10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013.

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 0-15752

CENTURY BANCORP, INC.

(Exact name of registrant as specified in its charter)

COMMONWEALTH OF MASSACHUSETTS	04-2498617
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
400 MYSTIC AVENUE, MEDFORD, MA	02155
(Address of principal executive offices)	(Zip Code)

(781) 391-4000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. (See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act). (Check one):

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨  Yes    x  No

As of July 31, 2013, the Registrant had outstanding:

Class A Common Stock, $1.00 par value	3,574,404 Shares
Class B Common Stock, $1.00 par value	1,982,180 Shares

Century Bancorp, Inc.

	Index	Page Number
Part I	Financial Information
	Forward Looking Statements		3
Item 1.	Financial Statements (unaudited)
	Consolidated Balance Sheets: June 30, 2013 and December 31, 2012		4
	Consolidated Statements of Income: Three months and six months ended June 30, 2013 and 2012		5
	Consolidated Statements of Comprehensive Income: Three months and six months ended June 30, 2013 and 2012		6
	Consolidated Statements of Changes in Stockholders’ Equity: Six months ended June 30, 2013 and 2012		7
	Consolidated Statements of Cash Flows: Six months ended June 30, 2013 and 2012		8
	Notes to Consolidated Financial Statements		9-27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		27-38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		38
Item 4.	Controls and Procedures		38
Part II.	Other Information
Item 1.	Legal Proceedings		38
Item 1A.	Risk Factors		39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		39
Item 3.	Defaults Upon Senior Securities		39
Item 5.	Other Information		39
Item 6.	Exhibits		39-40
Signatures			41
Exhibits	Ex-31.1
	Ex-31.2
	Ex-32.1
	Ex-32.2
	Ex-101 Instance Document
	Ex-101 Schema Document
	Ex-101 Calculation Linkbase Document
	Ex-101 Labels Linkbase Document
	Ex-101 Presentation Linkbase Document
	Ex-101 Definition Linkbase Document

Page 2 of 41

Forward Looking Statements

Except for the historical information contained herein, this Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements due to certain risks and uncertainties, including, without limitation, (i) the fact that the Company’s success is dependent to a significant extent upon general economic conditions in New England, (ii) the fact that the Company’s earnings depend to a great extent upon the level of net interest income (the difference between interest income earned on loans and investments and the interest expense paid on deposits and other borrowings) generated by the Bank and thus the Bank’s results of operations may be adversely affected by increases or decreases in interest rates, (iii) the fact that the banking business is highly competitive and the profitability of the Company depends upon the Bank’s ability to attract loans and deposits within its market area, where the Bank competes with a variety of traditional banking and other institutions such as credit unions and finance companies, and (iv) the fact that a significant portion of the Company’s loan portfolio is comprised of commercial loans, exposing the Company to the risks inherent in loans based upon analyses of credit risk, the value of underlying collateral, including real estate, and other more intangible factors, which are considered in making commercial loans. Accordingly, the Company’s profitability may be negatively impacted by errors in risk analyses, and by loan defaults, and the ability of certain borrowers to repay such loans may be adversely affected by any downturn in general economic conditions. These factors, as well as general economic and market conditions, may materially and adversely affect the market price of shares of the Company’s common stock. Because of these and other factors, past financial performance should not be considered an indicator of future performance. The forward-looking statements contained herein represent the Company’s judgment as of the date of this Form 10-Q, and the Company cautions readers not to place undue reliance on such statements.

Page 3 of 41

PART I—Item 1

Century Bancorp, Inc.

Consolidated Balance Sheets (unaudited)

(In thousands, except share data)

	June 30, 2013			December 31, 2012
Assets
Cash and due from banks	$	49,192		$	53,646
Federal funds sold and interest-bearing deposits in other banks		122,713			98,637
Total cash and cash equivalents		171,905			152,283
Short-term investments		19,611			17,367
Securities available-for-sale, amortized cost $1,568,936 and $1,414,595, respectively		1,552,216			1,434,801
Securities held-to-maturity, fair value $268,802 and $281,924, respectively		267,613			275,507
Federal Home Loan Bank of Boston stock, at cost		16,082			15,146
Loans, net:
Commercial and industrial		101,918			88,475
Construction and land development		34,919			38,618
Commercial real estate		609,462			576,465
Residential real estate		283,392			281,857
Home equity		125,918			118,923
Consumer and other		8,123			7,450
Total loans, net		1,163,732			1,111,788
Less: allowance for loan losses		20,500			19,197
Net loans		1,143,232			1,092,591
Bank premises and equipment		23,367			23,899
Accrued interest receivable		6,005			5,811
Goodwill		2,714			2,714
Other assets		83,191			66,090
Total assets	$	3,285,936		$	3,086,209
Liabilities
Deposits:
Demand deposits	$	440,120		$	438,429
Savings and NOW deposits		964,923			933,316
Money Market Accounts		769,660			653,345
Time deposits		466,492			419,983
Total deposits		2,641,195			2,445,073
Securities sold under agreements to repurchase		214,290			191,390
Other borrowed funds		177,144			195,144
Subordinated debentures		36,083			36,083
Due to broker		10,711			—
Other liabilities		40,280			38,529
Total liabilities		3,119,703			2,906,219
Stockholders’ Equity
Preferred stock—$1.00 par value; 100,000 shares authorized; no shares issued and outstanding		—			—
Class A common stock, $1.00 par value per share; authorized 10,000,000 shares; issued 3,574,379 shares and 3,568,079 shares, respectively		3,574			3,568
Class B common stock, $1.00 par value per share; authorized 5,000,000 shares; issued 1,982,180 and 1,986,880 shares, respectively		1,982			1,986
Additional paid-in capital		11,931			11,891
Retained earnings		171,299			162,892
		188,786			180,337
Unrealized (losses)gains on securities available-for-sale, net of taxes		(10,223	)		12,330
Pension liability, net of taxes		(12,330	)		(12,677	)
Total accumulated other comprehensive loss, net of taxes		(22,553	)		(347	)
Total stockholders’ equity		166,233			179,990
Total liabilities and stockholders’ equity	$	3,285,936		$	3,086,209

See accompanying notes to unaudited consolidated interim financial statements.

Page 4 of 41

Century Bancorp, Inc.

Consolidated Statements of Income (unaudited)

(In thousands, except share data)

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Interest income
Loans	$	11,997	$	12,572	$	23,878	$	24,620
Securities held-to-maturity		1,419		1,924		2,939		3,387
Securities available-for-sale		5,571		5,668		11,188		11,383
Federal funds sold and interest-bearing deposits in other banks		145		148		264		287
Total interest income		19,132		20,312		38,269		39,677
Interest expense
Savings and NOW deposits		649		560		1,259		1,087
Money market accounts		582		618		1,114		1,230
Time deposits		1,234		1,600		2,568		3,281
Securities sold under agreements to repurchase		89		88		179		180
Other borrowed funds and subordinated debentures		2,066		2,057		4,092		4,108
Total interest expense		4,620		4,923		9,212		9,886
Net interest income		14,512		15,389		29,057		29,791
Provision for loan losses		750		900		1,500		2,000
Net interest income after provision for loan losses		13,762		14,489		27,557		27,791
Other operating income
Service charges on deposit accounts		2,034		1,922		3,976		3,910
Lockbox fees		838		781		1,610		1,480
Net gains on sales of investments		781		442		1,664		590
Gains on sales of mortgage loans held for sale		821		131		991		131
Other income		747		712		1,414		1,496
Total other operating income		5,221		3,988		9,655		7,607
Operating expenses
Salaries and employee benefits		8,382		8,191		17,000		16,332
Occupancy		1,193		1,176		2,475		2,298
Equipment		610		544		1,192		1,127
FDIC assessments		450		445		850		852
Other		3,027		3,095		5,610		5,642
Total operating expenses		13,662		13,451		27,127		26,251
Income before income taxes		5,321		5,026		10,085		9,147
Provision for income taxes		295		255		583		568
Net income	$	5,026	$	4,771	$	9,502	$	8,579
Share data:
Weighted average number of shares outstanding, basic
Class A		3,574,379		3,556,474		3,571,963		3,553,734
Class B		1,982,180		1,991,880		1,984,530		1,992,818
Weighted average number of shares outstanding, diluted
Class A		5,557,354		5,548,830		5,557,655		5,547,237
Class B		1,982,180		1,991,880		1,984,530		1,992,818
Basic earnings per share:
Class A	$	1.10	$	1.05	$	2.08	$	1.89
Class B	$	0.55	$	0.52	$	1.04	$	0.94
Diluted earnings per share
Class A	$	0.90	$	0.86	$	1.71	$	1.55
Class B	$	0.55	$	0.52	$	1.04	$	0.94

See accompanying notes to unaudited consolidated interim financial statements.

Page 5 of 41

Century Bancorp, Inc.

Consolidated Statements of Comprehensive Income (unaudited)

(In thousands)

	Three months ended June 30,
	2013			2012
Net income	$	5,026		$	4,771
Other comprehensive income, net of tax:
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains arising during period		(18,656	)		824
Less: reclassification adjustment for gains included in net income		(781	)		(442	)
Total unrealized (losses) gains on securities		(19,437	)		382
Defined benefit pension plans:
Amortization of prior service cost and loss included in net periodic benefit cost		174			162
Other comprehensive (loss) income		(19,263	)		544
Comprehensive (loss) income	$	(14,237	)	$	5,315
	Six months ended June 30,
	2013			2012
Net income	$	9,502		$	8,579
Other comprehensive income, net of tax:
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains arising during period		(20,889	)		2,708
Less: reclassification adjustment for gains included in net income		(1,664	)		(590	)
Total unrealized (losses) gains on securities		(22,553	)		2,118
Defined benefit pension plans:
Amortization of prior service cost and loss included in net periodic benefit cost		347			324
Other comprehensive (loss) income		(22,206	)		2,442
Comprehensive (loss) income	$	(12,704	)	$	11,021

See accompanying notes to unaudited consolidated interim financial statements.

Page 6 of 41

Century Bancorp, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

For the Six Months Ended June 30, 2013 and 2012

	Class A Common Stock		Class B Common Stock			Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Total Stockholders’ Equity
	(In thousands)
Balance at December 31, 2011	$	3,548	$	1,994		$	11,587	$	146,039		$	(2,519	)	$	160,649
Net income		—		—			—		8,579			—			8,579
Other comprehensive income, net of tax:
Unrealized holding gains arising during period, net of $1,314 in taxes and $590 in realized net gains		—		—			—		—			2,118			2,118
Pension liability adjustment, net of $216 in taxes		—		—			—		—			324			324
Conversion of class B common stock to class A common stock, 2,500 shares		2		(2	)		—		—			—			—
Stock options exercised, 5,712 shares		6		—			124		—			—			130
Cash dividends paid, Class A common stock, $.24 per share		—		—			—		(852	)		—			(852	)
Cash dividends paid, Class B common stock, $.12 per share		—		—			—		(240	)		—			(240	)
Balance at June 30, 2012	$	3,556	$	1,992		$	11,711	$	153,526		$	(77	)	$	170,708
Balance at December 31, 2012	$	3,568	$	1,986		$	11,891	$	162,892		$	(347	)	$	179,990
Net income		—		—			—		9,502			—			9,502
Other comprehensive income, net of tax:
Unrealized holding (losses) gains arising during period, net of $14,372 in taxes and $1,664 in realized net gains		—		—			—		—			(22,553	)		(22,553	)
Pension liability adjustment, net of $231 in taxes		—		—			—		—			347			347
Conversion of class B common stock to class A common stock, 4,700 shares		4		(4	)		—		—			—			—
Stock options exercised, 1,600 shares		2		—			40		—			—			42
Cash dividends paid, Class A common stock, $.24 per share		—		—			—		(857	)		—			(857	)
Cash dividends paid, Class B common stock, $.12 per share		—		—			—		(238	)		—			(238	)
Balance at June 30, 2013	$	3,574	$	1,982		$	11,931	$	171,299		$	(22,553	)	$	166,233

See accompanying notes to unaudited consolidated interim financial statements.

Page 7 of 41

Century Bancorp, Inc.

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Six months ended June 30,
	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	9,502		$	8,579
Adjustments to reconcile net income to net cash provided by operating activities:
Mortgage loans originated for sale		(56,001	)		(2,448	)
Proceeds from mortgage loans sold		50,010			5,968
Gain on sales of mortgage loans held for sale		(991	)		(131	)
Net gain on sales of investments		(1,664	)		(590	)
Provision for loan losses		1,500			2,000
Deferred income taxes		(823	)		(783	)
Net depreciation and amortization		3,058			3,158
(Decrease)Increase in accrued interest receivable		(194	)		150
Gain on sale of other real estate owned		—			(4	)
Increase in other assets		(2,203	)		(5,311	)
Increase in other liabilities		2,353			1,271
Net cash provided by operating activities		4,547			11,859
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of short-term investments		6,317			17,315
Purchase of short-term investments		(8,561	)		(21,100	)
Proceeds from calls/maturities of securities available-for-sale		174,303			318,626
Proceeds from sales of securities available-for-sale		163,593			233,002
Purchase of securities available-for-sale		(482,373	)		(490,103	)
Proceeds from calls/maturities of securities held-to-maturity		37,453			54,211
Purchase of securities held-to-maturity		(29,825	)		(161,722	)
Net increase in loans		(45,143	)		(48,302	)
Proceeds from sales of other real estate owned		—			1,187
Capital expenditures		(658	)		(2,209	)
Net cash provided by (used in) investing activities		(184,894	)		(99,095	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase(decrease) in time deposits		46,509			(14,087	)
Net increase in demand, savings, money market and NOW deposits		149,613			228,897
Net proceeds from exercise of stock options		42			130
Cash dividends		(1,095	)		(1,092	)
Net increase in securities sold under agreements to repurchase		22,900			29,870
Net decrease in other borrowed funds		(18,000	)		(35,590	)
Net cash provided by financing activities		199,969			208,128
Net increase in cash and cash equivalents		19,622			120,892
Cash and cash equivalents at beginning of period		152,283			207,766
Cash and cash equivalents at end of period	$	171,905		$	328,658
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	9,317		$	10,022
Income taxes		1,550			1,353
Change in unrealized (losses)gains on securities available-for-sale, net of taxes		(22,553	)		2,118
Pension liability adjustment, net of taxes		347			324
Due to broker		10,711			37,195

See accompanying notes to unaudited consolidated interim financial statements.

Page 8 of 41

Century Bancorp, Inc.

Notes to Unaudited Consolidated Interim Financial Statements

Six Months Ended June 30, 2013 and 2012

Note 1. Basis of Financial Statement Presentation

The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company.

All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The Company’s quarterly report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the Securities and Exchange Commission.

Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on independent appraisals and review of other factors, including historical charge-off rates with additional allocations based on risk factors for each category and general economic factors. While management uses available information to recognize loan losses, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. In addition, regulatory agencies periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination. Certain reclassifications are made to prior-year amounts whenever necessary to conform with the current-year presentation.

Page 9 of 41

Note 2. Recent Market Developments

The financial services industry continues to face challenges in the aftermath of the recent national and global economic crisis. Since June 2009, the U.S. economy has been recovering from the most severe recession and financial crisis since the Great Depression. There have been some improvements in private-sector employment, industrial production and U.S. exports; nevertheless, the pace of economic recovery has been slow. The housing markets, while improving, continue to be depressed. Financial markets have improved since the depths of the crisis but are still unsettled and volatile. Investors have pulled back from risky assets. There is continued concern about the U.S. economic outlook and the potential effects of the continued crisis in the European financial markets.

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) became law. The Act was intended to address many issues arising in the recent financial crisis and is exceedingly broad in scope, affecting many aspects of bank and financial market regulation. The Act requires, or permits by implementing regulation, enhanced prudential standards for banks and bank holding companies inclusive of capital, leverage, liquidity, concentration and exposure measures. In addition, traditional bank regulatory principles such as restrictions on transactions with affiliates and insiders were enhanced. The Act also contains reforms of consumer mortgage lending practices and creates a Bureau of Consumer Financial Protection, which is granted broad authority over consumer financial practices of banks and others. It is expected as the specific new or incremental requirements applicable to the Company become effective that the costs and difficulties of remaining compliant with all such requirements will increase. The Act broadens the base for FDIC assessments to average consolidated assets less tangible equity of financial institutions and also permanently raises the current standard maximum FDIC deposit insurance amount to $250,000. The Act extended unlimited deposit insurance on non-interest bearing transaction accounts through December 31, 2012.

On September 29, 2009, the FDIC adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC Board voted to adopt a uniform three-basis point increase in assessment rates effective on January 1, 2011, and extend the restoration period from seven to eight years. This rule was finalized on November 2, 2009. As a result, the Company was carrying a prepaid asset of $2.4 million as of March 31, 2013. The Company’s quarterly risk-based deposit insurance assessments was paid from this amount until the amount is exhausted or until June 30, 2013, when any amount remaining would be returned to the Company. The Company received a refund of $2.4 million of prepaid FDIC assessments in June 2013.

Federal banking regulators have issued risk-based capital guidelines, which assign risk factors to asset categories and off-balance-sheet items. Also, the Basel Committee has issued capital standards entitled “Basel III: A global regulatory framework for more resilient banks and banking systems” (“Basel III”). The Federal Reserve Board has finalized its rule implementing the Basel III regulatory capital framework. The rule sets the Basel III minimum regulatory capital requirements for all organizations. It includes a new common equity Tier 1 ratio of 4.5 percent of risk-weighted assets, raises the minimum Tier 1 capital ratio from 4 percent to 6 percent of risk-weighted assets and would set a new conservation buffer of 2.5 percent of risk-weighted assets. The Company has analyzed the final rules; the implementation of the framework will not have a material impact on the Company’s financial condition or results of operations.

Page 10 of 41

The Governor of Massachusetts has proposed a tax plan that would modify existing income tax rules. The governor’s plan is part of his budget recommendations for fiscal year 2014, and will subject security corporations to the same tax base and rate as regular business corporations. The proposed tax changes would take effect as of January 1, 2014. Subsequently both the Massachusetts House of Representatives and the Massachusetts Senate approved bills that would neither eliminate nor revise the tax rate for security corporations. The Governor of Massachusetts signed the fiscal 2014 budget. The budget did not repeal Security Corporations tax status.

Note 3. Stock Option Accounting

Stock option activity under the Company’s stock option plan for the six months ended June 30, 2013 is as follows:

	Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		23,350		$	31.17
Exercised		(1,600	)		26.68
Forfeited		(1,350	)		26.68
Outstanding at end of period		20,400		$	31.82
Exercisable at end of period		20,400		$	31.82
Available to be granted at end of period		224,884

On June 30, 2013, the outstanding options to purchase 20,400 shares of Class A common stock have exercise prices between $31.60 and $31.83, with a weighted average exercise price of $31.82 and a weighted average remaining contractual life of 1.25 years. The intrinsic value of options exercisable at June 30, 2013 had an aggregate value of $64,872. The intrinsic value of options exercised at June 30, 2013 had an aggregate value of $13,312.

The Company uses the fair value method to account for stock options. All of the Company’s stock options are vested and there were no options granted during the first six months of 2013.

Note 4. Securities Available-for-Sale

	June 30, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	( In thousands)
U.S. Treasury	$	1,996	$	—	$	4	$	1,992	$	2,000	$	4	$	—	$	2,004
U.S. Government Sponsored Enterprises		254,944		—		8,612		246,332		130,048		360		68		130,340
Small Business Administration		7,760		107		—		7,867		8,043		113		—		8,156
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		1,244,471		8,774		16,331		1,236,914		1,212,953		20,816		412		1,233,357
Privately Issued Residential Mortgage Backed Securities		2,651		9		7		2,653		2,938		31		22		2,947
Obligations Issued by States and Political Subdivisions		54,367		25		724		53,668		55,855		41		722		55,174
Other Debt Securities		2,300		—		106		2,194		2,300		—		47		2,253
Equity Securities		447		149		—		596		458		112		—		570
Total	$	1,568,936	$	9,064	$	25,784	$	1,552,216	$	1,414,595	$	21,477	$	1,271	$	1,434,801

Page 11 of 41

Included in U.S. Government Sponsored Enterprise Securities and U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $741,202,000 and $665,028,000 at June 30, 2013 and December 31, 2012, respectively. Also included in securities available-for-sale are securities pledged for borrowing at the Federal Home Loan Bank of Boston amounting to $308,654,000 and $220,313,000 at June 30, 2013 and December 31, 2012, respectively. The Company realized gross gains of $1,664,000 from the proceeds of $163,593,000 from the sales of available-for-sale securities for the six months ended June 30, 2013. The Company realized gross gains of $590,000 from the proceeds of $233,002,000 from the sales of available-for-sale securities for the six months ended June 30, 2012.

Debt securities of Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac.

The following table shows the maturity distribution of the Company’s securities available-for-sale at June 30, 2013.

	Amortized Cost		Fair Value
	( In thousands)
Within one year	$	55,219	$	55,325
After one but within five years		753,219		755,445
After five but within ten years		747,073		728,512
More than 10 years		11,478		10,945
Non-maturing		1,947		1,989
Total	$	1,568,936	$	1,552,216

The weighted average remaining life of investment securities available-for-sale at June 30, 2013 was 5.1 years. Included in the weighted average remaining life calculation at June 30, 2013 was $209,956,000 of U.S. Government Sponsored Enterprises obligations that are callable at the discretion of the issuer. These call dates were not utilized in computing the weighted average remaining life. The contractual maturities, which were used in the table above, of mortgage-backed securities will differ from the actual maturities, due to the ability of the issuers to prepay underlying obligations.

As of June 30, 2013 and December 31, 2012, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of its remaining amortized cost. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The change in the unrealized losses on the state and municipal securities and the nonagency mortgage-backed securities was primarily caused by changes in credit spreads and liquidity issues in the marketplace.

The unrealized loss on U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2013 and December 31, 2012.

In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. In the case of privately issued mortgage-backed securities, the performance of the underlying loans is analyzed as deemed necessary to determine the estimated future cash flows of the securities. Factors considered include the level of subordination, current and

Page 12 of 41

estimated future default rates, current and estimated prepayment rates, estimated loss severity rates, geographic concentrations and origination dates of underlying loans. In the case of marketable equity securities, the severity of the unrealized loss, the length of time the unrealized loss has existed, and the issuer’s financial performance are considered.

The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at June 30, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 131 and 4 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 456 holdings at June 30, 2013.

	June 30, 2013
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Government Sponsored Enterprises	$	248,324	$	8,616	$	—	$	—	$	248,324	$	8,616
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		640,699		16,313		2,302		18		643,001		16,331
Privately Issued Residential Mortgage Backed Securities		1,735		7		—		—		1,735		7
Obligations Issued by States and Political Subdivisions		—		—		3,963		724		3,963		724
Other Debt Securities		—		—		1,394		106		1,394		106
Total temporarily impaired securities	$	890,758	$	24,936	$	7,659	$	848	$	898,417	$	25,784

The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 7 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 458 holdings at December 31, 2012.

	December 31, 2012
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Government Sponsored Enterprises	$	34,967	$	68	$	—	$	—	$	34,967	$	68
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		93,006		383		10,169		29		103,175		412
Privately Issued Residential Mortgage Backed Securities		—		—		1,863		22		1,863		22
Obligations Issued by States and Political Subdivisions		—		—		3,963		722		3,963		722
Other Debt Securities		—		—		1,453		47		1,453		47
Equity Securities		—		—		—		—		—		—
Total temporarily impaired securities	$	127,973	$	451	$	17,448	$	820	$	145,421	$	1,271

Note 5. Investment Securities Held-to-Maturity

	June 30, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
U.S. Government Sponsored Enterprises	$	10,000	$	—	$	330	$	9,670	$	17,747	$	19	$	8	$	17,758
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		257,613		2,501		982		259,132		257,760		6,480		74		264,166
Total	$	267,613	$	2,501	$	1,312	$	268,802	$	275,507	$	6,499	$	82	$	281,924

Page 13 of 41

Included in U.S. Government and Agency Securities are securities pledged to secure public deposits and repurchase agreements at fair value amounting to $136,354,000 and $149,366,000 at June 30, 2013 and December 31, 2012, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank of Boston at fair value amounting to $87,892,000 and $103,617,000 at June 30, 2013 and December 31, 2012, respectively.

