Note 6 - Loans Receivable, Net and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2014 |
Receivables [Abstract] | ' |
Financing Receivables [Text Block] | ' |
Note 6 - Loans Receivable, Net and Allowance for Loan Losses |
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The composition of net loans receivable is as follows: |
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| | September 30, | | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (In Thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | $ | 8,376 | | | $ | 8,900 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-owner occupied | | | 48,935 | | | | 43,489 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total one-to-four family residential | | | 57,311 | | | | 52,389 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family (five or more) residential | | | 9,391 | | | | 6,023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 32,767 | | | | 25,863 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial lines of credit | | | 1,549 | | | | 1,880 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction | | | 14,323 | | | | 16,038 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity loans | | | 6,208 | | | | 5,682 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 121,549 | | | | 107,875 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Auto and equipment loans | | | 468 | | | | 218 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans secured by deposits | | | 21 | | | | 15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Loans | | | 122,038 | | | | 108,108 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred loan fees and costs | | | (425 | ) | | | (280 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | (1,148 | ) | | | (941 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Loans | | $ | 120,465 | | | $ | 106,887 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of September 30, 2014 and December 31, 2013 (in thousands): |
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| | 30-Sep-14 | | | | | | | | | | | | | | | | | |
| | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 7,235 | | | $ | - | | | $ | 838 | | | $ | 303 | | | $ | 8,376 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 47,396 | | | | 79 | | | | 1,231 | | | | 229 | | | | 48,935 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 9,320 | | | | - | | | | 71 | | | | - | | | | 9,391 | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 33,633 | | | | 102 | | | | 382 | | | | 199 | | | | 34,316 | | | | | | | | | | | | | | | | | |
Construction | | | 14,323 | | | | - | | | | - | | | | - | | | | 14,323 | | | | | | | | | | | | | | | | | |
Home equity | | | 5,938 | | | | 178 | | | | 92 | | | | - | | | | 6,208 | | | | | | | | | | | | | | | | | |
Non-real estate | | | 489 | | | | - | | | | - | | | | - | | | | 489 | | | | | | | | | | | | | | | | | |
| | $ | 118,334 | | | $ | 359 | | | $ | 2,614 | | | $ | 731 | | | $ | 122,038 | | | | | | | | | | | | | | | | | |
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| | 31-Dec-13 | | | | | | | | | | | | | | | | | |
| | Pass | | | Special Mention | | | Substandard | | | Doubtful | | | Total | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 7,308 | | | $ | 1,136 | | | $ | 153 | | | $ | 303 | | | $ | 8,900 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 41,586 | | | | 800 | | | | 1,103 | | | | - | | | | 43,489 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 5,948 | | | | 75 | | | | - | | | | - | | | | 6,023 | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 26,673 | | | | 397 | | | | 673 | | | | - | | | | 27,743 | | | | | | | | | | | | | | | | | |
Construction | | | 16,038 | | | | - | | | | - | | | | - | | | | 16,038 | | | | | | | | | | | | | | | | | |
Home equity | | | 5,391 | | | | 166 | | | | 125 | | | | - | | | | 5,682 | | | | | | | | | | | | | | | | | |
Non-real estate | | | 233 | | | | - | | | | - | | | | - | | | | 233 | | | | | | | | | | | | | | | | | |
| | $ | 103,177 | | | $ | 2,574 | | | $ | 2,054 | | | $ | 303 | | | $ | 108,108 | | | | | | | | | | | | | | | | | |
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The following tables summarize information in regards to impaired loans by loan portfolio class as of September 30, 2014 and December 31, 2013 (in thousands): |
|
| | 30-Sep-14 | | | | | | | | | | | | | | | | | |
| | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 838 | | | $ | 838 | | | $ | - | | | $ | 840 | | | $ | 11 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,134 | | | | 1,134 | | | | - | | | | 1,141 | | | | 26 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 71 | | | | 71 | | | | - | | | | 74 | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 249 | | | | 249 | | | | - | | | | 252 | | | | 14 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 92 | | | | 92 | | | | - | | | | 94 | | | | 6 | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 303 | | | $ | 303 | | | $ | 59 | | | $ | 303 | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 326 | | | | 326 | | | | 30 | | | | 328 | | | | 4 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 332 | | | | 332 | | | | 28 | | | | 330 | | | | 7 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 1,141 | | | $ | 1,141 | | | $ | 59 | | | $ | 1,143 | | | $ | 11 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,460 | | | | 1,460 | | | | 30 | | | | 1,469 | | | | 30 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 71 | | | | 71 | | | | - | | | | 74 | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 581 | | | | 581 | | | | 28 | | | | 582 | | | | 21 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 92 | | | | 92 | | | | - | | | | 94 | | | | 6 | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
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| | 31-Dec-13 | | | | | | | | | | | | | | | | | |
| | Recorded Investment | | | Unpaid Principal Balance | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized | | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 456 | | | $ | 456 | | | $ | - | | | $ | 428 | | | $ | 15 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,102 | | | | 1,102 | | | | - | | | | 1,107 | | | | 77 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 363 | | | | 363 | | | | - | | | | 365 | | | | - | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 125 | | | | 125 | | | | - | | | | 124 | | | | 9 | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 311 | | | | 311 | | | | 21 | | | | 313 | | | | 26 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 456 | | | $ | 456 | | | $ | - | | | $ | 428 | | | $ | 15 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,102 | | | | 1,102 | | | | - | | | | 1,107 | | | | 77 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 674 | | | | 674 | | | | 21 | | | | 678 | | | | 26 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 125 | | | | 125 | | | | - | | | | 124 | | | | 9 | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
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The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At September 30, 2014, the Company had eleven loans totaling $956,000 that were identified as troubled debt restructurings. Two of these loans totaling $1560 were on non-accrual, five loans totaling $274,000 were 30 days delinquent, and four loans totaling $5260 were performing in accordance with their modified terms. If a TDR is placed on non-accrual it is not reverted back to accruing status until the borrower makes timely payments as contracted for at least nine months and future collection under the revised terms is probable. The following tables present the Company’s TDR loans as of September 30, 2014 and December 31, 2013 (dollar amounts in thousands): |
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| | 30-Sep-14 | | | | | | | | | | | | | | | | | |
| | Number of Contracts | | | Recorded Investment | | | Non-Accrual | | | Accruing | | | Related Allowance | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 7 | | | | 731 | | | | 156 | | | | 575 | | | | 10 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 1 | | | | 133 | | | | - | | | | 133 | | | | 7 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 3 | | | | 92 | | | | - | | | | 92 | | | | - | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | | 11 | | | $ | 956 | | | $ | 156 | | | $ | 800 | | | $ | 17 | | | | | | | | | | | | | | | | | |
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| | 31-Dec-13 | | | | | | | | | | | | | | | | | |
| | Number of Contracts | | | Recorded Investment | | | Non-Accrual | | | Accruing | | | Related Allowance | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | | 2 | | | $ | 153 | | | $ | - | | | $ | 153 | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 7 | | | | 733 | | | | 151 | | | | 582 | | | | - | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 1 | | | | 113 | | | | 113 | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 3 | | | | 95 | | | | - | | | | 95 | | | | - | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | | 13 | | | $ | 1,094 | | | $ | 264 | | | $ | 830 | | | $ | - | | | | | | | | | | | | | | | | | |
