Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2014 |
Loans Receivable and Allowance for Loan Losses [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 6 - Loans Receivable and Allowance for Loan Losses |
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The following table presents the recorded investment in loans receivable at December 31, 2014 and December 31, 2013 by segment and class: |
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| 31-Dec-14 | | 31-Dec-13 | | | | | | | | | | | | | | | | | | | |
| | (In Thousands) | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 124,642 | | $ | 97,581 | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 732,791 | | | 549,918 | | | | | | | | | | | | | | | | | | | |
Construction | | 73,497 | | | 37,307 | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | 54,244 | | | 52,659 | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 30,175 | | | 28,660 | | | | | | | | | | | | | | | | | | | |
Consumer | | 2,178 | | | 533 | | | | | | | | | | | | | | | | | | | |
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Sub-total | | 1,017,527 | | | 766,658 | | | | | | | | | | | | | | | | | | | |
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Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 81,051 | | | 100,612 | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 95,191 | | | 126,123 | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | 200 | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | 6,381 | | | 10,478 | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 22,698 | | | 27,313 | | | | | | | | | | | | | | | | | | | |
Consumer | | 652 | | | 919 | | | | | | | | | | | | | | | | | | | |
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Sub-total | | 205,973 | | | 265,645 | | | | | | | | | | | | | | | | | | | |
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Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 1,595 | | | 2,141 | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 1,130 | | | 2,081 | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | 369 | | | 371 | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 82 | | | 90 | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
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Sub-total | | 3,176 | | | 4,683 | | | | | | | | | | | | | | | | | | | |
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Total Loans | | 1,226,676 | | | 1,036,986 | | | | | | | | | | | | | | | | | | | |
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Less: | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred loan fees, net | | -2,675 | | | -2,300 | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | -16,151 | | | -14,342 | | | | | | | | | | | | | | | | | | | |
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| | -18,826 | | | -16,642 | | | | | | | | | | | | | | | | | | | |
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Total Loans, net | $ | 1,207,850 | | $ | 1,020,344 | | | | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
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At December 31, 2014 and 2013, loans serviced by the Bank for the benefit of others, which consist of participation interests in loans originated by the Bank, totaled approximately $37.0 million and $16.7 million, respectively. |
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Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
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The following table presents the unpaid principal balance and the related recorded investment of acquired loans included in our Consolidated Statements of Financial Condition. (In Thousands): |
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| December 31, | | December 31, | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | |
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Unpaid principal balance | $ | 216,741 | | $ | 274,205 | | | | | | | | | | | | | | | | | | | |
Recorded investment | | 209,150 | | | 270,328 | | | | | | | | | | | | | | | | | | | |
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The following table presents changes in the accretable discount on loans acquired for the years ended December 31, 2014 and 2013. (In Thousands): |
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| Years Ended December 31, | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | |
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Balance, Beginning of Period | $ | 102,454 | | $ | 136,209 | | | | | | | | | | | | | | | | | | | |
Accretion | | -32,449 | | | -33,976 | | | | | | | | | | | | | | | | | | | |
Net Reclassification from Non-Accretable Difference | | 517 | | | 221 | | | | | | | | | | | | | | | | | | | |
Balance, End of Period | $ | 70,522 | | $ | 102,454 | | | | | | | | | | | | | | | | | | | |
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The following table presents changes in the non-accretable yield on loans acquired for the years ended December 31, 2014 and 2013. (In Thousands): |
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| Years Ended December 31, | | | | | | | | | | | | | | | | | | | |
| 2014 | | 2013 | | | | | | | | | | | | | | | | | | | |
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Balance, Beginning of Period | $ | 4,413 | | $ | 4,835 | | | | | | | | | | | | | | | | | | | |
Loans Sold | | -123 | | | - | | | | | | | | | | | | | | | | | | | |
Amounts not recognized due to chargeoffs on | | | | | | | | | | | | | | | | | | | | | | | | |
transfers to other real estate | | - | | | -201 | | | | | | | | | | | | | | | | | | | |
Net Reclassification to Accretable Difference | | -517 | | | -221 | | | | | | | | | | | | | | | | | | | |
Balance, End of Period | $ | 3,773 | | $ | 4,413 | | | | | | | | | | | | | | | | | | | |
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Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
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The Bank grants loans to its officers and directors and to their associates. Related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than normal risk of collectibility. The activity with respect to loans to directors, officers and associates of such persons, is as follows: |
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| | Years Ended December 31, | | | | | | | | | | | | | | | | | | | |
| | 2014 | | | 2013 | | | | | | | | | | | | | | | | | | | |
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| | (In Thousands) | | | | | | | | | | | | | | | | | | | |
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Balance – beginning | $ | 10,517 | | $ | 8,055 | | | | | | | | | | | | | | | | | | | |
Loans originated | | 2,054 | | | 5,893 | | | | | | | | | | | | | | | | | | | |
Changes in related party status | | - | | | 223 | | | | | | | | | | | | | | | | | | | |
Collections of principal | | -1,141 | | | -3,654 | | | | | | | | | | | | | | | | | | | |
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Balance - ending | $ | 11,430 | | $ | 10,517 | | | | | | | | | | | | | | | | | | | |
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Allowance for Loan Losses |
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Management reviews the adequacy of the allowance on at least a quarterly basis to ensure that the provision for loan losses has been charged against earnings in an amount necessary to maintain the allowance at a level that is adequate based on management’s assessment of probable estimated losses. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements. These elements include a general allocated reserve for impaired loans, a specific reserve for impaired loans and an unallocated portion. |
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The Company consistently applies the following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include: |
| · | | General economic conditions. | | | | | | | | | | | | | | | | | | | | | |
| · | | Trends in charge-offs. | | | | | | | | | | | | | | | | | | | | | |