At June 30, 2013 and December 31, 2012, all mortgage-backed securities are obligations of U.S. Government Agencies and Government Sponsored Enterprises. Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac.

The following table shows the maturity distribution of the Company’s securities held-to-maturity at June 30, 2013.

	Amortized Cost		Fair Value
	( In thousands)
Within one year	$	28,236	$	28,390
After one but within five years		173,851		175,064
After five but within ten years		55,566		55,389
More than ten years		9,960		9,959
Total	$	267,613	$	268,802

The weighted average remaining life of investment securities held-to-maturity at June 30, 2013 was 3.7 years. Included in the weighted average remaining life calculation at June 30, 2013 were $10,000,000 of U.S. Government Sponsored Enterprises obligations that are callable at the discretion of the issuer. The actual maturities, which were used in the table above, of mortgage-backed securities, will differ from the contractual maturities, due to the ability of the issuers to prepay underlying obligations.

As of June 30, 2013 and December 31, 2012, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of their remaining amortized costs. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade.

The unrealized loss on U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2013 and December 31, 2012.

In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary.

The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at June 30, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 86 holdings at June 30, 2013.

Page 14 of 41

	June 30, 2013
	Less Than 12 Months				12 Months or Longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. Government Sponsored Enterprises	$	9,670	$	330	$	—	$	—	$	9,670	$	330
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		125,675		843		5,015		139		130,690		982
Total temporarily impaired securities	$	135,345	$	1,173	$	5,015	$	139	$	140,360	$	1,312

The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 3 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 96 holdings at December 31, 2012.

	December 31, 2012
	Less Than 12 Months				12 Months or Longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	( In thousands)
U.S. Government Sponsored Enterprises	$	9,994	$	8	$	—	$	—	$	9,994	$	8
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		8,936		50		5,371		24		14,307		74
Total temporarily impaired securities	$	18,930	$	58	$	5,371	$	24	$	24,301	$	82

Note 6. Allowance for Loan Losses

The Company maintains an allowance for loan losses in an amount determined by management on the basis of the character of the loans, loan performance, the financial condition of borrowers, the value of collateral securing loans and other relevant factors.

The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated.

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
	(in thousands)
Allowance for loan losses, beginning of period	$	19,759		$	17,434		$	19,197		$	16,574
Loans charged off		(160	)		(635	)		(533	)		(1,059	)
Recoveries on loans previously charged-off		151			280			336			464
Net charge-offs		(9	)		(355	)		(197	)		(595	)
Provision charged to expense		750			900			1,500			2,000
Allowance for loan losses, end of period	$	20,500		$	17,979		$	20,500		$	17,979

Page 15 of 41

Further information pertaining to the allowance for loan losses for the three months ending June 30, 2013 follows:

	Construction and Land Development		Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity		Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at March 31, 2013	$	3,199	$	3,523		$	8,779	$	2,071		$	357		$	833	$	997	$	19,759
Charge-offs		—		(6	)		—		—			(154	)		—		—		(160	)
Recoveries		—		56			1		1			92			1		—		151
Provision		42		(358	)		644		(42	)		68			98		298		750
Ending balance at June 30, 2013	$	3,241	$	3,215		$	9,424	$	2,030		$	363		$	932	$	1,295	$	20,500
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000	$	92		$	204	$	147		$	—		$	96	$	—	$	1,539
Amount of allowance for loan losses for loans not deemed to be impaired	$	2,241	$	3,123		$	9,220	$	1,883		$	363		$	836	$	1,295	$	18,961
Loans:
Ending balance	$	34,919	$	101,918		$	609,462	$	283,392		$	8,123		$	125,918	$	—	$	1,163,732
Loans deemed to be impaired	$	1,500	$	1,102		$	2,365	$	1,171		$	—		$	96	$	—	$	6,234
Loans not deemed to be impaired	$	33,419	$	100,816		$	607,097	$	282,221		$	8,123		$	125,822	$	—	$	1,157,498

Further information pertaining to the allowance for loan losses for the six months ending June 30, 2013 follows:

	Construction and Land Development		Commercial and Industrial			Commercial Real Estate		Residential Real Estate		Consumer			Home Equity		Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at December 31, 2012	$	3,041	$	3,118		$	9,065	$	1,994	$	333		$	886	$	760	$	19,197
Charge-offs		—		(234	)		—		—		(299	)		—		—		(533	)
Recoveries		—		121			4		4		206			1		—		336
Provision		200		210			355		32		123			45		535		1,500
Ending balance at June 30, 2013	$	3,241	$	3,215		$	9,424	$	2,030	$	363		$	932	$	1,295	$	20,500
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000	$	92		$	204	$	147	$	—		$	96	$	—	$	1,539
Amount of allowance for loan losses for loans not deemed to be impaired	$	2,241	$	3,123		$	9,220	$	1,883	$	363		$	836	$	1,295	$	18,961
Loans:
Ending balance	$	34,919	$	101,918		$	609,462	$	283,392	$	8,123		$	125,918	$	—	$	1,163,732
Loans deemed to be impaired	$	1,500	$	1,102		$	2,365	$	1,171	$	—		$	96	$	—	$	6,234
Loans not deemed to be impaired	$	33,419	$	100,816		$	607,097	$	282,221	$	8,123		$	125,822	$	—	$	1,157,498

Page 16 of 41

Further information pertaining to the allowance for loan losses for three months ending June 30, 2012 follows:

	Construction and Land Development			Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity			Unallocated			Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at March 31, 2012	$	2,920		$	3,220		$	7,341	$	1,784		$	317		$	741		$	1,111		$	17,434
Charge-offs		—			(289	)		—		(59	)		(287	)		—			—			(635	)
Recoveries		—			164			2		3			111			—			—			280
Provision		(31	)		371			411		65			152			(60	)		(8	)		900
Ending balance at June 30, 2012	$	2,889		$	3,466		$	7,754	$	1,793		$	293		$	681		$	1,103		$	17,979
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000		$	871		$	450	$	92		$	—		$	—		$	—		$	2,413
Amount of allowance for loan losses for loans not deemed to be impaired	$	1,889		$	2,595		$	7,304	$	1,701		$	293		$	681		$	1,103		$	15,566
Loans:
Ending balance	$	36,422		$	78,971		$	535,232	$	259,006		$	6,597		$	112,602		$	—		$	1,028,830
Loans deemed to be impaired	$	1,500		$	2,328		$	2,321	$	513		$	—		$	—		$	—		$	6,662
Loans not deemed to be impaired	$	34,922		$	76,643		$	532,911	$	258,493		$	6,597		$	112,602		$	—		$	1,022,168

Further information pertaining to the allowance for loan losses for six months ending June 30, 2012 follows:

	Construction and Land Development			Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity			Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at December 31, 2012	$	2,893		$	3,139		$	6,566	$	1,886		$	356		$	704		$	1,030	$	16,574
Charge-offs		—			(399	)		—		(219	)		(441	)		—			—		(1,059	)
Recoveries		—			206			3		9			246			—			—		464
Provision		(4	)		520			1,185		117			132			(23	)		73		2,000
Ending balance at June 30, 2012	$	2,889		$	3,466		$	7,754	$	1,793		$	293		$	681		$	1,103	$	17,979
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000		$	871		$	450	$	92		$	—		$	—		$	—	$	2,413
Amount of allowance for loan losses for loans not deemed to be impaired	$	1,889		$	2,595		$	7,304	$	1,701		$	293		$	681		$	1,103	$	15,566
Loans:
Ending balance	$	36,422		$	78,971		$	535,232	$	259,006		$	6,597		$	112,602		$	—	$	1,028,830
Loans deemed to be impaired	$	1,500		$	2,328		$	2,321	$	513		$	—		$	—		$	—	$	6,662
Loans not deemed to be impaired	$	34,922		$	76,643		$	532,911	$	258,493		$	6,597		$	112,602		$	—	$	1,022,168

Page 17 of 41

The Company utilizes a six grade internal loan rating system for commercial real estate, construction and commercial loans as follows:

Loans rated 1-3 (Pass):

Loans in this category are considered “pass” rated loans with low to average risk.

Loans rated 4 (Monitor):

These loans represent classified loans that management is closely monitoring for credit quality. These loans have had or may have minor credit quality deterioration as of June 30, 2013 and December 31, 2012.

Loans rated 5 (Substandard):

Substandard loans represent classified loans that management is closely monitoring for credit quality. These loans have had more significant credit quality deterioration as of June 30, 2013 and December 31, 2012.

Loans rated 6 (Doubtful):

Doubtful loans represent classified loans that management is closely monitoring for credit quality. These loans had more significant credit quality deterioration as of June 30, 2013 and December 31, 2012 and are doubtful for full collection.

Impaired:

Impaired loans represent classified loans that management is closely monitoring for credit quality. A loan is classified as impaired when it is probable that the Company will be unable to collect all amounts due.

The following table presents the Company’s loans by risk rating at June 30, 2013.

	Construction and land development		Commercial and industrial		Commercial real estate
	(Dollars in thousands)
Grade:
1-3 (Pass)	$	26,027	$	100,344	$	602,932
4 (Monitor)		7,392		472		4,165
5 (Substandard)		—		—		—
6 (Doubtful)		—		—		—
Impaired		1,500		1,102		2,365
Total	$	34,919	$	101,918	$	609,462

The following table presents the Company’s loans by risk rating at December 31, 2012.

	Construction and land development		Commercial and industrial		Commercial real estate
	(Dollars in thousands)
Grade:
1-3(Pass)	$	29,719	$	86,587	$	569,760
4 (Monitor)		7,399		606		4,424
5 (Substandard)		—		—		—
6 (Doubtful)		—		—		—
Impaired		1,500		1,282		2,281
Total	$	38,618	$	88,475	$	576,465

Page 18 of 41

The Company utilized payment performance as credit quality indicators for residential real estate, consumer and overdrafts, and the home equity portfolio. The indicators are depicted in the table “aging of past due loans,” below.

Further information pertaining to the allowance for loan losses at June 30, 2013 follows:

	Accruing 30-89  Days Past Due		Non Accrual		Accrual Greater Than 90 Days		Total Past Due		Current Loans		Total
	(Dollars in thousands)
Construction and land development	$	—	$	1,500	$	—	$	1,500	$	33,419	$	34,919
Commercial and industrial		1,173		444		—		1,617		100,301		101,918
Commercial real estate		5,240		357		—		5,597		603,865		609,462
Residential real estate		1,205		913		—		2,118		281,274		283,392
Consumer and overdrafts		10		21		—		31		8,092		8,123
Home equity		847		25		—		872		125,046		125,918
Total	$	8,475	$	3,260	$	—	$	11,735	$	1,151,997	$	1,163,732

Further information pertaining to the allowance for loan losses at December 31, 2012 follows:

	Accruing 30-89 Days Past Due		Non Accrual		Accrual Greater Than 90 Days		Total Past Due		Current Loans		Total
	(Dollars in thousands)
Construction and land development	$	—	$	1,500	$	—	$	1,500	$	37,118	$	38,618
Commercial and industrial		1,256		676				1,932		86,543		88,475
Commercial real estate		3,450		674		—		4,124		572,341		576,465
Residential real estate		864		1,597		—		2,461		279,396		281,857
Consumer and overdrafts		32		24		—		56		7,394		7,450
Home equity		1,088		—		—		1,088		117,835		118,923
Total	$	6,690	$	4,471	$	—	$	11,161	$	1,100,627	$	1,111,788

A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company measures impairment based on a loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Loans are charged-off when management believes that the collectability of the loan’s principal is not probable. The specific factors that management considers in making the determination that the collectability of the loan’s principal is not probable include; the delinquency status of the loan, the fair value of the collateral, if secured, and the financial strength of the borrower and/or guarantors. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectible. The Company’s policy for recognizing interest income on impaired loans is contained within Note 1 of the consolidated financial statements.

Page 19 of 41

The following is information pertaining to impaired loans for June 30, 2013:

	Carrying Value		Unpaid Principal Balance		Required Reserve		Average Carrying Value For 3 Months Ending 6/30/13		Average Carrying Value For 6 Months Ending 6/30/13		Interest Income Recognized for 3 Months Ending  6/30/13		Interest Income Recognized for 6 Months Ending  6/30/13
	(Dollars in thousands)
With no required reserve recorded:
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial		206		235		—		385		451		1		1
Commercial real estate		122		122		—		113		136		—		—
Residential real estate		266		266		—		146		96		—		—
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	594	$	623	$	—	$	644	$	683	$	1	$	1
With required reserve recorded:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$		$	—
Commercial and industrial		896		1,128		92		866		856		8		17
Commercial real estate		2,243		2,330		204		2,169		2,143		20		46
Residential real estate		905		991		147		909		834		—		—
Consumer		—		—		—		—		—		—		—
Home equity		96		96		96		96		96		—		—
Total	$	5,640	$	7,837	$	1,539	$	5,540	$	5,429	$	28	$	63
Total:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$		$	—
Commercial and industrial		1,102		1,363		92		1,251		1,307		9		18
Commercial real estate		2,365		2,452		204		2,282		2,279		20		46
Residential real estate		1,171		1,257		147		1,055		930		—		—
Consumer		—		—		—		—		—		—		—
Home equity		96		96		96		96		96		—		—
Total	$	6,234	$	8,460	$	1,539	$	6,184	$	6,112	$	29	$	64

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The following is information pertaining to impaired loans for June 30, 2012:

	Carrying Value		Unpaid Principal Balance		Required Reserve		Average Carrying Value for 3 Months Ending 6/30/12		Average Carrying Value for 6 Months Ending 6/30/12		Interest Income Recognized For 3 Months Ending 6/30/12		Interest Income Recognized For 6 months Ending 6/30/12
	(Dollars in thousands)
With no required reserve recorded:
Construction and land development	$	—	$	—	$	—	$	—	$	643	$	—	$	—
Commercial and industrial		409		454		—		282		334		—		—
Commercial real estate		176		201		—		178		180		—		—
Residential real estate		31		32		—		32		97		—		—
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	616	$	687	$	—	$	492	$	1,254	$	—	$	—
With required reserve recorded:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	857	$	—	$	—
Commercial and industrial		1,919		2,147		871		1,556		1,408		12		27
Commercial real estate		2,145		2,183		450		3,056		3,410		58		78
Residential real estate		482		482		92		482		657		—		1
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	6,046	$	8,104	$	2,413	$	6,594	$	6,332	$	70	$	106
Total
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$	—	$	—
Commercial and industrial		2,328		2,601		871		1,838		1,742		12		27
Commercial real estate		2,321		2,384		450		3,234		3,590		58		78
Residential real estate		513		514		92		514		754		—		1
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	6,662	$	8,791	$	2,413	$	7,086	$	7,586	$	70	$	106

There were no troubled debt restructurings occurring during the six month period ended June 30, 2013.

Note 7. Reclassifications Out of Accumulated Other Comprehensive Income(a)

Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement Where Net Income is Presented
	Three months ended June 30, 2013			Six months ended June 30, 2013
	(in thousands)
Unrealized gains and losses on available-for-sale securities
	$	781		$	1,664		Net Gains on sales of investments
		(302	)		(652	)	Provision for income taxes
	$	479		$	1,012		Net Income
Amortization of defined benefit pension items
Prior-service costs	$	(3	)	$	(6	)	Salaries and employee benefits (b)
Actuarial gains (losses)		(287	)		(574	)	Salaries and employee benefits (b)
Total before tax		(290	)		(580	)	Income before taxes
Tax (expense) or benefit		116			233		Provision for income taxes
Net of tax	$	(174	)	$	(347	)	Net income
Total reclassifications for the period	$	305		$	665		Net income

(a) Amounts in parentheses indicate debits to profit/loss.

(b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 9) for additional details).

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Note 8. Earnings per Share (“EPS”)

Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock.

Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. The only common stock equivalents for the Company are the stock options discussed below. The dilutive effect of these stock options for the three months ended June 30, 2013 and 2012 was an increase of 795 and 476 shares, respectively. The dilutive effect of these stock options for the six months ended June 30, 2013 and 2012 was an increase of 1,162 and 686 shares, respectively.

The following table is a reconciliation of basic EPS and diluted EPS for:

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Basic EPS Computation:
(in thousands except share and per share data)
Numerator:
Net income, Class A	$	3,935	$	3,727	$	7,437	$	6,702
Net income, Class B		1,091		1,044		2,065		1,877
Denominator:
Weighted average shares outstanding, Class A		3,574,379		3,556,474		3,571,963		3,553,734
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Basic EPS, Class A	$	1.10	$	1.05	$	2.08	$	1.89
Basic EPS, Class B		0.55		0.52		1.04		0.94
Diluted EPS Computation:
Numerator:
Net income, Class A	$	3,935	$	3,727	$	7,437	$	6,702
Net income, Class B		1,091		1,044		2,065		1,877
Total net income, for diluted EPS, Class A computation		5,026		4,771		9,502		8,579
Denominator:
Weighted average shares outstanding, basic, Class A		3,574,379		3,556,474		3,571,963		3,553,734
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Dilutive effect of Class A stock options		795		476		1,162		686
Weighted average shares outstanding diluted, Class A		5,557,354		5,548,830		5,557,655		5,547,237
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Diluted EPS, Class A	$	0.90	$	0.86	$	1.71	$	1.55
Diluted EPS, Class B		0.55		0.52		1.04		0.94

Note 9. Employee Benefits

The Company provides pension benefits to its employees under a noncontributory, defined benefit plan which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period.

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The Company also has a Supplemental Executive Insurance/Retirement Plan (the “Supplemental Plan”) which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period.

Executive officers of the Company and its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary and participants are required to contribute to its cost. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant.

Components of Net Periodic Benefit Cost for the Three Months Ended June 30,

	Pension Benefits						Supplemental Insurance/ Retirement Plan
	2013			2012			2013		2012
				(In thousands)
Service cost	$	299		$	274		$	381	$	355
Interest		314			323			267		231
Expected return on plan assets		(470	)		(410	)		—		—
Recognized prior service cost (benefit)		(26	)		(26	)		29		29
Recognized net actuarial losses		158			184			129		84
Net periodic benefit cost	$	275		$	345		$	806	$	699

Components of Net Periodic Benefit Cost for the Six Months Ended June 30,

	Pension Benefits						Supplemental Insurance/ Retirement Plan
	2013			2012			2013		2012
				(In thousands)
Service cost	$	598		$	548		$	763	$	711
Interest		628			647			534		462
Expected return on plan assets		(940	)		(820	)		—		—
Recognized prior service cost (benefit)		(52	)		(52	)		58		58
Recognized net actuarial losses		316			368			258		168
Net periodic benefit cost	$	550		$	691		$	1,613	$	1,399

Contributions

The Company currently intends to contribute $1,800,000 to the Pension Plan in 2013. As of June 30, 2013, $900,000 of the contribution had been made. The Company expects to contribute an additional $900,000 by the end of the year. Also, an additional $2,819,000 was contributed to the Pension Plan during the first quarter of 2013 to reduce variable annual premiums payable to Pension Benefit Guarantee Corporation.

Note 10. Fair Value Measurements

The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, (formerly SFAS 157, “Fair Value Measurements,”) which among other things, requires enhanced disclosures about assets and liabilities carried at fair value. ASC 820-10 establishes a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. The three broad levels of the hierarchy are as follows:

Level I – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices such as G-7 government, agency securities, listed equities and money market securities, as well as listed derivative instruments.

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Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments which are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and OTC derivatives.

Level III – Instruments that have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Instruments that are included in this category generally include certain commercial mortgage loans, certain private equity investments, distressed debt, non-investment grade residual interests in securitizations, as well as certain highly structured OTC derivative contracts.

The results of the fair value hierarchy as of June 30, 2013, are as follows:

Financial Instruments Measured at Fair Value on a Recurring Basis:

	Securities AFS Fair Value Measurements Using
	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(In thousands)
U.S. Treasury	$	1,992	$	—	$	1,992	$	—
U.S. Government Sponsored Enterprises		246,332		—		246,332		—
SBA Backed Securities		7,867		—		7,867		—
U.S. Government Agency and Sponsored Mortgage Backed Securities		1,236,914		—		1,236,914		—
Privately Issued Residential Mortgage Backed Securities		2,653		—		2,653		—
Obligations Issued by States and Political Subdivisions		53,668		—		1,706		51,962
Other Debt Securities		2,194		—		2,194		—
Equity Securities		596		264		—		332
Total	$	1,552,216	$	264	$	1,499,658	$	52,294
Financial Instruments Measured at Fair Value on a Non-recurring Basis:
Impaired Loans		2,989		—		—		2,989

Impaired loan balances represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category.

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Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. The types of adjustments that are made to specific provisions (credits) relate to impaired loans recognized for the three and six-month periods ended June 30, 2013 amounted to ($222,000) and ($198,000), respectively.

There were no transfers between level 1 and 2 for the six months ended June 30, 2013. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the six month period ended June 30, 2013.

The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below.

Asset	Fair Value		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Securities AFS (4)	$	52,294	Discounted cash flow (DCF) unless maturity is one year or less		0%-1%(3)
Impaired Loans		2,989	Appraisal of collateral/ DCF/assessments (1)	Discount rate Appraisal adjustments/ DCF assessment Adjustments (2)	0%-25% discount

(1) Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other real estate tax assessed value of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals, real estate tax assessed values or discounted cash flows may be adjusted by management for qualitative factors such as economic conditions and estimated expenses.

(3) Weighted averages

(4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value.

The changes in Level 3 securities for the three-month period ended June 30, 2013 are shown in the table below:

	Auction  Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities			Total
	(In thousands)
Balance at December 31, 2012	$	3,963	$	49,477		$	342		$	53,782
Purchases		—		29,370			—			29,370
Maturities and calls		—		(30,830	)		(10	)		(30,840	)
Amortization		—		(18	)		—			(18	)
Changes in fair value		—		—			—			—
Balance at June 30, 2013	$	3,963	$	47,999		$	332		$	52,294

The amortized cost of Level 3 securities was $53,018,000 at June 30, 2013 with an unrealized loss of $724,000. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity.

The changes in Level 3 securities for the six-month period ended June 30, 2012, are shown in the table below:

	Auction Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities			Total
	(In thousands)
Balance at December 31, 2011	$	3,725	$	14,772		$	417		$	18,914
Purchases		—		64,970			—			64,970
Maturities and calls		—		(15,058	)		(34	)		(15,092	)
Amortization		—		(15	)		—			(15	)
Balance at June 30, 2012	$	3,725	$	64,669		$	383		$	68,777

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The amortized cost of Level 3 securities was $69,733,000 at June 30, 2012 with an unrealized loss of $956,000. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity.

Note 11. Fair Values of Financial Instruments

The following methods and assumptions were used by the Company in estimating fair values of its financial instruments. Excluded from this disclosure are all nonfinancial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments.

Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below.

Securities held-to-maturity: The fair values of these securities were based on quoted market prices, where available, as provided by third-party investment portfolio pricing vendors. If quoted market prices were not available, fair values provided by the vendors were based on quoted market prices of comparable instruments in active markets and/or based on a matrix pricing methodology which employs The Bond Market Association’s standard calculations for cash flow and price/yield analysis, live benchmark bond pricing and terms/condition data available from major pricing sources. Management regards the inputs and methods used by third party pricing vendors to be “Level 2 inputs and methods” as defined in the “fair value hierarchy” provided by FASB.

Loans: For variable-rate loans, that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair value of other loans is estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Incremental credit risk for nonperforming loans has been considered.

Time deposits: The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value.

Other borrowed funds: The fair value of other borrowed funds is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other borrowed funds of similar remaining maturities.

Subordinated debentures: The fair value of subordinated debentures is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other subordinated debentures of similar remaining maturities.

The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2013 and December 31, 2012. This table excludes financial instruments for which

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the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable.

					Fair Value Measurements
(in thousands)	Carrying Amount		Estimated Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
June 30, 2013
Financial assets:
Securities held-to-maturity	$	267,613	$	268,802	$	—	$	268,802	$	—
Loans (1)		1,143,232		1,135,920		—		—		1,135,920
Financial liabilities:
Time deposits		466,492		469,342		—		469,342		—
Other borrowed funds		177,144		181,428		—		181,428		—
Subordinated debentures		36,083		41,129		—		—		41,129
December 31, 2012
Financial assets:
Securities held-to-maturity		275,507		281,924		—		281,924		—
Loans (1)		1,092,591		1,124,716		—		—		1,124,716
Financial liabilities:
Time deposits		419,983		424,253		—		424,253		—
Other borrowed funds		195,144		205,481		—		205,481		—
Subordinated debentures		36,083		43,423		—		—		43,423

(1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses.

