Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'WAYNE SAVINGS BANCSHARES INC /DE/ | ' |
Entity Central Index Key | '0001036030 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity a Well-known Seasoned Issuer | 'No | ' |
Entity a Voluntary Filer | 'No | ' |
Entity's Reporting Status Current | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 2,821,839 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $9,253 | $7,751 |
Interest-bearing deposits | 3,596 | 5,630 |
Cash and cash equivalents | 12,849 | 13,381 |
Available-for-sale securities | 108,017 | 103,625 |
Held-to-maturity securities | 6,561 | 6,623 |
Loans, net of allowance for loan losses of $2,731 and $2,819 at September 30, 2014 and December 31, 2013, respectively | 261,042 | 261,130 |
Premises and equipment | 6,758 | 6,692 |
Federal Home Loan Bank stock | 4,226 | 5,025 |
Foreclosed assets held for sale, net | 140 | ' |
Accrued interest receivable | 1,397 | 1,184 |
Bank-owned life insurance | 9,212 | 9,006 |
Goodwill | 1,719 | 1,719 |
Other intangible assets | ' | 38 |
Other assets | 1,658 | 1,810 |
Prepaid federal income taxes | 77 | 60 |
Total assets | 413,656 | 410,293 |
Deposits | ' | ' |
Demand | 86,734 | 85,952 |
Savings and money market | 129,566 | 121,140 |
Time | 130,043 | 130,479 |
Total deposits | 346,343 | 337,571 |
Other short-term borrowings | 6,900 | 7,212 |
Federal Home Loan Bank advances | 16,417 | 22,336 |
Interest payable and other liabilities | 3,201 | 4,257 |
Deferred federal income taxes | 606 | 365 |
Total liabilities | 373,467 | 371,741 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, 500,000 shares of $.10 par value authorized; no shares issued | ' | ' |
Common stock, $.10 par value; authorized 9,000,000 shares; 3,978,731 shares issued | 398 | 398 |
Additional paid-in capital | 35,990 | 35,976 |
Retained earnings | 19,997 | 18,743 |
Shares acquired by ESOP | -435 | -492 |
Accumulated other comprehensive income | 642 | 65 |
Treasury stock, at cost: Common: 1,156,892 and 1,135,292 shares at September 30, 2014 and December 31, 2013, respectively | -16,403 | -16,138 |
Total stockholders' equity | 40,189 | 38,552 |
Total liabilities and stockholders' equity | $413,656 | $410,293 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for loan losses | $2,731 | $2,819 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 9,000,000 | 9,000,000 |
Common stock, shares issued | 3,978,731 | 3,978,731 |
Treasury stock, shares | 1,156,892 | 1,135,292 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest and Dividend Income | ' | ' | ' | ' |
Loans | $2,804 | $2,874 | $8,573 | $8,608 |
Securities | 749 | 633 | 2,312 | 1,921 |
Dividends on Federal Home Loan Bank stock and other | 45 | 54 | 146 | 165 |
Total interest and dividend income | 3,598 | 3,561 | 11,031 | 10,694 |
Interest Expense | ' | ' | ' | ' |
Deposits | 390 | 417 | 1,178 | 1,283 |
Other short-term borrowings | 2 | 3 | 7 | 8 |
Federal Home Loan Bank advances | 108 | 155 | 387 | 460 |
Total interest expense | 500 | 575 | 1,572 | 1,751 |
Net Interest Income | 3,098 | 2,986 | 9,459 | 8,943 |
Provision (Credit) for Loan Losses | 195 | 76 | 282 | -55 |
Net Interest Income After Provision (Credit) for Loan Losses | 2,903 | 2,910 | 9,177 | 8,998 |
Noninterest Income | ' | ' | ' | ' |
Gain on loan sales | 83 | 7 | 192 | 80 |
Gain (loss) on sale of foreclosed assets held for sale | ' | -11 | ' | 6 |
Gain on sale of premises and equipment | ' | ' | 7 | ' |
Earnings on bank-owned life insurance | 75 | 74 | 219 | 221 |
Service fees, charges and other operating | 365 | 324 | 957 | 872 |
Total noninterest income | 523 | 394 | 1,375 | 1,179 |
Noninterest Expense | ' | ' | ' | ' |
Salaries and employee benefits | 1,524 | 1,484 | 4,542 | 4,516 |
Net occupancy and equipment expense | 469 | 508 | 1,491 | 1,462 |
Federal deposit insurance premiums | 68 | 66 | 199 | 206 |
Franchise taxes | 64 | 100 | 193 | 300 |
Provision for impairment on foreclosed assets held for sale | 14 | 26 | 14 | 26 |
Amortization of intangible assets | ' | 23 | 38 | 68 |
Other | 503 | 438 | 1,466 | 1,460 |
Total noninterest expense | 2,642 | 2,645 | 7,943 | 8,038 |
Income Before Federal Income Taxes | 784 | 659 | 2,609 | 2,139 |
Provision for Federal Income Taxes | 177 | 151 | 632 | 562 |
Net Income | 607 | 508 | 1,977 | 1,577 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gains (losses) on available-for-sale securities | -102 | -262 | 875 | -2,314 |
Tax (expense) benefit | 34 | 89 | -298 | 787 |
Other comprehensive income (loss) | -68 | -173 | 577 | -1,527 |
Total comprehensive income | $539 | $335 | $2,554 | $50 |
Basic Earnings Per Share (in dollars per share) | $0.22 | $0.18 | $0.71 | $0.55 |
Diluted Earnings Per Share (in dollars per share) | $0.22 | $0.18 | $0.71 | $0.55 |
Dividends per share (in dollars per share) | $0.09 | $0.08 | $0.26 | $0.23 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net income | $1,977 | $1,577 |
Items not requiring (providing) cash | ' | ' |
Depreciation and amortization | 436 | 442 |
Provision (credit) for loan losses | 282 | -55 |
Amortization of premiums and discounts on securities | 869 | 1,405 |
Amortization of mortgage servicing rights | 29 | 37 |
Amortization of deferred loan origination fees | -76 | -77 |
Amortization of intangible assets | 38 | 68 |
Increase in value of bank owned life insurance | -206 | -211 |
Amortization expense of stock benefit plan | 70 | 61 |
Provision for impairment on foreclosed assets held for sale | 14 | 26 |
Gain on sale of foreclosed assets held for sale | ' | -6 |
Gain on sale of premises and equipment | -7 | ' |
Net gain on sale of loans | -192 | -80 |
Proceeds from sale of loans in secondary market | 5,366 | 6,581 |
Origination of loans for sale in the secondary market | -5,174 | -6,501 |
Deferred income taxes | -56 | 155 |
Changes in | ' | ' |
Accrued interest receivable | -213 | -143 |
Prepaid federal deposit insurance premiums | ' | 529 |
Other assets | 105 | -153 |
Interest payable and other liabilities | -584 | -65 |
Net cash provided by operating activities | 2,678 | 3,590 |
Investing Activities | ' | ' |
Purchases of available-for-sale securities | -20,635 | -24,131 |
Purchase of held-to-maturity securities | ' | -2,988 |
Proceeds from maturities and paydowns of available-for-sale securities | 16,265 | 31,058 |
Proceeds from maturities and paydowns of held-to-maturity securities | 47 | 78 |
Proceeds from Federal Home Loan Bank stock redemption | 799 | ' |
Net change in loans | -272 | -10,048 |
Purchase of premises and equipment | -502 | -142 |
Proceeds from the sale of premises and equipment | 7 | ' |
Proceeds from the sale of foreclosed assets | ' | 311 |
Net cash used in investing activities | -4,291 | -5,862 |
Financing Activities | ' | ' |
Net change in deposits | 8,772 | -1,122 |
Net change in other short-term borrowings | -312 | -561 |
Proceeds from Federal Home Loan Bank advances | 2,741 | 16,490 |
Repayments of Federal Home Loan Bank advances | -8,660 | -14,750 |
Advances by borrowers for taxes and insurance | -472 | -408 |
Dividends on common stock | -723 | -656 |
Treasury stock purchases | -265 | -774 |
Net cash provided in (used in) financing activities | 1,081 | -1,781 |
Change in Cash and Cash Equivalents | -532 | -4,053 |
Cash and Cash Equivalents, Beginning of period | 13,381 | 12,055 |
Cash and Cash Equivalents, End of period | 12,849 | 8,002 |
Supplemental Cash Flows Information | ' | ' |
Interest paid on deposits and borrowings | 1,563 | 1,749 |
Federal income taxes paid | 650 | 325 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ' | ' |
Transfers from loans to foreclosed assets held for sale | 154 | 50 |
Recognition of mortgage servicing rights | 78 | 65 |
Dividends payable | $254 | $231 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
Basis of Presentation [Abstract] | ' | |
Basis of Presentation | ' | |
Note 1: | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements as of September 30, 2014 and for the three and nine months ended September 30, 2014 and 2013, were prepared in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Wayne Savings Bancshares, Inc. (the “Company”) included in the Annual Report on Form 10-K for the year ended December 31, 2013. Reference is made to the accounting policies of the Company described in the Notes to the Consolidated Financial Statements contained in its Annual Report on Form 10-K. | ||
In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included. The results of operations for the three and nine months ended September 30, 2014, are not necessarily indicative of the results which may be expected for the full year. The condensed consolidated balance sheet of the Company as of December 31, 2013, has been derived from the consolidated balance sheet of the Company as of that date. | ||
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended | |
Sep. 30, 2014 | ||
Principles Of Consolidation [Abstract] | ' | |
Principles of Consolidation | ' | |
Note 2: | Principles of Consolidation | |
The accompanying condensed consolidated financial statements include Wayne Savings Bancshares, Inc. and the Company's wholly-owned subsidiary, Wayne Savings Community Bank (“Wayne Savings” or the “Bank”). | ||
Wayne Savings has eleven full-service offices in Wayne, Holmes, Ashland, Medina and Stark counties. All significant intercompany transactions and balances have been eliminated in the consolidation. |
Securities
Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 3: | Securities | ||||||||||||||||||||||||
The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
U.S. government agencies | $ | 128 | $ | 1 | $ | — | $ | 129 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 83,936 | 1,186 | 381 | 84,741 | |||||||||||||||||||||
Private-label collateralized mortgage obligations | 555 | 14 | 1 | 568 | |||||||||||||||||||||
State and political subdivisions | 21,727 | 927 | 75 | 22,579 | |||||||||||||||||||||
Totals | $ | 106,346 | $ | 2,128 | $ | 457 | $ | 108,017 | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale securities | (In thousands) | ||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. government agencies | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 79,901 | 1,177 | 721 | 80,357 | |||||||||||||||||||||
Private-label collateralized mortgage obligations | 675 | 29 | — | 704 | |||||||||||||||||||||
State and political subdivisions | 22,116 | 547 | 236 | 22,427 | |||||||||||||||||||||
Totals | $ | 102,829 | $ | 1,753 | $ | 957 | $ | 103,625 | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Held-to-maturity Securities: | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
U.S. government agencies | $ | 102 | $ | — | $ | — | $ | 102 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 1,347 | 7 | — | 1,354 | |||||||||||||||||||||
State and political subdivisions | 5,112 | 1 | 257 | 4,856 | |||||||||||||||||||||
Totals | $ | 6,561 | $ | 8 | $ | 257 | $ | 6,312 | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity Securities: | (In thousands) | ||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. government agencies | $ | 109 | $ | — | $ | — | $ | 109 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 1,390 | 11 | 21 | 1,380 | |||||||||||||||||||||
State and political subdivisions | 5,124 | — | 492 | 4,632 | |||||||||||||||||||||
Totals | $ | 6,623 | $ | 11 | $ | 513 | $ | 6,121 | |||||||||||||||||
Amortized cost and fair value of available-for-sale securities and held-to-maturity securities at September 30, 2014 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
One to five years | $ | 6,842 | $ | 7,133 | $ | — | $ | — | |||||||||||||||||
Five to ten years | 1,772 | 1,822 | 3,053 | 2,956 | |||||||||||||||||||||
After ten years | 13,241 | 13,753 | 2,161 | 2,002 | |||||||||||||||||||||
21,855 | 22,708 | 5,214 | 4,958 | ||||||||||||||||||||||
Mortgage-backed securities of government sponsored entities | 83,936 | 84,741 | 1,347 | 1,354 | |||||||||||||||||||||
Private-label collateralized mortgage obligations | 555 | 568 | — | — | |||||||||||||||||||||
Totals | $ | 106,346 | $ | 108,017 | $ | 6,561 | $ | 6,312 | |||||||||||||||||
The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $60.0 million and $62.0 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. The total fair value of these investments at September 30, 2014 and December 31, 2013, was $45.4 million and $51.5 million, which represented approximately 40% and 47%, respectively, of the Company's total aggregate amortized cost of the available-for-sale and held-to-maturity investment portfolios. These decreases resulted primarily from changes in market interest rates. | |||||||||||||||||||||||||
Based on an evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the decreases in fair value for these securities are temporary at September 30, 2014. | |||||||||||||||||||||||||
Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. | |||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company's investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Mortgage-backed securities of government sponsored entities | $ | 23,256 | $ | 107 | $ | 15,789 | $ | 274 | $ | 39,045 | $ | 381 | |||||||||||||
Private-label collateralized mortgage obligations | 111 | 1 | — | — | 111 | 1 | |||||||||||||||||||
State and political subdivisions | — | — | 6,285 | 332 | 6,285 | 332 | |||||||||||||||||||
Total temporarily impaired securities | $ | 23,367 | $ | 108 | $ | 22,074 | $ | 606 | $ | 45,441 | $ | 714 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Mortgage-backed securities of government sponsored entities | $ | 36,004 | $ | 575 | $ | 5,330 | $ | 167 | $ | 41,334 | $ | 742 | |||||||||||||
State and political subdivisions | 8,639 | 555 | 1,519 | 173 | 10,158 | 728 | |||||||||||||||||||
Total temporarily impaired securities | $ | 44,643 | $ | 1,130 | $ | 6,849 | $ | 340 | $ | 51,492 | $ | 1,470 |
Credit_Quality_of_Loans_and_th
