FORM 10-Q
|
x
|
Quarterly Report-
Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
|
o
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
First Connecticut Bancorp, Inc.
|
(Exact name of registrant as specified in its charter)
|
Maryland
|
45-1496206
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
|
One Farm Glen Boulevard, Farmington, CT
|
06032
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
x
|
||
Non-accelerated filer
|
o
|
|
Smaller reporting company
|
o
|
Page
|
||
Part I. Financial Information
|
||
Item 1.
|
Consolidated Financial Statements
|
|
Consolidated Statements of Condition at March 31, 2013 (unaudited) and December 31, 2012
|
1
|
|
Consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 (unaudited)
|
2 | |
Consolidated Statements of Comprehensive Income for the three months ended March 31 2013, and 2012 (unaudited)
|
3 | |
|
||
Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2013 (unaudited)
|
4
|
|
|
||
Consolidated Statements of Cash Flows for the three months ended March 31, 2013 and 2012 (unaudited)
|
5
|
|
|
||
Notes to Unaudited Consolidated Financial Statements
|
6
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
38
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
51
|
Item 4.
|
Controls and Procedures
|
52
|
Part II. Other Information
|
||
Item 1.
|
Legal Proceedings
|
53
|
Item1A.
|
Risk Factors
|
53
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
53
|
Item 3.
|
Defaults upon Senior Securities
|
53
|
Item 4.
|
Mine Safety Disclosure
|
53
|
Item 5.
|
Other Information
|
53
|
Item 6.
|
Exhibits
|
53
|
Signatures
|
56
|
|
Exhibit 31.1
|
||
Exhibit 31.2
|
||
Exhibit 32.1
|
||
Exhibit 32.2
|
First Connecticut Bancorp, Inc. |
Consolidated Statements of Condition (Unaudited)
|
March 31, 2013
|
December 31, 2012
|
|||||||
(Dollars in thousands)
|
(Unaudited)
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 34,946 | $ | 50,641 | ||||
Securities held-to-maturity, at amortized cost
|
3,003 | 3,006 | ||||||
Securities available-for-sale, at fair value
|
108,787 | 138,241 | ||||||
Loans held for sale
|
6,601 | 9,626 | ||||||
Loans, net
|
1,544,687 | 1,520,170 | ||||||
Premises and equipment, net
|
20,764 | 19,967 | ||||||
Federal Home Loan Bank of Boston stock, at cost
|
8,383 | 8,939 | ||||||
Accrued income receivable
|
4,346 | 4,415 | ||||||
Bank-owned life insurance
|
37,649 | 37,449 | ||||||
Deferred income taxes
|
15,810 | 15,682 | ||||||
Prepaid expenses and other assets
|
14,416 | 14,810 | ||||||
Total assets
|
$ | 1,799,392 | $ | 1,822,946 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Deposits
|
||||||||
Interest-bearing
|
$ | 1,130,180 | $ | 1,082,869 | ||||
Noninterest-bearing
|
245,912 | 247,586 | ||||||
1,376,092 | 1,330,455 | |||||||
Federal Home Loan Bank of Boston advances
|
76,000 | 128,000 | ||||||
Repurchase agreement borrowings
|
21,000 | 21,000 | ||||||
Repurchase liabilities
|
43,353 | 54,187 | ||||||
Accrued expenses and other liabilities
|
40,078 | 47,782 | ||||||
Total liabilities
|
1,556,523 | 1,581,424 | ||||||
Commitments and contingencies
|
- | - | ||||||
Stockholders’ Equity
|
||||||||
Common stock, $0.01 par value, 30,000,000 shares authorized; 18,064,539 shares issued and 17,644,449 shares outstanding at March 31, 2013 and 18,076,971 shares issued and 17,714,481 shares outstanding at December 31, 2012
|
181 | 181 | ||||||
Additional paid-in-capital
|
173,584 | 172,247 | ||||||
Unallocated common stock held by ESOP
|
(14,545 | ) | (14,806 | ) | ||||
Treasury stock, at cost (420,090 shares at March 31, 2013 and 362,490 shares at December 31, 2012)
|
(5,713 | ) | (4,860 | ) | ||||
Retained earnings
|
95,172 | 94,890 | ||||||
Accumulated other comprehensive loss
|
(5,810 | ) | (6,130 | ) | ||||
Total stockholders’ equity
|
242,869 | 241,522 | ||||||
Total liabilities and stockholders’ equity
|
$ | 1,799,392 | $ | 1,822,946 |
First Connecticut Bancorp, Inc. |
Consolidated Statements of Income (Unaudited)
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands, except per share data)
|
||||||||
Interest income
|
||||||||
Interest and fees on loans
|
||||||||
Mortgage
|
$ | 11,468 | $ | 11,110 | ||||
Other
|
3,314 | 3,889 | ||||||
Interest and dividends on investments
|
||||||||
United States Government and agency obligations
|
139 | 266 | ||||||
Other bonds
|
59 | 58 | ||||||
Corporate stocks
|
62 | 70 | ||||||
Other interest income
|
5 | 34 | ||||||
Total interest income
|
15,047 | 15,427 | ||||||
Interest expense
|
||||||||
Deposits
|
1,705 | 1,755 | ||||||
Interest on borrowed funds
|
469 | 481 | ||||||
Interest on repo borrowings
|
171 | 180 | ||||||
Interest on repurchase liabilities
|
50 | 57 | ||||||
Total interest expense
|
2,395 | 2,473 | ||||||
Net interest income
|
12,652 | 12,954 | ||||||
Provision for allowance for loan losses
|
399 | 330 | ||||||
Net interest income after provision for loan losses
|
12,253 | 12,624 | ||||||
Noninterest income
|
||||||||
Fees for customer services
|
982 | 816 | ||||||
Net gain on loans sold
|
2,030 | 98 | ||||||
Brokerage and insurance fee income
|
32 | 25 | ||||||
Bank owned life insurance income
|
409 | 319 | ||||||
Other
|
85 | 55 | ||||||
Total noninterest income
|
3,538 | 1,313 | ||||||
Noninterest expense
|
||||||||
Salaries and employee benefits
|
9,034 | 7,424 | ||||||
Occupancy expense
|
1,240 | 1,190 | ||||||
Furniture and equipment expense
|
1,018 | 1,099 | ||||||
FDIC assessment
|
291 | 279 | ||||||
Marketing
|
594 | 606 | ||||||
Other operating expenses
|
2,522 | 2,031 | ||||||
Total noninterest expense
|
14,699 | 12,629 | ||||||
Income before income taxes
|
1,092 | 1,308 | ||||||
Income tax expense
|
279 | 317 | ||||||
Net income
|
$ | 813 | $ | 991 | ||||
Net earnings per share (See Note 2):
|
||||||||
Basic and Diluted
|
$ | 0.05 | $ | 0.06 | ||||
Weighted average shares outstanding:
|
||||||||
Basic and Diluted
|
16,476,277 | 16,784,974 |
First Connecticut Bancorp, Inc. |
Consolidated Statements of Comprehensive Income (Unaudited)
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Net income
|
$ | 813 | $ | 991 | ||||
Other comprehensive income, before tax
|
||||||||
Unrealized gains on securities:
|
||||||||
Unrealized holding gains arising during the year
|
348 | 253 | ||||||
Less: reclassification adjustment for gains included in net income
|
- | - | ||||||
Net change in unrealized gains
|
348 | 253 | ||||||
Change related to employee benefit plans
|
136 | 132 | ||||||
Other comprehensive income, before tax
|
484 | 385 | ||||||
Income tax expense
|
164 | 131 | ||||||
Other comprehensive income, net of tax
|
320 | 254 | ||||||
Comprehensive income
|
$ | 1,133 | $ | 1,245 |
Unallocated
|
Accumulated
|
|||||||||||||||||||||||||||||||
Common Stock
|
Additional
|
Common
|
Other
|
|||||||||||||||||||||||||||||
Shares
|
Paid in
|
Shares Held
|
Treasury
|
Retained
|
Comprehensive
|
|||||||||||||||||||||||||||
Outstanding
|
Amount
|
Capital
|
by ESOP
|
Stock
|
Earnings
|
Income (Loss)
|
Total
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2012
|
17,714,481 | $ | 181 | $ | 172,247 | $ | (14,806 | ) | $ | (4,860 | ) | $ | 94,890 | $ | (6,130 | ) | $ | 241,522 | ||||||||||||||
ESOP shares released and committed to be released
|
- | - | 76 | 261 | - | - | - | 337 | ||||||||||||||||||||||||
Cash dividend paid ($0.03 per common share)
|
- | - | - | - | - | (531 | ) | - | (531 | ) | ||||||||||||||||||||||
Treasury stock acquired
|
(58,650 | ) | - | - | - | (853 | ) | - | - | (853 | ) | |||||||||||||||||||||
Stock options exercised
|
1,050 | - | - | - | 14 | - | - | 14 | ||||||||||||||||||||||||
Cancellation of shares for tax withholding
|
(12,432 | ) | - | (161 | ) | - | (14 | ) | - | - | (175 | ) | ||||||||||||||||||||
Share based compensation expense
|
- | - | 1,422 | - | - | - | - | 1,422 | ||||||||||||||||||||||||
Net income
|
- | - | - | - | - | 813 | - | 813 | ||||||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | - | - | 320 | 320 | ||||||||||||||||||||||||
Balance at March 31, 2013
|
17,644,449 | $ | 181 | $ | 173,584 | $ | (14,545 | ) | $ | (5,713 | ) | $ | 95,172 | $ | (5,810 | ) | $ | 242,869 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
(Dollars in thousands)
|
2013
|
2012
|
||||||
Cash flows from operating activities
|
||||||||
Net income
|
$ | 813 | $ | 991 | ||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Provision for allowance for loan losses
|
399 | 330 | ||||||
Provision for off-balance sheet commitments
|
4 | 12 | ||||||
Depreciation and amortization
|
730 | 806 | ||||||
Amortization of ESOP expense
|
337 | 311 | ||||||
Share based compensation expense
|
1,422 | - | ||||||
Loans originated for sale
|
(58,815 | ) | (9,365 | ) | ||||
Proceeds from the sale of loans held for sale
|
63,870 | 7,094 | ||||||
Net gain on loans sold
|
(2,030 | ) | (98 | ) | ||||
Accretion and amortization of investment security discounts and premiums, net
|
(29 | ) | (17 | ) | ||||
Amortization and accretion of loan fees and discounts, net
|
151 | (378 | ) | |||||
Decrease (increase) in accrued income receivable
|
69 | (119 | ) | |||||
Deferred income tax
|
(294 | ) | 104 | |||||
Increase in cash surrender value of bank-owned life insurance
|
(300 | ) | (319 | ) | ||||
Decrease in prepaid expenses and other assets
|
386 | 1,141 | ||||||
Decrease in accrued expenses and other liabilities
|
(7,562 | ) | (2,664 | ) | ||||
Net cash used in operating activities
|
(849 | ) | (2,171 | ) | ||||
Cash flow from investing activities
|
||||||||
Maturities of securities held-to-maturity
|
3 | - | ||||||
Maturities, calls and principal payments of securities available-for-sale
|
80,867 | 93,438 | ||||||
Purchases of securities available-for-sale
|
(51,036 | ) | (73,955 | ) | ||||
Loan originations, net of principal repayments
|
(25,067 | ) | (30,822 | ) | ||||
Redemption of Federal Home Loan Bank of Boston stock, net
|
556 | 312 | ||||||
Purchases of bank-owned life insurance
|
- | (6,000 | ) | |||||
Proceeds from bank-owned life insurance
|
100 | - | ||||||
Proceeds from sale of foreclosed real estate
|
- | 94 | ||||||
Purchases of premises and equipment
|
(1,527 | ) | (720 | ) | ||||
Net cash provided by (used in) investing activities
|
3,896 | (17,653 | ) | |||||
Cash flows from financing activities
|
||||||||
Purchase of common stock for ESOP
|
- | (2,804 | ) | |||||
Net decrease in borrowings
|
(52,000 | ) | - | |||||
Net increase in demand deposits, NOW accounts, savings accounts and money market accounts
|
48,181 | 85,404 | ||||||
Net decrease in certificates of deposit
|
(2,544 | ) | (12,503 | ) | ||||
Net decrease in repurchase liabilities
|
(10,834 | ) | (8,753 | ) | ||||
Cancellation of shares for tax withholding
|
(161 | ) | - | |||||
Repurchase of common stock
|
(853 | ) | - | |||||
Cash dividend paid
|
(531 | ) | (536 | ) | ||||
Net cash (used in) provided by financing activities
|
(18,742 | ) | 60,808 | |||||
Net (decrease) increase in cash and cash equivalents
|
(15,695 | ) | 40,984 | |||||
Cash and cash equivalents at beginning of period
|
50,641 | 90,296 | ||||||
Cash and cash equivalents at end of period
|
$ | 34,946 | $ | 131,280 | ||||
Supplemental disclosure of cash flow information
|
||||||||
Cash paid for interest
|
$ | 2,318 | $ | 2,451 | ||||
Cash paid for income taxes
|
- | 6 |
1. |
Summary of Significant Accounting Policies
|
2. |
Earnings Per Share
|
Three Months Ended March 31,
|
|||||||||
2013
|
2012
|
||||||||
(Dollars in thousands, except Per Share data):
|
|||||||||
Net income
|
$ | 813 | $ | 991 | |||||
Weighted-average shares outstanding
|
18,076,832 | 17,880,200 | |||||||
Less:
|
Average unallocated ESOP shares
|
(1,231,604 | ) | (1,095,226 | ) | ||||
Average treasury stock
|
(368,951 | ) | - | ||||||
Weighted-average basic shares outstanding
|
16,476,277 | 16,784,974 | |||||||
Plus:
|
Dilutive stock options
|
- | - | ||||||
Weighted-average diluted shares outstanding
|
16,476,277 | 16,784,974 | |||||||
Net earnings per share:
|
|||||||||
Basic and Diluted
|
$ | 0.05 | $ | 0.06 |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
3.
