Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'NORTHEAST COMMUNITY BANCORP INC | ' |
Entity Central Index Key | '0001354772 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 12,644,752 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and amounts due from depository institutions | $2,530 | $2,821 |
Interest-bearing deposits | 28,071 | 46,421 |
Cash and cash equivalents | 30,601 | 49,242 |
Certificates of deposit | 1,146 | 399 |
Securities available-for-sale | 116 | 129 |
Securities held-to-maturity (fair value of $9,374 and $12,561, respectively) | 9,040 | 11,987 |
Loans receivable, net of allowance for loan losses of $4,014 and $4,646 respectively | 345,499 | 333,787 |
Premises and equipment, net | 12,381 | 12,898 |
Federal Home Loan Bank of New York stock, at cost | 874 | 1,355 |
Bank owned life insurance | 20,332 | 19,852 |
Accrued interest receivable | 1,092 | 976 |
Goodwill | 749 | 1,083 |
Intangible assets | 360 | 406 |
Other real estate owned | 3,821 | 4,271 |
Other assets | 7,108 | 7,839 |
Total Assets | 433,119 | 444,224 |
Liabilities | ' | ' |
Deposits: Non-interest bearing | 21,798 | 22,932 |
Deposits: Interest-bearing | 294,158 | 295,188 |
Total deposits | 315,956 | 318,120 |
Advance payments by borrowers for taxes and insurance | 3,881 | 3,516 |
Federal Home Loan Bank advances | 5,000 | 15,000 |
Accounts payable and accrued expenses | 3,650 | 3,739 |
Total Liabilities | 328,487 | 340,375 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value; 19,000,000 shares authorized; 13,225,000 shares issued; outstanding: 12,644,752 shares at September 30, 2013 and December 31, 2012 | 132 | 132 |
Additional paid-in capital | 57,101 | 57,178 |
Unearned Employee Stock Ownership Plan ("ESOP") shares | -3,175 | -3,370 |
Retained earnings | 54,409 | 53,893 |
Treasury stock - at cost, 580,248 shares | -3,712 | -3,712 |
Accumulated other comprehensive loss | -123 | -272 |
Total Stockholders' Equity | 104,632 | 103,849 |
Total Liabilities and Stockholders' Equity | $433,119 | $444,224 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Statements of Financial Condition [Abstract] | ' | ' |
Held-to-maturity Securities, Fair Value | $9,374 | $12,561 |
Loans and Leases Receivable, Allowance for Loan Losses | $4,014 | $4,646 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 19,000,000 | 19,000,000 |
Common Stock, Shares, Issued | 13,225,000 | 13,225,000 |
Common Stock, Shares, Outstanding | 12,644,752 | 12,644,752 |
Treasury Stock, Shares | 580,248 | 580,248 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
INTEREST INCOME: | ' | ' | ' | ' |
Loans | $4,304 | $4,817 | $13,627 | $14,678 |
Interest-earning deposits | 3 | 7 | 9 | 29 |
Securities - taxable | 72 | 116 | 255 | 379 |
Total Interest Income | 4,379 | 4,940 | 13,891 | 15,086 |
INTEREST EXPENSE: | ' | ' | ' | ' |
Deposits | 749 | 634 | 2,207 | 2,451 |
Borrowings | 46 | 139 | 192 | 419 |
Total Interest Expense | 795 | 773 | 2,399 | 2,870 |
Net Interest Income | 3,584 | 4,167 | 11,492 | 12,216 |
PROVISION (CREDIT) FOR LOAN LOSSES | -191 | 1,912 | -554 | 2,029 |
Net Interest Income after Provision (Credit) for Loan Losses | 3,775 | 2,255 | 12,046 | 10,187 |
NON-INTEREST INCOME: | ' | ' | ' | ' |
Other loan fees and service charges | 122 | 293 | 462 | 716 |
Gain (loss) on disposition of equipment | ' | ' | ' | -9 |
Earnings on bank owned life insurance | 162 | 163 | 481 | 448 |
Investment advisory fees | 183 | 242 | 537 | 681 |
Other | 5 | 4 | 15 | 10 |
Total Non-Interest Income | 472 | 702 | 1,495 | 1,846 |
NON-INTEREST EXPENSES: | ' | ' | ' | ' |
Salaries and employee benefits | 1,862 | 2,554 | 6,197 | 6,928 |
Occupancy expense | 352 | 375 | 1,092 | 983 |
Equipment | 138 | 219 | 469 | 577 |
Outside data processing | 229 | 265 | 789 | 780 |
Advertising | 13 | 81 | 43 | 194 |
Impairment loss on goodwill | ' | ' | 334 | ' |
Other real estate owned expense | 59 | ' | 318 | ' |
FDIC insurance premiums | 155 | 91 | 268 | 283 |
Other | 914 | 1,219 | 2,760 | 3,485 |
Total Non-Interest Expenses | 3,722 | 4,804 | 12,270 | 13,230 |
Income (Loss) before Provision for Income Taxes | 525 | -1,847 | 1,271 | -1,197 |
PROVISION (BENEFIT) FOR INCOME TAXES | 144 | -847 | 302 | -714 |
Net Income (Loss) | $381 | ($1,000) | $969 | ($483) |
Net Income (Loss) per Common Share - Basic | $0.03 | ($0.08) | $0.08 | ($0.04) |
Weighted Average Number of Common Shares Outstanding - Basic | 12,324 | 12,298 | 12,318 | 12,292 |
Dividends Declared per Common Share | $0.03 | ' | $0.09 | $0.06 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | $381 | ($1,000) | $969 | ($483) | ||||
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||||
Defined benefit pension, reclassification adjustments: Amortization of prior service cost | 5 | [1] | 5 | [1] | 15 | [1] | 16 | [1] |
Defined benefit pension, reclassification adjustments: Amortization of actuarial loss | 9 | ' | 27 | ' | ||||
Defined benefit pension: Actuarial gains (losses) arising during period | 69 | -111 | 207 | -228 | ||||
Total | 83 | -106 | 249 | -212 | ||||
Income tax effect | -33 | 43 | -100 | 86 | ||||
Total other comprehensive income (loss) | 50 | -63 | 149 | -126 | ||||
Total comprehensive income (loss) | $431 | ($1,063) | $1,118 | ($609) | ||||
[1] | Amounts are included in salaries and employees benefits in the unaudited consolidated statements of income (loss) as part of net periodic pension cost. See note 4 for further information.Amounts are included in provision (benefit) for income taxes in the unaudited consolidated statements of income (loss). |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2011 | $132 | $57,292 | ($3,629) | $57,076 | ($3,712) | ($94) | $107,065 |
Net income (loss) | ' | ' | ' | -483 | ' | ' | -483 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -126 | -126 |
Cash dividend declared | ' | ' | ' | -518 | ' | ' | -518 |
ESOP shares earned | ' | -83 | 194 | ' | ' | ' | 111 |
Balance at Sep. 30, 2012 | 132 | 57,209 | -3,435 | 56,075 | -3,712 | -220 | 106,049 |
Balance at Dec. 31, 2012 | 132 | 57,178 | -3,370 | 53,893 | -3,712 | -272 | 103,849 |
Net income (loss) | ' | ' | ' | 969 | ' | ' | 969 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | 149 | 149 |
Cash dividend declared | ' | ' | ' | -453 | ' | ' | -453 |
ESOP shares earned | ' | -77 | 195 | ' | ' | ' | 118 |
Balance at Sep. 30, 2013 | $132 | $57,101 | ($3,175) | $54,409 | ($3,712) | ($123) | $104,632 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.09 | $0.06 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | $969 | ($483) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Net amortization of securities premiums and discounts, net | 55 | 33 |
Provision (credit) for loan losses | -554 | 2,029 |
Depreciation | 572 | 497 |
Net amortization of deferred loan fees and costs | 114 | 147 |
Amortization of intangible assets | 46 | 20 |
Deferred income tax expense | 78 | 529 |
Impairment loss on goodwill | 334 | ' |
Loss on sale of real estate owned | 51 | ' |
Loss on disposal of equipment | ' | 9 |
Earnings on bank owned life insurance | -481 | -448 |
ESOP compensation expense | 118 | 111 |
(Increase) decrease in accrued interest receivable | -116 | 537 |
Increase (decrease) in other assets | 553 | -1,006 |
(Decrease) increase in accounts payable and accrued expenses | 161 | -1,833 |
Net Cash Provided by Operating Activities | 1,900 | 142 |
Cash Flows from Investing Activities: | ' | ' |
Net (increase) decrease in loans | -11,272 | 7,211 |
Proceeds from sale of real estate owned | 399 | ' |
Principal repayments on securities available-for-sale | 13 | 17 |
Principal repayments on securities held-to-maturity | 2,892 | 3,007 |
Proceeds from maturities of certificates of deposit | 249 | 1,992 |
Purchases of certificates of deposit | -996 | ' |
Redemption of Federal Home Loan Bank of New York stock | 481 | 278 |
Purchase of bank owned life insurance | ' | -2,500 |
Purchases of premises and equipment | -55 | -3,935 |
Net Cash (Used in) Provided by Investing Activities | -8,289 | 6,070 |
Cash Flows from Financing Activities: | ' | ' |
Net decrease in deposits | -2,164 | -34,637 |
Repayment of FHLB of NY advances | -10,000 | -5,000 |
Increase in advance payments by borrowers for taxes and insurance | 365 | 661 |
Cash dividends paid | -453 | -518 |
Net Cash Used in Financing Activities | -12,252 | -39,494 |
Net Decrease in Cash and Cash Equivalents | -18,641 | -33,282 |
Cash and Cash Equivalents - Beginning | 49,242 | 82,583 |
Cash and Cash Equivalents - Ending | 30,601 | 49,301 |
Supplementary Cash Flows Information | ' | ' |
Income taxes paid | 104 | 2,375 |
Interest paid | 2,399 | 2,870 |
Supplemental Disclosure Of Non-Cash Investing Activities | ' | ' |
Real estate owned transferred to premises and equipment | ' | $620 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||
Sep. 30, 2013 | |||
Basis of Presentation [Abstract] | ' | ||
BASIS OF PRESENTATION | ' | ||
NOTE 1 – BASIS OF PRESENTATION | |||
Northeast Community Bancorp, Inc. (the “Company”) is a federally-chartered corporation organized as a mid-tier holding company for Northeast Community Bank (the “Bank”), in conjunction with the Bank’s reorganization from a mutual savings bank to the mutual holding company structure on July 5, 2006. The Bank is a New York State-chartered savings bank and completed its conversion from a federally-chartered savings bank effective as of the close of business on June 29, 2012. The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank and the Bank’s wholly owned subsidiaries, New England Commercial Properties, LLC (“NECP”) and NECB Financial Services Group, LLC. NECB Financial Services Group was formed by the Bank in the second quarter of 2012 as a complement to the Bank’s existing investment advisory and financial planning services division, Hayden Wealth Management. As of the filing of this Form 10-Q, NECB Financial Services Group has not conducted any business. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||
The accompanying unaudited consolidated financial statements were prepared in accordance with generally accepted accounting principles for interim financial information as well as instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information or footnotes necessary for the presentation of financial position, results of operations, changes in stockholders’ equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for the full year or any other interim period. The December 31, 2012 consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. That data, along with the interim financial information presented in the unaudited consolidated statements of financial condition, income, comprehensive income, stockholders’ equity, and cash flows should be read in conjunction with the consolidated financial statements and notes thereto, included in the Company’s annual report on Form 10-K for the year ended December 31, 2012. | |||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain recorded amounts and disclosures. Accordingly, actual results could differ from those estimates. The most significant estimate pertains to the allowance for loan losses. In preparing these consolidated financial statements, the Company evaluated the events that occurred after September 30, 2013 and through the date these consolidated financial statements were issued. | |||
Loans | |||
Loans are stated at unpaid principal balances plus net deferred loan origination costs less an allowance for loan losses. Interest on loans receivable is recorded on the accrual basis. An allowance for uncollected interest is established on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations or where interest or principal is 90 days or more past due, unless the loans are well secured and in the process of collection. When a loan is placed on nonaccrual, an allowance for uncollected interest is established and charged against current income. Thereafter, interest income is not recognized unless the financial condition and payment record of the borrower warrant the recognition of interest income. Interest on loans that have been restructured is accrued according to the renegotiated terms, unless on non-accrual. Net loan origination fees and costs are deferred and amortized into income over the contractual lives of the related loans by use of the level yield method. Past due status of loans is based upon the contractual due date. | |||
Allowance for Loan Losses | |||
The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. | |||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, | |||
the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. | |||
NOTE 1 – BASIS OF PRESENTATION (Continued) | |||
Allowance for Loan Losses (Continued) | |||
This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | |||
Risk characteristics associated with the types of loans the Company underwrites are as follows: | |||
