Loans (Tables)

3 Months Ended

Mar. 31, 2015

Loans and Leases Receivable Disclosure [Abstract]

The following table shows the composition of the Company's loan portfolio as of March 31, 2015 and 2014 and at December 31, 2014:



	March 31, 2015				December 31, 2014				March 31, 2014
Commercial
Real estate	$	242,021,000	25.8	%	$	242,311,000	26.4	%	$	240,187,000	27.7	%
Construction	34,683,000		3.7	%	30,932,000		3.4	%	21,686,000		2.5	%
Other	115,455,000		12.3	%	104,531,000		11.4	%	97,276,000		11.2	%
Municipal	26,277,000		2.8	%	20,424,000		2.2	%	17,790,000		2.0	%
Residential
Term	383,869,000		40.8	%	384,032,000		41.9	%	372,479,000		42.9	%
Construction	13,036,000		1.4	%	12,160,000		1.3	%	12,360,000		1.4	%
Home equity line of credit	104,100,000		11.1	%	103,521,000		11.3	%	92,202,000		10.6	%
Consumer	19,728,000		2.1	%	19,653,000		2.1	%	14,934,000		1.7	%
Total	$	939,169,000	100.0	%	$	917,564,000	100.0	%	$	868,914,000	100.0	%

Past Due Loans Aging

Information on the past-due status of loans by class of financing receivable as of March 31, 2015, is presented in the following table:



	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real estate	$	491,000	$	—	$	307,000	$	798,000	$	241,223,000	$	242,021,000	$	—
Construction	21,000		—		208,000		229,000		34,454,000		34,683,000		—
Other	135,000		2,000		857,000		994,000		114,461,000		115,455,000		—
Municipal	—		—		—		—		26,277,000		26,277,000		—
Residential
Term	3,948,000		1,438,000		2,857,000		8,243,000		375,626,000		383,869,000		100,000
Construction	—		—		—		—		13,036,000		13,036,000		—
Home equity line of credit	488,000		105,000		864,000		1,457,000		102,643,000		104,100,000		—
Consumer	136,000		16,000		85,000		237,000		19,491,000		19,728,000		84,000
Total	$	5,219,000	$	1,561,000	$	5,178,000	$	11,958,000	$	927,211,000	$	939,169,000	$	184,000

Information on the past-due status of loans by class of financing receivable as of December 31, 2014, is presented in the following table:



	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real estate	$	346,000	$	107,000	$	407,000	$	860,000	$	241,451,000	$	242,311,000	$	—
Construction	—		41,000		208,000		249,000		30,683,000		30,932,000		—
Other	336,000		543,000		314,000		1,193,000		103,338,000		104,531,000		—
Municipal	—		—		—		—		20,424,000		20,424,000		—
Residential
Term	1,140,000		2,118,000		3,745,000		7,003,000		377,029,000		384,032,000		101,000
Construction	—		—		—		—		12,160,000		12,160,000		—
Home equity line of credit	621,000		769,000		732,000		2,122,000		101,399,000		103,521,000		—
Consumer	303,000		53,000		80,000		436,000		19,217,000		19,653,000		80,000
Total	$	2,746,000	$	3,631,000	$	5,486,000	$	11,863,000	$	905,701,000	$	917,564,000	$	181,000

Information on the past-due status of loans by class of financing receivable as of March 31, 2014, is presented in the following table:



	30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		All Past Due		Current		Total		90+ Days & Accruing
Commercial
Real estate	$	1,186,000	$	55,000	$	1,121,000	$	2,362,000	$	237,825,000	$	240,187,000	$	—
Construction	—		—		208,000		208,000		21,478,000		21,686,000		—
Other	231,000		231,000		1,384,000		1,846,000		95,430,000		97,276,000		—
Municipal	—		—		—		—		17,790,000		17,790,000		—
Residential
Term	2,557,000		933,000		3,492,000		6,982,000		365,497,000		372,479,000		137,000
Construction	—		—		—		—		12,360,000		12,360,000		—
Home equity line of credit	250,000		40,000		1,046,000		1,336,000		90,866,000		92,202,000		29,000
Consumer	67,000		27,000		57,000		151,000		14,783,000		14,934,000		58,000
Total	$	4,291,000	$	1,286,000	$	7,308,000	$	12,885,000	$	856,029,000	$	868,914,000	$	224,000

Nonaccrual Loans

Information on nonaccrual loans as of March 31, 2015 and 2014 and at December 31, 2014 is presented in the following table:



	March 31, 2015		December 31, 2014		March 31, 2014
Commercial
Real estate	$	1,609,000	$	2,088,000	$	2,835,000
Construction	208,000		208,000		208,000
Other	932,000		935,000		3,008,000
Municipal	—		—		—
Residential
Term	6,514,000		6,421,000		7,103,000
Construction	—		—		—
Home equity line of credit	1,039,000		832,000		1,017,000
Consumer	25,000		26,000		—
Total	$	10,327,000	$	10,510,000	$	14,171,000

