Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 29, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | CNBKA | ||
Entity Central Index Key | 0000812348 | ||
Entity Registrant Name | CENTURY BANCORP INC | ||
Entity Public Float | $ 319,749,083 | ||
Entity Shell Company | false | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, State or Province | MA | ||
Title of 12(b) Security | Class A Common Stock | ||
Security Exchange Name | NASDAQ | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,652,349 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,915,560 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks (Note 2) | $ 44,420 | $ 89,540 |
Federal funds sold and interest-bearing deposits in other banks | 214,273 | 252,963 |
Total cash and cash equivalents | 258,693 | 342,503 |
Securities available-for-sale, amortized cost $260,924 in 2019 and $336,751 in 2018 (Notes 3, 9 and 11) | 260,502 | 336,759 |
Securities held-to-maturity, fair value $2,361,304 in 2019 and $1,991,421 in 2018 (Notes 4 and 11) | 2,351,120 | 2,046,647 |
Federal Home Loan Bank of Boston, stock at cost | 19,471 | 17,974 |
Equity securities, amortized cost $1,635 in 2019 and $1,635 in 2018, respectively | 1,688 | 1,596 |
Loans, net: | ||
Loans, net (Note 5) | 2,426,119 | 2,285,578 |
Less: allowance for loan losses (Note 6) | 29,585 | 28,543 |
Net loans | 2,396,534 | 2,257,035 |
Bank premises and equipment (Note 7) | 33,952 | 23,921 |
Accrued interest receivable | 13,110 | 14,406 |
Other assets (Notes 5, 6, 8, 16, 23) | 157,354 | 123,094 |
Total assets | 5,492,424 | 5,163,935 |
Deposits: | ||
Demand deposits | 712,842 | 813,478 |
Savings and NOW deposits | 1,678,250 | 1,707,019 |
Money market accounts | 1,453,572 | 1,325,888 |
Time deposits (Note 10) | 555,447 | 560,579 |
Total deposits | 4,400,111 | 4,406,964 |
Securities sold under agreements to repurchase (Note 11) | 266,045 | 154,240 |
Other borrowed funds (Note 12) | 370,955 | 202,378 |
Subordinated debentures (Note 12) | 36,083 | 36,083 |
Other liabilities | 86,649 | 63,831 |
Total liabilities | 5,159,843 | 4,863,496 |
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 | 338,980 | 301,488 |
Stockholders' equity before adjustment of accumulated other comprehensive income (loss) | 356,840 | 319,348 |
Unrealized (losses) gains on securities available-for-sale, net of taxes | (308) | 6 |
Unrealized losses on securities transferred to held-to-maturity, net of taxes | (1,812) | (2,565) |
Pension liability, net of taxes | (22,139) | (16,350) |
Total accumulated other comprehensive loss, net of taxes (Notes 3 and 13) | (24,259) | (18,909) |
Total stockholders' equity | 332,581 | 300,439 |
Total liabilities and stockholders' equity | 5,492,424 | 5,163,935 |
Class A Common Stock [Member] | ||
Stockholders' equity (Note 15): | ||
Common stock value | 3,651 | 3,608 |
Total stockholders' equity | 3,651 | 3,608 |
Class B Common Stock [Member] | ||
Stockholders' equity (Note 15): | ||
Common stock value | 1,917 | 1,960 |
Total stockholders' equity | $ 1,917 | $ 1,960 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized cost | $ 260,924 | $ 336,751 |
Held-to-maturity securities, fair value | 2,361,304 | 1,991,421 |
Equity securities, amortized cost | $ 1,635 | $ 1,635 |
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 | 3,650,949 | 3,608,329 |
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 | 1,916,960 | 1,959,580 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTEREST INCOME | |||
Loans, taxable | $ 54,720 | $ 46,615 | $ 39,103 |
Loans, non-taxable | 33,167 | 31,936 | 26,910 |
Securities available-for-sale, taxable | 7,125 | 6,748 | 4,987 |
Securities available-for-sale, non-taxable | 1,087 | 1,587 | 1,119 |
Federal Home Loan Bank of Boston dividends | 953 | 1,116 | 872 |
Securities held-to-maturity | 58,036 | 45,556 | 38,348 |
Federal funds sold, interest-bearing deposits in other banks and short-term investments | 4,051 | 3,498 | 2,097 |
Total interest income | 159,139 | 137,056 | 113,436 |
INTEREST EXPENSE | |||
Savings and NOW deposits | 21,183 | 11,757 | 6,296 |
Money market accounts | 21,170 | 13,922 | 5,626 |
Time deposits | 11,804 | 10,208 | 7,919 |
Securities sold under agreements to repurchase | 2,347 | 976 | 496 |
Other borrowed funds and subordinated debentures | 6,846 | 7,617 | 7,483 |
Total interest expense | 63,350 | 44,480 | 27,820 |
Net interest income | 95,789 | 92,576 | 85,616 |
Provision for loan losses (Note 6) | 1,250 | 1,350 | 1,790 |
Net interest income after provision for loan losses | 94,539 | 91,226 | 83,826 |
OTHER OPERATING INCOME | |||
Service charges on deposit accounts | 9,220 | 8,560 | 8,586 |
Lockbox fees | 3,973 | 3,274 | 3,290 |
Brokerage commissions | 277 | 348 | 353 |
Net gains on sales of securities | 61 | 302 | 47 |
Gains on sales of mortgage loans | 412 | 370 | |
Other income | 4,456 | 3,764 | 3,906 |
Total other operating income | 18,399 | 16,248 | 16,552 |
OPERATING EXPENSES | |||
Salaries and employee benefits (Note 17) | 44,014 | 42,710 | 40,517 |
Occupancy | 6,246 | 6,092 | 6,140 |
Equipment | 3,238 | 3,132 | 2,892 |
FDIC assessments | 729 | 1,471 | 1,581 |
Other (Note 20) | 17,902 | 16,288 | 15,989 |
Total operating expenses | 72,129 | 69,693 | 67,119 |
Income before income taxes | 40,809 | 37,781 | 33,259 |
Provision for income taxes (Note 16) | 1,110 | 1,568 | 10,958 |
Net income | $ 39,699 | $ 36,213 | $ 22,301 |
Class A Common Stock [Member] | |||
SHARE DATA (Note 14) | |||
Weighted average number of shares outstanding, basic | 3,633,044 | 3,608,179 | 3,604,029 |
Weighted average number of shares outstanding, diluted | 5,567,909 | 5,567,909 | 5,567,909 |
Basic earnings per share | $ 8.63 | $ 7.89 | $ 4.86 |
Diluted earnings per share | $ 7.13 | $ 6.50 | $ 4.01 |
Class B Common Stock [Member] | |||
SHARE DATA (Note 14) | |||
Weighted average number of shares outstanding, basic | 1,934,865 | 1,959,730 | 1,963,880 |
Weighted average number of shares outstanding, diluted | 1,934,865 | 1,959,730 | 1,963,880 |
Basic earnings per share | $ 4.31 | $ 3.95 | $ 2.43 |
Diluted earnings per share | $ 4.31 | $ 3.95 | $ 2.43 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 39,699 | $ 36,213 | $ 22,301 |
Unrealized (losses) gains on securities: | |||
Unrealized holding (losses) gains arising during period | (270) | 326 | 533 |
Less: reclassification adjustment for gains included in net income | (44) | (217) | (28) |
Total unrealized (losses) gains on securities | (314) | 109 | 505 |
Accretion of net unrealized losses transferred during period | 753 | 1,086 | 1,034 |
Defined benefit pension plans: | |||
Amortization of prior service cost and loss included in net periodic benefit cost | 1,053 | 1,167 | 931 |
Pension liability adjustment: | |||
Net (loss) gain | (6,842) | 3,770 | (2,315) |
Total pension liability adjustment | (5,789) | 4,937 | (1,384) |
Other comprehensive (loss) income | (5,350) | 6,132 | 155 |
Comprehensive income (loss) | $ 34,349 | $ 42,345 | $ 22,456 |
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, 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) | $ (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) | (1,732) | (471) | ||||
Ending balance at Dec. 31, 2018 | 300,439 | 3,608 | 1,960 | 12,292 | 301,488 | (18,909) | ||
Net income | 39,699 | 39,699 | ||||||
Other comprehensive income, net of tax: | ||||||||
Unrealized holding gains arising during period, net of taxes | (314) | (314) | ||||||
Accretion of net unrealized losses transferred during the period, net of taxes | 753 | 753 | ||||||
Pension liability adjustment, net of taxes | (5,789) | (5,789) | ||||||
Conversion of Class B Common Stock to Class A Common Stock | 43 | (43) | ||||||
Cash dividends | (1,742) | (465) | $ (1,742) | $ (465) | ||||
Ending balance at Dec. 31, 2019 | $ 332,581 | $ 3,651 | $ 1,917 | $ 12,292 | $ 338,980 | $ (24,259) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized holding gains arising during period, taxes | $ 116 | $ 16 | $ 331 |
Realized net gains | 61 | 302 | 47 |
Accretion of net unrealized losses transferred during the period, taxes | 269 | 391 | 1,258 |
Pension liability adjustment, taxes | $ 2,263 | $ 1,930 | $ 286 |
Class A Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 42,620,000 | 2,500,000 | 5,100,000 |
Cash dividends, per share | $ 0.48 | $ 0.48 | $ 0.48 |
Class B Common Stock [Member] | |||
Conversion of Class B Common Stock to Class A Common Stock, shares | 42,620,000 | 2,500,000 | 5,100,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 39,699 | $ 36,213 | $ 22,301 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
Gain on sales of mortgage loans | (412) | (370) | |
Gain on sale of fixed assets | (11) | ||
Net loss on other real estate owned | 79 | ||
Net gains on sales of securities | (61) | (302) | (47) |
Net (gain) loss on equity securities | (92) | 67 | |
Provision for loan losses | 1,250 | 1,350 | 1,790 |
Deferred tax (expense) benefit | (2,135) | (1,766) | 6,918 |
Net depreciation and amortization | (2,382) | 885 | 3,047 |
Decrease (increase) in accrued interest receivable | 1,296 | (3,227) | (1,534) |
(Increase) decrease in other assets | 8,532 | 2,326 | (16,310) |
Increase in other liabilities | 2,075 | 5,242 | 5,802 |
Net cash provided by operating activities | 47,849 | 40,788 | 21,586 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities of short-term investments | 5,284 | ||
Purchase of short-term investments | (2,101) | ||
Proceeds from redemptions of Federal Home Loan Bank of Boston stock | 14,380 | 18,388 | 10,127 |
Purchase of Federal Home Loan Bank of Boston stock | (15,877) | (14,583) | (10,864) |
Proceeds from calls/maturities of securities available-for-sale | 144,739 | 215,406 | 259,388 |
Proceeds from sales of securities available-for-sale | 16,285 | 27,517 | 18,180 |
Purchase of securities available-for-sale | (85,123) | (183,588) | (175,147) |
Proceeds from calls/maturities of securities held-to-maturity | 458,915 | 234,741 | 293,221 |
Purchase of securities held-to-maturity | (757,997) | (576,140) | (337,773) |
Proceeds from sales of securities held-to-maturity | 1,193 | ||
Proceeds from life insurance policies | 5,461 | 375 | 115 |
Proceeds from sales of portfolio loans | 22,120 | 26,701 | |
Net increase in loans | (162,415) | (110,874) | (278,242) |
Bank owned life insurance purchases | (33,664) | ||
Proceeds from sales of other real estate owned | 2,146 | ||
Proceeds from sales of fixed assets | 11 | ||
Capital expenditures | (13,144) | (3,601) | (3,244) |
Net cash used in investing activities | (402,981) | (392,359) | (194,344) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net (decrease) increase in time deposit accounts | (5,132) | (64,782) | 147,002 |
Net decrease (increase) in demand, savings, money market and NOW deposits | (1,721) | 554,779 | 116,747 |
Cash dividends | (2,207) | (2,203) | (2,200) |
Net increase (decrease) in securities sold under agreements to repurchase | 111,805 | (4,750) | (23,290) |
Net increase (decrease) in other borrowed funds | 168,577 | (145,400) | 54,778 |
Net cash provided by financing activities | 271,322 | 337,644 | 293,037 |
Net (decrease) increase in cash and cash equivalents | (83,810) | (13,927) | 120,279 |
Cash and cash equivalents at beginning of period | 342,503 | 356,430 | 236,151 |
Cash and cash equivalents at end of period | 258,693 | 342,503 | 356,430 |
Cash paid (received) during the period for: | |||
Interest | 63,345 | 44,289 | 27,731 |
Income tax refunds | (6,504) | ||
Income taxes | 590 | 5,330 | |
Change in unrealized losses on securities available-for-sale, net of taxes | (314) | 109 | 505 |
Change in unrealized losses on securities transferred to held-to-maturity, net of taxes | 753 | 1,086 | 1,034 |
Pension liability adjustment, net of taxes | $ (5,789) | 4,937 | $ (1,384) |
Transfer of loans to other real estate owned | $ 2,225 |
Summary of Significant Accounti
Summary of Significant AccountingPolicies | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 S 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 has been paid. This may be due either to prepayments on the debt security or to scheduled payments on the debt security that is payable in equal installments over its term. For variable rate securities, the scheduled payments need not be equal. 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, 2019, 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 Loans are stated at the principal amount outstanding, net of amounts charged off, unamortized premiums or discounts, and deferred loan fees or costs. 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 . 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, No. 03-3, ASC 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- 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 , 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 for all share-based payments. The Company’s method of valuation for share-based awards granted utilizes the Black-Scholes option-pricing model. The Company will recognize compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options to purchase shares of Class A common stock outstanding at December 31, 2019. The Company uses the fair value method to account for stock options. There were no options granted during 2019 and 2018. 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, 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 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. Prior to December 31, 2018, the Company utilized 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. Effective December 31, 2018, the discount rate is 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. LEASING A right-of-use For real estate leases, lease components and non-lease non-interest RECENT ACCOUNTING DEVELOPMENTS Recently Adopted Accounting Standards Updates In March 2017, the FASB issued ASU 2017-08, 310-20) In February 2016, the FASB issued ASU 2016-02, In July 2018, ASU 2018-10, 2018-10”) 2016-02. 2018-11, 2018-11”) Securities and Exchange Commission (SEC) R 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, 2019 | |
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, 2019, and $0 at December 31, 2018. |
Securities Available-for-Sale
Securities Available-for-Sale | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Securities Available-for-Sale | 3. Securities Available-for-Sale December 31, 2019 December 31, 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ 2,000 $ — $ 8 $ 1,992 U. S. Government Sponsored Enterprises — — — — 3,946 — 31 3,915 SBA Backed Securities 54,331 23 143 54,211 70,477 1 284 70,194 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 184,580 139 532 184,187 162,604 536 250 162,890 Privately Issued Residential Mortgage-Backed Securities 397 1 2 396 679 3 10 672 Obligations Issued by States and Political Subdivisions 18,016 60 — 18,076 93,445 58 — 93,503 Other Debt Securities 3,600 51 19 3,632 3,600 37 44 3,593 Total $ 260,924 $ 274 $ 696 $ 260,502 $ 336,751 $ 635 $ 627 $ 336,759 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 $186,245,000 and $197,304,000 at December 31, 2019 and 2018, 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 (dollars in thousands) Within one year $ 18,417 $ 18,476 After one but within five years 113,192 112,935 After five but within ten years 124,489 124,274 More than ten years 4,826 4,817 Total $ 260,924 $ 260,502 The weighted average remaining life of investment securities available-for-sale As of December 31, 2019 and December 31, 2018, 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 . 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, 2019 and December 31, 2018. 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 Temporarily Impaired Investments December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises — — — — — — SBA Backed Securities 14,560 30 22,092 113 36,652 143 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 108,806 379 29,178 153 137,984 532 Privately Issued Residential Mortgage-Backed Securities 252 2 — — 252 2 Obligations Issued by States and Political Subdivisions — — — — — — Other Debt Securities 800 1 481 18 1,281 19 Total temporarily impaired securities $ 124,418 $ 412 $ 51,751 $ 284 $ 176,169 $ 696 The following table shows the temporarily impaired securities of the Company’s available-for-sale Temporarily Impaired Investments December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair 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 |
Investment Securities Held-to-M