Multi-family, Mixed-use and Non-residential Real Estate Loans. Loans secured by multi-family, mixed-use, and non-residential real estate generally have larger balances and involve a greater degree of risk than one- to four-family residential mortgage loans. Of primary concern in multi-family, mixed-use and non-residential real estate lending is the current and potential cash flow of the property and the borrower’s demonstrated ability to operate that type of property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject to a greater extent than residential real estate loans to adverse conditions in the real estate market or the economy. To monitor cash flows on income producing properties, we require borrowers to provide annual financial statements for all multi-family, mixed-use and non-residential real estate loans. In reaching a decision on whether to make a multi-family, mixed-use or non-residential real estate loan, we consider the net operating income of the property, the borrower’s expertise, credit history and profitability and the value of the underlying property. In addition, with respect to non-residential real estate properties, we also consider the term of the lease and the quality of the tenants. An appraisal of the real estate used as collateral for the real estate loan is also obtained as part of the underwriting process. We have generally required that the properties securing these real estate loans have debt service coverage ratios (the ratio of earnings after subtracting all operating expenses to debt service payments) of at least 1.25x. In underwriting these loans, we take into account projected increases in interest rates in determining whether a loan meets our debt service coverage ratios at the higher interest rate under the adjustable rate mortgage. Environmental surveys and property inspections are utilized for all loans. | |||
Commercial and Industrial Loans. Unlike multi-family, mixed-use, and non-residential mortgage loans, which are generally made on the basis of a borrower’s ability to make repayment from the operation and cash flow from the real property whose value tends to be more ascertainable, commercial and industrial loans are of higher risk and tend to be made on the basis of a borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself. Further, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. | |||
Construction Loans. Construction financing affords us the opportunity to achieve higher interest rates and fees with shorter terms to maturity than does residential mortgage loans. However, construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate due to (1) the increased difficulty at the time the loan is made of estimating the building costs and the selling price of the property to be built; (2) the increased difficulty and costs of monitoring the loan; (3) the higher degree of sensitivity to increases in market rates of interest; and (4) the increased difficulty of working out loan problems. We have sought to minimize this risk by limiting the amount of construction loans outstanding at any time and by spreading the loans among multi-family, mixed-use and non-residential projects. In connection with construction loans that convert to permanent loans with us, we underwrite these loans using the same underwriting standards as our multi-family, mixed-use and non-residential real estate loans. If we do not offer permanent financing to the borrower, we minimize risks by requiring the borrower to obtain permanent financing from another financial institution. | |||
Residential One-to-Four Family Loans. Residential one-to-four family mortgage loans are secured by the borrower’s personal residence. These loans have varying loan rates, depending on the financial condition of the borrower and the loan to value ratio, and have amortizations up to 30 years. Such loans are considered to have a lower degree of risk when compared to our other loan types. | |||
Consumer Loans. We offer personal loans, loans secured by passbook savings accounts, certificates of deposit accounts or statement savings accounts, and overdraft protection for checking accounts. We do not believe these loans represent a significant risk of loss to the Company. | |||
The allowance for loan losses consists of specific and general components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific allowance is established or a partial charge-off is taken 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. | |||
NOTE 1 – BASIS OF PRESENTATION (Continued) | |||
Allowance for Loan Losses (Continued) | |||
Beginning in the fourth quarter of 2012, the Company discontinued the use of specific allowances. If an impairment is identified, the Company now charges off the impaired portion immediately. 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 records, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. | |||
The Company does not evaluate consumer or residential one- to four-family loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. | |||
The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral or discounted cash flows. | |||
For loans secured by real estate, estimated fair values are determined primarily through in-house or third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values might be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | |||
For loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | |||
The general component covers pools of loans by loan class including loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate and consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates, adjusted for qualitative factors. These qualitative risk factors include: | |||
1 | Changes in policies and procedures in underwriting standards and collections. | ||
2 | Changes in economic conditions. | ||
3 | Changes in nature and volume of lending. | ||
4 | Experience of origination team. | ||
5 | Changes in past due loan volume and severity of classified assets. | ||
6 | Quality of loan review system. | ||
7 | Collateral values in general throughout lending territory. | ||
8 | Concentrations of credit. | ||
9 | Competition, legal and regulatory issues. | ||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | |||
Allowance for Loan Losses (Continued) | |||
The allowance for loan losses calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, residential and consumer loans. Credit quality risk ratings include regulatory classifications of pass, special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. | |||
Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. | |||
The allowance calculation for each pool of loans is also based on the loss factors that reflect the Company’s historical charge-off experience adjusted for current economic conditions applied to loan groups with similar characteristics or classifications in the current portfolio. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process which allows for a periodic review of its loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral and financial condition of the borrowers. The Company’s Chief Executive Officer is ultimately responsible for the timely and accurate risk rating of the loan portfolio. | |||
Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Adversely classified, non-accrual troubled debt restructurings may be reclassified if principal and interest payments, under the modified terms, are current for six consecutive months after modification. | |||
In addition, banking regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the allowance for loan losses is adequate as of September 30, 2013. | |||
Goodwill | |||
The Company recognized goodwill in connection with the acquisition of its wealth management division in 2007. In the fourth quarter of 2012, the Company performed an impairment test and determined that the fair value of this division was less than its carrying value and, accordingly, recorded an impairment charge of $227,000 in 2012. During the second quarter of 2013, the Company determined that an adjustment to the goodwill impairment previously recorded in 2012 was necessary. As a result, an additional impairment charge of $334,000 was recognized during the second quarter of 2013. | |||
The impairment charges were the result of a reduction in expected cash flow from this division resulting from the departure of two employees, one of which had generated significant other commission income from sales of insurance and annuity products. We expect future commission income to decline 50% from prior levels. This decline resulted in a decrease in the value of this division. | |||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
EARNINGS PER SHARE | ' |
NOTE 2 – EARNINGS PER SHARE | |
Basic earnings per common share is calculated by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed in a manner similar to basic earnings per common share except that the weighted average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Common stock equivalents may include restricted stock awards and stock options. Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. The Company has not granted any restricted stock awards or stock options and, during the nine-month periods ended September 30, 2013 and 2012, had no potentially dilutive common stock equivalents. Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”) are not included in the weighted-average number of common shares outstanding for purposes of calculating both basic and diluted earnings per common share until they are committed to be released. | |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2013 | |
Employee Stock Ownership Plan [Abstract] | ' |
EMPLOYEE STOCK OWNERSHIP PLAN | ' |
NOTE 3 – EMPLOYEE STOCK OWNERSHIP PLAN | |
As of December 31, 2012 and September 30, 2013, the ESOP trust held 518,420 shares of the Company’s common stock, which represents all allocated and unallocated shares held by the plan. As of December 31, 2012, the Company had allocated 155,526 shares to participants, and an additional 25,921 shares had been committed to be released. As of September 30, 2013, the Company had allocated 181,447 shares to participants, and an additional 19,441 shares had been committed to be released. | |
The Company recognized compensation expense of $43,000 and $35,000 during the three-month periods ended September 30, 2013 and 2012, respectively, and $118,000 and $111,000 during the nine-month periods ended September 30, 2013 and 2012, respectively, which equals the fair value of the ESOP shares when they became committed to be released. | |
Outside_Director_Retirement_Pl
Outside Director Retirement Plan ("DRP") | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||
OUTSIDE DIRECTOR RETIREMENT PLAN ("DRP") | ' | |||||||||||
NOTE 4 – Outside Director Retirement Plan (“DRP”) | ||||||||||||
Periodic expenses for the Company’s DRP were as follows: | ||||||||||||
Three Months | Nine Months Ended | |||||||||||
Ended September 30, | September 30, | |||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Service cost | $ | 18 | $ | 12 | $ | 55 | $ | 38 | ||||
Interest cost | 11 | 13 | 31 | 38 | ||||||||
Amortization of prior service cost | 5 | 5 | 15 | 15 | ||||||||
Amortization of actuarial loss | 9 | - | 27 | - | ||||||||
Total | $ | 43 | $ | 30 | $ | 128 | $ | 91 | ||||
This plan is an unfunded, non-contributory defined benefit pension plan covering all non-employee directors meeting eligibility requirements as specified in the plan document. The amortization of prior service cost and actuarial loss in the three-month periods ended September 30, 2013 and 2012 and the nine-month periods ended September 30, 2013 and 2012 is also reflected in other comprehensive income (loss) during those periods. | ||||||||||||
Investments
Investments | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Investments [Abstract] | ' | |||||||||||
INVESTMENTS | ' | |||||||||||
NOTE 5 – INVESTMENTS | ||||||||||||
The following table sets forth the amortized cost and fair values of our securities portfolio at the dates indicated: | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
30-Sep-13 | ||||||||||||
Securities available for sale: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Federal Home Loan Mortgage Corporation | $ | 65 | $ | 2 | $ | - | $ | 67 | ||||
Federal National Mortgage Association | 47 | 2 | - | 49 | ||||||||
Total | $ | 112 | $ | 4 | $ | - | $ | 116 | ||||
Securities held to maturity: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Government National Mortgage Association | $ | 6,901 | $ | 241 | $ | - | $ | 7,142 | ||||
Federal Home Loan Mortgage Corporation | 244 | 7 | - | 251 | ||||||||
Federal National Mortgage Association | 172 | 7 | - | 179 | ||||||||
Collateralized mortgage obligations-GSE | 1,722 | 79 | - | 1,801 | ||||||||
Other | 1 | - | - | 1 | ||||||||
Total | $ | 9,040 | $ | 334 | $ | - | $ | 9,374 | ||||
NOTE 5 – INVESTMENTS (Continued) | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
31-Dec-12 | ||||||||||||
Securities available for sale: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Federal Home Loan Mortgage Corporation | $ | 76 | $ | 2 | $ | - | $ | 78 | ||||
Federal National Mortgage Association | 49 | 2 | - | 51 | ||||||||
Total | $ | 125 | $ | 4 | $ | - | $ | 129 | ||||
Securities held to maturity: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Government National Mortgage Association | $ | 9,044 | $ | 442 | $ | - | $ | 9,486 | ||||
Federal Home Loan Mortgage Corporation | 267 | 9 | - | 276 | ||||||||
Federal National Mortgage Association | 215 | 8 | - | 223 | ||||||||
Collateralized mortgage obligations-GSE | 2,460 | 115 | - | 2,575 | ||||||||
Other | 1 | - | - | 1 | ||||||||
Total | $ | 11,987 | $ | 574 | $ | - | $ | 12,561 | ||||
Contractual final maturities of mortgage-backed securities available for sale were as follows: | ||||||||||||
30-Sep-13 | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In Thousands) | ||||||||||||
Due after five but within ten years | $ | 25 | $ | 25 | ||||||||
Due after ten years | 87 | 91 | ||||||||||
Total | $ | 112 | $ | 116 | ||||||||
Contractual final maturities of mortgage-backed securities held to maturity were as follows: | ||||||||||||
30-Sep-13 | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In Thousands) | ||||||||||||
Due after one but within five years | $ | 70 | $ | 72 | ||||||||
Due after five but within ten years | 126 | 131 | ||||||||||
Due after ten years | 8,844 | 9,171 | ||||||||||
Total | $ | 9,040 | $ | 9,374 | ||||||||