Impaired Loans by class of financing receivable

A breakdown of impaired loans by class of financing receivable as of and for the three months ended March 31, 2015, 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	$	9,062,000	$	9,496,000	$	—	$	10,899,000	$	88,000
Construction	—		—		—		—		—
Other	2,305,000		2,411,000		—		2,465,000		16,000
Municipal	—		—		—		—		—
Residential
Term	11,235,000		12,243,000		—		11,136,000		100,000
Construction	—		—		—		—		—
Home equity line of credit	1,363,000		1,958,000		—		1,281,000		8,000
Consumer	25,000		28,000		—		25,000		1,000
	$	23,990,000	$	26,136,000	$	—	$	25,806,000	$	213,000
With an Allowance Recorded
Commercial
Real estate	$	3,643,000	$	3,955,000	$	248,000	$	1,996,000	$	32,000
Construction	1,380,000		1,380,000		396,000		1,372,000		13,000
Other	416,000		1,115,000		347,000		327,000		—
Municipal	—		—		—		—		—
Residential
Term	5,113,000		5,363,000		421,000		5,233,000		53,000
Construction	—		—		—		—		—
Home equity line of credit	291,000		295,000		24,000		387,000		—
Consumer	—		—		—		—		—
	$	10,843,000	$	12,108,000	$	1,436,000	$	9,315,000	$	98,000
Total
Commercial
Real estate	$	12,705,000	$	13,451,000	$	248,000	$	12,895,000	$	120,000
Construction	1,380,000		1,380,000		396,000		1,372,000		13,000
Other	2,721,000		3,526,000		347,000		2,792,000		16,000
Municipal	—		—		—		—		—
Residential
Term	16,348,000		17,606,000		421,000		16,369,000		153,000
Construction	—		—		—		—		—
Home equity line of credit	1,654,000		2,253,000		24,000		1,668,000		8,000
Consumer	25,000		28,000		—		25,000		1,000
	$	34,833,000	$	38,244,000	$	1,436,000	$	35,121,000	$	311,000

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 and for the year ended December 31, 2014, 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	$	11,687,000	$	12,423,000	$	—	$	11,080,000	$	488,000
Construction	—		—		—		30,000		—
Other	2,616,000		3,407,000		—		3,853,000		156,000
Municipal	—		—		—		—		—
Residential
Term	10,820,000		11,824,000		—		10,505,000		402,000
Construction	—		—		—		—		—
Home equity line of credit	1,164,000		1,395,000		—		1,447,000		29,000
Consumer	26,000		28,000		—		11,000		3,000
	$	26,313,000	$	29,077,000	$	—	$	26,926,000	$	1,078,000
With an Allowance Recorded
Commercial
Real estate	$	1,617,000	$	1,789,000	$	346,000	$	3,040,000	$	62,000
Construction	1,380,000		1,380,000		413,000		1,279,000		56,000
Other	326,000		338,000		129,000		1,103,000		13,000
Municipal	—		—		—		—		—
Residential
Term	5,303,000		5,513,000		519,000		5,738,000		239,000
Construction	—		—		—		—		—
Home equity line of credit	923,000		929,000		396,000		318,000		17,000
Consumer	—		—		—		—		—
	$	9,549,000	$	9,949,000	$	1,803,000	$	11,478,000	$	387,000
Total
Commercial
Real estate	$	13,304,000	$	14,212,000	$	346,000	$	14,120,000	$	550,000
Construction	1,380,000		1,380,000		413,000		1,309,000		56,000
Other	2,942,000		3,745,000		129,000		4,956,000		169,000
Municipal	—		—		—		—		—
Residential
Term	16,123,000		17,337,000		519,000		16,243,000		641,000
Construction	—		—		—		—		—
Home equity line of credit	2,087,000		2,324,000		396,000		1,765,000		46,000
Consumer	26,000		28,000		—		11,000		3,000
	$	35,862,000	$	39,026,000	$	1,803,000	$	38,404,000	$	1,465,000