| · | | Trends and levels of delinquent loans. | | | | | | | | | | | | | | | | | | | | | |
| · | | Trends and levels of non-performing loans, including loans over 90 days delinquent. | | | | | | | | | | | | | | | | | | | | | |
| · | | Trends in volume and terms of loans. | | | | | | | | | | | | | | | | | | | | | |
| · | | Levels of allowance for specific classified loans. | | | | | | | | | | | | | | | | | | | | | |
| · | | Credit concentrations. | | | | | | | | | | | | | | | | | | | | | |
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The methodology includes the segregation of the loan portfolio into two divisions. Loans that are performing and loans that are impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance of performing loans is evaluated based on historical loan experience, including |
consideration of peer loss analysis, with an adjustment for qualitative factors referred to above. Impaired loans are loans which are more than 90 days delinquent or troubled debt restructured. These loans are individually evaluated for loan loss either by current appraisal, or net present value. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly. |
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The loan portfolio is segmented into the following loan classes, where the risk level for each class is analyzed when determining the allowance for loan losses: |
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Residential single family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential family real estate loans decreases the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower. |
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Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
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Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence. |
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Commercial and multi-family real estate lending entails significant additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as economic conditions generally. |
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Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In most cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance. |
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Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decreases the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. |
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Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely effected by job loss, divorce, illness and personal bankruptcy. In most cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. |
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The Company also maintains an unallocated allowance. The unallocated allowance is used to cover any factors or conditions which may cause a potential loan loss but are not specifically identifiable. It is prudent to maintain an unallocated portion of the allowance because no matter how detailed an analysis of potential loan losses is performed, these estimates lack some element of precision. Management must make estimates using assumptions and information that is often subjective and changing rapidly. |
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Classified Assets. Our policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” “loss” or “special mention.” |
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When we classify problem assets, we may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of December 31, 2014, we had $28.7 million in assets classified as substandard, of which $28.7 million were classified as impaired and $20.5 million in assets classified as special mention, of which $13.0 million were classified as impaired. The loans classified as substandard represent primarily commercial loans secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued. |
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The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-4) are treated as “pass” for grading purposes: |
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5 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. |
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6 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention. |
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7 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. |
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8 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. |
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Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
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The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2014 and recorded investment in loans receivable at December 31, 2014. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): |
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| | | | | | Commercial & | | | | | Commercial | | Home | | | | | | | | | |
| | Residential | | | Multi-family | | Construction | | Business (1) | | equity (2) | | Consumer | | Unallocated | | Total |
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | |
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Originated Loans | | $ | 1,729 | | $ | 7,419 | | $ | 700 | | $ | 1,295 | | $ | 363 | | $ | 3 | | $ | 83 | | $ | 11,592 |
Acquired loans recorded at fair value | | | 832 | | | 1,744 | | | 1 | | | 44 | | | 129 | | | - | | | - | | | 2,750 |
Acquired loans with deteriorated credit | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
Beginning Balance, December 31, 2013 | | | 2,561 | | | 9,163 | | | 701 | | | 1,339 | | | 492 | | | 3 | | | 83 | | | 14,342 |
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Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | - | | | 388 | | | - | | | 208 | | | 27 | | | - | | | - | | - | 623 |
Acquired loans recorded at fair value | | | 28 | | | 755 | | | - | | | - | | | 29 | | | 2 | | | - | | - | 814 |
Acquired loans with deteriorated credit | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | - | - |
Sub-total | | | 28 | | | 1,143 | | | - | | | 208 | | | 56 | | | 2 | | | - | | | 1,437 |
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Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | - | | | 125 | | | - | | | 174 | | | - | | | - | | | - | | | 299 |
Acquired loans recorded at fair value | | | - | | | 73 | | | 65 | | | - | | | 6 | | | 3 | | | - | | | 147 |
Acquired loans with deteriorated credit | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
Sub-total | | | - | | | 198 | | | 65 | | | 174 | | | 6 | | | 3 | | | - | | | 446 |
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Provisions: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | 635 | | | 2,872 | | | 380 | | | -385 | | | -3 | | | 446 | | | 38 | | | 3,983 |
Acquired loans recorded at fair value | | | -387 | | | -960 | | | -66 | | | -44 | | | -48 | | | -1 | | | - | | | -1,506 |
Acquired loans with deteriorated credit | | | 64 | | | 23 | | | - | | | 233 | | | 3 | | | - | | | - | | | 323 |
Sub-total | | | 312 | | | 1,935 | | | 314 | | | -196 | | | -48 | | | 445 | | | 38 | | | 2,800 |
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Totals: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | 2,364 | | | 10,028 | | | 1,080 | | | 876 | | | 333 | | | 449 | | | 121 | | | 15,251 |
Acquired loans recorded at fair value | | | 417 | | | 102 | | | - | | | - | | | 58 | | | - | | | - | | | 577 |
Acquired loans with deteriorated credit | | | 64 | | | 23 | | | - | | | 233 | | | 3 | | | - | | | - | | | 323 |
Ending Balance, December 31, 2014 | | $ | 2,845 | | $ | 10,153 | | $ | 1,080 | | $ | 1,109 | | $ | 394 | | $ | 449 | | $ | 121 | | $ | 16,151 |
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Loans Receivables: | | | | | | | | | | | | | | | | | | | | | | | | |
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Ending Balance Originated Loans | | | 124,642 | | | 732,791 | | | 73,497 | | | 54,244 | | | 30,175 | | | 2,178 | | | - | | | 1,017,527 |
