Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | NORTHEAST COMMUNITY BANCORP INC | |
Entity Central Index Key | 1,354,772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 12,228,802 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 6,535 | $ 3,676 |
Interest-bearing deposits | 25,212 | 30,334 |
Cash and cash equivalents | 31,747 | 34,010 |
Certificates of deposit | 150 | 150 |
Securities available-for-sale | 37 | 40 |
Securities held-to-maturity (fair value of $5,937 and $6,805, respectively) | 5,785 | 6,595 |
Loans receivable, net of allowance for loan losses of $3,900 and $3,816, respectively | 447,361 | 423,445 |
Premises and equipment, net | 11,763 | 11,718 |
Investments in restricted stock, at cost | 2,024 | 1,933 |
Bank owned life insurance | 21,421 | 21,113 |
Accrued interest receivable | 1,658 | 1,453 |
Goodwill | 749 | 749 |
Intangible assets | 254 | 284 |
Other real estate owned | 8,707 | 8,733 |
Other assets | 5,657 | 5,202 |
Total assets | 537,313 | 515,425 |
Liabilities | ||
Deposits: Non-interest bearing | 41,638 | 37,088 |
Deposits: Interest-bearing | 352,316 | 336,964 |
Total deposits | 393,954 | 374,052 |
Advance payments by borrowers for taxes and insurance | 3,968 | 3,338 |
Federal Home Loan Bank advances | 31,670 | 30,000 |
Accounts payable and accrued expenses | 4,230 | 4,225 |
Total liabilities | 433,822 | 411,615 |
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: 12,228,802 and 12,331,202 shares, respectively | 132 | 132 |
Additional paid-in capital | 56,971 | 57,007 |
Unearned Employee Stock Ownership Plan ("ESOP") shares | (2,722) | (2,851) |
Retained earnings | 55,847 | 55,548 |
Treasury stock - at cost, 996,198 and 893,798 shares, respectively | (6,721) | (5,999) |
Accumulated other comprehensive loss | (16) | (27) |
Total stockholders' equity | 103,491 | 103,810 |
Total liabilities and stockholders' equity | $ 537,313 | $ 515,425 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Statements of Financial Condition [Abstract] | ||
Held-to-maturity Securities, Fair Value | $ 5,937 | $ 6,805 |
Loans and Leases Receivable, Allowance for Loan Losses | $ 3,900 | $ 3,816 |
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 | 12,228,802 | 12,331,202 |
Treasury Stock, Shares | 996,198 | 893,798 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST INCOME: | ||||
Loans | $ 5,235 | $ 4,789 | $ 10,358 | $ 9,480 |
Interest-earning deposits | 16 | 5 | 27 | 9 |
Securities - taxable | 52 | 74 | 116 | 147 |
Total Interest Income | 5,303 | 4,868 | 10,501 | 9,636 |
INTEREST EXPENSE: | ||||
Deposits | 948 | 812 | 1,855 | 1,566 |
Borrowings | 41 | 33 | 78 | 98 |
Total Interest Expense | 989 | 845 | 1,933 | 1,664 |
Net Interest Income | 4,314 | 4,023 | 8,568 | 7,972 |
Provision (credit) for loan losses | 0 | (217) | 667 | (217) |
Net Interest Income after Provision (Credit) for Loan Losses | 4,314 | 4,240 | 7,901 | 8,189 |
NON-INTEREST INCOME: | ||||
Other loan fees and service charges | 111 | 130 | 224 | 236 |
Earnings on bank owned life insurance | 154 | 155 | 307 | 308 |
Investment advisory fees | 200 | 196 | 387 | 399 |
Other | 5 | 6 | 10 | 11 |
Total Non-Interest Income | 470 | 487 | 928 | 954 |
NON-INTEREST EXPENSES: | ||||
Salaries and employee benefits | 1,980 | 2,095 | 4,019 | 4,353 |
Occupancy expense | 315 | 356 | 722 | 777 |
Equipment | 149 | 136 | 281 | 296 |
Outside data processing | 285 | 291 | 571 | 544 |
Advertising | 6 | 10 | 24 | 21 |
Other real estate owned expense | 95 | 37 | 516 | 112 |
FDIC insurance premiums | 96 | 121 | 190 | 248 |
Other | 871 | 1,015 | 1,757 | 1,854 |
Total Non-Interest Expenses | 3,797 | 4,061 | 8,080 | 8,205 |
Income before Provision for Income Taxes | 987 | 666 | 749 | 938 |
PROVISION FOR INCOME TAXES | 252 | 210 | 170 | 267 |
Net Income | $ 735 | $ 456 | $ 579 | $ 671 |
Net income per Common Share - Basic and Diluted | $ 0.06 | $ 0.04 | $ 0.05 | $ 0.06 |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 11,955 | 12,094 | 11,980 | 12,145 |
Dividends Declared per Common Share | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||
Net income | $ 735 | $ 456 | $ 579 | $ 671 | |
Other Comprehensive Income: | |||||
Unrealized loss on securities available-for-sale arising during the period | 0 | (2) | (1) | (2) | |
Defined benefit pension, reclassification adjustments out of accumulated other comprehensive loss: Amortization of prior service cost | 5 | 5 | 10 | 11 | |
Defined benefit pension, reclassification adjustments out of accumulated other comprehensive loss: Amortization of actuarial gain | [1] | (2) | (1) | (4) | (2) |
Defined benefit pension: Actuarial gains arising during period | [1] | 7 | 15 | 14 | 30 |
Total | 10 | 17 | 19 | 37 | |
Income tax effect | (4) | (7) | (8) | (15) | |
Total other comprehensive income | [2] | 6 | 10 | 11 | 22 |
Total comprehensive income | $ 741 | $ 466 | $ 590 | $ 693 | |
[1] | Amounts are included in salaries and employees benefits in the unaudited consolidated statements of income as part of net periodic pension cost. See Note 10 for further information. | ||||
[2] | Amounts are included in provision for income taxes in the unaudited consolidated statements of income. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Total | |
Balance at Dec. 31, 2013 | $ 132 | $ 57,083 | $ (3,111) | $ 54,428 | $ (4,291) | $ (73) | $ 104,168 | |
Net income | 671 | 671 | ||||||
Other comprehensive income | 22 | 22 | [1] | |||||
Purchase of shares of treasury stock | (1,390) | (1,390) | ||||||
Cash dividend declared | (289) | (289) | ||||||
ESOP shares earned | (36) | 130 | 94 | |||||
Balance at Jun. 30, 2014 | 132 | 57,047 | (2,981) | 54,810 | (5,681) | (51) | 103,276 | |
Balance at Dec. 31, 2014 | 132 | 57,007 | (2,851) | 55,548 | (5,999) | (27) | 103,810 | |
Net income | 579 | 579 | ||||||
Other comprehensive income | 11 | 11 | [1] | |||||
Purchase of shares of treasury stock | (722) | (722) | ||||||
Cash dividend declared | (280) | (280) | ||||||
ESOP shares earned | (36) | 129 | 93 | |||||
Balance at Jun. 30, 2015 | $ 132 | $ 56,971 | $ (2,722) | $ 55,847 | $ (6,721) | $ (16) | $ 103,491 | |
[1] | Amounts are included in provision for income taxes in the unaudited consolidated statements of income. |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | ||
Treasury Stock, Shares Acquired | 102,400 | 190,750 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.06 | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 579 | $ 671 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization (accretion) of securities premiums and discounts, net | (15) | (18) |
Provision (credit) for loan losses | 667 | (217) |
Depreciation | 320 | 370 |
Net amortization of deferred loan fees and costs | 41 | 75 |
Amortization of intangible assets | 30 | 31 |
Deferred income tax expense (benefit) | 14 | (105) |
Provision on real estate owned losses | 142 | 0 |
Loss on sale of other real estate owned | 93 | 0 |
Earnings on bank owned life insurance | (307) | (308) |
ESOP compensation expense | 93 | 94 |
Increase in accrued interest receivable | (205) | (189) |
(Increase) decrease in other assets | (477) | 2,504 |
Increase in accounts payable and accrued expenses | 24 | 613 |
Net Cash Provided by Operating Activities | 999 | 3,521 |
Cash Flows from Investing Activities: | ||
Net (increase) in loans | (30,783) | (14,075) |
Proceeds from sale of loans held-for-sale | 5,457 | 0 |
Proceeds from sale of real estate owned | 493 | 0 |
Principal repayments on securities available-for-sale | 2 | 21 |
Principal repayments on securities held-to-maturity | 825 | 956 |
Net purchases of FHLB of NY stock | (91) | (33) |
Capitalized cost on real estate owned | 0 | (29) |
Purchases of premises and equipment | (365) | (67) |
Net Cash (Used In) Investing Activities | (24,462) | (13,227) |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 19,902 | 18,353 |
Proceeds from FHLB of NY advances | 14,604 | 12,934 |
Repayment of FHLB of NY advances | (12,934) | (13,000) |
Purchase of treasury stock | (722) | (1,390) |
Increase (decrease) in advance payments by borrowers for taxes and insurance | 630 | (786) |
Cash dividends paid | (280) | (289) |
Net Cash Provided by Financing Activities | 21,200 | 15,822 |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,263) | 6,116 |
Cash and Cash Equivalents - Beginning | 34,010 | 31,531 |
Cash and Cash Equivalents - Ending | 31,747 | 37,647 |
Supplementary Cash Flows Information | ||
Income taxes paid (refunded) | 350 | (1,806) |
Interest paid | 1,934 | 1,664 |
Supplemental Disclosure Of Non-Cash Investing Activities | ||
Dividends declared and not paid | 140 | 144 |
Loans receivable transferred to loans held-for-sale | 5,457 | 0 |