The maturities shown above are based upon contractual final maturity. Actual maturities will differ from contractual maturities due to scheduled monthly repayments and due to the underlying borrowers having the right to prepay their obligations. | ||||||||||||
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
FAIR VALUE DISCLOSURES | ' | ||||||||||||||
NOTE 6 – FAIR VALUE DISCLOSURES | |||||||||||||||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company’s securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets and liabilities on a non-recurring basis, such as impaired loans and other real estate owned. U.S. GAAP has established a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: | |||||||||||||||
NOTE 6 – Fair Value DISCLOSURES (Continued) | |||||||||||||||
Level 1:Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||||||
Level 3:Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). | |||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||
For financial assets measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||
Quoted Prices | Significant | ||||||||||||||
in Active | Other | (Level 3) | |||||||||||||
Markets for | Observable | Significant | |||||||||||||
Description | Total | Identical Assets | Inputs | Unobservable Inputs | |||||||||||
September 30, 2013: | (In Thousands) | ||||||||||||||
Recurring: | |||||||||||||||
Mortgage-backed securities - residential: | |||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 67 | $ | - | $ | 67 | $ | - | |||||||
Federal National Mortgage Association | 49 | - | 49 | - | |||||||||||
Total | $ | 116 | $ | - | 116 | $ | - | ||||||||
Nonrecurring: | |||||||||||||||
Impaired loans | $ | 16,353 | $ | - | $ | - | $ | 16,353 | |||||||
December 31, 2012: | |||||||||||||||
Recurring: | |||||||||||||||
Mortgage-backed securities - residential: | |||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 78 | $ | - | 78 | $ | - | ||||||||
Federal National Mortgage Association | 51 | - | 51 | - | |||||||||||
Total | $ | 129 | $ | - | 129 | $ | - | ||||||||
Nonrecurring: | |||||||||||||||
Impaired loans | $ | 10,515 | $ | - | $ | - | $ | 10,515 | |||||||
Real estate owned | $ | 4,271 | $ | - | $ | - | $ | 4,271 | |||||||
NOTE 6 – Fair Value DISCLOSURES (Continued) | |||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: | |||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||
Unobservable | |||||||||||||||
(in thousands) | Fair Value | Valuation | Input | Weighted | |||||||||||
Estimate | Techniques | Average Rate | |||||||||||||
September 30, 2013: | |||||||||||||||
Impaired loans | $ | 16,353 | Appraisal of collateral (1) | Appraisal adjustments (2) | 7.73% | ||||||||||
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | |||||||||||||||
(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||
Unobservable | |||||||||||||||
(in thousands) | Fair Value | Valuation | Input | Weighted | |||||||||||
Estimate | Techniques | Average Rate | |||||||||||||
December 31, 2012: | |||||||||||||||
Impaired loans | $ | 10,515 | Appraisal of collateral (1) | Appraisal adjustments (2) | 7.80% | ||||||||||
Real estate owned | $ | 4,271 | Appraisal of collateral (1) | Appraisal adjustments (2) | 8.50% | ||||||||||
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | |||||||||||||||
(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. | |||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. | |||||||||||||||
The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at September 30, 2013 and December 31, 2012: | |||||||||||||||
Cash and Cash Equivalents, Certificates of Deposit and Accrued Interest Receivable and Payable | |||||||||||||||
For these short-term instruments, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||
NOTE 6 – Fair Value DISCLOSURES (Continued) | |||||||||||||||
Securities | |||||||||||||||
Fair values for securities available for sale and held to maturity are determined utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things. | |||||||||||||||
Loans Receivable | |||||||||||||||
Fair values are estimated for portfolios of loans with similar financial characteristics. The total loan portfolio is first divided into performing and non-performing categories. Performing loans are then segregated into adjustable and fixed rate interest terms. Fixed rate loans are segmented by type, such as construction and land development, other loans secured by real estate, commercial and industrial loans, and loans to individuals. Certain types, such as commercial loans and loans to individuals, are further segmented by maturity and type of collateral. | |||||||||||||||
For performing loans, fair value is calculated by discounting scheduled future cash flows through estimated maturity using a current market rate. The discounted value of the cash flows is reduced by a credit risk adjustment based on internal loan classifications. | |||||||||||||||
For certain impaired loans, fair value is calculated by first reducing the carrying value by a credit risk adjustment based on internal loan classifications, and then discounting the estimated future cash flows from the remaining carrying value at a market rate. | |||||||||||||||
For the remaining impaired loans which the Company has measured and recorded impairment generally based on the fair value of the loan’s collateral, fair value is generally determined based upon independent third-party appraisals of the properties. These assets are typically included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||
FHLB of New York Stock | |||||||||||||||
The carrying amount of the FHLB of New York stock approximates its fair value, and considers the limited marketability of this security. | |||||||||||||||
Deposit Liabilities | |||||||||||||||
The fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, money market accounts, interest checking accounts, and savings accounts is equal to the amount payable on demand. Time deposits are segregated by type, size, and remaining maturity. The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is based on rates currently offered in the market. | |||||||||||||||
FHLB of New York Advances | |||||||||||||||
The fair value of the FHLB advances is estimated based on the discounted value of future contractual payments. The discount rate is equivalent to the estimated rate at which the Company could currently obtain similar financing. | |||||||||||||||
Off-Balance- Sheet Financial Instruments | |||||||||||||||
The fair value of commitments to extend credit is estimated based on an analysis of the interest rates and fees currently charged to enter into similar transactions, considering the remaining terms of the commitments and the credit-worthiness of the potential borrowers. At September 30, 2013 and December 31, 2012, the estimated fair values of these off-balance-sheet financial instruments were immaterial. | |||||||||||||||
NOTE 6 – Fair Value DISCLOSURES (Continued) | |||||||||||||||
The carrying amounts and fair values of the Company’s financial instruments are summarized below: | |||||||||||||||
Fair Value at | |||||||||||||||
30-Sep-13 | |||||||||||||||
Quoted | Significant | Significant | |||||||||||||
Prices in | Other | Unobservable | |||||||||||||
Active | Observable | Inputs | |||||||||||||
Markets for | Inputs | ||||||||||||||
Identical | |||||||||||||||
Assets | |||||||||||||||
(In thousands) | Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 30,601 | $ | 30,601 | $ | 30,601 | $ | - | $ | - | |||||
Certificates of deposit | 1,146 | 1,146 | - | 1,146 | - | ||||||||||
Securities available for sale | 116 | 116 | - | 116 | - | ||||||||||
Securities held to maturity | 9,040 | 9,374 | - | 9,374 | - | ||||||||||
Loans receivable | 345,499 | 354,739 | - | - | 354,739 | ||||||||||
FHLB of New York stock | 874 | 874 | - | 874 | - | ||||||||||
Accrued interest receivable | 1,092 | 1,092 | - | 1,092 | - | ||||||||||
Financial Liabilities | |||||||||||||||
Deposits | 315,956 | 318,628 | - | 318,628 | - | ||||||||||
FHLB of New York advances | 5,000 | 5,088 | - | 5,088 | - | ||||||||||
Accrued interest payable | 3,650 | 3,650 | - | 3,650 | - | ||||||||||
Fair Value at | |||||||||||||||
31-Dec-12 | |||||||||||||||
Quoted | Significant | Significant | |||||||||||||
Prices in | Other | Unobservable | |||||||||||||
Active | Observable | Inputs | |||||||||||||
Markets for | Inputs | ||||||||||||||
Identical | |||||||||||||||
Assets | |||||||||||||||
(In thousands) | Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 49,242 | $ | 49,242 | $ | 49,242 | $ | - | $ | - | |||||
Certificates of deposit | 399 | 399 | - | 399 | - | ||||||||||
Securities available for sale | 129 | 129 | - | 129 | - | ||||||||||
Securities held to maturity | 11,987 | 12,561 | - | 12,561 | - | ||||||||||
Loans receivable | 333,787 | 350,420 | - | - | 350,420 | ||||||||||
FHLB of New York stock | 1,355 | 1,355 | - | 1,355 | - | ||||||||||
Accrued interest receivable | 976 | 976 | - | 976 | - | ||||||||||
Financial Liabilities | |||||||||||||||
Deposits | 318,120 | 321,236 | - | 321,236 | - | ||||||||||
FHLB of New York advances | 15,000 | 15,256 | - | 15,256 | - | ||||||||||
Accrued interest payable | 3,739 | 3,739 | - | 3,739 | - | ||||||||||
Loans_Receivable_and_the_Allow
Loans Receivable and the Allowance For Loan Losses | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Loans Receivable and the Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | ' | ||||||||||||||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||
One-to-four family | $ | 9,047 | $ | 7,761 | |||||||||||||||||
Multi-family | 180,305 | 178,644 | |||||||||||||||||||
Mixed use | 46,583 | 41,895 | |||||||||||||||||||
Total residential real estate | 235,935 | 228,300 | |||||||||||||||||||
Non-residential real estate | 82,875 | 82,312 | |||||||||||||||||||
Construction | 4,635 | 841 | |||||||||||||||||||
Commercial and Industrial | 25,294 | 26,274 | |||||||||||||||||||
Consumer | 159 | 77 | |||||||||||||||||||
Total Loans | 348,898 | 337,804 | |||||||||||||||||||
Allowance for loan losses | -4,014 | -4,646 | |||||||||||||||||||
Deferred loan costs, net | 615 | 629 | |||||||||||||||||||
Net Loans | $ | 345,499 | $ | 333,787 | |||||||||||||||||
The following is an analysis of the allowance for loan losses: | |||||||||||||||||||||
At and for the Nine Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | 3,216 | 996 | - | 434 | - | 4,646 | |||||||||||||||
Charge-offs | - | -105 | - | - | - | -105 | |||||||||||||||
Recoveries | 23 | 4 | - | - | - | 27 | |||||||||||||||
Provision (credit) | -672 | 66 | 118 | -66 | - | -554 | |||||||||||||||
Ending balance | $ | 2,567 | $ | 961 | $ | 118 | $ | 368 | $ | - | $ | 4,014 | |||||||||
Ending balance: individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Ending balance: collectively evaluated for impairment | $ | 2,567 | $ | 961 | $ | 118 | $ | 368 | $ | - | $ | 4,014 | |||||||||
Loans receivable: | |||||||||||||||||||||
Ending balance | $ | 235,935 | $ | 82,875 | $ | 4,635 | $ | 25,294 | $ | 159 | $ | 348,898 | |||||||||
Ending balance: individually | |||||||||||||||||||||
evaluated for impairment | $ | 6,726 | $ | 11,409 | $ | - | $ | - | $ | - | $ | 18,135 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 229,209 | $ | 71,466 | $ | 4,635 | $ | 25,294 | $ | 159 | $ | 330,763 | |||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
For the Three Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | $ | 2,804 | $ | 869 | $ | 75 | $ | 457 | $ | - | $ | 4,205 | |||||||||
Charge-offs | - | - | - | - | - | - | |||||||||||||||
Recoveries | - | - | - | - | - | - | |||||||||||||||
Provision (credit) | -237 | 92 | 43 | -89 | - | -191 | |||||||||||||||
Ending balance | $ | 2,567 | $ | 961 | $ | 118 | $ | 368 | $ | - | $ | 4,014 | |||||||||
For the Nine Months Ended September 30, 2012 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | $ | 3,781 | $ | 1,596 | $ | 1,724 | $ | 296 | $ | - | $ | 7,397 | |||||||||
Charge-offs | -1,258 | -764 | -1,715 | - | - | -3,737 | |||||||||||||||
Recoveries | 16 | - | - | - | - | 16 | |||||||||||||||
Provision | 1,573 | 466 | -9 | -1 | - | 2,029 | |||||||||||||||
Ending balance | $ | 4,112 | $ | 1,298 | $ | - | $ | 295 | $ | - | $ | 5,705 | |||||||||
For the Three Months Ended September 30, 2012 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | $ | 2,681 | $ | 897 | $ | - | $ | 289 | $ | - | $ | 3,867 | |||||||||
Charge-offs | -85 | - | - | - | - | -85 | |||||||||||||||
Recoveries | 11 | - | - | - | - | 11 | |||||||||||||||
Provision | 1,505 | 401 | - | 6 | - | 1,912 | |||||||||||||||
Ending balance | $ | 4,112 | $ | 1,298 | $ | - | $ | 295 | $ | - | $ | 5,705 | |||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
At and for the Year Ended December 31, 2012 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Ending balance - Total | $ | 3,216 | $ | 996 | $ | - | $ | 434 | $ | - | $ | 4,646 | |||||||||
Ending balance: individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Ending balance: collectively evaluated for impairment | $ | 3,216 | $ | 996 | $ | - | $ | 434 | $ | - | $ | 4,646 | |||||||||
Loans receivable: | |||||||||||||||||||||
Ending balance - Total | $ | 228,300 | $ | 82,312 | $ | 841 | $ | 26,274 | $ | 77 | $ | 337,804 | |||||||||
Ending balance: individually | |||||||||||||||||||||
evaluated for impairment | $ | 10,272 | $ | 8,272 | $ | - | $ | 2,152 | $ | - | $ | 20,696 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 218,028 | $ | 74,040 | $ | 841 | $ | 24,122 | $ | 77 | $ | 317,108 | |||||||||
The following is a summary of impaired loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||
Residential real estate-Multi-family | $ | 6,725 | $ | 7,355 | $ | - | $ | 10,272 | $ | 11,742 | $ | - | |||||||||
