers for the achievement of annual financial performance goals of the Company as well as business line, department and individual performance. The plan supports the philosophy that management be measured for their performance as a team in the attainment of these goals. Discretionary bonus expense amounted to $2,355,000, $1,859,000 and $1,418,000 in 2018, 2017, and 2016, respectively. The Company does not offer any postretirement programs other than pensions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies A number of legal claims against the Company arising in the normal course of business were outstanding at December 31, 2018. Management, after reviewing these claims with legal counsel, is of the opinion that their resolution will not have a material adverse effect on the Company’s consolidated financial position or results of operations. On September 7, 2017, Crimson Galeria Limited Partnership, Raj & Raj, LLC, Harvard Square Holdings LLC, and Charles River Holdings LLC (collectively, the “Plaintiffs”) filed suit in the United States District Court for the District of Massachusetts against the Attorney General of the Commonwealth of Massachusetts, the Massachusetts Department of Public Health, the City of Cambridge, the Town of Georgetown, as well as against the Bank, Healthy Pharms, Inc., (“Healthy Pharms”), Timbuktu Real Estate, LLC, Paul Overgaag, Nathaniel Averill, 4Front Advisors, LLC, 4Front Holdings LLC, Kristopher T. Krane, 3 Brothers Real Estate, LLC, Red Line Management, LLC, unspecified insurance providers to certain Plaintiffs, and Tomolly, Inc., (collectively, the “Defendants”). The Plaintiffs allege that they own property in Cambridge, MA, and claim that the value and use of their property will be impaired by Healthy Pharms decision to open a registered medicinal marijuana dispensary in abutting or nearby situated property. The Plaintiffs further allege that the Bank has a banking relationship with Healthy Pharms and that, by entering into such relationship, the Bank conspired with Healthy Pharms to violate the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. § 1961 et seq. The Plaintiffs seek unspecified treble damages, and attorney’s costs and fees, as well as injunctive and declaratory relief. On November 13, 2018, the complaint was dismissed with prejudice, effectively barring the plaintiff from ever rebringing the case against the Bank. |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | 19. Financial Instruments with Off-Balance-Sheet The Company is party to financial instruments with off-balance-sheet These financial instruments primarily include commitments to originate and sell loans, standby letters of credit, unused lines of credit and unadvanced portions of construction loans. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in these particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for loan commitments, standby letters of credit and unadvanced portions of construction loans is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet off-balance-sheet Contract or Notional Amount 2018 2017 (dollars in thousands) Financial instruments whose contract amount represents credit risk: Commitments to originate 1–4 family mortgages $ 5,075 $ 5,748 Standby and commercial letters of credit 4,258 5,520 Unused lines of credit 553,045 434,618 Unadvanced portions of construction loans 28,746 15,152 Unadvanced portions of other loans 20,305 35,602 Commitments to originate loans, unadvanced portions of construction loans, unused lines of credit and unused letters of credit are generally agreements to lend to a customer, provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case Standby letters of credit are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Operating Expenses | 20. Other Operating Expenses Year ended December 31, 2018 2017 2016 (dollars in thousands) Marketing $ 2,346 $ 2,315 $ 2,185 Software maintenance/amortization 2,002 1,859 1,863 Legal and audit 1,444 1,543 1,255 Contributions 1,077 993 789 Processing services 1,740 1,160 1,040 Consulting 1,464 1,199 1,168 Postage and delivery 1,021 966 987 Supplies 987 945 948 Telephone 946 1,020 1,032 Directors’ fees 438 440 413 Insurance 420 308 323 Pension 678 1,396 1,532 Other 1,725 1,845 1,812 Total $ 16,288 $ 15,989 $ 15,347 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Fair Values of Financial Instruments | 21. Fair Values of Financial Instruments The following methods and assumptions were used by the Company in estimating fair values of its financial instruments. Excluded from this disclosure are all non-financial The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. SECURITIES HELD-TO-MATURITY The fair values of these securities were based on quoted market prices, where available, as provided by third-party investment portfolio pricing vendors. If quoted market prices were not available, fair values provided by the vendors were based on quoted market prices of comparable instruments in active markets and/or based on a matrix pricing methodology which employs The Bond Market Association’s standard calculations for cash flow and price/yield analysis, live benchmark bond pricing and terms/condition data available from major pricing sources. Management regards the inputs and methods used by third party pricing vendors to be “Level 2 inputs and methods” as defined in the “fair value hierarchy” provided by FASB. LOANS The fair value of loans is estimated using the exit price notion consistent with Topic 820, Fair Value Measurement. Fair value is determined based on a discounted cash flow analysis. The discounted cash flow analysis was based on the contractual maturity of the loan and market indications of rates, prepayment speeds, defaults and credit risk. For certain non-performing assets fair value is determined based on the estimated values of the underlying collateral of individual analysis of receipts. TIME DEPOSITS The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. OTHER BORROWED FUNDS The fair value of other borrowed funds is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other borrowed funds of similar remaining maturities. SUBORDINATED DEBENTURES The fair value of subordinated debentures is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other subordinated debentures of similar remaining maturities. The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2018 and December 31, 2017. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) December 31, 2018 Financial assets: Securities held-to-maturity $ 2,046,647 $ 1,991,421 $ — $ 1,991,421 $ — Loans (1) 2,257,035 2,279,712 — — 2,279,712 Financial liabilities: Time deposits 560,579 559,988 — 559,988 — Other borrowed funds 202,378 203,122 — 203,122 — Subordinated debentures 36,083 36,083 — 36,083 — December 31, 2017 Financial assets: Securities held-to-maturity $ 1,701,233 $ 1,668,827 $ — $ 1,668,827 $ — Loans (1) 2,149,689 2,094,517 — — 2,094,517 Financial liabilities: Time deposits 625,361 627,517 — 627,517 — Other borrowed funds 347,778 349,364 — 349,364 — Subordinated debentures 36,083 36,083 — 36,083 — (1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses. LIMITATIONS Fair value estimates are made at a specific point in time, based on relevant market information and information about the type of financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Bank’s entire holdings of a particular financial instrument. Because no active market exists for some of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, cash flows, current economic conditions, risk characteristics and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions and changes in the loan, debt and interest rate markets could significantly affect the estimates. Further, the income tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on the fair value estimates and have not been considered. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 22. Revenue from Contracts with Customers Revenue from contracts with customers in the scope of ASC Topic 606 is measured based on the consideration specified in the contract with a customer, and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered, and our contracts do not include multiple performance obligations. Payment is generally collected at the time services are rendered, or monthly. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. The Company pays sales commissions to its employees in accordance with certain incentive plans. The Company expenses sales commissions when incurred if we do not expect to recover these costs from the terms of the contract with the customer. Sales commissions are included in compensation expense. In certain cases, other parties are involved with providing products and services to our customers. If the Company is a principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (arranging for another party to provide goods or services), the Company reports its net fee or commission retained as revenue. Waivers and reversals are recorded as a reduction of revenue either when the revenue is recognized by the Company or at the time the waiver or reversal is earned by the customer. A. Change in Accounting Policy The Company adopted Topic 606 Revenue from Contracts with Customers The Company applied Topic 606 using the cumulative effect method. Therefore, the comparative information has not been adjusted and continues to be reported under Topic 605. There was no cumulative effect adjustment as of January 1, 2018, and there were no material changes to the financial statements at or for the years ended December 31, 2018, 2017, and 2016 as a result of adopting Topic 606. B. Practical Expedients The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company applies the practical expedient in paragraph 606-10-32-18 and does not adjust the consideration from customers for the effects of a significant financing component if at contract inception the period between when the entity transfers the goods or services and when the customer pays for that good or service will be one year or less. C. Nature of Goods and Services The vast majority of the Company’s revenue is specifically out-of-scope of Topic 606. For the revenue in-scope, the following is a description of principal activities, separated by the timing of revenue recognition, from which the Company generates its revenue from contracts with customers. a. Revenue earned at a point in time b. Revenue earned over time D. Disaggregation of revenue The following table presents total revenues as presented in the Consolidated Statements of Income and the related amounts which are from contracts with customers within the scope of Topic 606. As illustrated here, the vast majority of our revenues are specifically excluded from the scope of Topic 606. Year ended Revenue from Year ended Revenue from Year ended Revenue from (dollars in thousands) Total net interest income $ 92,576 $ — $ 85,616 $ — $ 74,082 $ — Noninterest income: Service charges on deposit accounts 8,560 8,560 8,586 8,586 7,907 7,907 Lockbox fees 3,274 3,274 3,290 3,290 3,164 3,164 Brokerage commissions 348 — 353 — 315 — Net gains on sales of securities 302 — 47 — 64 — Gains on sales of mortgage loans — — 370 — 1,331 — Other income 3,764 2,536 3,906 2,429 3,441 1,966 Total noninterest income 16,248 14,370 16,552 14,305 16,222 13,037 Total revenues $ 108,824 $ 14,370 $ 102,168 $ 14,305 $ 90,304 $ 13,037 The following table provides information about receivables with customers. December 31, 2018 2017 2016 (dollars in thousands) Receivables, which are included in “Other assets” $ 1,205 $ 1,009 $ 340 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 23. Quarterly Results of Operations (unaudited) 2018 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 37,453 $ 34,765 $ 33,408 $ 31,430 Interest expense 13,748 11,561 10,209 8,962 Net interest income 23,705 23,204 23,199 22,468 Provision for loan losses 450 — 450 450 Net interest income after provision for loan losses 23,255 23,204 22,749 22,018 Other operating income 4,164 4,169 3,722 4,193 Operating expenses 17,185 17,348 17,159 18,001 Income before income taxes 10,234 10,025 9,312 8,210 Provision for income taxes 309 444 314 501 Net income $ 9,925 $ 9,581 $ 8,998 $ 7,709 Share data: Average shares outstanding, basic Class A 3,608,329 3,608,329 3,608,029 3,608,029 Class B 1,959,580 1,959,580 1,959,880 1,959,880 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,959,580 1,959,580 1,959,880 1,959,880 Earnings per share, basic Class A $ 2.16 $ 2.09 $ 1.96 $ 1.68 Class B $ 1.08 $ 1.04 $ 0.98 $ 0.84 Earnings per share, diluted Class A $ 1.78 $ 1.72 $ 1.62 $ 1.38 Class B $ 1.08 $ 1.04 $ 0.98 $ 0.84 2017 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 29,470 $ 28,521 $ 28,806 $ 26,639 Interest expense 7,768 7,168 6,701 6,183 Net interest income 21,702 21,353 22,105 20,456 Provision for loan losses 450 450 490 400 Net interest income after provision for loan losses 21,252 20,903 21,615 20,056 Other operating income 4,410 3,942 4,291 3,909 Operating expenses 15,992 16,205 17,197 17,725 Income before income taxes 9,670 8,640 8,709 6,240 Provision for income taxes 9,645 617 552 144 Net income $ 25 $ 8,023 $ 8,157 $ 6,096 Share data: Average shares outstanding, basic Class A 3,605,829 3,605,829 3,603,729 3,600,729 Class B 1,962,080 1,962,080 1,964,180 1,967,180 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,962,080 1,962,080 1,964,180 1,967,180 Earnings per share, basic Class A $ 0.01 $ 1.75 $ 1.78 $ 1.33 Class B $ — $ 0.87 $ 0.89 $ 0.66 Earnings per share, diluted Class A $ — $ 1.44 $ 1.47 $ 1.09 Class B $ — $ 0.87 $ 0.89 $ 0.66 |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Statements | 24. Parent Company Financial Statements The balance sheets of Century Bancorp, Inc. (“Parent Company”) as of December 31, 2018 and 2017 and the statements of income and cash flows for each of the years in the three-year period ended December 31, 2018, are presented below. The statements of changes in stockholders’ equity are identical to the consolidated statements of changes in stockholders’ equity and are therefore not presented here. BALANCE SHEETS December 31, 2018 2017 (dollars in thousands) ASSETS: Cash $ 1,263 $ 1,981 Investment in subsidiary, at equity 322,775 283,881 Other assets 16,991 16,833 Total assets $ 341,029 $ 302,695 LIABILITIES AND STOCKHOLDERS’ EQUITY: Liabilities $ 4,507 $ 6,315 Subordinated debentures 36,083 36,083 Stockholders’ equity 300,439 260,297 Total liabilities and stockholders’ equity $ 341,029 $ 302,695 STATEMENTS OF INCOME Year Ended December 31, 2018 2017 2016 (dollars in thousands) Income: Dividends from subsidiary $ 4,750 $ 2,500 $ 2,000 Interest income from deposits in bank — 1 3 Other income 53 34 28 Total income 4,803 2,535 2,031 Interest expense 1,474 1,121 937 Operating expenses 225 209 220 Income before income taxes and equity in undistributed income of subsidiary 3,104 1,205 874 Benefit from income taxes (347 ) (440 ) (383 ) Income before equity in undistributed income of subsidiary 3,451 1,645 1,257 Equity in undistributed income of subsidiary 32,762 20,656 23,277 Net income $ 36,213 $ 22,301 $ 24,534 STATEMENTS OF CASH FLOWS December 31, 2018 2017 2016 (dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 36,213 $ 22,301 $ 24,534 Adjustments to reconcile net income to net cash provided by operating activities Undistributed income of subsidiary (32,762 ) (20,656 ) (23,277 ) Increase in other assets (158 ) (6,498 ) (1,527 ) (Decrease) increase in liabilities (1,808 ) 6,266 9 Net cash provided by (used in) operating activities 1,485 1,413 (261 ) CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends paid (2,203 ) (2,200 ) (2,201 ) Net cash used in financing activities (2,203 ) (2,200 ) (2,201 ) Net (decrease) in cash (718 ) (787 ) (2,462 ) Cash at beginning of year 1,981 2,768 5,230 Cash at end of year $ 1,263 $ 1,981 $ 2,768 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF FINANCIAL STATEMENT PRESENTATION | BASIS OF FINANCIAL STATEMENT PRESENTATION The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts, New Hampshire, Rhode Island, Connecticut and New York. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on a review of factors, including historical charge-off |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, 820-10 Level I — Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices, such as G-7 Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments that are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and over the counter (“OTC”) derivatives. Level III — These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS For purposes of reporting cash flows, cash equivalents include highly liquid assets with an original maturity of three months or less. Highly liquid assets include cash and due from banks, federal funds sold and certificates of deposit. |
SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS As of December 31, 2018 and 2017, short-term investments include highly liquid certificates of deposit with original maturities of more than 90 days but less than one year. |
INVESTMENT SECURITIES | INVESTMENT SECURITIES Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity held-to-maturity available-for-sale Premiums and discounts on investment securities are amortized or accreted into income by use of the level-yield method. Gains and losses on the sale of investment securities are recognized on the trade date on a specific identification basis. Management also considers the Company’s capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. Other-than-temporary-impairment (OTTI) arises when a security’s fair value is less than its amortized cost and, based on specific factors, the loss is considered OTTI. If the Company determines that a decline in fair value is OTTI and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company’s consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the OTTI impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a decline in fair value is OTTI and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company’s consolidated statement of income. The transfer of a security between categories of investments shall be accounted for at fair value. For a debt security transferred into the held-to-maturity available-for-sale held-to-maturity The sale of a security held-to-maturity |
FEDERAL HOME LOAN BANK STOCK | FEDERAL HOME LOAN BANK STOCK The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”), is required to maintain an investment in capital stock of the FHLBB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis of the stock. As of December 31, 2018, no impairment has been recognized. |
