Note 6 - Loans Receivable, Net and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2015 |
Receivables [Abstract] | |
Financing Receivables [Text Block] | Note 6 - Loans Receivable, Net and Allowance for Loan Losses |
|
The composition of net loans receivable is as follows: |
|
| | March 31, | | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2015 | 2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (In Thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owner occupied | | $ | 7,254 | | | $ | 7,085 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-owner occupied | | | 49,512 | | | | 48,554 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total one-to-four family residential | | | 56,766 | | | | 55,639 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family (five or more) residential | | | 10,615 | | | | 10,132 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate | | | 39,002 | | | | 35,523 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial lines of credit | | | 2,021 | | | | 1,623 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction | | | 17,718 | | | | 14,303 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity loans | | | 7,147 | | | | 6,961 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total real estate loans | | | 133,269 | | | | 124,181 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial business | | | 1,678 | | | | 749 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other consumer | | | 12 | | | | 41 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Loans | | | 134,959 | | | | 124,971 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred loan fees and costs | | | (523 | ) | | | (492 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | (1,185 | ) | | | (1,148 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Loans | | $ | 133,251 | | | $ | 123,331 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
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 March 31, 2015 and December 31, 2014 (in thousands): |
|
| | 31-Mar-15 | | | | | | | | | | | | | | | | | |
| | Pass | | | Special | | | Substandard | | | Doubtful | | | Total | | | | | | | | | | | | | | | | | |
Mention | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 6,425 | | | $ | - | | | $ | 829 | | | $ | - | | | $ | 7,254 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 47,738 | | | | 474 | | | | 1,148 | | | | 152 | | | | 49,512 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 10,545 | | | | 70 | | | | - | | | | - | | | | 10,615 | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 39,403 | | | | 565 | | | | 723 | | | | 332 | | | | 41,023 | | | | | | | | | | | | | | | | | |
Construction | | | 17,718 | | | | - | | | | - | | | | - | | | | 17,718 | | | | | | | | | | | | | | | | | |
Home equity | | | 7,013 | | | | - | | | | 89 | | | | 45 | | | | 7,147 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | 1,690 | | | | - | | | | - | | | | - | | | | 1,690 | | | | | | | | | | | | | | | | | |
| | $ | 130,532 | | | $ | 1,109 | | | $ | 2,789 | | | $ | 529 | | | $ | 134,959 | | | | | | | | | | | | | | | | | |
|
| | 31-Dec-14 | | | | | | | | | | | | | | | | | |
| | Pass | | | Special | | | Substandard | | | Doubtful | | | Total | | | | | | | | | | | | | | | | | |
Mention | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 6,132 | | | $ | 116 | | | $ | 837 | | | $ | - | | | $ | 7,085 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 46,971 | | | | 38 | | | | 1,317 | | | | 228 | | | | 48,554 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 10,065 | | | | - | | | | 67 | | | | - | | | | 10,132 | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 35,984 | | | | 293 | | | | 537 | | | | 332 | | | | 37,146 | | | | | | | | | | | | | | | | | |
Construction | | | 14,303 | | | | - | | | | - | | | | - | | | | 14,303 | | | | | | | | | | | | | | | | | |
Home equity | | | 6,654 | | | | 172 | | | | 90 | | | | 45 | | | | 6,961 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | 790 | | | | - | | | | - | | | | - | | | | 790 | | | | | | | | | | | | | | | | | |
| | $ | 120,899 | | | $ | 619 | | | $ | 2,848 | | | $ | 605 | | | $ | 124,971 | | | | | | | | | | | | | | | | | |
|
The following tables summarize information in regards to impaired loans by loan portfolio class as of March 31, 2015 and December 31, 2014 (in thousands): |
|
| | 31-Mar-15 | | | | | | | | | | | | | | | | | |