|
Investment Securities
|
March 31, 2013
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
(Dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Available-for-sale
|
||||||||||||||||
Debt securities:
|
||||||||||||||||
U.S. Treasury obligations
|
$ | 91,003 | $ | 3 | $ | (2 | ) | $ | 91,004 | |||||||
Government sponsored residential mortgage-backed securities
|
7,944 | 698 | (1 | ) | 8,641 | |||||||||||
Corporate debt securities
|
2,963 | 186 | - | 3,149 | ||||||||||||
Preferred equity securities
|
2,100 | 258 | (103 | ) | 2,255 | |||||||||||
Marketable equity securities
|
108 | 37 | (2 | ) | 143 | |||||||||||
Mutual funds
|
3,615 | - | (20 | ) | 3,595 | |||||||||||
Total securities available-for-sale
|
$ | 107,733 | $ | 1,182 | $ | (128 | ) | $ | 108,787 | |||||||
Held-to-maturity
|
||||||||||||||||
Government sponsored residential mortgage-backed securities
|
$ | 3 | $ | - | $ | - | $ | 3 | ||||||||
Trust preferred debt security
|
3,000 | - | - | 3,000 | ||||||||||||
Total securities held-to-maturity
|
$ | 3,003 | $ | - | $ | - | $ | 3,003 | ||||||||
December 31, 2012
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
(Dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Available-for-sale
|
||||||||||||||||
Debt securities:
|
||||||||||||||||
U.S. Treasury obligations
|
$ | 118,984 | $ | 5 | $ | (9 | ) | $ | 118,980 | |||||||
Government sponsored residential mortgage-backed securities
|
9,803 | 800 | - | 10,603 | ||||||||||||
Corporate debt securities
|
2,958 | 195 | - | 3,153 | ||||||||||||
Preferred equity securities
|
2,100 | 19 | (333 | ) | 1,786 | |||||||||||
Marketable equity securities
|
108 | 27 | (3 | ) | 132 | |||||||||||
Mutual funds
|
3,585 | 2 | - | 3,587 | ||||||||||||
Total securities available-for-sale
|
$ | 137,538 | $ | 1,048 | $ | (345 | ) | $ | 138,241 | |||||||
Held-to-maturity
|
||||||||||||||||
Government sponsored residential mortgage-backed securities
|
$ | 6 | $ | - | $ | - | $ | 6 | ||||||||
Trust preferred debt security
|
3,000 | - | - | 3,000 | ||||||||||||
Total securities held-to-maturity
|
$ | 3,006 | $ | - | $ | - | $ | 3,006 |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
(Dollars in thousands)
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||
Available-for-sale:
|
||||||||||||||||||||||||
U.S. Treasury obligations
|
32,011 | (2 | ) | $ | - | $ | - | $ | 32,011 | $ | (2 | ) | ||||||||||||
Government sponsored residential mortgage-backed securities
|
63 | (1 | ) | - | - | 63 | (1 | ) | ||||||||||||||||
Preferred equity securities
|
- | - | 1,897 | (103 | ) | 1,897 | (103 | ) | ||||||||||||||||
Marketable equity securities
|
- | - | 4 | (2 | ) | 4 | (2 | ) | ||||||||||||||||
Mutual funds
|
2,938 | (20 | ) | - | - | 2,938 | (20 | ) | ||||||||||||||||
$ | 35,012 | $ | (23 | ) | $ | 1,901 | $ | (105 | ) | $ | 36,913 | $ | (128 | ) | ||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
(Dollars in thousands)
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||
Available-for-sale:
|
||||||||||||||||||||||||
U.S. Treasury obligations
|
$ | 52,985 | $ | (9 | ) | $ | - | $ | - | $ | 52,985 | $ | (9 | ) | ||||||||||
Preferred equity securities
|
- | - | 1,667 | (333 | ) | 1,667 | (333 | ) | ||||||||||||||||
Marketable equity securities
|
- | - | 4 | (3 | ) | 4 | (3 | ) | ||||||||||||||||
$ | 52,985 | $ | (9 | ) | $ | 1,671 | $ | (336 | ) | $ | 54,656 | $ | (345 | ) |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
March 31, 2013
|
||||||||||||||||
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Estimated
|
Estimated
|
|||||||||||||||
Amortized
|
Market
|
Amortized
|
Market
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Due in one year or less
|
$ | 91,003 | $ | 91,004 | $ | - | $ | - | ||||||||
Due after one year through five years
|
2,963 | 3,149 | - | - | ||||||||||||
Due after five years through ten years
|
- | - | - | - | ||||||||||||
Due after ten years
|
- | - | 3,000 | 3,000 | ||||||||||||
Government sponsored residential mortgage-backed securities
|
7,944 | 8,641 | 3 | 3 | ||||||||||||
$ | 101,910 | $ | 102,794 | $ | 3,003 | $ | 3,003 |
4.
|
Loans and Allowance for Loan Losses
|
March 31,
2013 |
December 31,
2012 |
|||||||
(Dollars in thousands)
|
||||||||
Real estate
|
||||||||
Residential | $ | 619,741 | $ | 620,991 | ||||
Commercial | 504,722 | 473,788 | ||||||
Construction | 66,508 | 64,362 | ||||||
Installment
|
5,949 | 6,719 | ||||||
Commercial
|
200,610 | 192,210 | ||||||
Collateral
|
1,945 | 2,086 | ||||||
Home equity line of credit
|
143,992 | 142,543 | ||||||
Demand
|
- | 25 | ||||||
Revolving credit
|
73 | 65 | ||||||
Resort
|
15,252 | 31,232 | ||||||
Total loans | 1,558,792 | 1,534,021 | ||||||
Less:
|
||||||||
Allowance for loan losses | (17,332 | ) | (17,229 | ) | ||||
Net deferred loan costs | 3,227 | 3,378 | ||||||
Loans, net | $ | 1,544,687 | $ | 1,520,170 |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
For The Three Months Ended March 31,
|
||||||||
(Dollars in thousands)
|
2013
|
2012
|
||||||
Balance at beginning of period
|
$ | 17,229 | $ | 17,533 | ||||
Provision for loan losses
|
399 | 330 | ||||||
Charge-offs
|
(306 | ) | (148 | ) | ||||
Recoveries
|
10 | 12 | ||||||
Balance at end of period
|
$ | 17,332 | $ | 17,727 |
For the Three Months Ended March 31, 2013
|
||||||||||||||||||||
Balance at beginning of
period |
Charge-offs
|
Recoveries
|
Provision for (Reduction)
loan losses |
Balance at
end of period |
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Real estate
|
||||||||||||||||||||
Residential | $ | 3,778 | $ | (294 | ) | $ | - | $ | 417 | $ | 3,901 | |||||||||
Commercial | 8,105 | - | - | (179 | ) | 7,926 | ||||||||||||||
Construction | 760 | - | - | 87 | 847 | |||||||||||||||
Installment
|
77 | - | - | (13 | ) | 64 | ||||||||||||||
Commercial
|
2,654 | - | 5 | 331 | 2,990 | |||||||||||||||
Collateral
|
- | - | - | - | - | |||||||||||||||
Home equity line of credit
|
1,377 | - | - | 16 | 1,393 | |||||||||||||||
Demand
|
- | - | - | - | - | |||||||||||||||
Revolving credit
|
- | (12 | ) | 5 | 7 | - | ||||||||||||||
Resort
|
456 | - | - | (245 | ) | 211 | ||||||||||||||
Unallocated
|
22 | - | - | (22 | ) | - | ||||||||||||||
$ | 17,229 | $ | (306 | ) | $ | 10 | $ | 399 | $ | 17,332 | ||||||||||
For the Three Months Ended March 31, 2012
|
||||||||||||||||||||
Balance at beginning of period
|
Charge-offs
|
Recoveries
|
Provision for (Reduction)
loan losses |
Balance at
end of period |
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Real estate
|
||||||||||||||||||||
Residential | $ | 2,874 | $ | (61 | ) | $ | - | $ | 379 | $ | 3,192 | |||||||||
Commercial | 8,755 | (49 | ) | - | (177 | ) | 8,529 | |||||||||||||
Construction | 590 | - | - | (8 | ) | 582 | ||||||||||||||
Installment
|
92 | (6 | ) | 3 | (13 | ) | 76 | |||||||||||||
Commercial
|
2,140 | - | 4 | 109 | 2,253 | |||||||||||||||
Collateral
|
- | - | - | - | - | |||||||||||||||
Home equity line of credit
|
1,295 | (19 | ) | - | 39 | 1,315 | ||||||||||||||
Demand
|
- | - | - | - | - | |||||||||||||||
Revolving credit
|
- | (13 | ) | 5 | 8 | - | ||||||||||||||
Resort
|
1,787 | - | - | (137 | ) | 1,650 | ||||||||||||||
Unallocated
|
- | - | - | 130 | 130 | |||||||||||||||
$ | 17,533 | $ | (148 | ) | $ | 12 | $ | 330 | $ | 17,727 |
Loans individually evaluated for impairment:
|
||||||||||||||||
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
(Dollars in thousands)
|
Total
|
Reserve
Allocation |
Total
|
Reserve
Allocation |
||||||||||||
Real estate
|
||||||||||||||||
Residential
|
$ | 11,057 | $ | 341 | $ | 10,695 | $ | 340 | ||||||||
Commercial
|
17,545 | 111 | 17,546 | 126 | ||||||||||||
Construction
|
1,179 | 39 | 1,179 | 6 | ||||||||||||
Installment
|
31 | 5 | 7 | - | ||||||||||||
Commercial
|
7,341 | 839 | 5,313 | 476 | ||||||||||||
Collateral
|
- | - | - | - | ||||||||||||
Home equity line of credit
|
505 | - | 491 | - | ||||||||||||
Demand
|
- | - | - | - | ||||||||||||
Revolving Credit
|
- | - | - | - | ||||||||||||
Resort
|
1,552 | - | 1,626 | 1 | ||||||||||||
Total
|
$ | 39,210 | $ | 1,335 | $ | 36,857 | $ | 949 | ||||||||
Loans collectively evaluated for impairment:
|
||||||||||||||||
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
(Dollars in thousands)
|
Total
|
Reserve
Allocation |
Total
|
Reserve
Allocation |
||||||||||||
Real estate
|
||||||||||||||||
Residential
|
$ | 611,627 | $ | 3,560 | $ | 613,343 | $ | 3,438 | ||||||||
Commercial
|
486,939 | 7,815 | 456,109 | 7,979 | ||||||||||||
Construction
|
65,299 | 808 | 63,124 | 754 | ||||||||||||
Installment
|
5,918 | 59 | 6,712 | 77 | ||||||||||||
Commercial
|
193,830 | 2,151 | 187,466 | 2,178 | ||||||||||||
Collateral
|
1,945 | - | 2,086 | - | ||||||||||||
Home equity line of credit
|
143,491 | 1,393 | 142,056 | 1,377 | ||||||||||||
Demand
|
- | - | 25 | - | ||||||||||||
Revolving Credit
|
73 | - | 65 | - | ||||||||||||
Resort
|
13,687 | 211 | 29,556 | 455 | ||||||||||||
Total
|
$ | 1,522,809 | $ | 15,997 | $ | 1,500,542 | $ | 16,258 | ||||||||
Unallocated
|
- | - | - | 22 | ||||||||||||
Total
|
$ | 1,562,019 | $ | 17,332 | $ | 1,537,399 | $ | 17,229 |
March 31, 2013
|
||||||||||||||||||||||||||||||||||||
30-59 Days |
60-89 Days
|
> 90 Days
|
Past Due 90
Days or More and Still Accruing |
|||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Total
|
||||||||||||||||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Residential
|
13 | $ | 2,454 | - | $ | - | 20 | $ | 8,651 | 33 | $ | 11,105 | $ | - | ||||||||||||||||||||||
Commercial
|
1 | 130 | - | - | 1 | 818 | 2 | 948 | - | |||||||||||||||||||||||||||
Construction
|
- | - | - | - | 1 | 419 | 1 | 419 | - | |||||||||||||||||||||||||||
Installment
|
- | - | 1 | 4 | 2 | 56 | 3 | 60 | - | |||||||||||||||||||||||||||
Commercial
|
2 | 67 | - | - | 8 | 2,028 | 10 | 2,095 | - | |||||||||||||||||||||||||||
Collateral
|
9 | 106 | - | - | - | - | 9 | 106 | - | |||||||||||||||||||||||||||
Home equity line of credit
|
- | - | - | - | 4 | 428 | 4 | 428 | - | |||||||||||||||||||||||||||
Demand
|
1 | 6 | - | - | - | - | 1 | 6 | - | |||||||||||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Resort
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total
|
26 | $ | 2,763 | 1 | $ | 4 | 36 | $ | 12,400 | 63 | $ | 15,167 | $ | - | ||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||||||||||
30-59 Days |
60-89 Days
|
> 90 Days
|
Past Due 90
Days or More and Still Accruing |
|||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Total
|
||||||||||||||||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Residential
|
17 | $ | 3,080 | 6 | $ | 1,663 | 16 | $ | 7,803 | 39 | $ | 12,546 | $ | - | ||||||||||||||||||||||
Commercial
|
- | - | 1 | 349 | 2 | 925 | 3 | 1,274 | - | |||||||||||||||||||||||||||
Construction
|
- | - | - | - | 1 | 419 | 1 | 419 | - | |||||||||||||||||||||||||||
Installment
|
1 | 14 | - | - | 2 | 73 | 3 | 87 | - | |||||||||||||||||||||||||||
Commercial
|
2 | 1,435 | 1 | 66 | 6 | 585 | 9 | 2,086 | - | |||||||||||||||||||||||||||
Collateral
|
7 | 57 | - | - | - | - | 7 | 57 | - | |||||||||||||||||||||||||||
Home equity line of credit
|
1 | 75 | 2 | 94 | 3 | 379 | 6 | 548 | - | |||||||||||||||||||||||||||
Demand
|
1 | 6 | - | - | 2 | 40 | 3 | 46 | - | |||||||||||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Resort
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total
|
29 | $ | 4,667 | 10 | $ | 2,172 | 32 | $ | 10,224 | 71 | $ | 17,063 | $ | - |
(Dollars in thousands)
|
March 31, 2013
|
December 31,
2012 |
||||||
Nonaccrual loans:
|
||||||||
Real estate
|
||||||||
Residential
|
$ | 9,433 | $ | 9,194 | ||||
Commercial
|
818 | 925 | ||||||
Construction
|
419 | 419 | ||||||
Installment
|
188 | 157 | ||||||
Commercial
|
2,309 | 2,351 | ||||||
Collateral
|
- | - | ||||||
Home equity line of credit
|
744 | 711 | ||||||
Demand
|
- | 25 | ||||||
Revolving Credit