LOANS HELD FOR SALE | LOANS HELD FOR SALE Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. |
LOANS | LOANS Interest on loans is recognized based on the daily principal amount outstanding. Accrual of interest is discontinued when loans become ninety days delinquent unless the collateral is sufficient to cover both principal and interest and the loan is in the process of collection. Past-due Loan origination fees and related direct loan origination costs are offset, and the resulting net amount is deferred and amortized over the life of the related loans using the level-yield method. Prepayments are not initially considered when amortizing premiums and discounts. The Bank measures impairment for impaired loans at either the fair value of the loan, the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. This method applies to all loans, uncollateralized as well as collateralized, except large groups of smaller-balance homogeneous loans such as residential real estate and consumer loans that are collectively evaluated for impairment and loans that are measured at fair value. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off charged-off in-substance pre-modification |
TRANSFERS OF FINANCIAL ASSETS | TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets, typically residential mortgages and loan participations for the Company, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets. |
ACQUIRED LOANS | ACQUIRED LOANS In accordance with FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality No. 03-3, 310-30 Loans which, at acquisition, do not have evidence of deterioration of credit quality since origination are outside the scope of FASB ASC 310- 30. For such loans, the discount, if any, representing the excess of the amount of reasonably estimable and probable discounted future cash collections over the purchase price, is accreted into interest income using the interest method over the term of the loan. Prepayments are not considered in the calculation of accretion income. Additionally, the discount is not accreted on nonperforming loans. When a loan is paid off, the excess of any cash received over the net investment is recorded as interest income. In addition to the amount of purchase discount that is recognized at that time, income may include interest owed by the borrower prior to the Company’s acquisition of the loan, interest collected if on nonperforming status, prepayment fees and other loan fees. |
NONPERFORMING ASSETS | NONPERFORMING ASSETS In addition to nonperforming loans, nonperforming assets include other real estate owned. Other real estate owned is comprised of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. Other real estate owned is recorded initially at the lower of cost or the estimated fair value less costs to sell. When such assets are acquired, the excess of the loan balance over the estimated fair value of the asset is charged to the allowance for loan losses. An allowance for losses on other real estate owned is established by a charge to earnings when, upon periodic evaluation by management, further declines in the estimated fair value of properties have occurred. Such evaluations are based on an analysis of individual properties as well as a general assessment of current real estate market conditions. Holding costs and rental income on properties are included in current operations, while certain costs to improve such properties are capitalized. Gains and losses from the sale of other real estate owned are reflected in earnings when realized. |
ALLOWANCE FOR LOAN LOSSES | ALLOWANCE FOR LOAN LOSSES The allowance for loan losses is based on management’s evaluation of the quality of the loan portfolio and is used to provide for losses resulting from loans that ultimately prove uncollectible. The components of the allowance for loan losses represent estimates based upon Accounting Standards Codification (“ASC”) Topic 450, contingencies, and ASC Topic 310 Receivables. ASC Topic 450 applies to homogenous loan pools such as consumer installment, residential mortgages, consumer lines of credit and commercial loans that are not individually evaluated for impairment under ASC Topic 310. In determining the level of the allowance, periodic evaluations are made of the loan portfolio, which takes into account factors such as the characteristics of the loans, loan status, financial strength of the borrowers, value of collateral securing the loans and other relevant information sufficient to reach an informed judgment. The allowance is increased by provisions charged to income and reduced by loan charge-offs, net of recoveries. Management maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on assessments of the probable estimated losses inherent in the loan portfolio. Management’s methodology for assessing the appropriateness of the allowance consists of several key elements, which include the specific allowances, if appropriate, for identified problem loans, formula allowance, and possibly an unallocated allowance. Arriving at an appropriate level of allowance for loan losses necessarily involves a high degree of judgment. While management uses available information in establishing the allowance for loan losses, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. Loans are charged-off Under ASC Topic 310, a loan is impaired, based upon current information and in management’s opinion, when it is probable that the loan will not be repaid according to its original contractual terms, including both principal and interest, or if a loan is designated as a Troubled Debt Restructuring (“TDR”). Specific allowances for loan losses entail the assignment of allowance amounts to individual loans on the basis of loan impairment. Under this method, loans are selected for evaluation based upon a change in internal risk rating, occurrence of delinquency, loan classification or nonaccrual status. A specific allowance amount is allocated to an individual loan when such loan has been deemed impaired and when the amount of a probable loss is able to be estimated on the basis of: (a) present value of anticipated future cash flows, (b) the loan’s observable fair market price or (c) fair value of collateral if the loan is collateral dependent. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off In estimating probable loan loss under ASC Topic 450 management considers numerous factors, including historical charge-offs and subsequent recoveries. The formula allowances are based on evaluations of homogenous loans to determine the allocation appropriate within each portfolio segment. Formula allowances are based on internal risk ratings or credit ratings from external sources. Individual loans within the commercial and industrial, commercial real estate and real estate construction loan portfolio segments are assigned internal risk ratings to group them with other loans possessing similar risk characteristics. Changes in risk grades affect the amount of the formula allowance. Risk grades are determined by reviewing current collateral value, financial information, cash flow, payment history and other relevant facts surrounding the particular credit. On these loans, the formula allowances are based on the risk ratings, the historical loss experience, and the loss emergence period. Historical loss data and loss emergence periods are developed based on the Company’s historical experience. For larger loans with available external credit ratings, these ratings are utilized rather than the Company’s risk ratings. The historical loss factor and loss emergence periods for these loans are based on data published by the rating agencies for similar credits as the Company has limited internal historical data. For the residential real estate and consumer loan portfolios, the formula allowances are calculated by applying historical loss experience and the loss emergence period to the outstanding balance in each loan category. Loss factors and loss emergence periods are based on the Company’s historical net loss experience. Additional allowances are added to portfolio segments based on qualitative factors. Management considers potential factors identified in regulatory guidance. Management has identified certain qualitative factors, which could impact the degree of loss sustained within the portfolio. These include market risk factors and unique portfolio risk factors that are inherent characteristics of the Company’s loan portfolio. Market risk factors may consist of changes to general economic and business conditions, such as unemployment and GDP that may impact the Company’s loan portfolio customer base in terms of ability to repay and that may result in changes in value of underlying collateral. Unique portfolio risk factors may include the outlooks for business segments in which the Company’s borrowers operate and loan size. The potential ranges for qualitative factors are based on historical volatility in losses. The actual amount utilized is based on management’s assessment of current conditions. After considering the above components, an unallocated component may be generated to cover uncertainties that could affect management’s estimate of probable losses. These uncertainties include the effects of loans in new geographical areas and new industries. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. |
BANK PREMISES AND EQUIPMENT | BANK PREMISES AND EQUIPMENT Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Land is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or the terms of leases, if shorter. It is general practice to charge the cost of maintenance and repairs to operations when incurred; major expenditures for improvements are capitalized and depreciated. |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identifiable intangible assets consist of core deposit intangibles and are assets resulting from acquisitions that are being amortized over their estimated useful lives. Goodwill and identifiable intangible assets are included in other assets on the consolidated balance sheets. The Company tests goodwill for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. Goodwill impairment testing is performed at the segment (or “reporting unit”) level. Currently, the Company’s goodwill is evaluated at the entity level as there is only one reporting unit. Goodwill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to reporting units, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill. Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step The first step, in the two-step |
SERVICING | SERVICING The Company services mortgage loans for others. Mortgage servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into loan servicing fee income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights by predominant risk characteristics, such as interest rates and terms. Impairment is recognized through a valuation allowance for an individual stratum, to the extent that fair value is less than the capitalized amount for the stratum. Changes in the valuation allowance are reported in loan servicing fee income. |
STOCK OPTION ACCOUNTING | STOCK OPTION ACCOUNTING The Company follows the fair value recognition provisions of FASB ASC 718, Compensation — Stock Compensation During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options to purchase shares of Class A common stock outstanding at December 31, 2018. The Company uses the fair value method to account for stock options. There were no options granted during 2018 and 2017. |
INCOME TAXES | INCOME TAXES The Company uses the asset and liability method in accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company accounts for uncertain tax positions in accordance with FASB ASC 740. The Company classifies interest resulting from underpayment of income taxes as income tax expense in the first period the interest would begin accruing according to the provisions of the relevant tax law. The Company classifies penalties resulting from underpayment of income taxes as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company’s judgment changes regarding an uncertain tax position. For tax years beginning after December 31, 2018, the corporate alternative minimum tax (“AMT”) has been repealed. For 2018 through 2021, the AMT credit carryforward can offset regular tax liability and is refundable in an amount equal to 50% (100% for 2021) of the excess of the minimum tax credit for the tax year over the amount of the credit allowable for the year against regular tax liability. Accordingly, the full amount of the AMT credit carryforward will be recovered in tax years beginning before 2022. As a result of the change, the Company has classified its AMT credit carryforward as currently receivable. |
EARNINGS PER SHARE ("EPS") | EARNINGS PER SHARE (“EPS”) Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock. Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. The only common stock equivalents for the Company are stock options. The company utilizes the two class method for reporting EPS. The two-class |
TREASURY STOCK | TREASURY STOCK Effective July 1, 2004, companies incorporated in Massachusetts became subject to Chapter 156D of the Massachusetts Business Corporation Act, provisions of which eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. |
PENSION | PENSION The Company provides pension benefits to its employees under a noncontributory, defined benefit plan, which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period. The Company also has a Supplemental Executive Insurance/Retirement Plan (“the Supplemental Plan”), which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period. Executive officers of the Company or its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary. Individual life insurance policies, which are owned by the Company, are purchased covering the life of each participant. The Company utilizes a full yield curve approach in the estimation of the service and interest components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the underlying projected cash flows. At December 31, 2018, the discount rate was determined by preparing an analysis of the respective plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the benefits. |
RECENT ACCOUNTING DEVELOPMENTS | RECENT ACCOUNTING DEVELOPMENTS Recently Adopted Accounting Standards Updates Effective January 1, 2018, the following new accounting guidance was adopted by the Company: In March 2018 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-05: In February 2018, the FASB issued ASU 2018-03, 825-10) 2016-1. In February 2018, the FASB issued ASU 2018-02, In May 2017, the FASB issued ASU 2017-09, In March 2017, the FASB issued ASU 2017-07, In February 2017, the FASB issued ASU 2017-05, 610-20). 610-20, Effective January 1, 2018, the Company adopted ASU 2014-09 2014-09 The vast majority of the Company’s revenue is interest income on loans, investment securities and deposits at other financial institutions which are specifically outside the scope of ASU 2014-09. 2014-09 non-interest In November 2016, the FASB issued ASU 2016-18, Restricted Cash. beginning-of-period end-of-period In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. In January 2016, FASB issued ASU 2016-1, 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. Accounting Standards Issued but not yet Adopted The following list identifies ASUs applicable to the Company that have been issued by the FASB but are not yet effective: In August 2018, FASB issued ASU 2018-15, 350-40): internal-use In August 2018, FASB issued ASU 2018-14, 715-20): 2018-13, In July 2017, FASB issued ASU 2017-11, In March 2017, the FASB issued ASU 2017-08, 310-20) In January 2017, the FASB issued ASU 2017-04, In June 2016, the FASB issued ASU 2016-13, In November 2018, the FASB issued ASU 2018-19, 2016-13. In February 2016, the FASB issued ASU 2016-02, $14-$16 million In July 2018, ASU 2018-10, 2018-10”) 2016-02. 2018-11, 2018-11”) Securities and Exchange Commission (SEC) ruling: In August 2018, the SEC issued a final rule that amends certain of the Commission’s disclosure requirements “that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. GAAP, or changes in the information environment.” The financial reporting implications of the final rule’s amendments may vary by company, but the changes are generally expected to reduce or eliminate some of an SEC registrant’s disclosure requirements. In limited circumstances, however, the amendments may expand those requirements, including those related to interim disclosures about changes in stockholders’ equity. Under the requirements, registrants must now analyze changes in stockholders’ equity, in the form of a reconciliation, for “the current and comparative year-to-date year-to-date |
Securities Available-for-Sale (
Securities Available-for-Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Summary of Securities Available-for-Sale | December 31, 2018 December 31, 2017 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) U.S. Treasury $ 2,000 $ — $ 8 $ 1,992 $ 1,999 $ — $ 15 $ 1,984 U. S. Government Sponsored Enterprises 3,946 — 31 3,915 — — — — SBA Backed Securities 70,477 1 284 70,194 81,065 46 161 80,950 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 162,604 536 250 162,890 225,537 555 317 225,775 Privately Issued Residential Mortgage-Backed Securities 679 3 10 672 897 4 9 892 Obligations Issued by States and Political Subdivisions 93,445 58 — 93,503 82,849 — 249 82,600 Other Debt Securities 3,600 37 44 3,593 3,600 68 39 3,629 Total $ 336,751 $ 635 $ 627 $ 336,759 $ 395,947 $ 673 $ 790 $ 395,830 |
Estimated Maturity Distribution of Securities Available-for-Sale | The following table shows the estimated maturity distribution of the Company’s securities available-for-sale Amortized Fair Value (dollars in thousands) Within one year $ 92,935 $ 92,918 After one but within five years 83,286 83,112 After five but within ten years 136,075 136,244 More than ten years 24,455 24,485 Total $ 336,751 $ 336,759 |