Loans receivable transferred to real estate owned | $ 702 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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. 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 six-month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the full year or any other interim period. The December 31, 2014 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, 2014. 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 June 30, 2015 and through the date these consolidated financial statements were issued. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff 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. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six consecutive months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. 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 Held-For-Sale Loans held-for-sale are carried at the lower of aggregate cost or fair value, based on observable inputs in the secondary market. Changes in fair value of loans held-for-sale are recognized in earnings. 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. NOTE 1 – BASIS OF PRESENTATION (Continued) Allowance for Loan Losses (Continued) 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. 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. Commercial and Industrial Loans . Unlike 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 is generally considered to involve a higher degree of risk of loss than long-term loans secured by 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. The Company seeks to minimize these risks by limiting the amount of construction loans outstanding at any time, by limiting our construction loans to borrowers who have in effect pre-sold their construction project, and by limiting our construction loans to multi-family and single family projects. 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 reserves. 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. 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 individual one-to-four family residential real estate and consumer loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring (“TDR”). 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 discount also includes estimated costs to sell the property. NOTE 1 – BASIS OF PRESENTATION (Continued) Allowance for Loan Losses (Continued) 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. 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 TDRs if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Adversely classified, non-accrual TDRs may be returned to accrued status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All TDR loans are classified as impaired. 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 June 30, 2015. NOTE 1 – BASIS OF PRESENTATION (Continued) Goodwill Goodwill totaled $749,000 at June 30, 2015 and December 31, 2014 and consists of goodwill acquired in the business combination completed by the Company in November 2007. The Company tests goodwill during the fourth quarter of each year for impairment, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist. The Company utilizes a two-step approach. The first step requires a comparison of the carrying value of the reporting unit to the fair value of the unit. The Company estimates the fair value of the reporting unit through internal analyses and external valuation, which utilizes an income approach based on the present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, impairment exists and the Company will perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. The second step of the goodwill impairment test, if necessary, compares the implied fair value of a reporting unit’s goodwill with its carrying value. The implied fair value of goodwill is determined in the same manner that the amount of goodwill recognized in a business combination is determined. The Company allocates the fair value of the reporting unit to all of the assets and liabilities of that unit, including identifiable intangible assets, as if the reporting unit had been acquired in a business combination. Any excess of the value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. No impairment charges were recorded for the three- and six-month periods ended June 30, 2015. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
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 had no potentially dilutive common stock equivalents during the six-month periods ended June 30, 2015 and 2014. 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 | 6 Months Ended |
Jun. 30, 2015 | |
Employee Stock Ownership Plan [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | NOTE 3 – EMPLOYEE STOCK OWNERSHIP PLAN The following table sets forth the amount of allocated shares, shares committed to be released, unallocated shares, allocated shares distributed to former or retired employees, and total shares held by the ESOP trust at the dates indicated: June 30, December 31, 2015 2014 Allocated shares Shares committed to be released Unallocated shares Total ESOP Shares Less allocated shares distributed to former or retired employees Total ESOP Shares Held by Trustee Fair value of unearned shares $ $ The Company recognized compensation expense of $48,000 and $47,000 during the three-month periods ended June 30 201 5 and 201 4 , respectively, and $93,000 and $94,000 during the six-month periods ended June 30, 201 5 and 201 4 , respectively, which equals the fair value of the ESOP shares when they became committed to be released. |
Outside Director Retirement Pla
Outside Director Retirement Plan ("DRP") | 6 Months Ended |
Jun. 30, 2015 | |
Outside Director Retirement Plan ("DRP") [Abstract] | |
OUTSIDE DIRECTOR RETIREMENT PLAN ("DRP") | Note 4 – Outside director retirement plan (“drp”) Net periodic pension cost for the Company’s DRP is as follows: Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost Amortization of actuarial gain Total $ $ $ $ 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. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
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) June 30, 2015 Securities available-for-sale: Mortgage-backed securities – residential: Federal Home Loan Mortgage Corporation $ $ - $ - $ Federal National Mortgage Association - - Total $ $ - $ - $ Securities held-to-maturity: Mortgage-backed securities – residential: Government National Mortgage Association $ $ $ - $ Federal Home Loan Mortgage Corporation - Federal National Mortgage Association - Collateralized mortgage obligations-GSE - Total $ $ $ - $ NOTE 5 – INVESTMENTS (Continued) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) December 31, 2014 Securities available-for-sale: Mortgage-backed securities – residential: Federal Home Loan Mortgage Corporation $ $ $ - $ Federal National Mortgage Association - - Total $ $ $ - $ Securities held-to-maturity: Mortgage-backed securities – residential: Government National Mortgage Association $ $ $ - $ Federal Home Loan Mortgage Corporation - Federal National Mortgage Association - Collateralized mortgage obligations-GSE - Total $ $ $ - $ Contractual final maturities of mortgage-backed securities available-for-sale were as follows: June 30, 2015 Amortized Cost Fair Value (In thousands) Due after five but within ten years $ $ Due after ten years Total $ $ Contractual final maturities of mortgage-backed securities held-to-maturity were as follows: June 30, 2015 Amortized Cost Fair Value (In thousands) Due after one but within five years $ $ Due after five but within ten years Due after ten years Total $ $ 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 | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015: (In thousands) Recurring: Mortgage-backed securities - residential: Federal Home Loan Mortgage Corporation $ $ - $ $ - Federal National Mortgage Association - - Total $ $ - $ $ - Nonrecurring: Real estate owned $ $ - $ - $ December 31, 2014: Recurring: Mortgage-backed securities - residential: Federal Home Loan Mortgage Corporation $ $ - $ $ - Federal National Mortgage Association - - Total $ $ - $ $ - Nonrecurring: Real estate owned $ $ - $ - $ 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 Fair Value Estimate Valuation Unobservable Range (in thousands) Estimate Techniques Input (Weighted Average Rate) June 30, 2015: Impaired real estate owned $ Appraisal of collateral (1) Appraisal adjustments (2) 5.62% - 6.43% (6.36%) Liquidation expenses (2) 5.26% - 8.97% (5.63%) December 31, 2014: Impaired real estate owned $ Appraisal of collateral (1) Appraisal adjustments (2) 1.34% -20.00% (10.22%) Liquidation expenses (2) 0.25% -1.29% (0.29%) (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 aged appraisals. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. NOTE 6 – FAIR VALUE DISCLOSURES (Continued) The carrying amounts and fair values of the Company’s financial instruments are summarized below: Fair Value at June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ $ $ - $ $ - Certificates of deposit - - Securities available-for-sale - - Securities held-to-maturity - - Loans receivable - - Investments in restricted stock - - Accrued interest receivable - - Financial Liabilities Deposits - - FHLB of New York advances - - Accrued interest payable - - Fair Value at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ $ $ - $ $ - Certificates of deposit - - Securities available-for-sale - - Securities held-to-maturity - - Loans receivable - - Investments in restricted stock - - Accrued interest receivable - - Financial Liabilities Deposits - - FHLB of New York advances - - Accrued interest payable - - NOTE 6 – FAIR VALUE DISCLOSURES (Continued) The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at June 30, 201 5 and December 31, 201 4 : 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. 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 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, other loans secured by real estate, commercial and industrial loans, and consumer. Certain types, such as commercial loans and consumer loans, 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 market rate that reflects the credit and interest-rate risks inherent in the loans. The discounted value of the cash flows is reduced by a credit risk adjustment based on internal loan classifications. For non-performing loans, fair value is calculated by discounting the estimated future cash flows from the remaining carrying value at a market rate. For 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 appraisal of the properties, or discounted cash flows based upon the expected proceeds. 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. Loans Held-For-Sale Fair value of loans held-for-sale is determined by utilizing Level 2 inputs based on observable inputs in the secondary market. Restricted Stock The carrying amount of the restricted stock, consisting of F ederal H ome L oan B ank of New York (“FHLB”) stock and Atlantic Community Bankers Bank (“ACBB”) 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 June 30, 201 5 and December 31, 201 4 , the estimated fair values of these off-balance-sheet financial instruments were immaterial. NOTE 6 – FAIR VALUE DISCLOSURES (Continued) Off-Balance- Sheet Financial Instruments (Continued) 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 above 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. |