Note 12. Recent Accounting Developments

In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about offsetting assets and liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Company implemented the provisions of ASU 2011-11 as of January 1, 2013. The adoption of this pronouncement did not have a material effect on the consolidated financial statements.

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income or as a separate disclosure in the notes to the financial statements. The new standard is effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. The Company has presented a separate footnote (Note 7) as a result of this pronouncement.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

Century Bancorp, Inc. (together with its bank subsidiary, unless the context otherwise requires, the “Company”) is a Massachusetts state-chartered bank holding company headquartered in Medford, Massachusetts. The Company is a Massachusetts

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corporation formed in 1972 and has one banking subsidiary (the “Bank”): Century Bank and Trust Company formed in 1969. At June 30, 2013, the Company had total assets of $3.3 billion. Currently, the Company operates 25 banking offices in 19 cities and towns in Massachusetts, ranging from Braintree in the south to Andover in the north. The Bank’s customers consist primarily of small and medium-sized businesses and retail customers in these communities and surrounding areas, as well as local governments and institutions throughout Massachusetts.

During September 2010, the Company entered into a lease agreement to open a branch located in Andover, Massachusetts. The branch opened on July 16, 2012.

During June 2012, the Company entered into a lease agreement to open a branch located in Wellesley, Massachusetts. The branch opened on November 26, 2012.

During July 2012, the Company received state regulatory approval to close a branch at Chestnut Hill in Newton, Massachusetts. The branch closed on September 21, 2012 and the accounts were temporarily moved to the Brookline, Massachusetts branch. During July 2012, the Company entered into a lease agreement and received regulatory approval to open a branch at a new location at Chestnut Hill in Newton, Massachusetts. The branch is scheduled to open during the fourth quarter of 2013 and the majority of the accounts that were temporarily moved to the Brookline, Massachusetts branch will be moved to the new branch at Chestnut Hill in Newton, Massachusetts.

The Company’s results of operations are largely dependent on net interest income, which is the difference between the interest earned on loans and securities and interest paid on deposits and borrowings. The results of operations are also affected by the level of income and fees from loans, deposits, as well as operating expenses, the provision for loan losses, the impact of federal and state income taxes and the relative levels of interest rates and economic activity.

The Company offers a wide range of services to commercial enterprises, state and local governments and agencies, non-profit organizations and individuals. It emphasizes service to small and medium-sized businesses and retail customers in its market area. The Company makes commercial loans, real estate and construction loans and consumer loans, and accepts savings, time, and demand deposits. In addition, the Company offers to its corporate and institutional customers automated lock box collection services, cash management services and account reconciliation services, and actively promotes the marketing of these services to the municipal market. Also, the Company provides full service securities brokerage services through a program called Investment Services at Century Bank, which is supported by LPL Financial, a third party full-service securities brokerage business.

The Company is also a provider of financial services, including cash management, transaction processing and short term financing to municipalities in Massachusetts and Rhode Island. The Company has deposit relationships with approximately 192 (55%) of the 351 cities and towns in Massachusetts.

Net income for the second quarter ended June 30, 2013 was $5,026,000, or $0.90 per Class A share diluted, compared to net income of $4,771,000, or $0.86 per Class A share diluted, for the second quarter ended June 30, 2012. Net income for the six-month period ended June 30, 2013 was $9,502,000, or $1.71 per Class A share diluted, compared to net income of $8,579,000, or $1.55 per Class A share diluted, for the six-month period ended June 30, 2012. Earnings per share (EPS) for each class of stock and time period is as follows:

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	Three months ended June  30, 2013		Three months ended June  30, 2012
Basic EPS – Class A common	$	1.10	$	1.05
Basic EPS – Class B common	$	0.55	$	0.52
Diluted EPS – Class A common	$	0.90	$	0.86
Diluted EPS – Class B common	$	0.55	$	0.52
	Six months ended June  30, 2013		Six months ended June 30, 2012
Basic EPS – Class A common	$	2.08	$	1.89
Basic EPS – Class B common	$	1.04	$	0.94
Diluted EPS – Class A common	$	1.71	$	1.55
Diluted EPS – Class B common	$	1.04	$	0.94

Net interest income totaled $29.1 million for the first six months of 2013 compared to $29.8 million for the same period in 2012. The 2.5% decrease in net interest income for the period is primarily due to $640,000 of prepayment penalties collected during the first six months of 2012. The net interest margin decreased from 2.50% on a fully taxable equivalent basis in 2012 to 2.21% on the same basis for 2013. This was primarily the result of a decrease in asset yields. Also, interest expense decreased primarily as a result of the continued decline in market rates and there was a 12.3% increase in the average balances of earning assets, combined with a similar increase in average deposits.

The trends in the net interest margin are illustrated in the graph below:

Pricing discipline occurred through the first quarter of 2011. The net interest margin fell somewhat during the second quarter of 2011 mainly as a result of increased deposits and corresponding lower yield short-term investments. During the third quarter of 2011 through the third quarter of 2012, management stabilized the net interest margin by continuing to lower cost of funds, and by deploying excess liquidity through expansion of the investment portfolio. Also, the Company collected approximately $3,000,000 of prepayment penalties during the first three quarters of 2012. The primary factor accounting for the decrease in the net interest margin for the fourth quarter of 2012 and through the second quarter of 2013 was an additional large influx of deposits. Management invested the funds in shorter term securities.

While management will continue its efforts to improve the net interest margin, there can be no assurance that certain factors beyond its control, such as the prepayment of loans and changes in market interest rates, will continue to positively impact the net interest margin.

For the three months ended June 30, 2013, the loan loss provision was $750,000 compared to a provision of $900,000 for the same period last year. For the six months ended June 30, 2013, the loan loss provision was $1.5 million compared to a provision of $2.0 million for the same period last year. The decrease in the provisions was primarily as a result of a lower level of charge-off activity. Nonperforming loans decreased to $3.3 million at June 30, 2013 from $5.3 million on June 30, 2012.

Page 29 of 41

The Company capitalized on favorable market conditions for the second quarter and six months ended June 30, 2013 and realized net gains on sales of investments of $781,000 and $1.7 million as compared to $442,000 and $590,000 for the same periods in 2012. The Company’s effective tax rate decreased from 6.2% in 2012 to 5.8% in 2013 primarily as a result of an increase in tax-exempt income.

For the first six months of 2013, the Company’s effective income tax rate was 6.0% compared to 7.6% for last year’s corresponding period. The effective income tax rate decreased primarily as a result of an increase in tax-exempt income.

Financial Condition

Loans

On June 30, 2013, total loans outstanding were $1.2 billion, an increase of 4.7% from the total on December 31, 2012. At June 30, 2013, commercial real estate loans accounted for 52.4% and residential real estate loans, including home equity loans, accounted for 35.2% of total loans.

Commercial and industrial loans increased to $101.9 million at June 30, 2013 from $88.5 million at December 31, 2012, primarily as a result of an increase in tax-exempt financing. Construction loans decreased to $34.9 million at June 30, 2013 from $38.6 million on December 31, 2012, primarily as a result of loan payments.

Allowance for Loan Losses

The allowance for loan loss at June 30, 2013 was $20.5 million as compared to $19.2 million at December 31, 2012. The increase was due to the increase in the size and composition of the loan portfolio as well as qualitative factors. Also, the level of the allowance for loan losses to total loans increased from 1.73% at December 31, 2012 to 1.76% at June 30, 2013. In evaluating the allowance for loan losses the Company considered the following categories to be higher risk:

• Construction loans: The outstanding loan balance of construction loans at June 30, 2013 is $34.9 million as compared to $38.6 million at December 31, 2012. A major factor in nonaccrual loans is one large construction loan. Based on this fact, and the general local conditions facing construction, management closely monitors all construction loans and considers this type of loans to be higher risk.

• Higher balance loans: Loans greater than $1.0 million are considered “high balance loans”. The balance of these loans is $609.9 million at June 30, 2013 as compared to $567.3 million at December 31, 2012. These loans are considered higher risk due to the concentration in individual loans. Additional allowance allocations are made based upon the level of high balance loans. Included in high balance loans are loans greater than $10.0 million. The balance of these loans, which is included in the loans greater than $1.0 million category, is $295.9 million, at June 30, 2013 as compared to $245.2 million at December 31, 2012. Additional allowance allocations are made based upon the level of this type of high balance loans that is separate and greater than the $1.0 million allocation.

• Small business loans: The outstanding loan balances of small business loans is $40.2 million at June 30, 2013 as compared to $42.0 million at December 31, 2012. These are considered higher risk loans because small businesses have been negatively impacted by the current economic conditions. In a liquidation scenario, the collateral, if any, is often not sufficient to fully recover the outstanding balance of the loan. As a result, the Company often seeks additional collateral prior to renewing maturing small business loans. In addition, the payment status of the loans is monitored closely in order to initiate collection efforts in a timely fashion.

Page 30 of 41

The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated.

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
	(in thousands)
Allowance for loan losses, beginning of period	$	19,759		$	17,434		$	19,197		$	16,574
Loans charged off		(160	)		(635	)		(533	)		(1,059	)
Recoveries on loans previously charged-off		151			280			336			464
Net charge-offs		(9	)		(355	)		(197	)		(595	)
Provision charged to expense		750			900			1,500			2,000
Allowance for loan losses, end of period	$	20,500		$	17,979		$	20,500		$	17,979

The Company may experience increased levels of nonaccrual loans if borrowers are negatively impacted by future negative economic conditions. Management continually monitors trends in the loan portfolio to determine the appropriate level of allowance for loan losses. At the current time, management believes that the allowance for loan losses is adequate.

Nonperforming Assets

The following table sets forth information regarding nonperforming assets held by the Bank at the dates indicated:

	June 30, 2013			December 31, 2012
	(Dollars in thousands)
Nonaccruing loans	$	3,260		$	4,471
Loans past due 90 days or more and still accruing	$	—		$	—
Nonaccruing loans as a percentage of total loans		0.28	%		0.40	%
Accruing troubled debt restructures	$	3,492		$	3,048

Loans past due greater than 90 days and accruing represent loans that matured and the borrower has continued to make regular principal and interest payments as if the loan had been renewed when, in fact, renewal had not yet taken place. It is expected that the loans will be renewed or paid in full without any loss.

Cash and Cash Equivalents

Cash and cash equivalents increased during the first six months of 2013. This was primarily the result of an influx of deposits during the period.

Short-term Investments

Short-term investments increased during the first six months of 2013 mainly as a result of increases in shorter term lower yielding investments.

Investments

Management continually evaluates its investment alternatives in order to properly manage the overall balance sheet mix. The timing of purchases, sales and reinvestments, if any, will be based on various factors including expectation of movements in market interest rates, deposit flows and loan demand. Notwithstanding these events, it is the intent of management to grow the earning asset base mainly through loan originations while funding this growth through a mix of retail deposits, FHLB advances, and retail repurchase agreements.

Page 31 of 41

Securities Available-for-Sale (at Fair Value)

The securities available-for-sale portfolio totaled $1.6 billion at June 30, 2013, an increase of 8.2% from December 31, 2012. Purchases of securities available-for-sale totaled $482.4 million for the six months ended June 30, 2013. The portfolio is concentrated in United States Government Sponsored Enterprises, Mortgage-backed Securities and Obligations issued by States and Political Subdivisions and had an estimated weighted average remaining life of 5.1 years.

The majority of the Company’s securities AFS are classified as Level 2. The fair values of these securities are generally obtained from a pricing service, which provides the Company with a description of the inputs generally utilized for each type of security. These inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. Market indicators and industry and economic events are also monitored.

Securities available-for-sale totaling $52.3 million, or 1.6% of assets are classified as Level 3. These securities are generally failed auction rate securities, equity investments or obligations of states and political subdivisions with no readily determinable fair value. Failed auction rate securities were reclassified to Level 3 during the first quarter of 2009 due to the lack of an active market. Fair values for Level 3 securities are, generally, arrived at based upon a review of market trades of similar instruments, if any, as well as an analysis of the security based upon market liquidity and prevailing market interest rates.

During the first six months of 2013 unrealized losses on the securities available-for-sale increased to $16.7 million from an unrealized gain position of $20.2 million at December 31, 2012. Unrealized losses on the available-for-sale portfolio increased as a result of increases in interest rates.

	June 30, 2013		December 31, 2012
	(In thousands)
U.S. Treasury	$	1,992	$	2,004
U.S. Government Sponsored Enterprises		246,332		130,340
Small Business Administration		7,867		8,156
U.S Government Agency and Sponsored Enterprise Mortgage-backed Securities		1,236,914		1,233,357
Privately Issued Residential Mortgage-backed Securities		2,653		2,947
Obligations issued by States and Political Subdivisions		53,668		55,174
Other Debt Securities		2,194		2,253
Equity Securities		596		570
Total Securities Available–for-Sale	$	1,552,216	$	1,434,801

During the first six months of 2013 the Company capitalized on favorable market conditions and realized $1,664,000 of gains on sales of investments. The sales of investments represented 31 U.S. Government Sponsored Enterprise bonds totaling $163,593,000.

Debt securities of Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac.

Page 32 of 41

Securities Held-to-Maturity (at Amortized Cost)

The securities held-to-maturity portfolio totaled $267.6 million on June 30, 2013, a decrease of 2.9% from the total on December 31, 2012. The portfolio is concentrated in United States Government Sponsored Enterprises and Mortgage-backed Securities and had an estimated weighted average remaining life of 3.7 years.

	June 30, 2013		December 31, 2012
	(In thousands)
U.S. Government Sponsored Enterprises	$	10,000	$	17,747
U.S. Government Agency and Sponsored Enterprise Mortgage-backed Securities		257.613		257,760
Total Securities Held-to-Maturity	$	267,613	$	275,507

At June 30, 2013 and December 31, 2012, all mortgage-backed securities are obligations of U.S. Government Sponsored Enterprises.

Debt securities of Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac.

Federal Home Loan Bank of Boston Stock

The Bank, as a member of the Federal Home Loan Bank of Boston (“FHLBB”) system, is required to maintain an investment in capital stock of the FHLBB. Based on redemption provisions, the stock has no quoted market value and is carried at cost. At its discretion, the FHLBB may declare dividends on the stock. The Company reviews for impairment based on the ultimate recoverability of the cost basis in the stock. For the quarter ended June 30, 2013, the FHLBB reported preliminary net income of $35.6 million. The FHLBB also declared a dividend equal to an annual yield of 0.38%. During the first six months of 2013, the Company increased its net investment in the capital stock of the FHLBB by $936,000. As of June 30, 2013, no impairment has been recognized.

Deposits and Borrowed Funds

On June 30, 2013, deposits totaled $2.6 billion, representing an 8.0% increase from December 31, 2012. Total deposits increased primarily as a result of increases in money market accounts, time deposits, savings and NOW, and demand deposits. Money market, time deposits and Savings and NOW increased as the Company continued to offer attractive rates for these types of deposits during the first six months of the year. Borrowed funds totaled $391.4 million compared to $386.5 million at December 31, 2012. Borrowed funds increased mainly as a result of increases in repurchase agreements.

Stockholders’ Equity

At June 30, 2013, total equity was $166.2 million compared to $180.0 million at December 31, 2012. The Company’s equity decreased primarily as a result of an increase in other comprehensive loss, net of taxes, and dividends paid, offset somewhat by earnings. Other comprehensive loss, net of taxes, increased as a result of an increase in unrealized losses on securities available-for-sale. Unrealized losses on the available-for-sale portfolio increased as a result of increases in interest rates. The Company’s leverage ratio stood at 6.74% at June 30, 2013, compared to 6.80% at December 31, 2012. The decrease in the leverage ratio is due to an increase in assets. Book value as of June 30, 2013 was $29.92 per share compared to $32.40 at December 31, 2012.

Page 33 of 41

Results of Operations

The following table sets forth the distribution of the Company’s average assets, liabilities and stockholders’ equity, and average rates earned or paid on a fully taxable equivalent basis for each of the three-month periods indicated.

	Three Months Ended
	June 30, 2013									June 30, 2012
	( In thousands)
	Average Balance			Interest(1)			Average Yield/ Rate			Average Balance			Interest(1)			Average Yield/ Rate
ASSETS
Interest-earning assets:
Loans (2)
Loans taxable	$	760,440		$	8,343			4.40	%	$	716,312		$	8,848			4.96	%
Loans tax-exempt		393,213			5,721			5.84			290,473			5,586			7.72
Securities available-for-sale (5):
Taxable		1,424,732			5,495			1.54			1,191,417			5,590			1.88
Tax-exempt		47,779			117			0.98			44,170			119			1.08
Securities held-to-maturity:
Taxable		251,518			1,419			2.26			305,679			1,924			2.52
Interest-bearing deposits in other banks		206,535			145			0.28			213,618			148			0.27
Total interest-earning assets		3,084,217			21,240			2.76			2,761,669			22,215			3.23	%
Non interest-earning assets		173,309									170,904
Allowance for loan losses		(20,149	)								(17,694	)
Total assets	$	3,237,377								$	2,914,879
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits:
NOW accounts	$	711,429		$	416			0.23	%	$	589,929		$	404			0.28	%
Savings accounts		320,686			233			0.29			273,821			156			0.23
Money market accounts		752,880			582			0.31			666,706			618			0.37
Time deposits		387,381			1,234			1.28			428,240			1,600			1.50
Total interest-bearing deposits		2,172,376			2,465			0.46			1,958,696			2,778			0.57
Securities sold under agreements to repurchase		199,255			89			0.18			167,030			88			0.21
Other borrowed funds and subordinated debentures		219,305			2,066			3.78			214,521			2,057			3.86
Total interest-bearing liabilities		2,590,936			4,620			0.72	%		2,340,247			4,923			0.85	%
Non interest-bearing liabilities
Demand deposits		425,366									368,926
Other liabilities		43,383									36,978
Total liabilities		3,059,685									2,746,151
Stockholders’ equity		177,692									168,728
Total liabilities & stockholders’ equity	$	3,237,377								$	2,914,879
Net interest income on a fully taxable equivalent basis					16,620									17,292
Less taxable equivalent adjustment					(2,108	)								(1,903	)
Net interest income				$	14,512								$	15,389
Net interest spread (3)								2.04	%								2.38	%
Net interest margin (4)								2.16	%								2.52	%

(1) On a fully taxable equivalent basis calculated using a federal tax rate of 34%.

(2) Nonaccrual loans are included in average amounts outstanding.

(3) Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(4) Net interest margin represents net interest income as a percentage of average interest-earning assets.

(5) Average balances of securities available-for-sale calculated utilizing amortized cost.

Page 34 of 41

The following table sets forth the distribution of the Company’s average assets, liabilities and stockholders’ equity, and average rates earned or paid on a fully taxable equivalent basis for each of the six-month periods indicated.

	Six Months Ended
	June 30, 2013									June 30, 2012
	( In thousands)
	Average Balance			Interest(1)			Average Yield/ Rate			Average Balance			Interest(1)			Average Yield/ Rate
ASSETS
Interest-earning assets:
Loans (2)
Loans taxable	$	757,468		$	16,695			4.44	%	$	708,333		$	17,666			5.02	%
Loans tax-exempt		382,809			11,251			5.93			288,170			10,685			7.46
Securities available-for-sale (5):
Taxable		1,395,196			11,023			1.58			1,216,754			11,252			1.85
Tax-exempt		51,000			252			0.99			33,331			199			1.19
Securities held-to-maturity:
Taxable		259,812			2,939			2.26			255,609			3,387			2.65
Interest-bearing deposits in other banks		188,730			264			0.28			200,066			287			0.28
Total interest-earning assets		3,035,015			42,424			2.81			2,702,263			43,476			3.23	%
Non interest-earning assets		174,857									168,967
Allowance for loan losses		(19,828	)								(17,386	)
Total assets	$	3,190,044								$	2,853,844
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits:
NOW accounts	$	694,068		$	805			0.23	%	$	556,208		$	768			0.28	%
Savings accounts		316,449			454			0.29			273,991			319			0.23
Money market accounts		727,499			1,114			0.31			656,661			1,230			0.38
Time deposits		391,005			2,568			1.32			422,256			3,281			1.56
Total interest-bearing deposits		2,129,021			4,941			0.47			1,909,116			5,598			0.59
Securities sold under agreements to repurchase		203,755			179			0.18			161,112			180			0.22
Other borrowed funds and subordinated debentures		214,979			4,092			3.84			216,214			4,108			3.82
Total interest-bearing liabilities		2,547,755			9,212			0.73	%		2,286,442			9,886			0.87	%
Non interest-bearing liabilities
Demand deposits		421,646									364,588
Other liabilities		41,724									36,565
Total liabilities		3,011,125									2,687,595
Stockholders’ equity		178,919									166,249
Total liabilities & stockholders’ equity	$	3,190,044								$	2,853,844
Net interest income on a fully taxable equivalent basis					33,212									33,590
Less taxable equivalent adjustment					(4,155	)								(3,799	)
Net interest income				$	29,057								$	29,791
Net interest spread (3)								2.08	%								2.36	%
Net interest margin (4)								2.21	%								2.50	%

(1) On a fully taxable equivalent basis calculated using a federal tax rate of 34%.

(2) Nonaccrual loans are included in average amounts outstanding.

(3) Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(4) Net interest margin represents net interest income as a percentage of average interest-earning assets.

(5) Average balances of securities available-for-sale calculated utilizing amortized cost.

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The following table presents certain information on a fully-tax equivalent basis regarding changes in the Company’s interest income and interest expense for the periods indicated. For each category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes attributable to changes in rate and changes in volume.

	Three Months Ended June 30, 2013 Compared with Three Months Ended June 30, 2012									Six Months Ended June 30, 2013 Compared with Six Months Ended June 30, 2012
	Increase/(Decrease) Due to Change in									Increase/(Decrease) Due to Change in
	Volume			Rate			Total			Volume			Rate			Total
	(in thousands)									(in thousands)
Interest income:
Loans
Taxable	$	526		$	(1,030	)	$	(504	)	$	1,151		$	(2,122	)	$	(971	)
Tax-exempt		1,697			(1,562	)		135			3,039			(2,473	)		566
Securities available-for-sale
Taxable		993			(1,088	)		(95	)		1,530			(1,759	)		(229	)
Tax-exempt		9			(11	)		(2	)		92			(39	)		53
Securities held-to-maturity
Taxable		(319	)		(187	)		(506	)		55			(503	)		(448	)
Interest-bearing deposits in other banks		(7	)		4			(3	)		(24	)		1			(23	)
Total interest income		2,899			(3,874	)		(975	)		5,843			(6,895	)		(1,052	)
Interest expense:
Deposits:
NOW accounts		77			(65	)		12			170			(133	)		37
Savings accounts		30			47			77			54			81			135
Money market accounts		75			(111	)		(36	)		122			(238	)		(116	)
Time deposits		(143	)		(223	)		(366	)		(233	)		(480	)		(713	)
Total interest-bearing deposits		39			(352	)		(313	)		113			(770	)		(657	)
Securities sold under agreements to repurchase		16			(15	)		1			44			(45	)		(1	)
Other borrowed funds and subordinated debentures		49			(40	)		9			(30	)		14			(16	)
Total interest expense		104			(407	)		(303	)		127			(801	)		(674	)
Change in net interest income	$	2,795		$	(3,467	)	$	(672	)	$	5,716		$	(6,094	)	$	(378	)

Net Interest Income

For the three months ended June 30, 2013, net interest income on a fully taxable equivalent basis totaled $16.6 million compared to $17.3 million for the same period in 2012, a decrease of $672,000 or 3.9%. This decrease in net interest income for the period is primarily due to $628,000 of prepayment penalties collected during the second quarter of 2012. The net interest margin decreased from 2.52% on a fully taxable equivalent basis in 2012 to 2.16% on the same basis for 2013. The decrease in the net interest margin is primarily the result of a decrease in asset yields. Also, interest expense decreased primarily as a result of the continued decline in market rates and there was an 11.7% increase in the average balances of earning assets, combined with a similar increase in average deposits.