Continuous Unrealized Loss Position for 12 Months or Less and 12 Months and Longer | The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2018 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ 1,992 $ 8 $ 1,992 $ 8 U.S. Government Sponsored Enterprises 3,914 31 — — 3,914 31 SBA Backed Securities 17,950 28 44,323 256 62,273 284 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 19,244 21 45,782 229 65,026 250 Privately Issued Residential Mortgage-Backed Securities — — 495 10 495 10 Obligations Issued by States and Political Subdivisions — — — — — — Other Debt Securities — — 455 44 455 44 Total temporarily impaired securities $ 41,108 $ 80 $ 93,047 $ 547 $ 134,155 $ 627 The following table shows the temporarily impaired securities of the Company’s available-for-sale December 31, 2017 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ 1,984 $ 15 $ — $ — $ 1,984 $ 15 U.S. Government Sponsored Enterprises — — — — — — SBA Backed Securities 18,378 54 40,911 107 59,289 161 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 40,394 123 59,336 194 99,730 317 Privately Issued Residential Mortgage-Backed Securities — — 633 9 633 9 Obligations Issued by States and Political Subdivisions — — 4,458 249 4,458 249 Other Debt Securities 400 1 461 38 861 39 Total temporarily impaired securities $ 61,156 $ 193 $ 105,799 $ 597 $ 166,955 $ 790 |
Investment Securities Held-to_2
Investment Securities Held-to-Maturity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Summary of Held-to-Maturity Securities | December 31, 2018 December 31, 2017 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in U.S. Treasury $ 9,960 $ — $ 2 $ 9,958 $ — $ — $ — $ — U.S. Government Sponsored Enterprises 234,228 336 803 233,761 104,653 341 472 104,522 SBA Backed Securities 52,051 — 2,065 49,986 57,235 20 1,271 55,984 U.S. Government Sponsored Enterprises Mortgage-Backed Securities 1,750,408 2,324 55,016 1,697,716 1,539,345 2,261 33,285 1,508,321 Total $ 2,046,647 $ 2,660 $ 57,886 $ 1,991,421 $ 1,701,233 $ 2,622 $ 35,028 $ 1,668,827 |
Company's Securities Held-to-Maturity | The following table shows the maturity distribution of the Company’s securities held-to-maturity Amortized Fair Value (dollars in thousands) Within one year $ 41,154 $ 41,013 After one but within five years 1,490,954 1,454,543 After five but within ten years 506,654 488,129 More than ten years 7,885 7,736 Total $ 2,046,647 $ 1,991,421 |
Unrealized Market Loss of Securities | The following table shows the temporarily impaired securities of the Company’s held-to-maturity December 31, 2018 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Losses (dollars in thousands) U.S. Treasury $ 9,958 $ 2 $ — $ — $ 9,958 $ 2 U.S. Government Sponsored Enterprises 9,849 42 69,499 761 79,348 803 SBA Backed Securities — — 49,987 2,065 49,987 2,065 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 188,125 2,032 1,249,689 52,984 1,437,814 55,016 Total temporarily impaired securities $ 207,932 $ 2,076 $ 1,369,175 $ 55,810 $ 1,577,107 $ 57,886 The following table shows the temporarily impaired securities of the Company’s held-to-maturity December 31, 2017 Less Than 12 Months 12 Months or Longer Total Temporarily Impaired Investments Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Government Sponsored Enterprises $ 15,257 $ 239 $ 14,768 $ 233 $ 30,025 $ 472 SBA Backed Securities 19,457 142 33,750 1,129 53,207 1,271 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 519,481 5,920 814,712 27,365 1,334,193 33,285 Total temporarily impaired securities $ 554,195 $ 6,301 $ 863,230 $ 28,727 $ 1,417,425 $ 35,028 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Composition of Loan Portfolio | The following summary shows the composition of the loan portfolio at the dates indicated. December 31, 2018 2017 (dollars in thousands) Construction and land development $ 13,628 $ 18,931 Commercial and industrial 761,625 763,807 Municipal 97,290 106,599 Commercial real estate 750,362 732,491 Residential real estate 348,250 287,731 Consumer 21,359 18,458 Home equity 292,340 247,345 Overdrafts 724 582 Total $ 2,285,578 $ 2,175,944 |
Composition of Nonaccrual Loans and Impaired Loans | The composition of nonaccrual loans and impaired loans is as follows: December 31, 2018 2017 2016 (dollars in thousands) Loans on nonaccrual $ 1,313 $ 1,684 $ 1,084 Loans 90 days past due and still accruing — — — Impaired loans on nonaccrual included above 296 254 304 Total recorded investment in impaired loans 3,051 7,114 3,830 Average recorded investment of impaired loans 5,491 5,608 3,661 Accruing troubled debt restructures 2,559 2,749 3,526 Interest income not recorded on nonaccrual loans according to their original terms 64 51 37 Interest income on nonaccrual loans actually recorded — — — Interest income recognized on impaired loans 196 182 140 |
Aggregate Amount of Loans to Directors and Officers of Company and their Associates | The following table shows the aggregate amount of loans to directors and officers of the Company and their associates during 2018. Balance at Additions Repayments Balance at (dollars in thousands) $5,825 $ 7,800 $ 1,078 $ 12,547 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Analysis of the allowance for loan losses | An analysis of the allowance for loan losses for each of the three years ending December 31, 2018, 2017 and 2016 is as follows: 2018 2017 2016 (dollars in thousands) Allowance for loan losses, beginning of year $ 26,255 $ 24,406 $ 23,075 Loans charged-off (833 ) (390 ) (389 ) Recoveries on loans previously charged-off 1,771 449 434 Net recoveries (charge-offs) 938 59 45 Provision charged to expense 1,350 1,790 1,375 Reclassification to other liabilities* — — (89 ) Allowance for loan losses, end of year $ 28,543 $ 26,255 $ 24,406 * The reclassification relates to allowance for loan losses allocations on unused commitments that have been reclassified to other liabilities. |
Summary of Allowance for Loan Losses | Further information pertaining to the allowance for loan losses at December 31, 2018 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2017 $ 1,645 $ 9,651 $ 1,720 $ 9,728 $ 1,873 $ 373 $ 989 $ 276 $ 26,255 Charge-offs — (67 ) — — (450 ) (316 ) — — (833 ) Recoveries 1,436 57 — — 75 203 — — 1,771 Provision (1,989 ) 1,357 118 935 692 105 122 10 1,350 Ending balance at December 31, 2018 $ 1,092 $ 10,998 $ 1,838 $ 10,663 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,543 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 54 $ — $ 91 $ — $ — $ — $ — $ 145 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,092 $ 10,944 $ 1,838 $ 10,572 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,398 Loans: Ending balance $ 13,628 $ 761,625 $ 97,290 $ 750,362 $ 348,250 $ 22,083 $ 292,340 $ — $ 2,285,578 Loans deemed to be impaired $ — $ 401 $ — $ 2,650 $ — $ — $ — $ — $ 3,051 Loans not deemed to be impaired $ 13,628 $ 761,224 $ 97,290 $ 747,712 $ 348,250 $ 22,083 $ 292,340 $ — $ 2,282,527 Further information pertaining to the allowance for loan losses at December 31, 2017 follows: Construction Commercial Municipal Commercial Residential Consumer Home Unallocated Total (dollars in thousands) Allowance for Loan Losses: Balance at December 31, 2016 $ 1,012 $ 6,972 $ 1,612 $ 11,135 $ 1,698 $ 582 $ 1,102 $ 293 $ 24,406 Charge-offs — (49 ) — — — (341 ) — — (390 ) Recoveries — 110 — — 2 255 82 — 449 Provision 633 2,618 108 (1,407 ) 173 (123 ) (195 ) (17 ) 1,790 Ending balance at December 31, 2017 $ 1,645 $ 9,651 $ 1,720 $ 9,728 $ 1,873 $ 373 $ 989 $ 276 $ 26,255 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 7 $ — $ 99 $ 58 $ — $ — $ — $ 164 Amount of allowance for loan losses for loans not deemed to be impaired $ 1,645 $ 9,644 $ 1,720 $ 9,629 $ 1,815 $ 373 $ 989 $ 276 $ 26,091 Loans: Ending balance $ 18,931 $ 763,807 $ 106,599 $ 732,491 $ 287,731 $ 19,040 $ 247,345 $ — $ 2,175,944 Loans deemed to be impaired $ — $ 348 $ — $ 2,554 $ 4,212 $ — $ — $ — $ 7,114 Loans not deemed to be impaired $ 18,931 $ 763,459 $ 106,599 $ 729,937 $ 283,519 $ 19,040 $ 247,345 $ — $ 2,168,830 |
Loans by Risk Rating | The following table presents the Company’s loans by risk rating at December 31, 2018. Construction Commercial Municipal Commercial (dollars in thousands) Grade: 1-3 $ 13,628 $ 757,089 $ 97,290 $ 723,170 4 (Monitor) — 4,135 — 24,542 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 401 — 2,650 Total $ 13,628 $ 761,625 $ 97,290 $ 750,362 The following table presents the Company’s loans by risk rating at December 31, 2017. Construction Commercial and Industrial Municipal Commercial (dollars in thousands) Grade: 1-3 $ 18,931 $ 758,093 $ 106,599 $ 705,235 4 (Monitor) — 5,366 — 24,702 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 348 — 2,554 Total $ 18,931 $ 763,807 $ 106,599 $ 732,491 |
Loans by Credit Rating | The following table presents the Company’s loans by credit rating at December 31, 2018. Commercial Municipal Commercial Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 491,247 $ 54,105 $ 42,790 $ 588,142 A1-A3 172,472 7,605 151,381 331,458 Baa1-Baa3 — 26,970 118,197 145,167 Ba2 — 6,810 — 6,810 Total $ 663,719 $ 95,490 $ 312,368 $ 1,071,577 The following table presents the Company’s loans by credit rating at December 31, 2017. Commercial Municipal Commercial Total (dollars in thousands) Credit Rating: Aaa-Aa3 $ 478,905 $ 62,029 $ 45,066 $ 586,000 A1-A3 195,599 7,635 128,554 331,788 Baa1-Baa3 — 26,970 122,000 148,970 Ba2 — 8,165 — 8,165 Total $ 674,504 $ 104,799 $ 295,620 $ 1,074,923 |
Aging of Past Due Loan Losses | At December 31, 2018 the aging of past due loans are as follows: Accruing 30-89 Days Non Accruing Total Current Total (dollars in thousands) Construction and land development $ — $ — $ — $ — $ 13,628 $ 13,628 Commercial and industrial 187 115 — 302 761,323 761,625 Municipal — — — — 97,290 97,290 Commercial real estate 774 190 — 964 749,398 750,362 Residential real estate 2,554 569 — 3,123 345,127 348,250 Consumer and overdrafts 24 14 — 38 22,045 22,083 Home equity 1,108 425 — 1,533 290,807 292,340 Total $ 4,647 $ 1,313 $ — $ 5,960 $ 2,279,618 $ 2,285,578 At December 31, 2017 the aging of past due loans are as follows: Accruing 30-89 Non Accruing Total Current Total (dollars in thousands) Construction and land development $ — $ — $ — $ — $ 18,931 $ 18,931 Commercial and industrial 65 44 — 109 763,698 763,807 Municipal — — — — 106,599 106,599 Commercial real estate 672 215 — 887 731,604 732,491 Residential real estate 4,282 724 — 5,006 282,725 287,731 Consumer and overdrafts 5 6 — 11 19,029 19,040 Home equity 618 695 — 1,313 246,032 247,345 Total $ 5,642 $ 1,684 $ — $ 7,326 $ 2,168,618 $ 2,175,944 |
Information Pertaining to Impaired Loans | The following is information pertaining to impaired loans at December 31, 2018: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 87 291 — 46 5 Municipal — — — — — Commercial real estate 189 212 — 249 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 276 $ 503 $ — $ 295 $ 5 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 314 315 54 462 13 Municipal — — — — — Commercial real estate 2,461 2,575 91 2,322 97 Residential real estate — — — 2,412 81 Consumer — — — — — Home equity — — — — — Total $ 2,775 $ 2,890 $ 145 $ 5,196 $ 191 Total Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 401 606 54 508 18 Municipal — — — — — Commercial real estate 2,650 2,787 91 2,571 97 Residential real estate — — — 2,412 81 Consumer — — — — — Home equity — — — — — Total $ 3,051 $ 3,393 $ 145 $ 5,491 $ 196 The following is information pertaining to impaired loans at December 31, 2017: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 113 325 — 54 4 Municipal — — — — — Commercial real estate 420 548 — 286 21 Residential real estate — — — 73 — Consumer — — — — — Home equity — — — — — Total $ 533 $ 873 $ — $ 413 $ 25 With required reserve recorded: Construction and land development $ — $ — $ — $ 43 $ — Commercial and industrial 235 235 7 318 12 Municipal — — — — — Commercial real estate 2,134 2,135 99 2,501 72 Residential real estate 4,212 4,212 58 2,333 73 Consumer — — — — — Home equity — — — — — Total $ 6,581 $ 6,582 $ 164 $ 5,195 $ 157 Total Construction and land development $ — $ — $ — $ 43 $ — Commercial and industrial 348 560 7 372 16 Municipal — — — — — Commercial real estate 2,554 2,683 99 2,787 93 Residential real estate 4,212 4,212 58 2,406 73 Consumer — — — — — Home equity — — — — — Total $ 7,114 $ 7,455 $ 164 $ 5,608 $ 182 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Bank Premises and Equipment | December 31, 2018 2017 Estimated Useful Life (dollars in thousands) Land $ 3,850 $ 3,850 — Bank premises 21,659 21,055 30-39 years Furniture and equipment 30,088 27,117 3-10 Leasehold improvements 12,674 12,674 30-39 years or lease term 68,271 64,696 Accumulated depreciation and amortization (44,350 ) (41,169 ) Total $ 23,921 $ 23,527 |
Summary of Future Minimum Rental Commitments for Non-Cancelable Operating Leases | Future minimum rental commitments for non-cancelable Year Amount (dollars in thousands) 2019 $ 2,490 2020 2,170 2021 1,694 2022 1,331 2023 1,104 Thereafter 1,074 $ 9,863 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | The changes in goodwill and identifiable intangible assets for the years ended December 31, 2018 and 2017 are shown in the table below. Carrying Amount of Goodwill and Intangibles Goodwill Mortgage Total (dollars in thousands) Balance at December 31, 2016 $ 2,714 $ 1,629 $ 4,343 Additions — 276 276 Amortization Expense — (380 ) (380 ) Balance at December 31, 2017 $ 2,714 $ 1,525 $ 4,239 Additions — — — Amortization Expense — (299 ) (299 ) Balance at December 31, 2018 $ 2,714 $ 1,226 $ 3,940 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis | The results of the fair value hierarchy as of December 31, 2018, are as follows: Fair Value Measurements Using Carrying Quoted Prices (Level 1) Significant Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 1,992 $ — $ 1,992 $ — U.S. Government Agency Sponsored Enterprises 3,915 — 3,915 — SBA Backed Securities 70,194 — 70,194 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 162,890 — 162,890 — Privately Issued Residential Mortgage-Backed Securities 672 — 672 — Obligations Issued by States and Political Subdivisions 93,503 — 4,775 88,728 Other Debt Securities 3,593 — 3,593 — Total $ 336,759 $ — $ 248,031 $ 88,728 Other Real Estate Owned $ 2,225 $ — $ — $ 2,225 Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities $ 1,596 $ 293 $ 1,303 $ — Financial Instruments Measured at Fair Value on a Non-recurring $ 251 $ — $ — $ 251 The results of the fair value hierarchy as of December 31, 2017, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant (Level 2) Significant (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis — Securities AFS U.S. Treasury $ 1,984 $ — $ 1,984 $ — U.S. Government Agency Sponsored Enterprises — — — — SBA Backed Securities 80,950 — 80,950 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 225,775 — 225,775 — Privately Issued Residential Mortgage-Backed Securities 892 — 892 — Obligations Issued by States and Political Subdivisions 82,600 — — 82,600 Other Debt Securities 3,629 — 3,629 — Total $ 395,830 $ — $ 313,230 $ 82,600 Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities $ 1,663 $ 321 $ 1,342 $ — Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans $ 246 $ — $ — $ 246 |
Assets Measured at Fair Value | The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2018. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS(1) $ 88,728 Discounted cash flow Discount rate 2.1%-4.1%(2) Other Real Estate Owned 2,225 Appraisal of collateral(3) Appraisal adjustments(4) 30% discount Impaired Loans 251 Appraisal of collateral(3) Appraisal adjustments(4) 0%-30% (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2017. Management continues to monitor the assumptions used to value the assets listed below. Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Securities AFS (1) $ 82,600 Discounted cash flow Discount rate 1.0%-3.5% (2) Impaired Loans 246 Appraisal of collateral (3) Appraisal adjustments (4) 0%-30% discount (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. |
Changes in Level 3 Securities | The changes in Level 3 securities for the year ended December 31, 2018 are as shown in the table below: Auction Rate Obligations Equity Total (dollars in thousands) Balance at December 31, 2017 $ 4,459 $ 78,141 $ — $ 82,600 Purchases — 132,470 — 132,470 Maturities/redemptions — (121,753 ) — (121,753 ) Transfer to Level 2 (4,459 ) — — (4,459 ) Amortization — (130 ) — (130 ) Change in fair value — — — — Balance at December 31, 2018 $ — $ 88,728 $ — $ 88,728 The changes in Level 3 securities for the year ended December 31, 2017 are as shown in the table below: Auction Rate Obligations Equity Total (dollars in thousands) Balance at December 31, 2016 $ 4,298 $ 160,578 $ — $ 164,876 Purchases — 99,136 — 99,136 Maturities/redemptions — (181,394 ) — (181,394 ) Amortization — (179 ) — (179 ) Change in fair value 161 — — 161 Balance at December 31, 2017 $ 4,459 $ 78,141 $ — $ 82,600 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Summary of Remaining Maturities or Re-pricing of Time Deposits | The following is a summary of remaining maturities or re-pricing 2018 Percent 2017 Percent (dollars in thousands) Within one year $ 413,297 74 % $ 436,911 70 % Over one year to two years 88,815 16 % 121,802 19 % Over two years to three years 39,924 7 % 30,098 5 % Over three years to five years 18,543 3 % 36,550 6 % Total $ 560,579 100 % $ 625,361 100 % |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Summary of Securities Sold Under Agreements to Repurchase | The following is a summary of securities sold under agreements to repurchase as of December 31, 2018 2017 2016 (dollars in thousands) Amount outstanding at December 31 $ 154,240 $ 158,990 $ 182,280 Weighted average rate at December 31 0.82 % 0.32 % 0.21 % Maximum amount outstanding at any month end $ 174,150 $ 228,848 $ 241,110 Daily average balance outstanding during the year $ 147,944 $ 189,684 $ 222,956 Weighted average rate during the year 0.66 % 0.26 % 0.21 % |
Other Borrowed Funds and Subo_2
Other Borrowed Funds and Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Summary of Other Borrowed Funds and Subordinated Debentures | The following is a summary of other borrowed funds and subordinated debentures as of December 31, 2018 2017 2016 (dollars in thousands) Amount outstanding at December 31 $ 238,461 $ 383,861 $ 329,083 Weighted average rate at December 31 2.76 % 2.26 % 2.39 % Maximum amount outstanding at any month end $ 542,913 $ 491,583 $ 467,083 Daily average balance outstanding during the year $ 291,674 $ 309,102 $ 357,974 Weighted average rate during the year 2.61 % 2.42 % 2.48 % |