Non-residential real estate | 11,410 | 14,587 | - | 8,272 | 11,345 | - | |||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||
Commercial and industrial | - | - | - | 2,152 | 2,179 | - | |||||||||||||||
Subtotal | $ | 18,135 | $ | 21,942 | $ | - | $ | 20,696 | $ | 25,266 | $ | - | |||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||
Residential real estate-Multi-family | - | - | - | - | - | - | |||||||||||||||
Non-residential real estate | - | - | - | - | - | - | |||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||
Commercial and industrial | - | - | - | - | - | - | |||||||||||||||
Subtotal | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Total impaired loans | $ | 18,135 | $ | 21,942 | $ | - | $ | 20,696 | $ | 25,266 | $ | - | |||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
Further information pertaining to impaired loans follows: | |||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||
Average | Interest | Income | Average | Interest | Income | ||||||||||||||||
Recorded | Income | Recognized | Recorded | Income | Recognized | ||||||||||||||||
Investment | Recognized | on Cash Basis | Investment | Recognized | on Cash Basis | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential real estate-Multi-family | $ | 8,570 | $ | 62 | $ | 62 | $ | 9,726 | $ | 322 | $ | 322 | |||||||||
Non-residential real estate | 11,226 | 21 | 21 | 10,564 | 66 | 66 | |||||||||||||||
Commercial and industrial | 916 | - | - | 1,459 | 49 | 49 | |||||||||||||||
Total | $ | 20,712 | $ | 83 | $ | 83 | $ | 21,749 | $ | 437 | $ | 437 | |||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential real estate-Multi-family | $ | 9,804 | $ | 164 | $ | 9,756 | $ | 295 | |||||||||||||
Non-residential real estate | 13,479 | 15 | 13,476 | 1,370 | |||||||||||||||||
Commercial and industrial | 1,750 | 26 | 1,713 | 79 | |||||||||||||||||
Total | $ | 25,033 | $ | 205 | $ | 24,945 | $ | 1,744 | |||||||||||||
The following table provides information about delinquencies in our loan portfolio at the dates indicated. | |||||||||||||||||||||
Age Analysis of Past Due Loans as of September 30, 2013 (in Thousands) | |||||||||||||||||||||
30-59 Days Past Due | 60 – 89 Days Past Due | Greater Than 90 Days | Total Past | Current | Total Loans Receivable | Recorded Investment | |||||||||||||||
Due | > 90 Days and Accruing | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||
One- to four-family | $ | - | $ | - | $ | - | $ | - | $ | 9,047 | $ | 9,047 | $ | - | |||||||
Multi-family | - | - | - | - | 180,305 | 180,305 | - | ||||||||||||||
Mixed-use | - | - | - | - | 46,583 | 46,583 | - | ||||||||||||||
Non-residential real estate | - | - | 2,310 | 2,310 | 80,565 | 82,875 | - | ||||||||||||||
Construction loans | - | - | - | - | 4,635 | 4,635 | - | ||||||||||||||
Commercial and industrial loans | - | - | - | - | 25,294 | 25,294 | - | ||||||||||||||
Consumer | - | - | - | - | 159 | 159 | - | ||||||||||||||
Total loans | $ | - | $ | - | $ | 2,310 | $ | 2,310 | $ | 346,588 | $ | 348,898 | $ | - | |||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2012 (in Thousands) | |||||||||||||||||||||
30-59 Days Past Due | 60 – 89 Days Past Due | Greater Than 90 Days | Total Past | Current | Total Loans Receivable | Recorded Investment | |||||||||||||||
Due | > 90 Days and Accruing | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||
One- to four-family | $ | - | $ | - | $ | - | $ | - | $ | 7,761 | $ | 7,761 | $ | - | |||||||
Multi-family | - | 89 | 1,266 | 1,355 | 177,289 | 178,644 | - | ||||||||||||||
Mixed-use | - | - | - | - | 41,895 | 41,895 | - | ||||||||||||||
Non-residential real estate | 1,259 | - | 1,221 | 2,480 | 79,832 | 82,312 | - | ||||||||||||||
Construction loans | - | - | - | - | 841 | 841 | - | ||||||||||||||
Commercial and industrial loans | - | - | - | - | 26,274 | 26,274 | - | ||||||||||||||
Consumer | - | - | - | - | 77 | 77 | - | ||||||||||||||
Total loans | $ | 1,259 | $ | 89 | $ | 2,487 | $ | 3,835 | $ | 333,969 | $ | 337,804 | $ | - | |||||||
The following tables provide certain information related to the credit quality of the loan portfolio. | |||||||||||||||||||||
Credit Quality Indicators as of September 30, 2013 (in thousands) | |||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Grade: | |||||||||||||||||||||
Pass | $ | 235,935 | $ | 74,662 | $ | 4,635 | $ | 19,710 | $ | 159 | $ | 335,101 | |||||||||
Special Mention | - | - | - | 5,584 | - | 5,584 | |||||||||||||||
Substandard | - | 8,213 | - | - | - | 8,213 | |||||||||||||||
Total | $ | 235,935 | $ | 82,875 | $ | 4,635 | $ | 25,294 | $ | 159 | $ | 348,898 | |||||||||
Credit Quality Indicators as of December 31, 2012 (in thousands) | |||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Grade: | |||||||||||||||||||||
Pass | $ | 221,794 | $ | 74,040 | $ | 841 | $ | 24,122 | $ | 77 | $ | 320,874 | |||||||||
Special Mention | 2,553 | 505 | - | - | - | 3,058 | |||||||||||||||
Substandard | 3,953 | 7,767 | - | 2,152 | - | 13,872 | |||||||||||||||
Total | $ | 228,300 | $ | 82,312 | $ | 841 | $ | 26,274 | $ | 77 | $ | 337,804 | |||||||||
The following table sets forth the composition of our nonaccrual loans at the dates indicated. | |||||||||||||||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
Loans Receivable on Nonaccrual Status as of September 30, 2013 and December 31, 2012 (in thousands) | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Residential real estate-Multi-family | $ | - | $ | 1,477 | |||||||||||||||||
Non-residential real estate | 2,310 | 2,480 | |||||||||||||||||||
Total | $ | 2,310 | $ | 3,957 | |||||||||||||||||
The following table shows the breakdown of loans modified for the periods indicated: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||
Number of | Prior to | After | Number of | Prior to | After | ||||||||||||||||
(dollars in thousands) | Modifications | Modification | Modification | Modifications | Modification | Modification | |||||||||||||||
Real estate loans: | |||||||||||||||||||||
Multi-family | 0 | $ | - | $ | - | 1 | $ | 307 | $ | 307 | |||||||||||
Non-residential | 0 | - | - | 3 | 3,253 | 3,253 | |||||||||||||||
Total | 0 | $ | - | $ | - | 4 | $ | 3,560 | $ | 3,560 | |||||||||||
The multi-family mortgage loan had an original interest rate of 6.75% with an amortization of 25 years. The Company reduced the interest rate and converted the monthly payments to interest only for twenty months and then amortizing for 30 years, with a balloon payment after approximately five and one-half years from the modification date. | |||||||||||||||||||||
Two non-residential mortgage loans had an original interest rate of 4.00% with an amortization of 25 years. The Company reduced the interest rate and converted the monthly payments to interest only for twenty months and then amortizing for 30 years, with a balloon payment after approximately five and one-half years from the modification date. | |||||||||||||||||||||
One non-residential mortgage loan had an original interest rate of 4.00% with an amortization of 30 years. The Company reduced the interest rate and converted the monthly payments to interest only for nineteen months and then amortizing for 30 years, with a balloon payment after two years from the modification date. | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||
Number of | Prior to | After | Number of | Prior to | After | ||||||||||||||||
(dollars in thousands) | Modifications | Modification | Modification | Modifications | Modification | Modification | |||||||||||||||
Real estate: | |||||||||||||||||||||
Multi-family | 0 | $ | - | $ | - | 2 | $ | 1,900 | $ | 1,900 | |||||||||||
Non-residential | 0 | - | - | 4 | 10,500 | 10,500 | |||||||||||||||
Total | 0 | $ | - | $ | - | 6 | $ | 12,400 | $ | 12,400 | |||||||||||
The two multi-family mortgage loans had an interest rate of 5% with an amortization of 30 years that was modified to an interest only rate of 2.5% for the first six months of 2012. | |||||||||||||||||||||
One of the non-residential loans had an interest rate of 7% that was modified to 2%, plus monthly modified net income of the property. The other three non-residential loans had an interest rate of 6.125% that was modified to 5%, with interest paid in advance for two years from the date of modification. These three loans have been performing according to the terms of the modification. | |||||||||||||||||||||
As of September 30, 2013, none of the loans that were modified during the previous twelve months had defaulted in the three and nine month periods ended September 30, 2013. | |||||||||||||||||||||
Recent_Accounting_Pronoucement
Recent Accounting Pronoucements | 9 Months Ended | |
Sep. 30, 2013 | ||
Recent Accounting Pronoucements [Abstract] | ' | |
EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS | ' | |
NOTE 8 – EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS | ||
In July 2012, the FASB issued Accounting Standards Update (“ASU”) 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. Similar to ASU 2011-08, Intangibles - Goodwill and Other (Topic 250) - Testing Goodwill for Impairment. ASU 2012-02 addresses the growing cost and complexity of performing an analysis to evaluate indefinite-lived intangible assets (other than goodwill) for impairment. This ASU introduces qualitative factors which would simplify the analysis if facts and circumstances make it more-likely-than-not that impairment would not exist. Rather than requiring a purely quantitative impairment test, the ASU provides entities with the option to first examine qualitative factors to make this determination. Factors to be considered would include, but are not limited to: | ||
· | Increases in interest rates, salaries, or other operating expenses, which would have a negative impact on future earnings or cash flows; | |
· | Recent financial performance and cash flow trends; | |
· | Aspects of the legal and regulatory environment which are expected to impact future cash flows, such as the Dodd-Frank Act; | |
· | Management turnover; | |
· | Economic and industry conditions. | |
Entities are required by the guidance to consider both positive and negative impacts of such factors before determining whether it is more-likely-than-not (i.e. greater than 50% probability) that the indefinite-lived intangible asset is impaired. It should be noted that the qualitative portion of the analysis is optional for all issuers. | ||
This ASU is effective for impairment tests performed during fiscal years beginning after September 15, 2012, and may be early adopted if the entity’s financial statements for the most recent fiscal or interim period have not yet been issued. The Company adopted this guidance effective January 1, 2013. The adoption had no material effect on the Company’s financial statements. | ||
ASU 2013-02: Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The objective of this ASU is to improve the reporting of reclassifications out of accumulated other comprehensive income. This ASU requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income, by component, on the respective line items in the income statement if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. Reclassifications that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period are required to be cross-referenced to other U.S. GAAP disclosures that provide additional detail about those amounts. This is the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account rather than directly to income or expense in the same reporting period. For example, some portion of net periodic pension cost is immediately reported in net income, but other portions may be capitalized to an asset balance such as fixed assets or inventory. An entity with significant defined benefit pension costs reclassified out of accumulated other comprehensive income but not to net income in its entirety in the same reporting period should identify the amount of each pension cost component reclassified out of accumulated other comprehensive income and make reference to the relevant pension cost disclosure that provides greater detail about these reclassifications. | ||
The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income. | ||
The provisions of this ASU are effective for public entities prospectively for reporting periods beginning after December 15, 2012. The Company adopted this guidance effective January 1, 2013. The adoption had no material effect on the Company’s financial statements. | ||
Dividend_Restriction
Dividend Restriction | 9 Months Ended |
Sep. 30, 2013 | |
Dividend Restriction [Abstract] | ' |
DIVIDEND RESTRICTION | ' |
NOTE 9 – DIVIDEND RESTRICTION | |
NorthEast Community Bancorp MHC (the “MHC”) held 7,273,750 shares, or 57.5%, of the Company’s issued and outstanding common stock, and the minority public shareholders held 42.5% of outstanding stock, at September 30, 2013. The MHC filed notice with, and received approval from, the Federal Reserve Bank of Philadelphia to waive its right to receive cash dividends for the period from November 9, 2012 through November 9, 2013. | |
The MHC has waived receipt of all past dividends paid by the Company through September 30, 2013, with the exception of the dividend for the quarter ended June 30, 2012. Because the MHC determined not to waive receipt of the dividend for the quarter ended June 30, 2012, the MHC received $218,000 in dividends in August 2012. The dividends waived are considered as a restriction on the retained earnings of the Company. As of September 30, 2013 and December 31, 2012, the aggregate retained earnings restricted for cash dividends waived were $5,019,000 and $4,364,000, respectively. | |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Basis of Presentation [Abstract] | ' | ||