Investment Securities Held-to-Maturity | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Investment Securities Held-to-Maturity | 4. Investment Securities Held-to-Maturity December 31, 2019 December 31, 2018 Amortized Gross Gross Estimated Fair Amortized Gross Gross Estimated Fair (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ 9,960 $ — $ 2 $ 9,958 U.S. Government Sponsored Enterprises 98,867 527 96 99,298 234,228 336 803 233,761 SBA Backed Securities 44,379 182 303 44,258 52,051 — 2,065 49,986 U.S. Government Sponsored Enterprises Mortgage-Backed Securities 2,207,874 20,720 10,846 2,217,748 1,750,408 2,324 55,016 1,697,716 Total $ 2,351,120 $ 21,429 $ 11,245 $ 2,361,304 $ 2,046,647 $ 2,660 $ 57,886 $ 1,991,421 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 $1,776,399,000 and $1,441,059,000 at December 31, 2019, and 2018, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank at fair value amounting to $399,646,000 and $291,190,000 at December 31, 2019, and 2018, respectively. The Company realized gains on sales of securities of $48,000 from the proceeds of sales of held-to-maturity held-to-maturity The Company did not realize any gains of sales of securities for the year ending December 31, 2018 and 2017. At December 31, 2019 and 2018, 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 (dollars in thousands) Within one year $ 73,576 $ 73,841 After one but within five years 1,891,043 1,900,050 After five but within ten years 374,071 374,688 More than ten years 12,430 12,725 Total $ 2,351,120 $ 2,361,304 The weighted average remaining life of investment securities held-to-maturity As of December 31, 2019 and December 31, 2018, 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, 2019 and December 31, 2018. 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 Temporarily Impaired Investments December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises 24,420 72 9,976 24 34,396 96 SBA Backed Securities 25,251 303 — — 25,251 303 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 613,905 3,949 389,919 6,897 1,003,824 10,846 Total temporarily impaired securities $ 663,576 $ 4,324 $ 399,895 $ 6,921 $ 1,063,471 $ 11,245 The following table shows the temporarily impaired securities of the Company’s held-to-maturity Temporarily Impaired Investments December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (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 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 (dollars in thousands) Construction and land development $ 8,992 $ 13,628 Commercial and industrial 812,417 761,625 Municipal 120,455 97,290 Commercial real estate 786,102 750,362 Residential real estate 371,897 348,250 Consumer 21,071 21,359 Home equity 304,363 292,340 Overdrafts 822 724 Total $ 2,426,119 $ 2,285,578 At December 31, 2019, and December 31, 2018, loans were carried net of (premiums) discounts of $(292,000) and $(364,000), respectively. Net deferred fees included in loans at December 31, 2019, and December 31, 2018, were $220,000 and $496,000, respectively. The Company was servicing mortgage loans sold to others without recourse of approximately $204,690,000 and $209,160,000 at December 31, 2019, and December 31, 2018, respectively. The Company had no residential real estate loans held for sale at December 31, 2019 and December 31, 2018. The Company’s mortgage servicing rights totaled $1,202,000 and $1,226,000 at December 31, 2019 and December 31, 2018, respectively. As of December 31, 2019, and 2018, the Company’s recorded investment in impaired loans was $3,252,000 and $3,051,000, 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, 2019, there were $2,322,000 of of 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, 2019 2018 2017 (dollars in thousands) Loans on nonaccrual $ 2,014 $ 1,313 $ 1,684 Loans 90 days past due and still accruing — — — Impaired loans on nonaccrual included above — 296 254 Total recorded investment in impaired loans 3,252 3,051 7,114 Average recorded investment of impaired loans 3,161 5,491 5,608 Accruing troubled debt restructures 2,361 2,559 2,749 Interest income not recorded on nonaccrual loans according to their original terms 67 64 51 Interest income on nonaccrual loans actually recorded — — — Interest income recognized on impaired loans 103 196 182 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 2019. Balance at December 31, 2018 Additions Repayments Balance at (dollars in thousands) $ 12,547 $ 706 $ 1,222 $ 12,031 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017 is as follows: 2019 2018 2017 (dollars in thousands) Allowance for loan losses, beginning of year $ 28,543 $ 26,255 $ 24,406 Loans charged-off (454 ) (833 ) (390 ) Recoveries on loans previously charged-off 246 1,771 449 Net recoveries (charge-offs) (208 ) 938 59 Provision charged to expense 1,250 1,350 1,790 Allowance for loan losses, end of year $ 29,585 $ 28,543 $ 26,255 Further information pertaining to the allowance for loan losses at December 31, 2019 follows: Construction Commercial Municipal Commercial Residential Consumer Home Equity Unallocated Total (dollars in thousands) Allowance for Loan Losses: Ending balance at December 31 , 2018 $ 1,092 $ 10,998 $ 1,838 $ 10,663 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,543 Charge-offs — (137 ) — — — (295 ) (22 ) — (454 ) Recoveries — 60 — — — 186 — — 246 Provision (761 ) 675 728 801 4 56 (24 ) (229 ) 1,250 Ending balance at December 31 , 2019 $ 331 $ 11,596 $ 2,566 $ 11,464 $ 2,194 $ 312 $ 1,065 $ 57 $ 29,585 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 15 $ — $ 87 $ — $ — $ — $ — $ 102 Amount of allowance for loan losses for loans not deemed to be impaired $ 331 $ 11,581 $ 2,566 $ 11,377 $ 2,194 $ 312 $ 1,065 $ 57 $ 29,483 Loans: Ending balance $ 8,992 $ 812,417 $ 120,455 $ 786,102 $ 371,897 $ 21,893 $ 304,363 $ — $ 2,426,119 Loans deemed to be impaired $ — $ 906 $ — $ 2,346 $ — $ — $ — $ — $ 3,252 Loans not deemed to be impaired $ 8,992 $ 811,511 $ 120,455 $ 783,756 $ 371,897 $ 21,893 $ 304,363 $ — $ 2,422,867 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 CREDIT QUALITY INFORMATION The Company utilizes a six-grade Loans rated 1-3 Loans rated 4 (Monitor)— T 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, 2019. 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, 2019 and are doubtful for full collection. Impaired— I The following table presents the Company’s loans by risk rating at December 31, 2019. Construction Commercial and Industrial Municipal Commercial (dollars in thousands) Grade: 1-3 $ 8,992 $ 807,486 $ 120,455 $759,402 4 (Monitor) — 4,025 — 24,354 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 906 — 2,346 Total $ 8,992 $ 812,417 $ 120,455 $786,102 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, 2019. Commercial and Industrial Municipal Commercial Real Estate Total ( dollars Credit Rating: Aaa-Aa3 $ 523,644 $ 53,273 $ 40,437 $ 617,354 A1-A3 186,044 7,354 148,346 341,744 Baa1-Baa3 — 51,133 144,711 195,844 Ba 1 — 5,895 — 5,895 Total $ 709,688 $ 117,655 $ 333,494 $ 1,160,837 The following table presents the Company’s loans by risk rating at December 31, 2018. Construction Commercial Municipal Commercial E (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 credit rating at December 31, 2018. Commercial Municipal Commercial Total ( dollars 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 Ba 1 — 6,810 — 6,810 Total $ 663,719 $ 95,490 $ 312,368 $ 1,071,577 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, 2019 the aging of past due loans are as follows: Accruing 30-89 Days Non Accruing 90 Total Past Current Total (dollars in thousands) Construction and land development $ — $ — $ — $ — $ 8,992 $ 8,992 Commercial and industrial 227 400 — 627 811,790 812,417 Municipal — — — — 120,455 120,455 Commercial real estate 840 492 — 1,332 784,770 786,102 Residential real estate 1,563 683 — 2,246 369,651 371,897 Consumer and overdrafts 18 4 — 22 21,871 21,893 Home equity 603 435 — 1,038 303,325 304,363 Total $ 3,251 $ 2,014 $ — $ 5,265 $ 2,420,854 $ 2,426,119 At December 31, 2018 the aging of past due loans are as follows: Accruing 30-89 Days Non Accruing 90 Total Past 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 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, 2019: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 770 976 — 138 6 Municipal — — — — — Commercial real estate 160 189 — 445 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 930 $ 1,165 $ — $ 583 $ 6 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 136 137 15 264 7 Municipal — — — — — Commercial real estate 2,186 2,306 87 2,314 90 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,322 $ 2,443 $ 102 $ 2,578 $ 97 Total Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 906 1,113 15 402 13 Municipal — — — — — Commercial real estate 2,346 2,495 87 2,759 90 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 3,252 $ 3,608 $ 102 $ 3,161 $ 103 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 Troubled Debt Restructurings are identified as a modification in which a concession was granted to a customer who was having financial difficulties. This concession may be below market rate, longer amortization/term, or a lower payment amount. The present value calculation of the modification did not result in an increase in the allowance for these loans beyond any previously established allocations. There was one commercial and industrial loan that was modified during the first quarter of 2019. The loan was modified by reducing the interest rates as well as extending the term on the loan. The pre-modification 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 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | 7. Bank Premises and Equipment December 31, 2019 2018 Estimated Useful Life (dollars in thousands) Land $ 7,246 $ 3,850 — Bank premises 28,175 21,659 30-39 years Furniture and equipment 33,259 30,088 3-10 Leasehold improvements 12,674 12,674 30-39 years or lease term 81,354 68,271 Accumulated depreciation and amortization (47,402 ) (44,350 ) Total $ 33,952 $ 23,921 Depreciation and amortization amounted to $3,235,000, $3,206,000 , , . |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | 8. Goodwill and Identifiable Intangible Assets At December 31, 2019 and 2018, 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, 2019 and 2018 are shown in the table below. Carrying Amount of Goodwill and Intangibles Goodwill Mortgage Servicing Total (dollars in thousands) 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 Additions — 237 237 Amortization Expense — (261 ) (261 ) Balance at December 31, 2019 $ 2,714 $ 1,202 $ 3,916 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The Company follows FASB ASC 820-10, 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 derivative instruments. Level II—Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments which are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and OTC derivatives. Level III—These instruments have little to no pricing observability as of the reported date. These financial instruments do not have two-way non-investment The results of the fair value hierarchy as of December 31, 2019, are as follows: Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis Securities AFS U.S. Treasury $ — $ — $ — $ — U.S. Government Agency Sponsored Enterprises — — — — SBA Backed Securities 54,211 — 54,211 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 184,187 — 184,187 — Privately Issued Residential Mortgage-Backed Securities 396 — 396 — Obligations Issued by States and Political Subdivisions 18,076 — 4,775 13,301 Other Debt Securities 3,632 — 3,632 — Total $ 260,502 $ — $ 247,201 $ 13,301 Equity Securities $ 1,688 $ 343 $ 1,345 $ — Financial Instruments Measured at Fair Value on a Non-recurring Impaired Loans $ 877 $ — $ — $ 877 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 2019 for the estimated credit loss amounted to $79,000. There were no transfers between level 1, 2 and 3 for the year ended December 31, 2019. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the year ended December 31, 2019. 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, 2019. 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) $ Discounted cash flow Discount rate 1.5%-3.2% (2) Impaired Loans 877 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, 2019 are as shown in the table below: Auction Rate Obligations Total (dollars in thousands) Balance at December 31, 2018 $ — $ 88,728 $ 88,728 Purchases — 21,408 21,408 Maturities/redemptions — (96,812 ) (96,812 ) Transfer to Level 2 — — — Amortization — (23 ) (23 ) Change in fair value — — — Balance at December 31, 2019 $ — $ 13,301 $ 13,301 The amortized cost of Level 3 securities was $13,301,000 with an unrealized loss of $0 at December 31, 2019. 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, 2018, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant Significant (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 Equity Securities $ 1,596 $ 293 $ 1,303 $ — Financial Instruments Measured at Fair Value on a Non-recurring $ 251 $ — $ — $ 251 Other Real Estate Owned $ 2,225 $ — $ — $ 2,225 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% 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, 2018 are as shown in the table below: Auction Rate Obligations 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. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | 10. Deposits The following is a summary of remaining maturities or re-pricing 2019 Percent 2018 Percent (dollars in thousands) Within one year $ 383,497 69 % $ 413,297 74 % Over one year to two years 123,016 22 % 88,815 16 % Over two years to three years 27,223 5 % 39,924 7 % Over three years to five years 21,711 4 % 18,543 3 % Total $ 555,447 100 % $ 560,579 100 % Time deposits of more than $250,000 totaled $342,809,000 and $293,046,000 in 2019 and 2018, respectively. Deposits totaling $34,964,000 and $36,794,000 were attributable to related parties at December 31, 2019 and December 31, 2018, respectively. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 (dollars in thousands) Amount outstanding at December 31 $ 266,045 $ 154,240 $ 158,990 Weighted average rate at December 31 0.96 % 0.82 % 0.32 % Maximum amount outstanding at any month end $ 307,235 $ 174,150 $ 228,848 Daily average balance outstanding during the year $ 224,361 $ 147,944 $ 189,684 Weighted average rate during the year 1.05 % 0.66 % 0.26 % Amounts outstanding at December 31, 2019, 2018 and 2017 carried maturity dates of the next business day. U.S. Government Sponsored Enterprise securities with a total amortized cost of $264,737,000, $160,576,000, and $162,927,000 were pledged as collateral and held by custodians to secure the agreements at December 31, 2019, 2018 and 2017, respectively. The approximate fair value of the collateral at those dates was $265,687,000, $156,369,000, and $159,051,000, respectively. |
Other Borrowed Funds and Subord
Other Borrowed Funds and Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 (dollars in thousands) Amount outstanding at December 31 $ 407,038 $ 238,461 $ 383,861 Weighted average rate at December 31 2.37 % 2.76 % 2.26 % Maximum amount outstanding at any month end $ 487,502 $ 542,913 $ 491,583 Daily average balance outstanding during the year $ 231,926 $ 291,674 $ 309,102 Weighted average rate during the year 2.95 % 2.61 % 2.42 % 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, 2019, was approximately $245,138,000. 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: 2019 2018 2017 December 31, Amount Weighted Amount Weighted Amount Weighted (dollars in thousands) Within one year $ 218,000 1.86 % $ 63,000 2.17 % $ 164,500 1.82 % Over one year to two years $ 42,500 2.58 % $ 28,000 2.29 % $ 63,000 2.17 % Over two years to three years $ 3,500 2.15 % $ 25,000 3.34 % $ 28,000 2.29 % Over three years to five years $ 70,000 2.85 % $ 33,500 2.23 % $ 28,500 3.19 % Over five years $ 36,955 2.88 % $ 52,878 2.47 % $ 63,778 2.38 % Total $ 370,955 2.23 % $ 202,378 2.42 % $ 347,778 2.13 % Included in the table above are $40,000,000, $40,000,000, and $20,000,000, respectively, of FHLBB advances at December 31, 2019, 2018 and 2017, that are puttable at the discretion of FHLBB. These put dates were not utilized in the table above. During 2019, the Company restructured $15,000,000 of FHLBB advances. Prior to the restructure, the weighted average rate on these advances was 3.33% and the weighted average maturity was 14 months. Subsequent to the restructure, the weighted average rate was 2.37% and the weighted average maturity was 60 months. SUBORDINATED DEBENTURES Subordinated debentures totaled $36,083,000 at December 31, 2019 and 2018. 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 3.76% at December 31, 2019 and 4.66% at December 31, 2018. OTHER BORROWED FUNDS There were no overnight federal funds purchased at December 31, 2019 and 2018. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
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 A Year Ended (a) Year Ended (a) Affected L I Where Net Income is Presented Unrealized gains and losses on available- for-sale $ 61 $ 302 Net gains on sales of investments (17 ) (85 ) Provision for income taxes $ 44 $ 217 Net income Accretion of unrealized losses transferred $ (1,022 ) $ (1,477 ) Securities held-to-maturity 269 391 Provision for income taxes $ (753 ) $ (1,086 ) Net income Amortization of defined benefit pension items Prior-service costs $ (114 ) $ (14 ) Salaries and employee benefits (b) Actuarial gains (losses) (1,351 ) (1,610 ) Salaries and employee benefits (b) Total before tax (1,465 ) (1,624 ) Income before taxes Tax (expense) or benefit 412 457 Provision for income taxes Net of tax $ (1,053 ) $ (1,167 ) 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, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | 14. Earnings P S 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 2019, 2018 and 2017, respectively. The following table is a reconciliation of basic EPS and diluted EPS: Year Ended December 31, 2019 2018 2017 (in thousands except share and per share data) BASIC EPS COMPUTATION Numerator: Net income, Class A $ 31,351 $ 28,479 $ 17,526 Net income, Class B 8,348 7,734 4,775 Denominator: Weighted average shares outstanding, Class A 3,633,044 3,608,179 3,604,029 Weighted average shares outstanding, Class B 1,934,865 1,959,730 1,963,880 Basic EPS, Class A $ 8.63 $ 7.89 $ 4.86 Basic EPS, Class B $ 4.31 $ 3.95 $ 2.43 DILUTED EPS COMPUTATION Numerator: Net income, Class A $ 31,351 $ 28,479 $ 17,526 Net income, Class B 8,348 7,734 4,775 Total net income, for diluted EPS, Class A computation 39,699 36,213 22,301 Denominator: Weighted average shares outstanding, basic, Class A 3,633,044 3,608,179 3,604,029 Weighted average shares outstanding, Class B 1,934,865 1,959,730 1,963,880 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,934,865 1,959,730 1,963,880 Diluted EPS, Class A $ 7.13 $ 6.50 $ 4.01 Diluted EPS, Class B $ 4.31 $ 3.95 $ 2.43 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and December 31, 2018. 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, 2019, 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 Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 (Basel III) Total Capital (to Risk-Weighted Assets) $ 401,850 13.57 % $ 236,830 8.00 % $ 296,037 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 372,265 12.57 % 177,622 6.00 % 236,830 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 372,265 12.57 % 133,217 4.50 % 192,424 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 372,265 7.01 % 212,549 4.00 % 265,686 5.00 % 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 % 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, 2019 (Basel III) Total Capital (to Risk-Weighted Assets) $ 415,863 13.97 % $ 238,132 8.00 % $ 297,665 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 386,308 12.98 % 178,599 6.00 % 238,132 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 351,308 11.80 % 133,949 4.50 % 193,482 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 386,308 7.25 % 213,222 4.00 % 266,528 5.00 % 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 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The current and deferred components of income tax expense (benefit) for the years ended December 31, are as follows: 2019 2018 2017 (dollars in thousands) Current expense: Federal $ 2,548 $ 2,637 $ 3,628 State 697 697 412 Total current expense 3,245 3,334 4,040 Deferred (benefit) expense: Federal (1,660 ) (1,238 ) 6,496 State (367 ) (528 ) 422 Valuation allowance reversal (108 ) — — Total deferred ( benefit) (2,135 ) (1,766 ) 6,918 Provision for income taxes $ 1,110 $ 1,568 $ 10,958 Income tax accounts included in other assets at December 31, are as follows: 2019 2018 (dollars in thousands) Current receivable $ 3,446 $ 13,194 Deferred income tax asset, net 24,566 20,321 Total $ 28,012 $ 33,515 Differences between income tax expense 2019 2018 2017 (dollars in thousands) Federal income tax expense at statutory rates $ 8,570 $ 7,934 $ 11,308 State income tax, net of federal income tax benefit 261 134 550 Insurance income (265 ) (176 ) (371 ) Effect of tax-exempt (6,737 ) (6,510 ) (8,683 ) Net tax credit (292 ) (349 ) (341 ) Valuation a llowance reversal (108 ) — — Sequ estration (reversal) accrual (438 ) 438 — Deferred tax remeasurement — — 8,448 Other 119 97 47 Total $ 1,110 $ 1,568 $ 10,958 Effective tax rate 2.72 % 4.15 % 32.95 % The following table sets forth the Company’s gross deferred income tax assets and gross deferred income tax liabilities at December 31: 2019 2018 (dollars in thousands) Deferred income tax assets: Allowance for loan losses $ 8,354 $ 8,058 Deferred compensation 8,910 8,184 Pension and SERP liability 8,770 6,506 Operating le ase liabilities 3,567 — Unrealized losses on securities transferred to held-to-maturity 643 912 Depreciation 1,060 908 QZAB credit 812 — Accrued bonus 708 717 Charitable contributions carryforward 276 389 Nonaccrual interest 115 109 Unrealized (gains) losses on securities available-for-sale 114 (2 ) Other 206 181 Gross deferred income tax asset 33,535 25,962 Valuation allowance — (108 ) Gross deferred income tax asset, net of valuation allowance 33,535 25,854 Deferred income tax liabilities: Pension liability (4,258 ) (4,436 ) Operating lease right-of-use (3,520 ) — Deferred origination costs (516 ) (524 ) Prepaid expenses (337 ) (228 ) Mortgage servicing rights (338 ) (345 ) Gross deferred income tax liability (8,969 ) (5,533 ) Deferred income tax asset net $ 24,566 $ 20,321 Based on the Company’s historical and current pre-tax During 2019, the valuation allowance on a charitable contribution carryforward was reversed. 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, 2018, the corporate Alternative Minimum Tax (“AMT”) has been repealed. For 2017 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 $5,664,000, has been reclassified to currently receivable. Of this amount, the Company expects to recover $4,069,000 with the filing of its 2019 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, 2015. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