For the six months ended June 30, 2013, net interest income on a fully taxable equivalent basis totaled $33.2 million compared to $33.6 million for the same period in 2012, a decrease of $378,000 or 1.1%. This decrease in net interest income for the period is primarily due to $640,000 of prepayment penalties collected during the first six months of 2012. The net interest margin decreased from 2.50% on a fully taxable equivalent basis in 2012 to 2.21% on the same basis for 2013. The decrease in the net interest margin is primarily the result of a decrease in asset yields. Also, interest expense decreased primarily as a result of the continued decline in market rates and there was a 12.3% increase in the average balances of earning assets, combined with a similar increase in average deposits.

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Provision for Loan Losses

For the three months ended June 30, 2013, the loan loss provision was $750,000 compared to a provision of $900,000 for the same period last year. For the six months ended June 30, 2013, the loan loss provision was $1.5 million compared to a provision of $2.0 million for the same period last year. The decrease in the provision for the three and six months ended June 30, 2013, was primarily due to a lower level of charge-off activity. The level of the allowance for loan losses to total loans increased from 1.73% at December 31, 2012 to 1.76% at June 30, 2013. The increase was primarily the result of an increase in the size and composition of the loan portfolio as well as qualitative factors.

Non-Interest Income and Expense

Other operating income for the quarter ended June 30, 2013 increased by $1.2 million to $5.2 million from $4.0 million for the same period last year. This was mainly attributable to an increase in gains on sales of mortgage loans held for sale of $690,000. Also, there was an increase in net gains on sales of investments of $339,000. There was an increase in service charges on deposit accounts of $112,000, which was mainly attributable to an increase in debit card fees and deposit related fees. Lockbox fees increased by $57,000 as a result of increased customer volume.

Other operating income for the six months ended June 30, 2013 increased by $2.0 million to $9.7 million from $7.6 million for the same period last year. This was mainly attributable to an increase in gains on sales of investments of $1.1 million. Also, there was an increase in gains on sales of mortgage loans held for sale of $860,000. There was an increase in service charges on deposit accounts of $66,000, which was mainly attributable to an increase in debit card fees and deposit related fees. Lockbox fees increased by $130,000 as a result of increased customer volume.

For the quarter ended June 30, 2013, operating expenses increased by $211,000 or 1.6% to $13.7 million, from the same period last year. The increase in operating expenses for the quarter was mainly attributable to an increase of $191,000 in salaries and employee benefits, $17,000 in occupancy expenses, and $66,000 in equipment expenses. Salaries and employee benefits increased mainly as a result of merit increases, increased staffing levels, increased taxes and increased health insurance costs. Occupancy increased mainly as a result of costs associated with the Andover branch opening during the third quarter of 2012 and the Wellesley branch opening during the fourth quarter of 2012. Other expenses decreased mainly as a result of decreased contributions.

For the six months ended June 30, 2013, operating expenses increased by $876,000 or 3.3% to $27.1 million, from the same period last year. The increase in operating expenses for the six months was mainly attributable to an increase of $668,000 in salaries and employee benefits, $177,000 in occupancy expenses, and $65,000 in equipment expenses. Salaries and employee benefits increased mainly as a result of merit increases, increased staffing levels, increased taxes and increased health insurance costs. Occupancy increased mainly as a result of costs associated with the Andover branch opening during the third quarter of 2012 and the Wellesley branch opening during the fourth quarter of 2012. Other expenses decreased mainly as a result of decreased contributions.

Income Taxes

For the second quarter of 2013, the Company’s income tax expense totaled $295,000 on pretax income of $5.3 million resulting in an effective tax rate of 5.5%. For last year’s corresponding quarter, the Company’s income tax expense totaled $255,000 on pretax income of $5.0 million resulting in an effective tax rate of 5.1%. The increase in the effective income tax rate was primarily the result of an increase in tax-exempt income during the second quarter of 2012.

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For the first six months of 2013, the Company’s income tax expense totaled $583,000 on pretax income of $10.1 million resulting in an effective tax rate of 5.8%. For last year’s corresponding quarter, the Company’s income tax expense totaled $568,000 on pretax income of $9.1 million resulting in an effective tax rate of 6.2%. The decrease in the effective income tax rate was primarily the result of an increase in tax-exempt income during 2013.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

Market risk is the risk of loss from adverse changes in market prices and rates. The Company’s market risk arises primarily from interest rate risk inherent in its lending and deposit taking activities. To that end, management actively monitors and manages its interest rate risk exposure. The Company’s profitability is affected by fluctuations in interest rates. A sudden and substantial increase or decrease in interest rates may adversely impact the Company’s earnings to the extent that the interest rates tied to specific assets and liabilities do not change at the same speed, to the same extent, or on the same basis. The Company monitors the impact of changes in interest rates on its net interest income using several tools. The Company’s primary objective in managing interest rate risk is to minimize the adverse impact of changes in interest rates on the Company’s net interest income and capital, while structuring the Company’s asset-liability structure to obtain the maximum yield-cost spread on that structure. Management believes that there has been no material changes in the interest rate risk reported in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission. The information is contained in the Form 10-K within the Market Risk and Asset Liability Management section of Management’s Discussion and Analysis of Results of Operations and Financial Condition.

Item 4. Controls and Procedures

The Company’s management, with participation of the Company’s principal executive and financial officers, has evaluated its disclosure controls and procedures as of the end of the period covered by this quarterly report. Based on this evaluation, the Company’s management, with participation of its principal executive and financial officers, has concluded that the Company’s disclosure controls and procedures are effective. The disclosure controls and procedures also effectively ensure that information required to be disclosed in the Company’s filings and submissions with the Securities and Exchange Commission under the Exchange Act is accumulated and reported to Company management (including the principal executive officer and the principal financial officer) as appropriate to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission. In addition, the Company has evaluated its internal control over financial reporting and during the second quarter of 2013 there were no changes that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II – Other Information

Item 1 Legal proceedings – At the present time, the Company is not engaged in any legal proceedings which, if adversely determined to the Company, would have a material adverse impact on the Company’s financial condition or results of operations. From time to time, the Company is party to routine legal proceedings within the normal course of business. Such routine legal proceedings, in the aggregate, are believed by management to be immaterial to the Company’s financial condition and results of operation.

Page 38 of 41

Item 1A Risk Factors – Please read “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. There have been no material changes since this 10-K was filed. These risks are not the only ones facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely effect the Company’s business, financial condition and operating results.

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds –

(a) — (b) Not applicable.

(c) The following table sets forth information with respect to any purchase made by or on behalf of Century Bancorp, Inc. or any “affiliated purchaser,” as defined in 204.10b-18(a)(3) under the Exchange Act, of shares of Century Bancorp, Inc. Class A common stock during the indicated periods:

	Issuer Purchases of Equity Securities
Period	Total number of shares purchased		Weighted Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs		Maximum number of shares that may yet be purchased under the plans or programs (1)
April 1 – April 30, 2013		—	$	—		—		300,000
May 1 – May 31, 2013		—	$	—		—		300,000
June 1 – June 30, 2013		—	$	—		—		300,000

(1) On July 9, 2013, the Company announced a reauthorization of the Class A common stock repurchase program to repurchase up to 300,000 shares. The Company placed no deadline on the repurchase program. There were no shares purchased other than through a publicly announced plan or program.

Item 3 Defaults Upon Senior Securities – None

Item 5 Other Information – None

Item 6 Exhibits

31.1 Certification of President and Chief Executive Officer of the Company Pursuant to Securities Exchange Act Rules 13a-14 and 15d-14.

31.2 Certification of Chief Financial Officer of the Company Pursuant to Securities Exchange Act Rules 13a-14 and 15d-14.

+ 32.1 Certification of President and Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

+ 32.2 Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

+ + 101.INS XBRL Instance Document

+ + 101.SCH XBRL Taxonomy Extension Schema

+ + 101.CAL XBRL Taxonomy Extension Calculation Linkbase

+ + 101.LAB XBRL Taxonomy Extension Label Linkbase

+ + 101.PRE XBRL Taxonomy Extension Presentation Linkbase

Page 39 of 41

+ + 101.DEF XBRL Taxonomy Definition Linkbase

+ This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

+  + 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 Exchange Act of 1934 and consists of the following materials from Century Bancorp Inc.’s Quarterly Report on 10-Q for the quarter ended June 30, 2013, formatted in XBRL: (i) Consolidated Balance Sheets at June 30, 2013 and December 31, 2012; (ii) Consolidated Statements of Income for the three months ended June 30, 2013 and 2012; (iii) Consolidated Statements of Comprehensive Income for the six months ended June 30, 2013 and 2012; (iv) Consolidated Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2013 and 2012; (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012; and (vi) Notes to Unaudited Consolidated Interim Financial Statements.

Page 40 of 41

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: August 6, 2013	Century Bancorp, Inc.
/s/ Barry R. Sloane
Barry R. Sloane
President and Chief Executive Officer
/s/ William P. Hornby
William P. Hornby
Chief Financial Officer and Treasurer
(Principal Accounting Officer)

Page 41 of 41

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER OF THE COMPANY

PURSUANT TO SECURITIES EXCHANGE ACT RULES 13A-14 AND 15D-14

I, Barry R. Sloane, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Century Bancorp, Inc.;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this quarterly report;

4. The registrant’s other certifying officers 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 15d-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 quarterly report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

(d) Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The rehgistrant’s other certifying officers 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 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 involve management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2013

/s/ Barry R. Sloane

Barry R. Sloane

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER OF THE COMPANY

PURSUANT TO SECURITIES EXCHANGE ACT RULES 13A-14 AND 15D-14

I, William P. Hornby, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Century Bancorp, Inc.;

2. Based on my knowledge, this quarterly 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 quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this quarterly report;

4. The registrant’s other certifying officers 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 15d-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 quarterly report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and;

(d) Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter 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 officers 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 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 involve management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 6, 2013

/s/ William P. Hornby

William P. Hornby

Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. Section 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Century Bancorp, Inc. (the “Company”) for the quarter ended June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, certifies, to the best knowledge and belief of the signatory, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 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.

/s/ Barry R. Sloane

Barry R. Sloane

President and Chief Executive Officer

Date: August 6, 2013

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to Subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. Section 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Century Bancorp, Inc. (the “Company”) for the quarter ended June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, certifies, to the best knowledge and belief of the signatory, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 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.

/s/ William P. Hornby

William P. Hornby

Chief Financial Officer and Treasurer

Date: August 6, 2013

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to Subsections (a) and (b) of Section 1350 of Chapter 63 of Title 18 of the United States Code in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

XML

Employee Benefits

6 Months Ended

Jun. 30, 2013

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

Note 9. Employee Benefits

The Company provides pension benefits to its employees under a noncontributory, defined benefit plan which is funded on a current basis in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”) and recognizes costs over the estimated employee service period.

The Company also has a Supplemental Executive Insurance/Retirement Plan (the “Supplemental Plan”) which is limited to certain officers and employees of the Company. The Supplemental Plan is accrued on a current basis and recognizes costs over the estimated employee service period.

Executive officers of the Company and its subsidiaries who have at least one year of service may participate in the Supplemental Plan. The Supplemental Plan is voluntary and participants are required to contribute to its cost. Life insurance policies, which are owned by the Company, are purchased covering the lives of each participant.

Components of Net Periodic Benefit Cost for the Three Months Ended June 30,

	Pension Benefits						Supplemental  Insurance/ Retirement Plan
	2013			2012			2013		2012
				(In thousands)
Service cost	$	299		$	274		$	381	$	355
Interest		314			323			267		231
Expected return on plan assets		(470	)		(410	)		—		—
Recognized prior service cost (benefit)		(26	)		(26	)		29		29
Recognized net actuarial losses		158			184			129		84
Net periodic benefit cost	$	275		$	345		$	806	$	699

Components of Net Periodic Benefit Cost for the Six Months Ended June 30,

	Pension Benefits						Supplemental  Insurance/ Retirement Plan
	2013			2012			2013		2012
				(In thousands)
Service cost	$	598		$	548		$	763	$	711
Interest		628			647			534		462
Expected return on plan assets		(940	)		(820	)		—		—
Recognized prior service cost (benefit)		(52	)		(52	)		58		58
Recognized net actuarial losses		316			368			258		168
Net periodic benefit cost	$	550		$	691		$	1,613	$	1,399

Contributions

The Company currently intends to contribute $1,800,000 to the Pension Plan in 2013. As of June 30, 2013, $900,000 of the contribution had been made. The Company expects to contribute an additional $900,000 by the end of the year. Also, an additional $2,819,000 was contributed to the Pension Plan during the first quarter of 2013 to reduce variable annual premiums payable to Pension Benefit Guarantee Corporation.

XML

Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 299	$ 274	$ 598	$ 548
Interest	314	323	628	647
Expected return on plan assets	(470)	(410)	(940)	(820)
Recognized prior service cost (benefit)	(26)	(26)	(52)	(52)
Recognized net actuarial losses	158	184	316	368
Net periodic benefit cost	275	345	550	691
Supplemental Insurance/ Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	381	355	763	711
Interest	267	231	534	462
Recognized prior service cost (benefit)	29	29	58	58
Recognized net actuarial losses	129	84	258	168
Net periodic benefit cost	$ 806	$ 699	$ 1,613	$ 1,399

XML

Consolidated Statements of Income (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Interest income
Loans	$ 11,997	$ 12,572	$ 23,878	$ 24,620
Securities held-to-maturity	1,419	1,924	2,939	3,387
Securities available-for-sale	5,571	5,668	11,188	11,383
Federal funds sold and interest-bearing deposits in other banks	145	148	264	287
Total interest income	19,132	20,312	38,269	39,677
Interest expense
Savings and NOW deposits	649	560	1,259	1,087
Money market accounts	582	618	1,114	1,230
Time deposits	1,234	1,600	2,568	3,281
Securities sold under agreements to repurchase	89	88	179	180
Other borrowed funds and subordinated debentures	2,066	2,057	4,092	4,108
Total interest expense	4,620	4,923	9,212	9,886
Net interest income	14,512	15,389	29,057	29,791
Provision for loan losses	750	900	1,500	2,000
Net interest income after provision for loan losses	13,762	14,489	27,557	27,791
Other operating income
Service charges on deposit accounts	2,034	1,922	3,976	3,910
Lockbox fees	838	781	1,610	1,480
Net gains on sales of investments	781	442	1,664	590
Gains on sales of mortgage loans held for sale	821	131	991	131
Other income	747	712	1,414	1,496
Total other operating income	5,221	3,988	9,655	7,607
Operating expenses
Salaries and employee benefits	8,382	8,191	17,000	16,332
Occupancy	1,193	1,176	2,475	2,298
Equipment	610	544	1,192	1,127
FDIC assessments	450	445	850	852
Other	3,027	3,095	5,610	5,642
Total operating expenses	13,662	13,451	27,127	26,251
Income before income taxes	5,321	5,026	10,085	9,147
Provision for income taxes	295	255	583	568
Net income	5,026	4,771	9,502	8,579
Class A Common Stock [Member]
Operating expenses
Net income	3,935	3,727	7,437	6,702
Share data:
Weighted average number of shares outstanding, basic	3,574,379	3,556,474	3,571,963	3,553,734
Weighted average number of shares outstanding, diluted	5,557,354	5,548,830	5,557,655	5,547,237
Basic earnings per share	$ 1.10	$ 1.05	$ 2.08	$ 1.89
Diluted earnings per share	$ 0.90	$ 0.86	$ 1.71	$ 1.55
Class B Common Stock [Member]
Operating expenses
Net income	$ 1,091	$ 1,044	$ 2,065	$ 1,877
Share data:
Weighted average number of shares outstanding, basic	1,982,180	1,991,880	1,984,530	1,992,818
Weighted average number of shares outstanding, diluted	1,982,180	1,991,880	1,984,530	1,992,818
Basic earnings per share	$ 0.55	$ 0.52	$ 1.04	$ 0.94
Diluted earnings per share	$ 0.55	$ 0.52	$ 1.04	$ 0.94

XML

Recent Market Developments

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Recent Market Developments

Note 2. Recent Market Developments

The financial services industry continues to face challenges in the aftermath of the recent national and global economic crisis. Since June 2009, the U.S. economy has been recovering from the most severe recession and financial crisis since the Great Depression. There have been some improvements in private-sector employment, industrial production and U.S. exports; nevertheless, the pace of economic recovery has been slow. The housing markets, while improving, continue to be depressed. Financial markets have improved since the depths of the crisis but are still unsettled and volatile. Investors have pulled back from risky assets. There is continued concern about the U.S. economic outlook and the potential effects of the continued crisis in the European financial markets.

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) became law. The Act was intended to address many issues arising in the recent financial crisis and is exceedingly broad in scope, affecting many aspects of bank and financial market regulation. The Act requires, or permits by implementing regulation, enhanced prudential standards for banks and bank holding companies inclusive of capital, leverage, liquidity, concentration and exposure measures. In addition, traditional bank regulatory principles such as restrictions on transactions with affiliates and insiders were enhanced. The Act also contains reforms of consumer mortgage lending practices and creates a Bureau of Consumer Financial Protection, which is granted broad authority over consumer financial practices of banks and others. It is expected as the specific new or incremental requirements applicable to the Company become effective that the costs and difficulties of remaining compliant with all such requirements will increase. The Act broadens the base for FDIC assessments to average consolidated assets less tangible equity of financial institutions and also permanently raises the current standard maximum FDIC deposit insurance amount to $250,000. The Act extended unlimited deposit insurance on non-interest bearing transaction accounts through December 31, 2012.

On September 29, 2009, the FDIC adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC Board voted to adopt a uniform three-basis point increase in assessment rates effective on January 1, 2011, and extend the restoration period from seven to eight years. This rule was finalized on November 2, 2009. As a result, the Company was carrying a prepaid asset of $2.4 million as of March 31, 2013. The Company’s quarterly risk-based deposit insurance assessments was paid from this amount until the amount is exhausted or until June 30, 2013, when any amount remaining would be returned to the Company. The Company received a refund of $2.4 million of prepaid FDIC assessments in June 2013.

Federal banking regulators have issued risk-based capital guidelines, which assign risk factors to asset categories and off-balance-sheet items. Also, the Basel Committee has issued capital standards entitled “Basel III: A global regulatory framework for more resilient banks and banking systems” (“Basel III”). The Federal Reserve Board has finalized its rule implementing the Basel III regulatory capital framework. The rule sets the Basel III minimum regulatory capital requirements for all organizations. It includes a new common equity Tier 1 ratio of 4.5 percent of risk-weighted assets, raises the minimum Tier 1 capital ratio from 4 percent to 6 percent of risk-weighted assets and would set a new conservation buffer of 2.5 percent of risk-weighted assets. The Company has analyzed the final rules; the implementation of the framework will not have a material impact on the Company’s financial condition or results of operations.

The Governor of Massachusetts has proposed a tax plan that would modify existing income tax rules. The governor’s plan is part of his budget recommendations for fiscal year 2014, and will subject security corporations to the same tax base and rate as regular business corporations. The proposed tax changes would take effect as of January 1, 2014. Subsequently both the Massachusetts House of Representatives and the Massachusetts Senate approved bills that would neither eliminate nor revise the tax rate for security corporations. The Governor of Massachusetts signed the fiscal 2014 budget. The budget did not repeal Security Corporations tax status.

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Investment Securities Held-to-Maturity (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Unrealized Gain (Losses) on Securities

	June 30, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
U.S. Government Sponsored Enterprises	$	10,000	$	—	$	330	$	9,670	$	17,747	$	19	$	8	$	17,758
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		257,613		2,501		982		259,132		257,760		6,480		74		264,166
Total	$	267,613	$	2,501	$	1,312	$	268,802	$	275,507	$	6,499	$	82	$	281,924

Company's Securities Held-to-Maturity

The following table shows the maturity distribution of the Company’s securities held-to-maturity at June 30, 2013.

	Amortized Cost		Fair Value
	( In thousands)
Within one year	$	28,236	$	28,390
After one but within five years		173,851		175,064
After five but within ten years		55,566		55,389
More than ten years		9,960		9,959
Total	$	267,613	$	268,802

Unrealized Market Loss of Securities

The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at June 30, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 86 holdings at June 30, 2013.

	June 30, 2013
	Less Than 12 Months				12 Months or Longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. Government Sponsored Enterprises	$	9,670	$	330	$	—	$	—	$	9,670	$	330
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		125,675		843		5,015		139		130,690		982
Total temporarily impaired securities	$	135,345	$	1,173	$	5,015	$	139	$	140,360	$	1,312

The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 3 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 96 holdings at December 31, 2012.

	December 31, 2012
	Less Than 12 Months				12 Months or Longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	( In thousands)
U.S. Government Sponsored Enterprises	$	9,994	$	8	$	—	$	—	$	9,994	$	8
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		8,936		50		5,371		24		14,307		74
Total temporarily impaired securities	$	18,930	$	58	$	5,371	$	24	$	24,301	$	82

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Fair Value Measurements - Assets Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Securities AFS [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Fair Value	$ 52,294
Valuation Technique	Discounted cash flow(DCF)unless maturity is one year or less
Unobservable Input	Discount rate
Impaired Loans [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Fair Value	$ 2,989
Valuation Technique	Appraisal of collateral/ DCF/assessments
Unobservable Input	Appraisal adjustments/ DCF/assessment Adjustments
Minimum [Member] | Securities AFS [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Unobservable Input Value or Range	0.00%
Minimum [Member] | Impaired Loans [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Unobservable Input Value or Range	0.00%
Maximum [Member] | Securities AFS [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Unobservable Input Value or Range	1.00%
Maximum [Member] | Impaired Loans [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Unobservable Input Value or Range	25.00%

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Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10. Fair Value Measurements

The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, (formerly SFAS 157, “Fair Value Measurements,”) which among other things, requires enhanced disclosures about assets and liabilities carried at fair value. ASC 820-10 establishes a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. The three broad levels of the hierarchy are as follows:

Level I – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices such as G-7 government, agency securities, listed equities and money market securities, as well as listed derivative instruments.

Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments which are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and OTC derivatives.

Level III – Instruments that have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Instruments that are included in this category generally include certain commercial mortgage loans, certain private equity investments, distressed debt, non-investment grade residual interests in securitizations, as well as certain highly structured OTC derivative contracts.

The results of the fair value hierarchy as of June 30, 2013, are as follows:

Financial Instruments Measured at Fair Value on a Recurring Basis:

	Securities AFS Fair Value Measurements Using
	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(In thousands)
U.S. Treasury	$	1,992	$	—	$	1,992	$	—
U.S. Government Sponsored Enterprises		246,332		—		246,332		—
SBA Backed Securities		7,867		—		7,867		—
U.S. Government Agency and Sponsored Mortgage Backed Securities		1,236,914		—		1,236,914		—
Privately Issued Residential Mortgage Backed Securities		2,653		—		2,653		—
Obligations Issued by States and Political Subdivisions		53,668		—		1,706		51,962
Other Debt Securities		2,194		—		2,194		—
Equity Securities		596		264		—		332
Total	$	1,552,216	$	264	$	1,499,658	$	52,294
Financial Instruments Measured at Fair Value on a Non-recurring Basis:
Impaired Loans		2,989		—		—		2,989

Impaired loan balances represent those collateral dependent loans where management has estimated the credit loss by comparing the loan’s carrying value against the expected realizable fair value of the collateral. Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other external assessments of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. The Company discounts the fair values, as appropriate, based on management’s observations of the local real estate market for loans in this category.

Appraisals, discounted cash flows and real estate tax assessments are reviewed quarterly. There is no specific policy regarding how frequently appraisals will be updated. Adjustments are made to appraisals and real estate tax assessments based on management’s estimate of changes in real estate values. Within the past twelve months there have been no updated appraisals, however, all impaired loans have been reviewed during the past quarter using either a discounted cash flow analysis or other type of real estate tax assessment. The types of adjustments that are made to specific provisions (credits) relate to impaired loans recognized for the three and six-month periods ended June 30, 2013 amounted to ($222,000) and ($198,000), respectively.

There were no transfers between level 1 and 2 for the six months ended June 30, 2013. There were no liabilities measured at fair value on a recurring or nonrecurring basis during the six month period ended June 30, 2013.

The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below.