Loans Receivable and the Allowa
Loans Receivable and the Allowance For Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
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 The following is an analysis of the allowance for loan losses and related information concerning loan balances: June 30, December 31, 2015 2014 (In thousands) Residential real estate: One-to-four family $ $ Multi-family Mixed-use Total residential real estate Non-residential real estate Construction Commercial and industrial Consumer Total Loans Allowance for loan losses Deferred loan costs, net Net Loans $ $ NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) At and for the Six Months Ended June 30, 2015 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ $ Charge-offs - - - - Recoveries - - - - - Provision (credit) - Ending balance $ $ $ $ $ - $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ - $ $ Loans receivable: Ending balance $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ - $ For the Three Months Ended June 30, 2015 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ - $ Charge-offs - - - - Recoveries - - - - - - - Provision (credit) - - Ending balance $ $ $ $ $ - $ $ NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) For the Six Months Ended June 30, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ $ Charge-offs - - - - Recoveries - - - - - Provision (credit) - Ending balance $ $ $ $ $ - $ - $ For the Three Months Ended June 30, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ $ Charge-offs - - - - Recoveries - - - - - Provision (credit) - Ending balance $ $ $ $ $ - $ - $ At December 31, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Ending balance - Total $ $ $ $ $ - $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ - $ $ Loans receivable: Ending balance - Total $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ - $ NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) T he following is a summary of impaired loans at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With no related allowance recorded: Residential real estate-Multi-family $ $ $ - $ $ $ - Non-residential real estate - - Commercial and industrial - - Subtotal $ $ $ - $ $ $ - With an allowance recorded: - - - - - - Total: Residential real estate-Multi-family $ $ $ - $ $ $ - Non-residential real estate - - Commercial and industrial - - Total $ $ $ - $ $ $ - Three Months Six Months Ended June 30, 2015 Ended June 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) With no related allowance recorded: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Subtotal $ $ $ $ With an allowance recorded: - - - - Total: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Total $ $ $ $ NOTE 7 –LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) Three Months Six Months Ended June 30, 2014 Ended June 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) With no related allowance recorded: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Subtotal $ $ $ $ With an allowance recorded: Non-residential real estate $ $ $ $ Subtotal $ $ $ $ Total: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Total $ $ $ $ The following table provides information about delinquencies in our loan portfolio at the dates indicated. Age Analysis of Past Due Loans as of June 30, 2015 (in thousands) 30-59 Days Past Due 60 – 89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Residential real estate: One- to four-family $ - $ - $ - $ - $ $ $ - Multi-family - - - - - Mixed-use - - - - - Non-residential real estate - - - Construction - - - - - Commercial and industrial - - Consumer - - - - - Total loans $ $ - $ $ $ $ $ - NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) Age Analysis of Past Due Loans as of December 31, 2014 (in thousands) 30-59 Days Past Due 60 – 89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Residential real estate: One- to four-family $ - $ - $ - $ - $ $ $ - Multi-family - - - Mixed-use - - - Non-residential real estate - - - Construction - - - - - Commercial and industrial - - - Consumer - - - - - Total loans $ - $ $ $ $ $ $ - The following tables provide certain information related to the credit quality of the loan portfolio. Credit Risk Profile by Internally Assigned Grade at June 30, 2015 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Total Grade: Pass $ $ $ $ $ $ Special Mention - - - Substandard - - - - Total $ $ $ $ $ $ Credit Risk Profile by Internally Assigned Grade at December 31, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Total Grade: Pass $ $ $ $ $ $ Special Mention - - Substandard - - Total $ $ $ $ $ $ The following table sets forth the composition of our nonaccrual loans at the dates indicated. Loans Receivable on Nonaccrual Status as of June 30, 2015 and December 31, 2014 (in thousands) 2015 2014 Residential real estate: Multi-family $ $ Mixed-use Non-residential real estate Commercial and industrial loans Total $ $ NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) The following table shows the breakdown of loans modified in TDRs for the periods indicated: Three and Six Months Ended June 30, 2015 Recorded Recorded Investment Investment Number of Prior to After (dollars in thousands) Modifications Modification Modification Real estate: Multi-family 1 $ $ Mixed-use 1 Total 2 $ $ The multi-family mortgage loan had an original interest rate of 5 .75 % with an amortization of 25 years. Interest will not accrue for one year from July 2015 to June 2016 . The interest rate for July and August 2016 will be 5.75%. The interest rate starting September 1, 2016 will be adjusted to 275 basis points above the five year U.S. Treasury interest rate, with a floor of 5.75% and a cap of 10.75% . In connection with the loan restructuring and modification, a $50,000 construction loan was granted at the same term and interest rate as the permanent mortgage loan. Both loans will have a final maturity of July 1, 2017 with balloon payments for both loans. The mixed-use mortgage loan had an original interest rate of 5.125% with an amortization of 30 years. Interest will not accrue for three months from June 2015 to August 2015. Interest rate starting September 2015 will be 3.75% amortized over 30 years until March 1, 2017 at which time the interest rate will be adjusted to 275 basis points above the Federal Home Loan Bank of Boston three year borrowing rate. The loan will mature on January 1, 2020 with a balloon payment. There were no loans modified that were deemed TDRs d uring the three and six months ended June 30, 2014. As of June 30, 2015, none of the loans that were modified during the previous twelve months had defaulted in the three and six month periods ended June 30, 2015. As of June 30, 2014, none of the loans that were modified during the previous twelve months had defaulted in the three and six month periods ended June 30, 2014. |
Effects of Recent Accounting Pr
Effects of Recent Accounting Pronoucements | 6 Months Ended |
Jun. 30, 2015 | |
Effect of Recent Accounting Pronouncements [Abstract] | |
EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 8 – EFFECT OF RECENT ACCOUNTING PRONOUNCEMENTS In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors, which clar if ies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loans, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. For public entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. On May 28, 2014, the FASB and International Accounting Standards Board (“IASB”) issued ASU 2014-09, Revenue from Contracts with Customers . The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective January 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements. |
Dividend Restriction
Dividend Restriction | 6 Months Ended |
Jun. 30, 2015 | |
Dividend Restriction [Abstract] | |
DIVIDEND RESTRICTION | NOTE 9 – DIVIDEND RESTRICTION NorthEast Community Bancorp MHC (the “MHC”) held 7,273,750 shares, or 59.5% , of the Company’s issued and outstanding common stock, and the minority public shareholders held 40.5% of outstanding stock, at June 30, 201 5 . 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 25 , 201 4 through November 2 4 , 201 5 . NOTE 9 – DIVIDEND RESTRICTION (Continued) The MHC has waived receipt of all past dividends paid by the Company through June 30, 201 5 , 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 June 30, 201 5 and December 31, 201 4 , the aggregate retained earnings restricted for cash dividends waived were $6,546,000 and $6,110,000 , respectively. |
Reclassification Out of Accumul
Reclassification Out of Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Reclassification Out of Accumulated Other Comprehensive Income [Abstract] | |