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 43% to 57% 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 15% to 31%. 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 2020 to 2024 are $1,798,000, $2,023,000, $2,157,000, $2,270,000, and $2,451,000, respectively. The aggregate benefits expected to be paid in the five years from 2025 to 2029 are $15,005,000. 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, 2019, is as follows: Description Percent NAV Level 1 Level 2 Level 3 Total (dollars in thousands) Collective Funds 8.3 % $ — $ 4,289 $ — $ — $ 4,289 Equity Securities 9.7 % — 5,016 — — 5,016 Diversified Mutual Funds 31.1 % — 16,081 — — 16,081 Total investments measured in the fair value hierarchy 49.1 % — 25,386 — — 25,386 Investments measured at net asset value (1) 50.9 % 26,274 — — — 26,274 100.0 % $ 26,274 $ 25,386 $ — $ — $ 51,660 (1) In accordance with Subtopic 820-10, 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 Equity Securities 10.9 % — 4,863 — — 4,863 Diversified Mutual Funds 30.7 % — 13,612 — — 13,612 Short-term investments 0.1 % — 60 — — 60 Total investments measured in the fair value hierarchy 47.3 % — 21,039 — — 21,039 Investments measured at net asset value (1) 52.7 % 23,398 — — — 23,398 100.0 % $ 23,398 $ 21,039 $ — $ — $ 44,437 (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, 2019, is as follows: (dollars in thousands) Percent Fair Collective Funds by Category: Equity 19.3 % $ 9,932 US debt securities 15.2 % 7,874 International equities 10.1 % 5,208 Limited Partnerships by Category: Emerging markets 3.2 % 1,635 Multi-strategy 1.2 % 644 Hedge Funds by Category: Global opportunities (2) 0.5 % 259 Private investment entities and/or separately managed accounts (3) 1.4 % 722 50.9 % $ 26,274 The investments measured using the net asset value per share practical expedient as of December 31, 2018, is as follows: (dollars in thousands) Percent Fair Value 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 (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 in - (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. 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 2020 to 2024 are $2,373,000, $2,318,000, $2,409,000, $2,692,000 and $3,138,000, respectively. The aggregate benefits expected to be paid in the five years from 2025 to 2029 are $18,017,000. Defined Benefit Supplemental Insurance/ 2019 2018 2019 2018 (dollars in thousands) Change projected in benefit obligation Benefit obligation at beginning of year $ 40,509 $ 47,065 $ 40,405 $ 42,579 Service cost 1,103 1,411 1,024 1,107 Interest cost 1,892 1,481 1,926 1,386 Actuarial (gain)/loss 7,099 (8,263 ) 7,537 (3,591 ) Benefits paid (1,169 ) (1,185 ) (916 ) (1,076 ) Projected benefit obligation at end of year $ 49,434 $ 40,509 $ 49,976 $ 40,405 Change in plan assets Fair value of plan assets at beginning of year $ 44,437 $ 48,422 Actual return (loss) 8,392 (2,800 ) Employer contributions — — Benefits paid (1,169 ) (1,185 ) Fair value of plan assets at end of year $ 51,660 $ 44,437 (Unfunded) Funded status $ 2,226 $ 3,928 $ (49,976 ) $ (40,405 ) Accumulated benefit obligation $ 49,434 $ 40,509 $ 45,238 $ 36,984 Weighted-average assumptions as of December 31 Discount rate—Liability 3.71 % 4.76 % 3.71 % 4.79 % Discount rate—Expense 4.76 % 3.49 % 4.79 % 3.42 % Expected return on plan assets 7.50 % 8.00 % NA NA Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % Components of net periodic benefit cost Service cost $ 1,103 $ 1,411 $ 1,024 $ 1,107 Interest cost 1,892 1,481 1,926 1,386 Expected return on plan assets (3,275 ) (3,813 ) — — Recognized prior service cost — (100 ) 114 114 Recognized net losses 916 904 435 706 Net periodic cost (benefit) $ 636 $ (117 ) $ 3,499 $ 3,313 Other changes in plan assets and benefit obligations recognized in other comprehensive income Amortization of prior service cost $ — $ 100 $ (114 ) $ (114 ) Net (gain) loss 1,066 (2,554 ) 7,101 (4,298 ) Total recognized in other comprehensive income 1,066 (2,454 ) 6,987 (4,412 ) Total recognized in net periodic benefit cost and other comprehensive income $ 1,702 $ (2,571 ) $ 10,486 $ (1,099 ) Plan December 31, 2019 Supplemental Total Plan December 31, 2018 Supplemental Total (dollars in thousands) Prior service cost $ — $ (307 ) $ (307 ) $ — $ (421 ) $ (421 ) Net actuarial loss (12,920 ) (17,971 ) (30,891 ) (11,854 ) (10,870 ) (22,724 ) Total $ (12,920 ) $ (18,278 ) $ (31,198 ) $ (11,854 ) $ (11,291 ) $ (23,145 ) The following table summarizes the amounts included in Accumulated Other Comprehensive Loss at December 31, 2019, 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 2020 $ — $ 114 Amortization of loss to be recognized in 2020 1,041 $ 849 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. Prior to December 31, 2018, the Company utilized a full yield curve approach in the estimation of the service and interest components of the net periodic pensionable cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. Beginning 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. Mortality assumptions are based on the RP 2015 Mortality Table projected with Scale MP 2016. 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 at December 31, 2018. 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 $458,000 for 2019, $454,000 for 2018 and $445,000 for 2017. 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 $2,364,000, $2,355,000 and $1,859,000 in 2019, 2018, and 2017, respectively. The Company does not offer any postretirement programs other than pensions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2019 | |
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 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 2019 2018 (dollars in thousands) Financial instruments whose contract amount represents credit risk Commitments to originate 1–4 family mortgages $ 13,806 $ 5,075 Standby and commercial letters of credit 5,779 4,258 Unused lines of credit 625,524 553,045 Unadvanced portions of construction loans 11,062 28,746 Unadvanced portions of other loans 15,801 20,305 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, 2019 | |
Other Income and Expenses [Abstract] | |
Other Operating Expenses | 20. Other Operating Year ended December 31, 2019 2018 2017 (dollars in thousands) Marketing $ 2,132 $ 2,346 $ 2,315 Software maintenance/amortization 2,409 2,002 1,859 Legal and audit 1,514 1,444 1,543 Contributions 813 1,077 993 Processing services 1,875 1,740 1,160 Consulting 1,552 1,464 1,199 Postage and delivery 1,002 1,021 966 Supplies 985 987 945 Telephone 956 946 1,020 Directors’ fees 414 438 440 Insurance 456 420 308 Pension 2,008 678 1,396 Other 1,786 1,725 1,845 Total $ 17,902 $ 16,288 $ 15,989 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 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, 2019 and December 31, 2018. 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 Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) December 31, 2019 Financial assets: Securities held-to-maturity $ 2,351,120 $ 2,361,304 $ — $ 2,361,304 $ — Loans(1) 2,396,534 2,424,770 — — 2,424,770 Financial liabilities: Time deposits 555,447 560,746 — 560,746 — Other borrowed funds 370,955 374,531 — 374,531 — Subordinated debentures 36,083 36,083 — 36,083 — 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 — (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, 2019 | |
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 with a date of initial application of January 1, 2018 and has applied the guidance to all contracts within the scope of Topic 606 as of that date. As a result, the Company has changed its accounting policy for revenue recognition as detailed in this footnote. 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, and 2017 as a result of adopting Topic 606. B. Practical Expedients The Company applies the practical expedient in paragraph 606-10-50-14 The Company applies the practical expedient in paragraph 606-10-32-18 C. Nature of Goods and Services The vast majority of the Company’s revenue is specifically out-of-scope in-scope, 1 Revenue earned at a point in time—Examples of revenue earned at a point in time are ATM transaction fees, wire transfer fees, NSF fees, credit and debit card interchange fees and foreign exchange transaction fees. Revenue is generally derived from transactional information accumulated by our systems and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. The Company is the principal in each of these contracts, with the exception of credit and debit card interchange fees, in which case we are acting as the agent and record revenue net of expenses paid to the principal. 2 Revenue earned over time—The Company earns revenue from contracts with customers in a variety of ways in which the revenue is earned over a period of time — - D. Disaggregation of R 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 $ 95,789 $ — $ 92,576 $ — $ 85,616 $ — Noninterest income: Service charges on deposit accounts 9,220 9,220 8,560 8,560 8,586 8,586 Lockbox fees 3,973 3,973 3,274 3,274 3,290 3,290 Brokerage commissions 277 — 348 — 353 — Net gains on sales of securities 61 — 302 — 47 — Gains on sales of mortgage loans 412 — — — 370 — Other income 4,456 2,799 3,764 2,536 3,906 2,429 Total noninterest income 18,399 15,992 16,248 14,370 16,552 14,305 Total revenues $ 114,188 $ 15,992 $ 108,824 $ 14,370 $ 102,168 $ 14,305 The following table provides information about receivables with customers. December 31, 2019 2018 2017 (dollars in thousands) Receivables, which are included in “Other assets” $ 1,200 $ 1,205 $ 1,009 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 23. Leases The Company has operating leases primarily for branch locations as well as data processing centers. The Company’s operating leases have remaining lease terms of 1 year to 32 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year. The Company also has one sublease for part of a data processing center that the Company currently leases from a lessor. The sublease expires in 2022 with an option to terminate and no option to extend. Lease income, for the sublease, totaled approximately $39,000 for the year ended December 31, 2019. Variable lease costs include costs that are not included in the lease liability. The components of lease expense were as follows: Year Ended December 31, 2019 (in thousands) Operating lease cost $ 2,216 Variable lease cost 528 Total lease cost $ 2,744 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,130 Right-of-use Operating leases $ 1,745 Supplemental balance sheet information related to leases was as follows: Year Ended December 31, 2019 (in thousands, except lease term and Operating Leases: Operating lease right-of-use $ 12,521 Operating lease liabilities $ 12,690 Weighted Average Remaining Lease Term: Operating Leases 11 Years Weighted Average Discount Rate: Operating Leases 3.5 % The Company is obligated under a number of non-cancelable A summary of future payments of lease liabilities were as follows: Year Ending December 31, 2019 2018 (in thousands) 2019 $ — $ 2,490 2020 2,030 2,170 2021 1,754 1,694 2022 1,603 1,331 2023 1,545 1,104 2024 1,277 — Thereafter 7,312 1,074 Total lease payments $ 15,521 $ 9,863 Less imputed interest (2,831 ) Present value of lease liabilit y $ 12,690 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 24. Quarterly Results of Operations (unaudited) 2019 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 40,518 $ 39,852 $ 39,692 $ 39,077 Interest expense 15,187 16,082 16,442 15,639 Net interest income 25,331 23,770 23,250 23,438 Provision for loan losses 550 75 250 375 Net interest income after provision for loan losses 24,781 23,695 23,000 23,063 Other operating income 4,689 4,286 4,997 4,427 Operating expenses 18,212 17,462 18,264 18,190 Income before income taxes 11,258 10,519 9,733 9,300 Provision for income taxes 526 435 267 (118 ) Net income $ 10,732 $ 10,084 $ 9,466 $ 9,418 Share data: Average shares outstanding, basic Class A 3,650,949 3,650,449 3,620,449 3,610,329 Class B 1,916,960 1,917,460 1,947,460 1,957,580 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,916,960 1,917,460 1,947,460 1,957,580 Earnings per share, basic Class A $ 2.33 $ 2.19 $ 2.06 $ 2.05 Class B $ 1.16 $ 1.09 $ 1.03 $ 1.03 Earnings per share, diluted Class A $ 1.93 $ 1.81 $ 1.70 $ 1.69 Class B $ 1.16 $ 1.09 $ 1.03 $ 1.03 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 |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Statements | 25. Parent Company Financial Statements The balance sheets of Century Bancorp, Inc. (“Parent Company”) as of December 31, 2019 and 2018 and the statements of income and cash flows for each of the years in the three-year period ended December 31, 2019, 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, 2019 2018 (dollars in thousands) ASSETS: Cash $ 3,177 $ 1,263 Investment in subsidiary, at equity 353,489 322,775 Other assets 16,325 16,991 Total assets $ 372,991 $ 341,029 LIABILITIES AND STOCKHOLDERS’ EQUITY: Liabilities $ 4,327 $ 4,507 Subordinated debentures 36,083 36,083 Stockholders’ equity 332,581 300,439 Total liabilities and stockholders’ equity $ 372,991 $ 341,029 STATEMENTS OF INCOME Year Ended December 31, 2019 2018 2017 (dollars in thousands) Income: Dividends from subsidiary $ 5,000 $ 4,750 $ 2,500 Interest income from deposits in bank — — 1 Other income 65 53 34 Total income 5,065 4,803 2,535 Interest expense 1,577 1,474 1,121 Operating expenses 215 225 209 Income before income taxes and equity in undistributed income of subsidiary 3,273 3,104 1,205 Benefit from income taxes (363 ) (347 ) (440 ) Income before equity in undistributed income of subsidiary 3,636 3,451 1,645 Equity in undistributed income of subsidiary 36,063 32,762 20,656 Net income $ 39,699 $ 36,213 $ 22,301 STATEMENTS OF CASH FLOWS December 31, 2019 2018 2017 (dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 39,699 $ 36,213 $ 22,301 Adjustments to reconcile net income to net cash provided by operating activities Undistributed income of subsidiary (36,063 ) (32,762 ) (20,656 ) Decrease (increase) in other assets 665 (158 ) (6,498 ) (Decrease) increase in liabilities (180 ) (1,808 ) 6,266 Net cash provided by (used in) operating activities 4,121 1,485 1,413 CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends paid (2,207 ) (2,203 ) (2,200 ) Net cash used in financing activities (2,207 ) (2,203 ) (2,200 ) Net increase 1,914 (718 ) (787 ) Cash at beginning of year 1,263 1,981 2,768 Cash at end of year $ 3,177 $ 1,263 $ 1,981 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 S |
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 has been paid. This may be due either to prepayments on the debt security or to scheduled payments on the debt security that is payable in equal installments over its term. For variable rate securities, the scheduled payments need not be equal. |
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, 2019, 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 Loans are stated at the principal amount outstanding, net of amounts charged off, unamortized premiums or discounts, and deferred loan fees or costs. 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 . 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, No. 03-3, ASC 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- 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 , 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 for all share-based payments. The Company’s method of valuation for share-based awards granted utilizes the Black-Scholes option-pricing model. The Company will recognize compensation expense for its awards on a straight-line basis over the requisite service period for the entire award (straight-line attribution method), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date fair value of the award that is vested at that time. During 2000 and 2004, common stockholders of the Company approved stock option plans (the “Option Plans”) that provide for granting of options to purchase up to 150,000 shares of Class A common stock per plan. Under the Option Plans, all officers and key employees of the Company are eligible to receive nonqualified or incentive stock options to purchase shares of Class A common stock. The Option Plans are administered by the Compensation Committee of the Board of Directors, whose members are ineligible to participate in the Option Plans. Based on management’s recommendations, the Committee submits its recommendations to the Board of Directors as to persons to whom options are to be granted, the number of shares granted to each, the option price (which may not be less than 85% of the fair market value for nonqualified stock options, or the fair market value for incentive stock options, of the shares on the date of grant) and the time period over which the options are exercisable (not more than ten years from the date of grant). There were no options to purchase shares of Class A common stock outstanding at December 31, 2019. The Company uses the fair value method to account for stock options. There were no options granted during 2019 and 2018. |
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, 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 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. Prior to December 31, 2018, the Company utilized 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. Effective December 31, 2018, the discount rate is 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. |