Asset	Fair Value		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Securities AFS (4)	$	52,294	Discounted cash flow (DCF) unless maturity is one year or less		0%-1%(3)
Impaired Loans		2,989	Appraisal of collateral/ DCF/assessments (1)	Discount rate Appraisal adjustments/ DCF assessment Adjustments (2)	0%-25% discount

(1) Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other real estate tax assessed value of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals, real estate tax assessed values or discounted cash flows may be adjusted by management for qualitative factors such as economic conditions and estimated expenses.

(3) Weighted averages

(4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value.

The changes in Level 3 securities for the three-month period ended June 30, 2013 are shown in the table below:

	Auction  Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities			Total
	(In thousands)
Balance at December 31, 2012	$	3,963	$	49,477		$	342		$	53,782
Purchases		—		29,370			—			29,370
Maturities and calls		—		(30,830	)		(10	)		(30,840	)
Amortization		—		(18	)		—			(18	)
Changes in fair value		—		—			—			—
Balance at June 30, 2013	$	3,963	$	47,999		$	332		$	52,294

The amortized cost of Level 3 securities was $53,018,000 at June 30, 2013 with an unrealized loss of $724,000. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity.

The changes in Level 3 securities for the six-month period ended June 30, 2012, are shown in the table below:

	Auction Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities			Total
	(In thousands)
Balance at December 31, 2011	$	3,725	$	14,772		$	417		$	18,914
Purchases		—		64,970			—			64,970
Maturities and calls		—		(15,058	)		(34	)		(15,092	)
Amortization		—		(15	)		—			(15	)
Balance at June 30, 2012	$	3,725	$	64,669		$	383		$	68,777

The amortized cost of Level 3 securities was $69,733,000 at June 30, 2012 with an unrealized loss of $956,000. The securities in this category are generally equity investments, municipal securities with no readily determinable fair value or failed auction rate securities. Management evaluated the fair value of these securities based on an evaluation of the underlying issuer, prevailing rates and market liquidity.

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Allowance for Loan Losses - Additional Information (Detail) (USD $)	Jun. 30, 2013
Receivables [Abstract]
Troubled debt restructurings during the period	$ 0

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Fair Value Measurements - Changes in Level 3 Securities (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended					6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013 Auction Rate Securities [Member]	Jun. 30, 2012 Auction Rate Securities [Member]	Dec. 31, 2011 Auction Rate Securities [Member]	Jun. 30, 2013 Obligations Issued by States and Political Subdivisions [Member]	Jun. 30, 2012 Obligations Issued by States and Political Subdivisions [Member]	Jun. 30, 2013 Equity Securities [Member]	Jun. 30, 2012 Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 53,782	$ 18,914	$ 3,963	$ 3,725	$ 3,725	$ 49,477	$ 14,772	$ 342	$ 417
Purchases	29,370	64,970				29,370	64,970
Maturities and calls	(30,840)	(15,092)				(30,830)	(15,058)	(10)	(34)
Amortization	(18)	(15)				(18)	(15)
Changes in fair value
Ending Balance	$ 52,294	$ 68,777	$ 3,963	$ 3,725	$ 3,725	$ 47,999	$ 64,669	$ 332	$ 383

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Securities Available-for-Sale - Continuous Unrealized Loss Position for 12 Months or Less and 12 Months or Longer (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value	$ 890,758	$ 127,973
Less than 12 months, Unrealized Losses	24,936	451
12 months or longer, Fair Value	7,659	17,448
12 months or longer, Unrealized Losses	848	820
Total, Fair Value	898,417	145,421
Total, Unrealized Losses	25,784	1,271
U.S. Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value	248,324	34,967
Less than 12 months, Unrealized Losses	8,616	68
Total, Fair Value	248,324	34,967
Total, Unrealized Losses	8,616	68
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value	640,699	93,006
Less than 12 months, Unrealized Losses	16,313	383
12 months or longer, Fair Value	2,302	10,169
12 months or longer, Unrealized Losses	18	29
Total, Fair Value	643,001	103,175
Total, Unrealized Losses	16,331	412
Privately Issued Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value	1,735
Less than 12 months, Unrealized Losses	7
12 months or longer, Fair Value		1,863
12 months or longer, Unrealized Losses		22
Total, Fair Value	1,735	1,863
Total, Unrealized Losses	7	22
Obligations Issued by States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
12 months or longer, Fair Value	3,963	3,963
12 months or longer, Unrealized Losses	724	722
Total, Fair Value	3,963	3,963
Total, Unrealized Losses	724	722
Other Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
12 months or longer, Fair Value	1,394	1,453
12 months or longer, Unrealized Losses	106	47
Total, Fair Value	1,394	1,453
Total, Unrealized Losses	106	47
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, Fair Value
Less than 12 months, Unrealized Losses
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Total, Fair Value
Total, Unrealized Losses

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Earnings Per Share ("EPS") (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Reconciliation of Basic EPS and Diluted EPS

The following table is a reconciliation of basic EPS and diluted EPS for:

	Three months ended				Six months ended
	June 30,				June 30,
	2013		2012		2013		2012
Basic EPS Computation:
(in thousands except share and per share data)
Numerator:
Net income, Class A	$	3,935	$	3,727	$	7,437	$	6,702
Net income, Class B		1,091		1,044		2,065		1,877
Denominator:
Weighted average shares outstanding, Class A		3,574,379		3,556,474		3,571,963		3,553,734
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Basic EPS, Class A	$	1.10	$	1.05	$	2.08	$	1.89
Basic EPS, Class B		0.55		0.52		1.04		0.94
Diluted EPS Computation:
Numerator:
Net income, Class A	$	3,935	$	3,727	$	7,437	$	6,702
Net income, Class B		1,091		1,044		2,065		1,877
Total net income, for diluted EPS, Class A computation		5,026		4,771		9,502		8,579
Denominator:
Weighted average shares outstanding, basic, Class A		3,574,379		3,556,474		3,571,963		3,553,734
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Dilutive effect of Class A stock options		795		476		1,162		686
Weighted average shares outstanding diluted, Class A		5,557,354		5,548,830		5,557,655		5,547,237
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Diluted EPS, Class A	$	0.90	$	0.86	$	1.71	$	1.55
Diluted EPS, Class B		0.55		0.52		1.04		0.94

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Reclassifications Out of Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Income

Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement Where Net Income is Presented
	Three months ended June 30, 2013			Six months ended June 30, 2013
	(in thousands)
Unrealized gains and losses on available-for-sale securities
	$	781		$	1,664		Net Gains on sales of investments
		(302	)		(652	)	Provision for income taxes
	$	479		$	1,012		Net Income
Amortization of defined benefit pension items
Prior-service costs	$	(3	)	$	(6	)	Salaries and employee benefits (b)
Actuarial gains (losses)		(287	)		(574	)	Salaries and employee benefits (b)
Total before tax		(290	)		(580	)	Income before taxes
Tax (expense) or benefit		116			233		Provision for income taxes
Net of tax	$	(174	)	$	(347	)	Net income
Total reclassifications for the period	$	305		$	665		Net income

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Allowance for Loan Losses - Aging of Past Due Loans (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Financing Receivable, Allowance for Credit Losses [Line Items]
Accruing 30-89 Days Past Due	$ 8,475	$ 6,690
Non Accrual	3,260	4,471
Accrual Greater Than 90 Days
Total Past Due	11,735	11,161
Current Loans	1,151,997	1,100,627
Total loans, net	1,163,732	1,111,788
Construction and Land Development [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Non Accrual	1,500	1,500
Accrual Greater Than 90 Days
Total Past Due	1,500	1,500
Current Loans	33,419	37,118
Total loans, net	34,919	38,618
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Accruing 30-89 Days Past Due	1,173	1,256
Non Accrual	444	676
Accrual Greater Than 90 Days
Total Past Due	1,617	1,932
Current Loans	100,301	86,543
Total loans, net	101,918	88,475
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Accruing 30-89 Days Past Due	5,240	3,450
Non Accrual	357	674
Accrual Greater Than 90 Days
Total Past Due	5,597	4,124
Current Loans	603,865	572,341
Total loans, net	609,462	576,465
Residential Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Accruing 30-89 Days Past Due	1,205	864
Non Accrual	913	1,597
Accrual Greater Than 90 Days
Total Past Due	2,118	2,461
Current Loans	281,274	279,396
Total loans, net	283,392	281,857
Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Accruing 30-89 Days Past Due	10	32
Non Accrual	21	24
Accrual Greater Than 90 Days
Total Past Due	31	56
Current Loans	8,092	7,394
Total loans, net	8,123	7,450
Home Equity [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Accruing 30-89 Days Past Due	847	1,088
Non Accrual	25
Accrual Greater Than 90 Days
Total Past Due	872	1,088
Current Loans	125,046	117,835
Total loans, net	$ 125,918	$ 118,923

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Stock Option Accounting - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding options	20,400	23,350
Weighted average exercise price	$ 31.82	$ 31.17
Options granted	0
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding options	20,400
Exercise prices of shares outstanding, minimum	$ 31.60
Exercise prices of shares outstanding, maximum	$ 31.83
Weighted average exercise price	$ 31.82
Weighted average remaining contractual life	1 year 3 months
Intrinsic value of options exercisable	$ 64,872
Intrinsic value of options exercised	$ 13,312

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Investment Securities Held-to-Maturity - Additional Information (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]
Securities pledged for borrowing at the Federal Home Loan Bank of Boston amounting	$ 268,802,000	$ 281,924,000
Weighted average remaining life of investment securities held-to-maturity	3 years 8 months 12 days
U.S. Government Sponsored Enterprises [Member]
Schedule of Held-to-maturity Securities [Line Items]
Securities at fair value pledged to secure public deposits and repurchase agreements	136,354,000	149,366,000
Securities pledged for borrowing at the Federal Home Loan Bank of Boston amounting	9,670,000	17,758,000
Weighted average remaining life	10,000,000
Federal Home Loan Bank of Boston [Member]
Schedule of Held-to-maturity Securities [Line Items]
Securities pledged for borrowing at the Federal Home Loan Bank of Boston amounting	$ 87,892,000	$ 103,617,000
Held-to-Maturity Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Number of securities, temporarily impaired for less than 12 months	20	3
Number of securities, temporarily impaired for 12 months or longer	1	1
Number of securities, temporarily impaired, total	86	96

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Reclassifications Out of Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gains on sale of investments	$ 781	$ 442	$ 1,664	$ 590
Provision for income taxes	295	255	583	568
Net income	5,026	4,771	9,502	8,579
Salaries and employee benefits	(8,382)	(8,191)	(17,000)	(16,332)
Reclassification Out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	305		665
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized gains and losses on available-for-sale securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net gains on sale of investments	781		1,664
Provision for income taxes	(302)		(652)
Net income	479		1,012
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Prior-service costs [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	(3)		(6)
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Actuarial gains (losses) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Salaries and employee benefits	(287)		(574)
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Amortization of defined benefit pension items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(290)		(580)
Provision for income taxes	116		233
Net income	$ (174)		$ (347)

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Basis of Financial Statement Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2013 Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Equity ownership interest	100.00%
Number of reportable segments	1

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Allowance for Loan Losses - Summary of Changes in Allowance for Loan Losses (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Receivables [Abstract]
Allowance for loan losses, beginning of period	$ 19,759	$ 17,434	$ 19,197	$ 16,574
Loans charged off	(160)	(635)	(533)	(1,059)
Recoveries on loans previously charged-off	151	280	336	464
Net charge-offs	(9)	(355)	(197)	(595)
Provision charged to expense	750	900	1,500	2,000
Allowance for loan losses, end of period	$ 20,500	$ 17,979	$ 20,500	$ 17,979

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Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Summary of Changes in Allowance for Loan Losses

The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated.

	Three months ended June  30,						Six months ended June  30,
	2013			2012			2013			2012
	(in thousands)
Allowance for loan losses, beginning of period	$	19,759		$	17,434		$	19,197		$	16,574
Loans charged off		(160	)		(635	)		(533	)		(1,059	)
Recoveries on loans previously charged-off		151			280			336			464
Net charge-offs		(9	)		(355	)		(197	)		(595	)
Provision charged to expense		750			900			1,500			2,000
Allowance for loan losses, end of period	$	20,500		$	17,979		$	20,500		$	17,979

Summary of Allowance for Loan Losses

Further information pertaining to the allowance for loan losses for the three months ending June 30, 2013 follows:

	Construction and Land Development		Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity		Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at March 31, 2013	$	3,199	$	3,523		$	8,779	$	2,071		$	357		$	833	$	997	$	19,759
Charge-offs		—		(6	)		—		—			(154	)		—		—		(160	)
Recoveries		—		56			1		1			92			1		—		151
Provision		42		(358	)		644		(42	)		68			98		298		750
Ending balance at June 30, 2013	$	3,241	$	3,215		$	9,424	$	2,030		$	363		$	932	$	1,295	$	20,500
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000	$	92		$	204	$	147		$	—		$	96	$	—	$	1,539
Amount of allowance for loan losses for loans not deemed to be impaired	$	2,241	$	3,123		$	9,220	$	1,883		$	363		$	836	$	1,295	$	18,961
Loans:
Ending balance	$	34,919	$	101,918		$	609,462	$	283,392		$	8,123		$	125,918	$	—	$	1,163,732
Loans deemed to be impaired	$	1,500	$	1,102		$	2,365	$	1,171		$	—		$	96	$	—	$	6,234
Loans not deemed to be impaired	$	33,419	$	100,816		$	607,097	$	282,221		$	8,123		$	125,822	$	—	$	1,157,498

Further information pertaining to the allowance for loan losses for the six months ending June 30, 2013 follows:

	Construction and Land Development		Commercial and Industrial			Commercial Real Estate		Residential Real Estate		Consumer			Home Equity		Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at December 31, 2012	$	3,041	$	3,118		$	9,065	$	1,994	$	333		$	886	$	760	$	19,197
Charge-offs		—		(234	)		—		—		(299	)		—		—		(533	)
Recoveries		—		121			4		4		206			1		—		336
Provision		200		210			355		32		123			45		535		1,500
Ending balance at June 30, 2013	$	3,241	$	3,215		$	9,424	$	2,030	$	363		$	932	$	1,295	$	20,500
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000	$	92		$	204	$	147	$	—		$	96	$	—	$	1,539
Amount of allowance for loan losses for loans not deemed to be impaired	$	2,241	$	3,123		$	9,220	$	1,883	$	363		$	836	$	1,295	$	18,961
Loans:
Ending balance	$	34,919	$	101,918		$	609,462	$	283,392	$	8,123		$	125,918	$	—	$	1,163,732
Loans deemed to be impaired	$	1,500	$	1,102		$	2,365	$	1,171	$	—		$	96	$	—	$	6,234
Loans not deemed to be impaired	$	33,419	$	100,816		$	607,097	$	282,221	$	8,123		$	125,822	$	—	$	1,157,498

Further information pertaining to the allowance for loan losses for three months ending June 30, 2012 follows:

	Construction and Land Development			Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity			Unallocated			Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at March 31, 2012	$	2,920		$	3,220		$	7,341	$	1,784		$	317		$	741		$	1,111		$	17,434
Charge-offs		—			(289	)		—		(59	)		(287	)		—			—			(635	)
Recoveries		—			164			2		3			111			—			—			280
Provision		(31	)		371			411		65			152			(60	)		(8	)		900
Ending balance at June 30, 2012	$	2,889		$	3,466		$	7,754	$	1,793		$	293		$	681		$	1,103		$	17,979
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000		$	871		$	450	$	92		$	—		$	—		$	—		$	2,413
Amount of allowance for loan losses for loans not deemed to be impaired	$	1,889		$	2,595		$	7,304	$	1,701		$	293		$	681		$	1,103		$	15,566
Loans:
Ending balance	$	36,422		$	78,971		$	535,232	$	259,006		$	6,597		$	112,602		$	—		$	1,028,830
Loans deemed to be impaired	$	1,500		$	2,328		$	2,321	$	513		$	—		$	—		$	—		$	6,662
Loans not deemed to be impaired	$	34,922		$	76,643		$	532,911	$	258,493		$	6,597		$	112,602		$	—		$	1,022,168

Further information pertaining to the allowance for loan losses for six months ending June 30, 2012 follows:

	Construction and Land Development			Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity			Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at December 31, 2012	$	2,893		$	3,139		$	6,566	$	1,886		$	356		$	704		$	1,030	$	16,574
Charge-offs		—			(399	)		—		(219	)		(441	)		—			—		(1,059	)
Recoveries		—			206			3		9			246			—			—		464
Provision		(4	)		520			1,185		117			132			(23	)		73		2,000
Ending balance at June 30, 2012	$	2,889		$	3,466		$	7,754	$	1,793		$	293		$	681		$	1,103	$	17,979
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000		$	871		$	450	$	92		$	—		$	—		$	—	$	2,413
Amount of allowance for loan losses for loans not deemed to be impaired	$	1,889		$	2,595		$	7,304	$	1,701		$	293		$	681		$	1,103	$	15,566
Loans:
Ending balance	$	36,422		$	78,971		$	535,232	$	259,006		$	6,597		$	112,602		$	—	$	1,028,830
Loans deemed to be impaired	$	1,500		$	2,328		$	2,321	$	513		$	—		$	—		$	—	$	6,662
Loans not deemed to be impaired	$	34,922		$	76,643		$	532,911	$	258,493		$	6,597		$	112,602		$	—	$	1,022,168

Loans by Risk Rating

The following table presents the Company’s loans by risk rating at June 30, 2013.

	Construction and land development		Commercial and industrial		Commercial real estate
	(Dollars in thousands)
Grade:
1-3 (Pass)	$	26,027	$	100,344	$	602,932
4 (Monitor)		7,392		472		4,165
5 (Substandard)		—		—		—
6 (Doubtful)		—		—		—
Impaired		1,500		1,102		2,365
Total	$	34,919	$	101,918	$	609,462

The following table presents the Company’s loans by risk rating at December 31, 2012.

	Construction and land development		Commercial and industrial		Commercial real estate
	(Dollars in thousands)
Grade:
1-3 (Pass)	$	29,719	$	86,587	$	569,760
4 (Monitor)		7,399		606		4,424
5 (Substandard)		—		—		—
6 (Doubtful)		—		—		—
Impaired		1,500		1,282		2,281
Total	$	38,618	$	88,475	$	576,465

Aging of Past Due Loans

Further information pertaining to the allowance for loan losses at June 30, 2013 follows:

	Accruing 30-89 Days Past Due		Non Accrual		Accrual Greater Than 90 Days		Total Past Due		Current Loans		Total
	(Dollars in thousands)
Construction and land development	$	—	$	1,500	$	—	$	1,500	$	33,419	$	34,919
Commercial and industrial		1,173		444		—		1,617		100,301		101,918
Commercial real estate		5,240		357		—		5,597		603,865		609,462
Residential real estate		1,205		913		—		2,118		281,274		283,392
Consumer and overdrafts		10		21		—		31		8,092		8,123
Home equity		847		25		—		872		125,046		125,918
Total	$	8,475	$	3,260	$	—	$	11,735	$	1,151,997	$	1,163,732

Further information pertaining to the allowance for loan losses at December 31, 2012 follows:

	Accruing 30-89 Days Past Due		Non Accrual		Accrual Greater Than 90 Days		Total Past Due		Current Loans		Total
	(Dollars in thousands)
Construction and land development	$	—	$	1,500	$	—	$	1,500	$	37,118	$	38,618
Commercial and industrial		1,256		676				1,932		86,543		88,475
Commercial real estate		3,450		674		—		4,124		572,341		576,465
Residential real estate		864		1,597		—		2,461		279,396		281,857
Consumer and overdrafts		32		24		—		56		7,394		7,450
Home equity		1,088		—		—		1,088		117,835		118,923
Total	$	6,690	$	4,471	$	—	$	11,161	$	1,100,627	$	1,111,788

Information Pertaining to Impaired Loans

The following is information pertaining to impaired loans for June 30, 2013:

	Carrying Value		Unpaid Principal Balance		Required Reserve		Average Carrying Value For 3 Months Ending 6/30/13		Average Carrying Value For 6 Months Ending 6/30/13		Interest Income Recognized for 3 Months Ending  6/30/13		Interest Income Recognized for 6 Months Ending  6/30/13
	(Dollars in thousands)
With no required reserve recorded:
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial		206		235		—		385		451		1		1
Commercial real estate		122		122		—		113		136		—		—
Residential real estate		266		266		—		146		96		—		—
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	594	$	623	$	—	$	644	$	683	$	1	$	1
With required reserve recorded:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$		$	—
Commercial and industrial		896		1,128		92		866		856		8		17
Commercial real estate		2,243		2,330		204		2,169		2,143		20		46
Residential real estate		905		991		147		909		834		—		—
Consumer		—		—		—		—		—		—		—
Home equity		96		96		96		96		96		—		—
Total	$	5,640	$	7,837	$	1,539	$	5,540	$	5,429	$	28	$	63
Total:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$		$	—
Commercial and industrial		1,102		1,363		92		1,251		1,307		9		18
Commercial real estate		2,365		2,452		204		2,282		2,279		20		46
Residential real estate		1,171		1,257		147		1,055		930		—		—
Consumer		—		—		—		—		—		—		—
Home equity		96		96		96		96		96		—		—
Total	$	6,234	$	8,460	$	1,539	$	6,184	$	6,112	$	29	$	64

The following is information pertaining to impaired loans for June 30, 2012:

	Carrying Value		Unpaid Principal Balance		Required Reserve		Average Carrying Value for 3 Months Ending 6/30/12		Average Carrying Value for 6 Months Ending 6/30/12		Interest Income Recognized For 3 Months Ending 6/30/12		Interest Income Recognized For 6 months Ending 6/30/12
	(Dollars in thousands)
With no required reserve recorded:
Construction and land development	$	—	$	—	$	—	$	—	$	643	$	—	$	—
Commercial and industrial		409		454		—		282		334		—		—
Commercial real estate		176		201		—		178		180		—		—
Residential real estate		31		32		—		32		97		—		—
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	616	$	687	$	—	$	492	$	1,254	$	—	$	—
With required reserve recorded:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	857	$	—	$	—
Commercial and industrial		1,919		2,147		871		1,556		1,408		12		27
Commercial real estate		2,145		2,183		450		3,056		3,410		58		78
Residential real estate		482		482		92		482		657		—		1
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	6,046	$	8,104	$	2,413	$	6,594	$	6,332	$	70	$	106
Total
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$	—	$	—
Commercial and industrial		2,328		2,601		871		1,838		1,742		12		27
Commercial real estate		2,321		2,384		450		3,234		3,590		58		78
Residential real estate		513		514		92		514		754		—		1
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	6,662	$	8,791	$	2,413	$	7,086	$	7,586	$	70	$	106

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Consolidated Statements of Changes in Shareholders' Equity (USD $) In Thousands, unless otherwise specified	Total	Class A Common Stock [Member]	Class B Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member] Class A Common Stock [Member]	Retained Earnings [Member] Class B Common Stock [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2011	$ 160,649	$ 3,548	$ 1,994	$ 11,587	$ 146,039			$ (2,519)
Net income	8,579	6,702	1,877		8,579
Other comprehensive income, net of tax:
Unrealized holding (losses) gains arising during period, net of taxes and realized net gains	2,118							2,118
Pension liability adjustment, net of taxes	324							324
Conversion of class B common stock to class A common stock		2	(2)
Stock options exercised	130	6		124
Cash dividends paid		(852)	(240)			(852)	(240)
Ending balance at Jun. 30, 2012	170,708	3,556	1,992	11,711	153,526			(77)
Beginning balance at Mar. 31, 2012
Net income	4,771	3,727	1,044
Other comprehensive income, net of tax:
Unrealized holding (losses) gains arising during period, net of taxes and realized net gains	382
Pension liability adjustment, net of taxes	162
Ending balance at Jun. 30, 2012	170,708	3,556	1,992
Beginning balance at Dec. 31, 2012	179,990	3,568	1,986	11,891	162,892			(347)
Net income	9,502	7,437	2,065		9,502
Other comprehensive income, net of tax:
Unrealized holding (losses) gains arising during period, net of taxes and realized net gains	(22,553)							(22,553)
Pension liability adjustment, net of taxes	347							347
Conversion of class B common stock to class A common stock		4	(4)
Stock options exercised	42	2		40
Cash dividends paid		(857)	(238)			(857)	(238)
Ending balance at Jun. 30, 2013	166,233	3,574	1,982	11,931	171,299			(22,553)
Beginning balance at Mar. 31, 2013
Net income	5,026	3,935	1,091
Other comprehensive income, net of tax:
Unrealized holding (losses) gains arising during period, net of taxes and realized net gains	(19,437)
Pension liability adjustment, net of taxes	174
Ending balance at Jun. 30, 2013	$ 166,233	$ 3,574	$ 1,982

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,502	$ 8,579
Adjustments to reconcile net income to net cash provided by operating activities:
Mortgage loans originated for sale	(56,001)	(2,448)
Proceeds from mortgage loans sold	50,010	5,968
Gain on sales of mortgage loans held for sale	(991)	(131)
Net gain on sales of investments	(1,664)	(590)
Provision for loan losses	1,500	2,000
Deferred income taxes	(823)	(783)
Net depreciation and amortization	3,058	3,158
(Decrease) Increase in accrued interest receivable	(194)	150
Gain on sale of other real estate owned		(4)
Increase in other assets	(2,203)	(5,311)
Increase in other liabilities	2,353	1,271
Net cash provided by operating activities	4,547	11,859
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of short-term investments	6,317	17,315
Purchase of short-term investments	(8,561)	(21,100)
Proceeds from calls/maturities of securities available-for-sale	174,303	318,626
Proceeds from sales of securities available-for-sale	163,593	233,002
Purchase of securities available-for-sale	(482,373)	(490,103)
Proceeds from calls/maturities of securities held-to-maturity	37,453	54,211
Purchase of securities held-to-maturity	(29,825)	(161,722)
Net increase in loans	(45,143)	(48,302)
Proceeds from sales of other real estate owned		1,187
Capital expenditures	(658)	(2,209)
Net cash provided by (used in) investing activities	(184,894)	(99,095)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in time deposits	46,509	(14,087)
Net increase in demand, savings, money market and NOW deposits	149,613	228,897
Net proceeds from exercise of stock options	42	130
Cash dividends	(1,095)	(1,092)
Net increase in securities sold under agreements to repurchase	22,900	29,870
Net decrease in other borrowed funds	(18,000)	(35,590)
Net cash provided by financing activities	199,969	208,128
Net increase in cash and cash equivalents	19,622	120,892
Cash and cash equivalents at beginning of period	152,283	207,766
Cash and cash equivalents at end of period	171,905	328,658
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	9,317	10,022
Cash paid during the period for income taxes	1,550	1,353
Change in unrealized (losses) gains on securities available-for-sale, net of taxes	(22,553)	2,118
Pension liability adjustment, net of taxes	347	324
Due to broker	$ 10,711	$ 37,195

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Stock Option Accounting

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Accounting

Note 3. Stock Option Accounting

Stock option activity under the Company’s stock option plan for the six months ended June 30, 2013 is as follows:

	Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		23,350		$	31.17
Exercised		(1,600	)		26.68
Forfeited		(1,350	)		26.68
Outstanding at end of period		20,400		$	31.82
Exercisable at end of period		20,400		$	31.82
Available to be granted at end of period		224,884

On June 30, 2013, the outstanding options to purchase 20,400 shares of Class A common stock have exercise prices between $31.60 and $31.83, with a weighted average exercise price of $31.82 and a weighted average remaining contractual life of 1.25 years. The intrinsic value of options exercisable at June 30, 2013 had an aggregate value of $64,872. The intrinsic value of options exercised at June 30, 2013 had an aggregate value of $13,312.