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The contractual aging of the TDRs in the table above as of September 30, 2014 and December 31, 2013 is as follows (in thousands): |
|
| | 30-Sep-14 | | | | | | | | | | | | | | | | | |
| | Current & Past Due Less than 30 Days | | | Past Due 30-89 Days | | | Greater | | | Non-Accrual | | | Total | | | | | | | | | | | | | | | | | |
than 90 Days | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 359 | | | | 216 | | | | - | | | | 156 | | | | 731 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 133 | | | | - | | | | - | | | | - | | | | 133 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 34 | | | | 58 | | | | - | | | | - | | | | 92 | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | $ | 526 | | | $ | 274 | | | $ | - | | | $ | 156 | | | $ | 956 | | | | | | | | | | | | | | | | | |
|
| | 31-Dec-13 | | | | | | | | | | | | | | | | | |
| | Current & Past Due Less than 30 Days | | | Past Due 30-89 Days | | | Greater | | | Non-Accrual | | | Total | | | | | | | | | | | | | | | | | |
than 90 Days | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 153 | | | $ | - | | | $ | - | | | $ | - | | | $ | 153 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 485 | | | | 97 | | | | - | | | | 151 | | | | 733 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | - | | | | - | | | | - | | | | 113 | | | | 113 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 95 | | | | - | | | | - | | | | - | | | | 95 | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | $ | 733 | | | $ | 97 | | | $ | - | | | $ | 264 | | | $ | 1,094 | | | | | | | | | | | | | | | | | |
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During the three months ended September 30, 2014 one TDR in the amount of $62,000 was paid-off. During the nine months ended September 30, 2014 one new TDR was identified in the amount of $133,000, one loan in the amount of $90,000 previously identified as a TDR was removed from TDR status as the borrower is current and making regular payments since February 2013, one TDR in the amount of $62,000 was paid-off, and one property that had been collateral on a TDR that was on non-accrual was transferred to other real estate owned. |
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Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At September 30, 2014 there were no commitments to lend additional funds to debtors whose loan terms have been modified as TDRs. The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. As of September 30, 2014, one TDR in the amount of $111,000 defaulted within one year of modification. As of September 30, 2013, the Company did not have any troubled debt restructurings that had defaulted within one year of modification. |
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Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three and nine months ended September 30, 2014 and recorded investment in loans receivable as of September 30, 2014 (in thousands): |
|
| | 30-Sep-14 | |
| | 1-4 Family | | | 1-4 Family | | | Multi-Family | | | Commercial Real Estate and Lines of Credit | | | Construction | | | Home Equity | | | Non-Real Estate | | | Unallocated | | | Total | |
Residential Owner Occupied | Residential Non-Owner Occupied | Residential |
For the Three Months Ended September 30, 2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 56 | | | $ | 491 | | | $ | 49 | | | $ | 340 | | | $ | 97 | | | $ | 55 | | | $ | 3 | | | $ | 75 | | | $ | 1,166 | |
Charge-offs | | | - | | | | - | | | | - | | | | (131 | ) | | | - | | | | - | | | | - | | | | - | | | | (131 | ) |
Recoveries | | | - | | | | - | | | | - | | | | 2 | | | | - | | | | - | | | | - | | | | - | | | | 2 | |
Provision | | | 62 | | | | (10 | ) | | | 7 | | | | 70 | | | | | | | | - | | | | 1 | | | | (8 | ) | | | 111 | |
Ending balance | | $ | 118 | | | $ | 481 | | | $ | 56 | | | $ | 281 | | | $ | 86 | | | $ | 55 | | | $ | 4 | | | $ | 67 | | | $ | 1,148 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the Nine Months Ended September 30, 2014 | |
Allowance for loan losses: | |
Beginning balance | | $ | 59 | | | $ | 424 | | | $ | 36 | | | $ | 199 | | | $ | 96 | | | $ | 50 | | | $ | 2 | | | $ | 75 | | | $ | 941 | |
Charge-offs | | | - | | | | - | | | | - | | | | (132 | ) | | | - | | | | - | | | | - | | | | - | | | | (132 | ) |
Recoveries | | | - | | | | - | | | | - | | | | 2 | | | | - | | | | - | | | | - | | | | - | | | | 2 | |
Provision | | | 59 | | | | 57 | | | | 20 | | | | 212 | | | | (10 | ) | | | 5 | | | | 2 | | | | (8 | ) | | | 337 | |