Credit Quality of Loans and the Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Credit Quality of Loans and the Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Credit Quality of Loans and the Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
Note 4: | Credit Quality of Loans and the Allowance for Loan Losses | ||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, chargeoffs, the allowance for loan losses, any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. | |||||||||||||||||||||||||||||
For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. | |||||||||||||||||||||||||||||
The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well secured and in process of collection. Past due status is determined based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. | |||||||||||||||||||||||||||||
All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current for a period of six months and future payments are reasonably assured. | |||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||||||||||||||||||||||||||||
The allowance for loan losses is evaluated on a regular basis by management and is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||||||||||||||||||||||||||||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical chargeoff experience and expected loss given default derived from the Company's internal risk rating process. Other adjustments may be made to the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | |||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by using the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential loans for impairment measurements, unless such loans are the subject of a restructuring agreement due to financial difficulties of the borrower. | |||||||||||||||||||||||||||||
The risk characteristics of each portfolio segment are as follows: | |||||||||||||||||||||||||||||
Residential Real Estate Loans | |||||||||||||||||||||||||||||
For residential mortgage loans that are secured by one-to-four family residences and are generally owner occupied, the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Home equity loans are typically secured by a subordinate interest in one-to-four family residences. Repayment can also be impacted by changes in property values on residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. | |||||||||||||||||||||||||||||
All Other Mortgage Loans | |||||||||||||||||||||||||||||
All other mortgage loans consist of residential construction loans, nonresidential real estate loans, land loans and multi-family real estate loans. | |||||||||||||||||||||||||||||
Residential construction loan proceeds are disbursed in increments as construction progresses and as inspections warrant. Construction loans are typically structured as permanent one-to-four family loans originated by the Company with a 12-month construction phase. Accordingly, upon completion of the construction phase, there is no change in interest rate or term to maturity of the original construction loan, nor is a new permanent loan originated. These loans are generally owner occupied and the Company generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. | |||||||||||||||||||||||||||||
Nonresidential real estate loans are negotiated on a case-by-case basis. Loans secured by nonresidential real estate generally involve a greater degree of risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by nonresidential real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced, the borrower's ability to repay the loan may be impaired. | |||||||||||||||||||||||||||||
The Company also originates a limited number of land loans secured by individual improved and unimproved lots for future residential construction. In addition, the Company originates loans to commercial customers with land held as the collateral. | |||||||||||||||||||||||||||||
Multi-family real estate loans generally involve a greater degree of credit risk than one-to-four family residential mortgage loans and carry larger loan balances. This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the effects of general economic conditions on income-producing properties, and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by multi-family real estate is typically dependent upon the successful operation of the related real estate property. If the cash flow from the project is reduced, the borrower's ability to repay the loan may be impaired. | |||||||||||||||||||||||||||||
Commercial Business Loans | |||||||||||||||||||||||||||||
Commercial business loans carry a higher degree of risk than one-to-four family residential loans. Such lending typically involves large loan balances concentrated in a single borrower or groups of related borrowers for rental or business properties. In addition, the payment experience on loans secured by income-producing properties is typically dependent on the success of the operation of the related project and thus is typically affected by adverse conditions in the real estate market and in the economy. The Company originates commercial loans generally in the $50,000 to $1,000,000 range with the majority of these loans being under $500,000. Commercial loans are generally underwritten based on the borrower's ability to pay and assets such as buildings, land and equipment are taken as additional loan collateral. Each loan is evaluated for a level of risk and assigned a rating from “1” (the highest quality rating) to “7” (the lowest quality rating). | |||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||
Consumer loans entail greater credit risk than residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by assets that depreciate rapidly, such as automobiles, mobile homes, boats, and recreational vehicles. In such cases, repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and the remaining deficiency often does not warrant further substantial collection efforts against the borrower. In particular, amounts realizable on the sale of repossessed automobiles may be significantly reduced based upon the condition of the automobiles and the lack of demand for used automobiles. | |||||||||||||||||||||||||||||
The following presents by portfolio segment, the activity in the allowance for loan losses for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Three months ended | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
30-Sep-14 | family residential | mortgage | business loans | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 941 | $ | 1,155 | $ | 449 | $ | 4 | $ | 2,549 | |||||||||||||||||||
Provision charged to expense | 336 | (134 | ) | (7 | ) | — | 195 | ||||||||||||||||||||||
Losses charged off | (13 | ) | — | (1 | ) | — | (14 | ) | |||||||||||||||||||||
Recoveries | 1 | — | — | — | 1 | ||||||||||||||||||||||||
Ending balance | $ | 1,265 | $ | 1,021 | $ | 441 | $ | 4 | $ | 2,731 | |||||||||||||||||||
Three months ended | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
30-Sep-13 | family residential | mortgage | business loans | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,239 | $ | 1,557 | $ | 185 | $ | 6 | $ | 2,987 | |||||||||||||||||||
Provision charged to expense | (84 | ) | 150 | 16 | (6 | ) | 76 | ||||||||||||||||||||||
Losses charged off | (30 | ) | — | — | — | (30 | ) | ||||||||||||||||||||||
Recoveries | 8 | — | — | 1 | 9 | ||||||||||||||||||||||||
Ending balance | $ | 1,133 | $ | 1,707 | $ | 201 | $ | 1 | $ | 3,042 | |||||||||||||||||||
Nine months ended September 30, 2014 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family residential | mortgage | business loans | |||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,017 | $ | 1,526 | $ | 271 | $ | 5 | $ | 2,819 | |||||||||||||||||||
Provision charged to expense | 264 | (262 | ) | 281 | (1 | ) | 282 | ||||||||||||||||||||||
Losses charged off | (24 | ) | (260 | ) | (113 | ) | — | (397 | ) | ||||||||||||||||||||
Recoveries | 8 | 17 | 2 | — | 27 | ||||||||||||||||||||||||
Ending balance | $ | 1,265 | $ | 1,021 | $ | 441 | $ | 4 | $ | 2,731 | |||||||||||||||||||
Nine months ended September 30, 2013 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family residential | mortgage loans | business loans | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,122 | $ | 1,925 | $ | 275 | $ | 6 | $ | 3,328 | |||||||||||||||||||
Provision (credit) charged to expense | 71 | (42 | ) | (76 | ) | (8 | ) | (55 | ) | ||||||||||||||||||||
Losses charged off | (68 | ) | (176 | ) | — | (2 | ) | (246 | ) | ||||||||||||||||||||
Recoveries | 8 | — | 2 | 5 | 15 | ||||||||||||||||||||||||
Ending balance | $ | 1,133 | $ | 1,707 | $ | 201 | $ | 1 | $ | 3,042 | |||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on the portfolio segment and impairment method as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Sep-14 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family | mortgage loans | business loans | |||||||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Allowance Balances: | (In thousands) | ||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 520 | $ | 19 | $ | 216 | $ | — | $ | 755 | |||||||||||||||||||
Collectively evaluated for impairment | 745 | 1,002 | 225 | 4 | 1,976 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,265 | $ | 1,021 | $ | 441 | $ | 4 | $ | 2,731 | |||||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,453 | $ | 19 | $ | 216 | $ | — | $ | 3,688 | |||||||||||||||||||
Collectively evaluated for impairment | 165,222 | 84,556 | 14,718 | 2,383 | 266,879 | ||||||||||||||||||||||||
Total balance | $ | 168,675 | $ | 84,575 | $ | 14,934 | $ | 2,383 | $ | 270,567 | |||||||||||||||||||
31-Dec-13 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family | mortgage loans | business loans | |||||||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Allowance Balances: | (In thousands) | ||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 226 | $ | 618 | $ | 65 | $ | — | $ | 909 | |||||||||||||||||||
Collectively evaluated for impairment | 791 | 908 | 206 | 5 | 1,910 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,017 | $ | 1,526 | $ | 271 | $ | 5 | $ | 2,819 | |||||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,411 | $ | 3,661 | $ | 142 | $ | — | $ | 10,214 | |||||||||||||||||||
Collectively evaluated for impairment | 160,317 | 82,434 | 14,773 | 1,110 | 258,634 | ||||||||||||||||||||||||
Total balance | $ | 166,728 | $ | 86,095 | $ | 14,915 | $ | 1,110 | $ | 268,848 | |||||||||||||||||||
Total loans in the above tables do not include deferred loan origination fees of $686 and $682 or loans in process of $6.1 million and $4.2 million, respectively, for September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
The following tables present the credit risk profile of the Bank's loan portfolio based on rating category and payment activity as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Sep-14 | One-to-four family | All other mortgage | Commercial business | Consumer loans | |||||||||||||||||||||||||
residential | loans | loans | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Rating * | |||||||||||||||||||||||||||||
Pass (Risk 1-4) | $ | 158,018 | $ | 81,157 | $ | 14,373 | $ | 2,383 | |||||||||||||||||||||
Special Mention (Risk 5) | 2,721 | 859 | 345 | — | |||||||||||||||||||||||||
Substandard (Risk 6) | 7,936 | 2,559 | 216 | — | |||||||||||||||||||||||||
Total | $ | 168,675 | $ | 84,575 | $ | 14,934 | $ | 2,383 | |||||||||||||||||||||
31-Dec-13 | One-to-four family | All other mortgage | Commercial business | Consumer loans | |||||||||||||||||||||||||
residential | loans | loans | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Rating * | |||||||||||||||||||||||||||||
Pass (Risk 1-4) | $ | 158,518 | $ | 81,362 | $ | 14,328 | $ | 1,108 | |||||||||||||||||||||
Special Mention (Risk 5) | 419 | 1,587 | 445 | — | |||||||||||||||||||||||||
Substandard (Risk 6) | 7,791 | 3,146 | 142 | 2 | |||||||||||||||||||||||||
Total | $ | 166,728 | $ | 86,095 | $ | 14,915 | $ | 1,110 | |||||||||||||||||||||
*Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, where “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. | |||||||||||||||||||||||||||||
Risk 1 is unquestioned credit quality for any credit product. Loans are secured by cash and near cash collateral with immediate access to proceeds. | |||||||||||||||||||||||||||||
Risk 2 is very low risk with strong credit and repayment sources. Borrower is well capitalized in a stable industry, financial ratios exceed peers and financial trends are positive. | |||||||||||||||||||||||||||||
Risk 3 is very favorable risk with highly adequate credit strength and repayment sources. Borrower has good overall financial condition and adequate capitalization. | |||||||||||||||||||||||||||||
Risk 4 is acceptable, average risk with adequate credit strength and repayment sources. Collateral positions must be within Bank policies. | |||||||||||||||||||||||||||||
Risk 5 or “Special Mention,” also known as “watch,” has potential weakness that deserve Management's close attention. This risk includes loans where the borrower has developed financial uncertainties or the borrower is resolving the financial uncertainties. Bank credits have been secured or negotiations will be ongoing to secure further collateral. | |||||||||||||||||||||||||||||
Risk 6 or “Substandard” loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that exhibit a weakening of the borrower's credit strength with limited credit access and all nonperforming loans. | |||||||||||||||||||||||||||||
Risk 7 or “Doubtful” loans are significantly under protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that are likely to experience a loss of some magnitude, but where the amount of the expected loss is not known with enough certainty to allow for an accurate calculation of a loss amount for charge off. This category is considered to be temporary until a chargeoff amount can be reasonably determined. | |||||||||||||||||||||||||||||