LEASING | LEASING A right-of-use For real estate leases, lease components and non-lease non-interest |
RECENT ACCOUNTING DEVELOPMENTS | RECENT ACCOUNTING DEVELOPMENTS Recently Adopted Accounting Standards Updates In March 2017, the FASB issued ASU 2017-08, 310-20) In February 2016, the FASB issued ASU 2016-02, In July 2018, ASU 2018-10, 2018-10”) 2016-02. 2018-11, 2018-11”) Securities and Exchange Commission (SEC) R 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, 2019 | |
Text Block [Abstract] | |
Summary of Securities Available-for-Sale | December 31, 2019 December 31, 2018 Amortized Gross Gross Estimated Amortized Gross Gross Estimated (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ 2,000 $ — $ 8 $ 1,992 U. S. Government Sponsored Enterprises — — — — 3,946 — 31 3,915 SBA Backed Securities 54,331 23 143 54,211 70,477 1 284 70,194 U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 184,580 139 532 184,187 162,604 536 250 162,890 Privately Issued Residential Mortgage-Backed Securities 397 1 2 396 679 3 10 672 Obligations Issued by States and Political Subdivisions 18,016 60 — 18,076 93,445 58 — 93,503 Other Debt Securities 3,600 51 19 3,632 3,600 37 44 3,593 Total $ 260,924 $ 274 $ 696 $ 260,502 $ 336,751 $ 635 $ 627 $ 336,759 |
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 (dollars in thousands) Within one year $ 18,417 $ 18,476 After one but within five years 113,192 112,935 After five but within ten years 124,489 124,274 More than ten years 4,826 4,817 Total $ 260,924 $ 260,502 |
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 Temporarily Impaired Investments December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises — — — — — — SBA Backed Securities 14,560 30 22,092 113 36,652 143 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 108,806 379 29,178 153 137,984 532 Privately Issued Residential Mortgage-Backed Securities 252 2 — — 252 2 Obligations Issued by States and Political Subdivisions — — — — — — Other Debt Securities 800 1 481 18 1,281 19 Total temporarily impaired securities $ 124,418 $ 412 $ 51,751 $ 284 $ 176,169 $ 696 The following table shows the temporarily impaired securities of the Company’s available-for-sale Temporarily Impaired Investments December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair 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 |
Investment Securities Held-to_2
Investment Securities Held-to-Maturity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Held-to-Maturity Securities | December 31, 2019 December 31, 2018 Amortized Gross Gross Estimated Fair Amortized Gross Gross Estimated Fair (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ 9,960 $ — $ 2 $ 9,958 U.S. Government Sponsored Enterprises 98,867 527 96 99,298 234,228 336 803 233,761 SBA Backed Securities 44,379 182 303 44,258 52,051 — 2,065 49,986 U.S. Government Sponsored Enterprises Mortgage-Backed Securities 2,207,874 20,720 10,846 2,217,748 1,750,408 2,324 55,016 1,697,716 Total $ 2,351,120 $ 21,429 $ 11,245 $ 2,361,304 $ 2,046,647 $ 2,660 $ 57,886 $ 1,991,421 |
Company's Securities Held-to-Maturity | The following table shows the maturity distribution of the Company’s securities held-to-maturity Amortized Fair (dollars in thousands) Within one year $ 73,576 $ 73,841 After one but within five years 1,891,043 1,900,050 After five but within ten years 374,071 374,688 More than ten years 12,430 12,725 Total $ 2,351,120 $ 2,361,304 |
Unrealized Market Loss of Securities | The following table shows the temporarily impaired securities of the Company’s held-to-maturity Temporarily Impaired Investments December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in thousands) U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Government Sponsored Enterprises 24,420 72 9,976 24 34,396 96 SBA Backed Securities 25,251 303 — — 25,251 303 U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities 613,905 3,949 389,919 6,897 1,003,824 10,846 Total temporarily impaired securities $ 663,576 $ 4,324 $ 399,895 $ 6,921 $ 1,063,471 $ 11,245 The following table shows the temporarily impaired securities of the Company’s held-to-maturity Temporarily Impaired Investments December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (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 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 (dollars in thousands) Construction and land development $ 8,992 $ 13,628 Commercial and industrial 812,417 761,625 Municipal 120,455 97,290 Commercial real estate 786,102 750,362 Residential real estate 371,897 348,250 Consumer 21,071 21,359 Home equity 304,363 292,340 Overdrafts 822 724 Total $ 2,426,119 $ 2,285,578 |
Composition of Nonaccrual Loans and Impaired Loans | The composition of nonaccrual loans and impaired loans is as follows: December 31, 2019 2018 2017 (dollars in thousands) Loans on nonaccrual $ 2,014 $ 1,313 $ 1,684 Loans 90 days past due and still accruing — — — Impaired loans on nonaccrual included above — 296 254 Total recorded investment in impaired loans 3,252 3,051 7,114 Average recorded investment of impaired loans 3,161 5,491 5,608 Accruing troubled debt restructures 2,361 2,559 2,749 Interest income not recorded on nonaccrual loans according to their original terms 67 64 51 Interest income on nonaccrual loans actually recorded — — — Interest income recognized on impaired loans 103 196 182 |
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 2019. Balance at December 31, 2018 Additions Repayments Balance at (dollars in thousands) $ 12,547 $ 706 $ 1,222 $ 12,031 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017 is as follows: 2019 2018 2017 (dollars in thousands) Allowance for loan losses, beginning of year $ 28,543 $ 26,255 $ 24,406 Loans charged-off (454 ) (833 ) (390 ) Recoveries on loans previously charged-off 246 1,771 449 Net recoveries (charge-offs) (208 ) 938 59 Provision charged to expense 1,250 1,350 1,790 Allowance for loan losses, end of year $ 29,585 $ 28,543 $ 26,255 |
Summary of Allowance for Loan Losses | Further information pertaining to the allowance for loan losses at December 31, 2019 follows: Construction Commercial Municipal Commercial Residential Consumer Home Equity Unallocated Total (dollars in thousands) Allowance for Loan Losses: Ending balance at December 31 , 2018 $ 1,092 $ 10,998 $ 1,838 $ 10,663 $ 2,190 $ 365 $ 1,111 $ 286 $ 28,543 Charge-offs — (137 ) — — — (295 ) (22 ) — (454 ) Recoveries — 60 — — — 186 — — 246 Provision (761 ) 675 728 801 4 56 (24 ) (229 ) 1,250 Ending balance at December 31 , 2019 $ 331 $ 11,596 $ 2,566 $ 11,464 $ 2,194 $ 312 $ 1,065 $ 57 $ 29,585 Amount of allowance for loan losses for loans deemed to be impaired $ — $ 15 $ — $ 87 $ — $ — $ — $ — $ 102 Amount of allowance for loan losses for loans not deemed to be impaired $ 331 $ 11,581 $ 2,566 $ 11,377 $ 2,194 $ 312 $ 1,065 $ 57 $ 29,483 Loans: Ending balance $ 8,992 $ 812,417 $ 120,455 $ 786,102 $ 371,897 $ 21,893 $ 304,363 $ — $ 2,426,119 Loans deemed to be impaired $ — $ 906 $ — $ 2,346 $ — $ — $ — $ — $ 3,252 Loans not deemed to be impaired $ 8,992 $ 811,511 $ 120,455 $ 783,756 $ 371,897 $ 21,893 $ 304,363 $ — $ 2,422,867 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 |
Loans by Risk Rating | The following table presents the Company’s loans by risk rating at December 31, 2019. Construction Commercial and Industrial Municipal Commercial (dollars in thousands) Grade: 1-3 $ 8,992 $ 807,486 $ 120,455 $759,402 4 (Monitor) — 4,025 — 24,354 5 (Substandard) — — — — 6 (Doubtful) — — — — Impaired — 906 — 2,346 Total $ 8,992 $ 812,417 $ 120,455 $786,102 The following table presents the Company’s loans by risk rating at December 31, 2018. Construction Commercial Municipal Commercial E (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 |
Loans by Credit Rating | The following table presents the Company’s loans by credit rating at December 31, 2019. Commercial and Industrial Municipal Commercial Real Estate Total ( dollars Credit Rating: Aaa-Aa3 $ 523,644 $ 53,273 $ 40,437 $ 617,354 A1-A3 186,044 7,354 148,346 341,744 Baa1-Baa3 — 51,133 144,711 195,844 Ba 1 — 5,895 — 5,895 Total $ 709,688 $ 117,655 $ 333,494 $ 1,160,837 The following table presents the Company’s loans by credit rating at December 31, 2018. Commercial Municipal Commercial Total ( dollars 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 Ba 1 — 6,810 — 6,810 Total $ 663,719 $ 95,490 $ 312,368 $ 1,071,577 |
Aging of Past Due Loan Losses | At December 31, 2019 the aging of past due loans are as follows: Accruing 30-89 Days Non Accruing 90 Total Past Current Total (dollars in thousands) Construction and land development $ — $ — $ — $ — $ 8,992 $ 8,992 Commercial and industrial 227 400 — 627 811,790 812,417 Municipal — — — — 120,455 120,455 Commercial real estate 840 492 — 1,332 784,770 786,102 Residential real estate 1,563 683 — 2,246 369,651 371,897 Consumer and overdrafts 18 4 — 22 21,871 21,893 Home equity 603 435 — 1,038 303,325 304,363 Total $ 3,251 $ 2,014 $ — $ 5,265 $ 2,420,854 $ 2,426,119 At December 31, 2018 the aging of past due loans are as follows: Accruing 30-89 Days Non Accruing 90 Total Past 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 |
Information Pertaining to Impaired Loans | The following is information pertaining to impaired loans at December 31, 2019: Carrying Unpaid Required Average Interest (dollars in thousands) With no required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 770 976 — 138 6 Municipal — — — — — Commercial real estate 160 189 — 445 — Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 930 $ 1,165 $ — $ 583 $ 6 With required reserve recorded: Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 136 137 15 264 7 Municipal — — — — — Commercial real estate 2,186 2,306 87 2,314 90 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 2,322 $ 2,443 $ 102 $ 2,578 $ 97 Total Construction and land development $ — $ — $ — $ — $ — Commercial and industrial 906 1,113 15 402 13 Municipal — — — — — Commercial real estate 2,346 2,495 87 2,759 90 Residential real estate — — — — — Consumer — — — — — Home equity — — — — — Total $ 3,252 $ 3,608 $ 102 $ 3,161 $ 103 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 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Bank Premises and Equipment | December 31, 2019 2018 Estimated Useful Life (dollars in thousands) Land $ 7,246 $ 3,850 — Bank premises 28,175 21,659 30-39 years Furniture and equipment 33,259 30,088 3-10 Leasehold improvements 12,674 12,674 30-39 years or lease term 81,354 68,271 Accumulated depreciation and amortization (47,402 ) (44,350 ) Total $ 33,952 $ 23,921 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 are shown in the table below. Carrying Amount of Goodwill and Intangibles Goodwill Mortgage Servicing Total (dollars in thousands) 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 Additions — 237 237 Amortization Expense — (261 ) (261 ) Balance at December 31, 2019 $ 2,714 $ 1,202 $ 3,916 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, are as follows: Fair Value Measurements Using Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable (Level 3) (dollars in thousands) Financial Instruments Measured at Fair Value on a Recurring Basis Securities AFS U.S. Treasury $ — $ — $ — $ — U.S. Government Agency Sponsored Enterprises — — — — SBA Backed Securities 54,211 — 54,211 — U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities 184,187 — 184,187 — Privately Issued Residential Mortgage-Backed Securities 396 — 396 — Obligations Issued by States and Political Subdivisions 18,076 — 4,775 13,301 Other Debt Securities 3,632 — 3,632 — Total $ 260,502 $ — $ 247,201 $ 13,301 Equity Securities $ 1,688 $ 343 $ 1,345 $ — Financial Instruments Measured at Fair Value on a Non-recurring Impaired Loans $ 877 $ — $ — $ 877 The results of the fair value hierarchy as of December 31, 2018, are as follows: Fair Value Measurements Using Carrying Quoted Prices Significant Significant (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 Equity Securities $ 1,596 $ 293 $ 1,303 $ — Financial Instruments Measured at Fair Value on a Non-recurring $ 251 $ — $ — $ 251 Other Real Estate Owned $ 2,225 $ — $ — $ 2,225 |
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, 2019. 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) $ Discounted cash flow Discount rate 1.5%-3.2% (2) Impaired Loans 877 Appraisal of collateral (3) Appraisal adjustments (4) 0%-30% discount (1) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value. (2) Weighted averages. (3) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (4) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated expenses. The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 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% 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, 2019 are as shown in the table below: Auction Rate Obligations Total (dollars in thousands) Balance at December 31, 2018 $ — $ 88,728 $ 88,728 Purchases — 21,408 21,408 Maturities/redemptions — (96,812 ) (96,812 ) Transfer to Level 2 — — — Amortization — (23 ) (23 ) Change in fair value — — — Balance at December 31, 2019 $ — $ 13,301 $ 13,301 The changes in Level 3 securities for the year ended December 31, 2018 are as shown in the table below: Auction Rate Obligations 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 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 Percent 2018 Percent (dollars in thousands) Within one year $ 383,497 69 % $ 413,297 74 % Over one year to two years 123,016 22 % 88,815 16 % Over two years to three years 27,223 5 % 39,924 7 % Over three years to five years 21,711 4 % 18,543 3 % Total $ 555,447 100 % $ 560,579 100 % |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 (dollars in thousands) Amount outstanding at December 31 $ 266,045 $ 154,240 $ 158,990 Weighted average rate at December 31 0.96 % 0.82 % 0.32 % Maximum amount outstanding at any month end $ 307,235 $ 174,150 $ 228,848 Daily average balance outstanding during the year $ 224,361 $ 147,944 $ 189,684 Weighted average rate during the year 1.05 % 0.66 % 0.26 % |
Other Borrowed Funds and Subo_2
Other Borrowed Funds and Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 (dollars in thousands) Amount outstanding at December 31 $ 407,038 $ 238,461 $ 383,861 Weighted average rate at December 31 2.37 % 2.76 % 2.26 % Maximum amount outstanding at any month end $ 487,502 $ 542,913 $ 491,583 Daily average balance outstanding during the year $ 231,926 $ 291,674 $ 309,102 Weighted average rate during the year 2.95 % 2.61 % 2.42 % |
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: 2019 2018 2017 December 31, Amount Weighted Amount Weighted Amount Weighted (dollars in thousands) Within one year $ 218,000 1.86 % $ 63,000 2.17 % $ 164,500 1.82 % Over one year to two years $ 42,500 2.58 % $ 28,000 2.29 % $ 63,000 2.17 % Over two years to three years $ 3,500 2.15 % $ 25,000 3.34 % $ 28,000 2.29 % Over three years to five years $ 70,000 2.85 % $ 33,500 2.23 % $ 28,500 3.19 % Over five years $ 36,955 2.88 % $ 52,878 2.47 % $ 63,778 2.38 % Total $ 370,955 2.23 % $ 202,378 2.42 % $ 347,778 2.13 % |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Details A Year Ended (a) Year Ended (a) Affected L I Where Net Income is Presented Unrealized gains and losses on available- for-sale $ 61 $ 302 Net gains on sales of investments (17 ) (85 ) Provision for income taxes $ 44 $ 217 Net income Accretion of unrealized losses transferred $ (1,022 ) $ (1,477 ) Securities held-to-maturity 269 391 Provision for income taxes $ (753 ) $ (1,086 ) Net income Amortization of defined benefit pension items Prior-service costs $ (114 ) $ (14 ) Salaries and employee benefits (b) Actuarial gains (losses) (1,351 ) (1,610 ) Salaries and employee benefits (b) Total before tax (1,465 ) (1,624 ) Income before taxes Tax (expense) or benefit 412 457 Provision for income taxes Net of tax $ (1,053 ) $ (1,167 ) 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, 2019 | |
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, 2019 2018 2017 (in thousands except share and per share data) BASIC EPS COMPUTATION Numerator: Net income, Class A $ 31,351 $ 28,479 $ 17,526 Net income, Class B 8,348 7,734 4,775 Denominator: Weighted average shares outstanding, Class A 3,633,044 3,608,179 3,604,029 Weighted average shares outstanding, Class B 1,934,865 1,959,730 1,963,880 Basic EPS, Class A $ 8.63 $ 7.89 $ 4.86 Basic EPS, Class B $ 4.31 $ 3.95 $ 2.43 DILUTED EPS COMPUTATION Numerator: Net income, Class A $ 31,351 $ 28,479 $ 17,526 Net income, Class B 8,348 7,734 4,775 Total net income, for diluted EPS, Class A computation 39,699 36,213 22,301 Denominator: Weighted average shares outstanding, basic, Class A 3,633,044 3,608,179 3,604,029 Weighted average shares outstanding, Class B 1,934,865 1,959,730 1,963,880 Weighted average shares outstanding diluted, Class A 5,567,909 5,567,909 5,567,909 Weighted average shares outstanding, Class B 1,934,865 1,959,730 1,963,880 Diluted EPS, Class A $ 7.13 $ 6.50 $ 4.01 Diluted EPS, Class B $ 4.31 $ 3.95 $ 2.43 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 (Basel III) Total Capital (to Risk-Weighted Assets) $ 401,850 13.57 % $ 236,830 8.00 % $ 296,037 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 372,265 12.57 % 177,622 6.00 % 236,830 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 372,265 12.57 % 133,217 4.50 % 192,424 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 372,265 7.01 % 212,549 4.00 % 265,686 5.00 % 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 % |
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, 2019 (Basel III) Total Capital (to Risk-Weighted Assets) $ 415,863 13.97 % $ 238,132 8.00 % $ 297,665 10.00 % Tier 1 Capital (to Risk-Weighted Assets) 386,308 12.98 % 178,599 6.00 % 238,132 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) 351,308 11.80 % 133,949 4.50 % 193,482 6.50 % Tier 1 Capital (to 4th Qtr. Average Assets) 386,308 7.25 % 213,222 4.00 % 266,528 5.00 % 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 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Current and Deferred Components of Income Tax Expense (Benefit) | The current and deferred components of income tax expense (benefit) for the years ended December 31, are as follows: 2019 2018 2017 (dollars in thousands) Current expense: Federal $ 2,548 $ 2,637 $ 3,628 State 697 697 412 Total current expense 3,245 3,334 4,040 Deferred (benefit) expense: Federal (1,660 ) (1,238 ) 6,496 State (367 ) (528 ) 422 Valuation allowance reversal (108 ) — — Total deferred ( benefit) (2,135 ) (1,766 ) 6,918 Provision for income taxes $ 1,110 $ 1,568 $ 10,958 |
Income Tax Accounts Included in Other Assets | Income tax accounts included in other assets at December 31, are as follows: 2019 2018 (dollars in thousands) Current receivable $ 3,446 $ 13,194 Deferred income tax asset, net 24,566 20,321 Total $ 28,012 $ 33,515 |