Schedule of the Maturity Distribution of FHLBB Advances with the Weighted Average Interest Rates | A schedule of the maturity distribution of FHLBB advances with the weighted average interest rates is as follows: 2018 2017 2016 December 31, Amount Weighted Amount Weighted Amount Weighted (dollars in thousands) Within one year $ 63,000 2.17 % $ 164,500 1.82 % $ 77,500 2.21 % Over one year to two years $ 28,000 2.29 % $ 63,000 2.17 % $ 54,500 2.25 % Over two years to three years $ 25,000 3.34 % $ 28,000 2.29 % $ 58,000 1.87 % Over three years to five years $ 33,500 2.23 % $ 28,500 3.19 % $ 58,000 2.68 % Over five years $ 52,878 2.47 % $ 63,778 2.38 % $ 45,000 2.85 % Total $ 202,378 2.42 % $ 347,778 2.13 % $ 293,000 2.34 % |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Details About Accumulated Other Year Ended Year Ended Affected Line Item in the Statement Unrealized gains and losses on available-for-sale $ 302 $ 47 Net gains on sales of investments (85 ) (19 ) Provision for income taxes $ 217 $ 28 Net income Accretion of unrealized losses transferred $ (1,477 ) $ (2,292 ) Securities held-to-maturity 391 1,258 Provision for income taxes $ (1,086 ) $ (1,034 ) Net income Amortization of defined benefit pension items Prior-service costs $ (14 ) $ (10 ) Salaries and employee benefits(b) Actuarial gains (losses) (1,610 ) (1,540 ) Salaries and employee benefits(b) Total before tax (1,624 ) (1,550 ) Income before taxes Tax (expense) or benefit 457 619 Provision for income taxes Net of tax $ (1,167 ) $ (931 ) Net income (a) Amounts in parentheses indicate decreases to profit/loss. (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 17) for additional details). |
Earnings per share ("EPS") (Tab
Earnings per share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic EPS and Diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: Year Ended December 31, 2018 2017 2016 (in thousands except share and per share data) BASIC EPS COMPUTATION Numerator: Net income, Class A $ 28,479 $ 17,526 $ 19,270 Net income, Class B 7,734 4,775 5,264 Denominator: Weighted average shares outstanding, Class A 3,608,179 3,604,029 3,600,729 Weighted average shares outstanding, Class B 1,959,730 1,963,880 1,967,180 Basic EPS, Class A $ 7.89 $ 4.86 $ 5.35 Basic EPS, Class B $ 3.95 $ 2.43 $ 2.68 DILUTED EPS COMPUTATION Numerator: Net income, Class A $ 28,479 $ 17,526 $ 19,270 Net income, Class B 7,734 4,775 5,264 Total net income, for diluted EPS, Class A computation 36,213 22,301 24,534 Denominator: Weighted average shares outstanding, basic, Class A 3,608,179 3,604,029 3,600,729 Weighted average shares outstanding, Class B 1,959,730 1,963,880 1,967,180 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,959,730 1,963,880 1,967,180 Diluted EPS, Class A $ 6.50 $ 4.01 $ 4.41 Diluted EPS, Class B $ 3.95 $ 2.43 $ 2.68 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of the Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 (Basel III) Total Capital (to Risk-Weighted Assets) $ 364,744 13.24 % $ 220,335 8.00 % $ 275,419 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 336,201 12.21 % 165,251 6.00 % 220,335 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 336,201 12.21 % 123,938 4.50 % 179,022 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 336,201 6.68 % 201,228 4.00 % 251,535 5.00 % As of December 31, 2017 (Basel III) Total Capital (to Risk-Weighted Assets) $ 329,666 12.70 % $ 207,707 8.00 % $ 259,633 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 303,411 11.69 % 155,780 6.00 % 207,707 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 303,411 11.69 % 116,835 4.50 % 168,762 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 303,411 6.55 % 185,199 4.00 % 231,499 5.00 % |
Summary of the Company's Actual Capital Amounts and Ratios | The Company’s actual capital amounts and ratios are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 (Basel III) Total Capital (to Risk-Weighted Assets) $ 377,359 13.62 % $ 221,690 8.00 % $ 277,113 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 348,816 12.59 % 166,268 6.00 % 221,690 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 313,816 11.32 % 124,701 4.50 % 180,123 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 348,816 6.91 % 201,913 4.00 % 252,391 5.00 % As of December 31, 2017 (Basel III) Total Capital (to Risk-Weighted Assets) $ 341,033 13.05 % $ 209,049 8.00 % $ 261,312 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 314,778 12.05 % 156,787 6.00 % 209,049 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 279,778 10.71 % 117,590 4.50 % 169,853 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 314,778 6.78 % 185,657 4.00 % 232,072 5.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Current and Deferred Components of Income Tax (Benefit) Expense | The current and deferred components of income tax (benefit) expense for the years ended December 31, are as follows: 2018 2017 2016 (dollars in thousands) Current expense: Federal $ 2,637 $ 3,628 $ 3,875 State 697 412 439 Total current expense 3,334 4,040 4,314 Deferred (benefit) expense: Federal (1,238 ) 6,496 (4,450 ) State (528 ) 422 (334 ) Valuation Allowance — — 108 Total deferred (benefit) expense (1,766 ) 6,918 (4,676 ) Provision for income taxes $ 1,568 $ 10,958 $ (362 ) |
Income Tax Accounts Included in Other Assets | Income tax accounts included in other assets at December 31, are as follows: 2018 2017 (dollars in thousands) Currently receivable $ 13,194 $ 15,940 Deferred income tax asset, net 20,321 20,892 Total $ 33,515 $ 36,832 |
Summary of Differences between Income Tax (Benefit) Expense at the Statutory Federal Income Tax Rate and Total Income Tax Expense | Differences between income tax (benefit) expense at the statutory federal income tax rate and total income tax expense are summarized as follows: 2018 2017 2016 (dollars in thousands) Federal income tax expense at statutory rates $ 7,934 $ 11,308 $ 8,218 State income tax, net of federal income tax benefit 134 550 69 Insurance income (176 ) (371 ) (406 ) Effect of tax-exempt (6,510 ) (8,683 ) (8,259 ) Net tax credit (349 ) (341 ) (395 ) Valuation Allowance — — 108 Deferred tax remeasurement — 8,448 — Other 535 47 303 Total $ 1,568 $ 10,958 $ (362 ) Effective tax rate 4.15 % 32.95 % (1.50 )% |
Gross Deferred Income Tax Assets and Gross Deferred Income Tax Liabilities | The following table sets forth the Company’s gross deferred income tax assets and gross deferred income tax liabilities at December 31: 2018 2017 (dollars in thousands) Deferred income tax assets: Allowance for loan losses $ 8,058 $ 7,855 Deferred compensation 8,184 7,555 Pension and SERP liability 6,506 8,436 Unrealized losses on securities transferred to held-to-maturity 912 1,303 Depreciation 908 631 Accrued bonus 717 — Charitable contributions carryforward 389 442 Acquisition premium — 17 Nonaccrual interest 109 97 Limited partnerships 19 21 Investments write down 17 17 Other 145 173 Gross deferred income tax asset 25,964 26,547 Valuation allowance (108 ) (108 ) Gross deferred income tax asset, net of valuation allowance 25,856 26,439 Deferred income tax liabilities: Pension liability (4,436 ) (4,403 ) Deferred origination costs (524 ) (481 ) Prepaid expenses (228 ) (248 ) Mortgage servicing rights (345 ) (429 ) Unrealized (gains) losses on securities available-for-sale (2 ) 14 Gross deferred income tax liability (5,535 ) (5,547 ) Deferred income tax asset net $ 20,321 $ 20,892 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Fair Value of Plan Assets and Major Categories | The fair value of plan assets and major categories as of December 31, 2018, is as follows: Description Percent NAV Level 1 Level 2 Level 3 Total (dollars in thousands) Collective Funds 5.6 % $ 2,504 $ 2,504 $ — $ — $ 2,504 Equity Securities 10.9 % 4,863 4,863 — — 4,863 Diversified Mutual Funds 30.7 % 13,612 13,612 — — 13,612 Short-term investments 0.1 % 60 60 — — 60 Total investments measured in the fair value hierarchy 47.3 % 21,039 21,039 — — 21,039 Investments measured at net asset value(1) 52.7 % 23,398 — — — 23,398 100.0 % $ 44,437 $ 21,039 $ — $ — $ 44,437 (1) In accordance with Subtopic 820-10, The fair value of plan assets and major categories as of December 31, 2017, is as follows:: Description Percent NAV Level 1 Level 2 Level 3 Total (dollars in thousands) Collective Funds 3.6 % $ 1,741 $ 1,741 $ — $ — $ 1,741 Equity Securities 10.7 % 5,195 5,195 — — 5,195 Diversified Mutual Funds 17.8 % 8,615 8,615 — — 8,615 Short-term investments 7.9 % 3,836 3,836 — — 3,836 Total investments measured in the fair value hierarchy 40.0 % 19,387 19,387 — — 19,387 Investments measured at net asset value(1) 60.0 % 29,035 — — — 29,035 100.0 % $ 48,422 $ 19,387 $ — $ — $ 48,422 (1) In accordance with Subtopic 820-10, |
Schedule of Investments Measured Using Net Asset Value Per Share Practical Expedient | The investments measured using the net asset value per share practical expedient as of December 31, 2018, is as follows: Percent Fair Value (dollars in thousands) Collective Funds by Category: Equity 20.8 % $ 9,204 Diversified 0.0 % — US debt securities 12.1 % 5,386 International equities 9.7 % 4,311 Limited Partnerships by Category: Emerging markets 2.9 % 1,289 Multi-strategy 1.9 % 826 Hedge Funds by Category: Multi-strategy(1) 3.6 % 1,593 Global opportunities(2) 0.3 % 150 Private investment entities and/or separately managed accounts(3) 1.4 % 639 52.7% $23,398 The investments measured using the net asset value per share practical expedient as of December 31, 2017, is as follows: Percent Fair Value (dollars in thousands) Collective Funds by Category: Equity 31.6 % $ 15,304 Diversified 0.7 % 344 US debt securities 9.4 % 4,569 International equities 9.1 % 4,419 Limited Partnerships by Category: Emerging markets 2.8 % 1,353 Multi-strategy 1.5 % 705 Hedge Funds by Category: Multi-strategy(1) 3.5 % 1,674 Global opportunities(2) 0.7 % 345 Private investment entities and/or separately managed accounts(3) 0.7 % 322 60.0% $29,035 (1) This category includes investments in hedge funds that pursue multiple strategies to diversify risks and reduce volatility. Fund objectives are to seek above-average rates of return and long-term capital growth through investments, which are fund of funds with a diversified portfolio of private investment entities and/or separately managed accounts managed by investment managers or achieve superior risk-adjusted capital appreciation over the long-term, generally through an investment, which invests in private investment funds and discretional managed accounts, structured notes, swaps or other similar products. The fair values of the investments in this category have been determined using the net asset value per share of the fund(s). (2) This category has an investment strategy to pursue a hybrid absolute return via portfolio managers, secondaries, and co-investments (3) The Fund’s investment objective is to invest in highly attractive, select investment opportunities by maintaining investments through private investment entities and/or separately managed accounts (each, an Investment or a Portfolio and collectively, the Investments or the Portfolios) with investment management professionals (each a Manager and collectively, the Managers) specializing in various alternative investment strategies. The Managers have broad investment experience and the ability to leverage their existing relationships with corporate management teams, investment banks and other institutions to gain access to certain investment opportunities. As such, the Manager is presented with “best idea” investment opportunities, typically in asset classes where market dislocations or other events have created attractive investment opportunities. The Managers are not restricted in the investment strategies that they may employ across different asset classes and regions. The Manager anticipates that any number of strategies will be eligible for consideration for investment by the Fund and the Fund reserves the right to invest in any particular strategy or asset class it deems appropriate. |
Components of Net Periodic Benefit Cost | Defined Benefit Supplemental Insurance/ 2018 2017 2018 2017 (dollars in thousands) Change projected in benefit obligation Benefit obligation at beginning of year $ 47,065 $ 42,255 $ 42,579 $ 38,610 Service cost 1,411 1,241 1,107 1,582 Interest cost 1,481 1,450 1,386 1,382 Actuarial (gain)/loss (8,263 ) 3,456 (3,591 ) 2,087 Benefits paid (1,185 ) (1,337 ) (1,076 ) (1,082 ) Projected benefit obligation at end of year $ 40,509 $ 47,065 $ 40,405 $ 42,579 Change in plan assets Fair value of plan assets at beginning of year $ 48,422 $ 37,447 Actual return on plan assets (2,800 ) 5,312 Employer contributions — 7,000 Benefits paid (1,185 ) (1,337 ) Fair value of plan assets at end of year $ 44,437 $ 48,422 (Unfunded) Funded status $ 3,928 $ 1,357 $ (40,405) $ (42,579) Accumulated benefit obligation $ 40,509 $ 47,065 $ 36,984 $ 40,375 Weighted-average assumptions as of December 31 Discount rate — Liability 4.76 % 3.49 % 4.79 % 3.42 % Discount rate — Expense 3.49 % 3.99 % 3.42 % 3.85 % Expected return on plan assets 8.00 % 8.00 % NA NA Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % Components of net periodic benefit cost Service cost $ 1,411 $ 1,241 $ 1,107 $ 1,582 Interest cost 1,481 1,450 1,386 1,382 Expected return on plan assets (3,813 ) (2,985 ) — — Recognized prior service cost (100 ) (104 ) 114 114 Recognized net losses 904 903 706 636 Net periodic cost (benefit) $ (117 ) $ 505 $ 3,313 $ 3,714 Other changes in plan assets and benefit obligations recognized in other comprehensive income Amortization of prior service cost $ 100 $ 104 $ (114 ) $ (114 ) Net (gain) loss (2,554 ) 409 (4,298 ) 1,752 Total recognized in other comprehensive income (2,454 ) 513 (4,412 ) 1,638 Total recognized in net periodic benefit cost and other comprehensive income $ (2,571 ) $ 1,018 $ (1,099 ) $ 5,352 |
Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan | December 31, 2018 December 31, 2017 Plan Supplemental Total Plan Supplemental Total (dollars in thousands) Prior service cost $ — $ (421 ) $ (421 ) $ 100 $ (535 ) $ (435 ) Net actuarial loss (11,854 ) (10,870 ) (22,724 ) (14,408 ) (15,168 ) (29,576 ) Total $ (11,854 ) $ (11,291 ) $ (23,145 ) $ (14,308 ) $ (15,703 ) $ (30,011 ) |
Summary of Accumulated Other Comprehensive Loss Expected to be Recognized | The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2018, expected to be recognized as components of net periodic benefit cost in the next year: Plan Supplemental Amortization of prior service cost to be recognized in 2019 $ — $ 114 Amortization of loss to be recognized in 2019 916 435 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | Financial instruments with off-balance-sheet Contract or Notional Amount 2018 2017 (dollars in thousands) Financial instruments whose contract amount represents credit risk: Commitments to originate 1–4 family mortgages $ 5,075 $ 5,748 Standby and commercial letters of credit 4,258 5,520 Unused lines of credit 553,045 434,618 Unadvanced portions of construction loans 28,746 15,152 Unadvanced portions of other loans 20,305 35,602 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Summary of Other Operating Expenses | Year ended December 31, 2018 2017 2016 (dollars in thousands) Marketing $ 2,346 $ 2,315 $ 2,185 Software maintenance/amortization 2,002 1,859 1,863 Legal and audit 1,444 1,543 1,255 Contributions 1,077 993 789 Processing services 1,740 1,160 1,040 Consulting 1,464 1,199 1,168 Postage and delivery 1,021 966 987 Supplies 987 945 948 Telephone 946 1,020 1,032 Directors’ fees 438 440 413 Insurance 420 308 323 Pension 678 1,396 1,532 Other 1,725 1,845 1,812 Total $ 16,288 $ 15,989 $ 15,347 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Carrying Amounts and Fair Values of Company's Financial Instruments | The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2018 and December 31, 2017. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) December 31, 2018 Financial assets: Securities held-to-maturity $ 2,046,647 $ 1,991,421 $ — $ 1,991,421 $ — Loans (1) 2,257,035 2,279,712 — — 2,279,712 Financial liabilities: Time deposits 560,579 559,988 — 559,988 — Other borrowed funds 202,378 203,122 — 203,122 — Subordinated debentures 36,083 36,083 — 36,083 — December 31, 2017 Financial assets: Securities held-to-maturity $ 1,701,233 $ 1,668,827 $ — $ 1,668,827 $ — Loans (1) 2,149,689 2,094,517 — — 2,094,517 Financial liabilities: Time deposits 625,361 627,517 — 627,517 — Other borrowed funds 347,778 349,364 — 349,364 — 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. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue From Contracts | The following table presents total revenues as presented in the Consolidated Statements of Income and the related amounts which are from contracts with customers within the scope of Topic 606. As illustrated here, the vast majority of our revenues are specifically excluded from the scope of Topic 606. Year ended Revenue from Year ended Revenue from Year ended Revenue from (dollars in thousands) Total net interest income $ 92,576 $ — $ 85,616 $ — $ 74,082 $ — Noninterest income: Service charges on deposit accounts 8,560 8,560 8,586 8,586 7,907 7,907 Lockbox fees 3,274 3,274 3,290 3,290 3,164 3,164 Brokerage commissions 348 — 353 — 315 — Net gains on sales of securities 302 — 47 — 64 — Gains on sales of mortgage loans — — 370 — 1,331 — Other income 3,764 2,536 3,906 2,429 3,441 1,966 Total noninterest income 16,248 14,370 16,552 14,305 16,222 13,037 Total revenues $ 108,824 $ 14,370 $ 102,168 $ 14,305 $ 90,304 $ 13,037 |
Information about Receivables with Customers | The following table provides information about receivables with customers. December 31, 2018 2017 2016 (dollars in thousands) Receivables, which are included in “Other assets” $ 1,205 $ 1,009 $ 340 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 2018 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 37,453 $ 34,765 $ 33,408 $ 31,430 Interest expense 13,748 11,561 10,209 8,962 Net interest income 23,705 23,204 23,199 22,468 Provision for loan losses 450 — 450 450 Net interest income after provision for loan losses 23,255 23,204 22,749 22,018 Other operating income 4,164 4,169 3,722 4,193 Operating expenses 17,185 17,348 17,159 18,001 Income before income taxes 10,234 10,025 9,312 8,210 Provision for income taxes 309 444 314 501 Net income $ 9,925 $ 9,581 $ 8,998 $ 7,709 Share data: Average shares outstanding, basic Class A 3,608,329 3,608,329 3,608,029 3,608,029 Class B 1,959,580 1,959,580 1,959,880 1,959,880 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,959,580 1,959,580 1,959,880 1,959,880 Earnings per share, basic Class A $ 2.16 $ 2.09 $ 1.96 $ 1.68 Class B $ 1.08 $ 1.04 $ 0.98 $ 0.84 Earnings per share, diluted Class A $ 1.78 $ 1.72 $ 1.62 $ 1.38 Class B $ 1.08 $ 1.04 $ 0.98 $ 0.84 2017 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 29,470 $ 28,521 $ 28,806 $ 26,639 Interest expense 7,768 7,168 6,701 6,183 Net interest income 21,702 21,353 22,105 20,456 Provision for loan losses 450 450 490 400 Net interest income after provision for loan losses 21,252 20,903 21,615 20,056 Other operating income 4,410 3,942 4,291 3,909 Operating expenses 15,992 16,205 17,197 17,725 Income before income taxes 9,670 8,640 8,709 6,240 Provision for income taxes 9,645 617 552 144 Net income $ 25 $ 8,023 $ 8,157 $ 6,096 Share data: Average shares outstanding, basic Class A 3,605,829 3,605,829 3,603,729 3,600,729 Class B 1,962,080 1,962,080 1,964,180 1,967,180 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,962,080 1,962,080 1,964,180 1,967,180 Earnings per share, basic Class A $ 0.01 $ 1.75 $ 1.78 $ 1.33 Class B $ — $ 0.87 $ 0.89 $ 0.66 Earnings per share, diluted Class A $ — $ 1.44 $ 1.47 $ 1.09 Class B $ — $ 0.87 $ 0.89 $ 0.66 |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheets of Parent Company | BALANCE SHEETS December 31, 2018 2017 (dollars in thousands) ASSETS: Cash $ 1,263 $ 1,981 Investment in subsidiary, at equity 322,775 283,881 Other assets 16,991 16,833 Total assets $ 341,029 $ 302,695 LIABILITIES AND STOCKHOLDERS’ EQUITY: Liabilities $ 4,507 $ 6,315 Subordinated debentures 36,083 36,083 Stockholders’ equity 300,439 260,297 Total liabilities and stockholders’ equity $ 341,029 $ 302,695 |