Policy Loans Receivable, Policy [Policy Text Block] | ' | ||
Loans | |||
Loans are stated at unpaid principal balances plus net deferred loan origination costs less an allowance for loan losses. Interest on loans receivable is recorded on the accrual basis. An allowance for uncollected interest is established on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations or where interest or principal is 90 days or more past due, unless the loans are well secured and in the process of collection. When a loan is placed on nonaccrual, an allowance for uncollected interest is established and charged against current income. Thereafter, interest income is not recognized unless the financial condition and payment record of the borrower warrant the recognition of interest income. Interest on loans that have been restructured is accrued according to the renegotiated terms, unless on non-accrual. Net loan origination fees and costs are deferred and amortized into income over the contractual lives of the related loans by use of the level yield method. Past due status of loans is based upon the contractual due date. | |||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ' | ||
Allowance for Loan Losses | |||
The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. | |||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, | |||
the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. | |||
NOTE 1 – BASIS OF PRESENTATION (Continued) | |||
Allowance for Loan Losses (Continued) | |||
This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | |||
Risk characteristics associated with the types of loans the Company underwrites are as follows: | |||
Multi-family, Mixed-use and Non-residential Real Estate Loans. Loans secured by multi-family, mixed-use, and non-residential real estate generally have larger balances and involve a greater degree of risk than one- to four-family residential mortgage loans. Of primary concern in multi-family, mixed-use and non-residential real estate lending is the current and potential cash flow of the property and the borrower’s demonstrated ability to operate that type of property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject to a greater extent than residential real estate loans to adverse conditions in the real estate market or the economy. To monitor cash flows on income producing properties, we require borrowers to provide annual financial statements for all multi-family, mixed-use and non-residential real estate loans. In reaching a decision on whether to make a multi-family, mixed-use or non-residential real estate loan, we consider the net operating income of the property, the borrower’s expertise, credit history and profitability and the value of the underlying property. In addition, with respect to non-residential real estate properties, we also consider the term of the lease and the quality of the tenants. An appraisal of the real estate used as collateral for the real estate loan is also obtained as part of the underwriting process. We have generally required that the properties securing these real estate loans have debt service coverage ratios (the ratio of earnings after subtracting all operating expenses to debt service payments) of at least 1.25x. In underwriting these loans, we take into account projected increases in interest rates in determining whether a loan meets our debt service coverage ratios at the higher interest rate under the adjustable rate mortgage. Environmental surveys and property inspections are utilized for all loans. | |||
Commercial and Industrial Loans. Unlike multi-family, mixed-use, and non-residential mortgage loans, which are generally made on the basis of a borrower’s ability to make repayment from the operation and cash flow from the real property whose value tends to be more ascertainable, commercial and industrial loans are of higher risk and tend to be made on the basis of a borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial and industrial loans may depend substantially on the success of the business itself. Further, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. | |||
Construction Loans. Construction financing affords us the opportunity to achieve higher interest rates and fees with shorter terms to maturity than does residential mortgage loans. However, construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate due to (1) the increased difficulty at the time the loan is made of estimating the building costs and the selling price of the property to be built; (2) the increased difficulty and costs of monitoring the loan; (3) the higher degree of sensitivity to increases in market rates of interest; and (4) the increased difficulty of working out loan problems. We have sought to minimize this risk by limiting the amount of construction loans outstanding at any time and by spreading the loans among multi-family, mixed-use and non-residential projects. In connection with construction loans that convert to permanent loans with us, we underwrite these loans using the same underwriting standards as our multi-family, mixed-use and non-residential real estate loans. If we do not offer permanent financing to the borrower, we minimize risks by requiring the borrower to obtain permanent financing from another financial institution. | |||
Residential One-to-Four Family Loans. Residential one-to-four family mortgage loans are secured by the borrower’s personal residence. These loans have varying loan rates, depending on the financial condition of the borrower and the loan to value ratio, and have amortizations up to 30 years. Such loans are considered to have a lower degree of risk when compared to our other loan types. | |||
Consumer Loans. We offer personal loans, loans secured by passbook savings accounts, certificates of deposit accounts or statement savings accounts, and overdraft protection for checking accounts. We do not believe these loans represent a significant risk of loss to the Company. | |||
The allowance for loan losses consists of specific and general components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific allowance is established or a partial charge-off is taken 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. | |||
NOTE 1 – BASIS OF PRESENTATION (Continued) | |||
Allowance for Loan Losses (Continued) | |||
Beginning in the fourth quarter of 2012, the Company discontinued the use of specific allowances. If an impairment is identified, the Company now charges off the impaired portion immediately. 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 records, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. | |||
The Company does not evaluate consumer or residential one- to four-family loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. | |||
The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral or discounted cash flows. | |||
For loans secured by real estate, estimated fair values are determined primarily through in-house or third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values might be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | |||
For loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | |||
The general component covers pools of loans by loan class including loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate and consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates, adjusted for qualitative factors. These qualitative risk factors include: | |||
1 | Changes in policies and procedures in underwriting standards and collections. | ||
2 | Changes in economic conditions. | ||
3 | Changes in nature and volume of lending. | ||
4 | Experience of origination team. | ||
5 | Changes in past due loan volume and severity of classified assets. | ||
6 | Quality of loan review system. | ||
7 | Collateral values in general throughout lending territory. | ||
8 | Concentrations of credit. | ||
9 | Competition, legal and regulatory issues. | ||
Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss calculation. | |||
Allowance for Loan Losses (Continued) | |||
The allowance for loan losses calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, residential and consumer loans. Credit quality risk ratings include regulatory classifications of pass, special mention, substandard, doubtful and loss. Loans criticized as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. | |||
Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. | |||
The allowance calculation for each pool of loans is also based on the loss factors that reflect the Company’s historical charge-off experience adjusted for current economic conditions applied to loan groups with similar characteristics or classifications in the current portfolio. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process which allows for a periodic review of its loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral and financial condition of the borrowers. The Company’s Chief Executive Officer is ultimately responsible for the timely and accurate risk rating of the loan portfolio. | |||
Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Adversely classified, non-accrual troubled debt restructurings may be reclassified if principal and interest payments, under the modified terms, are current for six consecutive months after modification. | |||
In addition, banking regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the allowance for loan losses is adequate as of September 30, 2013. | |||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||
Goodwill | |||
The Company recognized goodwill in connection with the acquisition of its wealth management division in 2007. In the fourth quarter of 2012, the Company performed an impairment test and determined that the fair value of this division was less than its carrying value and, accordingly, recorded an impairment charge of $227,000 in 2012. During the second quarter of 2013, the Company determined that an adjustment to the goodwill impairment previously recorded in 2012 was necessary. As a result, an additional impairment charge of $334,000 was recognized during the second quarter of 2013. | |||
The impairment charges were the result of a reduction in expected cash flow from this division resulting from the departure of two employees, one of which had generated significant other commission income from sales of insurance and annuity products. We expect future commission income to decline 50% from prior levels. This decline resulted in a decrease in the value of this division. | |||
Earnings_Per_Share_Policy
Earnings Per Share (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Income Per Common Share [Policy Text Block] | ' |
Basic earnings per common share is calculated by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed in a manner similar to basic earnings per common share except that the weighted average number of common shares outstanding is increased to include the incremental common shares (as computed using the treasury stock method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Common stock equivalents may include restricted stock awards and stock options. Anti-dilutive shares are common stock equivalents with weighted-average exercise prices in excess of the weighted-average market value for the periods presented. | |
Outside_Director_Retirement_Pl1
Outside Director Retirement Plan ("DRP") (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Benefit Plans [Abstract] | ' | |||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | |||||||||||
Periodic expenses for the Company’s DRP were as follows: | ||||||||||||
Three Months | Nine Months Ended | |||||||||||
Ended September 30, | September 30, | |||||||||||
(In thousands) | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Service cost | $ | 18 | $ | 12 | $ | 55 | $ | 38 | ||||
Interest cost | 11 | 13 | 31 | 38 | ||||||||
Amortization of prior service cost | 5 | 5 | 15 | 15 | ||||||||
Amortization of actuarial loss | 9 | - | 27 | - | ||||||||
Total | $ | 43 | $ | 30 | $ | 128 | $ | 91 | ||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Investments [Abstract] | ' | |||||||||||
Schedule Of Amortized Cost And Fair Value Of Securities Portfolio [Table Text Block] | ' | |||||||||||
The following table sets forth the amortized cost and fair values of our securities portfolio at the dates indicated: | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
30-Sep-13 | ||||||||||||
Securities available for sale: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Federal Home Loan Mortgage Corporation | $ | 65 | $ | 2 | $ | - | $ | 67 | ||||
Federal National Mortgage Association | 47 | 2 | - | 49 | ||||||||
Total | $ | 112 | $ | 4 | $ | - | $ | 116 | ||||
Securities held to maturity: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Government National Mortgage Association | $ | 6,901 | $ | 241 | $ | - | $ | 7,142 | ||||
Federal Home Loan Mortgage Corporation | 244 | 7 | - | 251 | ||||||||
Federal National Mortgage Association | 172 | 7 | - | 179 | ||||||||
Collateralized mortgage obligations-GSE | 1,722 | 79 | - | 1,801 | ||||||||
Other | 1 | - | - | 1 | ||||||||
Total | $ | 9,040 | $ | 334 | $ | - | $ | 9,374 | ||||
NOTE 5 – INVESTMENTS (Continued) | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
31-Dec-12 | ||||||||||||
Securities available for sale: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Federal Home Loan Mortgage Corporation | $ | 76 | $ | 2 | $ | - | $ | 78 | ||||
Federal National Mortgage Association | 49 | 2 | - | 51 | ||||||||
Total | $ | 125 | $ | 4 | $ | - | $ | 129 | ||||
Securities held to maturity: | ||||||||||||
Mortgage-backed securities – residential: | ||||||||||||
Government National Mortgage Association | $ | 9,044 | $ | 442 | $ | - | $ | 9,486 | ||||