Summary of Differences between Income Tax (Benefit) Expense at the Statutory Federal Income Tax Rate and Total Income Tax Expense | Differences between income tax expense 2019 2018 2017 (dollars in thousands) Federal income tax expense at statutory rates $ 8,570 $ 7,934 $ 11,308 State income tax, net of federal income tax benefit 261 134 550 Insurance income (265 ) (176 ) (371 ) Effect of tax-exempt (6,737 ) (6,510 ) (8,683 ) Net tax credit (292 ) (349 ) (341 ) Valuation a llowance reversal (108 ) — — Sequ estration (reversal) accrual (438 ) 438 — Deferred tax remeasurement — — 8,448 Other 119 97 47 Total $ 1,110 $ 1,568 $ 10,958 Effective tax rate 2.72 % 4.15 % 32.95 % |
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: 2019 2018 (dollars in thousands) Deferred income tax assets: Allowance for loan losses $ 8,354 $ 8,058 Deferred compensation 8,910 8,184 Pension and SERP liability 8,770 6,506 Operating le ase liabilities 3,567 — Unrealized losses on securities transferred to held-to-maturity 643 912 Depreciation 1,060 908 QZAB credit 812 — Accrued bonus 708 717 Charitable contributions carryforward 276 389 Nonaccrual interest 115 109 Unrealized (gains) losses on securities available-for-sale 114 (2 ) Other 206 181 Gross deferred income tax asset 33,535 25,962 Valuation allowance — (108 ) Gross deferred income tax asset, net of valuation allowance 33,535 25,854 Deferred income tax liabilities: Pension liability (4,258 ) (4,436 ) Operating lease right-of-use (3,520 ) — Deferred origination costs (516 ) (524 ) Prepaid expenses (337 ) (228 ) Mortgage servicing rights (338 ) (345 ) Gross deferred income tax liability (8,969 ) (5,533 ) Deferred income tax asset net $ 24,566 $ 20,321 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Fair Value of Plan Assets and Major Categories | The fair value of plan assets and major categories as of December 31, 2019, is as follows: Description Percent NAV Level 1 Level 2 Level 3 Total (dollars in thousands) Collective Funds 8.3 % $ — $ 4,289 $ — $ — $ 4,289 Equity Securities 9.7 % — 5,016 — — 5,016 Diversified Mutual Funds 31.1 % — 16,081 — — 16,081 Total investments measured in the fair value hierarchy 49.1 % — 25,386 — — 25,386 Investments measured at net asset value (1) 50.9 % 26,274 — — — 26,274 100.0 % $ 26,274 $ 25,386 $ — $ — $ 51,660 (1) In accordance with Subtopic 820-10, 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 Equity Securities 10.9 % — 4,863 — — 4,863 Diversified Mutual Funds 30.7 % — 13,612 — — 13,612 Short-term investments 0.1 % — 60 — — 60 Total investments measured in the fair value hierarchy 47.3 % — 21,039 — — 21,039 Investments measured at net asset value (1) 52.7 % 23,398 — — — 23,398 100.0 % $ 23,398 $ 21,039 $ — $ — $ 44,437 (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, 2019, is as follows: (dollars in thousands) Percent Fair Collective Funds by Category: Equity 19.3 % $ 9,932 US debt securities 15.2 % 7,874 International equities 10.1 % 5,208 Limited Partnerships by Category: Emerging markets 3.2 % 1,635 Multi-strategy 1.2 % 644 Hedge Funds by Category: Global opportunities (2) 0.5 % 259 Private investment entities and/or separately managed accounts (3) 1.4 % 722 50.9 % $ 26,274 The investments measured using the net asset value per share practical expedient as of December 31, 2018, is as follows: (dollars in thousands) Percent Fair Value 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 (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/ 2019 2018 2019 2018 (dollars in thousands) Change projected in benefit obligation Benefit obligation at beginning of year $ 40,509 $ 47,065 $ 40,405 $ 42,579 Service cost 1,103 1,411 1,024 1,107 Interest cost 1,892 1,481 1,926 1,386 Actuarial (gain)/loss 7,099 (8,263 ) 7,537 (3,591 ) Benefits paid (1,169 ) (1,185 ) (916 ) (1,076 ) Projected benefit obligation at end of year $ 49,434 $ 40,509 $ 49,976 $ 40,405 Change in plan assets Fair value of plan assets at beginning of year $ 44,437 $ 48,422 Actual return (loss) 8,392 (2,800 ) Employer contributions — — Benefits paid (1,169 ) (1,185 ) Fair value of plan assets at end of year $ 51,660 $ 44,437 (Unfunded) Funded status $ 2,226 $ 3,928 $ (49,976 ) $ (40,405 ) Accumulated benefit obligation $ 49,434 $ 40,509 $ 45,238 $ 36,984 Weighted-average assumptions as of December 31 Discount rate—Liability 3.71 % 4.76 % 3.71 % 4.79 % Discount rate—Expense 4.76 % 3.49 % 4.79 % 3.42 % Expected return on plan assets 7.50 % 8.00 % NA NA Rate of compensation increase 4.00 % 4.00 % 4.00 % 4.00 % Components of net periodic benefit cost Service cost $ 1,103 $ 1,411 $ 1,024 $ 1,107 Interest cost 1,892 1,481 1,926 1,386 Expected return on plan assets (3,275 ) (3,813 ) — — Recognized prior service cost — (100 ) 114 114 Recognized net losses 916 904 435 706 Net periodic cost (benefit) $ 636 $ (117 ) $ 3,499 $ 3,313 Other changes in plan assets and benefit obligations recognized in other comprehensive income Amortization of prior service cost $ — $ 100 $ (114 ) $ (114 ) Net (gain) loss 1,066 (2,554 ) 7,101 (4,298 ) Total recognized in other comprehensive income 1,066 (2,454 ) 6,987 (4,412 ) Total recognized in net periodic benefit cost and other comprehensive income $ 1,702 $ (2,571 ) $ 10,486 $ (1,099 ) |
Summary of Defined Pension Plan and Supplemental Insurance Retirement Plan | Plan December 31, 2019 Supplemental Total Plan December 31, 2018 Supplemental Total (dollars in thousands) Prior service cost $ — $ (307 ) $ (307 ) $ — $ (421 ) $ (421 ) Net actuarial loss (12,920 ) (17,971 ) (30,891 ) (11,854 ) (10,870 ) (22,724 ) Total $ (12,920 ) $ (18,278 ) $ (31,198 ) $ (11,854 ) $ (11,291 ) $ (23,145 ) |
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, 2019, 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 2020 $ — $ 114 Amortization of loss to be recognized in 2020 1,041 $ 849 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Summary of Financial Instruments with Off-Balance-Sheet Risk | Financial instruments with off-balance-sheet Contract or Notional Amount 2019 2018 (dollars in thousands) Financial instruments whose contract amount represents credit risk Commitments to originate 1–4 family mortgages $ 13,806 $ 5,075 Standby and commercial letters of credit 5,779 4,258 Unused lines of credit 625,524 553,045 Unadvanced portions of construction loans 11,062 28,746 Unadvanced portions of other loans 15,801 20,305 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Summary of Other Operating Expenses | Year ended December 31, 2019 2018 2017 (dollars in thousands) Marketing $ 2,132 $ 2,346 $ 2,315 Software maintenance/amortization 2,409 2,002 1,859 Legal and audit 1,514 1,444 1,543 Contributions 813 1,077 993 Processing services 1,875 1,740 1,160 Consulting 1,552 1,464 1,199 Postage and delivery 1,002 1,021 966 Supplies 985 987 945 Telephone 956 946 1,020 Directors’ fees 414 438 440 Insurance 456 420 308 Pension 2,008 678 1,396 Other 1,786 1,725 1,845 Total $ 17,902 $ 16,288 $ 15,989 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and December 31, 2018. 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 Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (dollars in thousands) December 31, 2019 Financial assets: Securities held-to-maturity $ 2,351,120 $ 2,361,304 $ — $ 2,361,304 $ — Loans(1) 2,396,534 2,424,770 — — 2,424,770 Financial liabilities: Time deposits 555,447 560,746 — 560,746 — Other borrowed funds 370,955 374,531 — 374,531 — Subordinated debentures 36,083 36,083 — 36,083 — 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 — (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, 2019 | |
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 $ 95,789 $ — $ 92,576 $ — $ 85,616 $ — Noninterest income: Service charges on deposit accounts 9,220 9,220 8,560 8,560 8,586 8,586 Lockbox fees 3,973 3,973 3,274 3,274 3,290 3,290 Brokerage commissions 277 — 348 — 353 — Net gains on sales of securities 61 — 302 — 47 — Gains on sales of mortgage loans 412 — — — 370 — Other income 4,456 2,799 3,764 2,536 3,906 2,429 Total noninterest income 18,399 15,992 16,248 14,370 16,552 14,305 Total revenues $ 114,188 $ 15,992 $ 108,824 $ 14,370 $ 102,168 $ 14,305 |
Information about Receivables with Customers | The following table provides information about receivables with customers. December 31, 2019 2018 2017 (dollars in thousands) Receivables, which are included in “Other assets” $ 1,200 $ 1,205 $ 1,009 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of lease expense | The components of lease expense were as follows: Year Ended December 31, 2019 (in thousands) Operating lease cost $ 2,216 Variable lease cost 528 Total lease cost $ 2,744 |
Supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,130 Right-of-use Operating leases $ 1,745 |
Supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases was as follows: Year Ended December 31, 2019 (in thousands, except lease term and Operating Leases: Operating lease right-of-use $ 12,521 Operating lease liabilities $ 12,690 Weighted Average Remaining Lease Term: Operating Leases 11 Years Weighted Average Discount Rate: Operating Leases 3.5 % |
Summary of Future Payments of Lease Liabilities | A summary of future payments of lease liabilities were as follows: Year Ending December 31, 2019 2018 (in thousands) 2019 $ — $ 2,490 2020 2,030 2,170 2021 1,754 1,694 2022 1,603 1,331 2023 1,545 1,104 2024 1,277 — Thereafter 7,312 1,074 Total lease payments $ 15,521 $ 9,863 Less imputed interest (2,831 ) Present value of lease liabilit y $ 12,690 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 2019 Quarters Fourth Third Second First (in thousands, except share data) Interest income $ 40,518 $ 39,852 $ 39,692 $ 39,077 Interest expense 15,187 16,082 16,442 15,639 Net interest income 25,331 23,770 23,250 23,438 Provision for loan losses 550 75 250 375 Net interest income after provision for loan losses 24,781 23,695 23,000 23,063 Other operating income 4,689 4,286 4,997 4,427 Operating expenses 18,212 17,462 18,264 18,190 Income before income taxes 11,258 10,519 9,733 9,300 Provision for income taxes 526 435 267 (118 ) Net income $ 10,732 $ 10,084 $ 9,466 $ 9,418 Share data: Average shares outstanding, basic Class A 3,650,949 3,650,449 3,620,449 3,610,329 Class B 1,916,960 1,917,460 1,947,460 1,957,580 Average shares outstanding, diluted Class A 5,567,909 5,567,909 5,567,909 5,567,909 Class B 1,916,960 1,917,460 1,947,460 1,957,580 Earnings per share, basic Class A $ 2.33 $ 2.19 $ 2.06 $ 2.05 Class B $ 1.16 $ 1.09 $ 1.03 $ 1.03 Earnings per share, diluted Class A $ 1.93 $ 1.81 $ 1.70 $ 1.69 Class B $ 1.16 $ 1.09 $ 1.03 $ 1.03 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 |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheets of Parent Company | BALANCE SHEETS December 31, 2019 2018 (dollars in thousands) ASSETS: Cash $ 3,177 $ 1,263 Investment in subsidiary, at equity 353,489 322,775 Other assets 16,325 16,991 Total assets $ 372,991 $ 341,029 LIABILITIES AND STOCKHOLDERS’ EQUITY: Liabilities $ 4,327 $ 4,507 Subordinated debentures 36,083 36,083 Stockholders’ equity 332,581 300,439 Total liabilities and stockholders’ equity $ 372,991 $ 341,029 |
Statements of Income of Parent Company | STATEMENTS OF INCOME Year Ended December 31, 2019 2018 2017 (dollars in thousands) Income: Dividends from subsidiary $ 5,000 $ 4,750 $ 2,500 Interest income from deposits in bank — — 1 Other income 65 53 34 Total income 5,065 4,803 2,535 Interest expense 1,577 1,474 1,121 Operating expenses 215 225 209 Income before income taxes and equity in undistributed income of subsidiary 3,273 3,104 1,205 Benefit from income taxes (363 ) (347 ) (440 ) Income before equity in undistributed income of subsidiary 3,636 3,451 1,645 Equity in undistributed income of subsidiary 36,063 32,762 20,656 Net income $ 39,699 $ 36,213 $ 22,301 |
Statements of Cash Flows of Parent Company | STATEMENTS OF CASH FLOWS December 31, 2019 2018 2017 (dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 39,699 $ 36,213 $ 22,301 Adjustments to reconcile net income to net cash provided by operating activities Undistributed income of subsidiary (36,063 ) (32,762 ) (20,656 ) Decrease (increase) in other assets 665 (158 ) (6,498 ) (Decrease) increase in liabilities (180 ) (1,808 ) 6,266 Net cash provided by (used in) operating activities 4,121 1,485 1,413 CASH FLOWS FROM FINANCING ACTIVITIES: Cash dividends paid (2,207 ) (2,203 ) (2,200 ) Net cash used in financing activities (2,207 ) (2,203 ) (2,200 ) Net increase 1,914 (718 ) (787 ) Cash at beginning of year 1,263 1,981 2,768 Cash at end of year $ 3,177 $ 1,263 $ 1,981 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Number of Reportable Segments | 1 |
Century Bancorp Capital Trust II [Member] | |
Equity ownership interest | 100.00% |
Number of Reportable Segments | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 21, 2021 | Dec. 31, 2019 | |
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% | |
Scenario, Forecast [Member] | ||
Summary Of Significant Accounting Policies And Other Information [Line Items] | ||
Excess AMT credit carryforwards refundable rate | (100.00%) | |
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% | |
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% |
Cash and Due from Banks - Addit
Cash and Due from Banks - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Due from Banks [Abstract] | ||
Reserve balance of cash and due from banks | $ 0 | $ 0 |
Recent Accounting Developments
Recent Accounting Developments - Additional Information (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Lease, Right-of-Use Asset | $ 12,521 |
Accounting Standards Update 2016-02 [Member] | |
Operating Lease, Right-of-Use Asset | $ 15,100 |
Securities Available-for-Sale -
Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 260,924 | $ 336,751 |
Gross Unrealized Gains | 274 | 635 |
Gross Unrealized Losses | 696 | 627 |
Total, Fair Value | 260,502 | 336,759 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,000 | |
Gross Unrealized Losses | 8 | |
Total, Fair Value | 1,992 | |
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 | 54,331 | 70,477 |
Gross Unrealized Gains | 23 | 1 |
Gross Unrealized Losses | 143 | 284 |
Total, Fair Value | 54,211 | 70,194 |
U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 184,580 | 162,604 |
Gross Unrealized Gains | 139 | 536 |
Gross Unrealized Losses | 532 | 250 |
Total, Fair Value | 184,187 | 162,890 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 397 | 679 |
Gross Unrealized Gains | 1 | 3 |
Gross Unrealized Losses | 2 | 10 |
Total, Fair Value | 396 | 672 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,016 | 93,445 |
Gross Unrealized Gains | 60 | 58 |
Total, Fair Value | 18,076 | 93,503 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,600 | 3,600 |
Gross Unrealized Gains | 51 | 37 |
Gross Unrealized Losses | 19 | 44 |
Total, Fair Value | $ 3,632 | $ 3,593 |
Securities Available-for-Sale_2
Securities Available-for-Sale - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,776,399,000 | $ 1,441,059,000 | |
Securities available-for-sale are securities at fair value pledged for borrowing | 32,297,000 | 34,787,000 | |
Gross gains on sales of securities | 61,000 | 302,000 | $ 47,000 |
Proceeds from sales of securities available-for-sale | 16,285,000 | 27,517,000 | 18,180,000 |
Securities at floating rate or adjustable rate | 244,688,000 | ||
Federal Home Loan Bank [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gross gains on sales of securities | $ 13,000 | $ 302,000 | $ 47,000 |
Securities AFS [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Weighted average remaining life of investment securities available-for-sale | 5 years 4 months 24 days | ||
Number of securities, temporarily impaired for less than 12 months | Security | 45 | 10 | |
Number of securities, temporarily impaired for 12 months or longer | Security | 18 | 30 | |
Number of securities, temporarily impaired, total | Security | 122 | 190 | |
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 | $ 186,245,000 | $ 197,304,000 |
Securities Available-for-Sale_3
Securities Available-for-Sale - Estimated Maturity Distribution of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 18,417 | |
After one but within five years, Amortized Cost | 113,192 | |
After five but within ten years, Amortized Cost | 124,489 | |
More than ten years, Amortized Cost | 4,826 | |
Amortized Cost | 260,924 | $ 336,751 |
Within one year, Fair Value | 18,476 | |
After one but within five years, Fair Value | 112,935 | |
After five but within ten years, Fair Value | 124,274 | |
More than ten years, Fair Value | 4,817 | |
Total, Fair Value | $ 260,502 | $ 336,759 |
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, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 124,418 | $ 41,108 |
Less Than 12 Months, Unrealized Losses | 412 | 80 |
12 Months or Longer, Fair Value | 51,751 | 93,047 |
12 Months or Longer, Unrealized Losses | 284 | 547 |
Total, Fair Value | 176,169 | 134,155 |
Total, Unrealized Losses | 696 | 627 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or Longer, Fair Value | 1,992 | |
12 Months or Longer, Unrealized Losses | 8 | |
Total, Fair Value | 1,992 | |
Total, Unrealized Losses | 8 | |
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 | 14,560 | 17,950 |
Less Than 12 Months, Unrealized Losses | 30 | 28 |
12 Months or Longer, Fair Value | 22,092 | 44,323 |
12 Months or Longer, Unrealized Losses | 113 | 256 |
Total, Fair Value | 36,652 | 62,273 |
Total, Unrealized Losses | 143 | 284 |
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 | 108,806 | 19,244 |
Less Than 12 Months, Unrealized Losses | 379 | 21 |
12 Months or Longer, Fair Value | 29,178 | 45,782 |
12 Months or Longer, Unrealized Losses | 153 | 229 |
Total, Fair Value | 137,984 | 65,026 |
Total, Unrealized Losses | 532 | 250 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 252 | |
Less Than 12 Months, Unrealized Losses | 2 | |
12 Months or Longer, Fair Value | 495 | |
12 Months or Longer, Unrealized Losses | 10 | |
Total, Fair Value | 252 | 495 |
Total, Unrealized Losses | 2 | 10 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 800 | |
Less Than 12 Months, Unrealized Losses | 1 | |
12 Months or Longer, Fair Value | 481 | 455 |
12 Months or Longer, Unrealized Losses | 18 | 44 |
Total, Fair Value | 1,281 | 455 |
Total, Unrealized Losses | $ 19 | $ 44 |
Investment Securities Held-to_3
Investment Securities Held-to-Maturity - Summary of Held-to-Maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,351,120 | $ 2,046,647 |
Gross Unrealized Gains | 21,429 | 2,660 |
Gross Unrealized Losses | 11,245 | 57,886 |
Estimated Fair Value | 2,361,304 | 1,991,421 |
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 | 98,867 | 234,228 |
Gross Unrealized Gains | 527 | 336 |
Gross Unrealized Losses | 96 | 803 |
Estimated Fair Value | 99,298 | 233,761 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 44,379 | 52,051 |
Gross Unrealized Gains | 182 | |
Gross Unrealized Losses | 303 | 2,065 |
Estimated Fair Value | 44,258 | 49,986 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,207,874 | 1,750,408 |
Gross Unrealized Gains | 20,720 | 2,324 |
Gross Unrealized Losses | 10,846 | 55,016 |
Estimated Fair Value | $ 2,217,748 | $ 1,697,716 |