Statements of Income of Parent Company | STATEMENTS OF INCOME Year Ended December 31, 2018 2017 2016 (dollars in thousands) Income: Dividends from subsidiary $ 4,750 $ 2,500 $ 2,000 Interest income from deposits in bank — 1 3 Other income 53 34 28 Total income 4,803 2,535 2,031 Interest expense 1,474 1,121 937 Operating expenses 225 209 220 Income before income taxes and equity in undistributed income of subsidiary 3,104 1,205 874 Benefit from income taxes (347 ) (440 ) (383 ) Income before equity in undistributed income of subsidiary 3,451 1,645 1,257 Equity in undistributed income of subsidiary 32,762 20,656 23,277 Net income $ 36,213 $ 22,301 $ 24,534 |
Statements of Cash Flows of Parent Company | STATEMENTS OF CASH FLOWS December 31, 2018 2017 2016 (dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 36,213 $ 22,301 $ 24,534 Adjustments to reconcile net income to net cash provided by operating activities Undistributed income of subsidiary (32,762 ) (20,656 ) (23,277 ) Increase in other assets (158 ) (6,498 ) (1,527 ) (Decrease) increase in liabilities (1,808 ) 6,266 9 Net cash provided by (used in) operating activities 1,485 1,413 (261 ) CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends paid (2,203 ) (2,200 ) (2,201 ) Net cash used in financing activities (2,203 ) (2,200 ) (2,201 ) Net (decrease) in cash (718 ) (787 ) (2,462 ) Cash at beginning of year 1,981 2,768 5,230 Cash at end of year $ 1,263 $ 1,981 $ 2,768 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
Number of reportable segments | 1 | |||
Securities held for trading | $ 0 | |||
Held-to-maturity substantial portion of principal outstanding | 85.00% | |||
Loans discontinued delinquency period | 90 days | |||
Number of reporting units | 1 | |||
Goodwill impairment description | Goodwill impairment is evaluated by first assessing qualitative factors (events and circumstances) to determine whether it is more likely than not (meaning a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If, after considering all relevant events and circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test will be unnecessary. | |||
Nonqualified stock options | 85.00% | |||
Excess AMT credit carryforwards refundable rate | 50.00% | |||
Net tax benefit from the re-measurement of deferred taxes | $ 3,800,000 | $ 8,448,000 | ||
Proceeds from life insurance policies | $ 375,000 | $ 115,000 | ||
Accounting Standards Update 2016-01 [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
Effect of accounting standard update, reclassification of retained Earnings | 29,000 | |||
Scenario, Forecast [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
Excess AMT credit carryforwards refundable rate | 100.00% | |||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
right of use asset | $ 16,000,000 | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | |||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
right of use asset | $ 14,000,000 | |||
Class A Common Stock [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
Approved stock option plan for purchase of common stock | 150,000 | |||
Class A Common Stock [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | |||
Century Bancorp Capital Trust II [Member] | ||||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||||
Equity ownership interest | 100.00% |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Due from Banks [Abstract] | ||
Reserve balance of cash and due from banks | $ 0 | $ 0 |
Securities Available-for-Sale -
Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 336,751 | $ 395,947 |
Gross Unrealized Gains | 635 | 673 |
Gross Unrealized Losses | 627 | 790 |
Total, Fair Value | 336,759 | 395,830 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,000 | 1,999 |
Gross Unrealized Losses | 8 | 15 |
Total, Fair Value | 1,992 | 1,984 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,946 | |
Gross Unrealized Losses | 31 | |
Total, Fair Value | 3,915 | |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 70,477 | 81,065 |
Gross Unrealized Gains | 1 | 46 |
Gross Unrealized Losses | 284 | 161 |
Total, Fair Value | 70,194 | 80,950 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 162,604 | 225,537 |
Gross Unrealized Gains | 536 | 555 |
Gross Unrealized Losses | 250 | 317 |
Total, Fair Value | 162,890 | 225,775 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 679 | 897 |
Gross Unrealized Gains | 3 | 4 |
Gross Unrealized Losses | 10 | 9 |
Total, Fair Value | 672 | 892 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 93,445 | 82,849 |
Gross Unrealized Gains | 58 | |
Gross Unrealized Losses | 249 | |
Total, Fair Value | 93,503 | 82,600 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,600 | 3,600 |
Gross Unrealized Gains | 37 | 68 |
Gross Unrealized Losses | 44 | 39 |
Total, Fair Value | $ 3,593 | $ 3,629 |
Securities Available-for-Sale_2
Securities Available-for-Sale - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($)Security | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,441,059,000 | $ 1,262,708,000 | |
Securities available-for-sale are securities at fair value pledged for borrowing | 34,787,000 | 67,780,000 | |
Gross gains on sales of securities | 302,000 | 47,000 | $ 64,000 |
Proceeds from sales of securities available-for-sale | 27,517,000 | 18,180,000 | 2,376,000 |
Securities at floating rate or adjustable rate | 231,981,000 | ||
Security available for sale, amortized cost | 336,751,000 | 395,947,000 | |
Federal Home Loan Bank [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross gains on sales of securities | $ 302,000 | $ 47,000 | $ 52,000 |
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 | 10 | 16 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 30 | 26 | |
Number of securities, temporarily impaired, total | Security | 190 | 249 | |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 197,304,000 | $ 216,353,000 | |
Security available for sale, amortized cost | 162,604,000 | $ 225,537,000 | |
U.S. Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Security available for sale, amortized cost | $ 3,946,000 |
Securities Available-for-Sale_3
Securities Available-for-Sale - Estimated Maturity Distribution of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 92,935 | |
After one but within five years, Amortized Cost | 83,286 | |
After five but within ten years, Amortized Cost | 136,075 | |
More than ten years, Amortized Cost | 24,455 | |
Amortized Cost | 336,751 | $ 395,947 |
Within one year, Fair Value | 92,918 | |
After one but within five years, Fair Value | 83,112 | |
After five but within ten years, Fair Value | 136,244 | |
More than ten years, Fair Value | 24,485 | |
Total, Fair Value | $ 336,759 | $ 395,830 |
Securities Available-for-Sale_4
Securities Available-for-Sale - Continuous Unrealized Loss Position for 12 Months or Less and 12 Months and Longer (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 41,108 | $ 61,156 |
Less Than 12 Months, Unrealized Losses | 80 | 193 |
12 Months or Longer, Fair Value | 93,047 | 105,799 |
12 Months or Longer, Unrealized Losses | 547 | 597 |
Total, Fair Value | 134,155 | 166,955 |
Total, Unrealized Losses | 627 | 790 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,984 | |
Less Than 12 Months, Unrealized Losses | 15 | |
12 Months or Longer, Fair Value | 1,992 | |
12 Months or Longer, Unrealized Losses | 8 | |
Total, Fair Value | 1,992 | 1,984 |
Total, Unrealized Losses | 8 | 15 |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 3,914 | |
Less Than 12 Months, Unrealized Losses | 31 | |
Total, Fair Value | 3,914 | |
Total, Unrealized Losses | 31 | |
SBA Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 17,950 | 18,378 |
Less Than 12 Months, Unrealized Losses | 28 | 54 |
12 Months or Longer, Fair Value | 44,323 | 40,911 |
12 Months or Longer, Unrealized Losses | 256 | 107 |
Total, Fair Value | 62,273 | 59,289 |
Total, Unrealized Losses | 284 | 161 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 19,244 | 40,394 |
Less Than 12 Months, Unrealized Losses | 21 | 123 |
12 Months or Longer, Fair Value | 45,782 | 59,336 |
12 Months or Longer, Unrealized Losses | 229 | 194 |
Total, Fair Value | 65,026 | 99,730 |
Total, Unrealized Losses | 250 | 317 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 495 | 633 |
12 Months or Longer, Unrealized Losses | 10 | 9 |
Total, Fair Value | 495 | 633 |
Total, Unrealized Losses | 10 | 9 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 4,458 | |
12 Months or Longer, Unrealized Losses | 249 | |
Total, Fair Value | 4,458 | |
Total, Unrealized Losses | 249 | |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 400 | |
Less Than 12 Months, Unrealized Losses | 1 | |
12 Months or Longer, Fair Value | 455 | 461 |
12 Months or Longer, Unrealized Losses | 44 | 38 |
Total, Fair Value | 455 | 861 |
Total, Unrealized Losses | $ 44 | $ 39 |
Investment Securities Held-to_3
Investment Securities Held-to-Maturity - Summary of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,046,647 | $ 1,701,233 |
Gross Unrealized Gains | 2,660 | 2,622 |
Gross Unrealized Losses | 57,886 | 35,028 |
Estimated Fair Value | 1,991,421 | 1,668,827 |
U.S. Treasury [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 9,960 | |
Gross Unrealized Losses | 2 | |
Estimated Fair Value | 9,958 | |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 234,228 | 104,653 |
Gross Unrealized Gains | 336 | 341 |
Gross Unrealized Losses | 803 | 472 |
Estimated Fair Value | 233,761 | 104,522 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 52,051 | 57,235 |
Gross Unrealized Gains | 20 | |
Gross Unrealized Losses | 2,065 | 1,271 |
Estimated Fair Value | 49,986 | 55,984 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,750,408 | 1,539,345 |
Gross Unrealized Gains | 2,324 | 2,261 |
Gross Unrealized Losses | 55,016 | 33,285 |
Estimated Fair Value | $ 1,697,716 | $ 1,508,321 |
Investment Securities Held-to_4
Investment Securities Held-to-Maturity - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Security | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,441,059,000 | $ 1,262,708,000 | |
Realized gross gains from sales of securities held-to-maturity | $ 12,000 | ||
Proceeds from sales of securities held-to-maturity | $ 192,000 | ||
Securities held to maturity at floating rate or adjustable rate | $ 124,000 | ||
Held-to-Maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Weighted average remaining life of investment securities held-to-maturity | 4 years 3 months 18 days | ||
Number of securities, temporarily impaired for less than 12 months | Security | 56 | 117 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 315 | 168 | |
Number of securities, temporarily impaired, total | Security | 475 | 404 | |
Held-to-Maturity Securities [Member] | U.S. Government Sponsored Enterprises [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Weighted average remaining life | $ 149,156,000 | ||
Federal Home Loan Bank [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities pledged for borrowing at the Federal Home Loan Bank | $ 291,190,000 | $ 382,120,000 |
Investment Securities Held-to_5
Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 41,154 | |
After one but within five years, Amortized Cost | 1,490,954 | |
After five but within ten years, Amortized Cost | 506,654 | |
More than ten years, Amortized Cost | 7,885 | |
Amortized Cost | 2,046,647 | $ 1,701,233 |
Within one year, Fair Value | 41,013 | |
After one but within five years, Fair Value | 1,454,543 | |
After five but within ten years, Fair Value | 488,129 | |
More than ten years, Fair Value | 7,736 | |
Estimated Fair Value | $ 1,991,421 | $ 1,668,827 |
Investment Securities Held-to_6
Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 207,932 | $ 554,195 |
Less Than 12 Months, Unrealized Losses | 2,076 | 6,301 |
12 Months or Longer, Fair Value | 1,369,175 | 863,230 |
12 Months or Longer, Unrealized Losses | 55,810 | 28,727 |
Total, Fair Value | 1,577,107 | 1,417,425 |
Total, Unrealized Losses | 57,886 | 35,028 |
U.S. Treasury [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 9,958 | |
Less Than 12 Months, Unrealized Losses | 2 | |
Total, Fair Value | 9,958 | |
Total, Unrealized Losses | 2 | |
U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 9,849 | 15,257 |
Less Than 12 Months, Unrealized Losses | 42 | 239 |
12 Months or Longer, Fair Value | 69,499 | 14,768 |
12 Months or Longer, Unrealized Losses | 761 | 233 |
Total, Fair Value | 79,348 | 30,025 |
Total, Unrealized Losses | 803 | 472 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 19,457 | |
Less Than 12 Months, Unrealized Losses | 142 | |
12 Months or Longer, Fair Value | 49,987 | 33,750 |
12 Months or Longer, Unrealized Losses | 2,065 | 1,129 |
Total, Fair Value | 49,987 | 53,207 |
Total, Unrealized Losses | 2,065 | 1,271 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 188,125 | 519,481 |
Less Than 12 Months, Unrealized Losses | 2,032 | 5,920 |
12 Months or Longer, Fair Value | 1,249,689 | 814,712 |
12 Months or Longer, Unrealized Losses | 52,984 | 27,365 |
Total, Fair Value | 1,437,814 | 1,334,193 |
Total, Unrealized Losses | $ 55,016 | $ 33,285 |
Loans - Summary of Composition
Loans - Summary of Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 2,285,578 | $ 2,175,944 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 750,362 | 732,491 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 348,250 | 287,731 |
Consumer Portfolio Segment Other Than Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 21,359 | 18,458 |
Municipal [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 97,290 | 106,599 |
Construction and land development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 13,628 | 18,931 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 761,625 | 763,807 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 292,340 | 247,345 |
Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 724 | $ 582 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | |||
Loans carried net of premiums | $ (364,000) | ||
Loans carried net of discounts | $ 46,000 | ||
Net deferred fee | 496,000 | 588,000 | |
Mortgage loans sold to others | 209,160,000 | 229,533,000 | |
Total recorded investment in impaired loans | 3,051,000 | 7,114,000 | $ 3,830,000 |
Loans held for sale | 0 | 0 | |
Mortgage servicing rights, net | 1,226,000 | 1,525,000 | |
Impaired loans | 2,775,000 | 6,581,000 | |
Specific reserves | $ 145,000 | $ 164,000 |
Loans - Composition of Nonaccru
Loans - Composition of Nonaccrual Loans and Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Loans on nonaccrual | $ 1,313 | $ 1,684 | $ 1,084 |
Loans 90 days past due and still accruing | 0 | 0 | 0 |
Impaired loans on nonaccrual included above | 296 | 254 | 304 |
Total recorded investment in impaired loans | 3,051 | 7,114 | 3,830 |
Average recorded investment of impaired loans | 5,491 | 5,608 | 3,661 |
Accruing troubled debt restructures | 2,559 | 2,749 | 3,526 |
Interest income not recorded on nonaccrual loans according to their original terms | 64 | 51 | 37 |
Interest income on nonaccrual loans actually recorded | 0 | 0 | 0 |
Interest income recognized on impaired loans | $ 196 | $ 182 | $ 140 |
Loans - Aggregate Amount of Loa
Loans - Aggregate Amount of Loans to Directors and Officers of Company and Their Associates (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Disclosure [Abstract] | |
Beginning balance | $ 5,825 |
Additions | 7,800 |
Repayments and Deletions | 1,078 |
Ending balance | $ 12,547 |
Allowance for Loan Losses - Ana
Allowance for Loan Losses - Analysis of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | ||||||||||
Allowance for loan losses, beginning of year | $ 26,255 | $ 24,406 | $ 26,255 | $ 24,406 | $ 23,075 | |||||
Loans charged-off | (833) | (390) | (389) | |||||||
Recoveries on loans previously charged-off | 1,771 | 449 | 434 | |||||||
Net recoveries (charge-offs) | 938 | 59 | 45 | |||||||
Provision charged to expense | $ 450 | $ 450 | $ 450 | $ 450 | $ 450 | $ 490 | $ 400 | 1,350 | 1,790 | 1,375 |
Reclassification to other liabilities | (89) | |||||||||
Allowance for loan losses, end of year | $ 28,543 | $ 26,255 | $ 28,543 | $ 26,255 | $ 24,406 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | $ 26,255 | $ 24,406 | $ 23,075 |
Charge-offs | (833) | (390) | (389) |
Recoveries | 1,771 | 449 | 434 |
Provision | 1,350 | 1,790 | |
Allowance for loan losses, end of year | 28,543 | 26,255 | 24,406 |
Amount of allowance for loan losses for loans deemed to be impaired | 145 | 164 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 28,398 | 26,091 | |
Loans: | |||
Total loans, net | 2,285,578 | 2,175,944 | |
Loans deemed to be impaired | 3,051 | 7,114 | 3,830 |
Loans not deemed to be impaired | 2,282,527 | 2,168,830 | |
Construction and Land Development [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 1,645 | 1,012 | |
Recoveries | 1,436 | ||
Provision | (1,989) | 633 | |
Allowance for loan losses, end of year | 1,092 | 1,645 | 1,012 |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,092 | 1,645 | |
Loans: | |||
Total loans, net | 13,628 | 18,931 | |
Loans not deemed to be impaired | 13,628 | 18,931 | |
Commercial and Industrial [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 9,651 | 6,972 | |
Charge-offs | (67) | (49) | |
Recoveries | 57 | 110 | |