Ending Balance Acquired Loans | | | 81,051 | | | 95,191 | | | - | | | 6,381 | | | 22,698 | | | 652 | | | - | | | 205,973 |
Ending Balance Acquired loans with deteriorated credit | | | 1,595 | | | 1,130 | | | - | | | 369 | | | 82 | | | - | | | - | | | 3,176 |
Total Gross Loans | | $ | 207,288 | | $ | 829,112 | | $ | 73,497 | | $ | 60,994 | | $ | 52,955 | | $ | 2,830 | | | - | | $ | 1,226,676 |
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Ending Balance: Loans individually evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans | | | 12,044 | | | 9,522 | | | - | | | 4,935 | | | 1,086 | | | 1,851 | | | - | | | 29,438 |
Ending Balance Acquired Loans | | | 9,783 | | | 6,377 | | | - | | | - | | | 1,164 | | | - | | | - | | | 17,324 |
Ending Balance Acquired loans with deteriorated credit | | | 1,595 | | | 877 | | | - | | | 369 | | | 82 | | | - | | | - | | | 2,923 |
Ending Balance Loans individually evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment | | $ | 23,422 | | $ | 16,776 | | $ | - | | $ | 5,304 | | $ | 2,332 | | $ | 1,851 | | $ | - | | $ | 49,685 |
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Ending Balance: Loans collectively evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans | | | 112,598 | | | 723,269 | | | 73,497 | | | 49,309 | | | 29,089 | | | 327 | | | - | | | 988,089 |
Ending Balance Acquired Loans | | | 71,268 | | | 88,814 | | | - | | | 6,381 | | | 21,534 | | | 652 | | | - | | | 188,649 |
Ending Balance Acquired loans with deteriorated credit | | | - | | | 253 | | | - | | | - | | | - | | | - | | | - | | | 253 |
Ending Balance Loans collectively evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment | | $ | 183,866 | | $ | 812,336 | | $ | 73,497 | | $ | 55,690 | | $ | 50,623 | | $ | 979 | | $ | - | | $ | 1,176,991 |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
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Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
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The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2013 and recorded investment in loans receivable at December 31, 2013. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): |
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| | | | | | Commercial & | | | | | Commercial | | Home | | | | | | | | | |
| | Residential | | | Multi-family | | Construction | | Business (1) | | equity (2) | | Consumer | | Unallocated | | Total |
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | |
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Originated Loans | | $ | 1,143 | | $ | 7,088 | | $ | 866 | | $ | 576 | | $ | 284 | | $ | 41 | | $ | 32 | | $ | 10,030 |
Acquired loans recorded at fair value | | | 719 | | | 963 | | | 93 | | | 244 | | | 191 | | | 18 | | | - | | | 2,228 |
Acquired loans with deteriorated credit | | | 105 | | | - | | | - | | | - | | | - | | | - | | | - | | | 105 |
Beginning Balance, December 31, 2012 | | | 1,967 | | | 8,051 | | | 959 | | | 820 | | | 475 | | | 59 | | | 32 | | | 12,363 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | 6 | | - | 27 | | | - | | | 233 | | - | 1 | | - | - | | - | - | | - | 267 |
Acquired loans recorded at fair value | | | 23 | | - | 89 | | | 132 | | | 141 | | - | 301 | | - | - | | - | - | | - | 686 |
Acquired loans with deteriorated credit | | | 11 | | - | 7 | | | - | | | - | | - | - | | - | - | | - | - | | - | 18 |
Sub-total | | | 40 | | | 123 | | | 132 | | | 374 | | | 302 | | | - | | | - | | | 971 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | 42 | | | - | | | 3 | | | - | | | 6 | | | - | | | - | | | 51 |
Acquired loans recorded at fair value | | | - | | | 95 | | | - | | | 31 | | | - | | | - | | | - | | | 126 |
Acquired loans with deteriorated credit | | | 4 | | | 1 | | | - | | | 16 | | | 2 | | | - | | | - | | | 23 |
Sub-total | | | 46 | | | 96 | | | 3 | | | 47 | | | 8 | | | - | | | - | | | 200 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Provisions: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | 550 | | | 358 | | | -169 | | | 952 | | | 74 | | | -38 | | | 51 | | | 1,778 |
Acquired loans recorded at fair value | | | 136 | | | 775 | | | 40 | | | -90 | | | 239 | | | -18 | | | - | | | 1,082 |
Acquired loans with deteriorated credit | | | -98 | | | 6 | | | - | | | -16 | | | -2 | | | - | | | - | | | -110 |
Sub-total | | | 588 | | | 1,139 | | | -129 | | | 846 | | | 311 | | | -56 | | | 51 | | | 2,750 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Totals: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans | | | 1,729 | | | 7,419 | | | 700 | | | 1,295 | | | 363 | | | 3 | | | 83 | | | 11,592 |
Acquired loans recorded at fair value | | | 832 | | | 1,744 | | | 1 | | | 44 | | | 129 | | | - | | | - | | | 2,750 |
Acquired loans with deteriorated credit | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
Ending Balance, December 31, 2013 | | $ | 2,561 | | $ | 9,163 | | $ | 701 | | $ | 1,339 | | $ | 492 | | $ | 3 | | $ | 83 | | $ | 14,342 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Loans Receivables: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans | | | 97,581 | | | 549,918 | | | 37,307 | | | 52,659 | | | 28,660 | | | 533 | | | - | | | 766,658 |
Ending Balance Acquired Loans | | | 100,612 | | | 126,123 | | | 200 | | | 10,478 | | | 27,313 | | | 919 | | | - | | | 265,645 |
Ending Balance Acquired loans with deteriorated credit | | | 2,141 | | | 2,081 | | | - | | | 371 | | | 90 | | | - | | | - | | | 4,683 |
Total Gross Loans | | $ | 200,334 | | $ | 678,122 | | $ | 37,507 | | $ | 63,508 | | $ | 56,063 | | $ | 1,452 | | $ | - | | $ | 1,036,986 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance: Loans individually evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans | | | 1,840 | | | 8,638 | | | - | | | 3,870 | | | 833 | | | - | | | - | | | 15,181 |
Ending Balance Acquired Loans | | | 9,930 | | | 13,434 | | | - | | | - | | | 1,460 | | | 5 | | | - | | | 24,829 |
Ending Balance Acquired loans with deteriorated credit | | | 2,141 | | | 1,815 | | | - | | | 371 | | | 90 | | | - | | | - | | | 4,417 |
Ending Balance Loans individually evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment | | $ | 13,911 | | $ | 23,887 | | $ | - | | $ | 4,241 | | $ | 2,383 | | $ | 5 | | $ | - | | $ | 44,427 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance: Loans collectively evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans | | | 95,741 | | | 541,280 | | | 37,307 | | | 48,789 | | | 27,827 | | | 533 | | | - | | | 751,477 |
Ending Balance Acquired Loans | | | 90,682 | | | 112,689 | | | 200 | | | 10,478 | | | 25,853 | | | 914 | | | - | | | 240,816 |
Ending Balance Acquired loans with deteriorated credit | | | - | | | 266 | | | - | | | - | | | - | | | - | | | - | | | 266 |
Ending Balance Loans collectively evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment | | $ | 186,423 | | $ | 654,235 | | $ | 37,507 | | $ | 59,267 | | $ | 53,680 | | $ | 1,447 | | $ | - | | $ | 992,559 |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table sets forth the activity in the Bank’s allowance for loan losses for the year ended December 31, 2012 and recorded investment in loans receivable at December 31, 2012. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands): |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Commercial & | | | | | Commercial | | Home | | | | | | | | | |
| | Residential | | | Multi-family | | Construction | | Business (1) | | Equity (2) | | Consumer | | Unallocated | | Total |
Allowance for credit losses: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans: | | $ | 1,086 | | $ | 4,769 | | $ | 183 | | $ | 795 | | $ | 329 | | $ | 10 | | $ | - | | $ | 7,172 |
Acquired loans recorded at fair value: | | | 1,012 | | | 559 | | | 6 | | | 92 | | | 315 | | | - | | | - | | | 1,984 |
Acquired loans with deteriorated credit: | | | 581 | | | 470 | | | 115 | | | 154 | | | 33 | | | - | | | - | | | 1,353 |
Beginning Balance, December 31, 2011 | | | 2,679 | | | 5,798 | | | 304 | | | 1,041 | | | 677 | | | 10 | | | - | | | 10,509 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans: | | | 253 | | - | 468 | | - | 4 | | - | 541 | | - | 5 | | - | - | | - | - | | - | 1,271 |
