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Loans
 3 Months Ended
Mar. 31, 2012
Loans [Abstract]  
Loans

Note 3 - Loans

The following table shows the composition of the Company's loan portfolio as of March 31, 2012 and 2011 and at December 31, 2011:

   
March 31, 2012
  
December 31, 2011
  
March 31, 2011
 
Commercial
                  
   Real estate
 $254,708,000   29.3% $255,424,000   29.5% $263,800,000   29.5%
   Construction
  30,828,000   3.5%  32,574,000   3.8%  29,316,000   3.3%
   Other
  85,467,000   9.8%  86,982,000   10.1%  101,762,000   11.4%
Municipal
  15,961,000   1.8%  16,221,000   1.9%  20,834,000   2.3%
Residential
                        
   Term
  358,394,000   41.2%  341,286,000   39.5%  340,841,000   38.1%
   Construction
  6,451,000   0.7%  10,469,000   1.2%  13,370,000   1.5%
Home equity line of credit
  103,372,000   11.9%  105,244,000   12.1%  106,172,000   11.8%
Consumer
  15,711,000   1.8%  16,788,000   1.9%  18,589,000   2.1%
Total
 $870,892,000   100.0% $864,988,000   100.0% $894,684,000   100.0%

Loan balances include net deferred loan costs of $1,520,000 as of March 31, 2012 and $1,386,000 as of December 31, 2011, and $1,366,000 as of March 31, 2011. Pursuant to collateral agreements, qualifying first mortgage loans, which were valued at $229,448,000 at March 31, 2012, $211,597,000 at December 31, 2011, and $201,069,000 at March 31, 2011, were used to collateralize borrowings from the Federal Home Loan Bank of Boston. In addition, commercial, construction and home equity loans totaling $227,022,000 at March 31, 2012, $218,417,000 at December 31, 2011, and $346,424,000 at March 31, 2011, were used to collateralize a standby line of credit at the Federal Reserve Bank of Boston that is currently unused.
Loans on non-accrual status totaled $24,438,000 at March 31, 2012, $27,806,000 at December 31, 2011 and $22,498,000 at March 31, 2011. Loans past due 90 days or greater which are accruing interest totaled $1,955,000 at March 31, 2012, $1,170,000 at December 31, 2011 and $291,000 at March 31, 2011. The Company continues to accrue interest on these loans because it believes collection of principal and interest is reasonably assured.



Information on the past-due status of loans by class of financing receivable as of March 31, 2012, is presented in the following table:

   
30-89 Days
Past Due
  
90+ Days
Past Due
  
All
Past Due
  
Current
  
Total
  
90+ Days
& Accruing
 
Commercial
                  
   Real estate
 $623,000  $4,526,000  $5,149,000  $249,559,000  $254,708,000  $1,025,000 
   Construction
  1,951,000   35,000   1,986,000   28,842,000   30,828,000   - 
   Other
  1,578,000   1,869,000   3,447,000   82,020,000   85,467,000   563,000 
Municipal
  -   -   -   15,961,000   15,961,000   - 
Residential
                        
   Term
  3,324,000   9,299,000   12,623,000   345,771,000   358,394,000   359,000 
   Construction
  492,000   1,454,000   1,946,000   4,505,000   6,451,000   - 
Home equity line of credit
  86,000   1,156,000   1,242,000   102,130,000   103,372,000   - 
Consumer
  173,000   8,000   181,000   15,530,000   15,711,000   8,000 
Total
 $8,227,000  $18,347,000  $26,574,000  $844,318,000  $870,892,000  $1,955,000 

Information on the past-due status of loans by class of financing receivable as of December 31, 2011, is presented in the following table:

   
30-89 Days
Past Due
  
90+ Days
Past Due
  
All
Past Due
  
Current
  
Total
  
90+ Days
& Accruing
 
Commercial
                  
   Real estate
 $2,872,000  $3,992,000  $6,864,000  $248,560,000  $255,424,000  $- 
   Construction
  174,000   1,603,000   1,777,000   30,797,000   32,574,000   - 
   Other
  1,431,000   1,192,000   2,623,000   84,359,000   86,982,000   52,000 
Municipal
  -   -   -   16,221,000   16,221,000   - 
Residential
                        
   Term
  3,331,000   8,843,000   12,174,000   329,112,000   341,286,000   1,118,000 
   Construction
  -   1,198,000   1,198,000   9,271,000   10,469,000   - 
Home equity line of credit
  480,000   1,134,000   1,614,000   103,630,000   105,244,000   - 
Consumer
  331,000   16,000   347,000   16,441,000   16,788,000   - 
Total
 $8,619,000  $17,978,000  $26,597,000  $838,391,000  $864,988,000  $1,170,000 