|
- | - | ||||||
Resort
|
- | - | ||||||
Total nonaccruing loans
|
13,911 | 13,782 | ||||||
Loans 90 days past due and still accruing
|
- | - | ||||||
Real estate owned
|
541 | 549 | ||||||
Total nonperforming assets
|
$ | 14,452 | $ | 14,331 |
March 31, 2013
|
||||||||||||||||||||||||
Cash-basis
|
||||||||||||||||||||||||
Unpaid
|
Average
|
Interest
|
Interest
|
|||||||||||||||||||||
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
Income
|
|||||||||||||||||||
(Dollars in thousands)
|
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Recognized
|
||||||||||||||||||
Impaired loans without a valuation allowance:
|
||||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
$ | 4,664 | $ | 5,117 | $ | - | $ | 3,797 | $ | 1 | $ | 1 | ||||||||||||
Commercial
|
4,877 | 5,059 | - | 4,989 | 54 | 53 | ||||||||||||||||||
Construction
|
760 | 761 | - | 562 | 10 | 10 | ||||||||||||||||||
Installment
|
7 | 6 | - | - | - | - | ||||||||||||||||||
Commercial
|
800 | 808 | - | 2,746 | 7 | 7 | ||||||||||||||||||
Collateral
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity line of credit
|
505 | 583 | - | 497 | - | - | ||||||||||||||||||
Demand
|
- | - | - | - | - | - | ||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | ||||||||||||||||||
Resort
|
1,552 | 1,550 | - | 414 | 13 | 13 | ||||||||||||||||||
Total
|
13,165 | 13,884 | - | 13,005 | 85 | 84 | ||||||||||||||||||
Impaired loans with a valuation allowance:
|
||||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
6,393 | 6,950 | 341 | 7,027 | 17 | 17 | ||||||||||||||||||
Commercial
|
12,668 | 12,668 | 111 | 12,720 | 228 | 227 | ||||||||||||||||||
Construction
|
419 | 664 | 39 | 331 | - | - | ||||||||||||||||||
Installment
|
24 | 25 | 5 | 10 | - | - | ||||||||||||||||||
Commercial
|
6,541 | 6,553 | 839 | 3,498 | 48 | 48 | ||||||||||||||||||
Collateral
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity line of credit
|
- | - | - | - | - | - | ||||||||||||||||||
Demand
|
- | - | - | - | - | - | ||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | ||||||||||||||||||
Resort
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
26,045 | 26,860 | 1,335 | 23,586 | 293 | 292 | ||||||||||||||||||
Total impaired loans
|
$ | 39,210 | $ | 40,744 | $ | 1,335 | $ | 36,591 | $ | 378 | $ | 376 |
December 31, 2012
|
||||||||||||||||||||||||
Cash-basis
|
||||||||||||||||||||||||
Unpaid
|
Average
|
Interest
|
Interest
|
|||||||||||||||||||||
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
Income
|
|||||||||||||||||||
(Dollars in thousands)
|
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Recognized
|
||||||||||||||||||
Impaired loans without a valuation allowance:
|
||||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
$ | 4,061 | $ | 4,495 | $ | - | $ | 3,929 | $ | 10 | $ | 10 | ||||||||||||
Commercial
|
2,787 | 2,973 | - | 6,048 | 315 | 304 | ||||||||||||||||||
Construction
|
760 | 761 | - | 592 | 18 | 18 | ||||||||||||||||||
Installment
|
- | - | - | - | - | - | ||||||||||||||||||
Commercial
|
1,986 | 1,985 | - | 3,918 | 184 | 178 | ||||||||||||||||||
Collateral
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity line of credit
|
491 | 569 | - | 494 | - | - | ||||||||||||||||||
Demand
|
- | - | - | - | - | - | ||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | ||||||||||||||||||
Resort
|
- | - | - | 56 | 26 | 26 | ||||||||||||||||||
Total
|
10,085 | 10,783 | - | 15,037 | 553 | 536 | ||||||||||||||||||
Impaired loans with a valuation allowance:
|
||||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
6,634 | 6,882 | 340 | 6,864 | 78 | 68 | ||||||||||||||||||
Commercial
|
14,759 | 14,753 | 126 | 11,594 | 818 | 814 | ||||||||||||||||||
Construction
|
419 | 664 | 6 | 226 | - | - | ||||||||||||||||||
Installment
|
7 | 7 | - | 4 | - | - | ||||||||||||||||||
Commercial
|
3,327 | 3,339 | 476 | 2,111 | 86 | 78 | ||||||||||||||||||
Collateral
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity line of credit
|
- | - | - | - | - | - | ||||||||||||||||||
Demand
|
- | - | - | - | - | - | ||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | ||||||||||||||||||
Resort
|
1,626 | 1,624 | 1 | 1,736 | 32 | 32 | ||||||||||||||||||
Total
|
26,772 | 27,269 | 949 | 22,535 | 1,014 | 992 | ||||||||||||||||||
Total impaired loans
|
$ | 36,857 | $ | 38,052 | $ | 949 | $ | 37,572 | $ | 1,567 | $ | 1,528 |
March 31, 2013
|
||||||||||||||||||||||||
TDRs on Accrual Status
|
TDRs on Nonaccrual Status
|
Total TDRs
|
||||||||||||||||||||||
(Dollars in thousands)
|
Number of
Loans |
Recorded
Investment |
Number of
Loans |
Recorded
Investment |
Number of
Loans |
Recorded
Investment |
||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
4 | $ | 1,188 | 7 | $ | 5,313 | 11 | $ | 6,501 | |||||||||||||||
Commercial
|
14 | 16,307 | - | - | 14 | 16,307 | ||||||||||||||||||
Construction
|
1 | 761 | 1 | 419 | 2 | 1,180 | ||||||||||||||||||
Installment
|
1 | 7 | - | - | 1 | 7 | ||||||||||||||||||
Commercial
|
5 | 4,463 | 7 | 1,890 | 12 | 6,353 | ||||||||||||||||||
Collateral
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity line of credit
|
- | - | 2 | 244 | 2 | 244 | ||||||||||||||||||
Demand
|
- | - | 1 | 24 | 1 | 24 | ||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | ||||||||||||||||||
Resort
|
2 | 1,552 | - | - | 2 | 1,552 | ||||||||||||||||||
Total
|
27 | $ | 24,278 | 18 | $ | 7,890 | 45 | $ | 32,168 | |||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||
TDRs on Accrual Status
|
TDRs on Nonaccrual Status
|
Total TDRs
|
||||||||||||||||||||||
(Dollars in thousands)
|
Number of
Loans |
Recorded
Investment |
Number of
Loans |
Recorded
Investment |
Number of
Loans |
Recorded
Investment |
||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
3 | $ | 1,068 | 6 | $ | 5,264 | 9 | $ | 6,332 | |||||||||||||||
Commercial
|
12 | 16,381 | - | - | 12 | 16,381 | ||||||||||||||||||
Construction
|
2 | 999 | 1 | 419 | 3 | 1,418 | ||||||||||||||||||
Installment
|
1 | 7 | - | - | 1 | 7 | ||||||||||||||||||
Commercial
|
7 | 2,043 | 6 | 1,867 | 13 | 3,910 | ||||||||||||||||||
Collateral
|
- | - | - | - | - | - | ||||||||||||||||||
Home equity line of credit
|
- | - | - | - | - | - | ||||||||||||||||||
Demand
|
- | - | - | - | - | - | ||||||||||||||||||
Revolving Credit
|
- | - | - | - | - | - | ||||||||||||||||||
Resort
|
2 | 1,626 | - | - | 2 | 1,626 | ||||||||||||||||||
Total
|
27 | $ | 22,124 | 13 | $ | 7,550 | 40 | $ | 29,674 |
For the Three Months Ended March 31, 2013
|
For the Three Months Ended March 31, 2012
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Number of
Modifications |
Recorded
Investment Prior to Modification |
Recorded
Investment After Modification (1) |
Number of
Modifications |
Recorded
Investment Prior to Modification |
Recorded
Investment After Modification (1) |
||||||||||||||||||
Trouble Debt Restructurings:
|
||||||||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
3 | $ | 588 | $ | 588 | 1 | $ | 118 | $ | 118 | ||||||||||||||
Commercial
|
- | - | - | 1 | 153 | 153 | ||||||||||||||||||
Construction
|
1 | 760 | 760 | 1 | 242 | 242 | ||||||||||||||||||
Installment
|
1 | 7 | 7 | 1 | 7 | 7 | ||||||||||||||||||
Commercial
|
1 | 3,627 | 3,627 | 2 | 2,199 | 2,199 | ||||||||||||||||||
Home equity line of credit
|
2 | 244 | 244 | - | - | - | ||||||||||||||||||
Demand
|
1 | 24 | 24 | - | - | - | ||||||||||||||||||
Total
|
9 | $ | 5,250 | $ | 5,250 | 6 | $ | 2,719 | $ | 2,719 |
(1) |
The period end balances are inclusive of all partial paydowns and charge-offs since the modication date. TDRs fully paid off, charged-off or foreclosed upon by period end are not included.
|
For the Three Months Ended March 31, 2013
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Number of
Modifications |
Extended
Maturity |
Adjusted
Interest Rates |
Combination
of Rate and Maturity |
Other
|
Total
|
||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
3 | $ | - | $ | - | $ | 234 | $ | 354 | $ | 588 | |||||||||||||
Construction
|
1 | 760 | - | - | - | 760 | ||||||||||||||||||
Installment
|
1 | - | - | 7 | - | 7 | ||||||||||||||||||
Commercial
|
1 | 3,627 | - | - | - | 3,627 | ||||||||||||||||||
Home equity line of credit
|
2 | - | - | 15 | 229 | 244 | ||||||||||||||||||
Demand
|
1 | - | - | 24 | - | 24 | ||||||||||||||||||
Total
|
9 | $ | 4,387 | $ | - | $ | 280 | $ | 583 | $ | 5,250 | |||||||||||||
For the Three Months Ended March 31, 2012
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Number of
Modifications |
Extended
Maturity |
Adjusted
Interest Rates |
Combination
of Rate and Maturity |
Other
|
Total
|
||||||||||||||||||
Real estate
|
||||||||||||||||||||||||
Residential
|
1 | $ | - | $ | 118 | $ | - | $ | - | $ | 118 | |||||||||||||
Commercial
|
1 | - | - | - | 153 | 153 | ||||||||||||||||||
Construction
|
1 | 242 | - | - | - | 242 | ||||||||||||||||||
Installment
|
1 | - | 7 | - | - | 7 | ||||||||||||||||||
Commercial
|
2 | 2,199 | - | - | - | 2,199 | ||||||||||||||||||
Total
|
6 | $ | 2,441 | $ | 125 | $ | - | $ | 153 | $ | 2,719 |
Loans rated 1 – 5:
|
Commercial loans in these categories are considered “pass” rated loans with low to average risk.
|
Loans rated 6:
|
Residential, Consumer and Commercial loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management.
|
Loans rated 7: |
Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected.
|
Loans rated 8: |
Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.
|
Loans rated 9: |
Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted.
|
March 31, 2013
|
||||||||||||||||||||
(Dollars in thousands)
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Real estate
|
||||||||||||||||||||
Residential
|
$ | 605,776 | $ | 1,532 | $ | 12,433 | $ | - | $ | 619,741 | ||||||||||
Commercial
|
470,911 | 19,476 | 14,335 | - | 504,722 | |||||||||||||||
Construction
|
59,282 | 4,625 | 2,601 | - | 66,508 | |||||||||||||||
Installment
|
5,700 | 55 | 194 | - | 5,949 | |||||||||||||||
Commercial
|
179,610 | 10,835 | 9,885 | 280 | 200,610 | |||||||||||||||
Collateral
|
1,937 | - | 8 | - | 1,945 | |||||||||||||||
Home equity line of credit
|
142,106 | 812 | 1,074 | - | 143,992 | |||||||||||||||
Demand
|
- | - | - | - | - | |||||||||||||||
Revolving Credit
|
73 | - | - | - | 73 | |||||||||||||||
Resort
|
13,691 | 11 | 1,550 | - | 15,252 | |||||||||||||||
Total Loans
|
$ | 1,479,086 | $ | 37,346 | $ | 42,080 | $ | 280 | $ | 1,558,792 | ||||||||||
December 31, 2012
|
||||||||||||||||||||
(Dollars in thousands)
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Real estate
|
||||||||||||||||||||
Residential
|
$ | 606,998 | $ | 2,425 | $ | 11,568 | $ | - | $ | 620,991 | ||||||||||
Commercial
|
434,183 | 24,902 | 14,703 | - | 473,788 | |||||||||||||||
Construction
|
60,293 | 770 | 3,299 | - | 64,362 | |||||||||||||||
Installment
|
6,481 | 53 | 185 | - | 6,719 | |||||||||||||||
Commercial
|
171,776 | 10,125 | 10,020 | 289 | 192,210 | |||||||||||||||
Collateral
|
2,086 | - | - | - | 2,086 | |||||||||||||||
Home equity line of credit
|
140,723 | 704 | 1,116 | - | 142,543 | |||||||||||||||
Demand
|
- | - | 25 | - | 25 | |||||||||||||||
Revolving Credit
|
65 | - | - | - | 65 | |||||||||||||||
Resort
|
29,596 | 12 | 1,624 | - | 31,232 | |||||||||||||||
Total Loans
|
$ | 1,452,201 | $ | 38,991 | $ | 42,540 | $ | 289 | $ | 1,534,021 |
5.
|
Credit Arrangements
|
6.
|
Deposits
|
March 31, 2013
|
December 31, 2012
|
|||||||
Amount
|
Amount
|
|||||||
(Dollars in thousands)
|
||||||||
Noninterest-bearing demand deposits
|
$ | 245,912 | $ | 247,586 | ||||
Interest-bearing
|
||||||||
NOW accounts
|
234,450 | 227,205 | ||||||
Money market
|
352,759 | 317,030 | ||||||
Savings accounts
|
186,171 | 179,290 | ||||||
Time deposits
|
356,800 | 359,344 | ||||||
Total interest-bearing deposits
|
1,130,180 | 1,082,869 | ||||||
Total deposits
|
$ | 1,376,092 | $ | 1,330,455 |
7.