Acquired loans recorded at fair value: | | | 540 | | - | 867 | | - | 288 | | - | 96 | | - | 19 | | - | - | | - | - | | - | 1,810 |
Acquired loans with deteriorated credit: | | | - | | - | - | | - | - | | - | - | | - | - | | - | - | | - | - | | - | - |
Sub-total: | | | 793 | | | 1,335 | | | 292 | | | 637 | | | 24 | | | - | | | - | | | 3,081 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans: | | | - | | | 35 | | | - | | | - | | | - | | | - | | | - | | | 35 |
Acquired loans recorded at fair value: | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
Acquired loans with deteriorated credit: | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
Sub-total: | | | - | | | 35 | | | - | | | - | | | - | | | - | | | - | | | 35 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Provisions: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans: | | | 310 | | | 2,752 | | | 687 | | | 322 | | | -40 | | | 31 | | | 32 | | | 4,094 |
Acquired loans recorded at fair value: | | | 247 | | | 1,271 | | | 375 | | | 248 | | | -105 | | | 18 | | | - | | | 2,054 |
Acquired loans with deteriorated credit: | | | -476 | | | -470 | | | -115 | | | -154 | | | -33 | | | - | | | - | | | -1,248 |
Sub-total: | | | 81 | | | 3,553 | | | 947 | | | 416 | | | -178 | | | 49 | | | 32 | | | 4,900 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Totals: | | | | | | | | | | | | | | | | | | | | | | | | |
Originated Loans: | | | 1,143 | | | 7,088 | | | 866 | | | 576 | | | 284 | | | 41 | | | 32 | | | 10,030 |
Acquired loans recorded at fair value: | | | 719 | | | 963 | | | 93 | | | 244 | | | 191 | | | 18 | | | - | | | 2,228 |
Acquired loans with deteriorated credit: | | | 105 | | | - | | | - | | | - | | | - | | | - | | | - | | | 105 |
Ending Balance, December 31, 2012 | | $ | 1,967 | | $ | 8,051 | | $ | 959 | | $ | 820 | | $ | 475 | | $ | 59 | | $ | 32 | | $ | 12,363 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Loans Receivable: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans: | | | 78,007 | | | 435,371 | | | 22,267 | | | 47,250 | | | 25,964 | | | 565 | | | - | | | 609,424 |
Ending Balance Acquired loans recorded at fair value: | | | 121,983 | | | 149,454 | | | 1,043 | | | 12,177 | | | 34,289 | | | 1,069 | | | - | | | 320,015 |
Ending Balance Acquired loans with deteriorated credit: | | | 2,936 | | | 3,443 | | | - | | | 241 | | | 140 | | | - | | | - | | | 6,760 |
Total Gross Loans: | | $ | 202,926 | | $ | 588,268 | | $ | 23,310 | | $ | 59,668 | | $ | 60,393 | | $ | 1,634 | | $ | - | | $ | 936,199 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance: Loans individually evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans: | | | 1,148 | | | 9,310 | | | - | | | 2,874 | | | 395 | | | - | | | - | | | 13,727 |
Ending Balance Acquired loans recorded at fair value: | | | 9,702 | | | 14,277 | | | 130 | | | 432 | | | 2,163 | | | - | | | - | | | 26,704 |
Ending Balance Acquired loans with deteriorated credit: | | | 2,183 | | | 2,802 | | | - | | | 241 | | | 93 | | | - | | | - | | | 5,319 |
Ending Balance Loans individually evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | $ | 13,033 | | $ | 26,389 | | $ | 130 | | $ | 3,547 | | $ | 2,651 | | $ | - | | $ | - | | $ | 45,750 |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance: Loans collectively evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | | | | | | | | | | | | | | | | | | | | | | | |
Ending Balance Originated Loans: | | | 76,859 | | | 426,061 | | | 22,267 | | | 44,376 | | | 25,569 | | | 565 | | | - | | | 595,697 |
Ending Balance Acquired loans recorded at fair value: | | | 112,281 | | | 135,177 | | | 913 | | | 11,745 | | | 32,126 | | | 1,069 | | | - | | | 293,311 |
Ending Balance Acquired loans with deteriorated credit: | | | 753 | | | 641 | | | - | | | - | | | 47 | | | - | | | - | | | 1,441 |
Ending Balance Loans collectively evaluated | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | $ | 189,893 | | $ | 561,879 | | $ | 23,180 | | $ | 56,121 | | $ | 57,742 | | $ | 1,634 | | $ | - | | $ | 890,449 |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio, at December 31, 2014 and 2013, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of December 31, 2014 and 2013, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated its ability to satisfy the terms of the restructured loan. |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2014 | | | As of December 31, 2013 | | | | | | | | | | | | | | | | | | | |
| | (In Thousands) | | | (In Thousands) | | | | | | | | | | | | | | | | | | | |
Non-Accruing Loans: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 2,893 | | $ | 144 | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 8,386 | | | 5,158 | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | 521 | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | 258 | | | 2,279 | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 334 | | | 309 | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 11,871 | | $ | 8,411 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 4,786 | | $ | 4,685 | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 1,969 | | | 6,575 | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 527 | | | 757 | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 7,282 | | $ | 12,017 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | - | | $ | - | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | - | | | - | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | 369 | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 82 | | | 137 | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 451 | | $ | 137 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 19,604 | | $ | 20,565 | | | | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the years ended December 31, 2014, 2013 and 2012 would have been approximately $1.06 million, $1.36 million and $1.06 million, respectively. Interest income recognized on such loans was approximately $784,000, $769,000 and $649,000 respectively. The Bank is not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At December 31, 2014 and 2013, there were no loans which were more than ninety days past due and still accruing interest. |
|
During 2014, the Bank sold approximately $14.4 million of non-performing loans for the purposes of eliminating future carrying costs associated with these non-interest earning assets and improving the overall quality of the loan portfolio. The sale of this sub-set of the non-performing loan portfolio for approximately $10.4 million in cash proceeds resulted in a pre-tax loss of approximately $4.0 million. The loans sold consisted of $12.1 million of commercial and multi-family real estate loans and $2.3 million of commercial business loans. |
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|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class for the years ended December 31, 2014 and December 31, 2013. (In Thousands): |
|
|
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2014 | | | As of December 31, 2013 | | | | | | | |
| | Recorded | | | Unpaid Principal | | | Related | | | Recorded | | | Unpaid Principal | | | Related | | | | | | | |
Originated loans | | Investment | | | Balance | | | Allowance | | | Investment | | | Balance | | | Allowance | | | | | | | |
with no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 2,809 | | $ | 2,825 | | $ | - | | $ | 417 | | $ | 444 | | $ | - | | | | | | | |
Commercial and multi-family | | 7,202 | | | 7,639 | | | - | | | 3,388 | | | 3,394 | | | - | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | 3,336 | | | 3,336 | | | - | | | 2,766 | | | 2,776 | | | - | | | | | | | |
Home equity(2) | | 537 | | | 550 | | | - | | | 402 | | | 402 | | | - | | | | | | | |
Consumer | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 13,884 | | $ | 14,350 | | $ | - | | $ | 6,973 | | $ | 7,016 | | $ | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair | | | | | | | | | | | | | | | | | | | | | | | | |