The following tables present the Bank's loan portfolio aging analysis for September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Sep-14 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Total Loans | ||||||||||||||||||||||
Days | Days Past | Than 90 | Due | Loans | > 90 Days | ||||||||||||||||||||||||
Past Due | Due | Days | Receivable | and Accruing | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 229 | $ | 329 | $ | 2,691 | $ | 3,249 | $ | 165,426 | $ | 168,675 | $ | 963 | |||||||||||||||
All other mortgage Loans | 62 | — | 152 | 214 | 84,361 | 84,575 | — | ||||||||||||||||||||||
Commercial business loans | — | — | 125 | 125 | 14,809 | 14,934 | — | ||||||||||||||||||||||
Consumer loans | — | — | — | — | 2,383 | 2,383 | — | ||||||||||||||||||||||
Total | $ | 291 | $ | 329 | $ | 2,968 | $ | 3,588 | $ | 266,979 | $ | 270,567 | $ | 963 | |||||||||||||||
31-Dec-13 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Total Loans | ||||||||||||||||||||||
Days | Days Past | Than 90 | Due | Loans | > 90 Days | ||||||||||||||||||||||||
Past Due | Due | Days | Receivable | and Accruing | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 679 | $ | 228 | $ | 624 | $ | 1,531 | $ | 165,197 | $ | 166,728 | $ | — | |||||||||||||||
All other mortgage loans | 150 | 64 | 811 | 1,025 | 85,070 | 86,095 | — | ||||||||||||||||||||||
Commercial business loans | — | — | — | — | 14,915 | 14,915 | — | ||||||||||||||||||||||
Consumer loans | 79 | — | — | 79 | 1,031 | 1,110 | — | ||||||||||||||||||||||
Total | $ | 908 | $ | 292 | $ | 1,435 | $ | 2,635 | $ | 266,213 | $ | 268,848 | $ | — | |||||||||||||||
Nonaccrual loans were comprised of the following at: | |||||||||||||||||||||||||||||
Nonaccrual loans | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 3,111 | $ | 1,851 | |||||||||||||||||||||||||
Nonresidential real estate loans | 152 | 1,045 | |||||||||||||||||||||||||||
All other mortgage loans | — | — | |||||||||||||||||||||||||||
Commercial business loans | 162 | 2 | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total | $ | 3,425 | $ | 2,898 | |||||||||||||||||||||||||
A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when based on current information and events, it is probable the Bank will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming commercial loans but also include loans modified in troubled debt restructurings where concessions have been granted to borrowers experiencing financial difficulties. These concessions could include a reduction in the interest rate on the loan, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection.Information with respect to the Company's impaired loans at September 30, 2014 and December 31, 2013 in combination with activity for the three and nine months ended September 30, 2014 and 2013 is presented below: | |||||||||||||||||||||||||||||
As of September 30, 2014 | Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest Income | Average | Interest | |||||||||||||||||||||||
Balance | Principal | Allowance | Investment in | Recognized | Investment in | Income | |||||||||||||||||||||||
Balance | Impaired | Impaired Loans | Recognized | ||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 1,279 | $ | 1,279 | $ | — | $ | 3,088 | $ | 13 | $ | 4,335 | $ | 38 | |||||||||||||||
All other mortgage loans | — | — | — | 1,180 | — | 1,610 | — | ||||||||||||||||||||||
Commercial business loans | — | — | — | — | — | 38 | — | ||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | 2,174 | 2,174 | 520 | 1,553 | 8 | 1,167 | 26 | ||||||||||||||||||||||
All other mortgage loans | 19 | 19 | 19 | 273 | — | 875 | 1 | ||||||||||||||||||||||
Commercial business loans | 216 | 216 | 216 | 229 | 1 | 146 | 2 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 3,453 | $ | 3,453 | $ | 520 | $ | 4,641 | $ | 21 | $ | 5,502 | $ | 64 | |||||||||||||||
All other mortgage loans | 19 | 19 | 19 | 1,453 | — | 2,486 | 1 | ||||||||||||||||||||||
Commercial business loans | 216 | 216 | 216 | 229 | 1 | 184 | 2 | ||||||||||||||||||||||
$ | 3,688 | $ | 3,688 | $ | 755 | $ | 6,323 | $ | 22 | $ | 8,172 | $ | 67 | ||||||||||||||||
As of December 31, 2013 | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest Income | Average | Interest | |||||||||||||||||||||||
Balance | Principal | Allowance | Investment in | Recognized | Investment in | Income | |||||||||||||||||||||||
Balance | Impaired | Impaired Loans | Recognized | ||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 5,569 | $ | 5,569 | $ | — | $ | 5,785 | $ | 84 | $ | 5,702 | $ | 222 | |||||||||||||||
All other mortgage loans | 2,051 | 2,051 | — | 2,276 | 23 | 2,427 | 72 | ||||||||||||||||||||||
Commercial business loans | 77 | 77 | — | 81 | 1 | 83 | 2 | ||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | 842 | 842 | 226 | 1,208 | 7 | 1,266 | 22 | ||||||||||||||||||||||
All other mortgage loans | 1,610 | 2,076 | 618 | 2,504 | 20 | 2,730 | 56 | ||||||||||||||||||||||
Commercial business loans | 65 | 65 | 65 | 73 | — | 83 | 2 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 6,411 | $ | 6,411 | $ | 226 | $ | 6,993 | $ | 91 | $ | 6,968 | $ | 244 | |||||||||||||||
All other mortgage loans | 3,661 | 4,127 | 618 | 4,780 | 43 | 5,157 | 128 | ||||||||||||||||||||||
Commercial business loans | 142 | 142 | 65 | 154 | 1 | 166 | 4 | ||||||||||||||||||||||
$ | 10,214 | $ | 10,680 | $ | 909 | $ | 11,927 | $ | 135 | $ | 12,291 | $ | 376 | ||||||||||||||||
The interest income recognized in the above tables reflects interest income recognized and is not materially different from the cash basis method. | |||||||||||||||||||||||||||||
All the TDR classifications listed below occurred as concessions were granted to borrowers experiencing financial difficulties. Concessions to borrowers can include exceptions to loan policy including high loan-to-value ratios, no private mortgage insurance (“PMI”) and high debt-to-income ratios, as well as term and rate exceptions. There were no TDR classifications that occurred in the 2014 quarter-to-date period. The TDR classifications that occurred during the 2014 year-to-date period includes capitalizing delinquent real estate taxes and a portion of unpaid late charges, and an extension of the maturity date. In the September 30, 2013 quarter, concessions made to borrowers included exceptions to loan policy including high loan-to-value ratios, no private mortgage insurance (“PMI”) and high debt-to-income ratios. The TDR classifications that occurred in the 2013 year-to-date period, included those concessions listed above for the quarter and an effective interest rate below the market interest rate of similar debt, and an extension of the maturity date. Each TDR has been individually evaluated for impairment with the appropriate specific valuation allowance included in the allowance for loan losses calculation. There were no TDR classifications which defaulted during the twelve month periods ended September 30, 2014 and 2013. The Company considers TDRs that become 90 days or more past due under modified terms as subsequently defaulted. | |||||||||||||||||||||||||||||
Quarter-to-Date | Year-to-Date | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||||||
of loans | modification | modification | of loans | modification | modification | ||||||||||||||||||||||||
Unpaid | Unpaid | Unpaid | Unpaid | ||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Balance | Balance | Balance | Balance | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
All other mortgage loans | — | — | 2 | 1,057 | 1,090 | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
One-to-four family residential loans | 4 | $ | 493 | $ | 517 | 6 | $ | 909 | $ | 933 | |||||||||||||||||||
All other mortgage loans | — | — | 1 | 576 | 576 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Goodwill and Intangible Assets [Abstract] | ' | ||||||||||
Goodwill and Intangible Assets | ' | ||||||||||
Note 5: | Goodwill and Intangible Assets | ||||||||||
The composition of goodwill and other intangible assets, all of which is core deposit intangible, at September 30, 2014 and December 31, 2013: | |||||||||||
30-Sep-14 | December 31, 2013 | ||||||||||
(In thousands) | |||||||||||
Goodwill | $ | 1,719 | $ | 1,719 | |||||||
Other intangible assets – gross | 974 | 974 | |||||||||
Other intangible assets – amortization | (974 | ) | (936 | ) | |||||||
Total | $ | 1,719 | $ | 1,757 | |||||||
The Company recorded amortization relative to intangible assets totaling $38,000 for the nine month period ended September 30, 2014, and $23,000 and $68,000 for the three and nine months ended September 30, 2013 respectively. The amortizing intangible asset was amortized to zero during the second quarter of the current year period, as such there was no related amortization during the quarter ended September 30, 2014. Such amortization was derived using the straight line method for the core deposit asset over ten years. The Company is required to annually test goodwill and other intangible assets for impairment. The Company's testing of goodwill and other intangible assets at December 31, 2013 indicated there was no impairment in the carrying value of these assets. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 6: | Earnings Per Share | ||||||||||||||||
Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the period, less shares in the Company's Employee Stock Ownership Plan (“ESOP”) that are unallocated and not committed to be released. Diluted earnings per common share include the dilutive effect of all additional potential common shares issuable under the Company's stock option plan. The computations are as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted-average common shares outstanding (basic) | 2,777,362 | 2,841,213 | 2,785,348 | 2,871,754 | |||||||||||||
Dilutive effect of assumed exercise of stock options | — | — | — | — | |||||||||||||
Weighted-average common shares outstanding (diluted) | 2,777,362 | 2,841,213 | 2,785,348 | 2,871,754 | |||||||||||||
There were no options outstanding at September 30, 2014 or September 30, 2013. | |||||||||||||||||
During fiscal year 2004, the Company adopted a Stock Option Plan that provided for the issuance of 142,857 incentive options and 61,224 non-incentive options with respect to authorized common stock. At December 31, 2013, all options under the 2004 Plan were expired, and none were outstanding at September 30, 2014. The Company recognized compensation expense related to stock option awards based on the fair value of the option award at the grant date. Compensation cost was recognized over the vesting period. There were no options granted during the three and nine months ended September 30, 2013. There was no compensation expense recognized for the stock option plan during the three and nine months ended September 30, 2013, as all options were fully vested prior to these periods. As of September 30, 2013 there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. The cost was recognized in the fiscal year ended March 31, 2005 when the Company accelerated full vesting of all the stock options at that time. | |||||||||||||||||
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
Note 7: | Regulatory Matters | ||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory–and possibly additional discretionary–actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore the Bank's regulators could require adjustments to regulatory capital not reflected in these financial statements. | |||||||||||||||||||||||||
The Bank must give notice to, or under certain conditions specified by regulation, apply to, the Federal Reserve Bank of Cleveland prior to declaring a dividend to the Company. Under existing regulatory guidance, a dividend is generally permissible without regulatory approval if the institution is considered to be “well capitalized” and the dividend does not exceed current year-to-date net income plus the change in retained earnings for the previous two calendar years. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of Tier I capital to average assets, of Tier 1 capital to risk-weighted assets, and of Total Risk-based capital to risk-weighted assets, all as defined in the regulations. Management believes, as of September 30, 2014, that the Bank met all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
As of September 30, 2014, based on the computations for the call report the Bank is classified as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain capital ratios as set forth in the table below. There are no conditions or events since September 30, 2014 that management believes have changed the Bank's capital classification. | |||||||||||||||||||||||||
The Bank's actual capital amounts and ratios as of September 30, 2014 and December 31, 2013 are presented in the following table. | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Tier I Capital to average assets | $ | 36,427 | 8.8 | % | $ | 16,508 | 4 | % | $ | 20,635 | 5 | % | |||||||||||||
Tier I Capital to risk-weighted assets | 36,427 | 14.3 | % | 10,158 | 4 | % | 15,236 | 6 | % | ||||||||||||||||
Total Risk-based capital to risk-weighted assets | 39,158 | 15.4 | % | 20,315 | 8 | % | 25,394 | 10 | % | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Tier I Capital to average assets | $ | 35,065 | 8.6 | % | $ | 16,372 | 4 | % | $ | 20,465 | 5 | % | |||||||||||||
Tier I Capital to risk-weighted assets | 35,065 | 14.2 | % | 9,866 | 4 | % | 14,798 | 6 | % | ||||||||||||||||
Total Risk-based capital to risk-weighted assets | 37,884 | 15.4 | % | 19,731 | 8 | % | 24,664 | 10 | % |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
Note 8: | Accumulated Other Comprehensive Income | ||||||||||||||||||||
The components of accumulated other comprehensive income, included in stockholders' equity, are as follows: | |||||||||||||||||||||
Gross Unrealized | Net Unrealized | Gross | Tax Effect | Total | |||||||||||||||||
Gains on | Loss for | Unrealized | Accumulated | ||||||||||||||||||