|
Pension and Other Postretirement Benefit Plans
|
Pension Benefits
|
Other Postretirement Benefits
|
|||||||||||||||
Three Months Ended March 31,
|
Three Months Ended March 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Service cost
|
$ | - | $ | 125 | $ | 25 | $ | 15 | ||||||||
Interest cost
|
237 | 272 | 32 | 34 | ||||||||||||
Expected return on plan assets
|
(284 | ) | (253 | ) | - | - | ||||||||||
Amortization:
|
||||||||||||||||
Loss
|
146 | 169 | 11 | - | ||||||||||||
Prior service cost
|
- | (31 | ) | (13 | ) | (12 | ) | |||||||||
Net periodic benefit cost
|
$ | 99 | $ | 282 | $ | 55 | $ | 37 |
Allocated
|
190,722 | |||
Committed to be released
|
23,514 | |||
Unallocated
|
1,216,180 | |||
1,430,416 |
8.
|
Stock Incentive Plan
|
March 31, 2013
|
||||
Weighted per share average fair value of options granted
|
$ | 3.99 | ||
Assumptions:
|
||||
Risk-free interest rate
|
1.12 | % | ||
Expected volatility
|
32.35 | % | ||
Expected dividend yield
|
1.67 | % | ||
Weighted-average dividend yield
|
0.80% - 2.71 | % | ||
Expected life of options granted
|
6.0 years
|
Number of
Stock Options |
Weighted-Average
Exercise Price |
Weighted-Average
Remaining Contractual Term (in years) |
Aggregate
Intrinsic Value (in thousands) |
|||||||||||||
Outstanding at December 31, 2012
|
1,696,357 | $ | 12.95 | |||||||||||||
Granted
|
12,000 | 14.85 | ||||||||||||||
Exercised
|
(1,050 | ) | 12.95 | |||||||||||||
Forfeited
|
(2,400 | ) | 12.95 | |||||||||||||
Outstanding at March 31, 2013
|
1,704,907 | $ | 12.96 | 9.00 | $ | 2,990 | ||||||||||
Exercisable at March 31, 2013
|
410,100 |
Number of
Restricted Stock |
Weighted-Average
Grant Date Fair Value |
|||||||
Unvested at December 31, 2012
|
572,167 | $ | 12.95 | |||||
Granted
|
- | - | ||||||
Vested
|
(38,400 | ) | 12.95 | |||||
Forfeited
|
- | - | ||||||
Unvested at March 31, 2013
|
533,767 | $ | 12.95 |
9.
|
Derivative Financial Instruments
|
●
|
if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations;
|
●
|
if the Company fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions, and the Company would be required to settle its obligations under the agreements;
|
●
|
if the Company fails to maintain a specified minimum leverage ratio, then the Company could be declared in default on its derivative obligations; and
|
●
|
if a specified event or condition occurs that materially changes the Company’s creditworthiness in an adverse manner, it may be required to fully collateralize its obligations under the derivative instrument.
|
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
March 31, 2013
|
December 31, 2012
|
|||||||||||||||||||||||||
Consolidated
|
Estimated
|
Estimated
|
||||||||||||||||||||||||
Balance Sheet
|
# of
|
Notional
|
Fair
|
# of
|
Notional
|
Fair
|
||||||||||||||||||||
(Dollars in thousands)
|
Location
|
Instruments
|
Amount
|
Values
|
Instruments
|
Amount
|
Values
|
|||||||||||||||||||
Commercial loan customer interest rate swap position
|
Other Assets
|
35 | $ | 96,921 | $ | 7,440 | 35 | $ | 105,828 | $ | 8,379 | |||||||||||||||
Commercial loan customer interest rate swap position
|
Other Liabilities
|
6 | 25,162 | (197 | ) | 2 | 7,731 | (24 | ) | |||||||||||||||||
Counterparty interest rate swap position
|
Other Liabilities
|
41 | 122,083 | (7,243 | ) | 37 | 113,559 | (8,355 | ) |
For The Three Months Ended March 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
MTM (Loss)
|
MTM (Loss)
|
|||||||||||||||||||||||
Interest Income
|
Gain Recorded
|
Interest Income
|
Gain Recorded
|
|||||||||||||||||||||
Recorded in
|
in Noninterest
|
Recorded in
|
in Noninterest
|
|||||||||||||||||||||
(Dollars in thousands)
|
Interest Income
|
Income
|
Net Impact
|
Interest Income
|
Income
|
Net Impact
|
||||||||||||||||||
Commercial loan customer interest rate swap position
|
$ | 676 | $ | 939 | $ | 1,615 | $ | 549 | $ | 968 | $ | 1,517 | ||||||||||||
Counterparty interest rate swap position
|
(676 | ) | (939 | ) | (1,615 | ) | (549 | ) | (968 | ) | (1,517 | ) | ||||||||||||
Total
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
10.
|
Financial Instruments with Off-Balance Sheet Risk
|
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Approved loan commitments
|
$ | 37,216 | $ | 14,761 | ||||
Unadvanced portion of construction loans
|
58,578 | 61,923 | ||||||
Unadvanced portion of resort loans
|
3,457 | 2,768 | ||||||
Unused lines for home equity loans
|
148,898 | 146,078 | ||||||
Unused revolving lines of credit
|
402 | 402 | ||||||
Unused commercial letters of credit
|
4,323 | 8,462 | ||||||
Unused commercial lines of credit
|
128,872 | 135,379 | ||||||
$ | 381,746 | $ | 369,773 |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
11.
|
Fair Value Measurements
|
|
●
|
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
|
●
|
Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability;
|
|
●
|
Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
|
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
March 31, 2013 | ||||||||||||||||
Quoted Prices in
|
Significant
|
Significant
|
||||||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||||||
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||||
(Dollars in thousands)
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets
|
||||||||||||||||
U.S. Treasury obligations
|
$ | 91,004 | $ | 91,004 | $ | - | $ | - | ||||||||
Government sponsored residential mortgage-backed securities
|
8,641 | - | 8,641 | - | ||||||||||||
Corporate debt securities
|
3,149 | - | 3,149 | - | ||||||||||||
Preferred equity securities
|
2,255 | - | 2,255 | - | ||||||||||||
Marketable equity securities
|
143 | 143 | - | - | ||||||||||||
Mutual funds
|
3,595 | - | 3,595 | - | ||||||||||||
Securities available-for-sale
|
108,787 | 91,147 | 17,640 | - | ||||||||||||
Interest rate swap derivative
|
7,440 | - | 7,440 | - | ||||||||||||
Derivative loan commitments
|
548 | - | - | 548 | ||||||||||||
Total
|
$ | 116,775 | $ | 91,147 | $ | 25,080 | $ | 548 | ||||||||
Liabilities
|
||||||||||||||||
Interest rate swap derivative
|
$ | 7,440 | $ | - | $ | 7,440 | $ | - | ||||||||
Forward loan sales commitments
|
54 | - | - | 54 | ||||||||||||
Total
|
$ | 7,494 | $ | - | $ | 7,440 | $ | 54 | ||||||||
December 31, 2012 | ||||||||||||||||
Quoted Prices in
|
Significant
|
Significant
|
||||||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||||||
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||||
(Dollars in thousands)
|
Total
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets
|
||||||||||||||||
U.S. Treasury obligations
|
$ | 118,980 | $ | 118,980 | $ | - | $ | - | ||||||||
U.S. Government agency obligations
|
- | - | - | - | ||||||||||||
Government sponsored residential mortgage-backed securities
|
10,603 | - | 10,603 | - | ||||||||||||
Corporate debt securities
|
3,153 | - | 3,153 | - | ||||||||||||
Trust preferred debt securities
|
- | - | - | - | ||||||||||||
Preferred equity securities
|
1,786 | - | 1,786 | - | ||||||||||||
Marketable equity securities
|
132 | 132 | - | - | ||||||||||||
Mutual funds
|
3,587 | - | 3,587 | - | ||||||||||||
Securities available-for-sale
|
138,241 | 119,112 | 19,129 | - | ||||||||||||
Interest rate swap derivative
|
8,379 | - | 8,379 | - | ||||||||||||
Derivative loan commitments
|
450 | - | - | 450 | ||||||||||||
Forward loan sales commitments
|
38 | - | - | 38 | ||||||||||||
Total
|
$ | 147,108 | $ | 119,112 | $ | 27,508 | $ | 488 | ||||||||
Liabilities
|
||||||||||||||||
Interest rate swap derivative
|
$ | 8,379 | $ | - | $ | 8,379 | $ | - | ||||||||
Total
|
$ | 8,379 | $ | - | $ | 8,379 | $ | - |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
Securities Available-for-Sale
|
Derivative and Forward Loan Sales
|
|||||||||||||||
For theThree Months Ended
March 31, |
For theThree Months Ended
March 31, |
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Balance, at beginning of period
|
$ | - | $ | 42 | $ | 488 | $ | (44 | ) | |||||||
Paydowns
|
- | (2 | ) | - | - | |||||||||||
Total losses - (realized/unrealized):
|
||||||||||||||||
Included in earnings
|
- | - | 6 | 16 | ||||||||||||
Balance, at the end of period
|
$ | - | $ | 40 | $ | 494 | $ | (28 | ) |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
March 31, 2013
|
||||||||||||
Quoted Prices in
|
Significant
|
Significant
|
||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||
Identical Assets
|
Inputs
|
Inputs
|
||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Mortgage servicing rights
|
$ | - | $ | - | $ | 2,686 | ||||||
Loans held for sale
|
- | 6,601 | - | |||||||||
Impaired loans
|
- | - | 37,875 | |||||||||
Other real estate owned
|
- | - | 541 | |||||||||
December 31, 2012
|
||||||||||||
Quoted Prices in
|
Significant
|
Significant
|
||||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||||
Identical Assets
|
Inputs
|
Inputs
|
||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Mortgage servicing rights
|
$ | - | $ | - | $ | 1,709 | ||||||
Loans held for sale
|
- | 9,626 | - | |||||||||
Impaired loans
|
- | - | 35,908 | |||||||||
Other real estate owned
|
- | - | 549 |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
March 31, 2013 | |||||||||||||
Significant | Weighted | ||||||||||||
(Dollars in thousands)
|
Fair Value
|
Valuation Methodology
|
Unobservable Inputs
|
Range of Inputs
|
Average Inputs
|
||||||||
Mortgage servicing rights
|
$ | 2,686 |
Discounted cash flows
|
Prepayment speed
|
0% - 38% | 8.3 | % | ||||||
Discount rate
|
n/a | 6.8 | % | ||||||||||
Impaired loans
|
$ | 37,875 |
Appraisals
|
Discount for dated appraisal
|
0% - 20% | 10.0 | % | ||||||
Discount for costs to sell
|
8% - 15% | 11.5 | % | ||||||||||
Other real estate owned
|
$ | 541 |
Appraisals
|
Discount for costs to sell
|
8% - 10% | 9.0 | % |
December 31, 2012
|
|||||||||||||
Significant
|
Weighted
|
||||||||||||
(Dollars in thousands)
|
Fair Value
|
Valuation Methodology
|
Unobservable Inputs
|
Range of Inputs
|
Average Inputs | ||||||||
Mortgage servicing rights
|
$ | 1,709 |
Discounted cash flows
|
Prepayment speed
|
0% - 34% | 13.0 | % | ||||||
Discount rate
|
n/a | 6.5 | % | ||||||||||
Impaired loans
|
$ | 35,908 |
Appraisals
|
Discount for dated appraisal
|
0% - 20% | 10.0 | % | ||||||
Discount for costs to sell
|
8% - 15% | 11.5 | % | ||||||||||
Other real estate owned
|
$ | 549 |
Appraisals
|
Discount for costs to sell
|
8% - 10% | 9.0 | % |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
March 31, 2013
|
December 31, 2012
|
|||||||||||||||||
Estimated
|
Estimated
|
|||||||||||||||||
Fair Value
|
Carrying
|
Fair
|
Carrying
|
Fair
|
||||||||||||||
Hierarchy Level
|
Amount
|
Value
|
Amount
|
Value
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||
Financial assets
|
||||||||||||||||||
Securities held-to-maturity
|
Level 2
|
$ | 3,003 | $ | 3,003 | $ | 3,006 | $ | 3,006 | |||||||||
Securities available-for-sale
|
See previous table
|
108,787 | 108,787 | 138,241 | 138,241 | |||||||||||||
Loans
|
Level 3
|
1,558,792 | 1,581,758 | 1,534,021 | 1,563,430 | |||||||||||||
Loans held-for-sale
|
Level 2
|
6,601 | 6,601 | 9,626 | 9,626 | |||||||||||||
Mortgage servicing rights
|
Level 3
|
2,686 | 2,686 | 1,327 | 1,709 | |||||||||||||
Federal Home Loan Bank of Boston stock
|
Level 2
|
8,383 | 8,383 | 8,939 | 8,939 | |||||||||||||
Financial liabilities
|
||||||||||||||||||
Deposits
|
||||||||||||||||||
Noninterest-bearing demand deposits
|
Level 1
|
245,912 | 245,912 | 247,586 | 247,586 | |||||||||||||
NOW accounts
|
Level 1
|
234,450 | 234,450 | 227,205 | 227,205 | |||||||||||||
Money market
|
Level 1
|
352,759 | 352,759 | 317,030 | 317,030 | |||||||||||||
Savings accounts
|
Level 1
|
186,171 | 186,171 | 179,290 | 179,290 | |||||||||||||
Time deposits
|
Level 2
|
356,800 | 360,444 | 359,344 | 363,156 | |||||||||||||
FHLB advances
|
Level 2
|
76,000 | 77,574 | 128,000 | 130,062 | |||||||||||||
Repurchase agreement borrowings
|
Level 2
|
21,000 | 22,676 | 21,000 | 22,819 | |||||||||||||
Repurchase liabilities
|
Level 2
|
43,353 | 43,353 | 54,187 | 54,189 | |||||||||||||
On-balance sheet derivative financial instruments
|
||||||||||||||||||
Forward loan sales commitments:
|
||||||||||||||||||
Assets
|
Level 3
|
- | - | 38 | 38 | |||||||||||||
Liabilities
|
Level 3
|
54 | 54 | - | - | |||||||||||||
Interest rate swap derivative liability:
|
||||||||||||||||||
Assets
|
Level 2
|
7,440 | 7,440 | 8,379 | 8,379 | |||||||||||||
Liabilities
|
Level 2
|
7,440 | 7,440 | 8,379 | 8,379 | |||||||||||||
Derivative loan commitments
|
||||||||||||||||||
Assets
|
Level 3
|
548 | 548 | 450 | 450 | |||||||||||||
Liabilities
|
Level 3
|
- | - | - | - |
First Connecticut Bancorp, Inc.