value with no related allowance | | | | | | | | | | | | | | | | | | | | | | | | |
recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 4,696 | | $ | 4,849 | | $ | - | | $ | 4,463 | | $ | 4,489 | | $ | - | | | | | | | |
Commercial and Multi-family | | 5,002 | | | 5,060 | | | - | | | 3,064 | | | 3,098 | | | - | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Home equity(2) | | 612 | | | 626 | | | - | | | 835 | | | 922 | | | - | | | | | | | |
Consumer | | - | | | - | | | - | | | 5 | | | 5 | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 10,310 | | $ | 10,535 | | $ | - | | $ | 8,367 | | $ | 8,514 | | $ | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated | | | | | | | | | | | | | | | | | | | | | | | | |
credit with no related allowance | | | | | | | | | | | | | | | | | | | | | | | | |
recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 1,505 | | $ | 2,133 | | $ | - | | $ | 2,141 | | $ | 2,879 | | $ | - | | | | | | | |
Commercial and Multi-family | | 877 | | | 1,034 | | | - | | | 1,815 | | | 2,312 | | | - | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | - | | | 274 | | | - | | | 371 | | | 652 | | | - | | | | | | | |
Home equity(2) | | 82 | | | 137 | | | - | | | 90 | | | 138 | | | - | | | | | | | |
Consumer | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 2,464 | | $ | 3,578 | | $ | - | | $ | 4,417 | | $ | 5,981 | | $ | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Impaired Loans | | | | | | | | | | | | | | | | | | | | | | | | |
with no related allowance recorded: | $ | 26,658 | | $ | 28,463 | | $ | - | | $ | 19,757 | | $ | 21,511 | | $ | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class for the years ended December 31, 2014 and December 31, 2013. (In Thousands): |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2014 | | | As of December 31, 2013 | | | | | | | |
| | Recorded | | | Unpaid Principal | | | Related | | | Recorded | | | Unpaid Principal | | | Related | | | | | | | |
Originated loans | | Investment | | | Balance | | | Allowance | | | Investment | | | Balance | | | Allowance | | | | | | | |
with an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 9,235 | | $ | 9,247 | | $ | 720 | | $ | 1,423 | | $ | 1,423 | | $ | 159 | | | | | | | |
Commercial and Multi-family | | 2,320 | | | 2,364 | | | 933 | | | 5,250 | | | 5,328 | | | 298 | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | 1,599 | | | 1,722 | | | 79 | | | 1,104 | | | 1,104 | | | 498 | | | | | | | |
Home equity(2) | | 549 | | | 550 | | | 5 | | | 431 | | | 431 | | | 6 | | | | | | | |
Consumer | | 1,851 | | | 1,851 | | | 446 | | | - | | | - | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 15,554 | | $ | 15,734 | | $ | 2,183 | | $ | 8,208 | | $ | 8,286 | | $ | 961 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair | | | | | | | | | | | | | | | | | | | | | | | | |
value with an allowance | | | | | | | | | | | | | | | | | | | | | | | | |
recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 5,087 | | $ | 5,130 | | $ | 254 | | $ | 5,467 | | $ | 5,477 | | $ | 331 | | | | | | | |
Commercial and Multi-family | | 1,375 | | | 1,408 | | | 154 | | | 10,370 | | | 10,418 | | | 1,276 | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Home equity(2) | | 552 | | | 561 | | | 49 | | | 625 | | | 625 | | | 64 | | | | | | | |
Consumer | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total | $ | 7,014 | | $ | 7,099 | | $ | 457 | | $ | 16,462 | | $ | 16,520 | | $ | 1,671 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated | | | | | | | | | | | | | | | | | | | | | | | | |
credit with an allowance | | | | | | | | | | | | | | | | | | | | | | | | |
recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 90 | | $ | 105 | | $ | 14 | | $ | | | $ | - | | $ | - | | | | | | | |
Commercial and Multi-family | | - | | | 118 | | | - | | | - | | | - | | | - | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | 369 | | | 369 | | | 217 | | | - | | | - | | | - | | | | | | | |
Home equity(2) | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Consumer | | - | | | $ - | | | - | | | - | | | - | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 459 | | $ | 592 | | $ | 231 | | $ | - | | $ | - | | $ | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Impaired Loans | | | | | | | | | | | | | | | | | | | | | | | | |
with an allowance recorded: | $ | 23,027 | | $ | 23,425 | | $ | 2,871 | | $ | 24,670 | | $ | 24,806 | | $ | 2,632 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Impaired Loans | | | | | | | | | | | | | | | | | | | | | | | | |
with no related allowance recorded: | $ | 26,658 | | $ | 28,463 | | $ | - | | $ | 19,757 | | $ | 21,511 | | $ | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Impaired Loans: | $ | 49,685 | | $ | 51,888 | | $ | 2,871 | | $ | 44,427 | | $ | 46,317 | | $ | 2,632 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table summarizes the average recorded investment and actual interest income recognized on impaired loans with no related allowance recorded by portfolio class for the years ended December 31, 2014 and 2013. (In Thousands): |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Years Ended December 31, | | | | | | | | | | | | | |
| | 2014 | | | 2014 | | | 2013 | | | 2013 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Average | | | Interest | | | Average | | | Interest | | | | | | | | | | | | | |
| | Recorded | | | Income | | | Recorded | | | Income | | | | | | | | | | | | | |
Originated loans | | Investment | | | Recognized | | | Investment | | | Recognized | | | | | | | | | | | | | |
with no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 1,613 | | $ | 132 | | $ | 458 | | $ | 25 | | | | | | | | | | | | | |
Commercial and multi-family | | 5,295 | | | 140 | | | 4,676 | | | 206 | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | | | | | | | | | | | |
Commercial business(1) | | 3,051 | | | 84 | | | 2,599 | | | 159 | | | | | | | | | | | | | |
Home equity(2) | | 470 | | | 21 | | | 306 | | | 13 | | | | | | | | | | | | | |
Consumer | | - | | | - | | | 6 | | | 1 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 10,429 | | $ | 377 | | $ | 8,045 | | $ | 404 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value | | | | | | | | | | | | | | | | | | | | | | | | |
with no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 4,580 | | $ | 176 | | $ | 4,094 | | $ | 177 | | | | | | | | | | | | | |
Commercial and Multi-family | | 4,033 | | | 186 | | | 5,000 | | | 211 | | | | | | | | | | | | | |
Construction | | - | | | - | | | 40 | | | 2 | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | 69 | | | 4 | | | | | | | | | | | | | |
Home equity(2) | | 724 | | | 10 | | | 1,296 | | | 45 | | | | | | | | | | | | | |
Consumer | | 3 | | | - | | | 3 | | | 1 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 9,340 | | $ | 372 | | $ | 10,502 | | $ | 440 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated | | | | | | | | | | | | | | | | | | | | | | | | |
credit with no related allowance | | | | | | | | | | | | | | | | | | | | | | | | |
recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 1,823 | | $ | 84 | | $ | 1,871 | | $ | 120 | | | | | | | | | | | | | |
Commercial and Multi-family | | 1,346 | | | 53 | | | 2,153 | | | 116 | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | | | | | | | | | | | |
Commercial business(1) | | 186 | | | 3 | | | 345 | | | 18 | | | | | | | | | | | | | |
Home equity(2) | | 86 | | | 9 | | | 92 | | | 9 | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 3,441 | | $ | 149 | | $ | 4,461 | | $ | 263 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Impaired Loans | | | | | | | | | | | | | | | | | | | | | | | | |
with no related allowance recorded: | $ | 23,210 | | $ | 898 | | $ | 23,008 | | $ | 1,107 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table summarizes the average recorded investment and actual interest income recognized on impaired loans with allowance recorded by portfolio class for the years ended December 31, 2014 and 2013. (In Thousands): |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Years Ended December 31, | | | | | | | | | | | | | |