RECLASSIFICATION OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | NOTE 10 – RECLASSIFICATION OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Amount s reclassified from Accumulated Other Comprehensive Income are as follows : Three Months Six Months Ended June 30, Ended June 30 Details about Accumulated Other Comprehensive Income Components 2015 2014 2015 2014 Affected Line Item in the Consolidated Statements of Comprehensive Income (In thousands) Amortization of defined benefit pension items: Prior service costs $ $ (1) $ $ (1) Salary and employee benefits Actuarial gain (1) (1) Salary and employee benefits Total before tax Provision for income taxes Total reclassifications for the period $ $ $ $ Net of taxes These accumulated other comprehensive income components are included in the computation of net periodic pension cost. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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. 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 six-month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the full year or any other interim period. The December 31, 2014 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, 2014. 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 June 30, 2015 and through the date these consolidated financial statements were issued. |
Policy Loans Receivable, Policy [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff 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. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six consecutive months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. 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 Held-For-Sale Loans held-for-sale are carried at the lower of aggregate cost or fair value, based on observable inputs in the secondary market. Changes in fair value of loans held-for-sale are recognized in earnings. |
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. NOTE 1 – BASIS OF PRESENTATION (Continued) Allowance for Loan Losses (Continued) 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. 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. Commercial and Industrial Loans . Unlike 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 is generally considered to involve a higher degree of risk of loss than long-term loans secured by 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. The Company seeks to minimize these risks by limiting the amount of construction loans outstanding at any time, by limiting our construction loans to borrowers who have in effect pre-sold their construction project, and by limiting our construction loans to multi-family and single family projects. 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 reserves. 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. 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 individual one-to-four family residential real estate and consumer loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring (“TDR”). 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 discount also includes estimated costs to sell the property. NOTE 1 – BASIS OF PRESENTATION (Continued) Allowance for Loan Losses (Continued) 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. 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 TDRs if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Adversely classified, non-accrual TDRs may be returned to accrued status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All TDR loans are classified as impaired. 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 June 30, 2015. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | NOTE 1 – BASIS OF PRESENTATION (Continued) Goodwill Goodwill totaled $749,000 at June 30, 2015 and December 31, 2014 and consists of goodwill acquired in the business combination completed by the Company in November 2007. The Company tests goodwill during the fourth quarter of each year for impairment, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist. The Company utilizes a two-step approach. The first step requires a comparison of the carrying value of the reporting unit to the fair value of the unit. The Company estimates the fair value of the reporting unit through internal analyses and external valuation, which utilizes an income approach based on the present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, impairment exists and the Company will perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. The second step of the goodwill impairment test, if necessary, compares the implied fair value of a reporting unit’s goodwill with its carrying value. The implied fair value of goodwill is determined in the same manner that the amount of goodwill recognized in a business combination is determined. The Company allocates the fair value of the reporting unit to all of the assets and liabilities of that unit, including identifiable intangible assets, as if the reporting unit had been acquired in a business combination. Any excess of the value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. No impairment charges were recorded for the three- and six-month periods ended June 30, 2015. |
Earnings Per Share (Policy)
Earnings Per Share (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
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. The Company has not granted any restricted stock awards or stock options and had no potentially dilutive common stock equivalents during the six-month periods ended June 30, 2015 and 2014. 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. |
Effects of Recent Accounting 21
Effects of Recent Accounting Pronouncements (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Effect of Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements [Policy Text Block] | In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors, which clar if ies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loans, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. For public entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. On May 28, 2014, the FASB and International Accounting Standards Board (“IASB”) issued ASU 2014-09, Revenue from Contracts with Customers . The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard effective January 1, 2018 is not expected to have a material impact on the Company’s consolidated financial statements. |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Employee Stock Ownership Plan [Abstract] | |
Schedule of Employee Stock Ownership Plan (ESOP) Disclosures [Text Block] | June 30, December 31, 2015 2014 Allocated shares Shares committed to be released Unallocated shares Total ESOP Shares Less allocated shares distributed to former or retired employees Total ESOP Shares Held by Trustee Fair value of unearned shares $ $ |
Outside Director Retirement P23
Outside Director Retirement Plan ("DRP") (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Outside Director Retirement Plan ("DRP") [Abstract] | |
Schedule of Costs of Retirement Plans [Table Text Block] | Net periodic pension cost for the Company’s DRP is as follows: Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost Amortization of actuarial gain Total $ $ $ $ |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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) June 30, 2015 Securities available-for-sale: Mortgage-backed securities – residential: Federal Home Loan Mortgage Corporation $ $ - $ - $ Federal National Mortgage Association - - Total $ $ - $ - $ Securities held-to-maturity: Mortgage-backed securities – residential: Government National Mortgage Association $ $ $ - $ Federal Home Loan Mortgage Corporation - Federal National Mortgage Association - Collateralized mortgage obligations-GSE - Total $ $ $ - $ NOTE 5 – INVESTMENTS (Continued) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) December 31, 2014 Securities available-for-sale: Mortgage-backed securities – residential: Federal Home Loan Mortgage Corporation $ $ $ - $ Federal National Mortgage Association - - Total $ $ $ - $ Securities held-to-maturity: Mortgage-backed securities – residential: Government National Mortgage Association $ $ $ - $ Federal Home Loan Mortgage Corporation - Federal National Mortgage Association - Collateralized mortgage obligations-GSE - Total $ $ $ - $ |
Schedule Of Contractual Final Maturities Of Securities (Table Text Block) | Contractual final maturities of mortgage-backed securities available-for-sale were as follows: June 30, 2015 Amortized Cost Fair Value (In thousands) Due after five but within ten years $ $ Due after ten years Total $ $ Contractual final maturities of mortgage-backed securities held-to-maturity were as follows: June 30, 2015 Amortized Cost Fair Value (In thousands) Due after one but within five years $ $ Due after five but within ten years Due after ten years Total $ $ |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015: (In thousands) Recurring: Mortgage-backed securities - residential: Federal Home Loan Mortgage Corporation $ $ - $ $ - Federal National Mortgage Association - - Total $ $ - $ $ - Nonrecurring: Real estate owned $ $ - $ - $ December 31, 2014: Recurring: Mortgage-backed securities - residential: Federal Home Loan Mortgage Corporation $ $ - $ $ - Federal National Mortgage Association - - Total $ $ - $ $ - Nonrecurring: Real estate owned $ $ - $ - $ |
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 Fair Value Estimate Valuation Unobservable Range (in thousands) Estimate Techniques Input (Weighted Average Rate) June 30, 2015: Impaired real estate owned $ Appraisal of collateral (1) Appraisal adjustments (2) 5.62% - 6.43% (6.36%) Liquidation expenses (2) 5.26% - 8.97% (5.63%) December 31, 2014: Impaired real estate owned $ Appraisal of collateral (1) Appraisal adjustments (2) 1.34% -20.00% (10.22%) Liquidation expenses (2) 0.25% -1.29% (0.29%) (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 aged appraisals. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. NOTE 6 – FAIR VALUE DISCLOSURES (Continued) |