| | Recorded | | | Unpaid | | | Related | | | Average | | | Interest | | | | | | | | | | | | | | | | | |
Investment | Principal | Allowance | Recorded | Income | | | | | | | | | | | | | | | | |
| Balance | | Investment | Recognized | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 829 | | | $ | 835 | | | $ | - | | | $ | 837 | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,148 | | | | 1,156 | | | | - | | | | 1,159 | | | | 31 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 722 | | | | 726 | | | | - | | | | 727 | | | | 3 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 89 | | | | 89 | | | | - | | | | 89 | | | | 2 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 152 | | | | 154 | | | | 13 | | | | 153 | | | | - | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 332 | | | | 332 | | | | 29 | | | | 332 | | | | 2 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 45 | | | | 45 | | | | 8 | | | | 45 | | | | - | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 829 | | | $ | 835 | | | $ | - | | | $ | 837 | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,300 | | | | 1,310 | | | | 13 | | | | 1,312 | | | | 31 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 1,054 | | | | 1,058 | | | | 29 | | | | 1,059 | | | | 5 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 134 | | | | 134 | | | | 8 | | | | 134 | | | | 2 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | $ | 3,317 | | | $ | 3,337 | | | $ | 50 | | | $ | 3,342 | | | $ | 38 | | | | | | | | | | | | | | | | | |
|
| | 31-Dec-14 | | | | | | | | | | | | | | | | | |
| | Recorded | | | Unpaid | | | Related | | | Average | | | Interest | | | | | | | | | | | | | | | | | |
Investment | Principal | Allowance | Recorded | Income | | | | | | | | | | | | | | | | |
| Balance | | Investment | Recognized | | | | | | | | | | | | | | | | |
With no related allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 837 | | | $ | 837 | | | $ | - | | | $ | 839 | | | $ | 15 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,317 | | | | 1,333 | | | | - | | | | 1,341 | | | | 39 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 67 | | | | 72 | | | | - | | | | 74 | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 537 | | | | 537 | | | | - | | | | 542 | | | | 17 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 90 | | | | 90 | | | | - | | | | 93 | | | | 7 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
With an allowance recorded: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 228 | | | | 231 | | | | 29 | | | | 231 | | | | - | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | -- | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 332 | | | | 332 | | | | 29 | | | | 331 | | | | 10 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | -- | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 45 | | | | 45 | | | | 8 | | | | 46 | | | | - | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | -- | | | | - | | | | - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 837 | | | $ | 837 | | | $ | - | | | $ | 839 | | | $ | 15 | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 1,545 | | | | 1,564 | | | | 29 | | | | 1,572 | | | | 39 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | 67 | | | | 72 | | | | - | | | | 74 | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 869 | | | | 869 | | | | 29 | | | | 873 | | | | 27 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 135 | | | | 135 | | | | 8 | | | | 139 | | | | 7 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | $ | 3,453 | | | $ | 3,477 | | | $ | 66 | | | $ | 3,497 | | | $ | 88 | | | | | | | | | | | | | | | | | |
|
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 March 31, 2015, the Company had fourteen loans totaling $1.2 million that were identified as troubled debt restructurings. Two of these loans totaling $152,000 were on non-accrual and twelve loans totaling $1.1 million were performing in accordance with their modified terms. At December 31, 2014, the Company had eleven loans totaling $951,000 that were identified as troubled debt restructurings. Two of these loans totaling $155,000 were on non-accrual, three loans totaling $215,000 were 30-89 days delinquent, and six loans totaling $581,000 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 six months and future collection under the revised terms is probable. |
|
The following tables present the Company’s TDR loans as of March 31, 2015 and December 31, 2014 (dollar amounts in thousands): |