Notes to Consolidated Financial Statements (Unaudited)
|
12.
|
Regulatory Matters
|
Minimum Required
|
To Be Well
Capitalized Under |
|||||||||||||||||||||||
for Capital Adequacy
|
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Purposes
|
Action
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Farmington Bank:
|
||||||||||||||||||||||||
At March 31, 2013
|
||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets)
|
$ | 204,904 | 14.34 | % | $ | 114,312 | 8.00 | % | $ | 142,890 | 10.00 | % | ||||||||||||
Tier I Capital (to Risk Weighted Assets)
|
187,106 | 13.09 | 57,175 | 4.00 | 85,763 | 6.00 | ||||||||||||||||||
Tier I Capital (to Average Assets)
|
187,106 | 10.46 | 71,551 | 4.00 | 89,439 | 5.00 | ||||||||||||||||||
At December 31, 2012
|
||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets)
|
$ | 203,344 | 14.44 | % | $ | 112,656 | 8.00 | % | $ | 140,820 | 10.00 | % | ||||||||||||
Tier I Capital (to Risk Weighted Assets)
|
185,743 | 13.19 | 56,328 | 4.00 | 84,493 | 6.00 | ||||||||||||||||||
Tier I Capital (to Average Assets)
|
185,743 | 10.44 | 71,166 | 4.00 | 88,957 | 5.00 | ||||||||||||||||||
First Connecticut Bancorp, Inc.:
|
||||||||||||||||||||||||
At March 31, 2013
|
||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets)
|
$ | 266,476 | 18.61 | % | $ | 114,552 | 8.00 | % | $ | 143,190 | 10.00 | % | ||||||||||||
Tier I Capital (to Risk Weighted Assets)
|
248,678 | 17.37 | 57,266 | 4.00 | 85,899 | 6.00 | ||||||||||||||||||
Tier I Capital (to Average Assets)
|
248,678 | 13.84 | 71,872 | 4.00 | 89,840 | 5.00 | ||||||||||||||||||
At December 31, 2012
|
||||||||||||||||||||||||
Total Capital (to Risk Weighted Assets)
|
$ | 264,987 | 18.78 | % | $ | 112,881 | 8.00 | % | $ | 141,101 | 10.00 | % | ||||||||||||
Tier I Capital (to Risk Weighted Assets)
|
247,364 | 17.53 | 56,444 | 4.00 | 84,665 | 6.00 | ||||||||||||||||||
Tier I Capital (to Average Assets)
|
247,364 | 13.88 | 71,286 | 4.00 | 89,108 | 5.00 |
13.
|
Legal Actions
|
●
|
statements of our goals, intentions and expectations;
|
●
|
statements regarding our business plans, prospects, growth and operating strategies;
|
●
|
statements regarding the asset quality of our loan and investment portfolios; and
|
●
|
estimates of our risks and future costs and benefits.
|
●
|
Local, regional and national business or economic conditions may differ from those expected.
|
●
|
The effects of and changes in trade, monetary and fiscal policies and laws, including the U.S. Federal Reserve Board’s interest rate policies, may adversely affect our business.
|
●
|
The ability to increase market share and control expenses may be more difficult than anticipated.
|
●
|
Changes in laws and regulatory requirements (including those concerning taxes, banking, securities and insurance) may adversely affect us or our business.
|
●
|
Changes in accounting policies and practices, as may be adopted by regulatory agencies, the Public Company Accounting Oversight Board or the Financial Accounting Standards Board, may affect expected financial reporting.
|
●
|
Future changes in interest rates may reduce our profits which could have a negative impact on the value of our stock.
|
●
|
We are subject to lending risk and could incur losses in our loan portfolio despite our underwriting practices. Changes in real estate values could also increase our lending risk.
|
●
|
Changes in demand for loan products, financial products and deposit flow could impact our financial performance.
|
●
|
Strong competition within our market area may limit our growth and profitability.
|
●
|
If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could decrease.
|
●
|
Our stock value may be negatively affected by federal regulations and articles of incorporation provisions restricting takeovers.
|
●
|
Implementation of stock benefit plans will increase our costs, which will reduce our income.
|
●
|
The Dodd-Frank Act was signed into law on July 21, 2010 and has resulted in dramatic regulatory changes that affects the industry in general, and may impact our competitive position in ways that cannot be predicted at this time.
|
●
|
The Emergency Economic Stabilization Act (“EESA”) of 2008 has and may continue to have a significant impact on the banking industry.
|
●
|
The increased cost of maintaining or the Company’s ability to maintain adequate liquidity and capital, based on the requirements adopted by the Basel Committee on Banking Supervision and U.S. regulators.
|
●
|
Changes to the amount and timing of proposed common stock repurchases.
|
●
|
Computer systems on which we depend could fail or experience a security breach, implementation of new technologies may not be successful; and our ability to anticipate and respond to technological changes can affect our ability to meet customer needs.
|
●
|
We may not manage the risks involved in the foregoing as well as anticipated.
|
|
●
|
maintaining a strong capital position in excess of the well-capitalized standards set by our banking regulators to support our current operations and future growth;
|
|
●
|
continuing our focus on commercial lending and continuing to expand commercial banking operations;
|
|
●
|
continuing to focus on consumer and residential lending;
|
|
●
|
maintaining asset quality and prudent lending standards;
|
|
●
|
expanding our existing products and services and developing new products and services to meet the changing needs of consumers and businesses in our market area;
|
|
●
|
continuing expansion through de novo branching;
|
|
●
|
increase consumer, small business and commercial deposit transaction account portfolio to grow customer base and have more non-interest bearing source of funds;
|
|
●
|
expand electronic banking delivery capability and usage to complement our de novo branch strategy and provide customer access 24/7;
|
|
●
|
taking advantage of acquisition opportunities that are consistent with our strategic growth plans; and
|
|
●
|
continuing our efforts to control non-interest expenses.
|
For the Three Months Ended March 31,
|
||||||||||||||||
2013
|
2012
|
$ Change
|
% Change
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net interest income
|
$ | 12,652 | $ | 12,954 | $ | (302 | ) | (2.3 | ) % | |||||||
Provision for loan losses
|
399 | 330 | 69 | 20.9 | ||||||||||||
Noninterest income
|
3,538 | 1,313 | 2,225 | 169.5 | ||||||||||||
Noninterest expense
|
14,699 | 12,629 | 2,070 | 16.4 | ||||||||||||
Income before taxes
|
1,092 | 1,308 | (216 | ) | (16.5 | ) | ||||||||||
Income tax expense
|
279 | 317 | (38 | ) | (12.0 | ) | ||||||||||
Net income
|
$ | 813 | $ | 991 | $ | (178 | ) | (18.0 | ) % |
For The Three Months Ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
Average Balance
|
Interest and Dividends
|
Yield/Cost
|
Average Balance
|
Interest and Dividends
|
Yield/Cost
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans, net
|
$ | 1,522,812 | 14,782 | 3.94 | % | $ | 1,315,786 | 14,999 | 4.57 | % | ||||||||||||||
Securities
|
126,585 | 252 | 0.81 | % | 132,321 | 385 | 1.17 | % | ||||||||||||||||
Federal Home Loan Bank of Boston stock
|
8,809 | 8 | 0.37 | % | 7,370 | 9 | 0.49 | % | ||||||||||||||||
Federal funds and other earning assets
|
11,015 | 5 | 0.18 | % | 66,714 | 34 | 0.20 | % | ||||||||||||||||
Total interest-earning assets
|
1,669,221 | 15,047 | 3.66 | % | 1,522,191 | 15,427 | 4.07 | % | ||||||||||||||||
Noninterest-earning assets
|
121,634 | 116,614 | ||||||||||||||||||||||
Total assets
|
$ | 1,790,855 | $ | 1,638,805 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 233,891 | 135 | 0.23 | % | $ | 204,932 | 89 | 0.17 | % | ||||||||||||||
Money market
|
336,400 | 586 | 0.71 | % | 262,320 | 544 | 0.83 | % | ||||||||||||||||
Savings accounts
|
180,440 | 85 | 0.19 | % | 161,626 | 61 | 0.15 | % | ||||||||||||||||
Certificates of deposit
|
356,422 | 899 | 1.02 | % | 381,985 | 1,061 | 1.11 | % | ||||||||||||||||
Total interest-bearing deposits
|
1,107,153 | 1,705 | 0.62 | % | 1,010,863 | 1,755 | 0.70 | % | ||||||||||||||||
Federal Home Loan Bank of Boston advances
|
80,468 | 469 | 2.36 | % | 63,042 | 481 | 3.06 | % | ||||||||||||||||
Repurchase agreement borrowings
|
21,000 | 171 | 3.30 | % | 21,000 | 180 | 3.44 | % | ||||||||||||||||
Repurchase liabilities
|
55,573 | 50 | 0.36 | % | 58,067 | 57 | 0.39 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,264,194 | 2,395 | 0.77 | % | 1,152,972 | 2,473 | 0.86 | % | ||||||||||||||||
Noninterest-bearing deposits
|
240,105 | 195,192 | ||||||||||||||||||||||
Other noninterest-bearing liabilities
|
42,651 | 38,932 | ||||||||||||||||||||||
Total liabilities
|
1,546,950 | 1,387,096 | ||||||||||||||||||||||
Stockholders’ equity
|
243,905 | 251,709 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 1,790,855 | $ | 1,638,805 | ||||||||||||||||||||
Net interest income
|
12,652 | 12,954 | ||||||||||||||||||||||
Net interest rate spread (1)
|
2.89 | % | 3.21 | % | ||||||||||||||||||||
Net interest-earning assets (2)
|
$ | 405,027 | $ | 369,219 | ||||||||||||||||||||
Net interest margin (3)
|
3.07 | % | 3.41 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
132.04 | % | 132.02 | % | ||||||||||||||||||||
(1) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
||||||||||||||||||||||||
(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
||||||||||||||||||||||||
(3) Net interest margin represents net interest income divided by average total interest-earning assets.
|
Three Months Ended March 31, 2013 Compared to
Three Months Ended March 31, 2012 |
||||||||||||
Increase (decrease) due to
|
||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
Total
|
|||||||||
Interest-earning assets:
|
||||||||||||
Loans, net
|
$ | (26 | ) | $ | (191 | ) | $ | (217 | ) | |||
Investment securities
|
(22 | ) | (111 | ) | (133 | ) | ||||||
Federal Home Loan Bank of Boston stock
|
4 | (5 | ) | (1 | ) | |||||||
Federal funds and other interest-earning assets
|
(26 | ) | (3 | ) | (29 | ) | ||||||
Total interest-earning assets
|
(70 | ) | (310 | ) | (380 | ) | ||||||
Interest-bearing liabilities:
|
||||||||||||
NOW accounts
|
15 | 31 | 46 | |||||||||
Money market
|
82 | (40 | ) | 42 | ||||||||
Savings accounts
|
5 | 19 | 24 | |||||||||
Certificates of deposit
|
(79 | ) | (83 | ) | (162 | ) | ||||||
Total interest-bearing deposits
|
23 | (73 | ) | (50 | ) | |||||||
Advances from the Federal Home Loan Bank
|
(48 | ) | 36 | (12 | ) | |||||||
Repurchase agreement borrowing
|
- | (9 | ) | (9 | ) | |||||||
Repurchase liabilities
|
(7 | ) | - | (7 | ) | |||||||
Total interest-bearing liabilities
|
(32 | ) | (46 | ) | (78 | ) | ||||||
(Decrease) increase in net interest income
|
$ | (38 | ) | $ | (264 | ) | $ | (302 | ) |
For the Three Months Ending March 31,
|
||||||||||||||||
2013
|
2012
|
$ Change
|
% Change
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Fees for customer services
|
$ | 982 | $ | 816 | $ | 166 | 20.3 | % | ||||||||
Net gain on loans sold
|
2,030 | 98 | 1,932 | 1,971.4 | ||||||||||||
Brokerage and insurance fee income
|
32 | 25 | 7 | 28.0 | ||||||||||||
Bank owned life insurance income
|
409 | 319 | 90 | 28.2 | ||||||||||||
Other
|
85 | 55 | 30 | 54.5 | ||||||||||||
Total noninterest income
|
$ | 3,538 | $ | 1,313 | $ | 2,225 | 169.5 | % |
For the Three Months Ended March 31,
|
||||||||||||||||
2013
|
2012
|
$ Change
|
% Change
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Salaries and employee benefits
|
$ | 9,034 | $ | 7,424 | $ | 1,610 | 21.7 | % | ||||||||
Occupancy expense
|
1,240 | 1,190 | 50 | 4.2 | ||||||||||||
Furniture and equipment expense
|
1,018 | 1,099 | (81 | ) | (7.4 | ) | ||||||||||
FDIC assessment
|
291 | 279 | 12 | 4.3 | ||||||||||||
Marketing
|
594 | 606 | (12 | ) | (2.0 | ) | ||||||||||
Other operating expenses
|
2,522 | 2,031 | 491 | 24.2 | ||||||||||||
Total noninterest expense
|
$ | 14,699 | $ | 12,629 | $ | 2,070 | 16.4 | % |
Percentage Increase (Decrease) in
Estimated Net Interest Income Over 12 Months |
|
|||||||
At March 31, 2013 |
|
At December 31, 2012 | ||||||
300 basis point increase
|
9.34 | % | 7.31 | % | ||||
400 basis point increase
|
8.58 | % | 6.23 | % | ||||
100 basis point decrease
|
(4.10 | ) % | (4.89 | ) % |
Item 4. Controls and Procedures |
|
(a)
|
Not applicable.