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 June 30, 2015 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ $ $ - $ $ - Certificates of deposit - - Securities available-for-sale - - Securities held-to-maturity - - Loans receivable - - Investments in restricted stock - - Accrued interest receivable - - Financial Liabilities Deposits - - FHLB of New York advances - - Accrued interest payable - - Fair Value at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (In thousands) Carrying Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets Cash and cash equivalents $ $ $ - $ $ - Certificates of deposit - - Securities available-for-sale - - Securities held-to-maturity - - Loans receivable - - Investments in restricted stock - - Accrued interest receivable - - Financial Liabilities Deposits - - FHLB of New York advances - - Accrued interest payable - - |
Loans Receivable and the Allo26
Loans Receivable and the Allowance For Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans Receivable and the Allowance For Loan Losses [Abstract] | |
Schedule of Loans Receivable [Table Text Block] | June 30, December 31, 2015 2014 (In thousands) Residential real estate: One-to-four family $ $ Multi-family Mixed-use Total residential real estate Non-residential real estate Construction Commercial and industrial Consumer Total Loans Allowance for loan losses Deferred loan costs, net Net Loans $ $ |
Schedule of Allowance For Loan Losses [Table Text Block] | Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ $ Charge-offs - - - - Recoveries - - - - - Provision (credit) - Ending balance $ $ $ $ $ - $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ - $ $ Loans receivable: Ending balance $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ - $ For the Three Months Ended June 30, 2015 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ - $ Charge-offs - - - - Recoveries - - - - - - - Provision (credit) - - Ending balance $ $ $ $ $ - $ $ NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) For the Six Months Ended June 30, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ $ Charge-offs - - - - Recoveries - - - - - Provision (credit) - Ending balance $ $ $ $ $ - $ - $ For the Three Months Ended June 30, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Beginning balance $ $ $ $ $ - $ $ Charge-offs - - - - Recoveries - - - - - Provision (credit) - Ending balance $ $ $ $ $ - $ - $ At December 31, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Unallocated Total Allowance for loan losses: Ending balance - Total $ $ $ $ $ - $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ - $ $ Loans receivable: Ending balance - Total $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ $ $ - $ $ - $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ - $ |
Schedule of Impaired Loans [Table Text Block] | The following is a summary of impaired loans at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With no related allowance recorded: Residential real estate-Multi-family $ $ $ - $ $ $ - Non-residential real estate - - Commercial and industrial - - Subtotal $ $ $ - $ $ $ - With an allowance recorded: - - - - - - Total: Residential real estate-Multi-family $ $ $ - $ $ $ - Non-residential real estate - - Commercial and industrial - - Total $ $ $ - $ $ $ - Three Months Six Months Ended June 30, 2015 Ended June 30, 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) With no related allowance recorded: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Subtotal $ $ $ $ With an allowance recorded: - - - - Total: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Total $ $ $ $ NOTE 7 –LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) Three Months Six Months Ended June 30, 2014 Ended June 30, 2014 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) With no related allowance recorded: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Subtotal $ $ $ $ With an allowance recorded: Non-residential real estate $ $ $ $ Subtotal $ $ $ $ Total: Residential real estate-Multi-family $ $ $ $ Non-residential real estate Commercial and industrial - - Total $ $ $ $ |
Schedule of Age Analysis of Past Due Loans [Table Text Block] | Age Analysis of Past Due Loans as of June 30, 2015 (in thousands) 30-59 Days Past Due 60 – 89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Residential real estate: One- to four-family $ - $ - $ - $ - $ $ $ - Multi-family - - - - - Mixed-use - - - - - Non-residential real estate - - - Construction - - - - - Commercial and industrial - - Consumer - - - - - Total loans $ $ - $ $ $ $ $ - NOTE 7 – LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Continued) Age Analysis of Past Due Loans as of December 31, 2014 (in thousands) 30-59 Days Past Due 60 – 89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans Receivable Recorded Investment > 90 Days and Accruing Residential real estate: One- to four-family $ - $ - $ - $ - $ $ $ - Multi-family - - - Mixed-use - - - Non-residential real estate - - - Construction - - - - - Commercial and industrial - - - Consumer - - - - - Total loans $ - $ $ $ $ $ $ - |
Schedule of Credit Quality Indicators [Table Text Block] | Credit Risk Profile by Internally Assigned Grade at June 30, 2015 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Total Grade: Pass $ $ $ $ $ $ Special Mention - - - Substandard - - - - Total $ $ $ $ $ $ Credit Risk Profile by Internally Assigned Grade at December 31, 2014 (in thousands) Residential Real Estate Non-residential Real Estate Construction Commercial and Industrial Consumer Total Grade: Pass $ $ $ $ $ $ Special Mention - - Substandard - - Total $ $ $ $ $ $ |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table sets forth the composition of our nonaccrual loans at the dates indicated. Loans Receivable on Nonaccrual Status as of June 30, 2015 and December 31, 2014 (in thousands) 2015 2014 Residential real estate: Multi-family $ $ Mixed-use Non-residential real estate Commercial and industrial loans Total $ $ |
Schedule of Modified Loans [Table Text Block] | The following table shows the breakdown of loans modified in TDRs for the periods indicated: Three and Six Months Ended June 30, 2015 Recorded Recorded Investment Investment Number of Prior to After (dollars in thousands) Modifications Modification Modification Real estate: Multi-family 1 $ $ Mixed-use 1 Total 2 $ $ |
Reclassification Out of Accum27
Reclassification Out of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Reclassification Out of Accumulated Other Comprehensive Income [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30 Details about Accumulated Other Comprehensive Income Components 2015 2014 2015 2014 Affected Line Item in the Consolidated Statements of Comprehensive Income (In thousands) Amortization of defined benefit pension items: Prior service costs $ $ (1) $ $ (1) Salary and employee benefits Actuarial gain (1) (1) Salary and employee benefits Total before tax Provision for income taxes Total reclassifications for the period $ $ $ $ Net of taxes These accumulated other comprehensive income components are included in the computation of net periodic pension cost. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Basis of Presentation [Abstract] | ||
Goodwill | $ 749,000 | $ 749,000 |
Goodwill, Impairment Loss | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Stock Options Granted in Period | 0 | 0 | |
Restricted Stock Awards Granted in Period | 0 | 0 | |
Potentially dilutive common stock equivalents | 0 | 0 |
Employee Stock Ownership Plan30
Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Employee Stock Ownership Plan [Abstract] | |||||
Allocated shares to participants | 233,289 | 233,289 | 207,368 | ||
Shares committed to be released | 12,960 | 12,960 | 25,921 | ||
Unallocated shares | 272,171 | 272,171 | 285,131 | ||
Total ESOP Shares | 518,420 | 518,420 | 518,420 | ||
Less allocated shares distributed to former or retired employees | (35,051) | (35,051) | (35,051) | ||
Total ESOP Shares Held by Trustee | 483,369 | 483,369 | 483,369 | ||
Fair value of unearned shares | $ 2,030 | $ 2,030 | $ 2,059 | ||
Compensation expense | $ 48 | $ 47 | $ 93 | $ 94 |
Outside Director Retirement P31
Outside Director Retirement Plan ("DRP") (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Outside Director Retirement Plan ("DRP") [Abstract] | ||||
Service Cost | $ 23 | $ 18 | $ 46 | $ 36 |
Interest Cost | 11 | 10 | 22 | 20 |
Amortization of prior service cost | 5 | 5 | 10 | 11 |
Amortization of actuarial gain | (2) | (1) | (4) | (2) |
Total | $ 37 | $ 32 | $ 74 | $ 65 |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost And Fair Value Of Securities Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Securities available for sale, Amortized Cost | $ 37 | $ 39 |
Securities available-for-sale, Gross Unrealized Gains | 0 | 1 |
Securities available-for-sale, Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale | 37 | 40 |
Securities held to maturity, Amortized Cost | 5,785 | 6,595 |
Securities held-to-maturity, Gross Unrealized Gains | 152 | 210 |
Securities held-to-maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Fair Value | 5,937 | 6,805 |
Government National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Securities held to maturity, Amortized Cost | 4,456 | 5,065 |
Securities held-to-maturity, Gross Unrealized Gains | 109 | 159 |
Securities held-to-maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Fair Value | 4,565 | 5,224 |
Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available for sale, Amortized Cost | 32 | 34 |
Securities available-for-sale, Gross Unrealized Gains | 0 | 1 |
Securities available-for-sale, Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale | 32 | 35 |
Securities held to maturity, Amortized Cost | 168 | 186 |
Securities held-to-maturity, Gross Unrealized Gains | 5 | 6 |
Securities held-to-maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Fair Value | 173 | 192 |
Federal National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available for sale, Amortized Cost | 5 | 5 |
Securities available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities available-for-sale, Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale | 5 | 5 |
Securities held to maturity, Amortized Cost | 116 | 128 |
Securities held-to-maturity, Gross Unrealized Gains | 3 | 3 |
Securities held-to-maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Fair Value | 119 | 131 |
Collateralized mortgage obligations-GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Securities held to maturity, Amortized Cost | 1,045 | 1,216 |
Securities held-to-maturity, Gross Unrealized Gains | 35 | 42 |
Securities held-to-maturity, Gross Unrealized Losses | 0 | 0 |
Securities held to maturity, Fair Value | $ 1,080 | $ 1,258 |
Investments (Schedule Of Contra
Investments (Schedule Of Contractual Final Maturities Of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Securities held-to-maturity, Amortized Cost | $ 5,785 | $ 6,595 |
Held-to-maturity Securities, Fair Value | 5,937 | $ 6,805 |
Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Securities available for sale, Amortized Cost, Due after five but within ten years | 6 | |
Securities available for sale, Amortized Cost, Due after ten years | 31 | |
Securities available for sale, Amortized Cost, Total | 37 | |
Securities available for sale, Fair Value, Due after five but within ten years | 6 | |
Securities available for sale, Fair Value, Due after ten years | 31 | |
Securities available for sale, Fair Value, Total | 37 | |
Securities held to maturity, Amortized Cost, Due after one but within five years | 50 | |
Securities held to maturity, Amortized Cost, Due after five but within ten years | 146 | |
Securities held to maturity, Amortized Cost, Due after ten years | 5,589 | |
Securities held-to-maturity, Amortized Cost | 5,785 | |
Securities held to maturity, Fair Value, Due after one but within five years | 50 | |
Securities held to maturity, Fair Value, Due after five but within ten years | 149 | |
Securities held to maturity, Fair Value, Due after ten years | 5,738 | |
Held-to-maturity Securities, Fair Value | $ 5,937 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule of Assets Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 37 | $ 40 |
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
(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 | 37 | 40 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Assets, Fair Value Disclosure, Nonrecurring | 2,111 | 2,137 |
Federal Home Loan Mortgage Corporation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 32 | 35 |
Federal Home Loan Mortgage Corporation [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
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 | 32 | 35 |
Federal Home Loan Mortgage Corporation [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Federal National Mortgage Association [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 5 | 5 |
Federal National Mortgage Association [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
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 | 5 | 5 |
Federal National Mortgage Association [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,111 | 2,137 |
Real Estate Owned [Member] | (Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Real Estate Owned [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, Nonrecurring | 0 | 0 |
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 | $ 2,111 | $ 2,137 |
Fair Value Disclosures (Sched35
Fair Value Disclosures (Schedule Of Additional Quantitative Information About Assets Measured At Fair Value On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,111 | $ 2,137 | |
(Level 3) Significant Unobservable Inputs [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,111 | $ 2,137 | |
(Level 3) Significant Unobservable Inputs [Member] | Appraisal of Collateral [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Measurements, Valuation Techniques | [1] | Appraisal of collateral (1) | Appraisal of collateral (1) |
(Level 3) Significant Unobservable Inputs [Member] | Unobservable Input, Appraisal Adjustments [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Measurement, Unobservable Input | [2] | Appraisal adjustments (2) | Appraisal adjustments (2) |
(Level 3) Significant Unobservable Inputs [Member] | Unobservable Input, Liquidation Expenses [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Measurement, Unobservable Input | [2] | Liquidation expenses (2) | Liquidation expenses (2) |
(Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 2,111 | $ 2,137 | |
Minimum [Member] | (Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | Unobservable Input, Appraisal Adjustments [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Discount Rate | 5.62% | 1.34% | |
Minimum [Member] | (Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | Unobservable Input, Liquidation Expenses [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Discount Rate | 5.26% | 0.25% | |
Maximum [Member] | (Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | Unobservable Input, Appraisal Adjustments [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Discount Rate | 6.43% | 20.00% | |
Maximum [Member] | (Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | Unobservable Input, Liquidation Expenses [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Discount Rate | 8.97% | 1.29% | |
Weighted Average [Member] | (Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | Unobservable Input, Appraisal Adjustments [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Discount Rate | 6.36% | 10.22% | |
Weighted Average [Member] | (Level 3) Significant Unobservable Inputs [Member] | Real Estate Owned [Member] | Unobservable Input, Liquidation Expenses [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair Value Inputs, Discount Rate | 5.63% | 0.29% | |
[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 aged appraisals. 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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financial Assets: Cash and cash equivalents, Carrying Amount | $ 31,747 | $ 34,010 | $ 37,647 | $ 31,531 |
Financial Assets: Certificates of deposit, Carrying Amount | 150 | 150 | ||
Securities available-for-sale | 37 | 40 | ||
Financial Assets: Securities held to maturity, Carrying Amount | 5,785 | 6,595 | ||
Financial Assets: Loans receivable, Carrying Amount | 447,361 | 423,445 | ||
Financial Assets: Investments in restricted stock, Carrying Amount | 2,024 | 1,933 | ||
Financial Assets: Accrued interest receivable, Carrying Amount | 1,658 | 1,453 | ||
Financial Liabilities: Deposits, Carrying Amount | 393,954 | 374,052 | ||
Financial Liabilities: FHLB of New York advances, Carrying Amount | 31,670 | 30,000 | ||
Financial Liabilities: FHLB of New York advances, Carrying Amount | 31,670 | 30,000 | ||
Financial Liabilities: Accrued Interest Payable | 2 | 3 | ||
Financial Assets: Cash and cash equivalents | 31,747 | 34,010 | ||
Financial Assets: Certificates of Deposit | 150 | 150 | ||
Securities held to maturity, Fair Value | 5,937 | 6,805 | ||
Financial Assets: Loans receivable | 450,904 | 429,467 | ||
Financial Assets:Investments in restricted stock | 2,024 | 1,933 | ||
Financial Assets: Accrued interest receivable | 1,658 | 1,453 | ||
Financial Liabilities: Deposits, including accrued interest | 387,463 | 377,276 | ||
Financial Liabilities: FHLB of New York Advances | 31,645 | 29,970 | ||
Financial Liabilities, Accrued interest payable, Fair Value | 2 | 3 | ||
(Level 1) Quoted Prices in Active Markets for Identical Assets [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale | 0 | 0 | ||
Financial Assets: Cash and cash equivalents | 0 | 0 | ||
Financial Assets: Certificates of Deposit | 0 | 0 | ||
Securities held to maturity, Fair Value | 0 | 0 | ||
Financial Assets: Loans receivable | 0 | 0 | ||
Financial Assets:Investments in restricted stock | 0 | 0 | ||
Financial Assets: Accrued interest receivable | 0 | 0 | ||
Financial Liabilities: Deposits, including accrued interest | 0 | 0 | ||
Financial Liabilities: FHLB of New York Advances | 0 | 0 | ||
Financial Liabilities, Accrued interest payable, Fair Value | 0 | 0 | ||
(Level 2) Significant Other Observable Inputs [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale | 37 | 40 | ||
Financial Assets: Cash and cash equivalents | 31,747 | 34,010 | ||
Financial Assets: Certificates of Deposit | 150 | 150 | ||
Securities held to maturity, Fair Value | 5,937 | 6,805 | ||
Financial Assets: Loans receivable | 0 | 0 | ||
Financial Assets:Investments in restricted stock | 2,024 | 1,933 | ||
Financial Assets: Accrued interest receivable | 1,658 | 1,453 | ||
Financial Liabilities: Deposits, including accrued interest | 387,463 | 377,276 | ||
Financial Liabilities: FHLB of New York Advances | 31,645 | 29,970 | ||
Financial Liabilities, Accrued interest payable, Fair Value | 2 | 3 | ||
(Level 3) Significant Unobservable Inputs [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale | 0 | 0 | ||
Financial Assets: Cash and cash equivalents | 0 | 0 | ||