Ending balance | | $ | 118 | | | $ | 481 | | | $ | 56 | | | $ | 281 | | | $ | 86 | | | $ | 55 | | | $ | 4 | | | $ | 67 | | | $ | 1,148 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | 59 | | | $ | 30 | | | $ | - | | | $ | 28 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 117 | |
Collectively | | $ | 59 | | | $ | 451 | | | $ | 56 | | | $ | 253 | | | $ | 86 | | | $ | 55 | | | $ | 4 | | | $ | 67 | | | $ | 1,031 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance | | $ | 8,376 | | | $ | 48,935 | | | $ | 9,391 | | | $ | 34,316 | | | $ | 14,323 | | | $ | 6,208 | | | $ | 489 | | | $ | - | | | $ | 122,038 | |
Ending balance evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | 1,141 | | | $ | 1,460 | | | $ | 71 | | | $ | 581 | | | $ | - | | | $ | 92 | | | $ | - | | | $ | - | | | $ | 3,345 | |
Collectively | | $ | 7,235 | | | $ | 47,475 | | | $ | 9,320 | | | $ | 33,735 | | | $ | 14,323 | | | $ | 6,116 | | | $ | 489 | | | $ | - | | | $ | 118,693 | |
|
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three and nine months ended September 30, 2013 (in thousands): |
|
| | 30-Sep-13 | |
| | 1-4 Family | | | 1-4 Family | | | Multi-Family | | | Commercial Real Estate and Lines of Credit | | | Construction | | | Home Equity | | | Non-Real Estate | | | Unallocated | | | Total | |
Residential Owner Occupied | Residential Non-Owner Occupied | Residential |
For the Three Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 67 | | | $ | 420 | | | $ | 23 | | | $ | 177 | | | $ | 95 | | | $ | 110 | | | $ | 1 | | | $ | 59 | | | $ | 952 | |
Charge-offs | | | - | | | | (60 | ) | | | - | | | | - | | | | - | | | | (69 | ) | | | - | | | | - | | | | (129 | ) |
Recoveries | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Provision | | | 5 | | | | 38 | | | | 3 | | | | - | | | | | | | | 8 | | | | - | | | | 2 | | | | 55 | |
Ending balance | | $ | 72 | | | $ | 398 | | | $ | 26 | | | $ | 177 | | | $ | 94 | | | $ | 49 | | | $ | 1 | | | $ | 61 | | | $ | 878 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the Nine Months Ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 77 | | | $ | 368 | | | $ | 20 | | | $ | 219 | | | $ | 63 | | | $ | 68 | | | $ | 1 | | | $ | 44 | | | $ | 860 | |
Charge-offs | | | - | | | | (75 | ) | | | - | | | | - | | | | - | | | | (69 | ) | | | - | | | | - | | | | (144 | ) |
Recoveries | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Provision | | | (5 | ) | | | 105 | | | | 6 | | | | (42 | ) | | | | | | | 50 | | | | - | | | | 17 | | | | 162 | |
Ending balance | | $ | 72 | | | $ | 398 | | | $ | 26 | | | $ | 177 | | | $ | 94 | | | $ | 49 | | | $ | 1 | | | $ | 61 | | | $ | 878 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance evaluated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | 10 | | | $ | - | | | $ | - | | | $ | 21 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 31 | |
Collectively | | $ | 62 | | | $ | 398 | | | $ | 26 | | | $ | 156 | | | $ | 94 | | | $ | 49 | | | $ | 1 | | | $ | 61 | | | $ | 847 | |
|
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2013 and recorded investment in loans receivable as of December 31, 2013 (in thousands): |
|
| | 31-Dec-13 | |
| | 1-4 Family | | | 1-4 Family | | | Multi-Family | | | Commercial Real Estate and Lines of Credit | | | Construction | | | Home Equity | | | Non-Real Estate | | | Unallocated | | | Total | |
Residential Owner Occupied | Residential Non-Owner Occupied | Residential |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 77 | | | | 368 | | | $ | 20 | | | $ | 219 | | | $ | 63 | | | $ | 68 | | | $ | 1 | | | $ | 44 | | | $ | 860 | |
Charge-offs | | | (15 | ) | | | (75 | ) | | | - | | | | - | | | | - | | | | (69 | ) | | | - | | | | - | | | | (159 | ) |
Recoveries | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Provision | | | (3 | ) | | | 131 | | | | 16 | | | | (20 | ) | | | 33 | | | | 51 | | | | 1 | | | | 31 | | | | 240 | |
Ending balance | | $ | 59 | | | $ | 424 | | | $ | 36 | | | $ | 199 | | | $ | 96 | | | $ | 50 | | | $ | 2 | | | $ | 75 | | | $ | 941 | |
Ending balance evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | - | | | $ | - | | | $ | - | | | $ | 21 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 21 | |
Collectively | | $ | 59 | | | $ | 424 | | | $ | 36 | | | $ | 178 | | | $ | 96 | | | $ | 50 | | | $ | 2 | | | $ | 75 | | | $ | 920 | |
Loans receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance | | $ | 8,900 | | | $ | 43,489 | | | $ | 6,023 | | | $ | 27,743 | | | $ | 16,038 | | | $ | 5,682 | | | $ | 233 | | | $ | - | | | $ | 108,108 | |
Ending balance evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | 456 | | | $ | 1,102 | | | $ | - | | | $ | 674 | | | $ | - | | | $ | 125 | | | $ | - | | | $ | - | | | $ | 2,357 | |