|
| | 31-Mar-15 | | | | | | | | | | | | | | | | | |
| | Number of | | | Recorded | | | Non- | | | Accruing | | | Related | | | | | | | | | | | | | | | | | |
Contracts | Investment | Accrual | Allowance | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 10 | | | | 999 | | | | 152 | | | | 847 | | | | 10 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 1 | | | | 133 | | | | - | | | | 133 | | | | 7 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 3 | | | | 89 | | | | - | | | | 89 | | | | - | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | | 14 | | | $ | 1,221 | | | $ | 152 | | | $ | 1,069 | | | $ | 17 | | | | | | | | | | | | | | | | | |
|
| | 31-Dec-14 | | | | | | | | | | | | | | | | | |
| | Number of | | | Recorded | | | Non- | | | Accruing | | | Related | | | | | | | | | | | | | | | | | |
Contracts | Investment | Accrual | Allowance | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 7 | | | | 728 | | | | 155 | | | | 573 | | | | 10 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 1 | | | | 133 | | | | - | | | | 133 | | | | 7 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 3 | | | | 90 | | | | - | | | | 90 | | | | - | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | | 11 | | | $ | 951 | | | $ | 155 | | | $ | 796 | | | $ | 17 | | | | | | | | | | | | | | | | | |
|
The contractual aging of the TDRs in the table above as of March 31, 2015 and December 31, 2014 is as follows (in thousands) |
|
| | 31-Mar-15 | | | | | | | | | | | | | | | | | |
| | Current & | | | Past Due | | | Greater | | | Non- | | | Total | | | | | | | | | | | | | | | | | |
Past Due | 30-89 Days | than 90 | Accrual | | | | | | | | | | | | | | | | |
Less than 30 | | Days | | | | | | | | | | | | | | | | | |
Days | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 847 | | | | - | | | | - | | | | 152 | | | | 999 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 133 | | | | - | | | | - | | | | - | | | | 133 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 89 | | | | - | | | | - | | | | - | | | | 89 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | $ | 1,069 | | | $ | - | | | $ | - | | | $ | 113 | | | $ | 1,221 | | | | | | | | | | | | | | | | | |
|
| | 31-Dec-14 | | | | | | | | | | | | | | | | | |
| | Accruing 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 | | | 358 | | | | 215 | | | | - | | | | 155 | | | | 728 | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 133 | | | | - | | | | - | | | | - | | | | 133 | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Home equity | | | 90 | | | | - | | | | - | | | | - | | | | 90 | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | - | | | | - | | | | | | | | | | | | | | | | | |
Total | | $ | 581 | | | $ | 215 | | | $ | - | | | $ | 155 | | | $ | 951 | | | | | | | | | | | | | | | | | |
|
During the three months ended March 31, 2015 there were three new TDRs identified totaling $276,000. |
|
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 March 31, 2015 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. The Company did not have any troubled debt restructurings default within the three months ended March 31, 2015. As of December 31, 2014 one loan in the amount of $113,000 defaulted and was transferred to other real estate owned within one year of modification. |
|
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three months ended March 31, 2015 and recorded investment in loans receivable as of March 31, 2015 (in thousands): |
|
| | 31-Mar-15 | |
| | 1-4 Family | | | 1-4 Family | | | Multi-Family | | | Commercial Real Estate | | | Construction | | | Home | | | Commercial Business | | | Unallocated | | | Total | |
Residential Owner Occupied | Residential Non-Owner Occupied | Residential | and Lines of Credit | Equity | and Other Consumer |
Allowance for loan losses: | |
Beginning balance | | $ | 75 | | | $ | 418 | | | $ | 60 | | | $ | 324 | | | $ | 122 | | | $ | 46 | | | $ | 7 | | | $ | 96 | | | $ | 1,148 | |
Charge-offs | | | - | | | | (51 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (51 | ) |
Recoveries | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Provision | | | (11 | ) | | | 45 | | | | 3 | | | | 29 | | | | 38 | | | | (2 | ) | | | 8 | | | | (22 | ) | | | 88 | |
Ending balance | | $ | 64 | | | $ | 412 | | | $ | 63 | | | $ | 353 | | | $ | 160 | | | $ | 44 | | | $ | 15 | | | $ | 74 | | | $ | 1,185 | |