|
|
(b)
|
Not applicable.
|
|
(c)
|
During the quarter ending March 31, 2013, the Company made the following repurchases of common stock::
|
Period
|
(a) Total
Number of Shares (or Units) Purchased |
(b) Average
Price Paid per Share (or Unit) |
(c) Total Number of
Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number
(or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
||||||||||||
January 1-31, 2013
|
- | $ | - | 849,437 | 938,583 | |||||||||||
February 1-28, 2013
|
- | $ | - | 849,437 | 938,583 | |||||||||||
March 1-31, 2013
|
58,650 | $ | 14.55 | 908,087 | 879,933 |
3.1
|
Amended and Restated Certificate of Incorporation of First Connecticut Bancorp, Inc. (filed as Exhibit 3.1 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
3.2
|
Bylaws of First Connecticut Bancorp, Inc. (filed as Exhibit 3.2 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
4.1
|
Form of Common Stock Certificate of First Connecticut Bancorp, Inc. (filed as Exhibit 4.1 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.1
|
Phantom Stock Plan of Farmington Bank (filed as Exhibit 10.1 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.2
|
Supplemental Executive Retirement Plan of Farmington Bank (filed as Exhibit 10.2 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.3
|
Voluntary Deferred Compensation Plan for Directors and Key Employees (filed as Exhibit 10.3 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.4
|
First Amendment to Voluntary Deferred Compensation Plan for Directors and Key Employees (filed as Exhibit 10.4 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.4.1
|
Second Amendment to Voluntary Deferred Compensation Plan for Directors and Key Employees (filed as Exhibit 10.4.1 to the Form 10-K for the year ended December 31, 2012 filed on March 18, 2013, and incorporated herein by reference).
|
10.5
|
Voluntary Deferred Compensation Plan for Key Employees (filed as Exhibit 10.5 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.6
|
Life Insurance Premium Reimbursement Agreement between Farmington Bank and John J. Patrick, Jr. (filed as Exhibit 10.6 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.7
|
Life Insurance Premium Reimbursement Agreement between Farmington Bank and Gregory A. White (filed as Exhibit 10.7 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.8
|
Farmington Savings Bank Defined Benefit Employees’ Pension Plan, as amended (filed as Exhibit 10.8 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.8.1
|
Farmington Savings Bank Defined Benefit Employees’ Pension Plan, as amended (filed as Exhibit 10.8.1 to the Form 10-K for the year ended December 31, 2012 filed on March 18, 2013, and incorporated herein by reference).
|
10.9
|
Annual Incentive Compensation Plan (filed as Exhibit 10.9 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.10
|
Supplemental Retirement Plan Participation Agreement between John J. Patrick, Jr. and Farmington Bank (filed as Exhibit 10.10 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.11
|
Supplemental Retirement Plan Participation Agreement between Michael T. Schweighoffer and Farmington Bank (filed as Exhibit 10.11 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.12
|
Supplemental Retirement Plan Participation Agreement between Gregory A. White and Farmington Bank (filed as Exhibit 10.12 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
10.13
|
Employment Agreement among First Connecticut Bancorp, Inc., Farmington Bank and John J. Patrick, Jr. (filed as Exhibit 10.1 Employment Agreement on Form 8-K for the Company on April 24, 2012 and incorporated herein by reference).
|
10.13.1
|
Employment Agreement First Amendment among First Connecticut Bancorp, Inc., Farmington Bank and John J. Patrick, Jr. (filed as Exhibit 10.13.1 to the current report on the Form 8-K filed for the Company on February 28, 2013, as amended, and incorporated herein by reference).
|
10.14
|
Life Insurance Premium Reimbursement Agreement between Farmington Bank and Michael T. Schweighoffer (filed as Exhibit 10.14 to the Form 10-Q filed for the Company on May 15, 2012, and incorporated herein by reference).
|
10.15
|
First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan (Incorporated by reference to Appendix A in the Definitive Proxy Statement on Form 14A filed on June 6, 2012 and amended on July 2, 2012 (File No. 001-35209-12890818 and 12960688).
|
21.1
|
Subsidiaries of First Connecticut Bancorp, Inc. and Farmington Bank (filed as Exhibit 21.1 to the Registration Statement on the Form S-1 filed for the Company on January 28, 2011, as amended, and incorporated herein by reference).
|
31.1
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Company’s Chief Executive Officer.
|
31.2
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed by the Company’s Chief Financial Officer.
|
32.1
|
Written Statement pursuant to 18 U.S.C. § 1350, as created by section 906 of the Sarbanes-Oxley Act of 2002, signed by the Company’s Chief Executive Officer.
|
32.2
|
Written Statement pursuant to 18 U.S.C. § 1350, as created by section 906 of the Sarbanes-Oxley Act of 2002, signed by the Company’s Chief Financial Officer.
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-t: (i) the Consolidated Statements of Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statement of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows, and (iv) Notes to Unaudited Consolidated Financial Statements tagged as blocks of text and in detail.*
|
*
|
As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Act of 1934.
|
FIRST CONNECTICUT BANCORP, INC.
|
||
Date: May 10, 2013
|
/s/ John J. Patrick, Jr.
|
|
John J. Patrick, Jr.
|
||
Chairman, President and Chief Executive Officer
|
||
Date: May 10, 2013
|
/s/ Gregory A. White
|
|
Gregory A. White
|
||
Executive Vice President and Chief Financial Officer
|
||
Date: May 10, 2013
|
/s/ Kimberly Rozanski Ruppert
|
|
Kimberly Rozanski Ruppert
|
||
Senior Vice President and Principal Accounting Officer
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of First Connecticut Bancorp, Inc., a Maryland corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-15(f) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
c)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 10, 2013
|
/s/ John J. Patrick, Jr.
|
|
John J. Patrick, Jr.
|
||
Chairman, President and Chief Executive Officer
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of First Connecticut Bancorp, Inc., a Maryland corporation;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-15(f) for the registrant and have:
|
|
e)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
f)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
g)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
h)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
|
|
c)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
d)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 10, 2013
|
/s/ Gregory A White
|
|
Gregory A. White
|
||
Executive Vice President and Chief Financial Officer
|
|
1.
|
the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: May 10, 2013
|
/s/ John J. Patrick, Jr.
|
|
John J. Patrick, Jr.
|
||
Chairman, President and Chief Executive Officer
|
|
1.
|
the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: May 10, 2013
|
/s/ Gregory A. White
|
|
Gregory A. White
|
||
Executive Vice President and Chief Financial Officer
|
Investment Securities (Detail Textuals) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB Stock | $ 8,383 | $ 8,939 |
Federal Home Loan Bank Of Boston
|
||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB Stock | $ 8,400 | $ 8,900 |
Credit Arrangements (Detail Textuals 2) (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLBB advances | $ 76,000,000 | $ 128,000,000 |
Federal Home Loan Bank Of Boston
|
||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLBB advances | 76,000,000 | 128,000,000 |
Collateral value first mortgage loans | 601,600,000 | 602,200,000 |
Line of credit facility, remaining borrowing capacity | $ 357,500,000 | $ 294,300,000 |
Federal Home Loan Bank Of Boston | Minimum
|
||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Minimum percent of aggregate principal amount of unpaid residential mortgage loans for acquiring shares in FHLBB | 0.35% | |
Federal Home Loan Bank Of Boston | Maximum
|
||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maximum percent of advances (borrowings) from the FHLBB to acquire shares in FHLBB | 4.50% |
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Assets | ||
Securities available-for-sale, at fair value | $ 108,787 | $ 138,241 |
Fair Value Measurements Recurring | Estimated Fair Value
|
||
Assets | ||
Securities available-for-sale, at fair value | 108,787 | 138,241 |
Total Assets | 116,775 | 147,108 |
Liabilities | ||
Total Liabilities | 7,494 | 8,379 |
Fair Value Measurements Recurring | Estimated Fair Value | U.S. Treasury obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | 91,004 | 118,980 |
Fair Value Measurements Recurring | Estimated Fair Value | U.S. Government agency obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Estimated Fair Value | Government sponsored residential mortgage-backed securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 8,641 | 10,603 |
Fair Value Measurements Recurring | Estimated Fair Value | Corporate debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 3,149 | 3,153 |
Fair Value Measurements Recurring | Estimated Fair Value | Trust preferred debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Estimated Fair Value | Preferred equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 2,255 | 1,786 |
Fair Value Measurements Recurring | Estimated Fair Value | Marketable equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 143 | 132 |
Fair Value Measurements Recurring | Estimated Fair Value | Mutual funds
|
||
Assets | ||
Securities available-for-sale, at fair value | 3,595 | 3,587 |
Fair Value Measurements Recurring | Estimated Fair Value | Interest rate swap derivative
|
||
Assets | ||
Derivative Assets | 7,440 | 8,379 |
Liabilities | ||
Derivative Liabilities | 7,440 | 8,379 |
Fair Value Measurements Recurring | Estimated Fair Value | Forward loan sales commitments
|
||
Assets | ||
Derivative Assets | 38 | |
Liabilities | ||
Derivative Liabilities | 54 | |
Fair Value Measurements Recurring | Estimated Fair Value | Derivative loan commitments
|
||
Assets | ||
Derivative Assets | 548 | 450 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
|
||
Assets | ||
Securities available-for-sale, at fair value | 91,147 | 119,112 |
Total Assets | 91,147 | 119,112 |
Liabilities | ||
Total Liabilities | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | 91,004 | 118,980 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agency obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government sponsored residential mortgage-backed securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Trust preferred debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 143 | 132 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swap derivative
|
||
Assets | ||
Derivative Assets | ||
Liabilities | ||
Derivative Liabilities | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Forward loan sales commitments
|
||
Assets | ||
Derivative Assets | ||
Liabilities | ||
Derivative Liabilities | ||
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative loan commitments
|
||
Assets | ||
Derivative Assets | ||
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2)
|
||
Assets | ||
Securities available-for-sale, at fair value | 17,640 | 19,129 |
Total Assets | 25,080 | 27,508 |
Liabilities | ||
Total Liabilities | 7,440 | 8,379 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | U.S. Treasury obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | U.S. Government agency obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Government sponsored residential mortgage-backed securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 8,641 | 10,603 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Corporate debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 3,149 | 3,153 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Trust preferred debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Preferred equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | 2,255 | 1,786 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Marketable equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Mutual funds
|
||
Assets | ||
Securities available-for-sale, at fair value | 3,595 | 3,587 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Interest rate swap derivative
|
||
Assets | ||
Derivative Assets | 7,440 | 8,379 |
Liabilities | ||
Derivative Liabilities | 7,440 | 8,379 |
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Forward loan sales commitments
|
||
Assets | ||
Derivative Assets | ||
Liabilities | ||
Derivative Liabilities | ||
Fair Value Measurements Recurring | Significant Observable Inputs (Level 2) | Derivative loan commitments
|
||
Assets | ||
Derivative Assets | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3)
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Total Assets | 548 | 488 |
Liabilities | ||
Total Liabilities | 54 | |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government agency obligations
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Government sponsored residential mortgage-backed securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Trust preferred debt securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Preferred equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Marketable equity securities
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Mutual funds
|
||
Assets | ||
Securities available-for-sale, at fair value | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swap derivative
|
||
Assets | ||
Derivative Assets | ||
Liabilities | ||
Derivative Liabilities | ||
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Forward loan sales commitments
|
||
Assets | ||
Derivative Assets | 38 | |
Liabilities | ||
Derivative Liabilities | 54 | |
Fair Value Measurements Recurring | Significant Unobservable Inputs (Level 3) | Derivative loan commitments
|
||
Assets | ||
Derivative Assets | $ 548 | $ 450 |
Credit Arrangements ( Detail Textuals 3) (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Schedule of Investments [Line Items] | ||
Repurchase liabilities | $ 43,353,000 | $ 54,187,000 |
US Treasury Bill Securities
|
||
Schedule of Investments [Line Items] | ||
Treasury bill securities with a fair value | 25,000,000 | |
Cash for securing repurchase agreement | 451,000 | |
Outstanding borrowings | 21,000,000 | 21,000,000 |
Repurchase liabilities | 43,400,000 | 54,200,000 |
Market value of investment for securing repurchase liability | $ 53,900,000 | $ 84,300,000 |
Loans and Allowance for Loan Losses - Summary of impaired loans (Details 6) (Loans receivable, USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Impaired loans without a valuation allowance | ||
Recorded Investment | $ 13,165 | $ 10,085 |
Unpaid Principal Balance | 13,884 | 10,783 |
Average Recorded Investment | 13,005 | 15,037 |
Interest Income Recognized | 85 | 553 |
Cash-basis Interest Income Recognized | 84 | 536 |
Impaired loans with a valuation allowance | ||
Recorded Investment | 26,045 | 26,772 |
Unpaid Principal Balance | 26,860 | 27,269 |
Related Allowance | 1,335 | 949 |
Average Recorded Investment | 23,586 | 22,535 |
Interest Income Recognized | 293 | 1,014 |
Cash-basis Interest Income Recognized | 292 | 992 |
Total Recorded Investment | 39,210 | 36,857 |
Total Unpaid Principal Balance | 40,744 | 38,052 |
Total Related Allowance | 1,335 | 949 |
Total Average Recorded Investment | 36,591 | 37,572 |
Total Interest Income Recognized | 378 | 1,567 |
Total Cash-basis Interest Income Recognized | 376 | 1,528 |
Real estate Residential
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | 4,664 | 4,061 |
Unpaid Principal Balance | 5,117 | 4,495 |
Average Recorded Investment | 3,797 | 3,929 |
Interest Income Recognized | 1 | 10 |
Cash-basis Interest Income Recognized | 1 | 10 |
Impaired loans with a valuation allowance | ||
Recorded Investment | 6,393 | 6,634 |
Unpaid Principal Balance | 6,950 | 6,882 |
Related Allowance | 341 | 340 |
Average Recorded Investment | 7,027 | 6,864 |
Interest Income Recognized | 17 | 78 |
Cash-basis Interest Income Recognized | 17 | 68 |
Real estate Commercial
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | 4,877 | 2,787 |
Unpaid Principal Balance | 5,059 | 2,973 |
Average Recorded Investment | 4,989 | 6,048 |
Interest Income Recognized | 54 | 315 |
Cash-basis Interest Income Recognized | 53 | 304 |
Impaired loans with a valuation allowance | ||
Recorded Investment | 12,668 | 14,759 |
Unpaid Principal Balance | 12,668 | 14,753 |
Related Allowance | 111 | 126 |
Average Recorded Investment | 12,720 | 11,594 |
Interest Income Recognized | 228 | 818 |
Cash-basis Interest Income Recognized | 227 | 814 |
Real estate Construction
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | 760 | 760 |
Unpaid Principal Balance | 761 | 761 |
Average Recorded Investment | 562 | 592 |
Interest Income Recognized | 10 | 18 |
Cash-basis Interest Income Recognized | 10 | 18 |
Impaired loans with a valuation allowance | ||
Recorded Investment | 419 | 419 |