Information on the past-due status of loans by class of financing receivable as of March 31, 2011, is presented in the following table:

   
30-89 Days
Past Due
  
90+ Days
Past Due
  
All
Past Due
  
Current
  
Total
  
90+ Days & Accruing
 
Commercial
                  
   Real estate
 $682,000  $6,431,000  $7,113,000  $256,687,000  $263,800,000  $270,000 
   Construction
  65,000   256,000   321,000   28,995,000   29,316,000   - 
   Other
  858,000   563,000   1,421,000   100,341,000   101,762,000   2,000 
Municipal
  -   -   -   20,834,000   20,834,000   - 
Residential
                        
   Term
  5,456,000   8,623,000   14,079,000   326,762,000   340,841,000   - 
   Construction
  -   2,247,000   2,247,000   11,123,000   13,370,000   - 
Home equity line of credit
  759,000   604,000   1,363,000   104,809,000   106,172,000   - 
Consumer
  250,000   19,000   269,000   18,320,000   18,589,000   19,000 
Total
 $8,070,000  $18,743,000  $26,813,000  $867,871,000  $894,684,000  $291,000 

For all classes, loans are placed on non-accrual status when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement or when principal and interest is 90 days or more past due unless the loan is both well secured and in the process of collection (in which case the loan may continue to accrue interest in spite of its past due status). A loan is "well secured" if it is secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. A loan is "in the process of collection" if collection of the loan is proceeding in due course either (1) through legal action, including judgment enforcement procedures, or, (2) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future.
Information on nonaccrual loans as of March 31, 2012 and 2011 and at December 31, 2011 is presented in the following table:

   
March 31, 2012
  
December 31, 2011
  
March 31, 2011
 
Commercial
         
   Real estate
 $7,160,000  $7,064,000  $7,482,000 
   Construction
  946,000   2,350,000   813,000 
   Other
  2,634,000   5,784,000   1,615,000 
Municipal
  -   -   - 
Residential
            
   Term
  10,893,000   10,194,000   9,632,000 
   Construction
  1,454,000   1,198,000   2,247,000 
Home equity line of credit
  1,336,000   1,163,000   604,000 
Consumer
  15,000   53,000   105,000 
Total
 $24,438,000  $27,806,000  $22,498,000 

Impaired loans include restructured loans and loans placed on non-accrual status when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. These loans are measured at the present value of expected future cash flows discounted at the loan's effective interest rate or at the fair value of the collateral if the loan is collateral dependent. If the measure of an impaired loan is lower than the recorded investment in the loan and estimated selling costs, a specific reserve is established for the difference.




A breakdown of impaired loans by class of financing receivable as of March 31, 2012, is presented in the following table:

   
Recorded Investment
  
Unpaid
Principal Balance
  
Related Allowance
  
Average
Recorded Investment
  
Recognized Interest
Income
 
With No Related Allowance
 
Commercial
               
   Real estate
 $10,704,000  $10,704,000  $-  $8,445,000  $40,000 
   Construction
  1,362,000   1,362,000   -   2,983,000   13,000 
   Other
  2,811,000   2,811,000   -   2,981,000   8,000 
Municipal
  -   -   -   -   - 
Residential
                  - 
   Term
  9,930,000   9,930,000   -   10,001,000   30,000 
   Construction
  1,120,000   1,120,000   -   718,000   - 
Home equity line of credit
  774,000   774,000   -   776,000   - 
Consumer
  -   -   -   12,000   - 
   $26,701,000  $26,701,000  $-  $25,916,000  $91,000 
With an Allowance Recorded
 
Commercial
                    
   Real estate
 $3,591,000  $3,591,000  $944,000  $4,278,000  $10,000 
   Construction
  731,000   731,000   117,000   597,000   - 
   Other
  1,075,000   1,075,000   480,000   2,223,000   5,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  8,124,000   8,124,000   592,000   7,449,000   59,000 
   Construction
  334,000   334,000   49,000   598,000   - 
Home equity line of credit
  562,000   562,000   156,000   519,000   - 
Consumer
  15,000   15,000   10,000   15,000   - 
   $14,432,000  $14,432,000  $2,348,000  $15,679,000  $74,000 
Total
                    
Commercial
                    
   Real estate
 $14,295,000  $14,295,000  $944,000  $12,723,000  $50,000 
   Construction
  2,093,000   2,093,000   117,000   3,580,000   13,000 
   Other
  3,886,000   3,886,000   480,000   5,204,000   13,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  18,054,000   18,054,000   592,000   17,450,000   89,000 
   Construction
  1,454,000   1,454,000   49,000   1,316,000   - 
Home equity line of credit
  1,336,000   1,336,000   156,000   1,295,000   - 
Consumer
  15,000   15,000   10,000   27,000   - 
   $41,133,000  $41,133,000  $2,348,000  $41,595,000  $165,000 

Substantially all interest income recognized on impaired loans for all classes of financing receivables was recognized on a cash basis as received.