| | 2014 | | | 2014 | | | 2013 | | | 2013 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Average | | | Interest | | | Average | | | Interest | | | | | | | | | | | | | |
| | Recorded | | | Income | | | Recorded | | | Income | | | | | | | | | | | | | |
Originated loans | | Investment | | | Recognized | | | Investment | | | Recognized | | | | | | | | | | | | | |
with an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 5,329 | | $ | 328 | | $ | 1,177 | | $ | 60 | | | | | | | | | | | | | |
Commercial and Multi-family | | 3,785 | | | 60 | | | 5,088 | | | 308 | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | | | | | | | | | | | |
Commercial business(1) | | 1,352 | | | 27 | | | 1,185 | | | 79 | | | | | | | | | | | | | |
Home equity(2) | | 490 | | | - | | | 294 | | | 19 | | | | | | | | | | | | | |
Consumer | | 926 | | | - | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 11,882 | | $ | 415 | | $ | 7,744 | | $ | 466 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value | | | | | | | | | | | | | | | | | | | | | | | | |
with an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 5,277 | | $ | 103 | | $ | 6,177 | | $ | 223 | | | | | | | | | | | | | |
Commercial and Multi-family | | 5,873 | | | 43 | | | 8,954 | | | 310 | | | | | | | | | | | | | |
Construction | | - | | | - | | | 78 | | | - | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | 255 | | | - | | | | | | | | | | | | | |
Home equity(2) | | 589 | | | 21 | | | 532 | | | 30 | | | | | | | | | | | | | |
Consumer | | - | | | - | | | 1 | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total | $ | 11,739 | | $ | 167 | | $ | 15,997 | | $ | 563 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit | | | | | | | | | | | | | | | | | | | | | | | | |
with an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 45 | | $ | 4 | | $ | 287 | | $ | 2 | | | | | | | | | | | | | |
Commercial and Multi-family | | - | | | 4 | | | - | | | - | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | | | | | | | | | | | |
Commercial business(1) | | 185 | | | 12 | | | - | | | - | | | | | | | | | | | | | |
Home equity(2) | | - | | | - | | | - | | | - | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | - | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 230 | | $ | 20 | | $ | 287 | | $ | 2 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Impaired Loans | | | | | | | | | | | | | | | | | | | | | | | | |
with an allowance recorded: | $ | 23,851 | | $ | 602 | | $ | 24,028 | | $ | 1,031 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table presents the total troubled debt restructured loans at December 31, 2014, excluding the purchase impairment mark on the acquired loans with deteriorated credit: |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Accrual | | Non-accrual | | Total | | | | | | | | | |
31-Dec-14 | | # of Loans | | | Amount | | # of Loans | | | Amount | | # of Loans | | | Amount | | | | | | | | | |
| | (Actual) | | | (In Thousands) | | (Actual) | | | (In Thousands) | | (Actual) | | | (In Thousands) | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 7 | | $ | 2,201 | | 2 | | $ | 1,323 | | 9 | | $ | 3,524 | | | | | | | | | |
Commercial and multi-family | | 3 | | | 1,065 | | 9 | | | 6,446 | | 12 | | | 7,511 | | | | | | | | | |
Construction | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Commercial business(1) | | 1 | | | 798 | | - | | | - | | 1 | | | 798 | | | | | | | | | |
Home equity(2) | | 2 | | | 508 | | 2 | | | 117 | | 4 | | | 625 | | | | | | | | | |
Consumer | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 13 | | $ | 4,572 | | 13 | | $ | 7,886 | | 26 | | $ | 12,458 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 22 | | $ | 4,782 | | 11 | | $ | 2,818 | | 33 | | $ | 7,600 | | | | | | | | | |
Commercial and Multi-family | | 13 | | | 5,011 | | 1 | | | 614 | | 14 | | | 5,625 | | | | | | | | | |
Construction | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Commercial business(1) | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Home equity(2) | | 5 | | | 637 | | 1 | | | 217 | | 6 | | | 854 | | | | | | | | | |
Consumer | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 40 | | $ | 10,430 | | 13 | | $ | 3,649 | | 53 | | $ | 14,079 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 6 | | $ | 2,238 | | - | | $ | - | | 6 | | $ | 2,238 | | | | | | | | | |
Commercial and Multi-family | | 3 | | | 1,152 | | - | | | - | | 3 | | | 1,152 | | | | | | | | | |
Construction | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Commercial business(1) | | 3 | | | 274 | | 1 | | | 369 | | 4 | | | 643 | | | | | | | | | |
Home equity(2) | | - | | | - | | 1 | | | 129 | | 1 | | | 129 | | | | | | | | | |
Consumer | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 12 | | $ | 3,664 | | 2 | | $ | 498 | | 14 | | $ | 4,162 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 65 | | $ | 18,666 | | 28 | | $ | 12,033 | | 93 | | $ | 30,699 | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table presents the total troubled debt restructured loans at December 31, 2013, excluding the purchase impairment mark on the acquired loans with deteriorated credit: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Accrual | | Non-accrual | | Total | | | | | | | | | |
31-Dec-13 | | # of Loans | | | Amount | | # of Loans | | | Amount | | # of Loans | | | Amount | | | | | | | | | |
| | (Actual) | | | (In Thousands) | | (Actual) | | | (In Thousands) | | (Actual) | | | (In Thousands) | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 7 | | $ | 1,988 | | 1 | | $ | 27 | | 8 | | $ | 2,015 | | | | | | | | | |
Commercial and multi-family | | 4 | | | 3,052 | | 8 | | | 4,139 | | 12 | | | 7,191 | | | | | | | | | |
Construction | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Commercial business(1) | | 3 | | | 1,591 | | - | | | - | | 3 | | | 1,591 | | | | | | | | | |
Home equity(2) | | 3 | | | 571 | | - | | | - | | 3 | | | 571 | | | | | | | | | |
Consumer | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 17 | | $ | 7,202 | | 9 | | $ | 4,166 | | 26 | | $ | 11,368 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 25 | | $ | 5,673 | | 8 | | $ | 2,564 | | 33 | | $ | 8,237 | | | | | | | | | |
Commercial and Multi-family | | 15 | | | 6,545 | | 9 | | | 3,606 | | 24 | | | 10,151 | | | | | | | | | |
Construction | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Commercial business(1) | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Home equity(2) | | 6 | | | 704 | | - | | | - | | 6 | | | 704 | | | | | | | | | |
Consumer | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 46 | | $ | 12,922 | | 17 | | $ | 6,170 | | 63 | | $ | 19,092 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 7 | | $ | 1,795 | | - | | $ | - | | 7 | | $ | 1,795 | | | | | | | | | |
Commercial and Multi-family | | 4 | | | 1,816 | | - | | | - | | 4 | | | 1,816 | | | | | | | | | |
Construction | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
Commercial business(1) | | 4 | | | 371 | | - | | | - | | 4 | | | 371 | | | | | | | | | |
Home equity(2) | | - | | | - | | 1 | | | 91 | | 1 | | | 91 | | | | | | | | | |
Consumer | | - | | | - | | - | | | - | | - | | | - | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 15 | | $ | 3,982 | | 1 | | $ | 91 | | 16 | | $ | 4,073 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 78 | | $ | 24,106 | | 27 | | $ | 10,427 | | 105 | | $ | 34,533 | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
A troubled debt restructuring (“TDR”) is a loan that has been modified whereby the Bank has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Bank to maximize the ultimate recovery of a loan. TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted are generally included, but not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. |
|
The following table summarizes information in regards to troubled debt restructurings during the year ended December 31, 2014. (In thousands): |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2014 | | | | | Pre-Modification Outstanding | | | Post-Modification Outstanding | | | | | | | | | | | | | | | | |