Unpaid Principal Balance | 664 | 664 |
Related Allowance | 39 | 6 |
Average Recorded Investment | 331 | 226 |
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Installment
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | 7 | |
Unpaid Principal Balance | 6 | |
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Impaired loans with a valuation allowance | ||
Recorded Investment | 24 | 7 |
Unpaid Principal Balance | 25 | 7 |
Related Allowance | 5 | |
Average Recorded Investment | 10 | 4 |
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Commercial
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | 800 | 1,986 |
Unpaid Principal Balance | 808 | 1,985 |
Average Recorded Investment | 2,746 | 3,918 |
Interest Income Recognized | 7 | 184 |
Cash-basis Interest Income Recognized | 7 | 178 |
Impaired loans with a valuation allowance | ||
Recorded Investment | 6,541 | 3,327 |
Unpaid Principal Balance | 6,553 | 3,339 |
Related Allowance | 839 | 476 |
Average Recorded Investment | 3,498 | 2,111 |
Interest Income Recognized | 48 | 86 |
Cash-basis Interest Income Recognized | 48 | 78 |
Collateral
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Impaired loans with a valuation allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Home equity line of credit
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | 505 | 491 |
Unpaid Principal Balance | 583 | 569 |
Average Recorded Investment | 497 | 494 |
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Impaired loans with a valuation allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Demand
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Impaired loans with a valuation allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Revolving credit
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Impaired loans with a valuation allowance | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Cash-basis Interest Income Recognized | ||
Resort
|
||
Impaired loans without a valuation allowance | ||
Recorded Investment | 1,552 | |
Unpaid Principal Balance | 1,550 | |
Average Recorded Investment | 414 | 56 |
Interest Income Recognized | 13 | 26 |
Cash-basis Interest Income Recognized | 13 | 26 |
Impaired loans with a valuation allowance | ||
Recorded Investment | 1,626 | |
Unpaid Principal Balance | 1,624 | |
Related Allowance | 1 | |
Average Recorded Investment | 1,736 | |
Interest Income Recognized | 32 | |
Cash-basis Interest Income Recognized | $ 32 |
Summary of Significant Accounting Policies (Detail Textuals) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jul. 02, 2012
Office
|
Jun. 29, 2011
Farmington Bank
Common Stock
|
Mar. 31, 2013
Employee Stock Ownership Plan (ESOP)
Farmington Bank
|
Dec. 31, 2012
Employee Stock Ownership Plan (ESOP)
Farmington Bank
|
|
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Percentage of common stock shares sold in the subscription offering to Farmington Bank Community Foundation, Inc. | 4.00% | |||
Number of shares of common stock sold | 17,192,500 | |||
Common stock value per share (in dollars per share) | $ 10.00 | |||
Proceeds of common stock sold | $ 167.8 | |||
Offering costs of common stock | 4.1 | |||
Percentage owned by public shareholders | 100.00% | |||
Number of shares purchased | 1,430,416 | |||
Percentage loaned ESOP the amount needed to purchase | 8.00% | |||
Purchase cost of common stock acquired under ESOP | $ 16.9 | |||
Number of shares of common stock purchased by ESOP | 1,430,416 | |||
Number of shares approved for repurchase | 1,788,020 | |||
Shares to be repurchased in percentage | 10.00% | |||
Number of branch offices | 20 | |||
Number of limited service offices | 4 |
Fair Value Measurements - Valuation methodology and unobservable inputs for Level 3 assets (Details 3) (Significant Unobservable Inputs (Level 3), Fair value, measurements, nonrecurring, USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Mortgage servicing rights
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 2,686 | 1,709 |
Mortgage servicing rights | Discounted cash flows
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | 8.30% | 13.00% |
Discount rate | 6.80% | 6.50% |
Mortgage servicing rights | Discounted cash flows | Minimum
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | 0.00% | 0.00% |
Mortgage servicing rights | Discounted cash flows | Maximum
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | 38.00% | 34.00% |
Impaired loans
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 37,875 | 35,908 |
Impaired loans | Appraisals
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount for dated appraisal | 10.00% | 10.00% |
Discount for costs to sell | 11.50% | 11.50% |
Impaired loans | Appraisals | Minimum
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount for dated appraisal | 0.00% | 0.00% |
Discount for costs to sell | 8.00% | 8.00% |
Impaired loans | Appraisals | Maximum
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount for dated appraisal | 20.00% | 20.00% |
Discount for costs to sell | 15.00% | 15.00% |
Other real estate owned
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value | 541 | 549 |
Other real estate owned | Appraisals
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount for costs to sell | 9.00% | 9.00% |
Other real estate owned | Appraisals | Minimum
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount for costs to sell | 8.00% | 8.00% |
Other real estate owned | Appraisals | Maximum
|
||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount for costs to sell | 10.00% | 10.00% |
Pension and Other Postretirement Benefit Plans - Components of net periodic pension and benefit costs (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Pension Benefits
|
||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 125 | |
Interest cost | 237 | 272 |
Expected return on plan assets | (284) | (253) |
Amortization: | ||
Loss | 146 | 169 |
Prior service cost | (31) | |
Net periodic benefit cost | 99 | 282 |
Other Postretirement Benefits
|
||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 25 | 15 |
Interest cost | 32 | 34 |
Expected return on plan assets | ||
Amortization: | ||
Loss | 11 | |
Prior service cost | (13) | (12) |
Net periodic benefit cost | $ 55 | $ 37 |
Regulatory Matters - Actual capital amounts and ratios (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 266,476 | $ 264,987 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 18.61% | 18.78% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 114,552 | 112,881 |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 143,190 | 141,101 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) Actual Amount | 248,678 | 247,364 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 17.37% | 17.53% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 57,266 | 56,444 |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 85,899 | 84,665 |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 6.00% | 6.00% |
Tier I Capital (to Average Assets) Actual Amount | 248,678 | 247,364 |
Tier I Capital (to Average Assets) Actual Ratio | 13.84% | 13.88% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 71,872 | 71,286 |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 89,840 | 89,108 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Farmington Bank
|
||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) Actual Amount | 204,904 | 203,344 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 14.34% | 14.44% |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 114,312 | 112,656 |
Total Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 142,890 | 140,820 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets) Actual Amount | 187,106 | 185,743 |
Tier I Capital (to Risk Weighted Assets) Actual Ratio | 13.09% | 13.19% |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Amount | 57,175 | 56,328 |
Tier I Capital (to Risk Weighted Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | 85,763 | 84,493 |
Tier I Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 6.00% | 6.00% |
Tier I Capital (to Average Assets) Actual Amount | 187,106 | 185,743 |
Tier I Capital (to Average Assets) Actual Ratio | 10.46% | 10.44% |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Amount | 71,551 | 71,166 |
Tier I Capital (to Average Assets) Minimum Required for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Amount | $ 89,439 | $ 88,957 |
Tier I Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Ratio | 5.00% | 5.00% |
Fair Value Measurements - Additional information about assets measured at fair value (Details 1) (Fair Value Measurements Recurring, Significant Unobservable Inputs (Level 3), USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Securities Available-for-Sale
|
||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, at beginning of period | $ 42 | |
Paydowns | (2) | |
Total gains (losses) - (realized/unrealized) | ||
Included in earnings | ||
Balance, at the end of period | 40 | |
Derivative and Forward Loan Sales
|
||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, at beginning of period | 488 | (44) |
Paydowns | ||
Total gains (losses) - (realized/unrealized) | ||
Included in earnings | 6 | 16 |
Balance, at the end of period | $ 494 | $ (28) |
Loans and Allowance for Loan Losses (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan losses by segments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the allowance by impairment methodology and by loan segment allocation |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loan delinquencies at recorded investment values |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of nonperforming assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of information pertaining to impaired loans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans terms modified in a troubled debt restructuring |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of TDR loans modified by means of extended maturity, below market adjusted interest rates, a combination of rate and maturity, or by other means including covenant modifications, forbearance concessions |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans by risk rating |
|
Loans and Allowance for Loan Losses - Risk rating (Details 10) (Loans receivable, USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,558,792 | $ 1,534,021 |
Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,479,086 | 1,452,201 |
Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 37,346 | 38,991 |
Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 42,080 | 42,540 |
Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 280 | 289 |
Real estate Residential
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 619,741 | 620,991 |
Real estate Residential | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 605,776 | 606,998 |
Real estate Residential | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,532 | 2,425 |
Real estate Residential | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 12,433 | 11,568 |
Real estate Residential | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Real estate Commercial
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 504,722 | 473,788 |
Real estate Commercial | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 470,911 | 434,183 |
Real estate Commercial | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 19,476 | 24,902 |
Real estate Commercial | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,335 | 14,703 |
Real estate Commercial | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Real estate Construction
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 66,508 | 64,362 |
Real estate Construction | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 59,282 | 60,293 |
Real estate Construction | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,625 | 770 |
Real estate Construction | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,601 | 3,299 |
Real estate Construction | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Installment
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,949 | 6,719 |
Installment | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5,700 | 6,481 |
Installment | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 55 | 53 |
Installment | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 194 | 185 |
Installment | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 200,610 | 192,210 |
Commercial | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 179,610 | 171,776 |
Commercial | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 10,835 | 10,125 |
Commercial | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 9,885 | 10,020 |
Commercial | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 280 | 289 |
Collateral
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,945 | 2,086 |
Collateral | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,937 | 2,086 |
Collateral | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Collateral | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8 | |
Collateral | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Home equity line of credit
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 143,992 | 142,543 |
Home equity line of credit | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 142,106 | 140,723 |
Home equity line of credit | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 812 | 704 |
Home equity line of credit | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,074 | 1,116 |
Home equity line of credit | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Demand
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 25 | |
Demand | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Demand | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Demand | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 25 | |
Demand | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Revolving credit
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 73 | 65 |
Revolving credit | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 73 | 65 |
Revolving credit | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Revolving credit | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Revolving credit | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Resort
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 15,252 | 31,232 |
Resort | Pass
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 13,691 | 29,596 |
Resort | Special Mention
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11 | 12 |
Resort | Substandard
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,550 | 1,624 |
Resort | Doubtful
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans |
Loans and Allowance for Loan Losses - Changes in allowance for loan losses by segments (Details 2) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 17,229 | $ 17,533 |
Charge-offs | (306) | (148) |
Recoveries | 10 | 12 |
Provision for (Reduction) loan losses | 399 | 330 |
Balance at end of period | 17,332 | 17,727 |
Loans receivable
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 17,229 | 17,533 |
Charge-offs | (306) | (148) |
Recoveries | 10 | 12 |
Provision for (Reduction) loan losses | 399 | 330 |
Balance at end of period | 17,332 | 17,727 |
Loans receivable | Real estate Residential
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 3,778 | 2,874 |
Charge-offs | (294) | (61) |
Recoveries | ||
Provision for (Reduction) loan losses | 417 | 379 |
Balance at end of period | 3,901 | 3,192 |
Loans receivable | Real estate Commercial
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 8,105 | 8,755 |
Charge-offs | (49) | |
Recoveries | ||
Provision for (Reduction) loan losses | (179) | (177) |
Balance at end of period | 7,926 | 8,529 |
Loans receivable | Real estate Construction
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 760 | 590 |
Charge-offs | ||
Recoveries | ||
Provision for (Reduction) loan losses | 87 | (8) |
Balance at end of period | 847 | 582 |
Loans receivable | Installment
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 77 | 92 |
Charge-offs | (6) | |
Recoveries | 3 | |
Provision for (Reduction) loan losses | (13) | (13) |
Balance at end of period | 64 | 76 |
Loans receivable | Commercial
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 2,654 | 2,140 |
Charge-offs | ||
Recoveries | 5 | 4 |
Provision for (Reduction) loan losses | 331 | 109 |
Balance at end of period | 2,990 | 2,253 |
Loans receivable | Collateral
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | ||
Charge-offs | ||
Recoveries | ||
Provision for (Reduction) loan losses | ||
Balance at end of period | ||
Loans receivable | Home equity line of credit
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 1,377 | 1,295 |
Charge-offs | (19) | |
Recoveries | ||
Provision for (Reduction) loan losses | 16 | 39 |
Balance at end of period | 1,393 | 1,315 |
Loans receivable | Demand
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | ||
Charge-offs | ||
Recoveries | ||
Provision for (Reduction) loan losses | ||
Balance at end of period | ||
Loans receivable | Revolving credit
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | ||
Charge-offs | (12) | (13) |
Recoveries | 5 | 5 |
Provision for (Reduction) loan losses | 7 | 8 |
Balance at end of period | ||
Loans receivable | Resort
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 456 | 1,787 |