A breakdown of impaired loans by class of financing receivable as of and for the three months ended March 31, 2014, 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	$	11,428,000	$	12,066,000	$	—	$	11,735,000	$	94,000
Construction	208,000		208,000		—		69,000		—
Other	4,214,000		5,910,000		—		5,148,000		24,000
Municipal	—		—		—		—		—
Residential
Term	10,985,000		11,898,000		—		11,325,000		188,000
Construction	—		—		—		—		—
Home equity line of credit	1,473,000		1,716,000		—		1,510,000		6,000
Consumer	—		—		—		—		—
	$	28,308,000	$	31,798,000	$	—	$	29,787,000	$	312,000
With an Allowance Recorded
Commercial
Real estate	$	3,832,000	$	3,992,000	$	1,019,000	$	3,533,000	$	34,000
Construction	1,284,000		1,284,000		276,000		1,284,000		16,000
Other	1,044,000		1,097,000		834,000		1,054,000		4,000
Municipal	—		—		—		—		—
Residential
Term	5,939,000		6,195,000		574,000		5,817,000		65,000
Construction	—		—		—		—		—
Home equity line of credit	180,000		181,000		83,000		122,000		1,000
Consumer	—		—		—		—		—
	$	12,279,000	$	12,749,000	$	2,786,000	$	11,810,000	$	120,000
Total
Commercial
Real estate	$	15,260,000	$	16,058,000	$	1,019,000	$	15,268,000	$	128,000
Construction	1,492,000		1,492,000		276,000		1,354,000		16,000
Other	5,258,000		7,007,000		834,000		6,202,000		28,000
Municipal	—		—		—		—		—
Residential
Term	16,924,000		18,093,000		574,000		17,142,000		253,000
Construction	—		—		—		—		—
Home equity line of credit	1,653,000		1,897,000		83,000		1,631,000		7,000
Consumer	—		—		—		—		—
	$	40,587,000	$	44,547,000	$	2,786,000	$	41,597,000	$	432,000

Troubled Debt Restructurings on Financing Receivables

The following table shows TDRs by class and the specific reserve as of March 31, 2015:



	Number of Loans	Balance		Specific Reserves
Commercial
Real estate	17	$	11,831,000	$	133,000
Construction	1	1,172,000		189,000
Other	13	1,789,000		—
Municipal	—	—		—
Residential
Term	54	10,917,000		351,000
Construction	—	—		—
Home equity line of credit	5	815,000		22,000
Consumer	—	—		—
	90	$	26,524,000	$	695,000

The following table shows TDRs by class and the specific reserve as of December 31, 2014:



	Number of Loans	Balance		Specific Reserves
Commercial
Real estate	19	$	12,282,000	$	267,000
Construction	1	1,172,000		207,000
Other	15	2,007,000		—
Municipal	—	—		—
Residential
Term	54	10,932,000		373,000
Construction	—	—		—
Home equity line of credit	5	821,000		21,000
Consumer	—	—		—
	94	$	27,214,000	$	868,000

The following table shows TDRs by class and the specific reserve as of March 31, 2014:



	Number of Loans	Balance		Specific Reserves
Commercial
Real estate	20	$	12,925,000	$	520,000
Construction	1	1,284,000		277,000
Other	19	2,300,000		103,000
Municipal	—	—		—
Residential
Term	56	11,450,000		346,000
Construction	—	—		—
Home equity line of credit	5	837,000		—
Consumer	—	—		—
	101	$	28,796,000	$	1,246,000

As of March 31, 2015, eight of the loans classified as TDRs with a total balance of $1,121,000 were more than 30 days past due. None of these loans had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of March 31, 2015:



	Number of Loans	Balance		Specific Reserves
Commercial
Real estate	—	$	—	$	—
Construction	—	—		—
Other	—	—		—
Municipal	—	—		—
Residential
Term	7	920,000		—
Construction	—	—		—
Home equity line of credit	1	201,000		22,000
Consumer	—	—		—
	8	$	1,121,000	$	22,000

As of March 31, 2014, 13 of the loans classified as TDRs with a total balance of $1,915,000 were more than 30 days past due. Of these loans, two loans with an outstanding balance of $301,000 had been placed on TDR status in the previous 12 months. The following table shows these TDRs by class and the associated specific reserves included in the allowance for loan losses as of March 31, 2014:



	Number of Loans	Balance		Specific Reserves
Commercial
Real estate	2	$	307,000	$	5,000
Construction	—	—		—
Other	1	3,000		—
Municipal	—	—		—
Residential
Term	9	1,404,000		66,000
Construction	—	—		—
Home equity line of credit	1	201,000		—
Consumer	—	—		—
	13	$	1,915,000	$	71,000

For the three months ended March 31, 2015, no loans were placed on TDR status. This compares to three loans placed on TDR status with a post-modification outstanding balance of $293,000 for the three months ended March 31, 2014. These were considered TDRs because concessions had been granted to borrowers experiencing financial difficulties. Concessions include reductions in interest rates, principal and/or interest forbearance, payment extensions, or combinations thereof.

The following tables show loans placed on TDR status in the three months ended March 31, 2014, by class of loan and the associated specific reserve included in the allowance for loan losses as of March 31, 2014:



For the three months ended March 31, 2014	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Specific Reserves
Commercial
Real estate	—	$	—	$	—	$	—
Construction	—	—		—		—
Other	—	—		—		—
Municipal	—	—		—		—
Residential
Term	3	349,000		293,000		3,000
Construction	—	—		—		—
Home equity line of credit	—	—		—		—
Consumer	—	—		—		—
	3	$	349,000	$	293,000	$	3,000