The Company uses the fair value method to account for stock options. All of the Company’s stock options are vested and there were no options granted during the first six months of 2013.

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Basis of Financial Statement Presentation

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Basis of Financial Statement Presentation

Note 1. Basis of Financial Statement Presentation

The consolidated financial statements include the accounts of Century Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Century Bank and Trust Company (the “Bank”). The consolidated financial statements also include the accounts of the Bank’s wholly owned subsidiaries, Century Subsidiary Investments, Inc. (“CSII”), Century Subsidiary Investments, Inc. II (“CSII II”), Century Subsidiary Investments, Inc. III (“CSII III”) and Century Financial Services Inc. (“CFSI”). CSII, CSII II, and CSII III are engaged in buying, selling and holding investment securities. CFSI has the power to engage in financial agency, securities brokerage, and investment and financial advisory services and related securities credit. The Company also owns 100% of Century Bancorp Capital Trust II (“CBCT II”). The entity is an unconsolidated subsidiary of the Company.

All significant intercompany accounts and transactions have been eliminated in consolidation. The Company provides a full range of banking services to individual, business and municipal customers in Massachusetts. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the “FDIC”) and the Commonwealth of Massachusetts Commissioner of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company’s business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. The Company has one reportable operating segment.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. The Company’s quarterly report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the Securities and Exchange Commission.

Material estimates that are susceptible to change in the near term relate to the allowance for loan losses. Management believes that the allowance for loan losses is adequate based on independent appraisals and review of other factors, including historical charge-off rates with additional allocations based on risk factors for each category and general economic factors. While management uses available information to recognize loan losses, future additions to the allowance for loan losses may be necessary based on changes in economic conditions. In addition, regulatory agencies periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance for loan losses based on their judgments about information available to them at the time of their examination.

Certain reclassifications are made to prior-year amounts whenever necessary to conform with the current-year presentation.

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Investment Securities Held-to-Maturity - Company's Securities Held-to-Maturity (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Investments Debt And Equity Securities [Abstract]
Within one year, Amortized Cost	$ 28,236
After one but within five years, Amortized Cost	173,851
After five but within ten years, Amortized Cost	55,566
More than ten years, Amortized Cost	9,960
Total, Amortized Cost	267,613	275,507
Within one year, Fair Value	28,390
After one but within five years, Fair Value	175,064
After five but within ten years, Fair Value	55,389
More than ten years, Fair Value	9,959
Estimated Fair Value	$ 268,802	$ 281,924

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Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2013

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost for the Three Months Ended June 30,

	Pension Benefits						Supplemental  Insurance/ Retirement Plan
	2013			2012			2013		2012
				(In thousands)
Service cost	$	299		$	274		$	381	$	355
Interest		314			323			267		231
Expected return on plan assets		(470	)		(410	)		—		—
Recognized prior service cost (benefit)		(26	)		(26	)		29		29
Recognized net actuarial losses		158			184			129		84
Net periodic benefit cost	$	275		$	345		$	806	$	699

Components of Net Periodic Benefit Cost for the Six Months Ended June 30,

	Pension Benefits						Supplemental  Insurance/ Retirement Plan
	2013			2012			2013		2012
				(In thousands)
Service cost	$	598		$	548		$	763	$	711
Interest		628			647			534		462
Expected return on plan assets		(940	)		(820	)		—		—
Recognized prior service cost (benefit)		(52	)		(52	)		58		58
Recognized net actuarial losses		316			368			258		168
Net periodic benefit cost	$	550		$	691		$	1,613	$	1,399

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Recent Market Developments - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Mar. 31, 2013
Recent Market Development [Line Items]
FDIC deposit insurance amount	$ 250,000
Uniform increase in assessment rates effective on January 1, 2011	0.03%
Company is carrying a prepaid asset		2,400,000
Company received refund	$ 2,400,000
Common equity Tier 1 ratio as percentage of risk-weighted assets	4.50%
Minimum Tier 1 capital ratio as percentage of risk-weighted assets	4.00%
Revised minimum Tier 1 capital ratio as percentage of risk-weighted assets	6.00%
Tier 1 capital conservation buffer as percentage of risk-weighted assets	2.50%
Minimum [Member]
Recent Market Development [Line Items]
Restoration period	7 years
Maximum [Member]
Recent Market Development [Line Items]
Restoration period	8 years

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Securities Available-for-Sale - Maturity Distribution of Securities Available-for-Sale (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Investments Debt And Equity Securities [Abstract]
Within one year, Amortized Cost	$ 55,219
After one but within five years, Amortized Cost	753,219
After five but within ten years, Amortized Cost	747,073
More than 10 years, Amortized Cost	11,478
Non-maturing, Amortized Cost	1,947
Total, Amortized Cost	1,568,936
Within one year, Fair Value	55,325
After one but within five years, Fair Value	755,445
After five but within ten years, Fair Value	728,512
More than 10 years, Fair Value	10,945
Non-maturing, Fair Value	1,989
Total, Fair Value	$ 1,552,216	$ 1,434,801

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Fair Value Measurements - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2012
Fair Value Disclosures [Abstract]
Impaired loans recognized	$ (222,000)	$ (198,000)
Transfers between level 1 and 2	0	0
Liabilities measured at fair value on a recurring or nonrecurring basis	0	0
Amortized cost of Level 3 securities	53,018,000	53,018,000	69,733,000
Unrealized loss	$ 724,000	$ 724,000	$ 956,000

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Earnings Per Share ("EPS") - Additional Information (Detail) (Class A Common Stock [Member])	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Class A Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Percentage of dividends paid			200.00%
Dilutive effect of stock options, increment in shares	795	476	1,162	686

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Allowance for Loan Losses - Loans by Risk Rating (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Loans by risk rating
Financing Receivable, Net	$ 1,163,732	$ 1,111,788
Construction and Land Development [Member]
Loans by risk rating
Financing Receivable, Net	34,919	38,618
Construction and Land Development [Member] | 1-3 (Pass) [Member]
Loans by risk rating
Financing Receivable, Net	26,027	29,719
Construction and Land Development [Member] | 4 (Monitor) [Member]
Loans by risk rating
Financing Receivable, Net	7,392	7,399
Construction and Land Development [Member] | 5 (Substandard) [Member]
Loans by risk rating
Financing Receivable, Net
Construction and Land Development [Member] | 6 (Doubtful) [Member]
Loans by risk rating
Financing Receivable, Net
Construction and Land Development [Member] | Impaired [Member]
Loans by risk rating
Financing Receivable, Net	1,500	1,500
Commercial and Industrial [Member]
Loans by risk rating
Financing Receivable, Net	101,918	88,475
Commercial and Industrial [Member] | 1-3 (Pass) [Member]
Loans by risk rating
Financing Receivable, Net	100,344	86,587
Commercial and Industrial [Member] | 4 (Monitor) [Member]
Loans by risk rating
Financing Receivable, Net	472	606
Commercial and Industrial [Member] | 5 (Substandard) [Member]
Loans by risk rating
Financing Receivable, Net
Commercial and Industrial [Member] | 6 (Doubtful) [Member]
Loans by risk rating
Financing Receivable, Net
Commercial and Industrial [Member] | Impaired [Member]
Loans by risk rating
Financing Receivable, Net	1,102	1,282
Commercial Real Estate [Member]
Loans by risk rating
Financing Receivable, Net	609,462	576,465
Commercial Real Estate [Member] | 1-3 (Pass) [Member]
Loans by risk rating
Financing Receivable, Net	602,932	569,760
Commercial Real Estate [Member] | 4 (Monitor) [Member]
Loans by risk rating
Financing Receivable, Net	4,165	4,424
Commercial Real Estate [Member] | 5 (Substandard) [Member]
Loans by risk rating
Financing Receivable, Net
Commercial Real Estate [Member] | 6 (Doubtful) [Member]
Loans by risk rating
Financing Receivable, Net
Commercial Real Estate [Member] | Impaired [Member]
Loans by risk rating
Financing Receivable, Net	$ 2,365	$ 2,281

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Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Amortized cost	$ 1,568,936,000	$ 1,414,595,000
Held-to-maturity securities, fair value	$ 268,802,000	$ 281,924,000
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock [Member]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,574,379	3,568,079
Class B Common Stock [Member]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	1,982,180	1,986,880

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Allowance for Loan Losses

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Allowance for Loan Losses

Note 6. Allowance for Loan Losses

The Company maintains an allowance for loan losses in an amount determined by management on the basis of the character of the loans, loan performance, the financial condition of borrowers, the value of collateral securing loans and other relevant factors.

The following table summarizes the changes in the Company’s allowance for loan losses for the periods indicated.

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
	(in thousands)
Allowance for loan losses, beginning of period	$	19,759		$	17,434		$	19,197		$	16,574
Loans charged off		(160	)		(635	)		(533	)		(1,059	)
Recoveries on loans previously charged-off		151			280			336			464
Net charge-offs		(9	)		(355	)		(197	)		(595	)
Provision charged to expense		750			900			1,500			2,000
Allowance for loan losses, end of period	$	20,500		$	17,979		$	20,500		$	17,979

Further information pertaining to the allowance for loan losses for the three months ending June 30, 2013 follows:

	Construction and Land Development		Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity		Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at March 31, 2013	$	3,199	$	3,523		$	8,779	$	2,071		$	357		$	833	$	997	$	19,759
Charge-offs		—		(6	)		—		—			(154	)		—		—		(160	)
Recoveries		—		56			1		1			92			1		—		151
Provision		42		(358	)		644		(42	)		68			98		298		750
Ending balance at June 30, 2013	$	3,241	$	3,215		$	9,424	$	2,030		$	363		$	932	$	1,295	$	20,500
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000	$	92		$	204	$	147		$	—		$	96	$	—	$	1,539
Amount of allowance for loan losses for loans not deemed to be impaired	$	2,241	$	3,123		$	9,220	$	1,883		$	363		$	836	$	1,295	$	18,961
Loans:
Ending balance	$	34,919	$	101,918		$	609,462	$	283,392		$	8,123		$	125,918	$	—	$	1,163,732
Loans deemed to be impaired	$	1,500	$	1,102		$	2,365	$	1,171		$	—		$	96	$	—	$	6,234
Loans not deemed to be impaired	$	33,419	$	100,816		$	607,097	$	282,221		$	8,123		$	125,822	$	—	$	1,157,498

Further information pertaining to the allowance for loan losses for the six months ending June 30, 2013 follows:

	Construction and Land Development		Commercial and Industrial			Commercial Real Estate		Residential Real Estate		Consumer			Home Equity		Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at December 31, 2012	$	3,041	$	3,118		$	9,065	$	1,994	$	333		$	886	$	760	$	19,197
Charge-offs		—		(234	)		—		—		(299	)		—		—		(533	)
Recoveries		—		121			4		4		206			1		—		336
Provision		200		210			355		32		123			45		535		1,500
Ending balance at June 30, 2013	$	3,241	$	3,215		$	9,424	$	2,030	$	363		$	932	$	1,295	$	20,500
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000	$	92		$	204	$	147	$	—		$	96	$	—	$	1,539
Amount of allowance for loan losses for loans not deemed to be impaired	$	2,241	$	3,123		$	9,220	$	1,883	$	363		$	836	$	1,295	$	18,961
Loans:
Ending balance	$	34,919	$	101,918		$	609,462	$	283,392	$	8,123		$	125,918	$	—	$	1,163,732
Loans deemed to be impaired	$	1,500	$	1,102		$	2,365	$	1,171	$	—		$	96	$	—	$	6,234
Loans not deemed to be impaired	$	33,419	$	100,816		$	607,097	$	282,221	$	8,123		$	125,822	$	—	$	1,157,498

Further information pertaining to the allowance for loan losses for three months ending June 30, 2012 follows:

	Construction and Land Development			Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity			Unallocated			Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at March 31, 2012	$	2,920		$	3,220		$	7,341	$	1,784		$	317		$	741		$	1,111		$	17,434
Charge-offs		—			(289	)		—		(59	)		(287	)		—			—			(635	)
Recoveries		—			164			2		3			111			—			—			280
Provision		(31	)		371			411		65			152			(60	)		(8	)		900
Ending balance at June 30, 2012	$	2,889		$	3,466		$	7,754	$	1,793		$	293		$	681		$	1,103		$	17,979
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000		$	871		$	450	$	92		$	—		$	—		$	—		$	2,413
Amount of allowance for loan losses for loans not deemed to be impaired	$	1,889		$	2,595		$	7,304	$	1,701		$	293		$	681		$	1,103		$	15,566
Loans:
Ending balance	$	36,422		$	78,971		$	535,232	$	259,006		$	6,597		$	112,602		$	—		$	1,028,830
Loans deemed to be impaired	$	1,500		$	2,328		$	2,321	$	513		$	—		$	—		$	—		$	6,662
Loans not deemed to be impaired	$	34,922		$	76,643		$	532,911	$	258,493		$	6,597		$	112,602		$	—		$	1,022,168

Further information pertaining to the allowance for loan losses for six months ending June 30, 2012 follows:

	Construction and Land Development			Commercial and Industrial			Commercial Real Estate		Residential Real Estate			Consumer			Home Equity			Unallocated		Total
	(Dollars in thousands)
Allowance for loan losses:
Balance at December 31, 2012	$	2,893		$	3,139		$	6,566	$	1,886		$	356		$	704		$	1,030	$	16,574
Charge-offs		—			(399	)		—		(219	)		(441	)		—			—		(1,059	)
Recoveries		—			206			3		9			246			—			—		464
Provision		(4	)		520			1,185		117			132			(23	)		73		2,000
Ending balance at June 30, 2012	$	2,889		$	3,466		$	7,754	$	1,793		$	293		$	681		$	1,103	$	17,979
Amount of allowance for loan losses for loans deemed to be impaired	$	1,000		$	871		$	450	$	92		$	—		$	—		$	—	$	2,413
Amount of allowance for loan losses for loans not deemed to be impaired	$	1,889		$	2,595		$	7,304	$	1,701		$	293		$	681		$	1,103	$	15,566
Loans:
Ending balance	$	36,422		$	78,971		$	535,232	$	259,006		$	6,597		$	112,602		$	—	$	1,028,830
Loans deemed to be impaired	$	1,500		$	2,328		$	2,321	$	513		$	—		$	—		$	—	$	6,662
Loans not deemed to be impaired	$	34,922		$	76,643		$	532,911	$	258,493		$	6,597		$	112,602		$	—	$	1,022,168

The Company utilizes a six grade internal loan rating system for commercial real estate, construction and commercial loans as follows:

Loans rated 1-3 (Pass):

Loans in this category are considered “pass” rated loans with low to average risk.

Loans rated 4 (Monitor):

These loans represent classified loans that management is closely monitoring for credit quality. These loans have had or may have minor credit quality deterioration as of June 30, 2013 and December 31, 2012.

Loans rated 5 (Substandard):

Substandard loans represent classified loans that management is closely monitoring for credit quality. These loans have had more significant credit quality deterioration as of June 30, 2013 and December 31, 2012.

Loans rated 6 (Doubtful):

Doubtful loans represent classified loans that management is closely monitoring for credit quality. These loans had more significant credit quality deterioration as of June 30, 2013 and December 31, 2012 and are doubtful for full collection.

Impaired:

Impaired loans represent classified loans that management is closely monitoring for credit quality. A loan is classified as impaired when it is probable that the Company will be unable to collect all amounts due.

The following table presents the Company’s loans by risk rating at June 30, 2013.

	Construction and land development		Commercial and industrial		Commercial real estate
	(Dollars in thousands)
Grade:
1-3 (Pass)	$	26,027	$	100,344	$	602,932
4 (Monitor)		7,392		472		4,165
5 (Substandard)		—		—		—
6 (Doubtful)		—		—		—
Impaired		1,500		1,102		2,365
Total	$	34,919	$	101,918	$	609,462

The following table presents the Company’s loans by risk rating at December 31, 2012.

	Construction and land development		Commercial and industrial		Commercial real estate
	(Dollars in thousands)
Grade:
1-3(Pass)	$	29,719	$	86,587	$	569,760
4 (Monitor)		7,399		606		4,424
5 (Substandard)		—		—		—
6 (Doubtful)		—		—		—
Impaired		1,500		1,282		2,281
Total	$	38,618	$	88,475	$	576,465

The Company utilized payment performance as credit quality indicators for residential real estate, consumer and overdrafts, and the home equity portfolio. The indicators are depicted in the table “aging of past due loans,” below.

Further information pertaining to the allowance for loan losses at June 30, 2013 follows:

	Accruing 30-89  Days Past Due		Non Accrual		Accrual Greater Than 90 Days		Total Past Due		Current Loans		Total
	(Dollars in thousands)
Construction and land development	$	—	$	1,500	$	—	$	1,500	$	33,419	$	34,919
Commercial and industrial		1,173		444		—		1,617		100,301		101,918
Commercial real estate		5,240		357		—		5,597		603,865		609,462
Residential real estate		1,205		913		—		2,118		281,274		283,392
Consumer and overdrafts		10		21		—		31		8,092		8,123
Home equity		847		25		—		872		125,046		125,918
Total	$	8,475	$	3,260	$	—	$	11,735	$	1,151,997	$	1,163,732

Further information pertaining to the allowance for loan losses at December 31, 2012 follows:

	Accruing 30-89 Days Past Due		Non Accrual		Accrual Greater Than 90 Days		Total Past Due		Current Loans		Total
	(Dollars in thousands)
Construction and land development	$	—	$	1,500	$	—	$	1,500	$	37,118	$	38,618
Commercial and industrial		1,256		676				1,932		86,543		88,475
Commercial real estate		3,450		674		—		4,124		572,341		576,465
Residential real estate		864		1,597		—		2,461		279,396		281,857
Consumer and overdrafts		32		24		—		56		7,394		7,450
Home equity		1,088		—		—		1,088		117,835		118,923
Total	$	6,690	$	4,471	$	—	$	11,161	$	1,100,627	$	1,111,788

A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is impaired, the Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company measures impairment based on a loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Loans are charged-off when management believes that the collectability of the loan’s principal is not probable. The specific factors that management considers in making the determination that the collectability of the loan’s principal is not probable include; the delinquency status of the loan, the fair value of the collateral, if secured, and the financial strength of the borrower and/or guarantors. For collateral dependent loans, the amount of the recorded investment in a loan that exceeds the fair value of the collateral is charged-off against the allowance for loan losses in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectible. The Company’s policy for recognizing interest income on impaired loans is contained within Note 1 of the consolidated financial statements.

The following is information pertaining to impaired loans for June 30, 2013:

	Carrying Value		Unpaid Principal Balance		Required Reserve		Average Carrying Value For 3 Months Ending 6/30/13		Average Carrying Value For 6 Months Ending 6/30/13		Interest Income Recognized for 3 Months Ending  6/30/13		Interest Income Recognized for 6 Months Ending  6/30/13
	(Dollars in thousands)
With no required reserve recorded:
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial and industrial		206		235		—		385		451		1		1
Commercial real estate		122		122		—		113		136		—		—
Residential real estate		266		266		—		146		96		—		—
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	594	$	623	$	—	$	644	$	683	$	1	$	1
With required reserve recorded:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$		$	—
Commercial and industrial		896		1,128		92		866		856		8		17
Commercial real estate		2,243		2,330		204		2,169		2,143		20		46
Residential real estate		905		991		147		909		834		—		—
Consumer		—		—		—		—		—		—		—
Home equity		96		96		96		96		96		—		—
Total	$	5,640	$	7,837	$	1,539	$	5,540	$	5,429	$	28	$	63
Total:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$		$	—
Commercial and industrial		1,102		1,363		92		1,251		1,307		9		18
Commercial real estate		2,365		2,452		204		2,282		2,279		20		46
Residential real estate		1,171		1,257		147		1,055		930		—		—
Consumer		—		—		—		—		—		—		—
Home equity		96		96		96		96		96		—		—
Total	$	6,234	$	8,460	$	1,539	$	6,184	$	6,112	$	29	$	64

The following is information pertaining to impaired loans for June 30, 2012:

	Carrying Value		Unpaid Principal Balance		Required Reserve		Average Carrying Value for 3 Months Ending 6/30/12		Average Carrying Value for 6 Months Ending 6/30/12		Interest Income Recognized For 3 Months Ending 6/30/12		Interest Income Recognized For 6 months Ending 6/30/12
	(Dollars in thousands)
With no required reserve recorded:
Construction and land development	$	—	$	—	$	—	$	—	$	643	$	—	$	—
Commercial and industrial		409		454		—		282		334		—		—
Commercial real estate		176		201		—		178		180		—		—
Residential real estate		31		32		—		32		97		—		—
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	616	$	687	$	—	$	492	$	1,254	$	—	$	—
With required reserve recorded:
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	857	$	—	$	—
Commercial and industrial		1,919		2,147		871		1,556		1,408		12		27
Commercial real estate		2,145		2,183		450		3,056		3,410		58		78
Residential real estate		482		482		92		482		657		—		1
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	6,046	$	8,104	$	2,413	$	6,594	$	6,332	$	70	$	106
Total
Construction and land development	$	1,500	$	3,292	$	1,000	$	1,500	$	1,500	$	—	$	—
Commercial and industrial		2,328		2,601		871		1,838		1,742		12		27
Commercial real estate		2,321		2,384		450		3,234		3,590		58		78
Residential real estate		513		514		92		514		754		—		1
Consumer		—		—		—		—		—		—		—
Home equity		—		—		—		—		—		—		—
Total	$	6,662	$	8,791	$	2,413	$	7,086	$	7,586	$	70	$	106

There were no troubled debt restructurings occurring during the six month period ended June 30, 2013.