A breakdown of impaired loans by class of financing receivable as of December 31, 2011, is presented in the following table:

   
Recorded Investment
  
Unpaid
Principal Balance
  
Related Allowance
  
Average
Recorded Investment
  
Recognized Interest
Income
 
With No Related Allowance
 
Commercial
               
   Real estate
 $5,584,000  $5,584,000  $-  $5,212,000  $23,000 
   Construction
  5,172,000   5,172,000   -   1,071,000   143,000 
   Other
  6,022,000   6,022,000   -   1,919,000   28,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  9,875,000   9,875,000   -   9,493,000   54,000 
   Construction
  468,000   468,000   -   961,000   - 
Home equity line of credit
  739,000   739,000   -   646,000   - 
Consumer
  37,000   37,000   -   39,000   - 
   $27,897,000  $27,897,000  $-  $19,341,000  $248,000 
With an Allowance Recorded
 
Commercial
                    
   Real estate
 $4,557,000  $4,557,000  $808,000  $2,307,000  $103,000 
   Construction
  530,000   530,000   33,000   247,000   - 
   Other
  1,020,000   1,020,000   402,000   681,000   19,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  6,946,000   6,946,000   478,000   5,628,000   228,000 
   Construction
  730,000   730,000   235,000   244,000   - 
Home equity line of credit
  424,000   424,000   91,000   272,000   - 
Consumer
  16,000   16,000   11,000   57,000   - 
   $14,223,000  $14,223,000  $2,058,000  $9,436,000  $350,000 
Total
                    
Commercial
                    
   Real estate
 $10,141,000  $10,141,000  $808,000  $7,519,000  $126,000 
   Construction
  5,702,000   5,702,000   33,000   1,318,000   143,000 
   Other
  7,042,000   7,042,000   402,000   2,600,000   47,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  16,821,000   16,821,000   478,000   15,121,000   282,000 
   Construction
  1,198,000   1,198,000   235,000   1,205,000   - 
Home equity line of credit
  1,163,000   1,163,000   91,000   918,000   - 
Consumer
  53,000   53,000   11,000   96,000   - 
   $42,120,000  $42,120,000  $2,058,000  $28,777,000  $598,000 




A breakdown of impaired loans by class of financing receivable as of March 31, 2011, is presented in the following table:

   
Recorded Investment
  
Unpaid
Principal Balance
  
Related Allowance
  
Average
Recorded Investment
  
Recognized Interest
Income
 
With No Related Allowance
 
Commercial
               
   Real estate
 $5,354,000  $5,354,000  $-  $4,557,000  $6,000 
   Construction
  813,000   813,000   -   442,000   36,000 
   Other
  1,033,000   1,033,000   -   1,173,000   7,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  8,907,000   8,907,000   -   8,120,000   14,000 
   Construction
  1,672,000   1,672,000   -   2,948,000   - 
Home equity line of credit
  373,000   373,000   -   317,000   - 
Consumer
  39,000   39,000   -   42,000   - 
   $18,191,000  $18,191,000  $-  $17,599,000  $63,000 
With an Allowance Recorded
 
Commercial
                    
   Real estate
 $2,128,000  $2,128,000  $593,000  $2,260,000  $26,000 
   Construction
  -   -   -   453,000   - 
   Other
  571,000   571,000   326,000   549,000   5,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  5,041,000   5,041,000   381,000   5,533,000   57,000 
   Construction
  576,000   576,000   106,000   192,000   - 
Home equity line of credit
  231,000   231,000   139,000   231,000   - 
Consumer
  76,000   76,000   76,000   73,000   - 
   $8,623,000  $8,623,000  $1,621,000  $9,291,000  $88,000 
Total
                    
Commercial
                    
   Real estate
 $7,482,000  $7,482,000  $593,000  $6,817,000  $32,000 
   Construction
  813,000   813,000   -   895,000   36,000 
   Other
  1,604,000   1,604,000   326,000   1,722,000   12,000 
Municipal
  -   -   -   -   - 
Residential
                    
   Term
  13,948,000   13,948,000   381,000   13,653,000   71,000 
   Construction
  2,248,000   2,248,000   106,000   3,140,000   - 
Home equity line of credit
  604,000   604,000   139,000   548,000   - 
Consumer
  115,000   115,000   76,000   115,000   - 
   $26,814,000  $26,814,000  $1,621,000  $26,890,000  $151,000