Available-for-sale | Unfunded | Loss for | Other | ||||||||||||||||||
Securities | Status of | Unfunded | Comprehensive | ||||||||||||||||||
Split-dollar | Status of | Income | |||||||||||||||||||
Life Insurance | Defined | ||||||||||||||||||||
Plan Liability | Benefit Plan | ||||||||||||||||||||
(tax-free) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | $ | 1,671 | $ | (58 | ) | $ | (609 | ) | $ | (362 | ) | $ | 642 | ||||||||
December 31, 2013 | $ | 796 | $ | (58 | ) | $ | (609 | ) | $ | (64 | ) | $ | 65 | ||||||||
There were no amounts reclassified out of accumulated other comprehensive income during the three and nine months ended September 30, 2014 or 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 9: | Fair Value Measurements | ||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities | ||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | ||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | ||||||||||||||||||||
Recurring Measurements | |||||||||||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the Company's consolidated balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy. | |||||||||||||||||||||
Available-for-sale Securities | |||||||||||||||||||||
Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. | |||||||||||||||||||||
The following table presents the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
U.S. government agencies | $ | 129 | $ | — | $ | 129 | $ | — | |||||||||||||
Mortgage-backed securities of government sponsored entities | 84,741 | — | 84,741 | — | |||||||||||||||||
Private-label collateralized mortgage obligations | 568 | — | 568 | — | |||||||||||||||||
State and political subdivisions | 22,579 | — | 22,579 | — | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
U.S. government agencies | $ | 137 | $ | — | $ | 137 | $ | — | |||||||||||||
Mortgage-backed securities of government sponsored entities | 80,357 | — | 80,357 | — | |||||||||||||||||
Private-label collateralized mortgage obligations | 704 | — | 704 | — | |||||||||||||||||
State and political subdivisions | 22,427 | — | 22,427 | — | |||||||||||||||||
Nonrecurring Measurements | |||||||||||||||||||||
Certain assets may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. | |||||||||||||||||||||
Collateral-dependent Impaired Loans, Net of ALLL | |||||||||||||||||||||
The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
The Company considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value. Appraisals of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by the office of the Chief Financial Officer. Appraisals are reviewed for accuracy and consistency by the Credit Analyst. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by the office of the Chief Financial Officer by comparison to historical results. | |||||||||||||||||||||
Foreclosed Assets Held for Sale | |||||||||||||||||||||
Foreclosed assets held for sale are carried at the lower of fair value at acquisition date or current estimated fair value, less estimated cost to sell when the real estate is acquired. Estimated fair value of real estate is based on appraisals or evaluations. Foreclosed assets held for sale are classified within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Appraisals of real estate are obtained when the real estate is acquired and subsequently as deemed necessary by the Chief Financial Officer. Appraisals are reviewed internally for accuracy and consistency in accordance with regulatory requirements. Appraisers are selected from the list of approved appraisers maintained by management. | |||||||||||||||||||||
The following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 822 | $ | — | $ | — | $ | 822 | |||||||||||||
Foreclosed assets | 68 | — | — | 68 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 289 | $ | — | $ | — | $ | 289 | |||||||||||||
Unobservable (Level 3) Inputs | |||||||||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements in thousands. | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||||||
(Weighted | |||||||||||||||||||||
Average) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 822 | Market Comparable Properties, less delinquent real estate taxes | N/A | N/A | ||||||||||||||||
Foreclosed assets | 68 | Sales Contract | Selling Costs | 10 | % | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 289 | Present value of cashflows | Discount Rate | 6.22 | % | |||||||||||||||
There were no changes in the inputs or methodologies used to determine fair value at September 30, 2014 as compared to December 31, 2013. | |||||||||||||||||||||
The following table presents estimated fair values of the Company's financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs (Level 3) | |||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,849 | $ | 12,849 | $ | — | $ | — | |||||||||||||
Held-to-maturity securities | 6,561 | — | 6,312 | — | |||||||||||||||||
Loans, net of allowance for loan losses | 261,042 | — | — | 268,602 | |||||||||||||||||
Federal Home Loan Bank stock | 4,226 | — | 4,226 | — | |||||||||||||||||
Interest receivable | 1,397 | — | 1,397 | — | |||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | 346,343 | 31,294 | 291,241 | — | |||||||||||||||||
Other short-term borrowings | 6,900 | — | 6,900 | — | |||||||||||||||||
Federal Home Loan Bank advances | 16,417 | — | 16,498 | — | |||||||||||||||||
Advances from borrowers for taxes and insurance | 633 | — | 633 | — | |||||||||||||||||
Interest payable | 77 | — | 77 | — | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Carrying Amount | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 13,381 | $ | 13,381 | $ | — | $ | — | |||||||||||||
Held-to-maturity securities | 6,623 | — | 6,121 | — | |||||||||||||||||
Loans, net of allowance for loan losses | 261,130 | — | — | 266,530 | |||||||||||||||||
Federal Home Loan Bank stock | 5,025 | — | 5,025 | — | |||||||||||||||||
Interest receivable | 1,184 | — | 1,184 | — | |||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | 337,571 | 30,145 | 275,357 | — | |||||||||||||||||
Other short-term borrowings | 7,212 | — | 7,212 | — | |||||||||||||||||
Federal Home Loan Bank advances | 22,336 | — | 22,801 | — | |||||||||||||||||
Advances from borrowers for taxes and insurance | 1,105 | — | 1,105 | — | |||||||||||||||||
Interest payable | 68 | — | 68 | — | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments. | |||||||||||||||||||||
Cash and Cash Equivalents, Interest Receivable and Federal Home Loan Bank Stock | |||||||||||||||||||||
The carrying amount approximates fair value. | |||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||
The fair value of held-to-maturity securities was estimated by using pricing models that contain market pricing and information, quoted prices of securities with similar characteristics or discounted cash flows that use credit-adjusted discount rates. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
The fair value of loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans with similar characteristics were aggregated for purposes of the calculations. | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Deposits include savings accounts, checking accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||||||
Interest Payable, Other Short-Term Borrowings and Advances From Borrowers for Taxes and Insurance | |||||||||||||||||||||
The carrying amount approximates fair value. | |||||||||||||||||||||
Federal Home Loan Bank Advances | |||||||||||||||||||||
Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value of existing debt. | |||||||||||||||||||||
Commitments to Originate Loans, Letters of Credit and Lines of Credit | |||||||||||||||||||||
The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. Fair values of commitments were not material at September 30, 2014 and December 31, 2013. |
Recent_Accounting_Developments
Recent Accounting Developments | 9 Months Ended |
Sep. 30, 2014 | |
Recent accounting developments [Abstract] | ' |
Recent accounting developments | ' |
Note 10: Recent Accounting Developments | |
FASB ASU 2013-04, Liabilities (Topic 405), Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date in Accounting Standards Update No. 2013-04, issued in February 2013 requires the Company to measure and report on obligations resulting from joint and several liability. This includes the amount the Company has agreed to pay on the basis of its arrangement among its co-obligors, and any additional amount the Company expects to pay on behalf of its co-obligors. The amendments in this update, should be applied retrospectively, and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. This standard did not have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2013-12, Definition of a Public Business Entity, in Accounting Standards Update No. 2013-12, issued in December 2013 improves the United States Generally Accepted Accounting Principles by providing a single definition of public business entity for use in future financial accounting and reporting guidance. This update states that an entity that is required by the Securities and Exchange Commission (SEC) to file or furnish reports to the SEC is considered a public business entity. There is no actual effective date for the amendments in this update. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2014-01, Investments-Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Qualified Affordable Housing Projects in Accounting Standards Update No. 2014-01, issued in January 2014 permits the Company to make an accounting policy election to account for its investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The amendments in this update are effective prospectively for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, and early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, a consensus of the FASB Emerging Issues Task Force, in Accounting Standards Update No. 2014-04, issued in January 2014. The amendments in this update provides clarification on when an in-substance repossession or foreclosure occurs, including when a creditor should be considered to have received physical possession of the residential real estate property collateralizing a consumer mortgage loan, when to derecognize the loan and recognize the foreclosed property. The amendments in this update are effective for public business entities for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this update using either a modified retrospective transition method or a prospective transition method. This standard is not expected to have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2014-06, Technical Corrections and Improvements Related to Glossary Terms, in Accounting Standards Update No. 2014-06, was issued in March 2014. This update contains amendments that affect a wide variety of Topics in the Codification, and represent changes to clarify the Master Glossary of the Codification, consolidate multiple instances of the same term into a single definition, or make improvements to the Master Glossary. The amendments in this update do not have transition guidance and were effective upon issuance for both public and nonpublic entities. This standard did not have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, in Accounting Standards Update No. 2014-08, was issued in April 2014. The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20. A discontinued operation may include a component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The amendments in this update are effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. All businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. This standard is not expected to have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, was issued in June 2014. The amendments in this Update require disclosures for certain transactions comprising a transfer of a financial asset accounted for as a sale and an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. This Update also requires certain disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The accounting changes in this Update are effective for public business entities for the first interim or annual period beginning after December 15, 2014. For public business entities, the disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and for disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This standard is not expected to have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40), Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, was issued in August 2014. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if: the loan has a government guarantee that is not separable from the loan before foreclosure, at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and at the time of foreclosure, any amount of the claim that is determined on the fair basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity should adopt the amendments in this update using either a prospective transition method or a modified retrospective transition method. For prospective transition, an entity should apply the amendments in this update to foreclosures that occur after the date of adoption. For modified retrospective transition, an entity should apply the amendments in this this update by means of a cumulative-effect adjustment (through a reclassification to a separate other receivable) as of the beginning of the annual period for adoption. Prior periods should not be adjusted. This standard is not expected to have a material impact on the Company's consolidated financial statements. | |
FASB ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, was issued in August 2014. The amendments in this update provide guidance in Generally Accepted Accounting Principles (GAAP) about managements' responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This standard is not expected to have a material impact on the Company's consolidated financial statements. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Securities_Tables
Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of available for sale and held to maturity securities | ' | ||||||||||||||||||||||||
The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: | |||||||||||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
U.S. government agencies | $ | 128 | $ | 1 | $ | — | $ | 129 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 83,936 | 1,186 | 381 | 84,741 | |||||||||||||||||||||
Private-label collateralized mortgage obligations | 555 | 14 | 1 | 568 | |||||||||||||||||||||
State and political subdivisions | 21,727 | 927 | 75 | 22,579 | |||||||||||||||||||||
Totals | $ | 106,346 | $ | 2,128 | $ | 457 | $ | 108,017 | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Available-for-sale securities | (In thousands) | ||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. government agencies | $ | 137 | $ | — | $ | — | $ | 137 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 79,901 | 1,177 | 721 | 80,357 | |||||||||||||||||||||
Private-label collateralized mortgage obligations | 675 | 29 | — | 704 | |||||||||||||||||||||
State and political subdivisions | 22,116 | 547 | 236 | 22,427 | |||||||||||||||||||||
Totals | $ | 102,829 | $ | 1,753 | $ | 957 | $ | 103,625 | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Held-to-maturity Securities: | |||||||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||
U.S. government agencies | $ | 102 | $ | — | $ | — | $ | 102 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 1,347 | 7 | — | 1,354 | |||||||||||||||||||||
State and political subdivisions | 5,112 | 1 | 257 | 4,856 | |||||||||||||||||||||
Totals | $ | 6,561 | $ | 8 | $ | 257 | $ | 6,312 | |||||||||||||||||
Amortized | Gross | Gross | Approximate | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Held-to-maturity Securities: | (In thousands) | ||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
U.S. government agencies | $ | 109 | $ | — | $ | — | $ | 109 | |||||||||||||||||
Mortgage-backed securities of government sponsored entities | 1,390 | 11 | 21 | 1,380 | |||||||||||||||||||||
State and political subdivisions | 5,124 | — | 492 | 4,632 | |||||||||||||||||||||
Totals | $ | 6,623 | $ | 11 | $ | 513 | $ | 6,121 | |||||||||||||||||
Schedule of contractual maturity of securities | ' | ||||||||||||||||||||||||
Amortized cost and fair value of available-for-sale securities and held-to-maturity securities at September 30, 2014 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
One to five years | $ | 6,842 | $ | 7,133 | $ | — | $ | — | |||||||||||||||||
Five to ten years | 1,772 | 1,822 | 3,053 | 2,956 | |||||||||||||||||||||
After ten years | 13,241 | 13,753 | 2,161 | 2,002 | |||||||||||||||||||||
21,855 | 22,708 | 5,214 | 4,958 | ||||||||||||||||||||||
Mortgage-backed securities of government sponsored entities | 83,936 | 84,741 | 1,347 | 1,354 | |||||||||||||||||||||
Private-label collateralized mortgage obligations | 555 | 568 | — | — | |||||||||||||||||||||
Totals | $ | 106,346 | $ | 108,017 | $ | 6,561 | $ | 6,312 | |||||||||||||||||
Schedule of securities in a gross unrealized loss position | ' | ||||||||||||||||||||||||
The following table shows the gross unrealized losses and fair value of the Company's investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Mortgage-backed securities of government sponsored entities | $ | 23,256 | $ | 107 | $ | 15,789 | $ | 274 | $ | 39,045 | $ | 381 | |||||||||||||
Private-label collateralized mortgage obligations | 111 | 1 | — | — | 111 | 1 | |||||||||||||||||||
State and political subdivisions | — | — | 6,285 | 332 | 6,285 | 332 | |||||||||||||||||||
Total temporarily impaired securities | $ | 23,367 | $ | 108 | $ | 22,074 | $ | 606 | $ | 45,441 | $ | 714 | |||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Mortgage-backed securities of government sponsored entities | $ | 36,004 | $ | 575 | $ | 5,330 | $ | 167 | $ | 41,334 | $ | 742 | |||||||||||||
State and political subdivisions | 8,639 | 555 | 1,519 | 173 | 10,158 | 728 | |||||||||||||||||||
Total temporarily impaired securities | $ | 44,643 | $ | 1,130 | $ | 6,849 | $ | 340 | $ | 51,492 | $ | 1,470 |
Credit_Quality_of_Loans_and_th1
Credit Quality of Loans and the Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Credit Quality of Loans and the Allowance for Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of allowance for loan losses | ' | ||||||||||||||||||||||||||||
The following presents by portfolio segment, the activity in the allowance for loan losses for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||
Three months ended | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
30-Sep-14 | family residential | mortgage | business loans | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 941 | $ | 1,155 | $ | 449 | $ | 4 | $ | 2,549 | |||||||||||||||||||
Provision charged to expense | 336 | (134 | ) | (7 | ) | — | 195 | ||||||||||||||||||||||
Losses charged off | (13 | ) | — | (1 | ) | — | (14 | ) | |||||||||||||||||||||
Recoveries | 1 | — | — | — | 1 | ||||||||||||||||||||||||
Ending balance | $ | 1,265 | $ | 1,021 | $ | 441 | $ | 4 | $ | 2,731 | |||||||||||||||||||
Three months ended | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
30-Sep-13 | family residential | mortgage | business loans | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,239 | $ | 1,557 | $ | 185 | $ | 6 | $ | 2,987 | |||||||||||||||||||
Provision charged to expense | (84 | ) | 150 | 16 | (6 | ) | 76 | ||||||||||||||||||||||
Losses charged off | (30 | ) | — | — | — | (30 | ) | ||||||||||||||||||||||
Recoveries | 8 | — | — | 1 | 9 | ||||||||||||||||||||||||
Ending balance | $ | 1,133 | $ | 1,707 | $ | 201 | $ | 1 | $ | 3,042 | |||||||||||||||||||
Nine months ended September 30, 2014 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family residential | mortgage | business loans | |||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,017 | $ | 1,526 | $ | 271 | $ | 5 | $ | 2,819 | |||||||||||||||||||
Provision charged to expense | 264 | (262 | ) | 281 | (1 | ) | 282 | ||||||||||||||||||||||
Losses charged off | (24 | ) | (260 | ) | (113 | ) | — | (397 | ) | ||||||||||||||||||||
Recoveries | 8 | 17 | 2 | — | 27 | ||||||||||||||||||||||||
Ending balance | $ | 1,265 | $ | 1,021 | $ | 441 | $ | 4 | $ | 2,731 | |||||||||||||||||||
Nine months ended September 30, 2013 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family residential | mortgage loans | business loans | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,122 | $ | 1,925 | $ | 275 | $ | 6 | $ | 3,328 | |||||||||||||||||||
Provision (credit) charged to expense | 71 | (42 | ) | (76 | ) | (8 | ) | (55 | ) | ||||||||||||||||||||
Losses charged off | (68 | ) | (176 | ) | — | (2 | ) | (246 | ) | ||||||||||||||||||||
Recoveries | 8 | — | 2 | 5 | 15 | ||||||||||||||||||||||||
Ending balance | $ | 1,133 | $ | 1,707 | $ | 201 | $ | 1 | $ | 3,042 | |||||||||||||||||||
The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on the portfolio segment and impairment method as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Sep-14 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family | mortgage loans | business loans | |||||||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Allowance Balances: | (In thousands) | ||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 520 | $ | 19 | $ | 216 | $ | — | $ | 755 | |||||||||||||||||||
Collectively evaluated for impairment | 745 | 1,002 | 225 | 4 | 1,976 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,265 | $ | 1,021 | $ | 441 | $ | 4 | $ | 2,731 | |||||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,453 | $ | 19 | $ | 216 | $ | — | $ | 3,688 | |||||||||||||||||||
Collectively evaluated for impairment | 165,222 | 84,556 | 14,718 | 2,383 | 266,879 | ||||||||||||||||||||||||
Total balance | $ | 168,675 | $ | 84,575 | $ | 14,934 | $ | 2,383 | $ | 270,567 | |||||||||||||||||||
31-Dec-13 | One-to-four | All other | Commercial | Consumer loans | Total | ||||||||||||||||||||||||
family | mortgage loans | business loans | |||||||||||||||||||||||||||
residential | |||||||||||||||||||||||||||||
Allowance Balances: | (In thousands) | ||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 226 | $ | 618 | $ | 65 | $ | — | $ | 909 | |||||||||||||||||||
Collectively evaluated for impairment | 791 | 908 | 206 | 5 | 1,910 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 1,017 | $ | 1,526 | $ | 271 | $ | 5 | $ | 2,819 | |||||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,411 | $ | 3,661 | $ | 142 | $ | — | $ | 10,214 | |||||||||||||||||||
Collectively evaluated for impairment | 160,317 | 82,434 | 14,773 | 1,110 | 258,634 | ||||||||||||||||||||||||
Total balance | $ | 166,728 | $ | 86,095 | $ | 14,915 | $ | 1,110 | $ | 268,848 | |||||||||||||||||||
Schedule of loans receivable by credit risk profile | ' | ||||||||||||||||||||||||||||
The following tables present the credit risk profile of the Bank's loan portfolio based on rating category and payment activity as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Sep-14 | One-to-four family | All other mortgage | Commercial business | Consumer loans | |||||||||||||||||||||||||
residential | loans | loans | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Rating * | |||||||||||||||||||||||||||||
Pass (Risk 1-4) | $ | 158,018 | $ | 81,157 | $ | 14,373 | $ | 2,383 | |||||||||||||||||||||
Special Mention (Risk 5) | 2,721 | 859 | 345 | — | |||||||||||||||||||||||||
Substandard (Risk 6) | 7,936 | 2,559 | 216 | — | |||||||||||||||||||||||||
Total | $ | 168,675 | $ | 84,575 | $ | 14,934 | $ | 2,383 | |||||||||||||||||||||
31-Dec-13 | One-to-four family | All other mortgage | Commercial business | Consumer loans | |||||||||||||||||||||||||
residential | loans | loans | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Rating * | |||||||||||||||||||||||||||||
Pass (Risk 1-4) | $ | 158,518 | $ | 81,362 | $ | 14,328 | $ | 1,108 | |||||||||||||||||||||
Special Mention (Risk 5) | 419 | 1,587 | 445 | — | |||||||||||||||||||||||||
Substandard (Risk 6) | 7,791 | 3,146 | 142 | 2 | |||||||||||||||||||||||||
Total | $ | 166,728 | $ | 86,095 | $ | 14,915 | $ | 1,110 | |||||||||||||||||||||
*Ratings are generally assigned to consumer and residential mortgage loans on a “pass” or “fail” basis, where “fail” results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. | |||||||||||||||||||||||||||||
Risk 1 is unquestioned credit quality for any credit product. Loans are secured by cash and near cash collateral with immediate access to proceeds. | |||||||||||||||||||||||||||||
Risk 2 is very low risk with strong credit and repayment sources. Borrower is well capitalized in a stable industry, financial ratios exceed peers and financial trends are positive. | |||||||||||||||||||||||||||||
Risk 3 is very favorable risk with highly adequate credit strength and repayment sources. Borrower has good overall financial condition and adequate capitalization. | |||||||||||||||||||||||||||||
Risk 4 is acceptable, average risk with adequate credit strength and repayment sources. Collateral positions must be within Bank policies. | |||||||||||||||||||||||||||||
Risk 5 or “Special Mention,” also known as “watch,” has potential weakness that deserve Management's close attention. This risk includes loans where the borrower has developed financial uncertainties or the borrower is resolving the financial uncertainties. Bank credits have been secured or negotiations will be ongoing to secure further collateral. | |||||||||||||||||||||||||||||
Risk 6 or “Substandard” loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that exhibit a weakening of the borrower's credit strength with limited credit access and all nonperforming loans. | |||||||||||||||||||||||||||||
Risk 7 or “Doubtful” loans are significantly under protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that are likely to experience a loss of some magnitude, but where the amount of the expected loss is not known with enough certainty to allow for an accurate calculation of a loss amount for charge off. This category is considered to be temporary until a chargeoff amount can be reasonably determined. | |||||||||||||||||||||||||||||
Aging analysis of loans receivable | ' | ||||||||||||||||||||||||||||
The following tables present the Bank's loan portfolio aging analysis for September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Sep-14 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Total Loans | ||||||||||||||||||||||
Days | Days Past | Than 90 | Due | Loans | > 90 Days | ||||||||||||||||||||||||
Past Due | Due | Days | Receivable | and Accruing | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 229 | $ | 329 | $ | 2,691 | $ | 3,249 | $ | 165,426 | $ | 168,675 | $ | 963 | |||||||||||||||
All other mortgage Loans | 62 | — | 152 | 214 | 84,361 | 84,575 | — | ||||||||||||||||||||||
Commercial business loans | — | — | 125 | 125 | 14,809 | 14,934 | — | ||||||||||||||||||||||
Consumer loans | — | — | — | — | 2,383 | 2,383 | — | ||||||||||||||||||||||
Total | $ | 291 | $ | 329 | $ | 2,968 | $ | 3,588 | $ | 266,979 | $ | 270,567 | $ | 963 | |||||||||||||||
31-Dec-13 | 30-59 | 60-89 | Greater | Total Past | Current | Total | Total Loans | ||||||||||||||||||||||
Days | Days Past | Than 90 | Due | Loans | > 90 Days | ||||||||||||||||||||||||
Past Due | Due | Days | Receivable | and Accruing | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 679 | $ | 228 | $ | 624 | $ | 1,531 | $ | 165,197 | $ | 166,728 | $ | — | |||||||||||||||
All other mortgage loans | 150 | 64 | 811 | 1,025 | 85,070 | 86,095 | — | ||||||||||||||||||||||
Commercial business loans | — | — | — | — | 14,915 | 14,915 | — | ||||||||||||||||||||||
Consumer loans | 79 | — | — | 79 | 1,031 | 1,110 | — | ||||||||||||||||||||||
Total | $ | 908 | $ | 292 | $ | 1,435 | $ | 2,635 | $ | 266,213 | $ | 268,848 | $ | — | |||||||||||||||