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 5,026	$ 4,771	$ 9,502	$ 8,579
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains arising during period	(18,656)	824	(20,889)	2,708
Less: reclassification adjustment for gains included in net income	(781)	(442)	(1,664)	(590)
Total unrealized (losses) gains on securities	(19,437)	382	(22,553)	2,118
Defined benefit pension plans:
Amortization of prior service cost and loss included in net periodic benefit cost	174	162	347	324
Other comprehensive (loss) income	(19,263)	544	(22,206)	2,442
Comprehensive (loss) income	$ (14,237)	$ 5,315	$ (12,704)	$ 11,021

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Fair Values of Financial Instruments - Carrying Amounts and Fair Values of Company's Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Financial assets:
Securities held-to-maturity	$ 267,613	$ 275,507
Loans	1,143,232	1,092,591
Financial liabilities:
Time deposits	466,492	419,983
Other borrowed funds	177,144	195,144
Subordinated debentures	36,083	36,083
Carrying Value [Member]
Financial assets:
Securities held-to-maturity	267,613	275,507
Loans	1,143,232	1,092,591
Financial liabilities:
Time deposits	466,492	419,983
Other borrowed funds	177,144	195,144
Subordinated debentures	36,083	36,083
Estimated Fair Value [Member]
Financial assets:
Securities held-to-maturity	268,802	281,924
Loans	1,135,920	1,124,716
Financial liabilities:
Time deposits	469,342	424,253
Other borrowed funds	181,428	205,481
Subordinated debentures	41,129	43,423
Fair Value Measurements, Level 1 Inputs [Member]
Financial assets:
Securities held-to-maturity
Loans
Financial liabilities:
Time deposits
Other borrowed funds
Subordinated debentures
Fair Value Measurements, Level 2 Inputs [Member]
Financial assets:
Securities held-to-maturity	268,802	281,924
Financial liabilities:
Time deposits	469,342	424,253
Other borrowed funds	181,428	205,481
Fair Value Measurements, Level 3 Inputs [Member]
Financial assets:
Loans	1,135,920	1,124,716
Financial liabilities:
Subordinated debentures	$ 41,129	$ 43,423

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Assets
Cash and due from banks	$ 49,192	$ 53,646
Federal funds sold and interest-bearing deposits in other banks	122,713	98,637
Total cash and cash equivalents	171,905	152,283
Short-term investments	19,611	17,367
Securities available-for-sale, amortized cost $1,568,936 and $1,414,595, respectively	1,552,216	1,434,801
Securities held-to-maturity, fair value $268,802 and $281,924, respectively	267,613	275,507
Federal Home Loan Bank of Boston stock, at cost	16,082	15,146
Loans, net:
Commercial and industrial	101,918	88,475
Construction and land development	34,919	38,618
Commercial real estate	609,462	576,465
Residential real estate	283,392	281,857
Home equity	125,918	118,923
Consumer and other	8,123	7,450
Total loans, net	1,163,732	1,111,788
Less: allowance for loan losses	20,500	19,197
Net loans	1,143,232	1,092,591
Bank premises and equipment	23,367	23,899
Accrued interest receivable	6,005	5,811
Goodwill	2,714	2,714
Other assets	83,191	66,090
Total assets	3,285,936	3,086,209
Deposits:
Demand deposits	440,120	438,429
Savings and NOW deposits	964,923	933,316
Money Market Accounts	769,660	653,345
Time deposits	466,492	419,983
Total deposits	2,641,195	2,445,073
Securities sold under agreements to repurchase	214,290	191,390
Other borrowed funds	177,144	195,144
Subordinated debentures	36,083	36,083
Due to broker	10,711
Other liabilities	40,280	38,529
Total liabilities	3,119,703	2,906,219
Stockholders' Equity
Preferred stock - $1.00 par value; 100,000 shares authorized; no shares issued and outstanding
Additional paid-in capital	11,931	11,891
Retained earnings	171,299	162,892
Total stockholder's equity	188,786	180,337
Unrealized (losses) gains on securities available-for-sale, net of taxes	(10,223)	12,330
Pension liability, net of taxes	(12,330)	(12,677)
Total accumulated other comprehensive loss, net of taxes	(22,553)	(347)
Total stockholders' equity	166,233	179,990
Total liabilities and stockholders' equity	3,285,936	3,086,209
Class A Common Stock [Member]
Stockholders' Equity
Common stock value	3,574	3,568
Total stockholders' equity	3,574	3,568
Class B Common Stock [Member]
Stockholders' Equity
Common stock value	1,982	1,986
Total stockholders' equity	$ 1,982	$ 1,986

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Earnings Per Share ("EPS") - Reconciliation of Basic EPS and Diluted EPS (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 5,026	$ 4,771	$ 9,502	$ 8,579
Class A Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	3,935	3,727	7,437	6,702
Weighted average number of shares outstanding, basic	3,574,379	3,556,474	3,571,963	3,553,734
Basic earnings per share	$ 1.10	$ 1.05	$ 2.08	$ 1.89
Dilutive effect of Class A stock options	795	476	1,162	686
Weighted average shares outstanding, diluted	5,557,354	5,548,830	5,557,655	5,547,237
Diluted earnings per share	$ 0.90	$ 0.86	$ 1.71	$ 1.55
Class B Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 1,091	$ 1,044	$ 2,065	$ 1,877
Weighted average number of shares outstanding, basic	1,982,180	1,991,880	1,984,530	1,992,818
Basic earnings per share	$ 0.55	$ 0.52	$ 1.04	$ 0.94
Weighted average shares outstanding, diluted	1,982,180	1,991,880	1,984,530	1,992,818
Diluted earnings per share	$ 0.55	$ 0.52	$ 1.04	$ 0.94

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis

The results of the fair value hierarchy as of June 30, 2013, are as follows:

Financial Instruments Measured at Fair Value on a Recurring Basis:

	Securities AFS Fair Value Measurements Using
	Carrying Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
	(In thousands)
U.S. Treasury	$	1,992	$	—	$	1,992	$	—
U.S. Government Sponsored Enterprises		246,332		—		246,332		—
SBA Backed Securities		7,867		—		7,867		—
U.S. Government Agency and Sponsored Mortgage Backed Securities		1,236,914		—		1,236,914		—
Privately Issued Residential Mortgage Backed Securities		2,653		—		2,653		—
Obligations Issued by States and Political Subdivisions		53,668		—		1,706		51,962
Other Debt Securities		2,194		—		2,194		—
Equity Securities		596		264		—		332
Total	$	1,552,216	$	264	$	1,499,658	$	52,294
Financial Instruments Measured at Fair Value on a Non-recurring Basis:
Impaired Loans		2,989		—		—		2,989

Assets Measured at Fair Value

The following table presents additional information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands). Management continues to monitor the assumptions used to value the assets listed below.

Asset	Fair Value		Valuation Technique	Unobservable Input	Unobservable Input Value or Range
Securities AFS (4)	$	52,294	Discounted cash flow (DCF) unless maturity is one year or less		0%-1%(3)
Impaired Loans		2,989	Appraisal of collateral/ DCF/assessments (1)	Discount rate Appraisal adjustments/ DCF assessment Adjustments (2)	0%-25% discount

(1) Fair value is generally determined through a review process that includes independent appraisals, discounted cash flows, or other real estate tax assessed value of the underlying collateral, which generally include various Level 3 inputs which are not identifiable.

(2) Appraisals, real estate tax assessed values or discounted cash flows may be adjusted by management for qualitative factors such as economic conditions and estimated expenses.

(3) Weighted averages

(4) Municipal securities generally have maturities of one year or less and, therefore, the amortized cost equates to the fair value.

Changes in Level 3 Securities

The changes in Level 3 securities for the three-month period ended June 30, 2013 are shown in the table below:

	Auction  Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities			Total
	(In thousands)
Balance at December 31, 2012	$	3,963	$	49,477		$	342		$	53,782
Purchases		—		29,370			—			29,370
Maturities and calls		—		(30,830	)		(10	)		(30,840	)
Amortization		—		(18	)		—			(18	)
Changes in fair value		—		—			—			—
Balance at June 30, 2013	$	3,963	$	47,999		$	332		$	52,294

The changes in Level 3 securities for the six-month period ended June 30, 2012, are shown in the table below:

	Auction Rate Securities		Obligations Issued by States & Political Subdivisions			Equity Securities			Total
	(In thousands)
Balance at December 31, 2011	$	3,725	$	14,772		$	417		$	18,914
Purchases		—		64,970			—			64,970
Maturities and calls		—		(15,058	)		(34	)		(15,092	)
Amortization		—		(15	)		—			(15	)
Balance at June 30, 2012	$	3,725	$	64,669		$	383		$	68,777

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Securities Available-for-Sale (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Summary of Securities Available-for-Sale

	June 30, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	( In thousands)
U.S. Treasury	$	1,996	$	—	$	4	$	1,992	$	2,000	$	4	$	—	$	2,004
U.S. Government Sponsored Enterprises		254,944		—		8,612		246,332		130,048		360		68		130,340
Small Business Administration		7,760		107		—		7,867		8,043		113		—		8,156
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		1,244,471		8,774		16,331		1,236,914		1,212,953		20,816		412		1,233,357
Privately Issued Residential Mortgage Backed Securities		2,651		9		7		2,653		2,938		31		22		2,947
Obligations Issued by States and Political Subdivisions		54,367		25		724		53,668		55,855		41		722		55,174
Other Debt Securities		2,300		—		106		2,194		2,300		—		47		2,253
Equity Securities		447		149		—		596		458		112		—		570
Total	$	1,568,936	$	9,064	$	25,784	$	1,552,216	$	1,414,595	$	21,477	$	1,271	$	1,434,801

Maturity Distribution of Securities Available-for-Sale

The following table shows the maturity distribution of the Company’s securities available-for-sale at June 30, 2013.

	Amortized Cost		Fair Value
	( In thousands)
Within one year	$	55,219	$	55,325
After one but within five years		753,219		755,445
After five but within ten years		747,073		728,512
More than 10 years		11,478		10,945
Non-maturing		1,947		1,989
Total	$	1,568,936	$	1,552,216

Continuous Unrealized Loss Position for 12 Months or Less and 12 Months or Longer

	June 30, 2013
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Government Sponsored Enterprises	$	248,324	$	8,616	$	—	$	—	$	248,324	$	8,616
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		640,699		16,313		2,302		18		643,001		16,331
Privately Issued Residential Mortgage Backed Securities		1,735		7		—		—		1,735		7
Obligations Issued by States and Political Subdivisions		—		—		3,963		724		3,963		724
Other Debt Securities		—		—		1,394		106		1,394		106
Total temporarily impaired securities	$	890,758	$	24,936	$	7,659	$	848	$	898,417	$	25,784

The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 7 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 458 holdings at December 31, 2012.

	December 31, 2012
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Government Sponsored Enterprises	$	34,967	$	68	$	—	$	—	$	34,967	$	68
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		93,006		383		10,169		29		103,175		412
Privately Issued Residential Mortgage Backed Securities		—		—		1,863		22		1,863		22
Obligations Issued by States and Political Subdivisions		—		—		3,963		722		3,963		722
Other Debt Securities		—		—		1,453		47		1,453		47
Equity Securities		—		—		—		—		—		—
Total temporarily impaired securities	$	127,973	$	451	$	17,448	$	820	$	145,421	$	1,271

 

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Allowance for Loan Losses - Summary of Allowance for Loan Losses (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Allowance for loan losses:
Allowance for loan losses, beginning of period	$ 19,759	$ 17,434	$ 19,197	$ 16,574
Loans charged off	(160)	(635)	(533)	(1,059)
Recoveries	151	280	336	464
Provision	750	900	1,500	2,000
Allowance for loan losses, end of period	20,500	17,979	20,500	17,979
Amount of allowance for loan losses for loans deemed to be impaired	1,539	2,413	1,539	2,413
Amount of allowance for loan losses for loans not deemed to be impaired	18,961	15,566	18,961	15,566
Loans:
Ending balance	1,163,732	1,028,830	1,163,732	1,028,830
Loans deemed to be impaired	6,234	6,662	6,234	6,662
Loans not deemed to be impaired	1,157,498	1,022,168	1,157,498	1,022,168
Construction and Land Development [Member]
Allowance for loan losses:
Allowance for loan losses, beginning of period	3,199	2,920	3,041	2,893
Provision	42	(31)	200	(4)
Allowance for loan losses, end of period	3,241	2,889	3,241	2,889
Amount of allowance for loan losses for loans deemed to be impaired	1,000	1,000	1,000	1,000
Amount of allowance for loan losses for loans not deemed to be impaired	2,241	1,889	2,241	1,889
Loans:
Ending balance	34,919	36,422	34,919	36,422
Loans deemed to be impaired	1,500	1,500	1,500	1,500
Loans not deemed to be impaired	33,419	34,922	33,419	34,922
Commercial and Industrial [Member]
Allowance for loan losses:
Allowance for loan losses, beginning of period	3,523	3,220	3,118	3,139
Loans charged off	(6)	(289)	(234)	(399)
Recoveries	56	164	121	206
Provision	(358)	371	210	520
Allowance for loan losses, end of period	3,215	3,466	3,215	3,466
Amount of allowance for loan losses for loans deemed to be impaired	92	871	92	871
Amount of allowance for loan losses for loans not deemed to be impaired	3,123	2,595	3,123	2,595
Loans:
Ending balance	101,918	78,971	101,918	78,971
Loans deemed to be impaired	1,102	2,328	1,102	2,328
Loans not deemed to be impaired	100,816	76,643	100,816	76,643
Commercial Real Estate [Member]
Allowance for loan losses:
Allowance for loan losses, beginning of period	8,779	7,341	9,065	6,566
Recoveries	1	2	4	3
Provision	644	411	355	1,185
Allowance for loan losses, end of period	9,424	7,754	9,424	7,754
Amount of allowance for loan losses for loans deemed to be impaired	204	450	204	450
Amount of allowance for loan losses for loans not deemed to be impaired	9,220	7,304	9,220	7,304
Loans:
Ending balance	609,462	535,232	609,462	535,232
Loans deemed to be impaired	2,365	2,321	2,365	2,321
Loans not deemed to be impaired	607,097	532,911	607,097	532,911
Residential Real Estate [Member]
Allowance for loan losses:
Allowance for loan losses, beginning of period	2,071	1,784	1,994	1,886
Loans charged off		(59)		(219)
Recoveries	1	3	4	9
Provision	(42)	65	32	117
Allowance for loan losses, end of period	2,030	1,793	2,030	1,793
Amount of allowance for loan losses for loans deemed to be impaired	147	92	147	92
Amount of allowance for loan losses for loans not deemed to be impaired	1,883	1,701	1,883	1,701
Loans:
Ending balance	283,392	259,006	283,392	259,006
Loans deemed to be impaired	1,171	513	1,171	513
Loans not deemed to be impaired	282,221	258,493	282,221	258,493
Consumer [Member]
Allowance for loan losses:
Allowance for loan losses, beginning of period	357	317	333	356
Loans charged off	(154)	(287)	(299)	(441)
Recoveries	92	111	206	246
Provision	68	152	123	132
Allowance for loan losses, end of period	363	293	363	293
Amount of allowance for loan losses for loans deemed to be impaired
Amount of allowance for loan losses for loans not deemed to be impaired	363	293	363	293
Loans:
Ending balance	8,123	6,597	8,123	6,597
Loans not deemed to be impaired	8,123	6,597	8,123	6,597
Home Equity [Member]
Allowance for loan losses:
Allowance for loan losses, beginning of period	833	741	886	704
Recoveries	1		1
Provision	98	(60)	45	(23)
Allowance for loan losses, end of period	932	681	932	681
Amount of allowance for loan losses for loans deemed to be impaired	96		96
Amount of allowance for loan losses for loans not deemed to be impaired	836	681	836	681
Loans:
Ending balance	125,918	112,602	125,918	112,602
Loans deemed to be impaired	96		96
Loans not deemed to be impaired	125,822	112,602	125,822	112,602
Unallocated [Member]
Allowance for loan losses:
Allowance for loan losses, beginning of period	997	1,111	760	1,030
Provision	298	(8)	535	73
Allowance for loan losses, end of period	1,295	1,103	1,295	1,103
Amount of allowance for loan losses for loans not deemed to be impaired	$ 1,295	$ 1,103	$ 1,295	$ 1,103

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Fair Value Measurements - Financial Instruments Measured at Fair Value on a Recurring and Non-recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	$ 1,552,216	$ 1,434,801
U.S. Treasury [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,992	2,004
U.S. Government Sponsored Enterprises [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	246,332	130,340
SBA Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	7,867	8,156
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,236,914	1,233,357
Privately Issued Residential Mortgage Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	2,653	2,947
Obligations Issued by States and Political Subdivisions [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	53,668	55,174
Other Debt Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	2,194	2,253
Equity Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	596	570
Carrying Value [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,552,216
Financial Instruments Measured at Fair Value on a Non-recurring Basis
Impaired Loans	2,989
Carrying Value [Member] | U.S. Treasury [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,992
Carrying Value [Member] | U.S. Government Sponsored Enterprises [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	246,332
Carrying Value [Member] | SBA Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	7,867
Carrying Value [Member] | U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,236,914
Carrying Value [Member] | Privately Issued Residential Mortgage Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	2,653
Carrying Value [Member] | Obligations Issued by States and Political Subdivisions [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	53,668
Carrying Value [Member] | Other Debt Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	2,194
Carrying Value [Member] | Equity Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	596
Fair Value Measurements, Level 1 Inputs [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	264
Fair Value Measurements, Level 1 Inputs [Member] | Equity Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	264
Fair Value Measurements, Level 2 Inputs [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,499,658
Fair Value Measurements, Level 2 Inputs [Member] | U.S. Treasury [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,992
Fair Value Measurements, Level 2 Inputs [Member] | U.S. Government Sponsored Enterprises [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	246,332
Fair Value Measurements, Level 2 Inputs [Member] | SBA Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	7,867
Fair Value Measurements, Level 2 Inputs [Member] | U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,236,914
Fair Value Measurements, Level 2 Inputs [Member] | Privately Issued Residential Mortgage Backed Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	2,653
Fair Value Measurements, Level 2 Inputs [Member] | Obligations Issued by States and Political Subdivisions [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	1,706
Fair Value Measurements, Level 2 Inputs [Member] | Other Debt Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	2,194
Fair Value Measurements, Level 3 Inputs [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	52,294
Financial Instruments Measured at Fair Value on a Non-recurring Basis
Impaired Loans	2,989
Fair Value Measurements, Level 3 Inputs [Member] | Obligations Issued by States and Political Subdivisions [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	51,962
Fair Value Measurements, Level 3 Inputs [Member] | Equity Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Securities AFS	$ 332

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Investment Securities Held-to-Maturity - Unrealized Gain (Losses) on Securities (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 267,613,000	$ 275,507,000
Gross Unrealized Gains	2,501,000	6,499,000
Gross Unrealized Losses	1,312,000	82,000
Estimated Fair Value	268,802,000	281,924,000
U.S. Government Sponsored Enterprises [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	10,000,000	17,747,000
Gross Unrealized Gains		19,000
Gross Unrealized Losses	330,000	8,000
Estimated Fair Value	9,670,000	17,758,000
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	257,613,000	257,760,000
Gross Unrealized Gains	2,501,000	6,480,000
Gross Unrealized Losses	982,000	74,000
Estimated Fair Value	$ 259,132,000	$ 264,166,000

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Securities Available-for-Sale - Summary of Securities Available-for-Sale (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 1,568,936	$ 1,414,595
Gross Unrealized Gains	9,064	21,477
Gross Unrealized Losses	25,784	1,271
Total, Fair Value	1,552,216	1,434,801
U.S. Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,996	2,000
Gross Unrealized Gains		4
Gross Unrealized Losses	4
Total, Fair Value	1,992	2,004
U.S. Government Sponsored Enterprises [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	254,944	130,048
Gross Unrealized Gains		360
Gross Unrealized Losses	8,612	68
Total, Fair Value	246,332	130,340
SBA Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	7,760	8,043
Gross Unrealized Gains	107	113
Total, Fair Value	7,867	8,156
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	1,244,471	1,212,953
Gross Unrealized Gains	8,774	20,816
Gross Unrealized Losses	16,331	412
Total, Fair Value	1,236,914	1,233,357
Privately Issued Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	2,651	2,938
Gross Unrealized Gains	9	31
Gross Unrealized Losses	7	22
Total, Fair Value	2,653	2,947
Obligations Issued by States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	54,367	55,855
Gross Unrealized Gains	25	41
Gross Unrealized Losses	724	722
Total, Fair Value	53,668	55,174
Other Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	2,300	2,300
Gross Unrealized Losses	106	47
Total, Fair Value	2,194	2,253
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	447	458
Gross Unrealized Gains	149	112
Total, Fair Value	$ 596	$ 570

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Securities Available-for-Sale - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013 U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]	Dec. 31, 2012 U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]	Jun. 30, 2013 Federal Home Loan Bank of Boston [Member]	Dec. 31, 2012 Federal Home Loan Bank of Boston [Member]	Jun. 30, 2013 U.S. Government Sponsored Enterprises [Member]	Jun. 30, 2013 Securities AFS [Member] Security	Dec. 31, 2012 Securities AFS [Member] Security
Schedule of Available-for-sale Securities [Line Items]
Securities at fair value pledged to secure public deposits and repurchase agreements					$ 741,202,000	$ 665,028,000
Securities available-for-sale are securities pledged for borrowing							308,654,000	220,313,000
Realized gross gain	781,000	442,000	1,664,000	590,000
Proceeds from sales of securities available-for-sale			163,593,000	233,002,000
Investment securities available-for-sale, callable at the discretion of the issuer									$ 209,956,000
Weighted average remaining life of investment securities available-for-sale			5 years 1 month 6 days
Number of securities, temporarily impaired for less than 12 months										131	20
Number of securities, temporarily impaired for 12 months or longer										4	7
Number of securities, temporarily impaired, total										456	458

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Investment Securities Held-to-Maturity

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Investment Securities Held-to-Maturity

Note 5. Investment Securities Held-to-Maturity

	June 30, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In thousands)
U.S. Government Sponsored Enterprises	$	10,000	$	—	$	330	$	9,670	$	17,747	$	19	$	8	$	17,758
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		257,613		2,501		982		259,132		257,760		6,480		74		264,166
Total	$	267,613	$	2,501	$	1,312	$	268,802	$	275,507	$	6,499	$	82	$	281,924

Included in U.S. Government and Agency Securities are securities pledged to secure public deposits and repurchase agreements at fair value amounting to $136,354,000 and $149,366,000 at June 30, 2013 and December 31, 2012, respectively. Also included are securities pledged for borrowing at the Federal Home Loan Bank of Boston at fair value amounting to $87,892,000 and $103,617,000 at June 30, 2013 and December 31, 2012, respectively.

At June 30, 2013 and December 31, 2012, all mortgage-backed securities are obligations of U.S. Government Agencies and Government Sponsored Enterprises. Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac.

The following table shows the maturity distribution of the Company’s securities held-to-maturity at June 30, 2013.

	Amortized Cost		Fair Value
	( In thousands)
Within one year	$	28,236	$	28,390
After one but within five years		173,851		175,064
After five but within ten years		55,566		55,389
More than ten years		9,960		9,959
Total	$	267,613	$	268,802

The weighted average remaining life of investment securities held-to-maturity at June 30, 2013 was 3.7 years. Included in the weighted average remaining life calculation at June 30, 2013 were $10,000,000 of U.S. Government Sponsored Enterprises obligations that are callable at the discretion of the issuer. The actual maturities, which were used in the table above, of mortgage-backed securities, will differ from the contractual maturities, due to the ability of the issuers to prepay underlying obligations.

As of June 30, 2013 and December 31, 2012, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of their remaining amortized costs. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade.

The unrealized loss on U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2013 and December 31, 2012.