| | Number of Contracts | | | Recorded Investments | | | Recorded Investments | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 3 | | $ | 1,777 | | $ | 1,777 | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 1 | | | 805 | | | 805 | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Home equity(2) | | 1 | | | 32 | | | 64 | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 5 | | $ | 2,614 | | $ | 2,646 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 4 | | $ | 412 | | $ | 453 | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | 1 | | | 187 | | | 205 | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Home equity(2) | | 1 | | | 256 | | | 262 | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 6 | | $ | 855 | | $ | 920 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | - | | $ | 993 | | $ | 993 | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Home equity(2) | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | - | | $ | 993 | | $ | 993 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 11 | | $ | 4,462 | | $ | 4,559 | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
|
The following table summarizes information in regards to troubled debt restructurings during the year ended December 31, 2013. (In thousands): |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2013 | | | | | Pre-Modification Outstanding | | | Post-Modification Outstanding | | | | | | | | | | | | | | | | |
| | Number of Contracts | | | Recorded Investments | | | Recorded Investments | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 2 | | $ | 509 | | $ | 652 | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 4 | | | 3,009 | | | 3,044 | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Commercial business(1) | | 2 | | | 1,053 | | | 1,075 | | | | | | | | | | | | | | | | |
Home equity(2) | | 1 | | | 345 | | | 350 | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 9 | | $ | 4,916 | | $ | 5,121 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 5 | | $ | 2,123 | | $ | 2,158 | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | 7 | | | 3,309 | | | 3,475 | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Home equity(2) | | 5 | | | 459 | | | 460 | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 17 | | $ | 5,891 | | $ | 6,093 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 1 | | $ | 249 | | $ | 249 | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | 2 | | | 1,677 | | | 928 | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | - | | | | | | | | | | | | | | | | |
Commercial business(1) | | 3 | | | 241 | | | 253 | | | | | | | | | | | | | | | | |
Home equity(2) | | 1 | | | 140 | | | 140 | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | - | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 7 | | $ | 2,307 | | $ | 1,570 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 33 | | $ | 13,114 | | $ | 12,784 | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table summarizes information in regards to troubled debt restructurings for which there was a payment default, within twelve months of restructuring, (In thousands): |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2014 | | | | | | | | | | | | | | | | | | | | | | | | |
| | Number of Contracts | | | Recorded Investment | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | - | | $ | - | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | - | | | - | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | - | | $ | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | - | | $ | - | | | | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | - | | | - | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | - | | $ | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 1 | | $ | 982 | | | | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | - | | | - | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 1 | | $ | 982 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 1 | | $ | 982 | | | | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table summarizes information in regards to troubled debt restructurings for which there was a payment default, within twelve months of restructuring, (In thousands): |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
| | Number of Contracts | | | Recorded Investment | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | - | | $ | - | | | | | | | | | | | | | | | | | | | |
Commercial and multi-family | | 1 | | | 93 | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 1 | | $ | 93 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | 4 | | $ | 1,712 | | | | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | 2 | | | 1,592 | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 1 | | | 99 | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 7 | | $ | 3,403 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | | - | | $ | - | | | | | | | | | | | | | | | | | | | |
Commercial and Multi-family | | - | | | - | | | | | | | | | | | | | | | | | | | |
Construction | | - | | | - | | | | | | | | | | | | | | | | | | | |
Commercial business(1) | | - | | | - | | | | | | | | | | | | | | | | | | | |
Home equity(2) | | 1 | | | 138 | | | | | | | | | | | | | | | | | | | |
Consumer | | - | | | - | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | | 1 | | $ | 138 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 9 | | $ | 3,634 | | | | | | | | | | | | | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table sets forth the delinquency status of total loans receivable at December 31, 2014: |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | Loans Receivable | | | | |
| 30-59 Days | | 60-90 Days | | Greater Than | | Total Past | | | | | Total Loans | | >90 Days | | | | |
| Past Due | | Past Due | | 90 Days | | Due | | Current | | Receivable | | and Accruing | | | | |
| | (In Thousands) | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 1,636 | | $ | 1,638 | | $ | 231 | | $ | 3,505 | | $ | 121,137 | | $ | 124,642 | | $ | - | | | | |
Commercial and multi-family | | 5,919 | | | 650 | | | 3,712 | | | 10,281 | | | 722,510 | | | 732,791 | | | - | | | | |
Construction | | - | | | - | | | - | | | - | | | 73,497 | | | 73,497 | | | - | | | | |
Commercial business(1) | | 595 | | | 748 | | | 22 | | | 1,365 | | | 52,879 | | | 54,244 | | | - | | | | |
Home equity(2) | | 478 | | | - | | | 71 | | | 549 | | | 29,626 | | | 30,175 | | | - | | | | |
Consumer | | 22 | | | - | | | - | | | 22 | | | 2,156 | | | 2,178 | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 8,650 | | $ | 3,036 | | $ | 4,036 | | $ | 15,722 | | $ | 1,001,805 | | $ | 1,017,527 | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 1,710 | | $ | 2,458 | | $ | 2,072 | | $ | 6,240 | | $ | 74,811 | | | 81,051 | | $ | - | | | | |
Commercial and multi-family | | 2,589 | | | 1,165 | | | - | | | 3,754 | | | 91,437 | | | 95,191 | | | - | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Commercial business(1) | | 161 | | | - | | | - | | | 161 | | | 6,220 | | | 6,381 | | | - | | | | |
Home equity(2) | | 836 | | | 470 | | | 145 | | | 1,451 | | | 21,247 | | | 22,698 | | | - | | | | |
Consumer | | 14 | | | 9 | | | - | | | 23 | | | 629 | | | 652 | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 5,310 | | $ | 4,102 | | $ | 2,217 | | $ | 11,629 | | $ | 194,344 | | $ | 205,973 | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | - | | $ | - | | $ | - | | $ | - | | $ | 1,595 | | $ | 1,595 | | $ | - | | | | |
Commercial and multi-family | | - | | | - | | | - | | | - | | | 1,130 | | | 1,130 | | | - | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Commercial business(1) | | - | | | - | | | 369 | | | 369 | | | - | | | 369 | | | - | | | | |
Home equity(2) | | - | | | 82 | | | - | | | 82 | | | - | | | 82 | | | - | | | | |