Provision | 1,357 | 2,618 | |
Allowance for loan losses, end of year | 10,998 | 9,651 | 6,972 |
Amount of allowance for loan losses for loans deemed to be impaired | 54 | 7 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 10,944 | 9,644 | |
Loans: | |||
Total loans, net | 761,625 | 763,807 | |
Loans deemed to be impaired | 401 | 348 | |
Loans not deemed to be impaired | 761,224 | 763,459 | |
Municipal [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 1,720 | 1,612 | |
Provision | 118 | 108 | |
Allowance for loan losses, end of year | 1,838 | 1,720 | 1,612 |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,838 | 1,720 | |
Loans: | |||
Total loans, net | 97,290 | 106,599 | |
Loans not deemed to be impaired | 97,290 | 106,599 | |
Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 9,728 | 11,135 | |
Provision | 935 | (1,407) | |
Allowance for loan losses, end of year | 10,663 | 9,728 | 11,135 |
Amount of allowance for loan losses for loans deemed to be impaired | 91 | 99 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 10,572 | 9,629 | |
Loans: | |||
Total loans, net | 750,362 | 732,491 | |
Loans deemed to be impaired | 2,650 | 2,554 | |
Loans not deemed to be impaired | 747,712 | 729,937 | |
Residential Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 1,873 | 1,698 | |
Charge-offs | (450) | ||
Recoveries | 75 | 2 | |
Provision | 692 | 173 | |
Allowance for loan losses, end of year | 2,190 | 1,873 | 1,698 |
Amount of allowance for loan losses for loans deemed to be impaired | 58 | ||
Amount of allowance for loan losses for loans not deemed to be impaired | 2,190 | 1,815 | |
Loans: | |||
Total loans, net | 348,250 | 287,731 | |
Loans deemed to be impaired | 4,212 | ||
Loans not deemed to be impaired | 348,250 | 283,519 | |
Consumer [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 373 | 582 | |
Charge-offs | (316) | (341) | |
Recoveries | 203 | 255 | |
Provision | 105 | (123) | |
Allowance for loan losses, end of year | 365 | 373 | 582 |
Amount of allowance for loan losses for loans not deemed to be impaired | 365 | 373 | |
Loans: | |||
Total loans, net | 22,083 | 19,040 | |
Loans not deemed to be impaired | 22,083 | 19,040 | |
Home Equity [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 989 | 1,102 | |
Recoveries | 82 | ||
Provision | 122 | (195) | |
Allowance for loan losses, end of year | 1,111 | 989 | 1,102 |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,111 | 989 | |
Loans: | |||
Total loans, net | 292,340 | 247,345 | |
Loans not deemed to be impaired | 292,340 | 247,345 | |
Unallocated [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 276 | 293 | |
Provision | 10 | (17) | |
Allowance for loan losses, end of year | 286 | 276 | $ 293 |
Amount of allowance for loan losses for loans not deemed to be impaired | $ 286 | $ 276 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans by risk rating | ||
Financing Receivable, Net | $ 2,285,578 | $ 2,175,944 |
Construction and Land Development [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 13,628 | 18,931 |
Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 761,625 | 763,807 |
Municipal [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 97,290 | 106,599 |
Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 750,362 | 732,491 |
1-3 (Pass) [Member] | Construction and Land Development [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 13,628 | 18,931 |
1-3 (Pass) [Member] | Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 757,089 | 758,093 |
1-3 (Pass) [Member] | Municipal [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 97,290 | 106,599 |
1-3 (Pass) [Member] | Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 723,170 | 705,235 |
4 (Monitor) [Member] | Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 4,135 | 5,366 |
4 (Monitor) [Member] | Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 24,542 | 24,702 |
Impaired [Member] | Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 401 | 348 |
Impaired [Member] | Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | $ 2,650 | $ 2,554 |
Allowance for Loan Losses - L_2
Allowance for Loan Losses - Loans by Credit Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 1,071,577 | $ 1,074,923 |
Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 588,142 | 586,000 |
A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 331,458 | 331,788 |
Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 145,167 | 148,970 |
Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 6,810 | 8,165 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 663,719 | 674,504 |
Commercial and Industrial [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 491,247 | 478,905 |
Commercial and Industrial [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 172,472 | 195,599 |
Municipal [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 95,490 | 104,799 |
Municipal [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 54,105 | 62,029 |
Municipal [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 7,605 | 7,635 |
Municipal [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 26,970 | 26,970 |
Municipal [Member] | Ba2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 6,810 | 8,165 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 312,368 | 295,620 |
Commercial Real Estate [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 42,790 | 45,066 |
Commercial Real Estate [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 151,381 | 128,554 |
Commercial Real Estate [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 118,197 | $ 122,000 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | $ 4,647 | $ 5,642 | |
Non Accrual | 1,313 | 1,684 | $ 1,084 |
Total Past Due | 5,960 | 7,326 | |
Current Loans | 2,279,618 | 2,168,618 | |
Total loans, net | 2,285,578 | 2,175,944 | |
Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current Loans | 13,628 | 18,931 | |
Total loans, net | 13,628 | 18,931 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 187 | 65 | |
Non Accrual | 115 | 44 | |
Total Past Due | 302 | 109 | |
Current Loans | 761,323 | 763,698 | |
Total loans, net | 761,625 | 763,807 | |
Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current Loans | 97,290 | 106,599 | |
Total loans, net | 97,290 | 106,599 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 774 | 672 | |
Non Accrual | 190 | 215 | |
Total Past Due | 964 | 887 | |
Current Loans | 749,398 | 731,604 | |
Total loans, net | 750,362 | 732,491 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 2,554 | 4,282 | |
Non Accrual | 569 | 724 | |
Total Past Due | 3,123 | 5,006 | |
Current Loans | 345,127 | 282,725 | |
Total loans, net | 348,250 | 287,731 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 24 | 5 | |
Non Accrual | 14 | 6 | |
Total Past Due | 38 | 11 | |
Current Loans | 22,045 | 19,029 | |
Total loans, net | 22,083 | 19,040 | |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 1,108 | 618 | |
Non Accrual | 425 | 695 | |
Total Past Due | 1,533 | 1,313 | |
Current Loans | 290,807 | 246,032 | |
Total loans, net | $ 292,340 | $ 247,345 |
Allowance for Loan Losses - Inf
Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | $ 276 | $ 533 | |
With no required reserve recorded, Unpaid Balance Principal | 503 | 873 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 295 | 413 | |
With no required reserve recorded, Interest Income | 5 | 25 | |
With required reserve recorded, Carrying Value | 2,775 | 6,581 | |
With required reserve recorded, Unpaid Balance Principal | 2,890 | 6,582 | |
With required reserve recorded, Required Reserve | 145 | 164 | |
With required reserve recorded, Average Carrying Value Recognized | 5,196 | 5,195 | |
With required reserve recorded, Interest Income | 191 | 157 | |
Carrying Value | 3,051 | 7,114 | $ 3,830 |
Unpaid Balance Principal | 3,393 | 7,455 | |
With required reserve recorded, Required Reserve | 145 | 164 | |
Average Carrying Value Recognized | 5,491 | 5,608 | $ 3,661 |
Interest Income | 196 | 182 | |
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, Average Carrying Value Recognized | 43 | ||
Average Carrying Value Recognized | 43 | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | 87 | 113 | |
With no required reserve recorded, Unpaid Balance Principal | 291 | 325 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 46 | 54 | |
With no required reserve recorded, Interest Income | 5 | 4 | |
With required reserve recorded, Carrying Value | 314 | 235 | |
With required reserve recorded, Unpaid Balance Principal | 315 | 235 | |
With required reserve recorded, Required Reserve | 54 | 7 | |
With required reserve recorded, Average Carrying Value Recognized | 462 | 318 | |
With required reserve recorded, Interest Income | 13 | 12 | |
Carrying Value | 401 | 348 | |
Unpaid Balance Principal | 606 | 560 | |
With required reserve recorded, Required Reserve | 54 | 7 | |
Average Carrying Value Recognized | 508 | 372 | |
Interest Income | 18 | 16 | |
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 | 189 | 420 | |
With no required reserve recorded, Unpaid Balance Principal | 212 | 548 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 249 | 286 | |
With no required reserve recorded, Interest Income | 21 | ||
With required reserve recorded, Carrying Value | 2,461 | 2,134 | |
With required reserve recorded, Unpaid Balance Principal | 2,575 | 2,135 | |
With required reserve recorded, Required Reserve | 91 | 99 | |
With required reserve recorded, Average Carrying Value Recognized | 2,322 | 2,501 | |
With required reserve recorded, Interest Income | 97 | 72 | |
Carrying Value | 2,650 | 2,554 | |
Unpaid Balance Principal | 2,787 | 2,683 | |
With required reserve recorded, Required Reserve | 91 | 99 | |
Average Carrying Value Recognized | 2,571 | 2,787 | |
Interest Income | 97 | 93 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 73 | ||
With required reserve recorded, Carrying Value | 4,212 | ||
With required reserve recorded, Unpaid Balance Principal | 4,212 | ||
With required reserve recorded, Required Reserve | 58 | ||
With required reserve recorded, Average Carrying Value Recognized | 2,412 | 2,333 | |
With required reserve recorded, Interest Income | 81 | 73 | |
Carrying Value | 4,212 | ||
Unpaid Balance Principal | 4,212 | ||
With required reserve recorded, Required Reserve | 58 | ||
Average Carrying Value Recognized | 2,412 | 2,406 | |
Interest Income | 81 | 73 | |
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 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Mar. 31, 2018ContractsContract | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for Loan and Lease Losses, Write-offs | $ 833,000 | $ 390,000 | $ 389,000 | ||
Transfer Of Loans To Other Real Estate Owned | $ 2,225,000 | 2,225,000 | |||
Residential Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Number of troubled debt restructurings | Contracts | 1 | ||||
Pre-modification outstanding recorded investment | 2,675,000 | ||||
Post-modification outstanding recorded investment | 2,675,000 | ||||
Allowance for Loan and Lease Losses, Write-offs | 450,000 | ||||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Number of troubled debt restructurings | Contract | 1 | ||||
Pre-modification outstanding recorded investment | 17,000 | ||||
Post-modification outstanding recorded investment | $ 17,000 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Schedule of Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 68,271 | $ 64,696 |
Accumulated depreciation and amortization | (44,350) | (41,169) |
Total | 23,921 | 23,527 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 3,850 | 3,850 |
Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 21,659 | 21,055 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 30,088 | 27,117 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 12,674 | $ 12,674 |
Minimum [Member] | Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 30 years | |
Minimum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 30 years | |
Maximum [Member] | Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 39 years | |
Maximum [Member] | Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 39 years |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Lease expense | $ 2,601,000 | $ 2,608,000 | $ 2,834,000 |
Lease rental income | $ 373,000 | 321,000 | 318,000 |
Operating lease premises and equipment lease expiration year, maximum | 2028 | ||
Depreciation of leased property | $ 3,206,000 | 3,135,000 | 2,952,000 |
Marshall M Sloane [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease expense | $ 444,000 | $ 439,000 | $ 424,000 |
Bank Premises and Equipment -_2
Bank Premises and Equipment - Summary of Future Minimum Rental Commitments for Non-Cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2019 | $ 2,490 |
2020 | 2,170 |
2021 | 1,694 |
2022 | 1,331 |
2023 | 1,104 |
Thereafter | 1,074 |
Future minimum rental commitments for non-cancelable operating leases, total | $ 9,863 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets - Carrying Amount of Goodwill and Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets And Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 2,714 | $ 2,714 | $ 2,714 |
Total, Beginning Balance | 4,239 | 4,343 | |
Additions | 276 | ||
Amortization Expense | (299) | (380) | |
Total, Ending Balance | 3,940 | 4,239 | |
Mortgage Servicing Rights [Member] | |||
Intangible Assets And Goodwill [Line Items] | |||
Beginning Balance | 1,525 | 1,629 | |
Additions | 276 | ||
Amortization Expense | (299) | (380) | |
Ending Balance | $ 1,226 | $ 1,525 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 336,759 | $ 395,830 |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 248,031 | 313,230 |
Other Real Estate Owned | 0 | |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 88,728 | 82,600 |
Other Real Estate Owned | 2,225 | |
Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans | 251 | 246 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 1,992 | 1,984 |
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 | 1,992 | 1,984 |
U.S. Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,915 | |
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 | 3,915 | |
SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 70,194 | 80,950 |
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 | 70,194 | 80,950 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 162,890 | 225,775 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 162,890 | |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 672 | 892 |
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 | 672 | 892 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 93,503 | 82,600 |
Obligations Issued by States and Political Subdivisions [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,775 | |
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 | 88,728 | 82,600 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,593 | 3,629 |
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 | 3,593 | 3,629 |
Equity Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities | 293 | 321 |
Equity Securities [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities | 1,303 | 1,342 |
Mortgage Backed Securitie [Member] | Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 225,775 | |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 336,759 | 395,830 |
Other Real Estate Owned | 2,225 | |
Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans | 251 | 246 |
Carrying Value [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 1,992 | 1,984 |
Carrying Value [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,915 | |
Carrying Value [Member] | SBA Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 70,194 | 80,950 |
Carrying Value [Member] | U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 162,890 | |
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 | 672 | 892 |
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 | 93,503 | 82,600 |
Carrying Value [Member] | Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,593 | 3,629 |
Carrying Value [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Instruments Measured at Fair Value on a Recurring Basis Equity Securities | $ 1,596 | 1,663 |
Carrying Value [Member] | Mortgage Backed Securitie [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 225,775 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Specific adjustments to impaired loans recognized | $ 540,000 | $ 3,000 |
Amortized cost of Level 3 securities | 1,635,000 | 1,616,000 |
Liabilities measured at fair value on a recurring or nonrecurring basis | 0 | 0 |
Transfers between level 1, 2 and 3 | 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 | 88,728,000 | 82,849,000 |
Unrealized loss | $ 0 | $ 249,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Securities AFS [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Fair Value | $ 88,728 | $ 82,600 |
Valuation Technique | Discounted cash flow | Discounted cash flow |
Unobservable Input | Discount rate | Discount rate |
Impaired Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Fair Value | $ 251 | $ 246 |
Valuation Technique | Appraisal of collateral | Appraisal of collateral |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Other Real Estate Owned [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Fair Value | $ 2,225 | |
Valuation Technique | Appraisal of collateral | |
Unobservable Input | Appraisal adjustments | |
Unobservable Input Value or Range | 30.00% | |
Minimum [Member] | Securities AFS [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Securities AFS, Unobservable Input Value or Range | 2.1 | 1 |
Minimum [Member] | Impaired Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Impaired Loans, Unobservable Input Value or Range | 0 | 0 |
Maximum [Member] | Securities AFS [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Securities AFS, Unobservable Input Value or Range | 4.1 | 3.5 |
Maximum [Member] | Impaired Loans [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Impaired Loans, Unobservable Input Value or Range | 30 | 30 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 82,600 | $ 164,876 |
Purchases | 132,470 | 99,136 |
Maturities/redemptions | (121,753) | (181,394) |
Transfer to Level 2 | (4,459) | |
Amortization | (130) | (179) |
Changes in fair value | 0 | 161 |
Ending Balance | 88,728 | 82,600 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 4,459 | 4,298 |
Transfer to Level 2 | (4,459) | |
Changes in fair value | 161 | |
Ending Balance | 4,459 | |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 78,141 | 160,578 |
Purchases | 132,470 | 99,136 |