Investment Securities Held-to_4
Investment Securities Held-to-Maturity - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities at fair value pledged to secure public deposits and repurchase agreements | $ 1,776,399,000 | $ 1,441,059,000 |
Securities held to maturity at floating rate or adjustable rate | 107,000 | |
Proceeds from sales of securities held-to-maturity | 1,193,000 | |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Realized gross gains from sales of securities held-to-maturity | 48,000 | |
Proceeds from sales of securities held-to-maturity | $ 1,193,000 | |
Held-to-Maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Weighted average remaining life of investment securities held-to-maturity | 3 years 8 months 12 days | |
Number of securities, temporarily impaired for less than 12 months | Security | 114 | 56 |
Number of securities, temporarily impaired for 12 months or longer | Security | 103 | 315 |
Number of securities, temporarily impaired, total | Security | 531 | 475 |
Held-to-Maturity Securities [Member] | U.S. Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Weighted average remaining life | $ 33,491,000 | |
Federal Home Loan Bank [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities pledged for borrowing at the Federal Home Loan Bank | $ 399,646,000 | $ 291,190,000 |
Investment Securities Held-to_5
Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Within one year, Amortized Cost | $ 73,576 | |
After one but within five years, Amortized Cost | 1,891,043 | |
After five but within ten years, Amortized Cost | 374,071 | |
More than ten years, Amortized Cost | 12,430 | |
Amortized Cost | 2,351,120 | $ 2,046,647 |
Within one year, Fair Value | 73,841 | |
After one but within five years, Fair Value | 1,900,050 | |
After five but within ten years, Fair Value | 374,688 | |
More than ten years, Fair Value | 12,725 | |
Estimated Fair Value | $ 2,361,304 | $ 1,991,421 |
Investment Securities Held-to_6
Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 663,576 | $ 207,932 |
Less Than 12 Months, Unrealized Losses | 4,324 | 2,076 |
12 Months or Longer, Fair Value | 399,895 | 1,369,175 |
12 Months or Longer, Unrealized Losses | 6,921 | 55,810 |
Total, Fair Value | 1,063,471 | 1,577,107 |
Total, Unrealized Losses | 11,245 | 57,886 |
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 | 24,420 | 9,849 |
Less Than 12 Months, Unrealized Losses | 72 | 42 |
12 Months or Longer, Fair Value | 9,976 | 69,499 |
12 Months or Longer, Unrealized Losses | 24 | 761 |
Total, Fair Value | 34,396 | 79,348 |
Total, Unrealized Losses | 96 | 803 |
SBA Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 25,251 | |
Less Than 12 Months, Unrealized Losses | 303 | |
12 Months or Longer, Fair Value | 49,987 | |
12 Months or Longer, Unrealized Losses | 2,065 | |
Total, Fair Value | 25,251 | 49,987 |
Total, Unrealized Losses | 303 | 2,065 |
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 | 613,905 | 188,125 |
Less Than 12 Months, Unrealized Losses | 3,949 | 2,032 |
12 Months or Longer, Fair Value | 389,919 | 1,249,689 |
12 Months or Longer, Unrealized Losses | 6,897 | 52,984 |
Total, Fair Value | 1,003,824 | 1,437,814 |
Total, Unrealized Losses | $ 10,846 | $ 55,016 |
Loans - Summary of Composition
Loans - Summary of Composition of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 2,426,119 | $ 2,285,578 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 786,102 | 750,362 |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 371,897 | 348,250 |
Consumer Portfolio Segment Other Than Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 21,071 | 21,359 |
Municipal [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 120,455 | 97,290 |
Construction and land development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 8,992 | 13,628 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 812,417 | 761,625 |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 304,363 | 292,340 |
Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $ 822 | $ 724 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | |||
Loans carried net of premiums | $ (292,000) | $ (364,000) | |
Net deferred fee | 220,000 | 496,000 | |
Mortgage loans sold to others | 204,690,000 | 209,160,000 | |
Total recorded investment in impaired loans | 3,252,000 | 3,051,000 | $ 7,114,000 |
Loans held for sale | 0 | 0 | |
Mortgage servicing rights, net | 1,202,000 | 1,226,000 | |
Impaired loans | 2,322,000 | 2,775,000 | |
Specific reserves | $ 102,000 | $ 145,000 |
Loans - Composition of Nonaccru
Loans - Composition of Nonaccrual Loans and Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Loans on nonaccrual | $ 2,014 | $ 1,313 | $ 1,684 |
Loans 90 days past due and still accruing | 0 | 0 | 0 |
Impaired loans on nonaccrual included above | 296 | 254 | |
Total recorded investment in impaired loans | 3,252 | 3,051 | 7,114 |
Average recorded investment of impaired loans | 3,161 | 5,491 | 5,608 |
Accruing troubled debt restructures | 2,361 | 2,559 | 2,749 |
Interest income not recorded on nonaccrual loans according to their original terms | 67 | 64 | 51 |
Interest income on nonaccrual loans actually recorded | 0 | 0 | 0 |
Interest income recognized on impaired loans | $ 103 | $ 196 | $ 182 |
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, 2019USD ($) | |
Debt Disclosure [Abstract] | |
Beginning balance | $ 12,547 |
Additions | 706 |
Repayments and Deletions | 1,222 |
Ending balance | $ 12,031 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||||||||||
Allowance for loan losses, beginning of year | $ 28,543 | $ 26,255 | $ 28,543 | $ 26,255 | $ 24,406 | |||||
Loans charged-off | (454) | (833) | (390) | |||||||
Recoveries on loans previously charged-off | 246 | 1,771 | 449 | |||||||
Net recoveries (charge-offs) | (208) | 938 | 59 | |||||||
Provision charged to expense | $ 550 | $ 75 | $ 250 | $ 375 | $ 450 | $ 450 | $ 450 | 1,250 | 1,350 | 1,790 |
Allowance for loan losses, end of year | $ 29,585 | $ 28,543 | $ 29,585 | $ 28,543 | $ 26,255 |
Allowance for Loan Losses - Sum
Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | $ 28,543 | $ 26,255 | $ 24,406 |
Charge-offs | (454) | (833) | (390) |
Recoveries | 246 | 1,771 | 449 |
Provision | 1,250 | 1,350 | |
Allowance for loan losses, end of year | 29,585 | 28,543 | 26,255 |
Amount of allowance for loan losses for loans deemed to be impaired | 102 | 145 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 29,483 | 28,398 | |
Loans: | |||
Total loans, net | 2,426,119 | 2,285,578 | |
Loans deemed to be impaired | 3,252 | 3,051 | 7,114 |
Loans not deemed to be impaired | 2,422,867 | 2,282,527 | |
Construction and Land Development [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 1,092 | 1,645 | |
Recoveries | 1,436 | ||
Provision | (761) | (1,989) | |
Allowance for loan losses, end of year | 331 | 1,092 | 1,645 |
Amount of allowance for loan losses for loans not deemed to be impaired | 331 | 1,092 | |
Loans: | |||
Total loans, net | 8,992 | 13,628 | |
Loans not deemed to be impaired | 8,992 | 13,628 | |
Commercial and Industrial [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 10,998 | 9,651 | |
Charge-offs | (137) | (67) | |
Recoveries | 60 | 57 | |
Provision | 675 | 1,357 | |
Allowance for loan losses, end of year | 11,596 | 10,998 | 9,651 |
Amount of allowance for loan losses for loans deemed to be impaired | 15 | 54 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 11,581 | 10,944 | |
Loans: | |||
Total loans, net | 812,417 | 761,625 | |
Loans deemed to be impaired | 906 | 401 | |
Loans not deemed to be impaired | 811,511 | 761,224 | |
Municipal [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 1,838 | 1,720 | |
Provision | 728 | 118 | |
Allowance for loan losses, end of year | 2,566 | 1,838 | 1,720 |
Amount of allowance for loan losses for loans not deemed to be impaired | 2,566 | 1,838 | |
Loans: | |||
Total loans, net | 120,455 | 97,290 | |
Loans not deemed to be impaired | 120,455 | 97,290 | |
Commercial Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 10,663 | 9,728 | |
Provision | 801 | 935 | |
Allowance for loan losses, end of year | 11,464 | 10,663 | 9,728 |
Amount of allowance for loan losses for loans deemed to be impaired | 87 | 91 | |
Amount of allowance for loan losses for loans not deemed to be impaired | 11,377 | 10,572 | |
Loans: | |||
Total loans, net | 786,102 | 750,362 | |
Loans deemed to be impaired | 2,346 | 2,650 | |
Loans not deemed to be impaired | 783,756 | 747,712 | |
Residential Real Estate [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 2,190 | 1,873 | |
Charge-offs | (450) | ||
Recoveries | 75 | ||
Provision | 4 | 692 | |
Allowance for loan losses, end of year | 2,194 | 2,190 | 1,873 |
Amount of allowance for loan losses for loans not deemed to be impaired | 2,194 | 2,190 | |
Loans: | |||
Total loans, net | 371,897 | 348,250 | |
Loans not deemed to be impaired | 371,897 | 348,250 | |
Consumer [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 365 | 373 | |
Charge-offs | (295) | (316) | |
Recoveries | 186 | 203 | |
Provision | 56 | 105 | |
Allowance for loan losses, end of year | 312 | 365 | 373 |
Amount of allowance for loan losses for loans not deemed to be impaired | 312 | 365 | |
Loans: | |||
Total loans, net | 21,893 | 22,083 | |
Loans not deemed to be impaired | 21,893 | 22,083 | |
Home Equity [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 1,111 | 989 | |
Charge-offs | (22) | ||
Provision | (24) | 122 | |
Allowance for loan losses, end of year | 1,065 | 1,111 | 989 |
Amount of allowance for loan losses for loans not deemed to be impaired | 1,065 | 1,111 | |
Loans: | |||
Total loans, net | 304,363 | 292,340 | |
Loans not deemed to be impaired | 304,363 | 292,340 | |
Unallocated [Member] | |||
Allowance for Loan Losses: | |||
Allowance for loan losses, beginning of year | 286 | 276 | |
Provision | (229) | 10 | |
Allowance for loan losses, end of year | 57 | 286 | $ 276 |
Amount of allowance for loan losses for loans not deemed to be impaired | $ 57 | $ 286 |
Allowance for Loan Losses - Loa
Allowance for Loan Losses - Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans by risk rating | ||
Financing Receivable, Net | $ 2,426,119 | $ 2,285,578 |
Construction and Land Development [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 8,992 | 13,628 |
Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 812,417 | 761,625 |
Municipal [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 120,455 | 97,290 |
Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 786,102 | 750,362 |
1-3 (Pass) [Member] | Construction and Land Development [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 8,992 | 13,628 |
1-3 (Pass) [Member] | Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 807,486 | 757,089 |
1-3 (Pass) [Member] | Municipal [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 120,455 | 97,290 |
1-3 (Pass) [Member] | Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 759,402 | 723,170 |
4 (Monitor) [Member] | Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 4,025 | 4,135 |
4 (Monitor) [Member] | Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 24,354 | 24,542 |
Impaired [Member] | Commercial and Industrial [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | 906 | 401 |
Impaired [Member] | Commercial Real Estate [Member] | ||
Loans by risk rating | ||
Financing Receivable, Net | $ 2,346 | $ 2,650 |
Allowance for Loan Losses - L_2
Allowance for Loan Losses - Loans by Credit Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 1,160,837 | $ 1,071,577 |
Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 617,354 | 588,142 |
A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 341,744 | 331,458 |
Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 195,844 | 145,167 |
Ba1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 5,895 | 6,810 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 709,688 | 663,719 |
Commercial and Industrial [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 523,644 | 491,247 |
Commercial and Industrial [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 186,044 | 172,472 |
Municipal [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 117,655 | 95,490 |
Municipal [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 53,273 | 54,105 |
Municipal [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 7,354 | 7,605 |
Municipal [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 51,133 | 26,970 |
Municipal [Member] | Ba1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 5,895 | 6,810 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 333,494 | 312,368 |
Commercial Real Estate [Member] | Aaa - Aa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 40,437 | 42,790 |
Commercial Real Estate [Member] | A1 - A3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | 148,346 | 151,381 |
Commercial Real Estate [Member] | Baa1 - Baa3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable net of deferred income credit quality | $ 144,711 | $ 118,197 |
Allowance for Loan Losses - Agi
Allowance for Loan Losses - Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | $ 3,251 | $ 4,647 | |
Non Accrual | 2,014 | 1,313 | $ 1,684 |
Total Past Due | 5,265 | 5,960 | |
Current Loans | 2,420,854 | 2,279,618 | |
Total loans, net | 2,426,119 | 2,285,578 | |
Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current Loans | 8,992 | 13,628 | |
Total loans, net | 8,992 | 13,628 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 227 | 187 | |
Non Accrual | 400 | 115 | |
Total Past Due | 627 | 302 | |
Current Loans | 811,790 | 761,323 | |
Total loans, net | 812,417 | 761,625 | |
Municipal [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current Loans | 120,455 | 97,290 | |
Total loans, net | 120,455 | 97,290 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 840 | 774 | |
Non Accrual | 492 | 190 | |
Total Past Due | 1,332 | 964 | |
Current Loans | 784,770 | 749,398 | |
Total loans, net | 786,102 | 750,362 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 1,563 | 2,554 | |
Non Accrual | 683 | 569 | |
Total Past Due | 2,246 | 3,123 | |
Current Loans | 369,651 | 345,127 | |
Total loans, net | 371,897 | 348,250 | |
Consumer and overdrafts [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 18 | 24 | |
Non Accrual | 4 | 14 | |
Total Past Due | 22 | 38 | |
Current Loans | 21,871 | 22,045 | |
Total loans, net | 21,893 | 22,083 | |
Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Accruing 30-89 Days Past Due | 603 | 1,108 | |
Non Accrual | 435 | 425 | |
Total Past Due | 1,038 | 1,533 | |
Current Loans | 303,325 | 290,807 | |
Total loans, net | $ 304,363 | $ 292,340 |
Allowance for Loan Losses - Inf
Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | $ 930 | $ 276 | |
With no required reserve recorded, Unpaid Balance Principal | 1,165 | 503 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 583 | 295 | |
With no required reserve recorded, Interest Income | 6 | 5 | |
With required reserve recorded, Carrying Value | 2,322 | 2,775 | |
With required reserve recorded, Unpaid Balance Principal | 2,443 | 2,890 | |
With required reserve recorded, Required Reserve | 102 | 145 | |
With required reserve recorded, Average Carrying Value Recognized | 2,578 | 5,196 | |
With required reserve recorded, Interest Income | 97 | 191 | |
Carrying Value | 3,252 | 3,051 | $ 7,114 |
Unpaid Balance Principal | 3,608 | 3,393 | |
With required reserve recorded, Required Reserve | 102 | 145 | |
Average Carrying Value Recognized | 3,161 | 5,491 | $ 5,608 |
Interest Income | 103 | 196 | |
Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Required Reserve | 0 | 0 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
With no required reserve recorded, Carrying Value | 770 | 87 | |
With no required reserve recorded, Unpaid Balance Principal | 976 | 291 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 138 | 46 | |
With no required reserve recorded, Interest Income | 6 | 5 | |
With required reserve recorded, Carrying Value | 136 | 314 | |
With required reserve recorded, Unpaid Balance Principal | 137 | 315 | |
With required reserve recorded, Required Reserve | 15 | 54 | |
With required reserve recorded, Average Carrying Value Recognized | 264 | 462 | |
With required reserve recorded, Interest Income | 7 | 13 | |
Carrying Value | 906 | 401 | |
Unpaid Balance Principal | 1,113 | 606 | |
With required reserve recorded, Required Reserve | 15 | 54 | |
Average Carrying Value Recognized | 402 | 508 | |
Interest Income | 13 | 18 | |
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 | 160 | 189 | |
With no required reserve recorded, Unpaid Balance Principal | 189 | 212 | |
With no required reserve recorded, Required Reserve | 0 | 0 | |
With no required reserve recorded, Average Carrying Value Recognized | 445 | 249 | |
With required reserve recorded, Carrying Value | 2,186 | 2,461 | |
With required reserve recorded, Unpaid Balance Principal | 2,306 | 2,575 | |
With required reserve recorded, Required Reserve | 87 | 91 | |
With required reserve recorded, Average Carrying Value Recognized | 2,314 | 2,322 | |
With required reserve recorded, Interest Income | 90 | 97 | |
Carrying Value | 2,346 | 2,650 | |
Unpaid Balance Principal | 2,495 | 2,787 | |
With required reserve recorded, Required Reserve | 87 | 91 | |
Average Carrying Value Recognized | 2,759 | 2,571 | |
Interest Income | 90 | 97 | |
Residential Real Estate [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 | 2,412 | ||
With required reserve recorded, Interest Income | 81 | ||
Average Carrying Value Recognized | 2,412 | ||
Interest Income | 81 | ||
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 | |||||
Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018ContractsContract | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for Loan and Lease Losses, Write-offs | $ 454,000 | $ 833,000 | $ 390,000 | ||||
Transfer Of Loans To Other Real Estate Owned | $ 2,225,000 | $ 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 | ||||||
Commercial and Industrial [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Post-modification outstanding recorded investment | $ 39,000 | ||||||
Allowance for Loan and Lease Losses, Write-offs | $ 137,000 | $ 67,000 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Schedule of Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | $ 81,354 | $ 68,271 |
Accumulated depreciation and amortization | (47,402) | (44,350) |
Total | 33,952 | 23,921 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 7,246 | 3,850 |
Bank Premises [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 28,175 | 21,659 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, gross | 33,259 | 30,088 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation of leased property | $ 3,235,000 | $ 3,206,000 | $ 3,135,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets And Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 2,714 | $ 2,714 | $ 2,714 |
Total, Beginning Balance | 3,940 | 4,239 | |
Additions | 237 | ||
Amortization Expense | (261) | (299) | |
Total, Ending Balance | 3,916 | 3,940 | |