Federal Home Loan Mortgage Corporation | 267 | 9 | - | 276 | ||||||||
Federal National Mortgage Association | 215 | 8 | - | 223 | ||||||||
Collateralized mortgage obligations-GSE | 2,460 | 115 | - | 2,575 | ||||||||
Other | 1 | - | - | 1 | ||||||||
Total | $ | 11,987 | $ | 574 | $ | - | $ | 12,561 | ||||
Schedule Of Contractual Final Maturities Of Securities (Table Text Block) | ' | |||||||||||
Contractual final maturities of mortgage-backed securities available for sale were as follows: | ||||||||||||
30-Sep-13 | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In Thousands) | ||||||||||||
Due after five but within ten years | $ | 25 | $ | 25 | ||||||||
Due after ten years | 87 | 91 | ||||||||||
Total | $ | 112 | $ | 116 | ||||||||
Contractual final maturities of mortgage-backed securities held to maturity were as follows: | ||||||||||||
30-Sep-13 | ||||||||||||
Amortized Cost | Fair Value | |||||||||||
(In Thousands) | ||||||||||||
Due after one but within five years | $ | 70 | $ | 72 | ||||||||
Due after five but within ten years | 126 | 131 | ||||||||||
Due after ten years | 8,844 | 9,171 | ||||||||||
Total | $ | 9,040 | $ | 9,374 | ||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||
Schedule of Assets Measured At Fair Value On A Recurring And Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||
For financial assets measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used are as follows: | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||
Quoted Prices | Significant | ||||||||||||||
in Active | Other | (Level 3) | |||||||||||||
Markets for | Observable | Significant | |||||||||||||
Description | Total | Identical Assets | Inputs | Unobservable Inputs | |||||||||||
September 30, 2013: | (In Thousands) | ||||||||||||||
Recurring: | |||||||||||||||
Mortgage-backed securities - residential: | |||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 67 | $ | - | $ | 67 | $ | - | |||||||
Federal National Mortgage Association | 49 | - | 49 | - | |||||||||||
Total | $ | 116 | $ | - | 116 | $ | - | ||||||||
Nonrecurring: | |||||||||||||||
Impaired loans | $ | 16,353 | $ | - | $ | - | $ | 16,353 | |||||||
December 31, 2012: | |||||||||||||||
Recurring: | |||||||||||||||
Mortgage-backed securities - residential: | |||||||||||||||
Federal Home Loan Mortgage Corporation | $ | 78 | $ | - | 78 | $ | - | ||||||||
Federal National Mortgage Association | 51 | - | 51 | - | |||||||||||
Total | $ | 129 | $ | - | 129 | $ | - | ||||||||
Nonrecurring: | |||||||||||||||
Impaired loans | $ | 10,515 | $ | - | $ | - | $ | 10,515 | |||||||
Real estate owned | $ | 4,271 | $ | - | $ | - | $ | 4,271 | |||||||
Schedule Of Additional Quantitative Information About Assets Measured At Fair Value On Nonrecurring Basis [Table Text Block] | ' | ||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: | |||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||
Unobservable | |||||||||||||||
(in thousands) | Fair Value | Valuation | Input | Weighted | |||||||||||
Estimate | Techniques | Average Rate | |||||||||||||
September 30, 2013: | |||||||||||||||
Impaired loans | $ | 16,353 | Appraisal of collateral (1) | Appraisal adjustments (2) | 7.73% | ||||||||||
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | |||||||||||||||
(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||
Unobservable | |||||||||||||||
(in thousands) | Fair Value | Valuation | Input | Weighted | |||||||||||
Estimate | Techniques | Average Rate | |||||||||||||
December 31, 2012: | |||||||||||||||
Impaired loans | $ | 10,515 | Appraisal of collateral (1) | Appraisal adjustments (2) | 7.80% | ||||||||||
Real estate owned | $ | 4,271 | Appraisal of collateral (1) | Appraisal adjustments (2) | 8.50% | ||||||||||
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | |||||||||||||||
(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||
The carrying amounts and fair values of the Company’s financial instruments are summarized below: | |||||||||||||||
Fair Value at | |||||||||||||||
30-Sep-13 | |||||||||||||||
Quoted | Significant | Significant | |||||||||||||
Prices in | Other | Unobservable | |||||||||||||
Active | Observable | Inputs | |||||||||||||
Markets for | Inputs | ||||||||||||||
Identical | |||||||||||||||
Assets | |||||||||||||||
(In thousands) | Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 30,601 | $ | 30,601 | $ | 30,601 | $ | - | $ | - | |||||
Certificates of deposit | 1,146 | 1,146 | - | 1,146 | - | ||||||||||
Securities available for sale | 116 | 116 | - | 116 | - | ||||||||||
Securities held to maturity | 9,040 | 9,374 | - | 9,374 | - | ||||||||||
Loans receivable | 345,499 | 354,739 | - | - | 354,739 | ||||||||||
FHLB of New York stock | 874 | 874 | - | 874 | - | ||||||||||
Accrued interest receivable | 1,092 | 1,092 | - | 1,092 | - | ||||||||||
Financial Liabilities | |||||||||||||||
Deposits | 315,956 | 318,628 | - | 318,628 | - | ||||||||||
FHLB of New York advances | 5,000 | 5,088 | - | 5,088 | - | ||||||||||
Accrued interest payable | 3,650 | 3,650 | - | 3,650 | - | ||||||||||
Fair Value at | |||||||||||||||
31-Dec-12 | |||||||||||||||
Quoted | Significant | Significant | |||||||||||||
Prices in | Other | Unobservable | |||||||||||||
Active | Observable | Inputs | |||||||||||||
Markets for | Inputs | ||||||||||||||
Identical | |||||||||||||||
Assets | |||||||||||||||
(In thousands) | Carrying | Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||
Amount | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 49,242 | $ | 49,242 | $ | 49,242 | $ | - | $ | - | |||||
Certificates of deposit | 399 | 399 | - | 399 | - | ||||||||||
Securities available for sale | 129 | 129 | - | 129 | - | ||||||||||
Securities held to maturity | 11,987 | 12,561 | - | 12,561 | - | ||||||||||
Loans receivable | 333,787 | 350,420 | - | - | 350,420 | ||||||||||
FHLB of New York stock | 1,355 | 1,355 | - | 1,355 | - | ||||||||||
Accrued interest receivable | 976 | 976 | - | 976 | - | ||||||||||
Financial Liabilities | |||||||||||||||
Deposits | 318,120 | 321,236 | - | 321,236 | - | ||||||||||
FHLB of New York advances | 15,000 | 15,256 | - | 15,256 | - | ||||||||||
Accrued interest payable | 3,739 | 3,739 | - | 3,739 | - | ||||||||||
Loans_Receivable_and_the_Allow1
Loans Receivable and the Allowance For Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Loans Receivable and the Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||
Schedule of Loans Receivable [Table Text Block] | ' | ||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||
One-to-four family | $ | 9,047 | $ | 7,761 | |||||||||||||||||
Multi-family | 180,305 | 178,644 | |||||||||||||||||||
Mixed use | 46,583 | 41,895 | |||||||||||||||||||
Total residential real estate | 235,935 | 228,300 | |||||||||||||||||||
Non-residential real estate | 82,875 | 82,312 | |||||||||||||||||||
Construction | 4,635 | 841 | |||||||||||||||||||
Commercial and Industrial | 25,294 | 26,274 | |||||||||||||||||||
Consumer | 159 | 77 | |||||||||||||||||||
Total Loans | 348,898 | 337,804 | |||||||||||||||||||
Allowance for loan losses | -4,014 | -4,646 | |||||||||||||||||||
Deferred loan costs, net | 615 | 629 | |||||||||||||||||||
Net Loans | $ | 345,499 | $ | 333,787 | |||||||||||||||||
Schedule of Allowance For Loan Losses [Table Text Block] | ' | ||||||||||||||||||||
The following is an analysis of the allowance for loan losses: | |||||||||||||||||||||
At and for the Nine Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | 3,216 | 996 | - | 434 | - | 4,646 | |||||||||||||||
Charge-offs | - | -105 | - | - | - | -105 | |||||||||||||||
Recoveries | 23 | 4 | - | - | - | 27 | |||||||||||||||
Provision (credit) | -672 | 66 | 118 | -66 | - | -554 | |||||||||||||||
Ending balance | $ | 2,567 | $ | 961 | $ | 118 | $ | 368 | $ | - | $ | 4,014 | |||||||||
Ending balance: individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Ending balance: collectively evaluated for impairment | $ | 2,567 | $ | 961 | $ | 118 | $ | 368 | $ | - | $ | 4,014 | |||||||||
Loans receivable: | |||||||||||||||||||||
Ending balance | $ | 235,935 | $ | 82,875 | $ | 4,635 | $ | 25,294 | $ | 159 | $ | 348,898 | |||||||||
Ending balance: individually | |||||||||||||||||||||
evaluated for impairment | $ | 6,726 | $ | 11,409 | $ | - | $ | - | $ | - | $ | 18,135 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 229,209 | $ | 71,466 | $ | 4,635 | $ | 25,294 | $ | 159 | $ | 330,763 | |||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
For the Three Months Ended September 30, 2013 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | $ | 2,804 | $ | 869 | $ | 75 | $ | 457 | $ | - | $ | 4,205 | |||||||||
Charge-offs | - | - | - | - | - | - | |||||||||||||||
Recoveries | - | - | - | - | - | - | |||||||||||||||
Provision (credit) | -237 | 92 | 43 | -89 | - | -191 | |||||||||||||||
Ending balance | $ | 2,567 | $ | 961 | $ | 118 | $ | 368 | $ | - | $ | 4,014 | |||||||||
For the Nine Months Ended September 30, 2012 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | $ | 3,781 | $ | 1,596 | $ | 1,724 | $ | 296 | $ | - | $ | 7,397 | |||||||||
Charge-offs | -1,258 | -764 | -1,715 | - | - | -3,737 | |||||||||||||||
Recoveries | 16 | - | - | - | - | 16 | |||||||||||||||
Provision | 1,573 | 466 | -9 | -1 | - | 2,029 | |||||||||||||||
Ending balance | $ | 4,112 | $ | 1,298 | $ | - | $ | 295 | $ | - | $ | 5,705 | |||||||||
For the Three Months Ended September 30, 2012 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Beginning balance | $ | 2,681 | $ | 897 | $ | - | $ | 289 | $ | - | $ | 3,867 | |||||||||
Charge-offs | -85 | - | - | - | - | -85 | |||||||||||||||
Recoveries | 11 | - | - | - | - | 11 | |||||||||||||||
Provision | 1,505 | 401 | - | 6 | - | 1,912 | |||||||||||||||
Ending balance | $ | 4,112 | $ | 1,298 | $ | - | $ | 295 | $ | - | $ | 5,705 | |||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
At and for the Year Ended December 31, 2012 (in thousands) | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||
Ending balance - Total | $ | 3,216 | $ | 996 | $ | - | $ | 434 | $ | - | $ | 4,646 | |||||||||
Ending balance: individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Ending balance: collectively evaluated for impairment | $ | 3,216 | $ | 996 | $ | - | $ | 434 | $ | - | $ | 4,646 | |||||||||
Loans receivable: | |||||||||||||||||||||
Ending balance - Total | $ | 228,300 | $ | 82,312 | $ | 841 | $ | 26,274 | $ | 77 | $ | 337,804 | |||||||||
Ending balance: individually | |||||||||||||||||||||
evaluated for impairment | $ | 10,272 | $ | 8,272 | $ | - | $ | 2,152 | $ | - | $ | 20,696 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 218,028 | $ | 74,040 | $ | 841 | $ | 24,122 | $ | 77 | $ | 317,108 | |||||||||
Schedule of Impaired Loans [Table Text Block] | ' | ||||||||||||||||||||
The following is a summary of impaired loans at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Impaired loans without a valuation allowance: | |||||||||||||||||||||
Residential real estate-Multi-family | $ | 6,725 | $ | 7,355 | $ | - | $ | 10,272 | $ | 11,742 | $ | - | |||||||||
Non-residential real estate | 11,410 | 14,587 | - | 8,272 | 11,345 | - | |||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||
Commercial and industrial | - | - | - | 2,152 | 2,179 | - | |||||||||||||||
Subtotal | $ | 18,135 | $ | 21,942 | $ | - | $ | 20,696 | $ | 25,266 | $ | - | |||||||||
Impaired loans with a valuation allowance: | |||||||||||||||||||||
Residential real estate-Multi-family | - | - | - | - | - | - | |||||||||||||||
Non-residential real estate | - | - | - | - | - | - | |||||||||||||||
Construction | - | - | - | - | - | - | |||||||||||||||
Commercial and industrial | - | - | - | - | - | - | |||||||||||||||
Subtotal | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
Total impaired loans | $ | 18,135 | $ | 21,942 | $ | - | $ | 20,696 | $ | 25,266 | $ | - | |||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
Further information pertaining to impaired loans follows: | |||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||
Average | Interest | Income | Average | Interest | Income | ||||||||||||||||
Recorded | Income | Recognized | Recorded | Income | Recognized | ||||||||||||||||
Investment | Recognized | on Cash Basis | Investment | Recognized | on Cash Basis | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential real estate-Multi-family | $ | 8,570 | $ | 62 | $ | 62 | $ | 9,726 | $ | 322 | $ | 322 | |||||||||
Non-residential real estate | 11,226 | 21 | 21 | 10,564 | 66 | 66 | |||||||||||||||
Commercial and industrial | 916 | - | - | 1,459 | 49 | 49 | |||||||||||||||
Total | $ | 20,712 | $ | 83 | $ | 83 | $ | 21,749 | $ | 437 | $ | 437 | |||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential real estate-Multi-family | $ | 9,804 | $ | 164 | $ | 9,756 | $ | 295 | |||||||||||||
Non-residential real estate | 13,479 | 15 | 13,476 | 1,370 | |||||||||||||||||
Commercial and industrial | 1,750 | 26 | 1,713 | 79 | |||||||||||||||||
Total | $ | 25,033 | $ | 205 | $ | 24,945 | $ | 1,744 | |||||||||||||
Schedule of Age Analysis of Past Due Loans [Table Text Block] | ' | ||||||||||||||||||||
The following table provides information about delinquencies in our loan portfolio at the dates indicated. | |||||||||||||||||||||
Age Analysis of Past Due Loans as of September 30, 2013 (in Thousands) | |||||||||||||||||||||
30-59 Days Past Due | 60 – 89 Days Past Due | Greater Than 90 Days | Total Past | Current | Total Loans Receivable | Recorded Investment | |||||||||||||||
Due | > 90 Days and Accruing | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||
One- to four-family | $ | - | $ | - | $ | - | $ | - | $ | 9,047 | $ | 9,047 | $ | - | |||||||
Multi-family | - | - | - | - | 180,305 | 180,305 | - | ||||||||||||||