Maturities/redemptions | (121,753) | (181,394) |
Amortization | (130) | (179) |
Ending Balance | $ 88,728 | $ 78,141 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Municipal [Member] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Securities maturity period | one year or less |
Deposits - Summary of Remaining
Deposits - Summary of Remaining Maturities or Re-pricing of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities of Time Deposits [Abstract] | ||
Within one year | $ 413,297 | $ 436,911 |
Over one year to two years | 88,815 | 121,802 |
Over two years to three years | 39,924 | 30,098 |
Over three years to five years | 18,543 | 36,550 |
Time Deposits, Total | $ 560,579 | $ 625,361 |
Within one year, Percent | 74.00% | 70.00% |
Over one year to two years, Percent | 16.00% | 19.00% |
Over two years to three years, Percent | 7.00% | 5.00% |
Over three years to five years, Percent | 3.00% | 6.00% |
Total, Percent | 100.00% | 100.00% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Time deposits 250000 or more | $ 293,046,000 | $ 345,183,000 |
Deposits to related parties | $ 36,794,000 | $ 35,667,000 |
Securities Sold under Agreeme_3
Securities Sold under Agreements to Repurchase - Summary of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |||
Amount outstanding at December 31 | $ 154,240,000 | $ 158,990,000 | $ 182,280,000 |
Weighted average rate at December 31 | 0.82% | 0.32% | 0.21% |
Maximum amount outstanding at any month end | $ 174,150,000 | $ 228,848,000 | $ 241,110,000 |
Daily average balance outstanding during the year | $ 147,944,000 | $ 189,684,000 | $ 222,956,000 |
Weighted average rate during the year | 0.66% | 0.26% | 0.21% |
Securities Sold under Agreeme_4
Securities Sold under Agreements to Repurchase - Additional Information (Detail) - U.S. Government Sponsored Enterprises [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
U.S. Government Sponsored Enterprise securities with a total amortized cost | $ 160,576,000 | $ 162,927,000 | $ 183,829,000 |
Fair value of the collateral repurchase agreement | $ 156,369,000 | $ 159,051,000 | $ 182,074,000 |
Other Borrowed Funds and Subo_3
Other Borrowed Funds and Subordinated Debentures - Summary of Other Borrowed Funds and Subordinated Debentures (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Amount outstanding at December 31 | $ 238,461,000 | $ 383,861,000 | $ 329,083,000 |
Weighted average rate at December 31 | 2.76% | 2.26% | 2.39% |
Maximum amount outstanding at any month end | $ 542,913,000 | $ 491,583,000 | $ 467,083,000 |
Daily average balance outstanding during the year | $ 291,674,000 | $ 309,102,000 | $ 357,974,000 |
Weighted average rate during the year | 2.61% | 2.42% | 2.48% |
Other Borrowed Funds and Subo_4
Other Borrowed Funds and Subordinated Debentures - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2004 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
FHLBB advances | $ 40,000,000 | $ 20,000,000 | $ 45,000,000 | |
Subordinated debt securities issued | 36,083,000 | $ 36,083,000 | ||
Century Bancorp Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt securities issued | $ 36,083,000 | |||
Subordinated debt securities due year | 2034 | |||
Federal Home Loan Bank Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Bank's remaining term borrowing capacity at the FHLBB | 508,861,000 | |||
Line of credit with the FHLBB | $ 14,500,000 | |||
Subordinated Debt [Member] | Century Bancorp Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Liquidation value of shares of cumulative trust preferred securities | $ 1,000 | |||
LIBOR rate | three-month LIBOR rate plus 1.87% for the remaining 20 years | |||
LIBOR rate trust preferred securities | 1.87% | |||
Duration of LIBOR rate | 20 years | |||
Investment coupon rate | 4.66% | 3.46% | ||
Other Borrowed Funds [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal funds purchased | $ 0 | $ 0 | ||
Cumulative Preferred Stock Subject to Mandatory Redemption [Member] | Subordinated Debt [Member] | Century Bancorp Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Shares of cumulative trust preferred securities | 35,000 | |||
Trust preferred securities annual dividend rate | 6.65% |
Other Borrowed Funds and Subo_5
Other Borrowed Funds and Subordinated Debentures - Schedule of the Maturity Distribution of FHLBB Advances with the Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |||
Within one year | $ 63,000 | $ 164,500 | $ 77,500 |
Over one year to two years | 28,000 | 63,000 | 54,500 |
Over two years to three years | 25,000 | 28,000 | 58,000 |
Over three years to five years | 33,500 | 28,500 | 58,000 |
Over five years | 52,878 | 63,778 | 45,000 |
Federal Home Loan Bank, Advances, Total | $ 202,378 | $ 347,778 | $ 293,000 |
Within one year, Weighted Average Rate | 2.17% | 1.82% | 2.21% |
Over one year to two years, Weighted Average Rate | 2.29% | 2.17% | 2.25% |
Over two years to three years, Weighted Average Rate | 3.34% | 2.29% | 1.87% |
Over three years to five years, Weighted Average Rate | 2.23% | 3.19% | 2.68% |
Over five years, Weighted Average Rate | 2.47% | 2.38% | 2.85% |
Weighted Average Rate, Total | 2.42% | 2.13% | 2.34% |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gains on sales of securities | $ 302 | $ 47 | $ 64 | ||||||||
Provision for income taxes | $ (309) | $ (444) | $ (314) | $ (501) | $ (9,645) | $ (617) | $ (552) | $ (144) | (1,568) | (10,958) | 362 |
Net income | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 25 | $ 8,023 | $ 8,157 | $ 6,096 | 36,213 | 22,301 | 24,534 |
Salaries and employee benefits | (42,710) | (40,517) | $ (38,516) | ||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gains on sales of securities | 302 | 47 | |||||||||
Provision for income taxes | (85) | (19) | |||||||||
Net income | 217 | 28 | |||||||||
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 | (1,477) | (2,292) | |||||||||
Provision for income taxes | 391 | 1,258 | |||||||||
Net income | (1,086) | (1,034) | |||||||||
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 | (14) | (10) | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Actuarial Gains (Losses) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Salaries and employee benefits | (1,610) | (1,540) | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Amortization of Defined Benefit Pension Items [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income before taxes | (1,624) | (1,550) | |||||||||
Provision for income taxes | 457 | 619 | |||||||||
Net income | $ (1,167) | $ (931) |
Earnings per Share ("EPS") - Ad
Earnings per Share ("EPS") - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Minimum [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | ||
Class A Common Stock [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Number of Stock options outstanding | 0 | 0 | 0 |
Class A Common Stock [Member] | Minimum [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% |
Earnings Per Share ("EPS") - Re
Earnings Per Share ("EPS") - Reconciliation of Basic EPS and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 25 | $ 8,023 | $ 8,157 | $ 6,096 | $ 36,213 | $ 22,301 | $ 24,534 |
Class A Common Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 28,479 | $ 17,526 | $ 19,270 | ||||||||
Weighted average shares outstanding, basic | 3,608,329 | 3,608,329 | 3,608,029 | 3,608,029 | 3,605,829 | 3,605,829 | 3,603,729 | 3,600,729 | 3,608,179 | 3,604,029 | 3,600,729 |
Basic earnings per share | $ 2.16 | $ 2.09 | $ 1.96 | $ 1.68 | $ 0.01 | $ 1.75 | $ 1.78 | $ 1.33 | $ 7.89 | $ 4.86 | $ 5.35 |
Net income | $ 28,479 | $ 17,526 | $ 19,270 | ||||||||
Weighted average shares outstanding, diluted | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 |
Diluted earnings per share | $ 1.78 | $ 1.72 | $ 1.62 | $ 1.38 | $ 1.44 | $ 1.47 | $ 1.09 | $ 6.50 | $ 4.01 | $ 4.41 | |
Class B Common Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 7,734 | $ 4,775 | $ 5,264 | ||||||||
Weighted average shares outstanding, basic | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,962,080 | 1,962,080 | 1,964,180 | 1,967,180 | 1,959,730 | 1,963,880 | 1,967,180 |
Basic earnings per share | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 0.87 | $ 0.89 | $ 0.66 | $ 3.95 | $ 2.43 | $ 2.68 | |
Net income | $ 7,734 | $ 4,775 | $ 5,264 | ||||||||
Weighted average shares outstanding, diluted | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,962,080 | 1,962,080 | 1,964,180 | 1,967,180 | 1,959,730 | 1,963,880 | 1,967,180 |
Diluted earnings per share | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 0.87 | $ 0.89 | $ 0.66 | $ 3.95 | $ 2.43 | $ 2.68 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option Plan [Member] | ||
Class of Stock [Line Items] | ||
Number of outstanding options | 0 | 0 |
Minimum [Member] | ||
Class of Stock [Line Items] | ||
Class A common stock entitled dividend per share percent in comparison to Class B common stock | 200.00% | |
Minimum [Member] | Stock Option Plan [Member] | ||
Class of Stock [Line Items] | ||
Share based compensation of option price based on fair value | 85.00% | |
Maximum [Member] | Stock Option Plan [Member] | ||
Class of Stock [Line Items] | ||
Share based compensation number of share authorized | 150,000 | |
Stock option exercisable period | 10 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of the Bank's Actual Capital Amounts and Ratios (Detail) - Century Bancorp Capital Trust II [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 364,744 | $ 329,666 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 336,201 | 303,411 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 336,201 | 303,411 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | $ 336,201 | $ 303,411 |
Total Capital (to Risk-Weighted Assets), Ratio | 13.24% | 12.70% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 12.21% | 11.69% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Ratio | 12.21% | 11.69% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 6.68% | 6.55% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | $ 220,335 | $ 207,707 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 165,251 | 155,780 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 123,938 | 116,835 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | $ 201,228 | $ 185,199 |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 4.50% | 4.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital (to Risk-Weighted Assets), Well Capitalized Amount | $ 275,419 | $ 259,633 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 220,335 | 207,707 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 179,022 | 168,762 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $ 251,535 | $ 231,499 |
Total Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Ratio | 5.00% | 5.00% |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of the Company's Actual Capital Amounts and Ratios (Detail) - Company [Member] - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 377,359 | $ 341,033 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 348,816 | 314,778 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 313,816 | 279,778 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | $ 348,816 | $ 314,778 |
Total Capital (to Risk-Weighted Assets), Ratio | 13.62% | 13.05% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 12.59% | 12.05% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Ratio | 11.32% | 10.71% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 6.91% | 6.78% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | $ 221,690 | $ 209,049 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 166,268 | 156,787 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 124,701 | 117,590 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | $ 201,913 | $ 185,657 |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Ratio | 4.50% | 4.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital (to Risk-Weighted Assets), Well Capitalized Amount | $ 277,113 | $ 261,312 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 221,690 | 209,049 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 180,123 | 169,853 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $ 252,391 | $ 232,072 |
Total Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Ratio | 5.00% | 5.00% |
Income Taxes - Summary of Curre
Income Taxes - Summary of Current and Deferred Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current expense: | |||||||||||
Federal | $ 2,637 | $ 3,628 | $ 3,875 | ||||||||
State | 697 | 412 | 439 | ||||||||
Total current expense | 3,334 | 4,040 | 4,314 | ||||||||
Deferred (benefit) expense: | |||||||||||
Federal | (1,238) | 6,496 | (4,450) | ||||||||
State | (528) | 422 | (334) | ||||||||
Valuation Allowance | 108 | ||||||||||
Total deferred (benefit) expense | (1,766) | 6,918 | (4,676) | ||||||||
Provision for income taxes | $ 309 | $ 444 | $ 314 | $ 501 | $ 9,645 | $ 617 | $ 552 | $ 144 | $ 1,568 | $ 10,958 | $ (362) |
Income Taxes - Income Tax Accou
Income Taxes - Income Tax Accounts Included in Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Currently receivable | $ 13,194 | $ 15,940 |
Deferred income tax asset, net | 20,321 | 20,892 |
Total | $ 33,515 | $ 36,832 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences between Income Tax (Benefit) Expense at the Statutory Federal Income Tax Rate and Total Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income tax expense at statutory rates | $ 7,934 | $ 11,308 | $ 8,218 | ||||||||
State income tax, net of federal income tax benefit | 134 | 550 | 69 | ||||||||
Insurance income | (176) | (371) | (406) | ||||||||
Effect of tax-exempt interest | (6,510) | (8,683) | (8,259) | ||||||||
Net tax credit | (349) | (341) | (395) | ||||||||
Valuation Allowance | 108 | ||||||||||
Deferred tax remeasurement | 8,448 | ||||||||||
Other | 535 | 47 | 303 | ||||||||
Provision for income taxes | $ 309 | $ 444 | $ 314 | $ 501 | $ 9,645 | $ 617 | $ 552 | $ 144 | $ 1,568 | $ 10,958 | $ (362) |
Effective tax rate | 4.15% | 32.95% | (1.50%) |
Income Taxes - Gross Deferred I
Income Taxes - Gross Deferred Income Tax Assets and Gross Deferred Income Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets: | ||
Allowance for loan losses | $ 8,058 | $ 7,855 |
Deferred compensation | 8,184 | 7,555 |
Pension and SERP liability | 6,506 | 8,436 |
Unrealized losses on securities transferred to held-to-maturity | 912 | 1,303 |
Depreciation | 908 | 631 |
Accrued bonus | 717 | |
Charitable contributions carryforward | 389 | 442 |
Acquisition premium | 17 | |
Nonaccrual interest | 109 | 97 |
Limited partnerships | 19 | 21 |
Investments write down | 17 | 17 |
Other | 145 | 173 |
Gross deferred income tax asset | 25,964 | 26,547 |
Valuation allowance | (108) | (108) |
Gross deferred income tax asset, net of valuation allowance | 25,856 | 26,439 |
Deferred income tax liabilities: | ||
Pension liability | (4,436) | (4,403) |
Deferred origination costs | (524) | (481) |
Prepaid expenses | (228) | (248) |
Mortgage servicing rights | (345) | (429) |
Unrealized (gains) losses on securities available-for-sale | (2) | 14 |
Gross deferred income tax liability | (5,535) | (5,547) |
Deferred income tax asset net | $ 20,321 | $ 20,892 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Valuation allowance on charitable contribution carryforward | $ 108,000 | ||
Federal tax rate | 21.00% | 34.00% | |
Additional tax expense recorded | $ 3,800,000 | $ 8,448,000 | |
Alternative minimum tax credit | $ 13,415,000 | ||
Income Taxes Receivable | $ 7,853,000 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Charitable contribution carryforward period | 3 years | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Charitable contribution carryforward period | 4 years |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits expected to be paid in 2019 | $ 1,548,000 | ||
Benefits expected to be paid in 2020 | 1,697,000 | ||
Benefits expected to be paid in 2021 | 1,886,000 | ||
Benefits expected to be paid in 2022 | 1,985,000 | ||
Benefits expected to be paid in 2023 | 2,081,000 | ||
Aggregate benefits expected to paid | $ 12,525,000 | ||
Voluntary contribution of employees | 33.30% | ||
Contributions matched by compensation contribution | 6.00% | ||
Voluntary contribution of employees, amount | $ 454,000 | $ 445,000 | $ 418,000 |
Discretionary bonus expense | 2,355,000 | $ 1,859,000 | 1,418,000 |
Change in Assumptions for Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Decrease in periodic plan cost | $ 859,000 | ||
Decrease in the projected benefit obligations | 6,800,000 | ||
Supplemental Insurance/ Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits expected to be paid in 2019 | 2,423,000 | ||
Benefits expected to be paid in 2020 | 2,470,000 | ||
Benefits expected to be paid in 2021 | 2,377,000 | ||
Benefits expected to be paid in 2022 | 2,425,000 | ||
Benefits expected to be paid in 2023 | 2,661,000 | ||
Aggregate benefits expected to paid | $ 16,532,000 | ||
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 40.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 64.00% | ||
Fixed Income Funds [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 15.00% | ||
Fixed Income Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 25.00% | ||
Hedge Funds [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 25.00% | ||
Hedge Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 41.00% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value of Plan Assets and Major Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 100.00% | 100.00% |
Total, fair value of plan assets | $ 44,437 | $ 48,422 |
Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 47.30% | 40.00% |
Total, fair value of plan assets | $ 21,039 | $ 19,387 |
Fair Value Measurements, Level 1 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | 21,039 | 19,387 |
Fair Value Measurements, Level 1 Inputs [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | $ 21,039 | $ 19,387 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 52.70% | 60.00% |
Total, fair value of plan assets | $ 23,398 | $ 29,035 |
Fair Value Measured at Net Asset Value Per Share [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | $ 21,039 | $ 19,387 |
Collective Funds [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 5.60% | 3.60% |
Total, fair value of plan assets | $ 2,504 | $ 1,741 |
Collective Funds [Member] | Fair Value Measurements, Level 1 Inputs [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | 2,504 | 1,741 |
Collective Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | $ 2,504 | $ 1,741 |
Equity Securities [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 10.90% | 10.70% |