Collectively | | $ | 8,444 | | | $ | 42,387 | | | $ | 6,023 | | | $ | 27,069 | | | $ | 16,038 | | | $ | 5,557 | | | $ | 233 | | | $ | - | | | $ | 105,751 | |
|
The following table presents nonaccrual loans by classes of the loan portfolio as of September 30, 2014 and December 31, 2013 (in thousands): |
|
| | September 30, | | | 31-Dec-13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 891 | | | $ | 303 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 747 | | | | 378 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 71 | | | | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 199 | | | | 474 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity | | | - | | | | 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,908 | | | $ | 1,185 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-performing loans, which consist of non-accruing loans plus accruing loans 90 days or more past due, amounted to $2.2 million and $1.9 million at September 30, 2014 and December 31, 2013, respectively. For the delinquent loans in our portfolio, we have considered our ability to collect the past due interest, as well as the principal balance of the loan, in order to determine whether specific loans should be placed on non-accrual status. In cases where our evaluations have determined that the principal and interest balances are collectible, we have continued to accrue interest. |
|
For the three months ended September 30, 2014 and 2013 there was no interest income recognized on non-accrual loans. Gross interest income that would have been recorded on non-accrual loans had they been current in accordance with their original terms, was approximately $60,000 and $15,000 for the three months ended September 30, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, approximately $0 and $4,000 of interest income was recognized on non-accrual loans. Interest income foregone on non-accrual loans was approximately $88,000 and $63,000 for the nine months ended September 30, 2014 and 2013, respectively. |
|
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of September 30, 2014 and December 31, 2013 (in thousands): |
|
| | 30-Sep-14 | | | | | | | | | | | | | |
| | 30-90 Days Past Due | | | Greater | | | Total Past Due | | | Current | | | Total Loans Receivable | | | Loans Receivable > 90 Days and Accruing | | | | | | | | | | | | | |
than 90 Days | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 386 | | | $ | 891 | | | $ | 1,277 | | | $ | 7,099 | | | $ | 8,376 | | | $ | - | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 761 | | | | 886 | | | | 1,647 | | | | 47,288 | | | | 48,935 | | | | 139 | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | 71 | | | | 71 | | | | 9,320 | | | | 9,391 | | | | - | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 1,039 | | | | 327 | | | | 1,366 | | | | 32,950 | | | | 34,316 | | | | 128 | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | 14,323 | | | | 14,323 | | | | - | | | | | | | | | | | | | |
Home equity | | | 236 | | | | - | | | | 236 | | | | 5,972 | | | | 6,208 | | | | - | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | 489 | | | | 489 | | | | - | | | | | | | | | | | | | |
| | $ | 2,422 | | | $ | 2,175 | | | $ | 4,597 | | | $ | 117,441 | | | $ | 122,038 | | | $ | 267 | | | | | | | | | | | | | |
|
| | 31-Dec-13 | | | | | | | | | | | | | |
| | 30-90 Days Past Due | | | Greater | | | Total Past Due | | | Current | | | Total Loans Receivable | | | Loans Receivable > 90 Days and Accruing | | | | | | | | | | | | | |
than 90 Days | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 1,916 | | | $ | 559 | | | $ | 2,475 | | | $ | 6,425 | | | $ | 8,900 | | | $ | 256 | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 884 | | | | 575 | | | | 1,459 | | | | 42,030 | | | | 43,489 | | | | 197 | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | 75 | | | | 75 | | | | 5,948 | | | | 6,023 | | | | 75 | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 322 | | | | 674 | | | | 996 | | | | 26,747 | | | | 27,743 | | | | 200 | | | | | | | | | | | | | |
Construction | | | 334 | | | | - | | | | 334 | | | | 15,704 | | | | 16,038 | | | | - | | | | | | | | | | | | | |
Home equity | | | 168 | | | | 30 | | | | 198 | | | | 5,484 | | | | 5,682 | | | | - | | | | | | | | | | | | | |
Non-real estate | | | - | | | | - | | | | - | | | | 233 | | | | 233 | | | | - | | | | | | | | | | | | | |
| | $ | 3,624 | | | $ | 1,913 | | | $ | 5,537 | | | $ | 102,571 | | | $ | 108,108 | | | $ | 728 | | | | | | | | | | | | | |
|