Consumer | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | - | | $ | 82 | | $ | 369 | | $ | 451 | | $ | 2,725 | | $ | 3,176 | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 13,960 | | $ | 7,220 | | $ | 6,622 | | $ | 27,802 | | $ | 1,198,874 | | $ | 1,226,676 | | $ | - | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table sets forth the delinquency status of total loans receivable at December 31, 2013: |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | Loans Receivable | | | | |
| 30-59 Days | | 60-90 Days | | Greater Than | | Total Past | | | | | Total Loans | | >90 Days | | | | |
| Past Due | | Past Due | | 90 Days | | Due | | Current | | Receivable | | and Accruing | | | | |
| | (In Thousands) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 1,221 | | $ | 1,446 | | $ | - | | $ | 2,667 | | $ | 94,914 | | $ | 97,581 | | $ | - | | | | |
Commercial and multi-family | | 7,170 | | | - | | | 873 | | | 8,043 | | | 541,875 | | | 549,918 | | | - | | | | |
Construction | | 1,174 | | | - | | | - | | | 1,174 | | | 36,133 | | | 37,307 | | | - | | | | |
Commercial business(1) | | 627 | | | - | | | 290 | | | 917 | | | 51,742 | | | 52,659 | | | - | | | | |
Home equity(2) | | 126 | | | - | | | 49 | | | 175 | | | 28,485 | | | 28,660 | | | - | | | | |
Consumer | | 8 | | | - | | | - | | | 8 | | | 525 | | | 533 | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 10,326 | | $ | 1,446 | | $ | 1,212 | | $ | 12,984 | | $ | 753,674 | | $ | 766,658 | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 2,223 | | $ | 1,341 | | $ | 2,148 | | $ | 5,712 | | $ | 94,900 | | | 100,612 | | $ | - | | | | |
Commercial and multi-family | | 5,638 | | | 2,882 | | | 3,479 | | | 11,999 | | | 114,124 | | | 126,123 | | | - | | | | |
Construction | | - | | | - | | | - | | | - | | | 200 | | | 200 | | | - | | | | |
Commercial business(1) | | 175 | | | - | | | - | | | 175 | | | 10,303 | | | 10,478 | | | - | | | | |
Home equity(2) | | 1,220 | | | 153 | | | 149 | | | 1,522 | | | 25,791 | | | 27,313 | | | - | | | | |
Consumer | | 28 | | | 2 | | | - | | | 30 | | | 889 | | | 919 | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 9,284 | | $ | 4,378 | | $ | 5,776 | | $ | 19,438 | | $ | 246,207 | | $ | 265,645 | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | - | | $ | - | | $ | - | | $ | - | | $ | 2,141 | | $ | 2,141 | | $ | - | | | | |
Commercial and multi-family | | - | | | - | | | - | | | - | | | 2,081 | | | 2,081 | | | - | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
Commercial business(1) | | - | | | - | | | - | | | - | | | 371 | | | 371 | | | - | | | | |
Home equity(2) | | - | | | - | | | - | | | - | | | 90 | | | 90 | | | - | | | | |
Consumer | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | - | | $ | - | | $ | - | | $ | - | | $ | 4,683 | | $ | 4,683 | | $ | - | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 19,610 | | $ | 5,824 | | $ | 6,988 | | $ | 32,422 | | $ | 1,004,564 | | $ | 1,036,986 | | $ | - | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2014. (In Thousands): |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Pass | | Special Mention | | Substandard | | Doubtful | | Loss | | Total | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 113,847 | | $ | 6,921 | | $ | 3,874 | | $ | - | | $ | - | | $ | 124,642 | | | | | | | |
Commercial and multi-family | | 721,075 | | | 2,322 | | | 9,394 | | | - | | | - | | | 732,791 | | | | | | | |
Construction | | 73,332 | | | 165 | | | - | | | - | | | - | | | 73,497 | | | | | | | |
Commercial business(1) | | 47,866 | | | 2,020 | | | 4,358 | | | - | | | - | | | 54,244 | | | | | | | |
Home equity(2) | | 29,178 | | | 863 | | | 134 | | | - | | | - | | | 30,175 | | | | | | | |
Consumer | | 267 | | | 1,911 | | | - | | | - | | | - | | | 2,178 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 985,565 | | $ | 14,202 | | $ | 17,760 | | $ | - | | $ | - | | $ | 1,017,527 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 72,502 | | $ | 3,069 | | $ | 5,480 | | $ | - | | $ | - | | | 81,051 | | | | | | | |
Commercial and multi-family | | 90,090 | | | 2,253 | | | 2,848 | | | - | | | - | | | 95,191 | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | 6,381 | | | - | | | - | | | - | | | - | | | 6,381 | | | | | | | |
Home equity(2) | | 21,506 | | | 133 | | | 1,059 | | | - | | | - | | | 22,698 | | | | | | | |
Consumer | | 652 | | | - | | | - | | | - | | | - | | | 652 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 191,131 | | $ | 5,455 | | $ | 9,387 | | $ | - | | $ | - | | $ | 205,973 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 238 | | $ | 286 | | $ | 1,071 | | $ | - | | $ | - | | | 1,595 | | | | | | | |
Commercial and multi-family | | 589 | | | 541 | | | - | | | - | | | - | | | 1,130 | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | - | | | - | | | 369 | | | - | | | - | | | 369 | | | | | | | |
Home equity(2) | | - | | | - | | | 82 | | | - | | | - | | | 82 | | | | | | | |
Consumer | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 827 | | $ | 827 | | $ | 1,522 | | $ | - | | $ | - | | $ | 3,176 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Gross Loans | $ | 1,177,523 | | $ | 20,484 | | $ | 28,669 | | $ | - | | $ | - | | $ | 1,226,676 | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|
|
|
|
Note 6 - Loans Receivable and Allowance for Loan Losses (Continued) |
|
The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2013. (In Thousands): |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Pass | | Special Mention | | Substandard | | Doubtful | | Loss | | Total | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Originated loans: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 95,585 | | $ | 553 | | $ | 1,245 | | $ | 198 | | $ | - | | $ | 97,581 | | | | | | | |
Commercial and multi-family | | 539,796 | | | 5,022 | | | 2,899 | | | 2,201 | | | - | | | 549,918 | | | | | | | |
Construction | | 37,307 | | | - | | | - | | | - | | | - | | | 37,307 | | | | | | | |
Commercial business(1) | | 45,010 | | | 6,581 | | | 524 | | | 544 | | | - | | | 52,659 | | | | | | | |
Home equity(2) | | 27,643 | | | 642 | | | 375 | | | - | | | - | | | 28,660 | | | | | | | |
Consumer | | 495 | | | 38 | | | - | | | - | | | - | | | 533 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 745,836 | | $ | 12,836 | | $ | 5,043 | | $ | 2,943 | | $ | - | | $ | 766,658 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans recorded at fair value: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 92,351 | | $ | 3,049 | | $ | 5,212 | | $ | - | | $ | - | | | 100,612 | | | | | | | |
Commercial and multi-family | | 114,034 | | | 4,594 | | | 5,214 | | | 2,281 | | | - | | | 126,123 | | | | | | | |
Construction | | 200 | | | - | | | - | | | - | | | - | | | 200 | | | | | | | |
Commercial business(1) | | 10,478 | | | - | | | - | | | - | | | - | | | 10,478 | | | | | | | |
Home equity(2) | | 26,254 | | | 264 | | | 795 | | | - | | | - | | | 27,313 | | | | | | | |
Consumer | | 914 | | | - | | | 5 | | | - | | | - | | | 919 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 244,231 | | $ | 7,907 | | $ | 11,226 | | $ | 2,281 | | $ | - | | $ | 265,645 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Acquired loans with deteriorated credit: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential one-to-four family | $ | 278 | | $ | 1,040 | | $ | 823 | | $ | - | | $ | - | | | 2,141 | | | | | | | |
Commercial and multi-family | | 1,332 | | | 749 | | | - | | | - | | | - | | | 2,081 | | | | | | | |
Construction | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
Commercial business(1) | | - | | | - | | | 371 | | | - | | | - | | | 371 | | | | | | | |
Home equity(2) | | - | | | - | | | 90 | | | - | | | - | | | 90 | | | | | | | |
Consumer | | - | | | - | | | - | | | - | | | - | | | - | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sub-total: | $ | 1,610 | | $ | 1,789 | | $ | 1,284 | | $ | - | | $ | - | | $ | 4,683 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Gross Loans | $ | 991,677 | | $ | 22,532 | | $ | 17,553 | | $ | 5,224 | | $ | - | | $ | 1,036,986 | | | | | | | |
__________ |
(1) Includes business lines of credit. |
(2) Includes home equity lines of credit. |
|