Schedule of non-accrual loans | ' | ||||||||||||||||||||||||||||
Nonaccrual loans were comprised of the following at: | |||||||||||||||||||||||||||||
Nonaccrual loans | 30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 3,111 | $ | 1,851 | |||||||||||||||||||||||||
Nonresidential real estate loans | 152 | 1,045 | |||||||||||||||||||||||||||
All other mortgage loans | — | — | |||||||||||||||||||||||||||
Commercial business loans | 162 | 2 | |||||||||||||||||||||||||||
Consumer loans | — | — | |||||||||||||||||||||||||||
Total | $ | 3,425 | $ | 2,898 | |||||||||||||||||||||||||
Schedule of impaired loans | ' | ||||||||||||||||||||||||||||
As of September 30, 2014 | Three months ended September 30, 2014 | Nine months ended September 30, 2014 | |||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest Income | Average | Interest | |||||||||||||||||||||||
Balance | Principal | Allowance | Investment in | Recognized | Investment in | Income | |||||||||||||||||||||||
Balance | Impaired | Impaired Loans | Recognized | ||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 1,279 | $ | 1,279 | $ | — | $ | 3,088 | $ | 13 | $ | 4,335 | $ | 38 | |||||||||||||||
All other mortgage loans | — | — | — | 1,180 | — | 1,610 | — | ||||||||||||||||||||||
Commercial business loans | — | — | — | — | — | 38 | — | ||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | 2,174 | 2,174 | 520 | 1,553 | 8 | 1,167 | 26 | ||||||||||||||||||||||
All other mortgage loans | 19 | 19 | 19 | 273 | — | 875 | 1 | ||||||||||||||||||||||
Commercial business loans | 216 | 216 | 216 | 229 | 1 | 146 | 2 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 3,453 | $ | 3,453 | $ | 520 | $ | 4,641 | $ | 21 | $ | 5,502 | $ | 64 | |||||||||||||||
All other mortgage loans | 19 | 19 | 19 | 1,453 | — | 2,486 | 1 | ||||||||||||||||||||||
Commercial business loans | 216 | 216 | 216 | 229 | 1 | 184 | 2 | ||||||||||||||||||||||
$ | 3,688 | $ | 3,688 | $ | 755 | $ | 6,323 | $ | 22 | $ | 8,172 | $ | 67 | ||||||||||||||||
As of December 31, 2013 | Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||||||||||||
Recorded | Unpaid | Specific | Average | Interest Income | Average | Interest | |||||||||||||||||||||||
Balance | Principal | Allowance | Investment in | Recognized | Investment in | Income | |||||||||||||||||||||||
Balance | Impaired | Impaired Loans | Recognized | ||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 5,569 | $ | 5,569 | $ | — | $ | 5,785 | $ | 84 | $ | 5,702 | $ | 222 | |||||||||||||||
All other mortgage loans | 2,051 | 2,051 | — | 2,276 | 23 | 2,427 | 72 | ||||||||||||||||||||||
Commercial business loans | 77 | 77 | — | 81 | 1 | 83 | 2 | ||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
One-to-four family residential loans | 842 | 842 | 226 | 1,208 | 7 | 1,266 | 22 | ||||||||||||||||||||||
All other mortgage loans | 1,610 | 2,076 | 618 | 2,504 | 20 | 2,730 | 56 | ||||||||||||||||||||||
Commercial business loans | 65 | 65 | 65 | 73 | — | 83 | 2 | ||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | 6,411 | $ | 6,411 | $ | 226 | $ | 6,993 | $ | 91 | $ | 6,968 | $ | 244 | |||||||||||||||
All other mortgage loans | 3,661 | 4,127 | 618 | 4,780 | 43 | 5,157 | 128 | ||||||||||||||||||||||
Commercial business loans | 142 | 142 | 65 | 154 | 1 | 166 | 4 | ||||||||||||||||||||||
$ | 10,214 | $ | 10,680 | $ | 909 | $ | 11,927 | $ | 135 | $ | 12,291 | $ | 376 | ||||||||||||||||
Schedule of troubled debt restructurings | ' | ||||||||||||||||||||||||||||
Quarter-to-Date | Year-to-Date | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||||||
of loans | modification | modification | of loans | modification | modification | ||||||||||||||||||||||||
Unpaid | Unpaid | Unpaid | Unpaid | ||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||
Balance | Balance | Balance | Balance | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||
One-to-four family residential loans | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
All other mortgage loans | — | — | 2 | 1,057 | 1,090 | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||
One-to-four family residential loans | 4 | $ | 493 | $ | 517 | 6 | $ | 909 | $ | 933 | |||||||||||||||||||
All other mortgage loans | — | — | 1 | 576 | 576 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Goodwill and Intangible Assets [Abstract] | ' | ||||||||||
Schedule of goodwill and intangibles | ' | ||||||||||
The composition of goodwill and other intangible assets, all of which is core deposit intangible, at September 30, 2014 and December 31, 2013: | |||||||||||
30-Sep-14 | December 31, 2013 | ||||||||||
(In thousands) | |||||||||||
Goodwill | $ | 1,719 | $ | 1,719 | |||||||
Other intangible assets – gross | 974 | 974 | |||||||||
Other intangible assets – amortization | (974 | ) | (936 | ) | |||||||
Total | $ | 1,719 | $ | 1,757 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of calculation of earnings per share | ' | ||||||||||||||||
Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the period, less shares in the Company's Employee Stock Ownership Plan (“ESOP”) that are unallocated and not committed to be released. Diluted earnings per common share include the dilutive effect of all additional potential common shares issuable under the Company's stock option plan. The computations are as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted-average common shares outstanding (basic) | 2,777,362 | 2,841,213 | 2,785,348 | 2,871,754 | |||||||||||||
Dilutive effect of assumed exercise of stock options | — | — | — | — | |||||||||||||
Weighted-average common shares outstanding (diluted) | 2,777,362 | 2,841,213 | 2,785,348 | 2,871,754 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Schedule of regulatory capital requirements | ' | ||||||||||||||||||||||||
The Bank's actual capital amounts and ratios as of September 30, 2014 and December 31, 2013 are presented in the following table. | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||||||||||||||
Purposes | Under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Tier I Capital to average assets | $ | 36,427 | 8.8 | % | $ | 16,508 | 4 | % | $ | 20,635 | 5 | % | |||||||||||||
Tier I Capital to risk-weighted assets | 36,427 | 14.3 | % | 10,158 | 4 | % | 15,236 | 6 | % | ||||||||||||||||
Total Risk-based capital to risk-weighted assets | 39,158 | 15.4 | % | 20,315 | 8 | % | 25,394 | 10 | % | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Tier I Capital to average assets | $ | 35,065 | 8.6 | % | $ | 16,372 | 4 | % | $ | 20,465 | 5 | % | |||||||||||||
Tier I Capital to risk-weighted assets | 35,065 | 14.2 | % | 9,866 | 4 | % | 14,798 | 6 | % | ||||||||||||||||
Total Risk-based capital to risk-weighted assets | 37,884 | 15.4 | % | 19,731 | 8 | % | 24,664 | 10 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The components of accumulated other comprehensive income, included in stockholders' equity, are as follows: | |||||||||||||||||||||
Gross Unrealized | Net Unrealized | Gross | Tax Effect | Total | |||||||||||||||||
Gains on | Loss for | Unrealized | Accumulated | ||||||||||||||||||
Available-for-sale | Unfunded | Loss for | Other | ||||||||||||||||||
Securities | Status of | Unfunded | Comprehensive | ||||||||||||||||||
Split-dollar | Status of | Income | |||||||||||||||||||
Life Insurance | Defined | ||||||||||||||||||||
Plan Liability | Benefit Plan | ||||||||||||||||||||
(tax-free) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | $ | 1,671 | $ | (58 | ) | $ | (609 | ) | $ | (362 | ) | $ | 642 | ||||||||
December 31, 2013 | $ | 796 | $ | (58 | ) | $ | (609 | ) | $ | (64 | ) | $ | 65 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Schedule of fair value measured on a recurring basis | ' | ||||||||||||||||||||
The following table presents the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013: | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
U.S. government agencies | $ | 129 | $ | — | $ | 129 | $ | — | |||||||||||||
Mortgage-backed securities of government sponsored entities | 84,741 | — | 84,741 | — | |||||||||||||||||
Private-label collateralized mortgage obligations | 568 | — | 568 | — | |||||||||||||||||
State and political subdivisions | 22,579 | — | 22,579 | — | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
U.S. government agencies | $ | 137 | $ | — | $ | 137 | $ | — | |||||||||||||
Mortgage-backed securities of government sponsored entities | 80,357 | — | 80,357 | — | |||||||||||||||||
Private-label collateralized mortgage obligations | 704 | — | 704 | — | |||||||||||||||||
State and political subdivisions | 22,427 | — | 22,427 | — | |||||||||||||||||
Schedule of fair value measured on a nonrecurring basis | ' | ||||||||||||||||||||
The following table presents the fair value measurements of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||||||
Fair Value | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||||||
for Identical | Observable | Inputs (Level 3) | |||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 822 | $ | — | $ | — | $ | 822 | |||||||||||||
Foreclosed assets | 68 | — | — | 68 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 289 | $ | — | $ | — | $ | 289 | |||||||||||||
Schedule of Level 3 fair value measurements | ' | ||||||||||||||||||||
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements in thousands. | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||||||
(Weighted | |||||||||||||||||||||
Average) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 822 | Market Comparable Properties, less delinquent real estate taxes | N/A | N/A | ||||||||||||||||
Foreclosed assets | 68 | Sales Contract | Selling Costs | 10 | % | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Collateral-dependent impaired loans | $ | 289 | Present value of cashflows | Discount Rate | 6.22 | % | |||||||||||||||
Schedule of fair value of financial instruments | ' | ||||||||||||||||||||
The following table presents estimated fair values of the Company's financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs (Level 3) | |||||||||||||||||||
Identical Assets | Inputs | ||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,849 | $ | 12,849 | $ | — | $ | — | |||||||||||||
Held-to-maturity securities | 6,561 | — | 6,312 | — | |||||||||||||||||
Loans, net of allowance for loan losses | 261,042 | — | — | 268,602 | |||||||||||||||||
Federal Home Loan Bank stock | 4,226 | — | 4,226 | — | |||||||||||||||||
Interest receivable | 1,397 | — | 1,397 | — | |||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | 346,343 | 31,294 | 291,241 | — | |||||||||||||||||
Other short-term borrowings | 6,900 | — | 6,900 | — | |||||||||||||||||
Federal Home Loan Bank advances | 16,417 | — | 16,498 | — | |||||||||||||||||
Advances from borrowers for taxes and insurance | 633 | — | 633 | — | |||||||||||||||||
Interest payable | 77 | — | 77 | — | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Carrying Amount | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Financial assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 13,381 | $ | 13,381 | $ | — | $ | — | |||||||||||||
Held-to-maturity securities | 6,623 | — | 6,121 | — | |||||||||||||||||
Loans, net of allowance for loan losses | 261,130 | — | — | 266,530 | |||||||||||||||||
Federal Home Loan Bank stock | 5,025 | — | 5,025 | — | |||||||||||||||||
Interest receivable | 1,184 | — | 1,184 | — | |||||||||||||||||
Financial liabilities | |||||||||||||||||||||
Deposits | 337,571 | 30,145 | 275,357 | — | |||||||||||||||||
Other short-term borrowings | 7,212 | — | 7,212 | — | |||||||||||||||||
Federal Home Loan Bank advances | 22,336 | — | 22,801 | — | |||||||||||||||||
Advances from borrowers for taxes and insurance | 1,105 | — | 1,105 | — | |||||||||||||||||
Interest payable | 68 | — | 68 | — |
Securities_Narrative_Details
Securities (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities [Abstract] | ' | ' |
Carrying value of securities pledged as collateral to secure public deposits | $60 | $62 |
Fair value of investments, carried at less than historical costs | $45.40 | $51.50 |
Percentage available for sale Securities in unrealized loss positions out of total available for sale securities | 40.00% | 47.00% |
Securities_Schedule_of_Securit
Securities (Schedule of Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Available for sale | ' | ' |
Amortized Cost | $106,346 | $102,829 |
Gross Unrealized Gains | 2,128 | 1,753 |
Gross Unrealized Losses | 457 | 957 |
Approximate Fair Value | 108,017 | 103,625 |
Held to maturity | ' | ' |
Amortized Cost | 6,561 | 6,623 |
Gross Unrealized Gains | 8 | 11 |
Gross Unrealized Losses | 257 | 513 |
Approximate Fair Value | 6,312 | 6,121 |
U.S. government agencies [Member] | ' | ' |
Available for sale | ' | ' |
Amortized Cost | 128 | 137 |
Gross Unrealized Gains | 1 | ' |
Gross Unrealized Losses | ' | ' |
Approximate Fair Value | 129 | 137 |
Held to maturity | ' | ' |
Amortized Cost | 102 | 109 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Approximate Fair Value | 102 | 109 |
Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Available for sale | ' | ' |
Amortized Cost | 83,936 | 79,901 |
Gross Unrealized Gains | 1,186 | 1,177 |
Gross Unrealized Losses | 381 | 721 |
Approximate Fair Value | 84,741 | 80,357 |
Held to maturity | ' | ' |
Amortized Cost | 1,347 | 1,390 |
Gross Unrealized Gains | 7 | 11 |
Gross Unrealized Losses | ' | 21 |
Approximate Fair Value | 1,354 | 1,380 |
Private-label collateralized mortgage obligations [Member] | ' | ' |
Available for sale | ' | ' |
Amortized Cost | 555 | 675 |
Gross Unrealized Gains | 14 | 29 |
Gross Unrealized Losses | 1 | ' |
Approximate Fair Value | 568 | 704 |
State and political subdivisions [Member] | ' | ' |
Available for sale | ' | ' |
Amortized Cost | 21,727 | 22,116 |
Gross Unrealized Gains | 927 | 547 |
Gross Unrealized Losses | 75 | 236 |
Approximate Fair Value | 22,579 | 22,427 |
Held to maturity | ' | ' |
Amortized Cost | 5,112 | 5,124 |
Gross Unrealized Gains | 1 | ' |