Total, fair value of plan assets | $ 4,863 | $ 5,195 |
Equity Securities [Member] | Fair Value Measurements, Level 1 Inputs [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | 4,863 | 5,195 |
Equity Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | $ 4,863 | $ 5,195 |
Diversified [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 30.70% | 17.80% |
Total, fair value of plan assets | $ 13,612 | $ 8,615 |
Diversified [Member] | Fair Value Measurements, Level 1 Inputs [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | 13,612 | 8,615 |
Diversified [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | $ 13,612 | $ 8,615 |
Short-Term Investments [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 0.10% | 7.90% |
Total, fair value of plan assets | $ 60 | $ 3,836 |
Short-Term Investments [Member] | Fair Value Measurements, Level 1 Inputs [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | 60 | 3,836 |
Short-Term Investments [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | $ 60 | $ 3,836 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Investments Measured Using Net Asset Value Per Share Practical Expedient (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 100.00% | 100.00% |
Investments, Fair Value | $ 44,437 | $ 48,422 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 52.70% | 60.00% |
Investments, Fair Value | $ 23,398 | $ 29,035 |
Collective Funds [Member] | Equity [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 20.80% | 31.60% |
Investments, Fair Value | $ 9,204 | $ 15,304 |
Collective Funds [Member] | Diversified [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 0.00% | 0.70% |
Investments, Fair Value | $ 344 | |
Collective Funds [Member] | US Debt Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 12.10% | 9.40% |
Investments, Fair Value | $ 5,386 | $ 4,569 |
Collective Funds [Member] | International Equities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 9.70% | 9.10% |
Investments, Fair Value | $ 4,311 | $ 4,419 |
Limited Partnerships [Member] | Emerging Markets [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 2.90% | 2.80% |
Investments, Fair Value | $ 1,289 | $ 1,353 |
Limited Partnerships [Member] | Multi-strategy [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 1.90% | 1.50% |
Investments, Fair Value | $ 826 | $ 705 |
Hedge Funds [Member] | Multi-strategy [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 3.60% | 3.50% |
Investments, Fair Value | $ 1,593 | $ 1,674 |
Hedge Funds [Member] | Global Opportunities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 0.30% | 0.70% |
Investments, Fair Value | $ 150 | $ 345 |
Hedge Funds [Member] | Private Investment Entities and/or Separately Managed Accounts [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 1.40% | 0.70% |
Investments, Fair Value | $ 639 | $ 322 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets | ||
Fair value of plan assets at beginning of year | $ 48,422 | |
Fair value of plan assets at end of year | 44,437 | $ 48,422 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Total recognized in other comprehensive income | 16,350 | 18,117 |
Defined Benefit Pension Plan [Member] | ||
Change projected in benefit obligation | ||
Benefit obligation at beginning of year | 47,065 | 42,255 |
Service cost | 1,411 | 1,241 |
Interest cost | 1,481 | 1,450 |
Actuarial (gain)/loss | (8,263) | 3,456 |
Benefits paid | (1,185) | (1,337) |
Projected benefit obligation at end of year | 40,509 | 47,065 |
Change in plan assets | ||
Fair value of plan assets at beginning of year | 48,422 | 37,447 |
Actual return on plan assets | (2,800) | 5,312 |
Employer contributions | 0 | 7,000 |
Benefits paid | (1,185) | (1,337) |
Fair value of plan assets at end of year | 44,437 | 48,422 |
(Unfunded) Funded status | 3,928 | 1,357 |
Accumulated benefit obligation | $ 40,509 | $ 47,065 |
Weighted-average assumptions as of December 31 | ||
Discount rate - Liability | 4.76% | 3.49% |
Discount rate - Expense | 3.49% | 3.99% |
Expected return on plan assets | 8.00% | 8.00% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ||
Service cost | $ 1,411 | $ 1,241 |
Interest cost | 1,481 | 1,450 |
Expected return on plan assets | (3,813) | (2,985) |
Recognized prior service cost | (100) | (104) |
Recognized net losses | 904 | 903 |
Net periodic cost (benefit) | (117) | 505 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Amortization of prior service cost | 100 | 104 |
Net (gain) loss | (2,554) | 409 |
Total recognized in other comprehensive income | (2,454) | 513 |
Total recognized in net periodic benefit cost and other comprehensive income | (2,571) | 1,018 |
Supplemental Insurance/ Retirement Plan [Member] | ||
Change projected in benefit obligation | ||
Benefit obligation at beginning of year | 42,579 | 38,610 |
Service cost | 1,107 | 1,582 |
Interest cost | 1,386 | 1,382 |
Actuarial (gain)/loss | (3,591) | 2,087 |
Benefits paid | (1,076) | (1,082) |
Projected benefit obligation at end of year | 40,405 | 42,579 |
Change in plan assets | ||
Benefits paid | (1,076) | (1,082) |
(Unfunded) Funded status | (40,405) | (42,579) |
Accumulated benefit obligation | $ 36,984 | $ 40,375 |
Weighted-average assumptions as of December 31 | ||
Discount rate - Liability | 4.79% | 3.42% |
Discount rate - Expense | 3.42% | 3.85% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ||
Service cost | $ 1,107 | $ 1,582 |
Interest cost | 1,386 | 1,382 |
Recognized prior service cost | 114 | 114 |
Recognized net losses | 706 | 636 |
Net periodic cost (benefit) | 3,313 | 3,714 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Amortization of prior service cost | (114) | (114) |
Net (gain) loss | (4,298) | 1,752 |
Total recognized in other comprehensive income | (4,412) | 1,638 |
Total recognized in net periodic benefit cost and other comprehensive income | $ (1,099) | $ 5,352 |
Employee Benefits - Summary of
Employee Benefits - Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | $ (421) | $ (435) | |
Net actuarial loss | (22,724) | (29,576) | |
Total | (23,145) | (30,011) | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (100) | (104) | |
Net actuarial loss | 8,263 | (3,456) | |
Total | (40,509) | (47,065) | $ (42,255) |
Defined Benefit Pension Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 100 | ||
Net actuarial loss | (11,854) | (14,408) | |
Total | (11,854) | (14,308) | |
Supplemental Insurance/ Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 114 | 114 | |
Net actuarial loss | 3,591 | (2,087) | |
Total | (40,405) | (42,579) | $ (38,610) |
Supplemental Insurance/ Retirement Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (421) | (535) | |
Net actuarial loss | (10,870) | (15,168) | |
Total | $ (11,291) | $ (15,703) |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Accumulated Other Comprehensive Loss Expected to be Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of loss to be recognized in 2019 | $ (3,770) | $ 2,315 | $ 297 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of loss to be recognized in 2019 | 916 | ||
Supplemental Insurance/ Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost to be recognized in 2019 | 114 | ||
Amortization of loss to be recognized in 2019 | $ 435 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance-Sheet Risk - Summary of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 4,258 | $ 5,520 |
Commitments to Originate 1-4 Family Mortgages [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 5,075 | 5,748 |
Unused Lines of Credit [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 553,045 | 434,618 |
Unadvanced Portions of Construction Loans [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 28,746 | 15,152 |
Unadvanced Portions of Other Loans [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 20,305 | $ 35,602 |
Other Operating Expenses - Summ
Other Operating Expenses - Summary of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Marketing | $ 2,346 | $ 2,315 | $ 2,185 |
Software maintenance/amortization | 2,002 | 1,859 | 1,863 |
Legal and audit | 1,444 | 1,543 | 1,255 |
Contributions | 1,077 | 993 | 789 |
Processing services | 1,740 | 1,160 | 1,040 |
Consulting | 1,464 | 1,199 | 1,168 |
Postage and delivery | 1,021 | 966 | 987 |
Supplies | 987 | 945 | 948 |
Telephone | 946 | 1,020 | 1,032 |
Directors' fees | 438 | 440 | 413 |
Insurance | 420 | 308 | 323 |
Pension | 678 | 1,396 | 1,532 |
Other | 1,725 | 1,845 | 1,812 |
Total | $ 16,288 | $ 15,989 | $ 15,347 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Carrying Amount and Fair Value of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Securities held-to-maturity | $ 2,046,647 | $ 1,701,233 |
Loans | 2,257,035 | 2,149,689 |
Financial liabilities: | ||
Time deposits | 560,579 | 625,361 |
Other borrowed funds | 202,378 | 347,778 |
Subordinated debentures | 36,083 | 36,083 |
Carrying Value [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 2,046,647 | 1,701,233 |
Loans | 2,257,035 | 2,149,689 |
Financial liabilities: | ||
Time deposits | 560,579 | 625,361 |
Other borrowed funds | 202,378 | 347,778 |
Subordinated debentures | 36,083 | 36,083 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,991,421 | 1,668,827 |
Loans | 2,279,712 | 2,094,517 |
Financial liabilities: | ||
Time deposits | 559,988 | 627,517 |
Other borrowed funds | 203,122 | 349,364 |
Subordinated debentures | 36,083 | 36,083 |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Financial assets: | ||
Securities held-to-maturity | 1,991,421 | 1,668,827 |
Financial liabilities: | ||
Time deposits | 559,988 | 627,517 |
Other borrowed funds | 203,122 | 349,364 |
Subordinated debentures | 36,083 | 36,083 |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Financial assets: | ||
Loans | $ 2,279,712 | $ 2,094,517 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Revenue from Contracts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net interest income | $ 23,705 | $ 23,204 | $ 23,199 | $ 22,468 | $ 21,702 | $ 21,353 | $ 22,105 | $ 20,456 | $ 92,576 | $ 85,616 | $ 74,082 |
Noninterest income: | |||||||||||
Service charges on deposit accounts | 8,560 | 8,586 | 7,907 | ||||||||
Lockbox fees | 3,274 | 3,290 | 3,164 | ||||||||
Brokerage commissions | 348 | 353 | 315 | ||||||||
Net gains on sales of securities | 302 | 47 | 64 | ||||||||
Gains on sales of mortgage loans | 370 | 1,331 | |||||||||
Other income | 3,764 | 3,906 | 3,441 | ||||||||
Total noninterest income | $ 4,164 | $ 4,169 | $ 3,722 | $ 4,193 | $ 4,410 | $ 3,942 | $ 4,291 | $ 3,909 | 16,248 | 16,552 | 16,222 |
ASU 2014-09 [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net interest income | 92,576 | 85,616 | 74,082 | ||||||||
Noninterest income: | |||||||||||
Service charges on deposit accounts | 8,560 | 8,586 | 7,907 | ||||||||
Lockbox fees | 3,274 | 3,290 | 3,164 | ||||||||
Brokerage commissions | 348 | 353 | 315 | ||||||||
Net gains on sales of securities | 302 | 47 | 64 | ||||||||
Gains on sales of mortgage loans | 370 | 1,331 | |||||||||
Other income | 3,764 | 3,906 | 3,441 | ||||||||
Total noninterest income | 16,248 | 16,552 | 16,222 | ||||||||
Total revenues | 108,824 | 102,168 | 90,304 | ||||||||
ASU 2014-09 [Member] | Revenue Guidance Contracts in Scope of Topic 606 [Member] | |||||||||||
Noninterest income: | |||||||||||
Service charges on deposit accounts | 8,560 | 8,586 | 7,907 | ||||||||
Lockbox fees | 3,274 | 3,290 | 3,164 | ||||||||
Other income | 2,536 | 2,429 | 1,966 | ||||||||
Total noninterest income | 14,370 | 14,305 | 13,037 | ||||||||
Total revenues | $ 14,370 | $ 14,305 | $ 13,037 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Information about Receivables with Customers (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Receivables, which are included in "Other assets" | $ 1,205 | $ 1,009 | $ 340 |
Quarterly Results of Operatio_3
Quarterly Results of Operations - Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information [Line Items] | |||||||||||
Interest income | $ 37,453 | $ 34,765 | $ 33,408 | $ 31,430 | $ 29,470 | $ 28,521 | $ 28,806 | $ 26,639 | $ 137,056 | $ 113,436 | $ 96,699 |
Interest expense | 13,748 | 11,561 | 10,209 | 8,962 | 7,768 | 7,168 | 6,701 | 6,183 | 44,480 | 27,820 | 22,617 |
Net interest income | 23,705 | 23,204 | 23,199 | 22,468 | 21,702 | 21,353 | 22,105 | 20,456 | 92,576 | 85,616 | 74,082 |
Provision for loan losses | 450 | 450 | 450 | 450 | 450 | 490 | 400 | 1,350 | 1,790 | 1,375 | |
Net interest income after provision for loan losses | 23,255 | 23,204 | 22,749 | 22,018 | 21,252 | 20,903 | 21,615 | 20,056 | 91,226 | 83,826 | 72,707 |
Other operating income | 4,164 | 4,169 | 3,722 | 4,193 | 4,410 | 3,942 | 4,291 | 3,909 | 16,248 | 16,552 | 16,222 |
Operating expenses | 17,185 | 17,348 | 17,159 | 18,001 | 15,992 | 16,205 | 17,197 | 17,725 | 69,693 | 67,119 | 64,757 |
Income before income taxes | 10,234 | 10,025 | 9,312 | 8,210 | 9,670 | 8,640 | 8,709 | 6,240 | 37,781 | 33,259 | 24,172 |
Provision for income taxes | 309 | 444 | 314 | 501 | 9,645 | 617 | 552 | 144 | 1,568 | 10,958 | (362) |
Net income | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 25 | $ 8,023 | $ 8,157 | $ 6,096 | $ 36,213 | $ 22,301 | $ 24,534 |
Class A Common Stock [Member] | |||||||||||
Share data: | |||||||||||
Average shares outstanding, basic | 3,608,329 | 3,608,329 | 3,608,029 | 3,608,029 | 3,605,829 | 3,605,829 | 3,603,729 | 3,600,729 | 3,608,179 | 3,604,029 | 3,600,729 |
Average shares outstanding, diluted | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 | 5,567,909 |
Earnings per share, basic | $ 2.16 | $ 2.09 | $ 1.96 | $ 1.68 | $ 0.01 | $ 1.75 | $ 1.78 | $ 1.33 | $ 7.89 | $ 4.86 | $ 5.35 |
Earnings per share, diluted | $ 1.78 | $ 1.72 | $ 1.62 | $ 1.38 | $ 1.44 | $ 1.47 | $ 1.09 | $ 6.50 | $ 4.01 | $ 4.41 | |
Class B Common Stock [Member] | |||||||||||
Share data: | |||||||||||
Average shares outstanding, basic | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,962,080 | 1,962,080 | 1,964,180 | 1,967,180 | 1,959,730 | 1,963,880 | 1,967,180 |
Average shares outstanding, diluted | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,962,080 | 1,962,080 | 1,964,180 | 1,967,180 | 1,959,730 | 1,963,880 | 1,967,180 |
Earnings per share, basic | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 0.87 | $ 0.89 | $ 0.66 | $ 3.95 | $ 2.43 | $ 2.68 | |
Earnings per share, diluted | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 0.87 | $ 0.89 | $ 0.66 | $ 3.95 | $ 2.43 | $ 2.68 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Balance Sheets of Parent Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||||
Cash | $ 89,540 | $ 77,199 | ||
Other assets | 123,094 | 124,242 | ||
Total assets | 5,163,935 | 4,785,572 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Liabilities | 4,863,496 | 4,525,275 | ||
Subordinated debentures | 36,083 | 36,083 | ||
Stockholders' equity | 300,439 | 260,297 | $ 240,041 | $ 214,544 |
Total liabilities and stockholders' equity | 5,163,935 | 4,785,572 | ||
Century Bancorp, Inc. [Member] | ||||
ASSETS: | ||||
Cash | 1,263 | 1,981 | ||
Investment in subsidiary, at equity | 322,775 | 283,881 | ||
Other assets | 16,991 | 16,833 | ||
Total assets | 341,029 | 302,695 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Liabilities | 4,507 | 6,315 | ||
Subordinated debentures | 36,083 | 36,083 | ||
Stockholders' equity | 300,439 | 260,297 | ||
Total liabilities and stockholders' equity | $ 341,029 | $ 302,695 |
Parent Company Financial Stat_4
Parent Company Financial Statements - Statements of Income of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income: | |||||||||||
Other income | $ 3,764 | $ 3,906 | $ 3,441 | ||||||||
Total interest income | $ 37,453 | $ 34,765 | $ 33,408 | $ 31,430 | $ 29,470 | $ 28,521 | $ 28,806 | $ 26,639 | 137,056 | 113,436 | 96,699 |
Interest expense | 13,748 | 11,561 | 10,209 | 8,962 | 7,768 | 7,168 | 6,701 | 6,183 | 44,480 | 27,820 | 22,617 |
Operating expenses | 17,185 | 17,348 | 17,159 | 18,001 | 15,992 | 16,205 | 17,197 | 17,725 | 69,693 | 67,119 | 64,757 |
Income before income taxes | 10,234 | 10,025 | 9,312 | 8,210 | 9,670 | 8,640 | 8,709 | 6,240 | 37,781 | 33,259 | 24,172 |
Benefit from income taxes | 309 | 444 | 314 | 501 | 9,645 | 617 | 552 | 144 | 1,568 | 10,958 | (362) |
Net income | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 25 | $ 8,023 | $ 8,157 | $ 6,096 | 36,213 | 22,301 | 24,534 |
Century Bancorp, Inc. [Member] | |||||||||||
Income: | |||||||||||
Dividends from subsidiary | 4,750 | 2,500 | 2,000 | ||||||||
Interest income from deposits in bank | 1 | 3 | |||||||||
Other income | 53 | 34 | 28 | ||||||||
Total interest income | 4,803 | 2,535 | 2,031 | ||||||||
Interest expense | 1,474 | 1,121 | 937 | ||||||||
Operating expenses | 225 | 209 | 220 | ||||||||
Income before income taxes | 3,104 | 1,205 | 874 | ||||||||
Benefit from income taxes | (347) | (440) | (383) | ||||||||
Income before equity in undistributed income of subsidiary | 3,451 | 1,645 | 1,257 | ||||||||
Equity in undistributed income of subsidiary | 32,762 | 20,656 | 23,277 | ||||||||
Net income | $ 36,213 | $ 22,301 | $ 24,534 |
Parent Company Financial Stat_5
Parent Company Financial Statements - Statements of Cash Flows of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 25 | $ 8,023 | $ 8,157 | $ 6,096 | $ 36,213 | $ 22,301 | $ 24,534 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Increase in other assets | 2,326 | (16,310) | (2,953) | ||||||||
Net cash provided by operating activities | 40,788 | 21,586 | 22,006 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Cash dividends paid | (2,203) | (2,200) | (2,201) | ||||||||
Net cash provided by financing activities | 337,644 | 293,037 | 485,387 | ||||||||
Century Bancorp, Inc. [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | 36,213 | 22,301 | 24,534 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Undistributed income of subsidiary | (32,762) | (20,656) | (23,277) | ||||||||
Increase in other assets | (158) | (6,498) | (1,527) | ||||||||
(Decrease) increase in liabilities | (1,808) | 6,266 | 9 | ||||||||
Net cash provided by operating activities | 1,485 | 1,413 | (261) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Cash dividends paid | (2,203) | (2,200) | (2,201) | ||||||||
Net cash provided by financing activities | (2,203) | (2,200) | (2,201) | ||||||||
Net (decrease) increase in cash and cash equivalents | (718) | (787) | (2,462) | ||||||||
Cash and cash equivalents at beginning of year | $ 1,981 | $ 2,768 | 1,981 | 2,768 | 5,230 | ||||||
Cash and cash equivalents at end of year | $ 1,263 | $ 1,981 | $ 1,263 | $ 1,981 | $ 2,768 |