Other Commitments and Contingencies and Derivatives (Tables)
12 Months Ended
Dec. 31, 2013
Commitments And Contingencies Disclosure [Abstract]  
Loan Commitments Outstanding

A summary of outstanding financial instruments whose contract amounts represent credit risk is as follows:

 

     December 31,  
     2013      2012  
     (In thousands)  

Unadvanced portion of existing loans:

     

Construction

   $ 239,977       $ 166,482   

Home equity line of credit

     37,422         39,698   

Other lines and letters of credit

     104,956         56,174   

Commitments to originate:

     

One- to four-family

     11,592         17,752   

Commercial real estate

     92,526         51,540   

Construction

     83,439         83,078   

Commercial business loans

     39,928         24,355   

Other loans

     3,749         205   
  

 

 

    

 

 

 

Total loan commitments outstanding

   $ 613,589       $ 439,284   
  

 

 

    

 

 

 
Summary Information Regarding the Derivatives

At December 31, 2013, summary information regarding these derivatives is presented below:

 

     Notional Amount      Maturity    Interest Rate Paid    Interest Rate Received    Fair Value  
     (In thousands)  

Customer interest rate swap

   $ 11,268       10/17/33    1 Mo Libor + 175bp    Fixed (4.1052%)    $ 57   

3rd party interest rate swap

     11,268       10/17/33    Fixed (4.1052%)    1 Mo Libor + 175bp      (57)   
Fair Values of Derivative Instruments

The following table presents the fair values of derivative instruments in the balance sheet.

 

     Assets      Liabilities  
     Balance Sheet
Location
   Fair
Value
     Balance Sheet
Location
   Fair
Value
 
     (In thousands)  

December 31, 2013

           

Derivative loan commitments

   Other assets    $ 38       Other liabilities    $ 25   

Forward loan sale commitments

   Other assets      82       Other liabilities      7   

Loan level interest rate swaps

   Other assets      57       Other liabilities      57   
     

 

 

       

 

 

 

Total

      $ 177          $ 89   
     

 

 

       

 

 

 

December 31, 2012

           

Derivative loan commitments

   Other assets    $ 288       N/A    $ —     

Forward loan sale commitments

   N/A      —         Other liabilities      12   
     

 

 

       

 

 

 

Total

      $ 288          $ 12   
     

 

 

       

 

 

 
Derivative Instruments

The following table presents information pertaining to gains (losses) on the Company’s derivative instruments included in the consolidated statement of income.

 

          Years Ended December 31,  

Derivative Instrument

  

Location of Gain/(Loss)

   2013     2012     2011  
          (In thousands)  

Derivative loan commitments

   Mortgage banking gains, net    $ (275   $ (248   $ 536   

Forward loan sale commitments

   Mortgage banking gains, net      87        16        (28
     

 

 

   

 

 

   

 

 

 

Total

      $ (188   $ (232   $ 508