Financial Assets: Certificates of Deposit | 0 | 0 | ||
Securities held to maturity, Fair Value | 0 | 0 | ||
Financial Assets: Loans receivable | 450,904 | 429,467 | ||
Financial Assets:Investments in restricted stock | 0 | 0 | ||
Financial Assets: Accrued interest receivable | 0 | 0 | ||
Financial Liabilities: Deposits, including accrued interest | 0 | 0 | ||
Financial Liabilities: FHLB of New York Advances | 0 | 0 | ||
Financial Liabilities, Accrued interest payable, Fair Value | $ 0 | $ 0 |
Loans Receivable and the Allo37
Loans Receivable and the Allowance For Loan Losses (Schedule Of Loans Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 450,685 | $ 426,655 |
Allowance for loan losses | (3,900) | (3,816) |
Deferred loan costs, net | 576 | 606 |
Net Loans | 447,361 | 423,445 |
Total residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 271,804 | 262,877 |
Residential real estate: One-to-four family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 15,034 | 13,314 |
Residential real estate: Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 195,404 | 188,017 |
Residential real estate: Mixed use [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 61,366 | 61,546 |
Non-residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 83,092 | 82,622 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 61,734 | 46,607 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 33,911 | 34,407 |
Consumer[Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 144 | $ 142 |
Loans Receivable and the Allo38
Loans Receivable and the Allowance For Loan Losses (Schedule Of Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | $ 3,920 | $ 4,205 | $ 3,816 | $ 4,015 | |
Allowance for loan losses, Charge-offs | (20) | (398) | (608) | (433) | |
Allowance for loan losses, Recoveries | 0 | 340 | 25 | 565 | |
Provision (credit) | 0 | 217 | (667) | 217 | |
Allowance for loan losses, Ending balance | 3,900 | 3,930 | 3,900 | 3,930 | |
Allowance for loan losses, Ending balance: individually evaluated for impairment | 0 | 0 | $ 0 | ||
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 3,900 | 3,900 | 3,816 | ||
Loans receivable, Ending balance | 450,685 | 450,685 | 426,655 | ||
Loans receivable, Ending balance: individually evaluated for impairment | 10,069 | 10,069 | 16,619 | ||
Loans receivable, Ending balance: Collectively evaluated for impairment | 440,616 | 440,616 | 410,036 | ||
Total residential real estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 2,131 | 2,588 | 2,023 | 2,556 | |
Allowance for loan losses, Charge-offs | (9) | (392) | (9) | (392) | |
Allowance for loan losses, Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | 190 | (427) | 82 | (459) | |
Allowance for loan losses, Ending balance | 1,932 | 2,623 | 1,932 | 2,623 | |
Allowance for loan losses, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 1,932 | 1,932 | 2,023 | ||
Loans receivable, Ending balance | 271,804 | 271,804 | 262,877 | ||
Loans receivable, Ending balance: individually evaluated for impairment | 5,052 | 5,052 | 5,367 | ||
Loans receivable, Ending balance: Collectively evaluated for impairment | 266,752 | 266,752 | 257,510 | ||
Non-residential real estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 742 | 1,012 | 692 | 896 | |
Allowance for loan losses, Charge-offs | (11) | (6) | (599) | (41) | |
Allowance for loan losses, Recoveries | 0 | 340 | 25 | 565 | |
Provision (credit) | (44) | 558 | (657) | 632 | |
Allowance for loan losses, Ending balance | 775 | 788 | 775 | 788 | |
Allowance for loan losses, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 775 | 775 | 692 | ||
Loans receivable, Ending balance | 83,092 | 83,092 | 82,622 | ||
Loans receivable, Ending balance: individually evaluated for impairment | 2,410 | 2,410 | 8,697 | ||
Loans receivable, Ending balance: Collectively evaluated for impairment | 80,682 | 80,682 | 73,925 | ||
Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 510 | 135 | 492 | 97 | |
Allowance for loan losses, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for loan losses, Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | (106) | (26) | (124) | (64) | |
Allowance for loan losses, Ending balance | 616 | 161 | 616 | 161 | |
Allowance for loan losses, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 616 | 616 | 492 | ||
Loans receivable, Ending balance | 61,734 | 61,734 | 46,607 | ||
Loans receivable, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, Ending balance: Collectively evaluated for impairment | 61,734 | 61,734 | 46,607 | ||
Commercial and Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 537 | 401 | 494 | 456 | |
Allowance for loan losses, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for loan losses, Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | 51 | 43 | 8 | 98 | |
Allowance for loan losses, Ending balance | 486 | 358 | 486 | 358 | |
Allowance for loan losses, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 486 | 486 | 494 | ||
Loans receivable, Ending balance | 33,911 | 33,911 | 34,407 | ||
Loans receivable, Ending balance: individually evaluated for impairment | 2,607 | 2,607 | 2,555 | ||
Loans receivable, Ending balance: Collectively evaluated for impairment | 31,304 | 31,304 | 31,852 | ||
Consumer[Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 0 | 0 | 0 | 0 | |
Allowance for loan losses, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for loan losses, Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | 0 | 0 | 0 | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 | 0 | 0 | |
Allowance for loan losses, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, Ending balance | 144 | 144 | 142 | ||
Loans receivable, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, Ending balance: Collectively evaluated for impairment | 144 | 144 | 142 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses, Beginning balance | 0 | 69 | 115 | 10 | |
Allowance for loan losses, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for loan losses, Recoveries | 0 | 0 | 0 | 0 | |
Provision (credit) | (91) | 69 | 24 | 10 | |
Allowance for loan losses, Ending balance | 91 | $ 0 | 91 | $ 0 | |
Allowance for loan losses, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance for loan losses, Ending balance: collectively evaluated for impairment | 91 | 91 | 115 | ||
Loans receivable, Ending balance | 0 | 0 | 0 | ||
Loans receivable, Ending balance: individually evaluated for impairment | 0 | 0 | 0 | ||
Loans receivable, Ending balance: Collectively evaluated for impairment | $ 0 | $ 0 | $ 0 |
Loans Receivable and the Allo39
Loans Receivable and the Allowance For Loan Losses (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no related allowance recorded | $ 10,069 | $ 10,069 | $ 16,619 | ||
Recorded Investment, With an allowance recorded | 0 | 0 | 0 | ||
Recorded Investment, Total | 10,069 | 10,069 | 16,619 | ||
Unpaid Principal Balance, With no related allowance recorded | 11,181 | 11,181 | 19,978 | ||
Unpaid Principal Balance, With an allowance recorded | 0 | 0 | 0 | ||
Unpaid Principal Balance, Total | 11,181 | 11,181 | 19,978 | ||
Related Allowance | 0 | $ 0 | 0 | $ 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 9,988 | 19,445 | 12,198 | 18,993 | |
Average Recorded Investment, With an allowance recorded | 0 | 2,055 | 0 | 2,046 | |
Average Recorded Investment, Total | 9,988 | 21,500 | 12,198 | 21,039 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 63 | 111 | 126 | 169 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 6 | 0 | 22 | |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 63 | 117 | 126 | 191 | |
Residential real estate: Multi-family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no related allowance recorded | 5,052 | 5,052 | 5,367 | ||
Recorded Investment, Total | 5,052 | 5,052 | 5,367 | ||
Unpaid Principal Balance, With no related allowance recorded | 5,394 | 5,394 | 5,709 | ||
Unpaid Principal Balance, Total | 5,394 | 5,394 | 5,709 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Recorded Investment, With no related allowance recorded | 4,985 | 8,952 | 5,112 | 8,845 | |
Average Recorded Investment, Total | 4,985 | 8,952 | 5,112 | 8,845 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 43 | 46 | 87 | 94 | |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 43 | 46 | 87 | 94 | |
Non-residential real estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no related allowance recorded | 2,410 | 2,410 | 8,697 | ||
Recorded Investment, Total | 2,410 | 2,410 | 8,697 | ||
Unpaid Principal Balance, With no related allowance recorded | 3,180 | 3,180 | 11,714 | ||
Unpaid Principal Balance, Total | 3,180 | 3,180 | 11,714 | ||
Related Allowance | 0 | 0 | 0 | ||
Average Recorded Investment, With no related allowance recorded | 2,416 | 9,237 | 4,510 | 9,311 | |
Average Recorded Investment, With an allowance recorded | 2,055 | 2,046 | |||
Average Recorded Investment, Total | 2,416 | 11,292 | 4,510 | 11,357 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 20 | 65 | 39 | 75 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 6 | 22 | |||
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 20 | 71 | 39 | 97 | |
Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment, With no related allowance recorded | 2,607 | 2,607 | 2,555 | ||
Recorded Investment, Total | 2,607 | 2,607 | 2,555 | ||
Unpaid Principal Balance, With no related allowance recorded | 2,607 | 2,607 | 2,555 | ||
Unpaid Principal Balance, Total | 2,607 | 2,607 | 2,555 | ||
Related Allowance | 0 | 0 | $ 0 | ||
Average Recorded Investment, With no related allowance recorded | 2,587 | 1,256 | 2,576 | 837 | |