Charge-offs | ||
Recoveries | ||
Provision for (Reduction) loan losses | (245) | (137) |
Balance at end of period | 211 | 1,650 |
Loans receivable | Unallocated
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 22 | |
Charge-offs | ||
Recoveries | ||
Provision for (Reduction) loan losses | (22) | 130 |
Balance at end of period | $ 130 |
Fair Value Measurements (Detail Textuals) (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Securities Available for Sale
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Percentage of investment securities portfolio to estimate fair value measurements | 100.00% |
Impaired loans
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Minimum amount of impaired loans that are annually appraised | 250,000 |
Investment Securities - Gross unrealized losses and fair value (Details 1) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities less than 12 months, fair value | $ 35,012 | $ 52,985 |
Available-for-sale securities less than 12 months, gross unrealized loss | (23) | (9) |
Available-for-sale securities 12 months or more, fair value | 1,901 | 1,671 |
Available-for-sale securities 12 months or more, gross unrealized loss | (105) | (336) |
Available-for-sale securities, total fair value | 36,913 | 54,656 |
Available-for-sale securities, total gross unrealized loss | (128) | (345) |
U.S. Treasury obligations
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities less than 12 months, fair value | 32,011 | 52,985 |
Available-for-sale securities less than 12 months, gross unrealized loss | (2) | (9) |
Available-for-sale securities 12 months or more, fair value | ||
Available-for-sale securities 12 months or more, gross unrealized loss | ||
Available-for-sale securities, total fair value | 32,011 | 52,985 |
Available-for-sale securities, total gross unrealized loss | (2) | (9) |
Government sponsored residential mortgage-backed securities
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities less than 12 months, fair value | 63 | |
Available-for-sale securities less than 12 months, gross unrealized loss | (1) | |
Available-for-sale securities 12 months or more, fair value | ||
Available-for-sale securities 12 months or more, gross unrealized loss | ||
Available-for-sale securities, total fair value | 63 | |
Available-for-sale securities, total gross unrealized loss | (1) | |
Preferred equity securities
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities less than 12 months, fair value | ||
Available-for-sale securities less than 12 months, gross unrealized loss | ||
Available-for-sale securities 12 months or more, fair value | 1,897 | 1,667 |
Available-for-sale securities 12 months or more, gross unrealized loss | (103) | (333) |
Available-for-sale securities, total fair value | 1,897 | 1,667 |
Available-for-sale securities, total gross unrealized loss | (103) | (333) |
Marketable equity securities
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities less than 12 months, fair value | ||
Available-for-sale securities less than 12 months, gross unrealized loss | ||
Available-for-sale securities 12 months or more, fair value | 4 | 4 |
Available-for-sale securities 12 months or more, gross unrealized loss | (2) | (3) |
Available-for-sale securities, total fair value | 4 | 4 |
Available-for-sale securities, total gross unrealized loss | (2) | (3) |
Mutual funds
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities less than 12 months, fair value | 2,938 | |
Available-for-sale securities less than 12 months, gross unrealized loss | (20) | |
Available-for-sale securities 12 months or more, fair value | ||
Available-for-sale securities 12 months or more, gross unrealized loss | ||
Available-for-sale securities, total fair value | 2,938 | |
Available-for-sale securities, total gross unrealized loss | $ (20) |
Credit Arrangements (Detail Textuals) (USD $)
|
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Line of Credit Facility [Line Items] | ||
Balance with bank | $ 262,500 | $ 262,500 |
Federal Home Loan Bank Of Boston
|
||
Line of Credit Facility [Line Items] | ||
Pre-approved line of credit | 8,800,000 | 8,800,000 |
Federal Home Loan Bank Of Boston | Unsecured Line Of Credit With Bank One
|
||
Line of Credit Facility [Line Items] | ||
Total pre-approved Unsecured line of credit with a bank | 20,000,000 | 20,000,000 |
Federal Home Loan Bank Of Boston | Unsecured Line Of Credit With Bank Two
|
||
Line of Credit Facility [Line Items] | ||
Amount under unsecured line of credit agreement | $ 3,500,000 | $ 3,500,000 |
Derivative Financial Instruments (Detail Textuals) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Long term commercial loan | $ 1.0 |
Maintenance of cash balance with PNC bank as security against derivative liability | 7.9 |
Outstanding receivables secured in excess of by PNC bank | 10.0 |
Mortgage-backed securities outstanding rate locks totaled | 36.3 |
Sell residential mortgage-backed securities totaled | 34.2 |
Forward sales contract | $ 31.0 |
Stock Incentive Plan - Weighted-average estimated fair values of stock option grants (Details) (Stock options, USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted per share average fair value of options granted | $ 3.99 |
Risk-free interest rate | 1.12% |
Expected volatility | 32.35% |
Expected dividend yield | 1.67% |
Expected life of options granted | 6 years |
Minimum
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average dividend yield | 0.80% |
Maximum
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average dividend yield | 2.71% |
Loans and Allowance for Loan Losses - Information modified in a troubled debt restructuring (Details 7) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
TDRs on Accrual Status of Recorded Investment | $ 24,300 | $ 22,100 |
TDRs on Nonaccrual Status of Recorded Investment | 7,900 | 7,600 |
Total TDRs of Recorded Investment | 32,200 | 29,700 |
Loans receivable
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | 27 | 27 |
TDRs on Accrual Status of Recorded Investment | 24,278 | 22,124 |
Number of TDRs on Nonaccrual Status of Loans | 18 | 13 |
TDRs on Nonaccrual Status of Recorded Investment | 7,890 | 7,550 |
Number of Total TDRs of Loans | 45 | 40 |
Total TDRs of Recorded Investment | 32,168 | 29,674 |
Loans receivable | Real estate Residential
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | 4 | 3 |
TDRs on Accrual Status of Recorded Investment | 1,188 | 1,068 |
Number of TDRs on Nonaccrual Status of Loans | 7 | 6 |
TDRs on Nonaccrual Status of Recorded Investment | 5,313 | 5,264 |
Number of Total TDRs of Loans | 11 | 9 |
Total TDRs of Recorded Investment | 6,501 | 6,332 |
Loans receivable | Real estate Commercial
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | 14 | 12 |
TDRs on Accrual Status of Recorded Investment | 16,307 | 16,381 |
Number of TDRs on Nonaccrual Status of Loans | ||
TDRs on Nonaccrual Status of Recorded Investment | ||
Number of Total TDRs of Loans | 14 | 12 |
Total TDRs of Recorded Investment | 16,307 | 16,381 |
Loans receivable | Real estate Construction
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | 1 | 2 |
TDRs on Accrual Status of Recorded Investment | 761 | 999 |
Number of TDRs on Nonaccrual Status of Loans | 1 | 1 |
TDRs on Nonaccrual Status of Recorded Investment | 419 | 419 |
Number of Total TDRs of Loans | 2 | 3 |
Total TDRs of Recorded Investment | 1,180 | 1,418 |
Loans receivable | Installment
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | 1 | 1 |
TDRs on Accrual Status of Recorded Investment | 7 | 7 |
Number of TDRs on Nonaccrual Status of Loans | ||
TDRs on Nonaccrual Status of Recorded Investment | ||
Number of Total TDRs of Loans | 1 | 1 |
Total TDRs of Recorded Investment | 7 | 7 |
Loans receivable | Commercial
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | 5 | 7 |
TDRs on Accrual Status of Recorded Investment | 4,463 | 2,043 |
Number of TDRs on Nonaccrual Status of Loans | 7 | 6 |
TDRs on Nonaccrual Status of Recorded Investment | 1,890 | 1,867 |
Number of Total TDRs of Loans | 12 | 13 |
Total TDRs of Recorded Investment | 6,353 | 3,910 |
Loans receivable | Collateral
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | ||
TDRs on Accrual Status of Recorded Investment | ||
Number of TDRs on Nonaccrual Status of Loans | ||
TDRs on Nonaccrual Status of Recorded Investment | ||
Number of Total TDRs of Loans | ||
Total TDRs of Recorded Investment | ||
Loans receivable | Home equity line of credit
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | ||
TDRs on Accrual Status of Recorded Investment | ||
Number of TDRs on Nonaccrual Status of Loans | 2 | |
TDRs on Nonaccrual Status of Recorded Investment | 244 | |
Number of Total TDRs of Loans | 2 | |
Total TDRs of Recorded Investment | 244 | |
Loans receivable | Demand
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | ||
TDRs on Accrual Status of Recorded Investment | ||
Number of TDRs on Nonaccrual Status of Loans | 1 | |
TDRs on Nonaccrual Status of Recorded Investment | 24 | |
Number of Total TDRs of Loans | 1 | |
Total TDRs of Recorded Investment | 24 | |
Loans receivable | Revolving credit
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | ||
TDRs on Accrual Status of Recorded Investment | ||
Number of TDRs on Nonaccrual Status of Loans | ||
TDRs on Nonaccrual Status of Recorded Investment | ||
Number of Total TDRs of Loans | ||
Total TDRs of Recorded Investment | ||
Loans receivable | Resort
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDRs on Accrual Status of Loans | 2 | 2 |
TDRs on Accrual Status of Recorded Investment | 1,552 | 1,626 |
Number of TDRs on Nonaccrual Status of Loans | ||
TDRs on Nonaccrual Status of Recorded Investment | ||
Number of Total TDRs of Loans | 2 | 2 |
Total TDRs of Recorded Investment | $ 1,552 | $ 1,626 |
Summary of Significant Accounting Policies
|
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2013
|
|||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies |
Organization and Business
On June 29, 2011, the Boards of Directors of Farmington Bank, a Connecticut stock savings bank (the “Bank”), First Connecticut Bancorp, Inc., a Maryland-chartered corporation (the “Company”), First Connecticut Bancorp, Inc., a Connecticut-chartered nonstock corporation and mutual holding company (the “MHC”) and Farmington Holdings, Inc., a Connecticut-chartered corporation (the “Mid-Tier”) completed a Plan of Conversion and Reorganization whereby: (1) the MHC converted from the mutual holding company form of organization to the stock holding company form of organization, (2) the Company sold shares of common stock of the Company in a subscription offering, and (3) the Company contributed shares of Company common stock equal to 4.0% of the shares sold in the subscription offering to the Farmington Bank Community Foundation, Inc. (the “Conversion and Reorganization”). First Connecticut Bancorp, Inc. sold 17,192,500 shares of its common stock to eligible stock holders at $10.00 per share for proceeds of $167.8 million, net of offering costs of $4.1 million. On June 29, 2011, with the completion of the Conversion and Reorganization, First Connecticut Bancorp, Inc. is 100% owned by public shareholders and the MHC and the Mid-Tier ceased to exist.
As part of the reorganization, the Company established an Employee Stock Ownership Plan (“ESOP”) for eligible employees. The Company loaned the ESOP the amount needed to purchase up to 1,430,416 shares or 8.0% of the Company’s common stock issued in the offering. During 2012, the ESOP completed its purchase of 1,430,416 shares of common stock at a cost of $16.9 million. The Bank makes annual contributions adequate to fund the payment of regular debt service requirements attributable to the indebtedness of the ESOP.
On July 2, 2012, the Company received regulatory approval to repurchase up to 1,788,020 shares, or 10% of its current outstanding common stock. As of March 31, 2013 the Company has repurchased 908,087 shares at a cost of $12.1 million, of which 486,947 shares were reissued as part of the 2012 Stock Incentive Plan. Repurchased shares are held as treasury stock and are available for general corporate purposes.
On September 5, 2012, the Company registered 2,503,228 shares to be reserved for issuance to the First Connecticut Bancorp, Inc. 2012 Stock Incentive Plan.
The consolidated financial statements include the accounts of First Connecticut Bancorp, Inc. and its wholly-owned subsidiary, Farmington Bank, (collectively, the “Company”). Significant inter-company accounts and transactions have been eliminated in consolidation.
First Connecticut Bancorp, Inc.’s only subsidiary is Farmington Bank. Farmington Bank’s main office is located in Farmington, Connecticut. Farmington Bank operates twenty full service branch offices and four limited services offices in central Connecticut. Farmington Bank’s primary source of income is interest accrued on loans to customers, which include small and middle market businesses and individuals residing within Farmington Bank’s service area.
Wholly-owned subsidiaries of Farmington Bank include Farmington Savings Loan Servicing, Inc., a passive investment company that was established to service and hold loans collateralized by real property; Village Investments, Inc. presently inactive; the Village Corp., Limited, a subsidiary that held certain real estate; 28 Main Street Corp., a subsidiary that holds residential other real estate owned; Village Management Corp., a subsidiary that held commercial other real estate owned and Village Square Holdings, Inc., a subsidiary that holds certain bank premises and other real estate.
Basis of Financial Statement Presentation
The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The Company has condensed or omitted certain information and footnote disclosures normally included in the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. All significant intercompany transactions and balances have been eliminated in consolidation. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2012 included in the Company’s 10-K filed on March 18, 2013. The results of operations for the interim periods are not necessarily indicative of the results for the full year.
In preparing the consolidated financial statements, management is required to make extensive use of estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of condition and revenues and expenses for the interim period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, investment security other-than-temporary impairment judgments and investment security valuation.
Reclassifications
Amounts in prior period consolidated financial statements are reclassified whenever necessary to conform to the current year presentation.
Recent Accounting Pronouncements
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” to improve the transparency of reporting these reclassifications. ASU No. 2013-02 does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. ASU No. 2013-02 requires an entity to disaggregate the total change of each component of other comprehensive income (e.g., unrealized gains or losses on available-for-sale investment securities) and separately present reclassification adjustments and current period other comprehensive income. The provisions of ASU No. 2013-02 also requires that entities present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., unrealized gains or losses on available-for-sale investment securities) and the income statement line item affected by the reclassification (e.g., realized gains (losses) on sales of investment securities). If a component is not required to be reclassified to net income in its entirety (e.g., amortization of defined benefit plan items), entities would instead cross reference to the related note to the financial statements for additional information (e.g., pension footnote). ASU No. 2013-02 is effective for interim and annual reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have an impact on the Company’s financial condition or results of operations.
In January 2013, the FASB issued ASU No. 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” (“ASU No. 2013-01”). ASU No. 2013-01 clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, “Disclosures about Offsetting Assets and Liabilities,” and that ASU 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the ASC or subject to a master netting arrangement or similar agreement. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The adoption of ASU 2013-01 did not have an effect on the Company’s consolidated statement of condition or results of operations. |
Stock Incentive Plan - Summary of Company's stock option activity (Details 1) (Stock options, USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Stock options
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at December 31, 2012 | 1,696,357 |
Granted | 12,000 |
Exercised | (1,050) |
Forfeited | (2,400) |
Outstanding at March 31, 2013 | 1,704,907 |
Exercisable at March 31, 2013 | 410,100 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding at December 31, 2012 | $ 12.95 |
Granted | $ 14.85 |
Exercised | $ 12.95 |
Forfeited | $ 12.95 |
Outstanding at March 31, 2013 | $ 12.96 |
Weighted-average remaining contractual term (in years) | 9 years |
Aggregate intrinsic value | $ 2,990 |
Method used | Black-Scholes option pricing model |