Mortgage Servicing Rights [Member] | |||
Intangible Assets And Goodwill [Line Items] | |||
Beginning Balance | 1,226 | 1,525 | |
Additions | 237 | ||
Amortization Expense | (261) | (299) | |
Ending Balance | $ 1,202 | $ 1,226 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 260,502 | $ 336,759 |
Fair Value Measurements, Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 247,201 | 248,031 |
Fair Value Measurements, Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 13,301 | 88,728 |
Other Real Estate Owned | 2,225 | |
Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans | 877 | 251 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 1,992 | |
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 | |
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 | 54,211 | 70,194 |
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 | 54,211 | 70,194 |
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 | 184,187 | 162,890 |
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 | 184,187 | 162,890 |
Privately Issued Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 396 | 672 |
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 | 396 | 672 |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 18,076 | 93,503 |
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 | 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 | 13,301 | 88,728 |
Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,632 | 3,593 |
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 | 3,632 | 3,593 |
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 Non Recurring Basis Equity Securities | 343 | 293 |
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 Non Recurring Basis Equity Securities | 1,345 | 1,303 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 260,502 | 336,759 |
Other Real Estate Owned | 2,225 | |
Financial Instruments Measured at Fair Value on a Non-recurring Basis Impaired Loans | 877 | 251 |
Carrying Value [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 1,992 | |
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 | 54,211 | 70,194 |
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 | 184,187 | 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 | 396 | 672 |
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 | 18,076 | 93,503 |
Carrying Value [Member] | Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,632 | 3,593 |
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 Non Recurring Basis Equity Securities | $ 1,688 | $ 1,596 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Specific adjustments to impaired loans recognized | $ 79,000 | $ 540,000 |
Amortized cost of Level 3 securities | 1,635,000 | 1,635,000 |
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 | 13,301,000 | 88,728,000 |
Unrealized loss | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Securities AFS [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Fair Value | $ 13,301 | $ 88,728 |
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 | $ 877 | $ 251 |
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 | 1.5 | 2.1 |
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 | 3.2 | 4.1 |
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, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 88,728 | $ 82,600 |
Purchases | 21,408 | 132,470 |
Maturities/redemptions | (96,812) | (121,753) |
Transfer to Level 2 | (4,459) | |
Amortization | (23) | (130) |
Ending Balance | 13,301 | 88,728 |
Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 4,459 | |
Transfer to Level 2 | (4,459) | |
Obligations Issued by States and Political Subdivisions [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 88,728 | 78,141 |
Purchases | 21,408 | 132,470 |
Maturities/redemptions | (96,812) | (121,753) |
Amortization | (23) | (130) |
Ending Balance | $ 13,301 | $ 88,728 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Municipal [Member] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Securities maturity period | one year or less | 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, 2019 | Dec. 31, 2018 |
Maturities of Time Deposits [Abstract] | ||
Within one year | $ 383,497 | $ 413,297 |
Over one year to two years | 123,016 | 88,815 |
Over two years to three years | 27,223 | 39,924 |
Over three years to five years | 21,711 | 18,543 |
Time Deposits, Total | $ 555,447 | $ 560,579 |
Within one year, Percent | 69.00% | 74.00% |
Over one year to two years, Percent | 22.00% | 16.00% |
Over two years to three years, Percent | 5.00% | 7.00% |
Over three years to five years, Percent | 4.00% | 3.00% |
Total, Percent | 100.00% | 100.00% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Time deposits 250000 or more | $ 342,809,000 | $ 293,046,000 |
Deposits to related parties | $ 34,964,000 | $ 36,794,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |||
Amount outstanding at December 31 | $ 266,045,000 | $ 154,240,000 | $ 158,990,000 |
Weighted average rate at December 31 | 0.96% | 0.82% | 0.32% |
Maximum amount outstanding at any month end | $ 307,235,000 | $ 174,150,000 | $ 228,848,000 |
Daily average balance outstanding during the year | $ 224,361,000 | $ 147,944,000 | $ 189,684,000 |
Weighted average rate during the year | 1.05% | 0.66% | 0.26% |
Securities Sold under Agreeme_4
Securities Sold under Agreements to Repurchase - Additional Information (Detail) - U.S. Government Sponsored Enterprises [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
U.S. Government Sponsored Enterprise securities with a total amortized cost | $ 264,737,000 | $ 160,576,000 | $ 162,927,000 |
Fair value of the collateral repurchase agreement | $ 265,687,000 | $ 156,369,000 | $ 159,051,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Amount outstanding at December 31 | $ 407,038,000 | $ 238,461,000 | $ 383,861,000 |
Weighted average rate at December 31 | 2.37% | 2.76% | 2.26% |
Maximum amount outstanding at any month end | $ 487,502,000 | $ 542,913,000 | $ 491,583,000 |
Daily average balance outstanding during the year | $ 231,926,000 | $ 291,674,000 | $ 309,102,000 |
Weighted average rate during the year | 2.95% | 2.61% | 2.42% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
FHLBB advances | $ 40,000,000 | $ 40,000,000 | $ 20,000,000 | |
Subordinated debt securities issued | 36,083,000 | $ 36,083,000 | ||
Prior Restructuring FHLBB [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLBB advances | $ 15,000,000 | |||
FHLBB Weighted average rate | 3.33% | |||
FHLBB Weighted average maturity | 14 months | |||
Post Restructuring FHLBB [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLBB Weighted average rate | 2.37% | |||
FHLBB Weighted average maturity | 60 months | |||
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 | $ 245,138,000 | |||
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 | 3.76% | 4.66% | ||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |||
Within one year | $ 218,000 | $ 63,000 | $ 164,500 |
Over one year to two years | 42,500 | 28,000 | 63,000 |
Over two years to three years | 3,500 | 25,000 | 28,000 |
Over three years to five years | 70,000 | 33,500 | 28,500 |
Over five years | 36,955 | 52,878 | 63,778 |
Federal Home Loan Bank, Advances, Total | $ 370,955 | $ 202,378 | $ 347,778 |
Within one year, Weighted Average Rate | 1.86% | 2.17% | 1.82% |
Over one year to two years, Weighted Average Rate | 2.58% | 2.29% | 2.17% |
Over two years to three years, Weighted Average Rate | 2.15% | 3.34% | 2.29% |
Over three years to five years, Weighted Average Rate | 2.85% | 2.23% | 3.19% |
Over five years, Weighted Average Rate | 2.88% | 2.47% | 2.38% |
Weighted Average Rate, Total | 2.23% | 2.42% | 2.13% |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gains on sales of securities | $ 61 | $ 302 | $ 47 | ||||||||
Provision for income taxes | $ (526) | $ (435) | $ (267) | $ 118 | $ (309) | $ (444) | $ (314) | $ (501) | (1,110) | (1,568) | (10,958) |
Net income | $ 10,732 | $ 10,084 | $ 9,466 | $ 9,418 | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | 39,699 | 36,213 | 22,301 |
Salaries and employee benefits | (44,014) | (42,710) | $ (40,517) | ||||||||
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 | 61 | 302 | |||||||||
Provision for income taxes | (17) | (85) | |||||||||
Net income | 44 | 217 | |||||||||
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 | (1,022) | (1,477) | |||||||||
Provision for income taxes | 269 | 391 | |||||||||
Net income | (753) | (1,086) | |||||||||
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 | (114) | (14) | |||||||||
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 | (1,351) | (1,610) | |||||||||
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 | (1,465) | (1,624) | |||||||||
Provision for income taxes | 412 | 457 | |||||||||
Net income | $ (1,053) | $ (1,167) |
Earnings Per Share ("EPS") - Ad
Earnings Per Share ("EPS") - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 10,732 | $ 10,084 | $ 9,466 | $ 9,418 | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 39,699 | $ 36,213 | $ 22,301 |
Class A Common Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 31,351 | $ 28,479 | $ 17,526 | ||||||||
Weighted average shares outstanding, basic | 3,650,949 | 3,650,449 | 3,620,449 | 3,610,329 | 3,608,329 | 3,608,329 | 3,608,029 | 3,608,029 | 3,633,044 | 3,608,179 | 3,604,029 |
Basic earnings per share | $ 2.33 | $ 2.19 | $ 2.06 | $ 2.05 | $ 2.16 | $ 2.09 | $ 1.96 | $ 1.68 | $ 8.63 | $ 7.89 | $ 4.86 |
Net income | $ 31,351 | $ 28,479 | $ 17,526 | ||||||||
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 | $ 1.93 | $ 1.81 | $ 1.70 | $ 1.69 | $ 1.78 | $ 1.72 | $ 1.62 | $ 1.38 | $ 7.13 | $ 6.50 | $ 4.01 |
Class B Common Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 8,348 | $ 7,734 | $ 4,775 | ||||||||
Weighted average shares outstanding, basic | 1,916,960 | 1,917,460 | 1,947,460 | 1,957,580 | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,934,865 | 1,959,730 | 1,963,880 |
Basic earnings per share | $ 1.16 | $ 1.09 | $ 1.03 | $ 1.03 | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 4.31 | $ 3.95 | $ 2.43 |
Net income | $ 8,348 | $ 7,734 | $ 4,775 | ||||||||
Weighted average shares outstanding, diluted | 1,916,960 | 1,917,460 | 1,947,460 | 1,957,580 | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,934,865 | 1,959,730 | 1,963,880 |
Diluted earnings per share | $ 1.16 | $ 1.09 | $ 1.03 | $ 1.03 | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 4.31 | $ 3.95 | $ 2.43 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 401,850 | $ 364,744 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 372,265 | 336,201 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 372,265 | 336,201 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | $ 372,265 | $ 336,201 |
Total Capital (to Risk-Weighted Assets), Ratio | 13.57% | 13.24% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 12.57% | 12.21% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Ratio | 12.57% | 12.21% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 7.01% | 6.68% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | $ 236,830 | $ 220,335 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 177,622 | 165,251 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 133,217 | 123,938 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | $ 212,549 | $ 201,228 |
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 | $ 296,037 | $ 275,419 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 236,830 | 220,335 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 192,424 | 179,022 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $ 265,686 | $ 251,535 |
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, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual Amount | $ 415,863 | $ 377,359 |
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 386,308 | 348,816 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Actual Amount | 351,308 | 313,816 |
Tier 1 Capital (to 4th Qtr. Average Assets), Actual Amount | $ 386,308 | $ 348,816 |
Total Capital (to Risk-Weighted Assets), Ratio | 13.97% | 13.62% |
Tier 1 Capital (to Risk-Weighted Assets), Ratio | 12.98% | 12.59% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Ratio | 11.80% | 11.32% |
Tier 1 Capital (to 4th Qtr. Average Assets), Ratio | 7.25% | 6.91% |
Total Capital (to Risk-Weighted Assets), Capital Adequacy Amount | $ 238,132 | $ 221,690 |
Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 178,599 | 166,268 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Capital Adequacy Amount | 133,949 | 124,701 |
Tier 1 Capital (to 4th Qtr. Average Assets), Capital Adequacy Amount | $ 213,222 | $ 201,913 |
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 | $ 297,665 | $ 277,113 |
Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 238,132 | 221,690 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), Well Capitalized Amount | 193,482 | 180,123 |
Tier 1 Capital (to 4th Qtr. Average Assets), Well Capitalized Amount | $ 266,528 | $ 252,391 |
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 Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current expense: | |||||||||||
Federal | $ 2,548 | $ 2,637 | $ 3,628 | ||||||||
State | 697 | 697 | 412 | ||||||||
Total current expense | 3,245 | 3,334 | 4,040 | ||||||||
Deferred (benefit) expense: | |||||||||||
Federal | (1,660) | (1,238) | 6,496 | ||||||||
State | (367) | (528) | 422 | ||||||||
Valuation Allowance | (108) | ||||||||||
Total deferred (benefit) expense | (2,135) | (1,766) | 6,918 | ||||||||
Provision for income taxes | $ 526 | $ 435 | $ 267 | $ (118) | $ 309 | $ 444 | $ 314 | $ 501 | $ 1,110 | $ 1,568 | $ 10,958 |
Income Taxes - Income Tax Accou
Income Taxes - Income Tax Accounts Included in Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Current receivable | $ 3,446 | $ 13,194 |
Deferred income tax asset, net | 24,566 | 20,321 |
Total | $ 28,012 | $ 33,515 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences between Income Tax Expense (Benefit) at the Statutory Federal Income Tax Rate and Total Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income tax expense at statutory rates | $ 8,570 | $ 7,934 | $ 11,308 | ||||||||
State income tax, net of federal income tax benefit | 261 | 134 | 550 | ||||||||
Insurance income | (265) | (176) | (371) | ||||||||
Effect of tax-exempt interest | (6,737) | (6,510) | (8,683) | ||||||||
Net tax credit | (292) | (349) | (341) | ||||||||
Valuation allowance reversal | (108) | ||||||||||
Sequestration (reversal) accrual | (438) | 438 | |||||||||
Deferred tax remeasurement | 8,448 | ||||||||||
Other | 119 | 97 | 47 | ||||||||
Provision for income taxes | $ 526 | $ 435 | $ 267 | $ (118) | $ 309 | $ 444 | $ 314 | $ 501 | $ 1,110 | $ 1,568 | $ 10,958 |
Effective tax rate | 2.72% | 4.15% | 32.95% |
Income Taxes - Gross Deferred I
Income Taxes - Gross Deferred Income Tax Assets and Gross Deferred Income Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Allowance for loan losses | $ 8,354 | $ 8,058 |
Deferred compensation | 8,910 | 8,184 |
Pension and SERP liability | 8,770 | 6,506 |
Operating lease liabilities | 3,567 | |
Unrealized losses on securities transferred to held-to-maturity | 643 | 912 |
Depreciation | 1,060 | 908 |
QZAB credit | 812 | |
Accrued bonus | 708 | 717 |
Charitable contributions carryforward | 276 | 389 |
Nonaccrual interest | 115 | 109 |
Unrealized (gains) losses on securities available-for-sale | 114 | (2) |
Other | 206 | 181 |
Gross deferred income tax asset | 33,535 | 25,962 |
Valuation allowance | (108) | |
Gross deferred income tax asset, net of valuation allowance | 33,535 | 25,854 |
Deferred income tax liabilities: | ||
Pension liability | (4,258) | (4,436) |
Operating lease right-of-use assets | (3,520) | |
Deferred origination costs | (516) | (524) |
Prepaid expenses | (337) | (228) |
Mortgage servicing rights | (338) | (345) |
Gross deferred income tax liability | (8,969) | (5,533) |
Deferred income tax asset net | $ 24,566 | $ 20,321 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Federal tax rate | 21.00% | 34.00% | |
Additional tax expense recorded | $ 8,448,000 | ||
Alternative minimum tax credit | $ 5,664,000 | ||
Income Taxes Receivable | $ 4,069,000 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits expected to be paid in 2020 | $ 1,798,000 | ||
Benefits expected to be paid in 2021 | 2,023,000 | ||
Benefits expected to be paid in 2022 | 2,157,000 | ||
Benefits expected to be paid in 2023 | 2,270,000 | ||
Benefits expected to be paid in 2024 | 2,451,000 | ||
Aggregate benefits expected to paid | $ 15,005,000 | ||
Voluntary contribution of employees | 33.30% | ||
Contributions matched by compensation contribution | 6.00% | ||
Voluntary contribution of employees, amount | $ 458,000 | $ 454,000 | $ 445,000 |
Discretionary bonus expense | 2,364,000 | 2,355,000 | $ 1,859,000 |
Change in Assumptions for Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
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 2020 | 2,373,000 | ||
Benefits expected to be paid in 2021 | 2,318,000 | ||
Benefits expected to be paid in 2022 | 2,409,000 | ||
Benefits expected to be paid in 2023 | 2,692,000 | ||
Benefits expected to be paid in 2024 | 3,138,000 | ||
Aggregate benefits expected to paid | $ 18,017,000 | ||
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 43.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 57.00% | ||
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 | 15.00% | ||
Hedge Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation mix for the common and collective trust portfolio | 31.00% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value of Plan Assets and Major Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 100.00% | 100.00% |
Total, fair value of plan assets | $ 51,660 | $ 44,437 |
Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 49.10% | 47.30% |
Total, fair value of plan assets | $ 25,386 | $ 21,039 |
Fair Value Measurements, Level 1 Inputs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | 25,386 | 21,039 |
Fair Value Measurements, Level 1 Inputs [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total, fair value of plan assets | $ 25,386 | $ 21,039 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 50.90% | 52.70% |
Total, fair value of plan assets | $ 26,274 | $ 23,398 |
Collective Funds [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 8.30% | 5.60% |
Total, fair value of plan assets | $ 4,289 | $ 2,504 |
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 | $ 4,289 | $ 2,504 |
Equity Securities [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 9.70% | 10.90% |
Total, fair value of plan assets | $ 5,016 | $ 4,863 |
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 | $ 5,016 | $ 4,863 |
Diversified [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 31.10% | 30.70% |
Total, fair value of plan assets | $ 16,081 | $ 13,612 |
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 | $ 16,081 | $ 13,612 |
Short-Term Investments [Member] | Estimated Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, Percentage | 0.10% | |