Average Recorded Investment, Total | 2,587 | 1,256 | 2,576 | 837 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and the Allo40
Loans Receivable and the Allowance For Loan Losses (Schedule Of Age Analysis Of Past Due Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $ 99 | $ 0 |
60-89 Days Past Due | 0 | 453 |
Greater Than 90 Days | 3,079 | 3,903 |
Total Past Due | 3,178 | 4,356 |
Current | 447,507 | 422,299 |
Total Loans Receivable, Gross | 450,685 | 426,655 |
Recorded Investment > 90 Days | 0 | 0 |
Residential real estate: One-to-four family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 15,034 | 13,314 |
Total Loans Receivable, Gross | 15,034 | 13,314 |
Recorded Investment > 90 Days | 0 | 0 |
Residential real estate: Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 689 |
Total Past Due | 0 | 689 |
Current | 195,404 | 187,328 |
Total Loans Receivable, Gross | 195,404 | 188,017 |
Recorded Investment > 90 Days | 0 | 0 |
Residential real estate: Mixed use [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 453 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 453 |
Current | 61,366 | 61,093 |
Total Loans Receivable, Gross | 61,366 | 61,546 |
Recorded Investment > 90 Days | 0 | 0 |
Non-residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 472 | 659 |
Total Past Due | 472 | 659 |
Current | 82,620 | 81,963 |
Total Loans Receivable, Gross | 83,092 | 82,622 |
Recorded Investment > 90 Days | 0 | 0 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 61,734 | 46,607 |
Total Loans Receivable, Gross | 61,734 | 46,607 |
Recorded Investment > 90 Days | 0 | 0 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 99 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 2,607 | 2,555 |
Total Past Due | 2,706 | 2,555 |
Current | 31,205 | 31,852 |
Total Loans Receivable, Gross | 33,911 | 34,407 |
Recorded Investment > 90 Days | 0 | 0 |
Consumer[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 144 | 142 |
Total Loans Receivable, Gross | 144 | 142 |
Recorded Investment > 90 Days | $ 0 | $ 0 |
Loans Receivable and the Allo41
Loans Receivable and the Allowance For Loan Losses (Schedule Of Classes Of The Loan Portfolio Summarized By The Aggregate Risk Rating) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | $ 450,685 | $ 426,655 |
Total residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 271,804 | 262,877 |
Non-residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 83,092 | 82,622 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 61,734 | 46,607 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 33,911 | 34,407 |
Consumer[Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 144 | 142 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 446,833 | 414,665 |
Pass [Member] | Total residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 271,570 | 261,501 |
Pass [Member] | Non-residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 82,620 | 75,063 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 61,734 | 46,607 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 30,765 | 31,352 |
Pass [Member] | Consumer[Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 144 | 142 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 706 | 1,550 |
Special Mention [Member] | Total residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 234 | 235 |
Special Mention [Member] | Non-residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 472 | 815 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 0 | 500 |
Special Mention [Member] | Consumer[Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 3,146 | 10,440 |
Substandard [Member] | Total residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 0 | 1,141 |
Substandard [Member] | Non-residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 0 | 6,744 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | 3,146 | 2,555 |
Substandard [Member] | Consumer[Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Loans Receivable and the Allo42
Loans Receivable and the Allowance For Loan Losses (Schedule Of Nonaccrual Loans By Classes Of The Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable on Nonaccrual Status | $ 3,930 | $ 4,356 |
Residential real estate: Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable on Nonaccrual Status | 712 | 689 |
Residential real estate: Mixed use [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable on Nonaccrual Status | 139 | 453 |
Non-residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable on Nonaccrual Status | 472 | 659 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable on Nonaccrual Status | $ 2,607 | $ 2,555 |
Loans Receivable and the Allo43
Loans Receivable and the Allowance For Loan Losses (Schedule Of Modified Loans) (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014loan | Jun. 30, 2015USD ($)loan | Jun. 30, 2014loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Modifications | loan | 0 | 2 | 0 |
Recorded Investment Prior to Modification | $ 859,000 | ||
Recorded Investment After Modification | $ 850,000 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | loan | 0 | 0 | |
Residential real estate: Multi-family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Modifications | loan | 1 | ||
Recorded Investment Prior to Modification | $ 712,000 | ||
Recorded Investment After Modification | $ 712,000 | ||
Financing Receivable, Modifications, Nature and Extent of Transaction | The multi-family mortgage loan had an original interest rate of 5.75% with an amortization of 25 years. Interest will not accrue for one year from July 2015 to June 2016. The interest rate for July and August 2016 will be 5.75%. The interest rate starting September 1, 2016 will be adjusted to 275 basis points above the five year U.S. Treasury interest rate, with a floor of 5.75% and a cap of 10.75%. In connection with the loan restructuring and modification, a $50,000 construction loan was granted at the same term and interest rate as the permanent mortgage loan. Both loans will have a final maturity of July 1, 2017 with balloon payments for both loans. | ||
Original interest rate | 5.75% | ||
Original amortization period | 25 years | ||
Non-accrual period | 1 year | ||
Loans Receivable, Basis Spread on Variable Rate | 2.75% | ||
Mortgage Loans on Real Estate, Final Maturity Date | Jul. 1, 2017 | ||
Residential real estate: Multi-family [Member] | Maximum [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 10.75% | ||
Residential real estate: Multi-family [Member] | Minimum [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Mortgage Loans on Real Estate, Interest Rate | 5.75% | ||
Residential real estate: Multi-family [Member] | Construction Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 50,000 | ||
Non-residential real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Modifications | loan | 1 | ||
Recorded Investment Prior to Modification | $ 147,000 | ||
Recorded Investment After Modification | $ 138,000 | ||
Financing Receivable, Modifications, Nature and Extent of Transaction | The mixed-use mortgage loan had an original interest rate of 5.125% with an amortization of 30 years. Interest will not accrue for three months from June 2015 to August 2015. Interest rate starting September 2015 will be 3.75% amortized over 30 years until March 1, 2017 at which time the interest rate will be adjusted to 275 basis points above the Federal Home Loan Bank of Boston three year borrowing rate. The loan will mature on January 1, 2020 with a balloon payment. | ||
Original interest rate | 5.125% | ||
Original amortization period | 30 years | ||
Non-accrual period | 3 months | ||
Mortgage Loans on Real Estate, Interest Rate | 3.75% | ||
Loans Receivable, Basis Spread on Variable Rate | 2.75% | ||
Mortgage Loans on Real Estate, Final Maturity Date | Jan. 1, 2020 |
Dividend Restriction (Narrative
Dividend Restriction (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Aug. 31, 2012 | Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Capitalization, Equity [Line Items] | |||
Issued and outstanding common stock | 12,228,802 | 12,331,202 | |
Percent of common stock outstanding, non-controlling interest | 40.50% | ||
Dividend Income, Operating | $ 218 | ||
Aggregate retained earnings restricted for cash dividends waived | $ 6,546 | $ 6,110 | |
Parent Company [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Issued and outstanding common stock | 7,273,750 | ||
Percent Of Common Stock Outstanding | 59.50% |
Reclassification Out of Accum45
Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and employee benefits | $ (1,980) | $ (2,095) | $ (4,019) | $ (4,353) | ||
Income before Provision for Income Taxes | 987 | 666 | 749 | 938 | ||
Income Tax Expense (Benefit) | (252) | (210) | (170) | (267) | ||
Net Income | 735 | 456 | 579 | 671 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income Tax Expense (Benefit) | (1) | (1) | (2) | (2) | ||
Net Income | 2 | 3 | 4 | 7 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income before Provision for Income Taxes | 3 | 4 | 6 | 9 | ||
Accumulated Defined Benefit Plans Adjustment, Prior Service Costs [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and employee benefits | (5) | (5) | [1] | (10) | (11) | [1] |
Accumulated Defined Benefit Plans Adjustment, Actuarial Loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Salaries and employee benefits | $ 2 | $ 1 | [1] | $ 4 | $ 2 | [1] |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. |
Uncategorized Items - necb-2015
Label | Element | Value |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | $ 154 |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | $ 155 |