Gross Unrealized Losses | 257 | 492 |
Approximate Fair Value | $4,856 | $4,632 |
Securities_Schedule_of_Expecte
Securities (Schedule of Expected Maturities of Securities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale- Debt maturities, Amortized Cost | ' | ' |
One to five years | $6,842 | ' |
Five to ten years | 1,772 | ' |
After ten Years | 13,241 | ' |
Subtotal | 21,855 | ' |
Totals | 106,346 | ' |
Available for Sale Securities, Fair Values | ' | ' |
One to five years | 7,133 | ' |
Five to ten years | 1,822 | ' |
After ten Years | 13,753 | ' |
Subtotal | 22,708 | ' |
Totals | 108,017 | ' |
Held to Maturity securities, Amortized Cost | ' | ' |
One to five years | ' | ' |
Five to ten years | 3,053 | ' |
After ten Years | 2,161 | ' |
Subtotal | 5,214 | ' |
Totals | 6,561 | 6,623 |
Held to Maturity securities, Fair Values | ' | ' |
One to five years | ' | ' |
Five to ten years | 2,956 | ' |
After ten Years | 2,002 | ' |
Subtotal | 4,958 | ' |
Total | 6,312 | 6,121 |
Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Available-for-sale- Debt maturities, Amortized Cost | ' | ' |
Maturities without single maturity date | 83,936 | ' |
Available for Sale Securities, Fair Values | ' | ' |
Maturities without single maturity date | 84,741 | ' |
Held to Maturity securities, Amortized Cost | ' | ' |
Totals | 1,347 | 1,390 |
Held to Maturity securities, Fair Values | ' | ' |
Total | 1,354 | 1,380 |
Private-label collateralized mortgage obligations [Member] | ' | ' |
Available-for-sale- Debt maturities, Amortized Cost | ' | ' |
Maturities without single maturity date | 555 | ' |
Available for Sale Securities, Fair Values | ' | ' |
Maturities without single maturity date | 568 | ' |
Held to Maturity securities, Amortized Cost | ' | ' |
Maturities without single maturity date | ' | ' |
Held to Maturity securities, Fair Values | ' | ' |
Maturities without single maturity date | ' | ' |
Securities_Schedule_of_Company
Securities (Schedule of Company Investments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities with unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | $23,367 | $44,643 |
Less than 12 Months, Unrealized Losses | 108 | 1,130 |
More than 12 Months, Fair Value | 22,074 | 6,849 |
More than 12 Months, Unrealized Losses | 606 | 340 |
Total, Fair Value | 45,441 | 51,492 |
Total, Unrealized Losses | 714 | 1,470 |
Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Securities with unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | 23,256 | 36,004 |
Less than 12 Months, Unrealized Losses | 107 | 575 |
More than 12 Months, Fair Value | 15,789 | 5,330 |
More than 12 Months, Unrealized Losses | 274 | 167 |
Total, Fair Value | 39,045 | 41,334 |
Total, Unrealized Losses | 381 | 742 |
Private-label collateralized mortgage obligations [Member] | ' | ' |
Securities with unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | 111 | ' |
Less than 12 Months, Unrealized Losses | 1 | ' |
More than 12 Months, Fair Value | ' | ' |
More than 12 Months, Unrealized Losses | ' | ' |
Total, Fair Value | 111 | ' |
Total, Unrealized Losses | 1 | ' |
State and political subdivisions [Member] | ' | ' |
Securities with unrealized loss position | ' | ' |
Less than 12 Months, Fair Value | ' | 8,639 |
Less than 12 Months, Unrealized Losses | ' | 555 |
More than 12 Months, Fair Value | 6,285 | 1,519 |
More than 12 Months, Unrealized Losses | 332 | 173 |
Total, Fair Value | 6,285 | 10,158 |
Total, Unrealized Losses | $332 | $728 |
Credit_Quality_of_Loans_and_th2
Credit Quality of Loans and the Allowance for Loan Losses (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Credit Quality of Loans and the Allowance for Loan Losses [Abstract] | ' | ' |
Deferred loan origination fees | $686,000 | $682,000 |
Loans in process | $6,100,000 | $4,200,000 |
Credit_Quality_of_Loans_and_th3
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Activity in Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Activity in the allowance for loan losses by portfolio segment | ' | ' | ' | ' |
Beginning balance | $2,549 | $2,987 | $2,819 | $3,328 |
Provision charged to expense | 195 | 76 | 282 | -55 |
Losses charged off | -14 | -30 | -397 | -246 |
Recoveries | 1 | 9 | 27 | 15 |
Ending balance | 2,731 | 3,042 | 2,731 | 3,042 |
One-to-four family residential [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment | ' | ' | ' | ' |
Beginning balance | 941 | 1,239 | 1,017 | 1,122 |
Provision charged to expense | 336 | -84 | 264 | 71 |
Losses charged off | -13 | -30 | -24 | -68 |
Recoveries | 1 | 8 | 8 | 8 |
Ending balance | 1,265 | 1,133 | 1,265 | 1,133 |
All other mortgage loans [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment | ' | ' | ' | ' |
Beginning balance | 1,155 | 1,557 | 1,526 | 1,925 |
Provision charged to expense | -134 | 150 | -262 | -42 |
Losses charged off | ' | ' | -260 | -176 |
Recoveries | ' | ' | 17 | ' |
Ending balance | 1,021 | 1,707 | 1,021 | 1,707 |
Commercial business loans [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment | ' | ' | ' | ' |
Beginning balance | 449 | 185 | 271 | 275 |
Provision charged to expense | -7 | 16 | 281 | -76 |
Losses charged off | -1 | ' | -113 | ' |
Recoveries | ' | ' | 2 | 2 |
Ending balance | 441 | 201 | 441 | 201 |
Consumer loans [Member] | ' | ' | ' | ' |
Activity in the allowance for loan losses by portfolio segment | ' | ' | ' | ' |
Beginning balance | 4 | 6 | 5 | 6 |
Provision charged to expense | ' | -6 | -1 | -8 |
Losses charged off | ' | ' | ' | -2 |
Recoveries | ' | 1 | ' | 5 |
Ending balance | $4 | $1 | $4 | $1 |
Credit_Quality_of_Loans_and_th4
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Allowance for Loan Losses and Recorded Investment) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Ending balances: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $755 | ' | $909 | ' | ' | ' |
Collectively evaluated for impairment | 1,976 | ' | 1,910 | ' | ' | ' |
Total allowance for loan losses | 2,731 | 2,549 | 2,819 | 3,042 | 2,987 | 3,328 |
Ending balances: Loans | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,688 | ' | 10,214 | ' | ' | ' |
Collectively evaluated for impairment | 266,879 | ' | 258,634 | ' | ' | ' |
Total balance | 270,567 | ' | 268,848 | ' | ' | ' |
One-to-four family residential [Member] | ' | ' | ' | ' | ' | ' |
Ending balances: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 520 | ' | 226 | ' | ' | ' |
Collectively evaluated for impairment | 745 | ' | 791 | ' | ' | ' |
Total allowance for loan losses | 1,265 | 941 | 1,017 | 1,133 | 1,239 | 1,122 |
Ending balances: Loans | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,453 | ' | 6,411 | ' | ' | ' |
Collectively evaluated for impairment | 165,222 | ' | 160,317 | ' | ' | ' |
Total balance | 168,675 | ' | 166,728 | ' | ' | ' |
All other mortgage loans [Member] | ' | ' | ' | ' | ' | ' |
Ending balances: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 19 | ' | 618 | ' | ' | ' |
Collectively evaluated for impairment | 1,002 | ' | 908 | ' | ' | ' |
Total allowance for loan losses | 1,021 | 1,155 | 1,526 | 1,707 | 1,557 | 1,925 |
Ending balances: Loans | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 19 | ' | 3,661 | ' | ' | ' |
Collectively evaluated for impairment | 84,556 | ' | 82,434 | ' | ' | ' |
Total balance | 84,575 | ' | 86,095 | ' | ' | ' |
Commercial business loans [Member] | ' | ' | ' | ' | ' | ' |
Ending balances: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 216 | ' | 65 | ' | ' | ' |
Collectively evaluated for impairment | 225 | ' | 206 | ' | ' | ' |
Total allowance for loan losses | 441 | 449 | 271 | 201 | 185 | 275 |
Ending balances: Loans | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 216 | ' | 142 | ' | ' | ' |
Collectively evaluated for impairment | 14,718 | ' | 14,773 | ' | ' | ' |
Total balance | 14,934 | ' | 14,915 | ' | ' | ' |
Consumer loans [Member] | ' | ' | ' | ' | ' | ' |
Ending balances: Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 4 | ' | 5 | ' | ' | ' |
Total allowance for loan losses | 4 | 4 | 5 | 1 | 6 | 6 |
Ending balances: Loans | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 2,383 | ' | 1,110 | ' | ' | ' |
Total balance | $2,383 | ' | $1,110 | ' | ' | ' |
Credit_Quality_of_Loans_and_th5
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Loans Receivable by Credit Risk Profile) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | $270,567 | $268,848 | ||
One-to-four family residential [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 168,675 | 166,728 | ||
One-to-four family residential [Member] | Pass (Risk 1-4) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 158,018 | [1] | 158,518 | [1] |
One-to-four family residential [Member] | Special Mention (Risk 5) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 2,721 | [1] | 419 | [1] |
One-to-four family residential [Member] | Substandard (Risk 6) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 7,936 | [1] | 7,791 | [1] |
All other mortgage loans [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 84,575 | 86,095 | ||
All other mortgage loans [Member] | Pass (Risk 1-4) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 81,157 | [1] | 81,362 | [1] |
All other mortgage loans [Member] | Special Mention (Risk 5) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 859 | [1] | 1,587 | [1] |
All other mortgage loans [Member] | Substandard (Risk 6) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 2,559 | [1] | 3,146 | [1] |
Commercial business loans [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 14,934 | 14,915 | ||
Commercial business loans [Member] | Pass (Risk 1-4) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 14,373 | [1] | 14,328 | [1] |
Commercial business loans [Member] | Special Mention (Risk 5) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 345 | [1] | 445 | [1] |
Commercial business loans [Member] | Substandard (Risk 6) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 216 | [1] | 142 | [1] |
Consumer loans [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 2,383 | 1,110 | ||
Consumer loans [Member] | Pass (Risk 1-4) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | 2,383 | [1] | 1,108 | [1] |
Consumer loans [Member] | Special Mention (Risk 5) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | ' | [1] | ' | |
Consumer loans [Member] | Substandard (Risk 6) [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Loans Receivable, gross | ' | [1] | $2 | [1] |
[1] | *Ratings are generally assigned to consumer and residential mortgage loans on a bpassb or bfailb basis, where bfailb results in a substandard classification. Commercial loans, both secured by real estate or other assets or unsecured, are analyzed in accordance with an analytical matrix codified in the Bank's loan policy that produces a risk rating as described below. Risk 1 is unquestioned credit quality for any credit product. Loans are secured by cash and near cash collateral with immediate access to proceeds. Risk 2 is very low risk with strong credit and repayment sources. Borrower is well capitalized in a stable industry, financial ratios exceed peers and financial trends are positive. Risk 3 is very favorable risk with highly adequate credit strength and repayment sources. Borrower has good overall financial condition and adequate capitalization. Risk 4 is acceptable, average risk with adequate credit strength and repayment sources. Collateral positions must be within Bank policies. Risk 5 or bSpecial Mention,b also known as bwatch,b has potential weakness that deserve Management's close attention. This risk includes loans where the borrower has developed financial uncertainties or the borrower is resolving the financial uncertainties. Bank credits have been secured or negotiations will be ongoing to secure further collateral. Risk 6 or bSubstandardb loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that exhibit a weakening of the borrower's credit strength with limited credit access and all nonperforming loans. Risk 7 or bDoubtfulb loans are significantly under protected by the current net worth and paying capacity of the borrower or of the collateral pledged. This risk category contains loans that are likely to experience a loss of some magnitude, but where the amount of the expected loss is not known with enough certainty to allow for an accurate calculation of a loss amount for charge off. This category is considered to be temporary until a chargeoff amount can be reasonably determined. |
Credit_Quality_of_Loans_and_th6
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Loan Portfolio Aging Analysis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aging analysis of past due loans | ' | ' |
30-59 Days Past Due | $291 | $908 |
60-89 Days Past Due | 329 | 292 |
Greater Than 90 Days Past Due | 2,968 | 1,435 |
Total Past Due | 3,588 | 2,635 |
Current | 266,979 | 266,213 |
Total loans receivable | 270,567 | 268,848 |
Total Loans >90 Days and Accruing | 963 | ' |
One-to-four family residential [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
30-59 Days Past Due | 229 | 679 |
60-89 Days Past Due | 329 | 228 |
Greater Than 90 Days Past Due | 2,691 | 624 |
Total Past Due | 3,249 | 1,531 |
Current | 165,426 | 165,197 |
Total loans receivable | 168,675 | 166,728 |
Total Loans >90 Days and Accruing | 963 | ' |
All other mortgage loans [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
30-59 Days Past Due | 62 | 150 |
60-89 Days Past Due | ' | 64 |
Greater Than 90 Days Past Due | 152 | 811 |
Total Past Due | 214 | 1,025 |
Current | 84,361 | 85,070 |
Total loans receivable | 84,575 | 86,095 |
Total Loans >90 Days and Accruing | ' | ' |
Commercial business loans [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days Past Due | 125 | ' |
Total Past Due | 125 | ' |
Current | 14,809 | 14,915 |
Total loans receivable | 14,934 | 14,915 |
Total Loans >90 Days and Accruing | ' | ' |
Consumer loans [Member] | ' | ' |