Total, fair value of plan assets | $ 60 | |
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 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Investments Measured Using Net Asset Value Per Share Practical Expedient (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Percent | 100.00% | 100.00% |
Investments, Fair Value | $ 51,660 | $ 44,437 |
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 | 50.90% | 52.70% |
Investments, Fair Value | $ 26,274 | $ 23,398 |
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 | 19.30% | 20.80% |
Investments, Fair Value | $ 9,932 | $ 9,204 |
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% | |
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 | 15.20% | 12.10% |
Investments, Fair Value | $ 7,874 | $ 5,386 |
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 | 10.10% | 9.70% |
Investments, Fair Value | $ 5,208 | $ 4,311 |
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 | 3.20% | 2.90% |
Investments, Fair Value | $ 1,635 | $ 1,289 |
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 | 1.20% | 1.90% |
Investments, Fair Value | $ 644 | $ 826 |
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% | |
Investments, Fair Value | $ 1,593 | |
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 | 0.50% | 0.30% |
Investments, Fair Value | $ 259 | $ 150 |
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% | 1.40% |
Investments, Fair Value | $ 722 | $ 639 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in plan assets | ||
Fair value of plan assets at beginning of year | $ 44,437 | |
Fair value of plan assets at end of year | 51,660 | $ 44,437 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Total recognized in other comprehensive income | 22,139 | 16,350 |
Defined Benefit Pension Plan [Member] | ||
Change projected in benefit obligation | ||
Benefit obligation at beginning of year | 40,509 | 47,065 |
Service cost | 1,103 | 1,411 |
Interest cost | 1,892 | 1,481 |
Actuarial (gain)/loss | 7,099 | (8,263) |
Benefits paid | (1,169) | (1,185) |
Projected benefit obligation at end of year | 49,434 | 40,509 |
Change in plan assets | ||
Fair value of plan assets at beginning of year | 44,437 | 48,422 |
Actual return (loss) on plan assets | 8,392 | (2,800) |
Employer contributions | 0 | 0 |
Benefits paid | (1,169) | (1,185) |
Fair value of plan assets at end of year | 51,660 | 44,437 |
(Unfunded) Funded status | 2,226 | 3,928 |
Accumulated benefit obligation | $ 49,434 | $ 40,509 |
Weighted-average assumptions as of December 31 | ||
Discount rate - Liability | 3.71% | 4.76% |
Discount rate - Expense | 4.76% | 3.49% |
Expected return on plan assets | 7.50% | 8.00% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ||
Service cost | $ 1,103 | $ 1,411 |
Interest cost | 1,892 | 1,481 |
Expected return on plan assets | (3,275) | (3,813) |
Recognized prior service cost | (100) | |
Recognized net losses | 916 | 904 |
Net periodic benefit cost (credit) | 636 | (117) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Amortization of prior service cost | 100 | |
Net (gain) loss | 1,066 | (2,554) |
Total recognized in other comprehensive income | 1,066 | (2,454) |
Total recognized in net periodic benefit cost and other comprehensive income | 1,702 | (2,571) |
Supplemental Insurance/ Retirement Plan [Member] | ||
Change projected in benefit obligation | ||
Benefit obligation at beginning of year | 40,405 | 42,579 |
Service cost | 1,024 | 1,107 |
Interest cost | 1,926 | 1,386 |
Actuarial (gain)/loss | 7,537 | (3,591) |
Benefits paid | (916) | (1,076) |
Projected benefit obligation at end of year | 49,976 | 40,405 |
Change in plan assets | ||
Benefits paid | (916) | (1,076) |
(Unfunded) Funded status | (49,976) | (40,405) |
Accumulated benefit obligation | $ 45,238 | $ 36,984 |
Weighted-average assumptions as of December 31 | ||
Discount rate - Liability | 3.71% | 4.79% |
Discount rate - Expense | 4.79% | 3.42% |
Rate of compensation increase | 4.00% | 4.00% |
Components of net periodic benefit cost | ||
Service cost | $ 1,024 | $ 1,107 |
Interest cost | 1,926 | 1,386 |
Recognized prior service cost | 114 | 114 |
Recognized net losses | 435 | 706 |
Net periodic benefit cost (credit) | 3,499 | 3,313 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income | ||
Amortization of prior service cost | (114) | (114) |
Net (gain) loss | 7,101 | (4,298) |
Total recognized in other comprehensive income | 6,987 | (4,412) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 10,486 | $ (1,099) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | $ (307) | $ (421) | |
Net actuarial loss | (30,891) | (22,724) | |
Total | (31,198) | (23,145) | |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (100) | ||
Net actuarial loss | (7,099) | 8,263 | |
Total | (49,434) | (40,509) | $ (47,065) |
Defined Benefit Pension Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | (12,920) | (11,854) | |
Total | (12,920) | (11,854) | |
Supplemental Insurance/ Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 114 | 114 | |
Net actuarial loss | (7,537) | 3,591 | |
Total | (49,976) | (40,405) | $ (42,579) |
Supplemental Insurance/ Retirement Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | (307) | (421) | |
Net actuarial loss | (17,971) | (10,870) | |
Total | $ (18,278) | $ (11,291) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of loss to be recognized in 2020 | $ 6,842 | $ (3,770) | $ 2,315 |
Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of loss to be recognized in 2020 | 1,041 | ||
Supplemental Insurance/ Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost to be recognized in 2020 | 114 | ||
Amortization of loss to be recognized in 2020 | $ 849 |
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, 2019 | Dec. 31, 2018 |
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 5,779 | $ 4,258 |
Commitments to Originate 1-4 Family Mortgages [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 13,806 | 5,075 |
Unused Lines of Credit [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 625,524 | 553,045 |
Unadvanced Portions of Construction Loans [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | 11,062 | 28,746 |
Unadvanced Portions of Other Loans [Member] | ||
Financial instruments whose contract amount represents credit risk: | ||
Financial instruments with off-balance-sheet risk | $ 15,801 | $ 20,305 |
Other Operating Expenses - Summ
Other Operating Expenses - Summary of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Marketing | $ 2,132 | $ 2,346 | $ 2,315 |
Software maintenance/amortization | 2,409 | 2,002 | 1,859 |
Legal and audit | 1,514 | 1,444 | 1,543 |
Contributions | 813 | 1,077 | 993 |
Processing services | 1,875 | 1,740 | 1,160 |
Consulting | 1,552 | 1,464 | 1,199 |
Postage and delivery | 1,002 | 1,021 | 966 |
Supplies | 985 | 987 | 945 |
Telephone | 956 | 946 | 1,020 |
Directors' fees | 414 | 438 | 440 |
Insurance | 456 | 420 | 308 |
Pension | 2,008 | 678 | 1,396 |
Other | 1,786 | 1,725 | 1,845 |
Total | $ 17,902 | $ 16,288 | $ 15,989 |
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, 2019 | Dec. 31, 2018 | |
Financial assets: | |||
Securities held-to-maturity | $ 2,351,120 | $ 2,046,647 | |
Loans | 2,396,534 | 2,257,035 | |
Financial liabilities: | |||
Time deposits | 555,447 | 560,579 | |
Other borrowed funds | 370,955 | 202,378 | |
Subordinated debentures | 36,083 | 36,083 | |
Carrying Value [Member] | |||
Financial assets: | |||
Securities held-to-maturity | 2,351,120 | 2,046,647 | |
Loans | [1] | 2,396,534 | 2,257,035 |
Financial liabilities: | |||
Time deposits | 555,447 | 560,579 | |
Other borrowed funds | 370,955 | 202,378 | |
Subordinated debentures | 36,083 | 36,083 | |
Estimated Fair Value [Member] | |||
Financial assets: | |||
Securities held-to-maturity | 2,361,304 | 1,991,421 | |
Loans | [1] | 2,424,770 | 2,279,712 |
Financial liabilities: | |||
Time deposits | 560,746 | 559,988 | |
Other borrowed funds | 374,531 | 203,122 | |
Subordinated debentures | 36,083 | 36,083 | |
Fair Value Measurements, Level 2 Inputs [Member] | |||
Financial assets: | |||
Securities held-to-maturity | 2,361,304 | 1,991,421 | |
Financial liabilities: | |||
Time deposits | 560,746 | 559,988 | |
Other borrowed funds | 374,531 | 203,122 | |
Subordinated debentures | 36,083 | 36,083 | |
Fair Value Measurements, Level 3 Inputs [Member] | |||
Financial assets: | |||
Loans | [1] | $ 2,424,770 | $ 2,279,712 |
[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_3
Revenue from Contracts with Customers - Schedule of Revenue from Contracts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net interest income | $ 25,331 | $ 23,770 | $ 23,250 | $ 23,438 | $ 23,705 | $ 23,204 | $ 23,199 | $ 22,468 | $ 95,789 | $ 92,576 | $ 85,616 |
Noninterest income: | |||||||||||
Service charges on deposit accounts | 9,220 | 8,560 | 8,586 | ||||||||
Lockbox fees | 3,973 | 3,274 | 3,290 | ||||||||
Brokerage commissions | 277 | 348 | 353 | ||||||||
Net gains on sales of securities | 61 | 302 | 47 | ||||||||
Gains on sales of mortgage loans | 412 | 370 | |||||||||
Other income | 4,456 | 3,764 | 3,906 | ||||||||
Total other operating income | $ 4,689 | $ 4,286 | $ 4,997 | $ 4,427 | $ 4,164 | $ 4,169 | $ 3,722 | $ 4,193 | 18,399 | 16,248 | 16,552 |
ASU 2014-09 [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net interest income | 95,789 | 92,576 | 85,616 | ||||||||
Noninterest income: | |||||||||||
Service charges on deposit accounts | 9,220 | 8,560 | 8,586 | ||||||||
Lockbox fees | 3,973 | 3,274 | 3,290 | ||||||||
Brokerage commissions | 277 | 348 | 353 | ||||||||
Net gains on sales of securities | 61 | 302 | 47 | ||||||||
Gains on sales of mortgage loans | 412 | 370 | |||||||||
Other income | 4,456 | 3,764 | 3,906 | ||||||||
Total other operating income | 18,399 | 16,248 | 16,552 | ||||||||
Total revenues | 114,188 | 108,824 | 102,168 | ||||||||
ASU 2014-09 [Member] | Revenue Guidance Contracts in Scope of Topic 606 [Member] | |||||||||||
Noninterest income: | |||||||||||
Service charges on deposit accounts | 9,220 | 8,560 | 8,586 | ||||||||
Lockbox fees | 3,973 | 3,274 | 3,290 | ||||||||
Other income | 2,799 | 2,536 | 2,429 | ||||||||
Total other operating income | 15,992 | 14,370 | 14,305 | ||||||||
Total revenues | $ 15,992 | $ 14,370 | $ 14,305 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Information about Receivables with Customers (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Receivables, which are included in "Other assets" | $ 1,200 | $ 1,205 | $ 1,009 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating lease option to extend | options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year. | ||
Sublease Income | $ 39,000 | ||
Sublease option to terminate | sublease expires in 2022 with an option to terminate and no option to extend. | ||
Lease expense | $ 2,744,000 | $ 2,601,000 | $ 2,608,000 |
Lease rental income | 419,000 | 373,000 | 321,000 |
Barry R Sloane [Member] | |||
Lease expense | $ 458,000 | $ 444,000 | $ 439,000 |
Maximum [Member] | |||
Operating lease remaining lease term | 32 years | ||
Minimum [Member] | |||
Operating lease remaining lease term | 1 year |
Leases - Components of lease ex
Leases - Components of lease expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating lease cost | $ 2,216 |
Variable lease cost | 528 |
Total lease cost | $ 2,744 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information related to leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 2,130 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | $ 1,745 |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information related to leases (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases: | |
Operating lease right-of-use assets, included in other assets | $ 12,521 |
Operating lease liabilities, included in other liabilities | $ 12,690 |
Weighted Average Remaining Lease Term: | |
Operating Leases | 11 years |
Weighted Average Discount Rate: | |
Operating Leases | 3.50% |
Leases - Summary of Future Paym
Leases - Summary of Future Payments of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Leases future payments current | $ 2,030 | $ 2,490 |
Leases future payments in year two | 1,754 | 2,170 |
Leases future payments in year three | 1,603 | 1,694 |
Leases future payments in year four | 1,545 | 1,331 |
Leases future payments in year after five years | 1,277 | 1,104 |
Thereafter | 7,312 | 1,074 |
Total lease payments | 15,521 | $ 9,863 |
Less imputed interest | 2,831 | |
Present value of lease liability | $ 12,690 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information [Line Items] | |||||||||||
Interest income | $ 40,518 | $ 39,852 | $ 39,692 | $ 39,077 | $ 37,453 | $ 34,765 | $ 33,408 | $ 31,430 | $ 159,139 | $ 137,056 | $ 113,436 |
Interest expense | 15,187 | 16,082 | 16,442 | 15,639 | 13,748 | 11,561 | 10,209 | 8,962 | 63,350 | 44,480 | 27,820 |
Net interest income | 25,331 | 23,770 | 23,250 | 23,438 | 23,705 | 23,204 | 23,199 | 22,468 | 95,789 | 92,576 | 85,616 |
Provision for loan losses | 550 | 75 | 250 | 375 | 450 | 450 | 450 | 1,250 | 1,350 | 1,790 | |
Net interest income after provision for loan losses | 24,781 | 23,695 | 23,000 | 23,063 | 23,255 | 23,204 | 22,749 | 22,018 | 94,539 | 91,226 | 83,826 |
Other operating income | 4,689 | 4,286 | 4,997 | 4,427 | 4,164 | 4,169 | 3,722 | 4,193 | 18,399 | 16,248 | 16,552 |
Operating expenses | 18,212 | 17,462 | 18,264 | 18,190 | 17,185 | 17,348 | 17,159 | 18,001 | 72,129 | 69,693 | 67,119 |
Income before income taxes | 11,258 | 10,519 | 9,733 | 9,300 | 10,234 | 10,025 | 9,312 | 8,210 | 40,809 | 37,781 | 33,259 |
Provision for income taxes | 526 | 435 | 267 | (118) | 309 | 444 | 314 | 501 | 1,110 | 1,568 | 10,958 |
Net income | $ 10,732 | $ 10,084 | $ 9,466 | $ 9,418 | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 39,699 | $ 36,213 | $ 22,301 |
Class A Common Stock [Member] | |||||||||||
Share data: | |||||||||||
Average shares outstanding, basic | 3,650,949 | 3,650,449 | 3,620,449 | 3,610,329 | 3,608,329 | 3,608,329 | 3,608,029 | 3,608,029 | 3,633,044 | 3,608,179 | 3,604,029 |
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 | $ 2.33 | $ 2.19 | $ 2.06 | $ 2.05 | $ 2.16 | $ 2.09 | $ 1.96 | $ 1.68 | $ 8.63 | $ 7.89 | $ 4.86 |
Earnings per share, diluted | $ 1.93 | $ 1.81 | $ 1.70 | $ 1.69 | $ 1.78 | $ 1.72 | $ 1.62 | $ 1.38 | $ 7.13 | $ 6.50 | $ 4.01 |
Class B Common Stock [Member] | |||||||||||
Share data: | |||||||||||
Average shares outstanding, basic | 1,916,960 | 1,917,460 | 1,947,460 | 1,957,580 | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,934,865 | 1,959,730 | 1,963,880 |
Average shares outstanding, diluted | 1,916,960 | 1,917,460 | 1,947,460 | 1,957,580 | 1,959,580 | 1,959,580 | 1,959,880 | 1,959,880 | 1,934,865 | 1,959,730 | 1,963,880 |
Earnings per share, basic | $ 1.16 | $ 1.09 | $ 1.03 | $ 1.03 | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 4.31 | $ 3.95 | $ 2.43 |
Earnings per share, diluted | $ 1.16 | $ 1.09 | $ 1.03 | $ 1.03 | $ 1.08 | $ 1.04 | $ 0.98 | $ 0.84 | $ 4.31 | $ 3.95 | $ 2.43 |
Parent Company Financial Stat_3
Parent Company Financial Statements - Balance Sheets of Parent Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS: | ||||
Cash | $ 44,420 | $ 89,540 | ||
Other assets | 157,354 | 123,094 | ||
Total assets | 5,492,424 | 5,163,935 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Liabilities | 5,159,843 | 4,863,496 | ||
Subordinated debentures | 36,083 | 36,083 | ||
Stockholders' equity | 332,581 | 300,439 | $ 260,297 | $ 240,041 |
Total liabilities and stockholders' equity | 5,492,424 | 5,163,935 | ||
Century Bancorp, Inc. [Member] | ||||
ASSETS: | ||||
Cash | 3,177 | 1,263 | ||
Investment in subsidiary, at equity | 353,489 | 322,775 | ||
Other assets | 16,325 | 16,991 | ||
Total assets | 372,991 | 341,029 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Liabilities | 4,327 | 4,507 | ||
Subordinated debentures | 36,083 | 36,083 | ||
Stockholders' equity | 332,581 | 300,439 | ||
Total liabilities and stockholders' equity | $ 372,991 | $ 341,029 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income: | |||||||||||
Other income | $ 4,456 | $ 3,764 | $ 3,906 | ||||||||
Total interest income | $ 40,518 | $ 39,852 | $ 39,692 | $ 39,077 | $ 37,453 | $ 34,765 | $ 33,408 | $ 31,430 | 159,139 | 137,056 | 113,436 |
Interest expense | 15,187 | 16,082 | 16,442 | 15,639 | 13,748 | 11,561 | 10,209 | 8,962 | 63,350 | 44,480 | 27,820 |
Operating expenses | 18,212 | 17,462 | 18,264 | 18,190 | 17,185 | 17,348 | 17,159 | 18,001 | 72,129 | 69,693 | 67,119 |
Income before income taxes | 11,258 | 10,519 | 9,733 | 9,300 | 10,234 | 10,025 | 9,312 | 8,210 | 40,809 | 37,781 | 33,259 |
Benefit from income taxes | 526 | 435 | 267 | (118) | 309 | 444 | 314 | 501 | 1,110 | 1,568 | 10,958 |
Net income | $ 10,732 | $ 10,084 | $ 9,466 | $ 9,418 | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | 39,699 | 36,213 | 22,301 |
Century Bancorp, Inc. [Member] | |||||||||||
Income: | |||||||||||
Dividends from subsidiary | 5,000 | 4,750 | 2,500 | ||||||||
Interest income from deposits in bank | 1 | ||||||||||
Other income | 65 | 53 | 34 | ||||||||
Total interest income | 5,065 | 4,803 | 2,535 | ||||||||
Interest expense | 1,577 | 1,474 | 1,121 | ||||||||
Operating expenses | 215 | 225 | 209 | ||||||||
Income before income taxes | 3,273 | 3,104 | 1,205 | ||||||||
Benefit from income taxes | (363) | (347) | (440) | ||||||||
Income before equity in undistributed income of subsidiary | 3,636 | 3,451 | 1,645 | ||||||||
Equity in undistributed income of subsidiary | 36,063 | 32,762 | 20,656 | ||||||||
Net income | $ 39,699 | $ 36,213 | $ 22,301 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ 10,732 | $ 10,084 | $ 9,466 | $ 9,418 | $ 9,925 | $ 9,581 | $ 8,998 | $ 7,709 | $ 39,699 | $ 36,213 | $ 22,301 |
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Decrease (increase) in other assets | 8,532 | 2,326 | (16,310) | ||||||||
Net cash provided by operating activities | 47,849 | 40,788 | 21,586 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Cash dividends paid | (2,207) | (2,203) | (2,200) | ||||||||
Net cash provided by financing activities | 271,322 | 337,644 | 293,037 | ||||||||
Century Bancorp, Inc. [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | 39,699 | 36,213 | 22,301 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Undistributed income of subsidiary | (36,063) | (32,762) | (20,656) | ||||||||
Decrease (increase) in other assets | 665 | (158) | (6,498) | ||||||||
(Decrease) increase in liabilities | (180) | (1,808) | 6,266 | ||||||||
Net cash provided by operating activities | 4,121 | 1,485 | 1,413 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Cash dividends paid | (2,207) | (2,203) | (2,200) | ||||||||
Net cash provided by financing activities | (2,207) | (2,203) | (2,200) | ||||||||
Net increase (decrease) in cash | 1,914 | (718) | (787) | ||||||||
Cash and cash equivalents at beginning of year | $ 1,263 | $ 1,981 | 1,263 | 1,981 | 2,768 | ||||||
Cash and cash equivalents at end of year | $ 3,177 | $ 1,263 | $ 3,177 | $ 1,263 | $ 1,981 |