Ending balance evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | - | | | $ | 13 | | | $ | - | | | $ | 29 | | | $ | - | | | $ | 8 | | | $ | - | | | $ | - | | | $ | 50 | |
Collectively | | $ | 64 | | | $ | 399 | | | $ | 63 | | | $ | 324 | | | $ | 160 | | | $ | 36 | | | $ | 15 | | | $ | 74 | | | $ | 1,135 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance: | | $ | 7,254 | | | $ | 49,512 | | | $ | 10,615 | | | $ | 41,023 | | | $ | 17,718 | | | $ | 7,147 | | | $ | 1,690 | | | $ | - | | | $ | 134,959 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | 829 | | | $ | 1,300 | | | $ | - | | | $ | 1,054 | | | $ | - | | | $ | 134 | | | $ | - | | | $ | - | | | $ | 3,317 | |
Collectively | | $ | 6,425 | | | $ | 48,212 | | | $ | 10,615 | | | $ | 39,969 | | | $ | 17,718 | | | $ | 7,013 | | | $ | 1,690 | | | $ | - | | | $ | 131,642 | |
|
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the three months ended March 31, 2014 (in thousands): |
|
| | 31-Mar-14 | |
| | 1-4 Family | | | 1-4 Family | | | Multi-Family | | | Commercial Real Estate | | | Construction | | | Home | | | Commercial Business | | | Unallocated | | | Total | |
Residential Owner Occupied | Residential Non-Owner Occupied | Residential | and Lines of Credit | Equity | and Other Consumer |
Allowance for loan losses: | |
Beginning balance | | $ | 59 | | | $ | 424 | | | $ | 36 | | | $ | 199 | | | $ | 96 | | | $ | 50 | | | $ | 2 | | | $ | 75 | | | $ | 941 | |
Charge-offs | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Recoveries | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Provision | | | 2 | | | | 26 | | | | 12 | | | | 104 | | | | 6 | | | | 4 | | | | 1 | | | | (55 | ) | | | 100 | |
Ending balance | | $ | 61 | | | $ | 450 | | | $ | 48 | | | $ | 303 | | | $ | 102 | | | $ | 54 | | | $ | 3 | | | $ | 20 | | | $ | 1,041 | |
Ending balance evaluated for impairment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | - | | | $ | 16 | | | $ | - | | | $ | 112 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 128 | |
Collectively | | $ | 61 | | | $ | 434 | | | $ | 48 | | | $ | 191 | | | $ | 102 | | | $ | 54 | | | $ | 3 | | | $ | 20 | | | $ | 913 | |
|
Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 2014 and recorded investment in loans receivable as of December 31, 2014 (in thousands): |
|
| | 31-Dec-14 | |
| | 1-4 Family | | | 1-4 Family | | | Multi- | | | Commercial Real Estate and Lines of Credit | | | Construction | | | Home Equity | | | Commercial Business and Other Consumer | | | Unallocated | | | Total | |
Residential Owner Occupied | Residential Non- | Family |
| Owner Occupied | Residential |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance | | $ | 59 | | | $ | 424 | | | $ | 36 | | | $ | 199 | | | $ | 96 | | | $ | 50 | | | $ | 2 | | | $ | 75 | | | $ | 941 | |
Charge-offs | | | (57 | ) | | | - | | | | - | | | | (133 | ) | | | - | | | | - | | | | - | | | | - | | | | (190 | ) |
Recoveries | | | - | | | | - | | | | - | | | | 3 | | | | - | | | | - | | | | - | | | | - | | | | 3 | |
Provision | | | 73 | | | | (6 | ) | | | 24 | | | | 255 | | | | 26 | | | | (4 | ) | | | 5 | | | | 21 | | | | 394 | |
Ending balance | | $ | 75 | | | $ | 418 | | | $ | 60 | | | $ | 324 | | | $ | 122 | | | $ | 46 | | | $ | 7 | | | $ | 96 | | | $ | 1,148 | |
|
Ending balance evaluated for impairment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | - | | | $ | 29 | | | $ | - | | | $ | 29 | | | $ | - | | | $ | 8 | | | $ | - | | | $ | - | | | $ | 66 | |
Collectively | | $ | 75 | | | $ | 389 | | | $ | 60 | | | $ | 295 | | | $ | 122 | | | $ | 38 | | | $ | 7 | | | $ | 96 | | | $ | 1,082 | |
|
Loans receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance | | $ | 7,085 | | | $ | 48,554 | | | $ | 10,132 | | | $ | 37,146 | | | $ | 14,303 | | | $ | 6,961 | | | $ | 790 | | | $ | -- | | | $ | 124,971 | |
|
Ending balance evaluated for impairment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually | | $ | 837 | | | $ | 1,545 | | | $ | 67 | | | $ | 869 | | | $ | - | | | $ | 135 | | | $ | - | | | $ | - | | | $ | 3,452 | |
Collectively | | $ | 6,248 | | | $ | 47,009 | | | $ | 10,065 | | | $ | 36,277 | | | $ | 14,303 | | | $ | 6,826 | | | $ | 790 | | | $ | - | | | $ | 121,519 | |
|