Mixed-use | - | - | - | - | 46,583 | 46,583 | - | ||||||||||||||
Non-residential real estate | - | - | 2,310 | 2,310 | 80,565 | 82,875 | - | ||||||||||||||
Construction loans | - | - | - | - | 4,635 | 4,635 | - | ||||||||||||||
Commercial and industrial loans | - | - | - | - | 25,294 | 25,294 | - | ||||||||||||||
Consumer | - | - | - | - | 159 | 159 | - | ||||||||||||||
Total loans | $ | - | $ | - | $ | 2,310 | $ | 2,310 | $ | 346,588 | $ | 348,898 | $ | - | |||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
Age Analysis of Past Due Loans as of December 31, 2012 (in Thousands) | |||||||||||||||||||||
30-59 Days Past Due | 60 – 89 Days Past Due | Greater Than 90 Days | Total Past | Current | Total Loans Receivable | Recorded Investment | |||||||||||||||
Due | > 90 Days and Accruing | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||
One- to four-family | $ | - | $ | - | $ | - | $ | - | $ | 7,761 | $ | 7,761 | $ | - | |||||||
Multi-family | - | 89 | 1,266 | 1,355 | 177,289 | 178,644 | - | ||||||||||||||
Mixed-use | - | - | - | - | 41,895 | 41,895 | - | ||||||||||||||
Non-residential real estate | 1,259 | - | 1,221 | 2,480 | 79,832 | 82,312 | - | ||||||||||||||
Construction loans | - | - | - | - | 841 | 841 | - | ||||||||||||||
Commercial and industrial loans | - | - | - | - | 26,274 | 26,274 | - | ||||||||||||||
Consumer | - | - | - | - | 77 | 77 | - | ||||||||||||||
Total loans | $ | 1,259 | $ | 89 | $ | 2,487 | $ | 3,835 | $ | 333,969 | $ | 337,804 | $ | - | |||||||
Schedule of Credit Quality Indicators [Table Text Block] | ' | ||||||||||||||||||||
The following tables provide certain information related to the credit quality of the loan portfolio. | |||||||||||||||||||||
Credit Quality Indicators as of September 30, 2013 (in thousands) | |||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Grade: | |||||||||||||||||||||
Pass | $ | 235,935 | $ | 74,662 | $ | 4,635 | $ | 19,710 | $ | 159 | $ | 335,101 | |||||||||
Special Mention | - | - | - | 5,584 | - | 5,584 | |||||||||||||||
Substandard | - | 8,213 | - | - | - | 8,213 | |||||||||||||||
Total | $ | 235,935 | $ | 82,875 | $ | 4,635 | $ | 25,294 | $ | 159 | $ | 348,898 | |||||||||
Credit Quality Indicators as of December 31, 2012 (in thousands) | |||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | |||||||||||||||||||||
Residential Real Estate | Non-residential Real Estate | Construction | Commercial and Industrial | Consumer | Total | ||||||||||||||||
Grade: | |||||||||||||||||||||
Pass | $ | 221,794 | $ | 74,040 | $ | 841 | $ | 24,122 | $ | 77 | $ | 320,874 | |||||||||
Special Mention | 2,553 | 505 | - | - | - | 3,058 | |||||||||||||||
Substandard | 3,953 | 7,767 | - | 2,152 | - | 13,872 | |||||||||||||||
Total | $ | 228,300 | $ | 82,312 | $ | 841 | $ | 26,274 | $ | 77 | $ | 337,804 | |||||||||
Schedule of Loans Receivable on Nonaccrual Status [Table Text Block] | ' | ||||||||||||||||||||
The following table sets forth the composition of our nonaccrual loans at the dates indicated. | |||||||||||||||||||||
NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) | |||||||||||||||||||||
Loans Receivable on Nonaccrual Status as of September 30, 2013 and December 31, 2012 (in thousands) | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Residential real estate-Multi-family | $ | - | $ | 1,477 | |||||||||||||||||
Non-residential real estate | 2,310 | 2,480 | |||||||||||||||||||
Total | $ | 2,310 | $ | 3,957 | |||||||||||||||||
Schedule of Modified Loans [Table Text Block] | ' | ||||||||||||||||||||
The following table shows the breakdown of loans modified for the periods indicated: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||
Number of | Prior to | After | Number of | Prior to | After | ||||||||||||||||
(dollars in thousands) | Modifications | Modification | Modification | Modifications | Modification | Modification | |||||||||||||||
Real estate loans: | |||||||||||||||||||||
Multi-family | 0 | $ | - | $ | - | 1 | $ | 307 | $ | 307 | |||||||||||
Non-residential | 0 | - | - | 3 | 3,253 | 3,253 | |||||||||||||||
Total | 0 | $ | - | $ | - | 4 | $ | 3,560 | $ | 3,560 | |||||||||||
The multi-family mortgage loan had an original interest rate of 6.75% with an amortization of 25 years. The Company reduced the interest rate and converted the monthly payments to interest only for twenty months and then amortizing for 30 years, with a balloon payment after approximately five and one-half years from the modification date. | |||||||||||||||||||||
Two non-residential mortgage loans had an original interest rate of 4.00% with an amortization of 25 years. The Company reduced the interest rate and converted the monthly payments to interest only for twenty months and then amortizing for 30 years, with a balloon payment after approximately five and one-half years from the modification date. | |||||||||||||||||||||
One non-residential mortgage loan had an original interest rate of 4.00% with an amortization of 30 years. The Company reduced the interest rate and converted the monthly payments to interest only for nineteen months and then amortizing for 30 years, with a balloon payment after two years from the modification date. | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2012 | 2012 | ||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||
Number of | Prior to | After | Number of | Prior to | After | ||||||||||||||||
(dollars in thousands) | Modifications | Modification | Modification | Modifications | Modification | Modification | |||||||||||||||
Real estate: | |||||||||||||||||||||
Multi-family | 0 | $ | - | $ | - | 2 | $ | 1,900 | $ | 1,900 | |||||||||||
Non-residential | 0 | - | - | 4 | 10,500 | 10,500 | |||||||||||||||
Total | 0 | $ | - | $ | - | 6 | $ | 12,400 | $ | 12,400 | |||||||||||
The two multi-family mortgage loans had an interest rate of 5% with an amortization of 30 years that was modified to an interest only rate of 2.5% for the first six months of 2012. | |||||||||||||||||||||
One of the non-residential loans had an interest rate of 7% that was modified to 2%, plus monthly modified net income of the property. The other three non-residential loans had an interest rate of 6.125% that was modified to 5%, with interest paid in advance for two years from the date of modification. These three loans have been performing according to the terms of the modification. | |||||||||||||||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Basis of Presentation [Abstract] | ' | ' | ' |
Goodwill, Impairment Loss | $334 | $227 | $334 |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Employee Stock Ownership Plan [Abstract] | ' | ' | ' | ' | ' |
Common stock shares held in ESOP | 518,420 | ' | 518,420 | ' | 518,420 |
Allocated shares to participants | 181,447 | ' | 181,447 | ' | 155,526 |
Shares committed to be released | 19,441 | ' | 19,441 | ' | 25,921 |
Compensation expense | $43 | $35 | $118 | $111 | ' |
Outside_Director_Retirement_Pl2
Outside Director Retirement Plan ("DRP") (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Benefit Plans [Abstract] | ' | ' | ' | ' |
Service Cost | $18 | $12 | $55 | $38 |
Interest Cost | 11 | 13 | 31 | 38 |
Amortization of prior service cost | 5 | 5 | 15 | 15 |
Amortization of actuarial loss | 9 | ' | 27 | ' |
Total | $43 | $30 | $128 | $91 |
Investments_Schedule_Of_Amorti
Investments (Schedule Of Amortized Cost And Fair Value Of Securities Portfolio) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | $112 | $125 |
Gross Unrealized Gains | 4 | 4 |
Securities available-for-sale | 116 | 129 |
Securities held to maturity, Amortized Cost | 9,040 | 11,987 |
Gross Unrealized Gains | 334 | 574 |
Securities held to maturity, Fair Value | 9,374 | 12,561 |
Government National Mortgage Association [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Securities held to maturity, Amortized Cost | 6,901 | 9,044 |
Gross Unrealized Gains | 241 | 442 |
Securities held to maturity, Fair Value | 7,142 | 9,486 |
Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | 65 | 76 |
Gross Unrealized Gains | 2 | 2 |
Securities available-for-sale | 67 | 78 |
Securities held to maturity, Amortized Cost | 244 | 267 |
Gross Unrealized Gains | 7 | 9 |
Securities held to maturity, Fair Value | 251 | 276 |
Federal National Mortgage Association [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Securities available for sale, Amortized Cost | 47 | 49 |
Gross Unrealized Gains | 2 | 2 |
Securities available-for-sale | 49 | 51 |
Securities held to maturity, Amortized Cost | 172 | 215 |
Gross Unrealized Gains | 7 | 8 |
Securities held to maturity, Fair Value | 179 | 223 |
Collateralized mortgage obligations-GSE [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Securities held to maturity, Amortized Cost | 1,722 | 2,460 |
Gross Unrealized Gains | 79 | 115 |
Securities held to maturity, Fair Value | 1,801 | 2,575 |
Mortgage Backed Securities, Other [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Securities held to maturity, Amortized Cost | 1 | 1 |
Securities held to maturity, Fair Value | $1 | $1 |
Investments_Schedule_Of_Contra
Investments (Schedule Of Contractual Final Maturities Of Securities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Held-to-maturity Securities, Total | $9,040 | $11,987 |
Fair Value | 9,374 | 12,561 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Securities available for sale, Amortized Cost, Due after five but within ten years | 25 | ' |
Securities available for sale, Amortized Cost, Due after ten years | 87 | ' |
Securities available for sale, Amortized Cost, Total | 112 | ' |
Securities available for sale, Fair Value, Due after five but within ten years | 25 | ' |
Securities available for sale, Fair Value, Due after ten years | 91 | ' |
Securities available for sale, Fair Value, Total | 116 | ' |
Securities held to maturity, Amortized Cost, Due after one but within five years | 70 | ' |
Securities held to maturity, Amortized Cost, Due after five but within ten years | 126 | ' |
Securities held to maturity, Amortized Cost, Due after ten years | 8,844 | ' |
Held-to-maturity Securities, Total | 9,040 | ' |
Securities held to maturity, Fair Value, Due after one but within five years | 72 | ' |
Securities held to maturity, Fair Value, Due after five but within ten years | 131 | ' |
Securities held to maturity, Fair Value, Due after ten years | 9,171 | ' |
Fair Value | $9,374 | ' |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures (Schedule of Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | $116 | $129 |
(Level 2) Significant Other Observable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 116 | 129 |
Federal Home Loan Mortgage Corporation [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 67 | 78 |
Federal Home Loan Mortgage Corporation [Member] | (Level 2) Significant Other Observable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 67 | 78 |
Federal National Mortgage Association [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 49 | 51 |
Federal National Mortgage Association [Member] | (Level 2) Significant Other Observable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Recurring | 49 | 51 |
Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 16,353 | 10,515 |
Impaired Loans [Member] | (Level 3) Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 16,353 | 10,515 |
Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | 4,271 |
Real Estate Owned [Member] | (Level 3) Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | $4,271 |
Fair_Value_Disclosures_Schedul1
Fair Value Disclosures (Schedule Of Additional Quantitative Information About Assets Measured At Fair Value On Nonrecurring Basis) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Impaired Loans [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure, Nonrecurring | $16,353 | $10,515 | ||
Real Estate Owned [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure, Nonrecurring | ' | 4,271 | ||
(Level 3) Significant Unobservable Inputs [Member] | Impaired Loans [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure, Nonrecurring | 16,353 | 10,515 | ||
Fair Value Measurements, Valuation Techniques | 'Appraisal of collateral (1) | [1] | 'Appraisal of collateral (1) | [1] |
Fair Value Measurement, Unobservable Input | 'Appraisal adjustments (2) | [2] | 'Appraisal adjustments (2) | [2] |
Fair Value Inputs, Discount Rate | 7.73% | 7.80% | ||
(Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ||
Assets, Fair Value Disclosure, Nonrecurring | ' | $4,271 | ||
Fair Value Measurements, Valuation Techniques | ' | 'Appraisal of collateral (1) | [1] | |
Fair Value Measurement, Unobservable Input | ' | 'Appraisal adjustments (2) | [2] | |
Fair Value Inputs, Discount Rate | ' | 8.50% | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | |||
[2] | (2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value, by Balance Sheet Grouping) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' |
Financial Assets: Cash and cash equivalents, Carrying Amount | $30,601 | $49,242 | $49,301 | $82,583 |
Financial Assets: Certificates of deposit, Carrying Amount | 1,146 | 399 | ' | ' |
Financial Assets: Securities held to maturity, Carrying Cost/Amortized Cost | 9,040 | 11,987 | ' | ' |
Financial Assets: Loans receivable, Carrying Amount | 345,499 | 333,787 | ' | ' |
Financial Assets: FHLB of New York stock, Carrying Amount | 874 | 1,355 | ' | ' |
Financial Assets: Accrued interest receivable, Carrying Amount | 1,092 | 976 | ' | ' |
Financial Liabilities: Deposits, including accrued interest, Carrying Amount | 315,956 | 318,120 | ' | ' |
Financial Liabilities: FHLB of New York advances, Carrying Amount | 5,000 | 15,000 | ' | ' |
Financial Liabilities: Accrued Interest Payable | 3,650 | 3,739 | ' | ' |