Aging analysis of past due loans | ' | ' |
30-59 Days Past Due | ' | 79 |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days Past Due | ' | ' |
Total Past Due | ' | 79 |
Current | 2,383 | 1,031 |
Total loans receivable | 2,383 | 1,110 |
Total Loans >90 Days and Accruing | ' | ' |
Credit_Quality_of_Loans_and_th7
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Nonaccrual Loans) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | $3,425 | $2,898 |
One-to-four family residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | 3,111 | 1,851 |
Nonresidential real estate loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | 152 | 1,045 |
All other mortgage loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | ' | ' |
Commercial business loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | 162 | 2 |
Consumer loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Non-accrual loans | ' | ' |
Credit_Quality_of_Loans_and_th8
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Impaired Loans) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Loans with a specific valuation allowance | ' | ' | ' | ' | ' |
Specific Allowance | $755 | ' | $755 | ' | $909 |
Total Loans | ' | ' | ' | ' | ' |
Recorded Balance | 3,688 | ' | 3,688 | ' | 10,214 |
Unpaid Principal Balance | 3,688 | ' | 3,688 | ' | 10,680 |
Average Investment in Impaired Loans | 6,323 | 11,927 | 8,172 | 12,291 | ' |
Interest Income Recognized | 22 | 135 | 67 | 376 | ' |
One-to-four family residential [Member] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | ' | ' | ' | ' | ' |
Recorded Balance | 1,279 | ' | 1,279 | ' | 5,569 |
Unpaid Principal Balance | 1,279 | ' | 1,279 | ' | 5,569 |
Average Investment in Impaired Loans | 3,088 | 5,785 | 4,335 | 5,702 | ' |
Interest Income Recognized | 13 | 84 | 38 | 222 | ' |
Loans with a specific valuation allowance | ' | ' | ' | ' | ' |
Recorded Balance | 2,174 | ' | 2,174 | ' | 842 |
Unpaid Principal Balance | 2,174 | ' | 2,174 | ' | 842 |
Specific Allowance | 520 | ' | 520 | ' | 226 |
Average Investment in Impaired Loans | 1,553 | 1,208 | 1,167 | 1,266 | ' |
Interest Income Recognized | 8 | 7 | 26 | 22 | ' |
Total Loans | ' | ' | ' | ' | ' |
Recorded Balance | 3,453 | ' | 3,453 | ' | 6,411 |
Unpaid Principal Balance | 3,453 | ' | 3,453 | ' | 6,411 |
Average Investment in Impaired Loans | 4,641 | 6,993 | 5,502 | 6,968 | ' |
Interest Income Recognized | 21 | 91 | 64 | 244 | ' |
All other mortgage loans [Member] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | ' | ' | ' | ' | ' |
Recorded Balance | ' | ' | ' | ' | 2,051 |
Unpaid Principal Balance | ' | ' | ' | ' | 2,051 |
Average Investment in Impaired Loans | 1,180 | 2,276 | 1,610 | 2,427 | ' |
Interest Income Recognized | ' | 23 | ' | 72 | ' |
Loans with a specific valuation allowance | ' | ' | ' | ' | ' |
Recorded Balance | 19 | ' | 19 | ' | 1,610 |
Unpaid Principal Balance | 19 | ' | 19 | ' | 2,076 |
Specific Allowance | 19 | ' | 19 | ' | 618 |
Average Investment in Impaired Loans | 273 | 2,504 | 875 | 2,730 | ' |
Interest Income Recognized | ' | 20 | 1 | 56 | ' |
Total Loans | ' | ' | ' | ' | ' |
Recorded Balance | 19 | ' | 19 | ' | 3,661 |
Unpaid Principal Balance | 19 | ' | 19 | ' | 4,127 |
Average Investment in Impaired Loans | 1,453 | 4,780 | 2,486 | 5,157 | ' |
Interest Income Recognized | ' | 43 | 1 | 128 | ' |
Commercial business loans [Member] | ' | ' | ' | ' | ' |
Loans without a specific valuation allowance | ' | ' | ' | ' | ' |
Recorded Balance | ' | ' | ' | ' | 77 |
Unpaid Principal Balance | ' | ' | ' | ' | 77 |
Average Investment in Impaired Loans | ' | 81 | 38 | 83 | ' |
Interest Income Recognized | ' | 1 | ' | 2 | ' |
Loans with a specific valuation allowance | ' | ' | ' | ' | ' |
Recorded Balance | 216 | ' | 216 | ' | 65 |
Unpaid Principal Balance | 216 | ' | 216 | ' | 65 |
Specific Allowance | 216 | ' | 216 | ' | 65 |
Average Investment in Impaired Loans | 229 | 73 | 146 | 83 | ' |
Interest Income Recognized | 1 | ' | 2 | 2 | ' |
Total Loans | ' | ' | ' | ' | ' |
Recorded Balance | 216 | ' | 216 | ' | 142 |
Unpaid Principal Balance | 216 | ' | 216 | ' | 142 |
Average Investment in Impaired Loans | 229 | 154 | 184 | 166 | ' |
Interest Income Recognized | $1 | $1 | $2 | $4 | ' |
Credit_Quality_of_Loans_and_th9
Credit Quality of Loans and the Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
N | N | |||
One-to-four family residential [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | 4 | ' | 6 |
Pre-modification Unpaid Principal Balance | ' | $493 | ' | $909 |
Post- modification Unpaid Principal Balance | ' | 517 | ' | 933 |
All other mortgage loans [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | ' | 2 | 1 |
Pre-modification Unpaid Principal Balance | ' | ' | 1,057 | 576 |
Post- modification Unpaid Principal Balance | ' | ' | $1,090 | $576 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets [Abstract] | ' | ' | ' |
Amortization of intangible assets | $23 | $38 | $68 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Schedule of Goodwill and Intangibles) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets [Abstract] | ' | ' |
Goodwill | $1,719 | $1,719 |
Other intangible assets - gross | 974 | 974 |
Other intangible assets - amortization | -974 | -936 |
Total | $1,719 | $1,757 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | Dec. 31, 2004 |
Stock Option Plan - Incentive [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum Options Authorized | 142,857 |
Stock Option Plan - Non Incentive [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum Options Authorized | 61,224 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average common shares outstanding (basic) | 2,777,362 | 2,841,213 | 2,785,348 | 2,871,754 |
Dilutive effect of assumed exercise of stock options | ' | ' | ' | ' |
Weighted-average common shares outstanding (diluted) | 2,777,362 | 2,841,213 | 2,785,348 | 2,871,754 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tier 1 Capital to average assets | ' | ' |
Tier 1 Capital | $36,427 | $35,065 |
Tier 1 Capital to average assets, ratio | 8.80% | 8.60% |
Minimum amount of Tier 1 Capital for adequacy purposes | 16,508 | 16,372 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 4.00% | 4.00% |
Minimum Tier 1 Capital required to be well-capitalized | 20,635 | 20,465 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 5.00% | 5.00% |
Tier 1 Capital to risk-weighted assets | ' | ' |
Tier 1 Capital | 36,427 | 35,065 |
Tier 1 Capital to risk-weighted assets ratio | 14.30% | 14.20% |
Minimum amount of Tier 1 Capital for adequacy purposes | 10,158 | 9,866 |
Minimum amount of Tier 1 Capital for adequacy purposes, ratio | 4.00% | 4.00% |
Minimum Tier 1 Capital required to be well-capitalized | 15,236 | 14,798 |
Minimum Tier 1 Capital required to be well-capitalized, ratio | 6.00% | 6.00% |
Total Risk-based Capital | ' | ' |
Total Risk-based capital | 39,158 | 37,884 |
Total Risk-based capital to risk-weighted assets, ratio | 15.40% | 15.40% |
Minimum amount of capital for adequacy purposes | 20,315 | 19,731 |
Minimum amount of capital for adequacy purposes, ratio | 8.00% | 8.00% |
Minimum Capital required to be well-capitalized | $25,394 | $24,664 |
Minimum Capital required to be well-capitalized, ratio | 10.00% | 10.00% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income [Abstract] | ' | ' |
Gross unrealized gain on securities available-for-sale | $1,671 | $796 |
Gross unrealized loss for unfunded status of split-dollar life insurance plan liability (tax free) | -58 | -58 |
Gross unrealized loss for unfunded status of defined benefit plan liability | -609 | -609 |
Tax effect | -362 | -64 |
Net-of-tax amount | $642 | $65 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value Measured on a Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | $108,017 | $103,625 |
U.S. government agencies [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 129 | 137 |
Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 84,741 | 80,357 |
Private-label collateralized mortgage obligations [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 568 | 704 |
State and political subdivisions [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 22,579 | 22,427 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. government agencies [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Private-label collateralized mortgage obligations [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and political subdivisions [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | U.S. government agencies [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Private-label collateralized mortgage obligations [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | State and political subdivisions [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | ' | ' |
Fair Value measured on a Recurring Basis [Member] | Fair value [Member] | U.S. government agencies [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 129 | 137 |
Fair Value measured on a Recurring Basis [Member] | Fair value [Member] | Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 84,741 | 80,357 |
Fair Value measured on a Recurring Basis [Member] | Fair value [Member] | Private-label collateralized mortgage obligations [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 568 | 704 |
Fair Value measured on a Recurring Basis [Member] | Fair value [Member] | State and political subdivisions [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 22,579 | 22,427 |
Fair Value measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. government agencies [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 129 | 137 |
Fair Value measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-backed securities of government sponsored entities [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 84,741 | 80,357 |
Fair Value measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Private-label collateralized mortgage obligations [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | 568 | 704 |
Fair Value measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | State and political subdivisions [Member] | ' | ' |
Recurring Fair Value Measurements | ' | ' |
Available-for-sale securities | $22,579 | $22,427 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Fair Value Measured on a Nonrecurring Basis) (Details) (Fair Value measured on a Non-Recurring Basis [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Financing Receivable Recorded Investment Fair Value Disclosure | $822 | $289 |
Foreclosed assets | 68 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Financing Receivable Recorded Investment Fair Value Disclosure | ' | ' |
Foreclosed assets | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Financing Receivable Recorded Investment Fair Value Disclosure | ' | ' |
Foreclosed assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Financing Receivable Recorded Investment Fair Value Disclosure | 822 | 289 |
Foreclosed assets | $68 | ' |
Fair_Value_Measurements_Schedu2
Fair Value Measurements (Schedule Level 3 Fair Value Measurements) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Collateral-dependent impaired loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valuation Technique | ' | ' |
Market Comparable Properties, less delinquent real estate taxes | Present value of cashflows | |
Unobservable Input | ' | ' |
Discount Rate | ||
Discount Rate: Range (Weighted Average) | ' | 6.22% |
Foreclosed assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Valuation Technique | ' | ' |
Sales Contract | ||
Unobservable Input | ' | ' |
Selling Costs | ||
Selling Costs: Range (Weighted Average) | 10.00% | ' |
Fair Value measured on a Non-Recurring Basis [Member] | Fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Collateral-dependent impaired loans | 822 | 289 |
Foreclosed assets | 68 | ' |
Fair_Value_Measurements_Schedu3
Fair Value Measurements (Schedule of Fair Value of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Held-to-maturity securities | $6,312 | $6,121 |
Carrying Amount [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 12,849 | 13,381 |
Held-to-maturity securities | 6,561 | 6,623 |
Loans, net of allowance for loan losses | 261,042 | 261,130 |
Federal Home Loan Bank stock | 4,226 | 5,025 |
Interest receivable | 1,397 | 1,184 |
Financial liabilities: | ' | ' |
Deposits | 346,343 | 337,571 |
Other short-term borrowings | 6,900 | 7,212 |
Federal Home Loan Bank advances | 16,417 | 22,336 |
Advances from borrowers for taxes and insurance | 633 | 1,105 |
Interest payable | 77 | 68 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 12,849 | 13,381 |
Held-to-maturity securities | ' | ' |
Loans, net of allowance for loan losses | ' | ' |
Federal Home Loan Bank stock | ' | ' |
Interest receivable | ' | ' |
Financial liabilities: | ' | ' |
Deposits | 31,294 | 30,145 |
Other short-term borrowings | ' | ' |
Federal Home Loan Bank advances | ' | ' |
Advances from borrowers for taxes and insurance | ' | ' |
Interest payable | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Held-to-maturity securities | 6,312 | 6,121 |
Loans, net of allowance for loan losses | ' | ' |
Federal Home Loan Bank stock | 4,226 | 5,025 |
Interest receivable | 1,397 | 1,184 |
Financial liabilities: | ' | ' |
Deposits | 291,241 | 275,357 |
Other short-term borrowings | 6,900 | 7,212 |
Federal Home Loan Bank advances | 16,498 | 22,801 |
Advances from borrowers for taxes and insurance | 633 | 1,105 |
Interest payable | 77 | 68 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Held-to-maturity securities | ' | ' |
Loans, net of allowance for loan losses | 268,602 | 266,530 |
Federal Home Loan Bank stock | ' | ' |
Interest receivable | ' | ' |
Financial liabilities: | ' | ' |
Deposits | ' | ' |
Other short-term borrowings | ' | ' |
Federal Home Loan Bank advances | ' | ' |
Advances from borrowers for taxes and insurance | ' | ' |
Interest payable | ' | ' |