In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary.

The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at June 30, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 86 holdings at June 30, 2013.

	June 30, 2013
	Less Than 12 Months				12 Months or Longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(Dollars in thousands)
U.S. Government Sponsored Enterprises	$	9,670	$	330	$	—	$	—	$	9,670	$	330
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		125,675		843		5,015		139		130,690		982
Total temporarily impaired securities	$	135,345	$	1,173	$	5,015	$	139	$	140,360	$	1,312

The following table shows the temporarily impaired securities of the Company’s held-to-maturity portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 3 and 1 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 96 holdings at December 31, 2012.

	December 31, 2012
	Less Than 12 Months				12 Months or Longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	( In thousands)
U.S. Government Sponsored Enterprises	$	9,994	$	8	$	—	$	—	$	9,994	$	8
U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities		8,936		50		5,371		24		14,307		74
Total temporarily impaired securities	$	18,930	$	58	$	5,371	$	24	$	24,301	$	82

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Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Carrying Amounts and Fair Values of Company's Financial Instruments

The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2013 and December 31, 2012.  

					Fair Value Measurements
(in thousands)	Carrying Amount		Estimated  Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
June 30, 2013
Financial assets:
Securities held-to-maturity	$	267,613	$	268,802	$	—	$	268,802	$	—
Loans (1)		1,143,232		1,135,920		—		—		1,135,920
Financial liabilities:
Time deposits		466,492		469,342		—		469,342		—
Other borrowed funds		177,144		181,428		—		181,428		—
Subordinated debentures		36,083		41,129		—		—		41,129
December 31, 2012
Financial assets:
Securities held-to-maturity		275,507		281,924		—		281,924		—
Loans (1)		1,092,591		1,124,716		—		—		1,124,716
Financial liabilities:
Time deposits		419,983		424,253		—		424,253		—
Other borrowed funds		195,144		205,481		—		205,481		—
Subordinated debentures		36,083		43,423		—		—		43,423

(1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses.

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Investment Securities Held-to-Maturity - Unrealized Market Loss of Securities (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]
Less Than 12 Months, Fair Value	$ 135,345	$ 18,930
Less Than 12 Months, Unrealized Losses	1,173	58
12 Months or Longer, Fair Value	5,015	5,371
12 Months or Longer, Unrealized Losses	139	24
Total, Fair Value	140,360	24,301
Total, Unrealized Losses	1,312	82
U.S. Government Sponsored Enterprises [Member]
Schedule of Held-to-maturity Securities [Line Items]
Less Than 12 Months, Fair Value	9,670	9,994
Less Than 12 Months, Unrealized Losses	330	8
Total, Fair Value	9,670	9,994
Total, Unrealized Losses	330	8
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Less Than 12 Months, Fair Value	125,675	8,936
Less Than 12 Months, Unrealized Losses	843	50
12 Months or Longer, Fair Value	5,015	5,371
12 Months or Longer, Unrealized Losses	139	24
Total, Fair Value	130,690	14,307
Total, Unrealized Losses	$ 982	$ 74

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Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share ("EPS")

Note 8. Earnings per Share (“EPS”)

Class A and Class B shares participate equally in undistributed earnings. Under the Company’s Articles of Organization, the holders of Class A Common Stock are entitled to receive dividends per share equal to at least 200% of dividends paid, if any, from time to time, on each share of Class B Common Stock.

Diluted EPS includes the dilutive effect of common stock equivalents; basic EPS excludes all common stock equivalents. The only common stock equivalents for the Company are the stock options discussed below. The dilutive effect of these stock options for the three months ended June 30, 2013 and 2012 was an increase of 795 and 476 shares, respectively. The dilutive effect of these stock options for the six months ended June 30, 2013 and 2012 was an increase of 1,162 and 686 shares, respectively.

The following table is a reconciliation of basic EPS and diluted EPS for:

	Three months ended				Six months ended
	June 30,				June 30,
	2013		2012		2013		2012
Basic EPS Computation:
(in thousands except share and per share data)
Numerator:
Net income, Class A	$	3,935	$	3,727	$	7,437	$	6,702
Net income, Class B		1,091		1,044		2,065		1,877
Denominator:
Weighted average shares outstanding, Class A		3,574,379		3,556,474		3,571,963		3,553,734
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Basic EPS, Class A	$	1.10	$	1.05	$	2.08	$	1.89
Basic EPS, Class B		0.55		0.52		1.04		0.94
Diluted EPS Computation:
Numerator:
Net income, Class A	$	3,935	$	3,727	$	7,437	$	6,702
Net income, Class B		1,091		1,044		2,065		1,877
Total net income, for diluted EPS, Class A computation		5,026		4,771		9,502		8,579
Denominator:
Weighted average shares outstanding, basic, Class A		3,574,379		3,556,474		3,571,963		3,553,734
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Dilutive effect of Class A stock options		795		476		1,162		686
Weighted average shares outstanding diluted, Class A		5,557,354		5,548,830		5,557,655		5,547,237
Weighted average shares outstanding, Class B		1,982,180		1,991,880		1,984,530		1,992,817
Diluted EPS, Class A	$	0.90	$	0.86	$	1.71	$	1.55
Diluted EPS, Class B		0.55		0.52		1.04		0.94

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Securities Available-for-Sale

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Securities Available-for-Sale

Note 4. Securities Available-for-Sale

	June 30, 2013								December 31, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	( In thousands)
U.S. Treasury	$	1,996	$	—	$	4	$	1,992	$	2,000	$	4	$	—	$	2,004
U.S. Government Sponsored Enterprises		254,944		—		8,612		246,332		130,048		360		68		130,340
Small Business Administration		7,760		107		—		7,867		8,043		113		—		8,156
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		1,244,471		8,774		16,331		1,236,914		1,212,953		20,816		412		1,233,357
Privately Issued Residential Mortgage Backed Securities		2,651		9		7		2,653		2,938		31		22		2,947
Obligations Issued by States and Political Subdivisions		54,367		25		724		53,668		55,855		41		722		55,174
Other Debt Securities		2,300		—		106		2,194		2,300		—		47		2,253
Equity Securities		447		149		—		596		458		112		—		570
Total	$	1,568,936	$	9,064	$	25,784	$	1,552,216	$	1,414,595	$	21,477	$	1,271	$	1,434,801

Included in U.S. Government Sponsored Enterprise Securities and U.S. Government Agency and Sponsored Enterprise Mortgage-Backed Securities are securities at fair value pledged to secure public deposits and repurchase agreements amounting to $741,202,000 and $665,028,000 at June 30, 2013 and December 31, 2012, respectively. Also included in securities available-for-sale are securities pledged for borrowing at the Federal Home Loan Bank of Boston amounting to $308,654,000 and $220,313,000 at June 30, 2013 and December 31, 2012, respectively. The Company realized gross gains of $1,664,000 from the proceeds of $163,593,000 from the sales of available-for-sale securities for the six months ended June 30, 2013. The Company realized gross gains of $590,000 from the proceeds of $233,002,000 from the sales of available-for-sale securities for the six months ended June 30, 2012.

Debt securities of Government Sponsored Enterprises primarily refer to debt securities of Fannie Mae and Freddie Mac.

The following table shows the maturity distribution of the Company’s securities available-for-sale at June 30, 2013.

	Amortized Cost		Fair Value
	( In thousands)
Within one year	$	55,219	$	55,325
After one but within five years		753,219		755,445
After five but within ten years		747,073		728,512
More than 10 years		11,478		10,945
Non-maturing		1,947		1,989
Total	$	1,568,936	$	1,552,216

The weighted average remaining life of investment securities available-for-sale at June 30, 2013 was 5.1 years. Included in the weighted average remaining life calculation at June 30, 2013 was $209,956,000 of U.S. Government Sponsored Enterprises obligations that are callable at the discretion of the issuer. These call dates were not utilized in computing the weighted average remaining life. The contractual maturities, which were used in the table above, of mortgage-backed securities will differ from the actual maturities, due to the ability of the issuers to prepay underlying obligations.

As of June 30, 2013 and December 31, 2012, management concluded that the unrealized losses of its investment securities are temporary in nature since they are not related to the underlying credit quality of the issuers, and the Company does not intend to sell these debt securities and it is not more likely than not that it will be required to sell these debt securities before the anticipated recovery of its remaining amortized cost. In making its other-than-temporary impairment evaluation, the Company considered the fact that the principal and interest on these securities are from issuers that are investment grade. The change in the unrealized losses on the state and municipal securities and the nonagency mortgage-backed securities was primarily caused by changes in credit spreads and liquidity issues in the marketplace.

The unrealized loss on U.S. Government Agency and Sponsored Enterprises Mortgage-Backed Securities related primarily to interest rates and not credit quality, and because the Company does not intend to sell any of these securities and it is not more likely than not that it will be required to sell these securities before the anticipated recovery of the remaining amortized cost, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2013 and December 31, 2012.

In evaluating the underlying credit quality of a security, management considers several factors such as the credit rating of the obligor and the issuer, if applicable. Internal reviews of issuer financial statements are performed as deemed necessary. In the case of privately issued mortgage-backed securities, the performance of the underlying loans is analyzed as deemed necessary to determine the estimated future cash flows of the securities. Factors considered include the level of subordination, current and

estimated future default rates, current and estimated prepayment rates, estimated loss severity rates, geographic concentrations and origination dates of underlying loans. In the case of marketable equity securities, the severity of the unrealized loss, the length of time the unrealized loss has existed, and the issuer’s financial performance are considered.

The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at June 30, 2013. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 131 and 4 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 456 holdings at June 30, 2013.

	June 30, 2013
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Government Sponsored Enterprises	$	248,324	$	8,616	$	—	$	—	$	248,324	$	8,616
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		640,699		16,313		2,302		18		643,001		16,331
Privately Issued Residential Mortgage Backed Securities		1,735		7		—		—		1,735		7
Obligations Issued by States and Political Subdivisions		—		—		3,963		724		3,963		724
Other Debt Securities		—		—		1,394		106		1,394		106
Total temporarily impaired securities	$	890,758	$	24,936	$	7,659	$	848	$	898,417	$	25,784

The following table shows the temporarily impaired securities of the Company’s available-for-sale portfolio at December 31, 2012. This table shows the unrealized market loss of securities that have been in a continuous unrealized loss position for 12 months or less and a continuous loss position for 12 months and longer. There are 20 and 7 securities that are temporarily impaired for less than 12 months and for 12 months or longer, respectively, out of a total of 458 holdings at December 31, 2012.

	December 31, 2012
	Less than 12 months				12 months or longer				Total
Temporarily Impaired Investments	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
U.S. Government Sponsored Enterprises	$	34,967	$	68	$	—	$	—	$	34,967	$	68
U.S. Government Agency and Sponsored Enterprises Mortgage Backed Securities		93,006		383		10,169		29		103,175		412
Privately Issued Residential Mortgage Backed Securities		—		—		1,863		22		1,863		22
Obligations Issued by States and Political Subdivisions		—		—		3,963		722		3,963		722
Other Debt Securities		—		—		1,453		47		1,453		47
Equity Securities		—		—		—		—		—		—
Total temporarily impaired securities	$	127,973	$	451	$	17,448	$	820	$	145,421	$	1,271

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Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Unrealized holding (losses) gains arising during period, taxes	$ 14,372	$ 314
Realized net gains	1,664	590
Pension liability adjustment, taxes	$ 231	$ 216
Conversion of class B common stock to class A common stock, shares	4,700	2,500
Stock option exercised, shares	1,600	5,712
Class A Common Stock [Member]
Cash dividends paid, per share	$ 0.24	$ 0.24
Class B Common Stock [Member]
Cash dividends paid, per share	$ 0.12	$ 0.12

XML

Employee Benefits - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
	Mar. 31, 2013	Jun. 30, 2013
Compensation And Retirement Disclosure [Abstract]
Number of years service to participate in supplemental plan		1 year
Expected contribution to pension plan in current fiscal year		$ 1,800,000
Current fiscal year contribution to pension plan		900,000
Expected contribution to pension plan in remainder of current fiscal year		900,000
Additional amount contributed to pension plan to reduce variable annual premiums	$ 2,819,000

XML

Allowance for Loan Losses - Information Pertaining to Impaired Loans (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Financing Receivable, Allowance for Credit Losses [Line Items]
With no required reserve recorded, Carrying Value	$ 594	$ 616	$ 594	$ 616
With no required reserve recorded, Unpaid Balance Principal	623	687	623	687
With no required reserve recorded, Required Reserve
With no required reserve recorded, Average Carrying Value	644	492	683	1,254
With no required reserve recorded, Interest Income Recognized	1		1
With required reserve recorded, Carrying Value	5,640	6,046	5,640	6,046
With required reserve recorded, Unpaid Balance Principal	7,837	8,104	7,837	8,104
With required reserve recorded, Required Reserve	1,539	2,413	1,539	2,413
With required reserve recorded, Average Carrying Value	5,540	6,594	5,429	6,332
With required reserve recorded, Interest Income Recognized	28	70	63	106
Carrying Value	6,234	6,662	6,234	6,662
Unpaid Principal Balance	8,460	8,791	8,460	8,791
With required reserve recorded, Required Reserve	1,539	2,413	1,539	2,413
Average Carrying Value	6,184	7,086	6,112	7,586
Interest Income Recognized	29	70	64	106
Construction and Land Development [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
With no required reserve recorded, Required Reserve
With no required reserve recorded, Average Carrying Value				643
With required reserve recorded, Carrying Value	1,500	1,500	1,500	1,500
With required reserve recorded, Unpaid Balance Principal	3,292	3,292	3,292	3,292
With required reserve recorded, Required Reserve	1,000	1,000	1,000	1,000
With required reserve recorded, Average Carrying Value	1,500	1,500	1,500	857
Carrying Value	1,500	1,500	1,500	1,500
Unpaid Principal Balance	3,292	3,292	3,292	3,292
With required reserve recorded, Required Reserve	1,000	1,000	1,000	1,000
Average Carrying Value	1,500	1,500	1,500	1,500
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
With no required reserve recorded, Carrying Value	206	409	206	409
With no required reserve recorded, Unpaid Balance Principal	235	454	235	454
With no required reserve recorded, Required Reserve
With no required reserve recorded, Average Carrying Value	385	282	451	334
With no required reserve recorded, Interest Income Recognized	1		1
With required reserve recorded, Carrying Value	896	1,919	896	1,919
With required reserve recorded, Unpaid Balance Principal	1,128	2,147	1,128	2,147
With required reserve recorded, Required Reserve	92	871	92	871
With required reserve recorded, Average Carrying Value	866	1,556	856	1,408
With required reserve recorded, Interest Income Recognized	8	12	17	27
Carrying Value	1,102	2,328	1,102	2,328
Unpaid Principal Balance	1,363	2,601	1,363	2,601
With required reserve recorded, Required Reserve	92	871	92	871
Average Carrying Value	1,251	1,838	1,307	1,742
Interest Income Recognized	9	12	18	27
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
With no required reserve recorded, Carrying Value	122	176	122	176
With no required reserve recorded, Unpaid Balance Principal	122	201	122	201
With no required reserve recorded, Required Reserve
With no required reserve recorded, Average Carrying Value	113	178	136	180
With required reserve recorded, Carrying Value	2,243	2,145	2,243	2,145
With required reserve recorded, Unpaid Balance Principal	2,330	2,183	2,330	2,183
With required reserve recorded, Required Reserve	204	450	204	450
With required reserve recorded, Average Carrying Value	2,169	3,056	2,143	3,410
With required reserve recorded, Interest Income Recognized	20	58	46	78
Carrying Value	2,365	2,321	2,365	2,321
Unpaid Principal Balance	2,452	2,384	2,452	2,384
With required reserve recorded, Required Reserve	204	450	204	450
Average Carrying Value	2,282	3,234	2,279	3,590
Interest Income Recognized	20	58	46	78
Residential Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
With no required reserve recorded, Carrying Value	266	31	266	31
With no required reserve recorded, Unpaid Balance Principal	266	32	266	32
With no required reserve recorded, Required Reserve
With no required reserve recorded, Average Carrying Value	146	32	96	97
With required reserve recorded, Carrying Value	905	482	905	482
With required reserve recorded, Unpaid Balance Principal	991	482	991	482
With required reserve recorded, Required Reserve	147	92	147	92
With required reserve recorded, Average Carrying Value	909	482	834	657
With required reserve recorded, Interest Income Recognized				1
Carrying Value	1,171	513	1,171	513
Unpaid Principal Balance	1,257	514	1,257	514
With required reserve recorded, Required Reserve	147	92	147	92
Average Carrying Value	1,055	514	930	754
Interest Income Recognized				1
Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
With no required reserve recorded, Carrying Value
With no required reserve recorded, Unpaid Balance Principal
With no required reserve recorded, Required Reserve
With no required reserve recorded, Average Carrying Value
With no required reserve recorded, Interest Income Recognized
With required reserve recorded, Carrying Value
With required reserve recorded, Unpaid Balance Principal
With required reserve recorded, Required Reserve
With required reserve recorded, Average Carrying Value
With required reserve recorded, Interest Income Recognized
Carrying Value
Unpaid Principal Balance
With required reserve recorded, Required Reserve
Average Carrying Value
Interest Income Recognized
Home Equity [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
With no required reserve recorded, Carrying Value
With no required reserve recorded, Unpaid Balance Principal
With no required reserve recorded, Required Reserve
With no required reserve recorded, Average Carrying Value
With no required reserve recorded, Interest Income Recognized
With required reserve recorded, Carrying Value	96		96
With required reserve recorded, Unpaid Balance Principal	96		96
With required reserve recorded, Required Reserve	96		96
With required reserve recorded, Average Carrying Value	96		96
Carrying Value	96		96
Unpaid Principal Balance	96		96
With required reserve recorded, Required Reserve	96		96
Average Carrying Value	$ 96		$ 96

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Stock Option Accounting - Summary of Stock Option Activity under Stock Option Plan (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Shares under option:
Outstanding at beginning of year, Amount	23,350
Exercised, Amount	(1,600)	(5,712)
Forfeited, Amount	(1,350)
Outstanding at end of period, Amount	20,400
Exercisable at end of period, Amount	20,400
Available to be granted at end of period, Amount	224,884
Outstanding at beginning of year, Weighted Average Exercise Price	$ 31.17
Exercised, Weighted Average Exercise Price	$ 26.68
Forfeited, Weighted Average Exercise Price	$ 26.68
Outstanding at end of period, Weighted Average Exercise Price	$ 31.82
Exercisable at end of period, Weighted Average Exercise Price	$ 31.82

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Fair Values of Financial Instruments

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Fair Values of Financial Instruments

Note 11. Fair Values of Financial Instruments

The following methods and assumptions were used by the Company in estimating fair values of its financial instruments. Excluded from this disclosure are all nonfinancial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments.

Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below.

Securities held-to-maturity: The fair values of these securities were based on quoted market prices, where available, as provided by third-party investment portfolio pricing vendors. If quoted market prices were not available, fair values provided by the vendors were based on quoted market prices of comparable instruments in active markets and/or based on a matrix pricing methodology which employs The Bond Market Association’s standard calculations for cash flow and price/yield analysis, live benchmark bond pricing and terms/condition data available from major pricing sources. Management regards the inputs and methods used by third party pricing vendors to be “Level 2 inputs and methods” as defined in the “fair value hierarchy” provided by FASB.

Loans: For variable-rate loans, that reprice frequently and with no significant change in credit risk, fair values are based on carrying amounts. The fair value of other loans is estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Incremental credit risk for nonperforming loans has been considered.

Time deposits: The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value.

Other borrowed funds: The fair value of other borrowed funds is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other borrowed funds of similar remaining maturities.

Subordinated debentures: The fair value of subordinated debentures is based on the discounted value of contractual cash flows. The discount rate used is estimated based on the rates currently offered for other subordinated debentures of similar remaining maturities.

The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2013 and December 31, 2012. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, short-term investments, FHLBB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable.

					Fair Value Measurements
(in thousands)	Carrying Amount		Estimated  Fair Value		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
June 30, 2013
Financial assets:
Securities held-to-maturity	$	267,613	$	268,802	$	—	$	268,802	$	—
Loans (1)		1,143,232		1,135,920		—		—		1,135,920
Financial liabilities:
Time deposits		466,492		469,342		—		469,342		—
Other borrowed funds		177,144		181,428		—		181,428		—
Subordinated debentures		36,083		41,129		—		—		41,129
December 31, 2012
Financial assets:
Securities held-to-maturity		275,507		281,924		—		281,924		—
Loans (1)		1,092,591		1,124,716		—		—		1,124,716
Financial liabilities:
Time deposits		419,983		424,253		—		424,253		—
Other borrowed funds		195,144		205,481		—		205,481		—
Subordinated debentures		36,083		43,423		—		—		43,423

(1) Comprised of loans (including collateral dependent impaired loans), net of deferred loan costs and the allowance for loan losses.

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Reclassifications Out of Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Income

Note 7. Reclassifications Out of Accumulated Other Comprehensive Income(a)

Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income						Affected Line Item in the Statement Where Net Income is Presented
	Three months ended June 30, 2013			Six months ended June 30, 2013
	(in thousands)
Unrealized gains and losses on available-for-sale securities
	$	781		$	1,664		Net Gains on sales of investments
		(302	)		(652	)	Provision for income taxes
	$	479		$	1,012		Net Income
Amortization of defined benefit pension items
Prior-service costs	$	(3	)	$	(6	)	Salaries and employee benefits (b)
Actuarial gains (losses)		(287	)		(574	)	Salaries and employee benefits (b)
Total before tax		(290	)		(580	)	Income before taxes
Tax (expense) or benefit		116			233		Provision for income taxes
Net of tax	$	(174	)	$	(347	)	Net income
Total reclassifications for the period	$	305		$	665		Net income

(a) Amounts in parentheses indicate debits to profit/loss.

(b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see employee benefits footnote (Note 9) for additional details).

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Stock Option Accounting (Tables)

6 Months Ended

Jun. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity under Stock Option Plan

Stock option activity under the Company’s stock option plan for the six months ended June 30, 2013 is as follows:

	Amount			Weighted Average Exercise Price
Shares under option:
Outstanding at beginning of year		23,350		$	31.17
Exercised		(1,600	)		26.68
Forfeited		(1,350	)		26.68
Outstanding at end of period		20,400		$	31.82
Exercisable at end of period		20,400		$	31.82
Available to be granted at end of period		224,884

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Recent Accounting Developments

6 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Developments

Note 12. Recent Accounting Developments

In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about offsetting assets and liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Company implemented the provisions of ASU 2011-11 as of January 1, 2013. The adoption of this pronouncement did not have a material effect on the consolidated financial statements.

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income or as a separate disclosure in the notes to the financial statements. The new standard is effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. The Company has presented a separate footnote (Note 7) as a result of this pronouncement.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Jul. 31, 2013 Class A Common Stock [Member]	Jul. 31, 2013 Class B Common Stock [Member]
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Entity Registrant Name	CENTURY BANCORP INC
Entity Central Index Key	0000812348
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		3,574,404	1,982,180

XML

Fair Value Measurements (Policies)

6 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Fair Value Measurements and Disclosures

The Company follows FASB ASC 820-10, Fair Value Measurements and Disclosures, (formerly SFAS 157, “Fair Value Measurements,”) which among other things, requires enhanced disclosures about assets and liabilities carried at fair value. ASC 820-10 establishes a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring financial instruments at fair value. The three broad levels of the hierarchy are as follows:

Level I – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The type of financial instruments included in Level I are highly liquid cash instruments with quoted prices such as G-7 government, agency securities, listed equities and money market securities, as well as listed derivative instruments.

Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Instruments which are generally included in this category are corporate bonds and loans, mortgage whole loans, municipal bonds and OTC derivatives.

Level III – Instruments that have little to no pricing observability as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Instruments that are included in this category generally include certain commercial mortgage loans, certain private equity investments, distressed debt, non-investment grade residual interests in securitizations, as well as certain highly structured OTC derivative contracts.

Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about offsetting assets and liabilities. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The new standards are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Company implemented the provisions of ASU 2011-11 as of January 1, 2013. The adoption of this pronouncement did not have a material effect on the consolidated financial statements.

Comprehensive Income

In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220) Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income or as a separate disclosure in the notes to the financial statements. The new standard is effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. The Company has presented a separate footnote (Note 7) as a result of this pronouncement.