Financial Assets: Cash and cash equivalents | 30,601 | 49,242 | ' | ' |
Financial Assets: Certificates of Deposit | 1,146 | 399 | ' | ' |
Securities available-for-sale | 116 | 129 | ' | ' |
Securities held to maturity, Fair Value | 9,374 | 12,561 | ' | ' |
Financial Assets: Loans receivable | 354,739 | 350,420 | ' | ' |
Financial Assets: FHLB of New York stock | 874 | 1,355 | ' | ' |
Financial Assets: Accrued interest receivable | 1,092 | 976 | ' | ' |
Financial Liabilities: Deposits, including accrued interest | 318,628 | 321,236 | ' | ' |
Financial Liabilities: FHLB of New York Advances | 5,088 | 15,256 | ' | ' |
Interest Payable, Fair Value Disclosure | 3,650 | 3,739 | ' | ' |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' |
Financial Assets: Cash and cash equivalents | 30,601 | 49,242 | ' | ' |
(Level 2) Significant Other Observable Inputs [Member] | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' |
Financial Assets: Certificates of Deposit | 1,146 | 399 | ' | ' |
Securities available-for-sale | 116 | 129 | ' | ' |
Securities held to maturity, Fair Value | 9,374 | 12,561 | ' | ' |
Financial Assets: FHLB of New York stock | 874 | 1,355 | ' | ' |
Financial Assets: Accrued interest receivable | 1,092 | 976 | ' | ' |
Financial Liabilities: Deposits, including accrued interest | 318,628 | 321,236 | ' | ' |
Financial Liabilities: FHLB of New York Advances | 5,088 | 15,256 | ' | ' |
Interest Payable, Fair Value Disclosure | 3,650 | 3,739 | ' | ' |
(Level 3) Significant Unobservable Inputs [Member] | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' |
Financial Assets: Loans receivable | $354,739 | $350,420 | ' | ' |
Loans_Receivable_and_the_Allow2
Loans Receivable and the Allowance For Loan Losses (Schedule Of Loans Receivable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $348,898 | $337,804 |
Allowance for loan losses | -4,014 | -4,646 |
Deferred loan fees and costs | 615 | 629 |
Net Loans | 345,499 | 333,787 |
Residential real estate: One-to-four family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 9,047 | 7,761 |
Residential real estate: Multi-family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 180,305 | 178,644 |
Residential real estate: Mixed use [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 46,583 | 41,895 |
Total residential real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 235,935 | 228,300 |
Non-residential real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 82,875 | 82,312 |
Construction [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 4,635 | 841 |
Commercial and Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | 25,294 | 26,274 |
Consumer[Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans and Leases Receivable, Gross | $159 | $77 |
Loans_Receivable_and_the_Allow3
Loans Receivable and the Allowance For Loan Losses (Schedule Of Allowance For Loan Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | $4,205 | $3,867 | $4,646 | $7,397 | ' |
Allowance for loan losses, Charge-offs | ' | -85 | -105 | -3,737 | ' |
Allowance for loan losses, Recoveries | ' | 11 | 27 | 16 | ' |
Provision (credit) for loan losses | -191 | 1,912 | -554 | 2,029 | ' |
Allowance for loan losses, Ending balance | 4,014 | 5,705 | 4,014 | 5,705 | ' |
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 4,014 | ' | 4,014 | ' | 4,646 |
Loans receivable, Ending balance | 348,898 | ' | 348,898 | ' | 337,804 |
Loans receivable, Ending balance: individually evaluated for impairment | 18,135 | ' | 18,135 | ' | 20,696 |
Loans receivable, Ending balance: Collectively evaluated for impairment | 330,763 | ' | 330,763 | ' | 317,108 |
Total residential real estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | 2,804 | 2,681 | 3,216 | 3,781 | ' |
Allowance for loan losses, Charge-offs | ' | -85 | ' | -1,258 | ' |
Allowance for loan losses, Recoveries | ' | 11 | 23 | 16 | ' |
Provision (credit) for loan losses | -237 | 1,505 | -672 | 1,573 | ' |
Allowance for loan losses, Ending balance | 2,567 | 4,112 | 2,567 | 4,112 | ' |
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 2,567 | ' | 2,567 | ' | 3,216 |
Loans receivable, Ending balance | 235,935 | ' | 235,935 | ' | 228,300 |
Loans receivable, Ending balance: individually evaluated for impairment | 6,726 | ' | 6,726 | ' | 10,272 |
Loans receivable, Ending balance: Collectively evaluated for impairment | 229,209 | ' | 229,209 | ' | 218,028 |
Non-residential real estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | 869 | 897 | 996 | 1,596 | ' |
Allowance for loan losses, Charge-offs | ' | ' | -105 | -764 | ' |
Allowance for loan losses, Recoveries | ' | ' | 4 | ' | ' |
Provision (credit) for loan losses | 92 | 401 | 66 | 466 | ' |
Allowance for loan losses, Ending balance | 961 | 1,298 | 961 | 1,298 | ' |
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 961 | ' | 961 | ' | 996 |
Loans receivable, Ending balance | 82,875 | ' | 82,875 | ' | 82,312 |
Loans receivable, Ending balance: individually evaluated for impairment | 11,409 | ' | 11,409 | ' | 8,272 |
Loans receivable, Ending balance: Collectively evaluated for impairment | 71,466 | ' | 71,466 | ' | 74,040 |
Construction [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | 75 | ' | ' | 1,724 | ' |
Allowance for loan losses, Charge-offs | ' | ' | ' | -1,715 | ' |
Provision (credit) for loan losses | 43 | ' | 118 | -9 | ' |
Allowance for loan losses, Ending balance | 118 | ' | 118 | ' | ' |
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 118 | ' | 118 | ' | ' |
Loans receivable, Ending balance | 4,635 | ' | 4,635 | ' | 841 |
Loans receivable, Ending balance: Collectively evaluated for impairment | 4,635 | ' | 4,635 | ' | 841 |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | 457 | 289 | 434 | 296 | ' |
Provision (credit) for loan losses | -89 | 6 | -66 | -1 | ' |
Allowance for loan losses, Ending balance | 368 | 295 | 368 | 295 | ' |
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 368 | ' | 368 | ' | 434 |
Loans receivable, Ending balance | 25,294 | ' | 25,294 | ' | 26,274 |
Loans receivable, Ending balance: individually evaluated for impairment | ' | ' | ' | ' | 2,152 |
Loans receivable, Ending balance: Collectively evaluated for impairment | 25,294 | ' | 25,294 | ' | 24,122 |
Consumer[Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Loans receivable, Ending balance | 159 | ' | 159 | ' | 77 |
Loans receivable, Ending balance: Collectively evaluated for impairment | $159 | ' | $159 | ' | $77 |
Loans_Receivable_and_the_Allow4
Loans Receivable 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, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment, With no related allowance recorded | $18,135 | ' | $18,135 | ' | $20,696 |
Recorded Investment, Total | 18,135 | ' | 18,135 | ' | 20,696 |
Unpaid Principal Balance, With no related allowance recorded | 21,942 | ' | 21,942 | ' | 25,266 |
Unpaid Principal Balance, Total | 21,942 | ' | 21,942 | ' | 25,266 |
Average Recorded Investment, Total | 20,712 | 25,033 | 21,749 | 24,945 | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | 83 | 205 | 437 | 1,744 | ' |
Interest Income Recognized | 83 | ' | 437 | ' | ' |
Residential real estate: Multi-family [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 6,725 | ' | 6,725 | ' | 10,272 |
Unpaid Principal Balance, With no related allowance recorded | 7,355 | ' | 7,355 | ' | 11,742 |
Average Recorded Investment, Total | 8,570 | 9,804 | 9,726 | 9,756 | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | 62 | 164 | 322 | 295 | ' |
Interest Income Recognized | 62 | ' | 322 | ' | ' |
Non-residential real estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment, With no related allowance recorded | 11,410 | ' | 11,410 | ' | 8,272 |
Unpaid Principal Balance, With no related allowance recorded | 14,587 | ' | 14,587 | ' | 11,345 |
Average Recorded Investment, Total | 11,226 | 13,479 | 10,564 | 13,476 | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | 21 | 15 | 66 | 1,370 | ' |
Interest Income Recognized | 21 | ' | 66 | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Recorded Investment, With no related allowance recorded | ' | ' | ' | ' | 2,152 |
Unpaid Principal Balance, With no related allowance recorded | ' | ' | ' | ' | 2,179 |
Average Recorded Investment, Total | 916 | 1,750 | 1,459 | 1,713 | ' |
Impaired Financing Receivable, Interest Income, Accrual Method | ' | 26 | 49 | 79 | ' |
Interest Income Recognized | ' | ' | $49 | ' | ' |
Loans_Receivable_and_the_Allow5
Loans Receivable and the Allowance For Loan Losses (Schedule Of Age Analysis Of Past Due Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | $1,259 |
60-89 Days Past Due | ' | 89 |
Greater Than 90 Days | 2,310 | 2,487 |
Total Past Due | 2,310 | 3,835 |
Current | 346,588 | 333,969 |
Total Loans Receivable, Gross | 348,898 | 337,804 |
Residential real estate: One-to-four family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 9,047 | 7,761 |
Total Loans Receivable, Gross | 9,047 | 7,761 |
Residential real estate: Multi-family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | 89 |
Greater Than 90 Days | ' | 1,266 |
Total Past Due | ' | 1,355 |
Current | 180,305 | 177,289 |
Total Loans Receivable, Gross | 180,305 | 178,644 |
Residential real estate: Mixed use [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 46,583 | 41,895 |
Total Loans Receivable, Gross | 46,583 | 41,895 |
Non-residential real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 1,259 |
Greater Than 90 Days | 2,310 | 1,221 |
Total Past Due | 2,310 | 2,480 |
Current | 80,565 | 79,832 |
Total Loans Receivable, Gross | 82,875 | 82,312 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 4,635 | 841 |
Total Loans Receivable, Gross | 4,635 | 841 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 25,294 | 26,274 |
Total Loans Receivable, Gross | 25,294 | 26,274 |
Consumer[Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 159 | 77 |
Total Loans Receivable, Gross | $159 | $77 |
Loans_Receivable_and_the_Allow6
Loans Receivable and the Allowance For Loan Losses (Schedule Of Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | $348,898 | $337,804 |
Total residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 235,935 | 228,300 |
Non-residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 82,875 | 82,312 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 4,635 | 841 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 25,294 | 26,274 |
Consumer[Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 159 | 77 |
Pass [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 335,101 | 320,874 |
Pass [Member] | Total residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 235,935 | 221,794 |
Pass [Member] | Non-residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 74,662 | 74,040 |
Pass [Member] | Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 4,635 | 841 |
Pass [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 19,710 | 24,122 |
Pass [Member] | Consumer[Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 159 | 77 |
Special Mention [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 5,584 | 3,058 |
Special Mention [Member] | Total residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | ' | 2,553 |
Special Mention [Member] | Non-residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | ' | 505 |
Special Mention [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 5,584 | ' |
Substandard [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 8,213 | 13,872 |
Substandard [Member] | Total residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | ' | 3,953 |
Substandard [Member] | Non-residential real estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | 8,213 | 7,767 |
Substandard [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans receivable | ' | $2,152 |
Loans_Receivable_and_the_Allow7
Loans Receivable and the Allowance For Loan Losses (Schedule Of Nonaccrual Loans By Classes Of The Loan Portfolio) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Receivable on Nonaccrual Status | $2,310 | $3,957 |
Residential real estate: Multi-family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Receivable on Nonaccrual Status | ' | 1,477 |
Non-residential real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Receivable on Nonaccrual Status | $2,310 | $2,480 |
Loans_Receivable_and_the_Allow8
Loans Receivable and the Allowance For Loan Losses (Schedule Of Modified Loans) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
loan | loan | loan | loan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 0 | 0 | 4 | 6 |
Recorded Investment Prior to Modification | ' | ' | $3,560 | $12,400 |
Recorded Investment After Modification | ' | ' | 3,560 | 12,400 |
Residential real estate: Multi-family [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 0 | 0 | 1 | 2 |
Recorded Investment Prior to Modification | ' | ' | 307 | 1,900 |
Recorded Investment After Modification | ' | ' | 307 | 1,900 |
Non-residential real estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Modifications | 0 | 0 | 3 | 4 |
Recorded Investment Prior to Modification | ' | ' | 3,253 | 10,500 |
Recorded Investment After Modification | ' | ' | $3,253 | $10,500 |
Dividend_Restriction_Narrative
Dividend Restriction (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2013 |
Parent Company [Member] | Parent Company [Member] | |||
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' |
Issued and outstanding common stock | 12,644,752 | 12,644,752 | ' | 7,273,750 |
Percent Of Common Stock Outstanding | 42.50% | ' | ' | 57.50% |
Dividend Income, Operating | ' | ' | $218 | ' |
Aggregate retained earnings restricted for cash dividends waived | $5,019 | $4,364 | ' | ' |