The Bank allocated increased allowance for loan loss provisions to the 1-4 family residential non-owner occupied class for the three months ended March 31, 2015, due to increased charge-off activity in this portfolio class. The Bank allocated increased allowance for loan loss provisions to the commercial real estate and lines of credit and construction portfolio classes for the three months ended March 31, 2015, due to increased balances in these portfolio classes. The Bank allocated decreased allowance for loan loss provisions to the 1-4 family residential owner occupied portfolio classes for the three months ended March 31, 2015, due to decreased activity in this portfolio class. |
|
The following table presents nonaccrual loans by classes of the loan portfolio as of March 31, 2015 and December 31, 2014 (in thousands): |
|
| | March 31, | | | December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2015 | 2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 829 | | | $ | 588 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 318 | | | | 836 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | 67 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 677 | | | | 489 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction | | | - | | | | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Home equity | | | 45 | | | | 45 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 1,869 | | | $ | 2,025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Non-performing loans, which consist of non-accruing loans plus accruing loans 90 days or more past due, amounted to $2.6 million and $2.8 million at March 31, 2015 and December 31, 2014, 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 March 31, 2015 and 2014 there was no interest income recognized on non-accrual loans on a cash basis. Interest income foregone on non-accrual loans was approximately $32,000 and $11,000 for the three months ended March 31, 2015 and 2014, 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 March 31, 2015 and December 31, 2013 (in thousands): |
|
| | 31-Mar-15 | | | | | | | | | | | | | |
| | 30-90 | | | Greater | | | Total | | | Current | | | Total Loans Receivable | | | Loans | | | | | | | | | | | | | |
Days Past | than 90 | Past Due | Receivable > | | | | | | | | | | | | |
Due | Days | | 90 Days and Accruing | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 217 | | | $ | 961 | | | $ | 1,178 | | | $ | 6,076 | | | $ | 7,254 | | | $ | 132 | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 674 | | | | 713 | | | | 1,387 | | | | 48,125 | | | | 49,512 | | | | 395 | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | - | | | | - | | | | 10,615 | | | | 10,615 | | | | - | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 630 | | | | 805 | | | | 1,435 | | | | 39,588 | | | | 41,023 | | | | 128 | | | | | | | | | | | | | |
Construction | | | 651 | | | | - | | | | 651 | | | | 17,067 | | | | 17,718 | | | | - | | | | | | | | | | | | | |
Home equity | | | - | | | | 144 | | | | 144 | | | | 7,003 | | | | 7,147 | | | | 99 | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | 1,690 | | | | 1,690 | | | | - | | | | | | | | | | | | | |
| | $ | 2,172 | | | $ | 2,623 | | | $ | 4,795 | | | $ | 130,164 | | | $ | 134,959 | | | $ | 754 | | | | | | | | | | | | | |
|
| | 31-Dec-14 | | | | | | | | | | | | | |
| | 30-90 | | | Greater | | | Total | | | Current | | | Total Loans Receivable | | | Loans | | | | | | | | | | | | | |
Days Past | than 90 | Past Due | Receivable > | | | | | | | | | | | | |
Due | Days | | 90 Days and Accruing | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One-to-four family residential owner occupied | | $ | 589 | | | $ | 837 | | | $ | 1,426 | | | $ | 5,659 | | | $ | 7,085 | | | $ | 249 | | | | | | | | | | | | | |
One-to-four family residential non-owner occupied | | | 735 | | | | 972 | | | | 1,707 | | | | 46,847 | | | | 48,554 | | | | 136 | | | | | | | | | | | | | |
Multi-family residential | | | - | | | | 67 | | | | 67 | | | | 10,065 | | | | 10,132 | | | | - | | | | | | | | | | | | | |
Commercial real estate and lines of credit | | | 1,051 | | | | 910 | | | | 1,961 | | | | 35,185 | | | | 37,146 | | | | 421 | | | | | | | | | | | | | |
Construction | | | 107 | | | | - | | | | 107 | | | | 14,196 | | | | 14,303 | | | | - | | | | | | | | | | | | | |
Home equity | | | 99 | | | | 45 | | | | 144 | | | | 6,817 | | | | 6,961 | | | | - | | | | | | | | | | | | | |
Commercial business and other consumer | | | - | | | | - | | | | - | | | | 790 | | | | 790 | | | | - | | | | | | | | | | | | | |
| | $ | 2,581 | | | $ | 2,831 | | | $ | 5,412 | | | $ | 119,559 | | | $ | 124,971 | | | $ | 806 | | | | | | | | | | | | | |
|